Good morning, and welcome to the EDP 1H 2021 results presentation. My name is Charlie, and I'll be the coordinator for today's call. If you'd like to ask a question at the end of the presentation, please press star followed by one on your telephone keypad. If you've joined us online, please click the Request to Speak flag icon. I'll now hand over to your host, Miguel Viana, Head of Investor Relations to begin. Miguel, please go ahead. Good morning, ladies and gentlemen. Thank you for attending EDP's 1st half 2021 results conference call. We have today with us our CEO, Miguel Stilwell d'Andrade, and our CFO, Rui Teixeira, which will present you the main highlights of 1st half 2021 financial performance and an update on strategic execution. We'll then move to the Q&A session, which will be taking your questions both by phone and the written questions that you can insert from now onwards at our webpage. This call should take close to 60 minutes. I will give now the floor to our CEO, Miguel Stilwell d'Andrade. Thank you, Miguel. Good morning, everyone, and thanks for attending the call today. I hope you're all well. Before I move into the results, I just wanted to highlight, I think it's really positive that we begin to see economic recovery and also the continued political support for the energy sector. I think that's certainly a very good tailwind, and we're all very excited really about what lies ahead. In terms of the 1st half results, a couple of key numbers which I think are worth highlighting. First, we continue to accelerate the growth with gross investments increasing almost 30% year-on-year. Now around EUR 1.6 billion. That's a clear indication of the ramp-up in growth. We've also ramped up the renewable developments in terms of MW. We now have 3.6 GW of capacity installed and under construction, around 700 MW added year- to- date, and 2.9 GW under construction as of June. We also have full visibility on our asset rotation strategy for this year, which continues to really highlight the value and the quality of our projects, both on wind and solar. As you know, we completed the asset rotation deal in the U.S. We had a capital gain of around EUR 250,000 per MW, which is above our business plan assumption of around EUR 200,000 per MW. We also recently announced the asset rotation deal in Portugal, which combined with previous announcements, amounts to a total of EUR 1.9 billion of asset rotation proceeds at very attractive multiples. Altogether, approximately 25% of the EUR 8 billion asset rotation target that we've given until 2025. Recurring EBITDA, excluding Forex, decreased around 1%, reaching approximately EUR1.7 billion. Just to give you some highlights on the impact on this. The semester, as you know, was penalized by below average wind resources, also lower asset rotation gains versus last year in the renewables platform. We also had a challenging quarter on the energy management division, and we'll give a little bit more information on that. This was obviously impacted in the context of the strong increase in power prices in the wholesale market. That translated into higher sourcing and production costs and had also some negative mark to markets, mainly on gas contracts. Worth noting from an integrated risk management perspective, part of the negative performance is offset by the positive results in the hydro generation in Iberia as well as in the supply division. Our diversified portfolio allowed us to partially mitigate these effects with some positives and some negatives. We had a very positive performance in the electricity network with recurring EBITDA increasing by 33%. Bottom line, recurring net profit reached EUR 326 million and reported net profit of EUR 343 million, mainly impacted by a non-recurring gain of EUR 21 million booked in the 1st quarter in the supply division in Spain relating to the sale of the asset last year. If we move on to slide 4, talking a little bit about growth. We can see we continue to accelerate the growth. We have 2.1 GW of capacity added in the last 12 months, of which 700 MW added in the year to date. As I'd mentioned, 2.9 GW under construction as of June. Secured capacity. We now have 6.7 GW with the recent 200 MW we just signed this week, and also visibility on additional 3.7 GW of PPAs in advanced stages of negotiation. Overall, strong short-term visibility on additional PPAs. Of course, we'll be participating in several auctions over the next couple of months, which total over 30 GW of capacity to be awarded until year-end in our European markets. We also continue to expand our footprint into new markets with high growth prospects. We recently entered Hungary, Chile, Vietnam, U.K. onshore markets, and also offshore in Poland. On track with our commitment to deliver the 20 GW by 2025. Move on to slide 5. The 6.7 GW of capacity secured, now almost 2/3 of our 2021-2023 target additions. As I mentioned in the EDPR conference call, we've been able to secure this capacity at attractive returns in line with our discipline investment criteria, which you are all very familiar with. We've secured capacity across all technologies and above our investment thresholds, both from a return and risk perspective. All- in- all, spread over WACC for the 6.7 secured so far at 320 basis points. From a risk perspective, we continue to focus the investments on long-term contracted assets that have a contracted NPV above 60% of the total NPV of the project. We use this as a proxy for the risk, because we're basically locking in upfront already a big chunk of the value of the project. Obviously, having these type of projects is key to the success of our asset rotation strategy, given the quality of the portfolio and the type of assets that investors like to buy. Go on to slide 6. Here, I'd just like to address some concerns that have been raised in the sector regarding CapEx cost inflation. As you know, we've already talked about this, but just like to reiterate that we are well protected from CapEx cost inflation. Our investment policy is to contract major equipment upfront at fixed price, that when we take the investment decisions, we're doing it based on real-time quotes requested from suppliers, and then typically locking them in. At every point in time, we're incorporating in our investment approvals the most updated CapEx estimates. We reflect this in the PPA or auction bids, and are therefore passing through any CapEx cost inflation and keeping our returns stable. We've covered this in detail on the EDPR call, but bottom line, overall, our exposure is limited. Go on to slide 7. As I mentioned, asset rotation, six months into the business plan, and we already have around EUR 1.9 billion secured, 25% of the overall target for the five years. Very solid execution by our teams. As you know, we like to front end the business plan and really try to do most of this in the 1st couple of years. More importantly, I think it's a great performance and the multiples achieved, and as I say, with a strong appetite from investors. Overall, multiples achieved are an average of EUR 1.6 million per MW, correspond roughly to EUR 1.7 million per MW for wind and EUR 1.25 million for solar. Obviously, there are CapEx differences in the cost per MW of wind and solar. We also recently completed an asset rotation deal of a wind portfolio in the U.S. of 405 MW, around EUR 500 million of asset rotation proceeds, which had a capital gain of about EUR 100 million. You can see that there on the left-hand side of the slide. Summing up, we're on track to exceed our business plan targets and deliver capital gains north of the EUR 300 million in 2021. Really excited to see the asset rotation execution has been very solid in these last couple of months. Moving on to slide 8. We're talking about policy. We see the policy environment still very supportive of the energy transition. Just since Wednesday in the U.S., following Biden's American Jobs Plan, the Senate has now passed a key milestone in the infrastructure build. That includes additional support on investment in electricity grids of around $73 billion, which are critical for renewables growth. As