Good afternoon, ladies and gentlemen, and welcome to Terna's first half 2024 consolidated results presentation. At this time, all participants are in listen-only mode. Please be advised that today's conference is being recorded. I would like to turn the conference over to our host speaker today, Mr. Omar Al Bayaty, Head of Investor Relations, Corporate Development, and Sustainability. Please go ahead, sir. Good afternoon, everyone, and welcome to Terna first half 2024 results presentation. The call will be hosted by our CEO and General Manager, Giuseppina Di Foggia, and our CFO, Francesco Beccali. Following the presentation, we will have a Q&A session. We kindly ask you to send any question to investor.relations@terna.it. Please, Giuse, the floor is yours. Thank you, Omar, and good afternoon, everybody. Before starting to analyze the figures, I would like to share with you our main achievements and highlight some of the key topics in energy transition that we are focused on. First, let me start by reminding you that our 2024 to 2028 industrial plan is based on the concept of a twin transition, energy and digital, with innovation leverage to support grid development. Therefore, on the one hand, we are moving forward with the execution of our CapEx plan to deploy the infrastructures required to enable energy transition and meet the European decarbonization target. But at the same time, we are investing in digital tools and technology that will help to maximize the efficiency of the whole energy system. In December 2023, a new law charged Terna with the task of creating and developing a digital platform for institutional communication on transmission, grid development, connection requests of renewable energy sources, and storage systems. In May of this year, Terna launched TE.R.R.A., a new portal available to local and national administrators, the regulatory authority, ARERA, and applicants, that will enable efficient, environmentally sustainable territorial planning. Digitalization will also increase efficiency in dispatching activities. In May, ARERA published consultation document 170/2024, regarding the renewal of incentive scheme for the reduction in dispatching costs, providing high visibility for the 2025-2030 period. This mechanism is designed to align the interests of the TSO and the Italian system, above all, guaranteeing the security of the network. At the same time, Terna will be rewarded for its ability to manage the system at a lower cost, generating savings for customers. Let me move on now to talk about the sustainability. For us, sustainability is not only in what we do, but more importantly, in how we operate. This is the main reason why Terna's sustainability plan is embedded in the industrial plan. The activities envisaged by the sustainability plan include the projects and actions confirming Terna's commitment to delivering a just transition, a fair, inclusive process that takes into account the potential impacts on all stakeholders, including workers, local communities, and suppliers. Terna's recent efforts in sustainability field have also been publicly recognized by rating agencies, with our inclusion in the new S&P Global Indices focused on SDGs and biodiversity. The company has also been recognized for its best practices in the ESG field, and included among the 500 world's most sustainable companies by TIME. Sustainability is also one of the pillars for our financing operations. In fact, in addition to the hybrid green perpetual bond issued in April, in May and July this year, Terna signed two ESG-linked green credit facility agreements for a total amount of EUR 450 million. The transactions will allow Terna to count on a liquidity appropriate to its financial soundness, and confirm, once again, the group's commitment to a model that aims to reinforce sustainability as a strategic lever for creating value for all its stakeholders. These include, obviously, shareholders, and on June 24th, we paid EUR 0.225 per share as the 2023 final dividend. This, when added to the interim payment of last November, brings the total 2023 dividend to EUR 0.3396 per share. Now let's have a closer look at the execution of the main projects. Before analyzing in detail the main projects, let me once again underline that we consider the execution of our development projects the core of the agenda in the coming years, and we are working to mitigate and minimize any risk. In fact, of the 2024-2028 CapEx plan, more than 80% has been already authorized, and approximately 75% is already covered by existing procurement contracts. Concerning the main projects, I would first like to highlight that on the 10th of May, the interconnection between Italy and Tunisia was fully authorized by the Ministry of Environment and Energy Security. Procurement activities have started, with tenders now ongoing. The link will connect Europe and Africa, and is a concrete example of Italy's role as the Mediterranean hub for energy transmission between the two continents. I can further report that earlier this month, Tunisia also confirmed authorization of the project. Let's move to the Tyrrhenian Link, the biggest project in our plan in terms of investment. The project is a double underwater cable that will link the Italian mainland, Sicily and Sardinia. It will increase the security of supply for our two main islands, enable