Good evening to all the people connected. Welcome to the first quarter 2026 result presentation.

Enel CFO Stefano De Angelis will present economic and financial results of the period. We ask those connected to the webcast to send questions only via email at [email protected].

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 the CFO.

Thank you, Omar, and good evening to everybody. I will start with an overview of our first quarter operational and financial performance, confirming the disciplined execution of our strategic plan.

Our CEO defined three main pillars in February Capital Markets Day, and I will follow this as today agenda. Starting from productivity, let me explain that we have a wide application that span from maximizing returns through the optimization of our existing asset base and operating cost to enhance the efficiency of the financial resources in support both our current and incremental asset portfolio.

Over the past few years, since the first step of the turnaround of the capital allocation, we followed a simple, but often undervalued approach: increase the share of stable, visible, and financially sustainable portfolio exposure. The 2022-2025 industrial plan, including the disposal program, implied a contribution from networks to EBITDA of around 32%.

Now this quarter, we have consolidated a significant step forward, reaching 42%. This dramatic increase in the contribution from resilient network activities, together with a further evolution of our business model, particularly the reduction in earnings from trading and wholesale, has resulted in a solid year-on-year growth, confirming the strength of our integrated model even in a distressed environment.

The positive trend is now supported also by the network business in Spain that is starting a steady growth trajectory. The resiliency of group's operations translated into a 32% net income conversion into EBITDA and an improved cash generation, with an FFO on net debt at 26% over the last 12 months, increasing 3 percentage points versus the same period of last year.

Furthermore, an EPS stood at €0.20 in the period, representing around 27% of the total target of the year. Worth to highlight that these results are entirely based on the organic delivery of our existing businesses, providing visibility on the evolution of the following quarters of the year and on the achievement on the 2026 EPS guidance.

After this long introduction, we can dive into the results of the quarter. The new business model implemented delivered higher earnings quality thanks to a structural shift from a commodity-driven asset portfolio to a flexible energy management focused on final markets, maximizing the value of Enel Group's generation and retail customer base as core assets.

This new approach resulted into a more and more solid EBITDA evolution, which delivered a consistent growth, demonstrating the continuous improvement in the underlying operation performance. For 2026, we expect to maintain the same growth trajectory observed in Q1, also in line with the expectations presented during our Capital Markets Day in February.

Diving into Q1, grids accounted for 42% of the total EBITDA, recording a strong result across all geographies, particularly in Spain, as I will detail later. On the other hand, the results of the trading and wholesale weighs now for a mere 3% of our total group's EBITDA.

Worth to highlight that historically, Q1 results were inflated by hedge-related effects that reabsorbed across the remaining quarters. Two dynamics help to explain the quarter year-on-year comparison.

First, in the first Q 2025, we recorded an exceptional, approximately €200 million positive mark-to-market results in trading, benefiting from the temporary commodity price spike observed in the period. Really important, we are not adjusting full year 2025 baseline.

This upside was then offset across the subsequent quarters of 2025. Second and more relevant, our revised hedging strategy has been reset to reduce margin volatility, making results less dependent on commodity price fluctuation.

This strategy does not mean that we have lost a profit from this activity, because we have changing the hedging strategy in Italy, as I will detail later. Now I will dive through our financial discipline.

I'm on page 4. The solid operating delivery across the asset portfolio translated into stronger economic and financial results.

EBITDA reached almost €6 billion, accounting for 26% of the results expected for 2026, an increase in 4% year-on-year. As mentioned, the result was achieved thanks to a remarkable increase in grids EBITDA in Spain, while in generation, we recorded a slight decline in non-emitting technologies.

The higher output in Europe was offset by reduced resource availability in LatAm and lower tax incentives in the US. When we refer to reduced resources, we also refer to the curtailment issue in Brazil.

In turn, we benefited from the contribution of the Fusina power plant in Italy and from the optimization of gas sourcing cost for our CCGT fleet. On the other hand, retail performance was stable year-on-year, supported by the rollout of our revised commercial strategy with offers anchored to a sustainable price level and more rational commercial policies.

Net income came in at almost €2 billion, increasing by 4% on a like-for-like basis, resulting into a 32% EBITDA conversion, as I said before. FFO on net debt ratio improved to 26%, an improvement of 3 percentage points compared to last year's.

Finally, the FFO, it's remarkable, reaching the €4.4 billion quarterly results. Again, a solid improvement when compared to last year.

