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So if we look at the remaining part, the third category is development, and repurposing, We spent nearly €540,000,000 that is fully in line with last year. But if we talk about physical network, we laid more than seven fifty kilometers of of pipes of which nearly 400 only in Greece So the effort to extend and to upgrade and repurpose our network has been extremely significant. Let's take a look at the environmental performance. We are on Page six. This number do not include Aqua Campania. Even if Acoa Campagna is fully consolidated. We will see it in 2025 included. The reason is because we wanted to compare the numbers in 2024 with the number of the PLU CRO As you can see, the net energy consumption was down by 6% nearly 7% in respect of last year. Where the main contribution is coming from gas consumption, that we use gas to eat as operating system to eat our gas that has to be distributed and we were able to reduce specific gas consumption ratio by more than 12%. To reduce the overall gas consumption even though the overall gas distribution has been remained steadily in respect of [indiscernible] And we achieved saving in terms of energy consumption everywhere so in vehicles, in buildings, in the electricity and everywhere.

Regarding the emission, the emission has made a significant step forward. I mean, we are ahead of our targets by far, and that is thanks to the PICARO technology and thanks to the fact that in 2024, We inspected more than 150% of our network. We inspected nearly 130,000 kilometers of network. An increase of 33% in respect to Claso in 2023. Thanks to these activity, extensive activity in that technology, we have seen a significant reduction in term of gas leaks. And that's the reason why scope one and two emission decreased by '20 nearly 21% in respect to 2023, by more than 40% in respect of our baseline, that is to the 2020. And we are clearly ahead of schedule in respect of our let me say, target the closest one that is in 02/1930. So by sure, by the when we will review our strategic plan, we will review also The target will be even more aggressive that what we have already declared last year. But we are not talking only about environment. We are moving to Slide seven. We also talk about the social part. So here, in 2024, we were able to have a number of training hours per employee that is forty five hours Up to up five hours in respect of the average of last year.

For nearly 200,000 training hours that we spend on our on our personnel. And that is we have already achieved target of 2,030. So again, here, there will be an update in the next strategic plan increasing again, this target. And you should consider that This is happened during 01/2024, where the effort in achieving the Duire Italgas deal has been significant. So we didn't forget about training of our personnel and the numbers are there to be demonstrated. [indiscernible] has been reduced significantly. We are fully on track achieve the objective set for 2013. As well as the woman in management position and and as a responsibility role. So we are working hard to achieve the target [indiscernible] not so close, but we are very confident that considering the presence in the top management position in Ethel Gas, the female present bridge, 44.5% we will be able also to accomplish with the percentage of one third of women in responsibility role by thousand and thirty. Let's look let's take a more close look to the numbers. Let's go to the revenues. We are on Page [indiscernible] [indiscernible] told you, there has been significant increase of revenues in the Italian and Greece distribution You know that in 2024, there's been a revision of WACC [indiscernible] And there has been an increase in term of rabble that has generated more revenues as well as deflator inflation.

I would like to remind you that inflator and inflation Due to the regulatory lag time, it's a contribution that is covering what happened in 2022 and 2023. So we are recovering what we should have get at the time of the high inflation period 2022, 2023. But because of the regulatory Mechanism, we are just getting in 2024. The consolidation of Aco Campagna for eleven months contributed, as you can see, by €82,000,000 These three elements so the WAC, the rub, the deflator and the inflation and the Aqua [indiscernible] Offset the loss of $2.02 €50,000,000 in term of revenues fully expected from the end of Superbondes. So year on year, the total revenue remained the same. So the distribution was able and the water was able to fully offset the end of the super bonus. If we look at the results side, the cost side, We are continuously reducing our cost. The like for like basis resulted in a nearly €3,000,000 or less. We expect that the algorithm and the work that we are carrying out in our digital factory about use of generative AI or artificial intelligence [indiscernible] will continue to bring us a cost reduction on our like for like basis.

