Hello, and welcome to Neoen nine-month 2023 revenue. Please note this call is being recorded, and for the duration of the call, your lines will be on listen-only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero, and you will be connected to an operator. Today, we are with Mr. Xavier Barbaro, CEO, and Mr. Louis-Mathieu Perrin, CFO, and I will now hand you over to you, Mr. Xavier Barbaro, to begin today's conference. Thank you. Thank you very much, and good evening, everyone. I'm Xavier Barbaro, the CEO of Neoen. Welcome to our nine-month 2023 revenue conference call. I'm together tonight with Louis-Mathieu Perrin, our CFO, and François Riepolt, our IR officer. We will first comment on the key points of our publication that you have received, and our comments will be following the slide presentation that you have hopefully received as well, and which is also accessible through our website. We will then, as usual, open the floor to questions. Let's start with an overview of our nine-month performance on slide number four. We generated over 5.5 TWh of electricity over the first nine months of 2023. This is a 32% increase year-on-year, and it demonstrates that we keep on bringing new assets into operation and that we have delivered a solid operating performance. Our revenue reached EUR 397.5 million in the first nine months of 2023, up 12% year-on-year and up 16% at constant exchange rates. As you can see on the chart, the solar and wind segments are the main drivers of this growth, while storage is down as it was boosted by favorable market conditions in Q2 and Q3 2022. Q3 2023 revenue specifically went down 8% year-on-year as a result of three main effects. First, it was well anticipated by the group, the mechanical impact of the entry into force of Mutkalampi and Western Downs long-term PPA prices in Q2 and Q3 2023. This led to lower revenue compared to Q3 2022, when both plants were already injecting electricity and were benefiting from early generation revenue at extremely favorable market prices. Secondly, the impact of lower year-on-year market prices on the uncontracted portion of our power generation. And thirdly, as already mentioned, a very high comparison basis for storage revenue. You probably remember that our Australian batteries benefited from highly volatile market conditions, both in Q2 and Q3 2022, and I will come back later in the presentation on the breakdown of the different streams of our storage revenue and their respective volatility. As for the development of a portfolio, our Secured Portfolio, which is the sum of our assets in operation or under construction and/or awarded projects, reached 8.3 GW at the end of September 2023, with more than 900 MW of capacity added over the first nine months of 2023. This means that we are already secured more than 80% of our 2025 target of 10 GW in operation or under construction. Finally, we reconfirm our Adjusted EBITDA guidance between EUR 460 million and EUR 490 million. As we are getting closer to the year-end, we can be more precise in our guidance tonight, and we can state that the Adjusted EBITDA is now expected towards the middle of that range. If you now turn to slide number six, you will find an overview of the projects awarded since the beginning of the year. We added 912 MW of awarded projects in the beginning of the year in France, Australia, Finland, Sweden and Ecuador. In Q3 alone, we added 347 MW, including in France, more than 228 MW of solar projects and 51 MW of wind projects. Most of this comes from our repeated successes in French government calls for tenders. I will come back on the next slide on the outcome of the most recent solar tender. In Australia, the extension of Western Downs Storage, 58 MW and 116 MWh, which is already under construction. Lastly, in Sweden, we added 10 MW following the construction start of the Hultsfred solar farm. All in all, Hultsfred will be 100 MW, 95% of which is contracted with H&M. On slide seven, you will find more details about the French solar tender that I just mentioned. Neoen won in September 238.5 MWp of solar projects through the last French government call for tender. This includes 15 ground-mounted projects across nine French regions, totaling 221.6 MWp, for which Neoen was ranked first in terms of number of projects and second in terms of total capacity. It also includes two solar canopy projects, totaling 16.5 MWp. The average PPA price obtained by Neoen is slightly above the average tender price of EUR 82.4 per MWh. It positions the average IRR of these newly awarded projects within the upper half of the range of our European IRRs guidance, given at our last CMD, i.e., 7.5% ±150 basis points. This new tender demonstrates once again, Neoen's capacity to consistently rank among the top players in the French government call for tenders for renewable energies. These new wins allow us to now exceed 2 gigawatts of secured capacity in France. If we now move to slide eight, you will have an overview of the dynamics of our secured portfolio. As I just said, we added 912 MW of awarded projects over the first nine months of 2023. We also launched the construction of 572 MW, including notably, Hultsfred in Sweden, for a total capacity of 100 MWp. We made the construction start official, a couple of weeks ago. It will be the largest solar farm in Sweden. We also launched the construction of our first long duration battery, Collie Battery, 219 MW, and 877 MWh for our battery, as well as Western Downs Storage extension, both located in Australia. In Finland, we have launched the construction of Storbötet and Lumivaara Wind Farms for a total capacity of 161 MW, alongside new capacities in France. Finally, 747 MW also reached the operation stage since the beginning of this year. This includes Western Downs Solar Farm, 460 MW, and Kaban Wind Farm, 157 MW, both located in Australia, as well as 130 MW of wind and solar assets in France. In the meantime, the DeGrussa Solar Farm in Australia, 16.6 MW, was definitely stopped as expected, as the underlying mine is not operating anymore. These plants will be co-decommissioned as planned next year. At the end of September 2023, Neoen had almost 4.8 GW in operation, getting closer to the 5 GW milestone. I now hand over to Louis-Mathieu to comment on our operations. Thank you, Xavier. Let's now move to slide number 10. As was already highlighted by Xavier, we generated slightly more than 5.5 TWh over the first nine months of 2023, which is up 32% versus the first nine months of 2022. This is in line with the growth we achieved in H1. The average wind availability stood at 93.6%, affected by a cable issue at the Mutkalampi wind farm. This issue, which occurred in Q1, was rapidly solved. It has temporarily penalized the availability of the south part of the plant. Excluding Mutkalampi, wind availability was 97.3%. The average load factor of wind assets decreased to 26.4%, compared to 28.9% in the first nine months of 2022. This is partially explained by the temporary reduced availability at Mutkalampi in Q1 2023, but also to lower wind condition in Australia, particularly in Q3. Altogether, these two headwinds were only partly compensated by better wind conditions in France. The average solar availability rate improved to 94.6%, as the technical difficulties faced by the El Llano power plant in Mexico, while not entirely fixed, were less important than in the first nine months of 2022. As a reminder, the plant was temporarily shut down in Q3 2022. The replacement of its transformer is still expected in the coming months. Excluding El Llano, the solar availability rate stood at 98.4% in the first nine months of 2023. The average load factor of our solar assets was slightly up from 19.1% in the first nine months of 2022 to 19.4% in the first nine months of 2023, thanks to the higher availability from El Llano in Mexico, and the ramp up of production of Western Downs in Australia until its entry into operation in June 2023. These two positive effects were partly offset by the unplanned grid outage, affecting the Altiplano solar plant in Q2, and lower radiation, both