Good morning, ladies and gentlemen, and thank you for joining our Q2 2022 results presentation. I am Meritxell Pérez, head of investor relations, and I'm joined by our CEO, Raúl Morales, our CFO, José Núñez, and the CEO of our Project Development division, Pablo Otín. We will review the Q2 2022 results, and at the end of the presentation, we will have a Q&A session. With this, let me hand over to our CEO, Raúl Morales. Please, Raúl, go ahead.
Thanks, Meritxell. Good morning, and thanks to all of you for joining us this morning. We will now give you an update on the financial situation of the company, as well as giving you more details on our activities. It has been a good quarter. I'm happy to announce that our operational indicators remain strong. Our margins in the industrial division have shown a good recovery, and we are on track to achieve our financial year guidance. At the end of the first half of the year, the revenue of the industrial division reached EUR 266 million. In addition, the EBITDA margin improved significantly in the second quarter, reaching a positive 6.4%, which represents a positive 1% in the first half of the year.
With our project development division, we have expanded into new regions and continue developing successfully the megawatts to reach our goals. We haven't rotated any assets in the period. However, we recently announced a new agreement in Italy to rotate 340 MW. Hence, we would like to restate our guidance for financial year 2022. We are on the right track to achieve this. The next slide shows a summary of the financial performance for the period. We had a strong second quarter, which is the result of the measures we took to face cost inflation. Our revenue reached EUR 147 million, driven by good activity levels in most of the regions, an increase in tracker ASP, and the good evolution of the construction services we offer to our clients.
Our consolidated EBITDA went into the black, +EUR 7.9 million, driven by a significant improvement in the margin of the industrial division during the period, despite the still challenging inflationary environment. Our net profit for the second quarter reached +EUR 5.5 million. The positive set of results was achieved in a still very complicated context. In the near future, we continue to see high cost of energy, materials, and logistics, as well as challenging macro environment and geopolitical tensions with the resulting port congestion and supply chain constraints. Our business model give us flexibility and solidity thanks to our three pillars. First, our vertical integration. We are not just an industrial player. We are much, much more than that.
Furthermore, the rest of our services allow us to capture further value and increase our value proposition to our clients. Second, we are a sustainable company with an excellent ESG performance. We have received high ratings from major agencies and focus our activity on having a positive contribution to the environment and our local communities. We are subjected to three sustainability ratings. We have received a 76% score in the S&P Global Corporate Sustainability Assessment and an AA score from MSCI and have a low risk ratio according to Sustainalytics. Third, we are an innovative company. We know the world is changing, and this industry is also changing very rapidly. Whether we like it or not, the rules of the game are going to change in the coming years, and we have to be prepared.
I'm happy to announce that last week, we launched the first startup coming out of our accelerator. It is called EnviroScale, and it is the first energy sustainability score system capable of identifying the source and the degree of sustainability of the energy we consume. This measurement is based on the blockchain technology, which, together with IoT and AI, guarantees that the information that is recorded is true and verifiable. We are very excited about the launch of this promising project. We expect the coming years to be crucial for our industry, and we are well-positioned to capture value. Let me review our commercial activity on slide eight.
The track record of our industrial division continues to improve, reaching 30.5 gigawatts in the tracker supply business, of which 1.7 gigawatts were added during the first half of the year. In the tracker business, we remain focused on margins rather than volumes. Looking now at the tracker market, trackers are expecting to keep growing over the fixed installation and to achieve 40% by 2025. Tracker systems are already dominant in installation in countries where we have a great exposure, such as Brazil, Spain, or the U.S. Solar trackers are forecasted to grow 660 gigawatts globally between 2022 and 2030, experiencing a year-over-year growth ranging from 70 gigawatts to 90 gigawatts by 2030. Our goal is not to be leaders in our market, but to have good, stabilized margins in all our projects.
Hence, we will still maintain our traditional exposure in Latin America and Europe, in which markets we are third. Regarding the project development division, Pablo will provide you an overview of the division later on. Regarding our operational indicators in Soltec Industrial, we continued to have strong figures in our backlog and pipeline. As you know, in our industrial business, we define backlog as projects signed, not yet fully completed, projects in which we still have some revenue recognition pending, while pipeline are potential future contracts in which we do believe we have a certain chance of success. Our backlog stands at EUR 353 million. We had high delivery volumes during the period, projects in our backlog being translated into revenue.
