ACS Aktie

Good afternoon, everyone, and thank you for joining us for the 2026 First Quarter Results Call of ACS Group. This is Javier Crespo, Head of Investor Relations. Today's call will be led by our CEO, Juan Santamaria, who is joined by our Corporate General Manager, Angel Garcia Altozano; our Chief Financial Officer, Emilio Grande, and the rest of the management team. As usual, following the presentation by our CEO, we will open the line for a Q&A session and look forward to taking your questions.

And now let me hand it over to Juan.

Thank you, Javier. Good afternoon, everyone, and thank you for being with us today. During the first quarter of 2026, the group continued to deliver strong operational and financial results with solid growth in sales, backlog and net profit, backed by an outstanding level of cash flow performance. The quarter also marked further progress in our growth strategy, reinforcing ACS's position as a global engineering-led provider of end-to-end infrastructure solutions with leading positions across rapidly expanding growth verticals, including AI, digital and tech, energy, critical minerals and defense.

The key results highlights are as follows: Operational net profit reached EUR 239 million, up 25%, in line with the top end of the guidance range set for 2026, while net profit nominal stood at EUR 232 million, up 30% FX adjusted. Sales and EBITDA also showed solid growth, up 12.5% and approximately 16% FX adjusted, respectively, and supported by Turner's continued strong performance and the positive evolution of our strategic growth markets. Cash generation remains outstanding with the last 12 months net operating cash flow of EUR 2.3 billion, driving a EUR 1.4 billion improvement in net debt year-on-year. New orders reached EUR 17.5 billion, representing a 1.3x last 12 months book-to-bill up 20% increase as adjusted, while backlog approached EUR 100 billion, up 13.5% and providing around 2 years of visibility. Data centers remain a key driver with backlog reaching EUR 19.4 billion, more than doubling year-on-year. On the shareholder remuneration front, I will also highlight a 20% increase in our 2025 dividend per share to [ EUR 2.4 ] as approved at the recent AGM.

Looking ahead, ACS maintains a strong momentum with a record backlog and broad exposure to markets where demand for advanced infrastructure continues to accelerate. This diversified profile, combined with our strict risk management and disciplined capital allocation strategy reinforces the resilience of the group and provides us with a strong platform for long-term value creation. We reiterate our operational net profit guidance for 2026 of around EUR 1.30 billion to [ EUR 1.07 ] billion, representing growth of 20% to 25%.

Let's take a closer look at the group's consolidated performance for the period. Sales rose by 12.5% FX adjusted to EUR 12.3 billion, driven by strong performance in North America and continued growth in strategic markets, particularly digital infrastructure, which reached EUR 3.2 billion. EBITDA increased by close to 16% FX adjusted to EUR 772 million with margin expansion across all segments and at overall group level. Profit before tax amounted to EUR 410 million, up approximately 24% FX adjusted. We delivered strong operational net profit growth of 25% year-on-year, reaching EUR 239 million, in line with the top end of our full year guidance. Our backlog of almost EUR 100 billion increased by 16% on a comparable basis after adjusting for FX and the sale of 50% of UGL Transport and on the back of an increasing last 12 months book-to-bill of 1.3x. Overall, this is a very strong start to the year with growth across the main operating metrics and a continued improvement in profitability.

Moving now to the contribution by business line. The strong performance in the quarter was driven by Turner and Engineering Construction, both of which continue to show significant operational momentum. Turner delivered an outstanding performance with attributable operational net profit increasing by 60% FX adjusted to EUR 143 million. This was driven by the accelerated momentum in Digital Infrastructure and the continued uplift in margins. Engineering Construction also recorded a strong contribution with attributable operational net profit increasing by 38% FX adjusted to EUR 67 million, reflecting a higher contribution from Flatiron Dragados and a solid performance of HOCHTIEF Europe. CIMIC contributed EUR 46 million, remaining broadly stable on a comparable basis.

Slide 5 highlights the group's outstanding and sustained level of cash conversion. Net operating cash flow was EUR 2.3 billion on a last 12 months basis. Pre-factoring, it amounted to EUR 2.1 billion, representing an increase of EUR 471 million year-on-year. This performance was supported by robust EBITDA generation with last 12 months EBITDA increasing by 16.7% and by strong working capital performance. In the quarter itself, working capital showed a characteristic seasonal outflow, but with a significant year-on-year improvement. Overall, the cash flow performance continues to demonstrate the quality of our profit growth and the strength of the group's operating model.

Moving now to the financial position. The group ended March 2026 with a net debt position of EUR 1.5 billion, representing a strong improvement of EUR 1.4 billion year-on-year. This was mainly driven by the outstanding net operating cash flow generated over the last 12 months, which together with financial divestments, supported continued investments in data centers and other strategic opportunities. Financial investments in the last 12 months include EUR 508 million in data center projects, EUR 200 million related to Abertis capital contribution in the context of the A63 acquisition, EUR 331 million in other infrastructure equity investments and EUR 204 million in M&A and others.

On the other side, financial divestments included EUR 428 million for the creation of the joint data center platform with GIP, [ EUR 248 million ] from the sale of 50% of UGL Transport to [ HOCHTIEF ] and EUR 300 million from the final settlement of the ACS Industrial transaction with [indiscernible]. In the first quarter of 2026, we invested EUR 232 million, including EUR 152 million in data centers, while divestment collection generated EUR 536 million, resulting in a net cash inflow of EUR 304 million. In addition, EUR 441 million were allocated to shareholder remuneration over the last 12 months.

Moving on to Slide 7. Our order backlog stands at an all-time high of almost EUR 100 billion as of March 2026. This growth was underpinned by a very strong order intake of EUR 17.5 billion, up 20.3% FX adjusted, resulting in an improved book-to-bill ratio of 1.3x on a last 12-month basis. This very positive performance reflects the group's continued success in securing high-quality projects across our strategic growth markets, particularly in AI, digital and tech, where backlog has more than doubled year-on-year and now accounts for around 21% of the group's total backlog.

Other strategic growth sectors such as defense, biopharma, health and education, energy and critical minerals also remained strong. The backlog is aligned with the group's strategic priorities, reinforcing the visibility and quality of future growth. In the following slides, we highlight a selection of recent significant new orders, which illustrate the progress we're making in scaling our capabilities across our key strategic growth verticals while further reinforcing the quality, diversification and resilience of our backlog. They also demonstrate our ability to consistently convert strong market demand into high-value opportunities, leveraging our engineering expertise, global footprint and end-to-end delivery model.

Let me start with AI digital and technology, where we continue to build on our leading position. Growth in the global data center market remains extremely strong, driven by the accelerating demand for cloud services, AI workloads and high-performance computing. The group has the resources and capabilities as a global end-to-end solutions provider to address this demand by leveraging its scale, long-standing relationships with hyperscalers, global sourcing expertise and increasing adoption of modularization and off-site manufacturing.

During the period, we were selected by Meta as one of the key contractors for a $10 billion 1-gigawatt data center campus in Indiana, United States, a 4 million square foot state-of-the-art facility supporting AI and digital infrastructure workloads. We also secured a data center contract in Malaysia for a 58-megawatt facility from our repeat client, further strengthening our presence in Malaysia. In Europe, we were awarded the construction of a 160-megawatt data center in Netherlands to be developed in 4 phases. In the United States, we're also participating alongside partners in a $15 billion 902-megawatt data center complex in Wisconsin, part of the broader Stargate program. Furthermore, construction is already underway at our data center in Alcalá Madrid, developed within our data center platform. Overall, we continue to expand our presence across the full stack, including data centers, semiconductors and cloud infrastructure with strong medium-term visibility supported by our order book and growing pipeline.

Energy infrastructure is another key strategic growth vector for the group. Rising investment in energy security and transition to a low-carbon systems is underpinning sustained demand for advanced technology infrastructure. ACS is strategically positioned across the full energy value chain from generation and storage to transmission and advanced technologies, supported by strong end-to-end capabilities and global engineering expertise. A key milestone was reached at the beginning of 2026 when we were selected as part of Amentum's global delivery team for the Rolls-Royce SMR nuclear program, where we will take a strategic role in construction management for the deployment of small modular reactors in the U.K. and the European Union.

In addition, during the final quarter of 2025, we secured a major EUR 685 million, 15-year framework contract at the Sellafield nuclear site in the U.K. These awards reinforce our positioning across nuclear, storage, transmission and renewables, building our long-standing nuclear track record and supporting our strategy to expand across the nuclear value chain.

Turning now to transport and sustainable infrastructure. The group has been a global leader in transport infrastructure and sustainable mobility for several decades, and the outlook remains very positive, supported by infrastructure stimulus packages and the need to upgrade critical networks. In Europe, we secured the next phase of the Prague Metro Line D, a EUR 1.2 billion project as well as the East Link High-speed Rail project in Sweden, a EUR 900 million contract delivered under a collaborative model. In the United States, we continue to expand our presence with projects such as the Battery Park resiliency project in New York, a $1.7 billion climate resilience project. And in Australia, we were awarded the first airport new runway project as part of a major joint venture.

In biopharma, health and education, we continue to hold leading positions, supported by our technical capabilities, strong client relationships and local person. In the U.K., we were awarded a EUR 200 million PPP project for the University of Southampton. In the United States, we secured a $500 million Baptist Health Hospital expansion in Florida. And in Germany, we were awarded the Max Rubner Institute PPP project in Kiel and continue to deliver hospital projects in Flensburg.

Let me turn now to critical minerals and natural resources. We're capitalizing on accelerating demand driven by energy transition, digital infrastructure and defense and have built a global position in minerals processing and mining services through [ Sesman ] and [indiscernible]. A key pillar of our strategy is a partnership with Vulcan Energy for the Lionheart Lithium Project in Germany, where we have taken a 15% cornerstone stake and secured an end-to-end role. In addition, we secured a AUD 700 million agreement for the Eva Copper project in Australia as well as contracts in India to support the development of zinc processing infrastructure.

Turning now to defense. Infrastructure investment in this sector is expected to increase significantly worldwide, and ACS is well positioned, leveraging strong engineering capabilities and a proven execution track record. During the period, we secured a major contract for the German Armed Forces University Campus in Hamburg, a landmark project combining our expertise in defense and social infrastructure. In the United States, we were selected for a global construction services program for the U.S. Air Force. In addition, we were awarded the modernization of the Caslav Military Airport in the Czech Republic.

Let us now have a look at the performance by segment. Starting with Turner, which continues to show exceptional momentum and remains a key driver of the group's growth. Sales increased by more than 25% FX adjusted, reaching EUR 6.5 billion, particularly driven by data centers and supported by solid growth in pharma, semiconductors, aviation and public buildings. EBITDA increased by 53.5% FX adjusted with EBITDA margin expanding by 72 basis points to 3.9%, reflecting Turner's end-to-end strategy focused on advanced tech projects and higher value-added services.

Operational profit before tax reached EUR 246 million, up 56% FX adjusted, significantly above the top end of the 2026 guidance growth rates. Operational attributable net profit increased by more than 60% FX adjusted to EUR 143 million. Turner also continues to show very strong commercial momentum with new orders up more than 48% FX adjusted to EUR 10.3 billion, driving the order backlog to a new record of EUR 42.3 billion, up close to 34% FX adjusted with AI, digital and tech now representing around 41% of Turner's total backlog.

Let me now turn to CIMIC, where we continue to see a solid performance and further progress in portfolio rebalancing. Sales amounted to EUR 2.4 billion with a shift towards strategic growth markets, particularly data centers, offsetting the winding down of large transport infrastructure projects. EBITDA was broadly stable on a comparable basis with increased margins. Operational profit before tax reached EUR 116 million, representing a 4.8% increase on a comparable basis, supported by margin improvement. Attributable operational net profit was up 3% on a comparable basis, reaching EUR 46 million. The backlog stood at EUR 23 billion, up 7.9% year-on-year with new orders to close to EUR 3 billion and a book-to-bill ratio of 1.1x on a last 12-month basis.

Turning now to Engineering Construction segment on Slide 17. Sales increased by 9.5% as adjusted to EUR 2.6 billion, supported by sustainable mobility and defense projects. EBITDA increased by close to 24% FX adjusted with EBITDA margin improving by 25 basis points to 6.6%, driven by strong contribution from Flatiron Dragados and HOCHTIEF Engineering Construction. Attributable operational net profit showed strong growth of 38% FX adjusted, supported by robust EUR 3.5 billion order intake, resulting in a strong last 12 months book-to-bill ratio of 1.2x, backlog increased by 5.3% FX adjusted to EUR 31.3 billion.

Continuing now with the Infrastructure segment on Slide 18. The segment delivered achievable net profit of EUR 37 million in the quarter, up 3.3% year-on-year. Abertis EBITDA grew above 9%, supported by positive traffic and tariff performance, while it contribution was offset by nonoperational factors, such as a higher [ PPA ] depreciation. ACS Digital and Energy is now reported separately for the first time, including the equity accounting of the data center joint venture. Iridium contributed EUR 8 million to attributable net profit.

On the next slide, we take a more in-depth look at Abertis, which delivered robust operating performance in the first quarter of 2026. Revenues increased by 6.4% to EUR 1.5 billion, while EBITDA rose by 9.1% to EUR 1.1 billion. The EBITDA margin reached more than 31%, up more than 173 basis points. Traffic increased by 1.4% overall with particularly strong growth in Spain, where traffic increased by 6.4% in the United States, up 4.8% and in Chile, up 2.4%. Abertis also continues to reaffirm its perpetual growth strategy. During the period, it acquired the remaining 48.8% stake in Atlantis, the A63 toll Road in France. More recently, Abertis announced tariff renegotiation, a 19-year extension of the concession of FARAC in Mexico. This adds the 21-year extension and tariff adjustment at Fluminense in Brazil as well as prior organic initiatives such as the extension of [ Interbias ] in Brazil, [ Metropas ] in Puerto Rico, [ Autopista ] Central in Chile and [ Cement ] in France.

On Slide 20, we highlight our consideration for this important extension. The agreement increased the concession by 19.5 years until 2067 on an asset that generated approximately $550 million of EBITDA in 2025 and is highly correlated to the U.S. economy. It also includes tariff increases fully linked to CPI over the life of the concession and a EUR 1.2 billion CapEx plan over 4 years to be fully self-funded through local cash flows and debt. The transaction increased our purchases average portfolio life from 12 to 15 years and also boost the RCO total road network EBITDA backlog by 78%.

On Slide 21, we show the usual breakdown of the key figures by country for our purchasing portfolio. To conclude our review of the first quarter 2026 results, let me highlight the key achievements of the group. We delivered a solid operating performance with operational net profit reaching EUR 239 million, up 25% year-on-year, in line with the top end of the guidance range set for 2026. The group again demonstrated outstanding cash performance with last 12 months net operating cash flow of EUR 2.3 billion, increasing by EUR 640 million year-on-year. Our order backlog reached a new record level of EUR 99.8 billion, up 16.1% FX adjusted on a comparable basis. It's also worth highlighting the data centers award momentum with backlog reaching EUR 19.4 billion, up around 118% better FX adjusted year-on-year and new orders more than doubling.

On the back of this data center build-out momentum, Turner continues to be a major driver of the group's performance with operational PBT growth of 56% FX adjusted and a Q1 EBITDA margin of 3.9%. In Infrastructure, Abertis continues to enforce its perpetual operator model with a 19.5-year extension of FARAC in Mexico, including tariff increases, representing a very important milestone and driving an increase in Abertis' average portfolio life from 12 to 15 years. We also continue to prioritize shareholder remuneration as illustrated at our recent AGM, where a 20% increase to our EPS was approved to EUR 2.4 per share.

Looking ahead, we remain confident in our ability to continue executing our strategy, building on a very strong start to the year and clear momentum across our key growth platforms. We reiterate our operational and profit growth guidance of 20% to 25%, supported by expansion of our end-to-end capabilities and our increasing export to high-growth, higher-value markets. With a record backlog, a 1.3x book-to-bill and strong visibility, we are well positioned to continue delivering strong and sustainable growth.

Thank you once again for joining us today. We now look forward to your questions.

[Operator Instructions] We have the first question coming from Graham Hunt.

I just got 2 on cash flow, if that's okay. The first one is, I mean, clearly, it's been extremely strong start to the year from a cash generation perspective, but you've been delivering cash -- operational cash ahead of expectations for some time now and probably even your own expectations. I'm just trying to understand sort of dig into what's driving that? Is it just the working capital that's coming in more because of the growth that you're seeing? Or is there work you're doing behind the scenes as well, which is helping really deliver that operational cash flow ahead of where you maybe were expecting it?

And then the follow-on from that, I guess the question is what are you going to do with that cash? If I remember well, you had a slide in your CMD last year where there was a nice balance between operational cash flow generation and your investments in infrastructure, but you're running well ahead, I think, of that operational cash flow element. So when we think about where that goes, is there capacity to invest that in more greenfield? Or should we look at the quite significant increase in dividend that you've announced as an indicator of maybe where that excess cash could be directed?

Thank you so much, Graham. So let me start with the cash flow. So I mean, yes, we had a very strong cash generation at the end of the year. And what's driving that is a mix of 3 things, I would say. The first one is growth, and we've been growing for the last 4 years. Very strongly, and we believe that will continue growing. We have very good visibility in terms of how that backlog and new orders are going to perform within the next years. Second, very -- I mean, the projects, the contracts and the quality of the awards are also very strong. So we are not -- I mean, we -- and this was one of our big ambition to make sure that we could perform our projects with no surprises and making sure that we could get into contracts, providing value so we could get a very good balanced risk approach to projects and that allow us to perform without surprises, which is also driving cash flow. And then probably there's also some recovery of positions. But the most important thing is that what has been driving cash flows up to now most likely will continue driving cash flows in the future. In that sense, we are not seeing any change.

When it comes to firepower, we're talking about the $1.6 billion with working capital 0. And right now, we are always talking about more or less -- I mean, the firepower, $900 million net operating cash flow per year post payment dividend because the $1.6 billion would include the payment. You remove the dividend, you get $900 million. I think we did multiply at that time by 5 to get to the $4.5 billion. And then on top of that, we were adding the divestment -- potential divestments, right? So that's, I think, the way we did value in our CMD.

