Good morning, ladies and gentlemen. Welcome to our 2021 capital markets day. As you can see in the agenda now on the screen, our CEO, José Bogas, will illustrate our 2030 vision. Our CFO, Luca Passa, will detail the main targets and financial figures of the 2022-2024 plan. After some closing remarks, we will then open the Q&A session. Thank you and now I will give the floor to José Bogas. Thank you, Mar, and good morning to everybody, and thank you for joining us today at our 2021 capital market day. Endesa's future leverages on a strong leadership position today, thanks to its unique portfolio of strategic assets, while further progressing towards a cleaner, more sustainable and efficient business model. We are the second power generator in Spain, supported by a growing share of renewable capacity. We are the operator of reference in energy sales, 33% market share and total gross sales of 91 TWh. Our customer base of around 12 million in Iberia enable us to benefit from a competitive edge as retail activities are and will become even more strategically relevant. We are the biggest network operator with more than 12 million grid customer and 43% market share, distributing around 129 TWh of energy in 2021. This leading position is the result of a successful strategic vision and its timely execution. Moving to slide five. Throughout 2021, we have continued to advance our strategy based on decarbonization, electrification, and networks. Our strategy focuses on decarbonization, leading to a gradual but significant change of our generation mix. By the end of 2021, around 86% of our mainland output is expected to be CO2 free. Regarding electrification, our customer value centered approach has also proven to be a solid value creation driver by increasing our free customer base, expected to reach 5.6 million customer at year-end. In addition, the integrated management strategy on the liberalized business has allowed a significant increase in the unitary margin, expected to reach around EUR 30 per MWh on average in 2021. Endesa X continues to reach its ambitious long-term target where electric mobility is going to play a crucial role. Charging points installed will reach 11,000, progressing towards our target. Finally, on networks, our ongoing effort to digitalize the grid is further reducing the unitary OpEx per customer in line with the announced target. In summary, we are delivering solid operating results and moving forward on our strategic target. On slide number six, how our financial metrics have evolved since 2014 are shown. Our results in 2021 so far have proven the resiliency of our integrated business model in a tough market context. The 127% total shareholder return since 2014 is the best recognition of the value we have created over time. Endesa has been providing its shareholder with one of the most attractive returns in the industry, which compares very favorably with main stock market indexes. This performance has been supported by the increased participation of socially responsible investor, reaching almost 15% of our total shareholding as of December 2020, or 50% of our free float. This set of financial figures confirms a consistent delivery throughout our business plans. Our CapEx has more than doubled, focusing on renewables and networks in accordance with our energy transition long-term goals. EBITDA is set to reach EUR 4 billion, increasing at a 4% annual compounded rate. Net ordinary income evolution shows an outstanding 10% cumulative annual growth. Accordingly, growth DPS is forecasted to reach EUR 1.3 per share or a growth of 7% in cumulative annual terms. Turning now to the energy context. I am now on slide number eight. This climate emergency is a reality, and the European Union's commitment to achieve climate neutrality by 2050 is unquestionable. A package of legislative proposals called Fit for 55 was presented last summer to achieve a 55% emission reduction by 2030 compared to 1990 levels, a target set by the new European Climate Law. The package is made up of 13 legislative proposals covering measures in the field of climate change, transport, buildings, renewables, energy efficiency, taxation, et cetera, and enhance the so-called Social Climate Fund to compensate for the social costs of these measures, especially for the most vulnerable customers. Beyond the European Union framework, the 26th edition of the United Nations Climate Change Conference a few weeks ago in Glasgow highlighted, first, the reaffirmation of the Paris Agreement target, reinforcing the need to limit global warming to 1.5 degrees with respect to pre-industrial levels. Second, the reduction in the use of coal without capture and sequestration and subsidies elimination to fossil fuel technologies. In Spain, the National Integrated Energy and Climate Plan set an emission reduction target of 23% versus 1990, and establishes carbon neutrality by 2050. The target for renewables energies is set at 42%, while energy efficiency should attain 39.5%. All these objectives are fully aligned with the Green Deal premises aimed at limiting global warming to 1.5 degrees. Moving on to slide number nine. The European Union's Recovery Fund is an excellent opportunity, and it will provide the chance to make the Spanish economy more sustainable, innovative, productive, and resilient. In the last 18 months, we have elaborated a solid plan representing EUR 23 billion of potential investment, with a list of more than 120 diversified projects across the businesses, providing structural and long-term growth, resulting in job creation and GDP increase. As our proposal fits perfectly with this objective, we believe we are in a favorable position to benefit from its potential allocation, which is still pending by the Spanish government of an adequate auction mechanism. In this sense, we are making progress, having signed several agreements with different organizations, such as the recent ones with Bankinter and OHLA, for the development of rehabilitation projects to qualify for grants from the fund. For the agreement with Cepsa and Industrias Químicas del Ebro to develop future green hydrogen plants. As Luca will comment on later on, our CapEx plan entails a very marginal contribution of investment from this pipeline of projects. Let's take a look at our strategy on slide 11. Our long-term vision is based on a decarbonized, more electrified, and more customer-centric economy, maximizing the value of customers. We plan to allocate gross CapEx of around EUR 31 billion over the next 10 years, 22% more than in the last plan, of which nearly 80% will be devoted to renewable and network businesses. We are planning to add around 16 GW of new renewable capacity, reaching an installed capacity of around 24 GW by 2030. Regarding electrification, consumption increase coupled with the progressive migration to free tariff of this, and the sophistication of customer need will increase the value of our portfolio. In 10 years, we aspire to increase our free client base by 22%, up to around the 7 million figure. The integration of growing renewables generation requires a strengthening of the distribution infrastructure to provide reliability, leading our regulated asset base to above EUR 13 billion in 2030. Our 2030 vision lies on long-lasting sustainable growth. Let's move now to slide 12, with the transformation of our generation mix in the next 10 years. The present decade will see the renewables capacity tripling to around 24 GW. For 2021, we're working to deliver on our committed target. The renewable output will reach 48 TWh, an increase of 35 TWh. We expect CO2 emission-free production to represent 95% of Baylan output, 9 percentage points above the current share, and in a prominent position to fulfill with carbon neutrality. Moving on to slide 13, continuing with renewable, the ambitious renewable capacity growth is supported by the project portfolio in Iberia, on which we keep on building. Our gross pipeline currently stand at 80 GW, one of the largest and more diversified development pipelines in the industry, with solar technology representing the majority of the project, and able to cover by four times our capacity deployment by 