Good morning to all of you, and thanks for being with us this morning. I am Xavier Barbaro. I'm the CEO of Neoen. I'm delighted to have this opportunity to present our annual results and to give you a detailed update on our progress so far, as we are halfway in our 2021-2025 roadmap. It's been four and a half years since Neoen went public and two years since we unveiled our ambition for 2025 in our capital markets day in March 2021. As you will see this morning, our young company has grown up. It remains as dynamic as ever, and we are well on track to reach our 2025 targets. We have all the reasons to be ambitious. The renewable industry is thriving. It responds to a threefold urgency: environmental, economic, and strategic, which means that there are major opportunities for a pure player like Neoen to differentiate itself. We will continue to develop and deliver competitive value-added projects, which will translate into ambitious, profitable, and sustainable growth. We have built our strong expertise in the markets and areas we are targeting. Our goal is to leverage this expertise and to accelerate our growth in these countries. We have become a company that is today more than the sum of its parts, by further combining our power plants, solar and wind, with our storage assets and using our unique expertise in energy management to catalyze this potential. Our model has always been based on a thorough and disciplined approach, both from an operational and financial perspective and as well from an ESG perspective. As we look forward, our growth will continue to be based on that same discipline, which with strict criteria in place and with the ambition to create value for our shareholders and all our stakeholders. We will do so with audacity, integrity, commitment, and esprit de corps, which remain the core values of Neoen. I would now like to say a few words about how the morning will be structured. Louis-Mathieu Perrin, our CFO, will first present our 2022 full year results. The strong increase in revenue and EBITDA that we achieved in 2022 is further evidence of our growth profile. Having won over 1.3 GW of new projects, we have proved once again both our competitiveness and our ability to design innovative solutions. There will be a first 20 minutes Q&A session after Louis-Mathieu's presentation. This will be followed by a short break. We will resume the presentation at around 10:05 A.M. to update you on our 2025 roadmap. I will start with a short overview of the renewable energy markets and how our sector looks even brighter than before. We will then look at the achievements of the business over the past two years. I will comment on the high growth that we have delivered since 2021, together with will then give you more color on what we have achieved in terms of storage and explain how batteries are the cornerstone of our strategy and services. Jean-Christophe Cheylus, our Head of Energy Management, will give us a deep dive of how energy management works at Neoen and explain why it is another strong differentiating factor for our company. Norbert Thouvenot, our COO, will then detail our disciplined approach to procurement and how we execute projects from a construction and operations standpoint. Louis-Mathieu will talk about our financial discipline, I will outline how Neoen creates both short-term and long-term value. Last but not least,, will explain why Neoen is also performing strongly from a CSR perspective. I will take the floor with Louis-Mathieu to confirm our 2025 roadmap and outlook and share our vision for 2030. We'll wrap up with a final Q&A session. Without further ado, let me now hand over to Louis-Mathieu for the 2022 results. Thank you very much, Xavier. We'll start with a broad overview of 2022 and the key highlights that you can have on this slide. We continue to show growth, both in terms of capacity and in terms of financial performance. If we start with capacity, we reached 6.6 GW of assets in operation or under construction, meaning that we are already two-thirds of the way towards our 2025 target of 10 GW. On top of that, we added more than 1.3 GW of capacity to our secured portfolio, which stood at 7.4 GW at the end of 2022. As for our key operational and financial indicators, we generated close to 68 GW of electricity during the year, which is an increase of 21% year-over-year. Revenue reached EUR 503 million, up 51% year on year. Adjusted EBITDA reached EUR 414 million, up 38% year on year. Adjusted net income reached EUR 48 million, up 19% year on year. I will come back on these elements in more detail in the course of the presentation. As I said, full year 2022 revenue was up 51%, and we had a particularly strong Q4, with revenue growth reaching 63% versus Q4 2021. 2022 adjusted EBITDA was up 38% to EUR 414 million. Our three operating segments, solar, wind, and storage, contributing to this strong growth, while the contribution from our funding activity was lower than in 2021. Our capacity and operation or under construction came to 6.6 GW at the end of December 2022, which represent a 21% increase versus the end of 2021. We now move to slide number 11, you will have a quick overview of the dynamics within our secured portfolio. We have secured more than 1.3 GW in newly awarded project in 2022, and I will come back on this shortly. In the meantime, we launched a construction of 1.1 GW, of which 1 GW in Q4 2022, including notably Rio Maior and Torre Bela in Portugal for a total of 272 MWp. Fox Coulée, 93 MWp, our first asset in Canada. Western Downs Storage and Blyth Battery in Australia, 200 MW, 400 MWh each, and Storen Power Reserve, 40 MW, 40 MWh, our first battery in Sweden. We also added 571 MW of capacity in operation during the year, with the commissioning of 557 MW and the acquisition of three wind farm in France for a total of 14 MW. On top of that, some farms that are still under construction already started to inject electricity into the grid, including notably Western Down, 460 MWp, and Kaban, 157 MW in Australia. At the end of December 2022, Neoen had almost 4.1 GW in operation and should reach at least 4.5 GW during the first semester of 2023. If we move to the next slide. You want to take this one? Maybe I can, I can take this one. Yeah. We continued to expand our secured portfolio, adding, 1,330 MW in 2022 in Australia, France, Sweden, Finland, Canada, and Ireland. This includes 1,015 MW in Q4 2022 only. In, in detail, the Q4 additions include in France 180 MW in the latest technology neutral competitive tender held by the French government. In France, we signed a PPA for 62 MW with TDF on two French solar farms. This is Neoen's first corporate PPA in France, and in addition, we acquired three French wind farms totaling 14 MW. In Sweden, we signed a 90 MW, corporate PPA with H&M on the Hultsfred solar project, and we launched the construction of the 40-MW Storen Power Reserve, which is Neoen's first battery in the country. In Finland, we added 60 MW with the Storbötet wind farm, out of which at least 57 MW have been contracted with Equinix. This is the third PPA signed with Equinix by Neoen. In Canada, we launched the construction of the 93 MW Fox Coulée solar farm, which is Neoen's first asset in Canada. Finally, in Australia, we signed a 215 MW PPA with Stanwell for the Mount Hopeful Wind Farm in Queensland. We added 200 MW with the Western Downs Battery in Australia, the construction of which has already been launched. We added another 200 MW with Blyth Battery in Australia, which is also already under construction. A very active quarter for Neoen. As you can see, on slide 13, a bit more detail about the already mentioned 180 MW that we won through the latest French public tender. The breakdown of those 180 MW was between 2 solar farms of 23 and 19 MW peaks and 9 wind farms for a total capacity of 138 MW. Overall, 45 MW entered into our secured portfolio. 9 MW were already considered as awarded, and another 126 MW corresponding to 8 of the 9 wind farms, are not recorded in our secured portfolio yet because they are still subject to appeals, even though they have already received all of their permits. This new success brings the project won by Neoen in French government tenders in 2022 to a total of 272.5 MW. If we now turn to slide number 14, Neoen signed 7 corporate PPAs in the last quarter of 2022 for a total capacity exceeding 530 MW As you can see, these PPAs are spread in 4 different countries. They cover solar, wind, and storage assets, and they include, in particular, our first baseload contract, a 70-MW PPA with BHP in Australia mining company. We will provide energy 24/7 by integrating output from our Goyder South wind farm and storage from our Blyth Battery, while also using our energy management expertise. As you can see on slide number 15, Neoen launched the construction of three batteries for accumulated capacity of 440 MW in December 2022. Western Downs Battery and Blyth Battery will be our fourth and fifth large-scale batteries in Australia. Both batteries will have a capacity of 200 MW and a storage duration of 2 hours, allowing us to provide more services per installed MW. Both batteries will be equipped with grid-forming inverter technology. Western Downs Battery is located next to our 460 MW Western Downs Green Power Hub. It will deliver a range of essential services to the grid. Blyth Battery will be mainly deployed to firm wind energy from our wind farm Goyder South stage one. As such, it will contribute to deliver the 70 MW renewable energy baseload contract that we have signed with BHP. In Sweden, the construction of the 40 MW Storen Power Reserve was also launched in December. It will provide ancillary services to stabilize the Swedish grid, and it is our second asset in construction in Sweden, which is a new country for Neoen in 2022. Maybe, let me now give you more details on the commissioning of 2022 on the next slide. This is slide 16. We added 571 MW of assets in operation in 2022 in France, in El Salvador, and in Finland. Notably, we added 462 MW in Q4. Mutkalampi in Finland for 404 MW. Two French wind farms, with a total capacity of 31 MW. 1 battery in France for 8 MW. 1 solar farm in France for 5 MW. Also, we acquired 3 French wind farms for a total capacity of 14 MW. I now hand over to Louis-Mathieu to comment on our operational data and results. Thank you very much, Xavier. Let's start with the electricity generation. We generated close to 6 terawatt hour in 2022. The average solar availability rate was down to 86%, which is due specifically to technical difficulties that we encountered at the El Llano solar farm in Mexico. Production was stopped all along Q3 2022, and the plant operated at limited capacity in Q4. This situation will last until the replacement of its transformer, which is scheduled by the end of Q2 2023. Excluding the solar farm, solar availability rates stood at 99% in 2022. The average wind availability rate was stable at 97%. If we turn to load factors, the average load factor of solar assets slightly decreased to 19.1% compared to 19.6% in 2021. On the one end, we had the positive contribution from Altiplano in Argentina, which has been commissioned late 2021. I remind you that the Altiplano solar farm has a higher load factors than the average of our assets in operation. On the other end, we had lower irradiation conditions in Australia over the period. Regarding the average load factor of wind assets, it decreased to 28.5% compared to 30.5% in 2021 because of unfavorable wind resources in Europe over the last 3 quarter of 2022, and also at one wind farm in Australia throughout the year. If we turn to revenue, we achieved EUR 503 million in revenue in 2022, which is a 51% increase year-on-year. This increase was largely driven by assets commissioned in 2021 and in 2022, including notably the early generation revenue recorded during the year, mainly in Finland, in a context of very high merchant prices in Europe. As for the assets which were already in operation at the end of 2021 and 2020, sorry, the overall price effect was positive, amounting to EUR 21.5 million, and reflecting a combination of higher market prices in Australia and Europe in 2022 versus the year before. Higher price for the Bulgana wind farm. As remember, the PPA of this wind farm started in December of 2021. Prior to this, the plant was selling electricity on the market at prices which in 2021 were lower than the PPA price, which applied all along 2022. Coming back again on this asset, which were operational at the end of 2020, the volume effect was overall insignificant. As for the storage revenue, it increased by close to EUR 19 million, benefiting from a strong performance of Hornsdale Power Reserve in Australia and the Li-ion battery in Finland, both in a volatile market environment. As you can see, the decrease in revenue linked to last year's farm-down transaction was pretty limited. Finally, we had a positive Forex impact in 2022. At constant FX rates, revenue was up 46%. Here, I would like to remember you that we already reported our interim results using adjusted numbers at EBITDA, EBIT, and net result level. Before commenting on our 2022 results, I'd like to come back on the rationale for adjusting our key performance indicators. As you know, within our secured portfolio, we have entered into medium and long-term power purchase agreements with commercial counterparties known as corporate PPAs, which we call CPPA. Some of these CPPAs qualify as derivative financial instruments according to IF RS 9 and have to be fair valued. Given the forthcoming entry into force of several financial CPPAs related to Mutkalampi and Western Down, which have both started producing electricity during the year, we recognized in 2022 the change in fair value of energy derivatives associated with these contracts in our P&L in the line of our current operating income. In 2021, no fair value of energy derivative was recognized in our accounts, as Mutkalampi and Western Down were not producing electricity at that time. Given its intrinsic volatility, which is fully beyond our control and is of course non-cash, and in accordance with market practices, we have decided to adjust in our financial communication EBITDA, EBIT, and net results for the change in fair value of energy derivative. In 2022, the change in fair value of energy derivatives amounted to a positive impact of EUR 2.8 million, more than offset at net result level by a corresponding negative tax effect of minus EUR 5.1 million, which come from the difference in tax rate between Finland, where change in fair value was negative, and Australia, where change in fair value was positive. Consequently, as we could neither anticipate nor forecast any change in fair value of energy derivatives in our EBITDA guidance for the reasons I just explained, we have been adopting and communicating on an adjusted EBITDA bi-basis since the publication of our H1 results. Our guidance is now in adjusted EBITDA. If we come back to the presentation, and comment on the adjusted EBITDA, it was up 38% year-on-year to EUR 414 million. The driver for this increase are the following. First of all, the contribution from asset commission in 2021, mainly in Australia and in Argentina. Also from asset which started injecting electricity into the grid in 2022 in Finland, and to a lesser extent, in France. Secondly, the liquidity damages which were recognized in 2022, mainly in Australia. Strong performance of Orangeville Power Reserve in Australia, and to a lesser extent, the Ilikala battery in Finland. These positive items were partly offset by the lower contribution from El Llano in Mexico in 2022. I will come back on this later on. And by the lower contribution from farmland capital gains compared to 2021. As you remember, we sold 1 last year, in 2021, we sold 4 solar farms and 2 wind farms for a total capital gain of EUR 50 million. Whereas in 2022, we sold 1 wind farm for a capital gain of EUR 16.4 million, and we just disposed early 2023, the Cabrela solar farm in Portugal. If we now look at the breakdown of our performance by segment, starting with solar. Solar revenue increased by 20%. Adjusted EBITDA was up 32% at EUR 181.6 million. This is due to a strong contribution from asset commission in 2021, essentially in Argentina with Altiplano, and to a lesser extent, in France in 2021 and also in 2022. We also benefited from the early generation revenue in Australia and in Ireland in 2022. We also had the recognition of liquidity damages in Australia as a consequence of delays in construction. This positive were partly offset by, on the one hand, the lower contribution from El Llano, which is due to a combination of two factors. First of all, a high comparison basis last year. As you may remember, the PPA started as of July 1, 2021, versus end of June 2020 initially expected, with electricity valued at market price over this period. Secondly, again, for El Llano, the production was stopped during the whole Q3 2022, and remained limited in Q4 2022 because of technical difficulties. The other negative is also the impact from the disposal of four