Good afternoon, everybody, and thank you for connecting to this conference call for the presentation of results for the first nine months of 2025 and our business plan. We will start with the results, which will be presented by the CEO, Luca Dal Fabbro, and CFO, Giovanni Gazza. We will then present the industrial plan for 2025-2030, presented by the CEO, Gianluca Bufo. At the end, there will be a Q&A session. I will now leave the floor to Luca for the nine-month period results. Thank you. Good afternoon to everybody. We will try and keep short with the presentation of the quarter results in order to leave space for the industrial plan presentation and then for the conference call for the presentation of the other companies scheduled for the afternoon. The quarter results, which have been approved by the Board of Directors, are only increased over the last year, driven by all business units, and the aggregation of EGEA and the Synergies equal EUR 16 million. The EGEA operation has contributed for EUR 43 million in line with the expectations and EUR 55 million at the end of the year. The technical investments are on the increase by 10%, totaling EUR 610 million, and together with the dividend payment for about EUR 180 million. They reflect in the growth of the net financial debt. In light of these results, we can confirm the guidance on 2025, as we will see in the next slide. Can I please see page three? You can see the details of the main economic and financial indicators of the period. The EBITDA exceeds EUR 1 billion, + 9% due to the EGEA operation, the organic growth of the regulated businesses, which benefit from some non-recurrent positive elements, and on the Synergy plan, which has an impact for EUR 16 million over the period. Among the negative elements, we can include minor decreased hydroelectric volumes due to the poor water conditions in the summer and poorer margins on the energy production, and no extra margins on the gas sales. The EBIT of the period is increased by 7%, and the group net margins are growing by 12%. This growth is slower over the rest of the semester, which is 14% and 24%, as expected, because the energy scenario, and in particular the summer hydroelectric production, are weaker, and there are no extraordinary nor repeatable events on water and gas networks as in the first semester. The total investments of the period equal EUR 1.124 billion. EUR 613 million are technical investments for the development of the Electric and Water Networks and the completion of Waste Management facilities and the extension of a district Heating Network, EUR 500 million for financial investments for the EGEA and Iren Acqua operations. If we take a look at the end of the year in the last quarter, we are in line with the first. Confirm the full year 2025 guidance targets an EBITDA, which is net margin, net profit expected at EUR 300 million. Technical investments increased by EUR 900 million and a ratio of the net financial position EBITDA, which is improved over the expectations that we presented during the July conference call. I'm sorry, I can't hear. All right, thank you. We have an increase in the networks due to organic growth, plus EUR 18 million due to investments made in the last years. The EGEA operation, EUR 9 million, and the net balance of non-repeated items, +EUR 14 million, as we had illustrated in the first semester. More specifically, as far as the water service is concerned, the EUR 8 million of the ARERA prize were awarded, ARERA contracts, sorry, were awarded for the technical quality of the service and EUR 3 million for the tariff recovery, counterbalanced by the missed recovery of inflation costs. As for the gas distribution, there was an extraordinary recovery of operational costs on the 2020-2025 period due to the ARERA decision number 570, which amounts to EUR 13 million approximately. The Environment business unit is increasing by EUR 6 million, half due to the EGEA operation and the rest to the positive result of the waste recovery facilities, which was partially counterbalanced by the WTE, which were negatively affected by the electric power prices, generated electric power prices, which were lower than last year. The Energy business unit closes the quarter with an increase by EUR 9 million, which is lower than expected due to decreased volumes of renewable electrical power that is - 90 GW hours due to poorer water conditions during the summer and lower energy costs. In spite of this decrease in electric power generation, especially in the summer period due to weak demand, the unit margins for the gas thermal production were growing with a spike spread, which is especially positive in some hours of the day. The Capacity Market increase, which is +EUR 20 million, was partially counterbalanced by a reduction of the Dispatching Service Market, +EUR 9 million. This is still a weak market. Finally, District Heating confirms the dynamics of the semester with increasing volumes thanks also to the EGEA operation. Finally, the Market business unit is growing by EUR 19 million, supported by the EGEA operation with EUR 22 million growth and cost synergies that are balancing the decreased gas sale volumes, -EUR 17 million, due to extraordinary items at the beginning of 2024 and the reduction of volumes of gas sales. Now, let's move on to the next slide, and we will see some elements of the EBITDA contributing to the net profit. In particular, EBIT is EUR 401 million, + 7, because the increase of the EBITDA is partially reduced by the growth of amortization, amounting to +EUR 45 million due to the startup of investments and of the EGEA operation. Provisions mirror the increase in dynamics that we have witnessed during the semester. The debt cost is increased over the last year due to the bond rates and the bonds reimbursed in 2025. The average cost of the debt for the period is 2.4% in continuity with the value regarding the semester. The end of September decrease in the tax rate totaled 28% after the one-off totaling approximately EUR 4.5 million for the anticipation of taxes on the EGEA operation at the end of 2025. The tax rate of the Group is expected to total 29%. The Group net profit for the period equals EUR 219 million, with a growth of 12% over the last year, benefiting from all the elements described above and by the purchasing of the minority shares of Iren Acqua, which