Hello, and welcome to the Deutsche Bank Depositary Receipts Virtual Investor Conference, DBVIC. My name is Zafar Aziz from the Deutsche Bank team. I'm pleased to announce that our next presentation will be from EDP, from Portugal. Before I introduce our speaker, a few points to note: Please submit your questions in the questions box to the right of the slides. Also, all of today's presentations were recorded and can be accessed via the Deutsche Bank website, adr.db.com. At this point, I'm very pleased to welcome Catarina Novais, Senior Investor Relations Manager of EDP, which trades on the Portugal Stock Exchange under the symbol EDP, and in the US on the OTC markets as EDPFY. Over to you, Catarina. Thanks, Zaf. Hello, everyone. Today, I will share a brief overview of EDP, a global energy company listed in Portugal, that is actively driving the energy transition. So, next slide. EDP is a multinational company, vertically integrated utility with more than 45 years of history. We are a global company organized in five regional hubs around the world, counting with more than 12,000 employees, with more than 60 different nationalities. We are generating 56 terawatt hours of electricity, supplying electricity and gas over more than 9 million of customers. Here you have our geographical footprint. We are organized into those five regional hubs around the world. Iberia, where we are based, Rest of Europe, North America, South America, and APAC. Right, sorry. And we are all stages of the value chain, from electricity generation, distribution, transmission, and supply. Currently, we have 29 gigawatts of installed capacity, of which more than 90% is renewables, with the remaining portfolio being thermal, which we plan to phase out until 2030. I will mention more on detail this part later on in the presentation. Our networks. We have 387,000 kilometers of network spread between Portugal, Spain, and Brazil. On electricity supplied, we serve around 9 million clients, as I said before, also Portugal, Spain, and Brazil. Just to give you a sense of big numbers, but in the next few slides, I will also write more and go deep on each hub. All these activities culminated in a EUR 5 billion EBITDA in 2023, which, a big bulk of it coming from Iberia, more than 50%, followed by Brazil, North America, Rest of Europe, and then APAC. Moving to the slide four, start with our main market, Iberia, where we have a significant presence. EDP operates in Iberia across all the business segments of the generation, supply, networks, and counting with 7.7 thousand employees. We manage more than 13 gigawatts of installed capacity, divided between hydro, thermal, wind, and solar, with a target to phase out thermal generation by 2030. We supply around 29 TWh of electricity per year to the 4.7 million clients in Iberia. On the networks segment, we hold a sizable portfolio, reinforced by the, after the acquisition of Viesgo in Spain in 2020, and managing EUR 4.9 billion of regulatory asset base with 288,000 km of network lines. Moving to slide five and now talking about our presence in the Rest of Europe. We have operations in ten countries, being 100% renewable and counting with more than 2 GW of renewable assets in those countries. Most of our installed capacity in this region is wind onshore, but we are growing on our solar distributed generation business, and we are investing in storage and hybridization to increase flexibility while providing more reliable generation. In North America, EDP's operations have grown significantly over the past decade. EDP Renewables is now one of the largest wind and solar operators in the market, operating in the US, Canada, and Mexico. We have an installed capacity of 8.1 gigawatts, mostly wind, so around 6.6 are wind, and we are focused on centralized generation, complemented by solar DG, and more recently, by energy storage options. On Slide seven, we can see EDP activity in Latin America is primarily focused on Brazil, where we operate across all the stages of the value chain, as in Iberia, employing more than 3,000 people. Our installed capacity here is 100% renewable, split between hydro and wind and solar. In this market, we also hold electricity networks, both distribution and transmission, so this is the only market where we operate transmission lines, counting with three lines in operation and other two under construction. Finally, in Asia Pacific, EDP has a pan-regional presence with a focus on accelerated networks growth. Singapore serves as the hub for our operations in the region, but we are present in nine markets such as Indonesia, Japan, Korea, among others. Our main focus here is solar DG. So the rooftop solar. We have over 2,700 buildings in Singapore, and our installed capacity is around one giga. So I have just gave an overview of each regional hub and our main business there. Just making a summary, you can get an idea of our portfolio as a whole. EDP has a highly diversified portfolio structure around three main areas: integrated generation and business in Iberia. This is expected to represent 40% of our net income in 2024, based on a strong weight of flexible hydro, resilient client base, and following integrated approach to manage the risk. We have our clients, and we have our merchant hydro, which has a natural edge to mitigate