Good morning, everyone, and thank you for joining us today for our first half 2026 results presentation. With me today are our CEO, Gianni Armani, and our new CFO, Daniele Caprini. Before we start, let me remind you that after the presentation, we will move to the Q&A session. Starting from today, we will only take questions submitted in advance by email or through our website. In addition, given the busy earnings calendar, with a large number of companies releasing results today, we aim to limit the duration of the call to one hour. Thank you once again. Now I would like to hand over to Mr. Armani. Thank you very much, Mar. The first half of the year delivered solid financial results, with the EBITDA increasing by 20% and net income growing by 41%. This performance reflects the growth across all businesses, supported by a higher contribution from regulated activities, including both distribution and non-mainland generation. These results highlight the resilience of all our businesses and the disciplined execution of our strategy. Growth has been supported by continued efficiency efforts, allowing us to improve profitability and maintain solid financial ratios. At the same time, we continued to accelerate the execution of our investment plan, with networks remaining the main focus. Overall, the robust operational and financial performance delivered with more than 60% of the full-year EPS target already achieved, together with the strong visibility that we have for the remainder of the year, leaves us well-positioned to raise our full-year EPS guidance. On slide four, in the first half of 2026, EBITDA increased to EUR 3.2 billion. More importantly, the contribution of our regulated businesses increased from around 40% to approximately 50% of total EBITDA. This reflects the weight of networks and other regulated activity within our portfolio, further strengthening the quality and resilience of our earnings. This stronger earnings profile translated efficiently into solid bottom-line results. Net income reached EUR 1.5 billion, implying 45% EBITDA to net income conversion, while EPS increased 46% to EUR 1.44 per share. Lastly, cash generation remained strong, with EBITDA to FFO standing at 70%, and FFO to net financial debt reaching 38%, supporting a strong financial position. Turning to market conditions on slide five. Power prices fell almost 20%, despite the energy market being clouded by uncertainty and volatility stemming from the ongoing geopolitical tensions. This decline is partially offset by the significant increase in ancillary services cost since, one year after the blackout event, the TSO-reinforced operation continues to drive up overall system operating costs. In fact, according to external sources, this cost could exceed EUR 5.6 billion in 2026, probably equivalent to the distribution network costs. Against this backdrop, electricity demand showed a modest growth, with the largest increase in the residential segment, mainly due to temperature effects, followed by services and industrial demand, still affected by the uncertainty of the geopolitical scenario. This reinforced our view that further investments in the grids will play a critical role in enabling economic growth, supporting electrification, and unlocking future demand. In this sense, the royal decree approved yesterday, of which we don't have the final text yet, significantly raised the distribution investment cap, providing additional headroom to accelerate CapEx deployment in the coming years. As we can see in slide six, we continue to accelerate our investment plan, with gross CapEx increasing by 14% year-on-year to EUR 1.1 billion. Networks remained our main investment area, representing more than half of total CapEx. This increased investment effort has already delivered operational improvements with lower network losses and TIEPI remaining or even improving when exceptional weather-related events are excluded. In renewables, the output reached 11TWh, with 86% of mainland output coming from emission-free technologies. In supply businesses, the total customer base stood at EUR 11.3 million, while free-power customers increased to EUR 6.3 million. The Spanish retail market remains highly competitive, although we expect a more rational environment going forward as regulation tightens and market conditions evolve. Against this backdrop, our retail strategy remains focused on value creation, customer loyalty, and profitability, supported by a more pool-oriented channel mix and the enhanced customer experience. The customer proximity remains the key differentiator. With a network of more than 370 stores across Spain, we continue to reinforce our physical presence through the expansion of our directly managed commercial footprint, enhancing customer relations, and strengthening control over customer experience. At the same time, we continue to drive customer growth and loyalty through our digital initiatives while leveraging the MasOrange partnership, exploring new opportunities for customer acquisitions, and enforcing loyalty and enhancing commercial offering. Let me now hand over to Daniele for the financial results. Thank you, Daniele. Thank