solar farms in France in H2 2021, which implied no contribution from these farms in 2022. Turning to wind, revenue was up 60% and adjusted EBITDA increased by 70%, sorry. This is due to the early generation revenue from Mount Calumpang in H2 2022, and to a lesser extent, from French assets also during the year in the context of high merchant prices. We also enjoy higher market prices, which were captured in French in H2 and in Australia and in Ireland all over the year by wind farms having a merchant exposure. We benefited from the higher contribution from Bulgana compared to last year. In addition to the already flagged higher average selling price, we also had a higher output from the plant, which was already injecting electricity into the grid in 2021, but was only generating at around 6 0%-70% of its capacity in Q4, 2020-2021. Finally, we benefited from the partial exemption of penalties historically recognized under a PPA in Australia. Turning to storage, its revenue almost tripled and its adjusted EBITDA more than doubled. We benefited from the contribution of the VBB, which was commissioned in December of 2021. In Q1 2022, it recorded the seasonal revenue earned from the capacity reserve contract with the Australian regulator, which is into force during the Australian summer. On the last 3 quarters of 2022, the battery has also actively supported the grid in a volatile environment. The revenue and the EBITDA growth of the storage segment were also supported by the very good performance of HPR in Australia and Ilikala in Finland, which expanded sales of network services to several markets in 2022. Overall, both batteries benefited from favorable local market conditions. Here you have the breakdown of our solar and wind revenue between merchant and contracted. The merchant proportion of cumulative generation revenue, meaning solar and wind, reached 24% in 2022 compared to 16% in 2021, which was driven by early generation revenue in Finland, Australia, France, in a context of high market prices. We now look at the detail of our P&L and we focus on below adjusted EBITDA items. Adjusted EBIT was at 37%, which is a direct consequence of the increase in adjusted EBITDA. Depreciation, amortization, and provision increased in line with the growth in the volume of assets in operation, and to a lesser extent, as a consequence of a limited Forex impact. Moving to the non-current item, in 2022, we booked EUR 19.9 million impairment loss on our Metoro solar farm in Mozambique. The local security situation suddenly deteriorated in June 2022, and we had to suspend the construction of the solar farm with no visibility on the timing when a construction operation will be able to resume. Our financial cost of debt increased by 27%, which is a direct consequence, essentially of the growth of the number of assets in operation, but also of a slight increase in the group average cost of project finance debt, 30 bps on average, between end of 2021 and end of 2022. It was despite the positive impact of the progressive repayment of historical project finance debts. Looking at all the financial income and expenses, they increased in line with the growth in asset in operation and also as a consequence of a higher negative Forex impact, notably in Argentina, on the part of our exposure, which is non-dollarized. Our effective adjusted tax rate was up, reaching 38.6% versus 25% in 2021. I will come back to this in tomorrow's details on the next slide to explain the rationale. As for our adjusted net income group share, it amounted to EUR 48 million versus EUR 40.2 million last year, or consolidated net income, including the impact of the fair value of energy derivative financial instrument. Net of tax amounted to EUR 45.7 million and is presented in the appendix to this presentation. In details, looking at our adjusted effective tax rates, it was impacted, first of all, by the lower contribution from farm-down in 2022 compared to 2021. As you may remember, farm-down's influence generally benefit from the long-term capital gain tax regime. Last year, it represented a -19% impact on our effective tax rate. Second effect, in 2022, the tax rate was also impacted by the non-recognition of deferred tax assets for obvious reasons on Metoro's impairment. Those two effects were partly offset by lower impair inflation impact in Latam, where we have not stayed inactive. Also, it is worth reiterating that a large part of the impair inflation impact is beyond our control. If we strip out the Metoro impact, as you can see on the chart, our adjusted tax rate would have been much closer to a theoretical tax rate at around 29% versus 25%. If we turn to our cash flow generation and start with the cash flow from operation, it amounted to EUR 457 million in 2022, which is a EUR 181 million increase compared to last year. It was largely driven by the increase in adjusted EBITDA. We also had a punctual positive effect of EUR 19 billion on working capital. As you may know, most of our plans benefiting from current tariff in France sells our activity on the market, the difference between market prices and the tariff being covered by EDF OA. When this regulatory scheme was implemented, no one anticipated that prices may be as high as in 2022, as that renewable facilities would benefit from market prices higher than the current tariff, putting us in a position of debtor towards EDF OA. This cash will be paid back in 2023 according to applicable regulation. We are just awaiting instruction from EDF OA on the applicable repayment scheme, which should get shortly. Turning to cash flow used in investing activity, they reach slightly more than EUR 1 billion, EUR 1.1 exactly, as we continue to invest over the period, notably in Kaban, Westerdam, Goyder, the VBB, and Capital Battery in Australia, as well as Mutkalampi and Björkliden in Finland, Rio Maior in Portugal, Storen in Sweden, and several solar, wind, and storage assets in France. In the meantime, net cash flow from financing activity reached EUR 681 million, mainly reflecting a light increase in project finance borrowing and the issuance of green convertible bond in Q3 2022 for a nominal amount of EUR 300 million. As a result, our group's cash balance reached EUR 623 million at the end of December 2022 versus EUR 593 million at the end of 2021. Looking at our gross debt, it totaled EUR 3.5 billion at the end of December 2022, up EUR 556 million versus end of the year 2021. Net increase in borrowings, which is the difference between issuance and impairment, amounts to EUR 753 million and is mainly due to additional project finance raised with the construction of new assets and the issuance of a third convertible bond for a EUR 300 million nominal amount, and it was the second in a green format. We also had the conversion into equity of the convertible bond issued in 2019, which partly compensated the increase, together with a change in fair value of derivative in a liability position, which is derived from an increase in forward interest rates in country where Neoen is active. All interest rates derivative were in an asset position at end of December 2022. The average cost of project finance debt for assets in operation is up at 4% versus 3.7 at the end of 2021. This is due to the commissioning of Mutkalampi late 2022 and to a higher interest rate environment worldwide in 2022 that affected the unhedged portion of project financing. This portion remains limited, as you all know, with more than 75% of our floating interest rate exposure on project debt, which is swept. The group average cost of debt increased slightly at 3.8% versus 3.5% at year-end 2021, and we continue to have more than 80% of our debt, which is non-recourse with long average tenure. Focusing on net debt on slide 30, excluding positive non-recurring items, it went up by EUR 626 million to EUR 2.9 billion. The positive non-recurring items include the EUR 90 million of cash mentioned earlier, which will be paid back to EDF OA according to applicable regulation, as already e-explained. Slightly more than EUR 300 million of positive fair value of interest rates derivative, which is directly linked to a significant increase in forward interest rates in 2022. Net debt, excluding positive non-recurring items to adjusted EBITDA rate ratio, decreased to 6.9 times as a consequence of a more rapid increase in our adjusted EBITDA. If we are to include these two temporary elements, net debt and leverage ratio would stand respectively at EUR 2.5 billion and 6 times as of December 31, 2022. Besides, we continue to stick to a very strict financial discipline. We have project finance debt on asset in operation showing long tenure of 15.9 years on average, and our debt remains domesticated in the same currencies as the cash flow of our underlying PPA contracts, providing for form of natural hedge, something we do not intend to change in the future. I now hand over flat back to Xavier for the rest of this presentation. Thank you, Louis-Mathieu. On slide 28, 32, sorry. We give you the latest status on our 2.5 GW of assets under construction at the end of 2022. As we said earlier, out of those 2.5 GW under construction, almost 700 MW are already producing and selling electricity on the market at the end of December 2022. As usual, this map shows our current best estimates of expected CODs. Let's go quickly through our main projects. In Australia, we still have six plants under construction that are running according to schedule. The COD of our large solar farm, Western Downs, is expected in H1 2023, and please note that injection into the grid has started. We launched the construction of Western Downs' storage and Blythe battery in December 2022, with CODs expected respectively in H2 2024 and 2025. Other Australian projects include the Kaban Green Power Hub and the Capital battery in Canberra, due to be commissioned in 2023, as well as the Goyder South stage one wind farm, due to be commissioned in 2024. Please note that Kaban has already started to inject into the grid. In Finland, the construction of the Björkliden wind farm is ongoing. Its COD is still expected in Q1 2024. In Sweden, the construction of the Storbrännkullen wind farm is progressing well, and COD is still expected at the end of 2023. Also in Sweden, we launched the construction in December 2022 of the Storen Power Reserve, our first battery in the country, which COD is expected in 2024. In Ireland, our 3 solar farm projects started injecting electricity into the grid, and CODs are now expected in H1 2023. In Portugal, we launched the construction in December 2022 of Rio Maior 150 and Torre Bela, which CODs are expected in H1 2024. In Canada, we launched the construction of Fox Coulee, our first asset in the country, which COD is expected in H1 2024. Finally, in France, we currently have 320 MW of solar capacity and 64 MW of wind capacity and of storage capacity under construction. Those projects should be commissioned between 2023 and 2024. Last, regarding the Metoro solar project in Mozambique, the situation has not changed since our last call in November. The construction work remains suspended for an indefinite period of time. If you turn now to slide number 33, for the second consecutive year, the board of directors will propose to the shareholders general meeting a dividend. It will amount to EUR 0.125 per share, representing a 25% increase compared to 2021. The dividend will be payable on June 8th, 2023, and shareholders will be given the choice of receiving it 100% in cash or 100% in shares. Please note that Impala, our main shareholder, has already indicated its intention to opt for the scrip dividend. Beyond 2023, the group intends to continue increasing progressively and regularly its dividend. This ends our opening remarks on our full year 2022 results. We've been very happy to share with you some detailed information about our good set of numbers. As you have seen, Neoen continues to grow its EBITDA and its portfolio year after year. Thank you for your attention, and we are now open to questions. Ladies and gentlemen, if you would like to ask a or make a contribution on today's call, please press star one on your telephone keypad. We'll take our first question from Vincent Ayral. Please go ahead. Your line is open. Yes. Can you hear me? Yes. Yep. Okay. Good morning. Good morning, everyone. Thank you for the presentation. I would have. I'll speak to two, and may come back if there is more space later. Two questions. One is related to merchant exposure and the short-term guidance 2023. I have to say, I've been a bit disappointed there. Basically, you have some significant merchant exposure. You had it in 2022. Still, and the French government is offering 18 months merchant exposure for capacity to be commissioned before end of 2024. I'd be interested in understanding a bit how you set your guidance, how much you allocated to this potential upside, and get a bit of a color on it. Last time we talked about this specific topic, the nine months, we didn't know if it was to be subject to the cap, on renewables, or not. The information, you gave at the time that was that the draft, was not envisaging any cap. I'll be interested. The first question, is this, basically 2023 guidance merchant exposure and more of a drill down on the 18 months, break or postponement of CFDs in France? That would be my question number one. Question number two, when we look at the 2025 guidance, it's fairly materially below consensus, yet we have more capital, CapEx, to get there, and potentially more equity at EUR 750 million. Could you give us a bit of color on basically the evolution there? Because you say that the return remained the same. I think I saw that on the press release. We're spending more money, potentially it should be a higher revenue line in EBITDA, to compensate for this higher CapEx. Yet the 2025 guidance is lower than the consensus expected. It would be interesting for us to understand exactly what is the equation there, and whatever color you can provide would be useful. Thank you. Thank you, Vincent. Maybe Louis-Mathieu can take the first one. Yeah. I'll take the second one. No problem. On the merchant exposure, just remind you that we have been very clear on what we would accept. In terms of capacity, it's 20% of solar and wind capacity, excluding storage. If we look at where we will have exposure this year, you have of course France, and I will come back to this. You have Finland for the beginning of the year, and you have Australia, where we have a number of assets which will benefit either from merchant sales or early generation revenue. If you look at prices, they all went down compared to the end of Q3 and Q4, sometimes in a significant manner. I also remind you that we don't get fully the forward price. What we get is the price multiplied by the ratio baseload to capture. This ratio baseload to capture is not 100%. The higher the price of electricity, the lower the ratio baseload to capture. It's today around 60%-70%. In the guidance that we built, of course, we took into consideration the recent decrease in prices, even if prices remain higher than their long-term average. Coming back specifically to France, the cap will only apply to plants which were already in operation and have a merchant exposure. The new construction built and the new assets entering into operation starting early September 2022 will benefit from 18 months of merchant prices without any cap. Still, when you look at prices today, they are below the cap, the EUR 180 million. On top of it, you have to apply what I explained, the baseload to capture ratio, which is not 100%. All this is flagged into our guidance. I know that there has been a bit of excitement around where prices were at the end of Q3, but really look at the trending prices. It has changed, even if it's still higher than in the past, it's lower than where it was in Q3, which of course explains the difference compared to some estimates. I hope it answer y our question. On your second question, Vincent, if we go back to what we said at the last Capital Markets Day in March 2021, we said that we would reach 10 GW at the end of 2025 in operation or under construction. We raised EUR 600 million in 2021 for the first half of this investment plan. We suggest today that we actually only need another EUR 600 million to fulfill this initial plan despite the increase in CapEx, which means that we have been able to absorb, or that we will be able to absorb the increase in CapEx with none equity financing. That's something that we can do through project debts, through corporate debts, through farm-downs. As you know, there have been a steep increase in CapEx for solar, for wind. It's also true for storage. The good news is that despite this increase in CapEx, we can fulfill the 2021 business plan with just another EUR 600 million. The EUR 150 million that we want to add to that relates to additional capacity on top of what we had presented in 2021. It's for storage. It's the same, let's say, power capacity, but it's twice the energy storage capacity. There will be the same output in terms