2030. Growth ambitions on storage are supported by a gross pipeline of 15 GW. We aim at gradually incorporating them into newly installed renewable capacity once technology improvement and regulation guarantees the competitiveness of these facilities. Now on slide number 14. Circular economy is integrated in our strategy as an additional feature to our long-term vision. Recently, Endesa was the first electricity company to receive the zero waste certificate by a third-party appraisal for its distribution activities, giving a second life to nearly 98% of the waste generated last year. Additionally, we have a long track record for applying Innovability principles, that is innovation and sustainability in the maintenance of our wind farms, repowering, refurbishing, and reusing turbines, components, thus reducing costs of raw materials consumption. The generation fleet circularity target, which is based on material and fuel consumption reduction, will improve to 72%, reaching 90% in 2030 versus 2015. We are going to play a very relevant role in the development of a low emission economic energy model while addressing a cultural change and adopting a circular thinking. We move now to our ambitions regarding customer on slide 15, where we expect to devote a cumulative CapEx of EUR 4.1 billion in 10 years. In the retail business, we will aim at accelerating customer adoption from highly to fully electric behavior. With a large power customer base of 5.6 million, we target an increase of around 1.3 million customer in the free market to a portfolio of close to 7 million while stabilizing our unitary retail margin, leveraging on consumption electrification, and tailored to customer offering. Power free sales will rise by 32%, reaching around 100 TWh. We will maximize our customer value leveraging on innovative services such as demand response that will entail the management of energy demand of about 2.6 GW by 2030. Electrification on mobility will be exploited through our recharging infrastructure, where the number of charging points will increase 40-fold in 2030, reaching around 400,000 public and private. Looking at slide number 16, the modernization and development of new electricity distribution infrastructure is one of the fundamental enabling factors for the decarbonization and electrification of the economy. To this end, the digitalization and platformization of networks keep on being a priority of our long-term vision. We will leverage on the Grid Blue Sky project, which envisages the implementation of a single platform operating model aimed at improving asset resiliency, predictive analytics on network reliability, and operating performance. Cumulative CapEx over 10 years amounts to EUR 12 billion, 20% higher than in the previous plan, supporting ramp growth of 13%, reaching EUR 13.2 billion in 2030. The digitalization initiative will contribute to better grid reliability and quality of service. We forecast a sharp reduction of 32% and 40% in the time and number of interactions respectively, while further reducing the unitary OpEx by 15%. Moving on to slide number 17. Digitalization has been a focus in our strategy for many years. It is evolving towards platformization, a key enabler of our vision to 2030. Platforms covering all our assets have been built and designed at Enel Group level in partnership with world-class leaders to address business complexity and speed of response. On generation, global integrated program aims to streamline and simplify all procedures of an asset life cycle from the drawing board to the operations and maintenance. Network management will rely on a unified digital platform with a clear focus on operating performance excellence while providing new services capabilities designed around our customer centricity model. The need to manage complex, cross-client databases requires a totally new digital conception that will allow for a new level of efficiency and deep data analysis. Ultimately, this will result in a competitive commercial advantage, higher customer satisfaction, and rotation ratios while reducing the cost to serve. Such a global approach will allow us to extract further synergies and address technological evolution over time. Moving on to slide number 18. Our 2030 vision will allow us to advance that to advance the zero objective to 2040. As of the end of 2021, we estimate lowering our Scope 1 emissions by around 60% from the 2017 level, while we are expecting an additional 20% reduction in 2024. In 2030, we will achieve a reduction of around 80% versus the base year, confirming our target of below 95 grams per kilowatt hour in accordance with SBTi certification of last year and its compliance with the 1.5 degrees pathway. Finally, we target full decarbonization by 2040, a decade earlier than our original commitment. This goal is even more ambitious than just achieving net zero, as we foresee achieving it without using any carbon removal technology or nature based solutions. Now, we are on slide 19. This very ambitious target hints upon the adoption of a set of actions with respect to the major sources of our emission, including upstream and downstream Scope 3. In the medium term, we confirm our intention to end operation of all coal generation by 2027, once system security and stability has been granted on the island. In the long run term, we plan to rely on a fully renewable sources mix. This will also imply hybridizing a growing share of our renewable asset with battery storage and green hydrogen. Decarbonization will be coupled with further electrification, incentivating gas clients to convert to electricity through a wide range of new products and services. As a result, we expect to cease our gas supply business by 2040. Moving to slide 20. A summary of our position in 2030. We will become best in class in clean and emission-free energy. In the supply business, we will leverage on our broad customer base to deploy a wide range of innovative products and services. We will maintain our leadership in the distribution business, providing a service with the highest quality standards. Our vision for 20-30 will create value for customers, society, and environment. Now, I will hand over to Luca to explain the strategic plan for the next three years. Thank you, Pepe, and good morning, ladies and gentlemen. I'm now on slide 22. Pepe has walked us through our long-term vision based on decarbonization, enabling infrastructure, electrification, and the customer centricity. The next three years will be a milestone towards such long-term vision. We will activate around EUR 7.5 billion of CapEx over the next three years, a sound average of EUR 2.5 billion per year, to deliver on our 2024 targets, focused on decarbonizations and grids. We are planning to reach more than 12 GW of new renewable capacity, 48% increase versus 2021, to an investment of EUR 3.1 billion in the period. In electrification, consumption increase coupled with the progressive migration of customers to free tariffs, together with a wider range of services, will allow us to reach 5.8 million free customers, a 4% increase. The integration of growing renewable generation will be supported by EUR 2.9 billion investments in networks to provide reliability and quality service to customers while maintaining the regulated asset base throughout the period. On slide 23, this CapEx plan strengthens our commitment to the sustainable development goals set by the United Nations and is aligned with the European Union Taxonomy. About 90% of our investment will have a direct impact on SDG seven, nine, and 11, while all of them will contribute to the wider SDG 13. The EU Taxonomy will provide a common framework for identifying environmentally sustainable activities, improving transparency, and harmonizing reporting. More than 80% of our consolidated investment will be aligned to the EU Taxonomy criteria due to its substantial contribution to climate change mitigation. This percentage does not include nuclear or gas activities that are still under analysis. Moving to slide 24. The next three years will mark a further acceleration of power generation decarbonization. We will consolidate our position as a relevant