And obviously, if you look backwards, and I think we went through all of this in our previous investor presentation, you could see that we've been managing all those -- I mean, cash inflows and investments versus new investments. Moving forward, we're going to apply the same logic. We believe that we are going to continue getting to $900 million per year, if not more. So that will continue giving us a lot of cash flow. We believe that we do have still potential noncore assets. But right now, our business plan doesn't even need to divest those to meet to our objectives. And the potential acquisitions that we're looking at, whether it's data centers, whether it's greenfield infrastructure, Abertis, et cetera, fall within the plan. So we -- I mean, we'll continue balancing and having that good balance between operational cash flow injection and investments.

And when it comes to the dividend, so our value proposition is always to keep a very good balance of shareholder remuneration and share price appreciation, right? And of course, all that supported by resilient cash flow generative business. The dividend was established at EUR 2.4 per share, and that includes both the entry in February and the July complementary. And our policy will continue balancing that attractive shareholder remuneration with the rating, the investment-grade rating and investment plan. So we are always putting the 3. As I said before, the strong cash generation is going to allow us to continue having all the cash we need for our continued growth, right? So we're not giving up or we are not weakening that position, right? We are accepting the EUR 2.4 per share because we believe that in spite of that, our strong cash flows are going to allow the full growth potential that we're looking for.

Next question, Dario Maglione.

Congratulations for great set of results. I wanted to focus a bit on Turner and specifically the data center business within Turner. Can you tell us a bit more about the order intake in Q1 for data centers in Turner and -- both in terms of what you booked in Q1, but also in terms of the backlog of projects that have been awarded but are not yet in the backlog.

And then maybe a question around the group guidance for 2026. After this very good Q1, especially FX adjusted, the guidance does looks increasingly conservative. especially for Turner. So any thoughts there? And maybe last question, if I can, on the joint venture to build data centers. Is there any update on signing leases?

Thank you, Dario. So let me start talking about Turner and then more specifically about Q1. So if you go to last year, Turner finished with a $16 billion backlog for 2025. Now the backlog of Turner in data centers at Q1 '26 reaches EUR 19.6 billion, right? So that has been -- I mean, we're talking about U.S. dollars here. And this has been an extremely good growth. But more importantly, there's another EUR 15.5 billion not yet in backlog, right, not yet in the backlog. So that shows that Turner is going to continue growing at a very, very, very fast pace. And the revenues that last year was EUR 10 billion for 2025, we're expecting to reach overall probably EUR 18 billion to EUR 19 billion this year. So it's even going faster than what we anticipated. We thought that by 2030, we'll be reaching 25. I believe that by the end of this year, we're going to be around EUR 17 billion to EUR 19 billion, right? So that's going very fast in data centers. More specific in Q4, the new orders of data centers was around give me one second. EUR 5.7 billion, which is around 114.9% more.

And then guidance for the next question. So in terms of the guidance, Well, I mean, first of all, the numbers are there, right? I mean Turner [ Person ] activity grew 56% USD in Q1 versus the 25% to 30% guidance. The new orders are more than 40%. I mean, around 23 billion projects were awarded just to Turner and more than $15.5 billion or just in data centers. And then we see a continued additional benefit coming from Source Blue, increased modularization from XPL, which is basically improving margins and will continue margins improving throughout the year. So yes, that's going in the right direction.

The only thing that I would say about Turner and the reason why we haven't increased guidance yet is because margin increase throughout 2025 a lot. Q1 was a little bit slow last year, it was growing versus previous year, but throughout the year, it grew a lot more. So we want to understand before giving a legal guidance, a little bit more where we can end up by the end of the year, right? So we'll give -- as soon as we have that clear, we will give an update on them.

Now let's talk about the ACS Group, right? A little bit of the same with ACS Group, right? All the business is performing strongly within or above the guidance. So yes, it's been conservative. The only thing that has stopped us from upgrading the guidance this time is the geopolitical uncertainty and the FX evolution. right? Once we understand -- as soon as we understand what happens with the current geopolitical uncertainty, especially specifically Iran and the FX evolution, we will give an update, right? So it's not so much about not increasing the guidance. The question is we need to be sure before giving a legal new guidance.

And the last one is about the GIP. So that's evolving very, very positively. On one side, 100% of the sites are not connected to the grid. 80% is with a clear path to power. So we have all the permitting that we're finalizing the last connections and infrastructure. We are -- we expect the first lease for -- I mean, before the end of the first half of 2026. And that's very important because we do have framework agreements right now with different potential clients. And those -- I mean, to be able to materialize the first one that will unwind additional good news when it comes to commercialization. So we are still on path to commercialize the 250-megawatt IP that we're looking forward to commercialize this year. So that's on -- in addition and on top of the GIP platform, we continue working on additional 1.5 gigawatt of projects out of the GIP platform that we -- I mean, we have right now the path to power and we have the permitting and we have the connection. So that's pretty positive as well and that's been developed on our platform.

And the third part, which is the edge data centers, that is progressing well. And that one, we will be able to give an update probably by Q2 on that one because that we're as soon as that will -- as soon as we are able to finish the first ones and going through all the testing, which is going very, very well, then it will move very fast in terms of the number of data centers that we're going to be able to build around -- starting around Europe.

Next question, Amal Patel.

Three questions from me, if I may. Maybe on the Turner order intake, excluding data centers, what are you seeing for the remainder of U.S. nonres? Clearly, some concerns on the economy and Middle East impact on inflation are having an impact on starts. Which pockets of the market do you think are accelerating and maybe those which aren't doing as well?

Secondly, maybe just on Dragados. The EBITDA margins, we had a 60 bps expansion year-over-year, yet the operational PBT margins were basically flat. Could you help me understand what's driving this and what EBITDA margins for Dragados to expect for the remainder of the year? And then third question, if I may, just on the capital contributions to Abertis, what can we expect for 2026 and I guess, until the end of the decade?

Okay. Thank you so much. So let me start with the first one, specifically about the U.S. economy and Turner. So I mean, it's true that data centers are growing significantly, right? I mean just in terms of the backlog, the backlog grew 132.5% and I know that you didn't ask for it, but let me start with that. And in terms of order intake, it did grow 114.9% versus previous quarter. So what about the rest of the area? So if we focus from a backlog perspective, we are seeing commercial growing. It did grow 65.3%. That's around -- I mean, our backlog in commercial is about 11.6% of the total. And if you remember, Turner used that percentage was much, much, much higher a few years ago. That was a big part of Turner. And right now, it's at 11.6%, which is not much. But we see a little bit of a recovery versus a market that, I mean, was close to 50% and it went all the way down to 6%, and we're seeing it growing.

We are seeing a lot of projects in terms of aviation in general. That's growing 15.8% to $2.7 billion in our backlog, which is around 6.5% of the total. Then there's a little bit of hotel and sports, which is more or less steady, decreasing a little bit. Some governmental buildings, steady, increasing a little bit, like same thing as I mentioned and conference centers. And then as we move into biopharma, health care and education, health care and biopharma continues strong, growing around 20%, more or less, 17.4% in the case of health care, biopharma, 22%. And health care is 15.4% of our backlog. So that's an important part of the backlog.

We move into semiconductors. That's an activity that continues taking off. We increased significantly. Still, I mean, it was higher in the past. Right now, it's 1.2%. But we believe that, that's an area that is going to grow significantly through the next years, right? We were very optimistic about that one. And that's more or less from a backlog perspective, but it is in line in the analysis from an order intake perspective.

Dragados, so Dragados, you're right. When you look at Dragados from an EBITDA perspective, there was 75 basis points to 6.6% in EBITDA expansion versus PBT level, which went up 40 basis points. So this was basically I just want to make sure that I have the right numbers. I was giving the -- I had in front of me the engineering construction. I had to go specifically to Dragados isolated. So let me go through the Dragados isolated. So the sales went up 10.8%. It was FX adjusted. EBITDA went up 23.1% FX adjusted year-on-year with gross margin expansion to 6.2%. But what happens with the PBT, right, which is your question.

So there are a few things. The first, mainly through the consolidation of Dragados, there were a few one-off impacts that were basically reversed. So I -- I mean, it's not I mean they are not structural effects. They are one-offs, and they are not projects or problems coming from projects are basically from the consolidation of Flatiron Dragados, very specific.

And then the last question was about Abertis. So well, first of all, before I go into capital expansions, Abertis continues evolving very, very well, right? And we always focus on the same numbers, but I think that it is worth to repeat them, right? The net debt-to-EBITDA ratio went from 6.6 to around 5.2. But EBITDA backlog, if you remember, the last time we spoke, what I said, and this was the end of last year in February, that EBITDA backlog versus net debt went from 3, 4x to 5.9x. That was the last time we spoke. So EBITDA backlog versus net debt from 3.4x to 5.9x. So that was a huge increase. Now post Iraq, we're looking at 10.4x EBITDA backlog versus net debt. So the amount -- and this is post Par and post all the negotiations in Brazil and post some other organic renegotiations. So all of this has been achieved without additional equity, right? So more specifically about FARAC expansion, the EBITDA backlog of [indiscernible] increased by 78% and the average concession, and I said that in the presentation, went from 13 to 15 years, and this is the entire Abertis.

So if we focus on EBITDA by 2033 post SMS, we're looking right now between $4.5 billion to $4.7 billion. And this is an improvement from the $4 billion figures that we gave the last time we gave an update of Abertis in the CMD. So that's in general.

Now let's talk about additional equity. So there's a few opportunities that we're looking at, okay? At the end of the day, I mean, Abertis is evolving very, very well with some help in capital improvements, but more importantly, in the organic growth. However, every year, we analyze 2, 3 transactions, right? If they make sense, we will inject equity. If they don't make sense, then we will not. Obviously, we need to always have a balance between how much we invest in Abertis versus greenfield managed lanes that give us better returns versus data centers that give us better returns. And all the M&A and bolt-on acquisitions that we've done in engineering construction has given us very good returns in the last 4 years, right? Just [indiscernible] was multiplied by 3, but this has been more or less the same experience in the rest of the bolt-on acquisitions.

So when it comes to Abertis, they have to really contribute in the right way and increase these features. Do I think that we have opportunities in the next 2 years that we can tackle and we can inject additional equity? Yes, I think so, but it's a little bit too soon to go through them.

Next question comes from Marcin Wojtal from Bank of America.

So I've got 3 questions. Firstly, if you allow me, I would like to follow up on this dividend of EUR 2.4. Can you just clarify what sort of formula was used to determine the exact level? And also more importantly, going forward, could we anticipate ACS to follow perhaps a payout ratio or some other formula to determine its annual dividend? Or is it going to be determined on an individual basis every year?

My second question relates to your exposure to the U.S., obviously, Turner and other businesses. I think that it's more than 60% of net profit. And I was just wondering, do you have any plans to increase engagement with U.S. investors? And also specifically, would you consider an additional listing of the ACS Group in the U.S. at any point in the future?

And my question number three, very quickly, could you just remind us if you're planning to organize a Capital Markets Day this year? And when could that potentially be?

Thank you, Marcin. So okay, on the dividend. So this -- I mean, the EUR 2.4 per share is around the 65% payout ratio. And that's the ratio that we have always been comfortable and that's the level that we believe is reasonable. It's not that we -- I mean, obviously, we are growing a lot, and we need to balance growth versus dividend yield. So it's a balance. But I mean, we look at all the opportunities. We look at the, as I said before, to the cash flow coming in and investments, and we feel comfortable coming back to this 65% payout ratio this year as in the past.

Yes, we are dealing with U.S. investors. Yes, we see that the more we generate in the U.S. and the more we invest in the U.S., the more appetite we get from the U.S. investors. especially as we continue growing in all the high-growth areas, not just data centers, but digital in general, critical metals, energy, defense, et cetera. And obviously, the listing in the U.S., it's always an option. We haven't reached any decision and we'll continue to analyze as we continue expanding our presence in the U.S. but remains and continues growing very strong. And on the Capital Markets Day, we are planning to have a Capital Markets Day in November 12 this year. But we will confirm the day within the next days, and we'll publish so everyone has the official date reserved.

Next question comes from José Manuel Arroyas from Grupo Santander.

I have 2, if I may. The first one is about the stake in HOCHTIEF. Has ACS increased its stake year-to-date? Or is a plan to increase the stake being considered or might be considered? And my second question is on net operating cash flow and growth. And I wanted to better understand if the prepayments Turner secures on individual data center orders are higher or lower than, for instance, those the [ EMC ] segment might be securing upon signing orders?

So starting with the staking of HOCHTIEF, we haven't acquired any additional shares in HOCHTIEF. So there's no update in that sense. Are we looking forward to acquire? As I always say, we will be opportunistic as the opportunity comes, we will. If not, we will consider. On the net operating cash flow, so Turner doesn't have higher prepayments because of the nature of the contracts. It's also true that on the construction side of things, we've been moving away from EPCs and lump sum projects that typically those have very big advanced payments. And right now, we do not have those. But -- in return, we win a much better risk profile for those projects. So no, in the case of Turner, there's no -- I wouldn't say that there's any material prepayment or advanced payment on the projects.

Next question again comes from Dario Maglione.

This is more like a broader picture question. Some investors in AI and data centers, they worry about specifically the bottlenecks to build up these data centers. What are you seeing maybe talking about the U.S. where you have a big presence, of course, what are you seeing? What are the bottlenecks? How concerned are you about these bottlenecks?

Okay, Dario. So it's true that there has been, I mean, increases in the lead times of electrical equipment, especially in '23 and '24 to the point that certain elements were becoming a real bottleneck. For example, high-voltage transformers at the time, I think we would expect 120 to 140 weeks to get those orders. But the UPSs and the battery systems were typically during '23 and '24, I mean, we could wait between 35 to 45 weeks and the should gear down, I mean, it was around 55 weeks, right? So that was probably the worst time during '23, '24. Since then, the market in general has been improving, right?

Now one of the reasons why we always talk about the backlog we have, but then we mentioned the projects that we've been awarded that are not in the backlog is because those projects, the $15 billion data centers that we're talking to clients right now that are not in our backlog is precisely to make sure that we're going through all this planning phase on the design on the ordering of all the electrical equipment, cooling systems, CPUs, GPUs, et cetera, et cetera, to make sure that by the time we start, everything goes very, very smooth, right? And that's the reason why we go through all that design and all that planning in advance, labor, permitting and all the equipment.

So I would say a couple of things. The first one is the market is improving in that sense. Our relationship with the clients make -- I mean, that this is part of our process that we're looking at a lot of different data centers, and we focus on the planning in advance. And then obviously, the fact that we have Source Blue with us that right now is becoming a big monster when it comes to managing logistics and storing and critical elements and all these mechanic components, right, to the point that even we store with enough time in advance, and we are managing all of this very, very well. The modularization that we start in compressor schedules and there is execution. We have increased significantly our self performance capabilities to avoid reliance in specific items. And then obviously, we have a huge local presence, right?

So I believe that execution, not just the market, but the relationship with the clients, as I explained, and the execution is a big differentiator, right? And that's why the new -- as all these data centers, they grow in size, they grow in complexity, it's more and more important that the company is delivering. It's not just about managing the construction, but it's managing the procurement, managing the MEP, being able to modularize being able to have industrial execution, manufacturing, specialty or track record. So there's a lot of different things that contribute to the success of these projects. And that's why I believe Turner has been so successful versus some of the new entrants that they lack scale to manage all the suppliers, right, and to manage the delivery of all these components, right? So volume is very, very, very important when you're managing all these global supply chains. And I think that -- yes, I think that covers the question.

And next question comes from Nicolas Mora from Morgan Stanley.

Sorry just coming back on Turner on the step-up in revenues you would expect from -- mostly from advanced technologies, so that must be data center. So the $17 billion to $19 billion revenue aspiration for 2026, that's based solely on the data centers order you've got already. But looking beyond that, what -- what kind of visibility do you have, for example, 12 months out, 18 months out? I mean you always talk about a bit of asymmetry of information. You know what your clients want. You have these conversations. What do you have beyond '26 where I think market is already quite optimistic. But what -- how can you reassure basically the growth and does not factor into -- straight into '27?

The second question would be, you've touched upon everything you're doing on industrializing the process. So just wanted to touch base on what your scale brings, especially on -- so on Source Blue on the logistics side and on -- especially on modularization. We're seeing some of your competitors, at least some guys in the supply chain and services doing more and more investing a lot. Do you have plans to invest a lot more in, let's say, in warehouses, industrial warehouses to be able to cater for surge in capacity?

And last point on -- maybe on the semis opportunity, you're quite -- you've been excited about this opportunity for a while. We're not seeing a huge amount of novelty and real pickup. What's the offering for you? What opportunities are you seeing, which could add basically to data center, let's say, from '27, '28 onwards?

Thank you, Nicolas. So with Turner, I mean we have or we always think we do have big visibility about what's happening because we are already planning with our clients data centers right now all the way to 2029 to start 2028 and 2029 because a lot of these components on these data centers have to be ordered with a lot of time in advance, especially when it comes to chips or GPUs, CPUs, et cetera, you need to make sure that you jump into the queue with enough time in advance. So that's where we have visibility. And that's when we -- last time in November, we said that we were at $10 billion revenues and we're going to increase to $25 billion revenues. We had a very, very clear path.

All of that basically was committed, right? So it was not based on any estimate of what could come. It was already in our books, right? The thing is that it's growing too fast. And any estimate that we can do, it always falls short. And we thought that it was going -- we were going from 10 to 25 in a very linear way. And all of a sudden, we're going to finish this year, and we're already finding ourselves in the $17 billion to $19 billion revenue, right?

So whatever we can estimate, the market always basically fits our estimates in the positive side, right? So that's the challenge, trying to keep up with this huge data center growth, which is way above what we all thought it was going to be, and we were very optimistic at the beginning.

