Good morning, ladies and gentlemen. First of all, we would like to offer a warm welcome to all of you who have joined us today for our 2024 fiscal year results presentation. As usual, we will follow the traditional format given in our events. We are going to begin with an overview of the results and the main developments during the period given by the top executive team that usually is with us: Mr. Ignacio Galán, Executive Chairman; Mr. Armando Martínez, CEO; and finally, Mr. Pepe Sainz, CFO. Following this, we'll move on to the Q&A session. I would also like to highlight that we are only going to take questions submitted via the web, so please ask your question only through our webpage, www.iberdrola.com. Finally, as today is a very busy day for all of you, given the many companies reporting results this morning, we expect that our event will not last more than 60-70 minutes. If any questions remain unanswered, we at IR are, as always, fully at your disposal, hoping that this presentation will be useful and informative for all of you. Now, without further ado, I would like to give the floor to Mr. Ignacio Galán. Thank you very much again. Please, Mr. Galán. Thank you very much, Ignacio, and good morning, everyone, and thank you for everyone for joining us today. We are today presenting the result of an extraordinary year. Driven by our ordinary operations with a strong performance across all our business and geographies, but also due to the extraordinary factors in 2024, we took huge steps in the execution of our strategy, using the proceeds from the divestment of thermal generation to accelerate, with these resources, growth in networks in the U.K. with the electricity transaction and the U.S., where we acquire our Avangrid minorities. In addition, as a result of our customer-prudent accounting practices, we made EUR 1.1 billion on non-cash adjustment and efficiency measures which offset the capital gains from the investment made, and we enhanced our future earnings. As a result, our reported net profit reached EUR 5,712 million, up 17%. Reported EBITDA also increased by 17%, up to EUR 16,848 million, driven by a new record in investment up to EUR 17 billion. Of this total, EUR 12 billion were organic investment, and EUR 5 billion were the result of the two corporate successes already mentioned in the U.S. and U.K.. Operating cash flow reached EUR 11,836 million, up 10% in recurring terms, allowing us to combine growth and financial strength with FFO adjusted net debt close to 23%. To secure this growth, last year we also made record purchases totaling EUR 7,853 million, more related to the investment that will mature in 2026, and probably so few of them in 2027. All in all, this strong performance is leading the board to propose to the General Shareholders' Meeting a total dividend of EUR 0.635 per share, up 15%. Moving to operating results, the 70% increase in EBITDA reflects our growth in all our businesses and geographies. Electricity production and customer benefit from 2,600 of additional renewable capacity, including more than 700 of offshore wind, sold through a diversified portfolio or route to market, mainly CFDs and long-term PPAs with Tier 1 companies like Meta, Microsoft, or Amazon. As well as the excellent performance of our pumping and storage facilities, we generate almost 6 terawatt-hours in market with growing intraday price spreads, as we predicted in our last Capital Markets Day. Net worth operating result reflects rate increases across all geographies in a higher asset base, mostly in the U.S. and U.K., after EUR 11 billion invested in the last 12 months, almost doubling last year's figures. Net worth organic investment increased by 21% to EUR 62 billion, of which almost 60% was allocated to distribution, mainly in the U.S., where invested EUR 1.5 billion, driven by New York rate case, and U.K., where invested EUR 700 million. The remaining 40% correspond to transmission investment, also due to the growth in the U.S. with more than EUR 1 billion invested in New York and the NECEC interconnection between Massachusetts and Canada, and the U.K., where investment reached EUR 100 million, mainly in RIIO-T2 project and the Eastern Green Link subsea cable. Additionally, we allocated EUR 5 billion to Electricity North West and Avangrid transaction, as mentioned. All in all, our network-regulated asset base increased by 16% to EUR 49 billion, with 2/3 in the U.K. and the U.S.. U.K. RAB reached EUR 15 billion, up 45%, driven by the electricity network transaction and organic investment, followed by U.S. with EUR 14 billion, Brazil with EUR 10 billion, and Spain finally with EUR 9 billion. Growth in the U.S. and the U.K. was also the main driver of renewable investment, which reached EUR 5.4 billion, with almost EUR 2 billion allocated to offshore wind. U.S. investment increased by 37% to EUR 1.5 billion, mainly in our Vineyard Wind offshore wind farm, which is on track to be fully operational in 2025. Also in the U.S., we completed more than 750 megawatts of solar PV and made significant progress on the construction of 1,500 wind and solar megawatts, all of them with supply chains, tax credit, and PPA secured. Following this increased investment in 2024, we do not expect to start new renewable projects in the U.S. in 2025. In the U.K., investment reached EUR 1.2 billion, mainly in East Anglia 2 and 3 offshore wind farms, which, as you know, obtained CfDs in last auction. We also invested EUR 1.4 billion in Iberia, putting in service 1,000 new megawatts, with 500 more under construction, mostly with partners and PPA secured. In addition, we completed two million kilowatt-hours of pumping and storage capacity at Santiago-Xares and Valparaíso projects. In Germany, we completed the Baltic Eagle offshore wind farm with 476 megawatts of installed capacity, and we continue investing in Windanker, which will add 350 megawatts to our portfolio next year. Finally, in Australia, we commissioned 145 megawatts