Good morning to everyone. I am Rubén Gómez, Head of Investor Relations. First of all, I would like to say thank you to Bank of America for helping us on the organization of this event, our second Capital Markets Day. Also, thank you very much for all the attendees, both in person and on the webcast. Now, let me give you a brief introduction about the agenda and the main speakers. We will start the presentation with our strong track record, strategic targets, and the main key points that differentiate our company. We will give the strategy update for the period 2025-2027. Finally, we will explain the financial and sustainability review. The main speakers of the presentation are David Ruiz de Andrés, Chairman and CEO; Mercedes Español, Chief of M&A and Development; Daniel Oppano, Chief of Strategy and Capital Markets; Emi Takehara, CFO; and Maria Coimbra, Sustainability Manager. The intended duration of the presentation is one hour and 15 minutes. After that, there will be a Q&A session. Without any more delay, please start our Capital Markets Day with the following video. Good morning. Thank you. I'd like to say thanks to Bank of America and all Juan's team. I'm very impressed by everything, the way they have helped us organizing this event. Thanks very much to all the analysts. I think Daniel is more than 15, yeah, or 16, and many, many more coming. Thanks to all the lenders, right? I think we are working with you in corporate, in project finance, in capital markets, in M&A. We are very glad that many of you are here today. Thanks very much to all our colleagues, our friends that many came overseas to this first Capital Markets Day we do in London. Yeah. I'd like to, okay, I'd like also to mention that today we have a very special guest. Also, we have some friends coming from CATL, right? Ray, Monica, and also Camilo from BYD. And they are, you know, we are creating a very strong partnership with these two companies. I'm very glad they could come today to London. I have to say I'm very, very happy to be here today. It's been only 18 months since our last Capital Markets Day. We really believe that the industry is transforming very, very quickly. I believe the company is also transforming itself. We are creating new PPAs, negotiating the PPAs in a different way. We are closing the finance in a different way. We are delivering earlier. There are even larger projects. We are rotating assets. We are doing so many things. I think it is great that in these 18 months, so many things have changed. It is great that we have the opportunity to let you know. We are also very happy to have arrived at this storage revolution, we can call it, earlier than others. I think it has been more than four years since we developed and designed our roadmap for storage. I think we recruited Javier Espelta, as he is here today. He is currently our CTO, to design a roadmap for storage. That has been four years, more than four years ago. I think being early movers in storage is really giving us an advantage. We are going to be telling about all this during the presentation. During the presentation, we are going to review our track record. I think it is quite impressive. It has been five years since we went public in Mercado Continuo. It's been 10 years since we initially, we started life as a public company in the M&B growth. I think the track record has been very, very impressive. We will look at the main KPIs during these 10 years. Later, we will unveil our new targets for the period 2025-2027. Yeah. We will talk a lot about BESS. I think we will look at the state of the industry, I believe. I like to say, insist on this, the transformation is happening way faster than expected, right? I think that even the most pessimistic already recognize that batteries, and specifically lithium batteries, are going to play a fundamental role in the coming years. CapEx is not even as expected, such a sharp reduction and such quick increases in efficiency, right? I think in the last Capital Markets Day, we were talking about an all-in price of around $200. We will look at that in one slide. Now we are talking about getting very close to $100,000 per megawatt hour. That is very impressive in less than a year and a half, right? We will speak a lot about the update of our strategy. I think this will be the most important moment of the presentation. We have divided it in three sections. I think all of them are very relevant. Firstly, Mercedes will review our strategy on hybrid plants. We will update the situation of Oasis of Atacama. I think it is quite impressive what we are doing. We introduced this project to you in the last Capital Markets Day, again, only 18 months ago, in November, not even that. We have doubled the size, even tripled the size. I think I'm not making spoilers, Mercedes, but I think it's very important to understand how quickly we are executing, we are delivering, we are financing more than $1 billion in project finance, more than $1 billion in asset rotations already. This is just the beginning, right? We will introduce you to the new hybrid platforms in Central Chile and in Europe, in Spain, okay? We will speak about retail, our retail unit, GR Power in Spanish, GR Power, how we are approaching 24/7 PPAs for the first time, how we are developing this retail unit, and why we believe, and we say this is modesty, that we are creating the most emerging challenger to the current incumbents in the retail in Chile, right? This is GR Power. We have been talking about our retail unit for a while. We will keep talking every quarter, but definitely it's going to play a very important role as off-taker of some of our projects. All thanks to BESS, again, because for the first time, we are able to compete and we are able to close 24/7 PPAs, like the one we just closed with Codelco for 0.5 terawatt. For the first time, we can compete in nearly every unregulated client. That really makes a change. Finally, one of the highlights of the presentation, we will introduce our standalone pipeline for the first time. We've been working very hard the last three years in this pipeline, in some cases under the radar. For the first time, we are, okay, we're explaining and we're disclosing our pipeline of standalone, right? In particular, our European platform, which we are calling Greenbox. At the end, okay, I will give the floor later to Daniel, and we will dive into the numbers. That is a very important part of the presentation. We are going to explain how we are going to fund everything. We are going to give a lot of details about our financial and asset rotation strategy, and expected IRRs, and many more details, right? I think this is a very important part of the presentation, right? Finally, Maria will wrap it up with her very impressive achievements on ESG and the situation of our roadmap, our ESG roadmap. So many things going on. I think it is a very exciting moment and so many things that are happening so quickly. Let's kick off with, well, obviously, I love this slide. I started up this company in 2007. I think we're turning 18 this year, right? I believe here we're showing the last 10 years, right? Since we went public, our initial IPO in 2015, till the results of 2024. The last 10 years, then we're going to look at our targets for the next three years, right? We started up as a solar company. I think it's very relevant to say that we, at one point, and you can see that in 2019, we were also trying to get into the wind space. Honestly, and we always say that other companies were doing better than us. We didn't think that we were going to make a difference. Already, we were looking at storage, right? In some way, it was coming. We decided that, okay, let's not develop and build wind anymore, right? In the last three years, the transformation has been awesome. I mean, we have firstly introduced the hybrid plants, right? Like Oasis of Atacama. Now we are developing standalone plants. I'm going to be telling you about that. I think there are very few markets. I would only say maybe some parts of the U.S., maybe in the Southeast, and maybe Colombia to some extent, where we are still developing and building purely solar plants. In the future, we do not foresee a plan just solar standalone, but always with some degree of hybridization. We started up as a company in Spain. We moved to Chile in 2012. Currently, we are a company in three regions, right? With headquarters in Madrid for Europe, right? With very strong local teams in every market where we are. We also have headquarters for Latin America in Santiago de Chile. In the U.S., as you know, we purchased a small developer in Alabama, in Birmingham. This is where we are running business from. We are focusing in Southeast and in ERCO T, right? I'll give you more details. If you look at the pipeline, we had a pipeline when we went public, and I see some faces here that were that day there, right? 10 years ago. We had a pipeline of 300 megawatts. This is what we build now in one quarter, right? That gives you an idea of how the industry and the company has changed, right? We currently have 12.5 gigawatts of solar, and we have 78, close to 80 gigawatt hours of pipeline of storage, right? That's counting standalone and hybrid projects. If you look at this, this is more than 40 times what we had in 2015. Not by chance, if you look at other KPIs like equity, the equity is four times bigger at the end of 2024 compared to 2015. The EBITDA per year is 43 times larger in 2024 than it was in. Even market cap, not by chance, you know, I think the lesson we are learning here is, okay, we work in the long term. At the end, the value of the company has a reflection. We have also increased our CapEx year after year. It is very important, this KPI, we insist here, because the CapEx we are investing today is the EBITDA of tomorrow, right? Whether it is in asset rotations or whether it is IPP. I think we are looking at this KPI more and more, right? Looking at the employees, and it might sound like a cliché, but I think it's a very, very important part of the company. We have a jump from 50 employees to 150 employees when we were listed in the Mercado Continuo. We have multiplied by 12. The number of employees is more than 600 right now. Look at the increase in productivity, right? I mean, with 12 times more employees, we have multiplied the rest of the KPIs by 40. This is because we are building and developing larger, bigger projects, right? That's also an important KPI for us. We are very proud of our achievements in these 10 years. I think no other company has achieved in Spain this revaluation, right? Jumping from EUR 35 million as initial market cap to EUR 1.6 billion where we are now. Targets, okay, where are we going from here, right? Next three years. I'm going to compare with the