Redeia Corporación, S.A. (RED) Earnings Call Transcript & Summary

Good morning. Ladies and gentlemen, shareholders. I want to start, this [indiscernible] thanking you for participating in the current AGM of Redeia Corporación S.A. that will be held in a single session. It will be celebrated only telematically under the authorization provided for in the Articles of Association. So this format guarantees the effective participation of our shareholders whose rights can be exercised fully with full equal treatment and regardless of the place where they are based. Moreover, the celebration of the meeting that is exclusively telematic favors a more efficient allocation of resources and it enlarges the capacity and optimizes the technology. If you ever need any help, any shareholder or representative that attend this meeting can address during the meeting, the shareholder office. There is a phone number 900-100-182 or through the email, [email protected]. So together with me, I have the CEO, Roberto Garcia Merino; and the Secretary of the Council, Carlos Méndez -Trelles. I also have the other members of the Board that are by my side on this table, except for Socorro Fernández Larrea for health reasons, she cannot be here today. We wish her an early recovery. We wish to her. So in order to keep a record of this meeting, we have one more the presence of the Notary Public of the Association of Madrid, Eduardo Martin Alcalde, who is also present in this room together by the Bureau of the Board by the stand. For his work, Mr. Madrid, that you can see on the screen, has full access to this broadcasting and to the telematic attendance platform through which he will learn all the actions that the attendees to the Board will make closing interventions, proposals and the votes they will formulate or cast. So I'm going to now give the floor to the Secretary.