in Argentina and in France. If we turn to revenue on slide 11, we achieved EUR 397.5 million in revenue in the first nine months of 2023, a 12% increase compared to the first nine months of 2022. At constant exchange rates, revenue was up 16%. This increase was largely driven by the new solar and wind assets commissioned in 2022, and during the first nine months of 2023. Most of these assets benefited from high early generation revenue in Q1, and to a lesser extent, in Q2. Three plants are particularly worth highlighting. First, Kaban in Australia, which started injecting electricity in November 2022, and has reached full operation in June 2023. Secondly, Western Downs, which long-term PPA price applied as of April 2023. And lastly, Mutkalampi. Its first PPA with Google started in April, while its PPA with the Dutch off-takers began in August. As for our assets, which were already in operation at the end of 2021, we recorded a positive contribution from the El Llano power plant in Mexico, the production of which was stopped in Q3, 2022. Excluding El Llano, the volume effect was negative, owing to a lower production at Altiplano, consequence of the temporary grid issue that I already mentioned, and to a less favorable wind condition in Australia. Those were only partly compensated by a better wind production in France. The overall price effect was negative, mainly reflecting the impact of lower market prices in Australia, affecting the uncontracted part of our production. The contribution of our storage business decreased. This is largely due to a comparison base, as market conditions were particularly favorable for storage in Q2 and Q3, 2022 in Australia. As you can see, the impact from the sale of Cabrela in Portugal and Saint-Sauveur in France in 2022 amounted to -EUR 8.1 million. Lastly, we had a negative Forex impact over the first nine months of 2023, mostly related to the Australian dollar. At constant FX rates, revenue was up 16% versus 12% at current exchange rates. If we move to slide 12, you can see the breakdown of our revenue by type of technology. Starting with wind, it was up 28%, the revenue in nine months, 2023, versus the first nine months of 2022. We benefited from the strong contribution of Mutkalampi in Finland, notably through early generation revenue in Q1, and to a lesser extent, in Q2, before the start of its long-term PPA in April and August. In France, we also benefited from the contribution of assets commissioned in 2022 and the first nine months of 2023, but also from overall good wind conditions and a positive price effect. And lastly, in Australia, with the contribution from Kaban, which started injecting electricity in November 2022, and benefited from early generation revenue since then, notably in Q1, in the context of high market prices. The Q3 2023 wind revenue, however, was down 11% versus same period of 2022. This performance was largely anticipated by the group, as it is directly related to the start of the Mutkalampi PPA in April and August 2023. We'll come back to this in the next slide. The Q3 wind performance was also impacted to a lower extent by less favorable wind resources and merchant prices in Australia. Moving on to slide 13, I would like to focus specifically on the breakdown of Mutkalampi's capacity between contracted and merchant. As you can see on this graph, Mutkalampi Wind Farm started injecting electricity in Q2 2022, and ramped up its production in Q3 2022, before reaching full capacity at the end of Q4 2022. Until its PPA started, Mutkalampi was selling its production on the market in a context of high merchant prices. Its merchant exposure stood at 100% until the end of Q1 2023. Then, its merchant exposure decreased to 69% in April 2023, following the start of its first PPA with Google on April 1. Then, it reached its long-term level of 38% of merchant exposure in August 2023, following the start of its PPA with four Dutch off-takers on August 1. This explains the drop in early generation revenue observed in Q3 2023, compared to Q3 2022. A similar mechanical effect is also expected in Q4 2023 and in Q1 2024, considering the high comparison basis for both Q4 2022 and Q1 2023. I would like also to take the benefit of this slide to remind you that the Western Downs Solar Farm in Australia is in a similar situation, as it operated on a full merchant basis until its long-term PPA price applied in April 2023. I remind you that the long-term percentage of capacity contracted at Western Downs is 80%. Lastly, I would also like to remind you that having our capacity largely contracted is key, as it allows us to secure long-term predictable revenue, and as a consequence, to raise project financing at competitive cost and favorable gain level. I would, I would like also to emphasize that our strategy is to have 80% of our capacity contracted, excluding storage assets, and it's contracted through long-term PPA. The weighted average remaining PPA duration is around 18 years at year-end at end-September 2023. If we move to solar revenue on slide 14, it increased by 17% in the first nine months of 2023 versus the same period last year. It enjoyed a strong contribution from asset commissioning in 2022 and the first nine months of 2023, essentially in Australia with Western Downs, which benefited from early generation revenue at high market prices, notably in Q1 2023, before the price of its long-term PPA applied. French and Irish assets also contributed to the increase, but to a lower extent. Increase was also driven by higher volumes from El Llano in Mexico in Q3 2023, versus Q3 2022, when the plant was shut down temporarily, and also by positive price indexations in France and El Salvador. These positive elements were partly offset by a negative volume effect at Altiplano in Argentina, owing to temporary grid issues in Q2, and also lower radiation in Argentina and France. Lastly, we also had the negative impact from the disposal of Cabrela in Portugal. In Q3 2023, solar revenue was also up 17% versus same period last year. If we move to storage on slide 15, storage revenue decreased by 33% in the first nine months of 2023 versus same period last year, and by 47% in Q3, specifically versus Q3 2022. The good performance of the Yllikkälä Power Reserve in Finland, notably in Q1 2023, was more than offset by the lower contribution from the Victorian Big Battery, and to a lesser extent, from the Hornsdale Power Reserve, which both benefiting from very favorable market conditions in Q2 and Q3 2022. I remind you that Q2, Q3, but also Q4 2022, represented a high comparison base in Australia, as market conditions were very volatile at that time. In that context, Australian batteries, in particular, the Victorian Big Battery, had actively supported the local grid, notably through the delivery of FCAS services, and had also benefited from significant arbitrage revenue. I now hand the floor back to Xavier for the rest of the presentation. Thank you, Louis-Mathieu. Moving on to slide 16, you have a summary of storage revenue streams and a comparison of their respective contribution to revenue between the first nine months of 2023 and the first nine months of 2022. As described during our March 2023 Capital Markets Day, battery revenue has historically relied on three main streams. First, frequency support, which is moderately exposed to market volatility. Second, power system integrity, meaning capacity reserve, which is based on long-term capacity contracts, and as such, pretty stable over time. Third, arbitrage, which depends directly on the volatility in electricity prices. We recently added three new types of services and offers, which include inertia services, such as the ones delivered by the Hornsdale Power Reserve battery in Australia to the National Electricity Market. Second, virtual batteries, as illustrated by the innovative 7-year agreement signed for 70 MW with AGL in 2022, which is not yet in force. And third, farm-down renewables, as illustrated by the 70-MW baseload PPA signed with BHP, which is due to start in 2025. Both arbitrage and frequency support services