reduces the third-party margins of about EUR 18 million. As for the net financial debt is concerned, we can see that there is a growth in debt by approximately EUR 200 million, + 5% over the end of 2024. The operational cash flow almost covers the entirety of the technical investments for the period, which is EUR 610 million. The growth of the net financial position is basically due to the payment of dividends to shareholders in June 2025, and the growth, and it is about EUR 177 million. The net circulating capital is decreasing by EUR 10 million over the semester. It is +EUR 204 million due to a seasonal effect for EUR 100 million, which will be recovered in the fourth quarter. The net circulating capital of EGEA for EUR 40 million and the tariff credits of regulated businesses for the extra cap, that is costs which will be recovered after 2025, for EUR 26 million of fiscal credits connected to the super bonus credits, which contribute for EUR 24 million, and they must still be recovered. Finally, EUR 20 million in credits linked to the recovery and resilience national plans are still to be recovered. Now, I would like to give the floor to Luca for the presentation of the industrial plan. The new industrial plan of Iren defines the growth of the group up until 2030. As we have said, we will provide an overview of the dividend policy, which is evidence of the fact that the industrial plan rests on very solid pillars, allowing us to design a dividend policy. We would like to strengthen the solid pillars of this Group, leveraging on the activities we are excellent at in terms of skills and results. Let's begin with a strategy, and we will see an overview of the results in the 2021-2024 period, a four-year period characterized by the first ten-year plan by 2030. Approved in 2021, we have EUR 3.9 billion investments allowing the group to strengthen the business lines, which are the core of growth in the RAB and a doubling of the volumes of waste that we managed for the recovery of waste thanks to our six new waste management facilities. The generation capacity of PV has increased 10x in line with the decarbonization objectives, with 220 MG of capacity and increased by 5% of District Heating due to the duration of generation already exists. The number of Power and Gas clients is 2.3 million contracts. Also from the financial and economic point of view, increasing by 37%, exceeding 80%. This means EUR 110 million. Thanks to these results, Iren was able to distribute EUR 550 million in dividends to shareholders in four years. These results are solid pillars of the plan I was talking about. We have some review of the multi-tiered will to make the group more efficient for businesses through. Development investments are targeted especially at regulated sectors. These are the domains where the Group has proved its solid skills and capacity to generate value. An improvement of the company income pursued throughout a concentration of the development investments and implementation of a Synergy plan supported by the commitment of the management. Financial flexibility allowing to seize new opportunities for growth, both at the internal and the external level in the short and medium term, enabling further acceleration of the development. The solidity, the financial solidity of our plan is strengthened by the fact that we do not expect asset sales and all investments will be covered by the generated cash flow. This 10-year strategic vision is confirmed and is based on three strategic pillars that are reinterpreting in light of the market evolution. Our commitment to environmental transition is confirmed and strengthened, but it evolves according to changes in markets and regulation conditions, adopting an approach which is more targeted and resilient. We focus at reducing the environmental impact in all sectors, protecting natural resources, and encouraging energy recovery and waste recovery. We would like also to create value at the local level, which is the focus of our mission. We create strategic infrastructures for local development and the strengthening of our presence at the local level. The multi-utility nature of our services allows us to seize new opportunities, have a broad service portfolio from the geographical point of view, and we are also able to meet the needs of the communities we work with. Finally, the quality of our service is what guides our action in terms of network resilience, reduction of failures and interruptions, strengthening of the loyalty of citizens and customers throughout an extended grid of physical points at the local level for an increase of the operational effectiveness. Our strategy is based on changing the business approach from an extended multi-utility to a focused multi-utility, leveraging on a capital allocation which is more selective on business core to create value and reduce investments in less profitable activities. The environmental transition process, which has started in Europe in the last year, is undergoing an uncertainty period. We think that we should continue to believe in environmental transition, and we should have a long-term vision to 2040. The five focus areas have been identified: water resources, resilient cities, decarbonization, circular economy, and people. Each focus area is associated to performance indicators with concrete and measurable targets at 2028, 2030, and 2040, in line with the technological maturity of the initiatives and the solidity of implemented investments. I would like to give the floor to the CEO, Gianluca Bufo, to continue with the presentation. Our plan combines ambitious but realistic targets based on the strengths of Iren in the several areas of activity. We rank fourth among national operators for integrated Water Service with 3.3 million inhabitants that we serve. We are the fifth operator in the Electrical Distribution grid, two sectors which require investments to increase the quality of provided services. We are the first operator at the national level concerning the number of inhabitants for Waste Management, with a basin of more than 4.1 million citizens. We are aiming at closing the cycle of urban waste with three new WTE in Platamone, Liguria, and Calabria, in line with the regional plans in three out of the five regions which are willing to do so. We are the seventh operator at the national level in terms of installed hydroelectric