previous targets that we shared with you in the previous Capital Markets Day. Our plan for 2027, and that's two and a half years from now, it's not that far away. We are talking about having a gross delivery of 4.4 gigawatts of solar. That's slightly lower than what we announced in the previous Capital Markets Day, which was 5. Look at the target for storage. That's 18.8 gigawatt hours. That's nearly four times what we announced in the previous Capital Markets Day. Why is that? Okay, we are investing more, but we believe we can get higher returns in storage, whether it's standalone or whether it's hybrid, than the one we get in purely solar plants. That's basically why this KPI has changed. The difference you see between net and gross accounts for the asset rotations, right? I think Daniel will give you a lot more details. Talking about asset rotations, we gave a guideline in the last Capital Markets Day of EUR 600 million in total proceeds, right? And we achieved these targets two years in advance. At the end of last year, with projects already, deals already executed, and deals already closed with binding agreements, we had already achieved this EUR 600 million. The new target we are giving for 2025, 2026, and 2027 for three years is EUR 800 million. I think, again, Daniel will give you a lot more details. Talking about the gross CapEx, it is EUR 3.5 billion. That is the target for the next three years, while including 2025 already. I like to say, okay, if you look, last Capital Markets Day, we said that one third of the investment was going to be BESS. Two thirds is going to be solar, right? Right now it's the opposite. It's going to be two thirds BESS, one third solar. Only three years ago, we were not doing BESS at all. That gives you an idea of the profound transformation that we are having, okay? Talking about EBITDA, that's the run rate. We will give you more details. That's the range we're giving for the end of 2025 as pro forma, right? That's run rate EBITDA. You will look at the platforms. I think we're going to give some guidance of the ranges of EBITDA platform by platform. We are also considering our first standalone plants in our Greenbox platform, right? That's only the energy business, not including asset rotation. Okay, and we're going to talk a lot during this presentation about BESS. We're going to tell you, okay, having recognized this opportunity, I think before others, right? That's put us in an extraordinary position to accelerate value. I believe it's going to pay off, right? Okay, we're very fortunate to have very close partnerships with some suppliers. We're very glad also to have some European partners in inverters, converters, like Power Electronics, Ingeteam. We have a very strong industry of tracking systems in Spain, in Europe as well. Obviously now our partnerships with companies like BYD and CATL, it's critical, right, for us. We believe that innovation is coming mainly from these companies right now. We want to partner with the best, right? That's the reason we are, so far we've worked only with BYD and CATL. I'm going to read, since some of our colleagues of CATL and BYD are here, I'm going to read some facts about these two companies. Okay, BYD, it's a global powerhouse in EVs, you know. In 2024, for the first time, BYD surpassed Tesla to become the world's largest EV manufacturer. They're delivering over 3 million vehicles globally. In April this year, last month, for the first time, BYD overtook Tesla in Europe for the first time, yeah. The global EV market share of BYD is 17.2% in 2024. That's global numbers, right? Given other KPIs, the cumulative battery installations has reached 195 gigawatt hours in 2024. I think you all read about the new platform that is enabled supercharging, delivering 400 kilometers of range in just five minutes. Market cap $160 billion, 29,000 patents, right? 45 patents per day. This is BYD. CATL is the world's largest battery manufacturer, 38% share of the global battery business, 38%, I said, right. It was the first company to surpass the 300 gigawatt hour. The company just went public in Hong Kong two weeks ago. It has a market cap of $180 billion, more than 30,000 patents. It was very inspiring to have the chance to meet with Robin Zeng, the founder and largest shareholder of the company, two months ago in China. This is a long distant race, and we just want to work with the best and have them join us in this fantastic story. Once again, thank you very much, guys, for coming and being here today. Looking at PPAs, we have been pioneers, and again, Emi will give you plenty more details. We've been pioneers in signing hybrid PPAs, considering BESS. For the first time, BESS load PPAs, I think we can give you a lot more information, again, based on BESS. We have already closed financing. One of the main concerns when we were approaching the first project financing was, okay, are we really going to get leverage, the same levels of leverage we were getting? The answer is, okay, is yes. Not even that. We brought 10 international banks for our first financing in Oasis of Atacama, which is quite impressive, including Bank of America. I think Emi will give you plenty more details. M&A, we closed the largest M&A deal ever closed in BESS, right? That's very impressive with KKR. As you know, it was signed and announced in December. Again, I think this is just the beginning. I want to stress the great capabilities we have in construction, right? No other company is building a BESS the way we do, as quickly as we do. We are delivering already, we have 6.7 gigawatt hours already in operation and under construction. This is just to give you perspective. I think what has been built in all Britain, right? Obviously less, but in terms of gigawatt hours. It is quite impressive what we have been doing and what we are achieving in the north of Chile. You are very familiar with this slide. It is a classic slide of green energy. You know, we have been very transparent, right? We have been always quarter after quarter updating. You can look at the trend of the solar installations, right? We are, I think it's quite stable now, record low levels, but we believe it's going to remain stable, yeah, up to 2025. Look at the graphic showing you the hybrid and the standalone CapEx, right? This is what we announced at the end of 2023 in the Capital Markets Day, again, 200-230. The difference between the top and the graph in the bottom is just, you know, standalone, we need slightly extra for developing the projects by themselves, and we need some extra for interconnection line. Apart from that, they are very similar CapEx. Look where we are now, what we are expecting is half what it was only 18 months ago. That's very impressive. Okay, I think during the drink later, you can ask the guys at CATL and BYD what's their opinion on how this could evolve in the future. Very important moment of presentation, right? We are, for the first time, we are disclosing our standalone pipeline. And that's very important for us. I think we have been working very hard. It's, I think for the first now, from now on, you will see this standalone pipeline together with our solar and our hybrid plants. And in particular in Europe, right? We've done a big effort to try to get the best standalone plants in Europe. And we believe it requires a different focus. And that's why we are announcing today the Greenbox platform. We'll give you more details later in the presentation, right? Talking about the Americas a little bit more, yeah, there will be, I'm sure, some questions about the US. The US is living, well, as you know, we are in two markets. We are just in the Southeast, and we are in ERCO T, in Texas mainly. This is our focus. It's such a big market. We're living in this paradox that on one side, we have never seen this unprecedented demand of energy. It's extremely unbelievable. We have never got RFQs coming from the hyperscalers and from the large utilities in the Southeast with such numbers of terawatt hours, right? The data centers, and especially driven by AI, they need plenty of energy, but rules are not clear. It's obvious regarding IRA and tax incentives and regarding tariffs. I think it's time to, you know, hold on a little bit. Okay, we have three projects in advanced development. We are advancing with them. We will announce PPAs very soon. I think for the rest of the pipeline, we need to make sure the rules are somehow clear, right? I think the perspectives will be fantastic once this gets clarified. In Latin America, we're going to be talking a lot about our platforms in Chile. We also have some activity in Peru, where we rotated very successfully some plants, if you remember last year. We have another two projects coming up in advanced development. We're looking at, you know, these markets, maybe Peru, Colombia, we are more build-to-sell markets for us, but we are looking for opportunities. In Colombia, we keep building. Small plants, distribution plants, and you will see some rotations during this year, right? In Mexico, we have an operational plant, San Miguel de Allende, 35 megawatts. We are, you know, developing a portfolio. We believe there will be a fantastic opportunity for storage as well in this market. I'm going to give the floor to Emi. Thank you. Thank you, David. Now, hi everyone. We're going to talk a bit about our business model. Many of you know the business model, but we think that it's important more than ever to highlight the strengths of our business model in this very, very competitive environment. When we are asked what is truly setting us apart from competitors, we always refer to our vertically integrated business model because we truly believe that we created synergies, and this business model has helped us to scale the business very rapidly. Vertical integration means that we always think with an owner-operator mindset, and there's a clear rule. We don't work for third parties. Our track record in development is astonishing. David mentioned the figures: 12.5 gigawatt hour of solar PV pipeline and more than 78 gigawatt hour of BESS pipeline. We have been able to grow this pipeline globally, entering new markets. We also have in-house construction and operation. This is very important. It's a pillar of our business model, and it's often forgotten. We have built more than 100 plants worldwide. What's really more relevant for investors today is the volume. We are building currently 2.6 gigawatt of solar and 6.7 gigawatt hour of BESS. Why is this so important? Because we have reached such a high scale, such a high volume that we are positioning the company as one of the largest, the world's largest BESS contractor. It's going to be much easier to grow the business from there with this solid vertically integrated business model. There are