In terms of industrializing the process, so we're investing in modularization. The first part of what we've been doing is basically using our own -- we have a lot of workshops around the globe where we used to build prep, I mean a lot of precast elements of beams, girders, the ring segments for the tunnels, all kind of precast components. And we are transitioning them, some of them into data centers, some of them into nuclear, some of them in [indiscernible] biopharma, et cetera. So we are investing. But obviously, because we do have the works of it was operational, the organic investment is not that big, right? It's pretty much included in the CapEx so far.

As an example, in the last recent data center project that we finished, we did build 3,500 modules, right? And right now, we do have a standard 50-megawatt modularized data center, and we're being able to build through that -- through those modules, all -- I mean, putting together 50 megawatts modules, we can build 1 gigawatt, 2 gigawatts data centers, and we're going very, very fast. So that's growing significantly. On top of that, we are thinking on potentially doing some M&A additional acquisitions in terms of bolt-on acquisitions, right, not only the organic thing that I just mentioned, and there's some opportunities. And we are working right now with 2 hyperscalers in 2 very big data centers that are 100% modularized, right? So that's growing very, very fast. That's growing very, very fast. Actually, we did put together XPL of site last year, which is a pretty much dedicated platform for prefab and modular delivery, right? And it's already proving execution in a few data centers in the U.S.

XPL, it's inside Turner, but it's driving and leading our global operational and modular strategy, right? So there's a big group, a global group where we are pretty much exchanging processes, quality, so drawings, everything around this modularization so we can replicate globally, not just in the U.S. And we are seeing faster schedules. We're seeing improved productivities and quality. We reduce the site congestions. We have greater certainty when it comes to schedule, when it comes to cost, we increased production capacity. So I think that's a key differentiator of Turner.

And then when it comes to semiconductors, so in semiconductors, we are working on the fab at this stage, right? And let me go back -- we have always -- and this was part of the Capital Markets Day, but it was reinforced in our Investor Day in November. We want to be part of the entire AI chain, right? The only part of the AI chain that we are not willing to become part of it is training of the languages, the models, all that part. But anything before that goes from semiconductors, semiconductor fabs to data centers, to fiber, to the energy on these data centers, we jump the language or the training of the AI model itself. And then we continue on the applications where we are working on a few applications and the robotics where we are pretty much already looking into the future when it comes to robotics associated to infrastructure.

So we want to participate in everything, and that's when it comes to semiconductor fabs. We have experience in the U.S. We were recently awarded or we are not yet in our backlog, but a semiconductor fab in India. We're working on a couple of them in the U.S. And we believe that, that -- I mean, the fabs will continue being a business. And we are looking at additional opportunities around that semiconductor fab space.

If I may, just a couple of follow-ups. Just on -- one thing we've heard from a few investors is maybe your overreliance on Meta, especially in the first quarter on the large projects in Indiana. Can you maybe say something on this on how you see yourself your diversified pool of clients? And number two, on inflation in the system, in the data center chain, how do you maneuver that? What are you seeing on the ground? Are we talking about 5%, 10%, 15%, 20% inflation year-on-year? Just to gate the -- well, basically the boost you could get also on your revenues from that?

Okay. So I think that right now, when you look at specifically the U.S. I think that -- I mean, this changes a lot, okay, because sometimes right now, there's peaks with one hyperscaler versus another one. And I do think that right now, we have a peak with Meta that reaches 37% of our revenue breakdown in 2025, right? So 37% of our revenues in the U.S., just in the U.S. in 2025 were with Meta. But part of that, Microsoft was on the top, and we've seen years with Google on this up, right? So we have other hyperscalers last year, we had 20% -- I mean, sorry, 15%, 4%, 10% from the other hyperscalers. But that was specifically '25, and it changes a lot, right? It changes a lot.

Then we do have around 23% of DC developers, platforms in and then around 9% of other colo enterprises, right, corporations, et cetera, not specific developers, not specific hyperscalers. So it's very much diversified and it changes a lot. Out of the U.S., it's super diversified, right? When you look at all data centers in Asia, that's hyperscaler developers and there's a mix. And in Europe, we're seeing a mix as well. So I mean, I wouldn't say -- I mean, yes, we -- last year, we had a lot of work from Meta. It's a huge and very good client for us, but this changes over time.

There are no further questions. Therefore, I hand it over to the management of ACS. Please go ahead.

Okay. Thank you so much, everyone, for your time today. If you -- as always, if you have any further questions, please feel free to contact us directly. Thank you so much.

Good morning, everyone, and thank you for attending the 2025 Results Call of ACS Group. I'm joined by our Corporate General Manager, Angel Garcia Altozano; and our Chief Financial Officer, Emilio Grande. As usual, after the presentation, we'll host a Q&A session to provide you with any clarification that you may need. Those who are connected via our website can ask their questions through the established channel. So let's start with the first slide of our presentation.

In 2025, the group delivered very strong operational and financial results with solid growth in sales, backlog and net profit, backed by robust cash flow generation. We're making solid progress in executing our strategy, increasingly leveraging our global footprint and engineering expertise to drive sustainable growth. We continue to actively pursue highly attractive equity investments opportunities across both traditional and next-generation markets, generating long-term value for all our stakeholders.

Let me give another view of the key highlights for the period. Ordinary net profit reached EUR 857 million, up 25.3% or 32.4% FX adjusted, exceeding our top end of our revised guidance. On a reported basis, net profit stood at EUR 950 million. Sales and EBITDA were up by 20% and 20%, respectively, driven by the robust momentum across all our segments. Operating margins improved as well across the group. Net operating cash flow reached EUR 2.2 billion in the last 12 months. This is up EUR 320 million adjusted for factoring variations, highlighting the quality of our profit growth.

As a result of this strong cash flow generation, the group achieved a net cash position of EUR 17 million at the end of 2025. This is after allocating EUR 2.1 billion to strategic investments and shareholder remuneration.

Strategic investments include EUR 564 million in data center projects, EUR 436 million of the Dornan acquisition and EUR 200 million of the capital contribution to Abertis. In addition, EUR 448 million were allocated to shareholder remuneration. New orders during the year of EUR 62.5 billion, showing an accelerating growth trend up approximately 27% FX adjusted, resulting in a higher book-to-bill ratio of 1.3x. Within the outstanding new orders figure, digital infrastructure represented approximately 28% or EUR 17.6 billion with growth of around 130% year-on-year FX adjusted.

The order backlog grew by 14.6% FX adjusted, reaching EUR 92.9 billion, supported by sustained demand in biopharma, defense, critical minerals and data centers.

Looking ahead, we remain very confident in the group's outlook and set our ordinary net profit growth target of 20% to 25% for 2026 up to EUR 1.070 billion underpinned by strong fundamentals.

Let's take a closer look at the group's consolidated performance for the period. Sales rose by 19.7% to EUR 49.8 billion, driven by the exceptional performance of Turner, which achieved approximately 34% organic growth or 40.3% FX adjusted, particularly supported by digital infrastructure, health care and education projects. This momentum was further enhanced by the integration of Dornan and the full consolidation of this since second quarter of 2024. EBITDA increased by 25% to EUR 3.1 billion, with margin expansions across all segments and at overall group level.

Profit before tax amounted to EUR 1.7 billion, up 67.3%. On a comparable basis, PBT grew by 24.8%, particularly fueled by Turner's outperformance and the solid evolution of Flatiron Dragados. We delivered a strong ordinary net profit growth of 25.3% year-on-year on a comparable basis, reaching EUR 857 million, above the top end of our full year guidance.

Turning now to the ordinary net profit split. I would like to highlight the following: Turner delivered an outstanding performance with its contribution rising 66.6% to EUR 549 million, driven by the strong growth in high-tech markets and improved margins. CIMIC contributed EUR 199 million, supported by the strong growth in data centers, biopharma, health care and education, but also the natural resources. Engineering & Construction recorded a very strong result, growing 35.7% year-on-year, reflecting a higher contribution from Flatiron Dragados and solid results in HOCHTIEF Europe. Abertis delivered a resilient operational performance during that period despite nonoperational impacts.

During the year, the group implemented efficiency measures involving EUR 32 million in restructuring costs, aimed at streamlining operations and unlocking synergies that will enhance performance in the coming years.

Slide 5 highlights the group's strong and consistent cash flow generation. Net operating cash flow amounted to EUR 2.2 billion, supported by a robust EBITDA, uplift of 25% and outstanding level of cash conversion. Adjusted for factoring variations, the net operating cash flow increased by EUR 320 million.

Building on this, the acceleration of cash flow generation in the fourth quarter further improved the previous quarter last 12 months figure of EUR 2 billion. We reached a net cash position as of December 2025 of EUR 17 million, showing an improvement of EUR 719 million since December 2024. This performance is primarily the result of the group's strong net operating cash flow, facilitating significant strategic capital allocation initiatives. In the period, we have executed EUR 1.7 billion in financial investments, including EUR 564 million in data center projects, EUR 436 million for the Dornan acquisition, EUR 316 million of M&A, EUR 207 million in other net infrastructure equity investments and EUR 200 million for the Abertis capital contribution.

Financial divestments of EUR 1 billion, including the 50% sales of UGL Transport, the data center platform 50% divestment and the final settlement of ACS Industrial. Additionally, EUR 448 million of cash were allocated to shareholders' remuneration.

Our disciplined approach to capital deployment supports our long-term growth strategy while maintaining a solid financial position.

Moving on to Slide 7. Our order backlog stands at an all-time high of EUR 92.9 billion as of December 2025. This growth was underpinned by a very strong order intake of EUR 62.5 billion, up 26.6% FX adjusted, resulting in an improved book-to-bill ratio of 1.3x. This very positive performance reflects the group's continued success in securing high-quality projects across strategic growth markets, particularly in data centers, defense, biopharma, critical minerals and nuclear.

Notably, digital infrastructure now accounts for approximately 28% of new orders, up circa 130% year-on-year FX adjusted, driven by the strong sustainable demand in data centers. We're also seeing strong traction in Germany, where positioning allow us to benefit from the country's increased focus on infrastructure investment. New awards in Germany grew by approximately 41% year-on-year, reinforcing our ability to capture opportunities in these key markets.

In the following slide, we can see a selection of recent awards. It is worth placing these projects in the broader context of the ACS Group strategy, where we have continued advancing to become a leader in rapidly expanding strategic growth verticals, including artificial intelligence, digital and tech sector, energy, including nuclear, critical minerals and defense. This momentum builds on a long established locally embedded presence in core infrastructure markets in North America, Australia and Europe, which remains the foundation of our competitive strength and our ability to scale into these next-generation markets as a life cycle partner.

Let's start with the digital infrastructure and advanced tech sector, where we command a leading position. Growth in the global data center market remains extremely strong. Soaring demand for cloud services and AI is expected to quadruple DC and compute CapEx by 2035, boosted by the growth of generative AI and further cloud migration. The group has the resources and capabilities as a firmly established global end-to-end solutions provider to meet this rising demand.

During the period, we have been awarded several new large-scale data center projects. Among these new awards we can find. The announcement of the construction of the 902-megawatt data center complex in Wisconsin, which is part of the $500 billion Stargate program. Most recently, Turner was awarded a role in the delivery of the $10 billion 1-gigawatt data center companies for Meta in India.

In Europe, Turner was awarded the construction of a 160-megawatt data center in the Netherlands. This is the result of Turner's expansion strategy into Europe with Dornan executing a project for recurring Turner client. We'll also be building a 58-megawatt data center in Malaysia for a long-standing repeat client. Construction has already started for a data center in Alcal , a joint collaboration with Dragados, Iridium, Turner, ensures with participation in the context of the data center platform.

Additionally, we have solid medium-term visibility via our order book and our expanding product pipeline in North America, Europe and Asia Pacific. Energy-related infrastructure represents another strategic growth vector for the group, with structurally rising demand driven by the global energy and security of supply.

ACS is strategically positioned across the full energy value chain from generation and storage to transmission and advanced technologies, with strong end-to-end capabilities and global engineering expertise. With several decades of experience designing and building nuclear power plants and complex energy facilities worldwide for leading utilities, the group is well placed to support the deployment of the next-generation technologies, including small modular reactors or SMRs as well as new build storage and decommissioning projects. This positions us in a market expected to exceed EUR 500 billion investment in Europe by 2050.

At the beginning of 2026, an important spreading milestone was reached when we were selected as part of the Amentum's global project delivery team for the Rolls-Royce SMR nuclear program. And during the final quarter of 2025, we secured a major nuclear and civil works framework contract worth up to EUR 685 million, lasting up to 15 years involving civil infrastructure works at the Sellafield nuclear site in the U.K.

Turning to renewables. We continue to strengthen our market presence, particularly in Australia, where our companies have delivered more than 20 major renewable and storage projects. Reflecting this momentum in new awards, CIMIC subsidiary UGL was selected for the Western Downs Stage 3 Battery project in Queensland, Australia to construct a major renewable energy storage facility with energy storage capacity of 1,220 megawatts hour.

Let me turn now to Critical Minerals and Natural Resources, another strategic growth market for us. We're capitalizing on accelerating demand for critical minerals, driven by clean energy technologies, digital infrastructure and defense modernization. Leveraging the combined capabilities of Sedgman and Thiess, we have established a global position in minerals, processing and sustainable mining services across key commodities such as lithium, copper, rare earth, nickel, vanadium, uranium and zinc.

In December, the group expanded its partnership with Vulcan Energy through a significant cornerstone equity investment, while securing an end-to-end role in the development of its lithium production and processing infrastructure in Germany. Under the agreement, we have also been appointed as EPCM contractor and named preferred supplier for the project's civil works. In addition, we have been awarded contract by Hindustan Zinc to support the delivery of India's first zinc tailing recycling facility. We're recently awarded the Mount Pleasant operation contract extension in New South Wales, Australia to provide full mining services.

Moving now to Defense, where infrastructure investment is expected to increase substantially worldwide. In Europe, major multiyear defense investment plans, including in Germany, present substantial opportunities in defense-related capital works and potentially via the public-private partnership model. And in the U.S. and Australia, governments are also planning major increases in defense spending over the next decade.

At the end of 2025, the group's defense backlog stood at EUR 3.5 billion, which included a recently secured involvement in a major 10-year collaborative contract for the German armed forces in Hamburg with a total project value of EUR 1 billion. Our North American civil business, Flatiron Dragados being selected as one of the companies for a 10-year construction contract for the U.S. Air Force Civil Engineering Center. And other projects, including the construction of a major dry dock at Pearl Harbor for the U.S. Navy, works for the Royal Australian Air Force base in Queensland and defense infrastructure upgrades in Australia.

In biopharma, health and social infrastructure, we continue to hold in positions with several significant new orders such as: First, the New York Public Health Laboratory, consolidating the largest and most advanced state public health laboratory in the U.S. under one roof, the Regional One Health Hospital campus, a once-in-a-generation investment to expand critical services and strengthen community access to care in Memphis. The Philadelphia arena, including the construction management for the new state-of-the-art arena in the South Philadelphia sports complex. Two major building contracts in Germany, a hospital newbuild project in Flensburg, the first one in Germany using integrated project delivery and a PPP project for a research and administration building in Kiel.

Finally, the group is also a global leader in transport and sustainable infrastructure with a very positive outlook driven by several infrastructure stimulus packages. In Australia, we were awarded the Perth Airport, new runway construction as well as the Queensland's Gateway to Bruce upgrade. We secured the I-59, I-40 highway upgrade in Duisburg, Germany. Recently, we won the Battery Park Resiliency project, a $1.7 billion construction in New York. And in Sweden, we secured a EUR 1 billion high-speed rail project under collaborative model delivery, part of the East Link program.

Let us now move into the performance by segment. On Slide 10, we begin with Turner, which is delivering exceptional results, consolidating its leadership in strategic sectors. Sales grew by 33.9%, reaching EUR 25.8 billion, mainly driven by organic growth across data center projects as well as solid growth in areas such as health care, education, sports and airports. This solid performance was further supported by the contribution from Dornan, whose exceptional performance was up 70% in the year.

Profit before tax increased to EUR 921 million, representing an outstanding increase of more than 61%. This was supported by continued margin expansion of approximately 80 basis points to 3.6%, reflecting Turner's successful strategy, focused on advanced technology projects in line with the group's strategic objectives. Net operating cash flow increased by EUR 523 million to an exceptional EUR 1.2 billion. Net cash as of December '25 was EUR 3.3 billion, up EUR 179 million even after the acquisition of Dornan.

Turner's commercial strength are demonstrated by its new orders of EUR 33.6 billion in the year, an increase of 44.2% FX-adjusted driving record order backlog to EUR 37.7 billion.

Moving on to our operations in the Asia Pacific region, we turn to CIMIC, where sales registered strong growth in the strategic areas such as advanced technology, health care and defense and were 11.2% higher, supported by the full consolidation of this and despite the winding down of large transport infrastructure projects. EBITDA margins grew by approximately 30 basis points underpinned by strong contribution from high-tech jobs across both UGL and Leighton Asia. Ordinary profit before tax increased by 12.3% year-on-year, FX adjusted to EUR 473 million. Attributable net profit grew by 1.4% FX adjusted year-on-year.

Net operating cash flow before factoring grew by EUR 43 million, supporting a strong EUR 366 million net cash improvement, which also includes divestment of 50% of UGL Transport and the data center project. Our order backlog was solid, reaching EUR 21.8 billion, up 6% year-on-year adjusted on a comparable basis. New orders were up 5.6% FX adjusted, with particularly strong growth in data center, defense and critical minerals.

Turning now to Engineering & Construction segment on Slide 12. We can see solid growth with consolidated sales increasing 15.1% year-on-year FX adjusted to over EUR 10.6 billion, driven by the strong performance in North America and the robust contributions from both Dragados and HOCHTIEF Engineering & Construction. EBITDA margin increased by 53 basis points to 5.9%, supported by significant contribution from Flatiron Dragados. Ordinary profit before tax grew significantly by 45.2% FX adjusted to EUR 275 million. and a strong cash conversion with net cash position up EUR 118 million. Engineering & Construction backlog rose by 10% FX adjusted to EUR 30.1 billion, reflecting a strong order intake of EUR 13.6 billion with notable momentum in sustainable mobility and transportation infrastructure.

Looking ahead, the outlook remains very positive. And as I highlighted, we are particularly well positioned to benefit from the infrastructure investment plan in Germany.

