After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. Now I'd like to hand you over to Mr. Michi, Investor Relations Head at ACEA. Thank you very much, and good afternoon, and welcome to the presentation on the ACEA Group's results at December 2024. Fabrizio Palermo, CEO and General Manager of the ACEA Group, and Pier Francesco Ragni, Deputy General Manager and CFO of the Group, will illustrate the results achieved. Now I'd like to hand you over to Fabrizio for the initial remarks. Good evening and welcome to you all. I would like to make reference to the regulatory and market environment that you see on slide number two. The tariff approval by ARERA is ongoing after the local authorities have completed the approval process. The water service tariff method four has been approved, and the additional tariff authorizations have to be still approved. The water WACC is 6.1% versus 18% in 2023. As for electricity, I'd like to point out that the provisional 2024 tariff was published in May and was based on the ROSS tariff rules. This is to see the total spending mechanism for the sixth regulatory period of 2024-2027. The electricity WACC amounted to 6% in 2024 versus 5.2% in 2023. The energy prices in 2024 reported a dramatic fall vis-à-vis 2023, respectively minus 15% and minus 40% as far as energy and gas are concerned. At the 31st of December, the mid-short-term interest rates amounted to 3.5%, slightly lower than the previous year when they stood at 3.7%, while the mid-long-term interest rate dropped vis-à-vis 2023, standing at 2.6% versus 3% in 2023. Moving on to the next page. 2024 marked a strong acceleration of the long-term project growth of the group. This applies both to the industrial and the communication plan. In March, the 2024-2028 industrial plan was illustrated, where we defined our strategy and our objectives that were implemented already in 2024, partially, of course. I am referring particularly to the major construction sites that accounted for a real gear change. I am referring to the Marcio Aqueduct and the Ottavia-Trionfale line, so all the major water projects, and not only water projects, also the governmental projects. The implementation of our international strategy that we laid the foundation for by participating in the Mattei Plan, confirming our role in South America, particularly in Peru, where we actually manage actively our stakes in that country. We have launched an electrical flexibility service. We have acquired the WTE project in Rome. We have been awarded two major tenders in two regions where we were not present. It has been four years that ACEA hasn't extended its geographical footprint, so we managed to enter Liguria and Sicily. We set up a water sub-holding company to increase our efficiency and have an increasing role in the water industry, and we have bid for two major tenders in Lombardia, so outside the regions where we have been traditionally operating. Please remember that in March, Fitch improved the ACEA rating from negative to stable. We also acquired a high-voltage electricity grid that we are going to dispose of. Starting the 1st of October 2024, and this is an important point, we consolidated the aqueduct using the net equity method. In October 2024, the public partners of the Acquedotto del Fiora declared their will not to renew the shareholders' agreement, and even though the announcement was not made within the shareholders' act, the need to redefine the corporate governance emerged to redefine the control of ACEA. Hence, we changed the way we consolidated the Acquedotto del Fiora. We are currently negotiating the new shareholders' agreement, and we are moderately optimistic about it. Coming to the results, I believe the results speak by themselves. 2024 ended with all-time high results, both in terms of EBITDA and net profit. An unprecedented result. The EBITDA reported reached EUR 1.557 billion, up 12% versus the previous year. In a way, we have achieved our business plan targets one year ahead of the plan that we announced early 2024. EBITDA grew on average more than 5% than what was factored in the plan. EBITDA grew 7-9%, well above the guidance for 2023. In this regard, I would like to point out that our guidance had already been reviewed upward at the beginning of the year. As for the net debt ratio, 2024 ended with a 3.2 ratio, and again, a substantial improvement versus our guidance that had been reviewed versus the initial guidance of 3.5. EUR 1.4 billion overall CapEx in 2024, of which EUR 1.2 billion net of subsidies. Subsidies, of course, that we have received. Moving on to slide 7, 2024 highlights. As already pointed out, the reported EBITDA increased from EUR 1,339 million at the 31st of December 2023 to EUR 1,557 million at the 31st of December 2024, up 12%, as already pointed out. Net of extraordinary items, EBITDA grew 12% on 2023, up EUR 152 million, of which 142% regulated business. Growth has been driven mainly by water and grids, thanks to the increase of tariffs and the commercial business as well. The reported net profit amounts to EUR 332 million, up 13% versus 2023. Organic net profit is EUR 330 million, up EUR 51 million compared to 2023, thanks to the growth in EBITDA more than offset the rise in