renewable player in a market that will expand significantly. We will add 4 GW of capacity, boosting the share of mainland renewables by 9 percentage points, up to around 63%. This significant growth is based on 11 GW of mature pipeline, which represents a comfortable 3x coverage, of which 90% is expected to come from solar projects. The three years will pave the way for an ambitious mainland capacity growth to around 30 GW by 2030. Belonging to a group which is the world leader in the renewable development provides us for large scale economies, high degrees of synergies, while allowing us to accelerate further if opportunity materialize in the future. Moving to slide 25. Our mainland output will increase 12% to 50 TWh, leveraging our renewables capacity increase and the reduction of thermal production. This energy mix switch will continue over the decade, as Pepe explained earlier, with total production reaching 73 TWh by 2030, of which 66% in renewable output. Mainland emission-free production will reach 92%, 6 percentage points higher than in 2021. We expect our mainland specific CO2 emissions pathway to be reduced by 50% by 2024, and by 62% estimated by 2030. Moving to slide 26. To achieve our renewable capacity targets of 4 GW, we will mobilize EUR 3.1 billion total and an 18% increase, a decrease of 18% versus the previous plan. In these numbers, we are not incorporating CapEx in BESS and hydrogen projects, which will rely only on the awarding of the Next Generation EU funds. This capacity increase, coupled with a more favorable market context, will lead to a significant improvement in our EBITDA, reaching around EUR 0.8 billion in 2024, up 67% versus 2021. Such renewable EBITDA figures also include large hydro, while 2024 capacity additions will contribute to EBITDA only in 2025. Our increase in scale will drive efficiencies with a 13% OpEx reduction in relation to both production and capacity. All these drivers support better accumulated EBITDA CapEx ratios versus previous plan in the region of 24 percentage points, and confirm profitability spread to WACC of around 200 basis points on average. We move now to the retail business on slide 27. We will continue leveraging on our digital and analytics capabilities to provide a highly tailored experience to our clients, aiming at retaining high value customers. This initiative will lead us to forecast a total energy electricity sales increase by approximately 2 TWh to a total of 93 TWh. Our customer base will stand at 10 million on the basis of a consistent competition, as we have experienced in the last two years. Free customers increased by 4%, representing around 58% of our total customer base. Moving to slide 28. The liberalized sales increase embedded in this plan is backed on the development of innovative and pioneering commercial offers tailored to our customer needs. Remote sales and new channels developments and further advertising campaigns, which are supported by a wider corporate communication. Our aim is to build customer loyalty and unlock new sources of value through an integrated and tailored offer of energy, products, and services. Within the Única tariff model launched last year, a newly fully digital flat monthly tariff independent from consumption volume, we have recently launched the Única Solución tariff, a pioneer fixed energy price of 58 EUR/MWh for two years, mainly focused on attracting regulated customers. Under Única tariff, we expect to reach 180,000 contracts by year-end, confirming a successful commercial strategy so far. Moving to slide 29. Our supply strategy will require a total CapEx of EUR 0.5 billion, 25% increase versus the previous plan. EBITDA is expected to grow by 50%, reaching EUR 900 million in 2024. This evolution will be supported by higher volumes and unitary margin consolidation, coupled with lower fixed cost. The platformization effort will lead to an improved performance in operation, reducing the unitary cost to serve by 15% to around EUR 10 per customer. Interaction with customers will progressively become more digital. The number of digital contracts will stand at 6 million at the end of the plan, while the e-billing contracts will increase 5.3 million in 2024, 26% higher. The evolution of EBITDA will mirror at EBIT level with around 50% increase. Moving to electrification on slide 30, we will now have a look at the evolution of integrated margin. Liberalized sales will improve by 3% to 78 terawatt hours, driven by higher volume both in B2B and B2C. The integrated margin evolution is supported by higher renewable in our generation mix, more favorable market conditions with higher OTC price references along the business plan, lower ancillary services cost, and by a better production purchase mix. Gross supply margins are expected to consolidate from EUR 11/MWh in 2021 to EUR 12/MWh in 2024, supported by a value management and the improvement in the customer mix. As already commented in nine months, 2021, we have relevant volumes of price-driven production already hedged for 2022 and 2023 that make us confident to achieve the integrated margin goals set in the plan. We have hedged 88% in 2022 and about 30% in 2023 at similar all-in price levels of about EUR 76/MWh and at OTC references between 48 to 50 EUR/MWh. We expect the integrated margin to remain close to 40 EUR/MWh throughout 2030, assuming a normalization of fuel price around 50 EUR/MWh and a further decrease in variable cost due to renewable capacity growth. Moving to 31, we will continue to evolve towards new products and services with high growth potential, leveraging on digital platforms, focusing on the electric vehicle value chain and demand response. This effort, with an increased CapEx of around 30% versus last year plan, will crystallize into around two times of EBITDA growth in the following years. We expect electric mobility to contribute positively starting in 2024. Our objective is to increase the number of recharging points for both electric vehicles and electric buses by four to five times. Also, within the more mature segments offering, like eHome, we will further consolidate by 35%, reaching 2.7 million contracts, an increase of 35%. On networks, slide 32, the modernization development of new electricity distribution infrastructure is a key enabler for the decarbonization and electrification of the economy. Gross CapEx will amount to EUR 2.9 billion over the next three years, an increase of 12% versus the old plan, while net CapEx will drop by 9% excluding clients' contribution. In net terms, CapEx is in line with the regulatory limit and yearly amortization, thus keeping the RAB flat along the period, while, as Pepe said before, will grow beyond the plan period to EUR 13.2 billion by 2030. Around 50% of this CapEx will be allocated to digitalize our grids, contributing to better grid reliability and quality of service, paving the way for future smart growth and further efficiencies. Network EBITDA remains barely flat at EUR 2 billion along the business plan period. Now on slide 34, I would like to detail the evolution of the financials over the plan period. We are going to invest EUR 7.5 billion across CapEx, decreasing by 5% versus last year plan, as we are not contemplating any CapEx for gas and hydrogen linked to the Next Generation EU funds. The CapEx deployment will drive sound 18% growth in EBITDA and net income. Sound financial metric evolution throughout this business plan is confirmed. Funds from operation, FFO metrics will stabilize along the plan period. Leverage is expected to maintain a healthy level at 2.3x by 2024. Moving to the key financials management of the plan on slide 35. Around 80% of the CapEx is allocated to networks and renewables, with investment totaling almost EUR 6 billion, confirming our growth focus. EBITDA will be growing by a sound 18%, moving from EUR 4 billion to EUR 4.7 billion, driven by renewables and the retail businesses, while distribution and conventional generation are expected to remain stable along the business plan. Distribution EBITDA will evolve barely varied in accordance with the flat RAB evolution. Renewables EBITDA, which now includes large hydro assets, will