Good morning, ladies and gentlemen, and welcome to Snam 2022-2026 strategic plan presentation. First of all, I want to thank you for being here with us in Milan and for being connected remotely. Let me first introduce the management team here present. Stefano Venier, Snam CEO. Mr. Luca Passa, recently appointed Snam CFO. And Mr. Luca Oglialoro, Senior Vice President, Planning, Control, and Accounting. We will start with a short video, and then Stefano will start the presentation. For more than 80 years, we have guaranteed the energy security of the country. Today, we are providing a decisive contribution to new challenges, diversifying supplies, and accelerating the transition. Our transport, storage, and regasification infrastructure is the most important in Europe. We unite territories and communities, and we are committed to upgrading our assets to reshape the national energy network and take it into the future safely. We act as a bridge to the Mediterranean, and we look to the future of energy. Ours will be carbon neutral by 2040. That is why we continue to work and invest on technologies and innovations for decarbonization. We transform waste and agricultural waste into green energy, thanks to biomethane. We are adapting our infrastructure to transport and store hydrogen. To achieve decarbonization targets, we are developing CO2 capture and storage projects. We help to optimize consumption and reduce emissions through energy efficiency solutions. This is Snam. This is the energy with which we want to continue to inspire the world. Good morning. Thank you, Francesca, for the introduction. Good morning also on my side. Let me say first, I'm pretty happy to have part of you here because to this important event is giving, let's say, a human feeling to this sort of presentation that we lost in the last couple of years. The presentation of Snam strategic plan that focused on building a secure and sustainable energy system is based on, basically, on three pillars for what concerns us, which are consistent with the previous strategy, with different focus to cope with the short, long priorities. First, the development of an adequate, resilient, and hydrogen-ready infrastructure, we could say future-proof. The second, the decarbonization of the system through green gases and solutions. Third, the full digitalization of our assets for the most effective management of those assets itself. Today's agenda starts with a recap of the key developments in 2022 and our reaction to the short-term challenges, also creating a new opportunities for our strategic assets in the long term. We will then move to the key strategic actions on Snam core priorities during the plan period and even beyond. I'll turn to Luca, and please join me in welcoming him in the role of CFO. Luca will take you through our detailed CapEx plan and the main financial targets, and then back to me for the vision 2030 and for the closing remarks. Q&A will follow. As everyone is aware, 2002 has been a turning point for the global energy system. The structural underinvestment in the sector, both in the upstream and midstream, and the bounce back in demand, along with the fallout from the war in Ukraine, completely reshaped the priorities primarily in Europe, with an increased focus on security of supply. Against this backdrop, Snam, thanks to its assets, has been able to deal with the emergency and further consolidate its leadership in the industry, providing a decisive short-term response to the crisis while managing its strategic assets with a long-term view. Snam enjoys a unique position as the most integrated European TSO along the old value chain, transportation, storage, LNG, while having assets located along the key gas and hydrogen corridors, north, west, and more recently, south, with the acquisition of TTPC and TMPC stakes executed last January 10th. Our strategy has evolved to first effectively deliver the investment needed to build a more resilient energy system. Which means with adequate capacity and flexibility in incoming flows. Also to tackle with extreme situation as we came through in the last months. Second, to support the pathway to carbon neutrality while remaining a sustainable and reliable partner for all the stakeholders at the time of great volatility and uncertainty. Let's now move to the three main chapters of the presentation, and we will start setting the scene, in the sense that 2022 has been then a challenging year. First of all, we had to cope with an unprecedented reversal of gas flows with volumes from north down by 30%, import from southern routes up by 15%, and LNG volumes up by 45% year-over-year. Italy contributed to the European supply with 4.2 BCM throughout export, mainly via TAG pipeline. As I like to say, the hourglass has been overturned, and we have managed this leveraging on flexibility of our existing infrastructure and operations. Let me remark, with no impact for the system. The high level of uncertainty around the scenarios, as well as the need to diversify away from Russian supply, means that the center of gravity of European energy system has to shift down to south and Mediterranean area that will structurally provide more flows. We therefore need to strengthen the south and north transport capacity, which will benefit both Italy and southern-central Europe. As you know, gas storage is used to meet winter peak demand and as a buffer to manage swings in flows. It is therefore particularly critical in the current market context. We are working to grow our asset flexibility by increasing pressure in some of those storage units and to expand the capacity with a new gas field project that is located in Alfonsine, in the province of Ravenna, nearby where we will locate one of the floating vessels. Since the beginning of the emergency, Snam has used his experience in building and managing large energy infrastructure to deliver, in the shortest possible timeframe, two new regas units with 5 BCM capacity each, which by the way, have been already authorized. We expect to have one of the two in operation by May this year, which means six months after the authorization, the final authorization. We have presently more than 200 people working seven to seven to build and to meet this deadline. When on stream, these two facilities, plus the additional 1 BCM that has been recently authorized for the Alt floating vessel, will bring and will provide large flexibility to Italy, increasing the potential demand to be satisfied via LNG from the current 20% to 40%, and creating new options for supply, both from overseas, but primarily we think from the fast-growing Eastern Med. This will provide the necessary resilience in terms of flexibility and security. By the way, all these investment are fully consistent with the 2030 European targets and decarbonization pathway to 2050. With the REPowerEU, the European Union has raised the biomethane target to 35 BCM and has increased the hydrogen target to 75 BCM of gas equivalent, half of which to be imported in large part by pipelines. The Med Corridor is one of the three key import routes, and Snam, with national and international assets available, will play a critical role in this new supply system. Today, our Italian gas infrastructure transport the equivalent of 800 terawatt hours of energy, more than twice the energy is transported by the electrical grid. This energy will be progressively decarbonized through green gases. Via the development of biomethane production that is present, that is, which development is under on course, and then with the growing role of hydrogen. Also through natural gas in combination with carbon capture, allowing the so-called blue hydrogen and blue electricity that are, by the way, taking ground among the options for the decarbonization. I like to drive your attention to the fact that the development of the hydrogen has. Has significant implication for the gas volumes flowing through the infrastructure due to the lower hydrogen energy density that is one-third compared to the natural gas. Volumes are expected to increase to over 85 BCM. Strengthening the South and North capacity will not only address the short and medium-term natural gas needs, but will also be the long-term decarbonization requirements. We expect then a coexistence of natural gas, part of which in combination with carbon capture, biomethane and hydrogen managed through our infrastructure in the future. Here comes the view of multi-molecule future-proof infrastructure. Let me now step into the strategic developments and core priorities, and then I will present that I will present in the next slides, with a factual and comprehensive description. We borrow the European energy