Beatriz Corredor and Roberto García Merino, Chairwoman and CEO, present the 2024 financial results.

Hello Roberto, hello Beatriz. Today we are presenting the results of Redeia 2024, an intense year that has had everything. But before we start, what aspect would you highlight of 2024, an aspect of 2024?

Yes, it is true that they are historic figures and with them we continue accelerating the energy transition so that Spain consolidates the leadership it already has in renewable energies. We have closed the year with the highest renewable generation share in history, up to 56%, and installed renewable capacity of 66% of the total. And also we strengthen the industrial fabric because our country has a historic and unprecedented opportunity to be at the forefront of the energy transition and must take advantage of it. Our investments are materialized in great advances in the projects of the current electricity planning. Let me recall some, for example, the progress in interconnections that are already under construction. This is the case with the Peninsula-Ceuta link, with its commissioning for this 2025; with the interconnection with Portugal, which already has in service the substations of Fonte Fría and Beiz; or the interconnection works with France through the Bay of Biscay, a strategic link for Spain and for Europe, and it is advancing at a very good pace. We have also put into service or initiated strategic infrastructures in practically all autonomous communities throughout the territory for the reinforcement of the network to support new industrial demand. For example, the substations of Almendrales and Espartal in Aragon; the substation of Verdad, which is key for the port of Barcelona; Saguntum for the industry of the Valencian community; the expansion of substations in Madrid or Castilla y León; and some new ones in Extremadura, which will also supply future and necessary railway corridors. There are actions in Jaén, Huelva, Cádiz, Eastern Almería; the new Güeñes- line in the Basque Country; the batteries in the Balearic Islands to maximize the link with the peninsula. There are many, many places that have been achieved in recent months and that demonstrate the great investment capacity of our group. As is often said, without transmission there is no transition, but I would now add but also no reindustrialization.

Yes, it is true, Roberto, that Hispasat is a key operation for Red through which we reinforce our DNA, which is to be a neutral manager of essential infrastructures at a time when the European satellite sector is positioning itself around security and defense. But we also reinforce the financial position to accompany the energy transition and the industrial development of Spain through Red Eléctrica. Because that will be the focus of our next strategic plan: the punctual and efficient deployment of the transmission network infrastructure that will be included in the 2025-2030 planning, which is the toolbox we must use so that Spain achieves the objectives designed in the energy roadmap, which is the National Integrated Energy and Climate Plan, our PNIEC. That is how it is. And although we have focused on investments, let me also comment on the main magnitudes of the income statement, which this year, especially with the adjustment of pre-98 assets and the Hispasat operation, deserve a special analysis. A first message is that the results are in line with what we expected at the start of the year. In terms of revenue, we almost reached 1,650 million euros, and EBITDA exceeded 1,210 million. But it is important to consider the impact of the pre-98 assets and the Hispasat magnitudes, which if not considered in the group's magnitudes would generate a positive impact on EBITDA of 90 million compared to 2023 EBITDA, almost increasing. Net profit stood at 368 million euros, but it is directly affected by the loss we recognized from the Hispasat operation, and without this effect we would have exceeded 500 million, which was our commitment at the beginning of the year.

And as always in this future, Roberto, we are going to meet our business objectives but being faithful to our essence, which is to leave things better than we found them, which for us is how sustainability is defined: being enduring. And it will continue to be the guide for all our decisions.

Well, yes, last January 21 we turned 40 years, 40 years at the service of the country, making possible our economic, industrial and social development from our commitment to sustainability and the general interest, and our indelible vocation of public service.