increase EUR 300 million from EUR 0.5 billion to EUR 0.8 billion, supported by the ongoing capacity expansion, driving larger volumes, improved margins backed on higher OTC references, and slight cost increase derived from the business growth. Customer EBITDA, which includes Endesa X, will expand a significant EUR 0.3 billion from EUR 0.7 billion to EUR 1 billion, supported by higher volumes, unitary margin consolidation, and lower fixed cost. Finally, conventional generation and others remain flat at EUR 800 million. It includes higher margins from nuclear plants driven by the improved OTC references, no short position contribution, and gas wholesale margin recovery. Besides, let me remind you that while 2021 incorporates about EUR 0.2 billion of non-recurring items, we are not considering any non-recurring items along the business plan period. Now moving to efficiencies on slide 36. The focus on efficiency remains at the core of our strategy. Fixed costs remain flat at EUR 1.9 billion as efficiency improvements are able to absorb the cost increase due to the organic growth in renewables and expected CPI over the period. We expect a decrease in O&M cost, mainly backed on thermal closures and efficiency in the rest of the business lines and a reduction in personnel cost. Moving to 37, concerning the cash flow generation and the evolution of the debt, as anticipated in our 9 months results, 2021 FFO evolution is impacted by the latest regulatory and fiscal measures adopted by the Spanish government and a tough price and commodity scenario. The regulatory impact on working capital will revert in the coming months, but as of today, is still very uncertain, and we estimate an impact of around EUR 1 billion. According to this estimate, expected 2021 net debt figure could be up to EUR 10.5 billion at the end of this year. Cash flow generation along the business plan will be at EUR 10.3 billion, assuming full recovery of this regulatory working capital impact in 2022, enough to sustain CapEx and dividends, with the net debt reaching EUR 10.7 billion in 2024. The cost of debt is expected to keep recording new historical low levels, moving from 1.5% in 2021 to 1.4% at the end of the plan. Finally, as I mentioned earlier, the healthy financial ratios are confirmed and will improve over the course of the plan. Focusing on our financial strategy, and on slide 38, we will continue to tap sustainability link instruments to support our growth. Sustainable finance source now represent almost 60% of our gross debt. This year, we've implemented a number of instruments that have allowed us to reach, two years in advance, our sustainable finance target, and to refinance about EUR 10 billion of debt with cheaper sustainable instruments with an average cost of debt of about 0.5%. Our aim is to progressively refinance upcoming maturities and raise new funding via sustainability linked instruments that will drive our cost of debt reduction. Recently, we signed the first European Investment Bank loan linked to sustainability objectives, and in particular, Scope 1 direct greenhouse gas emission. Over the plan, the share of sustainable finance sources on total gross debt will increase to more than 80% in 2024, and more than 90% in 2030. Now let me hand over to Pepe to conclude the presentation. Okay. Thank you, Luca. I am on slide 40. This plan we are presenting brings a relevant increase in both EBITDA and net income with an annual compound rate of 6%. The implied average dividend yield will comfortably be over 6% throughout the years to the planned period, above sector average. We believe that the figures presented today represent an important milestone in Endesa's equity story to address our 2030 vision and deliver sustainable shareholder returns over the long term. To end this presentation, on slide number 41, I would like to share some closing remarks. Endesa's leadership in Iberia is driven by our first-in-class asset portfolio managed through a very successful integrated strategy. In this plan, we do confirm our long-term vision and improved 2030 objectives. In decarbonization, we have taken an important step, bringing forward our net-zero target by 2040, while accelerating customer electrification and addressing climate change challenges. The solid 80 GW renewable pipeline ensures the achievement of our renewable capacity target to 2030. Our customer strategy based on electrification will drive customer loyalty and value over time. The strategic plan implies strong value creation for all our stakeholders, and the acceleration of our 2030 vision confirms our long-lasting sustainable growth. Ladies and gentlemen, that concludes our strategic update presentation. Thank you very much for your attention and we are ready to take some questions. Okay. Thank you, Pepe. Thank you, Luca. We will take now all the questions that the analysts connected to the call may have. Of course, if you'd like to ask a question, you can do so by pressing star followed by one on your telephone keypads. If you've joined us online, please click the Request to Speak flag icon. I will now hand over to your host for today's Q&A, Mar Martinez, Head of Investor Relations. Miss Martinez, please go ahead. Okay. The first question comes from Harry Wyborn from Bank of America Merrill Lynch. The line is open, Harry. Please go ahead. Hi, everyone. Thank you very much. Three questions from me. The first one's on the CapEx and just trying to understand the moving parts. The reduction in the short term, 2024, and then the increase in the long term. I think in the footnote on slide 34, you mentioned that the reduction is mainly due to lower eligible CapEx on the EU recovery funds. But also renewables has gone down, but is that sort of battery storage or other projects that you've been hoping for on the EU stimulus that haven't materialized? Maybe just give us a bit of color why we're seeing CapEx constantly coming down in the short term and then going up in the long term, like, particularly on renewables. Second one's on the earnings guidance. You're assuming forward power below the forward curve. Could you give us any kind of flavor of what your upside to your net income guidance would be if you assumed the current forward curve instead of the lower assumptions that you've got in your presentation today? Then the third one, just a simple one, but what are you assuming for windfall taxes? I presume you're not assuming the gas clawback anymore, but are you assuming anything in there for the CO2 tax? Thank you. Okay. Thank you very much. I will try to answer the third question and then give the word to Luca as to answer the first and the second question. When you talk about the windfall taxes, I think you're talking about the gas clawback and also the CO2 clawback. Let me say, there is no problem with the gas clawback just because of the last Royal Decree-Law. In terms of the CO2, what we think is that it's gonna be something very similar to what we have in the gas clawback. That means that, just because we are selling our energy at a reasonable price, we are not going to be impacted by any of these reduction. We don't consider any impact in our business plan. Thank you, Pepe. Regarding the CapEx evolution, let me give you some details. Basically, the differential is, as we said, EUR 400 million in total versus the previous plan, of which is less EUR 700 million in renewables. In particular of this seven hundred million is composed by basically EUR 300 million less for basically Recovery Fund CapEx that were included in the previous plan. About EUR 600 million overall CapEx for projects which have gone beyond the business plan and EUR 200 million CapEx more for the deployment of additional capacity in this plan. Then you have about EUR 200 million of more CapEx at gross level in distribution, and about EUR 100 million more in terms of retail, including Endesa X. So this is the definition of CapEx. Now let me comment that, obviously this capital plan, CapEx plan for the next three years is more or less in line with the previous CapEx plan. Obviously, as we mentioned, as soon as, I would say, the regulatory volatility will stabilize, we will be in a