Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the Italgas, first quarter 2026 results conference call. As a reminder, all participants are in listen-only mode. 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. At this time, I would like to turn the conference over to Ms. Anna Maria Scaglia, Head of Investor Relations of Italgas. Please go ahead, madam. Hello. Good afternoon to everyone, and thank you for joining us. I'm here with our CEO, Paolo Gallo, and our CFO, Gianfranco Amoroso, who will be running this presentation. As usual, Q&A section will follow the presentation. I now leave the floor to our CEO, Paolo Gallo. Good afternoon. Sorry for being slightly late, but we were waiting a few analysts and investors to be connected. We are here to present to you the just approved 2026 first quarter result. Let me say that very excited to share the numbers. I would like just to recall you that is the 37th quarter of continuous growth. We started to grow, it was the first quarter of 2017. We are in 2026. We are still continuously growing, I think that's an incredible achievement. Solid result in the first quarter. Of course, you can understand that those are coming through the consolidation of 2i Rete Gas and even more important, through the level of synergies that we have already achieved in the first quarter at a speed that I would probably define a better speed than what we expected when we started this journey. As a disposal, as of today, we complete all of them. In the first quarter, you only see a major portion. Not all because some were completed just the beginning of May. At the end of the day, we sold 200,047 redelivery point with a consideration of EUR 253 million. Less than 200 were consolidated in the first quarter result. The premium at which we sold those asset were 16%. Regarding, as I already said, regarding integration, we deliver a number that when we started the journey was not expected so high. We are nearly close to 37% of the total target, and we have accrued this number in the 12 months of this journey. At the same time, Gianfranco will explain you later, we have used a very short window in the market, and we were able to raise a bond of EUR 750 million at a very good condition, as well as we sign a revolving credit facility for EUR 900 million for credit rating purpose. We will show you in a moment a brilliant 2026 guidance. Let me move to the first quarter result. We skip the page, we are looking at the result. First of all, let me say that we are comparing adjusted number. Let me say that in 2026, the adjustment has been extremely limited only to cost, not to revenues. For the reason that you have already known in 2025, we had several adjustment at revenue level as well as cost level. The revenues were up nearly up by 44% versus last year. Main contribution by far was the gas distribution activity, mainly driven by the consolidation of 2i Rete Gas, as well as their up growth, both in Italy and Greece. Thanks to the synergy, the increase of EBITDA passed the 50%. We are at nearly close to 53% year-on-year. In fact, our EBITDA margin nearly reached 80% in the first quarter 2026, reflecting the contribution of everything, in particular the efficiency and the synergy. Below EBITDA performance remain very strong. Adjusted EBIT is of EUR 341 million, up to 51.2% if we look at the first quarter 2025, and adjusted net profit was nearly at EUR 190 million. This increase that is lower than 50% is driven by the IRAP, the increase of IRAP in the tax line. Regarding capital allocation, CapEx, we spend in the first quarter nearly EUR 350 million, 2 x what we spent last year, remember that in the first quarter 2025, we didn't have the contribution of 2i Rete Gas. Another big element is the level of operating cash flow that is our record, and it is a combination of the operating cash flow itself we will see in details. On top of that, we add the disposal. The result has been that the net debt has dropped by more than EUR 500 million in respect to the end of the year 2025. Let's look at the synergies that is on page four. On the left side of the page, we show which are the new initiative that we started in the first quarter 2026, as well as the initiative that were activated in 2025 that will continue to generate saving also during the first quarter of 2026. I think reaching nearly 37% of the overall synergies, the target that we set for 2031 in one year, 12 months only, I think it's an incredible achievement. Of course, we are fully on track to reach the 50% target that we said we should reach by the end of the year. I think the speed is fundamental because we are accruing saving, and therefore we are making our income statement and the new net profit better than expected. Looking what is driving the synergies is the biggest contributor is the ICT consolidation. You remember that last year we moved all the 2i Rete Ga s data into our cloud ecosystem using the same app, application map, as well as we fully reorganized the operational activity at the field level. We were able also to complete the reorganization at the corporate level, and of course, we are trying to get everything possible in terms of efficiency from that operation. We are talking about emergency call center, we are talking about laboratories testing. Some of them, as well as commercial request management, those activities previously in 2i Rete Gas were fully performed by our personnel. On procurement, we will continue, we are continuing to renegotiate the contracts with third parties in order to leverage our scale and our size in order to get economies of