Thank you, President. Good morning, shareholders, dear shareholders, as indicated in the official announcement of the Board of the session. The Management Board in session celebrated on May 27, 2025, agreed to convene this Annual General Meeting. We are going to celebrate this meeting telematically according to the valuations established in the General Board of the Society shareholders, the Article of Association and applicable law. So as is usual and without the need of registering as attendance, the meeting can be followed live or on demand. In any case, the telematic attendees that have registered can follow the meeting through the telematic held platform that is prepared in the corporate website, redeia.com. We also have simultaneous translation into English and sign language translation into Spanish to facilitate the participation and the follow-up of the Board. If there was a fall or blackout in the electronic and communications system, the meeting will be suspended and as soon as the system is supplied again, it will be resumed. We will inform about the continuation of the meeting through the website of the society if that is the case. Now we will confirm the constitution of the general meeting according to the law, the Articles of Association and the regulation of this meeting. Afterward, the CEO, Roberto García Merino again, and myself will speak about the more relevant aspects of the strategy and the management of the company that have been carried out during 2024 and whose results are presented to this meeting. Then we go through the interventions of the shareholders. We will answer the questions they might have. Afterwards, we will read the essential aspects of the proposals of agreements that will be approved by this meeting and also the information items. And once the time for voting is over to all these proposals, we will end with information on the results of the voting of the proposals. Both the announcement of this meeting and the proposals of agreement and report issued by the Management Board have been and continue to be at the disposal of all of you in the website of the company continuously through the shareholder office and in the registered office of the company. And the text -- the full text has been provided free for all shareholders that have requested it, either in the registered office or through the mail. So we consider this being read in order to go on with the proper development of this Board. And notwithstanding the summary of the proposals that will be carried out afterwards. As previous years, an external audit is being carried out, auditing the operating procedures of the current general Board in order to reinforce reliability and transparency of their operations, including the counting of the votes and delegation of the Board. So the preliminary results of this audit will be published today in the website of the company when this meeting is over. And once the execution of the final test is also finished, the final results of this audit will also be published. And to guarantee the correct exercise of the rights of the shareholders, those who wish we can ask for certification on the sense of the vote that will be sent briefly. So without further ado, I give now the floor to the Secretary to inform to report on the constituting of this general meeting. I would like to point to the fact that according to the bylaws and to the regulation of this management Board, the President of this is [indiscernible] Paloma De Cáceres and as Secretary, it will be myself, the Secretary and the other members of the Board are also part of the Bureau of the Board. The present meeting has been convened through the Management Board through an announcement published in the -- on the website of the National Commission for the Securities Market and the Society itself on May 27, 2025, and on newspapers sell by [indiscernible] on 28 of May 2025. The shareholders have not presented any additions to the notice of the present meeting or alternative proposals to those formulated by the Board. So the Secretary will now inform you about the list of attendees to this Board. So the list of attendees is as follows: present 305 shareholders holding 5,137,000 shares and 1,919 shareholders represented. So having 345,000 actions. So in total, attend to this meeting, person represented to 2,400 shareholders who owned 350,000 million shares that are equivalent to 64% of the social capital of the company. Once applied to the legal limitations established in the Electricity Sector Act in the Spanish Corporate law and in the Articles of Association, the actions of the company with a voting right are 5,645,000 actions. So, we also established that treasury stock of the society of the company has been calculated in order to estimate the percentage for the constitution of the Board, but it's been excluded from the calculation of the number of total of actions with the right to vote according to what is previously established in the legal -- in the legislation. These shares that surpassed, the legal boundaries of the shareholding has been considered in order to constitute the General Board, although those shares won't be considered in order to calculate the percentages of vote necessary to -- for the adoption of the resolution. So the forum demanded by the Spanish Corporate Law is therefore met and by the bylaws in order to celebrate this meeting in a single session and to discuss all the affairs included in the agenda. For the purpose of the record on the notarial deed, I bring to your attention that the list of attendees has been drafted and recorded on digital format and the cover of the corresponding support will be extended through due diligence with a good vision of the President. Now I give the floor to the notary in order for him to make the necessary legal warnings. If any of the shareholders or attendees or representatives have reservations or protest regarding the number of shareholders that are attending or the capital that is present or represented, I wish that they make me know sending our communication to the corresponding section prepared in the telematic attendance platform in the website. And I will bring it to notice to the minutes. According to the attendance data, we declare validly constituted in a single session, the present General Annual Meeting of Shareholders of Redeia Corporación to treat the affairs included in the agenda. I want to point out the fact that this year and according to the rules approved for the telematic attendance, in case of that any shareholder or the representative is attending telematically wish to intervene and ask for information and clarifications on the agenda items. All the information accessible to the public that the society has facilitated to the National Commission for the securities market since the celebration of the last meeting on the audit report or if they want to make any proposals allowed by the law, they can do it through the telematic attendance platform to which they are connected as attendees either on written or through audio or video and following the procedure established to this effect in the calling of the meeting on the website -- corporate website and on the telematic attendance platform. In particular, the written intervention, this has been formulated since it was registered as telematics attendees and you can keep asking for interventions once the -- until I point out the fact that the route of intervention after my discourse and the CEO discourse and once the attendees that wish to have made their intervention throughout audio/video. All attendees can access the written intervention that all the attendees make through the corresponding tab of the telematic platform. In case of interventions throughout audio/video, those interested need to request to intervene through some any of these means through the telematic attendance platform and following to that effect, the instructions that are foreseen for that. And I remind you that the attendee that intervenes through audio/video should use a device that has an audio or video system at home. That means a microphone, webcam to habilitate the access of the device to these means. Interventions through audio/video can be made until the route of intervention is over and as they are called to intervene. The attendee that intervene through audio/video can only do it again on written. Also, if you wish the intervention to be on the minutes, you should expressly ask for or demand. So on the section for interventions in the platform for telematic assistance prepared in the website or expressing it so in the intervention, communicating -- fully communicating the content of the intervention or depending on the case facilitating Mr. Notary, the written text of their intervention before this takes place so that Mr. Notary can check their content. In order to favor the good development of the meeting, we ask you for short interventions. Also, I wish to remind you that as it was informed in the announcement of the calling to this Board, those shareholders or representatives that attend telematically have been able to cast a vote on the proposals linked with the agenda items through the vote form prepared in the telematics platform on the corporate website since the connection of attendees and according to the functioning regulations foreseen. The voting procedure of the proposals linked to the items included in the agenda will end when I say so, once the Secretary has read the summaries of those. I also inform you that under the protection of what is disposed in the regulation of the meeting regarding the proposals of agreement by the Management Board and linked with the items included in the agenda, the votes in favor will be considered all the shares present and represented except for the votes corresponding to the actions, whose holders or representatives established that they -- that they cast a negative vote, a blank vote or an abstention through the communication expression of the vote or abstention to the notary or through the platform of telematic assistance and also the votes corresponding to the shares whose holders or representatives have abandoned the meeting without having expressly indicated their sense of the vote or abstention and having communicated this abandoned to the notary through the platform. If they abandon the meeting without having expressly indicate their vote or abstention or without having expressly communicated to the notary, their leaving of the meeting through the telematic attendance platform. It will be understood that they vote in favor of the proposals of the Management Board that are linked with the agenda items. The notary through the platform of telematic assistance will take note of all those votes or abstentions. And linked with the voting of the proposals for agreement, I remind you that according to what has been established in Article 526 of the Spanish Corporate Law. The Board members who have formulated or are in a situation equivalent to public request of representations and that are in conflict of interest and have not received precise instructions for vote won't exercise the vote corresponding to the shares represented by them in relation depending on the case, with the proposals formulated by the council under the point -- under items 5, 7.1, 7.2 or items 6.1, 6.2, 6.3, and 6.4. And according to what has been indicated in the delegation forms that were received and unless otherwise indicated, the Secretary of the meeting or the Vice Secretary of the Management Board of the [indiscernible] will exercise the corresponding vote to those indications in the conciliation of appointed representative in case of conflict of interest in relation with those items that could exist. And I also remind you that if several voting actions are carried out in the telematic platform, only the last of them will be considered. And now I'm going to start with some thoughts about the strategic aspects of Redeia activity during 2024. The intervention of the CEO will decide -- we'll speak about the previous affairs. [Foreign Language] [indiscernible] of the flash floods in Valencia in 2024. I would like to remember all of them, their families and loved ones. To all of them, my warmest embrace. The episode of catastrophic rainfall was also a challenge for this company, whose workers worked tirelessly to repair the damage to the grid cost. The cost of the grid by up to [indiscernible] in the towns of [indiscernible]. So we could rebuild the flood [indiscernible] substation. Thanks to the grid meshing and the immediate response of [indiscernible] electrica, we managed to keep the transmission grid available at all times in the very risky and complex weather conditions. To all those who made this possible, thank you again. Events such as those mentioned, which at the time were complex challenges for the electricity system, now looking back, seeing like milestones that were prepared for us, preparing us for the tough and demanding context we face today. The will of all our professionals to serve society has only grown stronger with each difficulty. I will not fail to reiterate that my confidence in their impeccable work before, during and after the 28th April incident is absolute. The priority of each of them, like mine, has at all times been the safety and the well-being of all citizens. An attitude that I was able to see firsthand during the process of restoring supply, which is the system operators carried out in a record time despite the technical complexity involved. The guide for action on the 28th of April as on every day of the more than 40 years of the existence of electricity network has been the regulatory framework. Its rigorous compliance. [indiscernible] activities that are as regulated as the system operation. Its functions and actions are detailed in the regulations from the electricity sector law to oil degrees or ministerial resolutions as well as the operating procedures, which are mandatory and which define in the greatest technical detail each of the operators' sections. We know that the trust, not only of you and the rest of our stakeholders, but of society as a whole is our main value, and we will not cease to make every effort to continue to deserve it. I would also like to thank the system operator for the meticulous analysis of a huge amount of data, which has been carried out since the very day of the Peninsula blackout, which has allowed us to have a rigorous and accurate technical report on the incident, barely 50 days after the event. In compliance with current regulations, which derive from both the Electricity Sector Act as from the operating procedures, the operator is obliged to carry our this exercise after a relevant incident such as that of the 20th of April. But beyond following the legal imperative, we have sought to ensure the maximum scope and knowledge of this report, which can be consulted which is available on our website, demonstrating once again our unwavering commitment to transparency. And these are not just words. These are dates. The electricity network is the only company out of the 67 from which the 28A Committee requested that has given its consent for the dissemination of its data. As highlighted in the presentation of this report, [indiscernible] Electrica in its capacity as electricity system operated at on the 28th of April in accordance with its main function to ensure the continuity and security of supply in coordination with the other operators and subjects of the system and always under the principles of transparency, neutrality, independence and economic efficiency. I must stress that the value of this document lies in the technical analysis it provides. As a complement to the conclusions of the official investigations into what happened, that of the Ministry of Ecological Transition, that of the National Securities Market Commission, that offer the legal nature carried out by the National Court and by the European body that brings together the TSOs of the member countries and the exhaustive analysis of the sequence of events. And causes it points to do not, in any case, imply any indication of legal or administrative responsibilities, which will have to be resolved by the corresponding authorities. I cannot go into all the technical details of the report and not into the exhaustive chronology of the events, but allow me to summarize the main conclusions drawn. The analysis focused on what happened after 12:00 midday on that Monday because although before the time, various events that are frequent in the operation are reported in real time, the available data show that they were neither relevant nor the origin of what happened afterwards. Based on this premise, the report determines that before it 12:03 mid day, the system was within admissible voltage and frequency values. From that time onwards, several relevant events occurred. A first forced oscillation that is triggered by possible internal anomalies in a generation plant. Also, its repetition and possible influence on the natural oscillation that followed. And from there, 3 generation losses occurred in [indiscernible]. Due to incorrect tripping when the voltage was still within the operating range. All this, together with the generators failure to absorb reactive power in breach of their dynamic voltage control obligations imposed by the regulations led to a situation of overvoltages just now outside admissible ranges, which led to the cascade disconnection of generation in the system. The consequent drop in frequency also led to the disconnection of the link with the Moroccan system and of the alternating current lines between Spain and France. Finally, the direct current line linking us to France was also disconnected. At 12:33, 24 seconds, 12 hours, 33 minutes to the Spanish peninsular collapsed and was completely shut down. This is the succinct chronology of events supported by data of maximum reliability recorded in the operator system, most of them in fractions of 20 milliseconds. We do not speculate, we analyze and verify. And from that knowledge, we can say certainly that what would have happened if the generators had complied with the voltage control obligations imposed on the operating procedure, 7.4. We would not have had oscillation. We would not have lost synchronism. We would not have had a blackout. Regarding the technical restrictions that our operator program for 28th April and which, as you know, have to modify the minimum necessary to modify the program negotiated by generators and marketeers in the market, managed by both MIE as every day, Red Eléctrica made the appropriate calculations and took the correct decisions, but always considering that all the groups were compliant with the technical obligations imposed by the regulations. The scheduling of conventional generators ensured sufficient resources to the system. But when it came to the moment of truth, these resources