you, Gianni. Before we begin, let me say that I am very pleased to be joining this call in my new role of CFO of Endesa. Turning to slide eight, let me briefly highlight once more the outstanding economic and financial performance delivered in the first half of 2026. EBITDA increased by 20% year-on-year to EUR 3.2 billion, while net income rose by an even stronger 41% to EUR 1.5 billion. Net financial debt increased by EUR 0.2 billion to EUR 10.3 billion, with the net financial debt-to-EBITDA ratio remaining at 1.6 x. Moving to slide 10, looking at the main drivers behind the strong financial performance. First, network EBITDA increased by 24%, mainly supported by the new regulatory framework in force since the 1st of January of this year and the effect of positive previous year resettlement, resulting from the update of certain remuneration parameters booked in the first quarter. Generation supply EBITDA increased by 16%, driven by, first, higher customer EBITDA, with resilience in both gas and power margins, despite an ancillary services cost increase, together with an improvement in fixed costs. Second, stable renewable EBITDA, as the negative price effect from lower references, was offset by better volumes and lower fixed costs. In conventional generation, EBITDA also rose by 18%, supported by both margin expansion and cost containment. The margin increase was driven by a EUR 0.2 billion improvement in the non-mainland generation margin, supported by the favorable regulatory framework, which enabled future greenfield investments in this business, as well as by prior years' resettlements. This was partially offset by the normalization of the gas management margin. Operating costs decreased by EUR 45 million, further contributing to EBITDA growth. Turning now to our network business, and I'm now on slide 11. As mentioned before, the new regulatory framework drove an improvement in earnings, with the networks' EBITDA rising 24% to EUR 1.2 billion, representing 36% of total EBITDA. Networks continue to increase their contribution to earnings, further enhancing the visibility, resilience, and quality of our results. At the same time, we significantly accelerated investment, with the Network CapEx rising to 38% year-on-year to EUR 0.6 billion. This reflects the increasing needs for grid reinforcement and expansion to support the energy transition and growing electrification trends. This investment effort is translating into continued growth of our regulated asset base, which reached EUR 11.4 billion, providing additional visibility on future regulated remuneration and reinforcing the long-term growth profile of the business. Focusing on the retail business on slide 12, our retail action plan continues to deliver visible benefits, improving both the efficiency of our commercial model and the quality of our customer portfolio. We are seeing the benefits of a higher share of pull-driven acquisition and a lower cost to serve, reflecting a more efficient and disciplined customer acquisition approach. These improvements are also supporting stronger customer quality indicators. In particular, early churn decreased by 5%, while bad debt levels also continue to improve. Together, these trends are enhancing the quality, profitability, and sustainability of our retail earnings. Now I'm on slide 13, turning to our integrated power and the gas unitary price margin. The free power margin remained broadly flat in absolute terms, absorbing the impact of higher ancillary services costs. Combined with the lower liberalized sales volume, this drove the unitary margin up by 6% year-on-year to EUR 56 per megawatt hour. We also reshaped our hedging approach to achieve a more flexible alignment between generation and supply profiles. This enhanced matching capability allows us to optimize the management of our energy position, strengthening the value of our integrated business model. Looking ahead, we expect the free power margin to remain in line with our full year 2026 guidance. Meanwhile, the gas margin remained broadly flat. Lower sales volumes drove the unitary margin to EUR 11 per megawatt hour, up 7% year-on-year. Our high hedging levels in both power and gas continue to provide strong visibility with limited exposure to market volatility. Moving to slide 14, efficiencies continue to translate into tangible savings, with fixed costs decreasing by 8% year-on-year. Efficiency gains more than offset inflationary pressures and the cost associated with business growth, supporting continued reduction in the cost base. This performance reflects the ongoing execution of our transformation program, with more than 500 initiatives focused on simplifying the way we work, streamlining processes, optimizing assets, and accelerating digitalization. Across areas such as workforce optimization, operational simplification, IT and software license optimization, asset management, procurement, and commercial activities, these initiatives are already delivering tangible productivity gains. We expect them to progressively materialize throughout the year. Moving now to slide 15, net ordinary income reached EUR 1.5 billion, up 42% compared to the first