depreciation linked to the investments in regulated business. Net and gross CapEx grew respectively by 26% and 19% versus the previous year, mainly driven by the growth of investment in regulated business. All in all, the net investments in 2024 amounted to EUR 1 billion 439 million, exceeding by EUR 296 million investments made in the previous year. The operating cash flow amounts to EUR 373 million, up compared to 2023 by EUR 225 million. The net debt/EBITDA ratio is 3.18 times, significantly better than the previous year. I would like to leave the floor to Pier Francesco Ragni, the CFO of the group and Deputy Manager of the group, who will be providing more details about the financial highlights. Thank you very much, Fabrizio, and good afternoon to you all. As we heard, the reported EBITDA is 90% up, which means plus EUR 152 million, which is thanks to the business reported in the water, lighting, and electricity distribution, which made up, offset, the unfavorable scenario. Regulated businesses account for 87% of variable EBITDA, and we have plus 19% overall. Now, if we consider the finance of funded CapEx, overall EUR 1,939 million, which is plus EUR 19 million of investments in 2023, net profit is growing strongly, plus 18% organically, thanks to the EBITDA growth, which compensated the depreciation. Now, the EBITDA is growing by around, sorry, net debt is growing around EUR 100 million. As we said, the net debt/EBITDA ratio is improving significantly versus the end of 2023 compared to the guidance we gave to market. Now, the EBITDA now, the EBITDA is growing because of the organic growth of regulated businesses. Organic growth, excluding generation, is equal to EUR 181 million. Now, we also have the effect of tariffs, and also we have the growth of investments. We have an increment of commercial margin, and this is due to the growth of the unit margins of the customer base. Now, these features allow us to offset the negative effect, which is due to the energy scenario, but also lower electric volumes used because of weather events. Now, organic growth is strong and offsets more than sufficiently the negative energy scenario. We see on the right the one-off record in 2023 in 2024, with an overall amount of EUR 28 million in 2023 and EUR 42 million in 2024. Let's now move on to the net profit. Now, organic net profit, which is 18% versus the previous year, thanks to the growth of the EBITDA, which offsets the depreciations. As to the financial management here, we see that it is related to the interest rate trends. Now, on the right, you see the one-offs which are related to the net profit record in 2023 and 2024, with an amount which is EUR 15 million. Now, as to the dividend, the board of directors resolved a dividend equal to EUR 0.85 per share, the highest dividend ever paid by ACEA, growing by 8% of the dividend paid results of 2023. Now, let me remind you, the policy did not yield, and this is an organic growth by 4% during the five-year period. That is a dividend policy. As to the guidance in the group, invested EUR 1 billion and 4 versus 2023, that is plus 26%. Now, 91% of investments are related to regulated businesses. Now, the CapEx, EUR 260 million, were financed thanks to public subsidies, and such subsidies have grown by EUR 200 million versus 2023, thanks to the CapEx in regulated business. You see here the details of the activities carried out in 2024, also the widening of water pipes and the fourth line of San Vittore. Let me move to the cash flow. The absorption of cash in 2024 is equal to EUR 100 million. Now, we certainly point out the good management of the working capital, but we need to underline also the good performance of the EBITDA and also the strong growth that we have recorded in Q4 of 2024, which had an impact on commercial debt. Now, we had tenders at the end of the year, so the results will be reflected next year. We also have the taxpayer-related distributed bonds. We had an increase that was limited of long-term regulatory receivables, which led to an increase in regulatory work and with a positive impact, which did not translate in cash now, but will be reflected in next year's cash. In future years, we envisage a reduction of outstanding regulated proceedings. As to the financial structure, the cost of debt is 2.16%, and this is related to the new tax on debts. Let me remind you that on the 15th of July, we reimbursed a bond of EUR 610 million at a fixed rate of 2.65%. We then had two more funding through a EIB of EUR 300 million, and this increases the funds in my EIB to EUR 500 million. These funds will be used in 2025, thanks also to the maturities of bonds. In February, we reimbursed EUR 160 million. In September, EUR 200 million. Now, as to the fixed rate, that is 91%, and the duration is around four years. Now, we'll move to the different business unit. First, the water recurrent EBITDA is grown by 13%, thanks to the increase in tariffs, which is compensated by the results of companies consolidated at net equity. Now, you see EUR 12 million are related to the consolidation of Fiora, which accounts for EUR 20 million, and the recognition of previous tariffs in the water business of around EUR 35 million. Now, 2023, minus EUR 28 million