position to potentially accelerate further even before 2024. When it comes to the second question, i.e., our assumption of pool price, whether it's, I would say more conservative or less conservative than consensus. To be honest, consensus in this moment has moved quite dramatically when it comes to forwards. We have an assumption of 83 EUR/MWh for next year, 69 for 2023, and about 59 for the last year of the business plan. So on this basically assumptions, you know, we basically have deployed our gross margin and EBITDA contribution along the business plan. Now, you know that when we are not hedged in terms of production, EURO 1 MWh differential basically it's in the region of 35-40 million of gross margin. But again, I wouldn't compare it to consensus or to forwards because the volatility at the moment is quite dramatically. Obviously, if you will have a better scenario in the years in which we are not hedged, you know, starting from 2023 and onwards, we might have, let me say some upside. And that's basically are the three questions. Thank you, Harry. Next question comes from Alberto Gandolfi from Goldman Sachs. Mar, thank you, and good morning. Thanks for taking my question. I'll stick to three as well. The first one is, I was wondering if you could help us break down a little bit more the increase in the integrated margin. You go from EUR 30-EUR 39. So I guess a couple of specific points, if you don't mind on that, would be, is 2021 too low versus what you would consider a normalized level because of your business today? And secondly, can you quantify in terms of EUR per MWh, how much uplift you may get from the incremental 4 GW of, let's call it merchant renewables that you're going to deploy? So just trying to see the underlying building blocks in the integrated margin expansion. The second question is a question probably similar to what I asked Enel yesterday. Would you agree that in the short term, this strategy is actually lower in execution risk because you don't need to bid in any auction? You know, you just get it permitted. Well, you just need to get the permit, and then you can build it quickly and supply your own portfolio. I really think that's very clever. At the same time, would you agree that that is increasing the earnings volatility in the longer term? Because clearly it's much more subject to the wholesale price. You know, and I agree it all works because the LCOE of solar is so low that what you're doing is very clever. Would you agree that expansionary returns comes longer term, partly at the expense of risk? The last question, I mean, your RAB, again, you say it's actually growing about 1% a year. I'm a bit surprised. Can you maybe tell us what is the regulatory depreciation you are using? Is it also about EUR 1 billion or, I mean, EUR 900 million? Or should we have some adjustments because maybe some assets are fully depreciated and therefore they roll off? Can you help us maybe navigate that? Because given what you are investing and given the D&A, I would have expected a little bit more growth. Thank you so much. Okay, thank you, Alberto. I will try just to give you some color and then I will ask Luca to go more deeply. Related to the integrated margin, I would say that 2021, around EUR 30 per MWh is not low or very low. It's the normal one that we have reached in the last year. You should remember that five years ago, we were below EUR 20 per MWh. So that is a good, in my opinion, a good margin. What is going to happen in the future and Luca will explain later is that we are going to reduce, let's say, the revenue, but we are going to reduce even more the cost, in the sense that the... Our production cost will be reduced due to the increase in the renewables output that we will have our own renewables. Also the purchases, the mix between own generation and purchases with lower prices in the wholesale market will reduce these costs. At the end, we will increase this integrated margin. Regarding the volatility in the long term and if we are going just to increase our risks in the future, I would say that I really don't think so. We are, in my opinion, more exposed to risks when just because we are long in customer and short in generation. In the future, trying to integrate even more and focusing around clients and looking for the best way just to supply them with our own generation within that we are going to reduce, we are going to isolate us from the wholesale a little bit more. And also, Luca, you could explain the RAB and this. Sure. Just going back to the integrated margin. We have a reduction in basically integrated revenue of about 7.5% along the business plan from 82 to 75, while the variable cost decrease for more than 16%. It was what Pepe was mentioning before. Now, within the variable cost, we have two effects. As you mentioned, the basically increase in annual capacity that allow us to reduce the fuel cost by almost 8% from around 31 to about 23 along the business plan. And the purchase cost, and in the purchase cost, also the mix because the mix change from about 60/40 in 2021 to 65/35 at the end of the plan at lower prices. The purchase cost for us reduce for about 24%. Basically, the margin expansion is driven by a much lower variable cost along the business plan for both renewables as well as a different mix of purchase cost and the cost of which we are purchasing basically this energy. That's the integrated margin. Moving to the RAB. Basically, we have amortization that range in the EUR 700 million, more or less, per year in distribution networks. The net CapEx in the plan, it's more or less in line with this amortization because net CapEx is in the region of EUR 2 billion in this, in this, business plan. That's why RAB is not growing at the beginning, I mean, for the first three years. From 2025 and onwards, basically, we expect not to have, let me say, or to increase what it's called now the regulatory limit, and to basically increase gross CapEx per year to EUR 1.3 billion, which is a net of more than EUR 1 billion, that will allow us to grow RAB starting from 2025. Obviously, if we have, let me say, a regulatory revolution, i.e., regulatory limit changes along the first years, we might decide also to increase CapEx starting earlier. That's why basically RAB is not evolving to growth in the first three years. Okay, we move now to the third analyst, Enrico Bartoli from Stephens. Hi, good morning. Thanks for taking my questions. My first question is again related to the network. You mentioned this limit that in Spain you have in terms of investment in the electricity distribution grids. I was wondering if you are having any discussion with the government or regulator regarding increasing that because of the need of adapting the networks to the increasing consumption to the new services that will be required. It seems that in general in the system investment in the electricity grids are a bit shy. I don't know if you agree on this. A second question is related to the new services that you said to drive the margins for your customer division. If you can provide some details on them and how they will impact the evolution of the margins? The third one is on the role of renewables that you see in the medium term in order to achieve the decarbonization targets. You anticipated your target to get net zero to 2040. I was wondering what you think that the roles of the nuclear plants will be in that target and what it should be at the level of the electricity system in Spain? Okay, thank you, Enrico. Talking about the network and our conversation with the government or the regulator, you are right, we are in continuous conversation, open and constructive conversation, looking for how to implement the enormous investment needed in the grid, in the network. You know, the enabler of this decarbonization and electrification is the network. We need to modernize and introduce digitalization, resilience, et cetera. They are aware that they need to remove this gap that we have today. Well, we hope that in the future, we will see how this is going to be removed. In any case, when we were talking about the next innovation plan, what we talked with them is that once