power. The one I would like to underline is the only one which has presented to the Piedmont region a proposal for a public-private partnership for the renewal of hydroelectric power concessions. We are the leaders in Italy in the sector of district heating, with more than 1,280 km of grid that we manage. We aim at strengthening this position by further expanding our network and saturating the capacity of heat generation of our cogenerative plants and WTE. Finally, as a Market business unit, we would like to confirm our placing as a player which goes beyond commodities. Today, four clients out of 10 have bought one or several service office or new products with the ambition of becoming a reference partner in a multi-annual durable relationship with residential clients and small businesses. The Business plan includes a EUR 6.9 billion investment until 2030, out of which EUR 522 million of operations for inorganic growth, which have been carried out in 2025. For example, the integration of Iren Acqua and the JAO operations financed throughout the issuing in January 2025 of a hybrid bond worth EUR 500 million. Net of the financial investments, the technical CapEx equals EUR 6.4 billion, financed entirely by the cash flow generated by the operative management. They are targeted; 40% of them are targeted on the Network business unit, 25% on the Energy business unit, 19% the Environment business unit, and 9% the Market business unit. Finally, the corporate investments amount to 7%, and they are targeted on the digitalization activities involved in the whole group. There is a reduction of investments in new renewables, totaling approximately EUR 700 million. This decrease is due mainly to bureaucratic hurdles and the reduced profitability of projects, as confirmed by the recent FARE X operation. If we dive deeper into details of the Investment plan, we can see that almost 80% of the EUR 6.4 billion in the technical CapEx are destined to regulated and semi-regulated activities. This percentage is in line with the previous plan. However, the destination of investments changes. The investments in renewables are reduced, and the investments in networks are increased because the latter ensure more stable yields. If we take a look at the destination of capital, 60% of investments is targeted on maintenance, especially 36% for the maintenance of free market assets in order to keep operative efficiency and continuity of performances. There is 23% of investments for the RAB maintenance and the balancing of the natural decay of assets due to amortization. The remaining 40% of investments for Development, 30% of which regulated activities, especially Water Service, Electric Grids, and the WTE, which are regulated assets. Finally, 10% of investments for development of free market activity projects, such as District Heating and new PV generation facilities. The EBITDA will reach EUR 1,530 million in 2028 to exceed the billion threshold, EUR 1 billion, sorry, EUR 600 million threshold in 2030. This reflects a growth, an annual average growth rate by 4%. The Group net profits will grow significantly from EUR 268 million in 2024 to approximately EUR 400 million in 2030, with an average annual growth rate by 7%, which is more than the EBITDA. This result is due to the acquisition of the share of Iren Acqua. Further elements of financial solidity and sustainability of that is the evolution of the IFN EBITDA ratio, which has a decreasing trend, and it will multiply by three at the end of the period. This level is lower than the maximum threshold, which was set for the Group at 3.5, and ensures the necessary flexibility, which will allow us to seize new opportunities of inorganic and organic growth, which may emerge in addition to our expectations according to the basic plan. Let's move on to the Action plan. The markets we are operating with are undergoing deep and accelerated transformation. The protection of water has become a strategic priority for our country. Circular economy is evolving. It's finding its way, and the guiding principle of sustainability is still strong in a competitive context based on the closure of the Waste Management cCycle. The energy transition and decarbonization require investments in renewables, flexibility, and infrastructures in a context marked by a strong growth of electricity demand. At the same time, the sector of energy clients has become more competitive and leads operators to aim at advanced services for more client loyalty. These structural drivers are the pillars of our industrial view and Action plan. Now, let's see the dynamics of the Network business Units. For the Network BU, we expect investments for EUR 2.6 billion. 60% of them are investments for Development, which will allow the achievement of an RAB of EUR 4.4 billion and an annual average growth of the EBITDA by 7%, exceeding EUR 700 million in 2030. EUR 1.6 billion will be invested in the Water Services for the modernization of the water network and the replacement of obsolete pipelines, reducing the leaks. There will be five new depuration facilities and the modernization of the existing networks for an improvement of water quality. Digitalization investments will support a district approach to the Grids, which will allow to identify leaks. By 2030, we would like to exceed 76% of District Network, and we will support the Electric Power demand and improve the performance with a reduction of the duration and frequency of failures. Finally, EUR 300 million will be aimed at maintenance of the Gas Distribution Networks in order to ensure maximum safety of the raw material supply. The growth of RAB of EUR 1.3 billion, thanks to investments in Electrical Grids and Water Supply, guides the EUR 230 million EBITDA growth by plus 48%. This growth is also the result of operational efficiency, positive effects of regulations, and inflation recovery in a regulatory framework, where WACC is expected as constant. The Environment business unit will see a strengthening of its leadership in Waste Management. It serves more than 4.1 million inhabitants with new developments of new facilities. With the completion of the Saliceti plant in 2026, the Group will orient its investments towards facilities for Energy recovery and Waste recovery facilities with EUR 450 million for waste collection, which will become more modern and effective thanks to digitalization and customized collection based on the local needs and modernization of our tools. This will allow an increase of specific waste collection expected by 2030 to reach 75%. 