three clear advantages. One is control over the supply chain. We don't need to rely on third parties. We usually build the plants much faster than other EPC contractors. Second is control over cost. We have, as David said, one of the lowest CapEx and OpEx in the industry. This is very relevant to drive profitability and higher IRRs. Finally, flexibility. Flexibility to enhance our construction capabilities worldwide to jump to build projects in one country and then another, but also to build our in-house expertise across technologies. I believe this is very relevant as we will be operating our best platforms very shortly. This vertically integrated business model is supported by three pillars: PPA, energy management—our director is here today—M&A, and finance. I will start with PPAs, which are truly the backbone of the business model. We have been evolving, shifting the business model from solar-only PV to hybrid PPAs and more recently to BaseLoad PPAs. Starting with solar PPAs, we have had one of the strongest track records, the highest in the industry, both in Europe and Chile recently, 2.6 terawatt hour per year of solar PV PPAs signed. More recently, we announced new solar PPAs in Chile for more than 400 gigawatt hour per year at very attractive prices in the mid-30s range. This will enable us to expand our platform of projects in the central part of Chile. These are unique PPAs. The business case to add storage to BESS, sorry, to add storage to PV was clear years ago. We have been one of the first movers in the market by signing the first and largest hybrid PPAs in the market in Chile for 1.1 terawatt hour per year for phases one to four of Oasis Atacama. These PPAs are landmark PPAs for Chile, for the company, and are truly showing that our business model works and that our ability to innovate and change the market dynamics is really outperforming our peers. We have not stopped there. The next step was to be able to deliver competitive, clean energy 24/7 to major off-takers. We have been successful once again. 0.5 terawatt hour per year BaseLobe PPAs achieved with one of the world's largest, or the world's largest copper producer, Codelco. This was done with our retail business unit, GR Power, that David will present later. This is not just a partnership. It is truly remarkable that we are leading a transformation in the energy landscape in Chile by being able to deliver the most competitive clean energy 24/7 to some of the largest industries. Beyond mining, with companies such as Codelco and BHP, which have very large CapEx commitments in Chile in the coming years, with energy demand expected to be higher than 30%, there are a lot of other sectors, as David mentioned, data centers, which have been booming in the U.S., are also booming in Chile. The likes of Amazon are expected to spend more than $4 billion in the very short term in Chile. Very solid market dynamics. Lastly, I think it's important to mention that we maintain a very low-risk profile with a high percentage of contracted revenues. Our track record is impressive. 4.2 terawatt hour of PPA signed since 2029. This is close to EUR 3.6 billion of contracted revenues. We expect to maintain a high percentage of contracted revenues in the future. The second pillar that I mentioned is M&A. I will go quite quickly, but M&A is truly one of the core funding strategies of the company. We have been rotating assets every year. Over the past, since 2017, we have rotated 65 projects with an average valuation of 1.5 enterprise value to invested capital, which is remarkable. It is true that we have also, as David explained, achieved our targets, EUR 326 million of EUR 600 million proceeds two years in advance. This is thanks to very large deals, as you can see, Allianz, EQT for $500,000,000 enterprise value in 2023, and more recently, the very large $1 billion US deal that we sold to KKR and ContourGlobal for phases one to three of Oasis Atacama. This acceleration in asset rotation enables us to present more ambitious asset rotation targets of EUR 800 million. We're quite confident, as Daniel will explain later, that we will achieve this because more than 50% of this target is achieved or advanced. We've talked a bit about the PPAs, about M&A. Lastly, I wanted to reinforce a message regarding the stability and diversification of our funding strategy. It's true that we have been growing very fast over the past 10 years since I joined the company. We learned some lessons, but what's clear is that a very disciplined funding approach has paid off. We believe that we are in the best position, better position than ever for the next phases of growth. We have achieved in just one year, as David mentioned, $1 billion of project finance deal in 2025. That is more than what we have achieved over the past five years. We have been able to close three transactions in just a year with five top international banks: BNP Paribas, Natixis, Société Générale, SMBC, and Scotiabank. What's also relevant is that we have been able to work with them, with the coordinating banks, to bring new entities so that the leading banks could reduce their risk. It is showing that there is a strong appetite to enter the market now in Chile. The likes of Bank of America, BBVA, Bank of China, and more recently, we welcome new banks such as JPMorgan, Rabobank, ICO, and KfW. The message I just want to send here is that there's never been more appetite to finance our pipeline globally. On the corporate side, we have a very diversified funding strategy. On the equity side, you'll know that we successfully have done two capital increases for close to EUR 200 million in 2021-2022. The equity markets remain very supportive with one of the best stock performances in the industry. On the fixed income side, we have also access to the MARF market. We are regular issuers in the CP market with an EUR 150 million program. We have issued the first green corporate bonds at very low coupon. In 2023, when interest rates went up, we decided to change the strategy and move away from the MARF to sign a very large deal of $156 million with Santander. This deal was very relevant. It was backed by export credit agency CESC at an all-in cost below 5%. Our corporate cost of funding is very competitive. What can you expect for the future? We will continue to find the most competitive debt solutions, both with our pool of lenders and the capital markets. We believe that our relationship with state-owned entities such as CESC, such as Sinosure, which we recently visited in China, and ICO can offer also very interesting funding options for the next phases of growth. On the share buyback, as you know, we have been purchasing shares every year since 2023. Daniel will explain how this is totally integrated in our business plan with close to EUR 100 million expected to be allocated to share buybacks in the coming three years to support the shares when there's an opportunity. Just as a conclusion on that, on the business model, I think that we have proven that our business model is very efficient, it's predictable and reliable. Our first positioning in BESS is truly happening right now through our project finance, our M&A, and showing that we can deliver and that growth is around the corner without compromising on a very, very conservative and disciplined funding approach. To talk about growth, we'll now move to the strategic update where Mercedes will present the Oasis platforms and David will present GR Power and Greenbox strategy. Before that, a short video. Every great achievement starts with a ray of light. The idea of pioneering energy storage with the world's largest hybrid battery plant. Reality has surpassed our expectations. We secured agreements with the best suppliers, transported them over 20,000 km from China to Chile, and installed them in one of the most arid deserts on the planet. We're executing on time and on budget. Not only have we fulfilled our commitments, but we are going even further. Our vision is backed by leading international banks, and we've successfully closed the largest M&A deal in the battery sector. We are not stopping here. We aim to replicate this successful model in other regions, starting with Central Oasis in the heart of Chile, and then expanding into Europe. Our boldness drives us, enabling us to offer 24/7 clean, reliable, and profitable energy. Green must go on. As David said, you made a lot of spoilers, except for a few markets in Latin America and the States. All our ongoing and future PV projects will incorporate BESS from now on. Depending on the country and the project, of course, we will have two, four, eight, or even more hours, but always adding storage. We are adapting to the energy market and adding stability and management to solar. This is crucial to compete much better, of course, with other energies. We are taking the opportunity to co-locate all our projects, including the operational ones, and start creating a brand new product in the industry. The story started with Oasis of Atacama, our big flagship project. I'm sure that all of you are now very familiar with it. We introduced it, as we said before, 18 months ago in our last capital markets day. As you can see in the slide, the evolution has been absolutely outstanding. We have doubled the size of the PV, going from one to two gigawatts, and almost tripled the size of BESS, going from four to 11 gigawatt hours. This was basically through the purchase of Elena and Antofagasta to Repsol and Iberia Eólica, which was our largest buy-side M&A deal to date. We have secured funding, as Emi has said, for the first four phases, performing a closing in only six months, and introducing international banks to overnight PPAs. You mentioned, Emi, the five banks. Not only this, we have had a successful litigation with the entrance of large international banks, such as you mentioned, Bank of America, JPMorgan, Bank of China, BBVA, ICO, KfW, and Rabobank. This is more than 10 banks that are entities trusting and supporting Oasis. In terms of PPAs, we have contracted most of the phases, and we are in progress of securing the rest of them, of course, with all investment credit stakers. Regarding execution, it is very important to highlight that we are not only delivering on time, but even earlier than expected, something which is very remarkable. Kiyawa phase one is now connected, and phase two also, it is currently under testing. The same for Victor Jara. We are expecting to have mechanical completion towards the end of the year. Both projects will be delivered around two-three months in advance than foresee. Gabriela seems also to follow the same path. We foresee that we will deliver the project even before 2026. Our effort in logistics has been huge. For the first time, we are hiring entire vessels to carry