of MW, but there will be twice as many MW hours per battery, meaning that we will be able to offer more valuable services. As you pointed out, it does not translate immediately in a much higher EBITDA guidance or consensus for 2025 because of course, construction takes time, and that's something that usually happens and that usually materializes 1 or 2 years down the road. If we start building longer duration batteries in 2023 and 2024, 2025, the financial impact is not happening obviously in the exact same timeframe. I would tend not to agree with you on the, let's say disappointing, dimension of our numbers. On the contrary, we believe that we are doing a good job at managing the CapEx increase through none equity tools. That's again, the good news is that we are able to stay in line with what we said in 2021 for those 10 GW. The additional equity needs actually relate to additional investments that we believe are especially value creative, even if it will not show in the next couple of years, because again, construction takes time, even for storage. Okay, thank you very much. That's extremely clear, actually. You're saying, additional CapEx is for additional capacity which does not reflect in the 10 GW because it's battery, and the additional EBITDA will materialize post 2025, if I understand? It starts hopefully to materialize in 2025, but again, there is always a lag, one, two, three years, depending on the, of course, the pace of investment that we're going to have. Yeah, okay. I would have expected some to show for the 25 guidance. Okay, point taken. On the merchant exposure, just coming back, I understand that power prices have come down, but there is still upside from this merchant exposure, especially on the French, 18 months. How much has been baked in the guidance? If that could be useful for us to basically, understand a bit how the numbers are built. I won't disclose any specific figures, but during the Q3 conference call, Xavier flagged the number of MW of French project, which would be benefiting from this exposure to merchant prices. They will be spread over the next 24 months, so it will be gradual. You will have an upside in 2023, of course, but you should also have a benefit in 2024. Apart from France, the merchant exposure that you have is really in Finland for part of the year, because Mutkalampi will have this PPA starting in Q2 and Q3. Also in Australia, we have some assets which are in commissioning phase at the moment, and which would benefit from such an exposure. I come back to what I gave you as an indication, Vincent, this 20% is really the cornerstone of our commercial behavior, and so we'll stick to that. So you should expect not more than that in terms of exposure overall, if we strip out storage in 2023. Okay. Thank you very much. Welcome. Thank you. We'll move on to our next participant, Henry Tarr from Berenberg. Please go ahead. Your line is open. Hi there, thanks for taking my questions. I guess the first one would just be around CapEx expectations for this year, and I know on the capital raise, timing is gonna be reliant on markets, et cetera, et cetera, but is there sort of a time by which you would like to get that capital in? Secondly, if I could just ask sort of more broadly on whether you're actually seeing changes to the environment, particularly in Europe, for building new capacity and actually accelerating permitting some of the other blockages that we've seen through the last few years. Thank you. Thank you for those questions. Maybe a quick answer on the first one. We had said in 2021 that we would do a second capital increase in 2023. That's obviously going to happen. The cash position of the company is quite robust, so there is no urgency on our side. We will take the best possible window of opportunity. So there is again no pressure on this one. Let me highlight again that the capital increase or the new equity needs that we are presenting this morning are I mean, EUR 600 million to fulfill the initial business plan. Naisheng CuiAgain, we have managed to control the CapEx increase through other non-equity tools and an additional EUR 150 million for additional storage, which we believe is a very compelling opportunity. Again, no pressure on our side. Cash position of the company is quite strong, it will still happen in 23, there is no pressure on this one. On the second one, in Europe, we do believe that it's time to accelerate and that Neoen is well positioned for that. Of course, there are some different realities from one country to the other. In France, the permitting process is and will remain complex. At the same time, you could argue that it plays in the favor of players like Neoen that are well-established versus newcomers. We do see some acceleration in, for example, in Finland, especially after the disconnection with Russia. There was 1 GW of electrical connection between Russia and Finland, which is not operating anymore. There is a need for green electricity. That's no news. Decarbonation is, of course, a central theme in Europe. There is a need for cheap electricity, especially to regain some industrial competitiveness across the continent, and there is a need for domestic electricity. Of course, that relates to what's happening in Ukraine. We do see some great potential in the countries where we are already operating, France, Finland, Sweden, Ireland, Portugal. We have started in Italy at the end of 2021. We are starting in Germany this year, with a specific focus on storage. We do think that Neoen will be in a great position to take advantage of those strong trends in Europe. We'll get back to this in more details in the second half of this presentation. Great. Thanks very much. If I could just ask one more. Sure. Just on the in terms of returns, how do you think about the storage investments versus new renewables projects? Are you targeting the same level of returns, and do you have the sort of same confidence on delivering those returns? Or how do you stack up the economics of storage versus renewables? Thanks. We have always said that we had the same target returns for storage. That's typically 7.5% equity return in France, 8.5% in Australia and other OECD countries. Sorry, France and Europe, 7.5%. Australia and other OECD, Canada and the likes, 8.5%, and non-OECD, 10%+. What we have observed in the past is that storage could be much, much more valuable than that. We are not making it a guidance. We are not making it a target. We want to be cautious on this one 'cause it's a little bit new for even for Neoen. We started in 2015, but we are still, let's say, learning and gaining speed on storage. What we have observed, and that's true in Australia, and that's public information, is that those assets have proven to be extremely valuable, not only for us, but also for our customers, and that's probably the main point. We have generated huge savings for our customers, meaning that in return they have asked more from us, meaning that in return, we have been able to get more profitability than what we initially thought. Yes, storage is a great option. There is some volatility. What we want to have at Neoen is at least, let's say, robust floor IRRs. Want to make sure that we invest in storage units with at least a robust floor. For the rest, the... there is no ceiling. That is was something that we have observed in Australia. One thing to keep in mind is that those assets, because of the, let's say, volatility in cash flows are hard to finance with project debts. It's the reason why it means more equity. Again, that's good equity at work. That's great. Thanks very much, guys. Thank you. We'll move on to our next par ticipant, Naisheng CuiNaisheng from Barclays. Please go ahead. Your line is open. Thank you. Good morning. Thanks for taking my questions. 3, if that's okay. The first one is just thinking about CapEx and equity re-requirement both increase. Could you please explain to me what's the rationale of increase of dividend, please? The second question is on storage EBITDA margin. I just realized 2022 margin decreased to about 74% from 88% last year. What's the reason for that? There's a third one very quickly. I think there's a few acquisition made in France for a few onshore wind assets. Just want to understand a bit of color on that. Why do you think you will make more acquisitions in the future? Thank you. Thank you, Naisheng, for your questions. Maybe I can take one and three, and Louis-Mathieu can take the second one. On the dividend, we said at the time of the IPO of Neoen in 2018 that we would have a first dividend, based on year 2021 and paid in 2022, and that's something that we would keep. We wanted to try to stay true to our word. Cash, in terms of cash, it's negligible, I would say because 80% last year of our dividends were actually paid in shares. The cash impact is just literally a few million euros, so it's not incompatible with raising new equity. I mean, there is no paradox there. We believe that it's good practice for a company like us to start paying dividends. Hopefully, that is something that will be valued by some of our shareholders. We heard last year from some investors that they were super happy that we started paying this dividend because they could only invest in companies paying dividends. That is not something that we had in mind, that it was good news for us. We do believe that it's good policy. In terms of cash, it's again, just a few million EUR, there is no paradox there. Louis Mathieu, maybe on the second. The answer, the answer is extremely simple. We are in an environment where prices for electricity were very high, so the charging costs for the battery were much higher than the year before. If you do the calculation for a same amount of margin, of course, we had more volume thanks to the VBB, but the unitary margin did not change that much. Of course, as the charging cost is higher, of course, if you divide the margin by the charges cost, you have an EBITDA margin which goes down. It's quite mechanical. On your third question, Nash, on acquisitions, We said in 2021 that Neoen would stay true to its model, which is to grow organically. If you look at the past couple of years, 99% of our growth was organic. We sometimes acquire, let's say, permits or land rights just to gain some time. We always do, let's say, the core of the job, which is to finalize permits, grid connections, structure the investment and financing, obtain a PPA, et cetera, and monitor construction and operations. We said in 2021 that we would still be open to acquisitions, two potential types of acquisitions. One is distressed assets, something that we haven't done, by the way, at least in the past couple of years. That's something that we did, almost a decade ago when we acquired Poweo and Jouy in France. We also said that we would be open to acquiring old assets in order to reveal the repowering opportunity that is embedded in those assets. That's something that we have done in Ireland, in France, and that's something that we have done in particular in 2022, when we acquired three wind farms for a total of 14.4 MW, so fairly limited investments. Those wind farms are located in Brittany, good winds, old turbines that we plan to replace at some point. We do believe in the potential upside that there can be in acquiring old assets that we can repower and potentially. Of which we can potentially increase the size. Again, that's not an important part of our budget, typically 1%-3% of our investments. That is something that we may scale a little bit in the future if we believe that there is a good angle for us, especially in Europe, where there are many old wind farms. If not 1% or 2%, that may be a 3% or 4% or 5%, I don't know. Please keep in mind that the growth of Neoen is first and foremost organic. Very clear. Thank you very much. Thank you. We'll take the questions remaining on the next part. Thank you. Okay. We will have, again, another set of Q&A, at the end of our second half of this, presentation. That can include as well financial questions. Please keep with us. We'll have a five-minute break, we'll be back to talk about strategy, outlook, and do a deep dive on storage and energy management. Thank you very much. We'll be back in five minut es. Thank you. Thanks again for being with us. The second part of this presentation this morning is about the update on the 2025 roadmap that we had released in March 2021. Starting with the outlook for renewables. What we can see here is that the demand for electricity obviously is surging. That relates to 2 things. I mean, global growth, with population growth, higher standards of living. That means, basically more fridges, more light bulbs, more TVs. That also relates to the replacements of thermal power by electricity, typically, vehicles, green hydrogen. Strong growth and of course, renewables will take the lion's share of this growth. For, let's say, a good set of intrinsic reasons. Renewables, of course, help with decarbonation. They are cost competitive, they are local. Energy sovereignty, especially in Europe as a moment, is a key theme. They are reliable thanks to storage. The combination of solar, wind, hydro, storage is especially strong and reliable, and of course, they are the fastest to market. It takes 10 to 15 years to build a new nuclear reactor. It only takes 1 year to build the equivalent capacity with renewables. If we look in particular at solar and wind, especially in Neoen's core regions, we see the same growth, in Europe, in Australia, in the Americas. That is, of course, there are some variations obviously, but the trend is especially impressive. On top of the volumes, we can also look at the prices. The positive outlook for renewables is also about electricity prices that are expected to stay high in the medium term. That relates to carbon taxes, to higher prices of commodities, to aging power plants, and to constraints in grids. That we believe, that the market believes actually, 'cause it's not Neoen's view, will remain high. If you look at this slide, you can compare the view that the market had one year ago, and the view that it has today, three Neoen's countries, France, Finland, Australia. The trend is obviously upwards and that is something that we believe will stay. Beyond this, let's say this quick outlook for renewables, if we look at what Neoen is doing and what Neoen has been doing since 2021. This is the same exact slide that we showed at the end of our presentation in March 2021. A bold ambition for 2021-2025, and that's something that we would like to look back in details, because since the 2021, Neoen has delivered on all its objectives. Starting with high sustainable growth. We have consistently delivered double-digit growth. That's true for EBITDA, that's true for growth in terms of installed capacity. That's also true in... That's, I believe, interesting in terms of number of assets in operation, which is a great proxy for where we are in terms of learning curve. Just looking at EBITDA in 21, we said we would have a growth of at least 10% every year. In 22, we have delivered 38%. What we have done in the past couple of years was also about balancing our asset mix. We have added 2.5 GW in the past 2 years, in Australia, in France, Finland, Portugal, Sweden, Canada. We now have, I think, a well-balanced mix in terms of geographies, in terms of technologies across solar, wind and storage. Storage has grown will further grow. That is something that will happen across all of our regions, Australia, Americas, Europe and Africa. Well, let's call it Europe, because out of 2.9 GW, we actually have 2.18 GW, 97% in Europe. Europe, Australia and the Americas, a well-balanced mix and as well in terms of technologies. What we have done, as you can see on this slide, the addition in terms of capacity in the past couple of years, it's especially happening in OECD countries. There is also El Salvador on this slide, which is a country that we like a lot and where we have been quite successful, a dollarized country. Even when we operate in non-OECD countries, we do have dollarized contracts. As you can see, the growth came from Australia, from France, from Canada, from Finland, Portugal, Ireland, Sweden. That's something that I believe is a good proxy of what we will do in the next years as well. Our current pipeline, what we call the advanced pipeline, so advanced project and tender-ready project have has grown as well, which means that there is today some embedded future growth in our pipeline. That's something that we have actively developed in the past couple of years, and that will bear fruit in the next future. If you look at where we were in 2021, we have added 5 GW in terms of advanced pipeline. That's the net growth. Knowing that 2.2 GW have moved from our advanced pipeline to our secured pipeline, it means that we have actually added more than 7 GW to our advanced pipeline. We have always been a bit cautious about communicating on the early-stage project. That's something that is not included in our advanced pipeline. Many of our competitors display dozens of what we call braggawatts. At