Operator

Hello, everyone. Welcome to the Q1 2026 Results Presentation Conference Call. My name is Gara, 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 Francesca Pezzoli, Executive Director, Investor Relations, Sustainability, P&C and Ratings. To begin the conference. Please go ahead.

Francesca Pezzoli
Head of Investor Relations

Good afternoon, ladies and gentlemen. Welcome to the presentation of Snam's consolidated results for the first quarter of 2026, which were approved by the Board earlier today. I am here with Luca Passa, Snam's Chief Financial, Sustainability and International Asset Management Officer.

Luca will walk you through the most recent market trends and update, the latest regulatory developments and the main industrial and financial achievements over the period. He will then provide a detailed review of our financial results, and then we will open the floor for your questions. With that, I'm pleased to hand over to Luca.

Luca Passa
Chief Financial, Sustainability & International Asset Management Officer

Thank you, Francesca, and good afternoon, everyone. I'm on Page #2. Italian Gas demand was up around 0.5% in the first quarter of 2026, with exports stable at 0.5 bcm. Physical flows were unaffected by Hormuz developments, while geopolitical uncertainty drove price volatility.

2026 WACC is stable across