the batteries from China to Chile. We can almost say that we have our own carriers. To give you an idea of the volume that we are moving, we are booking about every four to six weeks. You are all aware that Phases One to Three were sold to ContourGlobal, KKR last year. It was, as David mentioned, a very remarkable deal. We had a competitive process up until the end, which is not common. We did the signing and closing in December 2024 for almost $1 billion. This is including, of course, earnings that we foresee to be obtained thanks to the fast execution that we are having on site. As a summary, and having rotated the first three phases, the overall revenues for Phases Four to Seven, Gabriela Algarrobal, Elena Antofagasta, will be higher than $400 million a year, with an EBITDA close to $350 million, and a project IRR way higher than initially expected. As you see, we are doing a much bigger platform, executing earlier, and what is most important, having way higher returns than expected. Some milestones since our last capital markets day during years 2024 and 2025, we have onboarded different parties as CATL and BYD with the strategic supply agreements, as we, of course, prioritize to rely on tier one suppliers. First, hybrid PPAs in the market, huge interest from financing and investors, and a real delivery. Our hybridization story started in Atacama, but of course, a successful story must be replicated, and this is what we have done. A little bit south, what we have called Central Oasis. This is our second hybrid platform in Chile. You already know some of the projects, Teno and Tamango, already constructed and connected. We are in the process of hybridizing both of them with BESS. We have completed the platform with Planchón, Monte Águila, and Sol de Caone. These last two are much bigger projects with 340 megawatts, and of course, all co-located projects. We have recently announced new PPAs of 390 gigawatt hours, thus reaching a total of 0.7 terawatt hour contracted, plus our last 500 gigawatt hour tender awarded with Codelco. This was the first time in history that Grenergy Renovables closes a PPA with a mining company. In overall, we are talking about a platform with more than 2 terawatt hour of production, where we are moving around 1.2-1.3 terawatt at night. We have already contracted 0.8 terawatt of solar and around 1 terawatt hour at night or 24/7. At this stage, we are securing financing for the hybridization of Phases One to Three, including the full construction of Planchón. We are about to mandate banks for this package and then foresee to have the whole platform executed within the next two years. Rough numbers, the platform will generate revenues for more than $200 million and around $160 million of EBITDA with an IRR between 11%-30%. Important milestones already mentioned. During the last three years, we inaugurated the first phase, Teno, with big support of authorities and communities. Of course, the PPA signed with Codelco. This is the first time we have made our way ahead of other competitors in the mining industry in terms of supply. Very important milestones. First orders of batteries will be also confirmed within the next weeks. Central Oasis is a reality and underway. As you can imagine by now, this does not end here. We believe that Spain has very similar conditions and same yield as Central Oasis. We thought that this was the perfect place to replicate. Where the need for BESS to achieve a bigger penetration of renewables is now more clear than ever, with the hybridization of our first project, Escuderos, we are laying the foundations for our future Iberian Oasis platform. You are also familiar with the project. It's a PV in operation since 2021. We have been working very deep during the last year in the hybridization and structured it in two phases. It has a total of 200 megawatts of PV and 700 megawatt hour of BESS. We will be also supported with a EUR 7 million grant from Next Gen Funds. We are also working in several options in terms of overnight contracting, and hopefully we'll have very soon our flagship hybrid PPA of our future Iberian Oasis. Phase one will be fully executed as early Q3 next year, and will definitely be our first large hybrid project in Spain and hopefully the pioneer of many. I give the floor back to David now to present GR Power. Thank you. All the road is magic, taking control of my life. I want to run the red lights. I've got to run this show. Ooh, that sugar sweet, you got what I need. Sipping on the potion, all that good emotion. Ooh, that sugar sweet, just my kind. Ooh, that sugar sweet, sipping on the potion, all that good emotion. Ooh, that sugar sweet. Okay, thanks, Mercedes and Emi, and hi again. Before we speak about one of the highlights of the presentation, which is Greenbox Platform, right? I'm going to talk a little bit about GR Power, right, which is a retail unit. A little bit more, just to explain to you more details about our strategy. This is something we like to show, how the size of the market and peculiarities in Chile. We're talking about a market of 80 terawatt hours. It's roughly half the size of Spain. We are expecting the market to jump from 80 terawatt hours to roughly 95 in 2030. The market is dominated by four major companies, four incumbents, as you can see. You've got an LNG called Boone and Andes as the major players. I think in this retail, 4% is where we currently are. Again, I think we are one of the largest emerging players in the market. For the first time, we are getting new demand from mining and data centers, right? I think this estimate, if you look at, as Emi was mentioning, the data centers are booming. There have been new announcements. We honestly believe that this figure will be way higher. It is a fantastic opportunity for us. We have been five years in the retail segment. We already have, I think, 140 clients. We just got the PPA from Codelco, which is a very important milestone for us. The perspectives are that as early as 2027, we are planning to get close to 3 terawatt hours. That will be having more than 5% of the retail market in the country as early as 2027. That's, I think, we try to explain here how the traditional IPP model works, where, you've got one project, you've got one off-taker, you just make the match, and then you go for project finance, and then that's it. That's the way it is. That's the utility model, right, where GR Power is operating, where you might buy energy from different projects. Most of these projects are green energy projects. We might have other off-takers as well as investment grades, but also we are selling energy to a retail unit. We can also buy energy from other companies, right? We are selling energy to mining, data centers, corporates. I think there are more than 3,000 unregulated clients in the market. I think it's a very interesting business model, the one we have. We have no legacy like other companies from thermal plants. We can design and we can buy exactly the energy we need and the best we need. Once again, the storage is helping us for the first time to be able to compete in any client with any profile in any part of the country. I'm moving to Greenbox. I think there is a video. Okay, Greenbox, let's call it our new baby. You know, we get very fascinated about new stuff, right? We've been working very hard. Sometimes in the last three years, I've always been telling the team, you know, the glory has been going to Oasis of Atacama. If you ask me, I mean, if we were, I always give this example, if we were in Apple in 2007, this would be our iPhone, really. It's really what is about to transform the company. I think sky's the limit. The possibilities are endless, right? We have been working very close. For the first time, we are disclosing our strategy. We believe that the potential of Greenbox is really huge. First, let's start with why storage, once again, will help the systems and why standalone makes sense. It is given, it helps to integrate more renewable energy in the systems. It is obviously given, helping grid stability. I am sure there might be questions about blackouts and all that, right? It is really, I think, storage helps in many ways, right? We can elaborate more on that. We can access many markets. We can restore power faster versus other technologies. I think the benefits for the grids are huge, not just trading energy between day and night, but also providing other revenue stacks to the networks, right? And energy management. We are becoming, before we were a company like other renewable energy companies, that we were just generating energy, delivering that energy to the grid, that's it. Now we need to start managing that energy, right? We need to make sure this energy gets managed. That is going to involve a lot of AI and a lot of market intelligence. We are going to create central control for the first time. We are going to be working very closely with optimizers in some markets. It is a whole new world. That is why we believe that Greenbox requires a specific focus. We show here some estimates. I honestly think these are very conservative. I think the one on the left is coming from McKinsey, the one on the right from Bloomberg. Just to give you an idea, look at Chile, the case of Chile. I think only green energy, which is roughly doing 50% of what is happening in BESS in the market right now, we're going to do like 15 gigawatt hours out of a total of around 30. That's our estimates. Estimates a year and a half ago for many consultants were about 4 or 5 gigawatt hours. This gives you an idea of how the industry, everything is happening way faster than initially expected, right? Our estimation for Europe as early as 2030, and I'm jumping to this slide, we are estimating a potential of 300 gigawatt hours of operational standalone plants in Europe, right? In the six markets where we are, which are except for France, we are in all the major markets. Greenbox Pipeline accounts for 35 gigawatt hours, right? We are not saying that we will achieve a share of 50% as we are doing in Chile, obviously. Believe me when I say that we will try our best to get the highest market share in standalone, right? Again, time to market is very important. The sooner we can execute, I think the better, right? This is the potential market by market. We are giving an estimation in Spain for 25 gigawatt hours. I really believe it is going to be more with my expectation. This is just standalone, but then you will have hybrid, right? Look at the great potential of Germany. We believe it is going to be the largest market in standalone BESS by far. We have tried to summarize it. We could be hours talking about the different markets, the different services that a battery can provide to the grid. Our focus is going to be on tolling agreements. I mean, we're going to be following a similar strategy than we followed, I think, quite successfully with PV. Yeah. There might be some upsides going merchant or being merchant the very few quarters or leaving merchant exposure, right? Approaching all these markets, which is a bit more complex than we were doing in PV. We will be working with optimizers. The key point in our strategy, it will be tolling agreements. We are happy to clarify any doubts. In general, it's going to be the same approach that we'll be having. We are trying to secure our revenues. The longer, the better. I think in the next few months, we will be announcing very frequently our first tolling agreements, which are PPAs for storage. I think we will start in Spain and Germany as the first market where we might close these agreements. This is the pipeline. We like to be very transparent. We like to increase. We have, again, 35 gigawatt hours of pipeline. Our target for 2027 operational plants, we are talking about just 3 gigawatt hours, right? That is considering in Europe, we are considering normally 4 hours, right? This is going to be coming. I believe it is a very realistic target. I think if you look at the pipeline, it is pretty well divided between Spain, Italy, U.K. We have got 4.5 gigawatt in Spain. This is our own stuff, right? It doesn't mean that our NMI team can find some and work on the buy side and finding projects for other developers. This is what we are developing in-house. 