wind capacity, and we have 375 more under construction. In total, as of December, our balance sheet includes EUR 9 billion in renewable projects under construction that will begin contributing to results in 2025 and 2026. To guarantee the delivery of these ongoing projects and the access of supply chains for new investment in 2024, we made purchases worth EUR 18 billion. More than EUR 14 billion of these purchases relate to investment that will be made in 2025 and beyond, allowing us to secure 100% of a strategic contract for all our projects under construction in networks and renewables, mainly through framework agreements that give us full certainty on availability and prices with minimal financial commitments. In addition, 88% of the companies in our supply chains comply with all our sustainability criteria, and we continue increasing the share of local suppliers, covering now 82% of the total purchase. As a result, we expect virtually no impact from new tariffs in the U.S., given our focus on American supply chains and the protection clause, including our clauses in our contracts. Finally, we are already working to secure supply chains for projects after 2026, given the strong demand in global markets, especially for networks in the U.S. and the U.K. In particular, in Britain, we have guaranteed access to purchases worth EUR 6 billion, mostly for transmission investment in the next regulated period we will start in 2026. As mentioned, the corporate transactions completed in 2024 have accelerated the delivery of our strategy, expanding our present network business in the U.S. and the U.K., with funds obtained from the investment of our thermal generation assets and preserving our financial strength. After the acquisition of Electricity North West and Avangrid minorities, our combined network asset base in these two countries reached EUR 30 billion, or 60% of our total regulated asset base, enhancing our position ahead of huge investment opportunities in transmission and distribution in the U.S. and the U.K. that will exceed EUR 41 billion by 2030, with around 52% in distribution and remaining 48% in transmission. In the U.S., the total network investment will reach EUR 19 billion, both in distribution in New York, Maine and Connecticut, and in transmission, mainly in the NECEC interconnection and new projects in Europe, on top of our ongoing investment. Network investment in the U.K. will reach EUR 22 billion by 2030, mainly in transmission, multiplied last year's figures by 4 × due to the RIIO-T3 and major projects like Eastern Green Link. Investments are also expected to grow significantly in distribution, driven by RIIO-ED2 and ED3 frameworks. In addition, we will continue increasing our footprint in the U.S. and the U.K. through renewable projects already under construction, which will imply total investment of EUR 10 billion. Our sustained increase in cash flow generation will allow us to finance all this growth and preserve our financial strength. Even in the year record of investment in 2024, our FFO over net debt ratio remaining at 23%, thanks to a 51% rise in operating cash flow to EUR 60.7 billion. Recurring cash flow increased by 10% to EUR 11,836 million, and we have EUR 20 million of liquidity enough to cover 22 months of financial needs. The combination of sustainable growth and financial strength is leading the board to propose a 15% increase in the dividend corresponding to the full year 2024 result, up to EUR 0.635 per share, 50% above our dividend flow for the period and reaching 2026 estimate two years ahead of schedule. The proposed supplementary dividend to be paid in July will reach EUR 0.404 per share, on top of EUR 0.231 already paid three weeks ago. Also, in line with previous year, we expect to maintain our engagement dividend linked to attendance to AGM, which in 2024 amounted to EUR 5 per every 1,000 shares. W e continue to combine shareholder remuneration with growing social dividend, creating industry and jobs, contributing to public finance, and promoting innovation and sustainability across the communities. In 2024, we incorporated 6,000 people in our workforce, including more than 2,100 from Electricity N orth West, and we made EUR 18 billion of purchases, as mentioned, to thousands of suppliers that employ 500,000 people. We also made a record tax contribution exceeding EUR 10 billion for the first time in our history, driven by a 16% increase in taxes charged to our income statement. O ur commitment to equal opportunities was recognized by the Top Employers and the H certificates. Regarding innovation, Iberdrola was nominated by the European Commission as the private utility with the highest investment research and development worldwide for the third consecutive year, after dedicating more than EUR 400 million for this effort in 2024. Finally, we continue minimizing our carbon footprint, reaching levels close to net zero. In Europe, our CO2 emissions decreased once again to only 38 grams per kilowatt-hour, which is five times less than European Union average. This commitment to social responsibility is being recognized by the most prestigious institutions. Recently, Standard & Poor's ranked Iberdrola at the top utility worldwide in its Dow Jones Sustainability Index, based on a wide range of social and environmental governance and ethics criteria. I will now hand over to our CFO, who will present the good financial result. Pepe. Thank you, Chairman. Good morning to everybody. As the Chairman has outlined, 2024 results were strong, both in reported and adjusted terms, underpinning the underlying growth of the business. In reported terms, 2024 net profit reached EUR 5.6 billion, growing 16%, and adjusted net profit was EUR 82 million lower and grew 15.1% to EUR 5,530 million. Net operating expenses, net positive adjustment, mainly capital gains from our thermal generation asset investment, have been mostly compensated by other negative adjustments and efficiencies below the