the risk. We have our electricity networks portfolio in Portugal, Spain, and Brazil. This is a highly regulated market, which provides stable, low-risk cash flow, and we continue to see strong growth on RAB and positive prospects in the regulatory returns. Finally, our wind and solar subsidiary, EDP Renewables, with more than 85% of its capacity focused on low-risk markets in Europe and North America, account for the high percentage of long-term contracted revenues. We already have a strong track record on renewables development, with growth set to continue on the way to net zero, expected to increase over the next years. So here you can see that in this May this year, we presented our updated targets for 2024-2026, to cope with the current market conditions: change in interest rates, change in power prices, and new curves for PPAs. We are focused on the capital optimization and robustness of our balance sheet, forecasting around EUR 70 billion to be invested during 2024-2026 period, with an increased relative weight of electricity networks. It will be around 80% of renewables, client and energy management, and 20% in electricity networks. Versus our previous plan, we are deferring investment post-2026 and focusing on the higher return and most advanced projects in the pipeline. We increase our IRR WACC spread targets above 250 basis points for the new investment plan, versus the 200 basis point previous target. To keep the risk profile, we maintain and change the contracted NPV above 60%. Net investment, adjusted to the right part of the slide, for disposals, are forecasted to stay at EUR 9 billion for 2026, supported by the EUR 7 billion asset rotation program until 2026, which assumes that we are selling 45% of our capacity additions and hydro assets in Brazil, in line with the previous plan. This recalibration of our investment levels is based on updated outlook regarding capacity additions. We are now targeting 10 gigas of renewable capacity in 2024-2026. A big part of these gigas will come from core low risk, as I said, like North America and Europe. It will be around 85% of new additions, and solar will play an important role to increase our portfolio diversification, being the main technology to be added in this period of around 60% of the total additions. Our current portfolio is mostly wind, so we are planning to add more solar in order to have a more balanced portfolio in 2026. Now, on the right hand of the slide, we target additions, of course, are expected to comply with our target returns, that I mentioned before. We are going to look backwards to continue to see attractive projects with a good returns, considering our investment criteria. We stress this over time. We are seeing our investment thesis play out. Over the last six months, we have seen a support of PPA prices impacting the IRR, not just in absolute terms, but also in terms of rate of our NPV that is contracted. We are looking. We are talking about IRRs of 8%, 9% in Europe and U.S., respectively, and contracted NPV of more than 60%. Together with our updated investment plan, we have also recently approved a stricter investment criteria, so we are increasing our target spread for our portfolio to at least 250 basis points, as I said before, on a spread of IRR WACC and keeping our strong focus on contracted cash yields. How are we going to fund this plan? We forecast gross investments of EUR 17 billion for the period, and a total of EUR 2.5 billion of dividends to be paid between 2024 and 2026, resulting from our dividend policy, which remains unchanged. Dividend per share floor at EUR 0.905 in 2024 and 2025, and EUR 0.20 in 2026. This is expected to be funded through the EUR 8 billion of organic cash flow, EUR 7 billion of asset rotation, and around EUR 3 billion of tax equity proceeds coming from U.S. projects. The rest is the additional hybrid issued the past weeks. This funding plan allows us to maintain a solid credit ratio, with FFO net debt expected at around 20% in 2026, meeting our triple B threshold ratings by all the agencies, which, as we stated many times, is a strategic goal for EDP. So our diversified portfolio, combined with the selective growth approach and increased efforts of efficiency, results in an EBITDA guidance for 2026 in a range of EUR 5 billion-EUR 5.1 billion, implying a 3% growth from 2022 to 2026. And a net profit ranging from 1.2 to 1.3 in 2026, implying a 10% growth between 2022 and 2026. With this split between the areas. I would like to stress that this growth path is always done, keeping the focus on leading the energy transition, and this is why our strategy is built under the key ESG targets, so for the following years, we want to be coal-free by 2025, all green by 2030, and net zero by 2040, and this and the progress we have been doing on this method is impressive, so you can see here the track record. In 2005, more than a half of our generation derived from coal. Since then, we have significantly increased our investments in renewables and progressively phased out coal. In 2023, 87% of our total generation was from renewable source, and very soon, coal generation will have no contribution to our generation, nor our revenues, with the final goal of being coal-free by 2025. So we are well on track to reach this goal. We are not just