Neoen, we are a bit conservative on this one. We have always said that we had more than 5 GW. We just wanted to convey the message that we were also working on projects for the long run. Today, we are comfortable saying that we actually have more than 10 GW of early-stage projects. This early stage pipeline has grown in proportions with the rest of our pipeline, which means that we focus as much on the long term as we focus on the short and medium term. Something that we can in a way, safely summarize by saying that we have a double-digit pipeline in terms of gigawatts of early-stage projects. Something to note, obviously, that it's also well-balanced in terms of technologies and geographies. There is no there is no specific focus on any technology, even if, again, we do believe that storage will grow faster than solar and winds. If we do believe that our future, as we said earlier, is also a bit more European than before, given what's happening in Europe. On the second part of the plan that we had released in 21, Our ambition to be a local leader in selected countries. I will leave the floor to Louis de Sambucy, who is based in Sydney and who is in Paris with us today to talk about Australia. Thank you, Xavier. With 3 GW in operation or under construction, we continue to hold our number one position in Australia. Our leadership has been reinforced over the last couple of years, and happy to give you a few facts. First, we have continued to grow faster than the market. We have added 1.1 GW in our central portfolio since December 2020, bringing it to nearly 3 GW. It's a very well-balanced portfolio with 1 GW of wind, 1 GW of solar, and 1 GW of storage, and it's also well-diversified from a geographical point of view with a presence in all the main states of Australia, South Australia, New South Wales, Victoria and Queensland. Second, we have strengthened our presence on the ground. We have local offices in all the states where we operate, and being closer to our markets. Unlike some of our smaller competitors, we also have increased our level of expertise. We have all the competencies locally, from development to finance to operation and energy management, to continue to grow and to continue to grow faster than the market. It is worth noting that we have launched the construction of a couple of flagship projects that are extremely competitive. I want in particular to mention the Western Downs Solar Farm. It's now Neoen's largest solar farm with 460 MW, but also the largest solar farm in Australia. An extremely competitive solar farm. The Goyder Wind Farm, Neoen's largest wind farm, but which is also leveraging some world-class wind resources. In storage, we have maintained our leadership. We have maintained our leadership and are now very close to have one battery in each of the main states. Both Weste rn Downs batteries and Blyth Battery have been launched at the end of 2022. Each of our battery project has a unique business model. The Victorian battery is supported by a contract with a network operator. For the Western Downs battery, we have leveraged the existing assets of our solar farm, and Blythe battery will be used in conjunction with our Goyder Wind Farm to serve the needs of the BHP PPA that we have signed last year. Finally, we have continued to innovate on the commercial front thanks to our energy management team. We have signed our first virtual battery contract. We have been the first to deliver inertia with the battery at a large scale in 2022, and we have signed our first baseload PPA at the end of last year with BHP. I will now comment on what we are doing in France. France is historically our turf. We started here in late 2008, and we have strengthened in the past couple of years our leading position in France. It's, of course, a different story than what we have in Australia. We have smaller projects, but of course, yet to our taste, we have good IRRs, we have well-managed execution and good gearings. We have a triple play approach to France. It's solar, it's wind and storage. We've been the leading, the leading IPP, the number 1 IPP in France. In absolute terms, we are on the same ZIP code as the EDF, TotalEnergies, or ENGIE in terms of growth. In 2022, we were number two, just behind EDF, and ahead of TotalEnergies and ENGIE. That is something that we will, of course, keep on developing in the coming years. Despite difficulties, we believe that we can create a lot of value. In France, we have a great team. We have a strong local presence, many original offices, and again, a great track record on which we can build to facilitate future business development. We are now going to look at another type of beauty, this time a northern one, that is Romain, who will comment on what we do in Finland first and then Sweden. We have been successful at expanding our presence in Finland, which is now our third-largest market. It plays a key role in our strategy. Since our establishment in 2018, we have developed 6 project in wind and storage. The Hedet wind farm in operation, the Yllikkälä Power Reserve, a battery operating since 2020. It was the largest in the Nordics at construction, and it provide a significant share of the Finnish frequency regulation requirement. Mutkalampi is a large wind farm which is currently finalizing its grid test. It is the largest wind project in operation in Finland, and it's also Neoen's largest in operation. The Björkliden wind farm, neighboring Hedet, is under construction, and we have 2 other project which will start construction this year. Neoen is the second-largest wind generator in Finland. We have signed significant corporate PPA in the country with recurring client, twice Google, Heineken, Philips, Signify, Nouryon in 2020, and more recently, Equinix, for which we signed 3 PPA. Leveraging this experience and our local team, we are planning to further accelerate our development in Finland with more than 1.5 GW of wind, solar, or storage asset in development. Another example of our strong European platform is our recent expansion into Sweden. Neoen has experienced a great start in Sweden. We opened our office in 2020, and we have managed since to develop 3 project in our 3 technologies. The Storbrännkullen Wind Farm is a project where we acquired the permit in 2018, started construction last year, and we signed a corporate PPA with Coveris in order to be able to finance early 2024. The Storen Power Reserve is a storage asset currently under construction, leveraging the wind farm experience and because it's near the wind farm. The last significant milestone was the signing in 2022 of the first utility-scale solar PPA in the country for Hultsfred Wind Farm. On top of these asset, we are developing additional storage, solar, and wind project in the country. In addition to the previous key geographies, we have strong ambition in several other countries. We target countries with significant market opportunity, and where we have the potential to become a leading player. In the Americas, we have launched the construction of our first asset in Canada, the Fox Coulée Solar Farm, and we are developing more project. In Ecuador, we are waiting for the official result of the last renewable tender. We have three solar project for 216 MW, for which we are the lowest bidder. In Europe, we've launched the construction of a 272 MW solar farm in Portugal, which is the largest to date in the country. We have started producing energy in Ireland, with Ireland's first large-scale ground-mounted solar farm, will soon launch construction of more project. In parallel, we are expanding in new countries such as Croatia, Italy last year, in 2023, we'll open Germany. In all of these countries, we have local team developing prime greenfield project for our future growth. Let's now focus on our genuine differentiation through storage and energy management. Neoen strongly believes in storage, which is a key differentiator and one of our growth engine. We have a first mover advantage in storage since 2015. Storage is a great complement to our other technologies. Standalone, it can offer several services. It also helps the energy transition by supporting the grid. Coupled with wind and solar, it allow for a differentiated commercial offer. We'll see that in detail in the next slides. Since 2021, Neoen has strongly accelerated the storage asset deployment. We will continue to capitalize on this differentiating factor in the coming year. More project means more expertise, hence more services, more differentiation, allowing to serve more client, which will then unlock more projects. Maybe a small reminder on simple fact about storage at Neoen. We have chosen lithium-ion battery as our preferred storage technology. We believe that it offers critical benefit. It is reliable, it is easy to roll out. We are able to provide multiple services, and it's a bankable solution. We have built a strong pool of suppliers, both at the EPC level and at the battery cell level. Let's now zoom on our growing storage portfolio. With 1.1 GW of storage asset in operation or under construction, spread across three continents, Neoen has become a market leader in storage. This 1.1 GW of power capacity comes with 1.8 GW hour of energy, hence about 1.6 hour of storage per MWMW. We'll come back about this point a bit later. In Europe, we have built several batteries in Finland and France. We are currently under construction in Sweden. We also have the largest battery in Central America on our Salvadorian power plant, and we are further developing new storage asset in most of our geographies. Louis? Thank you, Romain. In Australia, we have a very strong position in storage. We have been pioneers in 2017 with the first 100-MW battery in Hornsdale. Since then, we have managed to maintain our leadership in this field, nearly multiplying by 10 our installed capacity. We have today 470 MW in operations and 500 MW under construction. On top of this growth of our installed capacity, we have also been able to expand geographically with a battery in every main state. We have been able to implement new technologies like inertia, which is a world first and a valuable addition to our business model. We have been able to sell differentiating solutions to our customers, combining our usual wind and solar assets and our batteries, like for baseload PPA or just with a standalone battery, like for the virtual battery. We have developed a high level of expertise in the field of storage, Australia is likely to be showing the way for other geographies, as it is going through the energy transition probably more quickly than some other geographies today. Thanks, Louis. lithium-ion batteries are managed with inverters that are purely electronic equipment. This allows for very fast adaptation of batteries' power output, ideal for frequency control ancillary services. Frequency support services have been provided by batteries since several years now. Alternatively, batteries can rely on their energy reserve to provide power system integrity services, a kind of insurance reserve that is only activated in case of emergency. Neoen batteries have provided power system integrity services since 2017 in South Australia and since 2021 in Victoria. Finally, trading around the battery energy reserve allows to charge when prices are at the lowest during the day and to discharge at peak prices, usually in the evening. This arbitrage activity is a classic for batteries operations. In 2022, we launched 3 new services. Synthetic inertia trials have been positively concluded in South Australia. The virtual battery agreement offering the battery as a service has been finalized with AGL, a major Australian generator and retailer. Leveraging the flexibility and energy reserve of the battery, we have been able to firm wind generation and to finalize a renewable baseload power PPA with BHP. We will now explore these new services in more details. For a power system, inertia is like when you use your gear to slow down a car going downhill. It is resisting frequency variations that can cause serious issues and potentially blackouts. Traditionally, inertia has been provided mechanically by rotating machines such as gas or steam turbines. Mechanical inertia converts into power inertia. As coal and gas generation units are planned to phase out of the market, it is essential for power system security that inertia is provided by alternative solutions. Synthetic inertia, an inertia provided by purely electronic equipment, has been successfully implemented after two years of trials at Neoen's Hornsdale Power Reserve battery. It is the result of an intense cooperation between Neoen, Tesla, and the Australian grid operators. It is also opening up great market opportunities for our future batteries. While developing new battery projects, we were confronted with many potential customers interested in off-taking battery capacity. But a battery is a complex asset to manage. Optimizing its dispatch requires high-level decision-making processes, most of the time run by bespoke algorithms. Only one entity can decide for the whole battery, and it is not possible to split its capacity. We wanted to design a product that would allow our customers to scale up or down the battery capacity they off-take, and to leave them full liberty of decision on how they would operate it. As a result, we developed a virtual battery agreement that is essentially a financial product. The customer conceptually charge or discharge a virtual energy reserve and benefits from the financial outcome of its decisions. Together with the contract, we developed a bespoke user interface for operating the virtual battery. It is very similar to a sophisticated smartphone application. Finally, we edge the virtual battery with our capital battery, a real asset, and we keep our full dispatch autonomy, which is allowing us to provide grid services in addition. We signed our first virtual battery agreement with AGL in early 2022. In the past years, we met many customers who wanted to off-take green energy, but were not satisfied with the traditional generation following PPA offers. There was simply not enough adequacy between what they were buying and what they were consuming. In order to bridge that gap, we combined wind generation, storage optimization, and market capabilities to structure a renewable baseload PPA. We signed our first baseload agreement in 2022 with BHP for a capacity of 70 MW, covering around 50% of their Olympic Dam mine power consumption. This is how it works. The baseload is a constant demand. We must provide all the time, whatever the wind generation. We do not use the battery to store excess wind generation and reconstitute it later. We use the market instead. When wind generation and battery discharge exceeds the baseload demand, the excess energy is sold to the market. This is the situation 1 on the graph. On the contrary, when wind generation plus battery discharge is below the baseload demand, missing energy is bought on the market. This is situation 3. Now, when prices are low, the battery will charge. Finally, when prices are high, the battery will discharge, either to avoid buying from, sorry, buying when wind production is not sufficient to cover the baseload or to benefit from arbitrage opportunities. In this strategy, we overall generate more power than we sell, as we do when we contract a traditional PPA. In addition, we deliver a high-value product to our customer, and we leverage our battery capacity to mitigate our merchant exposure and benefit from price volatility. If I had to summarize in a few words the essence of our energy management activity, I would say that we are integrating our resources, composed of our own renewable generation, our batteries, and our access to energy markets, in order to deliver new offers and services to our clients and to manage Neoen's merchant exposure. In order to do that, we rely on people. In total, eleven dedicated specialists in Europe and in Australia covering market research, business development, data analysis, and software engineering capabilities, combined with expertise in contracting PPAs and services. We have established entities fully licensed to trade on power and green certificates markets. We write and implement risk management and hedging policies. Last but not least, we develop in-house software programs and algorithms for business modeling, risk management, and assets optimizations. We can now talk about clear industrial and financial discipline as as discussed in March 2021. If we can share both, let's say, both dimensions of the exercise, I mean, starting with our COO, Norbert Thouvenot, about our industrial approach, then we will, of course, talk about financial discipline with our CFO, Louis-Mathieu Perrin. It comes to the implementation of our projects. We have set up quite a few simple rules that have proved to be pretty efficient in the recent past. Talking first about sourcing. Standardization of our plans design, as well as a multi-year and multi-project approach towards our suppliers, has allowed us to consolidate volumes. As a result, it gives us quite a good