benefited from very favorable market conditions from Q2-Q4 2022, thanks to a high degree of volatility in the markets at that time. Comparatively, volatility was much lower in Q2 and Q3 2023, implying lower revenue. In the long run, the growing electricity demand, combined with the higher penetration of renewable energies, should favor market volatility, supporting our business case for frequency support services and arbitrage activities. But we will also further capitalize on capacity contracts, such as the one signed with the AEMO in Western Australia in June 2023 for the Collie Battery, and new value-added services, like virtual batteries and farming, to deliver more predictable revenue streams. As a summary, thanks to its leading expertise in batteries and energy management, Neoen will continue to intensify its efforts to offer more innovative products going forward. Slide 17 shows the breakdown of our solar and wind revenue between merchant and contracted. As anticipated, the merchant generation revenue from solar and wind assets decreased in Q3. The decrease was 59% versus Q3 2022, as a consequence of, on the one hand, the earlier-mentioned merchant impact of the entry into force of the Mutkalampi PPAs in April and August, and Western Downs long-term PPA price in early Q2 2023. On the other hand, lower merchant prices in Australia, Finland, and France versus Q2 2022, regarding the uncontracted portion of our production. As a result, the merchant proportion of cumulative generation revenue was down from 21% in the first nine months 2022 to 17% in the first nine months 2023, and from 34% in Q3 2022 to 14% in Q3 2023. Let's now review our portfolio on slide 19. Our capacity in operation and under construction total 7.2 GW at the end of September 2023. Our secured portfolio reached 8.3 GW, meaning that more than 80% of the 2025 capacity target is already secured. Overall, including the advanced pipeline, but excluding our early-stage projects, our portfolio exceeded 25 GW at the end of September 2023. This represents a 30% increase compared to the end of 2022. Please note that our pipeline continues to be well distributed between a significant number of projects that are spread across different geographies and technologies. This significant increase in our portfolio demonstrates our ability to continuously feed our pipeline with new projects in advanced development. In addition, as you know, our early-stage projects currently stand above 10 gigawatts. On Slide 20, we give you the latest status on our 2.4 gigawatts of assets under construction at the end of September. This map shows our current best estimate of expected CODs. Let's go quickly through our main projects. In Australia, we still have five plants under construction to be commissioned in 2024 and 2025. Capital Battery commissioning is now expected in 2024 versus Q3 2023 formerly, as connection compliance tests under the direct responsibility of the EPC contractor are taking much more time than initially expected. Western Downs Storage facility, 270 MW, 400-540 MWh, including the recently announced extension, is still due to be commissioned in H2 2024. Collie Battery in Western Australia, COD is expected in Q4 2024, still. Goyder Wind Farm, which has two tranches, Goyder 1A, which is due to enter into service in H2 2024, and Goyder 1 B, with a COD planned for 2025. Lastly, the Blyth Battery, which is still due to be commissioned in 2025. In Finland, the construction continues for the Björkliden Wind Farm. Its COD is still expected in Q1 2024. The construction of Storbötet and Lumivaara, both wind farms, that were launched in Q2 2023, with CODs expected in 2025. In Sweden, as previously mentioned, the construction of Hultsfred, a solar farm, has been recently launched, with the commissioning expected in 2025. The construction of the Storbrännkullen wind farm is going well, with the commissioning still expected in Q1 2024, while the Storen Power Reserve COD is expected in H2 2024. In Ireland, our three solar farms, Millvale, Hortland, and Hilltown, are already injecting electricity into the grid. Grid compliance test is pending for one farm and completed for the two others. CODs of the three assets are now expected in Q4 2023. In Portugal, construction work is ongoing for Rio Maior and Torre Bela solar farms, with CODs still expected in H2 2024. In Canada, construction work at Fox Coulee Solar Farm is well on track. COD is still expected in H1 2024. In France, we currently have 244 MWp of solar capacity, 44 MW of wind capacity, and 8 MW of storage capacity under construction. These projects should be mainly commissioned in Q4 2023 and Q1 2024. Finally, in Mozambique, the situation is unchanged. We received a binding offer in July 2023 for the sale of the Metoro Solar Farm. The transaction is still subject to the completion of conditions precedent, but it's expected to close in the coming weeks. Before moving to the Q&A, let me comment on our short and medium-term perspective, starting with slide 22. First, regarding our 2023 guidance, we reconfirm our adjusted EBITDA targets between EUR 460 million and EUR 490 million. At this stage, the adjusted EBITDA is expected towards the middle of that range, with an adjusted EBITDA margin significantly above 80%. And as a reminder, farm down will represent less than 15% of both adjusted EBITDA and increase in secured portfolio. Regarding our medium-term outlook on Slide 23, we also confirm our targets of double-digit annual growth rate in adjusted EBITDA between 2023 and 2025, leading to an adjusted EBITDA target of more than EUR 700 million in 2025. Finally, we also reiterate our target of more than 10 GW of capacity in operation or under construction by year-end 2025. And that's about it. Thank you for your attention. We are now ready to take your questions. Ladies and gentlemen, as a reminder, if you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. The first question comes from the line of Vincent Ayral, calling from JP Morgan. Please go ahead. Yes, thank you for taking my question and for this presentation. So I'll start with a very, very simple one. So now you, you're basically fine-tuning, and you're saying, "Okay, we're aiming for the middle of the guidance 2023." I suspect if, if you're now, saying that it's the middle, that means that some buffer for performance, has, has reduced, maybe a bit disappeared. So I, I suspect commodity price has not been helping, but, you already, assumed some of that, I guess, in your, in your planning at some of the year. It may be a bit worse off, a bit of effects and maybe, maybe, a couple of, small outages, that we've seen in this presentation. Could you help us understand a bit what have been the adjustments between what you were expecting at the start of the year and now? Basically aiming for the middle of the guidance is a very good thing, and delivering as boringly as we can is exactly what we wanna see on renewables. Let's talk to investors on Ørsted these days. So, very good, but I'd like to understand where what. How you rank the main variables in terms of what has changed in your business planning and meaning that you're aiming for the middle of the range now. The second question is when we look at the power market reform, we have so far a bit more clarity on what's coming there. It seems to be mostly from the supply and long-term contracting. We don't see necessarily a lot of, I would say, material changes to the market design. I'd like to understand a bit what's your take on what's being done there, and if there is any benefit for you guys, or would you have preferred to get actually something contracted? Or what actually is your view and potential benefits there? The side angle here being that we've been seeing, for example, in Germany, they wanna do potential state aid to large industrials, and that may temporarily impact the ability to get a client, industrial client interested in signing PPAs. So there is a bit of uncertainty at the moment, and any color you can give us on that would be great. Thank you. . Thank you, Vincent. Maybe I can start, and of