were not effectively provided. Given this circumstance, the simulations show that the course of events would not have been any different if an additional group had been added to the system. Nor was the incident caused by an inertia problem. In fact, on that day, the system had an inertia value higher to the [ NTE ] recommendation. This was because the group's coupled due to technical constraints were sufficient. As for the measures taken by the operator to dampen the oscillations that took place before the collapse, they responded to the established protocols and in fact, they succeeded in damping these oscillatory phenomena, which are very dangerous. The management of the interconnection was also correct, because of the protocol agreed with the French TSO RTE, which had already been approved it effectiveness was applied. On the other hand, one of our main priorities now is to contribute from the broad vision of the incident that we have as TSO to ensure that a similar situation does not occur again or at least to minimize its consequence as much as possible. Many of the recommendations and measures we proposed in our report have been the backbone of the royal decree law approved on the 24th of June by the Council of Ministers with urgent measures to reinforce the electricity system and contribute to avoid a new event like that of 28th April. A new regulatory element that entails important changes in functions attributed to the system operator and which is aligned with the course of the event identified in its report and with the recommendations included therein. It strengthens the Board of the supervisory functions and powers of the National Securities Market Commission, which will periodically assess the voltage and control obligations of those supply to provide the service. And penalties for noncompliance with voltage control are also adapted. As Red Eléctrica points out in this report, one of the main causes of 28th April was noncompliance by generation of its voltage and controlled obligations. It also strengthens the National Market Securities Commission functions and powers of inspection of the replacement capacities of generation facilities with autonomous startup and distribution grids. This will allow for safer and faster replenishment in the event of any incident. Also, this entrusts the system operator with the assessment of the need to implement additional systems to control voltage and other elements such as power swings, because the available means of generation proved unreliable during the incident. It also entrusts the system operator with the elaboration of proposals for regulatory modifications on responses to power swings, also on the speed of voltage variation on the scheduling of technical constraints and on other technical elements that contribute to strengthening the system -- of strengthening the system security. In other words, it is necessary to review the applicable regulatory framework with measures that did not exist in the regulations on the day of that incident. It also entrusts system operator with the task of carrying out incident analysis and also notes the need to solve the difficulties encountered by the system operator in receiving the necessary information and data from the agents for this purpose. It also establishes measures to increase the resilience of the transmission grid and both to reduce the cost of generation and also in view of the dependence to date. And the lack of reliability shown during the incidence of the available resources. It establishes the need to define the responsibility of the shared generation evacuation infrastructures that will be jointly and separately liable to the electricity system for any event of request at or omission of their duties that occur or is motivated instead common evacuation infrastructures. This measure is relevant given that a large part of the initial generation disconnection during the incident on the 28th of April corresponded to infrastructures -- to shared generation infrastructures, the management of which is outside the scope of Red Eléctrica. Also measures are introduced in line with what the Electrica has been questing for some time to make the planning of the electricity transmission with more flexible alone, to adopt better to the changing needs of the different agents as well as specific measures to favor the supply of demand connected to their transmission grid. On the other hand, as a sign of its confidence in the good work of Red Eléctrica, it also attributes new functions and competencies to the system operator such as data management and supply to end customers. Definitely, consolidating the model in which of the TSO, Red Eléctrica from its central, neutral and independent position is. Also the joint collection and processing of dynamic and static information on electric recharging points in order to guarantee a more efficient and better coordinated management of information and also to reduce the administrative burden of these charging points and to comply with this principle of efficiency that should govern the actions of public administrations. In doing so, it expands the role hither to held by the system operator. On the other hand, we consider the recent approval by the National Securities Market Commission of the review of the operating procedures regulating the details of the voltage control service to be very positive. With this vision, which has been developed on the basis of the proposal sent by the operator and on the basis of the proposals submitted by the operator and on the positive results of the regulatory demonstration project, it encourages all generation and demand facilities to provide great resources for voltage control. On the 28th of April, [ SE7 ] will have a major influence on the definition of [indiscernible] corporate strategy for the incoming years. The context that has accompanied us over the last 5 years already highlighted the need for resilience and constant adaptation capacity to be the key elements in our road map. And the current scenario requires us to redouble our efforts in this regard. Our company's commitment to cooperate with the investigations into the incident will remain as strong as ever. We have provided all the information requested by the administration immediately, completely and transparently. On the other hand, I believe, it is our duty to defend the good work of the professionals of this company against unfounded accusations, sometimes very serious ones, which seek to undermine our reputation and undermine confidence in a company that has been providing an essential public service for 40 years now. It is a central access for the socioeconomic progress of the country. I would like to ask you to focus especially on an aspect on which there has been intense debate since the 28th of April. Although it is true that this is not the first time that the TSO model that is of a single carrier and system operator integrated into one company has been called into question, the TSO model is a strength of our system. And since it was born with Red Eléctrica 40 years ago, being consolidated. That's the most efficient model to guarantee security of supply, technical neutrality and also the coherent development of infrastructures. Proof of this is that it is the model applied in 22 out of 27 EU countries. And in some cases, it has been adopted -- adapted after blackouts -- it has been adopted as of blackout that revealed the inefficiency of the fragmented system, like the one suffered in Italy in 2003, for instance, which also affected Switzerland. Both countries then opted to replicate a scheme similar to the Spanish one with their Italian TSO and Swiss with the Swiss TSO or the situation in Chile after the blackout on the 25th of February, with cross accusations between the operator and the transmission companies in an ISO system. The peninsula blackout has demonstrated the advantages of having this model in the reestablishment of the supply. The fast and efficient replenishment where both the transmission company and the system operator intervene have been possible thanks to the optimal coordination between the 2 in one single company, which allows for easier communication and reduced response times. On the other hand, the argument about the alleged conflict of interest that may arise between the 2 roles or functions in the company is totally unfounded. In Red Eléctrica, there has never been a conflict of interest when taking decisions as system operator that would favor our activity as a transmission company. Proof of this are the solutions proposed in the planning. Where we prioritize those that make greater use of existing Red or that can be resolved with operational tools. We must remember that this TSO model is regulated with functional, financial and operational separation requirements, which Red Eléctrica scrupulously complies with and which allow us to take advantage of those -- of this model while avoiding these potential conflicts of interest. Even on our own initiative, we have created instruments that go beyond the requirements of these regulations and that increase the guarantees of the separation. Beyond this aspect, we can assure that having a single carrier and guarantees the most efficient and safe operation of the system, especially in emergency situations, allows for greater savings for the consumer by reducing operating costs and guarantees neutrality with respect to other agents. Added to these are the benefits of this disposal, being integrated with the system operator, which results in greater security and quality of supply, thanks to better coordination, acceleration of the energy transition by facilitating the implementation of national energy policy and ease in the process of accessing and connecting to the grid. In addition, the quality levels of transmission grid maintenance are higher than those of distribution, and we apply equipment and design criteria that exceeds regulatory requirements. Regarding the alleged lack of speed in the development of the actions necessary to respond to the needs of the system, I must point out that the investment in the transmission grid is progressing much more quickly than if operation and transmission will separate. The main bottleneck in the development of new facilities is administrative procedures. So the existence of more than 1 transmission operator would not change the situation. Later on, I will insist that it is important that all the organizations and administrations involved in the process take ownership of the objective of providing a country with a secure, renewable and capital-free electricity supply. We must all pull in the same direction to guarantee this and thus become a fundamental vector for the strategic autonomy of Spain and the EU. We have a lot riding on it. The Peninsula blackout of 28 April logically marks the situation of the energy sector in our country. A sector that inevitably also drinks from the consequences arising from an increasingly challenging global context, marked by instability and uncertainty. On the geopolitical front, the conflicts in the Middle East continues to escalate. With attacks between Israel and Iran. And against the backdrop of the painful and unjust humanitarian crisis in Gaza, which is worsening daily due to the occupation and the blockade of aid. Meanwhile, on the other side of the planet, the U.S. administration continues its alarming drift towards restricting rights and freedoms, to, for example, immigration policy and its constant attitude of industrial confrontation and climate denialism. In these multiple context, the EU faces a complex interplay of internal challenges, such as the rise of populist and nationalist political forces and external ones, such as trade tensions, or the security crisis arising from the conflict in Ukraine. For the continent to remain a relevant actor in this polarized global scenario, it is necessary to strengthen its industrial competitiveness. But without jeopardizing social welfare and the progress made in ecological transition, it is essential to commit to greater strategic autonomy especially in terms of energy security and technology. In view of these challenges, the competitiveness compass is the European Commission's road map for focusing EU policies on economic dynamism. The drive for decarbonization through competitiveness is driven by the clean industrial pact -- sorry, with the objective of reducing energy prices for industries, business and households through the affordable energy action plan. The latter announced a package of measures on European electricity grids that aim to improve the planning of these infrastructures, speed up the granting of permits, improve cost sharing and support supply chain. In this context, the European Commission's economic forecast suggests that the GDP will grow by 1.1% in 2025 in the EU. This economic growth will be even higher in the case of Spain, 2.4% is forecast, according to the Bank of Spain. The fact is that boosting productive muscle cannot entail a shortsighted approach to energy as one of the most pressing external challenges we face in Europe is climate change. Our continent is the fastest warming continent on the planet, at twice the global average and last year was the warmest on record. This is not the way forward. Decarbonization must be the engine of reindustrialization in Europe. Fortunately, and despite the voices driven by interest that do not respond to the common good, are taking advantage of the currency to question the green agenda, the energy transition continues to be one of the key pillars for the European Union in this legislature. The data supports the progress made in this transformation. As recently assured by the European Commission Vice President for Transition, Teresa Ribera, together with the energy and climate commissioners, the analysis of the national energy and climate plans sent to Brussels, confirms that in Europe, we are closer to achieving the emission reduction target and renewable energy targets for 2030. Specifically, with these plants, renewables will reach 41% of final energy consumption in the EU block by 2030. Spain is among the countries that will exceed its national target with a projected renewable deployment of 47.9% by the end of the decade. So far, in 2025, the weight of these renewable technologies in the structure of national electricity generation continues its positive evolution. After closing 2024 with a record 57% in January and up to 15 June this year, renewables have covered 59% of electricity demand. In May, despite the fact that the system was operating in reinforced modes, this share reached 61.5% with a mix led by clean technologies, solar, photovoltaic, hydro and wind. These levels are due to the increase even in renewable installed capacity, favorable weather, but also thanks to the complex work of renewable integration carried out by the professionals of the electricity grid system operation at the control center of renewable energy or CECRE. Thanks to them and to the robust and mesh grid we have, we were able to integrate more than 98% of renewable production into the peninsular grid in 2024, a figure higher than that of our neighboring countries. These advances in the transformation of our mix are in line with the updating of the objectives of the plan for 2030. We make a fundamental ally for Europe strategic autonomy as the deployment of renewables is the only way to advance in energy sovereignty and reduce dependence on fossil fuels from third countries in the current and unstable geopolitical environment. This trajectory is driving the reindustrialization process in Spain from a situation of undoubted competitive advantage, turning out into an important player in the energy sector in key sectors such as technology and energy. We choose all country for the project, revitalizing the socioeconomic development of the territories. The low prices of increasing the renewable energy have a lot do with this. In May, the average price on the wholesale market was EUR 17.93 megawatts hour. The second lowest month in history, second only to April 2024. It was the lowest price for a month in May and was 44.3% lower than in May last year. Industry -- the final price was also the cheapest since April last year. Industry will be precisely the priority actor in the next electricity planning 25-30, in which according to the Ministry of Ecological Decision, a 30% increase in demand is foreseen with the incorporation of so-called new consumption. This new road map for the deployment of the transmission grid, whose proposal will soon be submitted to a public hearing by the Ministry, will seek to respond to this new electricity demand that has survived especially in technological industrial sphere and also in the green hydrogen sector. A relevant fact is that while in previous planning cycles request for connection to the grid of new renewable generation facilities were the main element, on this occasion, it is a request for connection to demand. Requests that exceeds 100 gigas and represents 41% of total requests. This planning 25-30, will be based on territorial cohesion, the demographic challenge and industrial decarbonization as essential principles and we will be the main toolbox for Red Eléctrica to continue promoting the ecological transition and create opportunities for the productive fabric throughout the territory. I assure you that executing it in a timely manner from the moment of its approval will be a priority for Red Eléctrica. In addition to continuing to set the pace for the execution of the 25-30 planning and its modifications of specific aspects approved last year. And those recently approved by the Council of Ministers within the framework of the measures we recommend to guarantee the electricity supply. . In fact, this will be the main focus of the company's next strategic plan and will involve the execution of an unprecedented volume of investments until 2030. But the activity of our flagship company also awaits the key developments on the regulatory horizon this year. In addition to the extension of the functions assigned to the system operator in the recently approved royal decree to to which I have already referred. Among the regulatory and remuneration developments that we expect to see shortly. And which the CEO, Roberto Garcia Merino, will go into more detail, it is worth highlighting the review by the National Commission for the Securities Market of the remuneration model for the 2031 period, a critical point, given the need to adapt the criteria to the energy context. The need, in our opinion, they should reflect the increase in operating and investment costs involves either transformation to smart grid and the integration of distributed energy resources. We expect to have a view of the modification of the methodology for calculating financial remuneration rate foreseen in MEMO 229 and the revision of MEMO 