4.5 gigawatts in Spain, 5.8 in Italy, 4.6 in the U.K. Most of the U.K. team, some of our colleagues could come here today with us. We are 7 gigawatts in Poland, 6.4 in Germany, and 6.6 in Romania, right? I think it's a very well-balanced portfolio of projects. Out of these 35 gigawatt hours, we want to introduce today our first flagship project that we will be executing very soon. It's going to be, I think, the largest standalone project in Spain to date. We're going to be able to start. It's nearly ready to build. We are working on some tolling agreements. Hopefully, we will announce something before the summer ends, right? Construction will start in very early 2026. The plants should be operational in 2027, right? We're talking about a plan of 150 megawatts nominal, 4 hours, 600 megawatt hours. We're expecting an IRR above 12%. That's not including capacity market, right? I want to leave that very clear. If we ever get the promised capacity markets, that's going to be an upside. We are fine going ahead without any capacity mechanism. That's a message that we want to send and leave very, very clear, right? We will be giving news very frequently in the Greenbox platform. We will be announcing tolling agreements, I think starting in Spain, maybe Germany at the same time. We will be incorporating, and same as we did with Oasis of Atacama, we will be enlarging the platform quite frequently. Before we move to, I hand over to Daniel, I'd like to just make some very simple key takeaways to wrap up this part, yeah? Reduction in CapEx is a very important factor, right? Such as the increased penetration of renewables, this is accelerating the deployment of BESS, right? As early movers, we want to capture the highest possible share in BESS. That is a very important message, both in hybrid and in standalone plants, right? I think it is very important we look at the hybrid platforms that Mercedes introduced, what we are doing in Oasis of Atacama, what we are now doing and presenting in Central Chile. The size of the platform of Central Chile is similar to the size of Oasis of Atacama a year and a half ago, right? What we are now doing in Spain with the new platforms. We have introduced Greenbox, which is for us, it's going to be the next big thing for us, right? We have also spoken a lot about energy management, about the role of GR Power, how we are approaching 24/7 energy PPAs. I think this is it for the part. I give the floor to Daniel. Okay. I have no video, so it's quite unfair. Okay, first of all, thank you very much for being here with us. I see many familiar faces, many institutions, banks, good investors. Will, Sylvain, you know more than most of our employees about Grenergy. Inside analysts that, well, we started with just a couple back in 2019. I think we're going to be more than 15 very soon with good recommendations, I hope. We have now the financial review where I will explain the way we are going to self-fund this perfect growth story, okay? Those are the targets. We are updating the targets, as David said, just 18 months later after the previous capital markets day. Why are we updating that early? Because there were some catalysts that have changed completely the CapEx plan that we were expecting. First of all, remember, we presented a guide of $210,000 per megawatt hour back in November 2018. Now we are guiding to a CapEx below 50% of what we were presenting. That helped us in the cash flow, reducing capital needs, allowing us to have higher project return. We think to the nicer project return, we have been able to deliver very nice EV/IC in the asset rotation because of the difference between the project return and the work that now the cost of capital is moving down. We have more CapEx to be invested. We wanted to present you the project. We have already explained the way we are going to finance the PPAs, the returns. That is the reason we wanted to just include one extra year. We are reducing also the number of years from four years that we did before to three years. We want to show 100% visibility. By reducing the number of years, it gives more credibility to the business plan. Anyhow, afterwards, we will continue to invest, as you may imagine. Okay? CapEx and asset rotation is the KPI that I like the most. Install capacity EBITDA, okay? Let's start with CapEx and asset rotation. Why together? Because asset rotation is the key pillar so we can self-fund this business plan. We have been able to show that we have overachieved previous target. As we have overachieved in advance, the target we had in place, we are going to include an extra target so we can keep financing the growth we have ahead, okay? We have included a bridge so you have it clear what was done in the previous year and the additional proceeds and CapEx to be done in coming years. In asset rotation, remember in 2023, we took the good decision to start selling solar PV assets in Spain with good PPAs we closed when merchant price was pretty high. Those very high prices we could obtain, we reinvested in the storage project we are obtaining. 2023 deals in Spain, 2024, we closed asset rotation in countries like Peru. Peru is a country that is giving us a lot of cash flow, but we do not want to invest equity in there. To make it easier for you to understand our business model, we were just to invest in Chile and then in Europe, of course. In 2024, we sold wind assets we had in operation, obtaining a lot of equity recycling, as well as some solar PV assets in Peru, Matarani. By the end of the year, it was a key milestone to show real value coming into our balance sheet through the sale of the three first phases of Oasis of Atacama at a multiple of 1.6 times EV invested capital, while we were considering in previous capital markets day just 1.3. There is still in 2025 some cash flow to come because of Oasis of Atacama, EUR 130 million to come. The deal we did in Spain with Allianz, we sold 300 megawatts of solar. There is still EUR 110 million, both capital gain and equity recycling. What next regarding asset rotation? We are quite opportunistic regarding asset rotation, okay? If the price is really good, we will take the right decision. We have built-to-sell countries where we preferred to sell the assets like Mexico, Peru, Colombia, that we create cash flows coming in and reinvested that into Europe, for instance. In Chile, we have a lot of exposure, very good exposure because of the very high return we are obtaining. By selling assets in Chile and reinvesting it into Europe, we can create very good cash flow, especially with the return we have just explained, okay? In solar PV asset, we are now on hybrid. We have distribution solar asset, small PV plant that, okay, is not our core target for our platform. We are considering in EV/IC on average 1.3 times in this business model. Hopefully, we can go beyond. Regarding the CapEx, this is the KPI I like the most. One day, one of you, the analyst here present, told me, "I'm starting covering you because while other guys within this sector are reducing CapEx and buying their shares, you are multiplying your CapEx by two, three, four times." Okay? That is showing the execution we can do and investing in a very high project return. It is the best scenario. Still, last year, we did $650 million CapEx. That That was thanks to the investment in storage that is multiplying the CapEx we are investing while the execution is not getting more complex. Bear in mind that one gigawatt of solar, you will need around 2,000 hectares of land. Just all Oasis of Atacama, more or less, is just the storage part, 50 hectares. The execution is not that complex. It is multiplying volumes. It is increasing the return you are getting. It is a way of reducing the risk that solar may have, that is having problem with cannibalization, curtailment. This is the medicine we are having for solar. Standalone is coming, standalone with tolling agreement. Hopefully, we can close tolling agreement for 10 years. If we are doing, let's say, two cycles per day in standalone, that means that the average life of the battery will be half. You are having an average life of, let's say, lifetime of 13 years, while the tolling agreement is covering you 10 years of that. That means that the tail risk in tolling agreement in standalone is minimum. In countries like Germany, to have that is a kind of financial bond. Sorry, I forgot to mention that the CapEx, even though $3.5 billion might sound like a really high amount to be invested, you know the project, Oasis of Atacama, Central Oasis already with PPAs, and Greenbox Spain hybrid with Escuderos. We are just including the project. We gave you a lot of color with PPAs, with a ton of information in the appendix. You can see the energy, how it is moving through the battery system. A lot of information so you can modelize it correctly. Very quickly, regarding install capacity target, that was really important some years ago. For now, I think the important part will be the CapEx to be invested, the return, the value creation you are doing. In this case, with the business model we created, the install capacity 2027 gross we are going to have is 4.4 gigawatts. That compared with previous target in 2026 of 5 gigawatts of solar. That means that we are reducing solar PV target because investment allocation, we are moving towards