Operator

Hello. Good evening, everyone. Today's First Quarter 2026 Results Presentation will be led by our newly appointed CEO, Gianni Armani, whom we warmly welcome today, together with the CFO, Marco Palermo.

Before we start, let me remind you that after the presentation, we will have the usual Q&A session. Thank you. And now let me hand over to Mr. Armani.

Gianni Vittorio Armani

Thank you very much, Mar, for your kind welcome. I have only recently taken up the role of CEO, and I would like to ask you the indulgence for a brief settling in period.

For this reason, during the Q&A session, we'll take a slightly secondary role, giving the floor to our CEO -- CFO that will answer to all your questions professionally. Thank you very much for the understanding. The quarter delivered solid financial results with EBITDA growing 14% and net income rising 24%.

The performance was primarily driven by the distribution business, which continues to demonstrate its strength, supported by effective and disciplined management, and of our grid and in the environment of the new regulatory framework. Once again, the period highlights the resilience of Endesa liberalized business model despite the environment shaped by the geopolitical uncertainty, the ongoing volatility of the energy markets, our strategy has enabled us to deliver consistent and robust results.

Finally, the quarter highlights