5 2019 and the revision of unit values in MEMO 7 2019. On the other hand, the extension of the investment limit for network development is expected soon following the public consultation launched by the ministry to modify it. Like the rest of the energy sector, we are also waiting for the approval of the draft to reestablish the National Energy Commission, which is still in the administrative processing phase. I should not fail to mention at this point, the guide on advanced investments for the development of electricity grid that the EU executive presented this month, which proposes to study a profound change in the planning, regulation and financing of these infrastructures. Brussels is proposing forward-looking investments for the deployment of networks, forward-looking investments based on medium- and long-term needs. They recall that more than EUR 470 billion will be needed to develop EU transmission network up to 2040. Ladies and gentlemen, shareholders, as we highlighted in our presentation of the group's financial results, you know that at Red Eléctrica we are making an unprecedented investment effort that is allowing us to implement the current plan and preparing us for the deployment of the next one. In just 5 years, we have tripled the historical investment average and the levels we have before my arrival as nonexecutive Chairman. In 2023, we increased TSO investment by 55%. In 2024, this percentage rose to 34%. And in 2025, we are going further. In the first quarter of 2025, this investment was 70% higher than in the same period of the previous year. As we have already told you, our objective is to close this year at 4,200 million of accumulated investment in the 2021-'25 period. So we will increase accumulated investment in 25-30, which is much above the initial forecast. This investment drive is allowing us to move forward with transmission network projects included in the planning with new facilities commissioned or under construction in all the autonomous regions, with projects not only for the country but also with the strategic projects for the European Union. This is the case of the new interconnection with France via the Bay of Biscay, an infrastructure that will boost interconnection capacity between the Iberian Peninsula and the rest of Continental Europe, and whose importance has become even more evident after the incident of 29 April. A link that a few days ago, received the backing of the European Investment Bank by providing EUR 1.6 billion in financing. And all the interconnection works are already underway and work is progressing on the converter so that the interconnection can be pushed into operation within the committed deadlines. Work is also progressing well on the new interconnection with Portugal to the north with Fontefría and Beariz and we plan to complete the Beariz- Fontefría 400/220 kilowatt lines this year. With regard to national lanes, we will begin laying the peninsula submarine cable, even in the near future, followed by the cable linking Tenerife to La Gomera, Canary Islands. Special mention should also be made to the promotion of our strategic project for the Salto de Chira hydroelectric power plant in which one of the most significant milestones was completed last January. The connection of the 2 working tunnels. This project, which is at the forefront of the European energy sector and also has the financial backing of the European Investment Bank will play a key role in the Canary Island energy transition. I must underline the good collaboration with local and regional administrations by all technical institutional teams, dialogue with all territorial actors and efforts to build social consensus will continue to be the basis for the development of our infrastructures. Always focused on promoting the well-being and wealth of the territories. But we need -- I insist that all the bodies involved in the process go in the same direction and at the same pace. The agility of the institutions in terms of the processes that fall within the competence, just as reports, permits, precautionary measures is essential always with the general interest in mind. On the other side of the Atlantic, our subsidiary Redinter is going through a stage of consolidation and strengthening of its operations, showing us to be a strategic partner for the development, maintenance and operation of transmission infrastructure on the countries where we operate. Through the group strategic plan '21-'25, the international business has been consolidated and has managed to meet its objectives, focusing on continuing the strength and to strengthen our transmission infrastructure and operations in Peru, Chile and Brazil and increasing our customer base. Redeia's telecommunications activity will continue to be deployed through Reintel, which continues to develop its activity with a solid performance and show the positive evolution during 2024. It is important to note that the main telecommunications operators that have entered the Spanish market in recent years have deployed their fiber optic backbones over Reintel's infrastructure. In this business segment, the divestment of Hispasat, which is in addition to the divestment of Reintel in '22 has enabled the group to achieve the goals set out in the strategic plans in the field of communication. In addition to strengthening the group's financial position to drive the energy transition to Spain through Red Electrica with the sale of Redeia's 89% stake in Hispasat, we have consolidated our DNA as a notional manager of essential energy and telecommunications infrastructures. With this -- the group -- with this divestment, the group will have received a total of EUR 821 million, including the agreed price of EUR 725 million plus EUR 96 million in dividends received from Hispasat since its acquisition. This transaction has taken place in a time of profound transformation in the satellite sector, in which the evolution of the global geopolitical context means that security and defense components are gaining increasing importance over traditional telecommunications. Finally, we also know that it will not possible -- it will not be possible to move towards an ecological transition to a net sustainable and competitive future without technological innovation. Here, I must stress that we maintain all the time to promote this through Elewit, which in 2024 has boosted the activity of its corporate venture capital vehicle with the incorporation of 3 new national international startups and with its commitment as an anchor investor in [indiscernible] Energy. This consolidates its position as a strategic investor in key emerging technologies in the electricity sector. Next, I would like to tell you about Redeia's main advances and milestones in governance in the last year. With the satisfaction of having renewed the highest rating, D++ in the Good Corporate Governance Index certification obtained in 2024 awarded by AENOR, which will also certify the sustainability of this Annual General Meeting, we are the first company to have its ethical channel certified by this body, a sign of our commitment to protecting employees and other stakeholders. This is recognition of our solid corporate governance system and commitment to transparency and the adoption of the best national and international practices and recommendations in this area. Once again, this year, we have carried out the self-assessment process of the Board of Directors with the support of a new external adviser of recognized expertise, which will allow us to further improve our management model. We have also implemented a new annual program of Board activities and awareness. I would also like to refer to the action plan carried out in 2024 in relation to the protocol for the involvement of the Board of Directors with the company's employees, a pioneering practice already consolidated in Redeia that facilitates interaction between the directors and the workforce. On the other hand, we have modified the regulations of the Board of Directors in order to adept them to the technical guide on audit committees and to organic law 2/2024 of representation of equal representation as well as with Redeia's reality in terms of gender diversity on the Board, which exceeds the legal requirement. Our objective has always been to encourage and voluntarily promote the incorporation of women on the Board of Directors, as demonstrated by the proposals of the reelection and appointment of directors that will be submitted today for the approval by this meeting, which, if they go ahead, will mean that women will represent 58.3% of the total Board, which is a major milestone for the company. And of course, today, I would like to convey my most sincere and personal thank you, and those -- and thank you for the entire Board to the 3 directors present here who are leaving the Board of Directors, the private director representing SEPI, Ricardo Herrera. And the independent Board members [indiscernible] and Marcos Vaquer Caballeria. Thank you so much for your professionalism, for your commitment and your loyalty and for your solid ethical principles and values you have shown during your tenure as members of the Board and members of the various committees. To you, Marcos, I would also like to thank you for your functions and as Chairman of the Sustainability Committee and coordinating independent and Board member which have been so important to continuing to promote corporate governance and sustainability. Finally, in order to continue advancing in this leadership, the reelection of the independent member Jose Maria Abad Hernandez is proposed and the appointments of 2 independent members in Natalia Fabra Portela and Albert Castellanos Maduell. Also, the appointment of a nominee director, which representing SEPI, Arancha Gonzalez Laya. I'm confident that in view of their extensive experience and professional expertise at the highest level, if the Board approves these proposals today, their contribution to the Board will be of great value in driving Redeia's future strategic challenges in the coming years. In terms of risks and compliance, the magnitude and repercussions of the Peninsula backout on the 28th of April have generated impacts that go beyond the technical and operational dimension and are located at the level of external perception. In the updated risk map, a significant increase in reputation risk has been detected, reaching the maximum level of impact. According to the internal methodology, numerous episodes of misinformation or self-serving information have intensified the pressure and public scrutiny on Redeia's image. Of particular notice, the malicious use of the contextualized parts of the company's financial reports in order to generate biased headlines about the company's allegedly forecasted risk of a blackout, the measures taken in various communication and reputational actions, as well as strengthening the risk management culture. We do not lose sight of ethics and compliance, core values that guide our company's purpose. And in this area, 2024 has been a year in which we have reinforced our commitment to the high standards of integrity and transparency and have continued to work on a model aligned with the demands of our stakeholders. In this regard -- and I will come back to this briefly -- we certified our ethical and compliance general management system to the standard that seeks to ensure robust processes for the detection and management of potential irregularities. We also developed the annual compliance culture awareness and training plan and reinforced our third party integrity and human rights due diligence model. On the other hand, we have made progress in consolidating new areas within the framework of our corporate compliance system, specifically in the area of AI. A diagnosis of Redeia's adaptation to the European artificial intelligence regulations has been carried out, defining an action plan that will be implemented in the period '24-'26. In 2025, we are updating our code of ethics and conduct to adapt it to new regulatory requirements and international standards such as the European artificial intelligence regulation, the European directive on due diligence and sustaining matters in our own activities and relations with third parties and ISO 37002 standard on whistleblower management systems. Like ethics, sustainability is also a key element of Redeia's strategic plan. We act on the basis of a cross-cutting and long-term ambition of commitment to sustainability 2030 that promotes a business model capable of rating shared value for all our stakeholders and for the company. We deployed this commitment through the 2023-2025 sustainability plan, which has already reached 80% compliance in 2024. In order to give it continuity, in 2025, our company is working on the design and definition of the new sustainability plan, defining new objectives and actions that will shape the medium- and long-term vision. It is worth noting that this year, we have also published a consolidated nonfinancial information statement and Sustainability Information 2024. The publication of this support responds to the application of the EU Corporate Sustainability Reporting Directive, CSR, and the new European Sustainability Reporting Standards, ESRS, although the directive is still pending transposition into Spanish law. The application of this reporting framework has involved a dual materiality analysis that has made it possible to identify the impacts, risks and opportunities over the various value chain with a geo focused financial materiality and/or impact materiality. And of course, in talking about sustainability in our company is to talk about the integrated impact strategy which defines the framework of our relationship with the environment and the deployment of infrastructures in a coherent manner in social, environmental and governance matters. In 2024, we approved a total of 117 initiatives. And we have allocated EUR 8 million with an estimated social impact of EUR 51 million. Six meetings have been held which have been solely focused on identifying trends and connecting with the impact ecosystem, while in the area of [indiscernible], we have two major projects related to the environment and society and the marine forest platform and the networks for renewable projects are the projects that have been launched. Redeia's presence in the most international recognized sustainability indexes show our commitment, firm commitment to sustainability and to responsible transparency and accountability towards its stakeholders. This includes the Dow Jones Sustainability Index, the Fit for Good and the MSCI, among others. To reinforce our firm commitment to sustainability and transparency and for the third consecutive year now, we have measured the impact of our activity in the economic, social and environmental dimensions along the entire value chain. This measurement based on national and international standards yields positive results. In 2024, we can state that for every euro of net profit, we have contributed almost EUR 17 to the company. For every person working at Redeia, we contribute to our company a value equivalent to just over EUR 4 million. As you know, Redeia aims to maintain a relationship of trust with all its stakeholders with regulatory and supervisory bodies, public administrations, the economic, financial and business environment, suppliers, customers, the social ecosystem and individuals. In short, and clearly, for a company like Redeia which provides essential strategic services, our stakeholder is society as a whole. In addition to our daily dialogue, as in this 21st century, what is not measured does not seem to exist, we also apply our stakeholder management model in order to ensure proper management of economic, social and environmental impacts of our activity and guide these relations towards the creation of shared value. In 2024, we carried out the stakeholder perception studies, obtaining an overall average of 8.3 out of 10. And before saying goodbye, I would like to focus on people and on the values of equality and diversity, to which we reaffirm our commitment area. Redeia remains one of the 4 IBEX 35 companies with an equal number of men and women on the Board of Directors, exceeding the 40% target. If we look at our workforce, the percentage of women has risen to 29% in 2024. And for the third consecutive year, the number of women in management positions has increased, reaching 37.1%. In this area, it is worth highlighting our renewal of the Bloomberg Gender Equality Index and our 57th ranking in the [ Accolade ] ranking. Ladies and gentlemen, shareholders, let me conclude with a clear message. Redeia is a solid, resilient company that for yet another year has shown that it will continue to act guided by its unwavering commitment to service. In times of uncertainty and challenge that subject us to scrutiny, it is not enough to just maintain financial and operational strength, it is imperative to ensure the perception of value generation by all our stakeholders. And this is where we are determined to focus. I would like to express once again my deepest gratitude to all the professionals of this organization. They are people who with their work and dedication, well, they are the best guarantee of our values: Neutrality, transparency, integrity and sustainability. We know that this is the most complicated time we have ever lived. The Peninsula blackout has put our response capacity to the test. But also, it has shown the undeniable advantage that the TSO models have for security and strength -- and for the strength of our electricity system. Today, we reaffirm before you, our vocation of public service of responding to the needs and expectations of society; society, which we have been serving for 40 years, of doing so with the professionalism, the rigor, the dedication and commitment of all the teams that make up Redeia, of always fulfilling the social mandate with which we were born in 1985 and combined with the regulations that mark each and every one of our actions. All of this, I honestly believe, makes us worthy of the trust that you, our shareholders as well as -- have placed in us. The confidence that you, our shareholders, as well as the solid reputation with the solidity that has always characterized Redeia, we will do so with transparency, responsibility and results because if there's something -- one thing that this company has demonstrated is its ability to move forward and contribute to the country's economic and social progress. With the same determination, we will continue to promote the energy transition and reindustrialization in Spain. We look to the future with confidence, convinced that we share the same objective with all of you. Thank you. I would now like to give the floor to Roberto Garcia Merino. He's the CEO. He will talk about the most important aspects of the management of Redeia in 2024.