leverage when we talk about sourcing and procuring solutions. During the construction phase, turnkey full wrapped EPC contract provides us with a very, very strong natural protection against supply chain disruptions. During the extreme volatility and logistics challenges that we have experienced in the past years, those tools have proved to be extremely efficient. Talking about operations then, we are relying more and more on local operation and maintenance pure players. As a result, we see that we get better service level on our plans as well as more cost-effective solutions. Last but not the least, we do consider our operation as a continuous improvement process, whereby we consistently try to reengineer and repower our operation to stay on top of what technology has to offer. This slide is an illustration that Romain and Xavier already talked about before of what we think is a very successful implementation of a project. This is our landmark wind farm in Finland. We talked about already. It's a 4 04, sorry, MW wind farm. To date, it is still yet the largest onshore wind farm in Finland. We were very proud to have developed and completed that construction in a pretty challenging environment and completely accident-free. To illustrate what we said before about EPC contract, our partner, Vestas, has offered us a full EPC contract price, which means guarantee on price and guarantee on schedule. We also had developed for this one a pretty, well-balanced and diversified sourcing of the supply chain. The cells were built in Europe, towers in Vietnam, blades in Turkey, which means that during the lockdown that we have experienced for the past 2 years, especially from the Chinese ports, we were almost protected or shielded from any impact on the project itself. This project, as been said before, has been in operation since the last part of 2022 and is completed its network connection test as we speak. In summary, for the past couple of years, we have successfully built north of 1 GW of project. During the COVID years, we have experienced significant cost inflation, significant delays, and challenges as far as the supply chains of our businesses are concerned, along with, as mentioned before, lockdowns that have impacted adversely the logistics supply chains. On top of keeping on time and budget, we were happy also to deliver on our return IRR ranges. We use different tools to get there. One of them is to capture all the spot market, and that we could capture, thanks to merchant exposure, but also in some instances, increasing the scale of a given project in order to benefit even more from economy of scale. Talk about financial discipline. As you can see on your, on this slide, we have enjoyed and will continue to benefit from predominantly long-term, predictable, and de-risked cash flows. We have a young portfolio of assets, less than 4 years old on average, with almost 12 years of remaining PPA duration, which gives us visibility over the long term. We only invest in project offering exposure to strong currencies. 100% of our revenue are denominated either in AUD, EUR, or USD to date, and will, within the next 12 months, generate revenue also in CAD. We may face exposure to local currencies, this is essentially through tax exposure in Latam, which is something which is not fully dollarized. We benefit from more than EUR 7 billion of contracted revenues from long-term contracts, predominantly with investment grade counterparties, which makes our cash flow generation predictable and low risk. These predictable cash flows enable us to raise project financing, which accounts for 80% of our total debt to date. These project financing are long-term, the average residual tenure of our debt being to date close to 16 years for assets in operation. They are denominated in the same currency as the underlying PPA, which provides a form of natural hedge, something we intend to keep in the future and which is strongly protective. Project gearing is on average at 72%. Gearing at project level is depending on PPA maturity, quality of the counterparty and proportion to merchant exposure. This high level of gearing enables us to efficiently use our equity. The average cost of project finance debt for project in operation is around 4% from 3.7% in 2021. In line with our rigorous financial discipline, we largely hedge our interest rate exposure to keep our cost of debt under control. Despite rising interest rates condition in 2022, our average cost of project finance debts therefore only increased by 30 bps. Project financing will remain the cornerstone of our financing strategy, but we intend to continue using corporate debt as a complement to project financing in a very disciplined manner. In the past 3 years, we've put in place a syndicated loan, currently of an amount of EUR 250 million with a longstanding pool of banking partners. We have also issued 3 convertible bonds, 2 of them being outstanding after the successful conversion of the oldest one at very attractive terms. I remind you that we are a pioneer in the green convertible market in Europe. Overall, our corporate debt, grant debt amounts to EUR 470 million. It represents only 1.1 time our 2022 EBITDA, and is backed by predictable cash upstreams from projects. Thanks to the visible, sorry, and dynamic growth of our cash flows, we consider that we can further increase our corporate debt in a very disciplined manner. I remind you that the use of corporate financing is capped by strict RCF and term loan covenants. This source of funding also enable us to optimize the group average cost of debt, which is a plus in the current context of rising interest rates. The fifth theme that we presented in March 2021 was about both short-term and long-term value creation. As you know, long-term value creation is the core of what Neoen does. We call it develop to own business model. It's still true today, we develop projects. We are our own developer, which means that we create value for our own account. It also means, let's say, a deeper knowledge of our own projects, so it facilitates execution. There is a lot of value to reveal over the lifetime of a project through potential renegotiation, refinancing, extension, retrofit of storage, hybridization. That is something that we want to keep for ourselves. That is again what we've been doing since 2008. In March 2021, we also said that we would add farm-down to our sources of funds. That's something that we do, let's say, in a very selective and limited manner. No more than 20% of our newly awarded MW in a given year can be farmed down. It will contribute to no more than 20% of our EBITDA versus something that usually goes to 50% or beyond 50% at our competitors. We have implemented this strategy since 2021 with great success in France and more recently in Portugal. Louis-Mathieu announced earlier that we had closed the Cabrela transaction in Portugal. We have farmed down some solar farms and some wind farms. Solar farms were of different nature. Some of them included concentrated solar, which is something that we were not so much interested in. What we've done interestingly, I believe, for wind farm, sorry, is to keep a call option on those assets. Meaning that after 30 years, we can buy back those assets, or actually buy back the 95% that we would not own 'cause we keep a 5% interest just to be part of the story in the next three decades. Which means that we can keep for ourselves the repowering value that we have in those assets. When we develop project, we usually secure a loan for the next seven, eight or nine decades. Meaning that if we sell those assets or if we sell those cash flows for 3 decades, for 30 years to a financial investor, we can still keep for ourselves the value of repowering, so replacing those turbines by new ones, and still benefit from the work that we've done in the development phase. There will be some farm-down every year at Neoen. That is something that we have stated clearly in 2021. There are some good candidates in our portfolio, especially in mature countries such as France. We still have some assets that, let's say, are not really a part of Neoen's future, typically rooftops, that we can easily sell, but that is again something for which we want to have total flexibility. The idea is to create value. The idea is at the same time to retain value. Maybe to illustrate with a few numbers, those five transactions have led to EUR 90 million of capital gain, which is of course, something that we will put at work in the new investment. That's farm-down means a dry powder for future investment. That is something that I believe we have perfectly illustrated in the past couple of years. We have also, in March 2021, started to talk a little bit more about ESG. Of course, ESG is something that is and that has always been at the core of what Neoen does, but we wanted to give it a bit more structure, and I will now leave the floor to Virginie Moirand, who is our head of CSR. Thank you, Xavier. We've talked about our achievements, our technologies, our differentiation, we also wanted to update you on our CSR commitments 'cause they are important to us. Of course, as a producer of exclusively renewable energy, we are green by nature. Because there are many other aspects to sustainable development, back in 2021, we presented you with our sustainability framework, a formal approach that we have since deployed across all our countries. This framework is organized around three pillars. The first pillar is about people, each one of us, and how our daily actions accelerate the transitions toward a more sustainable future. The second pillar correspond to our project, the location where we strive to deliver excellence in sustainability. Last but not least, our communities. Every project is surrounded by a community that participates in the transition alongside us. I'm not going to enter into detail of all the commitments that we took in 2021, but we wanted to give you a quick overview on what we have achieved and some of the key figures. Starting with the first pillar, our people, the first thing is our work ethic. We work with integrity, and this is one of our core value. This is why we request all our employees to sign our code of conduct. Second, when it comes to diversity, Neoen, with 40 nationalities represented in our 360 workforce, it's a source of pride and dynamism for us. We are also focused on improving the gender balance of our workforce to go beyond the industry benchmark, which currently sits at 33%. Women made up 30.7% of our workforce in 2022, which is a good increase from the figure of 28.8 in 2021, but there is still room for improvement. Third, reducing our carbon intensity is very important to us. The first step was obviously to carry out a comprehensive calculation of our carbon footprint in 2021. We will now repeat this assessment in 2023 based on our 2022 activities and on the 3 scopes, 1, 2, 3, this will help us to set a path reducing our carbon intensity. The second pillar, our projects. First thing, health and safety. We are looking after the health and safety of all of those working on our site. We are pleased to announce that we have more than halved our LTIFR, so Long-Term Incident Frequency Rate. Again, there is still room for improvement in this area, and we are now tag-targeting getting it under 2. We also care about the land, the environment, biodiversity, and we are delighted to confirm that a vast majority, more than 90% of our commissioned assets in 2022, have been subject to an environmental impact assessment. The only exception that we have here is when we have an extension of projects, such as storage, for instance, where there is no additional EIA. Basically, we do an EIA all the time. Taking the longer view, we were thinking about, we understand that it was very important to plan for future decommissioning and recycling. We were very proactive in this area. Our pro-procurement department has negotiated a recycling clause for 975 MW of equipment purchased in 2022. The third pillar, let's move to our communities, which represent the sales field where we can amplify our contribution. Our development models means that we will own the asset for their whole lifespan. It means that we're gonna be a long-term neighbor for this community surrounding our site. That's why it's crucial to us to inform, consult, cooperate with local stakeholder. We do this systematically. If the number of 90%, of more than 90% of our commissioned assets that we have been doing information to, et cetera, is. The only exception that we have is the same for EIA when it's about a small extension. On top of that, we want to contribute to local and regional economic development because our projects have the potential to deliver significant benefits in this area through, for instance, the creation of direct and indirect jobs, but not only. We don't have any KPI here, but for those who want to have a bit of more color on the type of initiatives that we're undertaking, I invite you to look in our URD 2022, which will be available in mid-March. Similarly, we want to share the benefits of the energy transition with our communities, and benefit sharing is a catch-all term that includes all sorts of initiatives, usually tailored to the local context. Here as well, no KPI available, but we are supporting many different interesting local development and art initiatives, some of which are showcased in the next URD. In doing so, basically, we're not only contributing towards the 2 obvious sustainable development goals that are dedicated to Neoen or Neoen is dedicated to delivering clean energy to fight the climate change and promoting access to affordable, to sustainable energy, goal number 7. We're also, through what we have just presented, contributing to many more of them. CSR is a journey. All this progress that we're making is reflecting in the rating issued by ESG assessment agencies. We're very proud to see, for instance, that in the case of Moody's, we have improved our rating by 8 points in the last 3 years. We've now ranked among the top 2% of the companies assessed. This progress is also reflected by other agencies too. Because it's a journey, as I said, we will continue on working on the different topics. That's all from me. Let me now hand you back to Xavier, who will give you more details on Neoen's governance. Again, we believe that excellence in ESG for Neoen should go beyond pure environmental matters. Thank you, Virginie, for having presented all the CSR efforts that we are making. In terms of governance, which is an important dimension of what we look at, especially as a listed company, we have a board of directors of 7 members plus 1 observer. Impala, our main shareholder, has 3 seats. Actually one of them for me, then Stéphanie Levan and Simon Veyrat. Meaning that we have 4 directors that are not related to our main shareholder. One is Bpifrance, who's been a long-term shareholder of Neoen since 2013 and which is not independent. We have 3 independent board members. Hélène Lee Bouygues, who is the Lead Director of Neoen. Bertrand Dumazy, who is an Independent Director, who is Chairman and CEO of Edenred, and who is also the Chair of the Governance and CSR Committee. Christophe Jégou, who is independent, but who represents FSP, one of our shareholders, considered an Independent Director who is also the Chair of the Audit Committee. Our board of directors was the organization and functioning of our board of directors was assessed a few years ago by Egon Zehnder. This assessment, first confirmed that we were compliant with the Afep-Medef code and that we had a well-diversified and balanced board of directors in terms of expertise, in terms of gender diversity, in terms, of course, of internationalization. That is something that we will keep on doing in the coming years. Just a few words about the two permanent committees that we have, audit committee and governance and CSR. It's important to state that, for example, t he audit committee's role goes beyond pure finance. It's very involved in risk management, insurances, extra-financial performance, when it comes to governance and CSR, it's actually a new role for that committee, which used to be more focused on compensation and today is well focused on CSR. That is again something that shows, as Virginie said earlier, that CSR is a journey and that we are working on improving our profile as much as we can. That's about it for the, let's say, the look back on the 2021 CMD and what we had said at that time. As you can see, we have worked hard and met all of our targets so far on all of these 6 dimensions. If we now look into the coming years, so the next couple of years, obviously, for the 2025 business plan and beyond 2030, the growth ambition that we had stated at Neoen was to grow by 2 GW per year, 2025 and onwards. We believe that we are ideally positioned to deliver this growth for three reasons. I mean, first, we are experts. We have this know-how, we have this expertise, we have this track record. Second, we are local. It means that we are close to our project, close to our stakeholders. I