On the other hand, our sales activity continues to be strong, and we still have a strong backlog of EUR 343 million and a pipeline of EUR 2.92 billion at the end of June. Geographically, as far as our backlog is concerned, LATAM was our largest market by the end of the semester, amounting to 61% of the total backlog, followed by North America, which accounted for 25%, and Europe with 14%. Our pipeline reached EUR 2.92 billion. If we look now at our pipeline, it is more diversified geographically than our backlog. Europe accounts for 34% of the total, while LATAM represents 29%, and North America, basically the U.S., 20%.
With that, I'll now turn the call over to Pablo so that he can go over the project development division.
Thank you, Raul, and good morning all. At Powertis, we have kept momentum and grown in all regions. These are the key highlights by region and market. We'll start with Europe. Our largest European market is Italy, which happens to be as well one of the fastest-growing markets globally. Powertis has become a named developer and a reference in Italy, with a pipeline exceeding 3 gigawatts. Additionally, nearly 75% of the 2 gigawatts in advanced stage in Italy is now under co-development agreements. Through 2021, we closed two significant transactions with Aquila, totaling circa 1.2 gigawatts. In Q2 2022, we launched a new process that concluded by July. The result of that process is a new partner in Italy, Azienda Comunale Energia e Ambiente, or ACEA.
We're extremely proud to join forces with ACEA, a leading utility in Italy that has the city of Rome as a main shareholder and with whom we share many values. ACEA has acquired 51% interest in 17 projects that total 340 MW of PV. Moving on to our next market in Europe, by volume, we have Spain. We have lived a complicated first semester with way too many regulatory changes. We could have done nothing until the dust settles, but instead we have revisited our pipeline and cleaned up from those projects with low probability of success. We'll continue to do so in the following months to adapt to new regulations. Despite all the changes, we have been able to secure a 2.4 GW pipeline by the end of the quarter.
On the positive side, during the second half of 2022 and the first half of 2023, we're going to see many projects reaching RTB in Spain and probably further asset rotation as investment appetite is very big. Additionally, by the end of Q1, we started operation of our first project in Murcia, and by the end of Q2, we initiated the construction of our second project. The other two markets in Europe are Denmark and Romania. They both are progressing well. Denmark contributed with 509 MW, and Romania with 286 during the first half of the year. Moving to the other side of the Atlantic, we have Brazil, Colombia, Mexico, and the U.S. We'll start with Brazil. Brazil is the largest market at Powertis. Brazil has high volumes, but is highly dependent on Forex, and hence the ARR is very volatile.
Timing is key, and the building strategy is critical. We have a large pipeline in Brazil that stands at 5.6 GW by the end of Q2, which is a 40% increase in the year. We have projects in all stages, a project about to start operation, Pedranópolis, a project under construction, Araxá, which is 94% complete, and two projects ready to build. Given our overall exposure in Brazil, we're planning to make significant divestments from this pipeline in the coming months. Next is Colombia, our second market in the region, which is contributing with 750 MW. We made a big push in greenfield in the first semester, and we anticipate that some of the identified opportunities will move into early stage by the end of the year. Third is Mexico, where we have secured 188 MW.
Our strategy is based on pure greenfield development, and we will adapt the speed of development with actual market conditions. Last, we have the U.S. We are reporting our first project in the quarter. Through the summer, we got green news from Capitol Hill in the form of Inflation Reduction Act, or IRA, which includes long-term incentives and tax credits for the industry. The IRA provides a much-needed long-term visibility to the solar industry and is a very good news for the U.S. solar sector. In short, we are active in most of the countries where solar is happening. All these efforts are reflected in the tables, table shown in this slide 12. We have projects across the entire development funnel. Looking at the left side of the slide, we can see the progression in this 2022. We'll start with backlog.
Backlog hasn't changed in terms of volume in 2022, but significantly in terms of quality. The 722 MW includes now projects in operation, construction, and are ready to build. Advanced stage project have grown 268% compared to the same period last year, and early stage has increased 33% year-on-year, mainly due to contributions from new regions. Looking at the tables on the right side of the slide, we ended the first semester with 5 MW in operation, 225 MW under construction in Brazil, of which 112 just got connected few days back, 488 MW ready to build, and 3.3 GW in advanced stage. The rest of the pipeline, 2.7, is at early stage, and 6.2 consists of identified opportunities.