EBITDA level, mainly in onshore renewables in the U.S., given the delay in developing the onshore pipeline, as we will have less renewable growth as we prioritize especially investments in networks and in repowering. As a consequence, both EBIT and net profit are slightly lower in adjusted terms versus reported terms. This is not new in Iberdrola's strategy, as we try to compensate for extraordinary positive results with efficiencies and adjustments that help the group continue growing on a recurrent basis in the following years. For example, last year and to a lesser extent, we compensated in Brazil capital gains due to an exchange of assets with a cleanup of higher costs and delays in transmissions due to COVID that we are trying to recover in the future. For transparency purposes, you can see in the slide the reconciliation between reported and adjusted 24 figures in our P&L. Main difference between reported and adjusted figures at the EBITDA level is EUR 1.6 billion, as net operating expenses include EUR 1,745 million net capital gain, mainly, as commented in thermal generation asset investment, and other ones related to other minor transactions in the U.S. gains of EUR 77 million, in Brazil losses of EUR 51 million, as well as minus EUR 111 million related efficiencies in Spain. This EUR 1.6 billion difference is almost compensated at EBIT level, as the N&A includes EUR 1.5 billion negative adjustments and efficiencies, mainly related to the U.S. onshore business and other renewables out of the U.S., due to the greater focus and networks and the expected delay in developing the pipeline, mainly in the U.S. As a consequence, the difference between reported and adjusted EBIT is reduced to EUR 132 million. At net profit level, the difference is just EUR 82 million, considering tax and other minorities' impact of adjustments. As a consequence, 2024 adjusted net profit grew 15.1% to EUR 5,530 million, slightly over our EUR 5.5 billion last guidance update. In the annex, you will find an even more detailed reconciliation between reported and adjusted income statement. N ow, startin`g to go into the P&L analysis, a 20% improvement in procurement costs, mainly in energy production and client business, versus a much lower decrease in revenues, 9% only, thanks to our fixed price sales and the growth that comes from ou r network business, has driven a 2.5% increase in gross margin to EUR 24 billion. As you can see in the slide, on reported basis, net operating expenses improved 27%. Net operating expenses, excluding capital gain impact, as explained in the previous slide, as well as other adjustments and efficiencies, improved 0.7%. Adjusted net personnel expenses improved 2.6%, excluding Q4 efficiencies impact. Adjusted external services increased 3.5%, excluding expenses linked to the thermal generation asset investments. Adjusted other operating income increased 12.8%, excluding the +EUR 1.7 billion impact from thermal generation asset investment, driven by recoveries and indemnities. Reported levies reached EUR 2,567 million in 2024 versus EUR 2,648 million in 2023, improving 7%, positively affected by sentences in Spain already accounted in our nine-month result, EUR 79 million positive of the Hydro Canon and EUR 193 million for the Social Bonus. Excluding these court rulings, levies grew 3%, driven by the higher Hydro Canon, the 7% tax on Spanish production, and the nuclear waste tax and the windfall tax in the U.K. As you can see in the slide, Spain is by far the country where we pay the highest levies, 57% of the levies paid by the group worldwide. This, as mentioned previously, is the main reason why electricity in Spain is more costly than in other geographies. Analyzing the results of the different businesses and started by networks, its EBITDA grew 7% to EUR 6,423 million, driven by higher regulated asset base and tariffs. Brazil accounts for 33% of total EBITDA, followed by Spain, the U.K., and the U.S. But if we consider recent ENW transactions, the U.K. would have increased its weight to 28%. In Spain, EBITDA was EUR 1,542 million - 0.7%, as our operating performance was in line with 2023, but affected by negative impact of the regularization of past investments. In the U.K., EBITDA increased 5.6% to GBP 1,239 million, with higher contribution in distribution, thanks to the new ED2 framework and growing demand. There is also a partial recovery of a provision made in the Q3 of 2023 at net operating level. 2024 does not include EBITDA contribution from ENW. In Spain, EBITDA grew 23%, improving the 18% rise. Sorry. In Brazil, EBITDA grew 23%, improving the 18% rise in September to BRL 12,157 million, with higher demand and higher tariffs in distribution and transmission, positively affected by a BRL 2,148 million negative one-off in 2023 related to transmission. In the U.S., U.S. GAAP EBITDA increased 2% to $1,191 million, as there is an improvement in contribution from the new rate cases, mainly in New York, thanks to higher tariffs. IFRS EBITDA was 5% lower to $1,439 million, with higher contribution from rate cases partially compensated a negative timing effect due to IFRS account and higher costs. The variation versus Q3 is due to a positive Q4 in 2023 due to the recognition in that quarter of higher tariffs in New York since May 2023. Energy production and customers' business EBITDA reached EUR 10.5 billion, compared to the EUR 8.6 billion last year, driven by the investments of thermal generation assets and better business performance. In adjusted terms, there is a 2% growth, despite the fact that there was a GBP 341 million positive one-off in the U.K. last year. I want to point out that the business reached close to 84% emission-free generation in 2024. In Iberia, EBITDA was EUR 4.6 billion, 8% more due to the 4.7 terawatt-hours higher manageable renewable production in 2024, including pumped storage and lower procurement costs, compensating lower prices. 