Thank you very much. A warm and good morning to you all. Dear shareholders, it is a pleasure to address you all once again at this year's annual general meeting to discuss the development of the company and to share the most relevant aspects of the management of the past year. However, as the Chairwoman also explained before giving you the details of the most relevant aspects of the 2024 financial year, I would like to refer to the serious incident of 28 April last. The Chairwoman has explained in detail the results of the analysis carried out by the system operator in compliance with current legislation on the circumstances that occurred in the Peninsula blackout. Allow me to briefly touch on some of the aspects already mentioned. Firstly, this company is aware of the transcendence of what happened on 28 April for the citizens in the country. It is aware today and was aware at the very moment of the incident occurred. And both then and now, the commitment of Red Electrica and all its employees was total, working without limit so that power will be restored as soon as possible in homes, workplaces and in all parts of the Iberian Peninsula. In this regard, I would like to underline the full confidence in the professional performance, effort and commitment of all Red Electrica personnel who before, during and after the incident, acted in accordance with the regulations in force, applying the operating procedures, the protocols established for the operation of interconnections and the plans for restoring service, which are methodically updated and tested. They did so on April 28, as they have done throughout the 40-year history of this company. You may rest assured, ladies and gentlemen, shareholders, that we will always defend the company's performance and that of its professionals and that we will always be ready to defend your rights, your shareholders, wherever necessary. In relation to the incident, it must be stressed that the transmission grid did not fail. Neither the substations, nor the lines nor the technology with which they are equipped, let alone the human teams on which the operation depends. The grid was not a problem, but part of the solution, as evidenced by the rapid restoration of supply. We understand that every minute without electricity could have taken forever in homes, businesses, transport and other public services, but the speed and efficiency with which the restoration was carried out can only be analyzed in terms of complexity involved and in comparison with waiting times for similar incidents in other systems. Hence, the international recognition received. In addition, the analysis of the origin of the incident has also made it possible to contrast the solidity of the security criteria with which Red Electrica manages its infrastructures identified as critical, ruling out the possibility that the system has been subject to a cyber attack. The incident of 28 April was extremely serious and must provide us with fundamental keys to be able to advance with greater security and guarantees in the profound transformation of our energy system designed and decided by the European Union. The recommendations included in the system operator's report, to which I referred earlier, go with these directions, stressing the absolute need to provide it and us as a country with the essential tools for the safe operation of the system. Normative regulatory and technological tools, some of which, by the way, we have been demanding for years. And this process in which not only Spain but also Europe is taking part of its future in terms of autonomy, competitiveness or the fight against climate change also requires high levels of investment by the administration and by solvent and committed companies. This is the case of Red Electrica, the Spanish TSO, a model that continues to prove to be optimal model to provide the service of strategic general interest that defines its purpose, to ensure that the system operates in balance, that all agents participate on equal terms and that energy arrives with quality and safety and at the lowest cost for consumers. This is what we are doing in Red Electrica and is perhaps the circumstance that best defines the 2024 financial year in Redeia. The record investment figure we have reached in the TSO activity with investments of over EUR 1,100 million, 34% higher than those made in 2023, which already represented a significant increase compared to previous years. This figure represents an unprecedented volume of investment in the company's history, almost tripling the historical average of around EUR 400 million per year. Its main objective is to facilitate the development of the electricity grid as a catalyst for the transformation of the energy model towards a more sustainable, efficient and emission-free model. The investment effort in infrastructure development has been complemented by optimal management of the facilities, achieving a transmission grid availability rate of 98% at the national level. In this context, I would like to highlight the excellent work carried out by all the technical staff of Red Electrica during the flash floods in October last year, which affected our infrastructures in the Valencian community. With the public service vocation that characterizes this company, our priority was to guarantee the electricity supply for a population that was severely affected. Although the transmission grid remains in service at all times, the initial work focused on guaranteeing the safety of the facilities and implementing emergency solutions following by the reconstruction of the damaged infrastructures, a total of 35 pylons and 20 kilometers of circuits. The definitive recovery of the facilities was completed within 100 days. The optimal management of the transmission grid has been accompanied by record levels of integration of renewable generation in the system, reaching 57% of annual electricity production. In addition to the strength of the transmission grid, this has largely been made possible by the work of our Renewable Energy Control Center and the flexibility measures adopted in the operation of the electricity system. This figure for renewable energy integration is in line with the updated objectives of the national plan, which includes more ambitious goals to advance the transformation of electricity systems by 2030. To this end, the national plan recognizes electricity grid as the true enabler of the energy transition and in this sense, the electricity planning is an excellent road map for achieving this. As you know, this infrastructure planning is binding for company, and we are redoubling all our efforts to implement it as effectively as possible. Before I go on to describe the evolution of our business over the course of 2024, I would now like to take a brief look at the most important regulatory aspect of the past year. Firstly, the public consultations on the financial remuneration rate and the methodology for calculating transmission remunerations launched by the National Commission for the Securities Market in the middle of last year and is now completed in a context in which the need for investment in networks is at a maximum and in a very competitive and complex environment, which leads us to expect a global framework that encourages deployment of networks with adequate remuneration. The Ministry of Ecological 78:44 Transition expressed in the same view in its energy policy guidelines published last October, in which it urged the setting of remuneration for electric transmission, distribution businesses that would give adequate signals to encourage the activities and meet the growing demand for electricity. Another relevant aspect was the evolution by which the National Commission for the Securities Market awarded EUR 200 million to finance investments interconnection with France via the Bay of Biscay corresponding to the expenses we have incurred until 31st December 2023. The new remuneration to be received by the system operator for 2025 was set at EUR 86 million, 4% more than in the previous year. The approval of the modification of specific aspects of current planning with a 2026 horizon, which includes 73 actions with an additional investment of EUR 489 million. Progress also in the processing of a new '25 -- 2030 plan, the initial proposal for which was submitted by the system operator to the Ministry in compliance with the deadlines established in the corresponding ministerial order. Approval of the draft bill to reestablish the National Energy Commission, which is still in the administrative processing phase. And finally, the publication of the timetable for the regulatory circulars being processed in 2025. Next, I will analyze the management of activity as operator and transporter of the Spanish electricity system during the last year. As I mentioned at the beginning of my speech, 2024 has been a key year in our activity as TCO. The volume of investment of the group has reached a figure of EUR 1,173 million, thus consolidating the positive evolution of recent years. Of the total volume, Red Electrica has reached a record figure of EUR 1,105 million corresponding to investments in the TSO, exceeding the initial estimate we had for year '24 set at EUR 1,000 million and reaching maximum levels in the history of the company, which shows the significant effort we are making to accelerate the energy transition in our country. In detail, investments in the development of the transmission grid exceeded EUR 976 million, 30% more than the previous year, which has enabled 487 new circuit kilometers and 197 new substation positions to be brought into service as well as increasing transformation capacity by 2,135 megawatts, thus creating a transmission grid of more than 45,500 kilometers of circuits throughout the country. Investments in the transmission grid were mainly aimed at increasing security of supply and resolving technical restrictions, strengthening interconnections between electricity systems and facilitating access for the evacuation of renewable energies. Among the actions carried out, the commissioning or commencement of the development of various infrastructures in all the autonomous communities stands out, reinforcing the national grid to support the development of the industrial and productive fabric that the ports or the country's railway access. I would also like to highlight the significant progress made in interconnections with neighboring electricity systems. In the interconnection with Portugal, [indiscernible] we added substations and the inputs and outputs in line in [indiscernible] have been brought into service. In the interconnection with France via the Bay of Biscay, in 2024, both administrative authorization for constitution and dedication of public utility were obtained on the Spanish side. and construction began on the Gatika converter station. At this point in 2025, I can tell you that we have also started work on the power line and the drilling works for the sea drilling. Furthermore, a few days ago, on June 16, we signed an agreement with the European Investment Bank, committing EUR 1,600 million in financing for the development of this infrastructure, which is crucial for making progress in the European Union's energy integration. In the new Peninsula-Balearic Islands, a link as the public execution process has begun for the second cable, which will double the benefits provided by the first interconnection and which will make it possible to achieve an average annual coverage of 65% of the demand of the Balearic Island system. On the other hand, work is progressing at a very good pace on the construction of the submarine links that will soon connect the main lines with Ceuta and Tenerife with La Gomera, which we hope to complete this summer. I know that milestone is the progress made in storage in the Canary Islands to the construction of this Salto de Chira pumping station. During 2024, we'll continue to -- on the excavation of galleries and tunnels to access the hydraulic secret and the underground cavern where the hydroelectric plant will be located as well as the water intake works at the Chile and [ solar ] reservoirs, a significant progress has been made in the manufacture of the 2 beams and other equipment that make up the plants. The project, which is since last year has also been supported by the EIB, will be key to driving the energy transition in the Canary Islands, and that's moving forward towards a new, more secure, decarbonized and environmentally friendly energy model. With regard to our performance in the industrial electricity business, we have achieved excellent service quality indicators in the transmission grid of Peru, Chile and Brazil with availability rates of over 99.6%. And we have reached new milestones such as the commissioning of the expansion of the Centinela substations in Chile and the commissioning of the [indiscernible] Electricity Control Center also in Chile. I now turn the field to telecommunications with one of the issues that has also marked the management of large part of 2024. I am referring to the agreement reached with Indra on January 31 for the sale of its 89.68% stake in Hispasat for EUR 725 million, a figure that represents a valuation of multiple 7.7x EBITDA based on 2024 year-end figures. We are finalizing the entire administrative authorizations for the definitive closing, which we expect to be completed by the end of the summer. When the process is completed, Redeia will have received a total of EUR 821 million, which includes the agreed price plus EUR 26 million in dividends received from Hispasat in this period. The transaction involves the recognition of an accounting loss of EUR 137 million in the income statements. As we commented at the time, we believe that the transaction is positive for the group for several reasons. First, the rotation of assets in the telecommunications business allow us to focus Redeia's regulated business, which now accounts for nearly 90% of the Group's EBITDA. Secondly, the transaction implies a reduction in net debt in 2025, when we will receive the cash flow linked to the sale. This translates into strengthening the group's financial solvency and into an improved business profile, which will allow us to reinforce our financial capacity to continue driving the energy transition in Spain through Red Electrica. This will be the main focus of the next strategic plan: to deploy and put into service the infrastructure that will be included in the future plan of 2025-2030. This new road map, as previously mentioned, will involve the execution of an unprecedented volume of investments until 2030, which will allow the group to continue creating sustainable value for its shareholders. With this divestment, which is in addition to the divestment of Reintel in 2022, the group completes the goals set out in the strategic plan in telecommunications in which it has obtained capital gains of around EUR 800 million after tax. Redeia's telecommunications activity will continue to be deployed in the infrastructure segment through Reintel, which continues to develop its activity with a solid performance. Redeia's subsidiary, which manages the operation of a dark fiber optic network of more than 53,000 kilometers, has maintained a favorable evolution in 2024, consolidating its long-term commercial relationship with the many telecommunications operators in Spain. Finally, I would also like to highlight our continued commitment to innovation driven by ELEWIT which continues to consolidate its position in the innovation ecosystem. In 2024, we have managed 63 innovation projects and adopted 13 technological solutions. In addition, new investment processes have been launched in start-ups, which has meant a total effort of innovation in -- innovation of close to EUR 12 million. Now I would like to give you the main 2024 key performance indicators that are in line with our main goals. Excluding the effect of the sale of our stake in Hispasat, in EBITDA, which has amounted to EUR 1.21 million, would exceed the -- 1 point -- would exceed the results a year ago with the inclusions of Hispasat in the scope of consolidation. And net profit would have exceeded EUR 500 million without the impact of the Hispasat acquisition. After taking these effects into account and following the reclassification of the items linked to the satellite subsidiary, the income statement has been affected in all its items by the end of the useful life of the pre-'98 assets, the impact of which was EUR 260 million before tax. Nevertheless, on a like-for-like basis, and excluding this effect, we can see growth in the main lines of revenues, EBITDA and income from continuing operations, which allow us to better understand the evolution of the year, isolating the extraordinary items. Looking in detail, the evolution of revenues, they declined by 12.4% affected by the aforementioned pre-'98 effect. Excluding this effect, revenues grew by 1.7%, an increase that was consolidated in the first months of 2025. Now international business. We should highlight there, the revenues in Peru, partially offset by the lower results in Brazil due to the exchange rate. Now a slightly lower contribution from the fiber optic business affected by the renegotiation of contracts that we have seen in recent months in a more demanding market context. Now if we focus on the evolution of operating expenses, they have decreased by 2.3% compared to the previous year. However, without considering the expenses that have a counterpart in other operating income, there was a 2.3% lower overall expense than in the previous year. Now personnel expenses have increased slightly due to a higher average headcount essential to meet the challenges arising from the strong growth of the group's regulated assets, offset by the nonrecurring effect of the new collective bargaining agreements recorded in 2023. EBITDA evolution reflects a 12.4% year-on-year decline, although it is relevant to note that eliminating the pre-'98 effect, EBITDA would experience a significant improvement of 7.8%, thanks to the higher operating assets and the reduction in TSO costs. The financial result worsened, likely mainly due to the higher average cost of debt, which went from 2.11% to 2.27% at the end of 2024, partially offset by higher financial revenues as a result of the efficient management of the placement of existing liquidity throughout the year. Corporate income tax decreased due to the lower profit tax. Profit before tax and minority interest declined by EUR 10 million due to the impact of the sale of Hispasat on this item. And finally, net income was EUR 368 million, affected by both pre-'98 assets and by the capital loss from the sale of Hispasat mentioned earlier. Taking into account all of this and considering the investments made during the year and the payment of dividends, the net financial debt at the end of the year was EUR 5.370 billion, an increase of 7.9%, which shows solid financial ratios and maintains a credit rating of A- by the agencies, S&P and Fitch. With regard to the composition of our financial debt, it is worth noting its diversification in terms of sources of financing with 92% at a fixed rate until maturity and with a clear predominance of the euro over other currencies. Over the next 4 years, we will face maturities of approximately EUR 3.8 billion, a large part of which will be covered by our strong liquidity position. Lastly, I would like to highlight the efforts the company continues to make in the area of sustainability, financing green projects that contribute to the energy transition, 100% in line with the European taxonomy. During this period, and in terms of financing, the following 2 milestones are noteworthy. First of all, the issue in January 2024 of a green bond for EUR 500 million. It is a 10-year green bond with a yield of 3.07% and the first issue of a senior green bond by Redeia Corporation which was made in June for another EUR 500 million within maturity for 8 years and a yield of 3.46%. In addition, our ESG linked financing continues t o increase, reaching levels of 69% of the total, bringing us ever closer to our commitment of reaching 100% of sustainable financing by 2030. In this regard, it should also be noted that 48% of our institutional shareholders identify themselves as ESG investors. To close 2024, which has been a complex year in terms of results but historic in terms of investment and exciting in terms of a new strategic plan, I would like to point out that in line with our policy of maintaining a sustainable dividend distribution, the Board of Directors has proposed to the General Shareholders Meeting, the distribution of a dividend of EUR 0.80 per share charged against the results of 2024. Of this amount, an interim dividend of EUR 0.20 per share was paid on the 7th of January, and the final dividend of EUR 0.60 per share will be paid on 8th of July. Looking at the future, we faced 2025 with the same positive investment path of the TSO, where we expect to triple the pace of investment compared to the levels with which we started our strategic plan, reaching over EUR 1.4 billion this year. This will allow us to exceed EUR 4.2 billion of accumulated investment in the period '21-'25, well above the target we had initially set ourselves. And I can assure you that we will maintain investment at high levels over the next few years. Our outlook for 2025 will be in line with our strategic objectives, offering attractive shareholder remuneration and maintaining a solid financial structure. If 2024 has been a year mainly defined by the end of the useful life of the pre-'98 assets, 2025 will again be a record year in investment and a year marked by simplification of the group and the focus on our core network business. The group's investment effort allows us to forecast an estimate EBITDA of more than EUR 1.25 billion and an EBITDA of more than EUR 1.25 billion, net debt -- and a net profit of over EUR 500 million. Net debt will increase mainly due to the high volume of investments planned for 2025. Although this increase will be offset by the collection of the EUR 725 million from the sale of Hispasat, which is estimated to be close to EUR 5.7 million at the end of 2025. In 2025, we'll continue to focus on security of supply, progress in the energy transition and the deployment of transmission base in order to be able to assume with solvency, the growth resulting from the new 2025-2030 electricity plan, the draft of which we expect to deliver soon. To conclude, I would like to thank you once again and highlight the effort and dedication of the entire Redeia team in the past fiscal year, especially in these weeks that had passed since the 28th of April, where I would like to highlight, once again, the professionalism and rigor of all of us who form -- who make up this company. All those efforts have been made before, during and after the incident. And finally, ladies and gentlemen, to conclude, I would like to take this opportunity to thank you for your support, for the support you have been giving the management of this company, especially at times like the present one. Thinking also, it is also important to think of the exciting years ahead, which requires us to continue to work with even greater intensity and efficiency, if possible, to respond to your trust. Thank you.