Our pipeline is well-balanced, and we are geographically diversified. 48% of the projects are in Europe, 52% in the Americas. Our local development teams are one of our main differentiations and have become a key competitive advantage. Thanks to them, Powertis has positioned itself as a key developer in all markets in which we operate. This is slide thirteen, is probably the most important. Everything we talked about so far comes down to this, projects in operation or construction, and Powertis's portfolio of RTBs. We have more than doubled the size of the company since the IPO, growing from 6 GW to almost 13 by the end of Q2 2022. The projects presented here has been developed, installed, and constructed by Powertis and Soltec, and form the foundation of Soltec Asset Management.
On the left, we have La Asomada, project located in Murcia, Spain, and our first project in operation. Powertis developed this project from scratch, and Soltec Industrial has supplied the SF7 trackers and provided the construction services. This project is part of our joint venture with TotalEnergies. In Brazil, we have Araxá and Pedranópolis, which we have built in parallel. Pedranópolis is completed. Araxá almost. Like in the case of Spain, Soltec Industrial has provided the construction services and supplied the tracker. In this case, the 1P tracker or SF1. We expect Araxá to enter into operation by the fourth quarter. PPA is 100% secure, financing is closed for both assets, and we are proud of the execution of these assets in a very challenging environment in Brazil. With this, I turn this over to José Núñez.
Thank you, Pablo. Good morning, everyone. Let's move now to the next section of the presentation, the H1 2022 financial results. On slide 15, we can see a quick summary of the financial results of Soltec Power Holdings for the first half of the year and also by quarter. As Raúl explained earlier, consolidated revenues reached EUR 245 million, a 181% increase versus H1 2021, which was driven by an increase in our activity levels during 2022 compared to the previous year. Consolidated revenues per quarter have improved quarter-on-quarter and year-on-year, totaling EUR 147 million in Q2 2022, and a 150% increase year-on-year compared to the Q2 2021 figure.
Adjusted EBITDA for the first half of the year stands at negative EUR 5.1 million, a EUR 14 million increase compared to 2021, while the Q2 figure improved significantly, reaching EUR 7.9 million, almost EUR 20 million higher than in Q2 2021. Finally, consolidated net profit was negative EUR 10 million at the end of June 2022, compared to negative EUR 19.9 million at the end of the same period last year, while the Q2 2022 figure reached positive EUR 5.5 million compared to a negative EUR 15.5 million in Q2 2021. As you can see, it is worth mentioning the significant improvement experienced by the company in Q2 2022, which already reflected the positive impact of the measures taken to mitigate the disruptions in our Industrial Division.
The Project Development division, as anticipated, had a negative contribution due to the lack of asset rotation during the period. This is just a temporary situation since it will be reverted as soon as assets are sold, and we'll see this later when I talk about our latest agreement with ACEA in Italy. On the next slide 16, we can see how revenues in our Industrial division reached EUR 266 million at the end of H1 2022 at 202% increase versus H1 2021. Revenues in Q2 2022 also increased significantly, almost 150% year-on-year to EUR 148.6 million. The measures we implemented at the end of last year have improved our EBITDA margins in the second quarter to 6.4%.
As expected, the price we signed with these new conditions have allowed us to improve our profitability in 2022. Overall, at the end of H1 2022, we had an EBITDA margin close to 1%, and we are optimistic since we are seeing how the measures we have implemented with great effort are now beginning to deliver. On the next slide 17, we can see the evolution of our sales and EBITDA margins in Industrial Division by quarter since the beginning of 2018. First of all, looking at the revenues, we can see a clear recovery of the activity levels since the middle of last year, driven by a strong demand. Now, if you look at the EBITDA margins, our Industrial business has been able to improve from negative 30% at the beginning of 2021 to a positive 6.4% in Q2 2022.
This shows how our margins have started to normalize as the contracts signed with the new conditions introduced last year are getting executed. We expect this trend to continue throughout 2022. We're completely focused on the recovery of the margins of our Industrial division, and therefore, we continue to take measures through our entire value chain to be better prepared to face the disruptions we're still seeing in the market. If we move to the next slide 18, we can have a look at the breakdown of our sales at the end of H1 2022. On the left side of the slide, we can see the distribution by activity, and on the right side, we have the distribution by geography. As you can see, supply represented 78% of our sales at the end of the first half of the year, while construction services grew to 22%.
