Good evening, everyone, and welcome to Terna 2024 Capital Market Day presentation. I would like to thank the people here in Milan as well as those on the web. Here with me today, Terna CEO General Manager Giuseppina Di Foggia and CFO Francesco Beccali. Today's agenda includes the explanation of the evolution of Terna's role, the presentation of our strategy, full year 2023 results, 2024-2028 financial targets, and dividend policy. After the presentation, there will be a Q&A session. Thank you. Let me now hand over to our CEO. Please, Giusy. Thank you, Omar, and good afternoon, everybody. Let me start the presentation with an overview of the role of Terna as a transmission system operator. As a TSO, Terna is a double responsibility for our country. On the one hand, to develop and maintain the transmission network. On the other hand, to guarantee the balance between energy demand and supply in Italy through dispatching activities. To fulfill its TSO role there, there are some key objectives that Terna needs to aim at and continuously improve. First of all, we need to guarantee energy continuity in the country, ensuring service quality and continuity of supply in the energy system in a fast-moving scenario. From a traditional system with centralized generation facilities and one-way flows, we are quickly moving over to a complex, integrated, and less predictable system characterized by multidirectional flows among a large number of players. A resilient grid infrastructure is paramount for energy continuity. The intensity of extreme weather events registered in recent years requires us to increase the ability of the electricity system to withstand stresses and return to normal operations quickly and efficiently, minimizing the possibility of outages for end users. In addition, we are committed to an ever more efficient energy system, guaranteeing supply and quality of service at the lowest possible cost for end users, 24 hours a day, 365 days a year. Finally, ensuring the security of the electricity grid is an essential mission for Terna. To address new challenges coming from the transition towards a more complex energy system, Terna, as a TSO leader, needs to guarantee the highest level of physical and cybersecurity to predict and prevent any harmful event. The global economic environment is evolving and brings with it unprecedented challenges for the energy sector. This is mainly related to the ongoing global energy transition from a fossil-based system to an emission-free one, combined with a foreseen increase in electricity demand. These challenges have been embraced by the EU, which has set ambitious decarbonization targets in the coming years. The Clean Energy Package was adopted at the end of 2018 in response to the commitments made in the Paris Agreement. It set the target of a 40% reduction in greenhouse gas emissions versus 1990 levels by 2030 and the ambition of net-zero emissions by 2050. The bar was further raised with the publication at the end of 2019 of the Green Deal and subsequently of the Fit for 55 package. These measures confirmed the aims to transform the European Union into a net-zero economy by 2050, but increased the intermediate goal of a reduction in greenhouse gas emissions to 55% by 2030 compared to 1990 levels. To adopt the increased targets, a draft update of the Italian National Climate and Energy Plan was submitted to the European Commission on the 30th of June, 2023. The final version will have to be ready by June 2024. This has important implications for the evolution of the Italian electricity sector targets. The updated plan foresees a 65% share for renewable energy and electricity consumption. This equates to around 228 TWh of renewable generation. This will be mainly achieved through strong growth in installed capacity of wind and solar generation, reaching 108 GW by 2030. Overall, the National Climate and Energy Plan scenario sets challenging targets for the Italian energy system, confirming the need for investments in the grid. In fact, TSOs in the coming years will need to enhance their efforts to increase the resiliency of their networks and to support the energy transition by meeting decarbonization targets. The success of the Italian decarbonization plans depends on the timely and challenging development of four key areas, which will need to be supported by all actors in the surrounding energy ecosystem and by a speed-up of authorization processes. First, we need to accelerate the development of new renewable generation capacity. In this regard, we have observed significant progress in recent years. In fact, from 1 GW in 2021, new renewable installation grew to about 3 GW in 2022. This acceleration continued in 2023 with about 6 GW installed. Nevertheless, this trend needs to further accelerate in order to be able to sustain the gradual replacement of fossil-based generation systems and achieve decarbonization targets. In addition, and this is our main call to action, the network infrastructure needs to increase transmission capacity in order to safely integrate and manage the significant growth in renewables and enhance the resiliency of the grid to withstand potential stresses. Network development needs to be complemented with new forms of flexibility, such as storage systems, in order to fully leverage the integration of intermittent energy sources like solar and wind. Recently, the European Commission approved the national scheme to incentivize storage system development, and the auction process will be managed by Terna. Finally, system operator activities will need to focus on guaranteeing the adequacy of the system, in particular during the transition phase towards renewables. They will need to make sure that the available production capacity, including imports and storage, is sufficient to meet the demand for energy. As you know, Terna plays a crucial role as a system operator by managing a capacity market auction. As already mentioned, the energy system is becoming more complex, with several challenges to be faced in the coming years to achieve global decarbonization targets. Network development is necessary to sustain the energy transition, but it will not be enough on its own. In fact, the large-scale transition we need cannot happen without similar innovation of the system combined with digital capabilities. This is why we have developed our new plan to support transition in Italy based on the concept of a Twin Transition: energy and digital. For the energy transition, we will contribute to the resolution of our country's energy trilemma, namely energy sustainability, energy affordability, and energy security. To do so, we plan to increase investments to deploy the infrastructures required to achieve Italy's decarbonization targets and guarantee a continuous and reliable energy supply with a close control of our CapEx efficiency. The increase in investments needs to be supported by the regulatory environment, recognizing the relevance of Terna's network and of value creation initiatives for the country's energy system. Core activities will also be supported by Terna's presence in