selling our coal plants, but promoting a just transition to those plants. Starting with Brazil, we sold 80% of our coal plant in Brazil, Pecém, with plans to convert that plant to other sources of fuel, namely natural gas plants with hydrogen or biomass. At the same time, we keep the management of pilot green hydrogen project commissioned in December 2022 in the Pecém complex, and we will continue to assess the potential to develop larger scale renewables hydrogen projects in the region. Regarding our plants, coal plant in Spain, we are moving ahead with the conversion of the Aboño plant to gas by 2025, to ensure the security of the supply in the Asturias region, and have signed a 50/50 partnership with a major local industrial player to do that. In parallel, we are also developing hydrogen projects there. For the remaining plant in Spain, Soto III and Los Barrios, we have already formally requested authorization for closure for the electricity system operator. All in all, we are leading the energy transition, and we are executing our commitments to being coal-free next year. Just to summarize our key targets and before going to Q&A, our strategic priorities for 2024-2026 are focused on four key pillars: Accelerated and sustainable growth, EUR 17 billion investment targets, aiming to install three gigas per year of renewables, reaching 23 gigawatts of wind and solar installed capacity by 2026. ESG excellence and future-proof organization. EDP's focus on delivering value to shareholders through a sustainable business model in the long term. The priority will continue to be the commitment to the best ESG practices, ensuring strong financial returns. EDP's firm commitment to the energy transition, and we will look towards being coal-free by 2025, all green 2030, and net zero by 2040. And the last two, distinctive and resilient portfolio. EDP has a diverse and resilient portfolio with a lower risk profile and focus on geographical presence, with a triple B rating, a target of 20% of FFO net debt in 2026, and more than 80% of EBITDA coming from the high-rate markets such as Europe and North America. Last, creating the superior value of stakeholders. EDP is committed to deliver a growth trend on results, targeting EUR 5 billion-EUR 5.1 billion of EBITDA, and EUR 1.2-EUR 1.3 net income by 2026. And it's attractive returns through the sustainable dividend policy, targeting the dividend floor at EUR 0.20 per share in 2026, and 60%-70% payout ratio. And now, I think we are ready to go to Q&A. Thank you. I think I have already here some questions. What is the long-term geopolitical risks with the China Three Gorges 20% stake? How you assess the risks? We don't see any risk to have our China Three Gorges in our shareholders, so it's have been more than ten years of having them in our shareholders. They are in. I think, and it's doesn't have any issue. By then, it seems to be very key strategic player. We had a partnership with them in some of the projects, wind and solar projects. We announced last year that we are going to buy back those projects. I think we see a long-term partnership with no risks involved. Try to go to the next one. How does EDP prioritize capital allocation between renewable energy projects and grid infrastructure and strategic investments? So EDP is focused on the wind and solar projects, and our 80% of our investment is for those projects, renewables. For networks, what we are doing is invest the maximum as we can in the grid in Spain, Portugal and Brazil, and we are participating in all the auctions that we have been having in Brazil, as like transmission. We are expecting to see the new regulatory period in Portugal and Spain to see if we will be able to invest more in those business. When we had the opportunity to invest more, we did, as I mentioned, with the acquisition of Viesgo in 2020. Can you talk about how do you approach cost control in areas such as energy procurement, maintenance, and operational efficiencies? We announced in the past months some efficiency programs. We bought our minorities in Brazil, so now we have our operations from EDP Brazil and EDP Renewables Brazil together in order to have synergies. We also have our procurement departments, a global procurement partner in order to supply all the geographies together. And I can give more examples. We also have our IR teams together, our finance departments together, so it's the way that we are going to be more centralized areas and have more efficiencies. So what should shareholder expect in terms of dividends and buybacks in 2025? So the dividends are the one that... Our dividend policy hasn't changed. It's what I mentioned during the presentation, and there is no buybacks expected. What we have is our scrip dividend policy at EDPR level. I think is... I have another one. So it's: Is your energy generation options exclusively wind and solar? How do you see your presence in U.S. growing over the next several years? We are focused. Our investment is focused on renewables. As I present in our investment plan, we have mostly solar, but we also have wind onshore, wind offshore, storage, and rooftop solar. We have some pilot projects of hydrogen, but it's most, well, most of it is this, those technologies. I think we are done. I think I don't have any new question.