you know, one of the key issues in the U.S. is having good transmission networks, that we can connect renewable projects to. We think this is a very healthy sign, which will be good news for the renewable sector in the U.S. In late June, we also had positive news from the IRS decision to extend the PTCs and the ITCs by around two years. Taking into consideration some delays related with the COVID situation, this is clearly positive for our investments in the U.S. with the planned commissioning over the next couple of years. In Europe, as you know, the Fit for 55 legislative package enhances, again, the widespread political support on decarbonization. It increases the renewables growth targets and mechanisms for the sector, includes reforms to the E.U. Emissions Trading System. I think it's also worth highlighting increased guidance and financial support for contracting of renewables PPAs by SMEs. This is very much in line with the expectation of a growing PPA market in Europe. All this, I think, calls for strong fundamentals and unprecedented growth in renewables. I've referenced this in the past, but if you look at the IEA, International Energy Agency, net zero roadmap, it's expected to represent around 90% of electricity generation by 2050, the renewable. Again, good news for the sector. Slide 9. Talking about networks. Networks have been extremely resilient, and I think we continue to deliver strong operational performance. I think the team's done great work here. Overall, distributed electricity increased 14%. There was a good economic recovery across all our geographies. Also given the acquisition of Viesgo. In Portugal, we significantly ramped up the deployment of smart meters. We have got a share of now almost 60% in June. I think this is also important to note, the networks platform has also been a very important driver of efficiency for cash recurring OPEX decreasing 5% on a like-to-like basis. Viesgo integration on track. Mentioned this, the new collective labor agreement signed last month. This is a key milestone for the integration plan that allows us to move forward with a significant part of the restructuring. Also an important milestone to highlight. In Brazil, the network operations also show very solid growth. We've talked about the acquisition of a transmission line in the state of Maranhão, where we awarded the largest batch in the recent transmission auction, and that increases our overall transmission portfolio to eight lines. Six of them in operations or advanced stage of construction. One point I wanted to highlight in relation to transmission in Brazil. Given that we see very interesting value creation in the development of these transmission lines, we're now considering the implementation of an asset rotation business model transmission in Brazil, where we crystallize some of this value upfront and rotate the capital into new greenfield transmission projects that are either in permitting or pre-construction stage. This is something that we're also working on and hope to give you some visibility in the next couple of months. Go on slide 10. Just a note about client solutions. I think really some very interesting numbers. First, the penetration of value-added services continues to increase. Up 5% to around 30% in the 1st half. Focus very much on service quality and leveraging our customer portfolio to increase the share of wallet. It's proved to be a very successful strategy so far. Also, I think really interesting to highlight is solar DG really taking off. It's almost doubled the installed capacity of distributed solar, now at around 190 MW peak, versus the 1st half of last year, both transactional and also as a service. Also, in terms of mobility, public mobility and private charging points, also a relevant increase. I think also worth highlighting these two numbers. If we go to slide 11, I wanted to address that EDP, as you know, has been working hard to adjust its business portfolio towards the energy transition across all divisions. I just wanted to highlight three business divisions that represent today the bulk of our Iberian operations. The 1st one is hydro in Iberia. We have around 5.5 GW, of which more than 40% with pumping capacity. As you know, this is a flexible renewable technology that will be critical to complement the growth of other variable renewable technologies, namely solar. As you'll recall, in December 2019, we agreed a deal with a consortium led by ENGIE for the disposal of a 1.7 GW of hydro capacity for a total of EUR 2.2 billion. At that time, the forward power prices were significantly lower than today. I just highlight this point because I think that's important in terms of doing a read across for our existing portfolio. We've also reinforced our presence in electricity networks, so the second piece of the business. We now have a regulated asset base of EUR 4.6 billion in Iberia, now including the Viesgo acquisitions, which I've mentioned the integration is going very well. I think we continue to believe that the electricity networks will play a key role in the energy transition. Finally, we have a portfolio of 4 million clients in Iberia. The strategy is to continue to increase the share of wallet per client with the new services, namely distributed solar, where we see a very interesting growth opportunity. As you know, this business was more mature, but it's been growing in the past in Portugal. In Spain, it's more recent. There's a huge market opportunity really to explore there. We are seeing that, and the teams are doing a fantastic job in building out the business in distributed solar in Spain. Overall, we believe recent equity market performance of EDP, particularly if you consider the relative market value of EDPR and also the implicit value of EDP's Iberian business, doesn't reflect the fundamental value of these operations, which I just talked about, and which are very well placed to benefit from the opportunities in the energy transition. I'll just leave that comment there, and I'll turn over to Rui Teixeira, and then come back for closing remarks. Thank you. Thank you, Miguel, and good morning to you all. On EDP's performance for the 1st half of 2021, I would like you to move on to slide 13, please. Recurring EBITDA decreased 6% to around EUR 1.7 billion, that's EUR 1,678 million by the 1st half 2021. If we were to exclude the Forex impact, actually, the performance would be relatively flat versus year-over-year, it would be a 1% drop. Recurring EBITDA from the renewables platform was penalized by weaker wind resources, particularly in U.S., which was 6% below average. Brazil and Europe was good as we presented in the results two days ago. ERCOT impacting the 1st quarter of 2021 results, of course, a negative impact that was concentrated in the 1st quarter. Lower asset rotation gains when compared to last year. I think it's important here to note that we booked in the 1st half 2020 offshore capital gains of EUR 145 million versus what we are booking this year in the 1st half of EUR 118 million. This performance in wind and solar was partially offset by the good performance that we had in hydro. In the electricity networks, recurring EBITDA increased by 33%. Of course, this benefits from the integration of Viesgo, which had an EUR 86 million in EBITDA contribution, a strong demand across all regions, and around improved operational performance. In client solutions and energy management platform, this was penalized by the sharp increase in the energy prices in the wholesale market, particularly in the 2nd quarter of 2021. This imply a higher production and sourcing costs, also a negative mark-to-market impact on hedging contracts. Part of these results are mitigated by a stronger than expected performance in hydro in Iberia, a realized price of EUR 57 per MWh. That's above the hedged price of the base load production for 2021 of EUR 45 per MWh. This also compares to an exceptional positive performance last year. If we move now to page 14, EBITDA from EDPR declined 18% year-on-year to EUR 654 million, or a 13% drop if we were to exclude the Forex impact. Despite this, the 10% increase of