Operator

Hello, ladies and gentlemen, and welcome to the A2A 2026 Q1 results presentation conference call. My name is Zach, and I will be your operator for today's event. Please note this conference is being recorded. [Operator Instructions] I will now hand you over to your host, Marco Porro, Head of Investor Relations to begin the conference. Please go ahead.

Marco Porro
Head of Investor Relations

Good afternoon, everyone, and thank you for joining for the first quarter 2026 results. Today, the results will be illustrated by our CEO, Mr. Renato Mazzoncini; and the CFO, Luca Moroni. I will immediately lead the floor to Renato.

Renato Mazzoncini
CEO, MD & Executive Director

Okay. Thank you. Thank you, and good afternoon, everyone. Thank you for joining our call today. I'll start with a statement Alfred North Whitehead once said, that the art of progress is to preserve order amid change, and to preserve change amid order. And let's say, in the last 3 months, we have seen a lot of changing inside the energy landscape in Italy and in Europe. So let me start with a brief overview of the macro scenario and how we are responding to preserve both order and change in our mission to be ready to power. So in Q1, Q1 was marked by uncertainty and super like volatility in the energy market, fueled principally by two external factors.