Continuing now with the Infrastructure segment on Slide 13. Iridium's increased its sales by 45%, driven by the additional contribution of the A13, the financial close of the SR-400 in Georgia and general positive performance across operating entities. Also, as you might know, we have been recently prequalified for the I-77 in North Carolina. This adds to the previous 2 prequalifications of the I-25 in Georgia and I-24 in Tennessee.

Abertis' recurring business showed growth above 6%, although financial contribution was impacted by nonoperating results. Abertis distributed a dividend of approximately EUR 600 million in the second quarter of 2025.

In the next slide, we provide for your reference, a breakdown of the invested capital and valuation as of December '25 for the portfolio of all assets in our greenfield platforms. Among others, we are now including the valuation of our stake in the data center platform as well as the average value that research analysts are assigning to our SR-400 project.

On the next slide, we take a more detailed look at the Abertis numbers. Traffic grew by 2.1%, supported by a strong performance of heavy vehicle traffic. And we saw strong results particularly in Spain, Chile and France. On a like-for-like basis, the company delivered robust revenue and EBITDA growth of 4.5% and 6.2%, respectively, underpinned by the geographical diversification of the portfolio and inflation-linked tariffs.

Regarding portfolio development, as you know, Abertis acquired 51.2% stake in the A63 toll road in France. Additionally, Abertis was awarded a 21-year extension and tariff-adjusted of Fluminense and acquired the remaining 49.9% stake in Tunels de Vallvidrera and Cadi. In Chile, the Santiago-Los Vilos concession began operations. Abertis has improved its liquidity and financial strength with net debt set at EUR 22.7 billion.

On Slide 16, we show the breakdown of key figures by country for Abertis portfolio. Next, as we do every year, we dedicate a brief section to reviewing some strategic updates. This slide highlights the progress we are making across our strategic growth verticals, both from a developer and a contractor perspective. We have already discussed many of these key milestones in earlier slides. So let me quickly go over the key points.

In digital, we continue leading in data centers. The backlog has grown at circa 70% CAGR over the past 3 years. Some important recent awards include the 1 gigawatt project from Meta in India announced only a few weeks ago. As a developer, 100 of our data center platform sites are now grid-connected with around 80% power supply already secured. We are in advanced negotiations for lease agreements covering 150 megawatts IT in the first instance, and we're targeting to sign the first lease in the first half of the year.

In Defense, we are on track to deliver the 2030 revenue ambition of EUR 10 billion, driven by major wins like the German Armed Forces campus and the long-term contract for the U.S. Air Force. We're also seeing strong progress in critical metals.

We recently acquired an engineering company in the U.S. Additionally, our participation in Vulcan is another crucial strategic step. Lastly, let me stress again the delivery partner role of our consortium with Amentum on Rolls-Royce Nuclear SMR program. Overall, these wins reflect our decisive progress in reinforcing our end-to-end leadership and leveraging our investment opportunities.

On Slide 19, we take a deeper look at the outlook for AI-driven data center growth. ACS is strongly positioned to benefit from rising data center infrastructure investment underpinned by sustained structural demand. Market fundamentals continue to accelerate and hyperscaler demand provides multibillion, multiyear visibility. Our global data center intake has more than doubled in '25, up to EUR 17 billion. And finally, AI evolution is not only strengthening our backlog growth prospects, it's also enhancing our core capabilities and opening new growth avenues for ACS.

And before we move to the conclusion, this slide delivers a simple yet powerful message. We have already achieved in 2025, our key 2024 CMD goals for '26, 1 year ahead of schedule. Revenue and NPAT have both reached or exceeded the goals we set for 2026, while the net operating cash flow generated between '24 and '25 exceeds the target set for the full 3-year period.

To conclude our review of the full year 2025 results, let me highlight the key achievements of the group. First, we delivered a strong operational performance with sales reaching EUR 49.8 billion, up 19.7% year-on-year and ordinary net profit of EUR 857 million, up 25.3% and exceeding the top end of our guidance. The group demonstrated outstanding cash generation with net operating cash flow of EUR 2.2 billion, which in turn supported net financial investments of EUR 1.7 billion. Our order backlog stands at record high of EUR 92.9 million, underpinned by EUR 62.5 billion in new orders, up 26.9% FX adjusted, including EUR 17.6 billion in digital infra order intake.

It's also worth highlighting the progress of our data center development platform, our partnership with BlackRock GIP to develop more than 1.7 gigawatt worldwide was a major milestone that reinforced our leadership in one of the fastest-growing global markets. And finally, we remain confident in our ability to continue executing our proven strategy. For '26, we're setting an ordinary net profit growth target of 20%, 25% up to EUR 1.070 billion.

Looking ahead to 2026, we remain focused on our strategic growth markets and disciplined capital allocation. As discussed, we see significant infrastructure investment opportunities and continue to pursue bolt-on acquisitions to strengthen our engineering capabilities and long-term growth prospects. We're well positioned to continue delivering sustainable growth and attractive shareholder returns. Thank you again for joining us today. And now we look forward to your questions.

Luis Prieto from Kepler Chevreux. I had 3 questions, if I could, please. The first one is we've seen the share prices of both stocks do beautifully. And I just wanted to ask you, to what extent it would be tempting for you to maybe reduce the stake in Turner through a listing in order to upstream monies and pay for development and investments at ACS level or, for example, do a reduction in the HOCHTIEF stake and with the same purpose and increase investments.

The second question, we're seeing the same assets held for sale on the balance sheet in energy. They've been there for a while now. Any updates of how those disposals are evolving and when we should expect outcomes, news? And then finally, referring to one of the things you were commenting before, you have visibility in your order book until some point in 2028, but you make reference to another -- to a pipeline beyond that, which is obviously essential to sustain the valuations and the expectations that you have for earnings in data centers. Can you give us an order of magnitude of that pipeline beyond the order book that you might have over the today to 2030 period?

Thank you so much, Luis. So let me start. We do not have plans to reduce our shareholding in Turner so far right now or to reduce in HOCHTIEF. And let me take the chance to speak about the way we see the valuation of our share. And I get back to our Investors Day at the end of last year. First of all, we have 2 main businesses, right? The one that is visible through our EBITDA and that's supported by the growth of Turner, our future growth in Germany and HOCHTIEF and the performance of CIMIC. And what we are seeing is 2 main things, without getting into a lot of the details. A Turner that continues growing, a Turner that before 2020 was giving EUR 350 million PBT.

And right now this year has delivered EUR 1.45 billion, but with a guidance of up to 30%, which would be around EUR 1.34 million in '26, which we consider very conservative, right? And the reason why we kind of increase is obviously before we are taking into account a lot of the planning, we rely on hyperscalers, we rely on clients, and we are in that planning mode, and we need to land on something before reaching a resolution. And also the U.S. dollars with all our assumptions imply that it will continue to go in the devaluation mode. So that's on the business, right?

Now -- so Turner has multiplied by around 3.5x in a few years. But we believe that will continue growing at a very significant path. So not only has grown 70% in U.S. dollars, '25, and we're already giving a guidance of 30%. And we believe that we can double Turner. Now the question is in how many years, but certainly in a reasonable short to medium-term time.

Then we do have the multipliers of Turner, right? Turner has a significant portion of its backlog in data centers. We are seeing that our peers in data center space are at more than 30x EBITDA between 20 to more than 30x. Average consensus for Turner is way below that, right? And the rest of the business in Turner goes through semiconductors, batteries, biopharma and other sectors that will continue improving margins. In data centers, we gave a feature for Turner of reaching revenue just in data centers around EUR 25 billion by 2030. So that's a business, right?

Then we see Germany growing and defense growing, and we're not including any of these -- the verticals that we're working right now because we do consider that the real value will be seen medium to long term, nuclear, critical metals, et cetera. So we believe on the share and the share valuation. But what the share is not reflecting for obvious reasons is the assets because that's not reflected in the EBITDA. And a lot of what we're doing right now, it's investing in the assets, right? Data center platform, the edge data center platform, additional to the big one with BlackRock, greenfield, Abertis growth and not Abertis growth just inorganic M&A, but the organic M&A and the renegotiation of the contracts that we will provide some visibility this year, right? And then what we're doing in critical metals, industrial energy, et cetera.

So we believe that the share will continue to reflect the value of all of this. So right now, we are not taking the view that it's the right time to sell anything basically. Two, asset for sales, I mean, we -- the reality is that there is a combination of facts here, right? One is from an operating net cash flow basis in the Capital Markets Day, we were always talking about approximately EUR 1.5 billion net operating cash flow, post dividend, EUR 600 million in dividends or shareholder remuneration, we had EUR 900 million net for acquisitions, basically or investment.

Now that EUR 1.5 billion has ended up being EUR 2.2 billion this year, EUR 2.1 billion last year. So basically, we're talking about EUR 1.4 billion to EUR 1.5 billion firepower per year net of shareholders' remuneration, right? If you multiply that by 5 from now to 2030, there are significant firepower for investments.

So there's a strategic piece that we're not so much in a hurry to divest some of the industrial assets. Plus, we want to make sure that they perform in the right way to maximize value, right? So there's a combination of both things.

Now your third question was about the pipeline ambition. So you saw on the screen, we are close to EUR 93 billion backlog. Most of our projects, and this has been the real change of strategy in the last 4 years, by moving from being a commodity in construction to being an end-to-end service provider, most of our contracts are not low-price lump sum RFPs. They come at the back of a long negotiating process, design, planning and working with our clients. So there's approximately EUR 25 billion that are not reflected in the backlog, but we are currently working with our clients. Out of the EUR 25 billion, there's EUR 18 billion in Turner, approximately USD 22 billion, at Turner and out of which there's approximately a little bit more than half of it that is data centers.

So all of that contribute to our visibility in the medium term and how comfortable we are with our potentially -- I mean our potential guidance that we believe not only at HOCHTIEF, but ACS is conservative, but we need to see how a lot of these projects land and when they do land.

This is [ Salvador Lindse ] from Alantra Equities. The first one is on Turner. I see you reported over EUR 3 billion in net cash. I was just wondering whether Turner needs so much cash to operate? And what would your policy on business cross-financing each other or are you moving cash flow to the headquarters in the future could be just to understand how your reported group net cash position is fully available for investments.

And the second question would be on the timing and magnitude of the new cycles. Just wondering whether you see something like defense or nuclear reactors or critical minerals potentially becoming as big as the data center investment cycle is likely going to be? Or if it's just long term, but probably more spaced out and not as big as the current investment is?

So starting with Turner. The reason why Turner holds so much cash, and we're not taking it out of Turner is we have 2 reasons. The first one is bonding needs, right, in order to operate. I mean, Turner is reaching the USD 30 billion revenues just in the U.S., and that requires bonding and require security and making sure that you have the right collateral indemnity in the U.S. So that is a big driver of keeping that cash in Turner. But obviously, it's -- I mean, above what they need.

The other thing is, for us, it's very important that Turner continues growing. And for Turner to continue growing, there's a few strategies that we're going to put in place. The first one is we need to continue adding engineering capabilities to Turner, number one. The good thing is that right now, with AI, you can escalate that very, very fast, but it will require some investments. The other one is the modularization strategy at Turner because that's the future of construction. So there's additional investments that we're going to be doing in that space.

So let's preserve the cash because Turner will need some of that for investments to continue to grow. The good thing about Turner is what they have demonstrated with Dornan is that they can multiply it by 3, the value one company in almost a year, right? So we're quite confident that it's a very good place to allocate capital.

Your second question was about the new cycle. So let's go through each one of them. Nuclear. Yes, Nuclear will be like data centers, but more long term, right? We are not expecting to see. But if we want to be in the long term and creating another cycle like data centers, we'll need to wait, right? But it's a long term. It's very high tech oriented. You need a lot of engineering and you need to be from the very beginning, developing that part, right? So it's a long term. We won't see anything in the P&L probably in the short term, but certainly, we are creating a lot of value. And nuclear, it's a very important part of the future not just of AI, but in global of energy.

Defense. So defense 2 things can happen. The first one is we keep a Defense 1.0, which is basically infrastructure, and we expect that to continue growing, right? The EUR 800 billion of Germany starts being allocated. Last year, they spent EUR 74 billion. 2026, we're expecting EUR 127 billion, but they start allocating. And you start seeing that. I mean, HOCHTIEF has doubled, now tripling backlog and we will continue growing at the back of that.

Same thing in Australia. We need to still see how it's going to develop some of the U.K., U.S., Australia initiatives they have in Australia. They are allocating like around EUR 40 billion in the next 5 years. but hasn't been allocated yet. And then we have North America, where we continue.

Now Infrastructure 1.0 will not generate a cycle like data centers, right? It will allow us to grow at a very good pace, but it will not be a data center cycle unless we jump into Defense 2.0. And that's something that without getting into the more radical part of defense, but the dual use technology. That's something we're analyzing, and we haven't made any decision yet. It's easy for us as we do the infrastructure and client request for the full integration, not just the civil building component of it, but we're analyzing what to do with that.

Critical metals, I do think that it can be a good cycle. I don't dare to say as good as data centers. It pretty much depends on right now, the rare earth initiatives of the U.S., how serious is it, a very important part. A lot of the copper projects in South America that they are going to initiate. So we are going to track. And then obviously, lithium and batteries evolvement, right? So depending on those 3 variables, it can be a very good cycle as well. And right now, we're not seeing that reflect in our balance sheet because it's pure engineering what we're doing at this stage.

Once we have engineering that, we jump into the PCM part of it, which is where the revenues and the EBITDA is, not in engineering. So that's what is now reflected in our P&L.

Alvaro Navarro from Bestinver. I have 2 questions. The first one about the dividend policy. After the strong results release and following that HOCHTIEF increase by 26% its dividend. Are you considering to revisit your dividend policy and go up from the around EUR 2 per share right now? And the second one is about this. I think that this year, you have the possibility to execute the put option over the remaining 40%. Is this a possibility? Or are you managing other alternatives?

Thank you, Alvaro. Starting with the dividend policy. I mean, we're always proud of being a yield plus growth company, right? We offer the 2 of those. The yield because traditionally, we have always had a very good dividend policy traditionally. But in growth because right now, we are in other vertical with high growth and high tech, and we want to make sure that we take advantage of being or becoming a leader in those verticals. That's why we are cautious with the dividend policy.

Having said that, it's true. We are growing a lot. And yes, there's cash available. So we haven't landed in any conclusion, but most likely we'll increase our dividend policy up above the EUR 2 per share this year. To how much we are analyzing.

On the Thiess, we cannot execute the put until the end of this year 2026, with the cash flow being paid in January '27. If there was an opportunity to acquire in advance, we would take it. But that doesn't depend on us. It depends on our partner.

It's Victor from Investing. Congrats for the results. I have 3 questions. The first one is on CIMIC. When do you expect a revamp on the cash flows at CIMIC after derisking of the backlog? The second one is going to be if you can confirm at the end of the year, a Capital Market Day in order to provide 3 years guidance for the group? And finally, what is your expectations about the data centers to be commissioned in the half of the year in the initial conversations? How do you feel about that?

Okay. So starting with CIMIC. What's happening in CIMIC, and that's a difference versus North America, Europe and the rest of the geographies is that a lot of the high-tech projects, energy projects, industrial projects are replacing civil and more traditional projects, right? We are building a lot of the additional backlog in Europe on top of the civil that hasn't been reduced -- hasn't been reduced.

And in the case of North America, in the case of Turner, residential has disappeared. Commercial office space has gone down significantly in the last 4 years, but the high tech, it's so big and advanced technology, which account right now for 60% of the backlog of Turner, that, I mean, has replaced part of the old market but has exceeded well in advance and above.

In the case of CIMIC, New South Wales, Victoria, Queensland has reduced significantly, tremendously the amount of expenditure in transport and civil, right, which were the big jobs. West Gate coming to an end, Cross River Rail coming to an end, all the WestConnex', the North West Rail, the Western Sydney project, all the rail level crossing programs in Victoria and so on and on and on, right? All of them are gone. Each one of these deals were like $5 billion. right? So it's very difficult to replace with transmission line, substations, energy plants, renewables, data centers, all that plant. So the problem is that we are growing and all those areas, CIMIC, UGL, Leighton Asia, they are growing significantly even Thiess, but not to the extent that they can replace those projects. Plus, those projects, they are collaborative. They do not have big advance payments.

And right now, we are -- as we finalize those projects, we've been contributing. That 10% advanced payment that we took 5 years ago, we are pretty much spending right now. So you see that winding off cash at CIMIC not being replaced by the new project, right? So that's the issue.

Now eventually, those projects will finally be done and which we are not far away. I mean, there's only 2 to go, out of 9, right? So it's a very good position to be. But I mean, so it will happen soon. Will that be in '26 or '27? I mean we'll see.

Then on the Capital Markets Day, yes, we're going to have a Capital Markets Day like the one we had in '24, not like the Investor Day we had at the end of last year. We haven't confirmed the date. Don't take me on the month, most likely at the end of October, but not -- but it will be confirmed eventually. And then on Alcal de Henares, I'm going to take the chance to give an update on the data center platform, okay? So Alcal de Henares, which is around 20 megawatts utility like 14, 18 megawatts. That will be commercialized and in operations or at least service to commence operations by -- before the end of the year, Alcal . We will have additional 250 megawatts, before the end of the year, commercialized, probably North America, beginning of construction. And I think that's a reasonable number.

And then obviously, that will -- only those once they are commercialized, that will justify in excess of the value of the price paid by our partner for the platform.

Thank you. That's time for the questions from the other side. Let's start because some of the analysts and investors that have asked about clarification on the guidance.

Regarding the guidance, one is, are we using exchange for dollar stable or devaluation of dollar or what it? And regarding also the guidance, what about the free cash flow? The operating free cash flow has been significantly higher. Marcin Wojtal from BofA is asking us if this EUR 1.5 billion free cash flow per annum could be in the lower side, and we could upgrade that.

Okay. So on the U.S. dollar revaluation, one of the reasons why our guidance is conservative. One of the reasons is because we are assuming that the U.S. dollar will continue to go south, and that's reflected in our guidance for the year. That's the most logical and unreasonable assumption in this stage.