installed capacity, supported naturally by the additions over the last 12 months. As I mentioned before, EBITDA was penalized by overall wind resources. That's overall 5% below average. The negative impact from the polar vortex in February, EUR 35 million impact, and lower asset rotation gains when compared to last year, that's a minus EUR 27 million. If we move now to page 15 on the hydro, adjusted by the change in consolidation perimeter, hydro recurring EBITDA increased 22% to EUR 353 million. In Iberia, our EBITDA increased by EUR 58 million year-on-year, impacted by a 10% year-on-year increase in hydro production. Also, as I said before, realized price benefited from the context of higher pool prices, even though our expected output is hedged at EUR 45 per MWh. I think it also reflects the quality and the flexibility of our hydro portfolio. Results were also positively impacted by the reversion of some hydro levies in Spain, following a recent court decision, which amounted to EUR 47 million. In Brazil, the hydro EBITDA increased 9% year-on-year. We know that there is a hydro crisis in Brazil, but we are experiencing, of course, but performance was well supported by the hedging strategy in place, with more energy allocated towards the 2nd half of 2021, which protected the portfolio from the impact of the GSF and the consequent price volatility that we have witnessed in this period. We move to networks on slide 16. The semester was marked by a strong performance of this business, with a recurring EBITDA increasing 33% year-on-year. In Iberia, EBITDA amounted to EUR 418 million. That's a 32% improvement comparing to the 1st half last year. Naturally, this is on the back of the Viesgo integration and also a EUR 22 million increase in Portugal due to OPEX savings, and a result of also some gradual increase in digitalization, roll out of smart meters, and also some lower headcount. Very focused on efficiency. In Brazil, EBITDA rose 38% to EUR 168 million. That's BRL 65 million in local currency, this is mainly due to the increase of volumes distributed in electricity, which they are up by 10% year-on-year. The positive impact from inflation indexation on distribution annual tariff updates. I would just like to remind that the annual tariff updates were 8% in EDP Distribuição. That was in August 2020, and 4.8% in EDP São Paulo. That was in October 2020. The EBITDA is also positively impacted by the partial commissioning of the two transmission lines and the evolution of construction works in the remaining lines. We move now to the platform, client solutions, and energy management on slide 17. Recurring EBITDA declined 71% year-on-year versus a very, I would say, exceptional strong performance in the 1st half 2020, which included still a positive EBITDA contribution of EUR 42 million from Sines coal plant that was shut down at the end of 2020. The 2nd quarter of this year was particularly challenging, with an EBITDA of minus EUR 4 million, in which the energy management activity in Iberia was penalized by the sharp increase in the energy prices to really record high levels. These have increased energy sourcing costs and also implied some negative mark-to-market impact from hedging contracts for future periods. Part of these mark-to-market losses are also expected to be reverted in the near term and are mostly non-cash items. I think it's also worthwhile mentioning that part of this negative performance is offset by the positive results achieved in Hydro Iberia, as well as the strong performance in our supply division, as we kept the average price of energy sales to its customers on a stable basis. Assuming the maintenance of the current high energy prices in the current market environment for the 2nd half of the year, we are expecting our client solutions and energy management segment to deliver an EBITDA in the region of the EUR 2.2 billion. Through the 3rd quarter should still be penalized by this context of higher energy prices, but also we are expecting it to be compensated during the fourth quarter of the year. For the next years, we see an improved level of our forward contracting. For 2022, we have already hedged close to 100% of our expected base load generation at the wholesale price of EUR 57 per MWh. For 2023, we have now 30% of our expected generation volumes contracted at an implicit base load price of EUR 50 per MWh, which is above our business plan assumptions at roughly EUR 47 per MWh. Now moving into efficiency on OPEX on slide 18. Excluding growth for a like-for-like comparison, OPEX improved by 3% year-on-year. Of course, we continue driving efficiencies across the business. Although we have a higher head count at EDPR to support growth, this was compensated by a leaner organization. Networks OPEX, excluding growth, declined by 5% year-on-year, as we continue to increase digitalization, and also due to a lower head count. Our efficiency program has now over 330 initiatives identified, which has already captured EUR 24 million in savings in this 1st half of the year. That's mainly in human resources initiatives and the optimized procurement in Brazil. I think very focused on driving efficiency and delivering this impact, in terms of value to all shareholders. On slide 19, a good overview on the financing costs. Adjusting by a EUR 57 million one-off cost that is related to the repurchase of outstanding bonds in the 1st half of this year and the Forex gains, net financial interest fell by 10% year-on-year to EUR 264 million. This is mainly driven by approximately 20 basis points decline on the average cost of debt from 3.3% to 3.1%, a 4% year-on-year decline that's in the average debt. In January 2021, we have two bonds maturing with coupons of 5.25% and 4.125%, which help to lower the average cost of debt. It's also worth highlighting that in the beginning of July, we also concluded a cash tender offer for EUR 647 million of short-term outstanding bonds, in the proactive liability management that will contribute to lower our recurring net financial costs over the next quarters. Net debt on slide 20, increased by EUR 1 billion to EUR 13.2 billion in this half of the year. Recurring organic cash flow of EUR 0.5 billion, sorry, EUR 0.4 billion, that is penalized by an increase in working capital related to proactive management decision to anticipate payments to suppliers in order to optimize treasury management, and of course, in this context of high financial liquidity. EUR 0.75 billion related to the annual dividend that was fully paid in April. EUR 1.8 billion of net expansion investments, following acceleration to about the build-out activity with EUR 1.4 billion of expansion investment, and the anticipation of bill payments to fixed asset suppliers of around EUR 0.9 billion. This was partly offset by EUR 0.5 billion proceeds from the asset rotation deal that was completed in the U.S. We also have a positive impact from the EUR 1.5 billion proceeds from EDPR capital increase in April, and EUR 0.4 billion related to 50% of the EUR 750 million hybrid bond that we issued in January. Regulatory receivables increased by EUR 0.4 billion, mainly in Portugal, given that in the 1st half, there were no sales of the tariff deficit. In July, we already announced the closing of a EUR 0.5 billion tariff deficit in Portugal. Here on this slide, effects of exchange rate fluctuations have a negative impact of EUR 0.2 billion in our net debt by the end of this period. Net profit on slide 21. Overall, we reached EUR 343 million. That's a 9% increase year-on-year. If we adjust by one-off impacts and the operations disposed in Iberia in 2020, recurring net profit decreased 15% year-on-year to EUR 326 million. I think it's important to highlight, income taxes amounted to EUR 164 million, representing an effective tax rate of 23%, and that's mainly due to the capital gains that are taxed in U.S. Non-controlling interests fell 11% year-on-year to EUR 154 million, mainly explained by the decrease in EDPR net profit. Before I hand over to Miguel, on slide 22. I think it's important also to mention some achievements as we are continuing our delivery on the ESG