I will detail in next slide about FFO and net debt evolution. Group's cash generation continued to be strong, with an FFO standing at €4.4 billion, implying a remarkable 73% cash conversion.

The net cash generated by the operation funded a €3.9 billion shareholders' return, including both the interim dividend paid in January and the shares buyback executed, as well and the investment deployed in the period. This allowed our leverage to remain solid at 2.5 times over the last 12 months, well below the sector average, which stands at around 3.5 times.

Let's now move to the net income and EPS evolution. Our EPS growth is supported by an industrial and operational business performance, coupled in terms of TSR with execution of our share buyback programs.

The growth acceleration related by the brownfield opportunity will become more and more visible and concrete along the second half of this year and in 2027 in terms of economic growth contribution. Coming back to the net income, the result came in at €1.9 billion, with a solid 4% growth on a like-for-like basis, in line with the EBITDA growth trajectory.

As underlined in our previous result releases, the managerial actions implemented deliver an organic and structural improvement of the asset base, granting a lower EBITDA dilution at the bottom line. As a result, D&A recorded a slight increase versus previous year, driven by higher amortization on increased level of capex deployed over the year, offset almost in full by the positive bad debt evolution in this quarter, especially in Iberia.

Financial expenses and minorities are in line with last year. Income taxes stood at €1 billion, increasing versus last year on higher taxable base.

I will now dive into the progress on brownfield and share buyback. I'm on page 7.

The existing know-how in M&A, powered by the new management experience and supported by a dedicated technical team from Enel Green Power, is full-time involved in new opportunities. A huge area fueled by a well-diversified array of seller and buyers, where we play as unique worldwide utility player.

In order to have a clear view on this context and better understand the reason of our convinced ambition on brownfield as a concrete growth driver, we can, let's say, spoil some update on the US brownfield pipeline. In this moment, on top of the executed or signed deal, we have 15 GW capacity portfolio as sales process under evaluation has started, out of which approximately 1 GW is in an advanced stage of negotiation, while the remaining part of the portfolio will be subject to non-binding offer in between May and June.

We have to respect the deadline of the seller in this case, but this 14 GW portfolio are expected to generate a non-binding offer, again, between May and June of this year still. About the share buyback, we have already shared the figures, I will move now into some business highlights, and I'm on page 9 of the presentation.

In the first quarter of this year, grids EBITDA reached €2.5 billion, increasing 18% versus the same period of 2025. Look at the evolution by geography.

It's important to mention that European network increased by almost €300 million thanks to the Iberian activities, where we benefited also by the new regulatory framework and some recovery in terms of previous year tariff decision from the authority. In LatAm, inflation adjustment contributed almost entirely to the increase recorded in the period.

The remarkable growth allowed grids' share on total group's EBITDA, as I said before, to grow 6 percentage points and reach 42%, providing an increase in visibility of the portion of earnings fully secured. The huge amount of investment deployment in grids in the last years, not only in this quarter, boosted the value of our RAB, which has now reached almost €49 billion at group level, increasing the resiliency and visibility of our EBITDA also for the coming periods.

Let's now have a look at the evolution of the generation and supply in Italy. It's worth to make an introduction talking about the market environment, starting from the evolution of the pool price.

After the spike observed in 2022-2023, and despite a persistent short-term volatility, we have to note that in 2024 and 2025, prices stabilized at around €110-€115 per megawatt. On the other hand, the forward power price allowed suppliers in the free market to hedge the volume to be sold in 2026 at around €106.

Worth to underline that this price is lock-in and reduce the volatility of the energy price from both side of the value chain. This reduce the volatility for the supplier and then reduce the volatility for the final customers at a price that is far from the spike that we observe each day in the last quarter, in the last two months.

The customers pay based on a tariff that is sourced at €106. This tariff cannot be changed for one year.

These customers, that represent, let's keep in mind, 75% of our customer base and more or less of the Italian retail market, referring to consumer and small business, is totally protected from what is happening in the last two months and also what happened in some other period when we have spike. That's why it's important to look at the right part of the transparency of the slide, and this is what happened starting from the 1st of January at three different power price.

The red line is the pool price. This is the price paid by the indexed offer or by the Tutela Graduale and the Maggior Tutela regulated offer.

Then we have the 2027-2028, because keep in mind the 2026 has been sourced at approximately €106, now is stable. These are the price that are used by the suppliers to source and to hedge the new offer.

Let's see the 2028. No?