700 million will be targeted and allocated for the development of facilities in Turin, Gioia Tauro, and in Liguria, and their capacity will be over 1 million tons, and they will be kicked off between 2031 and 2033 to complete the construction of the FORSU facility with a capacity of 90 kilotons in Liguria. There will be another facility for the recovery of electrical household equipment and the extension of paper waste and packing management. The investments of the Environment Business Unit will include also the strengthening of the waste collection services in the areas we served, thanks to concessions and the acquisition of other shares in companies that we already are part of in the urban waste management domain. The total investments are EUR 1.2 billion, and they will generate an increase by 29% of the EBITDA, which will reach EUR 330 million in 2030. The margin increase is also due to tariff adjustment, thanks to a recovery of the inflation, while the management and disposal activities will be supported by more effective facilities and partnerships and by the sales of secondary raw material. The increase of the EBITDA is linked to the three new WTEs, which will be kicked off between 2032 and 2033. The ambition of the Energy business unit is strengthening its role as a national player with district heating, with concrete solutions linked to the renewal of hydroelectric concessions and the availability of thermal electric power. We have in the hydroelectric business line EUR 300 million of investments, which are due to the renewal of our concessions in Piedmont, whose extension will cover the next 30 years according to our proposal of PPP, which has already been presented and is in its advanced plan. We also expect an increase of the hydroelectric capacity by 16 MW in the planned period, thanks to the integration of the EGEA assets and the new mini hydro facilities. As far as renewables are concerned, 200 MW of PV power capacity will be installed with the objective of sustaining the development pipelines built during the last years. The profitability of this new project will be supported by incentives of the FARE X mechanisms and the PPA contracts. District Heating with EUR 400 million investments for the extension of the networks, especially in the area of Turin. This will allow to saturate the production capacity of heat, thanks to thermal energy generated by the future fourth line of the Turin WTE. Due to the role of national players of the sector, we are studying some pilot projects for the thermal sun power generation and geothermal research in the last years. The thermal electric facilities have gained centrality in the decarbonization and environmental transition. As we've seen during the last bids for the capacity markets and the potential increase of the energy demands due to the new data centers that are going to be built in Italy, we have forecasts with a growth of Electric Power demand due to that center installed in Italy in 2030. We decided not to dismiss the thermal Electric Power Plant in Turbigo and to install an Air Thermal System to improve the availability and effectiveness of our services during the summer periods. These plants in Moncalieri and Turbigo will be kicked off in 2028 and will be supported by prices of the capacity markets. After the Development plan for the Residential segment, thanks to the bonus incentives, a strategic repositioning is expected. The focus will revolve around services for energy requalification of public buildings, thanks to the PPE project and the energy plant requalification in the Business segment. Million investments, EBITDA of EUR 350 million in 2030, with enough energy prices in our reference scenario. This is due to the increase of sold heat volume, PV power production, and the contribution of the role as a driver of the Energy Business Unit in growth and development of the entire Group. With the market business unit, which aims at becoming a single point of reference, especially in the Residential segment. We've just projected with this ambition four or five years ago, and the Industrial plan aims at offering more value to customers, thanks to targeting of the Iren plus services. Customer service, our target reducing the churn rate. We're expecting a stable customer base with 2.3 million in the Electric segment and in the Gas segment. As for the power, the Electrical Power segment, our aim is to increase volumes of sales on the mid and long term of UCMB to be XMS with an objective of 100 GW per hour in 2028, so as to stabilize profitability on the Electric Power supply chain. While the Gas supply chain will be diversified, the Supply portfolio will be elongated throughout annual multi-annual contract for 20% of the total need. Alongside the sale of commodities, we will offer a broad portfolio of products and services for the Residential Services, with the objective of reaching one clientele. The digitalization of the customer experience will allow the service to evolve from the local level, which characterizes our approach to our clients. We have a level which can be reached in less than 15 minutes. We will strengthen this local dimension with the opening of stores, especially in South Europe, where we have achieved important results on the customers by EUR 600 million, allowing us to maintain the current level of customer base with an EBITDA expected of EUR 230 million, which is stable over 2024. The EGEA operation is balanced with a reduction of unit margins in the Gas. We are expecting stable unit margins by the enhancing of the natural chain of Power. As for in the 2025-2030 period, that is EUR 4.3 billion, which are sustainable and admissible for the European taxonomy. 33% of investments is devoted to the protection of Water resources by reducing environmental collection, thanks to a marked decrease of leakage on the nets. On the other hand, by recovering purified Water and putting it back into the ecosystem, thanks to the construction of five new treatment plants, management plants, sorry, increasing the purifying capacity by 17%. 28% of the investments will be devoted to support the cities we operate with throughout and increase the resilience and sustainability throughout solutions such as District Heating. 