90% of our production in Iberia was non-emitting. In the U.K., EBITDA fell 15.7% to GBP 1,530 million, affected by the GBP 341 million positive one-off related to tariff deficit recovery in 2023, as I mentioned in the previous slide. Excluding that, EBITDA increased 3.8%, thanks to higher production and wind onshore and better prices, partially offset by higher windfall tax and GBP 150 million negative operating issues in offshore already fixed. In the U.S., EBITDA increased 43% to $1,059 million, thanks to the positive performance of our flexible generation fleet and better prices that improved results with our renewable production increasing 3%. In addition, in Q4, there is a positive $92 million capital gain from the partial sale of Kitty Hawk and offshore seabed. In the rest of the world, EBITDA grew 72% to EUR 721 million, with 31% higher production due to the entry into operation of Saint-Brieuc Wind Farm, at full capacity since May, and more onshore capacity installed in Poland, Greece, and Australia. In Brazil, EBITDA decreased 30% to EUR 1,318 million due to the capital loss of onshore assets sale and lower thermal contribution. Finally, in Mexico, EBITDA reached $2.3 billion, excluding the divestment. EBITDA reached $459 million, affected by the sale and the consolidation of the assets sold from February 26, but the remaining assets still contribute around half of what they did previously. Mexican business continued to use dollar as the functional currency. Reported D&A and provisions grew 31% to EUR 7.1 billion, mainly due to the already mentioned EUR 1.5 billion provisions related to onshore renewable assets, mainly in the U.S. Excluding EUR 1.5 billion adjustments, D&A provisions grew 3% to EUR 5.6 billion, as adjusted provisions increased EUR 141 million, mainly due to lower bad debt provisions, while depreciation and amortizations grew 6.8% in line with our higher asset base in networks and renewables. EBIT reached EUR 9,729 million and grew 8%. As you can see in the slide, EUR 1.7 billion net capital gain, mainly thermal generation asset sale, has been almost compensated by EUR 1.6 billion, different adjustments mainly in the U.S. onshore and in efficiencies. As a consequence, adjusted EBIT grew 7% to EUR 9.6 billion, EUR 132 million below the reported EBIT. Net financial expenses improved EUR 612 million - EUR 1,575 million. Debt-related costs improved EUR 60 million as a consequence of EUR 55 million reduction due to lower cost of debt, 16 basis points. EUR 57 million linked to effects, mainly the Brazil depreciation that compensates lower EBITDA in euros, partially offset by a EUR 52 million increase due to EUR 0.2 billion higher average net debt. Non-debt-related result got better by EUR 552 million, including EUR 280 million linked to effects derivatives that in 2024 are EUR 90 million positive versus EUR 120 million negative in 2023, mainly due to the divestment of thermal generation assets in Mexico compensated at tax level. It is important to point out that the thermal generation asset divestments was in dollars. But for tax purposes, it was in pesos, so hedges were needed. T here is another EUR 272 million positive due to capitalized interest, EUR 163 million, and one-offs, EUR 67 million, mainly due to court rulings. Our reported credit metrics remain strong, driven by higher FFO compensated higher debt. Iberdrola rating remains in the BBB+ plus Baa1 rating level also held by the improvement of our business profile with more regulated assets in countries with better ratings. 2024 credit metrics were as follows. FFO adjusted net debt reached 22.9%. Our adjusted net debt to EBITDA remained in line with last year at 3.4 ×, and our adjusted leverage ratio increased slightly to 41.4%. Our net debt has evolved from EUR 47.8 billion at the end of 2023 to EUR 51.7 billion at the end of 2024. As you can see in the slide, our EUR 11.8 billion cash flow generation compensated gross investments and our EUR 6 billion asset rotation funded non-organic investments. Let me also highlight that 2024 net debt includes EUR 15 billion of work in progress that it is not still contributing to cash flow generation in the plant, but it is the source of future growth. 2024 reported net profit grew 17% to EUR 5.6 billion, compared to EUR 4.8 billion reported net profit. In this slide, you can see net of taxes how the net capital gains, EUR 1,184 million, mainly thermal generation asset sale that was already in our accounts in September results, has been almost compensated in the fourth quarter by EUR 1.1 billion of efficiencies and adjustments already explained. As a consequence, 2024 adjusted net profit grew 15% to EUR 5,530 million, only EUR 82 million below reported net profit. Adjusted net profit in 2024 is the base for 2025 guidance and is reported net profit excluding capital gains from asset rotation, adjustments, and efficiencies. Now the Chairman will conclude the presentation. Thank you very much. Thank you, Pepe. Last March, we presented our outlook for the coming years with a clear message. Electrification is unstoppable. Less than one year later, all the data confirms our vision. Electricity demand is accelerating, especially in Europe and the U.S., where after years of flat or decreasing demand consumption is now expected to grow at least in line with GDP. Driven by electrification of cooling and heating, transport, industry, and new demand sources like data centers and artificial intelligence, which will more than offset energy efficiency improvements. In 2024, demand already grew by more than 2% in the U.S. and the U.K., and this trend is set to continue in the coming years. But if we want electrification to reach its full potential, network infrastructure must be ready ahead of consumption. For this reason, most regulators are now recognizing the need to speed up network investment to serve the latent demand of electricity that homes and especially industries will be consuming today if they had access to sufficient grid capacity. In the