The reduction in cost is mainly driven by the Fed at the end of the super bonus. So the €200,000,000 that you see is You have to to couple with the reduction in revenues on the other side, And then there is an increase of cost bring by Aqua Campagna Again, you have to couple this increase of cost with the revenues that we have shown you before. I will pass now the floor to Gianfranco for the other comments. Please Gianfranco. Thank you, Paolo. Moving to Slide 10. Overall, the evolution of revenues and of the costs led to 14.1% increase in adjusted EBITDA which is a record high of 1,350,000,000.00 moreover at the high end of our guidance. This is also showing an acceleration in the growth compared to the nine month trend. This positive performance was driven mainly by gas distribution, both Italy and Greece. As well as some one off phenomena like the first time consolidation of Aqua Campania that all this has fully offset the well flagged slowdown of the ESCO business that was already in our plan. If we look at the breakdown by business, the great majority of EBITDA is related to the Italian distribution activities as usual, Greece, on the other side, contributed for almost SEK130 million and almost SEK44 million came from ESCO and Water business.

Would say mainly water and the Tweliza stand as energy efficiency. Focusing now on the adjusted EBITDA on the right side of [indiscernible] the increase was around 21% reaching €820,000,000 in 2024. Better than our guidance of around €80,000,000,000 This growth is finally supported by the increase of the EBITDA of €126,000,000 that I have already commented. And for the first time, the EBIT contribution D and A for €2,200,000 which is a small increase mainly related on one side to the carryover impact of the CapEx executed last year. Partially offset by the reduction of the D and A due to the end of the wrong concession. Moving now to the following slide, we are now on Page 11. The net profit exceeded €500,000,000 with an increase of more than 15%, driven by solid operating performance with EBITDA of almost SEK140 million. Net financial charges remained under control even in raising rates and marking a level of €120,000,000 or €22,000,000 higher than 23. This increase is mainly due to the full twelve month impact of the bond that we issued last year in June and the new bond that we issued during 2024. The income from equity investment increased by €8,000,000 thanks also to the contribution by Water Affiliates, Itchiaquo, and Aqualatina.

Both equity consolidated And finally, we accounted SEK $476,000,000 of adjusted income tax marking increase of approximately €57,000,000 due to a higher taxable income on one side. On the other side, a lower impact of Patent Box compared to the level of 2023. Bax rate was 24.8% compared to 20.2% recorded in 2023. Now Slide 12 is just the recap of the profit and loss with all the elements that we have already discussed. So I will skip it and I will drive you to the following one. Slide 13. In which you find the detail of the impacts of the adjustment and the reconciliations As you can see, we reported approximately €38,500,000 of adjusted dollars of adjusted revenues, EBITDA and EBITDA in lines. With a tax effect of €10,800,000 of these items. Let me comment briefly on each of them. The first 9,900,000.0 negative impact is something that you already know because was already reported in our first half results and is referring to Resolution two zero seven on Herrera regarding a recapture for a previous period, the 2011, twenty [indiscernible] of the cost of telematuring already recognized and have recaptured. For this reason being related to a different period of time, we have put this item into the adjustment.

The second is something new. It's related to EUR 24,000,000 negative impact for the cancellation of safety bonus of the gas distribution business also in this case related to previous year, the year 2020. Please explain the fact that it is in the adjustment line. And the last one is a €4,600,000 negative impact of Resolution seven zero four concerning part of the remuneration of the concession started after 2018. Let me add that we disagreed with all the above resolution, and we have taken action to assert and confirm Now moving to Slide 14 the evolution of the cash flow. This is a very important takeaway of this year, the fact that the level of the cash flow from operation was above 1,000,000,000 almost two times the level reached in 2023. To explain this, you will remember that last year was deeply impacted by some specific [indiscernible] On net working capital linked to the super bonus tax receivable. This year, at the opposite, we saw we have a progressive normalization of the net working capital reflecting mainly the positive contribution of the super bonus tax [indiscernible] offsetting the tax payment due for the year. As a result, flow from operation has been allocated to cover 100% of net CapEx around €780,000,000 100% of financial investment and DASA for $103,000,000 The majority of the dividend payment of €285,000,000 occurred in second quarter.

All in all, the result that this or this resulted in an increased net debt of around €128,000,000 which is in line with the guidance that we gave except for some rounding matters. If you look at Slide 15, you can see the recap, the usual recap on our financial structure. The net debt at the end of the year came in at €6,760,000,000 for the reason explained in the previous slide. As a result, the leverage was below 63% at the end of the year. Thanks mainly to the solid cash flow from operation and also to the positive RUB evolution reaching €10,000,000,000 at the end of twenty twenty four. We are benefiting from a well spread maturity profile healthy level of liquidity we had at the end of the year €400,000,000 of cash and this excludes any effect deriving from the acquisition of Duire Te Gas.