framework to position the Snam strategic pathway. As the energy system are secure, environmentally sustainable and affordable, with a balance between the three dimension of the trilemma. You see in the chart. Maintaining this equilibrium in the transition and through external volatility is a very complex exercise, as we have seen in the last months. In the last two decades, sustainability attract most of the public attention, while security and affordability were taken for granted. The current crisis has jeopardized the security of supply, and then resulting prices volatility has put the social cohesion and industrial competitiveness of Europe under threat. We therefore need to rebuild the system that is currently under severe strain with an out-of-balance trilemma. Uncertainty over future scenarios and flows implies that we need more flexible and ample infrastructure. Reaffirming carbon neutrality as a final objective, we have to acknowledge that no major transformation in history has been a linear process. This energy transition will be no different. Therefore, we need proper risk management and relevant infrastructure. Innovation and efficiency are crucial enablers to promote affordability. Current technology do not provide a silver bullet for the abundant, clean and affordable energy that has to be alternative to fossil fuel. All available technologies are required as the transition should be economical, be sustainable, not only in Europe and U.S., but as well in China and India and the rest of the world to be really successful. Now, let's now move on page seven. Snam is taking a decisive strategic actions on all the three dimension of the trilemma to deliver on its core objectives. First, we are investing in a multipurpose gas infrastructure along the old value chain, starting from the two new FSRUs, moving to storage optimization and enlargement, strengthening the south to north backbone, and finally promoting the development of small-scale midstream LNG for LNG and biomethane used in the transportation industry. Second, we will further develop our energy transition platform by investing both in green gas production, like biomethane and hydrogen, and downstream in the decarbonization of consumption through carbon capture and energy efficiency activities. The third, we will continue to invest in the digitalization of our assets and optimizations, focusing on cost efficiency and leveraging on the flexibility of our infrastructure. Moving to page nine. Let's now move to the first piece of our framework. The multipurpose gas infrastructure. To promptly respond to the emerging need of reshaping the domestic energy system, we have increased our CapEx to EUR 9 billion over the period 2002-2026. Firstly, we have confirmed a significant investment allocated in the previous plan. One, pipe replacement, which we have optimized, taking into account the new asset health approach. Second, the installation of dual fuel compressor station to reduce carbon footprint and increase flexibility. Third, the substitution of storage aging equipment for asset performance increase. On top of that, we have added EUR 1.3 billion, referring to the acquisition of the two floating vessels and the realization of on stream and off stream interconnection works that approximately will cost EUR 300 million and that are part of the national transport network. With 16 BCM of capacity, by the way, pro quota, Snam will become one of the largest LNG infrastructure players in Europe. To tackle with the need of expanding south north capacity, we have brought forward the Adriatic Backbone Project to be completed by 2027, with a EUR 0.9 billion of investment to be carried out during the plan horizon, while the all investment amounts to about EUR 2.5 billion. The project is composed of three pipe sections from Sulmona, that is located in the central part of Italy, in Abruzzo, to Minerbio, close to Bologna, of which two have been finally authorized, and one compressing station in Sulmona that has been authorized as well. According to the regulatory framework, the consultation phase will end tomorrow, and we expect from ARERA the final clearance by the end of February, beginning of March. The third major pillar is storage, as we said. We are in the approval process for managing some of storage facility at higher pressure, which could add up to 1 billion cubic meter of capacity by 2026, providing therefore further flexibility on the storage of the country. Longer term, we have asked a new gas field authorization, as I mentioned, Alfonsine, that could store up to 1.8 BCM capacity, and will require approximately five years to be completed. The very first minor investment are included in the current plan, while the remaining EUR 1 billion is beyond the plan horizon. All this additional investment that I just mentioned will be included in the regulated asset base and will enjoy a regulated return. As I said, this presentation is gonna be also factful based, and here is an example. All our investment are based on a very fine knowledge that our transport and storage asset are compatible with hydrogen. This implies that the investments we have outlined today will be also valuable for the future. To prove that, over the past 12 months, we have made a further progress on the hydrogen readiness analysis across the entire infrastructure. Let me qualify with some of this information on what you already know. RINA has recently certified 750 km, and we have set the roadmap to reach more than 3,000 km by 2026 on voluntary basis. In November 2022, we successfully carried out a test in one of our compression station in Istrana, with a variable 10% hydrogen and methane blending. The testing lab unit simulated pressure and temperature on specific storage facility with very reassuring results. We are now in the detail engineering phase of a field test on deeper layer of Fiume Treste, which is the largest storage unit we have in the country. We have recently signed an MoU with ENEA and several distribution system operators to assess the hydrogen blend readiness of the old downstream infrastructure chain down to residential user. Finally, this quarter, we will start installation of hydrogen-ready gas chromatographs at key foreign interconnecting points. On page 11, you have what we internally call the network of the future. Leveraging on the proven readiness of our assets and taking into account scenarios entailing rising hydrogen volumes at Italian and European level, we have framed the long-term evolution of the energy system toward a multiple setup. The chart shows the hydrogen backbone which maximizes the existing infrastructure repurposing to deliver the most cost-effective midstream asset able to supply national demand and import-export flows, in large cases, more cost-effective than shipping. We have estimated it would cost approximately EUR 4 billion. Since we have collected strong interest from market participants, both domestic and from Central Europe, we have applied to the European PCI, the Projects of Common Interest. We believe this could become one of the most strategic and mature corridors in Europe. This backbone will support the creation of an integrated, interconnected European hydrogen market, potentially positioning Italy as a hydrogen transit country, as well as is happening for gas. We have also studied the cost and potential location of hydrogen storage facilities to support the ramp up of the above-mentioned demand. According to preliminary estimates, it will cost EUR 3 billion to develop seasonal and aboveground capacity to serve the evolving demand needs over the years. Let's move now to the energy transition platform, and specifically on green gases. Biomethane is the most mature and rapidly scalable green gas available. Snam has built a solid platform with a 40 MW of biomethane and biogas plants in operation at the end of 2022. We will act as industrial developer, as we always said, and focus our investment primarily on agri-feedstocks. The current Italian biomethane decree, relying also on resilience and redundancy and relaunch funds, provides a compelling incentive scheme and the visibility required to ramp up our pipeline of investments. We project to reach more than 100 MW by 2026, based on both upgrade of biogas as well as new biomethane plants. On hydrogen, we have selected a handful of projects leveraging on financial facilities such as the Innovation Fund, Horizon Europe program, and again, the PNRR. This to unlock the demand growth and to build the know-how for further larger scale project, which will provide synergies with our existing infrastructure, by the way. This will also include a first set of green hydrogen refueling stations. We have also shaped a proposal for the production of hydrogen from excess renewable capacity, primarily in the southern part of Italy, as a system service. This will be part of the discussion on the new gas package at European level. We continue to make research and development investments into innovative technologies, thereby relying on the strategic partnership we have with De Nora. With respect to De Nora, I'd like to say to highlight that the European Commission recently authorized up to EUR 63 million of grants for building the first gigafactory in Italy. On page 13, let me drive you and have a look on the other side of the decarbonization options. CO₂ capture, transport, and storage is key for climate change mitigation strategies, as reflected in the latest IPCC and IEA reports. Snam enjoys a unique expertise in transport and storage of molecules that we think could be applied to CO₂ as well. Our strategy is straightforward. We are learning from our associates, Storegga, a company with strong CCS exposure in UK with respect to the Acorn Project, and dCarbonX, that is a company specialized in the underground storage of molecules, with the aim to support the decarbonization of the hard-to-abate industries. On December 22, as you know, we signed an agreement with Eni to develop and manage the Ravenna Carbon Capture and Storage Project. The project covers the capture of 25,000 tons of CO₂ emitted by Eni's natural gas treatment plant in Ravenna, and will be injected into the depleted gas field offshore Ravenna. The real purpose is to prepare for the subsequent development phases, aiming at expanding progressively the activity so to address the decarbonization needs of Northern Italy's industrial cluster, which showed strong interest. We have submitted another PCI proposal to combine emitters clusters in Italy and the French Fos-Marseille hub. Through Renovit, a joint venture with CDP, that is a leading player in energy services in Italy, we foster energy independence through energy efficiency and distributed generation. This business provides great revenue visibility due to a sizable black backlog. Let's move on commitments on decarbonization pattern on page 14. As you know, we have a clear decarbonization path to reach carbon neutrality on our own operations, means Scope one and two, by 2040. We also see a growing role for Snam as an enabler of emission avoidance due to our concrete efforts in biomethane and energy efficiency. Our long-term commitment remains firm, even in the current more challenging scenario. Most of the disruptions I described before turned up in an higher intensity of activities and related emissions. The reversal of flows, for example, translated into 18,000 additional operating hours of compressor stations for transporting and storing the gas in 2022. In light with short, with our short, long strategy also on decarbonization, we took immediate actions while striking with our long-term goals. First, we accelerated our plan to replace compressor station with dual fuel ones. Second, we intensified our efforts to reduce the methane emissions, where we are outperforming our target and those recommended by UNEP. On Scope three, we introduced ESG criterion in tenders while working with the supply chain on education, data gathering, and best practices sharing. Our seven out of nine of our associates have already defined long-term GHG targets. In a like for like scenarios, Snam would be on track to meet both short and long-term targets, as announced in the past two years. In the short term, actual figures will reflect the increase of our industrial footprint and the changed flows scenario that will be progressively recovered through the actions that has been already put in place. At the same time, when we see a significant emission avoidance deriving from our decarbonization platform. Energy efficiency projects carried out by Renovit and the biomethane produced by BioEnerys will amount to 500 k tons of CO₂ equivalent of emissions avoided in 2025, and a tangible contribution to global net zero targets. By the way, in the annexes, you will find a comprehensive overview of the Snam ESG positioning. Let's now move to innovation and technology that are, by the way, key drivers for affordability. Snamtec, tomorrow's energy company, is our innovation and digitalization platform, which started more than three years ago and will account for about EUR 450 million of investments over the plan horizon. It is composed by 52 projects responding to four key corporate needs: safety, asset resilience, process optimization, and operation sustainability. Key enabling technologies will be the IoT and sensor installation, increase of computational capacity, the artificial intelligence to process all this amount of data, and definitely the data platform to manage effectively the integrated information. The program enables, among others, predictive maintenance and the optimization of maintenance cycle and cost. The program will also support staff security and safety and the energy efficiency and CO₂ emission reductions. This will further enhance our assets and operational security and make them more cost efficient, underpinning also the growth of the output-based incentives as well. We have been working proactively to add new incentives to the existing ones on the balancing, storage, and default activities. First of all, we have developed and consulted the cutting-edge asset health methodology. On December 22, our error resolution shed light on the calculation of the incentives, kicking in in 2023, in line with the expectations we had. Further opportunities have been identified on storage flexibility, congestion removal, and customer satisfaction. At the same time, we aim to extract value from our tangible and intangible assets. As I mentioned, we have included in the plan new midstream small scale initiatives, such as the LNG track vessels in Panigaglia that has been authorized recently, and the bunkering at OLT, by leveraging on the synergies with our assets, and by the way, the public funding. Toward this perspective, we are progressively also in our discussion with Edison to establish a partnership with complementary roles between the two parties. Finally, we will further export the Snam Global Solutions expertise and knowledge, and we will continue constantly to pursue cost efficiency. This will provide 100 basis points of annual EPS growth by 2026. Let me now hand over to Luca Passa for the business plan projections. Thanks. Thank you, Stefano. Good morning to everyone. We are now on slide number 18. Overall, our CapEx plan for the period 2022, 2026 has increased by 23% year-on-year to EUR 10 billion. Total investment in our gas, or better said, gases infrastructure amount to EUR 9 billion broken down as follows: EUR 6.3 billion related to transport, increasing by about 15% compared to the previous plan, mainly due to the investment in the Adriatic Line. EUR 1.3 billion on storage, mainly related to the performance upgrading of the existing fields, with a small contribution from the early phase of Alfonsine site development included in the planned horizon, as mentioned by Stefano. EUR 1.4 billion related to LNG, due to acquisition of two regasification units and all related infrastructure investments. Investments in the energy transition business account for EUR 1 billion to complete the development of our platforms in biomethane, decarbonization, and energy efficiency. Our strategy has not changed, but we are fine-tuning to focus on regulated business and high revenue visibility projects. We have run a thorough assessment of taxonomy alignment, which determined that about EUR 3.6 billion of our investment, broadly in line with last year, are taxonomy aligned, mainly thanks to hydrogen-ready replacements, investment to reduce CO₂ emissions, and investment in the energy transition businesses. Let's move to slide 19. Based on the CapEx plan and on the strategic actions described by Stefano earlier, Snam will be able to deliver solid growth while keeping financial solidity. In the annex, you will find all the assumption underlying these projections, which are based on consistent and conservative scenario. For sake of clarity, there is currently no M&A included in the plan. We foresee more than 5% RAB CAGR 2022-2026, which is more than two times the level projected last year, thanks to higher investment and the deflator contribution. EBITDA CAGR at 7% is the result of the RAB growth, updated WACC remuneration according to the regulatory framework, and increasing contribution from out-based incentives coupled with the energy transition business, as mentioned before. Net profit CAGR is approximately 3%, reflecting rising D&A from increased investments and higher interest expense, with a cost of debt over the plan horizon at about 2% versus 1.1% in the previous plan. Moving to slide 20. This CapEx profile fits with our home rule on financial discipline. Credit rating metrics are expected to remain within the threshold of our current rating position by Moody's, Standard & Poor's, and Fitch over the plan horizon. Leverage will remain below the 75% threshold of net debt to fixed asset plus book value associated by Moody's, with a comfortable FFO to net debt at around 12%, displaying a positive trend underpinned by the solid EBITDA growth over the plan period. Moving to 2021, let's look in detail at EBITDA evolution to 2026. EBITDA growth is significantly higher than the 4.5% in the 2020-2025 plan, embedded in the previous plan, and higher degree of certainty and visibility. The 7% CAGR between 2022 and 2026 to EUR 2.85 billion will mainly be driven by the contribution of the gas infrastructure, which will account for more than 80% of the total EBITDA increase. The remainder comes from the growth of the energy transition businesses. In terms of gas infrastructure, the EBITDA growth is approximately EUR 500 million, which will benefit from the RAB growth, the increase in RAB remuneration following a slight rise in WACC kicking in from 2024, and the previously mentioned additional out-based incentives. In terms of the energy transition businesses, the contribution will come from the ramp-up of biomethane and the growth consolidation of the energy efficiency businesses as we deliver on our strong project pipeline. Energy transition businesses will provide around EUR 140 million of EBITDA by 2026. In terms of invested capital, we will lift by about 50 basis points our 2022 return on invested capital with accumulated value creation over the plan horizon of about EUR 1.5 billion. Moving to slide 22, to the net income analysis, we project 3% CAGR over the plan horizon, starting from our full year 2022 guidance of EUR 1.13 billion. This will be mainly the result of a strong operating performance at EBITDA level, as explained before, counterbalanced by the increase in D&A and the rise of interest expenses. The contribution of our associates will be slightly positive, thanks to the consolidation of the Algerian pipelines from this year, 2023, and the organic growth from the Italian associates that will offset the cyclicality of the others. Despite the new interest rate scenario, we will be able to deliver 3% EPS CAGR and a 14% average ROE, return on equity. Moving to slide 2023, in terms of funding strategy, the priority will be to optimize the cost of debt in a higher interest rate environment. In the short term, we will focus on more flexible debt instruments, leveraging our relationship with core banks while the market normalizes. Over time, we will adopt an opportunistic approach, managing the maturities profile while retaining optionality in diversifying our funding by implementing multi-currency insurances, exchange of our bonds, and private placements. At the same time, we will explore other source of funding, such as instrument guaranteed by SACE, the Italian ECA. We might benefit from a more benign approach at European level suggested by the revision of the recovery plan to include critical gas-related investment, such as the Adriatic Line. We will continue to focus on sustainable finance with an increasing share of ESG financing from 70% expected at the end of 2022 to about 80% by 2026. All future Snam insurances are expected to be in ESG format, either sustainability linked or with specific user proceeds. Average cost of debt over the plan horizon is expected to approximately be at 2%, which is 90 bips or basis points up versus the previous plan. The cost of debt evolution reflects the current increase in short-term interest rates, while assuming a normalization for the remaining part of the plan. Our capital allocation strategy remains consistent with the previous years. The hurdle rate for all our investment remains in line with the risk-adjusted returns, at least equal to the regulated returns achieved on our regulated activities. Key priority for us is the delivery on the investment plan described before and the value enhancement of our associate portfolio, tangible and intangible assets. The CapEx plan is well-funded and does not assume any disposal. Given the attractive return offered by associates that have so far delivered a consistent 10% cash yield, for the time being, we will consider asset rotation optionality only in connection with no strategic opportunities in core activities, primarily in the domestic market, take into consideration the strategic perspective, as I will show in the next slide. We have clustered our portfolio equity participations to provide the relevant strategic perspective on slide 24. In the first bucket, we have the so-called value enhancers, core industrial assets that have a connection with Italian infrastructure. They represent about 60% of the associates contribution in 2026. The second bucket contains enablers of business optionality, which are instead industrial assets such as Teréga, Interconnector and ADNOC Gas Pipelines, that do not have the connection with our assets and represent about 20% of 2026 associate contribution. These associates provide additional market visibility and reach to Snam, as well as new business opportunities and M&A optionality. The cash yield is approximately between 9% and 10%, well above marginal cost of funding. Therefore, any disposal would be EPS dilutive in the absence of capital redeployment opportunities. Finally, we have some opportunistic financial assets, such as Italgas and ITM Power, that could be leveraged in the future when conditions are right as part of our asset management. Let's now move to the short-term outlook on slide 25. In 2023, CapEx will reach EUR 2.1 billion, mainly driven by gas infrastructure investments that include a cash out of the acquisition of BW Singapore vessels for about EUR 400 million. Tariff RAB is up 5% year-on-year at EUR 22.4 billion. We expect net income of around EUR 1.1 billion. Higher contribution from output-based incentive, along with the ramp-up of the energy transition businesses, will boost the EBITDA, but will be offset by the rising financial charge, since the WACC reset will only take effect in 2024. The regulatory framework provides a good cash flow edge against this backdrop over time, but with a slight delay. Let me remind you that 2022 net profit benefited from several non-recurring items, such as the gas inventory disposal and other non-recurring items. Now let me hand over to Stefano for our 2030 vision and the closing remarks for the presentation. Thank you, Luca. Thank you. I finally now provide on page 26 a brief update on the CapEx vision to 2030 that is consistent with the perspective I've shown you on page 11. The overall investment opportunities we can tap into could be very significant, even beyond the plan horizon, driven by the security of supply and by the decarbonization process through green gases. Starting from the first pillar, security of supply, we have a sizable ongoing investment program to maintain world-class reliability and resilience of our assets while reducing carbon footprint. We have to complete the Adriatic Line by 2026-2027, whose total CapEx amounts to EUR 2.5 billion, as I said, and the development of Alfonsine new storage facility for a EUR 1 billion, mostly after 2026. Significant investment will be required to evolve the energy system toward multi-molecule setup, which is key to enable the transition to green gases and the decarbonization of final uses, as explained before. The level of and the timing of this investment in the hydrogen backbone and storage will be assessed on the back of the evolution of the regulatory framework. For the time being, in this numbers, in this figures, we have accounted in between EUR 2 billion-3 billion. We expect these investments to be regulated as the decarbonized gases and hydrogen package that is under discussion promotes this model. We have started and designed a set of infrastructure alternatives to adapt to the evolution of the supply-demand needs, thereby maximizing the repurposing to deliver the most cost-effective energy system. Let me now move to the closing remarks. I'll start first with the dividend policy that you see on page 28. We think our safe and sound strategic plan will allow us to reconfirm our dividend policy, since it remains well-underpinned by the EPS growth, solid balance sheet, and credit metrics. We commit to a minimum 2.5% annual DPS growth from 2022, and we have extended by one year, aligning it to our plan horizon to 2026. The regulated nature of our core business provides strong visibility with safe pathway that supports the sustainability of this commitment that has been back-tested by sensitivities performed. Page 29 for last comments and closing remarks. In conclusion, within we have set the visible, comprehensive, and future-proof strategy and projections based on, first, development, and delivery of the investment to provide a resilient, efficient, and hydrogen-ready infrastructure. Second, unchanged commitment to the carbon neutrality, both on our operations and as enabler of the system decarbonization by promoting green gases and carbon neutral solutions. Third, full digitalization of our assets to reach a data-driven effective management. The 2022-2026 strategic plan will strongly accelerate the asset and EBITDA growth while maintaining a compelling and increasing shareholder return, a solid financial structure with full commitment to the current credit rating. Thank you very much. Now we are available to take your questions. Thank you. Thank you very much. We start with the questions coming from the room, and then I will read the question coming from the chat. I kindly ask you to raise your hand and say your name and company name before asking the question. Stefano there. Good morning. Thanks a lot. A few questions, if I may. First of all, if you can spend a few words about the gas market situation. What do you see the main risks in the forthcoming, we can say, next winter, at this stage, considering the current situation of storages in Italy and in Europe. If some risks are still there in your view next year or with the investment in LNG floats now we are safe. The second question regarding the investments plan. You confirmed more or less the previous investments of EUR 6.4 billion, including also replacement investments. The previous plan was in the region of 1,300 km of pipeline, now you reduce to 1,000 km of substitution. Is there a lot of inflation in the market? Do you see some risk with the switch to Totex system in 2026 probably about these investments in the long run? The second question regarding the investments in biomethane. You underlined the opportunities in this sector, the fact that the ministerial decree also provides around EUR 1.7 billion of subsidies for this sector. In the meantime, it seems to me that you reduced from EUR 850 million to EUR 550 million the investments in this sector. What is the target in the long run regarding investments in biomethane? Last question regarding the associates. You said this is potential opportunities, but what is the structure of capital that you expect in the long run on this regarding also the associate? Will you increase the investment in this with the, in, sorry, in associate or not? Very finally, sorry, regarding the market in 2030. You reduced by around 4 BCM the gas demand in 2030. You expect this target, if I'm not wrong, REPowerEU targets see a strong reduction of consumption in 2030. Thanks a lot. Okay. We go with answers. Okay. I'll try to follow your list. First, what is the market situation? Of course, as you read from the numbers we published, the situation is pretty good in the sense that thanks to the mild climate we have had in December and so far in January, apart from the last couple of days, and thanks to the several initiatives we have taken to preserve the gas in the storage, okay? The counter flow initiatives, the auctions to deliver the gas next winter and I don't want to list all the actions we have done. We have a significant gas in the storage. That is, today, roughly 2.5 BCM more than last year at this time. This will mean that we expect by the end of the thermal season, that means the end of March, a residual gas in the storage nowadays around 3 BCM. I wouldn't be surprised if this total amount is gonna be up to 4 BCM at the end of March. That has to be compared with the 0.6 BCM we had last year. In other words, we will start the injection season, summer season, with 35%, 25%, 30% of the gas already in the storage. That will relieve the pressure to put the gas in the storage to get back to the 11 BCM that is the target we had this year, and we have to replicate for next year. This will, what are the implication? Of course, the implication will be on, let's say, the volatility of the summer price market on one side. On the other side, of course, this target is gonna be the 11 BCM or 90% fulfillment of the storage will become much more achievable than it appeared to be last summer. With respect to next year, I think, this will not change much the perspective in the sense that, we will still have to see, what will be the flows from Russia in terms of gas that nowadays are still around, 20, 30 million cubic meter per day. Of course, the climate of next winter. Definitely the operation of the Piombino floating vessel will give a contribution in the summer up to 2 BCM, and in the next winter, 2 BCM as well. Second is about the substitution. No, as I said, we made some optimization in the profile of the substitution, taking into consideration the new asset health approach, and we try to optimize these investments also with respect to the output-based returns. About the biomethane, what has changed with respect to last year apart from, you know, the natural development in the backlog of initiatives, is the fact that we have adjusted the hurdle rate to take into consideration the higher interest rates. We raised the expected return by 100 basis points, and this has cut off some of the initiatives that were borderline. Nothing different than that. Do you wanna answer the associates? Sure. In terms of the contribution of associates, the increase in the plan is positive, but it's mild, because obviously we have some assets, as I mentioned in the presentation, that are contributing negatively since the starting point and other positive. There is some contribution. Overall, they contribute 25%. Part of the question is capital structure. We see the associates part of the plan. The capital structure, which we are committed to confirms, let me say, the flexibility that we have in terms of creating metrics, thresholds. 12% in terms of FFO to net debt, and basically our level, which is below the 70%, in terms of net debt to fixed assets. Finally, your last question was about projections of consumption of gas in 2030, if I do recall correctly. Yes, of course, REPowerEU further, let's say, adjusted the projections. If we are consistent with this non-term scenario, the expected volumes by 2030 are hovering around 63 BCM, including 3, 4 BCM from biomethane. That of course is shipped to the same infrastructure. I have to say that of course these numbers have to be taken with some, you know, consciousness. As I said during my presentation, to cope with this transition, we need to keep some flexibility in the infrastructure to, let's say, tackle possible cyclicality or delays in the deployment of renewable sources that are a part of the, let's say, overall REPowerEU scenario. I think, also with respect to the development of, let's say, hydrogen, the last 12 months, has in some way, let's say, reshaped the timing of development. That of course depends primarily on the deployment of renewable energy production, because you can't do green hydrogen without renewable energy available. Okay. The next question? There, Martin. Check Javier. Oh. Thank you. This is Marcin Wojtal from Bank of America. Firstly, you mentioned several times output-based incentives. Would you be in the position to quantify what you expect for 2023 and maybe for 2026? Secondly, I think in the release and in the presentation you mentioned potential opportunities for non-organic growth. Would that be related to your non-regulated segment, and could that be material during the business plan, or this is rather something relatively small? Maybe lastly, on the financing and your diversification of funding, would you perhaps consider issuing hybrid bonds? Do you see that as an interesting tool to perhaps manage your balance sheet? Okay. As a matter of with respect to the output based, of course, a significant step up in the, let's say, income from output based will come from the new asset health methodology. Okay? What we do expect throughout the business plan is a total number in between EUR 80 million-EUR 100 million. Of course, 2023 will be the first year, so we will more closer to the lower end, but we are targeting to reach the upper end of the range by 2026. With respect to acquisition, no, I want to be clear, I mean, if any non-organic opportunity will be in the, let's say, gas infrastructure business, of course with a clear focus on the domestic market. Okay? The third, please. Yeah. On the third one, regarding financing, the objective, as I said, when I explain our financing strategy, is to reduce the cost of debt. Plus we have flexibility in the current metrics, according to rating agencies. Therefore, there is no need for any hybrid instruments in our capital structures. Plus, the cost of hybrid instruments are completely against our objective to reduce the cost of funding overall. Let me add the word that to be even more precise. My statement on organic is that we only have, let's say, some minor acquisition that are ongoing in the biomethane business that are part of the pipeline we carried along in 2022 that will be executed in 2023. That's marginal with respect to the numbers we are talking about. Okay. So we. We have a question from Javier Suarez there. Thank you, and good morning. Three questions. One is on the new management imprinting for the company. The second one is on the capital structure of the company. The third one is on the overall assumption within the business plan. On the new managerial imprinting, I think that during the presentation, there has been an argument that there is a consistent approach versus the previous business plan. I have also noticed that there is more granularity on the hydrogen opportunity in the short to medium term, and there is a lower investment in non-traditional activities. The first question to the new CEO is what do you bring into the company in terms of new management approach into the security of supply of Italy or investment of the company into traditional versus non-traditional activities, international investment, et cetera, et cetera? The thing that I'm trying to understand is what is new in terms of management versus the previous path. The second one is on the capital structure of the company. We are in a scenario in which interest rates are significantly higher. Obviously, the company has done a very good job in the past maintaining cost of capital low, but CapEx continues to increase. Thank you. CapEx continues to increase and the dividend continues to increase as well, and the possibility that CapEx is going to be significant down the road in 2026 to 2030 is a real one. When you are thinking about sustainability on the capital structure, what would be your answer on how do you intend to square the circle between higher dividends, higher CapEx and management of your overall asset base? I'm thinking about the affiliates. That's the second question. The third one is on the assumption. You can give us a little bit more granularity in your assumptions on the allowed return on RAB in 2024 and 2025. I have seen the assumption for 2026. You can share with us explicit targets for debt in 2022 and 2023. Also, I could be interested on your assumption on revenues contribution from non-regulated activities through the business plan and the contribution to the EBITDA. I think that the CFO mentioned something on that, but more granularity would be welcome. Thank you. Okay, let me start with the first question that is for me, by the nature. I think, in the last 8 months I've spent in the company, what came clear was that some of the priorities were changed by the environment. Okay? At the same time, what I saw, was a significant opportunity that through refocus on some of the gas infrastructure, we could combine the short-term priorities with the long-term targets. I mean, we could have a sort of short-long perspective without losing, okay, the eye on the horizon and with the final target of having this infrastructure available and as an enabler for the transition. Okay? Of course, you mentioned 1 point, the granularity of the things I've described in my strategy. I mean, I said I want to be real, let's say, concrete and factful on the facts. There is one number that comes to my mind that is extremely important. 555 of the CapEx plan I've shown to you has been already approved. Okay? I think on the basis of this platform, it makes the opportunity to deploy these investments extremely concrete and visible. Okay? Of course, the general situation is also posing us another core strategic questions, and that is the fact that we can relaunch the role of Italy with respect to the entire European energy system. Here comes another angle that in the past was residual, that is the reverse flow. We exported 4.2 BCM of gas. 100% of the capacity through the TAG next year has been already booked, 6 BCM. Consider that the Austrian market accounts for not more than 8 BCM. Okay. I think that going forward, this is gonna be an opportunity that will further consolidate. In fact, in the projections and the site perspective we are giving to this north direction, we will expand the reverse flow capacity up to 10 BCM. Okay. This will leave also to TAG a new strategic role. We redesigned the role of TAG in this kind of perspective that perfectly fits with the perspective with the green gases. I mean, I have to say, and I mentioned in my presentation, that we submitted a PCI for the hydrogen backbone. That is a step further with respect to the fact that the REPowerEU identified that that backbone as one of the core backbones for hydrogen. What made us confident to submit the PCI was the fact that we had a sizable interest from Southern German companies, Austrian companies, ready to invest in Northern Africa and to get the hydrogen through that pipeline. Here comes another very core angle we have to consider, because through the Adriatic pipeline, we will have three backbones going from south to north, and this gives us much more flexibility in repurposing and rededicating one of the three pipelines to hydrogen. That is gonna be totally different in case we have only two. At the same time, we have three backbones on TAG that makes possible the two, let's say, corresponding flows. I think if you Consider and you take into consideration, I mean, the options that, as we said, comes also because we are the largest and unique player in Europe that has the entire value chain under control, LNG, storage, and pipeline. I try to leverage on this, let's say, real unique strength to relaunch the plan we presented you. On capital structure, Javier, clearly we are in an interest rate environment which is increasing. I think we projected, you know, our CapEx plan beyond 2026, which is increasing because the run rate more or less in the current plan is EUR 2 billion, while for the last four year up until 2030 is actually increasing by another EUR 2 billion for the period. Obviously our current capital structure can sustain that kind of investment. Now, if there were opportunities to increase investment further, clearly we have, let's say, the ample associate portfolio to finance it. Therefore, let me stress, our commitment is to maintain financial flexibility according to rating agency metrics and to maintain our commitment to dividend. We will play our associate portfolio in order to basically finance if there is an increase on investment capital projected 2030. On the third. Is the assumption on in the weighted average cost of capital for 2024, the net debt projection for 2023, if I do recall correctly. Let me. You address the weighted average cost of capital, I do address the net debt. Of course, the target for net debt should take into consideration two variables that are unpredictable, the price of gas and the development of the gas demand in Q4. Because as this year happened, with a very strong shortfall in the gas demand, we had year-end a sizable co-temporary contribution from the balancing mechanism, in which we had to set to keep the system in balance, we cashed in some cash for through the selling of gas that we have to give back to the system year-end. If we take a normalized situation on working capital, okay, and in a sort of normalized gas prices, we want to keep the net debt not higher than EUR 16 billion, take into consideration the EUR 2 billion of investments we have. On WACC assumption for the mid period of the plan, basically we are assuming, according to the interest rate environment, the starting point is 5.1% for transportation. The peak is in 2024 at 5.8% in terms of expected lower return. For storage, the peak again is in 2024 at 6.4%. Finally for regasification at 6.5% in 2024. There was part of your question regarding more granularity on our basically energy transition businesses. There you're seeing the growth is from about EUR 35 million, more or less, that we are expecting, you know, for this year, to around EUR 140 million in 2026. The majority of the growth clearly there is biomethane, which is just, I would say, south of EUR 100 million in terms of growth, within the business