they allocate these funds, if it is allocated, in the network, this capital, these CapEx will not account for this limit. In terms of services, let's say that that, we are thinking yesterday Mr. Starace said that we have moved from the renewable decade to the electrification decade. That is what we are thinking. In the future, the clients will really push on this electrification, and within that the reason why we are going to increase. The role of renewables are going to be a very important role. Not only renewable, but also, as I have said, the electrification. Luca. Thank you, Pepe. Yes, just to give you some color on the contributors for this growth in the new services to about EUR 110 million of EBITDA at the end of the plan. The majority is driven by the customer, i.e., the eHome and eIndustries basically segments that basically accounts for 85% more or less of the EBITDA contribution. While at the end, so in the last years of the plan, we're starting to see contribution also from the eMobility and the e-City segments in the business plan. The proportion is 85% on what we call the mature services and basically 15% on the new services. Obviously, what we're trying to do is to increase, in particular, the industry segments, expecting also some regulation for the demand response that is envisaged, I would say, over the coming months. Thank you, Enrico, for your questions. Next, questions comes from Jose Javier Ruiz from Barclays. Please, Jose, go ahead. Yeah, good morning, everyone, and thanks for taking my questions. Two questions related to comparing this plan with the previous one. First one, in 2023, you increased EBITDA guidance by EUR 200 million, but you leave net profit unchanged. If you can explain that, considering that you're investing less, sorry, and the cost of financing is declining. Secondly, on EBITDA of networks is down by EUR 100 million for 2023 and I was wondering if there is an explanation. My third question is related to the cost of restructuring of this new EUR 200 million per year cost synergies. If you're going to do any provisions or there is any provision needed for reducing cost of personnel. Thank you. Thanks, Jose Ruiz. This is Luca. When comparing this plan to the previous plan in aggregate numbers, and then I'll go into 2023. Basically, we have EUR 900 million of EBITDA increase over the three years as cumulative numbers. Also we have EUR 250 million of higher D&A and about EUR 300 million of higher taxes. Below the EBITDA line, higher D&A and higher taxes is something that we will bear along these three years. You know, going into 2023, basically, as you said, we have EUR 200 million more in terms of EBITDA, which is not translating into an increase in net ordinary income. This is driven by EUR 100 million of higher D&A and a EUR 100 million of higher fiscal rate. Basically, the fiscal rate in this plan is ranging between 25% and 26%, while the previous plan was at 24%. You know, there has been several tax increases in Spain approved already. I think yesterday also, the European Commission basically I would say sent some kind of messages because we have a fiscal tightening here in Spain, while the rest of the countries across Europe actually are in a fiscal expansion at this point. When it comes to D&A, the evolution is obviously similar investment to this to the previous plan, but the mix is different. The higher D&A are driven by higher CapEx in the customer business, which have a lower amortization period, and higher CapEx in ICT, which again, has a lower amortization period. That's why is the increase in D&A in this plan. You know, going to distribution, we don't have any decrease of EBITDA in, you know, along the plan. It's EUR 2 billion more or less of EBITDA for the three years of the business plan. We don't see this decrease that you were mentioning of EUR 100 million in 2023. When it comes to the basically efficiencies, the efficiency we are plotting in this plan, so EUR 1.9 billion of OpEx flat and in real terms is actually EUR 200 million of efficiencies, do not require any further provisioning in order to achieve these numbers. We move now to Javier Garrido from JPMorgan. Please, Javier, go ahead. Thank you, ma'am. Good morning, everyone. I think there are only two questions left on my side. The first one is what is your assumption for the hydro canon? I understand from what Luca said that you are not including any one-off, so any recovery of any of these additional amounts would come as a top-up to the plan. Is that correct? And second, are you assuming that you will continue to be paying any hydro canon in the future? And then the second question would be on your remarks about the EUR 58 per MWh price that you are offering to clients. Would you mind to tell us what is the resulting all-in price that is consistent with that 58? Because you are targeting a reduction in your electricity price from EUR 82 to EUR 75, and how that 58% tallies with that specific progression in these prices? Thank you. Thank you, Javier. Let me try to explain the second question, and Luca will answer the first one. Well, when we say that we are selling at a reference price of 58, let me say two things. First of all, taking into account our full cost, when we talk about nuclear, we are talking about EUR 58 per megawatt hour and I should say that hydro should be something around 60. That is, we are trying to cover our full cost in this nuclear and hydro costs. Well, this is more reduced or lower than the prices that we have considered in our business plan. As I have said, that is the reason why we are not expecting any clawback in the gas clawback or CO2 clawback, because we are selling at a reasonable price. Javier, regarding the first question, right, we're not considering any, let's say, hydro canon in our targets so far. For the plan, we are assuming to pay the hydro canon tax, basically going forward. Thank you. Next question comes from Manuel Palomo from Exane BNP Paribas. Hello, good morning, and thanks for taking my questions today, and for the presentation. I will stick to three. One is about your long-term target, 2021-2030 power free customers. You are assuming a huge increase, 5.6 million-6.9 million, +23%, but also, very importantly, a 32% increase in megawatt-hour consumption. So far, we have not seen this trend. I wonder whether you could shed more light about where these increases will come from. Secondly, on renewables and potential M&A. I see now you're changing renewable installations versus the previous plan. My question is today's installation guidance including any potential M&A? What M&A opportunities are you looking at? I mean, pipeline opportunities, operational assets, maybe listed companies. What do you think is your firepower, considering what you believe would be a comfortable gearing for a company like Endesa? Of course, I mean, in case that this is not included, whether any potential acquisition will come on top of the guidance. Then, last one, I'm a bit surprised about your EBITDA growth in 2023, EUR 400 million, versus the increase that you foresee in the net profit, EUR 100 million. I wonder whether there's anything explaining why EBITDA is expected to grow that much while the net profit not that much in that specific year. Thank you very much. Thank you, Manuel. I will try to answer the first and the second one, and then Luca will answer the last one. Talking about the long-term target in customer, well, really, we feel comfortable because I think that we are conservative, let's say that. In reality, if we are talking about power, what we are thinking is important reduction in the so-called regulated customer and something around 400,000 and an increase of 200,000 in the liberalized market, which is, at least in my opinion, a very conservative, let's say that, assumption. With regard to the renewables and potential M&A, let me say that this business plan or all our business plan never includes potential M&A transaction. You are right, we are always scouting for opportunities related to our core business, mainly or fundamentally renewables, network and customers. In any case, true, this kind of transaction must have a strategic fit for