26% of investments is for decarbonization, with the long-term objective of a carbon intensity which is lower than 130 gCO2 per kW hour, contributing to the achievement of the national and European targets. Finally, 13% of investments will be devoted to circular economy, with the target of increasing Waste Management, but also to increase waste recovery with a + 500 kt and the production of biomethane by biodegradable waste, which will increase by 20 million cubic meters. One of the pillars of the Industrial plan is confirmation and enhancement of the Synergy plan, which has already started in the previous period. The expected synergies at the end of 2030 total EUR 120 million, with a linear growth of approximately EUR 20 million per year in continuity with the 2020 results. Part of the value that we generated in the past, however, did not translate completely into an EBITDA increase due to emerging costs connected to a Development plan started in 2021 on all business lines. This Industrial plan, on the contrary, strengthens the commitment on synergies with EUR 16 million that we have already achieved in the first nine months of 2025. This is the first year of full operation of the plan, and the strong action on cost control and increased efficiency in organization has allowed these results. The synergies that we have identified imply a reduction by 6% of the cost base, including industrial, general, and staff costs. This is a realistic objective pursued with the involvement of all company areas. Over the last plan, part of the synergies will be absorbed by emerging costs, totaling EUR 35 million, which are connected to the increase of staff costs due to contract adjustments, national contract adjustments, which exceeded inflation. These were not foreseeable previously. Synergies are not only a motor driving force for effectiveness, but also an instrument which allows us to balance the unexpected costs. The concrete results that the Synergy plan is generating are based on continuous monitoring and on a mapping of 200 involved projects for the recovery of profits and the achievement of economic financial management objectives of the Group. These projects can be classified into three main categories: simplification and increased effectiveness on the organization for the optimization of the replacement and an increase of total productivity, transformation for the rationalization of the Group structure, the more focus on core business, efficient intelligence and effectiveness with the consolidation of departments, and in turn, specialization of competencies and interventions for the optimization of Waste Management and the quality of the service. The benefits will be a more rationalization of small companies in the given business units, which is already implying saving on the facility company activities, which in 2026 will also involve the EGEA companies. Secondly, the digitalization of processes at the business and holding levels thanks to the introduction of tools which are technologically advanced, especially artificial intelligence, in the first phases of client management services. We have aggregation of call center and invoicing with the centralization of client management activities and invoice issuing activities under the Market Business Unit, which has replaced the previous individual structures of networks and government, thus ensuring more effectiveness of the business area. There is an optimization of facilities during 2025-2013, peripheral facilities or facilities in favor of the main facilities, with a total saving of EUR 1 million activity, which was made possible thanks to smart working, and this subsequent rotation of desks has generated benefits not only in terms of OpEx reductions, but also operative improvements. I would like to finish with a Financial section. An important plan of investment is planned for the group and mirrors the main financial objectives. The EBITDA is expected to grow with an average annual rate of 4%, reaching EUR 1.6 billion, made possible by the visibility of the profits activities, which in 2030 will generate approximately EUR 1.6 billion EBITDA. You can see the organic growth of EUR 270 million, with the consistence with the development Investment plan, which is EUR 2.5 billion. The annual contribution of EBITDA exceeds development investments. There will be a kick-off in the contribution of the EBITDA investments, which would go by more than EUR 120 million as far as synergies are concerned. The effectiveness and integration enhancement activities will be estimated at EUR 120 million. However, this is compensated by an increase of EUR 35 million due to costs, and they are expected to be higher than the current inflation rates. As for inorganic growth, the EGEA operation will contribute for approximately EUR 60 million. The energy scenario, a negative impact, is expected because of the uncertainty of the scenario. The PUN in 2030 is expected to be lower per meter per hour and a clean spark spread approximately at EUR 3 per MW per hour. The margin of the rich clients. Industrial plan hypothesizes a reduction of profits on the segment because the extraordinary margins of 2024 in the Gas segment and the increased market competition will cause this block. The expected growth impact on the Group profit with an annual growth rate of 7%. This is mentioned at the beginning of the year. The minority shares of Iren, which will benefit the Group net profits by EUR 200 million approximately. In 2030, some important plants will still be underway, will be in their phase of completion. What we have is EBITDA growth and the growth of the Group to the full potential of the Investment plan, in particular, RAB New WTE Plan 2032-2033, generating an increase of EUR 1 million this contribution. The CAGR of the EBITDA, the net profits to 8% to the floor. Net debt evolution would be with an outlook in the first graph. You can see the net financial debt ratio, EBITDA ratio, which is expected to be decreasing from 3.2 in 2024 to 3 in 2030. This will progressively increase the financial flexibility of the Group, and the further growth options, both in organic and inorganic terms, will benefit from it. The maximum threshold of the IFN EBITDA ratio is 3.5%, and it is compatible with the current rating metrics strengthened by a Business portfolio, which