half of 2025, reflecting the strength of underlying operating performance and positive non-recurrent effects. This resulted in an improvement in the net ordinary income to EBITDA conversion ratio to 46% from 38% a year ago. D&A and provision remained broadly stable at EUR 1.1 billion, as lower bad debt partially offset the increased amortization linked to higher investment. Financial results improved by EUR 0.1 billion year-on-year, mainly driven by late payment interest income recognized following several favorable administrative and judicial ruling. Finally, the effective tax rate stood at around 24%. Turning to the next slide, cash generation continued to be robust, with the FFO reaching EUR 2.3 billion, implying a remarkable 70% cash conversion in spite of a transitory negative effect in working capital. Net financial debt remains quite stable, as the strong cash flow generation was almost enough to fund investment needs, as well as EUR 1.2 billion of shareholder remuneration, including both the interim dividend paid in January and the share buyback program, which represented a cash outflow of approximately EUR 550 million. It is worth highlighting the remarkable FFO net debt ratio at 38% over the last two months, as well as the solid leverage ratio, which will allow us to accelerate and capitalize on investment opportunities. Now I hand over to Gianni for the closing remarks. Thank you very much, Daniele. Thank you, Daniele. Let me now turn on to shareholder remuneration and provide an update on our share buyback program, a key pillar of our capital allocation strategy aimed at maximizing long-term value. By the end of June, we had already completed more than 50% of our EUR 2 billion share buyback program, keeping the execution firmly on track. Indeed, on July 15th, we started the execution of the sixth tranche, amounting to EUR 500 million, further reinforcing our commitment to enhance shareholder returns. Beyond the attractive effect of the buyback, our commitment to shareholder value is also reflected in the confidence in the earnings outlook for 2026, as shown in slide 19. As highlighted earlier, following the strong performance delivered in the first half of the year, including the positive contribution of certain non-recurring items, given our confidence in the outlook for the remainder of the year, we are upgrading our 2026 earnings guidance. We now expect net ordinary income to exceed EUR 2.4 billion, comfortably above the upper end of the original guidance range, translating into a higher earnings per share and supporting enhanced shareholder returns. Before we conclude, let me leave you with some key messages. First, electrification remains the greatest opportunity for Spain. Unlocking a significant demand waiting for connection will require accelerating grid investments, not only to support economic growth and energy transition but also to improve system efficiency and reduce overall system costs, particularly ancillary services costs that are needed to provide security for the network. At the same time, in a volatile commodity environment, Endesa's integrated business model remains a key competitive advantage, providing resilience, mitigating market exposure, and supporting sustainable long-term value creation. Thank you for your attention; we will now open to a Q&A session. Okay. Thank you, Gianni. Let's now move to the Q&A session. We received a lot of questions for the call that we have tried to summarize by topics. In particular, we receive questions from Alberto Gandolfi, Goldman Sachs; Fernando Garcia, RBC; Jorge Alonso, Bernstein; Arturo Murua, Jefferies; Rob Pulleyn, Morgan Stanley; Peter Bisztyga, Bank of America; Jenny Ping, Citi; Meike Becker, HSBC; Pablo Cuadrado, JB Capital; Pedro Alves, La Caixa; Davide Candela, Intesa; and Javier Suarez, Mediobanca. Thank you to all of you for participating. The first one is, could you quantify the impact of non-recurring items booked on the first half results? I think, Daniele, that is for you. Thank you, Mar. Approximately EUR 0.2 billion of the EUR 3.2 billion EBITDA reported in the first half 2026 was driven by positive non-recurring items. This included around EUR 0.1 billion in distribution related to the prior year remuneration resettlements and a further EUR 0.1 billion in non-mainland generation, primarily reflecting the favorable Supreme Court ruling on historical fuel remuneration. Beyond the EBITDA impact, these items also contributed approximately to EUR 0.1 billion of late payment interest income, positively affecting financial results. The next question is also on the first half results. Can you explain the evolution of the non-mainland generation EBITDA? This business delivered a major increase of approximately EUR 200 million, primarily supported by the enhanced regulatory framework for 2026, 2031, which provides for a higher return and improved recognized operating and economic standards. In addition, as I have just commented, this result benefits from the positive sentence recognizing a higher fuel remuneration for 2020-2022, as well as from the lower O&M costs registered in the period. It's important to emphasize that the new