Operator

Good afternoon, ladies and gentlemen, and welcome to Terna's Q1 2026 Consolidated Results Presentation. [Operator Instructions] Please be advised that today's conference is being recorded. I'd like to hand the conference over to our host, Stefano Gamberini, Head of Investor Relations. Please go ahead, sir.

Stefano Gamberini
Head of Investor Relations

Thanks a lot. Good afternoon, everyone, and welcome to Terna's First Quarter 2026 Results Presentation. The call will be hosted by our CFO, Francesco Beccali. And following the presentation, we will have the Q&A session. So we kindly ask you to send any questions you might have to our e-mail address, investor.relations@terna.it. I leave the floor to Francesco, please.

Francesco Beccali
Chief Financial Officer

Thank you, Stefano, and good afternoon, everyone. Let me start by sharing with you the key highlights of the first quarter of 2026. Regarding infrastructure, in Q1 2026, 10 projects aimed at developing the national transmission grid were authorized by the Ministry of Environment and Energy Security and the relevant regional authorities for a total value of approximately EUR 167 million. This confirms our ability to streamline internal processes and our constructive collaboration with the authorities, enabling shorter approval time lines.

In terms of execution, let me remind you that in early January '26, the installation of the first submarine cable of the Tyrrhenian Link western branch between Sicily and Sardinia was completed, reaching a record depth of 2,150 meters, below the sea level. In addition, in April, we completed the installation of the eastern section of the Tyrrhenia Link, making the conclusion of submarine works between Campania and Sicily. Finally, in line with the strategic refocusing outlined in the update of our 2024-'28 industrial plan, in