a higher return on storage, reducing, as I said, many execution on operating risk. The gross target for storage, as we said, is four times what we had in previous capital markets day. First time we had a target for storage was in 2022, where we guide for just 1 gigawatt hour in 2025. I think last week, we just bought 3.5 gigawatt hour for storage, okay? Investment allocation is a key element. That is why we are moving towards storage. EBITDA, we continue to move this up and up. Even though we have been selling assets, we can introduce more projects. That is letting us increase the EBITDA target, both run rate and what we expect in the business plan for 2027, okay? It looks an important figure, but remember the EBITDA we were guiding just for Oasis of Atacama, $350 million on average, $150 million for Oasis Central. There is more to come. Of course, Greenbox, we are including 3 gigawatt hour in this business model that will, of course, provide very nice EBITDA and all the projects we have in our current balance sheet and Spanish EBITDA. I think, of course, we are going to sell part of what we have been talking. That is the reason we are guiding just for this $450-$500 million, okay? Financing. It is a pity every time we present a relevant fact regarding financing, the market is not reacting. The reality is that it's good news because the market knows that we can finance. We can obtain project financing whenever we have good PPAs, good projects. Banks, they have all the carbonation target. There is a huge appetite, as Amie explained before. We are always achieving this financing. In this chart, we are just including 70-80% leverage, okay? Bear in mind that we have some division development construction that at consolidated level, that operation is not creating any EBITDA. Those guys that are building projects everywhere in many countries at the same time in the desert of Atacama, they are doing great. Alfredo is here, is our EPC Director. Those guys are the ones that have built the most number of storage plants worldwide. They are creating value. In this case, with commercial margin, we are including the financing that is allowing us to include more leverage. With more leverage, less equity we need. Anyhow, you will see that we have been conservative in the business plan. We have just included 80% leverage, okay? The work is moving down thanks to the reduction in interest cost. Please update the business model, please. We are obtaining a very competitive corporate financing, as Amie said. Standalone-based project financing, the way we are going to finance, I think you will see it shortly. With a tolling agreement closing with an investment grade off-taker, we are going to have it. The investment plan is quite easy. That CapEx I have just explained, we have just EUR 200 million in development CapEx. We are in an eleven market. We are refocusing in storage and in some market for sure, but it's the most profitable CapEx we can invest. Then the PV versus BESS, again, we are moving towards BESS. From those $3.5 billion, we have some build-to-sell CapEx to be invested that we are not going to cap in our balance sheet, around EUR 800 million. That out of those EUR 800 million, around EUR 250 million is for deals already agreed. We are including just EUR 550 million that in addition with the CapEx already invested in the balance sheet of some asset we might sell, will be the one producing the asset rotation we need for this sale-funded business plan, okay? We have corporate costs that include tax and finance, our salaries. We included, as some of you are telling us always in London, "Please buy your shares, buy your shares." We are including some share buyback just in case we need because buying our shares, when we see all the growth we have ahead, I think the return is the highest you can find. We had the second project, the second share buyback program in place. We have just sent it. We have bought the shares at an average price of EUR 37. Sorry, euro. It is just available in case we need it. Corporate debt that, we have just included EUR 100 million. The project finance that if you made the math, as I said, we are just including 80% leverage for that CapEx. It is actually an upside. It might reduce the asset rotation need or will allow us to go faster. Then, some dividend received from the facilities we have in place and the cash we had in the balance sheet. We ended 2024 with $350 million cash. Net debt, EBITDA, leverage, we are guiding to below seven. I mean, you know, right now it is affected by asset rotation. This is the leverage we see on average in the business model. It is moving up or down depending on the asset rotation, but we keep it under control. The corporate leverage we have, that means without including project financing, without recourse, is, as you know, 3.5 times, and we will be always there, okay? Now I hand you over to Maria that will explain why sustainability is a key pillar of our strategy. Thank you, Daniel. Good morning to you all. We are undoubtedly facing a world of rapid change. There is now tighter regulation, rising expectations, and greater scrutiny. We did not wait to react. We chose to lead. Back in 2019, we started laying the groundwork for our sustainability strategy, setting the course with governance, structured procedures, and transparency. Today, our ESG roadmap 2024-2026 takes you further, with sharper priorities, well-established goals, and specific actions across our value chain. That strong foundation enables us to stay ahead of regulations like the European CSRD. We keep generating positive impact where it counts: our employees, local communities, and the environment. For us, it is not just about reporting. It is about building long-term value through resilience and purpose. Growth, real growth, is the kind that leaves a legacy. We are proud to be part of the green economy, but our ambition goes well beyond that. Sustainability is embedded in how we operate, from a strategy to execution, a shared responsibility owned throughout our entire company. Our ESG ratings reflect that steady progress and commitment. We do more than just ratings. We are creating local jobs. We are protecting biodiversity. We are expanding access to renewable energies. We are forging partnerships that drive real-world impact. This is how we keep moving forward, on and on, with initiatives that make a lasting difference. I think it's safe to say that our path is clear. We are focused, future-ready, and built to thrive. Thank you very much. Thank you very much for all the presentations. Now let's move to the Q&A session, please. First, we will start with the questions from the audience in the room, and after, with the ones that we will receive from the chat available on the webcast. Please remember, only one question per sales site analyst, and we suggest yes. One question, please. And only sales site analyst. Okay, first question, Alexandre from Bank of America. Alexandre, Bank of America. Okay. Thank you. Yeah, I had four, so I'll just have one then. Just thinking about guidance, I think actually your $450 million-$500 million run rate is already beaten by the numbers you present for each of the platforms. I am wondering if we can have some more granularity here. I think on the platform, you know, the low end, you get to $460 million, but I think, you know, Daniel, during your comment about guidance, you said you had 4 gigawatts of your green box pipeline within 2027 guidance as well. I think you can reach the $500 million actually very easily. Any kind of clarity about that would be nice. Then wondering actually about guidance and the different buckets, you have not really talked about capital gains. I think you have got around EUR 130 million of development and construction in your 2027 guidance as well. Could we think about that level of EUR 130 million as a recurring capital gains in the near future from 2027 onward? Any clarity about that would be great as well. Okay, green box, we are targeting 3 gigawatt-hour, even though we think that that amount will be surpassed. In this business model, we are just including 3 gigawatt-hour. That might create EBITDA of, let's say, around EUR 80-90 million, sorry, euros, okay? In addition to the O&Ms, $350 million, $150 million coming from central O&Ms as well. You know, you have some already built asset in the balance sheet. Also, I forgot to say, Escuderos, no? Escuderos depend on the final tolling agreement, but it will boost the current EBITDA, okay? We are providing the returns so you can easily calculate. That is more or less what we are including in the recurring EBITDA. Yeah, exactly. I do not know if it works well. As Daniel was saying before, if you put together the EBITDA we are expecting, you have to consider that we are rotating some assets, given this target of $800 million. In our internal business case, we are considering 1.3 times enterprise value to invest. I think that is pretty conservative if you look at the last couple of transactions, right? We have a menu of potential deals. It is opportunistic, as Daniel said, but we believe it is an achievable target. It is nearly there. It is two years and a half from now. We're talking about projects that most of the projects are already contracted, or we will be very soon announcing either tolling agreements or new PPAs to achieve this range of run rate we are giving you for end of 2027. Okay, just to clarify, that 450-500 is including the asset rotation you're going to do for the next three years, or is it excluding? No, excluding. That's just energy. That's just energy. Just run rate energy from the plants that will be in our balance sheet at the end of 2027. That 450-500 is with all the plants you're going to build for the next three years without you selling anything, or with you having already sold. Without having already sold some of the assets. Right. Okay, so that's why it is not above that figure because of the easy math I made. Yeah, but it feels very safe. That's all I want to say. Okay, and remember, asset rotation means capital gains and equity recycling. So we have some asset, for instance, in Colombia or Mexico, that the equity recycling will be really nice, and that's why we are including that in the asset rotation target. Thank you. Okay, next question, Fernando Garcia from RBC, please. Thank you very much for taking one question and one clarification, please. Clarification is on the EBITDA in 2027, what you have of capital gains in that guidance that you are providing. Looks like around $100 million, but I wanted to check that. And then the question is about something that you actually said one week ago when you said that Kilaua One was operating with higher efficiency levels. Can you clarify that comment? Do you mean there that the battery