us and create value for our shareholders. In any case, any potential M&A could be above the business plan. Thank you, Pepe. Going on, the second part of this question, so in terms of financial flexibility with net debt to EBITDA well below 2.5x, definitely we have financial flexibility in order to absorb, you know, potential inorganic growth. As Pepe mentioned, I think he'll say the thing relies on what kind of proposition, not only in terms of the strategic focus, but also in terms of the value accretion that these opportunities might bring to us. Going to the fourth question or third questions, basically EBITDA growth in 2023, which grows by EUR 400 million, as you pointed out, but net income only grows by EUR 100 million. I think I have commented before to another question, we have basically D&A increasing by almost EUR 300 million in this plan. The trend is 1.6 in 2022, 1.7 actually in 2023, and 1.8 in 2024, and higher tax rate that is basically moving from 25% to 26% along this business plan, while the previous business plan was at 24% flat throughout the period. Therefore, this explains basically that the growth in net income is less than the previous plan. However, EBITDA net income ratio basically stand at 40% along the business plan. Thank you, Manuel. Next question comes from Jorge Alonso from SocGen. Hi, good morning to everyone. A couple of questions, please. Just to clarify in order to understand better the moving parts. The increase in the EBITDA in the plan, 300 comes from renewables, which means the hydro, you have a cost of close to 60, as Pepe mentioned, and you are selling likely to the same at the same price. That means that you are not adding EBITDA on the hydro and the EUR 300 million comes from the wind and solar contribution. The other 300 coming from the supply, the max can be that is EUR 1 coming from expansion in the gross margin multiplied by the 90, let's say 99 or 80 TWh. The reduction in the cost of service, which is roughly speaking 1.6 multiplied once again by this time fully the 90 terawatt-hours, gives you, roughly speaking, EUR 240 million, and the rest would come from the new services or something or other issues. Just to understand if this is the correct way of looking at it. The other question is regarding the conventional generation. I mean, with much higher power prices, once again, nuclear is not going to increase EBITDA or are you expecting something offsetting that, like the non-mainland assets, which will contribute less than anticipated? Last one, sorry for being long, is on beyond 2025, and it's related to the Manuel's question. You are intending to increase the customers, right? This will increase the sales, the terawatt-hours, the electricity sales. At the same time, you are about to put a lot more renewables. Again, my question is, so the intention basically is just to keep a long position, not just offsetting this long position with your own renewable production, but to keep that long position adding new customers, adding new demand. Thank you very much. Thank you. Thank you, Jorge. Let me answer the conventional generation regarding nuclear. I would say that, as I have said, that the full cost of nuclear is something around 58 EUR per MWh. That doesn't mean that we have sold this energy in the past at these prices. Even more, let me say that we have hedged this nuclear output at around 48-50 EUR per MWh. That means that we are selling at a higher price than the variable cost, but lower than the full cost in which we include the fixed cost and the capital cost. We are going really to increase, trying to sell at a reasonable price like I have said. Okay. Jorge, trying to basically give you the moving parts in the bridge for the EUR 300 million increase in EBITDA renewables and in customers. Basically, when it comes to renewables, actually the number is more 350, so slightly higher than what we put in the slide. Obviously, we do roundings when it comes to billions. This is driven by EUR 400 million of margin increase, basically that is driven by EUR 200 million of higher basically prices. That is the new reference that we have in this business plan. About EUR 300 million of volumes, which is the new capacity that we're putting in operations during the plan. We have basically to subtract EUR 100 million of non-recurrence that were in 2021 associated basically to renewables. When it comes to customers, the increase is EUR 300 million, and it is driven by EUR 240 million of margins and about EUR 70 million in cost. When it comes to margin, is about EUR 100 million in supply, mainly basically for the slight increase in margin that we foreseen in the business plan. We have about EUR 30 million in retail gas. The increase that is plotted in basically the Endesa X EBITDA increase, which is about almost EUR 90 million. To go in conventional generation in order to explain, yes, we see a EUR 200 million increase in nuclear driven by prices along the business plan, but this is basically offset by a EUR 140 million of non-recurrings that is associated to nuclear in 2021. Obviously we have basically no short position, which was positive or will be positive at the end of this year along the business plan. I think, sorry, there was a third question, sir. Beyond 2024, yes, the assumption is to remain long customers, but obviously to serve, let me say, our customers with a much lower variable cost of generation. Obviously, we'll adjust the position as, you know, the decade unfolds, depending on, you know, how much we can accelerate our renewables additions, but to reduce a little bit the position throughout the decade. Thank you. We move now to Jorge Guimarães from JB Capital Markets. Hi, good morning. I have two questions, one a follow-up and another, a different one. If you could clarify on the hydro canon question. From Luca's words, I assume the plan includes it seems that you'll buy hydro canon going forward. My question would be related to the recoveries of the amounts until 2020 not booked yet. This would be the first one, and the second one is related to supply margin. You expect an improvement in supply margin of EUR 1/MWh. In an environment where renewable energy in the system is going to increase significantly, shouldn't we expect supply margins actually to be down because you'll have more renewable electricity in the system that would allow for more PPAs, more offer of cheap electricity, and therefore put pressure on the margin, namely of incumbent? I don't know if this will happen further down the road, but we'd like to have your view on this question. Thank you very much. Thank you, Jorge. Let me try to answer to the second question regarding the supply margin. Well, we will maintain, let's say, more or less stable the supply margin. This is, yes, because one of the main reason is the change in the mix that we are going yes to have between B2C and B2B. As you have said, we are in a very competitive market. Our assumption is more or less to maintain the level of competition that we have had this year. Perhaps a little bit lower, but in this level. What is the reason why we have thought that we will try to maintain stable this margin? Luca, could you add anything about this and to answer the Hydro? Yes. I mean, when it comes to basically supply margin, also for us there's a slight increase, and we're talking EUR 1/MWh is also changed by the customer mix. In the plan, we basically are seeing an increase of 200,000 customers in the free market and a reduction of more than 400,000 customers in the regulated market. The customer mix also basically for us it's a driver in the supply margin expansion. When it comes to the renewable penetration of prices of this energy into the system, yes, it should lower over time the pool price, but we still have, let me say, the assumptions of 2030 pool price in the region of 50 EUR/MWh, driven obviously by a higher commodity. Last year we had an assumption of CO2 at around EUR 50. This year, the assumption of CO2 in 2030 is more in the region of EUR 90. Obviously, with gas evolution that we're seeing, although we think gas will stabilize, combined cycles that are still, you know, part of the system will be part of