A2A Spa Ord

Hello and welcome to the A2A full year 2025 results presentation. Please note, this conference is being recorded and for the duration of the call, your lines will be on listen-only mode. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing pound key five on your telephone keypad to enter the queue. I will now turn you over to your host, Marco Porro, Head of Investor Relations, to begin today's conference. Please go ahead.

Good afternoon, everyone, and thank you for joining us for Fuliel 2025 performance presentation. Today, as speakers, we have Renato Mazzoncini, our CEO, and Luca Moroni, our CFO. So I'll leave immediately the floor to Renato for the first part of the presentation, and then he will pass to Luca. Thank you.

Okay, thank you Marco and good afternoon everyone. Thank you for joining us. We report another year of strong performance and value creation. The key message that we wish to share today is that we are on track, on trend and on target for short order returns. And so let's start from the slides that you can see. Slide number two highlights. Full year 25 results once again demonstrate our strong execution across all our strategic priorities. Reinforcing A2A's positioning for sustainable growth and short-order remuneration. From an industrial standpoint, in 2025, we delivered on a series of key new milestones, fully aligned with our long-term infrastructure investment plan. Our electricity hub reached €1.7 billion, marking a plus 52% annual increase, growth of perimeter effect and double-digit organic growth, our capex, our investment. These results were driven by disciplined CAPEX deployment and the successful integration of newly acquired assets . We installed 76 MW of new renewable capacity, including the first phase of Santo Stefano in the northern part of Italy near Trieste. At the same time, the group is well positioned to exploit the accelerating electrification trend. We completed a major asset rotation from gas electricity networks, focusing on the backbone of the energy transition. Our supply business unit increased electricity volumes sold by 12%, confirming our ability to capture demand and to serve customers across different segments. We have positioned it ourselves as an early mover along the data center megatrends in Italy. You remember we presented in our industrial plan in November. We launched our data center platform to deliver a fully integrated offering, complementing power supply with land availability, fast grid connection, that is a very killer application, energy efficient buildings, Heat recovery and water management. Heat recovery with this heating, you know. Through this platform, HWA positions itself as a one-stop shop for data centers' energy-related needs. Lastly, our cash conversion rate reached 65% Halloween gas to fully fund our investments and dividends and to improve our leverage ratio at 2.4%. Adjusted earnings per share reached the 22 euro cents, fully aligned with our guidance, allowing us to safely fulfill the commitment to a 4% year-on-year dividend per share growth. So slides number three, in which you can see all our numbers. The consolidation of a new company, Duereti, And the increase in volumes sold in the electricity sector, you remember 12% more, led to an increase in adjusted revenues of more or less 9%, 14 billion euro. We adjusted the EBDA to 1,243 million, decreased by 4% in 2025, but only for the hydro production. If normalized by previous era hydroelectric production, which was 1.2 TWh above the five-year average, the BDA grew by 4%, confirming the resilience of our business model. And the same consideration about adjusted group net profit, that was 686 million euro. Net of agroelectric production normalization is compared to 24. It's the same level. Our net financial position was below 5.5 billion, thanks to an operating cash flow that guaranteed coverage, as I said, of capex and dividends, as well as cash in from asset disposal. And the leverage ratio was equal to 2.4 times, with a decrease compared to 24. Slide number four shows you can see our CAPEX. The capital deployment is the clearest evidence of our sound execution and our long-term strategic vision. With almost 1.7 billion in CAPEX, 11% higher than 24%, of which 1 billion related to development projects. This project has enabled us to improve the efficiency of power distribution network, accelerate our development path towards renewable energy, enhance the flexibility of generation plans, and strengthen our circular economy business. Consider that in particular, in circular economy, imagine the waste-to-energy plant, the authorizations are not easy to be received, and that way, in this moment, it is the only company that year by year has new plants under construction. More than 30% of our development investments were allocated to electricity grid. We are fully committed in distribution. A stable regulated business which allows us to capture the accelerating electrification trend across Italy. We are expanding our renewable plant portfolio in a consistent and balanced approach. Our diversified generation mix combining renewable with flex technologies allow us to support the stability of the system. Key projects such as Cortelona Waste to Energy Plant in the province of Pavia, for example, which will treat 240,000 tons of waste per year, as well on track. And it is very important that we are growing, maintaining edging between collection and treatment. For example, we grow in collection in Piemonte. with a new very important contract in the province of Cuneo in Valle d'Aosta in Liguria and from the other side we are growing in treatment with the new plants, the newest energy plants in Perona, in Cortolone, in Trezzodarda, Crotone and so on. To wrap up, our discipline approach to CAPEX underpins resilient growth today and tangible returns tomorrow. Speaking of results, let me now hand over to our CFO Luca, who will illustrate our financial performance in 25 more in detail. Please, Luca.