the integration of new renewable energy sources, and consequently contribute to the energy transition of Italy. Both links have already obtained full authorization, and procurement contracts for both HVDC cable and stations have been awarded and signed. Two other relevant projects in our CapEx plan, the SACOI3 and the Adriatic Link, have also obtained full authorization and have main procurement contracts signed. SACOI3 is a submarine connection between Sardinia, Corsica, and the Italian mainland that will contribute to increase the security of supply in Sardinia, and allow us to eliminate bottlenecks in the area. The Adriatic Link is a submarine connection between Abruzzo and Marche, which will increase market efficiency and allow for the integration of renewable energy sources. These are examples of major projects that confirm that we are well on track with the execution of our CapEx plan in the coming years. All these interventions are fundamental to face the changes the Italian energy system is experiencing. This can already be seen from the evolution of electricity demand in recent months. And going to the next slide. As you can see from this chart, in the first six months of 2024, national demand was about 152 TWh, with an increase of 1.1% versus last year, when national demand was about 150 TWh. In the first half of 2024, renewable sources covered about 44% of the national demand, 9 percentage points higher than last year. In this regard, let me highlight that in May, renewable sources covered 52.5% of electricity demand, the highest ever value on a monthly basis. This figure was also repeated in June. Regarding the national net total production, these stood at 126 TWh, almost 1% higher than the same period of 2023. Let me highlight that considerable increase in hydro production, which grew to a value of 25.9 TWh, up 65% compared to the same period last year. Let me also say that in this first half of the year, renewable sources covered about 53% of the national net total production, overtaking production from fossil fuels for the first time. The increase versus last year is also due to the contribution of wind and solar production, which grew by 11% and 70% respectively, compared to the first six months of 2023. I mentioned three topics at the start of this presentation, and one of these is the adequacy of the electricity system. Expected adequacy margins are higher than in past years. The gradual improvement is the result of capacity market auctions organized by Terna. The capacity market has ensured efficient use of gas-fired plants and promoted the construction of new power capacity by means of a long-term contract that guarantees remuneration for investors. The new capacity is also useful for enabling the gradual shutdown of coal-fired generation under conditions of system adequacy. Now let's move to the main figures of the period. In the first half of 2024, we registered strong growth in all P&L lines and CapEx. Indeed, group revenues and EBITDA increased by 18% and 23%, respectively, versus last year, resulting EUR 269 million and EUR 238 million higher than the first six months of 2023. We also reported group net income of EUR 545 million, up by 32% compared to the same period last year. For the first time in Terna's history, group CapEx crossed the record threshold of EUR 1 billion in the first six months of the year, with an increase of 26% versus the first six months of 2023. This confirms, once again, our efforts to accelerate CapEx in order to fulfill the needs of the Italian energy system and enable the twin transition. To support this acceleration, at the end of June, net debt stood at around EUR 10.3 billion, versus about EUR 10.5 billion at 2023 year-end. Now, I leave the floor to our CFO, for a closer look at the results of the first half of 2024. Please, Francesco. Thanks, Giuse. Let's start with revenue analysis. Total revenues in the first six months of 2024 reached EUR 1,754 million, increasing by 18.1%, up by EUR 269 million versus last year. Such increase was attributable both to regulated and non-regulated activities, which contributed for EUR 209 million and EUR 60 million, respectively. Let's now go into the details of the revenue evolution, moving to the next slide. Regulated revenues in the first half of 2024 were EUR 1,473 million, EUR 209 million higher than last year, which means an increase of about 17% compared to the same period of 2023. The increase was mainly driven by the increase in RAB and the updated value of regulatory WACC, which was set at 80 basis points versus, plus 80 basis points versus previous year. Non-regulated and international revenues reached EUR 282 million, 26.9% higher than last year. Non-regulated growth was mainly attributable to the increase in revenues coming from the equipment business and to the higher contribution of energy services. International revenues were set to zero. Given that the requirements of IFRS have been met, the overall reserve in the first half of 2024 and 2023, attributable to the South American subsidiary included in the planned sale, sale of assets, have been classified in the item P&L for the period from assets held for sale in the group's reclassified income statement. Now, let's go to operating cost analysis. As you can see from the chart, total operating costs were EUR 497 million, 6.7% higher