course, Louis-Mathieu can elaborate. Well, being at the middle of our range is hopefully good news. It means that we are a predictable company and a boring one in the good sense of the term, as you said. Of course, there are some moving parts, and this is why we started with EUR 460 million-EUR 490 million, instead of saying back in March 2023 that we would be whatever between EUR 470 million-EUR 480 million. Those moving parts, as you can imagine, FX is one of them. It has not played in our favor, so FX is driving down our guidance. I mean, that's something that you can find, of course, because that information is public. We had a good start of our year. This was, of course, a plus for us, so FX is against us. The good start that we had Q1, Q2 was playing in the right direction, but in the end, it let's say, it balances. In terms of performance, we are where we should be. As we said earlier, the entering to force of PPAs replacing early generation revenues is also something that we had in mind, and that we had in our forecast, and that we had in our guidance. So this one is not bad news. Louis-Mathieu, anything that we can add? No, without ranking them, you have, you have actually four, four elements. The first one was mentioned by Xavier, it's, it's FX. The second one is, is power prices, indeed. The third one, has to do, with, with battery, and the fourth one is a slightly lower volume, especially on the wind. So if you take all that together, it explain where, where we end up, at the moment. But, but no, none of them is really, more important than the other, so it's a combination of those, four elements. But, I mean, that's something that you can infer from my comments, but at constant exchange rates, we would be in the upper half of our range. But, again, since we are communicating at current exchange rates, we are guiding towards the middle of our range. On your second question, well, the power market reform, at Neoen, we are a little bit in a wait-and-see mode. I mean, we see some good ideas, but it depends very much, as you said, from one country to the other. Some governments are still experimenting a little bit on their own without trying to, let's say, to fit into a global European framework. As you remember, France had some willingness last year to, let's say, intervene in the spot prices. So, something that we are hoping at Neoen is that at least we can keep, in the future, the upside that we can generate from our merchant exposure instead of having it confiscated, even if we litigated against that government measure. Let's see how it goes. But again, we are, in terms of merit order, we are at Neoen with our wind and solar assets. We usually have the most competitive assets in the countries where we work. So even if the market reform is potentially capping some of the upside by fixing some prices, we do not see that as bad news. It's just a limit to the upside that we can hope for. Yeah, the angle I was adding here is that the EU is looking at trying to stabilize bills by forcing people to sign long-term contract with end consumers. So it's forcing for PPAs in a way. Now, I mean, it's a bit of a weird approach if you ask me. There are simpler ways to do things. But could that help in the long term, basically extension of PPA duration and basically boost the PPA market for renewable players? And whilst you talk about the litigation on the French thing, since the court said that, yes, indeed, the French government, the way they've done the intervention, was illegal. But, I suspect they just have to amend the law, and, they had, I, I believe, very good grounds to do what they did. So I, I doubt you will get any upside and, win in this case, but, I'll be interested in, in understanding, what's your take on that in terms of, percent ch- percentage chance of success, and, what would be the upside potential on the. I mean, starting again with the market reform, just as a reminder, 40% of our business is in Australia, 20% is in the Americas, so we are talking here about reforms that have an impact on 40% of what Neoen does. So it's of course something that we follow, but it's not the whole story, and we see more positives than negatives in those reforms. I mean, first, the fact that they want to facilitate the development of wind project, which is something that we heard recently, is of course a positive for Neoen. And even if, as you said, there is an effort to drive the market towards long-term contracts, well, that's not something, that's not something negative for Neoen. And when we are precisely ready to answer that call, we have some available capacity, or we will have some available capacity that we will be more than happy to convert into long-term contract. This is precisely what Neoen is willing to do. We are not, we are not, one of those players precisely, looking at, at having more merchant exposure. At Neoen, we like those long-term contracts. We like the predictability of the revenues that come with those contracts, and we like the fact that we can leverage those contracts and have access to very competitive debt. So that's something that, if the market reform goes into that direction, that's something that Neoen will be happy to fit in. Thank you very much. The next question comes from the line of Enrico Bartoli calling from Mediobanca. Enrico, please go ahead. Hi, good evening, and thank you for taking my question. The first one is, let's say, general on the market. I am interested in your, let's say, latest flavor on what you are seeing in terms of demand and price evolution for PPAs in the main markets where you operate in Europe and maybe also some words on Australia. And also, you highlighted that the latest auction in France is going to provide an IRR in line with your target. Actually, your target is quite wide, so I'm interested in the evolution that you are seeing in the expected IRRs in the past few months. If you're seeing that compared to what you were expected a few months ago, are going, are staying stable, or there are some improvements or deterioration. The second question is related to back on the impact of the startup of the PPAs, mainly going forward in the fourth quarter. You highlighted that the contracted portion of Mutkalampi will further increase, and you mentioned also other projects. So I was wondering, actually, what you expect in terms of evolution of this impact in the fourth quarter, compared to what we saw in the third one. Thank you very much. Thank you, Enrico. On your first question, well, price evolution, well, it's something that we have, I think, already highlighted, and it's even more true this quarter, so happy to comment on that. The example of France is, I believe, interesting, 'cause it's public information, so that's something that we can freely comment. The average price for the last governmental tender offered by all bidders on average was a bit higher than 82 EUR per MWh. As we said, Neoen on average is itself above that average. So the prices that were obtained by Neoen were above those 82.4 EUR, which were public information. A couple of years ago, average prices in the same equivalent tenders in France were at 60-65 EUR. So we are getting higher prices than before for those long-term contracts. And that translates into, I believe, a good enough IRRs. What we said is that we were in the high range that we have for France, so basically meaning high single digits IRRs. But as you know, it's always a matter of definition. We have, I believe, a fairly conservative definition of IRRs for Neoen projects compared to what our peers are doing. We are going for 30 years. Many of our peers are going for 40. We do not include terminal value. We do not include any other levers to boost IRRs. So if you compare apple to apple, not only are the IRRs of the French project of Neoen higher than the IRRs of the French project of Neoen of 2022 or 2021, but if you of course compare apple to apple with our peers, I think that we have genuinely a best-in-class IRRs in France, all things being equal. What we believe more broadly in beyond France is that there are two trends. If you