Good afternoon, ladies and gentlemen, and welcome to Snam's first transition plan presentation, a pretty unique opportunity to introduce you to a complementary integrated pillar of Snam business strategy and action plan. I am Francesca Pezzoli, Snam Director of Investor Relations, Sustainability, Planning and Control, and Ratings. You can find this presentation and the full transition plan report on our website in the investor relations area. On the agenda today, opening remarks and key highlights of our strategy, achievements, and targets by our CEO, Stefano Venier. Then our CFO, Luca Passa, you will know, will walk you through governance, capital allocation, and climate risk. After, Claudio Farina, Chief Strategy and Technology Officer, will deep dive on scenarios and key levers to reduce our footprint. Finally, closing remarks and Q&A. I would encourage you to submit your questions in the available chat. I kindly ask you to include your name and company name when you pose your questions, and at the end of the presentation, I will go through them, prioritizing questions from analysts and investors related to today's presentation. I will now hand over to Stefano. Thanks, Francesca, and good afternoon to all audience online. Let me drive you through this introduction using three questions. The first might be: what is the purpose of Snam developing a transition plan? The aim of the transition plan is to clearly and systematically outline a company target, strategy, actions, and resources to sustain the transition toward net zero and contribute to a lower carbon economy. This document aims to improve the information available to investors and lenders, empowering them to make well-informed investment decisions, and more accurately evaluate the risks and emerging opportunities associated with our businesses. Moreover, we will explain our assets resilience during the course of the journey to net zero and even beyond. There cannot be an effective transition without a careful planning, and at the same time, the roadmap needs to remain agile and flexible in its implementation, as we promptly adapt to the global scenarios changes and technological innovations progress. For this reason, this transition plan is intended to be an evolving document that will be updated systematically to reflect the ongoing evaluation of the energy system, including technological evolution and the results achieved along the way. The transition also requires extensive collaboration among companies, institutions, policymakers, and community that are essential to make or break the global net zero. Following the presentation today to the financial community, tomorrow, we will hold a hybrid event in Milan to foster an open discussion on sustainability with our stakeholders. Here comes the second question that could be: from where did we start to develop our transition plan? First, we can rely on a strong track record in reducing our methane emissions, the ones more under our control, that in 2023 were down 57% versus 2015. Three years ahead of the target set by the United Nations Environment Programme protocol. As a result, we have been awarded the Gold Standard by the Oil and Gas Methane Partnership of United Nations for the third consecutive year. Second, we continue to reduce our Scope 1 and 2 emissions, and full year 2024 is foreseen down 20% versus 2022, after the -10% posted last year. Third, we stand already net zero conversion on biodiversity as we minimize our impact, thanks to the best practices and innovation. We are committed to fully restore biodiversity in areas affected by unavoidable impact, and we established clear policies on waste and water management. We have firm and ambitious future commitments. Firstly, to reduce our carbon footprint across our operations and value chain, reducing Scope 3 by 35% by 2032, reaching carbon neutrality on Scope 1 and 2 by 2040, and finally, getting to net zero on all emissions by 2050. Secondly, to have a positive impact on nature by 2027, and all these commitments are enriched by intermediate targets as requested by SBTi. Our decarbonization strategy is solid and supported by a future-proof investment program, in large part aligned with EU Taxonomy. Our emission roadmap was deemed credible by a third party. Snam has been the first corporate to undergo a Net Zero Assessment by Moody's last February, which certified our alignment with the well below two degrees trajectory, and states that it is underpinned by a robust implementation strategy and clear action plan on Scope 1 and 2 emissions based on existing and scalable technologies. To put all this into context, note that Snam plans not only to reduce its footprint, but also through its infrastructure to enable the decarbonization of the energy system. As the largest European gas-regulated midstream operator, we have the mission to build and operate infrastructure to guarantee energy supply, security, and reliability. We are committed to our mission, while delivering value to stakeholders in accordance with the Paris Agreement. To ensure that our infrastructure remains aligned with future market demand, we develop with Italian electricity TSO, energy demand and supply scenarios that underpin the 10-Year Development Plans. This exercise ensure national and European goals compliance on the journey to carbon neutrality and to net zero by 2050. Moreover, we assess our assets, hydrogen readiness, and readiness to other molecules, and we adopt hydrogen-ready standards for all our asset replacements to make sure that our infrastructure becomes multi-molecule as soon as the energy market evolves in that direction. We also invest in innovation. We test the conversion of biomethane into hydrogen and the use of membrane to separate hydrogen from blending as examples of running projects. We have an energy transition platform with two more mature business under development, like energy efficiency and biomethane production. Those businesses collectively will avoid 500,000 tons of CO2 equivalent emissions by 2027, and we are involved in two large and systemic projects in carbon capture and hydrogen transport that will materially contribute to the decarbonization of our heat and power generation sectors. We will provide more details later in this presentation. If you move to page 5, Snam strives to be at the forefront and beyond sustainability, and here comes the third question: Why do we present a transition plan now? Because we think we have evolved enough to be ready for it. This transition plan comes after a long journey, during which we composed the puzzle of what sustainability means to us. First, it's made by a structured reporting and high transparency in our disclosures. With the idea that what gets measured gets done, we are continuously improving our sustainability performance measurement and disclosure. Our ESG scorecard, that is attached in the appendix of this presentation, systematically tracks and monitor 25 KPIs across seven pillars, integrated in our corporate strategy. Providing quarterly updates, we foster accountability and transparency. Second, a governance system which embeds energy transition in the bylaw and aligns management and shareholders' interest, promoting long-term value creation. Third, a continuous and open dialogue with stakeholders, including the financial community, meaning that we always strive to improve and adopt best practices. To make an example, before publishing this transition plan, we carried out a broad engagement exercise with investors to make sure we met - we meet their needs for our first transition plan. In essence, the journey and the related track record represent credentials to our future commitments. These are reflected in our sound ESG rating, positioning, and the support that we enjoy from ESG-focused investors, that do represent about 50% of our institutional base, according to Nasdaq IR analysis. We have leveraged the Planetary Boundaries framework, developed by the Stockholm Resilience Centre, to develop a science-based approach to understanding humanity's impact on Earth. The term boundaries refers to the quantitative thresholds for each of the dimensions