scale. New initiatives are coming up in 2026. One of them, we completed the replacement of the traditional meters that were left by 2i Rete Gas with smart ones, especially with our Nimbus. We complete the migration of the legacy 2i Rete Gas meters into Italgas remote management ecosystem. We are continuing to rationalize our offices. We have already closed 22 sites since July 1st, as well as we continue to renegotiate procurement contracts. Finally, and probably the most promising one is all the activity that we are performing on AI. It's an incredible accelerator of efficiency. We discover that our ecosystem made of digital platform and reliable data is the best one in which you can perform AI at massive scale with the creation of AI agent. We have already created several of them. They are intervening in the scheduling of the activities, in the meter reading, in the IT ticket management, and this will continue to happen also in the coming months. Let me just jump after this synergy into the guidance, just to give you the flavor how the 2026 looks like. We have introduced for the first time the net profit guidance. If you remember, we have never given that. I think considering the brilliant guidance, we wanted to show all the elements of the guidance. Regarding the adjusted EBITDA, we expect it to have a range between EUR 2.1 billion-EUR 2.15 billion. That is a double-digit increase compared to the closing number of 2025. Of course, in 2026, we have three months more of 2i Rete Gas. Even more important, we are extracting a lot of synergies. In fact, in our guidance, we forecast that we are going to achieved at least 50% of the synergies of the overall target that we have promised for 2031. Below the EBITDA, the adjusted EBIT is expected to reach a range between EUR 1.34 billion-EUR 1.37 billion and an adjusted net profit between EUR 740 million and EUR 760 million, demonstrating again our ability to create value for all our shareholder. Regarding the investment, target is EUR 1.5 billion, more or less, mainly driven by the additional in respect of 2025 is driven by the upgrading and the transformation into digital equipment of the legacy of 2i Rete Gas network. It's not going to be end in 2026 as already presented. 2026 is going to be an important year for the upgrade of the gas network that we inherited from 2i Rete Gas. Finally, thanks to the strong cash flow generation, we are able to keep the net debt more or less at the same level of the end of last year, considering also the dividends. In other terms, the cash flow generated in 2026 will be able to pay in full the CapEx, even though they have been increasing significantly in respect of last year, as well as the dividends that we have already committed to pay to our shareholders. Let me take a more detailed look about what we performed in the first quarter of 2026. In terms of revenues, as I said, in 2026 there is no adjustment at all, so we are comparing reported numbers with the adjusted one in 2025. We had several adjustments in 2025. Yes, we had several adjustments in 2025. In the comparison, right comparison, the overall revenue increased by 44%, driven, as you can see, by the 2i Rete Gas contribution, as well as regulated gas distribution with a negative contribution that is coming from some water activity and the energy efficiency. Let me say that we have seen an increase of RAB either in Italy, in Greece. That contributed to the delta, the positive delta of the regulated gas distribution. If we move to the cost, that is probably the most interesting one, you can see the operating cost in the quarter increased by 18.3%, significantly below, well below the growth in revenues, thanks to the synergies. In a like for like comparison, the drop of the cost is EUR 56.4 million. That represent nearly 30% on a like for like basis. This is an incredible achievement. That is the reason why the synergies have been accelerated so much. The drop in the cost in the water and the ESCO are linked to the drop in the revenues that I described before. If you look, if you look at the number of synergies that we were able to achieve, as I said before, we reached overall the 37%, nearly 37% of the total. We confirm that by year end we should reach maybe a little bit and pass a little bit the 50% of the total. Let me look at the EBITDA, and then, I will pass the floor to Gianfranco to make a final comment on the EBITDA. What is important to underline is the increase of the margin of the EBITDA by 20 basis points. In fact, Let me say, we increase significantly the EBITDA margin. That is thanks, and if you remember one of the comments that we have made at the time of acquisition of 2i Rete Gas, it had a lower EBITDA margin contribution than Italgas. It is a clear demonstration of our ability to immediately align the EBITDA margin not only to our previous one, but even to increase it, thanks to the synergies. I think that is probably the most effective way to represent our ability to integrate 2i Rete Gas and to be efficient immediately in all our operation. Let me pass the word, the floor to Gianfranco for the remaining part of the presentation. Thank you. We are now on the EBIT evolution. Adjusted EBIT exceeded EUR 340 million with a growth of more than 51%. This growth is largely driven by the EBITDA increase that has been partially offset by higher D&A of EUR 66 million. This EUR 66 million increase is mainly due to the consolidation of 2i Rete Gas, of course, and the carryover effect of the investment done in the previous 12 months. On the adjusted net profit, we have a remarkable growth of 42.8%, mainly