Thank you so much, Roberto. Now we will open the floor for the shareholders or for their proxies for all of those who have requested to take the floor by video or by audio. I would also like to remind you that you can also make remarks in writing and that the rest of the attendees can have access to those remarks through the platform. And when it comes -- when it comes to the video and audio remarks and for the smooth running of this meeting, I would like you to keep your statements short and concise and to involve only the subject matter of this meeting. And I will give you the floor.

I would like to remind you that in accordance with the provisions of Articles 182 and 182A of Spanish Companies Act, the information and clarifications requested for will be answered either during this meeting or later in writing in 7 days maximum after this meeting. I would also like to inform you that although this Annual General Meeting is being web streamed and openly on the Internet and that it is being recorded, no individual images of the speakers will be displayed when you take the floor via video, except for the web streaming on the remote attendance platform, which is exclusively available to those who are attending the meeting remotely. And now according to the list I have here, first, [ Mr. Don Antonio Ceres Coronado ] has the floor. He represents [indiscernible], and he with the sole administrator, [indiscernible].

Hello. Good morning, Chairwoman, and the members of the Board and dear shareholders here in attendance. I am Antonio [indiscernible] and I am a member of [indiscernible]. And I talk also as the member of lawyers of smaller companies, and we have represented many minority shareholders. We have defended their interest for the good functioning of the market in the most representative cases of the financial court issues. I would like to say that according to the good government principles, there is transparency and also responsibility and integrity and ethics also, as well as solid internal control. I have to highlight the worry of the minority shareholders because of the contradictory information that have been given with regards to the conduct of Board of Directors and especially of the conduct of the Chairwoman of the Board of Directors. I refer to the many occasions on which -- at least until 2020, the company has talked about the risks that would happen with the evolution of the energy market and the need to adapt their network to their demands. The last audit published was very concerning because all the risks were identified there. So Chairwoman, how is it possible that in spite of that, all the auditors and technicians and specialists have said this, you have always defended that it was not possible that there would be a blackout in the country and in the Peninsula? We understand that you have not respected the good governance principles, especially that of transparency. For many months, the market has been disinformed, and that is happening with more intensity since the Peninsula blackout. How is it possible, Mrs. Chairwoman, that after all the experts warned about that risk and that the main shareholder publishes a report where all responsibility is not taken on? The report talks about noncompliance. So it's not the other entity that has to supervise the noncompliance and make sure that all necessary measures are taken in order to solve all the problems that could derive from not having the appropriate systems? You have highlighted in your speech that you have complied with all the requirements. And -- could you please say whether ever there have been other noncompliances? Isn't it true that -- obviously to what you have made us understand, there have been many reasons for the blackout. How often should we ask ourselves whether the abilities of the regulations and of the requirements? I think that there are high economic costs that operators have been taking on [indiscernible] just should be able to be in advance of those possible bridges you talked about. How is it possible that no measures were taken for those possible breaches of the requirements when there have been so many warnings for so many years by internal and external auditors? How is it possible that you have not listened to all the warnings and you have not really taken any measures? How is it possible, Mrs. Chairwoman, that you attribute this noncompliance to other actors? And what about the flash floods? How is it possible that these private operators have had a bigger effect at the flash floods? The lack of transparency offering their information that is given to the market is terrible because investors have to have transparent information for them to be able to take correct decisions. It is necessary to take preventive decisions so that such accidents as the Peninsula blackout do not happen again, so that we can avoid such catastrophes in the future. And that is pure responsibility of the Board of Directors. We were told that when judicial analysis are made, well, that's what we have to wait for. But then afterwards, you've talked about solidarity and joint responsibility. Well, I think this is a judicial or legal concept. And I think there is a lot of transparency lacking there. What do you mean when you talk about solidarity and joint responsibility? Are you letting us know that you do not have that solidarity and joint responsibility with the other actors? Maybe Redeia's responsibility be individual or joined maybe is what took BlackRock to leave the company some hours after the national blackout. So it is important that you conduct an exhaustive analysis of what has happened and that you take the necessary technical measures so that this blackout will not happen again. You have to listen to your experts and your auditors. And also, you have to abide strictly by the rules. The responsibility of the shareholders is especially important in the figure of the Chairwoman. She is the person who has been issuing contradictory information to the market before, during and after the Peninsula blackout. She has denied the risk, first of all, and she has avoided any responsibilities after the event in her actions. And we understand that this does not correspond to the report of the government, which points to Redeia's as the main responsible. So due to your excellent CV and due to the actions you have shown in previous actions after the flash floods, for instance, or at other events, I think we should all be very proud of how we acted at such catastrophic events. And these are really action -- catastrophes where the company was very exemplary. So we can't really understand how is it possible that these failures of the network that is operated by Redeia, how should they be interpreted? So how can we interpret this as a pure responsibility of third parties? And what should we think about Redeia, Redeia not having responsibilities regarding this blackout? Mrs. Chairwoman, directors, minority shareholders don't want to demnify, do not want to harm the company, but we demand that you act transparently. This is not only a Spanish problem. It is a problem in the world. If people want to know around the world what has happened in Spain, they have to know what has happened because this can happen again. And if the responsibility of the current or of the network can be avoided in such a world that is not really a good message. We already said some time ago that we would request for the woman to step down. AEMEC had never made this proposal in its history with regards to the chairperson of a company. So if we do this now, it is due to the magnitude of the accident of catastrophe and due to the bad management of the company. We understand that you chairwoman as a maximum representative of the company, you have to take responsibility with regard to what has happened in order to -- for the benefit of the interest of society and for the benefit of the market and of the company. Thank you so much.

Thank you very much. Now we're going to give the floor to the next intervention, which according to what communicated by the [indiscernible], as a representative of [indiscernible] Investment Limited Society versus the unit administrator [indiscernible]

Thank you very much for giving me a floor. I hope you can hear me. Yes, obviously, it works well. So the respected management of the Board, I would like to raise a question. Some of the points were already raised before from my predecessor and the intervention that we just have heard. I'm wondering and in the name, of course, as a member of ESMA, European Securities and Market Authority Investor Protection working group as well as the European Commission Financial Services Users, we have been listening about this case, which is very important differently, not just considering Spain and Portugal, part of France that was heard by this accident by this matter -- affair better to say that occurred on 20th of April and since then it's more than 2 months. Unfortunately, we have not been receiving the proper transparent information from the management. And regarding this, of course, not just capital market was hurt, but also maybe even more important, the electricity distribution and energy market, not just considering the countries that were directly influenced by this matter, but also in general European case, we see and we follow this as a really very, very significant important case that we would like to address. First of all, the responsibility, the responsibility of management and the information that should be given immediately, what really happened? And especially, I have to underline and point out for good of the company, for good of the owners of the company owners even the majority ones, but still, we are representing the individual investors and minority shareholders for all the shareholders for the whole company, this was really serious mistake obviously that the communication was not like it should be. Today, we have been listening quite a lot of what really happened. And we expect to have this very clear information immediately when this occurred. And because this was not like it's supposed to be in any serious company especially the respected company like yes definitely that this should be communicated properly, not just, again, regarding the capital market and the investors, but on the other side, also for the ones that have been hurt and influenced by the electricity break down. And there are many people even then considering serious existential life occasion regarding that. So this purpose also for me and for my colleagues, been active regarding it is to, for the future to really do whatever is needed and possible that something like this does not happen and occur again. And, let's say, similar cases, when there is a communication of the companies in a question, it should be direct, very clear and definitely completely different like we face here. This brings confusion to the market, there was different explanations, different theories, different answers. So hopefully, now, finally after more than 2 months, this general assembly and also with the intervention of me and my colleagues and so on from also international point of view, and the Federation of investors as well, the colleagues from abroad that we finally reached the proper information and what definitely we needed already and immediately next day after this occurred. So to finish and to be as brief as possible, my question is, do you consider resignation, do you consider any consequences, I mean, the monitoring board, the management because this was clearly not done and process like it should be? What kind of responsibility will you take because I believe and I'm pretty sure about it, that you are responsible persons and that there has to be something done about that because this was not built on a proper way. Thank you very much. I wish you all best.

