Endesa Sa Madrid (ELEZF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to all the people connected today. Welcome to the first quarter 2025 results presentation, which will be hosted by Endesa's CEO, Jose Bogas, and the CFO, Marco Palermo. Following the presentation, we will have the usual Q&A session open to those connected on the call and on the web. Thank you, and now let me hand over to Jose Bogas. Thank you, Mark, and good morning, everybody. First of all, in relation to the events of last week, allow me to thank all the Endesa workforce who, from their different positions, worked tirelessly to recover the electricity supply in record time. The blackout is still under investigation by the Spanish government, and it is the system operator who is responsible for guaranteeing the continuity and security of the electricity supply. From the very beginning, we have been working closely with the TSO to identify the causes of the power outage and to implement the appropriate measures. Now let's continue with the highlights of the period. In this first quarter, we recorded a solid financial performance across all businesses, as we will further comment on. This is in a market context saved by growing geopolitical instability, which contributed to further intensifying volatility across global markets and put significant upward pressure on commodity prices. On the regulatory side, this year has a special relevance since, as you know, we are in the midst of a regulatory review process to cover the next six years. We are still awaiting development on the update of the financial remuneration, a critical milestone to address electricity transition and distribution challenges, to attend to new demand patterns and integrate new renewables. And finally, on a different topic, the 2025 Annual General Meeting held last week approved all the...