driven by 2i Rete Gas acquisition contribution and by the solid operating performance. We have a higher EBIT contribution for under EUR 50 million that has been partially offset by an increase of adjusted net financial expenses that now include the cost of 2i Rete Gas debt that has been consolidated starting from 1st of April, and the interest charge related to the full impact in the quarter of the dual tranche bond issued in March 2025. We have, going down to the line, EUR 1 million of higher contribution from equity investments and remarkable, a higher adjusted tax rate of EUR 30 million due to the higher taxable income and the IRAP impact, temporary and extraordinary impact, which led to a tax rate of 29.7%. If we move to the CapEx side, I mean, another remarkable achievement. We double the CapEx in respect to the first quarter 2025, even though you know that the size and the RAB of 2i Rete Gas was not as big as the one in Italgas. You can see that the doubling of the investment is everywhere, is in the development and repurposing of the network as well, and that is even more important from the digitization. You should consider that we have fully digitized the Italgas legacy one. We saw the majority of the EUR 74 million are focused on the 2i Rete Gas legacy. That is important in order to accelerate all the efficiency that we have talking before, and especially the remote and control management that we are able to do it on the network. We have also other investment that nearly triple. Of course, the amount is limited, but includes ICT and real estate intervention. Remarkably, we were able to lay nearly 300 km of network and nearly, let's say, 40% only in Greece. Again, we are expanding our network significantly also in Greece. 120 km were the new pipelines we were able to lay down in a quarter in Greece. Before we will discuss about the cash flow, let me just give a short view about our performance in terms of energy efficiency and CO₂ emission. On the energy efficiency, as you know, we continue and we are applying also that to the new equipment that we inherited from 2i Rete Gas. We continue to make action in order to reduce the energy consumption. In this period of the year, it is particularly important considering the price of the energy as well as the price of the gas. Net energy consumption on a like-for-like basis decreased by nearly 20%, 18.3% year after year. The reason of such reduction is the improvement we were able to bring to the facility of the group. We continue to replace natural gas preheating boilers. We install on all our preheating boilers optimization system. We fully digitize them, so we are able to control on a real-time basis the real consumption. Scope 1 and Scope 2 emission were also reduced, mainly driven by the energy consumption from fossil fuel. We have seen an increase in the fugitive emission by 3.3%, because we significantly increase the number of kilometers of network that we're inspecting during the quarter. If we look at the gas leakage rate, that remains very low. Not only remains very low, but is declining in respect of last year. That means that we expect that by year-end, the overall gas leakage rate will even decrease in respect of the previous year. Moving to the cash flow. First, we reported a clear record high cash flow from operation of EUR 643, driven by solid operating financial performance and the favorable and positive net working capital evolution. The increase of net working capital of EUR 277 is mainly due to a positive billing seasonality, also including, of course, the perimeter of 2i Rete Gas for the first time, higher tax payable, and other positive impacts. The operating cash flow allowed us to cover the net cash investment in the period of EUR 305 million, at the same time generating more than EUR 330 of free cash flow before M&A impact. Going down, we also reported in the quarter almost EUR 200 million of positive contribution from the mandatory disposals, for which EUR 90 million represent an advance payment relating to a disposal of activities transferred the 1st of April. Overall, as of today, all the disposal linked to the mandatory antitrust ruling have been completed, and the assets transferred. All the impacts that I have explained are the basis for the drop in net debt by more than EUR 500 million in the quarter. Going to the debt structure and funding, due to the positive cash flow evolution, we have closed the first quarter with a net debt of EUR 10.35 billion, including IFRS 16 or let's say EUR 10.2 billion excluding IFRS 16. Our financial structure remains, as you can see, very solid, being composed for 80% of fixed rate instruments and with an average cost of our gross debt around 2.1%. Let me now comment two important transactions that we have completed in April. Well, in just two days, between 8th and 9th of April, we were able to take advantage of a liquidity and rates positive window in the market, issuing EUR 750 million bond with a maturity of six years to support our pre-funding needs. We also subscribed a new EUR 900 million sustainability-linked revolving facility with a tenor of five years, replacing an existing one signed in 2024 as support of our rating. These two transaction are in line with our strategy to optimize our debt structure and support our rating.c Let me add that with these transactions, we have now addressed the majority of our financing needs for the year. Thank you. We are now open for the Q&A section operator. Thank you. This is the Chorus Call conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Julius Nickelsen, Bank of