think it's a strong differentiator. We have presence in 15 countries, in 28 offices. And we have in terms of track record, almost 15 years in Europe, more than 11 years in Australia, and in the Americas, close to 10 years. We also have already developed projects. We have a pipeline of advanced projects, meaning, tender-ready and advanced project of 11.9 GW. We have more than 10 GW of early-stage projects. Obviously this is something that is extremely valuable because you can have the best team, you can be as local as you want, still, you would not have a time traveling machine. The efforts that we have put into this project in the past 15 years are something that is obviously super hard to replicate. Of course, you can buy projects, but it means that the efforts and the size of those projects are highly valuable because they are not so easily replicable. If we zoom into this advanced pipeline that I referred to, 11.9 GW, it has grown by more than 5 GW in 1 year. It's really a number to keep in mind. It means that on top of working at Neoen on the current year or the next year, we also work on the medium term. We are extremely comfortable, and that's something that I will comment in more details about getting to 10 GW in 2025 because we believe that we have a well-balanced advanced pipeline in terms of geographies, in terms of technologies, countries that we know well. Most of the expansion of Neoen is actually happening in existing countries, even if we are more than happy to look at new countries. We are in countries that we know well, where we have good teams, local teams, experienced teams, and this advanced pipeline gives us a lot of confidence about our future. If we look at where and how we want to grow, we want to grow in our three regions, Australia, Europe, the Americas. We do not plan to expand in Asia. We do not plan to do anything more in Africa, but we do plan to grow significantly in all of those three regions. We also want to grow in our three technologies, so solar, wind, and obviously storage, where we want to accelerate. That is something that has started in Australia in 2015, that we have progressively rolled out into new countries in Europe, in the Americas, and that is something that you will probably see in more than half of our countries in the coming years. We know which clients we want to serve. I think we have great opportunities with governments, with utilities, with grids, with corporates, and also on spot markets, something that we will keep on limiting to 20% of our power generation. All of those markets are very promising. We do not want to go into retail. We do not want to go into electric vehicles or whatever. We have, again, a clear vision of what we want to do, and we plan to grow especially fast in corporate PPAs. That is a very attractive and fast-growing segment of what we are doing. In the past, 3 years, the size of this market has been multiplied by almost 3. As you know, at Neoen, we started with utilities a few years ago, selling electricity to AES in the Americas, to ENGIE in Australia. Then we expanded, starting with, for example, with Finland, to tech companies, selling electricity to Google, selling also electricities to large consumers in Australia, in the mining industry. In the past year, we signed, for example, a very interesting corporate PPA with BHP. Then we expanded in Finland into another pool of potential clients, midsize clients, 10, 15, 20 MW, 25 MW. Philips was a good example. That is something that is extremely important because those plain vanilla companies, in a way, Philips, H&M, TDF and others are of course mean a great future for Neoen. We started with 20 clients a few years ago. Our vision is to have probably 200 clients in the next 3 or 4 years. At some point, one day, we will probably have 2,000 clients, going potentially down to 5 or 10 MW contracts. We will never, of course, have retail customers, but that is something that we will keep on growing. Looking back, in the past 2 years, we have signed almost 1 GW of new corporate PPAs, bringing the total that we have signed since 2015 to 2 GW, a strong acceleration at Neoen, in what is probably the most exciting segment of our 5 commercial segments. Meaning that we are well on track to reach our growth pace of 2 GW per year. That is something that we said in 2021, that we would be at 2 GW per year, 2025 and onwards. At the time of the IPO, we had said that we would grow by 0.7 GW, so 700 MW per year. We have achieved 1.3 GW in 2022. We are again on the right trajectory to get to 2 GW per year, which is three times as much as what we had anticipated only a few years ago. One key theme for today, what we believe in terms of Neoen's future in storage. Thanks, Xavier. Longer battery duration will bring additional value. I'm gonna go back a bit to the service the battery can give. The first comment is, contrary to solar and wind, the battery has 2 dimension. We can build them with different duration of storage for a given MW capacity. The battery can be designed to store several minutes of energy up to several hours. It does mean that we physically install more battery cell into the same asset, and this is the MWh element of the project. Depending on the service you want to provide, you need to install different duration of storage. For example, when you do grid support, you need strong MW capacity, but during a very short period of time. For example, when you do inertia or blackout insurance. A good example is our DeGrussa Solar, DeGrussa Solar and Storage project, which has a short 15-minute duration storage. Moving on the, on the right, when you want to provide grid investment deferral or frequency regulation, you need a bit more duration. This is the case of our European batteries or the Hornsdale Battery, which provide these services and which have a bit more than 1 hour of storage duration. When you evolve to energy arbitrage, it might be more efficient to have a longer storage duration. It allows to store more energy and to capture more efficiently the price swings. Finally, when you do firm renewable energy, as we do with our Blythe Battery, you want to have at least 2 hour of storage. When we design a battery, we need to decide what duration we will install, and that will depend on the service we plan to offer. When you have more duration, you have more optionality to offer the different services with the same asset and to stack the different revenue streams. It is a more expensive asset, but we can optimize it a bit better. Neoen plans to invest in long duration batteries. As mentioned earlier, we have accelerated our focus on storage in the recent years. As per our investment plan, our storage unit and storage capacity install have doubled between 2020 and 2022. We expect to have more than 20 storage units in 2025 and a storage capacity installed of more than 1.5 GW. Beyond this strong gigawatt figure, we plan to install longer duration battery, so higher gigawatt hour figure. From a 1-hour average in 2020, we plan to be above 2-hour in 2025. In average, it means more than 3 GWh for 1.5 GW installed. This has already started. In Australia, the batteries we are currently building are more than 2-hour battery. In our initial 2021, 2025 plan, we thought that a 1-hour battery would be optimal. The decision to move to a 2-hour battery is a decision that we took to allow more services. It will require a larger investment, we estimate this investment to be of an additional EUR 150 million of equity. We believe this shift toward a longer duration battery is a good investment because it will allow to maximize the profitability of our batteries. If we look at our investment plan, and how it has changed since 2021. We will first start with the assumptions that we have, 'cause it's a key parameter for CapEx per MW for wind, solar, and storage, and that is something that Norbert will comment. Sure. If we start with solar first, we have seen over the past two years, cost of projects go up roughly 50%. polysilicon, who is the main, the core component of solar modules, has increased significantly, initially due to industrial accidents in the supply chain, mostly in China, and then as a result of lockdowns in the same part of the world, logistic costs have gone through to the roof. PV modules themselves have increased in the range of 80%-100% over the period. If we now look towards 2025 into the future, we do see prices of PV modules going down. We do see as a result the cost of solar project to stabilize, but we don't see those costs coming back anytime soon to pre-COVID years. Solar project also have a very intensive manpower component in the cost. This one is, we think, is going to follow basically inflation growth in the next in the coming years. On the wind side, the same model, we saw an increase of product cost in the range of 20%-25% over the past two years. For this segment of our business, raw material costs have been the driving factor for costs going up, and steel, especially, is a critical component of the cost of wind farms and towers, has been the leading factor for costs going up. Another aspect of the wind business is that this is a pretty concentrated business. There are just a bunch of manufacturers around the world. All of them, without exception, have posted extremely high losses in the past two years and recently in 2022. Looking forward towards 2025, we see this market stabilizing, but unfortunately, due to steel a bounce back on steel cost and the fact that those OEMs are going to factor their losses in their future price, we don't expect a reduction of the price of a product cost when it comes to wind farms. Last but not the least, the storage, which has been talked about a lot and is a key component of our, of our growth. Again, we have seen over the past 2 years the storage cost going up, roughly 60%. The main component of that increase was the cost of lithium. Lithium is the driving factor for the cost of battery cells, and as a result, has a huge part of the cost of a storage project. This, the cost of lithium has changed a lot during the past years as a result of a strong imbalance between the demand of electrical vehicles and the offer on the market. We do share with the electrical vehicle business a common component, which are the battery cells. The cost of lithium is going up with the demand that was exceeding the offer. Looking forward into 2025, we see the industry catching up a bit. We see offer catching up a bit with additional capacity of lithium mining opening around the world. At the same time, we still think that this part of our business is going to remain quite volatile due again to the fact that we are only a part of the market, the market side, which is the electrical vehicle, who has experienced again a very large volatility in the recent months. Thank you very much, Norbert. If we look at what it means in terms of aggregate numbers, we had said in March 2021 that to get to 10 GW in 2025, we needed to invest EUR 23 billion. Of course, things have changed, CapEx increases per MW, as Norbert said, meaning that we have to envisage EUR 750 million of additional CapEx with the same capacity and storage duration as we had in mind in 2021. The good news is that we feel that we can absorb this CapEx increase without needing more equity or let's say no more than EUR 600 million that we had presented in March 2021. We do that through additional project funding because of course, there are some increase in CapEx, but there are also some increase in revenue per MW, so more cash flows can serve more debt. We have access as well to corporate debt. We will also keep on doing some farm-downs, even if it's a limited source of our revenue. It's something that, of course, increases our investment capacity. On the additional storage that Romain introduced, which is a change compared to our 2021 business plan with the same capacity in terms of gigawatt of storage, we want to have more gigawatt-hours. Of course, if you want to have a battery that has a duration of 2 hours, it means literally twice as many cells as for a 1-hour battery. That is something that we, that will require an additional EUR 150 million of investment, and that is something that we'll discuss, which will have to be covered mostly by equity because we do not have access easily or not at the moment, at least to project debt for batteries. Meaning that overall the EUR 23 billion of investment plan of 2021 have become EUR 22 billion. That is something, of course, that reflects, not only market conditions, but also an acceleration that Neoen wants to materialize in the next couple of years. In terms of equity, we said in 2021 that those, EUR 23 billion, would be covered by EUR 4.1 billion of non-equity funding and EUR 1.2 billion of equity, of which we raised EUR 600 million in 2021. If we look today at what we plan to do with the upgraded business plan of EUR 22 billion, we believe that we can cover five... Sorry. The, again, the initial plan plus the CapEx increase with non-equity funding and EUR 600 million, as stated in 2021, and that we will have to raise EUR 150 million of additional equity to fund additional storage, meaning that overall, we have equity needs of EUR 750 million for the next couple of years to not only fulfill the business plan of 2021 at, let's say, same capacity and despite CapEx increase per MW, but also to add additional longer duration storage to our portfolio, which we believe is a very attractive opportunity. In terms of guidance and outlook, in terms of project returns first, for OECD countries, Europe, including France, we have targets that are unchanged at 7.5% for equity IRRs ±150 basis points, depending on project, depending on risk, depending potentially also on locations. For Australia, 8.5%, again, ±150 basis points. Canada and other OECD's countries, the same 8.5% ±150 basis points. For non-OECD countries, we want to have double-digit IRRs. Of course, it's all relates to the assumptions that we have and that we believe are more conservative that some of our competitors. We have lifetime expectations of 30 years for solar and wind, 20 years for batteries. We have power price assumption that are based on independent expert forecasts. We do not include terminal value in our calculation. Of course, we do not take additional upsides that we believe will materialize, but we don't know yet to which extent. Such as portfolio refinancing or optimization, recontracting, regearing, repowering, hybridization. Something that we have worked on in the past couple of years, and that exists. Again, it's hard to quantify, so we prefer to leave that as an upside. In terms of volume, 10 GW at the end of 2025. We have 6.6 GW already today. We also have 0.8 GW already awarded to Neoen, but not yet under construction. Those, of course, will materialize in the next couple of years, meaning that the gap is 2.6 GW to actually get to 10 GW. Knowing that we have 11.9 GW of advanced projects and tender-ready projects, there is more than enough in our pipeline to fulfill our 2025 targets. Financial guidance. The adjusted EBITDA for 2023 is expected between EUR 460 million and EUR 490 million, with an EBITDA margin of around 80%. In terms of farm-downs, we have this rule of going no more than 20% of our EBITDA and 20% of our newly awarded projects. In 2023, we are going to have farm-down below 15% of our EBITDA in terms of contribution, and again, no less than 15% of our newly awarded capacity. In terms of dividends, as we stated a couple of years ago, there will be a progressive dividend policy. For 2022, it will be, if approved by the general assembly, it will be EUR 0.125, and you can expect more for 2023, paid in 2024. Medium term outlook. 10 GW of capacity in operation are under construction at the end of 2025. Double-digit annual growth for the EBITDA and we will be beyond EUR 600 million of EBITDA in 2025. Of course, we will give a proper guidance for 2025 in due time, but we can already give that guidance. We will be beyond the threshold of EUR 600 million in 2025, which is twice as much as what we had in 2021. Great acceleration. In terms of farm-down, we stick to this policy, no more than 20% EBITDA contribution and no more than 20% of the newly awarded capacity. In terms of dividend, again, progressive dividend policy for the following years. In terms of leverage, I don't know, Louis-Mathieu, if you wants to comment on this one. In terms of leverage, we will continue to stick to what we have announced historically. Net debt to adjusted EBITDA should be between eight and 10 times. Total debt to invested capital should be above 70%. It's really a reiteration of what we said in 2021. Beyond 2025, our vision for 2030. We believe that we can have 20 GW in operation or under construction at the end of 2030, which is obviously twice as much as what we will have at the end of 2025. Which means that Neoen will really be in Champions League. 