than last year. For what concerns regulated activities, the decrease was mainly attributable to the increased capitalization of labor costs, after taking into account an increase in the average headcount compared to the first half of 2023. Non-regulated activities, instead, were impacted mainly by higher costs for the purchase of raw materials and services related to Tamini and LT Group, driven by the increase in volume, reflected also in revenues growth. Let me now analyze EBITDA, moving to the next slide. Due to the previously mentioned effects, first half of 2024 group EBITDA reached EUR 1,267 million, 23.4% higher than the same period of last year. The increase was mainly attributable to the regulated activities, which contributed for about EUR 223 million more vis-à-vis the first six months of last year, showing an EBITDA of EUR 1,212 million in the first half of 2024. Partially driven by regulated activities' OpEx reduction, as a demonstration of our ability to maintain cost structure under control. Also, non-regulated activities contributed to the EBITDA increase, with a 50% growth vis-à-vis the first six months of 2023. Let's now have a look to the lower part of the P&L, turning to slide number 13. D&A amounted to EUR 421 million. The increase versus last year was mainly due to the entering to service of new assets. As a consequence, EBIT reached EUR 836 million, 30.8% higher versus first half of 2023. Total net financial expenses at EUR 63 million. The increase versus last year is mainly attributable to the subscription of new financings and the increase of interest rates, partially mitigated by higher financial income on available liquidity and higher capitalized financial expenses. Taxes stood at EUR 227 million, EUR 59 million higher versus last year, essentially due to increased profits. Our tax rate stood at 29.4%. As a result, group net income reached EUR 545 million, 32% higher vis-a-vis the same period of last year. Now moving to CapEx analysis. In the first six months of 2024, total CapEx amounted to EUR 1,042 million, 26% higher than last year, confirming the robust acceleration in line with our institutional role for the country. Let me underline that it is a record-breaking level of CapEx, exceeding EUR 1 billion for the first time in the first six months of the year. Indeed, we invested about EUR 996 million in regulated activities. Among the main projects of the period, it is worth mentioning the Tyrrhenian Link, the Adriatic Link, the SACOI3, the modernization of the infrastructures agreed in the locations destined for the Winter Olympic Games 2026, and the investment in stabilization devices for grid security, including, among which, synchronous compensators. Among CapEx categories, development CapEx registered a significant increase in the contribution on total CapEx, representing the 62% of the total, vis-à-vis 60% in the first six months of 2023. For the remaining categories, defense CapEx stood at 10%, while asset renewal and efficiency accounted for 28%. Non-regulated and other CapEx stood at EUR 47 million. This includes capitalized financial charges for EUR 32 million and other investments. Regarding net debt and cash flow analysis, let's move to next slide. Net debt on the end of June 2024, was about EUR 10.3 billion, 166 million lower than 2023 year-end level, mainly due to the positive impact of the hybrid green bond issuance, recognized as an equity instrument, partially mitigated by the dividend payment and by the CapEx acceleration. During the period, we generated an operating cash flow of EUR 931 million, thanks to which we were able to cover almost all the CapEx spending of the period. Let's now make a deeper analysis on our debt profile, moving to page 16. In line with our cautious and proactive debt management approach, aimed at maintaining a solid financial structure, at the end of this first six months of 2024, we registered a fixed floating ratio on gross debt of about 89%, and an average duration of about 6 years. Let me remind you that in April, Terna successfully launched an issue of a perpetual green bond with a total amount... hybrid green bond, sorry, with a total amount, nominal amount of EUR 850 million. The bond is non-callable for six years and will pay an annual coupon of 4.65%, 4.75%, until the first reset date. Moreover, on top of the amendment and replacement agreement executed in April to increase to EUR 2,255 million an ESG-linked credit facility previously signed in 2023. In May and July this year, Terna signed two ESG-linked credit facilities for a total amount of EUR 450 million. The lines will have a total term of five years and will be linked to Terna's performance in relation to specific environmental, social, and governance, governance indicators. Thank you for your attention. Now, before the Q&A session, let me leave the floor to Giuse for a closing remark. Thank you, Francesco. Let me conclude this presentation with some closing remarks. First of all, Terna will continue to guarantee value creation for our shareholders and communities, focusing on the execution of the development projects foreseen by our 2024/2028 industrial plan, for which we are well on track. In this regard, despite the EUR 16.5 billion CapEx level foreseen in our plan and the challenging macroeconomic environment in which we are called to operate, Terna