America. Great. Thanks so much for the presentation, for taking my questions. I have two. The first one is on synergies. Obviously a massive step up this quarter, and you said that the guidance said just a little bit about 50% of the total amount. Should we still see this as just front-loading the total amount? Did you also identify new sources where you can extract the synergies from, now that since we last spoke? The second one is on the guidance. Does the guidance include any additional benefit from tenders or the tenders that are unfolding this year, more earnings impact for 2027? Thanks a lot. On the synergies, you are ri ght. It's the speed, as I said, is the speed at which we are achieving them. That is good because we are going to accumulate the number throughout the year. What we are doing, for which we are not able to answer yet, is that in the process of elaborating the new strategic plan, we are reviewing also all the initiatives. I would say most especially in the AI domain. Please be present at the end of June. You may find some surprise. We don't know yet, but considering the acceleration that we are able to implement on the AI, we may see some adjustment. We don't know yet. It's not going to be impacted in 2026, so it will be probably in the years to come. Let me tell you that the speed at which we are able to implement AI agent is something that surprise us in a significant way. I mean, the technology is so advanced that we are able to implement the agent AI in couple of weeks' time. That is absolutely surprising. On the guidance. In terms of, does not include, let me say, the effect of the new tenders that will be awarded in the, in this year. Even if they will be awarded, we see that to be awarded except the ones that they've been already awarded. The new ones will be awarded to, we expect to us by year-end, we don't see significant impact on the guidance. Guidance, I should remind you, is EBITDA, EBIT, net profits, and then technical CapEx and cash flow. Great. Thank you a lot. Next question, please. Next question is from James Brand, Deutsche Bank. Hi. Thank you for the presentation and interesting comments from you on AI just now. I was gonna ask you about a couple of other topics. First was whether you could give an update on the tenders, because I think these have been kind of coming in ahead of your expectations. Kind of what have you seen so far, and what are your expectations for the remainder of the year? Secondly, on ROSS, has there been any update in terms of when we will hear something from the regulator on ROSS regulation? Thank you very much. Thank you. On the tenders, let me say the current situation is, since the beginning of the year, four item have been awarded to us. I can mention to you Torino 5, Biella Como 3, Como 3, and then two others that are Cuneo 1, Cuneo 2. Let me say, they have already closed the evaluation, and they are in the process to be awarded, hopefully to us. I mean, we have a very, very high confidence that we are awarded to us, considering the numbers that we put on the table. There are another six that we expect that the offer will be submitted before and immediately after summertime. Some of them, we expect to be awarded by year-end. Let me just recap for you. Six, four have been awarded. Two are close to be awarded. Another six, we expect the offer will be submitted before summer and immediately after summer. Let's say out of these six, another four may be awarded by year-end. It is a fair picture. Thank you for that. On the ROSS, it's a very easy question. There is no news. We said several times in the meetings, during the conference call, that we expect, considering that the ROSS should start January 1st 2028, first consultation document we expect to be issued by the second half, last third, let's say last quarter of 2026. We don't expect any consultation document earlier than that, because it's still minimum 15, 18 months ahead of the starting time. We don't have any news on that, except saying what, that we expect the issuance of the first consultation document in the last quarter of 2026. Okay. Next question, please. The next question is from Javier Suarez, Mediobanca. Hi all, many thanks for the presentation. Several questions from me as well. The first one is on the efficiency and synergies extraction in slide number four. I think it's remarkable the level of synergy that has been achieved during the first quarter 2026 and the target of the company of achieving 50% of the target by 2031, just by the end of 2026. Without unveiling what you are going to say in the next business plan update, it is fair to say that you are seeing a significant acceleration in that synergies extraction that is just coming from the ability of the company to implement efficiencies and best standards of parent company into recently acquired asset, and that we should see a new leg of synergies extraction from AI. I see in the bar that you are showing in slide number four that there is some contribution from AI, but that dark blue bar should be significantly increased and probably accelerated because you see, and I think that you mentioned that as AI as an incredible accelerator of efficiencies. Is that a fair statement? More contribution from AI and probably earlier collection of those synergies. That would be first question. The second question, I was interested to see where the company is putting the operations in Greece close to the Italian standard. Where do you are in terms of relative performance of Greece versus the Italian operations and what, and where you are in the integration of putting