within which humanity must operate to ensure sustainable development and well-being for future generation. Crossing these boundaries permanently increases the risk of triggering large-scale or irreversible environmental changes. As for the latest assessment, 2023, six out of nine planetary boundaries have already been reached. Future is within limits. As part of our strategy, we have evaluated the impact of our direct operation on planetary boundaries and across the entire value chain using the SBT and sector materiality tools. Key takeaways are, first, mitigating our climate change impact is a high priority and is being actively addressed via our decarbonization plan and net zero strategy. And second, a medium impact has been identified on biosphere integrity and land and sea use change, jointly referred to as biodiversity. These are the focus area for us, and we have addressed it in our transition plan. This presentation supports the just published transition plan document, which leans on the reporting requirements of CSRD related to climate change. As shown in this chart, the document is based on the three A guiding principle: ambition, action, and accountability, and it's organized across five elements and six chapters. It follows the principles and disclosure elements of the Transition Plan Taskforce framework. Acknowledged as one of the most influential standards, integrating climate disclosure principle of the Task Force on Climate-related Financial Disclosures, so-called TCFD, and the Net Zero Investment Framework. As a last remark on my introduction, let me anticipate the outline of the following part of the presentation that will focus on key core contents taken from the report. First, our ambitious transition plan is supported by a governance framework designed to face the energy transition challenges and enable a transformation to successfully position the company in a net zero carbon energy system. Second, our ambition is to become a multi-molecule infrastructure player. Our latest business plan envisages up to EUR 26 billion CapEx in the period 2023 to 2032 to pursue our ambition. Third, we will provide you updated scenarios, data analysis, showing that our assets, investments, and business model are not only resilient in the face of climate change, but also key in transitioning to net zero. Fourth, you will have details on how we plan to reduce our carbon footprint across our operations and value chain in line with the Paris Agreement, describing the levers, the technologies, and the investments underpinning the commitments. And finally, more details around our commitment to biodiversity. And now, I will hand over to Luca and then Claudio for a real extensive details on Snam's transition plan. Thank you, Stefano. Good afternoon, everybody. I'm now on page ten. Our transition plan is supported by a sound governance framework. The CEO is responsible for overseeing the company's internal control and risk management system, which includes climate change risk. To ensure the effective monitoring, the CEO and senior executive hold quarterly meetings. The Chairwoman ensures the board proceeding runs smoothly while embedding sustainability into the company's culture and strategy. The board of directors comprise of individuals with a variety of skills and experience, including sustainability, and oversees the group climate strategy through its committees. As a management team, we ensure this cohort works in an effective manner through training programs, joint cross-committees, meetings, and strategic workshops. The Sustainability and Energy Transition Scenarios Committee examines the energy transition scenarios underpinning the strategic plan, the status of the decarbonization roadmap, sustainable finance initiatives, sustainability processes, and reporting, among other responsibilities. The Control and Risk and Related Party Transaction Committee examines the company's main risk and opportunities, including those linked to climate change under the Enterprise Risk Management Model, supports the board of directors in defining the guidelines for the internal control and risk management system, including the risk appetite framework, and assess that financial and non-financial information correctly represents the company business model, strategy, impact, and performance. The Nomination and Compensation Committee also has a role to play by overseeing the executive compensation policy, including climate-related KPIs. Moving to page eleven, we are committed to a remuneration system that aligns with international best practices, complies with national and European legislation, and supports the achievement of the company's strategy. It is geared towards sustainable performance and value creation. Therefore, the remuneration package is focused on viable remuneration components, especially long-term ones. Moreover, the long-term incentive is fully paid in shares, promoting shareholders and management interests. The remuneration structure supports the strategic plan pillars achievement. 20% of short-term and long-term management remuneration is linked to ESG KPIs. Looking more in details at climate energy transition, we have a set of KPIs in the green shadow, and they represent 25% of short-term and 30% of long-term remuneration. Snam remuneration policy is well understood and appreciated. It received one of the highest support from shareholders during the last AGM in May. Moving to page 12, Snam is committed to ensuring that the energy transition is also a just transition, aligning with the EU's goal of achieving carbon neutrality in a fair and equitable manner, leaving no one behind. In a broad sense, a just transition means balancing decarbonization efforts while ensuring energy accessibility and affordability. As an infrastructure operator, Snam plays a decisive role in addressing this energy trilemma. The key action areas are to ensure a socially responsible and inclusive transition are employees project, local communities impact, and Snam Foundation activities. Snam's ambition for the people pillar is empower all Snam people, supporting their aspiration and foster social and personal well-being, while always ensuring health and safety. To support this ambition, a wide project portfolio has been developed, which includes diversity and inclusion initiatives, welfare benefits, such as the extended supplementary health insurance for all employees, training programs, and health and safety measures. Snam workforce skills are already largely aligned with the energy transition needs, thanks to the company multi-molecule ambitions, with only digital transformation requiring upskilling efforts. Snam ambitions for the local community is to keep generating value for local communities, acting as a system operator and listening to the local needs. Finally, the Snam Foundation, a nonprofit business foundation, operates under the three P approach, focusing on energy, education, and food poverty, addressing this issue through three main levers: volunteering, financial support, and education. In 2023, the Snam Foundation funded projects for a total worth of approximately EUR 1.5 million, reaching more than 32,000 beneficiaries, while involving 93 partners and 1,000 employees. We engage on a recurring basis with our stakeholders to ensure we listen to their needs, and I'm now on page 13. This also help us to keep updated and is relevant to Snam materiality analysis. In particular, we engage with the financial community with constant constructive relations and a transparent communication in accordance with our engagement policy, and I personally dedicate a good portion of my time to this important and relevant activity. This dialogue also helps us to shape this document, making it in line with the market expectation and needs. We have a constant dialogue with the regulator and with national and international institutions. The transition requires a broad cooperation along the value chain, with which we collaborate in several different ways. We run a test to assess the market appetite for hydrogen and CCS in Italy and neighboring countries, and we work with the hard-to-abate industries in testing green and decarbonized gases in their processes. Earlier this year, we introduced a climate lobbying policy outlining the principles underlying the group climate strategy, advocacy position, and affiliation with association, and affirming the commitment to the Paris Agreement. Moving to the next session, towards a future-proof, multi-molecule operator. I'm now on page fifteen, where you can see an overview of Snam's footprint. As many of you know, Snam is the leading pan-European gas-regulated midstream operator, with 37,400 km of transport pipelines, 20 BCM of storage capacity, and about 20 BCM annual regasification capacity. We operate along the whole gas value chain with a capillary, well-performing, and digitalized network. We have an energy transition platform under development, active in energy efficiency, biomethane, CCS, and hydrogen, with the latter gaining momentum. Our geographical span is pan-European, with a presence through our international associates in key European countries, North Africa, and the Middle East. Our associates contribute as well to the goal to provide sustainable infrastructure, and they are involved in five PCIs, Projects of Common Interest projects. With two businesses, gas infrastructure and energy transition, that are synergistic and progressively interconnected, our ambition is to become a multi-molecule, pan-European infrastructure operator. On the energy transition, let me provide an update on two key mid longer-term opportunities we are pursuing. I'm now on page 16. The first is a CCS project in Ravenna, in collaboration with Eni. The initiative aims to develop the largest offshore open-access multimodal CO2 hub in the Mediterranean, with a dedicated onshore transport infrastructure. The objective is to facilitate the decarbonization of carbon-emitting industrial clusters through carbon capture, transport, and offshore permanent storage, while maintaining production levels and competitiveness. Total estimated capacity is up to 500 million tons of CO2, and injection activities have been recently started, aiming at capturing, transporting, and storing approximately 25,000 tons of CO2 annually from Eni's natural gas treatment plant in Casalborsetti. CO2 is transported via repurposed gas pipelines to an offshore platform and injected and stored in a depleted gas field. Over the coming years, phase two will expand the project to an industrial scale, with a capacity to store up to 4 million tons of CO2 per year by 2030, in line with Italy's National Energy and Climate Plan. The REPowerEU Plan has increased European targets for both local production and imports of renewable hydrogen, which can only be achieved through a dedicated infrastructure. We are focused on developing the Italian section of the SoutH2 Corridor, a 3,300 km hydrogen-dedicated pipeline that will link North Africa, Italy, Austria, and Germany, with full operation expected by the early 2030s, so the next decade. The project involves Snam and three other European TSOs, TAG, GCA, and Bayernets. The corridor has gained institutional endorsements, as well as support from companies across the entire value chain and along the whole route from Italy, via Austria, to Germany. In the past month, we carried out a market test to assess the appetite for both, hydrogen and CCS in Italy and neighboring countries, whose results were very supportive and publicly available on a dedicated website. Both projects are designed as projects of common interest, therefore, potentially eligible for, European funding under the CEF, which is the energy program for public funding. Let's now look at our future-proof investment plan to deliver this ambition, envisaging in total EUR 26 billion for the period 2023-2032, EUR +6 billion of total investment of our foreign associates over the same period. I'm now on page 17. The first part of the domestic investment program, up until 2027, which comprise EUR 11.5 billion net of grants, is focused on maintaining world-class reliability and resilience of assets while reducing the carbon footprint. In the second part, which focus on the longer run, up until 2032, the overall investment opportunities, EUR 14.5 billion net of grants, are very significant. The level of timing of the investments needed in the hydrogen backbone and in the CCS scale-up will be assessed in the future regulatory frameworks, market dynamics, and availability of grants and financial supports. Large investments will be required to evolve the energy system, including repurposing the existing infrastructure towards a multi-molecule setup, with an increasing percentage, up to 80%, of green and decarbonized investment broken down as follows: around 43% in emission reduction, electric compressor station, and leak detection repair, and green molecules, biomethane and CCS, and around 37% in hydrogen-ready gas infrastructure. The scale-up of the hydrogen backbone and CCS project, along with acceleration in the dual fuel compressor station, will lead to a significant increase in Taxonomy-aligned CapEx from 37% to 52%. Our investments are future-proof. In fact, we don't foresee any material risk when stress testing investment under various scenarios. Development investments on the network undergo a cost-benefit analysis, so-called CBA, required by the regulator and, in several cases, a public consultation to make sure that they are required and in the system interest. Looking in more detail at Snam 2023-2027 CapEx plan, I'm on page 18. Out of the total EUR 11.5 billion investment, around 37% are Taxonomy-aligned, and 58% are SDGs-aligned. Taxonomy alignment refers to, as far as the gas transport is concerned, hydrogen-ready replacement, investment to reduce methane leakage and emissions, and biomethane plants connection. Currently, brand-new hydrogen-ready pipelines are not EU Taxonomy-aligned. With regard to the energy transition, 100% of hydrogen and CCS, large part of biomethane, depending on technical standards of the plants and energy efficiency, excluding cogeneration. While for the SDG alignments, this includes industry and innovation infrastructure, which is SDG 9, climate action, which is SDG 13, and affordable and clean energy, which is SDG 7. In terms of financing, I'm on page 19, we have progressively aligned our financial strategy to the group's sustainability and strategy targets, with sustainable financing doubling and achieving the 80% target. In February 2024, we have updated our Sustainable Finance Framework, which is supported by a second-party opinion from ISS, who certified its alignment with the relevant ICMA principles, including the KPIs materiality assessment. Our commitment is that all future financing will have sustainability features, as we have a target to increase our sustainable finance over the total available funding to 85% by 2027, which is one of the largest in the energy sector. Given our CapEx plan characteristic, we rely on both sustainability-linked and use-of-proceeds instruments. Green bonds are use-of-proceeds instruments to finance or refinance existing and/or future eligible green projects aligned with the EU Taxonomy criteria. With regards to sustainability-linked instruments, whose financial characteristic change depending on whether or not the issuer achieve predefined sustainability performance targets by a given date, we have selected the climate-related KPIs linked to reduction in methane emissions, Scope 1, 2, and 3 emissions, and a social KPI related to women in executive and middle management roles. Earlier in the year, we have been the first European issuer and the first in the energy sector to successfully place a dual tranche offering, including the first Green Bond and the first Sustainability-Linked Bond, linked to a target for reducing Scope 3 emissions alongside Scope 1 and 2 emissions, as a proof of our commitment to the decarbonization path. Currently, we have more than 50% of sustainable financing linked to CO2 emission reduction KPIs as a further confirmation of our commitment. Moving to the next section on climate-related risk and opportunities. I'm now on slide 21. Analyzing risk and opportunities is essential for maintaining long-term sustainable operations and guiding strategic and investment decisions. Our enterprise risk management model enables the identification, assessment, and response to current and prospective risk and opportunities. There is a growing recognition of the relevance of the physical and consequent financial impacts of the climate change and natural degradation. Since 2023, Snam ERM model was integrated with the climate change risk management framework. The framework considers two risk categories: physical risk, which covers company assets, potential exposure, and impacts to climate hazard, such as floods, fires, landslides, storms, heat and cold waves, and transition risk and opportunities, which cover reputational, regulatory, legal, technological, and market events related to climate change mitigation, adaptation processes, and transition journey. Following methodological best practices, we use a set of IEA and IPCC scenarios to assess risk and strategy resilience, and we run analysis also leveraging on third-party support. Moving to page 22, the results of the latest climate scenario assessment shows that Snam strategy and assets are resilient to climate scenarios. Physical risk are negligible in the short to mid-term, thanks to the effective direct safeguards, i.e., physical mitigants and insurance coverage, and indirect safeguards, i.e., more than 80% of the assets, of our assets are below ground. Long-term assets climate exposure show no significant change in SSP scenarios 1.9 and 4.5, and more pronounced impact only in the worst-case scenario. Transition risk are limited to the short, to the mid-term, and mainly refer to reputational risk, such as those related to the achievement of sustainability targets. Over the long term, they intensify primarily due to the methane volumes decline, but at the same time, opportunities related to the infrastructure repurposing for CCS and hydrogen, as well as the energy transition business expansion. I will now hand over to Claudio to start covering our scenarios planning behind this analysis. Thank you, Luca, and good afternoon to everyone. We take the opportunity to present today the updated long-term energy scenarios developed in a joint effort with the Italian Electricity Transmission Operator, Terna, and updated every two years. Published on the first of October, they outlined the evolution of the national energy system and underpinned the 10-year development plans for both electricity and gas. These scenarios are based on the most recent national and European policy reference scenarios, which are aligned with the Paris Agreement's objectives. 2030 is based on last national energy and climate plan, which calls for an overall 55% reduction in CO2 emissions by 2030 versus 1990 for Europe, which corresponds to approximately 50% for Italy, given differences in starting points among EU countries. It envisions a sustained growth of renewable energy sources to 63% of electricity needs, along with significant development of biomethane and CCS. As a result, green gas is expected to represent 16% of final uses by 2030. 2040 is based on scenarios developed by the European Network of Transmission System Operators for gas and electricity, ENTSO-E and ENTSOG. Distributed Energy is marked by a significant adoption of electricity across all sectors, maximizing the use of renewable electric sources. Global Ambition projects the development of green gas power technologies and the wider use of molecules in the mix. In this scenario, CCS is employed in both thermoelectric and industrial hard-to-abate sectors. Biomethane is maximized in both scenarios. The two scenarios for 2040 diverge according to the requirement of Italian National Regulatory Authority, ARERA, to propose contrasting scenarios aimed at testing the resilience of the energy infrastructure against uncertainties in medium to long term. Slide 24, you can see the projected evolution of gas demand segmented among natural gas with unabated or abated emissions through CCS, bio and synthetic methane, and low-carbon hydrogen. Natural gas demand, including biomethane, will stay close to current levels, approximately 60 BCM per year, throughout 2030. Then, some decline is expected to 2040, but still, natural gas volumes will be in the range of 45-50 BCM per year, and flexibility will be required, while green gases demand will ramp up. In terms of emissions, these scenarios result in a 50% reduction in 2030, and 78% in 2040, compared to the 1990 baseline. Over a longer time horizon, in alignment with the regulatory guidelines, Snam works on directional energy mix evolution that align with the legally binding 2050 net zero target. When considering long-term energy projections, several factors, such as macroeconomic trends, market conditions, and technical and technological progress, carry greater uncertainty. Directionally, electrification is expected to significantly increase its role in final energy consumption, rising from less than 25% share today to 50%-55% by 2050. CCS must be deployed at scale, capturing and permanently storing 1 million tons of CO₂ can decarbonize 0.5 BCM of natural gas. This helps meeting residual energy demands not covered by other zero carbon energy vectors or industrial applications where natural gas is used as feedstock for processes. For Italy, a CCS capacity of thirty to forty megatons per annum, according to recent market tests and policy studies, would correspond to 15 - 20 BCM of abated natural gas. Biomethane is a crucial energy vector for achieving decarbonization by 2050, while fostering circular positive effects. Italy stands out as one of the EU countries with the highest potential for biomethane production, equaling fifteen BCM by 2050, as noted in the ENTSO study on biomethane potential for the 2024 draft scenario report. Zero and low carbon hydrogen is expected to gain a larger share in the 2050 energy mix. It can be used directly in gaseous form or as liquid derivatives, such as e-fuels. According to the latest scenario published by ENTSO, hydrogen is expected to play a significant role in Italy, reaching 150-200 terawatt-hours by 2050. This energy amount is equivalent to a volume of 45-60 BCM, taking into account hydrogen's lower calorific value compared to natural gas. Page 26. An integrated multi-molecular infrastructure will be essential to ensure security of supply and balance. A critical aspect of this effort will be the integration of diverse infrastructures and the role of energy storage. Based on the scenarios described earlier, we have developed an extensive analysis to assess the usage rate of transport assets through 2040 and 2050. The analysis considers a 45 BCM demand in 2040 and 35 BCM in 2050, according to the scenarios just commented, with a peak daily demand of 370 million cubic meters in 2040 and 275 in 2050. Three distinct supply and hydraulic scenarios have been simulated to assess the usage rate of these assets under peak consumption conditions for each scenario, as defined by the European Regulation on Security of Supply. On the back of our experience and benchmarking with other energy assets, we consider 25% as a low utilization rate threshold for infrastructure. Worth mentioning that the decarbonized energy system is based on a relatively low utilization rate, with intermittent renewables, wind and photovoltaic, running at only 2,000 hours per year or 25% load factor. The outcome of the analysis can be summarized as follows: The section of transport assets operating at a low utilization rate represents today, and in 2040, less than 1% of the RAB. Average utilization rate for the remaining 99% of RAB is 75% today, and it will be 55% in 2040. Looking at 2050 and assuming the repurposing of only 10% of the infrastructure to hydrogen, the average utilization rate will decline to 50%. The RAB referring to low utilization rate will be limited to less than 10%, and it doesn't change even in a stress test sensitivity, which assumes no transit usage and no repurposing of the North-South backbone. Slide 27. Based on the scenarios and analysis described before, we have summarized here the key climate risk mitigants and emerging opportunities. Molecules are a core component of the Italian energy system. Today, gas represents 40% of the energy mix, and it's the main source of electricity. It will play a bigger role as a backup solution of a less predominant power system in the medium term. Bio, decarbonized molecules and low-carbon hydrogen will become a significant part of the mix by 2050. Snam's assets have a key geographic position as a Mediterranean EU bridge, linking the renewable and natural resources-rich South Italy and North Africa to Central European demand. Current regulation is protective as it provides no volume risk and incentive based on services offered to the system. In the meantime, hydrogen infrastructure and CCS regulations are evolving. Italian gas infrastructure is a key pillar of the energy system, transporting today approximately 650-700 TWh of energy per year. That represents twice the energy carried by electricity infrastructure at less than half the unitary cost. We plan investments on our infrastructure, which are future-proof, as they take into account overall and peak demand based on the scenarios above, energy system resilience, diversification of sources, and supply-demand imbalance in neighboring countries, as Europe is an interconnected area. Moreover, they undergo a cost-benefit analysis defined by the regulator. The flexibility and repurposability of the infrastructure for other molecules, with volumes that are expected to grow over time, support the evolution towards a multi-molecule set up of the grid. As mentioned before, the areas of higher impact of our operation on planetary boundaries are climate change and biodiversity. Environmental protection and decarbonization are the backbone components of our strategy and sustainability framework. In the following slides, we will provide a detailed overview of the key actions, investments, and technologies underpinning our future targets in terms of emissions reduction and impact on biodiversity. But before that, let me hand over to Stefano to frame our track record, and most importantly, our commitments. ... Thanks, Claudio. I'm jumping on page 29 to introduce our emission reduction commitments linking to my introduction. We have set a really ambitious target to drive a solid transition to our net zero emissions with a clear timeline. The historical evolution of the Scope 1 and 2 emissions highlights the efforts Snam has made over the past years to reduce the carbon footprint, both within its own operations and along the value chain, despite a remarkable change of the European energy scenario. In 2023, Scope 1 and 2 were down 10% versus 2022, which is our baseline, and by 17% vis-a-vis 2018 on the regulated perimeter activities. As mentioned before, by year-end, we do expect to reach a minus 20% reduction vis-a-vis 2022. While the Scope 3 emissions were down 4% using as a reference as well 2022 regulated perimeter, adjusted for SeaCorridor, the pipeline from Algeria to Sicily, of which we bought the 49% stake in 2023. On page 30, you see what we have committed to, and the commitment is to reduce our carbon footprint across our operations and value chain. That means Scope 1 and 2 and three, aiming for carbon neutrality in our operation by 2040, and achieving net zero across all scopes by 2050. Moody's Net Zero Assessment has confirmed that our targets and implementation plan are consistent with the Paris Agreement's goals. In early 2024, we revised near-term emissions reduction targets, adopting a more recent and representative 2022 baseline, reaffirming the commitments over multiple timeframes, with key milestones set for 2027, 2030 and 2032, in line with SBTi one point five degrees general methodology. Alongside existing pledge to reach carbon neutrality on our operations by 2040, we have raised the long-term ambition, aiming at net zero target across all scopes by 2050. As part of this goal, we plan to reduce at least 90% all direct, indirect emissions, and to offset remaining emissions through permanent, high-quality carbon removal projects. We also set new and more challenging targets for the natural gas emissions aligned to OGMP 2.0 and the Global Methane Pledge, aiming at reducing methane emissions by 72% in 2032 compared to 2015. Now, let me turn again to Claudio for a deep dive on our detailed roadmap to net zero on emissions and positive impact on biodiversity. Thank you, Stefano. I am on page 31. Let's start considering Snam Scope 1 and 2 emissions. Our 2022 base year on the regulated perimeter, after the restatements to include new assets into operations, such as the two FSRUs, is expected to be equal to 1.684 million tons. Scope 1 emissions are the most significant and are made up of direct methane and CO2 emissions. Methane emissions are mainly generated by venting for maintenance and technical leakages across our pipeline, equipment and valves. While CO2 emissions are produced mainly by gas combustion in our compression stations. Scope 2 emissions are very limited and refer to emissions generated by the use of electricity and steam produced by third parties. We've conducted a thorough analysis of the potential effects of different actions, thereby assessing the feasibility of meeting emissions reduction targets. We have therefore developed an emission reduction roadmap based on several levels. Looking at 2030, approximately 16%-17% reduction is expected to come from continuous efforts in methane leakage reduction through leak detection and repair activities, the replacement of leak-prone equipment, and in-line recompression. 5%-6% will come from the first electric compressors, which will make our power plants dual fuel. They will be operated by using both electricity or gas. An additional 6%-7% by the use of green electricity, most of which will be used to power the electric compressors, powered by 100% green electricity. 5%-8% will come from the optimization of dispatching activities with digital and AI tools. Finally, we estimate we will need to use biomethane by a further 2%-7% to meet the target. The use of this lever can be duly balanced and give us large confidence to meet our targets. By 2040, most of the reduction will derive from the replacement of gas compressors with electric compressors, that by that time will be completed. The combination of use of green electricity and biomethane will provide the flexibility to cope with any changes in gas demand scenario. Despite these activities to reduce methane emissions, some residual non-abatable methane emissions will remain. Therefore, to reach carbon neutrality, in case no new technology will be available to further reduce emissions, we will purchase high-quality carbon credits to offset non-abatable emissions. I will add three more messages to better describe our climate strategy. First, our decarbonization plan is designed to remain flexible and resilient to long-term shifts in energy scenarios. However, until a sufficient number of dual-fuel compressor stations are operational, the reduction of emissions will also depend on two key external factors: volume of gas transport and supply routes. For example, an additional BCM of gas from south may result in a 3% increase of emissions. Second, to adapt to evolving conditions, we conduct annual sensitivity analysis to account for shifts in energy scenarios, such as changes in the energy mix, in the volumes transported, and in direction of gas flows. This process helps determine if additional efforts are needed to stay on track with reduction targets. Third, reducing emissions from our own corporate operation and value chain is Snam's top priority to demonstrate immediate climate action. Snam portfolio also includes business related to carbon removal solutions such as CCS, reforestation, and an internal startup CO2Vault, active in bio-CO2. Moving now to the two more relevant levels, I will start with methane emissions at page 33. While methane has a shorter lifetime than CO2, it is much more powerful at trapping radiation. Therefore, reducing methane emission is a top priority for us and for the industry. Methane emissions do not depend significantly by gas volume into the network, but mostly by the gas infrastructure complexity, pipeline length, number of compressor station and plants, number of components. Nonetheless, if we report them in percentage of volumes transported, they represent only a small fraction, 0.02%. We have a strong track record, having already reduced our methane emission by 57% in 2023 compared to 2015, by implementing several mitigation measures and applying best available practices. Since 2015, we launched a multi-year plan to reduce methane emissions by replacing elements of the network, such as valves in 350 pressure reduction plants and compression stations, and over 3,000 pneumatic actuators. We are also implementing best practices, including in-line gas recompressions using tapping machines. We continuously explore new solutions and technologies to go farther, such as the installation of advanced sensors and improvement in the accuracy of methane emission data by implementing a monitoring, reporting, and verification system in compliance with international reporting protocols. The plan sets out the group's wide reduction targets, which will reach 64.5%, 70%, and 72% reduction by 2027, 2030, and 2032, respectively, compared to 2015 levels. These targets are aligned with the recommendation of OGMP 2.0. The most significant share of our energy consumption is linked to the operation of gas turbines in compression and storage plants. To address this issue, we have launched a plan to install at least one new electric compressor in each plant to reduce energy consumption and emissions, thanks to more efficient technology. This approach supports the transition to renewable sources while offering a valuable sector coupling service. This energy-saving initiatives that introduce the concept of dual-fuel compressor stations will be the main contributor to our decarbonization goals. Construction to install the first electric compressor started in 2023, and Snam is currently working on several compressors in parallel. The first one will be in operation before Q1 of 2026, a second one in the following year, with a total of three impacting within 2027. The plan outlines the replacement of five more units with impact by 2030, three more units with impact by 2032, and 10 additional units with impact by 2040. The replacement plan will be optimized on the back of the evolution of physical flow scenarios and to optimize the dispatching. For Scope 3 emissions, we rely on the GHG Protocol, taking into account the stakeholders directly responsible for those emissions, supply chain, associates, and others. In the slide, you find the full list of the categories included. Being a regulated player, we do not own or sell molecules, but capacity under regulated tariff and strictly following the provisions of the network code, and we have the duty to grant non-discriminatory access at our assets. Snam also cannot be involved in the production of gas, not even green or decarbonized molecules, and has no direct interaction with final customers. Therefore, emissions linked to the use of capacity for transported gas are outside of our direct control, and we cannot implement any direct measure to reduce them. Looking ahead, with the expected evolution of natural gas volumes and increase in the supply of green gas forecasted by the Snam Terna scenarios, these emissions will decrease in line with the Italian 2050 Net Zero goal. Although emissions from the use of transported gas are not included in our Scope 3, we are committed to reducing them through a range of far-reaching initiatives, such as assessing H2 readiness and investing in hydrogen-ready infrastructure and energy transition businesses. With regard to Scope 3, at page 36, we have established absolute reduction targets for 2030 and 2032, and we are committed to reach group net zero by 2050. To tackle these emissions, we work closely with various stakeholders, and we define multiple actions to support the reduction. Looking at 2030, the 30% absolute reduction target is made by a 14%-16% reduction from our associates, 11%-13% from suppliers, and the remaining from fuel and energy use related activities. I will provide more details on the different levels in the following slides. Suppliers are strategic partners also in achieving decarbonization goals. Their emissions in 2030 are estimated on the basis of mix of purchase planned, reduction target for suppliers who have a decarbonization strategy, and estimates for those who have not yet set targets. With 80% of our supply chain made up by SMEs, we know that many of our suppliers are less mature in their decarbonization journey. For this reason, we have set up a combination of approaches and interventions. For instance, we support our suppliers in filling the Carbon Disclosure Project questionnaire with improving results, from 35 in 2019 to 135 in 2023. To improve our Scope 3 data and estimates, in 2024, we have launched a digital platform for the collection of data from suppliers that can provide estimates based on consumption data if the supplier does not calculate emissions. We have integrated ESG criteria in our tender processes, establishing a comprehensive list of requirements, such as adherence to national and international sustainability initiatives, presence of an ESG policy, emission reduction targets, and implementation of sustainability initiatives. The percentage of spending covered was 35% in 2023, and our target is 65% by 2027. In addition, we evaluate the decarbonization plan of our suppliers, covering 23% of our purchases in 2023, and targeted to increase to 35% by 2027. Finally, we promote the implementation of good practices in our construction sites, favoring waste and water recycling, use of biofuels, and electrification of machineries. We are also carrying out research activities to identify products with a lower environmental impact or recyclable. We have a large portfolio of associates worth EUR 3 billion of book value. We have a positive track record in terms of reducing associates' emissions, as they decreased from 667 kilotons of CO2 equivalent in 2019 to 316 in 2022, a 52% reduction on a like-for-like basis. However, overall reported emissions rose in 2023 due to a change in perimeter with the SeaCorridor acquisition. To reduce further emissions, we foster an open and continuous dialogue to share best practices. Moreover, leveraging our governance influence, we actively steer the actions toward a net zero future by encouraging the adoption of decarbonization plans. Currently, eight associates have decarbonization plans, five of which are public. Key reduction levers are similar to the ones that we are implementing: energy efficiency, methane leak detection and repair, electric compressor, digitalization and AI, and use of biomethane and green electricity. With climate action gaining momentum, effort to mitigate biodiversity loss is being addressed following a similar path. We are one of the first global infrastructure companies to integrate biodiversity actions into our strategy, using credible international methodological standards. To this end, we have developed biodiversity strategy and targets aligned with the 2023 guidelines of the SBTN framework. We've carried out a detailed analysis based on the available science-based target for nature scientific approach, with two key findings. First, material impact in our value chain is related only to realization of large constructions. Second, thanks to the high technical standard and innovative technologies used for inter-operam assessment and post-operam monitoring, we minimize the impact by design. We already operate zero net conversion by remediating all non-avoidable conversions, restoring 100% of impacted areas. The biodiversity strategy, page 40, is embedded in our operational model as we ensure that all phases of infrastructure development, from investment planning to execution and operation, follow the avoid, minimize, restore, compensate principle. By 2027, we commit to net positive impact, meaning that on specific hotspots, in areas with material impact, we will implement initiatives to regenerate, rewild, or protect the landscape. We are investing in new technologies to improve pre- and post-construction measurements and assessment in the conservation of fauna in managed areas and in monitoring of high hydrogeological flood risks of surrounding areas, including the benefit of local communities. For example, we are testing laser scanner technology applied to biodiversity, monitoring an area of 4,000 sq m, which has been restored after the reconstruction of a gas pipeline in Veneto. Thanks to this technology, it is possible to increase the accuracy in collecting data on tree species and to extend the monitoring, not only in the post-operam phase, but also in the very early stages following restoration, allowing thus, early diagnosis of the health status of vegetation. We are also evaluating a collaboration in the center of Italy to assess the feasibility of implementing initiatives for nature with positive impacts also on local communities. Back to Stefano now for closing remarks. Thank you, Claudio. To conclude this extensive and detailed presentation, and I sincerely apologize for the time taken to take you through, let me recap some closing remarks. First, Snam is the largest European gas regulated midstream operator, whose mission is to build and operate infrastructure to guarantee security and reliability of energy supply. Our ambition is to become a multi-molecule pan-European infrastructure operator. Second, thanks to this strategy, which lays its root on, supportive scenarios and regulation, our assets, investments, and business model are resilient throughout climate change and key in transitioning to net zero. Third, our transition is backed by a capital allocation strategy based on future-proof investment, aiming at increase the flexibility of our infrastructure while reducing carbon footprint and pursuing growing investment in the multi-molecule infrastructure as market and regulation evolves. Fourth, we have set ambitious targets, coupled with a sound governance and comprehensive set of metrics and KPIs, to drive a solid and credible transition toward net zero emissions and a positive impact on nature. So we think we now have an ambitious and credible transition plan to steer the challenging journey to net zero and all-around sustainability roadmap, and we wish you agree on that. Finally, let me remind you, you will find everything and more in the document available on our website. We are now ready to take your questions. Thank you. So thank you, Stefano, and thank you everyone who is connected. We have a set of questions. I will start with the first one from Javier Suarez, Mediobanca, and I will pose the question to Stefano. Which is the level of hydrogen readiness of Snam network as we speak? It's very high. And by 2027, we will have more than 3,000 km certified by them, and these are primarily the core part of the SoutH2 Corridor. Finally, let me say also that if you look at the SoutH2 Corridor project, you will see that roughly 60% of this pipeline will come from repurposing existing pipelines, and the remaining 40% from a brand new. This is not because the rest is not, let's say, hydrogen-ready, but simply because we have to, let's say, lay down an additional pipe for, let's say, transportation capacity limitation. That is the reason. Because for what is, let's say, hydrogen readiness is concerned, as I said, 99% is hydrogen-ready. Okay, we have another couple of question from Javier Suarez. I will pose them to Claudio. So the first one is, can you share with us your assumptions for clean hydrogen price by 2030 and 2040, and potentially also details on assumptions such as cost of electrolyzer, of electricity, and cost of CO2? And the other one is, if you can elaborate on the two differences between the two 2040 scenarios that we have presented. Thank you, Francesca. So a hydrogen cost in 2030 will have a wide range, and they are expected to be between four and EUR 10 per kilo, depending particularly on the project sites being a scale business. In the lower range, we have the blue hydrogen and green hydrogen imported from North Africa or from areas where there is more sun. In the higher range, you have small to mid local production also in Italy. And Italian large scale production is within the range, decreasing obviously from north to south. For 2040, costs are expected to reduce. For example, ENTSOG in the already recalled scenarios, assume that cost could be even below EUR 2 per kilo for imported green gas. More hypotheses on electrolyzer CapEx and other assumptions are provided in the ENTSOG 10-year development plan. For what it concerns to CO2, the cost is expected to increase from today's level, being in the range of EUR 100- EUR 130 per ton of CO2 in 2030, as according to the PNIEC, the Italian National Climate and Energy Plan. With respect to the 2040 scenarios, global ambition and Distributed Energy, they are both scenarios developed by the ENTSOG, together with the operators, which through a different technology mix, pursue the same decarbonization goals. Which for Italy, are minus 78% emissions in 2040 versus 1990, and they are considered as a further step towards achieving a net zero by 2050. Global Ambition relies basically on strong development of biofuels and H2 in the transport sector. Heating of buildings, both with green gases and electric hybrid heat pumps, providing also flexibility. Industrial heat supplied mainly from hydrogen biomethane, strong development of, renewable electricity generation, and CCS applied at scale to industrial and thermoelectric emissions. Distributed Energy, relies on heavy electrification of transport and residential heating, industrial heat supplied by electricity and supplemented by green gases like hydrogen and biomethane, maximum development of, electricity renewable generation, and green gases and storage used as mainly backup for intermittent, renewable electric generation. CCS is applied to industrial emissions. As I already stated before, biomethane, in both cases, will be maximized according to the initial potentials, which are 15 billion cubic meters for Italy. Thank you. Then we have another question from Javier. I will pose it to Luca. It is: When do you expect that CapEx related to the SoutH2 Corridor will start? Thanks, Francesca. Thanks, Javier, for the question. As you might recall, Javier, in the current business plan, the SoutH2 Corridor CapEx are not within even, you know, the 2032, you know, framework. And as you know, we are going to update our business plan next January, last week of January. And clearly there will be a portion of the initial CapEx for this project within the new business plan, which gets for the first year up until 2029. So the expectation is to start spending by 2028, end of 2028, with a full year in 2029. Reason being is by then, we expect to have, you know, the full regulation for transporting hydrogen across Europe, and the full regulation also for Italy. We have a general question without the name, but I think it's worth having a look. And it's: Since your transition plan is following the science-based targets, do you intend to certify... to be certified by the SBTi? We can confirm that we have applied to SBTi. Now, I think it's three years. They still need to produce basically the oil and gas midstream methodology, which, to a direct question, you know, a few weeks ago, they replied that will be out shortly. So clearly, the answer is yes. Currently, what we use is the general SBTi methodology, which supposedly should be less stringent therefore respective of the sector-specific methodology, and therefore, by that, by definition and by design, we should be clearly being certified by SBTi on our transition path. I would just add that since SBTi has been, let me say, slow in getting out the sector methodology, we actually started with Moody's with a different methodology, and we've been certified by them back in basically a few months ago. You can, if you go on the website of SBTi, you will find our name as a brand that has applied for being certified, but waiting for the methodology that is still pending. So another question is, why you use SLB, sustainability-linked bonds, and you don't use only green bonds in the financing? For Luca. Yes. I mean, as you've seen from our CapEx plan, our Taxonomy alignment is, you know, in the region of over 30% for the first five year in the plan, and then gets over 50% in the decade, so in the latter part of our business plan, and we can only use Taxonomy aligned investments when we finance through green bonds. Therefore, we need to be flexible and use also sustainability linked bond, whereby we basically link the financial performance of these issuances to the reduction target of emissions, and we started with the Scope 1 and 2, and we actually added Scope 3 at the beginning of this year as well as other KPIs. We have a KPI on gender diversity in one of our, you know, recent emissions. So we need to basically have the flexibility of using both. Now, we're also trying to get the new Taxonomy interpretation around readiness of pipes that we're actually building to be included in the Taxonomy. So for example, the large investment we are doing, the Adriatic Pipeline, which is a 400 km south to north pipeline or backbone, is currently excluded under the current interpretation, which we think is not appropriate, given that this infrastructure, you know, in the future, will be used to transport green molecule. Another question is about hydrogen, and is, if we want to be involved in hydrogen production. Probably, Stefano, you can take this. I think being a TSO, we have clear regulation that was set and reaffirmed by the Gas Package. We cannot be involved in the hydrogen production. We are, as a matter of fact, just involved in a hydrogen valley here in Italy with a minority stake. Our role is to prepare and build the transportation pipelines to make possible the transportation of the green hydrogen from the southern part and the, let's say, northern part of Africa, toward the industry, the ultimate industries that will use this green vehicle to decarbonize their production. So that is mainly our job, and we stick with this job. ... so a couple of questions for Claudio. One is, if the scenarios that we use are aligned with the Paris Agreement, and the second is, why you use the regulated perimeter in setting our CO2 emission reduction targets? Thank you, Francesca. So on the first question, our scenarios, developed together with the electricity TSO Terna as it has been disposed by the national authority, since 2019, are in line with the PNIEC, the National Plan for Energy and Climate, which is by design aligned with Paris alignment. Same for 2040, being our scenarios align with ENTSOs scenarios. For the second questions, which was on... What was the second question, sorry? On the perimeter that we use, only regulated- Regulated perimeter for the There are multiple reasons. First one being the fact that the stability of the perimeter is much higher on the regulated part with respect to the other part. The non-regulated perimeter is frequently impacted by M&A and so has changed along the years and would have called for multiple restatements. Moreover, the net emissions, including also the avoidance emissions triggered by the non-regulatory activities, would be, in reality, positive. Finally, the overall weight of the non-regulated perimeter is quite small, in the range of 6% of the total emissions of the group. So one questions for Luca is: What are the key areas of discussion with investors, when we do engagement, and the key lessons learned, I would say? Lessons learned, many, as usual. I mean, we really enjoy, you know, the feedback we get from investor engagement in general. In terms of, you know, their most relevant area of interest, clearly, regulation and stability around regulation is the key element. You'll probably be aware that the Italian regulation is very well regarded across the European regulation, being one of the most not only independent, but probably future-proof in terms of, you know, allowing the correct investment when it comes to, you know, planning the evolution of the energy system in our scope. Then the second is clearly the risk of stranded asset for infrastructure that transport molecules. That's a key area of, you know, focus. I think with the presentation today, we gave a very thorough analysis on how we expect basically the capacity utilization of our infrastructure, not only by 2030, not only by 2040, but also up to 2050. And actually, the capacity usage of our infrastructure is fairly high, meaning also in 2050, 50%. If you compare that with new installment when it comes to energy production and renewable energy production, load factor and capacity usage there is at the beginning, between 20 and 25%. So we are basically comparing two capacity usages, which are very different for different technologies. And clearly, the useful life of an infrastructure like ours is much longer than production infrastructure. And then the third, in terms of, you know, their interest, clearly, the... I would say, the commitment of management, not only to reach financial target, but also to reach non-financial targets. And this is probably the most relevant reasons behind what you know Stefano just tried to convey, that for us has been a journey. We get to this transition plan because we have a history of trying to improve our path to decarbonization. But clearly, a lot of the meetings that we have and the time that we spent are on non-financial metrics of the company. Yeah, I'll jump in again because I've been told that part of my answer on the question on hydrogen readiness has not been listened, not properly, at least. I'll do it again. What I said is that the entire network, we have 99% is hydrogen-ready, according to the American standard. That is the only one available now. This comes from a thorough analysis we have done on the entire network. And out of this 100% hydrogen readiness, we have that more than 70% has no limitation, even in the operations of this network transporting hydrogen. Then, we also did an additional, and we are doing an additional job that has been carried on by an independent certifier that is called RINA. He's certifying the core network we have. Now, we have 1,500 km fully certified, and we count to reach the 3,000 km by 2027. And if you consider that the SoutH2 Corridor will cover slightly more than 2,000 km, means that the entire part of the SoutH2 Corridor will be also certified by RINA. I was making also a point with respect to the project of SoutH2 Corridor, we referred to also in the other answer. The fact that we count to have 60% of this corridor coming from repurposed pipelines and 40% from brand new. The reason why we have to build this 40% brand new is not because the existing pipeline is not repurposable, but simply because we have certain constraints in transportation capacity, and therefore, we need to strengthen and to link up the different pieces of the network to that extent. So there is one final question, if I understand it correctly, is for Luca, and it is: Why we do not issue more green bonds? We would love to issue more green bonds. However, as I explained before, we have a limitation in terms of the investments that currently are Taxonomy-aligned, which is basically the way in which ICMA principles works around green bonds. Therefore, we have a limited investment that every year can be utilized for that purpose, and that's why we started with the first green bond back in February. There will be more, but clearly, we cannot rely only on green bonds, and we complement with the sustainability-linked bonds, and in particular, for climate. You know, these are probably the most efficient when it comes to targeting the reduction we have put on slide and the commitments of the company today. I see no more questions, so I will take the opportunity to thank you, everyone who was connected, and we remain available for any follow-up questions. So you can reach the Investor Relations department, and we can follow up as you prefer. And I leave the floor to Stefano for- I don't have much to add. I thank you all. You were more than 100 online for this presentation, so it's very important for us. So I also thank you for the time you spent with us. It was more than an hour, and I'll talk to you soon. Thank you.