non-regulated businesses. We will make use of our equipment companies and maximize value creation through synergies with DSO competencies and know-how on the energy services business. To maximize the effectiveness of the investments for the energy transition, we need to allocate additional resources to innovation and digital tools that will allow our network to become more connected, intelligent, efficient, and reliable. We will therefore accelerate digitalization in Terna, leveraging technologies such as artificial intelligence, data-driven technologies, and robotics with active support from cybersecurity tools. We will enhance not only our network's digital capabilities, but we also aim at leveraging digital transformation to improve decision-making and analytical processes within the organization. This will increase the operational efficiency of our team. The Twin Transition cannot happen and coexist without a solid and adequate organization at its foundation. This is why we are working to have the right competencies and capabilities within our company. We are planning initiatives to build, acquire, retain, and transfer know-how and skills across the organization, rewarding talents that will become the bedrock of the company in the forthcoming years. The new plan shows us ready to face the challenges of the twin transition in order to achieve a just transition, as we will see in the next slide. One of the ways to achieve action on climate change and optimize benefits for the energy transition is to ensure an inclusive transition. If managed properly, the transition will prevent the human and economic cost of climate disruption, also improving growth, generating new jobs, and reducing inequality. For this reason, we need to consider all the aspects and consequences of the transition. We cannot ignore the social impacts of the large-scale changes that are ahead of us. To overcome this challenge, the goal of a just transition for workers and communities was included as part of the 2015 Paris Agreement on climate change. Consequently, Terna has included sustainability and social impacts at the core of its strategy, summarizing them in the concept of a just transition. With this concept, we mean a process that is fair, inclusive, and attentive to the possible impacts on all stakeholders, paying attention to jobs, communities, and supply chains. All this is associated with a fair distribution of costs linked to the transition. Thanks to my experience in the telecommunication industry, I'm very familiar with the long-standing problem of the digital divide, which prevents people who live in certain areas from having broadband access and businesses from running as they should. A similar exclusion is unthinkable in the energy ecosystem. Energy must be available to everyone, always. Every project we undertake must guarantee a positive impact on the system, sustainable for the whole population. This is what fairness and sustainability mean for us and what we intend with the concept of a just transition: an equitable solution for everyone. This priority of delivering a just transition is followed through the company's sustainability plan, which is an integral part of this plan. The sustainability plan connects to two main strands: environmental and social. These concepts are built upon two different characteristics of Terna. Terna is sustainable for what the company does. Terna's role as transmission system operator is vital for achieving the energy transition and for leaving to future generation a decarbonized environment. This is why Terna is green by nature. Equally important, Terna is sustainable for how the company acts. Terna's way of doing business is driven by a solid structure of safeguards and care for its stakeholders' needs. This makes the company sustainable by choice, so social by purpose. The strategic pillars that we just described are the foundations of our 2024-2028 plan, which I'm going to present more in detail in the next session. As anticipated in the previous sections, investments are a crucial part of our plan. We foresee to invest EUR 16.5 billion by 2028, of which EUR 15.5 billion in regulated activities, making it the biggest investment plan ever for Terna, with a growth of 65% compared to the previous plan. The plan aims to strengthen and expand the transmission grid, as well as to develop the interconnection capacity with the neighboring countries in order to guarantee greater security, reliability, and efficiency of the system, and allow for increased integration of renewables. This is a challenging plan that foresees a strong acceleration in terms of execution, but also in terms of authorizations and supply chain. Let me underline that we are well on track regarding authorization and procurement on regulated CapEx. Indeed, over the 2024-2028 CapEx plan, about 80% has been already authorized, and more than 70% is covered by existing procurement contracts. We have reinforced our execution capabilities through enhanced project control and certified project management, structuring integrated teams with end-to-end responsibility for the delivery of large projects. Terna is already active in non-regulated business, leveraging synergies with our core activities. For example, the vertical integration with cable and transformer manufacturers Brugg and Tamini. We will develop our business based on three strategic guidelines: margin optimization, synergy maximization, and portfolio scale-up. This strategy will make sure that our non-regulated investments are not only profitable by themselves, but also providing support to regulated activities. In order to achieve our objectives in a scenario of increasing complexity, we are embarking upon innovation and digitalization initiatives, which will be essential in enabling the Twin Transition to which Terna is committed. We plan to invest around EUR 2 billion in the company's digital transformation, which represents about 12% of the total CapEx plan. The investments will impact the entire tier of value chain, as well as Terna's corporate organization. Initiatives include, for example, the enhancement of building information modeling for engineering, artificial intelligence-enabled algorithms for system operations, Digital Twin for transmission operations, and the digitalization of HR processes to support employee management in our corporate structure. The plan will not only introduce new tools, but also involve significant efforts to scale up and increase their adoption rate. This will transform ways of working and increase the efficiency and effectiveness of the decision-making process. Let's look now at the main projects included in our plan. First, we are aiming to expand the Italian network mainly through key development projects that target the reinforcement of north-south backbones and connections with the islands. This will maximize transfer capacity between market zones and reduce congestion. Projects include the Tyrrhenian Link, for which last month the European Investment Bank and Terna signed the contract for the final tranche of the EUR 1.9 billion refinancing loan. The