On the free cash flow, we prefer to be prudent when it comes to free cash flow. It's true that we -- in the Capital Markets Day, we spoke about the EUR 1.5 billion that has ended up being EUR 2.1 billion and EUR 2.2 billion, respectively. And if the market continues to grow, I mean, we certainly, those are the kind of levels that we can expect. But all our plan, all our capital allocation, all our firepower is based on EUR 1.5 billion, right, to make sure because we want to have also -- I mean more conservative approach to factoring, to confirming to that, I mean, we want to make sure that we are cautious in keeping our cash flow as clean as possible.

So basically, I don't dare to give a forecast about the net operating cash flow. Obviously, growth typically drives a high net operating cash flows. But again, our firepower is based on a lower amount of the EUR 1.5 billion.

And regarding that, there are some questions about our capital allocation strategy, especially on the infra assets, particularly Dario Maglione from BNP Paribas is asking us about an update on the status of SR-400, the project the managed lane in Atlanta, but also what is the overview on our capital allocation strategy in this particular assets?

So I get back to the Investor Day at the end of last year, right? Let's assume that we are able to generate the EUR 1.5 billion. Again, we are way above that at this stage, but all our numbers have been run with that scenario. That post shareholders' remuneration, we would have a net of EUR 900 million. From now to 2030, we multiply by 5, so that's EUR 4.5 billion. And we're still, out of the EUR 3 billion, the 1 -- the EUR 2 billion to EUR 3 billion noncore assets that we could divest that we did announce in 2024 in our Capital Markets Day, we have divested EUR 1.5 billion, there's EUR 1.5 billion left. So all of that comes up to EUR 6 billion.

What do we want to do with those EUR 6 billion, right? And there's upside because -- I mean, this year, we had EUR 700 million upside to that amount. First, we want to spend in greenfield projects, managed lanes. So EUR 400 million. We got prequalified in the 25 in Georgia, we got prequalified in I-24 Tennessee. We recently got prequalified in the I-77 in North Carolina. There's 2 projects to go, the 285 West in Georgia, and the other one in Virginia. So that's an important part.

The other part is data centers. We have the first platform that we signed with BlackRock GIP. We have the edge data center platform, and we are -- and we do have assets, big assets out of the first platform that we are working on them to secure the power and to pursue commercialization. We're looking at opportunities like in critical metals, like we did in Vulcan in Europe, and other potential opportunities in critical metals but also in the energy space. So I mean, a big part of that is going to greenfield.

We have another EUR 1.5 billion that probably will go to M&A. And that M&A could bring Abertis, could bring bolt-on acquisitions for some of the things that I said before to enforce Turner engineering and our capabilities. So we are comfortable in general in the capital allocation.

This question from Marcin as well from BofA regarding Abertis. Do you consider Abertis EUR 600 million annual dividend to be sustainable for the next 5 to 10 years? What is your idea on Abertis strategy?

Abertis is, if everything goes as per the plan, we hope to give a very good picture of the organization. First of all, let's get back to a few numbers of Abertis. Back in 2018, the EBITDA of Abertis was around EUR 3.5 billion, but we lost EUR 1 billion in PPPs that expired, right? So that's basically -- it was EUR 2.5 billion. This year, we have EUR 4.4 billion EBITDA. And our prospects post France, post France are right now between EUR 4.4 billion and EUR 4.9 billion post Sanef?

When you look at some of the ratios, and I think we have given some of these ratios in the past, the net debt ratio pretty much versus EBITDA, I think that has gone from 6.6 to 5.2. I think we gave that figure. But our backlog EBITDA versus the net debt has gone up from 3.4 to 5.8, right? So that gives you a view of how we are managing Abertis in the last years.

The most important thing in Abertis that there's 3 things going on right now, or 2, the renegotiation of further contracts, and we will give transparency this year, but very important increases of the overall EBITDA of Abertis at the back of these renegotiations and a couple of transactions that we're pursuing with Abertis. We hope that these transactions, the combination of these transactions will give enough visibility not just to the market, but the rating agencies that our FFO versus net debt ratio that has been increasingly from 7 to very high numbers. That is the main restriction to the dividend distribution will be unlocked and we'll get back to normal dividends. And that, yes, will confirm that not only that EUR 600 million is sustainable on time, but we'll have growth to the future and will increase the valuation of Abertis significantly, which right now is like the ugly duck for all the analysts, right? So that will be a nice one eventually.

I'll change the topic as Graham Hunt from Jefferies is asking about the environment we have in data centers market, the competitive environment you're encountering as you assess additional data center development opportunities. Are you seeing any difference by region, Europe, Australia, of course, U.S. market? What is our position on that front? How we can be as competitive as we are demonstrating?

So different answers to this question, which is a very important topic. In general terms, we continue seeing huge investment. And we do see very important investments in CapEx, but more importantly, the hyperscalers because they need to plan the next 3 to 5 years ahead, they are giving a lot of visibility of what's coming. From the EUR 420 billion that were spent in data centers in '24, they are expecting altogether to reach EUR 1.1 trillion per year '29, right? So that's the kind of amount we're talking about in the market.

There's pros and cons in terms of competitiveness, right? The pro is that right now, we believe we're more competitive than before because before, we were -- for every 20-megawatt data center, we were competing with 14 consortiums. For the 2 gigawatts to 4 gigawatts, there's no competition, right? There's little competition. it's more open book. It's more about the hyperscalers know exactly the price of these things and what competitive looks like, right? They don't need to put long-term RFPs. That's a waste of time for them. right? So what we need to make sure is we compete against ourselves and what hyperscalers can do, which is the bar, which is a very high bar, by the way, because they have a tremendous capability. They could do it themselves. If they use us or another contractor company is because they can do it in the same way or better than what they can, right? So that competition is that's one factor.

On the other side, what we are seeing is that time is of the essence, but every year is more of the essence. So hyperscalers want to see is a huge reduction in the timing of construction of these data centers. So that's why we are investing in modular construction, and that's why we continue to increase the timing and therefore, making us more competitive.

In terms of U.S. versus Europe versus Australia, completely different markets. U.S. is dominated by the fact that they use is a superpower in AI, that they are training the models, that they have all kind of data storage and most of the American companies, they rule the world when it comes to data, right? So that's why you're seeing the 2 gigawatts, the 4 gigawatts. Anything you do in the U.S., you commercialize very quick, right? There's a huge, very liquid market for this from hyperscalers but also medium companies, small companies. There's a lot of AI processing inference. There's a lot of AI training. There's a lot of data storage. And there's a race to become the most powerful data storage hyperscaler.

Europe is very slow. And Europe is very slow because right now, there's a debate about what a data center can provide. And there's always a mismatch between direct and indirect value. Direct value. There's always a combination of high energy, high water, low employment. Indirectly, every time you have megawatts of AI process interference, or ecosystem, you build a huge ecosystem of start-ups around data center. And some example, like Virginia, when they got to the 2.7, 2.4 gigawatt capacity, I think that they brought -- they created 10,000 new start-ups as a consequence. Even some of the big operations in the U.S. moved into Virginia, but the same thing in other places.

Something similar happened in Ireland, that plus tax incentives a few years ago. And you will be seeing that in Europe. So more and more and more countries, they see data centers as strategic national investments. But that takes time to get to that conclusion, right? Plus once you -- so that delays things a little bit, but it will come. Having said that, Europe is not training AI models yet. Europe doesn't have big hyperscalers yet. They are the American ones, mainly investing in Europe. And the power in Europe is very much intervened and has some restrictions, different country to country, but in the same line, right? So that doesn't help to the development of more data centers in the short term. But it will come, not as big, but it certainly will come and the industry will come to Europe.

Asia Pacific, we've seen that booming, but obviously, they are not trained -- except China that -- I exclude China for now. They are not training big AI models, and they do not have that storage, but certainly Leighton Asia has been super active. Out of the backlog we currently have, there's like EUR 2 billion just in Asia Pacific without including Australia.

And then Australia, it's going slow moving into data centers, but we're seeing progress in the country towards data centers.

In that sense, Dario Maglione is asking about the data centers in Spain outlook because he asked that as we plan to have around 800 megawatts of data centers through our JV platform by 2032, how strong is the demand for data centers in Spain? Enough to absorb this amount?

Potentially, yes. potential, yes. That depends. In Spain, what I do think is going to happen is hyperscalers first will fold their demand with their current development. Once they go beyond that, then they will start asking for additional capacity, and that's where a lot of that excess capacity will be used, on a large scale. I'm not talking about ours. I'm talking about Spain, the countries in general, right? But there's demand for a medium companies that right now, they are not doing their own development, but they are looking for, I mean, megawatts of data centers available.

I do think that the restriction is not so much on the demand. The restriction is more on the power. When we speak about AI or inference demand, that's different, right? Because that's a very more unique energy demand. It's not like pure data storage. It's more about inference. It's more about AI processing. I think that, that will take more time in Spain versus the rest of Europe or the U.S.

Final question is coming from Filipe Leite from CaixaBank BPI. Regarding the platform, the data centers platform, he has 2 specific questions. One is regarding the commercialization? Any news about the commercialization on data centers for this year?

And the second is much more technical. He's asking about why the cash in from the recent agreement with BlackRock GIP, sorry, is lower than the EUR 500 million we announced, which has been accounted for EUR 428 million?

Okay. I'll start with the first one, and then I will add to this, and I will ask Emilio to add anything he considers. Well, on the first one, I already said before, before 2026, we expect to have in Spain, 14 megawatts IT, which is basically 20 commercialized and built, in the U.S. like 250. And I believe that those could be conservative figures, and then we'll continue adding that every year.

When it comes to the platform, I think that is just the inflow versus the outflow net. Emilio, if you want to add?

Yes, correct. So the net number was estimated to be EUR 500 million is when we announced the transaction last year. It's slightly below that. The net number, EUR 860 million, minus EUR 400 million something. And the only reason is because of the terms of the agreement and the exact amount of investment as of the date of closing. So that's the gap or the difference between the EUR 500 million and the actual cash in net.

Final question is regarding, as you mentioned, we are pursuing some managed lanes opportunities in U.S. Could you clarify why the consortium structure for the different bids are different from what we have been doing in the past? Or why the first? What is the reason that we have different partners?

No. I mean, we have only 2 consortiums. The main one with Meridiam, Acciona. I mean, we won with them 400 and were prequalified in the 285 and A24 with them in Georgia and Tennessee, respectively. In the case of North Carolina, Kiewit has been a traditional partner of Flatiron in North Carolina. I mean as you know, in terms of macro figures, Kiewit is the largest civil contractor company in the U.S. We are the second largest. But in North Carolina, in particular, we are both very, very strong in the lead positions, and we have been traditional partners. So some of these conversations were back before our consortium with Acciona. So it's just a specific situation in North Carolina.

There's no more questions from the web.

Any further questions? Okay. Excellent. So thank you very much, everyone, for coming and joining on the phone. Look forward to any questions on an ongoing basis with the next days or weeks. Thanks a lot.

Everyone that is physically here and everyone that is connected, we appreciate your time today and share this presentation directly or through our broadcast. We're very excited to have a combined session today, starting with the Q3 and 9 months presentation, and then we will move forward with our Investor Day. So we'll start with a review of our performance for the first 9 months, followed by our usual quarterly Q&A session. And for this, I'm accompanied here with our Corporate General Manager, Angel Garcia A Trozano; and our Chief Financial Officer, Emilio Grande -- and then at noon, Central Time, and after a short break, we'll move into our Investor Day focused on the group's data center strategy. For this part of the event, I will also be joined by Peter Davern, Chief Executive Officer of Turner that will be joined by video. Vicente Marana, Chief Executive Officer for ACS Digital Energy; Mike Kunz, Executive Vice President of Turner; Jim Brunwick, Managing Director of Turner Europe; and Bernd Halwick, Managing Director of HOCHTIEF BP Solutions. We also wanted to take the opportunity to provide a recap on where we are in our strategic journey, highlighting key areas of growth and other investment initiatives. In addition, we'll reflect on what we have achieved since our full Capital Markets Day in April last year 2024. To conclude, we'll open the floor again for questions on our strategy and of course, the transaction we just announced this morning with GIP BlackRock for our data center platform. For those of you joining remotely, please submit your questions online, and they will be read out here in the room. Starting with the first slide. ACS Group has achieved an outstanding performance during the first 9 months of 2025 with solid growth in sales, backlog and net profit backed by strong cash flow generation. Let me give you an overview of a few key highlights for the period. We have reported strong profit growth of 19.5% or 23.8% FX adjusted at ordinary net profit level, reaching EUR 585 million. On a reported basis, net profit stood at EUR 655 million. Sales saw a very significant increase of 23.7% over 28% FX adjusted, driven in particular by strong growth in our strategic markets. And EBITDA growth was even higher at 32% or 38% FX adjusted, reflecting operating margin expansion across our businesses. Net operating cash flow grew by EUR 154 million year-on-year to EUR 2 billion in the last 12 months, which is a EUR 318 million increase adjusted for factoring variations. As a result of this strong cash flow generation, the group's net debt position as of the end of September was EUR 2.2 billion. And this is after allocating EUR 1.4 billion to strategic investments and shareholder remuneration during the first 9 months of the year. Strategic investments include a EUR 436 million acquisition of Dornan and $555 million in net equity investments and other M&A, mostly including an investment of EUR 345 million in the Assante projects. Additionally, shareholder remuneration amounted to EUR 422 million.

New orders during the first 9 months of 2025 of EUR 43.9 billion were 12.6% higher FX adjusted driven by 55% of awards in high-growth segments. The order backlog grew by 8.9% FX adjusted, reaching EUR 89.3 billion equivalent to approximately 2 years of work, supported by strong demand in data centers, biopharma and defense. We are raising our ordinary net profit guidance for '25 to a range between EUR 820 million and EUR 855 million, an increase of up to 25% versus last year's figure. This compares with the previous top end of the guidance of up to 17% growth.

Let's take a closer look at the group's consolidated performance for the period. Sales rose by 28.3% FX adjusted reaching EUR 36.8 billion, driven by the exceptional performance of Turner, which achieved 36% organic growth FX adjusted. This momentum was further supported by the integration of Dornan and the full consolidation of this since Q2 '24. EBITDA increased by 32% to EUR 2.2 billion with margin expansions across all segments. Profit before tax amounted to over EUR 1.1 billion, up 28.3% on a comparable ordinary basis and was particularly fueled by Turners outperformance and a solid contribution from Flatiron Jacanas. We delivered a strong ordinary net profit growth of 19.5% year-on-year to EUR 585 million.

Turning now to the ordinary net profit by segment on Page 4. I'd like to underline the following: Turner delivered an outstanding performance once again. with its contribution rising 64.6% to EUR 363 million, driven by strong growth in digital, infrastructure and biopharma, health care and education projects. CIMIC delivered EUR 151 million, up 8.2% FX adjusted, supported by strong growth in high-tech projects and impacted by the FX. Engineering & Construction showed a very strong result, growing at 32.5%, reflecting a higher contribution of Dragados and solid results in HOCHTIEF Europe. And Abertis had a resilient operational performance in the period with comparable EBITDA growing at 7% with a net profit contribution impacted by the tax regulation in France. During the period, the group implemented efficiency initiatives that involve EUR 29 million in restructuring costs aimed at streamlining operations and unlocking synergies that will enhance performance in the coming years.

In terms of cash flow generation, the group continued to show an excellent performance. Last 12 months net operating cash flow of EUR 2 billion was up by EUR 154 million and was supported by the strong momentum of Turner. That 12 months net operating cash flow pre-factoring increased by EUR 318 million, driven by EBITDA growth, sustained cash conversion and this strategic diversification into cash generative businesses. The group's cash generation remains solid and we expect a strong cash conversion level for '25 with characteristically strong Q4 performance. Our net debt position as of September 25 stood at EUR 2.2 billion, showing a decrease of EUR 173 million since September '24. This variation is explained a strong net operating cash flow, although slightly impacted by the lower use of factoring and is net of strategic capital allocation initiatives, share remuneration and foreign exchange effects. Adjusting for these nonoperational effects, the net debt would have been reduced to only EUR 426 million. Our capital allocation over the last 12 months include EUR 1.2 billion in net equity investments and M&A corresponding to the acquisition of Dornan for EUR 436 million, 446 million investments in data center projects and other net equity investments that include about EUR 240 million in social infrastructure energy and transport concessions and also EUR 451 million in shareholder remuneration. Our disciplined approach to capital deployment supports our long-term growth strategy while maintaining a solid financial position.

Moving on to Slide 7. Our order backlog stands at EUR 89.3 billion as of September '25, representing a year-on-year increase of 8.9% FX adjusted. This growth was underpinned by a very strong order intake of EUR 43.9 billion, up 12.6% FX adjusted, circa 55% of our new orders are in high-growth segments. This very positive performance reflects the group's continued success in securing high-quality projects across our strategic growth markets, particularly in data centers, defense and biopharma.

It is worth highlighting that digital infrastructure now accounts for 16% of the group's total backlog, driven by the exceptional momentum in data centers. We're also seeing a strong traction in Germany. Over the past 3 years, our German order book was nearly doubled to EUR 5.2 billion. The EUR 500 billion German infrastructure fund approved this year, will see its first full year deployment in '26, with federal investment rising to a record of EUR 127 billion, approximately comparing with EUR 75 billion back in 2024 and further visibility for sustained high levels. We are very well positioned, thanks to its scalable model and expertise in bridges, tunnels and rails.

On the following slide, you can see a selection of recent project awards. It is worth putting these projects in the broader context of the ACS Group strategy, which, in any case, we'll have the opportunity to discuss in more depth during our Investor Day later today.