remuneration framework for this business is considerably more investment friendly, enhancing the attractiveness of future investments. We have received some questions asking for more detail on how the supply EBITDA in the second quarter has increased despite high customer losses and energy costs. The improvement in retail EBITDA in the first half of 2026 reflects, to a large extent, the benefits of the commercial and pricing action implemented over the past two months in our electricity retail business to address an exceptionally challenging market environment, characterized by unusually high ancillary services costs. These measures progressively gained traction during the period and were further supported by lower energy sourcing costs, particularly in the second quarter. In addition, the gas retail business delivered a strong performance, especially in the B2C segment, providing a further contribution to earning growth. Finally, a continued efficiency initiative led to a meaningful reduction in fixed operating costs across the retail business, further enhancing profitability. Okay. Next, we have received a couple of questions about the efficiency plan evolution. The first one is, how is the efficiency plan progressing? On the same topic, how is artificial intelligence contributing to the efficiency plan? Fixed costs in the first half of 2026 evolved in line with the efficiency plan presented in February. As shown on slide 14, efficiency gains more than offset inflationary pressures and the cost associated with business growth, resulting in a continued reduction of our cost base. In addition, we continue to implement further efficiency initiatives that are expected to progressively materialize throughout the year, supporting the achievement of our cost discipline targets. About the AI initiatives, the efficiency plan is increasingly driven by AI initiatives that, at the moment, cover approximately 50% of business processes so far. The adoption is focused on high-value use cases across customer operation, network management, asset maintenance, software engineering and cybersecurity, workforce productivity, service quality, operational resilience, and so on. Some of our most advanced applications are already delivering tangible benefits in generation and in distribution, particularly in predictive maintenance, network monitoring, and fraud detection. The next question is about the hydro. How sustainable is the stronger hydro performance in the first half? Well, hydro performance in the first half of 2026 was slightly ahead of our initial expectation, with output reaching 5.4 TWh. Particularly noteworthy was the contribution from pumped storage facilities, up 29% versus the first half of 2025. The stronger hydro contribution provided additional support to generation earnings and overall integrated margin during the period. Looking ahead, our outlook remains constructive but fully consistent with the business plan assumption of a favorable hydro year in 2026. Reservoir levels remain healthy and comfortably above the 10-year average, providing good visibility for the remainder of the year. Okay. We move now to the hot topic of the call, which is the update on guidance. The first question is, what gives you confidence in upgrading the net ordinary income target? We are upgrading our net ordinary income guidance on the back of a strong first half performance, combined with the good visibility on the expected evolution of the business for the remainder of the year. The first half of the year delivered solid results, supported by positive operational performance in all business lines. In addition, we benefit from a recurring positive effect, both at the margin and at the financial results level, which was not embedded in the guidance range presented at the Capital Markets Day. Taking all these factors into account and based on our current expectation for the second half, we now expect net ordinary income to comfortably exceed the upper end of our guidance range. We are very comfortable, and we'll see during the second half what will happen. We are very comfortable. Indeed, the following question was precisely about the main operational drivers for the second half. Well, the drivers are more or less the same. We don't expect any change in these drivers. Operationally, we expect the second half to follow a trajectory broadly similar. In distribution on the mainland generation, we will continue to benefit from the positive impact of the updated regulatory framework applied to a growing asset base. In the liberalized business, we expect to maintain a free power margin broadly in line with the first half of 2026 level, landing approximately at 54, and 55 EUR per megawatt hour by year-end, almost neutralizing higher-than-expected ancillary service costs, which we estimate will have a net impact lower than EUR 100 million in full year 2026. Regarding the gas margin, after the good results recorded in the first half, we expect certain moderation in the coming quarters according to the seasonality of the business. Thank you. An additional question is if Endesa could capture any upside from higher wholesale power prices expected for