excellence. On the environmental front, I think we are all very pleased to share that the Science Based Targets initiative recognized EDP's 98% target reduction of scope one and two greenhouse gas emissions by 2030, as that compares to 2015 levels. Have also recognized 50% of absolute reduction of scope three emissions over the same time frame. This means that the targets in our 2021-25 business plan are in line with the climate science requirements towards limiting the global warming to 1.5 degrees, and highlight the strength of our commitment to become coal-free by 2025 and carbon neutral by 2030. On the social commitments, in the 1st half of 2021, women represented 26% of EDP's workforce. That's a 1% increase versus the comparable period. It's aligned with our strategy, as you know. Also very committed to health and safety. We register a 1.11 total recordable injury rate at EDP, and I want to emphasize how committed we are to make sure that safety is something present in the day-to-day of the entire people working with and for EDP. We also invested EUR 6 million in social investment during this semester. I think with this, we also highlight how we are delivering our commitment in ESG excellence. With that being said, we are very committed to what's ahead, and I would also like to take the opportunity to thank you all for your time today. Miguel, I will pass towards to you now for closing remarks. Thank you. Thank you, Rui. Just before closing the call and going over to Q&A, just a couple of comments on forecasts. Many of the forecasts by analysts have now been updated with the EDPR capital increase now in approximately 90% of all analyst estimates. We wanted to reiterate our guidance for 2021 of a recurring EBITDA of EUR 3.7 billion and recurring net profits above EUR 800 million. We have very positive prospects on the asset rotation gains at both EDPR level and eventually in transmission in Brazil. We have strong growth in electricity networks, and we will continue to ramp up renewables deployment in 2021. These positive trends should more than compensate a weaker year in energy management, penalized by the increase in energy prices in a short period of time and implied negative mark-to-market on contracts, which would be unwound over the next couple of quarters. This guidance is based on stable Forex and average wind and hydro resources for the 2nd half of 2021. All of this reinforces our commitment to deliver the business plan. We just move to the following slide 25, and just highlight, again, a couple of comments. Quite honestly, and I've mentioned this before, we are very enthusiastic about the growth prospect on the several fronts where we're operating. We've been executing the growth plan with a focus on renewables and networks, with a total investment of EUR 1.6 billion in the 1st half of 2021. We've secured already 6.7 GW of renewable projects with long-term contracts at attractive returns, so a 3rd of our 20-GW target for 2025. At the same time, we continue to successfully execute our asset rotation strategy, given the strong demand and attractive multiples achieved. Reflecting the high quality of our portfolio. The acceleration of our growth is supported by our sound balance sheet and competitive funding based on green financing, which has had a positive impact on our average cost of debt. We will continue highly focused on risk management, namely regarding the current volatility, and also CapEx cost inflation, in which, as you know, we maintain a conservative risk approach. We will continue to grow the organization, entering into new markets and increasing renewable capacity annual growth. That's all something that you can see also in the numbers coming through in terms of MW under construction and in terms of MW secured. We will continue to accelerate the contribution to decarbonization, and you can see also the increase of the weight of renewables in our generation mix, and also the execution of our coal phase out plans, with the goal of becoming coal-free by 2025. Very exciting time to be in the energy sector and for the company as a whole. Thanks very much for this quarter's call results, and we can now move to Q&A, and I'll pass it over to the moderator. Thank you. Of course. If you would like to ask a question, please press star followed by one on your telephone keypad. If you're joining us online, please click on the request to speak flag icon. If you choose to withdraw your question, please press star followed by two. If preparing to ask your question, please ensure your phone is unmuted locally. Our 1st question comes from Harry Wyburd of Bank of America. Harry, your line is now open. Hi, everyone. Thanks very much for taking my question. Three of them. 1st one's on hydro and energy management in Iberia. I just wanted to take stock of where we are this year versus what's a sensible projection for next year. I guess just breaking it down into components. Hydro, obviously, it looks like you're hedging at higher prices for next year. Just wondered whether you could give us any kind of flavor as to what that might mean in terms of EBITDA. Also on energy management, I think you mentioned on one of the slides that you expect EUR 0.2 billion this year. Obviously, this year is a bad year, last year is a good year. What's a normalized year, or what should we be putting in for energy management next year? That's the first one. On this Brazilian transmission rotation plan, I just wanted to confirm, is that in addition to the operation you are planning on hydro assets in Brazil? Is this something that you think could actually be meaningful from an earnings perspective? Could this be another sort of farm-down gains line that we have on a recurring annual basis in the same way as what we'd have for EDPR, and could it be meaningful for next year? Finally, I apologize for the very open-ended question here, but you showed quite clearly on the slides, I can't remember which number it was, number 11, but I guess the Iberian business implied share price, obviously much lower. I think given that you're now below EDPR in terms of market cap, and I think the combined Brazilian and Iberian business has got a market cap of about EUR 3 billion is incredibly low and implies an EBITDA multiple of sort of mid-single digit or lower. Is there anything you can do or anything you're thinking of doing, to try and correct that or exploit it? Maybe that's more disposals in Iberia. I know I've asked you that in the past, and they don't appear to be on the agenda. Has the sort of share price move changed your view on that? May you consider something like a buyback or even some of your peers are considering spin-outs? It just seems an incredible valuation discount and just interested to see if you feel there are any management actions you can use to take advantage of that. Thank you. Okay. Hi, Harry. It's Rui. I'll address the 1st question in terms of the energy management. Again, maybe just going a step back. Again, first of all, I think that last year we had an incredibly fantastic year. That we will always be expecting some reduction vis-à-vis year-on-year. Secondly, in what concerns what's happening this year, effectively, starting with the hydro, we do have a base load hedging at EUR 45, but then the realized price, and that has very much to do with the flexibility of the portfolio and the realized price that we can get from an active management, and it's close to EUR 57 per MWh. Definitely this is something that is impacting positively on the hydro side. It has a reflection on the energy management on the other hand. Basically, when we look to the energy management, I would say the following. We have a negative impact of around EUR 75 million, which is a positive impact on the hydro. We have approximately EUR 50 million of a mark-to-market contract. It's a gas contract. Basically, we hedged TTF against the Henry Hub. It's a fixed spread because it's how we are dealing with the hedging to our gas inputs. If TTF goes up, then on a mark-to-market basis, we have to book it up with a negative result. This is something that we will be unwinding as we start using the