will remain committed to maintaining financial stability and a low risk profile. Before moving to the Q&A session, let me underline that, with the strong set of results just presented for the first half, we can fully confirm our guidance for 2024. Thank you for your attention, and we are now ready for the Q&A session. Thanks, Giuse. Let's move to the Q&A session. The first one, some questions were related to the coming introduction of ROSS Integrale. Any update on that? What's your view? Well, the authority has confirmed the gradual approach for implementing ROSS regulation. This foresees a first step called ROSS Base, that began this year, in which expenditure is allowed largely in continuity with the previous regulatory period. The transitional ROSS Base phase will be followed by the ROSS Integrale framework, starting potentially in 2026. The resolution of the ROSS Integrale will take place through a process of a dialogue between ARERA and operators. During this process, ARERA will publish consultation documents in order to share and discuss objectives and tools underlying the new framework. Let me underline that the ROSS approach represents an opportunity, an opportunity to create further value for the electricity system, and the shareholders, confirming the path already undertaken towards an output-based approach. It is focused on targets and benefits for the system, and with rewards linked to outcomes, promoting an even higher overall efficiency through new output-based regulatory measures. Thank you, Giuse. Another question about regulatory measures. Could you please comment on the last consultation document on the renewal of the output-based incentive scheme for reduction of dispatching costs? Well, output-based incentives in recent years have represented a successful mechanism to increase system efficiency and provide benefits to the final customers. This has been achieved through the reduction of ancillary services market costs and the reduction of bottlenecks among and within market zones. The regulator has recognized Terna's efforts and results in this direction. The consultation document you mentioned is further proof of that. With this document, the authority proposed to renew the incentive scheme for the reduction of ancillary services market costs, providing visibility for the coming years, so we... The incentive is extended until 2030. And this is a further confirmation of Terna's central role in the Italian energy system, and a recognition of the benefits that our company can bring to the final customers, while enabling the energy transition in our country. Please, Francesco, if you can elaborate on the new mechanism proposed. Sure. Thanks, Giuse. Yeah, as already, as you already mentioned, this document foresees the extension of the incentive schemes on dispatching cost reduction for two periods of three year each. First one starts from 2025 to 2027, and the second one goes from 2028 to 2030. According to the document, for each year of the period 2025 to 2030, Terna will receive the 12% of the overall MSD cost reduction. For each year of the period 2025-2027, the baseline be represented by 2023 MSD actual costs, increased by an extra component to take into account the expected changes coming from energy scenario evolution. In the period 2028-2030, the mechanism would work in continuity with the period, with the previous period, with the reset of the baseline, according to 2026 MSD actual cost, increased by an extra component to be recalculated in future years. The final new ruling is expected by the end of this year. Thanks, both. One more on regulation. Received, a question about potential reassessment of the deflator for 2024 tariffs. Can you please provide your view on this point? Well, first, let me underline that, when we talk about the regulatory framework, it is important to focus on the overall picture, not only on the specific measure. However, regarding the deflator, regarding your question, there are discussions ongoing with the authority to evaluate the best solution to preserve the regulatory asset base protection against inflation. And for the reassessment of the 2024 deflator, please, Francesco, could you provide some details about the ongoing discussions? Sure. Thanks, Giuse. This is a complicated one. As you know, according to the Resolution 615, issued in 2023, the deflator applied to the 2024 type is equal to 5.9%. And it is the cumulative result of two main items: the deflator of the last three quarters of the year 2022, not included in the 2023 type, the so-called linkage, which was equal to 4.2%, and the ex-ante estimation of the variation occurred in 2023 of the fixed income, investment deflator, which is 1.6%. This value will be reassessed by the regulator in 2025, with the latest ISTAT values. Since the deflator historical series published by ISTAT will be subject to other quarterly revisions, until ARERA will take the final value in the first months of 2025, it is now too early to make a projection on which will be the 2024 deflator reassessment. Thank you. One more about regulation. Can you comment about WACC assumption for 2025? Well, the WACC value for the period 2025-2027 will be updated by ARERA by the end of 2024, based on the update of the main macroeconomic and fiscal parameters embedded in the formula. Let me stress again, that for us, it is