90%-95% of those projects will be in OECD countries. We plan to be a local leader in 12-14 countries across 3 regions, Australia, Europe, the Americas. Of course, we want to make a big push, a big leap forward in storage and energy management, which is something that can bring more value and more differentiation for Neoen, compared to its competitors. That is really something that will be even more core to what Neoen does in the coming years. I think it's the end of this presentation. Thank you very much for your attention. We can now take questions and all sorts of questions. We can have additional financial questions. We can have industrial questions about storage, CSR. All of us are still here. The management team of Neoen is with you this morning, so please do not hesitate to ask whatever you have in mind. Thank you, sir. Ladies and gentlemen, once again, if you would like to ask a question, please press star 1. We'll take our question from Michael Harleaux from Société Générale. Please go ahead. Your line is open. Hi. Good morning. Thank you so much for taking my question, and thank you for this very useful presentation. I have two questions. The first one will be on returns. If you listen to what Engie said last week, they essentially reported higher WACC, but also higher IRRs. Whilst today you maintained your return guidance unchanged. I suppose WACCs are going up. Does that mean that we should take into account a compression of spreads? The second one will be on the US. I'm sure you've seen that many of your peers have rushed to the U.S. as the new El Dorado for renewables because of the IRA. You have stated, if my memory does not betray me, that you had made an attempt to penetrate the U.S. market and to be a local leader in the state of Georgia, maybe, if I remember correctly, but that did not work. Has the change in terms of regulatory framework incentivized you to make another push to enter the U.S. market? Thank you very much. Maybe Louis-Mathieu can take the first one, and I can also be part of the first question, and Romain and myself as well can comment on your second one. On returns, Louis-Mathieu. Yeah. As we, as you know, and we have already discussed this point quite a number of times, we are prudent. That's the reason why we guide to this constant target return. I remind you of the fact that those returns are within a band, so plus or minus 150 basis points. Of course, we do everything we can to achieve the upper end of the range. Realistically speaking, when you are in an environment where CapEx are increasing by more than 20% and rates have increased by more than 200 basis points over 12 months, I really struggle to see how returns could expand materially. I'm not in the shoes of my competitors, but I'm very comfortable with the reiteration of what we said in 2021. This target returns within the band. Of course, as a management of this company, we do everything we can to achieve the upper end of the range. Maybe three comments from me on your first question, Michael. I mean, first, we do believe that we can achieve those returns. What matters to us is really to, let's say, have a flow. We want to have a robust to make robust investment decisions to make sure that it does not go south. So it's really important that we that we are able to materialize those IRRs, and I think that sometimes we can do better. That's my second comment. I mean, we want to accelerate in storage. As I said earlier, we believe that storage can lead to IRRs. That is not something that we promise, but that is something that we have observed, and I think that there is an upside there. My third comment is about, let's say our competitors. I don't know how NG is doing its calculations, but what we see here and there is that some of our competitors include in the IRRs of the project that they keep the upside coming from the farm-down of some other projects. There is sometimes some strange secret sauce behind IRR calculations, again, outside of Neoen. At Neoen you know how we calculate our IRRs. It's just really on the asset itself. It's not including other source of funds and other source of cash flows. I think that we are extremely transparent and conservative, I think that it's good for analysts and investors to understand that we are not blending everything to come up with a better-looking IRR. The US, Romain, if you want to start. Yes. We have tried for several years to enter the U.S. market. We haven't been successful in finding the returns and project numbers that we're looking for. This is a very competitive market with some people taking a long hypothesis, in particular in the life of the project, and also being able to be more efficient with the tax equity scheme. That was something where we didn't feel confident enough in terms of warranty at risk and return to continue. We decided to stop our U.S. ventures. That is not a decision that we are going to change. I mean, despite the great potential of the U.S., I'm quite happy to hear that many of our competitors are rushing towards the U.S. 'cause it means that maybe we will have less competition in other geographies. I think that at Neoen, we can be busy enough for the next one, two, or three decades with Australia, Europe, and the Americas outside of the U.S. Again, we do not plan to extend in Asia or to go back to the U.S. We have plenty on our plates. I don't think that there are superior returns in the U.S. I think that in the end, competition always plays its role and that there is no reason why IRRs should be higher in the U.S., or why risks should be lower in the U.S. Maybe there are, again, some much higher volumes than anticipated one or two years ago, but it's also true for other geographies where we are very active. There is no regret on our side. Again, I'm sure that Australia or Europe or Canada can deliver impressive growth. It's good news if our competitors are focused on the U.S. while we are busy at developing other countries. Thank you for your answers. That was, extremely useful. Thank you so much. Thank you, Michael. Thank you. We'll move on to our next participant, Vincent Ayral from JP Morgan. Please go ahead, sir. Your line is open. Yes. Hi again. A very interesting presentation on the storage duration extension to 2 hours. You made it very clear in the presentation that this underpins the EUR 150 million of equity need additional. How much EBITDA net income of our contribution should we assume for this investment? That would be interesting. Coming back to the previous question, indeed, the IRRs have not changed when the WACC has increased. Spread to WACC has decreased mechanically, hence value creation. It's reassuring to see that you don't wanna rush to the U.S. because you wanna be financially disciplined, but it's the floor in terms of value creation, or has decreased mechanically here. I struggle to understand the comment saying that value creation is maintained. Now if your WACC has increased, that ±150 basis was already there. The midpoint should have moved up. Could you give us a bit of color there? Because higher CapEx, higher cost of capital, yes, that means higher EBITDA, ultimately in order to ensure that the return on equity is maintained, potentially even increases, the cost of equity increased, who knows? But the point about, yes, we may do more return in battery, I take it, but why don't we have it in the total guidance? It's important for us to value the pipeline, here mechanically, the value creation of the pipeline seems to be going down. The size of the pipeline may be going up over the longer duration. I understand that, the percentage of value creation on the CapEx is mechanically going down, as far as I understand. Happy to be corrected. Thank you. Thank you, Vincent, for this easy question. I'm sure that we can have some nice fireside chat about WACC, and happy to have a long answer to your question in the coming days. Let's start with a reasonably short answer from Louis-Mathieu, and then I will complement this one. Yeah. Let's be as clear as I can be. When you look at the horizon of the guidance, what we said for 2025 is higher than EUR 600 million. If we look at the investments that we are doing in battery, they will be progressive, and so they will continue to generate beyond the horizon of the plan. We are not giving a strict number for 2025 because, of course, there are timing of construction, there are timing of start of operation, but definitively, having batteries with a higher duration will translate going forward in higher revenue, in higher EBITDA. It's just a question of timing. We will have more visibility going forward on when those battery will start contributing to the P&L. Definitively, more gigawatt hour means, of course, more revenue and more EBITDA. I reiterate it, we did not give a firm number for 2025. We give a minimum number, and of course, as a management team, we do all our efforts to so that the 2025 number be as high as possible. That's my answer on your first question. you don't build a battery overnight. Does not happen. Again, some lag effects in between investment and actual EBITDA materialization. We seem to have difficulties with the line. Is it working now? We can't hear you. Is it working, Vincent? Now it is. Okay. Yeah, now it is. I mean. You were at higher EBITDA, basically, maybe not by 25, but later, and after your line has shut. Okay. Yeah. There are some lag effects. We believe that the EBITDA will partly materialize post 2025. We do believe, as we said earlier, that there will be some upside and some positive impact on acceleration in storage earlier than 2026, but that is something that is hard to quantify yet. That is again why we said that we will have more than EUR 600 million of EBITDA in 2025, but that's something that we will precise in the next couple of years. Yeah. Then on the IRR for these EUR 150 million of equity investment in the battery storage, even if you don't have the details on EBITDA and then the outlook on the line of it, what are you expecting in terms of return on equity on these battery storage investments? At least what we get with other investments, again, that's the floor. The upside is, I mean, it's not an easy answer. I mean, just look at what we said. Out of the six, let's say, service lines, if I should call them that way, that we have today with batteries, three of them were new from 2022. So it's really a service offer that we are developing at the moment, getting into more sophisticated products. We do believe that there is some significant upside. It's hard to commit on that. If you look back, let me give you some examples of the past. If you look back at what we did in 2017, so six years ago, we invested in our first big battery in South Australia. We had the same equity IRR targets than for solar, for wind. In the end, we ended up at, and it's still, by the way, it's still improving over time, but we already have a superb IRR and for good reasons, because we provide superb service to our clients who want more of what we can do. We had a great payback. I think this battery has already been paid back. We're not going to give you more details, but normally we have paybacks in 12-15 years. We have IRRs that are single digits. What we have done in batteries in Australia and in other countries, we see some very compelling investment cases in Europe and in the Americas. We start again with robust investment decision that gives us at least on paper the same return as for other investments in solar and wind, and we try of course, to drive it up. But it's really hard again, to give you more precise numbers in terms of IRRs, EBITDA contribution. We have just observed in multiple locations for multiple assets. Again, we have one gigawatt already of storage at Neoen that it can be extremely good good investments. We will tell you more in the coming years, based on what we observe in different countries and for different business cases. Many of our product lines are new, the virtual battery is something that was created by Neoen last year. Synthetic inertia is new as well. It's really, I mean, unknown territory, and of course it can only be good news. Thank you very much. It's very interesting business indeed. The answer is very useful. Thank you. Thank you. We'll move on to our next participant, Arthur Sitbon from Morgan Stanley. Please go ahead. Your line is open. Thank you very much for taking my question. The first one is on your slide, your slide 6, where you show the prices in France and Australia, the power prices. I was wondering if those prices for 2023, 2024 and 2025, if they are capture prices or just the baseload prices, because they do look quite lower than the current forward baseload prices. If you could comment on that would be quite helpful. If these are the assumptions that you have in your plan as well. The second question is related to financing. I was wondering if on top of the equity raise, compared to the 2021 capital markets day, are there other additional dilutive instruments that you could consider? Typically convertible bonds. Do you consider more opportunistic farm-downs than in 2021? Do you consider more minority stake sales than in 2021? That's the second question. The third one, I know you don't guide on cost of equity in absolute terms, but I was wondering if you could provide at least some sense of how your cost of equity has evolved since the 2021 capital markets date. Thank you very much. Thank you, Arthur. On the first one, the slide 6, to my knowledge, we took the baseload prices, the calendar baseload forecasts. It's not captured. If there's a gap between our numbers and yours, let's look at it, but we really took off the shelf numbers coming from market operators. I mean, the idea was just to show trends, but happy to discuss that in more details. Again, those are meant to be baseload cal prices for the different regions that we showed. On 2nd and 3rd- To answer the end of your first question. What we capture is of course the capture price, which is lower than the baseload price, and which is between 60%-70%. In the guidance that we gave for 2023, we looked at prices very, very recently. We looked at prices in February. This is the right reference when doing our guidance. The December pr ices were given here for illustrative purpose. Question- On the question two and on the use of potentially dilutive instruments. It's fair to say that we have done 3 convertible bonds historically, the first one being converted. When looking at corporate debt instruments, we really consider the variety of potential instruments. Traditional debt, potential increase in our term loan, potentially term loan B and, of course, potentially convertible bonds. We intend to do slightly more that what was embedded in the 2021 plan, when we released it in 2021, for a very obvious reason. Gearing at project level are trending down, and we stick to the 70% ratios that we said. Debt to invested capital, and as a consequence, as we have, increasing upstreams, coming to the parent company, we think we are in a good position to raise, additional corporate debt, still in a very conservative way. Maybe two broad additional comments. I mean, we are, let's say in a equity intensive, in a capital intensive and hence an equity intensive industry. Still at Neoen, we believe that we have, let's say, a good mileage for our equity. We historically have been able to develop gigawatts of project with limited access to equity. Now that we've been listed since 2018, of course, we have access to capital markets. Yet we will be at 10 GW at the end of 25, and potentially 20 GW at the end of 23. Actually, without that much equity compared to what others are doing. We still have not activated some additional levers that we have, something that we mentioned in March 2021. We could easily have minority shareholders in some of our projects. At the moment, we are raising equity from the top, plus a little bit of farm down. Let's say as a lateral source of funds, we could also open the capital of our existing and future assets, and that will be a non-dilutive source of equity that we haven't tapped yet. So that is something that we may activate. At the moment, the 6.6 GW that we have in our portfolio are, I think, 92% or 93% owned by Neoen, which is something that pretty much no one can match in our industry. It also means that we have a huge potential reserve of equity there. Thank you, Mr. Xavier. We'll move on to our next participant, Philippe Ourpatian from ODDO BHF Please go ahead. Your line is open. Yes. Good morning to all of you. Very interesting presentation. I have three question follow-up. The first one is concerning the German storage outlook for Neoen. Could you a little bit elaborate about what are exactly your plan? What could be the installed capacity you are forecasting? Concerning the US, you clearly answered to the question of my colleagues regarding your development, but it seems that as the increase of renewable is accelerating through the IRA, is it for you, let's say medium term, opportunities to develop ancillary services, means battery to grid businesses in the US as you have acquired significant experience? The third question is a question mark, in fact. Your presentation of the 25 update has no mention about hydrogen. First sub-question is why? Secondly, have