The 2028 went dramatically down when there was the ETF issue, the Decreto Bollette. Then do not recover at the beginning of the Iran war, because this was supposed to be a short-term issue.

Look how it opened between the blue and the red line. It opened the difference because the short-term power price moves up, the long-term continued to be affected by the ETS and the revision of the system issue.

Then when the Iran war was considered to produce, let's say, medium-term impacts, you see that progressively the price of 2027 and 2028 sources started to recover. For example, for the 2028, we are still below the beginning of the year, and for the 2027 sourcing, we are less than €10 per megawatt difference from the sourcing that should have been paid at the beginning of the year.

When we talk about the impact in the retail customer base at fixed price, we have to keep in mind what happened at the different components of the market: acquisition customers, acquired customer, and customer base pricing scheme that, again, are fully protected by any spike. This is important because when I move to the next slide, I'm referring to our hedging strategy.

That we have 18 TWh of renewables, excluding the hydro buffer and the regulated generation. We hedged 100% of this generation through our consumer, residential, fixed offer power volumes.

80% of this, more than 80% of this, is hedged by existing customers with the priced offer, meaning that the price is settled. Part of this, is the second block, is a pricing that is under the first year lock-in.

When the first year expired, we are in the condition that the supplier have the option to change the price of these customers. Not the obligation, clearly.

No? Have the option.

In our strategy, let me say the price up is not an option normally, because we renew our customer base. That we passed from a long period of repricing down the customer because when we arrived here there was, let me say, still the pricing scheme of the 2022 commodity spike.

Now we maintain the price of the customers independently from the trend of the energy, because we have our own energy that have these customers. It's not a case that in this period our churn rate continued to improve and now is 17% on a full year-based.

In the right part of the slide, I try to explain how does it work. Consider that the color reflected the hedging strategy.

You see that after 12 months, at the end of 2027, also the acquisition that we will perform this year will become full, in italiano is magenta, I don't think also in English, full magenta, that is the new color of Enel. Having spent this time, let's hope usefully for everybody to understand better the retail market in Italy, I will move to the investment of the quarter.

The capex increased 12% on both the grids and the renewable segment. What is important here is not the 12% growth, because you know the amount of capex we are in our plan, but again, it's important to say that the brownfield will create spike of investment, because we consider the brownfield as an opportunity to be evaluated with the greenfield.

When you build a plant, you have a capex spread along the quarters. When you buy a brownfield, you have the capex concentrated in one quarter.

We saw this with the Acciona hydro asset. On the other hand, what is important is that the renewable greenfield that we have presented in the Capital Markets Day is moving towards, and we have approximately 3 GW next to the final investment decision in our group investment committee.

I will move now to some final closing remarks. The economic and financial results achieved are solid and based on an organic and recurring performance.

We stress that the quality of the results is matched with a plan that is built on a growing contribution from regulated activities and a less volatile earning mix, and this establishes the foundation for a predictable and visible business evolution. The solid operating and financial delivery recorded in Q1 is consequently set to persist also in the coming quarter, strongly supporting our EPS guidance for 2026, as well as the commitments on growth acceleration on top of the underlying business performance.

The last three years were focused on a deep reshape of the capital allocation strategy, the business priorities, and the geographical investment focus, and the sustainability of our financial leverage. Now with the step forward coming from the shift from the commodity centrality towards an integrated energy management focused on final customers, 2026 results will be even more solid.

Thanks for your attention, and now open the Q&A section.

Thank you, Stefano. Let's now open the Q&A session.

We receive a lot of questions for the call. We have summarized them by topics.

The first one, could you please provide us an update in the light of the current commodity price scenario compared to your business plan expectation, any upside or downside?

The plan presented in February was built on a price curve reflecting both the forward price scenario at the time of the plan preparation and the first estimate on the impact of the energy decree in Italy. If we look the current price curve for the calendar year 2027-2028, these are still pretty in line.

Don't forget that we have a war under undefined solution. On the other hand, I insist that we have a backwardation in the curve that do not reflect the real market expectation, but just a financial unbalance between demand and offer of long-term deals, especially in Italy, in Spain, and in Europe, where we have poor volumes of PPA.

At the moment, we should say that we confirm this scenario. Keep in mind that we consider this scenario as a scenario that is, let me say, prudent/is covering the most of the risk we can expect from now to the next couple of quarter, where we start to understand better what may happen regarding, especially, the ETS decision at EU level.