maybe is delivering more output than you were expecting? I think this is important because it's kind of your first data point on this aspect, no? The returns that we are seeing here, the 14-16%, for example, at the Atacama remaining phases, does this include the potential upside from this? Thank you. Okay, I'll go for this one. We are just, okay, Kilaua One, I think, got connected three months ago, so it's been two and a half months ago. We just connected and is testing in the testing phase, Kilaua Two. We don't really like to talk a lot about plants that we have actually rotated, right? Anyway, the good news is that the performance we are getting now, we are talking that we need to be cautious. We're in the pre-COD phase, but it's roughly higher than it is expected. I'm not going to give numbers. We are not considering any of those potential upsides in any of our business plan, okay? Whatever we use is the output that either CATL, which is the one we're using for Gabriela, or BYD, the one we're using for Kilaua and Bitonhara, are guaranteeing us, right? That's basically the case. Any upsides will be really out of our business plan. The good news is that it seems that we're getting some little extra, yeah. Sorry, can you repeat the clarification? What is the capital gain that you are estimating in 2027 EBITDA? It looks like you are including around EUR 100 million, but wanted to clarify that. Okay, we are giving a guidance of EUR 800 million in proceeds, right? We are not giving a guidance for 2027 in the. You can more or less make an estimation, right? Yeah, the situation with asset rotation is that it's difficult to predict in which asset side it will be included. That is why we prefer now to guide for asset rotation target. If we are doing that asset rotation before, it does not mean that 2027 figures are bad or even better because we are improving the financial costs because we have the cash flows. Also, be in mind that that target for 2027 is including a little bit of, well, the asset rotation we are including in the business models as possible for that year. Also, deducting corporate costs and with a little bit of positive impact from GR Power for the retail unit and service division. Okay, next question, Flora, from Kaisa Bank. Yes, hi. Thanks for taking my questions. First one, or one and one clarification again. The one on the battery standalone, can you just comment on challenges that you are witnessing? Because we've seen that the backlog is basically in Spain, which is a market that is not as developed in terms of ancillary services, capacity payments. When we are negotiating the tolling agreements, is this taking longer than a traditional PPA, I would assume? What levels of tolling agreements are you negotiating, and what is your level of confidence that you will reach these agreements on time for the targets that you have presented here? I have seen, this is the clarification part, in the part of the asset rotation you include in terms of storage. You already have the first three phases of Oasis Atacama, but the target is roughly doubling that. Is your target to sell more Oasis Atacama, or could it come from Central Chile? Thank you . I start with the clarification. I think as we have mentioned, the rotation, the asset rotation is kind of opportunistic, right? We obviously, to meet the target we have given of $800 million in proceeds, are going to need to rotate eventually something of the platforms in Chile. It could be Oasis of Atacama, phase four, phase five, or it could be Central Oasis. There are other opportunities in our pipeline. We really do not know. It is opportunistic. Believe me, we always try to do what we think is best for the shareholders and for the story, right? Regarding your first question, I think we are quite optimistic about the tolling agreements. It's true that the first backlog you see there, it's 600 coming from the Asturias project, the Oviedo project. That's going to be changing. In three months' time, you will see that the backlog, you're going to see something in Germany, something in Spain. We are pretty confident about the tolling agreements. We have already three conversations with some of the takers in Spain, and I think we will get feedback very soon. We are not considering anything coming from capacity mechanism, or we are considering anything coming from cellular services. We are just talking about tolling agreements. I don't know, Daniel, our Head of Energies is here. Daniel, maybe you can give more clarification, right? Yeah, as David mentioned, we have been negotiating some structures both in Germany and Spain for many months. To your question, I think the utilities are already mature enough to move forward with contracts. They have been working on this structure for a very long time, from 2024. Right now, we are in very advanced negotiations and discussions with them. They are working on contracts, and I think this is something feasible that we can work in the coming months, right? In terms of structures and maturity of the market, it is really different from Germany and Spain. In Germany, some utilities have closed already some tolling agreements, so they are really prepared to close new contracts in the following months. They have a strong appetite as well. I think in Spain, it is a little bit different. They have appetite to move forward with this kind of structures. I don't see they are mature enough to close larger volume under a tolling agreement, but we are seeing other structures like a true floor with a revenue sharing scheme above the floor. We can participate in all markets. Also, some of them are preferring to go to a financial structure where they close some hedge to the day-ahead spread, right? We are seeing different things in the market, but a lot of appetite. They want to move forward, and I think they are ready to close something binding soon enough. Okay, please, here. Next question from Gonzalo de Cueto from Exam BNP. Hola, buenas tardes. It doesn't work? Hola? Sí. Thank you for the presentation, David and team. Okay, just one. On Central Chile, trading activity will represent a component of the overall remuneration. I wonder how the current spread compares with the spread in the north of Chile, and what is your long-term view around this? Okay, you mean the IRR, yeah? The IRR? And also the spread between daylight and night prices. Okay. The market keeps changing in Chile. I could say when we closed our first hybrid PPAs two years ago, the prices we could get in the north were roughly the same as the ones we could get in the south. I think the market in the north is getting more busy. There are more players offering now PPAs. It's easier in the north to offer like a 24/7 because you can build more easily. You've got a perfect cycling. We've been talking a lot with our colleagues from BYD and Catalyst. Maybe one of the few places in the world where you can cycle the battery nearly every day, and that gives you the ability to approach and work, think like a thermal plant, right? The prices of PPAs are going down, but in Central Chile now, there's a lot of demand. A lot of mining activity is not that far away from Santiago. For the moment, all the data centers and new AI data centers are being located around Santiago. That is why we believe that there's going to be a lot of opportunities, and the gaps between day and night prices are higher in Central Chile than in North Chile, right? IRRs have been, okay, we have managed to obtain higher IRRs in the north, basically because we closed the PPAs two years, a year and a half ago, and then the CapEx price has been going down. We do not expect that this will remain forever, right? At one point, I think the IRRs will get closer. I think in Central, there might be the opposite effect, right? There is going to be a lot of demand of energy at night, and the only way you can provide that new demand is through BESS. We see Chile as two different markets. What happens in the north is different from the play you have in the center. Okay, next question from Fernando La Fuente, Alantra, please. Hello, and thank you for the presentation as well. Two questions for me, one and a clarification as well. Again, going back to the tolling agreement and the standalone battery in Spain, your business model, two questions here. The first one is, what if you have capacity payments, how this could affect the tolling agreements that you are negotiating now? Also, if you are considering operating the battery yourself, I mean, in terms of instead of going for a tolling agreement, just become a direct producer into the market. The clarification is on CapEx. Daniel, you mentioned EUR 800 million of CapEx for sale of assets that you expect to sell. Just to clarify this, and what is the proportion linked to the three phases of Atacama that you have already sold? Thank you so much. You talk about the second one first because it's proceeds, right? It's not CapEx, so CapEx will be more. Okay, so we are guiding for EUR 2 billion for Oasis of Atacama, and we have invested EUR 400 million already in that project, so it remains around EUR 1.6 billion for Oasis. In Q1, we presented EUR 80 million for Oasis of Atacama, and I think it was around EUR 200 million what we had already invested in that platform before, okay? So we have invested around EUR 400 million. Most of it is coming from the three phases of Oasis of Atacama that we have rotated, okay? The capital gains are still coming. Partially, it has been received in the full-year figure, but still, there will be another EUR 130 million EBITDA coming. If you want a satellite bridge of the— I was more thinking on the 3.5 CapEx, what is the net CapEx or the CapEx that you are including related to assets that are going to be sold, which I understand if it's 1.3 times invested capital, if it's invested capital, it's going to be like EUR 600 million CapEx, so it should be EUR 2.9 billion for your own assets, more or less. We are including EUR 800 million of CapEx for build-to-sell in that 3.5, okay? Go to the first question, tolling. Okay, I will try to do it without the help of Daniel. Correct me if I'm wrong, Daniel, but I believe that it is slightly different. The few advanced conversations we're having in Spain, I think if capacity payments happen eventually, right, I think this is an upside for us, right? In Germany, it's the other way around. You know, it's a similar situation because Italy and the U.K., they already have capacity mechanism. They have auctions, I think, in the U.K. next February, March, and in Italy, the max say it's happening eventually. They already have mechanism. Germany and Spain, they still don't have, but we are seeing this as an upside. The difference is in Germany, most of the tolling agreements, they are going to keep that