Adriatic Link, joining the Marche and Abruzzo regions. And the Sa.Co.I. 3, the interconnection between Corsica, Sardinia, and the Italian Peninsula. Foreign interconnections will also play an important role, with the Italy-Tunisia Link crucial for the optimization of energy resources between Europe and North Africa. In addition, the 2023 National Development Plan provided for the launch of innovative projects. Examples are the Milano-Montalto and the Central Link, which will be deployed following a modular planning based on how generation and demand evolve. These projects will bring several benefits for the system, which we will comment on in the next slide. The projects we have included in our plan will sustain Terna's enabling role in the energy transition, contributing to the resolution of the energy trilemma of the country by enhancing affordability, security, and sustainability. The tangible impact of such a contribution is quantified in the benefits that our plan will provide to the electricity system. I will now provide some examples of improvements that we will bring with the execution of our plan. Regarding energy affordability, we have already achieved significant developments in increasing transmission capacity between market zones. We are committed to doing more. Indeed, our new plan aims to increase interzonal capacity to 20 GW by 2028 from 15 GW in 2023, allowing an increase of more than 30% in the energy exchange between market zones. Concerning energy sustainability, we will reduce emissions from generation activities with a cut of more than half in the emission factor. Lastly, regarding energy security, thanks to our investments over the lifecycle of the plan, the reactive capacity of our grid will increase by about 70% compared to 2023, enhancing the ability of the system to withstand ever more frequent stresses. As anticipated earlier, over the period of the plan, we will focus on innovation and digitalization activities. In this respect, Terna plans initiatives for each link in the TSO value chain, as well as for the corporate organization. Let me share some examples. For engineering, we aim to ensure the continuity and execution of our projects through the digitalization of construction sites. We will adopt building information modeling, which offers 3D models of the network and stores all the related information in one repository to manage data and designs with greater flexibility. For transmission operator activities, we will leverage digital twins enabled by IoT sensors on our assets to guarantee adequate service level and cost control, also working on the adoption of the tools across the whole network. For system operator activities, we will support control room operators with ever more precise and intelligent algorithms powered by artificial intelligence, a necessity for integration with the renewable sources that we will face in the coming years. For example, Copilot algorithms will support our operators in monitoring and predicting the energy flows that we will need to manage and balance. For our corporate activities, we aim to monitor and proactively manage risks associated with the core activities through the digitalization of enterprise processes. These include HR processes supporting employee careers and supply chain risk control tower to mitigate the project execution risk. At every step, we will enhance cybersecurity to guarantee defense and support innovation of the digital and physical assets, as well as internal processes. And Terna people, digitalization will improve employee safety and the company will reskill and upskill staff to support the twin transition. Moving now to our ESG ambitions. As mentioned earlier, we aim to be leaders of the twin transition, ensuring a just transition and highlighting Terna's sustainable DNA. In line with its role as energy transition enabler, Terna has adopted an ambitious emission reduction target within the framework of the Science Based Targets initiative. With this target, Terna is committing to reducing its Scope 1 and 2 CO2 equivalent emission by 46.2% by 2030, compared to a 2019 baseline. Terna's target is in line with the 1.5 degrees scenario, the most ambitious goal established by the 2015 Paris Agreement. Besides its science-based target, Terna aims to position itself among the most committed company at a global level protecting the natural environment. We will take the preliminary steps towards the adoption of a science-based target for nature in line with the framework currently being developed. Terna commits to assess its impact on nature using current methodologies to be ready to set targets as soon as the validation process opens. We are sustainable not only in what we do, but also how we do it. Terna is actively reshaping its business model through the circular economy strategy and roadmap, an ambition action plan that aims to fully integrate circular economy principles at all stages of the value chain. As we saw in my overview of the current scenario, being at the center of the energy transition requires us to foster a just transition, also considering related social impacts. Therefore, being social by purpose means for us a greater focus on people and communities, starting from our employees and their safety, a fundamental priority in running our business. Terna's approach to occupational safety is based on a system of tools applied to all corporate processes. This system calls for clear safety policy guidelines, health culture promotion, and prevention. A just transition also means an inclusive transition. This is why we commit to enhancing hiring programs and employee career development programs that guarantee equal opportunities and inclusion throughout the plan and at all organizational levels. A focus on people also means a focus on local communities and the ability to engage them in every phase of the planning of electrical works. It has long been one of our keys to success. In this regard, Terna undertakes to achieve 100% of its main projects accompanied by stakeholder engagement initiatives by 2030. Another example of concrete action regarding the just transition will be the innovation hub we are opening in Tunisia. It will serve us as a center of technological innovation and skill development in the Tunisian energy sector, promoting sustainable growth and employment. As part of our ambition to be social by purpose, we are glad to announce the establishment of our Terna Foundation. Its mission will be to achieve an inclusive transition by focusing on three different areas: the diffusion of energy culture, also through the active involvement in education initiatives for the younger generations, the fight against energy poverty, and the support for programs to guarantee access to the labor market and career opportunities. Opportunities for all, with particular reference to the energy sector. With the ESG strategy of the 2024-2028 plan, I have now presented all the strategic guidelines that will govern our journey for the next five years. I will now hand over to our CFO to present the starting point of this journey, the results of the full year 