are related to the premium for the quality of service, which leads to an increase of around EUR 200 million this year, and net of public subsidies, EUR 100 million, 17% RAB in the water business at the end of 2024 amounts to EUR 4.8 billion, up 4% in 2023. Coming now to the grids and Public Lighting, the recurring EBITDA grew roughly EUR 50 million versus 2023, as driven by the growth of regulated tariffs, which increased from 5.3% to 6%, and also thanks to the growth of RAB. Capex net of subsidies increased by 8% versus the previous year. RAB on grids increased from EUR 2.8 billion in 2023 to EUR 3.1 billion in 2024, growing 11%. As for the environment, the recurrent EBITDA dropped by EUR 8 million because of higher margins on the waste-to-energy plant. Capex increased substantially, reaching EUR 100 million, mainly because of the works on the fourth line of San Vittore and the fume line terminal. Moving on to generation, the recurring EBITDA dropped by 32% to be exact, following the lower prices on the energy markets and lower hydroelectric volumes, especially in Central Italy. Capex reached EUR 26 million, dropping versus the previous year. Total energy output grew 8%, increasing from, sorry, dropped by 8% from 754 gigawatt-hour in 2023 to 693 in 2024, following the 28% drop. As for commercial business, recurring EBITDA increased by 38%, mainly driven by higher margins in the free market and thanks to energy management. This positive component is partially offset by loss of the no recurring events. CapEx increased by EUR 17 million versus 2023, mainly because of higher costs in acquiring new clients, new customers. Finally, the 2025 guidance, we expect EBITDA growing by 2% versus 2024, versus the restated EBITDA 2024. The 2024 restated EBITDA has been calculated by adjusting the reported EBITDA of EUR 1.57 billion, and then has been adjusted following the scope of changes, as already described. We have, I'm sorry, the speaker says, we have not considered the del Fiora Aqueduct for 18 months, and we have not included high voltage line that was, is the subject of a binding agreement with Terna signed end 2024. As for 2025 EBITDA, our guidance didn't factor in the contribution of a high voltage line for the north before the disposal, and the Fiora Aqueduct has been consolidated at net equity for 12 months. As for net debt/EBITDA ratio, we expect 3.5 times. In our estimates, we factored in the sale of the high voltage network, considering only the proceeds from Terna of EUR 224 million, whereas the incentives from ARERA amounting to EUR 23 million is expected to take place in 2026. Thank you very much. This is the end of the presentation, and we can start the question and answer session. This is the course for operator. We can now start the Q&A session. Anyone who wishes to ask a question may press star followed by one on his or her touch tone telephone. To remove yourself from the question queue, please press star followed by two. Please use the receiver when asking questions. Anyone who has a question may press star and one at this time. First question by Roberto Letizia, Equita. Good evening. Thank you very much for the presentation. I have a few questions, and maybe I'll come back to you, to colleagues. I'm interested in focus on 2025, trying to analyze the possible change in the perimeter of ACEA. You talked about the proceedings and the proceedings on the retail business. How much is the retail business as part of ACEA strategy? Now, that's been quite well. To know whether a good mentor may speak about the working time in the group, I'd like to know how much the equipment that you mentioned is trackable or whether it will be absorbed in the 2025. Now, if possible, can you also give me a summary of the moving parts of 2025 in five years, and what kind of contingency have you factored in in the growth of EBITDA by 23%? Now, you said that, of course, there's a contingency like the creation of the high voltage motor. Any possible change to the guidance that you've provided? Thank you very much, and then perhaps I'll come back to you and to my colleagues. Now, as to the first question, that is the retail business, we repeat what we have always said. That is, this is a business which is part of our scope, and as all of our businesses, we are certainly open to any solution and opportunity you might have on the market. Nothing more, nothing less, this is what we have always said and what we confirmed with our business plan. As to the debt dynamics, how much the improvement is of a structural nature. Now, let me tell you what I said during the presentation. That is, in 2024, we had a positive effect in Q4, which is mainly related to the concentration of meaningful CapEx in Q4. Certainly, in 2025, we will have to pay the CapEx made in Q4, and this will, the guidance will realign the ratio of the net exposed EBITDA. Now, as to the other question you asked, 2025, in terms of networking capital dynamics, will be neutral, as mentioned in the targets of our business plan. As for the moving parts, 2025, the year will be characterized by a number of different phenomena. For instance, the water business, despite the regulatory work, is decreasing by 3.4%. This is offset by tariff growth and the physiological growth of RAB. Now, EBITDA, as I always said, and as we always remembered, we expect the growth of competitive pressure. As for other businesses, we expect a mild growth in terms of the environmental business and also generation business. Should there be an improvement of weather conditions versus what we had last year? Now, as for the guidance for the net debt/EBITDA, there's a contribution for six months of the Terna grid. Your response is now very clear. I'd like to know whether in the EBITDA guidance, the ratio net debt/EBITDA does not include the six months of Terna. Now, the EBITDA for 2025 in the guidance was calculated as if we had no high voltage business starting from January 1, 2025. This also applies to the net debt/EBITDA ratio. Okay, yes. Okay, thank you. Next question, Javier Suarez at Mediobanca. Good evening. Thank you very much, and thank you very much for taking my question. Thank you for the presentation. My first question refers to the dividend policy of the group. We have seen the dividend in 2023 growing more than the guidance and ahead of the business plan targets. The dividend that they are going to pay on 2024, can it be considered as a basis on which to apply the 4% dividend ratio that you factored in in the previous business plan? Can we consider 2024 as the starting point, let's say, of this 4% growth of dividends up to 2028? The second question refers to the guidance again. Can you please provide us with the guidance also as far as net income is concerned? For 2025, I believe the consensus is around EUR 300 million-EUR 340 million, probably slightly lower. Do you feel confident with that figure? The third question and the fourth question refer more to your strategy. I'd like to know if the group is interested in acquiring assets in gas and distribution that Italgas is going to dispose of. Is this something that might be interesting for ACEA Group? I would like to know whether the measures adopted to mitigate the impact of high energy prices may have an impact on the working capital of the company. I would like to know if you can provide us with more info about the upfront payment for ACEA should the agreement to extend the useful life of the asset by 20 years. What could be the upfront payment that ACEA will have to bear? I can answer your last question. Our RAB for energy distribution is EUR 3 billion. The upfront payment to extend the useful life will depend on the request of the regulator. In other words, it is a math calculation that you have to make between our RAB and the percentages that the government will apply. As for our dividend policy, what I said during the presentation is what I'm going to repeat now. Our guidance remains the same that was included in our business plan. Our guidance is exactly the same. The payout of this year is the result of, again, results higher than expected. As for the guidance on net income, we do not provide such guidance in line with our past, let's say. As for the gas network, recently, assets that are going to be disposed of by Italgas were published recently. As already pointed out, we take very seriously any opportunity that might arise. We own the part of the network in some regions of the country. We will be certainly following the future evolutions. I cannot tell you now what our final decision will be. As for the impact on our working capital of the higher energy prices, we know that the government is going to adopt measures that will lead to our reduction of EUR 1 billion of tariffs with a negative impact on our working capital. If the EUR 1.6 billion that is going to be provided as a subsidy to households, the impact would be EUR 0.8 billion in our case. That is that amount to roughly 6% of the charges, the country charges. I do not know if I can tell you more than this. This is our best guess. Thank you very much. Next question, Emanuele Oggioni, Kepler Cheuvreux. Thank you. Good evening to you all. Thank you very much for the presentation. I have a few questions which are related to the approval of the tariffs for 2025. Some tariffs were approved and there is an update here. To what extent is this included in your guidance for the growth of EBITDA and to what extent is this an upside versus the guidance? Second question, I would like to have a clarification on RAB. You usually give us the gross data of the grants. Can you give us the net value of these grants and the breakdown of this path as well? A third question on the networking capital, the regulatory networking capital, that is those related to mismatch between ARERA and the tariff increase of the different actors. At the end of nine months, the value was EUR 600 million. We get the data at the end of 2024. Now, what are your expectations related to the reduction of that amount in 2025 and also within the business plan period? You said that the starting point was EUR 500 million at the end of 2023, and you thought you could half this amount within the business plan period. A question on waste. Recently, a piece of news was published about the stop of works of the waste-to-energy submittal line because of controls on the part of the authority. Do you see any delay there that might contribute negatively to the EBITDA of this business unit? Thank you very much. Now, let me answer your question about the approval of tariffs. In our water world, tariffs have all been approved by the authorities. ARERA has not approved, has approved, Acea Ato 2, sorry. The others are expected to be approved shortly. Now, the tariffs that have been approved are in line with our business plan and are captured in our own 2025 guidance. Now, let me go to the last question you asked, and then we'll answer all of your questions. Last question about the temporary stop of the works of the fourth line of San Vittore. At the moment, we are establishing the dialogue with the relevant authority, and we are trying to solve the situation as soon as possible. At the moment, I can only tell you that we are focusing and paying attention to this item, but that's all I can tell you. Now, as for the absorption, the regulatory activity for 2029 said all rebalancing have to be, in a way, discharged, so to speak, on the energy bills. Next question by Francesco Sala with Banca Akros. Good afternoon. Thank you very much for your results. I got a couple of questions too. First of all, water, what is your visibility about the tenders in the water business that you have bid for? Are you planning to bid for other tenders as well? In the light of the 2024 results, are you considering reviewing or updating your business plan? If yes, when? My final question, just a few words about the WTE. What is the timing there? When do you think the WTE can be included in your turnover in the next years? As for visibility on the hydroelectric tenders, out of the tenders that we have bid for, we are waiting for the final decision, and therefore I cannot tell you when this is going to happen. As for the update of our industry plan, our business plan, definitely we're going to update it. We'll be probably in the second part of the year, also because we are following the evolution of the extension of the concessions for distribution of low and medium voltage that account for a substantial share of our EBITDA. As for the WTE, waste-to-energy plan, there's been a temporary award to the consortium that includes also ACEA currently. The final evaluations are being made, and we expect that the tender to be awarded shortly. Project financing that is being negotiated with the banks will not be consolidated because it's a non-recourse project financing project. Next question, Davide Candela, Intesa Sanpaolo. Now, good afternoon, and thank you very much for the presentation. Thank you for taking my questions. I have a question about the 2025 guidance. It's more a clarification, I have to say. Now, some tariffs were approved, some more late. I wonder whether the 2025 guidance includes also the tariff increase obtained in 2024 or only the new approval of new tariffs in 2025. There's a question in that perhaps you didn't answer the question of the colleague, the net grants for water and electricity. Now, as to the net RAB, we do not provide the data for the net RAB. As to the networking capital. As to the equalizations in 2024, because of new regulations, they improved in 2025, but they will have to be invoiced in 2025. As to the question about late approvals, everything was required for in October provisions in 2024, so there's no impact on our concessions in 2025. Next question is a follow-up question by Emanuele Oggioni. Yes, I actually wanted to ask the same question about RAB, so I'm going to ask you a different question on waste. In 2025, considering the results achieved in 2024, negative result following the reduction of volumes as well as the drop in prices of electricity generated with waste-to-energy and considering the drop in volumes of treatment business, could you provide us with more detailed outlook for 2025 as far as waste is concerned? In 2024, waste business reported an EBITDA drop of roughly 9% because of the overall energy landscape that had a major impact. We expect to recover in 2025 the path of what we lost in 2024. Thank you very much. Anyone who wishes to ask a question, you may press star four by one on your telephone. The next question is a follow-up question by Javier Suarez with Mediobanca. Now, thank you. Now, I have a question which I still have is about the supply business. You talk about the different moving pieces. You mentioned the normalization will occur in the next few years. Now, could you perhaps give us more specific guidance of the business supply guidance in 2025? Supply the energy. Now, we do not give a specific guidance on the individual business unit. Now, the reported EBITDA already includes a number of one-offs amounting to EUR 107 million. In 2023, they amounted to EUR 130 million. Basically, that is the overall wage that we can expect. Thank you. We remind you that if you have a question, you can press the star and the one on your telephone. Ladies and gentlemen, there appear to be no other questions from the audience. Thank you very much for taking part in today's conference call. Let me remind you that the restorations team is available should you have any question or request for clarification. This is the correspondence conference operator. The conference call has now been concluded. You can disconnect your telephones. Thank you.