Operator

Good afternoon. This is the Chorus Call operator. Welcome to the presentation of the results of ACEA as of March 31, 2026. [Operator Instructions] Let me now give the floor to Mr. Dario Michi, Head of Investor Relations of ACEA, please.

Dario Michi
Head of Investor Relations

Thank you. Good afternoon, and welcome to the presentation of the results of the first quarter of 2026 of the ACEA Group. Pier Francesco Ragni, Co-General Manager and Valentina Bracaglia, CFO and Planning and Control Manager, will give you a detailed illustration of our results.

Let me now give the word to Mr. Pier Francesco Ragni, the Co-General Manager.

Pier Francesco Ragni

Good afternoon, everyone. As usual, let me give you some information on the regulatory environment. In Water, the main tariff approvals under MTI-4 have been completed by local authorities, and ARERA is about to finish the whole process to approve all group operations by ACEA. As far as Grids are concerned, we expect the professional -- provisional reference tariff for 2026 for Grids to be published in May this month. The final 2024 reference tariff was published in March this year. As for commodities, in the first quarter of 2026, the energy prices and gas prices are decreasing versus the same quarter of 2025 by 6% and 14%, respectively.

The uptick is happening