As you notice, construction services are increasing the relative weight over time. They are very attractive add-on for certain customers. By geography, LATAM leads the way with 63% of our sales, 36% coming from Brazil, and the remaining 27% coming from the rest of South America, followed by North America, where we booked 24% of our sales. We move now to our project development division. On slide 19, you can see negative EBITDA both in H1 2022 and also by quarter. This is, however, a temporary situation that will be reverted as soon as assets are sold. In fact, in the third quarter of this year, we have already signed an agreement with ACEA in Italy for the co-development of solar PV projects.
This agreement includes the transfer of 340 MW of early-stage development projects through 17 SPVs in Southern Italy, plus an additional capacity of 170 MW for energy storage. ACEA will acquire 51% of the equity of these projects, while the remaining 49% will be kept in the hands of Powertis. The transfer project portfolio will continue to be developed by Powertis, and Soltec Industrial has certain rights to supply the trackers and construction services once these projects reach ready-to-build status. The ACEA transaction adds to recent Aquila transactions in Italy. As you may recall, a total of 1,193 MW have already been rotated under the Aquila agreement over the last couple of years, and we still have some revenue recognition pending related to those projects as certain development milestones remain to be achieved.
On slide 20, we have a summary of our H1 2022 cash flow statement. As you can see, we started the year with almost EUR 36.2 million. Operating activities consumed EUR 6.1 million. Financing activities generated an additional EUR 59.6 million. Investment activities employed EUR 74.3 million, mostly invested in the Araxá and Pedranópolis projects in Brazil. There was a small EUR 6.1 million variation related to exchange rate. As a result, our cash at the end of June 2022 totaled EUR 21.5 million. On the next slide 21, we have calculated our net financial debt as of June 30, 2022. On the left side of the slide, you can see the split between corporate debt linked to industrial business and the debt linked to the projects developed mainly in Brazil.
Soltec Industrial had a gross financial debt of EUR 88.4 million related mainly to the revolving credit facility signed last year, which by the way matures on February 2024. For the Project Development division, we have a project debt related to the projects under construction in Brazil for EUR 49.3 million. The financing of the Araxá and Pedranópolis projects is secured by BNDES for a total of BRL 323 million reais, around EUR 60 million. Additionally, our Project Development business also has other liabilities totaling EUR 17 million. Cash and cash equivalents totaled twenty-seven point nine million euros, and as a result, our net financial debt reached EUR 147.5 million as of June 2022. Now I leave the floor back to Raúl for the closing remarks.
Thank you, José. Allow me to summarize things. It has been a good quarter, but we still have much to do and much value to recognize from our divisions. We continue to talk about the most significant measures, and we need to take to be able to face the new times to come and the disruption we still have on the table. We begin to see a tipping point. This quarter, we saw how margins in the Industrial divisions began to consolidate and stabilize with strong operational indicators. Additionally, we have a stronger Project Development division with a strong and diversified pipeline and tier-one agreements worldwide. The key of our business model is our vertical integration. Integration has been key for our differentiation, key to prevent risks, key to capture value, key to keep growing, and key to balance our results.
We have seen good investor appetite for our projects and also for our trackers. Finally, to wrap things up, I would like to stress that we maintain our guidance for the year while thanking all our employees for their commitment and our investors for their trust, which I personally truly appreciate. Thank you very much.
Okay. Great. Thank you very much, Raúl. We can now move to the Q&A session. We've got questions on the platform. First question comes from JB Capital Markets, Jorge Guimarães. Please, José.
Good morning, Jorge. There are two questions. First one is, considering the midpoint of the fiscal year 2022 EBITDA guidance for Soltec Industrial of 2.5%, the implied second half of the year EBITDA margin would be 4.5%. Yet, second quarter 2022 margin was 6.4%, and typically, the second semester is stronger than the first one.
Is there any one-off in Q2 that explains this prudence? How is Q3 evolving? The second question is, where do you see net debt in December 2022? Okay, I'll start with the first one. Well, essentially, at the end of the day, the EBITDA margins that we are reporting every quarter are based on a different combination of projects, activities, and geographies, and therefore, it's very difficult to have two quarters alike. Okay? It is true that second quarter of the year has been very strong, and we expect the third and fourth quarter also to be quite good, but the guidance for the year is not gonna change for now. I mean, we believe the EBITDA margins will be around 2%-3%, at the end of the December 31, 2022. Okay?