gas. We would expect this to unwind over the next quarters into 2022 as well. This particular quarter, the 2nd quarter, we also have a sort of a negative impact, in terms of sourcing to our customer base. That's roughly also some EUR 50 million impact as well. I would say that also to highlight what was the performance on the energy management side. I think that for next year, the year 2022, what I would say is that we should see a recovery. As we shared, we have also increased the hedging on the base load to 100% at the EUR 57 per MWh, which is well above what we were considering in the business plan. I would expect a more normalized performance throughout the year 2022. Now I will hand over to Miguel for the other questions. Hi, Harry. In relation to Brazilian transmission, yes, it's an addition in the sense that we are considering doing some rotations of some of the transmission lines we have in Brazil. As you know, we've been building them up or constructing, developing, and constructing them over the last couple of years. They've been a good value driver. Once they are built, essentially they become almost bond-like. We are seriously considering rotating some of these and redeploying that capital into new transmission projects. As you saw recently, we won one of the big batches, as I mentioned, in the recent transmission auction. That is something that we will be giving you an update probably over the next couple of months. Is it material? It's not very material in the overall context of EDP, certainly nothing like, let's say, the renewables asset rotation program. It is something we will provide further visibility on, probably post-summer. In relation to the 3rd question, it's obviously a great question and very open-ended, as you say, but all I can say is that we are very aware of that delta that's picking up. That's why we wanted to flag it explicitly in the presentation. We will obviously look at any opportunity or any option that allows us to bridge that gap or to remove that delta, in terms of share price. I think fundamentally, we don't think that the EDP share price is reflecting the sum of the parts, and that's something that we'll look at and see how best we can do that. It can be just sometimes, perhaps it's just providing more information and continuing to give visibility as we are doing on the intrinsic value of the assets. Anyway, obviously we will always consider all options as we've all the time. Okay. Thank you very much. We can go to the next question, please. Our next question comes from Sara Piccinini of Mediobanca. Sara, your line is now open. Hi, good afternoon, and many thanks for the presentation and for taking my questions. I have a 1st question regarding the political discussions in Iberia that might impact your business. First, in Spain, about the discussion on the law to revise the marginal pricing system, what is your expectation about the outcome of this regulatory proposal, and also the level of output that you expect to be impacted for EDP? The second is on Portugal. There are political discussions about the possibility to pay a stamp duty for the sale of the hydro assets. Do you expect to book any provision for the possible risk? This was the first question. The second question, it was on energy management. Maybe just given that the expected higher CO2 prices that should be supported by the Fit for 55 package, would you expect to take the opportunity to increase merchant exposure in terms of generation, or you stick to your strategy to be as much as possible long-term contracted? The final question, you highlighted the significant level of investments expected in the U.S. also to improve the networks. Would you consider to enter in this market as well? Thank you. Hi, Sara. In relation to Spain, I can ask Rui to comment a little bit more on the marginal pricing system. We certainly don't see anything on that front. I think the key issue that's really under discussion in Spain, which for us has a more residual impact, is on, let's say, the CO2 clawback value. That's a specific proposal which has been discussed, and I think that's public. The impact for EDP itself is relatively limited. In terms of Portugal and the stamp duty. This has had some media attention over the last couple of months. We don't intend to have a provision on this. This was a very textbook standard plain vanilla transaction. It was a demerger and sale of a company to ENGIE, fully supported by all of the legal advisors and financial advisors. Something that was thoroughly scrutinized. We've been fully collaborative and will continue to be fully collaborative on providing all information regarding this, so that we can clarify this as quickly as possible. In relation to your 2nd question on energy management and the higher CO2 prices, would we increase merchant exposure? Listen, I think we've always taken an approach that what we aim to do, and I think that's one of the fundamental values of EDP and utilities, is have predictable, stable, long-term cash flows. What we look for is to lock in, either through PPAs, feed-in tariffs, CFDs, these long-term cash flows, and it's what I think has given us the stability over time. The same way we've seen the volatility in the market. We saw it last year, prices crashing. We see them going up this year. I think what we like is this predictability. I wouldn't see us increasing merchant exposure. I would expect us to keep the same philosophy in terms of contracting of new renewable projects on these terms. Obviously, we go on hedging, for what we do have merchants, so whether it's hydro or any renewables which does have merchant exposure, we typically forward hedge. Rui's already spoken a little bit about that. I wouldn't expect these prices to necessarily change philosophically our attitude to this. In relation to your 3rd question, it's a great question, U.S. investments. We are investing heavily in the U.S. in general, mostly in renewables, wind, solar, looking at storage, looking at hydrogen. Networks, I think the key issue for renewal or relating to renewables is on the transmission side. We've looked at this in the past. It's not something which we expect to go into in the short term, but we are certainly willing to work with partners who are developing these transmission lines because typically the U.S. has fantastic resources in both wind and solar. Sometimes, let's say that those projects are then not located close to load centers, and so it's important to have the networks to be able to connect, let's say the demand and the supply in the U.S. I think this package of $73 billion, which has been earmarked for investment in networks, I think it's positive in that sense. Rui? All right. Going back to your 1st question about Spain. I think first of all, changes in the marginal market or rethinking the market architecture is something that EDP has pushed for many years now. We believe that the more you have these zero marginal cost technologies, the renewables penetrating the systems, the more it is important to rethink this market architecture. It has to be done at the European level. I think it's going to be very hard that any country can progress alone in changing the market rules without a consensus or a support from European Union. I'm not very, I would say, optimistic that we would see some structural changes in the market. As Miguel said, what we are expecting now is, for this CO2 clawback to see how it will ultimately unfold. From what we have heard, that could be the changes that were incorporated after the report from the Spanish regulators, CNMC. This potentially would impact EDP's net profit, low tens of millions. EDPR should be very low, very low single digits. It would not be material. Nevertheless, it's something that, from a conceptual perspective, we don't see it going in the same direction as the Fit for 55. I would expect still some discussions to go on in Spain about this subject. Very clear. Many thanks. Thank you, sir. We can go to the next question, please. Our next question comes from Javier Garrido of JP Morgan. Javier, your line is now open. Yeah. Good afternoon, everyone. Thanks