Of the prospective acquisition, of course. Let me quickly recap the transaction that we have completed during 2024 a new bond of $650,000,000 issued in February with a coupon of €318,000,000 And the tap issue, the same bond that we carried in euros the same condition reaching the rounded amount of 1,000,000,000 We also concluded the repayment of the residual amount of the bond for $380,000,000 expiring March 2024.

And of two term loan bank loan for €500,000,000 In addition to the signing of a new 600 Sustainability Linked reward credit facility. Notwithstanding all this transaction occurring in the period, we managed to keep the average cash cost of debt just above last year. In fact 1.6%. Finally, the current composition of the our debt remains substantially well balanced with 85% fixed rate and the remaining floating. Now I will leave the floor to Paolo for his final remarks.

Final remarks is very easy. Is to show you the progression of the dividends and the policy that we have applied. If you look, I was just looking while Gianfranco was talking that if we look about the last dividend that was paid in 2016 when the group was still in the Istanbul group, we doubled the dividends. I think that is most outstanding result that I would like just to underline. So 0.406 is an increase of 15% compared to last year, It's two times what we paid at the beginning of our incredible journey. I will leave the floor for Q and A. Thank you. Excuse me. This is the CarScope conference operator.

The first question is from John Campbell from BofA.

Please go ahead. My questions. The first I have is it looks like in Q4 the tax expense seems to have benefited from the patent box, which you flagged very well. A number of questions I have is is particular, will that be a recurring feature in 2025?

And beyond. I would also be interested to know secondly, if you have any sort of [indiscernible] on your consultations with Aero or anybody else for the rabbit deflator. Because of the changes there, Third question I had was perhaps when can we expect concrete earnings guidance for 2025 I appreciate, of course, how the well flagged 1,000,000,000 rights issue still to digest [indiscernible] unfortunately, this is the last year of this this benefit that is referring to a previous year to the year 2021 So we have completed the period covered by this let's say, this benefit. And the as you correctly noted the amount being referred to one year is less than the amount of 2023 that was the sum of the previous four years. On the deflator and the consultation with Herrera, consultation is in progress not only by us but all the system of the other operators. We do not have visibility on the let's say, issuing of the final decision. The only fact that we can say because it's public is that the tariff, provisional tariff, 25% are based on the level of deflator for the ending 24% of 0.3%. Apart from that, we will expect maybe in the first semester some confirmation.

We do not have visibility on the debt Regarding the last question about guidance 2025, as you know, when we publish our Regarding the last question about guidance 2025, as you know, when we publish our calendar events indicated that our strategic plan is going to be presented the new one, the update [indiscernible] September of So we will issue the guidance when we will present the first quarter result.

So normally, we if you remember, normally, we give the guidance the time of the strategic plan, but because this time the strategic plan is going to be in October, we will issue the guidance at the time of the first quarter result.

I think that's it. Okay. [indiscernible] Thank you.

The next question is from Javier Suarez from Mediobanca. Please go ahead.

Thank you. Thank you for the presentation. Seven Several questions. The first one is on the timing for the completion of the two Ayralada gas deal. If you can confirm that the latest guidance that we have, that probably is conclusion before before summer is still valid. And you can serve with us your latest expectations on when we should have the paper from the competition authority on the on the disposal that should be part of the deal as well. So that question on the timing would be the first question. The second question is on the operations. I'm interested to if you can elaborate on the process [indiscernible] Italgas standard, both in Greece and also on the water subsidiary. The water, it seems that the result has been better. I wanted you to elaborate on reasons behind and also where, again, we are the Greek activities. And the last question is on the on Page number 22 of your press release. You are announcing that [indiscernible] the resolution of five thirteen that is fixed in the La Rettono Rafford gas distribution at 5.9%. So the question is if you can elaborate reasons behind what you are arguing and the timing for this hearing at the regional court plumber?

You passed by far the three questions. Made so many. Okay. Let's try to go one by one. The Twire Tejas timing, I mean, there is no news on that. I mean, And we know you know that the antitrust authority has ninety days after the published the document last December. And these ninety days we land by I remember, was March. You should also know that they may have and at [indiscernible] in case they need have an additional thirty days. So [indiscernible] hopefully, they will not will not use these additional thirty days, but so the time frame that we envisage is is always the same. We didn't change there is no additional news or information for which we are going to change our time schedule. Closing should happen If you imagine that we should receive a final notification by the antitrust, let's say, by mid March, we should update by, let me say, March, the closing April. There is a clear timeframe between the antitrust notification and the [indiscernible] And then the increased capital will happen I mean, our plan today is before the summer.