go for, let's say, fully commoditized electrons in countries where it's easy to obtain permits, and if you sell just, let's say, dumb intermittent electricity, you're not going to get a very good IRRs. Maybe you can hope for, on paper at least, high IRRs if you go merchant, but at Neoen, we believe that it's too risky. But if you go the Neoen route, which is to try to imagine projects that are sometimes difficult to develop, but at least they have good value, or that combine different technologies, such as solar plus storage, wind plus storage, or a blend of those three, you can fetch some higher prices and some higher IRRs, and this is what we are trying to demonstrate in Australia. And that we are actually already demonstrating with contract that have been signed with good counterparties. So the route for Neoen, again, is to develop projects where it's hard to do so to obtain permits. That's the way to create value through business development or to create value through more sophistication, and that's what we are doing in Australia. I don't know if there is anything to add, Louis-Mathieu? So maybe we can just remind you what our IR target 7.5% ±150 basis points in Europe, and 8.5% ±150 basis points in Australia. And what we say that in the current context, where we acknowledge that interest rates are much higher than they were historically, we tend to target the upper end of the range on project where it is feasible for the reasons that Xavier mentioned. Again, as I said, IRR, it's always a matter of definition. I think that we have conservative definitions, and that's the to put a number, 'cause that's a calculation that we made, our IRRs using the assumptions used by our peers, would typically be 200 basis points higher if we were using the same set of assumptions. So for what it's worth, but I leave it to you. And what matters to us is within, let's say, the new set of assumptions, what matters to us is to go for the higher range of the IRRs, within our own set of assumption, and that's what we are already demonstrating in France, as we highlighted during this presentation. That's what we are trying to get as well in Australia by going for maybe more sophisticated project or a project that are harder to develop, but that can again fetch more profitability. We try to find the right balance between volume and value. We are not obsessed with volumes. We do believe that we can get good value even with substantial volumes. We are not going to limit ourselves to just a few dozens of megawatts. We believe that we can really create value on the large volumes of projects, but that's a balance that we are, of course, constantly looking at. Your question regarding the spread between merchant and contracted, so we try to give you some insight. I think you need to consider the three main projects which were merchant end of last year, and which have been or will be contracted going forward. First one is with Mutkalampi. You have all the elements on the slide, which were discussed in the presentation. The only thing to note is that while the percentage of contracted generation will be the same in Q4 than in Q3 of this year, of course, the merchant price should be different. I remind you that last year Q4 merchant prices were really peaked in Finland, and as far as I know, it's not the case right now. Second one is Western Downs. So last year, this one was also really merchant, where you ramp up. In Q4 this year, we will be at 80% contracted, which is the same situation than in Q3. The main difference between, again, that in Q4 of last year, power prices in Australia were much higher than what they are today. I cannot forecast what prices will be in Q4, but considering where our futures are, there should be lower than last year. And the last one is Kaban. This one will still be 100% merchant in Q4 this year. But again, if you consider the differential in merchant prices between last year and this year, you will also have an impact. If you take into consideration the three main plants, it should give you a good indication where we should land in terms of merchant versus contracted for Q4 this year. Thanks a lot. Very clear. The next question comes from the line of Arthur Sitbon calling from Morgan Stanley. Please go ahead. Hello, thank you for taking my question. Basically it's on asset rotation. I think earlier in the year, you had said that you were considering potentially another asset rotation deal in France for the second half of the year. I was wondering if this is still on the table? And if not, I was wondering if that's also one of the reasons why basically you narrowed the guidance range for the year. And the second question would be on net income. I know you don't provide a net income at Q3, but I couldn't have the notice that your net income was quite high in the first half compared to consensus expectations for the full year, which are around EUR 85 million. I was wondering if you're confident that you could end up above consensus expectations on net income? Thank you very much. Thank you, Arthur. I will let Louis-Mathieu answer the second question, knowing that again, we do not guide on net income, but still we try to give you an educated answer to your question. On the first one, no, the narrowing of the guidance has nothing to do with farm down. Farm down is part of what we do. Farm down was part of our forecast for 2023. Farm down was already in our forecast, including some transaction that we expect to close in Q4. And yes, we will most certainly have another operation in France before the end of this year. But it is already, and it was already in our forecast, so the narrowing of the guidance just reflects power prices, exchange rates, evolutions, and global performance of our assets, and not nothing else. So farm down was already, let's say, well integrated, even for the transactions that have not occurred yet. On your question regarding the outcome, so it's difficult to answer precisely, because you know that there are some moving parts around the tax rate, in particular, in countries like Mexico and Argentina, that are not directly under our control. You all know that there is a presidential election in Argentina in the coming weeks. So what will be the outcome, and what will be the impacts on the hyperinflation, for example, is hard to say. But I can help you on the D&A and financing costs, because it's something that we have a pretty clear view on. So starting with D&A, as you remember, the D&A amount was up 24% in H1 compared to H1 2023, compared to H1 2022. I expect an increase over the full year, which shall be quite closer to this amount. So something around EUR 185 million of D&A over the entire year is something which seems to me pretty plausible for 2023. For financial results, we only had a 7% increase over H1, but this was also linked to the fact that some projects had been starting operation pretty late in the semester. And so all those one are now fully operating, namely Kaban and Western Downs. And as a consequence, the interest costs flow directly into the P&L. So on this one, and again, with a bit of caution, the total financial result should be in the region of -EUR 170 million. There is always a bit of uncertainty, because it will also depend on the commissioning, which will happen in November and December. But it's the figures I'm pretty comfortable with, ±EUR 5 million. Having said that, talking about the tax rate, as I said, it's pretty difficult for me to give you an indication which will be very precise at this stage for the reason I just mentioned. But at least on the net income before tax, you have all the elements to forecast. That's very helpful. Thank you very much. The next question comes from the line of Naisheng Cui, calling from Barclays. Please go ahead. Naish? Hello, can you hear me? Yes. Yeah. Perfect. Hi, good evening, everyone. Thanks for taking my questions. I only have two left. Apologize if I missed this earlier. I understand for the Mozambique asset, you received a binding offer in July, and I think you mentioned that the transaction is expected to close end of the