upside for themselves, but in exchange, we're getting a higher price than the one we're getting in Spain. I think that's more or less the way. Yes, we plan to have and develop in-house capabilities to operate the batteries, right? I think at the very beginning, we might work with external optimizers, right? I think it makes sense to do it in that way. Again, tolling agreements will be the lion's share of our revenues, right? We plan to leave like 20%-25% open. We believe there is an upside being full merchant the first one year, the first two years, if possible. The later the tolling starts, I think the better, right? Thank you so much. Yes, okay. Next question from Nacho, JB Capital. Please go ahead . Yes, thank you for the presentation. One question or a follow-up on the IRRs in Chile, okay? Before you were mentioning this decrease or difference between Central and Northern Chile, I just wanted to get your view on going forward, the relationship between the CapEx pricing and what would be your, let's say, threshold or the minimum project IRR that you would require there, okay? And then just a second question, if I may, David, I think on the fourth quarter 2024 results, you mentioned the concern on the liquidity of the shares, and you could provide an update in the capital markets. Just wanted to get your view there. I think Daniel has mentioned the plan is self-funded, but any color that you could add there would be helpful. Thank you. Okay, on the first question, I think at the moment, we do not plan to invest anything in Chile below double-digit project IRR, right? I think that would be our threshold. I think we still see consistency in the returns we can get in the next few quarters, right? If you ask me the threshold, that would be 10% minimum, right? Central Oasis, anyway, the first one, we are recycling existing plants, so we are investing on top of them. It has some effect on this legacy on the IRR that we are getting in the first phases of Central Oasis. I think eventually in Central Oasis, we might get slightly higher IRRs than the ones we are reflecting there, yeah. About liquidity, I've always said that I think we'll do whatever it takes, yeah, to increase the liquidity. I think market cap is going up, so it's helping. I think if you look at the volume we are getting in the last few weeks, last few months, it's improving. Yeah, we will keep that in mind as one of our top objectives. Okay, I would like to be clear. There is no share capital increase coming, okay? It's a self-funded business plan. Exactly. We can be very clear on that. Thank you. Okay. Okay. Okay, please, Virginia from Santander. Yes, hello. Thank you for the presentation. I wanted to ask, why are you so convinced that the model of standalone in Europe will be as successful as it has been in Chile? Do you think it's because you probably are going to be a first mover because many of your competitors are waiting for the market to get regulated or to get these capacity payments or whatever? Why do you think this is a better option to just do BESS standalone than to continue to do hybrid packs as you have been doing in Chile? One small clarification in your assumptions about CapEx, have you assumed stable battery prices or prices to continue to come down? Thank you. Okay, about the second question, I think we are assuming, again, we're taking the conservative, we are assuming stable battery prices, right, for 2026 and 2027. It's a very good question. Anyway, the CapEx on the projects we will execute in 2027, we will hedge the, I mean, normally when we get a PPA, we try to hedge the cost on the procurement of the main materials, right? I do not know, you have the chance to ask our friends from CATL and BYD what they think about it, right? I do not know. I believe that eventually we are very surprised about the innovation that is coming, at what speed the innovation is coming, they are increasing efficiency. I think CATL just announced a double decker in Intersolar. They can give you a lot of details for 9 megawatt hour. I think BYD is announcing new stuff very soon. We are surprised at how these gains of efficiency, and that is also a very important driver to move prices down. It is not just the scale of manufacturing that they are achieving. Honestly, I think the price will still keep going down. I cannot say the same about panels. Solar panels, if you ask me, I believe they're in a very difficult level to maintain. I think, I mean, the scenario we're considering is even there could be slightly increases in solar panels, slightly, yeah? About Greenbox, we are extremely convinced. There's no question. It's not just us. We are looking at the conversation we are having with the off-takers. There's plenty of interest. If you look at the development wave in Europe for standalone projects, it's unbelievable. I think more than 500 gigawatt hours have been submitted of new applications in Germany. That's obviously, it's taken by storm every single market. We believe, I mean, the question is how low the CapEx needs to go before everybody's convinced that the numbers work. Doesn't much work, right? That's, you know, I think the reality is giving you the answer, right? We are very convinced. Countries like Spain and Italy and sunny places, right? I believe that there will be place for hybrid plants like the ones we're doing in Chile. There will also be a place for standalone plants, right? If you look at Chile, there are very, very few standalone plants. Most of the activity, okay, you can have with the highest revolution in the world, your solar plant next door. Okay, I think it makes more sense. I think in places like Spain, we're going to need a lot of storage very quickly. I think there's going to be a good market for either for both standalone and hybrid projects. Other markets in continental Europe, I believe standalone makes a lot more sense, yeah. Okay, next question, Temi from Barclays. Thanks very much for the presentation. I've got a couple of questions, but I'll keep it to one question and one clarification. Maybe first on the share buyback. You mentioned you're thinking about that as part of your investment plan, but would you elaborate on sort of the conditions? How are you thinking about it? What will cause you to pull the trigger on that? And clarification on GR Power. It looks like there are a number of small players in the others category in that market. And clarification, are you looking solely at organic growth there, or would you opportunistically kind of consider inorganic growth in that space? Okay, I think I might leave maybe Emi on share buybacks, right? It's opportunistic, but I think we're given a target. Maybe you can— Yeah, I think Daniel also mentioned it. We're planning EUR 100 million of allocation of funds specifically for share buybacks, but we, I mean, this will be opportunistic, obviously. Depending on the share price and when we see value. About GA power, yeah, I think we've been growing organically, yeah. We've been five years in the market already, right? Starting from scratch. I think we've got a fantastic team. We are now moving to the next phase. I mean, we are now competing with the big incumbents in mining and data centers base load contracts. That's like a new, completely new phase for us. I think the opportunities to grow organically are quite big. First, because we are jumping from a system of 80 terawatt hours to my internal estimation is more than 100 four, five years from now, just considering three, four large mining projects that were recently announced from BHP, Codelco, Anglo American, and also the lot of activity on AI, plus the natural increase in demand in Chile. We see a lot of opportunity for keep in mind that GR Power for us is a business by itself. It's going to be a business by itself, but at the same time, it's going to be the off-taker we are going to need in some of our plants, right? It serves this double purpose, right? Anyway, if there are opportunities to accelerate this growth, we will definitely look at them to grow faster in the future. Okay, we have two questions from the webcast. Begonya, can you read the two questions, please? Yes. First question comes from Anis Gaya from Odo. What are—sorry. Sorry. What are the barriers to entry into the storage market? And do early movers like Renogy have a decisive advantage over other players? Thanks, thanks Aldris for the question. I think we've been talking about this all the time. I mean, being early movers, it's giving us a lot of advantage. I mean, we can also the integrated model, as Emi explained, give us the flexibility to execute faster than others, time to market in storage. We always make this comparison. You know, we've seen so many waves in wind, in solar, but this is like a tsunami, right? It's happening so quickly. We need to have the ability to execute ourselves, develop, build, operate. It's definitely giving us a competitive advantage. Also, the partnership relationships we are developing with players like BYD and CATL are great for us. It's all about partnership. I think we can grow together. That's also a great advantage. We have the ability to close hybrid premium PPAs. I think we've done that earlier than others, right? M&A and our finance teams are very familiar with the storage already. It takes time, right? It will take longer for other players to get where we are. The second question and the last one, it's from Renta 4, Eduardo. He asks for Greenbox battery projects. Can we expect the same level of permitting difficulty or delay in Europe as we have seen with PV projects? We hope not, yeah. We hope not because it's been a nightmare. That's another point. The permitting process for BESS projects, in essence, is more straightforward, right? Because you are affecting less amount of land, right? Doesn't mean, and we have already seen some cases in some countries, that you need to work very closely with communities. Nobody wants a very large BESS project in their backyard, right? That is something I think we need to be sensible to. In essence, I think, I mean, in Chile, we are developing now a hybrid project in a matter of three, four months because you are converting one existing project to batteries. In Spain, that is going to take longer. That is going to take a year, but it is a year. The last plants we are building now in Spain were developments that we started, believe it or not, in 2017, 2018. It is taking, in some cases, six years. In Italy, it is taking four, five years. I think it's going to take, it's not going to take that long in best, yeah. Okay, thank you. There are no more questions. Okay, with this, we have finished our CMD. Again, thank you very much for your attendance. Please join us for the cocktail with management in the building next door. Thank you very much.