the system until the end of the decade, at least, will offer it to the market at very high prices. Because obviously the thermal gap is reducing a bit throughout the decade. With EUR 20, basically TTF, combined cycles will offer in the market at over EUR 90/MWh. Going into the hydro canon question. As I said, we are not assuming in these numbers the recovery of the past. Obviously, that depends on each instance when they will come. We are assuming to pay it starting basically in 2022 because it's something that probably from a law will be changed in order for the companies to pay it. Thank you, Jorge. Next question is coming from Fernando Lafuente from Alantra. Please, Fernando, the line is yours. Hello. [Foreign language]. Two questions for me, please. One on the renewables. I was looking to your targets, and compared to previous plan, there's been a decrease, and especially decrease has been on wind. I was wondering what are the reasons for the decrease. I'm talking not in CapEx terms, but in megawatt terms. Then also a question on, I think, Luca, you mentioned that you would be ready to accelerate in case regulatory environment stabilizes. I was wondering what does it mean in terms of. It's basically this final approval or not of the CO2 clawback. Related to this one, maybe an update on how regulatory things are currently compared to previous weeks. If there's been any kind of, I don't know, any news or difference versus the previous. Lastly on M&A, you basically said that you are looking to all alternatives or to all opportunities. I was wondering if you could give us a little bit of, I would say or what would you be more willing to buy? Is it pipeline on the renewable side? Would you be also looking at operating assets? Having your views on this and especially in the current context of high prices, I would say in the private market. Thank you so much. Okay. Thank you, Fernando. You are right. We have reduced a little in the year 2022 and 2023, but in average, we are taking into account the year 2024, we are building the same total amount of megawatt. The reason why we have changed from wind to solar, let's say that, we see more opportunities just to develop solar. It's in a short time easier than wind. That is, we have the pipeline, and well, we are focusing more now on solar than in wind. In relation with our conversation, as I have said with the government, what I have said is that we maintain a continuous line in an open and fair negotiation with the government, with the regulator. We are talking about not easy things, but I think that we are looking for how to resolve some kind of problems in the future if prices continues in this level that we have seen during the last month. In any case, the forwards give us a signal that in the second quarter of the year, of the next year, the year 2022, we will see reduction in these prices. We hope, or hopefully, we will see that prices. In any case, what it is clear, and we have been discussing with the regulator, is that the European Commission has set a very clear guidance to go ahead with the toolbox that you know perfectly. That means that some rules should be maintained, not acting against the market and using the CO2 and using the taxes just to deal with this situation. In M&A, we are looking, of course, renewable pipeline, but also, as I have said before, we are always scouting the opportunities related to, I would say our core business. When I say core business, I'm talking about renewables, could be networks and, of course, customers. That is the main focus on in our M&A. Luca. If I may add, when it comes to renewables, which was your specific question, Fernando, mainly pipeline, because for us, obviously, operating assets are not accreting value as a pipeline could accrete value. Muchas gracias, Fernando. Next question comes from Sara Piccinini, from Mediobanca Hi, good morning, and many thanks for taking my questions. I have two. The first one is on the returns for renewable projects. So how do you incorporate the CapEx cost inflation for your renewable projects? Do you have any secured CapEx until 2024? Are you including any increase in the cost of raw materials for your plants? And also, at the latest renewable auction, even if you didn't participate, the prices were still in the range of 30 EUR per MWh. So how do you balance the components of higher costs and also more competition on prices to maintain the 200 basis points return from the renewables? And then the second question, just referring to yesterday's plan of Enel, they were... They told that they are considering asset rotation, so they will include asset rotation. Are you considering any of them as well? Many thanks. Okay, thank you, Sara. Let me say that we are not considering any asset rotation. Luca, could you... Sure. When it come to renewables, basically we are incorporating some cost inflation, the cost per megawatt in this plan. Basically, we are assuming 0.7 in solar and about EUR 1 million in wind, which is slightly higher than the previous plan. However, basically, I would say the procurement is secure up until 2023 in this plan already. Therefore, basically this is something that probably will cost us some more from 2023 and onwards. I guess that's it, right? Yeah. Correct. Finally, Manuel Palomo from Exane comes back with additional question, I guess. Yeah. Hi. Sorry for bothering you again, and thanks for taking the question. It's again, I guess, on one of the key topics, which is the integrated margins, trying to put together what you show in slide 30 and slide 44, the significant decline that you're expecting in power prices. At the same time, you expect supply margins to increase by EUR 1. There's a 17 EUR impact from lower variable costs. This compares just with a 7 EUR per MWh decline in the entire revenues. My question is about how you can explain that you will be able to capture such a huge benefit from this gap in margins, since I would argue that pretty much every utility and every oil company is trying to follow that integrated model in which they are lowering the variable costs. Don't you think that at some point there could be additional competition putting pressure on those margins and therefore putting pressure on your expected integrated margin? Thank you. Thanks, Manuel. I mean, I think the numbers I basically went through before. The reduction for us in variable cost is in the region of more than 16%, while the reduction in basically the revenue, utility revenue is in the region of 7%. That's why you have basically this expansion of integrated margin, which is driven by fuel cost reduction, a lower real variable cost of generation, and a different purchase mix as well as costs. Now, do you see a potential basically increase in competition? I think, I mean, the integrated model is proving, in many ways, as you mentioned, you know, to be a successful model, when it comes, to this, I would say, change in the energy mix, over this decade. The competition is already there. I mean, we have, you know, operators coming from every European countries, in, in Iberia, because obviously Iberia is probably one of the most, I wouldn't say advanced, but, you know, one of the at the forefront of this, of this, transition. Therefore, competition is already there. Now, something is when you have new entrants and something else is when you actually need. You are the incumbent in the market, and you basically are there in order to preserve your margin or to expand your margins. The strategy is completely different. What we see that is competition is paying up a lot in order basically to compete in an integrated model. Now, we have been there forever, so I guess, you know, some track record will tell whether, you know, we'll be able, you know, to better, I would say, consolidate and increase these margins or whether we will leave some of these to competition. Okay. This was the last question of our call. All the questions received from the web have been addressed during the conference call. Just to remind you that the IR team, as always, will be available to help you if you have any further questions. Thank you very much for participating, and have a nice day.