Raketech Group Holding PLC

Good morning, we welcome you to the EDP and EDP Renewables 9-month 2025 results presentation. If you wish to ask a question at any time during the presentation, you may type it on the Ask a Question box on the webcast. Please note that only written questions will be taken on today's presentation. If you're experiencing any difficulty in listening to the conference at any time, please make sure you have your headset fully plugged in, or alternatively, please try calling from a different device. And now, hand the conference over to Mr. Miguel Viana, Head of IR and ESG. Please go ahead, sir.

Good morning. Welcome to EDP and EDPR 9 Months 2025 Results Conference Call. We have with us today our CEO, Miguel Stuart Andrade, and our CFO, Rui Teixeira, that will present you the main highlights of EDP and EDPR financial performance in these first nine months of 2025. The presentation will be followed by a Q&A session in which we'll be receiving just recent questions that you can insert from now onwards in the text box available in the webcast. As we'll have just later on at 10 a.m. London time, our Capital Markets Day presentation, so the Q&A session will be focused on teams around the nine months financial performance. I'll pass now the floor to our CEO, Miguel Stoel de Andrade.

Thank you, Miguel, and good morning, everyone. So thank you for attending our nine months 2025 results conference call. As Miguel said, we'll be doing the EDP results and then the EDPR, so really a two-in-one call, but for the reasons that Miguel has already mentioned. And so I'll go straight into the EDP overall numbers. If you go to slide three, we'll see the recurring net profit has reached 974 million euros in the first nine months of the year. So that's up 5% in underlying terms. And that reflects basically higher wind and solar installed capacity, higher generation, and also the resilient electricity networks. On the wind and solar front, underlying EBITDA is growing 21% year-on-year, and that's supported by almost 20 gigawatts of installed capacity, and generation up also 14% year-on-year. Electricity networks, they continue to show good resilience. Underlying performance, excluding asset rotation gains and FX, is increasing 30% year-on-year. And our integrated business in Iberia is also delivering solid results. So although year-on-year comparison was impacted by higher sourcing costs, lower hydro volumes, and lower contracted prices, this was partially mitigated by the performance of our FlexGen fleet in Iberia. It's also important to note that the asset rotation gains were lower at this point in the year, so 55 million euros versus 250 million euros last year, so the same time last year at the EBITDA level. And I think that just reinforces the strength of our underlying performance, if you look at the numbers X capital gains. Finally, just to mention, We continue to show an improvement in efficiency with lower costs and better productivity metrics, for example, in things like OPEX per megawatts, et cetera, and Hui will get into that in his slides. So overall, these results underscore the strength of our integrated model, even in the context of reduced asset rotation gains. And with that, I'll pass it over to Hui to present the EDP and the EDPR financials.