plan. The rest are the energy transition businesses. Yeah. Let me add one number that could help you to, let's say, reverse the numbers for biomethane. We expect with the roughly 100 MW of installed capacity to produce around 200 million cubic meters of biomethane that will be used and valued specifically in the transportation industry that gives the higher incentive. We have a question here from Emanuele Oggioni. Good morning, everyone. Emanuele Oggioni at Kepler Cheuvreux. Sorry for my voice. I have two question. First of all, on LNG. The current your two current projects, so I kindly ask a confirmation of the deadline for both, and also the contribution in terms of EBITDA. I suppose roughly EUR 40 billion each in terms of EBITDA. Secondly, the question about further projects in Italy of LNG. For example, we know of two large projects in Gioia Tauro and another one in- Porto Empedocle. Porto Empedocle, exactly. How Snam could be involved, for example, not directly in the project 'cause the shareholders are different, but in terms of CapEx for gas transport pipeline, for example, if this project will be approved in the future. As regards to the underlying hypothesis of the business plan, you mentioned before the allowed WACC. My question is more granularity on the RAB deflator, which is very, is a key driver, in my opinion, for the real RAB. Deflator. And on the plan. That's all. Thank you. Thank you. Okay. I'll take the first one. LNG, we do confirm the planning for the two floating vessels. As I mentioned, both projects has been fully authorized by the commissioner in Title IV. The first one is the one that we are working on, where we are working on, that is Piombino. We expect to have it on stream by May next year. Means this year, sorry, not next year, this year. In few three, four months time. All the works are progressing according to the time schedule, so no delay so far. As I said, we have more than 2,200 people working on in the construction those facilities, seven by seven. The second is the Ravenna one that will be on stream on Q4, 2024. Okay, it's gonna take longer because we'll be moored in on a jetty that has need to be refurbished. This jetty already exists. We have both that infrastructure, so works are gonna will take longer. But the asset will be on stream, as I said, Q4, 2024. The vessel, the acquisition of the vessel will be executed September this year, with a cash out of EUR 400 million. Further projects. Of course, we know about the two initiatives that started, I think, 10, 15 years ago, the one in Gioia Tauro and the other one in Porto Empedocle. What could be our role, of course, as for any other infrastructure developed by, let's say, other players, of course, we will provide the connection. We have to consider if these facilities, if we can receive the flows from these facilities. I want to give you a number and that underpins also the thoughts about Adriatic pipeline. The total capacity we have from south to north is 125 million cubic meter per day. That is the transportation capacity available. How much is used today? Almost 100 million cubic meter per day. The additional flows and the flexibilities required are the reason why we need to have, as soon as possible, the Adriatic pipeline, because this will add up 25 million cubic meter per day, bringing the total transportation capacity up to 150 million cubic meter per day. This additional capacity will be available to the different players that could be the shippers through the TAP, thanks to the, let's say, the expansion of that pipeline, rather than additional domestic production, rather than additional flows from the two existing pipeline, the one that comes from Algeria. We don't have to forget also the GreenStream that has a total capacity of 10 BCM, and now is running at a rate of 3 BCM per year. There is ample of options for additional flows, but we have to deal with the constraint in the south-north capacity, and that is the reason why I'm saying we are not running the risk to have, let's say, excessive capacity south-north, and we need to develop this infrastructure. That is well understood also, I think, by the government and by at the European level, having said that, the Adriatic backbone is part of the strategic infrastructure in the European interest. Leave it for second question. Yes. On the last one, in terms of assumptions of deflator, we are basically projecting 2.3% average, within the business plan period, 2020-2026. Any further question? Davide Candela. Thank you for taking my question. I have just two. I just want you to elaborate maybe on maybe new cross-border interconnection between Spain and Italy or Spain and France. I assume that the cumulative CapEx for between 2022 and 2030 do not include these investments. Any update on that would be useful for us. Second question on non-organic growth. I was wondering if you would be interested in acquiring some assets of in storage of Edison if these will come on the market, I don't know, this year or the next year. Thank you. About the strategic perspective on these two interconnection, these are, let's say, significantly different in the perspective. I have to say that when I came to Snam, the idea of this interconnection between Spain and Italy was hoovering and was part of the discussion we were having with Enagás. At that time, we had no, let's say, tangible project on additional LNG capacity. Was a mean to use some LNG capacity in Spain in favor to the domestic, Italian domestic market and potentially European market. We went through the process of acquiring the two floating vessels. Now, as I said, with the two floating vessels plus the expanded capacity of OLT, we are adding up 11 BCM of LNG capacity. The entire strategic perspective that originally was thought for the interconnection between Spain and Italy, of course, has lost some of the attractiveness. Okay? It's still an option. We are still exploring with Enagás. It's not something we have definitely dropped. Of course, in the prioritization of the said investment, it went down. With respect to the interconnection between Spain and France, as you know, it has been changed toward a pure hydrogen transportation pipeline from Barcelona to Marseille. This new infrastructure is supposed to serve the expanding hydrogen market in Spain and Morocco, by the way, in favor to the European market. Okay? We are partly involved in this new venture through Teréga. That is the subsidiary we participate in the southern part of France, that is part of the four players that are promoting the project. This project is in the early stage, we will follow it. It has a completely different perspective. About the second question, might Snam be interested in the Edison storage capacity? I think, we have, let's say, an obvious answer. I mean, Edison storage has slightly more than one BCM capacity available. We have a working gas of more than 11 BCM. It would make a lot of sense to put together the two cluster of assets to get synergies. Of course, it will depend on the decisions that EDF and Edison will take with that respect. Definitely, we will look carefully at the dossier. Hi. Is that on? I'm Sarah Lester from Morgan Stanley. Thank you so much for taking my questions. Just two quick ones from me. On dividend growth, you've got regulated peers that obviously have inflation-linked dividends. Just wondering what financial circumstances would present the opportunity for you to pass through more than that 2.5% growth? Secondly, Luca, welcome. You've definitely hit the ground running. Given your fresh eyes, just wondering what really excites you about Snam in the short term, and then what do you see as the biggest challenges facing Snam, again, over the shorter term? Thank you. Okay. Regarding, you know, dividend growth, a lot will depend on opportunities on investment. Therefore, you know, let me answer by that saying that this plan provides for already a nearly run rate of EUR 2 billion. Our projections beyond 2026 is slightly increasing, that is supported by the current dividend policy. Depending on the evolution or projection in terms of investments, that again, will be focused on the regular business, as I mentioned before, we will assess, you know, dividend policy. Our commitment to dividend growth remains firm according to what we said in this current business plan. For the second question, let me say moving from electrons to molecules, is quite I would say a change of mind. I think, you know, one of the few that can give a real perspective on how actually these two energy models are, basically integrated to get to the energy transition. Let me just add that, you know, fossil fuel or green gases will be needed