for the presentation. Two blocks of questions, if I may. The 1st block is on guidance. I would like to understand, 1stly, what you are including in your netted guidance, if you are including any proceeds from any disposal outside the asset rotations in renewables. Specifically, you are including any proceeds from asset rotations in transmission in Brazil or the sale of Brazilian generation assets. On the guidance on EBITDA net income, if you are including any asset rotation gains from transmission in Brazil. That would be the 1st block. Second group of questions would be on renewables. You have delivered 320 basis points spread of the WACC in the 6.7 GW that you have already secured, but that includes assets that you retain and assets that you are selling in your asset rotation strategy. If I am correct, is there any meaningful discrepancy in that spread between the assets you keep and the assets you have agreed to sell? The 2nd question on renewables is, how are you seeing your discussions on PPAs with regards to the passing through of incremental costs? You have been very clear about how protected you are for the portion of capacity that is already secure, but the new PPAs would need to include that pass-through. How are those conversations going on? Thank you. It's Rui here. Let me address the guidance, and then I'll hand over to Miguel for the other two. Starting with the net debt. For the net debt, what we are considering is, bearing in mind that we will have already the asset rotation, which is already signed. In July, we closed, I think it was what, three, four days ago, $650 million from tax equity. That is closed in our accounts, in July. Regulatory receivables. We did a EUR 500 million sale of the tariff deficit already in July. We may do some more, but towards the end of the year. Naturally, we are expecting a normalization of working capital because as you know, we had during the 1st half, particularly the 1st quarter, we had some anticipation to suppliers, just to manage the liquidity position. That's how we are seeing this evolving to around EUR 11 billion-EUR 11.5 billion by the year-end. Yes, I mean, in what concerns our estimates for the year-end at the EBITDA level, we are considering that we will be closing asset rotation and that includes the EDPR and also the Brazilian transmission. Although I have to say, it's a very small contribution from the Brazilian transmission. Miguel, you want to address the other two? Yeah. Thanks. In relation to your questions on renewables, so it's roughly the same. I mean, we are crystallizing the fair value of the assets up front, and we don't differentiate necessarily between what we retain versus what we sell. That decision is taken much more on the criteria in terms of, is there sufficient critical mass? Are the geographies that we think are interesting for investors to come in? That's the key criteria, and not so much whether there's a difference in terms of the returns from one to the other. I would say it's the same between both. The PPAs and the pass-through costs, I think we flagged that in one of the, I think in the EDPR presentation, but the pass-through of these costs can translate into something like EUR 1, EUR 2 or dollars per MWh of delta. It's not extremely material at all in the context of the PPAs when you're discussing EUR 30, EUR 40 or $30, $40 per MWh. The discussions that I've witnessed have been fairly standard because obviously this is something that is sector-wide, so it's not company specific. If it's a new process, then the bids just go in already reflecting these costs. If it's an ongoing process, typically it's a revision upwards, but which is understandable given the overall context. What I can say is it's not something that we see a lot of resistance because it ends up not being that material in the overall context. Great. Thank you very much. Can we go to the next question, please? Our next question comes from Alberto Gandolfi of Goldman Sachs. Alberto, your line is now open. Thank you for taking my question, and good afternoon. I have three, please. two are clarifications. Can I just be clear about the energy management EBITDA? I think, Rui, you said EUR 75 million negative impact, which is offset at the hydro level. You talked about negative sourcing of EUR 50 million. Maybe didn't get it, but was I mistaken you didn't provide a mark-to-market impact? Should we say that the total energy management is about EUR 200+ million, partially offset by EUR 75 million in hydro, or is the impact even bigger? Would you expect some of this to normalize by year-end? You're going to use some gas in the 2nd half. That's what I'm asking. Second question is, forgive me again on guidance. You talked about market having adjusted EUR 3.7 billion EBITDA recurring above EUR 800 million. Could you tell us if you really are, I mean, if you're comfortable providing more than EUR 300 million gains or at EUR 300 million gains? Because at EUR 300 million gains, the underlying net income before gains would be about EUR 650 million. I'm trying to figure that out. Sticking to guidance, that's question 2B. For 2022, we should have a bounce in volumes in renewables, in particular new capacity load factors, you don't have losses in Texas, some power price tailwinds, the energy management. Before any asset rotation gains or assuming constant gains, shouldn't 2022 be a particularly strong year for you, both operating and bottom line? Last, I promise, yesterday I asked a question about asset rotation. You're making two times invested capital. I guess what I asked yesterday was, why don't you sell fewer GW, get the same EUR amount inflow, and retain more assets? Thinking about it, why don't you actually sell the same GW, make these above expectation gains, but at the same time use the higher proceeds to upgrade capacity? Are we going to be here in February next year, where you're just going to keep the same GW disposals and then suddenly, maybe achieve your 6 GW growth sooner than expected or go even above that? Thank you. Hi, Alberto. I'll take the first one. At the energy management, just to be clear. Yes, we see a negative impact of EUR 75 million, but it's a positive impact on the hydro, and that has much part to do with the real-life price. We have around EUR 50 million, which is a higher cost of sourcing to our supply business. Therefore, the energy management takes a higher cost of sourcing. This is not reflected in the price to the customers. There's a 3rd one, which is a negative mark-to-market of EUR 50 million on some gas hedges that we have. Just because we hedge and once we utilize the gas, we will benefit from that spread. It was considered to be a speculative contract. In that regard, it's mark-to-market against TTF increasing. That's a negative impact that we will be unwinding it as we utilize this gas. Those were the three blocks that have a, I would say, significant impact in terms of the energy management. Alberto. Yeah, hi. In terms of the guidance, final to your question, would we guide towards more than EUR 300 million? The answer is yes. I think, this is something I would just like to make sure it's clear. We have several transactions that have been signed and that we are working through the regulatory approvals, some in the U.S., some in Europe. We've talked about the one in Portugal, there's another one that's upcoming. It's essentially a question of managing also the timing of these and whether all of these crystallize in 2021 or whether some of these also crystallize in 2022. In almost any scenario we look at, we are very comfortable with more than EUR 300 million. The exact value will then depend on exactly which deals close in 2021 versus others that may close in 2022. That's what I would say on this. In relation to the 2nd part of your question, I think you are absolutely right. Quite frankly, we had a poor 1st half on an operational basis in terms of the volumes of renewables, particularly in the U.S. Europe and Brazil was fine, but the U.S. was clearly low volume, not just because of Texas event, that was a one-off, but we also had just generally low wind. If we normalize