Let's start with the digital infrastructure and advanced tech sector that we command a leading position. After the surge of the past 2 years, global data center growth remains very, very strong, driven by cloud and artificial intelligence demand. Data center in compute CapEx is expected to hit $600 billion in '25, double, but in '23. While annual AI infrastructure spend could reach $3 billion to $4 trillion by decade end. Across regions, demand is high. schedules are tightening and clients rely on us to deliver complex projects quickly and at scale. The group has been awarded several new large scale data center projects during the period, more than doubling the value of new orders secured in the first 9 months of '25, including in July, when the AI hyperscale [indiscernible] announced its intent to commit more than EUR 6 billion to equip a new state-of-the-art data center in Pennsylvania, purpose-built to power the most cutting edge AI use cases. The initial 100-megawatt data center with potential to expand to 300 megawatts will be delivered by a Turner joint venture. Last week, OpenAI, Oracle and Vantage as part of the USD 500 billion Stargate program announced a USD 15 billion centers complex in Wisconsin which Turner is 1 of the selected construction managers.

he Alcala data center started construction. It is a joint collaboration by Trogalos,ridium, Turner and Source Blue in the context of their data center platform. The group is also advancing in the semiconductors area as strong demand for artificial intelligence and increased digitalization drive investment levels with double-digit growth expectations going forward. We have obtained several new orders in the semiconductor sectors in the U.S., Germany, Ireland and Malaysia, such as the expansion of an assembly and test facility for cheap lithography machines in the U.S. Energy-related infrastructure is another strategic growth market for us with substantially rising demand driven by the global energy and supply security needs. ACS is strategically focused on building infrastructure for a low-carbon future from generation and storage to transmission and advanced technology. With decades of experience designing and building nuclear power plants and facilities across the world for global energy companies like RWE, we deliver end-to-end services and are well positioned to support the deployment of best-in-class small modular reactor technologies. Leveraging global engineering capabilities for new build, SMRs, storage and dismantling, we target an industry projected to exceed EUR 500 billion in European investment by 2050. In October, we secured a major nuclear and civil works framework contract worth up to EUR 685 million as part of the infrastructure delivery partnership at the U.K. Sellafield site.

The alliance style contract lasting up to 15 years, involved design, engineering and delivery of seal infrastructure works in support of [indiscernible] operations and decommissioning in collaboration with Sellafield and its partners. This strategic long-term partnership reinforces our unbroken legacy in the Niclas sector since 1950s as a trusted partner in engineering and construction for some of the world's most critical nuclear programs.

If we turn back to renewables, we represent an ever more important energy source, battery energy storage systems are becoming a crucial element to balance electricity networks. Global battery energy storage systems, capacity is expected to rise by 6.7 -- sorry, 67% in '25 to 617 gigawatt hours and to 10x by 2035. In Australia, for example, CMIC acre GL was again selected by No, a world-leading producer of exclusively renewable energy and deslito construct another battery project of 164 megawatts in Perth.

Let me turn now to Critical Minerals and Natural Resources, where global demand for is set to increase significantly as a consequence of the exponential growth of clean energy technologies. Digital infrastructure and defense investments. The group has developed a unique position in critical minerals globally, primarily through Sema, which specializes in integrated minerals processing solutions and teas. During the period, segment, which has over 100 critical Mira engineering projects globally started work on an innovative pricing plant in Quinland for vanadium and other at metals as well as a 5-year gold project contract extension in Western swell. Last month, Latanya secured a 3-year extension to an asset integrity contract Indonesia for critical production assets to extract nickel, and we're also carrying out the process design and project implementation for a copper zinc plant in Western Australia. We're also expanding our European footprint in critical minerals. In Germany, we've been working with Vulcan Energy on the EPC and validation of what will be Europe's largest lithium extraction plant. The company's integrated lithium and renewable energy project will allow it to deliver a local source of sustainable lithium for European EV battery industry enough for initial 500,000 electric vehicles per annum. The awarding of the European Union at product status under the critical raw materials Act highlights its transformative potential for Europe's clean energy future in lithium independence. And [indiscernible] has also won a contract to provide a feasibility study in front end engineering design work for a major lithium project in France. And we're also currently working or have worked or a number of other lithium projects and studies this year in Portugal, Brazil, Australia and Canada. Global lithium demand growth is expected to fivefold by the end of the decade, pushing the market into deficit by 2030.

Next, let's address defense, where infrastructure investment is expected to substantially increase globally. ACS sector as strategically attractive due to the synergies with the group's in position in civil works. It's engineering capabilities and its sector presence in Europe, the U.S. and Australia. We deliver projects for mini space of defense, police agencies and border authorities across our geographical footprint. And at the end of the third quarter, the group had a defense order book of over EUR 2.6 billion, and we expect to increase significantly. In addition to the large pro harbor write-back replacing product in Hawaii, we've been selected for a 10-year global construction services for the U.S. Air Force. In September, semi company CBD contractors began building works for Royal's Radian for space in Queensland as well as a defense infrastructure upgrades in South East well. And in Europe, major multiyear defense investment plans, including in Germany, present substantial opportunities in defense related capital works and potentially via the PEP model. An example is the labor armament storage reconstruction project in the Czech Republic, which illustrates this growing defense investment momentum.

Now in biopharma, health and social we were awarded the new Huntington Bank field, Cleveland Browns new NFL stadium, a visionary project in Ohio U.S. During the quarter, Turner began work on the 46 story, 343 Madison Avenue of is tower in Midtown Manhattan, New York, including an underground transit and transforming Grand Central terminal. Our major project security in this sector include the Metropolitan Masimo for expansion in New York and the Advent Health Avista new hospital project, a significant expansion of capacity with a new 5-story building in Ruville Colorado, USA. The group has also been a global leader in transport infrastructure and sustainable mobility for several decades. And the outlook is very positive due to several infrastructure stimulus packages. We were selected to deliver Queensland Gateway to Pros upgrade, a transformative infrastructure project to improve safety, connectivity and resilience across the gateway motorway and Bruce highway corridors in Australia. And recently, we announced that Turner joint venture has been awarded a $700 million modernization project for men fees International Airport. In Germany, we secured a major rail infrastructure contract to refurbish a 42-kilometer double track section for Deutsche pan. This wide selection of projects is representative of the strength and brief of our group's growth strategy on our group companies. Turner, for example, was again named in our top U.S. general contractor holding leading positions across 13 segments, including health care, aviation and data centers. [indiscernible] is also experiencing a strong momentum in defense and transport projects, including high speed rail. While our companies in Europe are also building up momentum on the back of increased infrastructure spending. Let us now have a look at the performance by segments.

On Slide 10, we begin with Turner, which is delivering exceptional results, consolidating its leadership in strategic sectors. Sales grew by 38.1%, reaching EUR 18.8 billion, driven primarily by strong organic growth in data centers and biopharma projects. This study performance was further supported by the contribution from Dornan, performing even better than anticipated. Profit before tax amounted to EUR 625 million, representing an outstanding increase of almost 60%. This was accompanied by continued margin expansion of 44 basis points to 3.3% reflect internal successful strategy focus on advanced technology projects. Turner's strong growth trajectory, it's demonstrated by its new orders of EUR 23.4 billion in the first 9 months of the year an increase of 21.3% year-on-year to 25.3%, FX adjusted, driving the order backlog to EUR 34.4 billion.

Moving on to our operations in the Asia Pacific region return to CIMIC. Sales were up 20.2% FX adjusted, supported by solid increase in strategic areas such as advanced technology, health care and defense and the full consolidation of this with a stable underlying performance overall. Ordinary profit before tax increased by 20% year-on-year to EUR 351 million after adjusting the 9 months of in for the one-off noncash gain net of provisions. Our NPAT grew by 8.2% FX adjust year-on-year to EUR 188 million. CMIC's order backlog was solid, reaching EUR 23 billion, driven by solid growth across all segments, particularly in data centers and defense. New orders increased 4.1% and year-on-year FX adjusted.

Turning now to Engineering & Construction segment on Slide 12. We can see solid growth with consolidated sales increasing 11.2% year-on-year to over EUR 7.8 billion, driven by the strong performance in North America and robust contributions from both Dragados and HOCHTIEF engineering and construction, particularly in high-speed transportation and defense. EBITDA margin increased by 47 basis points to 5.6% supported by significant contribution from Flatiron Taga. And profit before tax grew significantly by 50% to EUR 224 million. The engineering and construction backlog rose 1.6% FX adjusted to EUR 28.9 billion, reflecting a strong order intake of EUR 9.7 billion with notable momentum in sustainable mobility and transportation infrastructure. Looking forward, the outlook remains very positive. And as I highlighted, we are particularly well positioned to benefit from the infrastructure investment plan in Germany and sustained growth in civil infrastructure investment in the U.S.

Continuing now with the Infrastructure segment on Slide 13. Iridium increased its sales by 58.8%, thanks to the additional contribution of the 13, the financial close of 400 and a general positive performance across operating companies. Abertis meanwhile, had a resilient operating performance. The contribution to NPAT was impacted by changes in the tax regulation of concessions in France and FX movements.

On the next slide, we take a more detailed look at the Abertis numbers. Traffic has grown at 2.3%, supported by the strong performance of heavy vehicle traffic and we saw strong results, particularly in Spain, Chile, Brazil and France. On a like-for-like basis, the company delivered strong revenue growth of 6% and EBITDA growth of 10% underpinned by the geographical diversification of the portfolio and inflation-linked targets.

Regarding Abertis' portfolio development, as you know, Abertis acquired a 51.2% stake in the A63 toll road in France, which is now fully consolidated since the first of June. In Chile and Dilas Billes is fully consolidated from the first of April. In Brazil, Abertis just signed Fluminense's new contract until 2047 as strengthening Abertis leadership in Brazil. The 21-year extension includes a tariff adjustment with minimal traffic risk and is expected to deliver EUR 110 million in EBITDA by 2030. Abertis has improved its liquidity and financial strength with our net debt set at EUR 22.9 billion and ample group liquidity of EUR 7 billion.

On Slide 15, we show the breakdown of key figures for country, for Abertis portfolio. To finish up, let me briefly summarize these strong set of results and the key achievements of the group. We have delivered a strong operational performance with sales reaching EUR 36.8 billion, up 23.7% year-on-year, an ordinary net profit of $585 million, up $19 million or 23.8% FX adjusted. Our cash generation remains robust with last 12 months operating cash flow of EUR 2 billion, up EUR 318 million adjusting for factoring variations. And our order backlog stands at EUR 89.3 billion, up 12.6% FX adjusted, supported by EUR 43.9 billion in new orders. We remain optimistic about the future and confident in our ability to deliver on our strategy. The strong performance in the first 9 months of the year, combined with our expectation of further acceleration in the last quarter has led us to raise our ordinary net profit guidance for the year to EUR 220 million to EUR 255 million, an increase of up to 25% versus last year's figure compared to the previous top end of the guidance of up to 17% growth.

Shortly, during the investor day presentation, we'll provide a strategic recap of some of the key growth verticals driving our future, align our investment priorities and review capital allocation. And of course, a major focus will be the booming data center sector where we'll take a deep dive into our positioning at developers, investors and constructors highlighting recent wins, our global delivery capabilities and how we are leveraging technology and partnerships to capture this unprecedented wave of demand. But first, we welcome your questions on this third quarter results.

Thank you so much. So if you're okay, let's move into the Q&A.

Yes. We will start with online questions. We have several regarding the recent transaction announced this morning with GIP, but I will just select the ones related to the business. There's have your Carlos Pega, which is asking about toner revenues continue to grow rapidly driven data center, which is Sovos, as you have shown. And he asks about 2 questions. What is how long can you sustain this growth above the market? Probably, you will increase the information in the data centers Investors Day. But what about the other segment's performance in the U.S., how they are looking for the future, how they are looking right now in 2025?

Okay. So well, we -- first of all, our internal continues delivering outstanding performance and growing and has been outperforming the market, not just for the last 3 years, but has been consistently outperforming the market for several years. If we look specifically about the different sectors of Turner, putting aside from now the data center market. We have seen in the last 9 months of the year. Growth in commercial, around 5.1%. Aviation, around 16.3%. We've seen biopharma growing at incredible 390% and data center 140%, right, which is the big one. Now we're also seeing a decrease in other sectors like hotels, which were decreasing like 11.7%. Justice, which I think were decreasing 34.5% even if it's not very material in our backlog, and Healthcare, which has decreased like 51%, but we expect it to increase significantly because I think that the U.S. in health care from 25 to 30 is forecasting an increase of 44%, which is around a 7.5% CAGR per year. And I do think that that's going to reflect internal. So the other intake in the last 9 months have grown for Turner, 25%. 16% revenues across all segments, except data centers and more than 150% in data centers.

Now let's talk a little bit about the market and then we'll talk about Turner for the future, right? If you look at the market itself, there are a few areas where U.S. is projecting, forecasting growth. starting with indication. They were from 25 to 30, they believe can increase by 29%. That's like a 5% CAGR. Health care, as I said before, the 44% to 45% increase, that's the 7.5% CAGR and aviation, 48%, and that's like 8% in CAGR and sports 10%. Other ones like residential, office, et cetera, they are going down. How can we translate that into turn, right? Because this is the market, these are the figures. And I know that Turner is -- has increased the guidance. It's looking at euros at increase that we did announce a couple of weeks ago in U.S. dollars at 100%, that represent like EUR 1.04 billion PBT for right, that if they reach the top end of the guidance announced, that's what it would mean or 10% in U.S. dollars. For 2016, we're expecting up to 30% growth of the PBT and EBITDA. So that shows the extreme growth that we're expecting a Turner. And most likely next year, we'll be announcing what it means for the following years. So we are not seeing any deceleration in data centers. We're not seeing any deceleration in the other sectors, and we are forecasting and outperformance of Turner in the years to come. So the other thing that I would like to say is in order to understand Turner performance old performance. We need to understand what is turned, right? Because we can't speak any more about data centers market or hospital health care aviation. It's not the same, talking about commercial building in the small scale than the big ones. It's not the same talking about the complex projects that require multi-disciplined approaches with energy with huge logistics, high-tech, civil, general building knowledge versus the small ones, right? In the area where Turner moves, the growth continues being strong. So this is very important. White Turner is able to capture most of that market. First, because our presence globally in the U.S., 47 states, average of 20 per state, number one. Number two, the brand is able to bring plenty of talent and retain talent. The power of the Turner brand in the U.S. and international is very strong and that's very important. Turner has extremely good logistics capability when it comes to supply chain, but also to potential manufacturing in critical elements for their clients. They have the power to continue transitioning into modular construction and all of that creates a very strong brand that outperforms not only itself every year, but the market. So we're extremely comfortable not just with return in performance, but we are very, very confident in the performance that Turner have in 2016 and after.

Yes. There's another 2 questions online regarding market performance outside of the data centers and so on. One is you have talked about the defense industry. which is expected to grow significantly in the coming years, especially in Europe, where the demanding of strong investment for the coming years is great. What is ACS exposure to this segment? And how you see the growth potential in the coming years?

We're going to spend a lot of time talking about the strategy in the afterwards. So I prefer not to spend a lot of time. Today, the Investor Day is made about data centers, but we're going to give a hint of how we're performing in the rest of the areas. Data center is the strategy that we've been very much focused for 3 years, but there's other strategies, short term, midterm and long term that we keep consolidating, right? And that will be reflected in the years. Right now, you see the performance in '25, you see a clear weight of data centers and digital infrastructure. You will be seeing more weight in addition to those moving forward as we One of them obviously defense. And in defense, right now, we have a backlog of around EUR 2.6 billion. We see strong growth everywhere, especially in Germany and around Germany. In Germany, as you know, there's an infrastructure final allocation of EUR 500 billion plus EUR 300 billion. We start seeing allocation of that fund as I said in my speech, EUR 127 billion for 2026 is already allocated versus EUR 74 billion in '24. There is a big increase. And then on top of that, there's still the allocation of the 3.5% versus GDP that German has announced. And we start seeing mix to the projects allocated into that increase. So not just we have increased or doubled the backlog in recent years of Germany, but we expect to be able to double very, very soon as well. And that's 1 of the areas that we expect higher growth. We see a lot of defense activity going on right now in Australia. You saw the awards this year, and we're also seeing an increase in used infrastructure. I'm not going to expand more in defense because I will spend a little bit more time in a few minutes. But certainly, we see a lot of growth in German defense and other sectors that I will explain very soon.

And then a specific question about in Abertis, we have announced the new extension in Brazil, the Fluminense motorway. Can you give us some highlights of the impact of this extension in Abertis financial figures for the future? What is the strategic impact as well?

Well, I think I mentioned, right, Fluminense, which is an extension of 21 years of our previous concession will require EUR 500 million in CapEx for the first 7 years, but it's going to give us around EUR 110 million additional EBITDA by 2030. But more importantly, what Fluminense is giving us is 4.4% EBITDA backlog moving forward. And that's 1 of plenty of other concessions that we're renegotiating in Brazil. When you look at Abertis, and I think we've been touching on Abertis several times, what we see is that we've been increasing from 2018 to now EUR 2 billion EBITDA per year. And more importantly, we've gone from a ratio of approximately 6.6x net debt EBITDA to 5.2% that we are currently. And that's very significant. And if you look in terms of EBITDA backlog versus net debt, the fear would be we have increased from 3.4x in 2018 to 5.9x right now. How is this possible, right? Because we are not injecting equity. The Fluminense transaction in Brazil doesn't require equity, but neither the rest of the renegotiations were following in Brazil. but we have incorporated Santos business in Chile. We have increased as well the 863. So we continue to increase the EBITDA. We are very, very confident in Abertis, and we're very, very confident that very soon, we will be able through M&A, through renegotiations and through other operational efficiencies to get to a point that we get back to the ratios of 9 FFO versus net debt versus the 13, 14, and that will be a consequence of having a very robust advertise increasing the concession life. Right now, we're at 12.5% versus D that we were a few years ago. We continue to increase, but we are looking forward to increase significantly to have not just EUR 600 million dividends per year, but to increase that over time on a perpetual basis. So there's a few additional things that we need to work, but I'm very, very comfortable that we will be able to deliver good news and Abertis in the next year.

Let's let the people attending if they have any other question.

José Manuel Arroyas from Santander. I have 2 questions on disclosure. If I may. First 1 is on Abertis. Speaking of Fluminense, are you planning to increase the disclosures you provide today on a regular basis asset by asset. I mean revenues, EBITDA, CapEx by toll road operator, that would help us put value on extension of concessions going forward?