year. I just wonder if you can give a bit of details on that. Is there any capital gain associated with that? Will that be part of your new EBITDA guidance? Was that in your EBITDA guidance before? So just want to clarify on that. Then my second question is, on the Capital Battery delay in Australia. Will you get any compensation from your contractor? If you are getting something similar, like liquidated damages, how does it work for battery projects, given the volatility on earnings? Thank you. Thank you, Naish, for your questions. Well, on Mozambique, we do expect this transaction to close, as we said, in the coming weeks. Hopefully, you'll know more about it soon. We are not talking about big numbers here. I mean, first, the Mozambican solar farm was largely written off in the past. The final price, even if it's we are going to recover part of what we have written off, but it's we are not talking about something significant. No impact on our guidance from this transaction. It's just a way to let this project materialize in someone else's hands and to keep our good reputation, but we are not going to make profits, nor to make an additional loss from this transaction. So it's already taken into account in our numbers. And the Capital Battery, yes, we do have an EPC contract, a turnkey contract with some liquidated damages at stake. At Neoen, we always prefer to have assets in operation than to have assets that are late, even if we are fully compensated for that. But it's still something that, again, is not especially making us nervous, because yes, we do have some comfort on the level of liquidated damages that we can get, because it's what we have in return for the price that we pay for full turnkey contract. As you said, it's a bit complex because we do get fixed amounts of liquidated damages that are meant to cover what we were expecting to gain. But as we said, there is some volatility with storage, so maybe we are going to get less than what we could have made on the market. Maybe in the end, we are going to gain more than what we could have made on the market. But on average, we plan to get something that is good enough to offset the delays that we are incurring. So we like this idea of having LDs when project is late. We do not specifically plan to make more or less than what we could have made on the market. It has happened to us in the past sometimes to actually make more than what we were hoping for in terms of revenue. It has also happened to us in the past to make slightly less than what we were hoping for, but on average, again, those LDs are just meant to offset what we were planning to get on average. Very clear. Thank you so much. The next question comes from the line of Philippe Ourpatian calling from Oddo BHF. Please go ahead. Yes. Good evening. I hope you are hearing me well. Just, two question. One is, could you just give us some idea about the volumes of storage you have generated Q1, Q2 and Q3? Because there is a lot of volatility, not only linked to, I would say, pre-PPA, but for the, for the storage, it was also a question of volumes. If you can just help us to have an idea about the volume we are discussing, for 2023 versus 2022, if it's possible. That's the first question. And the second one, just a clarification. The quality of the sound was a little bit poor about the D&A. Could you just repeat the figure concerning, the landing of your D&A, please? Many thanks. Landing of EUR 185 million for this year. On storage, we never specify the volume because it's a matter of a number of elements. There is the absolute prices, there is also the spreads. So it's hard for us to give you any reference in terms of volume, because this is not the way we look at it. I struggle to give you a precise answer on this one for the reason which is very simple. I don't have any specific elements on volume, unfortunately. Just one maybe follow-up question concerning this point. In the 5.5 terawatt hours you generate, if I'm taking your installed capacity and the load factor you are delivering, I mean, I will have a lot of difficulty to find something which could be big volumes coming from storage in order to make. So let's clarify this one. Yes. 5.5 terawatt-hours is generation, so meaning wind and solar. There's nothing to do with battery. It's really wind and solar. That's, that's my point. That's my point. Many thanks. Sorry for misunderstanding your question. The 5.5 is really pure wind and solar. No storage at all. Ah, okay. Great, thank you. That's, that's clarifying the point. Many thanks. You're welcome. The next question comes from the line of Henry Tarr, calling from Berenberg. Please go ahead. Hi, guys, and thanks for taking my questions. I have two. One is just on the cost side. As you look at new projects, particularly on wind, are you seeing any changes on the cost structure? And then have you had any kind of supplier issues? I guess there have been sort of well-publicized issues from some of the OEMs. And then the second question is just on the sort of farm down market, and whether you're still seeing the same levels of interest, and the same kind of, you know, premiums that you were seeing, six, 12 months ago. Thank you. Thank you for your questions. The first one, prices are stable. If you look at what we, what we said, during our CMD in March, and if we look at what we have to date, it's pretty much the same, the same level. So on average, EUR 1.3 million per megawatt. It really depends, of course, size of project, geography, so let's use that as an average. Knowing that we buy from GE, Vestas, Nordex, not that much from Siemens at the moment. And knowing that, of course, we may, in the future, at some point, look at Asian suppliers that would have lower prices than that. So at the moment, we have stuck to GE, Vestas, Nordex, Siemens, and in the past, we bought a few turbines from other suppliers. But EUR 1.3 million, a stable outlook, and again, in the future, the possibility to buy from non-Western suppliers. We have been in touch for quite some time now with Goldwind and Envision, for example. We have not decided yet to buy from them, but that's of course an option that we have. Could I? Yes. Thanks so much. What has held you back from using Goldwind or Envision or not European suppliers? Are there any technical or issues around operations or servicing of the assets? No. Well, I mean, there are three dimensions to making that decision. I mean, first one is the product itself. So, they do not have the same features, maybe not as powerful. But, again, if you look at EUR 1 million per megawatt basis, it's more competitive, even if you do not have the same height or the same power capacity. Second aspect is bankability. At Neoen, we like to have long-term debt on our projects, and we need to make sure that lenders would be comfortable lending to those projects. I'm sure it will happen. I don't know if it's already a 2023 thing, or if we will have to wait 2024 or 2025. But, I mean those guys, I mean, have visited their manufacturing sites in China. Their products are certainly good enough. If you look at what we are buying from Chinese suppliers, in the field of solar energy, whether modules or inverters, I mean, those guys are best-in-class. If you look at the iPhone that you probably have in your hands, it's made in China, and it's good enough, of course. So in the end, we are comfortable about the manufacturing capacity and the bankability of those projects, but bankability is in the eye of the beholder. So it's important that lenders give us a green light to buy those turbines. And maybe they still need a little bit of time, even if we, as an equity investor, are already comfortable with those products. Third dimension is, of course, the ability to service those assets. If you have l et's say, let's look at France. If you have a small wind farms located all over France, you need to have some O&M bases all across the country to properly service those assets. Maybe not something that is so, so easy for a newcomer. But if you look at, let's say, Australia or whatever, Finland, for example, if