that, we would expect certainly more volume on renewables overall. Operationally, we would expect that to bounce back in 2022, assuming an average year. In terms of asset rotations and going to your 3rd question, I think that clearly our stated goal was the EUR 8 billion of asset rotation. If we sell, let's say, if we get those proceeds with less MW, then that's fine. We'll have ticked that box in terms of we'll have met the criteria that we needed to in terms of our balance sheet. I think we'll then be in a position where we decide, as you said, do we sell additional MW and reinvest or do we keep it there and keep more MW on balance sheet? I think that will depend very much on how we see the market in terms of our ability to continue to scale up, the type of projects, the returns we see on those projects. We will come to that point, I'm sure, and we will have to take a decision on that. As of today, all I can say is, or what I would say is that, the target is the EUR 8 billion. If we do it with less MW, that's great, then we'll be in a position to decide whether we do more MW and keep them on balance sheet or not. That's something that we will evaluate. Hopefully that answers your question. Yeah, it does. It's a good problem to have. Thank you. Yes, exactly. On to the next one, please. Our next question comes from Jorge Guimarães of JB Capital. Jorge, your line is now open. Good afternoon. I have two questions, please. The first one is a clarification on the guidance because I had a problem on my side on communications. I did not understand whether the guidance included asset rotation gains in Brazil. A clarification on our previous answer to this. The second one, it's still on the energy management. According to the guidance or the consensus that you circulate, currently the market is expecting something below EUR 400 million per year over the next years. Are you comfortable with that value for the division? The final one is a bit more conceptual. When do you expect that we have cross-border PPAs in Europe that will allow for the export of cheap solar PV from Iberia to Europe? This will be my three questions. Thank you very much. Okay. Hi, Jorge. Addressing maybe the 1st and 2nd question. The 1st, yes, we are including in the guidance some capital gains from the Brazilian asset rotation. Again, those are relatively small. Not significant, absolutely not as compared to the ones that we have from EDPR. On the energy management, yes, we are not providing sort of guidance for that for the medium term. I would say that for this year, we expect that by year-end, we would have a contribution from this segment, client solutions and energy management at around EUR 0.2 billion. Going forward, EUR 400 million ballpark figure should be relatively fair to say that. As I said, we are not commenting on specific guidance, but ballpark figure, yes. Okay, Jorge, if I understood your question, the 3rd one was will we see PPAs in Iberia ramping up and Iberia exporting solar to the rest of Europe? Was that? Yes. When can we have cross-border PPAs that can allow export of electricity to other European countries? Okay. In general, what I would say is that the PPA market that we've seen in Iberia has been picking up. As you know, in the U.S., it's very mature. It's something we've been doing for many years. In Europe in general and Iberia in particular, it's been less so in the past, we do see it picking up. In fact, we've already signed a couple of corporate PPAs with European companies that aren't necessarily in Iberia. I think the Fit for 55 also shows support for a growing PPA market in Europe, I think that's also something that's positive for the overall market. If in your question, if it was implicit that we would be exporting solar to the rest of Europe, physically, that I think is very much dependent on interconnection, which as you know, is something which between Iberia and the rest of Europe is still not great. We just recently had last weekend, as you know, sort of this incident on the network. It just shows us, I think sometimes the limited amount of interconnection between Iberia and France, which is expected to increase over this next decade. I think with time, you could then start getting more physical or a higher percentage of physical exportation of solar through these PPAs. For the moment, these end up being, people who contract PPAs either in Iberia, or then they contract them, but they don't physically, let's say require the energy in the other European markets. Okay. We can go to the next question, please. Our next question comes from Fernando Garcia of RBC Capital Markets. Fernando, your line is now open. Hi, good afternoon. Thank you for taking my questions. I have two questions on gas. First one, I think that you are learning customer versus gas contracts after the expiration of EUR 1.5 billion gas contracts this year. Could you explain what is your strategy in gas, and have you hedged all your gas sales that you expect for the 2nd half of the year? 2nd question, if you can provide some clarification on this EUR 50 million mark-to-market of negative gas impact in Q2 actually. Taking into account that TTF gas prices went up, still at least in July, taking into account the gas usage that you expect for H2, what could we expect regarding this factor in the 2nd half of the year? Thank you. Hi, Fernando, it's Rui here. First of all, in terms of the hedging strategy for the gas contracts, we follow the same hedging strategies or risk policy that we have at EDP. We always aim to have it balanced so that we don't have very open positions. Again, it is small activity for EDP. Nevertheless, long-term contracts hedged for this year, they are hedged. 2/3 of the gas volumes are also hedged for 2022. Of course, we always manage what is the best destiny for the gas, whether it is to the CCGT plant or to the customer base that we have in Iberia. In what concerns the mark-to-market, so to be clear, in these contracts that we have, some of these contracts will be for supply or to be utilized or to consume the gas in Q3, Q4, throughout 2022, we hedge it. Once we hedge it, we close the spread. Basically this particular mark-to-market, so we locked in a spread TTF versus Henry Hub. TTF is the reference price upon which then we sell the gas, and the acquisition was the Henry Hub index. Once it's locked in, that spread, it means that when I'm utilizing the gas, I know exactly what price I will be utilizing or at what cost I will be utilizing that gas in TTF. What happened, as you said, is that TTF market went up. It was considered that the volumes that were hedged with this spread on a mark-to-market basis, so TTF went up, the TTF at which we locked in was lower, and therefore that delta, we had to book it as a mark-to-market. That's where the negative impact comes. It's that mark-to-market. It's not a cash out. It's the impact in the accounts. What will happen as we go forward and we utilize that gas in Q3, Q4 in 2022, basically we'll be unwinding this mark-to-market, or effectively what we'll be using is that spread, that was already locked in from an economic perspective. This is what we have in the books in this quarter. Thank you. Very clear. Go to the next question, please. Our next question comes from Arthur Sitbon of Morgan Stanley. Arthur, your line is now open. Thank you. Thank you for taking my question. I have two. My 1st question is, I was wondering if you could please provide an update on the investigation into your fiscal obligations regarding the sale of the Portuguese hydro dam to ENGIE. If you could provide a sense of what's really at risk here, that would be helpful. My 2nd question is just if we could get an update on if there is any progress being made for the auction of municipal concession on Portuguese electricity distribution. Thank you very much. From Arthur. In relation to the 1st one, there's not really any update. There's an ongoing investigation in relation, what's come out in the media is in relation to the stamp tax, which has been alleged by a local movement to be of around EUR 100 million. As I mentioned earlier on the call, this is something