the second half of this year. Very limited, if any. At this stage, our inframarginal generation is effectively fully hedged through fixed-price sales to our customer base. As a result, a higher pool price would have little impact on full-year 2026 earnings. Okay. On a different topic, I think this is a question for our CEO. Some analysts are asking if, following the recent management changes in Endesa, do you expect the current strategic plan to remain unchanged, or could there be some adjustment in the next Capital Market Day? Currently, our strategy drivers remain unchanged. Clearly, investors expect continuity; our focus is on delivering the most out of the strategy plan that we have presented at the beginning of the year as a group and as Endesa. We clearly will communicate a new investment plan in a capital market day at the beginning of 2027 with a review of market developments and the new regulatory trends. Of course, our focus continues to be in the same directions with slight adjustments even in the future. Okay. Regarding the share buyback program, we have received three different questions. The first one is if we were committed to complete the current share buyback program. The second is if we continue purchasing shares, considering the current price and if it makes sense or not. Finally, if we plan to launch a new share buyback program after the completion of the current one. Very briefly, as we showed in slide 18, we are fully committed to the plan. The plan is clearly on track. We believe that the investments still remain value-creative given the performance that we are delivering on the results for the year and for the future and represent an attractive use of capital. The outstanding shares that we cancel enhance earnings per share and support a higher dividend per share, providing an attractive return for shareholders. Lastly, we actually are not planning to launch an additional plan. No extension of the current plan is currently under consideration. Most of the analysts are asking for our view on the royal decree recently approved. Indeed, it was approved yesterday, which increased the cap on the network investments. Yes, the ministry with this decree is fully aware that electrification is enabled by the extension of grids, and this allows both electrification and the change of production mix that is in progress in Spain. A large part of the network is closer to saturation, and this clearly is a problem to be solved in order to unlock economic growth. The new version of the Royal Decree, even though we don't have the final text that should be published today or tomorrow, we believe, includes a significant improvement of the initial additional cap that allows up to EUR 10.2 billion of investments in distribution in the years between 2027 and 2030 versus the EUR 7.7 billion that we had in the initial drafts. This is going clearly in the right direction, providing greater regulatory visibility and levels. Also allocating network investments with a view to 2030. Of course, this is the main focus of our strategy. We believe that this is the right direction that the regulatory framework is going. We have two additional questions also related to the grid. The first one is, what's your opinion on the new grid capacity reservation regime set in the Royal Decree-Law seven, and do we expect a further regulatory intervention to free up grid capacity? Yes. Of course, demand and supply of grid capacity are creating great tension. In this, the correct availability of capacity. This regime is clearly under review from the ministry, and the Royal Decree-Law Seven from the beginning of the year is intended to modify the balance of the market, imposing new additional burdens for speculative connection requests. Unfortunately, the released capacity for the application of the decree has been limited to 1.2 GW in distribution and 1GW, more or less, in transmission. This is not very much compared to the 45 GW that are the outstanding request for capacity, only in distribution. We see that, of course, this situation will evolve. The real solution for this tight market is clearly to expand distribution capacity and accelerate investments in this aspect. Do we expect future and further regulatory interventions? This might be. It is clearly the allocation of capacity that is not effectively used is clearly an inefficiency that the regulator has to validate and to adjust. There are several ways that can be done. We are studying with the ministry ways to solve this issue. Next, an update on data centers: What is the main bottleneck for the development, and what is the Endesa approach to this business? Clearly, data centers are going to be an infrastructure that will enhance productivity and have the potential to expand electrification together with being an intensive user of energy. Beyond the investment impact that it may have on our grids and clearly being a potential customer, it's really important to facilitate the expansion of this kind of infrastructure in the system. We expect the deployment gradually, even in Spain, with good visibility over the five and 10 years of the commitment of investments with a growing pipeline