will tend to regulated activities with an increase, an expected increase of the net financial position from EUR 4.1 million to EUR 4.9 billion in 2030. However, over the previous plans, financial solidity is mainly supported by two elements. First of all, among the funding sources, we did not include cash ins due to asset dismissal or financial partnerships. Therefore, the Investment plan is entirely covered by the operational cash flow. The operational cash flow will also cover almost 50% of our commitment on dividends, while in the previous plans, this percentage was way lower. The Financial Profile of Iren is still quite stable, characterized by a low level of risk for the entire duration of the plan, with a debt cost which is increasing due to refinancing expected for the next years, with the objective of an average duration of debt of five years. The average debt cost will be lower than 2.5% in 2025-2026 and lower than 2.9% in the remaining part of the plan. This result will be achieved thanks to a high fixed rate debt, which is 94% today, and a constant growth in sustainable financing. On the right, you can see the financing plans which are about to expire, and they will have to be refinanced, and not the equity content. Take a look at these results and the graph on the right, which, however, again, I repeat, does not include the equity content of the hybrid bond which was mentioned previously, and it will expire in 2030. I would like to give the floor to our President. Now, in light of the plan's solidity and the visibility of the ROEI, the dividend policy is substantially extended to 2030, and this will provide more stability and visibility. The annual growth of the dividend is confirmed at 8% until 2027. In the 2028-2030 period, a new increase of the dividends is expected, totaling 6% every year. The increase of the dividend policy is consistent with a minimal payout ratio of 60% and in line with an annual average growth of the EPS of 7%. We have a 1% increase thanks also to the kickoff of the three new WTEs. Financial flexibility allows us to seize new opportunities of strategic development, which have not been included in the plan. The strategic options were included in the so-called basic plans because we're still uncertain about their potential for implementation and because they depend on external factors which cannot be governed by the Group. You can see a strategic basket with organic growth options in all business units. However, also inorganic growth will be enabled by our multi-utility approach, which may lead to an EBITDA increase up to EUR 100 million, supported by investments amounting to EUR 600 million. That is a volume in line with our expected financial flexibility. As far as inorganic growth is concerned, it affects on EUR 100 million of EBITDA in our multi-utility structure, which will allow us to further develop two strategic lines. First of all, the strengthening of the companies that we already own with minority shares by strengthening the industrial profit and financial approach of the Group and through acquisitions or participation in tenders in the Environmental and Water Service domains. As for organic options, according to the regulation evolution, we expect an acceleration of investments in the Power Grids and Water Grids due to the focus multi-business approach for the increased effectiveness of the portfolio business. In the Environment Business Unit, we're a leader in the revamping and modernization of WTE for the management of urban waste. In the Energy BU, we look to data centers of medium and small size at a local level, and we would like to use the synergies of our plans. We are creating an internal business manual business model for direct supply and continuous supply of electric power and the recovery of waste heat to be used for District Heating. We can anticipate a development scenario of this technology with a benefit for the EBITDA estimated in EUR 25 million in 2030. Market Business Unit, we would like to capitalize on our competencies in Energy Management, and we are assessing the possibility to further extend to clients in the B2C and B2B segments with a target at 2030 of 1.5 TWh of PPA in sales, optimizing the profiles with long-term purchasing from renewable sources. In conclusion, I'm really satisfied by this plan, which is supported by, leveraged by factors which are under our control and for the sharing of value creation for our shareholders throughout an increase in profitability supported by the development of regulated sectors and increased effectiveness during performance, a clear dividend policy, and with a total shareholder return, which is very interesting, 30% on average every year, a strategic positioning which is more focused on business where we have significant competitive advantage. We're getting ready for new opportunities which are not included in the plan as we did in the past in order to accelerate development. Javier Suárez from Mediobanca has the first question. Thank you very much, and thank you for the presentation. I had a question on the paradigm shift. I think I understood that the company does not have CapEx. I'm sorry, I can hear an echo and cannot really understand the question. Can you please provide concrete examples of the CapEx that have been reviewed in order to achieve a profitability which is similar to the previous plan with a capital intensity which is significantly lower? This is the first question which should be answered with regards to the philosophy underlying capital allocation. The second question is about the leverage of the company. The 3.5 data is very interesting for me. Previously, I had the impression that you basically rested on laurels in contract terms, but also in structural terms. With a model which is less capital intensive and more controllable by management, can we say that 3.5 leverage is more comfortable for the company and for the next Business plan, for the next five years of the Business plan? Maybe it is more comfortable to seize new opportunities this way. The third question is about the return on investment, which is more competitive on the market, which has been more competitive on the market in recent times. I have seen that you are expecting a growth on the market. What are the levers that you think are more effective in meeting the needs of this market, which is more competitive