2023. Thank you for your attention so far. Please, Francesco. Francesco Beccali. Thank you very much, Giusy. I will now go through the main results we achieved last year. In 2023, group revenues and EBITDA were up by 7% and 5% respectively versus the previous year, which means EUR 222 million and EUR 109 million higher than 2022, while group net income was at EUR 885 million, with an increase of 3% versus 2022. Group CapEx stood at EUR 2.3 billion, an increase of 30% versus 2022, confirming once again the robust CapEx acceleration in line with Terna's institutional role for the country. To support this CapEx acceleration, at the end of December 2023, net debt was at EUR 10.5 billion versus EUR 8.6 billion at 2022 year-end. As you can see from the chart, all the main figures of the period met and exceeded the provided guidance for the year. Now, let me just spend a few words to deep dive on the presented figures for 2023, turning to the next slide. Let's start with revenues analysis. Regulated revenues reached EUR 2.67 billion, EUR 128 million higher than last year, which means a growth of 5%. The increase was mainly due to the impact on transmission and dispatching revenues from an increase in RAB and the higher contribution coming from the output-based incentives recognized in P&L, related to the higher benefits generated for the system. Non-regulated and international revenues reached EUR 517 million, 22.4% higher than last year. Non-regulated growth was mainly attributable to the increase in revenues coming from Brugg and from the energy solutions mostly related to the LT Group. International revenues were set to about zero in accordance with the IFRS 5 accounting standard, referred to asset held for sale. Now, let me analyze EBITDA moving to the next slide. In 2023, group EBITDA reached EUR 2.17 billion, 5% higher than last year. The increase was mainly attributable to regulated activities, which contributed for about EUR 79 million more than last year, showing an EBITDA of EUR 2.1 billion for 2023. Let's now have a look to the lower part of the P&L, turning to the next slide. D&A amounted to EUR 806 million. The increase versus last year was mainly due to the impact of new assets becoming operational for the period. As a consequence, EBIT reached EUR 1,362 million, 2% higher versus 2022. We reported net financial expenses at EUR 118 million. The increase versus last year was mainly due to the increase of interest rates, which affects the cost of the new debt, partially mitigated by the lower level of inflation. Taxes stood at EUR 364 million, EUR 9 million higher versus last year, essentially due to increased profits. Tax rate stood at 29.2%. As a result, group net income reached EUR 885 million, about 3.3% higher versus the same period of last year. Now, moving to CapEx analysis. In 2023, total CapEx amounted to EUR 2.3 billion, about 30% higher than last year, confirming Terna's great ability to reach its goals despite the macroeconomic scenario in which we operate. Indeed, we invested about EUR 2.2 billion in regulated activities. Among the main projects of the period, it is worth mentioning the Tyrrhenian Link, the Adriatic Link, the Elba mainland connection, the modernization of the high-voltage grid in the locations due to host the Winter Olympics in 2026, the Paternò-Pantano-Priolo in eastern Sicily, the Colunga-Calenzano power line between Emilia-Romagna and Tuscany, and the investments in stabilization devices such as synchronous compensators for grid security. As far as CapEx categories are concerned, development CapEx represented 56% of our total regulated CapEx. Defense CapEx stood at 12%, while asset renewal and efficiency was at 32%. Non-regulated and other CapEx stood at EUR 106 million. This included capitalized financial charges and other investments. Regarding the net debt and cash flow analysis, let's move to the next slide. Net debt at the end of December 2023 stood at EUR 10.5 billion, about EUR 1.9 billion higher than 2022 year-end level, mainly as a consequence of the CapEx accelerations made on the national grid. During this year, we generated an operating cash flow of EUR 1.6 billion, thanks to which we were able to cover most of the CapEx spending of the period. Well, after the explanation of our strong 2023 starting point, let's now move to 2024-2028 group financial targets, turning to the next slide. As anticipated earlier, the 2024-2028 plan includes a strong acceleration of our investments. Focusing on the regulated businesses, our plan foresees domestic regulated CapEx for EUR 15.5 billion, that represents the highest investment plan ever, with a growth of 60% compared to the previous plan. As a consequence of our ambitious investment plan, the value of our regulated assets will increase from EUR 20.4 billion in 2023 to EUR 22.5 billion in 2024 and EUR 30.6 billion in 2028, with a compound annual growth rate of 8% during the plan. Now, let's have a look at the breakdown of the CapEx plan, turning to slide 24. Development CapEx will reach about EUR 10.8 billion cumulated over the plan period, about EUR 5 billion more than the previous plan. The most relevant projects are represented by high-voltage direct current installations, the Tyrrhenian Link connecting Campania, Sicily, and Sardinia, which will lead to a significant increase in volumes, the Sardinia-Corsica-Italian Peninsula connection, the so-called Sa.Co.I. 3, the Adriatic Link, as well as the Central Link. The remaining non-HVDC installations include interconnections, projects to reduce bottlenecks, solving grid connection, and integrate renewables. Asset renewal and efficiency capex will be at about EUR 2.9 billion. We will focus mainly on quality of services and processes, as well as development of solutions to improve the sustainability of the grid. The defense plan and other capex account for EUR 1.7 billion cumulated during the plan period. This category includes works aimed at digitalizing and managing the network, improving at the same time our physical and cyber security. We want to improve our ability to provide a technical and technological response to the needs of the system in order to have an increased flexibility and functionality of the system itself. We are talking about investments on regulated machines, such as synchronous compensators, for example, resistors, and statcoms. All the CapEx spending of the period has been planned, taking into consideration the favorable regulatory environment with the new regulation by expenditure and service objectives, the so-called ROS, Regolazione per Obiettivi di Spesa e di Servizio, defined by ARERA. Regarding the regulatory environment and regulatory milestones, let's move to the next slide. As you know, the WACC for the electricity transmission service has been set at 5.8% for 2024 by ARERA. Looking ahead, WACC values for the 2025-2027 period will be updated by ARERA by the end of 2024 based on the update of the main macroeconomic and fiscal parameters and the application of the so-called graduality rule set for calculating the allowed cost of debt. At the end of last year, the