that we see in the sector. The next question is, what is the latest news on the Spanish blackout? The administrative proceedings remain at the early stage. At present, there is no visibility on the final outcomes. On this basis, we don't assume any financial impact on our numbers. Indeed, these proceedings mainly relate to historical technical compliance matters and do not establish a responsibility and a link between the behavior of specific infrastructures and plants for the blackout day. The opening of the investigation does not imply guilt and prejudice and, therefore, a specific outcome. We have already submitted all our allegations and continue to defend our position vigorously. The process is expected to continue for several months or years and potentially for a very long period of time at this stage. We believe it is important to separate the headlines from the actual risks. Our view is that the blackout was a system-wide, multifactorial event linked to the voltage control, system operations, and the increased complexity of managing a power system with a renewable penetration. In this sense, the Spanish system is at the edge of the innovation in the transition. This is experiencing new situations that require different investments. Since the incident, the system operator has introduced a number of changes, particularly in introducing enhanced voltage control requirements, additional stability mechanisms, and more conservative operating procedures aiming at strengthening system security. The fact that these measures were considered necessary suggests that the previous network framework and scope had the possibility of improvement in addressing the risk. That ultimately has materialized. At Endesa, our position isn't changed. We maintain that our asset operated in full compliance with applicable regulations during the event. Therefore, at this stage, we do not see grounds to assume any material financial impact. On a cost-based valuation, we see that now it's very important to prioritize an investment plan that solves the transitory operational system that is operated by the TSO. The cost of ancillary services is becoming an important cost for the system; this requires a long-term solution. Okay, thank you, Gianni. I think that we can move to a different cluster. We have received some questions about the retail competition in Spain. In particular, the first question is, in terms of customer evolution, the evolution also of the churn rates or the margins in our business. As expected and represented in the presentation, the Spanish market, the retail market, remains highly competitive with increased customer mobility and the pressure from new entrants. Despite this, Endesa continues to deliver solid profitability supported by commercial discipline and customer retention initiatives and an improved customer mix. We have streamlined our sales agent network, removing channels associated with higher churn levels. Although this in the short term has a negative impact on customer volumes. This is explained by the enhanced portfolio quality that we are obtaining and supporting a more stable customer base over the medium term. The shortfall of client acquisitions, in reality, has limited impact on the numbers of the retail business. In the market, there are already seeing signs of a more rational and competitive environment, helped by the recent regulatory measures and higher ancillary costs that limit unsustainable pricing practices. Going forward, we expect competition to become progressively more balanced and the less stable positions to fall into a distressed one. Okay. Indeed, we receive a follow-up question that is, What's your view on the tighter regulatory framework for energy retailers? We believe that a robust regulatory framework is essential to ensure a healthy, competitive, and financially sound retail market. This is going in the right direction, improving also the relationship with the clients in the sectors. Okay. We have one question on the island business. Will you participate in the new capacity auction? We are currently reviewing the details of the tender and submitting our allegations in order to improve the conditions of the tender and, of course, allow the tender to be successful. This will be by the beginning of August, the submission of our allegation. The auction confirms the need for additional capacity, firm capacity in non-mainland systems. This could unlock investment opportunities for us and, of course, for competitors. We are positioned very well to contribute to the future of non-mainland generation business, and we are aiming to do so. Okay. Another hot topic of the call is related to the status of the nuclear extension request. Regarding the extension of the operating license of Almaraz until 2030, the Nuclear Safety Council has just finished its technical assessment, issuing a favorable opinion, confirming that Almaraz can continue operating safely under the highest technical standards until 2030. The file of this procedure is now in the hands of the ministry that will be responsible for taking the final decision, which we expect before the end of the year. Okay. We now have some