than in the past? I will answer the first question, then Giovanni will answer the second question, and the third question will be answered by Gianluca. As far as your first question is concerned, focusing on the most profitable CapExes and so on and so forth, I think that the right answer is this. We are focusing on Water and Electrical Power Grid Services. We know that there is a high demand for investments, and this will increase our resilience in the light of climate change. With renewables, we have a low return on investment today. The demand for renewables is very high, but we have mentioned the FARE X bid, which has implied a strong reduction in the awarding price, and the FARE X decree has not been implemented yet. This is my answer in terms of investments. As for the net profit, our Industrial plan provides for approximately EUR 400 million. Really different from the previous plan. What is the main ratio behind that? The main rationale, sorry. There was an operation, which is the agile operation, which had not been included in the plan. In the previous plan, these operations had a lower impact on the EBITDA because the equity had a cost which was higher than the debt cost. We have reshaped the profits aimed at a reduction of the EBITDA because profits in some regards are more important than the EBITDA. As for the second question, you were talking about a threshold. We are talking about a maximum threshold here. Our aim is to keep a profile which progressively reduces from 3.2 to 3.0. The area is a flexibility area allowing us to seize some opportunities for growth that we have talked about, and the financial effort is EUR 50 million. These operations will generate cash, and we believe in organic and inorganic terms because that threshold allows us to be talking about a structural value to bring about development worth in 100. The strategies for the management of Supply plan based on a more competitive scenario, stakeholders increase churn from 2024 - 2030. The expected reduction per client is EUR 10. EUR 10 is a very ambitious target. For years, we have been in services. We're talking about a portfolio of approximately 400,000 contractors. We're talking about one client out of four. We're talking about 50% of clients that have found a solution to improve their lives, be it an insurance policy or more effective generation. Please keep in mind that this increases the lifespan of a client. Whenever we sell a product, a surfact of 50%, we have already bought some other solutions. We're talking about four clients' objective, which is two. The quality of our service was the topic. We have more than 120 stores. The client that is Iren has some services regarding power. In terms of customer service, that is why we continue adopting our multi-utility, multi-service platform approach and app. Our app is a great success, which contributes to the quality of our... Thirdly, which we should along the supply chain, our portfolio which should be renewed. We have already started this renewal, these new contracts for 3-5 years with a fixed rate of 50% with a variable rate are a way to provide long-term results to our retail segment. The supply aspect, long-term supplies of Gas, LNG, regasification facilities is a cost effect. Brought about by the renewal of the market business unit and be absorbed by the adoption of artificial intelligence and other improvements of the customer. From Kepler, the floor is yours. Thank you. Thank you very much. Thank you for your questions too. I have some questions as well. First of all, the first question is about the Market Business Unit. I believe that this cut of 300,000 clients by 2030. I think the... be the same. We have a target of EUR 230 per client. That means much lower margins. How can that be compatible with the fact that you've adopted a caution? EUR 300,000, a reduction, a greater reduction of the EBITDA. How do you explain that? The second question is about the 2026 margins, EBITDA, net profit, and the debt-EBITDA ratio. The question is a request for specifications on the hydroelectric CapEx. The CapEx related to the Hydroelectric segment. You've been mentioning that some CapEx are connected due to the PPPs and you've been discussing the Piedmont region. More specific figures, can you please tell us whether there is the opportunity for increased capacity, increased capacity, effectiveness? Are these aspects included in the plan or the renewals to become official? One question each. As for the customers, your projection is right. EUR 240 million of EBITDA, we have a delta 10 over the previous plan. The EUR 10 per client that I was mentioning is the reduction of the trade margins. When also on the market, the reinforced synergies and the cost trends of the business unit are reversed, we will see the effects of this. If you take the EBITDA into consideration, what you say is absolutely correct. Only one further aspect, the competition scenario is stronger, the competition is fiercer, but today we have expected margins which are higher than the previous plan. This is something which should be said. However, there are some trends on the costs of labor, the costs of employees, which are unpredictable, but the dynamics here are more resilient. The second question, the 2026, the EBITDA is expected to increase by 4%. The guidance for 2025 full year was different. The ratio IFN EBITDA is expected to keep at 3.1%. It is a better forecast than 3.2% as we had expected at the beginning of the year. EUR 950 million are the returns over the... The net profits are concerned, I can confirm a growth which is in line with the 2028 target. Let's say that the chart that we provided by 7%. For the third question to Hydroelectric Power, I would like to stress once again that we are the only energy company in Italy which has already established a PPP. It's already been acquired as a project that will be launched in a short time. Our position is quite stable, quite solid. We are more than optimistic. We're positive. As for investments concerned, we expect EUR 320 million on tanks, storage tanks, and pipelines, a pink station on the Anniana basin and some capacity. We have two bids for tenders. A larger one for volumes and another one which... Now, Equita Roberto. I would like to ask a question on market forecasts and on the paradigm shift for renewables. The sourcing costs were crucial in