Enel Spa Unsp/Adr

Good day and thank you for standing by. Welcome to the NLQ1 2023 results conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Monica Girardi. Please go ahead.

Thank you and good evening, ladies and gentlemen. Welcome to our first quarter 2023 results presentation, which will be hosted by our CEO Francesco Staracci and our CFO Alberto De Paoli. In the presentation, Francesco will provide some highlights of the period, while Alberto will walk you through the operational and financial performance of the group. Following the presentation, we will have the usual Q&A session. We ask those connected to the webcast to send questions only via email at investor.relations at nl.com. Before we start, let me remind you that media is listening to both the presentation and the Q&A session. Thank you, and now let me hand over to Francesco.

Thank you, Monica, and good evening, everybody. So let's start with the highlights of this period. 2023 starts with a very strong operating and financial performance that offers ample visibility on the evolution of the rest of the year and proves the solidity of our business fundamentals. EBITDA is up high double digit versus 2022, has reached a 5.5 billion euros benchmark on the back of a less volatile environment that is allowing the group to show in full its industrial growth potential. FFO is robust and accounts for almost $4 billion, with an EBITDA conversion into FFO at around 70%, well above the historical trend for the first quarter. The execution of our $21 billion strategic repositioning program is well on track, with deals closed in 2022 or agreed more recently totaling around $11 billion, of which around $4 billion still to be cashed in. This positions us early in the year already halfway through the completion of the target. The solid operating performance, the strong FFO conversion and the progress made on the group strategic repositioning underpin ample visibility on the evolution of the coming months and supports our strong confidence that 2023 targets will be achieved. Operating delivery came in quite strong as well. I am now on page three of the main business KPIs. Our developing machine continues to de-risk energy generating capacity. This has increased 4,500 megawatt over the last 12 months. The share of renewable capacity on total is now close to 70%. providing further support to our integrated business commercial strategy that can benefit from the high share of sales covered by our own production, which now stands at around 90%. The electrification trend continues to accelerate, leveraging on new services and infrastructure. Storage behind the meter is up 1.3 times versus previous year. Public charging points reached 23,500 up to 1.2 times. Our effort in the digitalization of the distribution network resulted in grids of higher quality, with the average interruption rate down by more than 14%. Now I will hand over to Alberto that will walk you through the details of the operating and financial performance. Please, Alberto.