regulator approved the ROS regulation integrated text containing ROS general principles and criteria for setting the allowed cost, valid for the period 2024-2031. ARERA confirmed the gradual approach for implementing the ROS regulation, foreseeing a first phase, the so-called ROS base framework, starting in 2024. For the development of the ROS integrale model, which is going to be applied in 2026, ARERA has defined a two-step approach, a framework resolution concerning the general criteria, and a second resolution regarding specific sectoral measures aimed at defining methods and possible experimental applications of the ROS integrale model. In 2028, the new regulatory period will start with updated WACC, updated general tariff criteria, and incentive regulation. Now, let's have a look at non-regulated activities, turning to slide 26. As anticipated before, we will evaluate additional opportunities for non-regulated business development, which will need to comply with specific criteria: margin optimization, synergy maximization, core business support, and portfolio growth. Consequently, potential areas for development are: the equipment sector, with industrial presence in high-voltage cables and transformers, also aiming at reducing supply chain risk through vertical integration. The energy services sector, with the development of EPC and O&M services for networks and renewable energy sources plants. The connectivity sector, with dark fiber and hosting and/or housing services. The interconnector field, with the development and management of interconnection lines for third parties. Finally, non-regulated activities will account for about EUR 600 million in terms of cumulated EBITDA over the plan period. To summarize the key metrics of the new plan, this is an overview of how revenues, margin, and CapEx will evolve throughout the plan period. For what concerns 2024, we foresee EUR 3.55 billion of revenues and an EBITDA of EUR 2.42 billion, which we expect to grow to EUR 4.6 billion and EUR 3.25 billion, respectively, in 2028. The margin's growth will be reflected also on EPS, that will increase from EUR 0.49 to EUR 0.55 in 2028. As far as total capital expenditures are concerned, in 2024, we plan to invest EUR 2.6 billion, while 2024-2028 cumulated CapEx will reach EUR 16.5 billion, as already mentioned. As we just saw, we plan to increase EPS to EUR 0.55 in 2028, a growth of EUR 0.11 versus 2023, with a CAGR of about 5% throughout the plan period. The growth in earnings will be paired by a dividend policy that foresees a dividend per share 4% minimum annual growth over the plan period, taking 2023 as the reference year. For 2024, DPS will be equal to the higher of 4% growth versus 2023 and 75% payout ratio. Anyway, any greater distribution in 2024 will not impact dividends from 2025 onwards. We believe that such dividend policy ensures constant and predictable growth, as well as full visibility. With these earnings projections and dividend policy, we want to sustain an investment proposition that balances yield and growth, with a long-term visibility. As far as our financial structure is concerned, the company is committed to maintaining a solid financial structure during the plan, also through actions aimed at keeping the financial leverage under control, including the possibility to increase the stake of hybrid capital within our capital structure. Indeed, despite the high CapEx increase for the system, we deem the plan consistent with our current rating level, with an FFO to net debt at around 11% in 2028, well above the thresholds indicated by the rating agencies for our current rating level. The average cost of net debt foreseen in the plan will be at around 3.3%. To conclude, the assessments of the main ESG rating agencies place Terna in the leadership group, demonstrating the effectiveness of the approach adopted by the company with respect to sustainability issues. For example, Moody's ESG rewarded Terna with the highest rating level, Advance. Similarly, Sustainalytics has placed Terna in the best risk band, Negligible. Now, before the Q&A session, I would like to leave the floor to the CEO for closing remarks. Thank you, Francesco. Let me conclude this presentation with some closing remarks. First, as illustrated at the start of the presentation, we are going to evolve Terna's role, taking into consideration all the challenges that the future holds in store. To do this, Terna needs to put energy and digital transitions at the core of its agenda, fostering investments to enable what we are calling the twin transition. In addition, the investments foreseen in the plan will contribute to creating value for all shareholders and communities. This will bring an increase in returns, which, together with our new dividend policy, will generate a balanced mix of yield and growth, also providing long-term visibility. Despite the challenging macroeconomic environment in which we are called to operate and the further acceleration of investments foreseen to fulfill the needs of the system, Terna, we remain committed to maintaining financial stability and a low-risk profile. To conclude, we aim to do whatever is needed to enable the twin transition, making sure it has positive impacts on all stakeholders and the environment. In other words, in our wider vision, a twin transition for a just transition. Thank you for your attention. Thank you. Thank you, Giusy. So now let's start the Q&A session. Javier Suarez, Mediobanca. Thank you, Mario. Many thanks for the presentation. 3 questions. The first one is philosophical on the strategy of the company. The company has increased historically, significantly, both CapEx and dividends. And this time, again, the company increased CapEx and dividends with a cost of financing that is significantly different versus the previous one. I think that the last business plan that the company presented was in 2022, and there has been a change in the global scenario. So when you are thinking about the level of gearing that is appropriate for a vehicle like Terna, how could you define that level of gearing? I think that the indication that has been given in slide 29 is just circa 11% in 2028. But can you be more granular on how do you see gearing in 2026, 2024, 2026, 2028? And if you are embedding into the business plans some extraordinary action, for example, asset disposal or, for example, issue of a hybrid instrument, that would be the first question. The second question is on IT implementation. I think that you make a very interesting statement on the capacity that the company has of utilizing new technologies to be significantly more efficient. So I see that there is some expansion in the EBITDA margin from 68% to 70% by 2028. But soon we expect from a company like Terna getting more benefit from the implementation of new technologies, and that should be something significantly impacting your business going forward, improving your EBITDA margin beyond 70%. And then the third question is on the output-based incentive. I think that until 2025, you should have embedded in your numbers a big output-based incentive because that is very visible. So can you share with us what is embedded in your business plan in terms of output-based incentives to 2028? Thank you. Okay. Let me introduce then a little Francesco to complement. First of all, I want to underline that our dividend policy is based on the assumption, on the ambition to maintain the right balance between yield and growth in our investment proposition, guaranteeing the sustainability of our investment plan. Let me say that such a dividend policy ensures a constant, predictable growth, as well as full visibility over the plan period. Regarding our increase in investment, the increase of around EUR 6 billion of cumulated regulated activities is driven by the need to respond to the new requirements of energy transition, in particular with projects to connect the renewable power plants to reinforce north-south backbones and the connections with islands to maximize the interzonal transport and to reduce congestion. Then coming to the output-based incentive, right? This was the other question. Let me say that in the ROS approach, we mentioned ROS. In the ROS approach, we see an opportunity to create further value, further value for shareholders and the system. It is consistent with the path already undertaken towards the output-based approach. And let me say that our regulator in Italy, ARERA, has a very good track record aligning all the stakeholders' objectives to maximize the benefits for the system, for the energy system. And let me conclude saying that I'm confident we can continue to work with them in the effective way we are working with now. For me, I try to complement on a couple of questions, starting from the first one, which is the more financial one. So I stay in my comfort zone. As far as the drivers of the financial structure of the company, it was a tough challenge because we had to find the right balance between different needs. On the one hand, we have to drive the energy transition in Italy. So we have to do investments in order to integrate non-regulated, non-programmable energy sources. On the other hand, we wanted, and we made it clear since the beginning of this experience with this new management, to maintain the current low-risk profile of the company because we deem it consistent with the regulated nature of our business. So on the one hand, the first thing that we do is to go through a prioritization exercise of our CapEx plan. We basically divide our CapEx in different clusters. And together with our colleagues from the engineering department, we decide which are the more needed immediately for the system. In doing so, we try to be consistent with the velocity of the energy transition in Italy, so trying to be consistent with the growth on the renewable energy sources installation in Italy. For example, I mean, a line which is needed in order to increase the transport capacity between the south and the northern part of the country will have a very high priority, whereas an asset renewal of a substation, which has still some years before getting too old and needs interventions, has a medium priority level. So that's the first thing that we do. Then we try to couple this exercise with what the rating agencies gave us as guidance for maintaining the current rating level. The main ratio, KPI, that they look at is indeed the FFO to net debt. And to this extent, coming to your questions, I cannot give you the precise, I mean, development year per year of the FFO to net debt. But I can tell you that, I mean, we come from times where the FFO to net debt is in the order of 14%. So what we are doing is kind of optimizing our financial structure, increasing the level of debt, but without putting at risk the financial stability of the company. Indeed, the commitment that we are taking to maintain the FFO2 net debt at 11% is significantly above the threshold needed for maintaining the current rating level, the triple B plus, which is far away from the sub-investment grade level. As to the levers that we have on our end in order to get to this result, indeed, as I said, we commit to keeping the FFO2 net debt and the leverage under control. And for sure, the first tool that comes to my mind when we have to deal with controlling the financial leverage is the hybrid capital because we already did an issuance in 2022 of EUR 1 billion. We do have significant additions to hybrid capital according to the methodologies of the two rating agencies that are evaluating our credit risk. We are prepared even to fill all the residual hybrid capital from rating agencies if needed. We also add the possibility to rely on EU contributions, the PNRR and REPowerEU funds. Typically, those were not our first idea when it came to reducing the financial leverage because our main task is to make investment and get paid for those investments. It doesn't make a lot of sense to make an investment which is not remunerated because let me remind that grants basically do not increase the RAB. They don't increase debt, neither the RAB. To this extent, two things have changed. On the one hand, vis-à-vis the past years, we are now in a situation where the leverage has become a focus of the company. So we have to deal in a second-best scenario, let's put it this way. On the other hand, the regulator set a specific framework which incentivized regulated entities to use those kinds of tools in order to increase the financial flexibility by foreseeing an incentive of 10% of the value of the asset, which was paid over five years. By the way, the most recent resolution published by ARERA at the beginning of this year has further improved these rules because now the incentives can go from 5% to 15% depending on how useful is the object of the grant, I mean, for the electricity system, and reducing the period in which we receive these incentives from five years to three years. So we have several tools. Asset disposal is something that we have done with the international activities. We might consider opening the capital of our non-regulated business to potential partners if needed, again, in order to support the rating. I would say that it's not the priority at the moment because we want to invest in the non-regulated activity because we have met very positive results, in my view. We are planning to extract EUR 600 million of EBITDA coming from those activities. And therefore, this is not the first priority, but we are open to do so, particularly for those non-regulated activities which are not related to our supply chain. It will be more difficult to open the capital of Brugg and Tamini. Let me finally say, because it's the bello della diretta, if you allow me, the Italian, Standard & Poor's just published the rating affirmation of our rating at triple B plus. It was like half an hour ago. So we can confirm that, I mean, our commitment is, for instance, confirmed. Sorry. No, please, please continue. For the output-based incentives in the plan, just the last number cruncher moment. We currently have more or less EUR 400 million in the spread over the upcoming years of the plan that still have to be deployed. We are only talking about output-based incentives which have already been granted by ARERA. In the plan, there is no additional EBITDA coming from new output-based incentive schemes. So neither the one which are already included in the resolution published next February. You might have noticed that there are incentive schemes related to interzonal incentives, which is extending to 2024, the previous cap for interzonal incentives, and which will change the parameters but still extend the interzonal schemes also for 2025 and 2026. Also, the quality service has been extended. Again, conservatively, following the common practice of the company, we are not considering anything coming from those. Obviously, not considering anything coming from other incentive schemes that might be implemented in the upcoming weeks or months. You know better than me that there have been discussions. There are discussions related to a potential extension of the MSD, the incentive scheme, the one related to the ability of the company to reduce the cost of the dispatching market. So I think that our projections are quite conservative in line with the standard approach of the company. Regarding technology, Javier, right? One question was about that. Let me set the scenario in Italy. You know better than me that renewables are intermittent, not programmable, and the renewable power plants are not located efficiently. Now, taking into account that in our national development plan for energy and climate, Italy will need to add 74 GW additional capacity from renewable by 2030. We are accelerating because in 2021, 1 GW was added. In 2022, 3 GW. In 2023, nearly 6 GW. We need to continue to deal with this considerable challenge. We have first to coordinate the requests in demand with the development of the infrastructure. This is why the increase in our CapEx plan of EUR 6 billion. On the other hand, we have to increase the storage capacity. We have to support our government and local administration with the authorization process and also locating the infrastructure efficiently. All these make the ecosystem more complex, the energy system. This is why it is important, technology, to make simpler our activities and our processes and to help people to work. This is a revolution, also a cultural revolution, not only from an infrastructure point of view. Thank you. Stefano, Equita? Good evening. And thanks for taking my questions. The first is regarding the scenario of renewables. So considering that it is true that in 2023, there were 6 GW of new capacity, but most of them on the roof. So the utility scale plans are still lagging. So what are, in your view, the risks of a delay in terms of investments? And what could be, we can say, the measures from the government that you expect in order to really accelerate this growth of utility scale capacity, mainly in the south of Italy, in order to, we can say, justify and accelerate your CapEx plan on the other? The second question regarding the financial structure. Do you include these hybrid bonds in this plan or some other disposals in this plan? Or is this something, we can say, a contingency plan? And the 3.3% cost of debt includes also this, we can say, issue of hybrid bonds. If I'm not wrong, the existing one should have some expiry or could be recalled in 2026 or in 2028. I do not remember how you or clearly not change its nature at that date if this is also considered in this plan. And if you can help us also in terms of debt on RAB. We usually worked on this metrics. The debt on RAB shouldn't exceed 60%. Could you help us to understand what is this trend right now? The third question regarding the CapEx. The EUR 15.5 billion includes also EUR 1.1 billion of grants, if I'm not wrong. The regulated RAB is 14.5 at the end. Sorry, the regulated capex are EUR 14.4 billion. This is the value included in the 2028 RAB. What are your assumptions for this plan? What I mean is the regulated WACC 25, 27, and 28, and the RAB deflator. Thanks a lot. Well, let me introduce saying that our plan, our capex plan, is strong, solid, and safe to meet the national plan for energy and climate in Italy. Let me add that also from an execution point of view, our plan is strong, solid. Let me say, regarding the authorization, we are on the right path. Regarding procurement, despite the challenging scenario, any potential shortages of raw materials do not currently represent a risk for Terna. Indeed, in the 2024-2028 plan, as we said, 80% has been already authorized. More than 70% is covered by existing procurement contracts. So we have a very solid plan. Then I leave Francesco to complement with the financials. Okay. I'll go. I'll be faster than before. As to the hybrids and the cost of debt, the 3.3% cost of debt does not include additional hybrid issuances. Are there any maturities of hybrids over the plan horizon? Yes, because the issuance that we made in 2022 will have the non-call date in 2027. So we will also have to deal with the renewal of the first issuance that we made. Again, as I said, the hybrid market is the ideal landscape for an issuer such as Terna. We saw it in our first issuance. The investors like very much the business proposition of a regulated entity associated with this kind of capital. Lots of investors which are not able to buy our bonds because of the fact that our spread is too narrow for them, specifically for being an Italian name, are instead able to buy us on the hybrid side. So I strongly believe there is enough room in the hybrid capital market for implementing the plan. And let me say that rating agencies clearly say that they agree with us. Let's put it this way. Then as far as the grants are concerned, it's true, in the plan, we currently have EUR 1.1 billion of grants, both REPowerEU, PNRR, and also the Connecting Europe Facility grant that we received for the Italian-Tunisia interconnections, which was granted by EUR 307 million. Half of it will rely on the Italian part of the connection because we are in charge of half of the interconnection. We do have additional room for additional grants that we might ask for during the plan horizon. But in the plan, at the moment, we assume zero. So we don't assume. We know that we might have up to EUR 500 million-EUR 1 billion of additional grants if needed. But at the moment, in the plan, there is no further recourse to grants in our capital structure. As far as the assumptions were concerned, for the WACC, starting from 2025, we run the mark-to-market. And we assume 5.5% up until the end of the plan. And we assume an average deflator at 2.7% and driven by the 2024 call, which has been the object of one of the resolutions that I was mentioning before and which basically set the deflator in 2024 at 5.9%. So the 2.7% is related and affected by the very high level of 2024. The inflation average is 2.1%. Just let me follow up. This 2.7%, I didn't catch how it's based on the release, on the resolution from the regulator because at the end, it was just an adjustment for the past. But if I'm not wrong, this is still related to the ISTAT data gross trend of inflation for industrial users. It's