And the second question on disclosure. If you can share with us the value of the contingent orders that are not yet in Turner's backlog, but that may join the backlog soon and by when that could be?

And lastly, on asset disposals, could you provide an update on Clete and on the other assets held for sale.

Thank you, José Manuel. So let me start with Abertis. So yes, the short answer is yes. We started making some progress for the previous Capital Markets Day, not 10% there. will continue increasing our level of this closure in Abertis and in general, through all our asset base. So that's something that we continue working.

The share value of contingent orders, that's a very good question. One of the good things that we have right now is that we do have much more visibility towards what's coming. And that's why we're able to forecast better our guidance, our projections, et cetera, versus the past. Why? Because as we enhance and we increase our high-tech value, and engineering knowledge, a procurement, management, et cetera, we are able to increase our backlog of collaborative EPCMs, et cetera. And those projects, as you rightly said, as when they are awarded to us, we do not reflect in our backlog. Right now, there's like around USD 14 billion of projects at Turner not reflected in the work in hand and around EUR 7.5 billion at Turner's level, the HOCHTIEF level could be around EUR 2 billion. And the Asia Pacific one, it would need to check, but could be around 4 in backlog terms. So that's the other -- they are good things they are low-risk contracts versus the design build and on projects that we used to have.

And then when it comes to disposals, in the Capital Markets Day, April 24, we announced from EUR 2 billion to EUR 3 billion. Since then, what we've done is EUR 500 million of the derivatives operation that we did sign some time ago. There were EUR 500 million coming from the 28 million as well. We are looking at additional -- well, we have the data center platform that we're going to be talking significantly later today, so I don't need to go through it. We also have the settlement, and that's a little bit of everything because that covers plenty of things, EUR 380 million. And then we are following up in the industrial assets that we have for sale. And when it comes to Coltec, we're analyzing all the options with Clete. We're still studying different possibilities. So we will continue in our process. But the most important thing, although we continue with investments, the most important message that you will see after is that with our net operating cash flow within the next 5 years, we're going to be able to accomplish our investment plans throughout the different assets, right? So we rely less. In our Capital Markets Day, there was a reliance -- an important reliance in monetizing assets, we are not having that reliance anymore.

Thanks for the presentation. I mean I will discuss more about Turner later, I guess. So I'll focus just on the Q3 results. For the [indiscernible], if I understood correctly, the Q3 results were pretty good in terms of revenue. Order intake in that was much lower than in H1, I mean, Q1 and Q2. Why? Do you see some weakness maybe because of the U.S. government shutdown or anything else going on there? And did that affect actually cash flow and working capital during the quarter?

For Abertis, as you mentioned, like-for-like growth of 7% or 8% revenue and EBITDA level. But headline is flattish. So what explains that difference. You mentioned FX, but it's quite a large difference, I mean, 78%. Then still about Abertis, as you mentioned, things are improving as for instance in Brazil, you reached this deal, which is good. It suggests more deals we come means you're dealing well with the government. Is that a possibility that maybe you dispose of Abertis in the next few years?

And then the fourth last question around lithium. You stressed the importance of lithium going forward. Can you explain to us a bit the revenue structure and the upside for SES. Like how would you benefit if the lithium price goes up or volume goes up? And are these contracts like a fixed revenue? Or is there upside for this year?

Okay. Thank you so much. Let me start with Cagados. So no weakness. In fact, it's a pure temporary. The good thing about Cogados is we're quite comfortable with the transition we've made from traditional design build into the new projects were mainly collaborative. As I said before, [indiscernible] has EUR 7.5 billion awarded not in their books. The only thing we need to make sure is that Jagad secures that backlog and that will continue to increase because the pipeline is -- there's a pipeline right now addressable market in inclarative of more than EUR 11 billion in addressable for just for [indiscernible]. And in the near term, we're not talking about pipeline in the years to come. So it's pre-temporary. We expect that to be unwound last quarter. Obviously, there's always an FX adjustment that is driving part of it. But Subject to that, it would be increasing significantly from now at the end of the year. We expect a good result subject to FX adjustment.

When it comes to Abertis, not sure the question is about EBITDA because EBITDA continues growing the performance is very good. The only thing when you look at Abertis how it converts into ACS numbers, you need to take a few things in right? The first thing is there's a clear change in perimeter. First, because the 288 is not anymore with us. Rotate Pacific is not anymore with us. However, A63 has come in, Sadiola's billings is coming in. There's another effect for the France tax that I mean that we have to take into account. I think that it was EUR 17 million for this year. There's obviously an FX component. There's a PPA component. And there's a small effect in the increase of the average cost of debt for the hybrid bonds that they issue, right? So all of that combined is what -- when it comes to ACS, you see on a PBT basis, the difference versus the underlying operational performance of Abertis, which in our opinion, has been very good. However, from an ECS perspective, when it comes to Abertis, we're looking at dividends. We're not looking at PBT. We're not looking at PBT. We're looking at dividends. And that's where we are focused, right? We are focused in increasing the dividend perpetual, not just EUR 600 million, but to follow and to grow in the following years. That's our main focus when it comes to Abertis.

Are we analyzing a disposal not at this stage, at this stage, where we want to make sure is we have a great Abertis that provides us with stable cash flows, solid performance and stability and certainty of dividends for us, right? That's our #1 priority. That's why and you look afterwards. Not -- I mean we have 2 pillars in the strategy. The first 1 is making sure that our engineering construction business becomes solid, stable, certain low-risk and with significant growth and having long-term stable EBITDA through our assets, right? So we cannot -- we don't want to move away from that strategy at this stage. The other question was Brazil. Yes, more transactions to come.

And the lithium. We can speak about lithium, but it's more important to speak about critical metals in general, right? Because what is clear is the natural resources and critical metals are key in the future and is going to go through exponential growth. Obviously, there's going to be a lot of variations in prices of lithium, and we all know what the market says and the prospects. We know the price of nickel, vanadium, rare earth, copper, gold, uranium, there's plenty of indexes. But when you look at all of them together, that's when we realize the potential of that market. As I said in my presentation, we are developing or executing more than 100 projects. Actually, if you take into account the everything, right, prospects, engineering, construction, et cetera, there's more than 400 projects. We think semen salesman on its own as engineering or settlement with the rest of CIMIC with oats with HOCHTIEF with Flatiron, et cetera.

Now the question about -- the other thing is can we project a streamline of revenues out of that? When we look -- let's get back to the example of data centers, the growth in data centers. And we will see very clearly in the presentation, comes from the growth of revenues associated with our projects and delivery of data centers and the growth of the assets, right? The same thing will apply to critical metals, but it's very early stage before the full boom on critical metals, we're going to see the boom in defense, for example. But when it comes, there will be PCM associated with the 400 projects I mentioned, and that will be driving revenues. And some of them will be driving a good opportunities. Today, we're not going -- we will give examples of what we're doing. We will give examples of the projects, very, very -- I mean, it would be just a very quick slide also because today, it's not so much about it. But I would like to show how we are positioning ourselves in the near future about that high-growth area. And eventually, 1 of the ideas is to start as we evolve in those areas in the same way that we are going to take everyone through a data center strategy, we will be taking to what we're doing critical metals. We will be taking to what we're doing in defense, what we're doing in nuclear what we're doing in the rest of the areas, right? So there will be specific Investor Days as we consolidate our position, and we have predictability of cash flows and revenues. And I think that was.

We don't have more time. We can do the following after the Data Center's Investors Day continue with the P&A. Just 5 minutes break, please.

[Break]

Good morning again everyone. Thank you so much for joining to our ACS Investor event. Today is a very important day. This comes as a follow-up or Capital Markets Day last year, April 2024. And we would like you to get out of this presentation with a few messages. The first 1 is the recap from the Capital Markets Day. What we said versus what we've done. And everyone will realize that we've been working hard, not just to meet all our commitments in the last Capital Markets Day, but also to increase our targets and outperform our own objectives.

The second message equally important is about the entire strategy. We are going to focus in data centers. Today is about data centers. But as I said in our Q3 presentation, I would like to explain all different verticals and where we are in the development of each 1 of them. And why because all of them will be high-growth areas in the same way that data center is today a high-growth area for us. and you look in our numbers in 2025 and you realize the relevance of our digital strategy in today's performance. At equal important will be the impact of the other vertical areas in our future. It's very important for us to focus on 2 things.

First one, our firepower or capital allocation, so we'll spend significant time talking about it. As I said in my Q3 presentation, we're very comfortable with our net operational cash flow performance and how much firepower is going to give us during the next years. And yes, there's potential investments that we're following, but we're not relying any more on them as we used to rely when we explain our Capital Markets Day. But also is the valuation. The valuation of their additional revenues we will generate in the business through data centers, but also from the assets that we are going to be creating at the platform that we announced today and we'll explain and describe the platform, also the platform that we announced in Germany through the edge data centers a few months ago, and then in the rest of the business. So we'll try to give an overview of where we believe that ACS will be over the next years from now to 2030 and beyond.

So let me start with the strategy recap. The first one, the top line growth, right? We were talking about different verticals, how we are going to focus on them back in April 25. We explained that we wanted to be in auto different areas, infrastructure. And that's why because we believe that the entire infrastructure in the world has to be reset. But we also believe that each 1 of the different verticals when it comes to infrastructure, digital energy, artificial intelligence, defense, et cetera, are connected. Nowadays, it's very difficult to build a data center without understanding the energy component, but also understanding that energy in 5 to 10 years from now will mean Nice. And every time we qualify in a defense project, they ask us about our experience in digital, AI, nicer, civil, general building, our supply chain and systems. And the same thing when it comes to critical metals. So all the different verticals are related. If you really want to be an engineering and construction firm in the future, you need to make sure that you are a leader in each 1 of these areas. You will see as well the efforts that we're doing in modular construction because it's part of the future. We are taking a lot of our modular workshops from the past, where we used to do our ring segments for tunnels or orders, beams, et cetera, and we're willy converting them into modular workshops for a lot of infrastructure in the future. So thanks to all of this. Now we can say that we have improved in 20% the backlog that we had back at the beginning of 24 from the EUR 74 billion to the EUR 89 billion that we're right now. So this is a consequence that the strategy that we put together at that point was the right one, embracing the future and embracing in the high-growth areas.

The other thing that we said is that not only we wanted to increase revenues, but we wanted to increase our margins. And we went from the 5.3% EBITDA margin that we had back at the beginning to 6% that we have right now. We expect to continue increasing that margin as we enhance our engineering capabilities, we continue delivering more value as we embrace the projects in the future, but also as we continue becoming more and more lean operational, which takes me to the next point. We've been simplifying our structure in 2 ways. The first one, you've seen the merger of [indiscernible] North America, some acquisitions, how we are removing layers. But also functionally, we've been transitioning into a more high-tech organization, which means that certain components have to be centralized. That means supply chain, engineering, systems strategy. For our centralization doesn't mean that we're putting additional layers on top, it means that some of our companies become champions on certain projects. And you will see the role at Turner is having in our global digital strategy and artificial intelligence as well, including semiconductors, but also the role that Sema is having critical metals, HOCHTIEF in nicer, et cetera. We're having champions in each 1 of the areas. And we are centralizing the approach to make sure that we work as 1 with 1 team. One room 1 team is much more than 1 slogan. It's a way of living within ACS, where we all feel part of the same objective in the future. As we do so, and we embrace artificial intelligence, we've been able to get through the integration of the operations, 70 million of additional value per year in the reduction of our structure. And we will be continue increasing that amount significantly as we move forward. You are not seeing the amount yet in our figures, obviously, because of the cost of redundancies and that offsets part of that. But our intention is that, that will start being reflected in our numbers in the future.

Net operating cash flow, if you recall, our CMD back in April 24, we were announcing an average of 1.1% to 1.3% net operating cash flow for the future. Clearly, we have outperformed that figure, and we're above the 1.5%. And finally, the long-term value that we have created and we expect to continue creating for our shareholders of more than 60% return to date, if you take into consideration revaluation, plus the EUR 3.5 per share since April 24 in the 1-year period. We expect that if we continue this trajectory, we will be able to increase dividends in the group. Continuing with our CMD and more specifically focusing on some of the areas, right? And starting with integrated solutions, where Turner has been a real champion in their performance and in the way they are approaching the future. we announced for Turner a margin of 3.5% EBITDA by 2026. You will realize that in 2025, we will be achieving that 3.5% average with a strong Q4 that they will go close -- I mean, above the 3.7.

Turner EBITDA is expected to grow in 2016. If you consider the increasing guidance that we have announced for Turner with in euros, and you look at the performance of 80% growth, FX adjusted in U.S. dollars at 100%, just looking at the 30% additional increase in EBITDA for 2026 realizes the strong performance and the future of Turner has right now like a 40% advanced take portion of their projects in their backlog and data centers represent around EUR 12 billion. And the data centers and the advanced technology projects, we expect them to continue growing in their balance sheet as we move into the future. An important part of this presentation will be infrastructure.

As I always say and as I said before, our strategy has always 3 pillars: the first one, reducing risk. We want sustainable cash flows. We want certainty of cash flows. We don't want to start fighting for lump sum design build where the risk is uncertain, and there's always 1 project that goes [indiscernible] entire strategy. So decreasing risk is a very important part of our strategy.

The second 1 was to make sure that we were embracing all the vertical also the high-growth areas in the future as traditional civil and traditional building is expected to continue growing, depending on the country between 4% and 8%, but still low to what we want to achieve, that's why we embrace the high-growth areas, and that's why we are achieving the levels of growth that we're achieving.

But the third part was to make sure that we were generating stable EBITDA coming from our assets. That's where it was very important, our greenfield strategy of Managed Lanes in North America. We announced that we're going to invest in those projects, we won Georgia 400 last year. We are prequalified in 4 price right now about to be prequalified on a fifth one. And we will be spending some time on those jobs. And then on the brownfield side of things, the figures of Abertis that I gave during the Q3 presentation, EUR 4.4 billion EBITDA by 2025, but more importantly, post San in 2033 at EUR 4.4 billion to EUR 4.7 billion as we are projecting today without further M&A and without further additional projects, which, of course, we are working on them. And of course, we are looking forward to continue to deliver.

From engineering construction, as I said before, the important thing was to increase the percentage of low-risk projects above the 85%, which we have accomplished and then making sure that they were also jumping into the growth areas where right now they have an order intake above the 55%. And the more they get into those jobs, the more engineering, the more collaboration and the better risk profile of projects they can achieve.

A few numbers also looking at the recap from the Capital Markets Day in 24, starting with revenues. We said we would achieve EUR 48 billion by '26, we are achieving by '25. We said that we're going to achieve ordinary net profit by '26 of EUR 850 million to EUR 1 billion, we are achieving in '25. And the net operating cash flow, we said that we would have from 1.1 to 1.3 average from 24 to 26. we are achieving 24, 1.5, and we're comfortable and confident on the level we will achieve in 20 -- sorry, in '24 and the level will achieve in '25. And then our ACS backlog mix that represents and shows are shifting to high-growth areas, as I just explained.

No need to spend a lot of time in this figure. This represents the value that we have given our shareholders of more than 60% since our Capital Markets Day. The surge in April 24 was at 3.66%. We are as per user 77.8 plus the EUR 3.5 per share that we gave that brings a total of 60%. But more importantly, we're looking into the future to continue delivering high returns. And this is just a recap of what I just said, making sure that we have an end-to-end solutions provider role and solutions for the world, in other verticals, making sure that we invest in infrastructure in assets that provide a sustainable EBITDA and then achieving that through 3 different

[Audio Gap]

In data centers. But we do have the capabilities and we are working a lot to make sure that we become leaders in each 1 of those areas. And this is the chart, this is the timing of when we expect some of those areas to thrive.

Data centers is clear a sector that has being very strong in '25 and '24 results that the company has been able to perform in that area, and we'll continue performing and we'll focus, but we believe that defends. It's another area where we will be showing good performance in the following years, and we will be experiencing a big growth. Then see semiconductor space, I'll show you some of the examples that we're doing. There's a few big fabs subject to funding subject to geopolitical decisions, but we are very well positioned on those. We will have the critical minerals strategy outlined afterwards. I answered a question in the Q3 about it, and I will show a slide showing our experience and then Nikola, which is a very long-term strategy, but we believe that the best way to approach it is starting today due to the complexity.

So let's start with the core infra. The most important thing is the growth, sustainable growth in the market that we're seeing. We see that transportation and sustainable mobility will continue growing at 5% CAGR until 2030. And in the case of biopharma, health care, education, social and sustainable infra, 3% and 4% general building. And below, you will see the strong local capabilities and the backlog. This is a very important slide. And it's very important because every time we talk about our main core business, People think about boring traditional slow growth. However, 85% of an infrastructure globally is traditional core infrastructure. Every time you do a data center, 85% is traditional. When you do a nuclear plant, 85% is traditional. If the world is concrete, civil works, right? The same thing applies to semiconductor fabs. The same thing applies to defense to each 1 of the mandatory basis, even for mining. And this is key, because we were able to learn the 15% on engineering, on systems, et cetera, as we are then we have the capability of the 85%, not just subcontracting but performing and having the people to deliver. And this is being key in our success in the high-growth areas. This slide represents the artificial intelligence ecosystem. The future is about AI and energy, and this is starting with a lower layer, which the semiconductor fabs, the chips, the semiconductors. And I will show slide now about our experience and what we're doing to position because it's very important if you really want to be someone in the AI chain, you need to try to be in as many layers as possible because they are all interrelated. Data centers, second layer, starting from the bottom. It's clear our experience, what we're showing, we are global leaders right now in the construction and we want to be global leaders in the development. The third one, the cloud infra services. We're jumping into cloud services, cybersecurity, et cetera, through our platform in Germany, the edge data centers, where we are providing the end-to-end solution for the colocation and serving clients as public authorities, defense, et cetera. The models, we are not positioning ourselves so far, that were open AIs, that's where Gemini AIs that we clots, [indiscernible], et cetera. That's not a layer that obviously is natural for us, and we're not looking to have a role in that. However, we see ourselves with a role in the applications when it comes to infrastructure of AI. And then the next part is robotics. We have agreements with different robotics and smart hardware companies to develop and influence the construction of the future. Starting with semiconductors. We've been working in more than 20 top-tier projects so far. You will see some examples on the screen. I won't go through all of them, but we do have a pipeline of more than EUR 15 billion that we are currently pursuing. And this is what we have already done. Some of them are semiconductor fabs, some of them are biopharma projects, in some cases with higher standards than the semiconductor fabs when it comes to clean roles. You will see on the left the market, we expect the market to reach EUR 900 billion by 2019 at 6% annual growth. The market, when it comes to semiconductor fabs is very and stable or uncertain because sometimes slowdowns and then accelerates very, very fast. So the investment is very predictable. But it's not predictable is the timing. That was so far, we cannot project what's going to be the revenues moving forward in a clear way as we are doing with data centers, but we will. Eventually once we understand and once all those projects get the appropriate financing. But the important thing is that we have experience, the important thing is that we're working on them, look at the footprint that we are generating in the last years. and the kind of projects that we are currently working globally. Then we move into data centers. Obviously, a lot to say today, and we will spend a lot of time going through out this.