Thank you, Stefano. Any updates on the Italian energy decree?

If we do not consider, let me say, the final approval that have some, let me say, minor change, we have to stay on what I have already commented. The decree confirmed the expectation to move to an offset of the ETS in the Italian thermal generation.

On the other hand, what will be really important is to understand what will happen at EU level, who want to find a solution to have a reduction of the weight of the ETS in the Italian pool price. This is exactly what we have used as driver in order to build our medium-long term scenario.

What we have understood in February was that the January CO2 prices, ETF price, more than €100 will not exist anymore. This price will be produced with some mechanism that we will see what came from the discussion that we are not part, because are discussion at institutional level.

What is clear that the Italian situation, where you have an impact of an ETS that on a standalone base may explain a €50 per megawatt energy price, is not sustainable. We have considered it as a structural change in the Italian market scenario, and we have embedded in our projection.

Let me say, we are, as I always remind, covered by and not exposed to the existing ETS price and expectation.

Thank you, Stefano. We have received one question regarding the EPS growth.

You are targeting 6% EPS growth in 2026. How much do you think is from organic and inorganic growth, and how much from share buyback?

We have given I think a very detailed bridge to the 2028 EPS growth, where it's, I'm sure to remind correctly, that there is the buyback detailed impact. I think it's more important to focus on 2026.

Starting from now, and to reach this 6% growth that we expect by year-end or better, let's use figure, the 73 midpoint guidance cent of the EPS, starting from now, we will not have any inorganic contribution, because as we already stated, the 2026 is the year of the brownfield activity in terms of evaluation, binding offer, signing, closing. We do not expect to have any significant impact, and we didn't include any significant impact on the four quarter, for example, results of this year.

What we consider in the target is the already executed share buyback programs, meaning the Italian, the Enel America 1, and for Italian buyback, we have considered the €2 billion programs executed.

Thank you, Stefano. Any updates on the distribution in Italy?

As what is happening on the regulatory side, is that ARERA, as you probably know, have published in March a resolution where the deadline was postponed, but this do not change, let me say, the most important pillar of the decree and the translation into law, that is the extension of the concession. As part of the derisking of our plan, I have already stated, that in the new plan of Enel, there is just €1 billion dedicated to source a potential value of the one-off fee for the extension of the concession.

Why we have used this figure? Because in a moment where it's difficult to imagine what may happen, because you have the items of the final customer bill protection, it's better for us to use, let me say, a little amounts, it's not so little, €1 billion, and then to work into invest and create value using the other billions that, as we have put in the previous plan.

You have to create value, and you have to generate an asset portfolio investing the amount of money that are not excluded or embedded into, let me say, a €4 billion, €7 billion, that was figure that was rounding into the market. If we put €7 billion and then it's €1 billion, we lost €6 billion because then we have to recover.

We prefer not to recover anything from this item and to work on investing this money on something that we have control.

Thank you, Stefano, for your comments. Now let's move from Italy to Brazil, São Paulo concession.

Could you please provide us an update on the process?

In the financial release, there is all the explanation of the single step. What happened on the 7th of April was a decision that comes from ANEEL and that is subject to our, let me say, counter deductions that we have until the 13th of May, and we are preparing a very huge amount of arguments in order to avoid any follow-up on this, because as we are 100% sure that there is no part of the concession contract that we have breached in terms of, let's say, covenants, KPIs, and so on.

There were extraordinary events where we suffered, because they were all the three of them, let me say, reading the new world record of wind speed in São Paulo, etc. These are events that normally are deducted from the KPIs, exactly for the extraordinarity of the weather condition.

Let me say, we are confident that at the end, the investment, the dedication, the people, we have hired thousands of people, billions of reais of investment, additional investment, will be recognized. At the end of any potential decision, don't keep in mind that we have approximately €3 billion of financial asset that defend the value of the group and the value of our net asset in the balance sheet.

This is not to say that we have a minimum intention to look at this as the solution, but this is a very relevant protection to keep in mind when we discuss about this topic.

Thank you, Stefano. A couple of questions regarding share buyback.

Are you going to announce the remaining €1.5 billion by year-end, and when are you going to cancel the share?

In both cases, we have to give you some, let me say, bureaucratic answer. That the share buyback in Italy have a different prospective, have an 18-month maximum duration, we will come back to the shareholders' meeting to apply, let's call it, an extension of the duration for the €1.5 billion of the non-executed amount dedicated to the Enel S.p.A.

share buyback. I will tell you that this is part of our plan, we will execute this €1.5 billion in the new terms and condition that will be approved by the general shareholders' meeting.