correct. It's correct. They will continue to monitor on a quarterly basis the releases from ISTAT and define the final level in the first months of 2025. At the moment, the assumption is a very high level for 2024. Okay. So reporters are waiting for us. So we take together, if fine for you, Bartek and Virginia. Okay. Thank you very much for this. Just two very quick ones, not to take too much time. Firstly, if we can look at OPEX. In the previous regulatory period, there was a certain degree of OpEx underperformance because you were increasing the employment. Now you are talking about increasing the employment further, which will push costs up again. So I wonder whether in this regulatory period, we will see the same trajectory, meaning there will be a gradual OpEx sort of underperformance increase, or there are factors which could somehow offset it. So that's the first one. And second, if we can translate all those EBITDA and EPS numbers into maybe return on capital employed on regulated activities and on non-regulated activities, what are your targets here? Thank you. Please, Virginia. We'll take it all together. Thanks. Yes. Hello. I wanted to ask also two questions. One would be on the CapEx plan you have presented. If you can tell us a bit if it will be more back-and-loaded or how it will be splitting along the years because the average is around EUR 3.3 billion, and you start with EUR 2.6 billion for 2024. Okay. So I guess it will be accelerating. But when and if this FFO to net debt target of 11% that you have set for 2028, would that be the bottom, or could there be years where it may be below that? And then you said that you would be using up your maximum hybrid capacity that you have discussed with the rating agencies. Is that a number that you can tell us where this additional hybrid issuance capacity could be? And I would also like to know if you would fully roll out a capital increase to fund the plan to 2028. Thank you. Please, Francesco, you. I'm ready to make a question. I'll try to take them. As far as OpEx underperformance is concerned, in the resolutions that were published in February, there is also the recognition of the Z Factor, which is a mechanism by which the regulator will allow further increase in allowed OpEx as far as it is related to an increase of the perimeter or of the activities performed by Terna. At the moment, in the plan, we are assuming zero contribution from debt because, again, we are conservative. But obviously, then we don't think there will be underperformance. Let's put it this way. So let me turn it the other way around. We are assuming no benefit from the introduction of the Z Factor. Then as to the shape of the CapEx curve, it will basically follow the Tyrrhenian Link entrance into operation because the Tyrrhenian Link is the biggest project of Terna, EUR 3.7 billion. The entrance into operation is foreseen during the current business plan. So it will enter into operation spread over years. So mainly, most of it will enter into operation in 2026 and 2027 and a very small part in 2028. So I think that the CapEx curve will, I mean, kind of grow and then slightly decrease at the end of the plan because of the peculiarity of the Tyrrhenian Link. As to the FFO to Net Debt, then you would understand, I mean, the 11% is clearly the bottom. As I said at the beginning, we start from a position where our FFO to Net Debt revolves around 14% at the moment. So we will use our headroom, financial headroom. And we will get it at the end of the plan to this target, which, again, let me stress, is significantly above the threshold for current trading level. As to the hybrid capacity, let me put it the other way around. I mean, we will do whatever it is needed in order to maintain current rating. So we will raise as much hybrids or any other potential instrument that we need in order to maintain the FFO to net debt above the level that we are targeting. I'm not disclosing the maximum level, the maximum capacity also because, for example, for Moody's, there is no maximum level, maximum capacity of issuance. It's only for Standard & Poor's. Let me tell you that the amount will be significantly higher than the current one. Let's say something above 2 at the end of I mean, at the regime, we will be more than 2/3 billion EUR of hybrids probably on our capital market structure, our capital structure. But I mean, we don't commit to an amount of hybrid. We commit to maintaining the FFO to net debt at the level where we want it to be. The way we will do it will depend on the situation. As to the capital increase, I don't know if I can. I mean, the answer is no. We are ruling it out. Not because we are not able to do it. I mean, we think we could be a potential good target for these kinds of exercises. And we were together in a roadshow, Virginia, where we had this discussion with potential investors. But we don't need it necessarily. At the moment, issuing hybrid capital, for example, is a much more financially convenient instrument rather than doing a capital increase. So we don't need it at the moment. We think that the plan is fully sustainable. Rating agencies are following us. And therefore, we stick to the plan. Okay. So I think last very quick one, but. Emanuele Oggioni, Kepler Cheuvreux. So Kepler Cheuvreux. So only one quick is about the evolution of the main KPI or the financial leverages. So the FFO to net debt, your target is or your guidance is 11% in 2028. I'm asking more details on the timetable, on the journey during the plan. So in 2025, 2026, what could be the shape of this ratio? And also, if you provide the target or the equivalent about net debt on RAB. Thank you. Please, Francesco. Go ahead. Thank you because I forgot the Stefano questions on net debt on RAB. Let me start from here. We don't look at the net debt on RAB as a trigger or threshold that can lead our financial structure because mainly, we follow the rating agencies. You are all right. In the past, rating agencies used to look at net debt on RAB. It was in 2010 and up until 2015, if I'm not wrong. Then now, they are focusing much more on what they call the cash flow KPIs rather than stock KPIs. So we don't use and don't set our financial strategies on net debt on RAB. So we don't have any guidance to share with you because we really don't look at it as a main KPI. As to the FFO to net debt, I'll be very fast because it's almost the same question that Javier asked for. We are not providing the level year per year. What I can tell you is that it will decrease because the good thing of our situation is that we are in a situation where the financial structure gives us some headroom because at the moment, we are in the area of 14%, higher above 13%. Let's put it this way. Therefore, we have financial headroom that we will use during the deployment of the CapEx plan. And what I can tell you is that 2027 and 2028 will be the years where the FFO to net debt will indeed go closer to our target. Thank you, Francesco. So the Q&A session is over. Obviously, any follow-up question, Investor Relations department is at your disposal. Thank you all.