you have a 200 or 300-megawatt wind farm, you can have an O&M base dedicated to that asset, and that solves the problem right away. It's not about having an O&M base dedicated to a 20 or 10-megawatts wind farms. If you have one team dedicated to a given asset of 200 MW, you can do that right away. So let's see how it goes. And of course, the fourth dimension to mention it, in some countries, for example, Australia, you need to have turbines that have, let's say, the capacity to register properly to the grid. In some countries, it's more demanding than in others. But that goes back to the product itself. If the product has been certified, registered, whatever, that's always a key question. You don't want to be 2 years late because your product has not obtained a green light from the grid. But there are some Goldwind wind farms in operation in Australia, so it seems that they have been able to get a green light. Then your second question, farm downs. We see good prices from many potential buyers. We maybe see more educated offers than before. There are some new, let's say some new factors, whether positive or negative. There are some higher hopes for future high prices of electricity. At the same time, there is also the understanding of new risks, such as curtailment or negative prices. So what we see in the offers that we get for the assets that we may put for sale, we see more questions from potential buyers that want to make, again, robust offers. But yes, we do see good prices. I would say that we see maybe in Australia, again, that I mean, we can have endless conversations of that. Maybe in Australia, some higher prices than in Europe. But again, let's see how it goes, 'cause it's really on an asset-per-asset basis, on a transaction-per-transaction basis, that you can give a more complete answer. Great. Thanks very much. The next question comes from the line of Mikael Jakobs, calling from Société Générale. Please go ahead. Good evening, and thank you very much for the presentation and for taking our questions. I just have one, but it's a fairly open-ended one. If you look at Neoen share price year to date, it's fair to say that it has not done that well, and some of that can maybe be explained by your communication on returns, which, as you've stated, is quite conservative compared to peers. But there's also sentiment being an issue, and that has nothing to do with you. That happens to be the fault of other renewable developers that clearly made decisions that were the wrong ones. Obviously, we were all seeing the same news crew. The point that I'm trying to make is that, are you considering pulling some levers that you wouldn't have pulled before, in order to make the market understand that while others are making mistakes, you are clearly delivering, 'cause nobody can disagree on that. And I'm thinking about it could be anything, whether it's investor education or maybe doing more farm downs, changing dividend policy, because clearly, again, compared to others, you have delivered, and not everybody in this segment can say the same thing. I hope the question makes sense to you. It does. There is no easy answer. I think that our CMD was too conservative. And it seemed that at the same time, some of our peers have been too optimistic. At the moment, we are still, let's say, all of us in the same dynamics, but in the end, Voltalia is Voltalia, Ørsted is Ørsted, and Neoen is Neoen. If you know, you know. But it's again something that will over time unfold. We are predictable. I think we are showing our expertise in the field of storage and the value that it can create. We are profitable. We have again, maybe a bit conservative from time to time, but it has not played in our favor when we did a capital increase in March. But at the same time, those who have been overly optimistic and sometimes even a bit casual have lost a lot. I wish we were perceived as a different animal, and it's not always the case. It's already the case coming from some, let's say, educated analysts and investors. But there are some sector dynamics that do not play in our favor, when some of our peers, again, are coming with crazy news about depreciations and profit warnings, it does not help even players like us. It takes a lot of time, again, to differentiate ourselves from our peers in terms of financial communication, even if there is a lot already on the table coming from Neoen. And yes, I'm sure that we will have to do more education and to give more numbers about what we do in storage, what we do in specific regions, the value of the assets that we have. I think farm down is always, let's say, a useful mirror when it comes to, revealing the value of the assets and project that we have. But yes, it's, data point after data point and, and quarter after quarter, and, roadshow after roadshow that we can pitch our point. Thank you. That was very helpful. Thank you. The next question comes from the line of Martin Tessier calling from Stifel. Please go ahead. Yes. Hi, good evening. Thank you for the presentation. Two questions from me. The first one is on the DeGrussa asset in Australia. You said that it will end operation. So, it's quite a small asset, but seems to me it's a, it's a new info. I mean, on my side, I was not aware of this of this situation. So could you just provide us with some background on this situation? Why there is some, some, an end of, of, of operations? Also, what could be the financial impact on this? And here I'm talking about maybe potential impairment. What is the book value of this of this asset? Do you have the possibility to sign another PPA? I don't know. And the second question is more general. We've seen this morning one of your peers basically kind of scaling down the growth prospects, also cutting the dividend and the stock reacted quite positively. So, I was just wondering, what is your view on your future growth? And especially on the 2030 target of 20 GW. And here, I'm just wondering whether it's a fixed target or is it some kind of an ambition, meaning that you can reach this target, but this number, but you could be in a position to maybe downplay and be a bit more modest and conservative. You said in this call that you are not obsessed with volumes. So, I was just trying to know what is your view on the future growth then, given the current situation? Thank you. Thank you for those questions. So on DeGrussa, no, it's not nothing new. DeGrussa is a solar plus storage asset, a small one that is located on the site of a copper mine in Australia. It's an off-grid asset, and we had from the very beginning a PPA that was only 7 years, I believe, which was, by the way, already extended a little bit. And that might be further extended, but just by a few quarters or semesters, we'll see. Depending on the potential sale of that mine to another mining company, sorry. But in that case, that would be an upside for us. So there is no depreciation coming from the end of that contract. It's not a termination, it's the end of the contract that was already well planned. We might go on with another owner, or if the mine is indeed abandoned, we might sell those modules and batteries, but that will not be a huge upside anyway. So nothing new on the front of DeGrussa. And on the question of growth w ell, what Neoen has stated is that we would have, as a developer, the capacity to bring 2 gigawatts of projects to the table every year, 2025 and onwards. It does not necessarily mean that we will keep those 2 gigawatts. What we said is that we would have the possibility to get to 20 gigawatts in 2030. Even if we do that, we consider that the, the, let's say, the equity intensity of that growth will be roughly half of the equity intensity of the first 10 gigawatt of Neoen. Because, of course, the cash flows coming from the assets from the first 10 gigawatt will contribute to the financing of the second tranche of 10 gigawatt, if we want to take that route. There will also be the positive contribution from farm downs, but it will still need. It will still require some additional equity to get from 10 gigawatts to 20 gigawatts. Even