Thank you very much. The next intervention will be Mr. Florian Beckermann, representing [indiscernible]

Hello, you hear me and see me. My name is Florian Beckermann, and I'm Vice President of Better Finance, the European Federation of Investors and users of financial services, which is a nongovernmental organization that defends the interest of all European citizens and users of financial services in the European Union. I'm also a member of the standing committee of Investor Protection at ESMA and the member of the Board of Directors of the World Federation of Investors. I'm also a private shareholder of this company. I would like to kindly request that my statement here will be included in the minutes. Better Finance has echoed the communication that one of the national associations of minority shareholders, AEMEC, has sent in the recent day to the Chairwoman and to each of the members of the Board of Directors of Redeia in its capacity as sole shareholder of Red Electrica asking for transparency and explanations about what happened and the impact of the general blackout with regards to investments in the company. Minority shareholders want to know the specific measures that the company Board of Directors has adopted to prevent the blackout and the measures it will adopt to mitigate its impact. We need to know whether the Board of Directors has scrupulously fulfilled its duties as diligent stewardship. We wonder if this misinformation or biased information cannot cause a negative impact on the value of the share in the medium term due to the loss of investors' confidence. Redeia must fully inform its shareholders with complete transparency about its role in the blackout. We remind you that the duty of care of the directors of a company such as Redeia not only implies that they must act responsibly and carefully but also that they must be involved in the ordinary management of the company, avoiding situations such as the one that occurred and in the event of noncompliance with the duties, the directors may be liable for the damages cost to the company to partners and to third parties. It is well known that the company's auditors, EY, in 2024 were already pointing to operational risks, warnings that were preceded by the report on security of supply published by Red Electrica in 2020. All of these points to a not entirely diligent action of the Board. After all this, the company and more specifically, the chairwoman continued to instigate that there was no risk of blackout. And to this day, Red Electrica continues to say that it has no responsibility in this matter. Questions. What is the position of each of the members of the Board of Directors, not only on what happened, but also on the statements made before and after the blackout? Second question. The communication in the past is contradictory to the blackout as such? What control methods has been taken to ensure the full compliance? Next question. What specific measures that the company Board of Directors adopted to prevent the blackout and what measures will it adopt to mitigate its impact? Ladies and gentlemen, everybody in Europe would like to know why and how the blackout has happened. What learnings can be accepted for international investors in the Spanish electricity market and in its reliability? Should we fear for the proper functioning of the company or for the functioning of the Spanish energy market? Thank you for your time.

Thank you very much. The next intervention, Mark Northway representing Francesco Javier Cremades Garcia.

Thank you for allowing me to intervene. I would like to request, please that my intervention be included in the formal minutes of today's meeting. My name is Mark Northway, I'm President of the World Federation of Investors, and I am Director of ShareSoc, the U.K. Individual Investor Association. I speak today on behalf of minority investors in Redeia and in support of AEMEC, the Spanish Association of Minority Investors. The Board sits in an agency role and operates the company on behalf of its shareholders as a whole. The AGM is an essential element of the checks and balances of corporate governance. It is a principal opportunity of shareholders to hold the Board to account. It is our view that the Board of Redeia needs to be held to account. Our concerns are catalyzed by the blackout of 28th of April 2025 and the associated damage to the interest of minority shareholders. These concerns relate to risk management, to communication and to governance. First, we are concerned that such an event could have not taken place at all. It is the role of Red Electrica to operate the Spanish grid to ensure continuity of supply and to guarantee that such events cannot happen, and it is the role of the Board to instill a corporate culture of responsibility and of risk control. It is particularly worrying that the blackout occurred despite warnings over voltage control from consultants, including EY, and despite shared knowledge between Redeia, the government and MITECO, the operating procedure 7.4, which directly addresses voltage control is outdated and is no longer fit for purpose. Second, we're concerned about Redeia's external communications. We have received as investors multiple initial technical reports, all of which broadly concur on the chronology and events of April 28, but which are highly contradictory in the apportionment of responsibility. It is not sufficient for the company to state that all would have been well if others have behaved perfectly. Redeia's role involves assuming that things will go wrong, building technological resilience into the grid technology and programming operations in such a way that the vicious circle of 28th of April cannot occur. Your shareholders lack and require a credible, objective, transparent assessment of how and why the parameters set by Red Electrica failed to anticipate and to control the voltage anomalies on that day. Third, we question Redeia's governance and independence. Despite protestations to the contrary from Redeia and from the Spanish government, the evolution of the Spanish power mix is self-evidently incompatible with the current technological, regulatory and operational status of the grid. Spain's renewable ambitions have overtaken its technical infrastructure. With the Spanish government as a 20% shareholder and the largest shareholder, there must be at least a question as to whether the aspirations to maximize the use of renewable energy despite associated risks has been influenced by political considerations. This raises the question of whether the Board is capable of resisting undue government influence and pressure and of displaying the independence that is required of it. These concerns are exacerbated by the recommendations of the Nomination Committee, which appears with the proposed appointment of Natalia Fabra Portela and Albert Castellanos Maduell to further reduce Redeia's effective independence and increase its proximity to government. The resignation of Socorro Fernández Larrea, as the Head of the Nomination Committee appears to validate our concerns. We ask the members of the Board and specifically Chair Beatriz Corredor Sierra, to carefully consider their position in the light of these concerns. Thank you very much.

Thank you. Next shareholder, [indiscernible]. You have the floor.

Good afternoon. Can you hear me? Good afternoon or good morning. Dear shareholders, dear directors and dear members of the Board of Directors, I would like to show you a cover of a newspaper from the year 2025 and 29th of April. This belongs to Prensa Ibérica, the newspaper, and they have this heading here, which talks about a historic blackout. And it says here that Spain and Portugal have been paralyzed for hours because a total collapse of the electricity system for unknown reasons. Dear directors, this is what people will remember forever with regards to the management of Red Electrica. The negligence in management, the inability to take responsibilities, the terrible conduct of the Chairwoman, where she is taking a photograph with the -- where she takes sides with the government and not with the workers of the company. Mr. Corredor, under your tenure, the worst disaster for the whole history of the company has occurred, a total blackout that affected the whole Iberian electricity system and which in France was -- they were able to recover in no time. Yes, Mrs. Corredor, under your tenure as Chairwoman of this company, this amazing event has happened. The whole of Spain remained without electricity due to a failure. And what is the origin of this failure. You can't deceive us anymore. The reason of this failure was the negligence in the management in the operation of the system. Once again, I reiterate, it was a negligence in the operation of the system. It was not a technical negligence on behalf of the workforce, no, it was not that. No, it was not that. It was not a technical failure or a technical negligence, no. It was a political negligence. This was a political misconduct. So dear directors, the blackout happened because somebody decided to change the equilibrium of the electricity system to a point of no return. So the question that we all ask ourselves is whether Red Electrica is the operator of the system, and it's actions should be independent. Why on the 28th of April 2025, the acted not complying the technical requirements and only listening to the external criteria dictated by the government of Spain? Look, dear directors, this is something very serious, something very grave. But even worse is to try to pass the buck saying that the fault is on the side of the consumers and of the third parties. Even worse is the idea of trying to just cover the whole thing and not really inform us transparently about what happened. So on the last day of the semester, on the last day of the legal period for the convening of this AGM is -- just shows how cowardly you are. So you are totally cowardly, you are a cowardly institution. So dear directors, are you aware that all these -- the actions from 1 day do not have the same weight, whether they happen during a face to face act or during a remotely held session. You have tried to hide behind a screen in order to not have to explain to us why you acted with such negligence in the worst catastrophe of the history of Red Electrica in Spain. So all of you are cowards, you are all cowards, each and every 1 of you are true cowards, but maybe that is not your worst crime. Your worst crime is the responsibility that you will have to take sooner or later for having lied to Spanish citizens. And for having Spaniards in total blackout literally and also metaphorically. Of course, as time passes, we will see and understand and everybody will see that we are right. But we, as shareholders of the company, have the responsibility to ask you to give us transparent information. You, Mrs. Corredor, have shown that you are not competent for the -- for being the Chairwoman of the company. You, Mrs. Corredor are just a puppet who is being directed by the government. Once again, I reiterate, you are just a puppet who's being manipulated by the government. You have shown that you do not know the company and you do not defend the workers of the company who have had to see how their Chairwoman sided by the government and not by the workers. So this has been a real shame for the workers, and you have not given us the answers, the shareholders of the company. You only treat us like something unvaluable. And for all these reasons, you have decided to hold this meeting remotely. So the only respectful way out for you, Mrs. Corredor is to step down. And I would like to say one more thing, which does not need to be recorded in the minutes of the meeting. I would like to say that we have heard a speech of over 50 minutes by the chairwoman of the company, a speech, which was full of lies, which was full of deceptions, full of excuses. It is a speech which does not reflect the height that this company should have. Sincerely as a shareholder of this company, it's not that I am asking you to step down, I'm just demanding you to step down. And also, I would like to object for this AGM to be held remotely. There is no justification for this Annual General Meeting to be held remotely. You are all cowards, you are cowards for not taking responsibility.

Well I will have to stop this speech because I can't accept any more insults, no. Once the round of statements is closed, the Secretary will make a summary of all the statements made by the representatives and by the shareholders and the proxies.

Thank you. There are 2 statements in writing. The first one comes from [indiscernible] and it's a question regarding whether we have insurance policy, especially regarding 1955/2000? And what is the effect of the blackout on our annual statements? And then [indiscernible] has the following statement should refers to the incident on the 28th of April, and she does not agree with the report by the company. And she also asks that the chairwoman steps down. And she also asks for members of the Board to not accept her reappointment as Chairwoman.

Once the secretary has read all the written comments and once the video and audio statements have also been made, and before going on to the answers, I would like to thank all the shareholders who have taken the floor for the interest they have expressed regarding the matters of this company. And now after some minutes of cooperation images, we will try to answer all the questions and give our remarks to all your comments. [Break]

Thank you very much for your patience. And now we will move on to the written remarks by [indiscernible]. So I would like to give the floor to the CEO.

Good afternoon to all of you, and thank you for your question. And before going in detail to the coverage you asked for, I would like to remind you that Red Electrica has always acted with due diligence since the 28th of April. And based on the analysis we made, we haven't breached any rules, any regulations, any rules of procedures. So we do not think it is necessary to conduct any kind of revision of the financial statements, and we do not think it is necessary to think about any possible compensations or indemnifications. But nevertheless, with regards to coverage policy regarding insurance policies, we do have insurance policies with the national and international companies of maximum solvency, including the one for 1955/2000 for the royal decree of 1955/2000. And these are within the habitual limits of the market. So we are totally covered by the insurance policy. And as I said, we have always acted according to due diligence requirements, and we consider that our management and our actions have been totally in compliant with the rules, regulations and demands. Now Mrs. [indiscernible] she hasn't made -- asked a question, but we just have to say that we cannot agree with you, and I would like to remind you that there is this report that was presented by the operator on the 18th of June, where every detail is given and every reason has been explained for the incident on the 28th of April. All the directors and the chairwoman, all of us are totally committed to the public service, as you have seen during these pages joined this morning. Now with regard to the statements by the shareholders and their proxies who have taken the floor by video or audio. I would like to say that especially one stated by Mr. Antonio [indiscernible] from Calvo-Sotelo, Abogados, who's the sole Director [indiscernible]. And the second statement by [indiscernible] who is sole Director [indiscernible], and the statement by Florian Beckermann, shareholder representing [indiscernible], whose zone director is [ Francisco Cremades ]. And with regards to [indiscernible] statement who is the representative of [indiscernible]. So as you might understand that we will answer all -- we will comment all these comments jointly. First of all, AEMEC is an association. But it is not a shareholder. And therefore, AEMEC does is not entitled to ask for information. And this is what you have been informed in the letter that has been sent to you officially. Secondly, with regard to the information in the different statements by the representatives of Cremades. Well, one of the people who took the floor talked about matters of his colleagues. I have to say that according to information on the newspapers, they acquired shareholders a few days before this Annual General Meeting. So we must say that based on the official report presented by the system operator, which is the only report, which has been delivered based on the legislation and which is based on data that has been recorded every 20 milliseconds, you can see that we have acted at all times according to the applicable legislation. And -- but the causes of the incident are according to this report external to the behavior and to the conduct of Red Electrica. So the operator does not supervise nor sanction the action and the management of third parties. And it has always made a proposal for improving the actions and the conduct of these third parties. And we have also made proposals for any similar events to happen in the future. Now regarding the lack of transparency, well, we have published all the information on the web page. We have also sent all the required information to all the competent national authorities immediately as of the accident -- as of the incident. And I have to say that this is a board, the board expresses itself through its Chairperson and Secretary. So the Board members do not express themselves individually. On the other hand, it is not Red Electrica who decides what the energy mix is, no, but that is the responsibility of the technical manager of Red -- of the network -- of the transmission network. Nevertheless, we cannot accept any of your complaints that are not founded on objective data. And you can see that as we have -- as we said, the report that we have delivered to you is based on data that has been recorded every 20 millisecond, which is the requirement by the law. So we have acted scrupulously according to their requirements, according to the rules, according to the legislation and everything that has happened is really not the fault of Red Electrica. We will continue to act for the benefit of the shareholders in the future as we have always done. With regards to the statement by audio or video by [indiscernible], of course, I must reiterate that I -- it is totally unacceptable for us that we are insulted and we understand that the shareholder can express his anger, but he should also act according to the code of conduct, which is demanded by the members of the Board and also by the -- which is only for the members of the Board and also for the shareholders. So we cannot share your point of view. And as I said, the report we have given to you and all the information we have given over to you is based on objective data. Now the reason for which we have taken the decisions we have made are being explained in full in the notice of meeting. And with regards to Mr. [indiscernible] statement regarding any other business or matters that are not included on the agenda, he asks for the stepping down of the chairperson to be put to the vote. But the Secretary will now read to you and the attendees can issue for votes on this proposal. So once they are published on the platform after the reading of the text by the Secretary of the summaries of the resolutions that are on the agenda.