U.S., transmission and distribution investment rose by 30% in 2024 compared with the average of the previous five years. In the U.K., the business plan sent to Ofgem by transmission operators shows that the investment will need to multiply by three or four times from 2026 - 2031. Meeting this demand, we also require additional generation sources to provide competitive, local, and efficient el ectricity with the lowest price volatility. This is pushing most countries to choose zero-emission technologies. Last year, renewables covered 80% of new demand globally, with double-digit production increases in countries like the U.S. Rising renewable penetration is also increasing intraday price variability in most wholesale markets, making storage even more critical to preserve system stability and cover demand 24/7. For example, in the Iberian system, where last year average price stabilized at EUR 63 megawatt-hour, hourly price spread rose by 75% compared to 2023 and has multiplied by three since 2020. In this context, we have accelerated our plan to maximize our competitive advantage and capture growth opportunities, especially in network business. Accordingly, in 2024, we reached EUR 49 billion regulated asset base, with 60% in the U.S. and U.K., and huge prospects of both countries. In renewables, our fast-mover position across markets allows us to be highly selective with new investment assets under construction, already guaranteeing our growth over the coming years. All new projects are progressing well, with supply chains and route to markets secured, mostly through PPAs or CfDs. In terms of geographies and areas, the U.K. and the U.S. remain at the core of our growth strategy. Last year, our investment in these two markets reached EUR 12 billion, 70% of our total investment, mostly in networks, bringing their share of our global regulated asset base over 60%. This improvement in our business profile is already driving additional growth in 2025. Networks will benefit from increasing organic investment and better framework in all markets, plus EUR 3.5 billion of regulated asset base from Electricity North West, and 100% contribution from Avangrid in terms of net profit. In electricity production and customers, we have 2,600 of additional capacity and 22 million kilowatt-hours of new storage, including the full commission of the Tâmega Hydropower Plant. In addition, the efficiency measures implemented in last quarter in 2024 will start delivering their first positive impact in 2025. We will continue with our active management of financial expenses, and we have already secured better exchange rates. As a result, in 2025, we expect mid to high single-digit growth in net profit, excluding capital gains from asset rotation, well above EUR 5.3-EUR 5.4 billion estimate last March. In fact, we already exceed these figures in 2024, reaching already levels close to our estimates for 2026, and we see a clear consolidation of these growth trends in the coming years, driven a structural improvement of our long-term outlook. In 2026, we expect higher rates in place to a larger network asset base across all countries, and operating result will reflect the full consolidation of Electricity North West and the U.K. In addition, the contribution of major transmission projects will continue rising, driven the progress in NECEC in the U.S. and new asset under construction in the U.K. and Brazil. In renewables, we will benefit from an additional offshore wind capacity from Windanker in Germany, Vineyard Wind 1 in the U.S., and East Anglia THREE in the U.K., and from continuous improvement in market fundamentals driven by electrification. To conclude, our evolution in 2024 and the underlying trends in all our markets confirm our vision. Every major invention of technological revolution in the first 21st century were electrical, including electric vehicles, heat pumps, digitalization, and artificial intelligence. All these are powered by electricity, making this electrification unstoppable. In fact, the countries that are achieving a higher share of electricity than total energy demand are improving their competitiveness and registering higher growth rates. Over the last several years, this demand growth has been faster than the build-out of new network infrastructure, creating a latent demand that requires upgrade in transmission and distribution grids urgently. The age of the electrification has just begun, accelerating the need for grid investment to cover new demand, integrate renewables, improve resiliency, and promote digitalization. Of course, meeting this new consumption, we also require more clean and reliable energy sources, as well as storage facilities to preserve the system flexibility. Governments across the world are recognizing all this by promoting additional investment to improve energy security and autonomy, competitiveness, and decarbonization. Thanks to our vision and execution, we are in the best position to capture all these opportunities across the geographies and regions we serve. We will give you detailed information about our growth prospects in our Capital Markets Day in September 2024 this year. Of course, in the meantime, every quarter, we will continue to update you on our progress. Thank you very much for your attention, and we are now more than ready to answer all your questions. The following financial professionals have asked the question that we are going to enter in following. First, Fernando Lafuente, Alantra, Meike Becker, HSBC, Gonzalo Sánchez-Bordona, UBS, Rob Pulleyn, Morgan Stanley, Peter Bisztyga, Bank of America, Pedro Alves, CaixaBank, Fernando García, Royal Bank of Canada, Jorge Alonso, Société Générale, Javier Suárez, Mediobanca, José Ruiz, Barclays, James Brand, Deutsche Bank, and finally, Manuel Palomo, Exane BNP Paribas. The first question is related to there are a few analysts asking the following: How do the company's full- year 2024 results compare to the guidance? So thank you very