you changed your mind about the hydrogen? That's the 3 question I have. Many thanks. Thank you. I can take the last one. Romain and myself can take the second one and first one. On hydrogen, you are partly right, Philippe. That is something that was not mentioned in the presentation orally, but it's in the slide, talking about France. It's still on paper, on screen, even if not in my mouth. We do have a pilot for hydrogen at the moment in France, so hydrogen is something that we believe in. It's not something that you will see at a significant scale in our portfolio before 2025. We do believe that we will have hydrogen assets before the end of the decade, probably in Australia and in Europe. I don't think so in the Americas. At the moment, the math do not work, the economics do not work for hydrogen, despite what some other can say. electricity itself is very valuable, and it's a poor choice to use electricity to produce hydrogen. That's really a value destruction, at least in the coming years. We still believe that there will be improvement in this equation, that there will be economies of scale, innovation and everything. We do believe that one day Neoen will not only sell electrons, but also hydrogen molecules. We believe that this will happen before the end of the decade, but certainly not before 2025, apart from a few pilot projects, which are good occasions to learn on how to operate those assets on a small scale. Again, this is something that will potentially happen in France. It was mentioned on the slide describing what we do in France. We have a pilot near Paris. On the U.S., or let's start with Germany, actually. How to quantify? It's just the beginning. We do believe that given the strong push in renewables, wind, solar means more intermittency. Given the future retirement of nuclear farms, nuclear plants and coal plants, there will be, let's say, more instability. There is actually, at the moment, not much storage in Germany. From what we have observed in other countries such as Australia or Finland, there is an obvious need for storage. Which volumes, which market share for Neoen? I mean, those are question marks, but still we believe that we can do something exciting there. As Xavier is hinting, the Germany experience will be an experience focused on storage. We believe it's a good entry point. We have experience, and we're probably not coming too late. Neoen will have a very strong difficulties to be a market leader in wind and solar in Germany. We believe there's an opportunity for us to be a storage player and focus on the storage development with the rollout of the market change on the progress, and that is what we would like to do in the next years to come. No number yet. I think the team is joining and ramping up. We don't want to put pressure too quickly. You could argue that the same reasoning could be true for the U.S. I mean, never say never, but we do not see ourselves going back to the U.S. for solar and wind, and I don't think that it will be true either for storage. There is much to do at the moment in Australia and in Europe for storage. The U.S. is a market that we do not know well. Let's go back to the question. In a few years, but I really do not see ourselves developing storage in the U.S. Hydrogen- Many thanks. Very clear. Mm. Thank you. We'll move on to our next participant, Juan Rodriguez from Kepler Cheuvreux. Please go ahead. Your line is open. Hi. Thank you for taking our questions. I have two follow-ups on my side. The first one is on storage. I would like to better understand the reasons on the difficulties you signal for these projects to get project financing. As a follow-up on this one is maybe to better understand the contractual framework for this increased duration CapEx that you're targeting in storage. How much of this can be locked in contracts? And how much will be captured through higher spreads or services? A bit clarity on this will be helpful. The second one is in the evolution of cost slide. Actually, you signal, if I'm not mistaken, on page 66 across technologies, which is quite useful. I'd like to better understand. Have you seen any one-to-one adjustment on the PPAs to these cost measures? Have you seen any compression tightness, especially in some regions' technologies, as we've seen some lack on project PPAs being tendered? Better clarity on this will be helpful as well. Thank you very much. Thank you, Juan. I can start with the last one, and maybe Louis-Mathieu can take the one on project financing and Romain on the duration of batteries. Yes, we have higher CapEx per MW. At the same time, we do have higher price points for PPAs, whether with governmental counterparties or with corporate off-takers. I would even say that the bargaining power has switched onto us. If you look at, it's not true for all geographies and all situations, but if you look at, let's say, governmental tenders in France, they are undersubscribed. We do not have an unlimited ability to increase our PPA prices. There are some caps, and there are some rules, but still, we are able to pass, our own, CapEx increases onto our public, clients in France, in Ireland. It's also true for discussions with corporate off-takers. The PPAs that we have signed in 2022, I will not disclose the prices, but they are much higher than what was anticipated a year before, not only by Neoen but also by its future clients. Yet, it's still a good deal for them, because that electricity, even if much more expensive than what they thought one year before, is still much cheaper than what they can pay, on the market or with any other source of energy. It's really something that in the end, leaves, no loser. There is really some ability for Neoen to keep good IRRs even with increasing CapExes and good gearings, because we also have higher cash flows. In absolute terms, that leads to more project debt funding, it's still in the interest of our clients. On project financing, maybe Louis-Mathieu? Yeah. On storage financing, situation today is very simple. If you want to finance a storage project, you need either a capacity payment or a contract. This is what we've done, for example, on the VBB, where we have a capacity payment. Apart from that, there is no way you can finance a storage asset if you are only doing some arbitrage or some sell of gas product, for example. We are having discussions with banks at the moment to try to see how we can finance such a project going forward. It's very preliminary, and in the plans that we disclosed, we've not made any assumption on any significant project financing storage for the FGS business or the arbitrage business. We hope it will change in the coming years. Duration, Romain? Well, I mean, the additional duration. I mean, depending on the case, we're really on a case-by-case project. The additional duration can be required to provide a global PPA, as we have in our BHP case, where we decided to have a 2-hour battery to be able to firm better the PPA. In this case, this duration is included into the global financing of the battery. In other cases, we can decide to add duration to be able to provide, on the long run, services on a merchant part, and therefore it's not contracted and not financed. It's really a case-by-case for the storag . Quite useful. Thank you. Thank you. We'll move on to our next participant, Paul Chapron from Kempen. Please go ahead your line is open. Yes, good morning. Thank you very much for taking my question. I have two related to the industrial part of the business. For Mutkalampi, I think you mentioned that Vestas suffered a full EPC contract with good protection against CapEx increase and delays. Considering the struggles of all OEMs, which you also talked about, can you still purchase the same type of contract or are there maybe more, let's say, indexation clauses that you have to accept? The 1 question still on EPC, could you just briefly tell us which other EPC providers you are working with in Solanwe? Thank you very much. Norbert, obviously. I'll take that one. On the EPC side of things, as I mentioned before, we're trying to as much as possible to have guaranteed price and guaranteed schedule. To be honest, it's a struggle. The easy way would be to split the project in pieces and try to buy our stuff on our own in a smaller EPC than a full contract. As I tried to mention in the presentation before, we are extremely happy that we could hold the line throughout the two or three past years. Just to give you a couple of examples, suppliers would dream about making sure that if something is costing more than the end user, the owner has to pay more. That's the guaranteed price of it. Then maybe even more importantly in the past 2 years, when you look at what happened on the supply chains, on the logistic cost of transporting modules, for instance, out of China to Europe or to our destination markets as well, so as Australia, you have logistic costs going 10-fold, multiplied 10-fold over the past 2 years. You don't want to go into, you know, buying your stuff, free on board somewhere in China and then, and then pay for the transportation stuff. We're very happy that we could do that. Is it an easy thing? No. It's a permanent struggle. One part of the answer that we are giving to that one approach is that we try, as I mentioned before, to propose a portfolio of projects on a multi-year approach towards our suppliers. When we come to the market, when we go to the market, basically, what we offer and what we go through is not a project-by-project procurement or negotiation approach, but rather to build on relationship with tier one long-term partners to whom we are proposing our volume for the next 1, 2 or 3 years, and we have a limited number of suppliers. The short answer is volume makes the whole difference, and we think it strengthened the relationship with long-term partners. You had a second question on the solar part of things. Same answer on EPC, obviously. The solar projects are a little bit less technical, let's say, to implement than the storage part or the wind ones. We still see some appetite on most our markets, that being Australia, Europe, but even in America, we still see some strong appetite into contracting with pure EPC on full turnkey prices. You had a sub-question on indexation. To some level, although we were resisting towards indexation at the time, let's say our markets were pretty stable. I have to acknowledge that in the second part of 2022, we did reopen and renegotiate a significant number of our contracts in which we took some level of indexation towards the core component of such contracts, be it polysilicon when you talk about solar project or lithium when you talk about storage project. If you just have a quick look at what the trends and the futures of the market are showing for the first part of this year, clearly, we are going to benefit and our rate of return are going to be boosted by the fact that what we bought 3 months ago is now, thanks to this indexation on at least those two components, is going to lower our acquisition cost of those project. Thank you, Norbert. We have 3 questions coming through a different channel, so in writing. I can read them and hopefully answer them. First one was from Farwest Angio. Could you please provide an indication of installed capacity by year end 2023 and year end 2025? By year end 2023, we will have 5 GW fully in operation. By year end 2025, out of 10 GW in operation or under construction, which is the proportion of assets that will be fully in operation? Hard to say, but it's something that will be typically 8.5 GW, hopefully a bit more than that. Let's see if it goes at 9 GW, but we will keep you updated on that. I would say between 8.5 and 9 GW. We have another question from Martin Tessier. Do you plan to raise further equity beyond 2025 to reach the 20 GW target? If yes, what will be your equity requirements over 2025, 2023, 2030? Sorry. You do not get to 20 GW from 10 GW without additional equity. As I said earlier, there are different sources of equity. It can be raised at the topco level, which is what we are planning to do in 2023, or it can also come from existing assets. The idea to have 10 GW of assets almost fully owned brings two benefits. At the end of 2025, we will have cash flows from those assets, but we will also have the flexibility maybe to raise capital within those assets by selling some equity at the project level. I don't have in mind, and nobody at Neoen has in mind yet, the exact mix of funding that we will need to get to 20 GW in 2030. That is something that we will discuss probably in 2025. Let's say, the general message that I want to convey is that the growth between 2025 and 2030 will certainly be less diluted at top level, at the Neoen SA level, than what we have seen, let's say, in the first chapter of our history. We will have more tools in our hands. I mean, you can also think about farm-down. We will have a lot of installed capacity and in absolute terms, we will be able to monetize more than what we are already doing. We will have more flexibility, more tools, certainly less dilutive growth, and at the same time, there was nothing wrong until now, until 2025 with raising new capital, because I think that we have made good use of the equity that we have raised at the top level. There is also a question on the additional EUR 150 million equity requirement for storage. What's the impact on the IRR of doubling of the MWh capacity from 1 hour to 2 hours? This is a little bit unknown territory, but yes, the impact, the idea is to have a positive impact because we can offer more services with the same asset. It's maybe one comment before Romain can answer this in more details. The great thing with storage is that compared to solar and wind, you can have different strategies. I mean, if you have 10 MW of solar that belongs to Neoen or to Iberdrola or to NG, whatever, I mean, there's basically the same IRR profile in the end. There is no additional value brought by who the owner is. With storage, especially, of course, with Neoen, because we have more expertise than many of our peers, we do believe that we have here a very differentiating type of assets, and that the strategies and the procedures and the algorithms that we have developed in the previous years, will be extremely valuable, especially if we have the opportunity to have 2 hours to play with instead of 1 hour. I think on average, we guide on the IRR of a battery project and not on the IRR of the half of the battery and the second half of the battery. On average, the IRR of a battery project remains within our guidelines. There's a strong volatility on what happens on the battery. It depends on the market opportunity, which of course are higher when there's a strong volatility. It also happens with the first mover advantage that Neoen has, and with time, the profile of the battery profit will change. It's very hard to say what is the exact benefit of each part of the battery, but we strongly believe in it. There is one last question on screen that I will take from Xavier Nadjar: What is the run rate EBITDA range in 2025 if all assets were operating instead of under construction? Thank you, 'cause I think it's a very interesting question. We said earlier this morning that we would have at least EUR 600 million of EBITDA in 2025, but of course, the run rate, even if it's hard to quantify, it's going to be north of EUR 700 million. The run rate EBITDA of those assets that will be in operation or under construction in 2025, those 10 GW. If I were to give you an indication, don't take it as a guidance, I would say EUR 750 million would be the run rate EBITDA of those 10 GW that we will have in operation or under construction at the end of 2025. Of course, it could be more than that if batteries bring the expected extra performance that we feel they can bring. Maybe a word of conclusion. Thank you. Well, thank you everyone for your attention and for your questions, very interesting questions. Many thanks as well to the management team of Neoen who presented with me today. As you can see, you have before you a team of very committed and talented experts. The takeaway from this presentation this morning is Neoen. is that Neoen has a great track record, especially in the last 2 years, and that we have a promising future. Looking to 2025 and to 2030, we are determined to deliver strong, balanced, and value-creating growth. Strong with 10 GW at the end of 2025 and a goal to reach 20 GW at the end of 2030. Again, we will be in Champions League among the big ones. Balanced because, with our technologies, geographies, and clients, we can minimize risk. Value creating, especially thanks to the storage business and energy management expertise that set us apart and in a way that allow Neoen to be more and to go beyond that, the sum of its own parts. Profitable, thanks to clear industrial and financial discipline. Last but not least, sustainable because this growth meets the most demanding ESG requirements. Thanks everyone for this discussion, and looking forward to future questions and explanations. Thanks very much.