questions on a different topic, renewables. The first one is, do you still see attractive investment opportunities in renewables under the current market conditions? The economics of standalone solar projects are becoming more challenging due to the lower capture price, an increased price cannibalization, and the growing number of zero-price hours, rising from curtailment. All this is clearly showing a not favorable perspective for these kinds of investments. As a result, the project selection and the asset configuration have become increasingly important. The market is shifting beyond the standalone renewables towards an integrated energy management model, where the combination of renewable storage, flexibility, hybridization, and customer solutions creates clearly a greater value. In this environment, Endesa, like other integrated utilities, is well-positioned. Next, looking ahead, do you see a scope for additional investment in storage? Clearly, storage is becoming an increasingly strategic component of power systems and an important enabler of renewable integration. On top of the pumping storage already in our mix, we are also strengthening our commitment to batteries and hybridization of plants. In our business plan, we have increased significantly the planned investments with a sizable pipeline of EUR 300 million, more or less 400 MW of battery capacity. The last one of this cluster, are you seeing acquisition opportunities in renewables? We see increasing opportunities emerging from market consolidation, particularly in renewables. Some of the smaller developers and players face pressure from lower merchant margins and returns, financial constraints, and limitations of scale. We will assess this opportunity, as always, with a selective approach. In the macro context, how is Endesa's exposure to the current geopolitical scenario? In reality, our exposure is currently very limited. The resilience of our first half results of 2026 are a proof of it. We are fully in line with pre-conflicting expectations, actually more than these expectations. This demonstrates the strength of our business model. We do not currently anticipate any material impact on the performance for the remainder of the year. Next— Let me add one thing. We actually can view, in this situation, the value that has been created by the sector in the energy market in Spain. Broadly across Europe, the impact has been significantly strong, even in the electricity sector. In Spain, in reality, the sector has created a shield over this geopolitical tension. Despite the recent price volatility, we estimate that clients are being protected from an increase in the energy cost up to EUR 3.5 billion in the first half of the year, which is a significant protection given by the sector and the smart investment strategy that has been adopted in the last year. Okay. In this context, are you concerned about the possibility of new extraordinary taxes on utilities? We don't see a risk of further market intervention in Spain. Prices have been stable. There is no extra profit to extract from market speculation that has been adopted in Spain. Thank you. We have one question regarding the capacity payment mechanism. When do you expect the first auction to take place? The approval of the mechanism is clearly in line with the trend of regulation in Europe. The need for stable, firm capacity, even in a scenario where renewables are prevalent, is still very important. Guaranteeing a stable revenue stream more similar to a regulatory scheme is important to guarantee this firm capacity. We expect the first auction by the end of the year, as probably the ministry is planning to work on it. Next, what is your view on the new European Commission regulatory proposals? We see the initiatives that have been taken, both on the electrification plan and ETS reform, in line with the strategy that has been adopted by the EU, reinforced by the need for the electrification drives that are allowing energy independence for the continent. Of course, the electrification plan reinforces the strategy towards electricity and enhancing the consumption target in 2040 to 46% versus the current 23%. This is perfectly aligned with our strategy. Not only ideologically but also economically, it made sense. The last question concerns the wildfires seen in recent days and their potential impact. Wildfires and exceptional events are more and more frequent across Europe, particularly in geographies like Spain. This is clearly an emergency that requires a different organization to manage these emergencies. It also requires planning of infrastructure in order to be more resilient. All these events put a huge strain on infrastructures, particularly energy infrastructures like electricity; the technical requirements in terms of redundancy and resilience need to be upgraded. Some markets have already moved to reinforce the regulation in this sense. Okay. With that, we conclude today's presentation. Thank you very much for taking part in this conference call. As always, the investor relations team will be available for any follow-up questions. Just to wish you all a wonderful summer break. Thank you very much.