In a complex and highly uncertain macroeconomic context, driven by geopolitical tensions, the two main risks potentially affecting the Group's performance are: the evolution of interest rates, linked to macroeconomic dynamics, and the volatility of commodity prices.

The last quarter of the year will be characterised by the continuation of the investments specified in the Business Plan, primarily focused on improving the efficiency of energy and water distribution networks, developing waste collection activities, and increasing renewable energy generation capacity.

In the coming months, we also expect an increase in tariff revenues related to regulated businesses, supported by investments, and a recovery in the profitability of waste treatment plants.

Expectations for the energy supply chain are for lower hydroelectric production compared to the extraordinary volumes recorded last year, partly offset by an increase in thermoelectric production. The margins of the Market BU are expected to be stable, even in a very challenging competitive environment, to which the Group is responding with a strategy of high-value customer retention.