these activities up to the Italian standard? Also, I'm interested in the profitability of your ESCO activities and your expectations for EBITDA margin in 2026. The final question is a question of detail. If you can elaborate on one-off that are included on your first quarter numbers or 2026 guidance related to capital gains from the antitrust disposals. Thank you. Sorry, Javier, can you repeat the last question because I missed that? Yes. The last question is if you are including any capital gain from the disposal, the antitrust disposal? Okay. Yeah. Okay, Yeah. Okay, okay. In your numbers. Got it. Okay. Let me start with the efficiency and synergy. You made a long description. I will make the long story short. You are asking me quantity and time, if I am correct, and focusing particularly on AI. First of all, let me say we are best in the market. We are able to deliver this number because we are the best. Let me say this as a statement. I wanted to explain you why. I think that the result that we are achieving right now is thanks to the detailed work that we performed last year when we started even earlier than the closing time, and we continued to perform throughout the summer to identify line by line, activities by activities, all the possible area of synergies were identified. Where we were able to identify what we have to do, when, and what was the expectation in term of synergies. Now we are, let me say, collecting, and we are taking advantage of this detailed work because now we know exactly how to do it. We have a monitoring system that is going on a single month. Every month, we are checking the progress, and that is the result. As I told you, the speed is we are running at fast, higher speed. In the meantime, in parallel, we are reviewing our ambition in term of synergies. If we are able to identify new topics, new idea, I think AI may present some good news considering the application that I mentioned to you before, the result that we were able to put in place. For this, we don't know. Honestly, we don't know the numbers yet. We will discover, we will tell you during our strategy presentation. Greece. Greece is moving toward our margin. We are above 70% in term of EBITDA margin, so we are moving in the direction. It will never be able to catch up with the, with the size of Italy, but still being slightly above 70%, and there's still margin to improve, I think it's already a very nice and good achievement. On the ESCO, you know that all the situation of the energy efficiency is quite a tough market because in the level of, let me say, support, financial support is limited. We do. We are more focusing on the industry today than not on the, let me call it retail, considering the large condominium. We are focusing on the industry because there is no, as you know, there is no incentive in order to make more efficient the household. Still we are focusing on, with a target to remain in the range of 18%-20% margin because even if we prefer to reduce our turnover, still maintaining the margin and building a nice pipeline of industry customer that can, even through, let me say, investment made by us in order to keep this marginality at the same level as we experienced in the past. In terms of, let me say, marginality, that is our target. We'll continue to look at that. We prefer to lose business and not losing margin. That has been the, let me say, the direction since the beginning of the ESCO. We will continue in that direction. On the capital gain, we have accounted in the first three months EUR 8 million of capital gain of the disposal. That is the amount, because part of the capital gain has been used to reduce the goodwill, the overall goodwill of the transaction, of the goodwill that came out from the transaction, the acquisition of 2i Rete Gas. The capital gain part has been allocated to reduce the goodwill and part has been calculated. Capital gain including in the, in our profit and loss account, the amount is EUR 8 million, the one included. Next question, please. As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question is from Bartlomiej Kubicki, Bernstein. Thank you very much and congratulations on the synergies. Just regarding this, my question would be: what do you think is the end game for the regulator and how they will treat your outperformance regarding the allowed OpEx? I mean, when do you think this could be, the allowed OpEx could be reset? Is it 2028? Is it later? Is it earlier? What will be the basis for calculating the allowed OpEx? Is it going to be 2026 year, or is it going to be something different? Net-net, how do you think your allowed OpEx will evolve in the future given the fact that you have those significant synergies, which you are recording right now? That's question number one. Question number two, if we look at those four items you managed, you said they were awarded at the beginning of the year, I just wonder if, A., there's any pending court case regarding those? As we remember in the past, there used to be court cases for awarded items. Secondly, if we think about those items and potential, you know, incremental CapEx on the fact that you have been awarded those items, what do you think? What numbers are we talking about? What could be the potential CapEx increase on those four items versus the current status where the items were not awarded? Thank you. I think it's not the first time that you are asking me, because I recognize you, the voice. It's not the first time that you are asking me about when we are going to give back the synergies. I want to, first of all, to make a general statement, because