if, again, we can consider that the, the, the, the next 10 gigawatts would be, would be much more self-financed than the first 10. But it's not, it's not an obligation, it's not a commitment. We have actually total freedom in terms of options. We can also decide to go for a fully financed growth without additional equity raise. In that case, we will not get to 20 gigawatts. We will get, depending on what we do with batteries, from 10 gigawatts to 14 or 15 or 16, something like that. If we want to go for a fully financed growth without additional dilution, without additional equity raise, we can go organically, from 10 to roughly, let's say 15, instead of 20, but without any equity raise. But that's something that we will discuss in due time. We will most certainly have a CMD in 2025, and we will decide if we go, if we go to, let's say, something as high as 20 gigawatts. But again, that will require additional capital, even if much less capital than in the first 10 GW of Neoen. Or if we want to go for something again fully financed, or if we want to go for something in between, whatever, it could be 17 GW with very limited additional equity needs. But it's an equation that we have not decided yet, that we have not formalized yet, and that's something that we will discuss in due time. But we share with, I think you referred to Scatec. We share with Scatec, which is a very good company in our view. We share, of course, this thinking of finding the right balance between growth, value creation, and of course, needs for additional equity. It's an important equation. And the good thing is that, again, at Neoen, we are already a profitable company, meaning that we do not need any additional equity raise to cover salaries or development costs. Equity at Neoen is only needed if we want to further accelerate the pace of investment into new capacity. And we have, again, total freedom when it comes to deciding what we want to do. It's really important to keep it in mind that we do not grow through big batches of 0.5 gigawatt here or 1 gigawatt there. We are not prisoners. We are not bound by big projects. Giga projects, as you could see from what some of our peers have gone through, giga projects mean also giga risks and sometimes giga problems. At Neoen, when we have 1 gigawatt, 1.5 gigawatts, 2 gigawatts per year of business development, or let's say, investment opportunities, it's spread literally across dozens of projects. Some are 10 megawatts, some are 50, some are 200, sometimes 300, 400, why not from time to time? But we really like this diversification of risks, meaning that overall, even if a project is not a great performer, it's just one among so many others. So the growth that we have at Neoen is really discrete in terms of, let's say, with the mathematical meaning that comes with that word. It's really spread across a large number of different projects. Okay, thank you. The last question comes from Philippe Ourpatian calling from Oddo BHF. Please go ahead. Yes, just one last question concerning your, your comment you just did about the 20 gigas. I mean, when you mentioned that, it was for the last CMD, taking into account the fact that in our model, we were at least taking this figure. Just really wants to understand, is this vision, maybe we have taken this vision as a guidance, but this vision, as you mentioned, it could be clarified in 2025. But currently, in your mind, are you more in the 20s or thinking really to a little bit smooth your growth by reducing the dilution done by the different capital increase? Because that will also impact valuation, as you can imagine, because the DCF are not terminating in 25 or in 2026, means that we are going beyond that, and we are taking this long-term hypothesis, which seems to be very important to clarify, in order to avoid any misleading understanding by the financial community. Many thanks. . Thank you. So we have set in March 2023, this, 20 gigawatt. I don't know how we described it, whether it's a target or an ambition or—but it's something, again, that, for which we have, flexibility. So what matters to me as the CEO of this company, is to make sure that as a developer, we bring to our shareholders those investment opportunities, at scale. We set a target of 2 gigawatts per year of new projects. The question is, whether do we turn, whole or parts of those projects into new investments? That's something for which we want to keep some flexibility. We can go full speed and go 2 gigawatt per year, not only as, projects and opportunities, but also as actual investments. Or we can decide to increase the part of those projects that will be sold, that will be farm down, and that will be monetized to increase the self-funding of the project that we will keep. That's not a decision that we have made yet. That's an option that we want to offer to our shareholders. Make sure that we, as a developer, bring 2 gigawatt per year of opportunities. The question of whether we keep 1 gigawatt, 1.5, 2, 0.5, maybe that will depend on years. But even if we, again, even if we do not keep all of this, the part that we will not keep will be monetized and will be, in itself, still a good news. So that's something that we will discuss, I'm sure in 2025. Again, I do not want to preempt that answer, but we will have either the option to go for 20 GW with additional capital increases, but again, at a much slower pace than in the past. Or we can decide to go for a fully financed growth that will probably take us to, let's say, 14, 15, 16 GW, let's say, or something in between. And it's hard for me to answer that question right away. But yes, when we said in March 2023 that we had the ability to, and even the ambition to get to 20 gigawatts, we got quite a cold feedback, as you could see. So maybe that could lead us to decrease that ambition, and at the same time, have a much better control, of the future dilution and, and maybe even no dilution at all, and still have growth. Again, the good news is that even without capital increases, Neoen could grow by itself, now that it has, or now that it will have 10 gigawatts, that will itself generate, some good free cash flows. Very clear. Many thanks. There are no further questions, so I will hand you back to your host to conclude today's conference. Thank you. Thank you very much, everyone, for having been with us tonight. Maybe just a few words of conclusion. I would like to remind everyone that Neoen continues to grow its revenue year on year, as a result of the steady expansion of the portfolio of assets that we have in operation. Although merchant prices have declined from their winter 2022/2023 peak, we continue to benefit from a pretty favorable market environment, which drives prices higher than historical average for government tenders, and which brings additional demand for long-term PPAs from corporates. The high proportion of capacity contracted through long-term PPAs remains a pillar of our strategy to hedge our business model against the volatility in market prices and secure long-term predictable revenue and financing. And having said that, we are pleased to opportunistically benefit from early generation revenue between first injection and the start of long-term PPAs. That's what we had last year, especially from Mutkalampi and Western Downs. So those were good news at that time. Storage will allow us to capitalize on periods of volatility and to manage negative prices while proposing more structured offers, thanks to our energy management expertise. And Neoen remains ideally placed to benefit from the acceleration in the development of renewable energies, which provide green, local, and competitive electricity. It was a long conclusion, but with important themes. The next date on our agenda will be the publication of our 2023 full year results on the twenty-eighth of February 2024, after market close. In the meantime, Louis-Mathieu, François and myself will remain available, of course, to answer your questions and to meet you in roadshows. Thank you very much, and see you soon. Thank you for joining today's call. You may now disconnect.