becoming more effective in the trade proposals. I would like to get to know in the plan period, how do you expect to reabsorb this paradigm shift in the plan period? That is more about the coverage for... Some will see that there is substantial stability of the power, but there were curves that were... Today you are talking about the policies of renewal of gas contracts with the new policies for 2028 at the international level. We are expecting more availability of gas at the international level starting 2027. How did you get to a Power price which is in the region that you have mentioned? First, sourcing. I would like to start from physical sourcing about large volumes of investments and new power. This means that this power generation that is lower than contained Turbigo, which counterbalances from the point of view of cost advantages. From renewables, totally green. Turbigo, however, is not green. The certified source was green as for the market margins are purchased, is targeted on the PUN value. Regardless of the products' values, the production of renewables peaks when you have a sum from 10 to 6, but it is consumption by the retail. In hedging aligned with solar power, there is always a need for backup as far as solar power is concerned. In order to continue with the provision of green services for our services and our products, we are turning into long-term PPA sourcing from green sources, of course, in order to meet the needs of this segment, which is modulated between the photovoltaic and wind power. As for coverage is concerned, last year the coverage was 50%. On our renewable sources in 2026, this percentage increased to 60%. Hydroelectric will be maintained in 2026. This was the opportunity to communicate our production power for 2025, which is higher for 2026, which is up for hours. As for thermal electric power, low have negative power starting from the first stage whose values are kilowatts per hour. Our visibility is not so connected forward curves because they're not reliable when it comes to delivery. This is something we analyzed in October. We had a clean spark spread quite significant, and they cannot be read according to the forward curves of June, July. What we know for certain is that the hours that are useful for our power generation are 1,200, 1,200, 300. As for coverage concerned, the fixed rate contracts are increasing. However, they're 100% covered as usual. The next question is by David Candela. Good afternoon. Thank you for your presentation. Thank you for answering my questions. I'm curious about a couple of things. The first one is Waste. As for election is concerned, there is an increase of margins until 2028. I think it refers to the... that you were mentioning, do you think do they have a risk related to concessions which may not be granted for Waste Management? My second question is about the... right? At the end of the plan, are there margins due to the WTEs which will be kicked in 2028, 2032, 2033? Finally, can you please specify what you mean by the loss of equity wanted for the hybrid bond? Is refinancing expected? These are two different scenarios. Let's start with margins. There is an increase of the EBITDA margins on waste collection at the local level with concessions related to waste collection. Four million inhabitants of the area. Two drivers are quite important for us. The first is investments, especially for the Tuscany region, for waste plans for the Tuscany region, which are increasing. The tariffs are increasing up until 2028. The return of investment to collection. We would like to make collection increasingly diversified and digitalized. At the group level, we have approximately 1,300 vehicles for urban waste collection, which are digitalized, provided with OT systems, and are optimized by the AI. We have more than 500 facilities with OT sensors which monitor to which extent the bin is full and should be voided. There were automatic systems. We are looking to improve cost reduction through synergies. We are looking to make further investments. Thermal waste recovery systems are concerned. You have seen our forecasts for 2032. EUR 400 million will be invested in WTE, EUR 340 million of which are destined to the Turin area. In 2025, we have seen improvements. We needed to adjust some technical aspects of our plants. We did so, and we are already recovering profits. We will continue to do so until 2028. Management is concerned. As I was saying before, the Saliceti plant, the Saliceti facility, will generate a new increase in the EBITDA until 2026. However, Waste Management in our Capital Allocation plan is a segment where we will aim at maintaining our values and significant EBITDA growth, but we will not expand into further during the plan period, which are connected to the renewable plants, the FORSU plants, and waste collection. There are also public funding which derive from the awarding of some projects. We will present new projects and the normal, of course, contributions due to new grids and the extension of existing grids. Are you talking about renewables? Giovanna, I would like our installed capacity today is 240 MW. We focused on sun power generation, the authorized pipeline. We see the development of further 200 MW. In the past years, we have acquired new capacities. There will be a selection in case in line with our capital allocation. They will contribute with EUR 200 million of EBITDA. And project, especially as far as the Rovigo facility is MW in total. For these projects, a reduction by EUR 700 million in. We have a follow-up. Thank you. Thank you, Julia. A hybrid plan. This hybrid bond was considered according to international accounting standards. We're talking about net assets. EUR 500 million. Rating agencies consider 50% as equity and 50% as debt. We're talking about something which is net assets, not IFN. Thank you. Thank you for your attention. I can't see any other questions in the queue. The Investor Relations team is available. If you have further questions, you can contact them directly. I will now give the floor to Gianluca. Thank you, Julia. Thank you for your questions. Thank you for your interest. We think that we've explained the new Business plan, the new Industrial plan in a very transparent way. It is very concrete. And we are rigorous, becoming more not only EBITDA for the next years. We think that the plan is quite solid.