that is important, otherwise we will continue to discuss this subject. One of the rule of the game in our industry is sooner or later, our efficiency should be given back to the system, and I'm very glad that it's going to be like that. I have demonstrated to you in the last 10 years, so I mean, the track record is significant, that even though we have been given back the efficiency, we were able to continue to grow. I would like to remind you that we are on the 37 quarter continuously grow. That is mainly thanks to the cost efficiency that we are able to achieve. Having said so, I don't have the answer. The reason is that we will keep the efficiency in 2026, we will keep the efficiency in 2027 because the regulation is such, we know it is the regulation. I'm happy that the speed at which we are achieving is increasing. We don't know what is going to happen in 2028. ROSS will be a different regulatory framework. Are the regulator will consider the 2026, 2027, 2025 as a cost reference? Honestly, I don't know because we don't know the details about the ROSS. I have to tell you, one of the rules of this industry is that the synergy sooner or later should be given back, and I'm happy that it is right, that because our focus is to continue to find a way to reduce the cost and to be more efficient. The fact that we have to give back that's normal. That is the game. We know. It's nothing surprising. Let me say that. You asked me about the four items. The four items will bring an incremental RAB of slightly above EUR 100 million. We expect. Well, we don't expect in 2026 to have significant additional CapEx. We expect to have additional CapEx in 2027, I will probably say estimating in the range of EUR 50 million-EUR 70 million about these four items. We will give you a better preview at the strategic plan when we will consider not only the four awarded. In the meantime, we expect also the other two to be awarded, and we will check the progress on the other six. At the strategic plan, one of the, let's say, probably the first time in the 10 years plan that we have given to you, not 10 years, 10 plans we have given to you, for the first time we will see an acceleration of the tender and not a delay. I think it is worthwhile to postpone the discussion at the strategic plan in which you will have a full picture about what the tender will look like in term of acquisition and what the tender will look like in term of additional expenditure throughout the plan. Thank you very much. Very clear. No more questions on OpEx this year, I promise. Thank you. Thank you. The next question is from Francesco Sala, Banca Akros. Good evening. Just two questions. The first one is, I wonder whether you can share with us your view on the risk-free parameter for the WACC calculation, especially about the inclusion of France, and whether you have discussions with the regulator about this topic. The second one, if you can give us a sense of the pace of the rollout of the new meters in the upcoming quarters. Thank you. Okay. Regarding the first question is, I think that it is raised already last year because there was a discussion about France to be included in the comparison in order to if to calculate the WACC. I should remind you that the decision of the WACC at the end of 2025 happened in the period in which France was downgraded. The downgraded happened outside of the reference period. It starts, as you know, October until September. It was downgraded in after September 25. Correctly, the regulator included, because the reference period was October 24, September 25. In that period, France was a double A country. Now, France is not anymore a double A country. For me, the discussion about being included or not is not a discussion. Will should not be included because it's not anymore a double A country. We are in a period of the observation period from October 25 until September 26, in which France is not a double A country. In term of the new smart meters, our Nimbus, we are talking about a significant number that has been already installed. We are close to 200,000 Nimbus installed. Close. Not yet there, but the number looks better, 200,000. More than that, more than the numbers, is the performance is absolutely outstanding in respect of the any of the other. I mean, we were able to design, to develop together with some of the suppliers, the best ever smart meter in terms of communication, in terms of the ability to close the smart meter remotely, in terms of accuracy of the, of the reading, in terms of cybersecurity. I mean, best ever. We are extremely pleased, and this number will significantly increase throughout 2026. We have already placed orders for more than half a million, and we are going to place more orders to other suppliers. The Nimbus will soon be seen also in Greece. It's another, let me say, it's another generation of smart meters in respect of the existing one. Thank you. For any further questions, please press star one on your telephone. Once again, if you wish to ask a question, please press star one on your telephone. Okay. Ms. Scaglia, there are no more questions registered at this time. I turn the conference back to you for any closing remarks. I think, I would like to thank you everybody for attending this meeting. I would like to thank you also for the fact that you have raised so many questions, even if you had a limited time to review the numbers. We were late in providing the numbers. I'm sorry for that. Next time, we will do it better. Thank you to all. Have a good afternoon. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephone.