Operator

Hello, and welcome to Iren's conference call for results of the first quarter of 2026. [Operator Instructions] I will now hand the floor over to Carlo Dubini Dacco, Head of IR, to begin today's call. Please go ahead.

Carlo Dubini Dacco

Good afternoon, everybody, and thank you for joining this conference call presenting Iren Group's results as of March 31, 2026. The results will be presented by our Executive Chairman, Luca Fabbro; and our CFO, Giovanni Gazza. At the end of the presentation, there will be the customary Q&A session. I will now hand the floor over to Luca to present the results for the period.

Luca Fabbro
Chairman and Strategic Director of Finance, Strategies & Delegated Areas

Thank you. Good afternoon, everybody. And thank you for being with us today. The Board of Directors, which met earlier today approved results as of March 31, 2026, characterized by an EBITDA essentially in line with the previous year, while laying the foundations for the growth expected in the coming months, allowing us to confirm the 2026 guidance, as we will see later.

The first quarter EBITDA performance also stands out for the spending of regulated semi-related activities, which increased from 69% to 73%, up 4 percentage points and for achievement of synergy targets in line with the expectations of the business plan. Net financial debt, down compared to