which is being seen and reviewed many, many times by both legal, financial, tax advisors, and we're very comfortable with the position we have. It's something that, as I said, we are collaborating fully and hope to clarify as quickly as possible. In relation to the auction on the low voltage concessions, I think that's what you're referring to. There's a working group that was put together a few months ago to come up with a proposal for how to run this process. We would expect that proposal from the working group to come out probably over the next couple of weeks even. It would probably be followed by public discussions and essentially it would only be following those public discussions that there would be actually a decision taken on what to do in relation to the low voltage. I think it's always good to reiterate that, as you know, this represented EUR 1.2 billion of RAB, and that in terms of, let's say, we are continuing to manage it on an ongoing business as usual basis. In any scenario, we would get either RAB back, so that's under the concession contract, or if we were to win this process, depending on what it is, it would be under the terms for another concession period. That's essentially what would happen. The process itself, there's not much visibility on whether it's going to be one region or more than one region, exactly what terms. I can't comment much more than that for now. Thank you. Go to the last question by phone. Today's last question over the telephone lines is from Olly Jeffery of Deutsche Bank. Olly, your line is now open. Thank you. Good afternoon. I have two questions, please. The 1st one is on the escrow integration. I just wanted to get a sense of how you saw the integration going in terms of the synergies that you expect, and just specifically on if you've gotten more confident on the synergies since the capital market day in February. Have you found more, for example, that you think you'll be able to exploit or be able to generate than you initially envisaged? That's the 1st question. The 2nd one is on the schematic gain. You mentioned that the gains recorded on the transaction that's completed are EUR 250,000 a MW. That's an onshore wind asset, obviously, and you guided EUR 200,000 a MW over the plan. I just wanted to get a sense of, is that EUR 250,000 a MW, although it's above EUR 200,000 guided, I presume the EUR 200,000 a MW that's guided is a mixture of wind and solar, with the wind assets probably having a higher EUR 1,000 per MW gain expectation. Is the EUR 250,000 a MW in line with what you expect for onshore wind, or is it still higher than what you're expecting for onshore wind only? Thank you. Thanks, Olly, for the questions. In relation to the 1st part, in relation to Viesgo, I think that quite frankly, we're positively happy about the way that the integration is going. It's certainly on good track, even slightly exceeding the pre-closing assumptions. We've defined already the new organizational model already back in March. We have several initiatives on track in terms to maximize the value creation. As I mentioned earlier, we got the collective labor agreement closed now in the 2nd quarter of 2021, which was an important precondition to implementing, let's say, the restructuring. 2021 is a transition period where we are expecting to be implementing the bulk of the, let's say, the synergies and the initiatives, and that we would get those benefits from integration in 2022 onwards. We haven't quantified the Viesgo synergies explicitly, overall, what I would say is that they're in line with those estimated by analysts. In terms of operational synergies, sort of around the EUR 20 million per year plus, also some tax synergies, which we've talked about, or which analysts have talked about, which could take the overall number up to EUR 40, EUR 50 per year. On the second part of the question, we expect higher gains. Yes, wind does typically have higher gains per MW than for solar, that's built into the assumptions. When we talk about the EUR 200,000 per MW, that's essentially what includes both wind and solar. However, this one at EUR 250, it came above what we had in the business plan for wind specifically. Let's say the comparison of the EUR 250 is still above what we had estimated in the business plan. Thanks. That's it. We are a little bit advanced in time, but we still have time for a couple of questions from the web. The 1st question will be on the drought in Brazil. What do you expect the impact of the draw in Brazil on your 2nd half 2021 results would be? From Mamador, from Bloomberg. I would just say that in terms of the current situation in Brazil, we are going through a worse rainy season over the last 90 years. Nevertheless, I think that the hedging of EDP Brasil that was placed in the beginning of the year and the end of last year, protects us from the current GSF levels that we see in the region of 76%. We don't expect any material impact in the results of 2021. Obviously, on a quarterly basis, there can be some inter-quarter volatility, and definitely the 3rd quarter is a more challenging quarter where we see GSF in the region of 50%-60%, but at the end of the year, we will be in line with what was our expectation at the beginning of the year. We have another question, also from the web, from Stefano Bessega. Is there any specific to the asset in the last farm-down announced in Portugal in order to justify the higher than average multiple of EUR 2.4 million per MW? Can you give any indication on the capital gains? Sorry, Stefano. In relation to your question, what I would say is we've definitely seen a lot of appetite for these assets overall. Even last year in Spain, for example, in relation to the Spanish transaction, it was also a fantastic multiple. These multiples are obviously influenced by the good quality of assets, number 1, very low cost of capital in Europe with very low European interest rate environment. That's the 2nd one. A 3rd, I'd say, the average age of the portfolio. These are fairly new assets. In fact, some are just finished being built or are being finished being built. Then they have 15 years of strong contracted cash yields. I'd say that's the fourth point. You put all of these together, and I think you come up with these type of multiples that people are willing to pay for. We haven't provided, and we won't provide the exact capital gain at this stage. We always need to wait for the final closing so that we can calculate exactly the capital gain, and then that's disclosed in the quarterly reporting following the financial closing. In any case, I think you guys have or somebody who's done the math using CapEx estimates for the different projects, and I'm sure you'll be able to come up with a good estimate. Okay. We are a little bit long in time, so we'll finish here, and we'll follow up on some few other questions that we have still on the web. I will leave now to you all to do some closing remarks on the call. What I'd say is I think we had a quarter which had some ups and downs, and clearly we recognize that in terms of the downs, in terms of energy management and the weaker volume. I think at the same time, also showing the value of some of the diversification, mainly on the network side, on the efficiency side. We feel comfortable with where we are. We feel comfortable with the guidance that's come out in the market. Thinking more medium long term, we feel very excited and very comfortable with the overall growth perspectives, certainly in the renewables business, but also the other parts, both client solutions and also the network. I think that generally, we feel positive about the sector and about the company. That's something which we'll be working on now over the next couple of months to make sure we deliver the results this year, but also for future years. I think that's it. On my side, just wish you all good holidays. 30th of July, I am sure many of you will be off probably for the next couple of weeks. Take care, stay safe, enjoy, and we'll, I guess, talk again early September. Thanks a lot. Ladies and gentlemen, this concludes today's call. You may now disconnect.