Now, second question: Where do you see net debt in December 2022? First of all, let me start by saying that even though we calculate net debt as a total figure for the group as a whole, in reality, we're talking about different facilities that are different on its own. I mean, if we're talking about Soltec Industrial, the working capital facility, the revolving line that we have, it's basically used only by Soltec Industrial, and it's guaranteed only by Soltec Industrial, so it's very activity specific. Okay? We're talking there about EUR 90 million. Then we're talking about project debt. It's obviously fully devoted to a specific project. Okay? Here we have essentially the facility provided by BNDES for the two Brazilian projects.
We have Soltec Asset Management coming into play at the end of this year that we will hopefully increase its activity, and therefore it will also incur additional debt. Our expectation, long story short, is to be around in total, as I said, consolidated figure, around EUR 200 million. Okay.
The following question is it possible to elaborate on gross margin of Soltec Industrial in H1 2022? The question is I mean, the answer is gross margin is increasing. We are seeing EBITDA margins in the Q2 about 5%-7% as it was in our target. The question is why our EBITDA at the end of the year is not going to be 5%-7% as should be. As we stated in our guidance, it is going to be 2%-3% in Industrial. In Soltec Industrial, it's because still we have some projects coming from 2021. What we see is that new projects are recovering margins especially those that we updated ASPs.
ASPs in 2022 are higher than those we had in 2021, thus we are increasing the gross margin. At the same time, just to remind that we have locked the steel prices and the logistics costs. At the same time, we see moderation in prices, stabilization or even a slight decrease in costs.
Good morning, Jorge. This is Pablo. I'm gonna answer your questions, the three questions you have. Next, how many megawatts do you expect to sell rotating power this year 2022? 300 MW, and you tell me how much more. I will start with that one. We reiterate our guidance provided in the CMD of 600-700 MW, which would basically suggest that we'll do another 300-400 MW through the second semester, and we are on target of that. Second question is, in CMD's presentation, you mentioned equity IRR objectives of 7%-9% in Spain and 10%-13% in Brazil. Given recent evolution of interest rates, have you revised such objectives? The answer is no.
When we provide these brackets, we were probably in the lower end for both countries, certainly for Spain, and now we will still see equity IRRs for the projects in that sort of category, most likely towards the upper side. More like 9% in Spain and certainly in Brazil. Brazil has made a lot of fiscal measures already, and we probably have seen the peak of the interest rate in the country, and therefore the 10%-13% seems to be right on target on where the market lies right now.
Thank you, Pablo. Next questions come from Flora Trindade from CaixaBank BPI.
Okay. Good morning, Flora. The question, the first one, it says, H1 figures seem to suggest, 4% or 5% EBITDA margin in Industrial for the second half of the year. Considering the 6.4% Seen in Q2, do you see an upside potential to your targets? What might prevent you from being above?
I think the answer to this question is similar to the one asked by Jorge from JB Capital Markets. The EBITDA margins that we generate on a quarterly basis are based on a combination of different projects, different activities, tracker supply, products, sorry, services, and then obviously different geographies. What we're seeing is that even though Q3 and Q4 are gonna be quite strong, the guidance for the full year will remain as it is right now. Okay.
Second question. Inflation Reduction Act in the US, could this lead you to increase exposure in the US? I wanna come back to the CMD, where we presented the strategy for the group for the following years. In that presentation, already noted that we're targeting close to 2-3 GW in the US by the year 2025, which basically, what the IRA implies is that we were on track on the right direction when we provided these guidance and saying now is time to execute. Well, basically confirms that our direction was correct. Then on Powertis, can you comment on returns in the current context of higher prices, but also higher inflation and interest rate?
I think they net off each other. Certainly, we're seeing much higher prices than we thought, this time of the year last. Certainly we have higher CapEx, so one nets off each other. Overall, we're not seeing huge impact on equity IRRs over time, particularly in Southern Europe, where there's high competition and even higher appetite for projects. On the other side of the pond, in the Atlantic, we think we're on target of what we have. I think both basically balance each other.
Thank you, Pablo. Next set of questions comes from Edward Bottomley from Berenberg. First one, José.
