Abel Arbat
Head of Investor Relations

Good morning, everyone, and thank you for joining Naturgy's First Quarter 2026 Results Presentation. This is Abel Arbat speaking from the Capital Markets team at Naturgy. Next to me sits the Global Head of Financial Markets and Corporate Development, Mr. Steven Fernandez; and Global Head of Financial Control and Energy Planning, Ms. Rita Ruiz de Alda.

As usual, we will begin with the presentation and then move to a Q&A session. Please submit your questions through the webcast platform, and we will address them at the end of the call. With that, I'll hand it over to Steven to start the presentation.

Steven Fernández
Financial Markets & Corporate Development Manager

Thank you, Abel, and good morning, everyone. Thank you for joining us today. As Abel mentioned, we're going to go through the presentation. You've had the results publication earlier this morning, and we'd like to focus on a couple of key highlights and then give you room for some questions.

If we go to the Page 4 of the deck, so that will be the energy markets evolution and that's before we get into the financial results and the numbers for the first quarter, we think it's important to set the stage in terms of context, right? So basically, in the first month of the year, we've seen milder weather conditions, greater supply visibility and a lower geopolitical risk premium resulting in lower average gas and electricity prices in Europe compared to the previous year.

However, and this is important to note, this trend reversed