much. I think guidance provided for 2024 always, as we said for 2025 as well, was excluding extraordinary results. So what I said is full- year results are slightly better than our guidance. Adjusted Net Profit was EUR 5,530 million, growing 15%, and our reported net profit includes EUR 1.1 billion of capital gains, almost fully offset, that Pepe has already explained, by non-cash adjustment that could affect our future earnings and as we always do. Next question is: Can you provide, please, more color on the non-cash adjustment? Which factors have driven the adjustment in the renewable business? How does this affect future investments? Pepe? Yeah, well, basically, the thing is that due to the fact, as I have commented, that we are going to dedicate more investments to networks and will be more selective in renewables. Obviously, in the valuation of that asset, there is, especially in renewables, we value less the pipeline, especially in the U.S., because in the U.S., as we mentioned, we prefer to concentrate in networks. Obviously, that lower valuation of the pipeline is what drives the adjustments that we have commented, most of the EUR 1.6 billion adjustments. So basically, it's the valuation of the pipeline because we're mainly in the U.S., although there are some other adjustments that we are doing in onshore, in other smaller adjustments in other geographies, but it's basically the driver is that. We expect to develop the pipeline in a much longer time. So that means that the pipeline has less value for us today, a nd that is because, as I was mentioning, and as the chairman has mentioned, because we prefer to concentrate our investments in networks and to be more selective in renewables. Well, I think just to add, as I mentioned before, I think we always have already a system, prudent system, and our rule is to provide this stable growth trend and to avoid already future surprises, negative or positive. So always we is the history of the company who has been based in this prudent approach and not to celebrate extraordinary things, but to keep all these extraordinary things for improving our future results, as always we did. Next is regarding to 2025. What drivers are expected to influence the company's mid- to high single-digit growth guidance for 2025, which is the base for the growth calculation, and how will Avangrid, 100% of Avangrid, obviously, and ENW contribute? So as I explained in my speech, I think this 2025 guidance, so this mid- to high single, is based in the adjusted net profit of EUR 5,530 million, based in various things. First, organic investment in transmission and distribution. So as I mentioned already, mainly U.S. and U.K., which are already coming into service, increasing our RAB as well in all countries because of our investment and with better tariffs in some cases, which are already, we have three cases which are already being implemented during 2025. There are as well 2,600 megawatts of renewables, and I think it's a full contribution of electricity in the U.S. and Avangrid, which is 100%. So that has Pepe, you can already give exactly which are the numbers of these Avangrid and ENW that we are expecting. Yeah, we are expecting that both of them will contribute, the sum of both of them will contribute somewhere between EUR 100 million and EUR 200 million for 2025. So these both companies, ENW, will contribute 12 months versus two months last year. Obviously, Avangrid, the acquisition of the minorities will also add. I think EUR 150-EUR 200 million could come from these two deals. The community is also asking what will be the expected net profit level for 2026, taking into account the slide. I thought that I've already tried to clarify that one during my comment, but I think I will insist again. I think it's mainly due to our network business in the U.S. and U.K., as well as the completion of the project under construction. I think we mentioned that we have EUR 15 billion at this moment of work in process that is not providing results, and I think most of them are going to be completed during this period. I think already the distribution in all countries will contribute more because we have more regulated base. There are new projects which will be completed during this year, which is NECEC in the U.S. and Eastern Green Link in the U.K. and Brazil as well. The transmission we are already in construction. Offshore, it's East Anglia THREE will be completed during next year. Windanker will be completed this year, and Vineyard Wind 1 will be completed by the end of 2025. I think, as Pepe mentioned, we have the full contribution of Electricity North West, which this year we will contribute partially only because we are expecting the final approval of CMA we are expecting soon, but I think a few months we'll not be contributing. In any case, I think, as always, in our Capital Markets Day on the 24th of September, we'll provide you a very detailed all these things, and I hope then we'll be as well as good as we are expecting. Next question is related to the, sorry, for the guidance of net debt at the end of 2025 and the main drivers or factors that are influencing these figures. Pepe? Yeah, well, we are expecting to end the year with adjusted net debt somewhere between EUR 55 and EUR 56 billion, basically apart from the, obviously, the traditional investment plan that we always have. This year, what is going to change is the ENW consolidation. That could add around EUR 2.5-EUR 2.6 billion of new debt when we consolidate the ENW, but it will add also the FFO, okay? So it will consolidate the debt, but we will consolidate the FFO, which we are right now not consolidating. To compensate that, we are right now with two or three initiatives of asset rotation that we hope to complete through the year. We might see, depending on when we consolidate ENW, that we might have a peak in debt in the first half, but obviously, if we finalize these two or three initiatives that we are expecting, that will