for the electricity market to move to renewable capacity fully, for probably the next, two to three decades. That's really the key. You know, the co-existence of these two business model will be there for quite a while. That's what actually attracted me to here, given, you know, this perspective in terms of the coupling of the two sectors, within the energy transition. To reach that goal, that, you know, 2030, you know, you have the European goals, but, you know, 2050 is really the real goal. We will need green gases into the system, to promote renewable energy. Okay. We can now probably move to some questions from the chat. The first one comes from José Ruiz from Barclays. He has two questions. The first one: Have you calculated what is the impact on Italian gas tariff of your next CapEx plan and RAB growth? The second: Are your stake in Italgas and ITM non-strategic assets? Okay. The first, the calculation on the tariffs, I mean, these are related, of course, to the RAB growth. Okay? In connection with the assumptions we have made on the weighted average cost of capital. It's simple math. I want to make an example that I used with, let's say, a high representative of the government a few days ago. If you take into consideration what is the cost that the final customers will pay for the Adriatic Line, is if we complete that investment, it's gonna cost EUR 3 per family. Okay. That is the impact. I think the value that is behind that infrastructure is hugely higher because of the liquidity that in the midterm we can have on the market, and this will have a contribution on the gas price in itself, of course, as we have seen when the TAP was connected. I mean, for several months, we had an Italian gas price was lower than TTF. I think that behind this infrastructure, there is also this valuable contribution. The second question was on? ITM Power and Italgas. On the second question, they want to know whether, you know, we consider less strategic ITM and Italgas as, you know, our associates. Yes, of course. The two cases are radically different. I mean, ITM is a company that now is going through, let's say, a complex period in its development. Whilst Italgas, as you know, has been spun off and is a listed company operating distribution that for unbundling reasons we can't have, let's say, direct connections or synergies or whatsoever. Therefore, this company, extremely valuable, that provides good contribution to the company, of course, now we can use in this different situation for even, let's say, optimize our financing. Okay. We have another question from Chris Leonard, from Credit Suisse. I realize that De Nora is a strategic investment, but do you need to own 25% of the company? Would you, consider reduce, the stake to raise funds? Of course, De Nora is a successful case story. I mean, last year when we listed the company, I think was one or the most important listing in that period. We think that the implicit value of De Nora is even higher than the stock price we have nowadays. We will be ready to support the development of the price over time. Definitely we don't need to play a strategic role, we don't need to have 25% stake. We will consider going forward, depending on, let's say, the development of the stock price and the opportunities that De Nora will have. Okay. We have another question from Gonzalo Sanchez-Bordona from UBS. The first time we have already answered. The second, looking at your assumption for regulated WACC in 2025, 2026, there is a fall versus 2024. I would like to clarify whether this reduction is simply driven by an assumed reduction in parameters, but using the current formula, or if you are assuming any changes in the formula. We are embedding the change in the formula that is provided by the regulation that assumes a reduction, if I do recall correctly, by 20 basis point, right? Correct. It's a matter of math re-related to the existing, let's say, set of development set by the authority. Probably, we have been conservative to that extent, but we wanted to stick with the lateral statement from the authority. Okay. One other question come from Virginia Sanz de Madrid from Santander. She ask, does your plan consider increasing the capacity in TAP, or would it be something for the period 2026 to 2030? The second question is, one of your targets related to cost of debt is to introduce measures to optimize this. Have you already considered this measure in the plan, or is for an upside? Okay. With respect to the TAP, as you know, in these days we, there is the first open season for short term that is ending. For next summer, we expect a second open season for the major expansion. As a matter of fact, to increase the total volume shipped through the TAP up to 16 BCM, we don't need to make significant investment in the sense that is required an investment of about EUR 1 billion with respect to the EUR 4 billion that cost the entire infrastructure. This marginal cost will have implication for the shareholders. Therefore, this expansion will come without any, let's say, capital commitment, by Snam, and of course will be in favor to the shippers, to the extent, we combine also the construction of the Adriatic Line. On the second question for Virginia, basically the funding needs are expected to be covered within the business plan via traditional funding instrument such as obviously bonds, RCF, long-term loans, including the line guaranteed by SACE Italian ECA. Further optimization in considering more flexible instrument is something that we will evaluate depending on market condition along the plan. Therefore, there is the possibility of, you know, reducing further, you know, cost of debt, also depending on the evolution of interest rates across the plan. We have three questions from Bartek Kubicki from Bernstein. If you can explain your regulated OpEx dynamics in the plan given the inflation and expanding asset base, the first one? The second one, excess renewable is probably a key for green hydrogen being produced. When do you think Italy could be in a position of having excess renewables? Who will be the consumer of the hydrogen you will transport in your view? The last one, where are you in terms of permitting for the Adriatic Line? What could be the key risk for timely commissioning of the project? Okay, I'll start from last. As I said, the Adriatic Line can be divided in three pieces. One is, and We have had already the full authorization for two out of three. The third is in the process already, and we have been authorized also for the compressor station that is gonna be located in Sulmona. Okay? That is from the authorization pattern side. On the other side, as I said, tomorrow, we will end the consulting phase from the different gas operators that has to show the interest or the need of this infrastructure for the entire Italian system. We will revert this, let's say, interests to the ARERA for the final clearance from the ARERA to go ahead with the construction. In terms of timescale, we do expect by March the return by ARERA and for the final authorization of the third the last piece of pipeline, it's gonna take some months. Of course, given the fact that the construction is gonna take from now to the end of 2027, of course, we can start just the first three pieces of the entire project. When we will have excess of renewable energy, especially in the south for producing hydrogen at competitive cost, depends on the deployment of those infrastructure. I think will be beyond 2026 if we think on, let's say, extensive with an extensive approach. That there will be, two regions, with a more favorable position that are Sicily and, Apulia, in where we expect to have, the percentage of renewables going beyond the 90%, I think, at the end of this decade, if I do recall correctly. The first one was on? On the OpEx dynamics. On the OpEx dynamic. I mean, they are clearly, Bartłomiej Kubicki, we have taken into account our assumption on inflations, which basically foresee current inflation for 2023 and a normalization, basically for the remainder of the plan from 2024 and onwards. To give you basically, you know, some numbers, we are, let me say, lending at an inflation point by 2026 at 1.2%, obviously from a very high 2022 with more than 80% of inflation. Obviously OpEx and CapEx takes into account this kind of inflation assumption. Okay, we have no further question from the chat. I check if there is any final question here in the room. Okay. If we have no further question, thank you for participating to today event. We will now start an extensive roadshow in U.S. and Europe, we remain available for any follow-up question. Thank you very much. Thank you. Thank you so much. Thank you