Thank you, Beatriz. I will first read the proposal on items not included in the agenda that was formulated in this meeting by Mr. [indiscernible] with all the requests for resignations. I will nominate the proposal as a continuation of the items of the agenda. So 13th, the resignation of the administration -- administrator Beatriz Corredor Sierra. Once the reading of the proposals and the procedure voting finishes, the procedure of voting all the items and the agenda is closed, this proposal on items, not including the agenda will be published on the platform, telematics platform to be voted by the shareholders or by the representatives that attend through this platform. I also inform you that under the protection of the regulation established by the meeting according to items aspects not foreseen the agenda the vote. Negative votes considers all those shareholders to send a representative except for those corresponding to the shares whose holders manifest that they vote in favor, blank or extension through the expression of the road to the notary or on the platform -- telematics platform. And also these votes corresponding to the action whose holders to the shares whose holders have left the meeting without having indicated the sense of the vote of intention and have communicated -- fully communicated their leaving of the meeting through the platform, in which case, we would consider that they cast an abstention vote. If they leave the meeting, we had previously indicating their vote or abstention, without having exclusive communicating to the notary, their leaving of the meeting to the platform, it will be understood that they're voting against the proposals linked to matters not foreseen in the agenda. The notary, through the platform will take note of all those votes, all abstentions and also among the actions of percentage to the effect of voting of those proposals, proposal for questions outside of the agenda. Those actions on which the votes cannot be casted due to conflict of interest, the application of the Article of 526 of the society law. This circumstance won't happen in those cases were according to the delegation forms that we received, the representative have, beside instructions or corresponds to the secretary to its case to the secretary of the [indiscernible] to cast the vote linked with those shares in their condition as a pointed [indiscernible] conflict of interest in absence of instructions in which cases they will be considered -- these shares will be considered represented. The shares corresponding to those holders that participate in this meeting, then will have casted a proxy vote will not be considered present or represented to the effects of these proposals since they were not able to exercise the right to vote linked with these matters not included in the agenda. Again, we give the floor to the Secretary to read the proposals for agreements on the different aspects that were included.

So as indicated by the President, the content of the proposals that will be submitted [indiscernible] matters included in the agenda of the call to meeting as part of the [indiscernible] can be find in the recommendation that has been made available to the shareholders. Therefore, taken as read, and I will now summarize the essential aspects of each of them. Point -- first item of the agenda, proposal to approve the individual annual accounts and the management report of the Redeia Corporation S.A. corresponding to financial year 2024, down up by the Board of Directors at its meeting held on 25 February 2025, and which have been duly audited by the firm Ernst & Young. Two, proposed approval of the consolidated annual accounts and the consolidated director's report of the Redeia Corporación as a group and subsidiaries for the 2024 financial year prepared by the Board of Directors at its meeting held on February 25, 2025, and which have also been duly audited by Ernst & Young. Three, proposal for approval of the application of the results of Redeia Corporación S.A. formulated by the Board of Directors at its meeting of 25 February 2025. Consequently, of the distribution of the profit for the financial year 2024 and voluntary reserves. For the payment of the supplementary dividend to the shareholders in a fixed amount of EUR 0.60 per share. The dividend payment date will be next 8th of July, the record date is 7 July and the ex-dividend trading date is 4 July. Point 4, proposal for approval of the report of the nonfinancial information of the consolidated group of Redeia Corporación S.A. corresponding to financial year 2024. I here inform you that the statement of nonfinancial information contained in the aforementioned report has been verified by the firm Ernst & Young. Point 5, proposal to approve the management of the Board of the Redeia Corporacion S.A. during the 2024 financial year. Point 6, proposals relating to the reelection and appointment of directors. This item is broken down into 4 distinct sections to be voted on separately. Proposals -- in the first section, the proposal of the appointment of the management committee to reelect José María Abad Hernández as independent Director of Redeia Corporacion for the 4-year term established in the articles submitted for approval. In second section, the General Meeting is asked to approve the proposal of the appointments and remuneration committee to appoint Mrs. Natalia Fabra Portela, as Independent Director of the Redeia Corporacion S.A. for the full year term established in [indiscernible] Association. Section 3, the proposal of the Appointment and Remuneration Committee to appoint Mr. Albert Castellanos Maduell, as Independent Director of the Redeia Corporación, S.A. for the full year term established in the Articles Association is submitted for approval. In fourth and last section, the proposal for the board is to appoint by the Board María Aránzazu González Laya as a nominee director Redeia Corporación, S.A. [indiscernible] of National Society for the term of 4 years. Point 7, proposals related to the remuneration of the Board of Directors of the company. This item is broken down into 2 separate sections to be voted, but in the first section, the annual report of this elimination 2024 [indiscernible] following a favorable support from the Appointment and Remuneration Committee submitted for approval. The second section submits for approval by the General Meeting, the proposal remuneration of the Board of Directors for the 2025 financial year. Also after favorable reports from the Appointments and Remuneration Committee, a proposal that maintains their remuneration of the directors in their capacity as such for the year 2025 in the same concepts and amounts as in the year 2024 financial year and in previous financial years. Point 8, proposal to reelect Ernst & Young as auditor of the accounts of the Redeia Corporation and its consolidated group for the financial year 2026. Point 9, proposed delegation for the full execution of the resolution adopted at the General Shareholder Meeting. It is proposed to delegate to the Board of Directors, to the Chairman and to the other members of the Board of Directors as well as to the Secretary of the Board of Directors to the fullest extent necessary [indiscernible] to formalize and authorize the above resolution until they are registered in the appropriate registers. Having concluded the presentation of the proposed solutions submitted for approval by the general meeting, the secretary will briefly report on the informative items on the agenda for the general meeting. 10th item on the agenda, information on the Annual Corporate Governance Report of Redeia Corporación, corresponding to financial year 2024. The report was approved by the Board of Directors at its meeting of 25 February 2025, I communicated to the Spanish Securities and Exchange Commission as of the relevant information. This report which has been prepared in feed format together with information relating to the statistical annex required by Circular 3 2021 of 28 September of the National Securities Market Commission, contains an initial executive summary containing the most relevant information on the ownership structure of the company. All the General Shareholders' Meeting, the Board of Directors and its committees, commissions and its structure in 10 different sections. Next, the indication of the chairman in compliance with the good governance code of business companies I hereby inform you that as stated in the annual corporate governance report, the company has complied in 2024, with all the recommendations of the aforementioned codes that are applicable to with the following exceptions. Recommendation 1, we suggest that the Articles Association of this company should not limit maximum number of votes that can be cast by a single shareholder has not been complied with. However, the report itself explains that all the shareholding limitations set out in Article 5 and 14. And in the sole additional provision of the Articles Association are a reproduction of the legal regimen established by the Electricity Sector Act applicable to the company. Recommendation 48, has not been complied with. This recommendation suggests that large top companies should have separate nomination committee and remuneration committees. This is because the Board of Directors has not considered the separation to be appropriate due to the small size of the Board in comparison with other large companies. And also because it is considered that a single committee is achieving the same result and fully fulfilling all the functions that the law and the recommendations of the code attribute separately to one and the other committee. And with the exception of the recommendation 62, which has only been partially compliant with as also the recommendation that the Executive Directors should maintain for at least 3 years, the ownership of the shares received as part of his annual variable remuneration is complied with. However, with respect to his multiyear variable remuneration, given that the plan has [indiscernible], no additional commitment has been established for Executive Director to maintain ownership of the shares received as beyond the additional deadline because it would be an excessive amount. However, this is also, it is available in Spanish and English. The report is available in Spanish and English on the company's website in the section containing recommendation of the General Meeting made available to all of you. 11, information to the general meeting of Redeia's annual sustainability report for the financial year 2024. The Board of Directors of the company at its meeting held on 25th March 2025, approved the Redeia sustainability report for the 2024 financial year prepared voluntarily by the company. The 2024 sustainability report includes Redeia's milestone progress and milestones achieved in 2024 in relation to its commitment to sustainability 2030. And the 2030 objectives linked to Redeia's 4 sustainability priorities. Redeia's performance in sustainability is reflected in the various external awards and recognitions obtained in 2024 in this area as well as in the results of the ESG analyst evaluation. The report has been externally verified by Ernst & Young whose opinion has been included as an appendix at the end of the report. The sustainability report has been available since 26 March 2025, in the section of the company's website as well as since the date of the notice of meeting in the documentation of this general meeting made available to the shareholders. Third item of the agenda, information to the general meeting on the modification of the regulation of the Board of Directors of Redeia on [indiscernible] 2024, the Board of Directors of Redeia agreed to amend the Board regulations in order to adapt them on the one hand to certain recommendations of the technical guide of the Market Commission. And on the other hand, the new organic law 2024 1st of August [indiscernible] and balanced presence of women and men as well as to the reality of the company in terms of general diversity. Likewise, certain recommendations of institutional investors and corporate governance indexes were reflected in the Board of Director regulations in certain technical form [indiscernible] clarifications were included as well as those from at coordination to the internal regulation of the society.

Having read out by the secretary, the essential aspects of the proposed resolutions on the agenda submitted for approval at this general meeting, I hereby inform you that the period for shareholders to present them, to exercise your voting rights, be you present or represented through the platform in relation to these proposals on the agenda set out in the notice of meeting has now ended. We will now report on the results of the voting. We will go to the -- any other business to the matters not included on the agenda so that you can issue your votes on these proposals. And after that, we will stop for a minute to take the necessary changes on the platform. And we want to play a video during that time.