compensate. But in the end of the year, as I was saying, EUR 55 billion-EUR 56 billion of debt. T he FFO over net debt will be more or less stable compared to this year. We are expecting that by the end of the year, the FFO over net debt will be in line with the FFO over net debt of this year. Next question is related to the European Union and is about the recent Clean Industrial Deal and the Affordable Energy Plan. What is your view on the subject? I think it's, first thing, we are positive on the document. I think it's a good initiative. I think it's a deep analysis how to improve the European competitiveness. I think most of our recommendations are included in terms of clear market orientation, promoting long-term contracts, PPAs, CfDs, etc. It's a strong message on reduction of taxes and charges. I've been for many years insisting on this to compare the taxes and charges we have in Europe compared with Americans, which is much, much higher. T he need to increase network investment. I think I've already spoken enough about networks needed, and I think that is one more document which are encouraging to invest more in networks to already provide electricity demand, which now is waiting for this grid. But I'm positive on it. Next question is about how President Trump's administration may affect your plans in the U.S. in the future and also the impact it may have on your ongoing renewables projects. We are more than 20 years in the United States. We have in this country almost more than $40 billion in assets. We are present in 24 states. We have the distribution networks in New York, Connecticut, Maine, Massachusetts. We have seven, almost 10 million Americans. We have increased investment history in these 20 years. We have increased investment in all administration. We reached 11 assets because of the investment we've been making, including during the previous Trump administration that we continue investing in increasing our asset base. I'm sure that we will work well with the new one. In fact, since the change of administration, we have already committed around $4 billion to this country, a capital increase to Avangrid plus facilities, liquidity facilities to Avangrid as well. I think there's something certain. The demand in the United States continues growing more than ever, and investment in grid, in power, more needed than ever. So I think we, that's why I think the networks, which is not dependent on federal authorities, dependent on the states, are encouraging us to invest more and more and to put more money already to provide electricity than citizens require. So but I think that's why our position in the U.S., 80% of our business, as you know, is networks. In these networks, I insist, are regulated by states. These are already. We have plans of investment almost of $19-20 billion in networks in the next few years in all the states. In New York, mainly, is the main place where we have to make because they need more resilience in the grid, more digitalized grid, and they have to have access to the new demand of data centers and others. The rest, 20% of our business is 20% of our, the rest of the business is renewables power, let's say a nd this power is, we have 10 gigawatts in operation. We have the production of all these gigawatts sold through long-term PPAs. A lso we have a strong pipeline where we can develop according with the demand. So we have a strong prospect, data centers, etc., but we will modulate because our priority now is investment in networks, as you know very well. So I think, as I mentioned as well, most of our supply chains to America is secured, either in networks, most of it is American production, and in power, many of it is as well. But I think in this moment, for all the projects we have in construction, it's already fully either the components are in America, or the few of them, less than 5% of the total investment are already on the way, so which I think the risk is minimum of whatever thing can happen in terms of regulation. Next question is related to the tariff, U.S. tariff, but has been already answered and also has been mentioned in the speech. Next question is regarding to Spain. What is your opinion about the Spanish nuclear fleet closure plan? Has there been any change in the current situation? In the last few years, the energy scenario is already changed worldwide. In Spain, in Europe, as a consequence of many things, of new demand from electric vehicles, data centers, cooling and heating, and geopolitical factors, I think the need to become more and more self-sufficient in the countries is a reality. We have seen countries around. I think yesterday Germany announced that they would like to revise and to reopen the nuclear power plant they closed, the same political party which now is in power now is trying to reopen those ones. In Belgium, they are already reopening those ones. I think the European Commission is already providing some support or supporting the state aid for reopening or extending life of this nuclear power plant. I think that is what is happening in the rest of the geographies, Britain, United States, whatever. I think my point is that this situation requires deep analysis to see what is the impact of a potential shutdown, and I think all the agents we have to participate. What I can say is Spain nuclear fleet is safe, efficient, and reliable. I think myself as electrical engineer, my opinion is that currently are absolutely necessary for the system stability and to keep the lights on. We have seen problems in countries which are already having problems with blackouts. As a consequence of the stability of the system is already being affected for several circumstances, mainly because of the volatility of certain of the power which now are in the system. My approach is clear. So that is something that has to be done with an open dialogue with all parties to create the common vision of the future of the electricity system and the nuclear in this electricity