Okay, I'll take the first one. Good morning, Edward. How many gigawatts of tracker supply should we expect for H2? Our expectation for the full year is around 3.5 gigawatts, around that figure. Considering we already supplied, as of June 30, about 1.7 gigawatts, we have about 1.8 gigawatt for the second half of the year. Okay? The second question is your EBITDA margins for Q2 were extremely strong, especially compared to Q1. Could you outline the key drivers of this dramatic improvement? What should we expect for the EBITDA margins in the rest of the year? Well, as we already explained, the main reason for this increase in Q2 is basically the execution of the 2022 projects.
If you remember when we had the Capital Markets Day back in May, we explained that the first quarter of the year did not include any execution coming from 2022 projects. What has changed obviously from there is that in Q2, we've already seen revenue coming from those projects, and the margin generated by those projects is much higher than the ones we've had in the past. Okay? Third question, I believe, is could you provide us with some information about the financials regarding the 304 MW rotated with ACEA? We will provide more details in the Q3 results presentation, but I can tell you that we have generated roughly EUR 7 million cash inflow, and that the impact on EBITDA is around EUR 5 million, okay? EUR 5 million.
Thank you, José. Next set of questions coming from Virginia Sanz de Madrid from Santander. First one, again, José.
Good morning, Virginia. First question is, how much of your Soltec Industrial backlog and pipeline relates to Powertis? Well, essentially, out of the EUR 353 million that we have in our backlog, around EUR 2 million are coming from Powertis. Out of the total of basically EUR 2.9 billion that we have in our pipeline, EUR 874 million are coming from Powertis. It's about 30%. This information is available on slide 10 of the presentation, I believe. As I said, around 1% of our backlog coming from Powertis, about 30% of the pipeline coming from Powertis.
Out of your 2022 revenues of Soltec Industrial, how much do you expect to come purely from tracker deliveries? As I said before, in terms of gigawatts, we're assuming about 3.5 gigawatts, and that would be equivalent to about EUR 350 million at the end of the year, roughly, okay? What is your view on full year 2022 net debt? As I said before, considering basically the debt generated by the industrial division, Powertis, and then Soltec asset management will be around EUR 200 million.
Next question is, what do you expect to be ASP for the trackers, and what are your expectation for 2023? Well, 2022 is going to be around EUR 0.10 per watt in ASP tracker. And in 2023, maybe we will see slight moderation in prices, but they will be in the EUR 0.09-ish, so just slightly less as we see some moderation in the steel and logistics. Next question is, which markets are you more optimistic for your business in 2023, 2024 with the current regulatory and macro developments?
Well, basically, we will continue to be very present in the markets that we are already. Basically Europe and the Americas. When I say Americas, is US and Latin America. Soltec will be very active in Brazil and other and we expect to be very important US because the IRA, Inflation Act. In obviously Europe also will be very important as we will see speeding up all the processes of permitting in Spain and Italy. The next question is, do you do construction services at Soltec Industrial for other clients different than Powertis? Generally, no. Just with some selected customers that they are tier one.
Basically are going to be performed by Soltec Industrial for Powertis project that will be owned by Soltec Asset Management or sold to third parties and with the construction services in the same contract together with the EPCs, with the permit and licenses.
The megawatts in Powertis with ACEA, could you develop these megawatts you keep for your IPP? The answer is, it's just a thing here we're gonna open up a bit of a discussion, because we have changed the structure of our transactions. In the past, we sell 51%, and we provided options to the buyer to keep or to buy us out. In this particular case, moving forward, we're gonna be keeping that interest moving on, and therefore, all these megawatts could become potentially part of our IPP or decide what to do, but it's in our control. Here we're changing the strategy in line with our long-term view as a company.
Next question is, what do you plan to do with the two projects in Brazil that you are building right now? Well, first thing is we're particularly excited that we've managed to complete these projects in an incredibly challenging environment. These are the very few utility scale projects completed in Brazil in the last months and kudos to the whole team. As we mentioned through the webcast, these are basically the foundation for the future Soltec Asset Management, and we will review what to do with either or both over time. Next, will they get COD and start selling electricity at IPP, or do you plan to sell them? The electricity of these two projects are sold. The PPAs are for 100% take or pay.
They're contracted, and therefore, there's not much to do here other than supply and being compliant with our commitment and obligation under the PPA.
Thank you very much. We've no more questions on the platform. Thank you very much for joining us this morning. This concludes the presentation of the results. Have a nice day.