At the same time, we will cancel for sure the share, is any doubt, because the shareholders decided in this way, and we cannot change this decision. We have no intention to change this decision, and the cancellation is mandatory to happen before November.

From now to November, for sure the share will be cancelled. This is part of the discussion that are more a legal reason why, for sure we will cancel the shares, and for sure the share will not exist anymore after November 2026.

Thank you, Stefano. Thermal generation and trading, decreasing in first quarter and set to decrease for the full year.

Could you please detail the dynamics?

As I hope it was clear in the presentation, we have two completely different dynamics, because historically we report the thermal generation with the trading and gas long-term commodity contracts, the wholesale activities, etc. Starting from now, because we changed the way of managing especially the renewable portfolio and, let me say, the trading and position activity related to the renewable portfolio in Europe, we are starting to give the separate information about what is happening on the wholesale and trading activity and what is happening on the generation activity.

On top of this, and this is why we don't have a particularly affection with this volatile activity that is the trading, last year we also, as explained in the presentation, we recorded approximately €200 million spike in the results that was reabsorbed along the year. Trading reducing, shifting the results of the trading also large part of the trading results of the past year, 2025, is not disappearing.

Is the position and trading value created on top of the customer base, on top of the generation that we are using to maximize the value of the integrated margin, not to maximize a financial derivatives activity that exposed us in the past to dramatic and relevant negative impacts. Is not disappearing, and this is also clear by the trend that you may observe looking at the integrated margin net of trading.

You see that this is an expected and an actual also in the actual results a significant growth that we are already recording if we exclude the trading activities. In the thermal generation, then we have some positive results coming from structural investment like Fusina, and also coming from, let's say, long-term rearrangement of gas industrial provision.

I refer to the Shell contract in Chile, where we completely changed part of the supply, and we were able to extract value from this renegotiation, where Shell will continue to be our provider, but we, let me say, changed some specific delivery activity that is part of the long-term relation that we have with Shell.

Thank you, Stefano. Could you please provide the building blocks for the following quarter to get to the EBITDA and net income commitment announced in the Capital Markets Day presentation?

We have always the same question. I will be very serious on this, because I think this is really important and this will move the model and the projection on our future performance.

Talking about the balance 2 is also difficult for the adjustment and the volatility of the results, I will drive you direct to the full-year results, then you can play the balance 2 first quarter exercise on your own. Starting from the business line split of EBITDA, full year 2026 integrated margin, excluding the trading, is expected to stay ahead of €13.5 billion.

Including the trading, let's consider that trading is not financial trading, it's also trading of commodities, it's a huge contract that we have to manage and we extract value from this. What we refer in terms of discontinuation is what we trade on the renewable generation and the customer base used as an option.

The year-on-year performance, if you apply the €13.5 billion, you will see that is improving on a year-on-year base. This comes from an improvement in Latin America, and this is due to the softened seasonality on curtailment expected in 2026, and the weaker resource availability in 2025.

Again, Iberia, on both retail and supply business, we expect a positive contribution, also for the more rational approach on sales and the visible improvement of the spot power and gas scenario, giving benefit to the Iberian results. On the other side, networks will land, in our expectation, to an EBITDA that will be higher than €9.5 billion, having ambition of €9.6-€9.7 billion as midpoint, but you also have to say higher than €9.5 billion, because depending on some regulatory one-off, minor regulatory one-off, we could have €100 million higher or lower results, but we stay on the €9.7-€9.7 billion as central guidance for the networks.

In terms of rate of growth that is important for the network business, we expect to maintain a high single-digit growth in Europe thanks, from one side, the normalization of the positive recovery that we have in Endesa, that we stay, by the way, in a double-digit full-year growth, while in Italy, we expect to have, let me say, a solid and consistent double-digit, high-to-single-digit growth year-on-year. Finally, in LatAm, thanks to an improved macro scenario, and also the expected tariff indexation to come, we will confirm the double-digit EBITDA growth expectation that we already experienced in the first quarter.

All these changes, worth to remind, apply to ordinary results, with no adjustment and pro forma that reduce the published 2025 baseline. I say this because in the past we were obliged to restate the results, but just for the disposal of our asset.

We are not making any adjustment for accounting reason or comparison reason. We start from what we have approved in the 2025 full-year results, and we will confirm the growth that we have announced in the Capital Markets Day based on the pre-closing results that was exactly in line with the final full-year results.

When we move to the net income, I think that it's also a positive outcome. The significant reduction in 2026 due to the lower contribution of the trading and commodity EBITDA, and subsequently a net income, it's better to look at the existing first quarter 2026 net income and to elaborate on this, because differently we may discuss on the spike that we had in the results of 2025 more than the expectation that we have on 2026.

If we start from the €1.9 billion of net income of this quarter, we expect in our process to stay at €1.8 billion per quarter, having this figure as a floor, and you can make an easy calculation to reach our 7.3 midpoint guidance. Quarterly results then will depend on seasonality on power and gas consumption.

Second quarter, for example, is a low consumption quarter both for power and gas, while in, for example, the other part of the world, Americas, weather would be the most important driver: El Niño and La Niña, El Niño in the south, La Niña in Colombia. Keep in mind that the recovery measures set as prevention, not as a cure of potential headwinds that we used to include in our projection, as you probably had the opportunity to see in the last three years, make us confident that the resilient baseline performance of our asset portfolio will deliver the full-year guidance shared with the market, also facing some headwinds, let's say the curtailment in Brazil, the continuous growth of the ancillary services, for example, in Spain, that we have this time budgeted and we have, as I said before, put as a recovery measure the hypothesis that it will continue and is continuing affecting our retail performance.

Thank you.

Thanks, Stefano. Let's move to retail.

What's the current level of churn rates both in Italy and Spain, and how is affecting your margins?

If we look at the churn in the retail and especially in the residential customer in Italy and Spain, you see that this is something that is completely crazy in a retail market, because where we supposed to have the lower price in Europe, we have 35% of market churn rate, and in Italy, where it's supposed to have the higher price, for example, Enel have a below 20% churn rate. It means that probably price is not the unique reason to change the service provider.

In Italy, as I said before, we are continuing to reduce the churn again, because it's not €5 per megawatt, that means €10 per year, that make the decision to change the provider, but is important the full relationship that you have with your provider, also the bundling of other services like the fiber, like the gas, and we will come with other services in the forthcoming quarters of this year. This is a really important loyalty instead of €5 per year or €10 per year change in the price coming from the consumption of power.

Let's move to Spain, because it's more important. In Spain, we started to change our commercial policy, because the 35% churn rate is a clear result of a commercial policy that have something to be changed, and we have identified what we have to change, and we are starting to change from this second quarter.

Probably this may affect in the really short term the net adds, but for sure will not affect the results on both revenues, gross margin, and especially net income for more than three months, because the channel that we are restructuring have a churn rate that if you can imagine that is the worst churn rate. In the average, we arrived to have 80% of churn in one year, it's not a commercial channel, is something that have to be, let me say, dramatically restructured, and this is a signal also for the other players in the industry that we cannot make our money be destroyed while we have to face a complex industry scenario.

We cannot have these guys making money on top of the customers and on top of the energy provider.

Thank you, Stefano. Let me double-check.

Yeah. Brownfield opportunities.

6 GW of brownfield opportunities in renewables. Do you prefer a particular region or type of assets?

Do you see any execution risk?

On the execution risk, I think it was clear that we cannot say that we have no execution risk. We have execution risk on anything that we plan.

For sure, we have no more execution risk in brownfield than in greenfield, considering the situation of the market. This is why we have strongly drive our investment into the brownfield opportunities.

The brownfield opportunity is not just saying that we have preferred the US. It's the US that have the opportunity, and the US is the market that show us that there is an opportunity also in terms of future evolution of the price scenario, because it's where the demand is really growing.

We have some signal in Europe in the last two months, Spain, also Italy, but in Texas everybody was desperate for the consumption. Now everybody's saying that the consumption for the data center will explode.

We have not just the data center. We have a lot of reason why we have a lot of opportunity, US for sure it's the first target that we have.

We are making non-binding offer and more also on Europe, Tier 1 countries, as we say. Then we have to look at where there are the opportunities.

The most of the opportunity are in US, and we have smaller opportunities that we are working on also in, especially in Europe and in Germany, as we say, in other situation and opportunities.

Thank you, Stefano. There are no more questions, the Q&A session is over.

I think we covered all the main topics, but if something is missing, the IR team is available for follow-ups after the call. Thank you, everybody.

Thank you, and see you soon. Bye-bye.