system to provide this competitive reliable service to the citizens. We are looking for competitiveness. We are looking for reliable service. We are already all committed to provide the best for the citizen, as other countries are doing. So we are not trying to invent the wheel. The wheel has been invented. Everybody is moving in one direction. We have a list to make an open dialogue to analyze why we are moving in different directions if we move, or why it's not better to move in the same direction of another one. So Iberdrola, as always, we are ready to participate in such a dialogue as we always done. I think we would like the best for the citizens, and we would like the best for the system, and we would like the best for Spain. So I think in that way, I think we are a Spanish company. We are very pleased to participate in this dialogue for doing our best for providing the best service to the Spanish citizen in the best condition for all of them. Next question is related to the U.K.. Could you please share some insights on the zonal pricing that is being proposed in the Review of Electricity Market Arrangements and, if possible, the effects that could have on your U.K. business? So I used to say that when something is working well, it's better not to generate noises which can already affect the investment which is already required for making that one. Unless when all these things that people are talking about cannot be implemented before 2035, so why to generate now just a debate, something which cannot be implemented in the next three years, so Britain, and the government is already encouraging us to invest almost $200 billion in the U.K. infrastructure. Only ScottishPower Iberdrola, I commit with the Prime Minister a few months ago, $24 billion up to 2028, so and I think for making such a $200 billion investment, we need stability and predictability, so no noise and no disturbances in the discussion, theoretical discussion. That, for this reason, large investors and trade unions agree that this will go against the urgent infrastructure investment required in the country, so I know very well members of the government. They are very committed to make the country to grow and for making this grow to attract as much as possible private investment to build infrastructure the country requires. I'm sure they're going to be very sensitive to this approach of the largest investors to not generate now noises which are not helping precisely to move on the speed up with the country required for making this investment happen as soon as possible. Next question is related to the percentage of production in Spain and U.K. we have locked in 2025 and 2026 for Spain and U.K., as I mentioned, and the prices linked to this energy. Armando. Hello everybody. In Spain, for 2025, around 95% is already committed and for 2026, it's 75%. It is worth highlighting that the wholesale prices in 2025 are better than in 2024 and are around 20% or higher than expected in our Capital Markets Day last March. In the UK, we have more than 90% of 2025 and 75% of 2026 already committed, and the prices are similar to the 2024. Next is related to Spain again. Could you provide update timing expectation on Spanish electricity distribution regulation and returns and the condition expected? I think the process is ongoing. I have no recent news. We expect in any case to be finalized before the year end, and I'm already, I hope it's going to be already moving in the positive direction. Anyway, we have huge investment opportunities in networks, as I already mentioned in all our countries. Spain today is our fourth country in terms of rate base, and I'm sure that Spain is going to move at the same speed for new investment and the same returns than other countries are already providing us. Next question is related to Vineyard Wind, and if we could give an update on the current situation of the offshore park. I was last week there in Boston, and we were already revising the project. I think the build-up is progressing very well. All the foundation and the transition pieces are already installed. I think the only thing is we are just depending on one single provider, which is General Electric, which has installing, completing the installation of the turbines. I think the expectation is they will be fully completed by 2025. In this moment, we are already exporting electricity from some of our installed turbines, and I think that it works very well. I think the first credit has been received, and we expect already to continue receiving as soon as the new turbines have been put in service. So I think I was quite, let's say, satisfied how it's progressing the work on that one. L ast question is related to another offshore power plant, New England Wind 1 in the U.S. If we can give us some update as well. So I've not been visiting New England Wind 1, but I promise after this question, I'm going to go for have a review on that one. But as far as I know, I think we have 100% of the supply chain secure, contract signed. We are already there, starting already the construction of these components. The plan is to be in operation by 2029, I think, 2028, 2029, yes, and I think it's going well. I think the most important thing is supply chains, supply chain is secure, and I think we are in the progress and progressing that one well. I think we have the PPA, the CFD assigned, and all the terms of this is already done, and it's already in a process, in normal process on that one. So the most important thing is the supply chain. The supply chain is absolutely secure in this moment. Okay. One hour later than the starting point of this presentation. Now, please let me give the floor to Mr. Galán again to conclude this event. So thank you very much once again for attending this conference call. If you have any doubt, as always, the investor relations team will be available for any additional information you may require. Thank you very much, and I think, see you soon. Thank you.