Before inside the Q2 as long as the market condition are good. [indiscernible] nothing has changed since then. Regarding the operations, M and A regarding Greece operation, they are doing better than last year. And in fact, I mentioned that in the presentation that The increase in revenues and decreased EBITDA are driven by gas distribution and in Italy increase So there is a clear alignment of the performance of the Greek operation to the Italian operation [indiscernible] the trajectory that if you remember not last year, but the year before, we showed to you in the strategic plan saying we will bring in two, three, four year maximum The Greek operation with the same marginality that we have in Italy, and we are exactly online. That's the reason of the good result 2024. On the water side, we are Working with the companies that we acquired no matter if they are consolidated or not. You know that Aqua Company is consolidated But Citiacco and Aqualatin are not consolidated, but we don't care about the consolidation. We care about the operation. We are working very hard in Sichilia to address and to let me say to fix the problem of the water scarcity also for the coming years. [indiscernible] we are working hard to introduce new technology and innovation to reduce the water leakage and we are moving in that direction.

And to be more efficient, Resulting the water sector are of course limited up to now. We have just less than one year of of working with them. So but we are moving in the right direction. And then finally, the fact that we appeal with the determination of the regulator about the new WACC is because We didn't agree [indiscernible] or better, we didn't agree. We didn't find in the resolution of the regulator a solid argument about the revision of beta that is relevant only to gas distribution. If we would found us the determination of the regulator. But we didn't find strong argument about why the beta of the gas distribution should be lower in respect of the previous one. The next question is from Jose Ruiz Fernandez from Barclays.

Please go ahead.

Good afternoon.

Thanks for the presentation.

Just two very quick questions. In Slide number 10, a clarification, you show the change in D and A. You say there is an impact from the end of Rome concession. Can you identify how much is the impact of the end of the wrong concession in D and A. The second one is, I know it's a little bit early, but if you have any view on where are we heading in terms of a lot of return for 2026? Given that the mark to market was giving 30 basis points cut. But for example, some of your colleagues, Snom, kept the guidance flat for WACC, allowed WACC in 2026? Thank you very much.

Yes. On the point of the D and A and room concession, the concession expired in last November. The impact that we have in the last quarter is in the region of €15,000,000 less.

To the expiry of the transaction. This explained why I think the underlying of your question is very low increase in the D and A compared to the level of CapEx that is similar to last year. This is the reason why.

Thank you.

On the second one on the WACC twenty twenty six, we have already started 2024 only. So 2025 Let me say that I'm always skeptical about the mark to market. And if I look where we are today, we have accrued four months of observation out of four the full year. So twelve months. So we are only one third of the journey. So I'm still I don't have the answer. So if you like the mark to market, buy the mark mark to market. I don't like the mark to market because they are always negative.

So they all there is always some pessimism in the mark to market [indiscernible] So if you like it, buy it. I don't like it, I don't bite. Thanks.

Thank you. Very clear. Next question please. The next question is from Emmanuel O'Dioni from Kepler Cheuvreux. Please go ahead. Good evening and thank you for taking my question and the presentation. I have two questions left. One is on still on loan concession, but the question is not about D and A, but about the visibility related to the new tenders on for Rome? And in general the next few 10 gas tenders in Italy you are going to attend in twenty five Second question is on the [indiscernible] Sorry, number four twenty seven, I think this could have a positive could be a positive catalyst for you, could You could gain a positive one off on that?

I would check with you the your expectation and the timing on on the outcome on these consultation document.

I will put together the first question and the second one. On the tenders, wrong concession we don't think that is going to be to happen this year. The tender. Because we don't have any evidence about this movement I think we should have this year in 2025 three maximum four tenders that may happen. That is what has been announced by, let me say, four municipality. But then as you are used to, we may see some postponement during the year. So as of today, we have four tenders that is going to happen. Italy in 2025 based on the announcement. I don't think more is going to happen now. There are a probability that some of them may be eventually further delay. Regarding the consultation document about the OpEx that you have mentioned. It should be I mean, the outcome, the final outcome should happen during the first quarter hopefully by the March. As we have already anticipated the impact on us is around €50,000,000 If we look about U. S. Gas, it's about another €30,000,000 Thank you.

The management, there are no more questions registered at this time.

Thank you. Thank you very much. If anyone has any follow-up questions, the IR team is available. Thank you.