important to focus on the overall, overall, blended return coming from the regulatory framework, more than, on, a single item. And I will leave, again, the floor to our CFO for the technical aspects of the WACC formula. Please, Francesco. Thank you. Our strategic plan assumes, as you know, WACC at 5.5% from 2025 onwards. This value reflects the application of the so-called graduality rule, set for calculating the allowed cost of debt, and the mark to market of the latest values recorded at the time of the presentation of the plan. Now, since the update involve not only market-related parameters, but also other elements of the formula, such as, for example, the fiscal and potentially also the beta asset parameters, at current stage, we expect a final value, which should be substantially in line with the one assumed in our 2024-2028 strategic plan. Thank you, Francesco, and thank you, Giuse. One question about procurement and authorization. Do you see any risks on project execution? As already mentioned during the presentation, our CapEx plan is solid and safe, and our projects are well on track for procurement and authorizations. Regarding procurement, despite the challenging scenario, the risk of potential shortages of raw materials is well managed through an array of actions, to handle possible drawbacks in a timely and efficient manner. Thanks to this approach, about 75% of our CapEx plan is already secured by signed contracts, and please note that this number rises to about 85%, if we also include ongoing tenders. I can further say that we are on the right path regarding authorization, with more than 80% of the plan already authorized. Thank you, Giuse. And, one more question, any update on renewables installation rate in Italy? Yes, sure. The acceleration in the increase of renewable capacity is clearly visible. Indeed, until 2021, the installation rate was around 1 GW per year, while in 2022, around 3 GW were installed. And this growth in the pace of installations was also confirmed in 2023, when about 6 GW were installed. And in the first month of 2024, indeed, since the beginning of the year, about 3.7 GW of new renewable capacity have been installed. And this acceleration is a good signal of the implementation of targets included in the updated National Climate and Energy Plan, sent by the Italian government to the European Commission in June 2024. Indeed, the new plan targets a share of 63% renewable energy in electricity consumption by 2030. And- And, sorry. We receive a follow-up on renewables. Could you please provide an update of grid connection request? Sure. Let me remind, first of all, that, as you all know, during last year, there was a huge increase in grid connection requests from both photovoltaic and wind. As to the number of grid connection requests from photovoltaic and wind in 2023, the number increased by 21% from 2021, and by almost 80% from 2022, sorry, and by almost 80% from 2021. At the end of the first half of this year, the grid connection requests are 150 GW from photovoltaic, and slightly more than 100 GW from wind onshore, for total of about 255 GW, increasing by 17% from the first half of 2023. Over 70% of these connection requests are related to utility scale plans. Thank you, Francesco. If I may, can you comment about possible upside on CapEx from offshore wind, such as storage development? Sure. Thanks so much. The number of connection requests from large scale offshore wind power plants increased more than 3 times at the end of December 2023, compared to 2021. We are talking about 60 GW, additional gigawatt of requests. At the end of the first half of 2024, the grid connection requests from offshore wind plants are now about 85 GW. Having in mind that we are not in charge of building the direct connection of the offshore wind plants, let me state that all the related necessary development of electrical infrastructure have been already included in our industrial plan as a consequence of 2023 development plan elaboration. For what concerns instead, the storage plan, the trend of connection requests for storage is increasing, both in number and power, due to auctions scheduled for the beginning of 2025. Also, in this case, we do not see any impact on the CapEx embedded in our strategy plans. Thank you, Francesco. We have one more for the Q4. How many output-based incentives do you account in the first half? As to the output-based incentives recognized in the first six months of the year, we are at about EUR 132 million. These are related mainly to dispatch and service market efficiency incentives, connecting to the cost savings related to the reduction of volumes traded on the dispatch market in past years. And also to a smaller, for a smaller part, to intra-zonal incentives connected to the creation of additional transport capacity among Italian pricing zones. Thank you. I think, the last one. Okay, given the first half 2024 financial charges, what's the expected cost of debt for full year? Well, considering the persisting high interest environment, the second half of this year, we expect a slight increase in cost of debt, which at the end of 2024 should then be around 2.5%. Thank you, Francesco. There are no more questions, so please, Giuse? Thank you. Thank you very much for your time today, and for taking part in this call. Thank you. Thanks, everybody.