As a summary, first engineering contractor globally with more than 9 gigawatts commission as per today in there centers. EUR 14.3 billion currently in our backlog. We expect to develop 3 gigawatts by 2030, 2033, but we do have -- and that's as a developer, and we do have a pipeline of 11 gigawatts. When it comes to Asia Pacific, we're top 5 contractor. But again, we expect to be increasing that as we go. And this is a very interesting slide because this shows what we're doing when it comes to artificial intelligence. I'm of the opinion that 10 years from now, only technology companies will exist. Technology companies to in health care, doing education, technology companies doing banking, technology companies doing construction. So we are transitioning in becoming a technology company. These are all the systems, all the applications that we are developing in-house in the end-to-end engineering construction world using AI capabilities. right? I won't explain each 1 of those names, but all of them are internal products, we're expecting to commercialize eventually most of them. So we are embracing AI to the point that we're developing our own systems to perform our projects. How are we being able to achieve this? Because the most important thing when it comes to AI is to have the ecosystem. And we have the largest ecosystem globally not just in terms of geographical diversification, but also in terms of different verticals. So we're using that ecosystem to develop the products. Of course, we're basing a lot of our products in third-party algorithms when it comes to generative and third-party algorithms when it comes to neuro analytics. What we are doing and focusing is the application itself, not the model for obvious reasons.

Defense. We've been working in more than 60 projects in the last years, representing more than EUR 8 billion executed. Some of the examples are on screen you're aware of them. The military bases we're doing in Australia, the fuel logistics in Australia, the military bases in Eastern countries in Europe, some of the projects in Germany, Pearl Harbor, Submarine, dry dock that we are currently working on, the missile transport bridge in Banderberg, California, and it's a market that we expect to grow 5% and to reach 1.7 trillion by 2035. Obviously, most of it is not addressable by us because we are currently focusing on what we call Defense 1.0, which is infrastructure, and we will see opportunities when it comes to defense 2.0. But there's an EUR 80 billion addressable market in infrastructure by us by 2030.

Critical Minerals. More than 140 critical mineral projects since 2022. Some of the examples on the screen. Most of them are very small in nature because they are pure engineering projects. How have we been able to achieve it for all the bolt-on acquisitions that we've been announcing for the last 3 years, no [indiscernible], et cetera. So this, as a result of those acquisitions, we've been able to grow in the engineering space. Some of these projects will be converted in EPCMs. Some of them will know, will not. Some $1 million engineering project could potentially be turning into a $2.7 billion EPCM very soon. Our intention is to try to convert as many as possible. And by the same token, some of them will offer equity opportunities that we will be analyzing 1 by 1 without being the main part of our strategy. We will be analyzing at Oak individually and we'll give some figures very, very soon. They are not gigantic because we want to be careful with this market. It's not our natural market. Yes, the infrastructure associated to it. The equity we will need to obviously analyze with the right level of car.

And then nuclear. So let me go back to our experience in nuclear. [indiscernible] built 13 nickel plants from the 50s to the 70s. Since then HOCHTIEF has been maintaining and dismantling most of them. But in Sun, we started revitalizing [indiscernible], and we've been working more than 80 projects since then, some of them decommissioning or dismantling. As a consequence, the Sellafield project that we announced a few weeks ago, came to us EUR 685 million revenues for HOCHTIEF. Now there's other projects that have nothing to do with monthly that have to do with design of some of the components of the balance of plan of the reactors. And we are growing significantly in those areas. Why? Because we want to generate capabilities in engineering when it comes to [indiscernible]. We're qualifying again the entire group globally, Nicole, and we are including engineering capabilities, supply chain, modular capabilities. In the short term, this is very useful because allow us to continue being successful in our data centers, especially the ones about 1 gigawatt that every client expects at some point to be connected or at least to have the possibility to be connected to nuclear, but also when it comes to some of the big fabs, we're currently working, whether semiconductors, batteries, et cetera. So it's not just a long-term strategy. It's part and allow us to be successful in some of the things we're currently doing. And then comes a role as developers. And although I'm not going to start getting into a lot of details on the evaluations of data centers because that's a big part of the presentation today, and I will allow the team, and then I will come back for some closing remarks.

This is a very important slide. Let's go through it. The first 1 is our transport strategy. That's basically manage length in North America. We have been requalified in the 285 project in Georgia the i24 project intense, I-77 in North Carolina, and we're looking for to the 495 project in Virginia. 5 Managed Lanes, we already won Georgia. We are assuming we can get from 1 to 2 projects. That means that we will inject and these figures are comparing the 2024 Capital Markets Day versus today. From now to 2030, we are thinking that we will inject 1.5 compared to the EUR 1.2 billion to EUR 1.8 billion we said in the CMD, Capital Markets Day. The 1.5 is a project more or less. But that's because we are putting the cars in 2030. If we were going to 2033, that obviously amount would be increased, right, as we will see later. The equity value that we're thinking, and we need to go to market consensus, and I'm going to open up our enthesis. Every figure we're giving when it comes to valuation of managed lanes or data centers, our market-tested figures, it's market consensus. We are taking the lower end of the latest market transactions. So every time we speak about the managing construction. Every time we speak about data center, when it's ready to build a data center when the lease has been signed at data center and is pulling operations, we are taking the ratios from the market. What we know is what we're going to be giving the market at any given time. And we're applying the market figures to those valuations, right? So we're not coming up with any number. When it comes to the valuation in the case of manage lanes, we know that the lower end of the market nowadays for a project that is mature post construction is about 6x equity. In some cases in the past, we have achieved up to 10 such is the case of 28 or some other projects from the competition. Anything below or anything before the market or the asset gets mature, then we need to start playing with discount rates and Italy's objective. That's when -- and that's why we're going to be showing the 2030 threshold under 3 because that represents when the market. Our assets are mature versus our approach to them. But we're expecting an equity value by 2030, 3.6. Obviously, if we're injecting EUR 3 billion to EUR 4 billion, EUR 3 billion multiply by 6 would be 18. But that would be 1 the head or mature. And that won't happen in 2030 will happen more probably by 2032, 2033. Then we move into digital tech. We're expecting in the Capital Markets Day, we said we would inject EUR 1 billion to EUR 2 billion. We're expecting to be -- to inject 2.2 from now to 2030. We said that the valuation of equity would be at 3% to 5%. We're expecting 11.5% equity value by 2030 to be increased afterwards as we will show. The edge data center was not included in our Capital Markets Day, but we know that we're expecting to inject EUR 200 million with an equity value by 2030 of $1.4 billion. And then we have our energy projects. And the energy projects, because we have been focusing data centers and transport, we have decreased the amounts that we were thinking to invest back in the Capital Markets Day. In the case of the energy demand, we've gone from $1 billion to $1.5 billion all the way down to EUR 300 million. Therefore, the equity value that we're expecting on that has decreased as well. When it comes to next-generation mobility, we keep the same numbers. They are going very well. Skyboard has been a very good investment. As you've been hearing in the news, we got not just the Emirates vertiports but also the ones in France, U.K., New York. So it's growing significantly. We continue being optimistic on the strategy.

And then Critical Minerals is very early stage. That's what we said back in the Capital Markets Day, that's -- we keep saying that right now. We need more visibility. We need to understand our capabilities and where we are going in the future. The total keep this number because we are going to discuss a lot during this Capital Markets Day or this Investor Day on how we value the $18 billion of our assets by 2030. At the same time, we will be talking about the valuation of our underlying revenue and EBITDA business associated to our strategy.

So I spoke before about the 3 levers, but I would like to right now turn over to our Chief Financial Officer, Emilio Grande, so he will take you through our financial position and the capital allocation strategy.

Thank you very much, Juan. Thank you very much, everyone, for joining us today. I'm going to -- before I hand over to our DC data center business colleagues to explain the most interesting part of the -- or the most focused part of the Investor Day. Let me just give you a quick financial update of where we're sitting and a bit of a road map with particular focus on the capital allocation and our investment strategy, which Juan has outlined already at a high level. But let me get in a little bit more detail. I think the first big message from my side and the more important 1 is we're sitting in a in an excellent position to move forward with all the plans and opportunities we've got ahead of us, right? And I look at it from 2 perspectives. First, from a cash flow generation, 1 has touched on this. But if you look at the growth on our net operating cash flow over the period since last time we met in the Capital Markets Day early 2024. You can see that 23% CAGR growth, adjusted for working capital. I'll touch on that in a minute, right? But this is sustainable long term, and it will get higher, as an has indicated, but this is sustainable growth of cash flow because it's based on top line growth and margin expansion, which, by the way, we expect to continue in the future, right? So I'll touch on how we own the firepower based on this and the critical messages, but the focus is to continue to grow this in terms of top line growth and manage working capital, which goes to the risk and business mix profile that Juan has touched on.

Our current balance sheet position, that's another asset at this point that puts us in an excellent position to move forward from a financial perspective and deliver on all our ambitions in terms of investment and growth. This is the numbers we just released for Q3, EUR 2.2 billion of debt in the balance sheet with a EUR 3 billion EBITDA last 12 months, that's 0.7% leverage. Obviously, we're going to improve these numbers by year-end. As you know, we've got seasonality in Q4. We've got some financial transactions going on. So we will improve these numbers. So that's going to put us in an excellent position from December, which is our starting point for all the capital allocation numbers I'm going to provide in a minute.

And then in terms of road map ahead from a financial perspective, obviously, focus continues to be on the net operating cash flow generation going forward, focus on the fundamentals in terms of working capital management as well but promote growth and margin expansion and do the right management of our cash at the project level and throughout the organization. So that's a key part of our financial road map as it has always been. But obviously, we need to continue to deliver and focus on that strongly.

Operational integration as Juan has touched on that. It's very relevant. I'm going to focus more on the efficiencies plan. We have already delivered today EUR 70 million savings, annualized savings realized to date. That's a combination of Dragados, Cateron Dragados, CIMIC and other parts of the group. But this is just the tip of the iceberg. We are working on a broader plan across the group, and we will provide further update on that, but it's -- I mean it will be significant. This is just a report of what we've done to date, which we expect to show in the P&L and in the cash flow generation as well in the coming years. And I'll jump now to obviously the more important point in terms of capital allocation and how we plan to address that.

Let me touch first very quickly on some more detailed numbers on what Juan has outlined. In the Capital Markets Day in 2024, we talked about investing between 3.5% and 5.5% into greenfield infrastructure, right? What have we done to date? We've already invested EUR 0.7 billion between 24 and 25 to date. And we are saying we're going to continue to invest 4.5%. So that puts us in an overall number of EUR 5.2 million in the period from 2030 and 4.5% from, say, January to 2026 to the end of 2030, which Juan has provided already a breakdown, and we'll hear more about in the data center space.

In terms of value-accretive M&A, well, you've been following the announcements that we've spent around just over EUR 700 million as well in terms of different acquisitions, mainly in the Mecalac space, engineering, delivery capacity to expand our capabilities in Europe, for example, through Dornan or through other companies, Marich, Fleshman, et cetera, and is promoting growth, obviously, in the business. The acquisition in the several bolt-on acquisitions in the critical minerals space, and the acquisition of -- this which we still have a 40% remaining coming back to us soon, right? But this is above EUR 700 million. All the companies follow the same strategic direction we provided in highly synergetic, they are all performing. They are all growing and providing growth to the overall group once inserted in the group ecosystem. And in terms of brownfield acquisitions, EUR 850 million invested and committed into Abertis in the period, which we will be disbursing for the A63 in the last quarter of the year, the EUR 200 million. So this is the picture of what we said, what we've done and what we're looking to do going forward.

Let's look now on how we are going to deliver the EUR 4.5 billion investment in greenfield. You can see on the left-hand side of the screen and M&A and other brownfield investments. The key message here, I think Juan has advanced it, but here you can see the numbers, where given the extraordinary growth we are experiencing, and I showed that graph before where we had at 9 months, 1.6 already. If we assume a generation of just over EUR 1.5 billion of net operating cash flow per year, and we deduct shareholder remuneration that means EUR 900 million per annum, which gives us EUR 4.5 billion to invest, right? When we did [indiscernible].

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Today's focus, defense, energy and clinical and critical minerals. Let's touch a little bit in each 1 of them. So we're already leaders in data centers. But we do have the capabilities and we are working a lot to make sure that we become leaders in each 1 of those areas. And this is the chart, this is the timing of when we expect some of those areas to thrive. Data centers is clear a sector that has being very strong in '25 and '24 results that the company has been able to perform in that area, and we'll continue performing and we'll focus, but we believe that defense, it's another area where we will be showing good performance in the following years, and we will be experiencing a big growth. Then set semiconductor space, I'll show you some of the examples that we're doing. There's a few big fabs subject to funding subject to geopolitical decisions, but we are very well positioned on those. We will have the critical minerals strategy outlined afterwards. I answered a question in the Q3 about it, and I will show a slide showing our experience and then nuclear, which is a very long-term strategy, but we believe that the best way to approach it is starting today due to the complexity. So let's start with the core Infra. The most important thing is the growth, sustainable growth in the market that we're seeing. We see that transportation and sustainable mobility will continue growing at 5% CAGR until 2030. And in the case of biopharma, health care, education, social and sustainable infra, 3% and 4% general building. And below, you will see the strong local capabilities and the backlog. This is a very important slide. And it's very important because every time we talk about our main core business, People think about boring traditional slow growth. However, 85% of an infrastructure globally is traditional core infrastructure. Every time you do a data center, 85% is traditional. When you do a nuclear plant, 85% is traditional, the world is concrete, it's civil works, right? The same thing applies to semiconductor fabs. The same thing applies to defects to each 1 of the mandatory basis, even for mining. And this is key because we were able to learn the 15% on engineering, on systems, et cetera, as we are then we have the capability of the 85%, not just subcontracting but performing and having the people to deliver. And this is being key in our success in the high-growth areas. This slide represents the artificial intelligence ecosystem. The future is about AI and energy this starting with a lower layer, which the semiconductor fabs, the chips, the semiconductors. And I will show slide now about our experience and what we're doing to position because it's very important if you really want to be someone in the AI chain, you need to try to be in as many layers as possible because they are all interrelated.

Data centers, second layer, starting from the bottom. It's clear our experience, what we're showing, we are global leaders right now in the construction and we want to be global leaders in the development. The third one, the cloud infra services. We're jumping into cloud services, cybersecurity, et cetera, through our platform in Germany, the edge data centers, where we are providing the end-to-end solution for the colocation and serving clients as public authorities, defense, et cetera. The models, we are not positioning ourselves so far, that were open AIs, that's where OpenAI is, that's where Gemini is, that with clots, psi, et cetera. That's not a layer that obviously is natural for us, and we're not looking to have a role in that. However, we see ourselves with a role in the applications when it comes to infrastructure of AI.

And then the next part is robotics. We have agreements with different robotics and smart hardware companies to develop and influence the construction of the future. Starting with semiconductors. We've been working in more than 20 top-tier projects so far. You will see some examples on the screen. I won't go through all of them. But we do have a pipeline of more than $15 billion that we are currently pursuing. And this is what we have already done. Some of them are semiconductor fabs, some of them are biopharma projects, in some cases with higher standards than the semiconductor fabs when it comes to Clean roles. You will see on the left the market, we expect the market to reach EUR 900 billion by 29 at 6% annual growth. The market when it comes to semiconductor fabs is very and stable or uncertain because sometimes slowdowns and then accelerates very, very fast. So the investment is very predictable, but it's not predictable is the timing. That's what -- so far, we cannot project what's going to be the revenues moving forward in a clear way as we are doing with data centers, but we will eventually once we understand and once all those projects get the appropriate financing. But the important thing is that we have experience, the important thing is that we're working on them, look at the footprint that we're generating in the last years. and the kind of projects that we are currently working globally.

Then we move into data centers. Obviously, a lot to say today, and we will spend a lot of time going through out this. As a summary, first engineering contractor globally with more than 9 gigawatts commission as per today in the a centers. 14.3 billion currently in our backlog. We expect to develop 3 gigawatts by 2030, 2033, but we do have, and that's as a developer, and we do have a pipeline of 11 gigawatts. When it comes to Asia Pacific, we're top 5 constructor. But again, we expect to be increasing that as we go. And this is a very interesting slide because this shows what we're doing when it comes to artificial intelligence.

I'm of the opinion that 10 years from now, only technology companies will exist. Technology companies to in health care, doing education, technology companies doing banking, technology companies doing construction. So we are transitioning in becoming a technology company. These are all the systems, all the applications that we are developing in-house in the end-to-end engineering construction world using AI capabilities. right? I won't explain each 1 of those names, but all of them are internal products, we're expecting to commercialize eventually most of them. So we are embracing AI to the point that we're developing our own systems to perform our projects. How are we being able to achieve this? Because the most important thing when it comes to AI is to have the ecosystem. And we have the largest ecosystem globally not just in terms of geographical diversification, but also in terms of different verticals. So we're using that ecosystem to develop the products. Of course, we're basing a lot of our products in third-party algorithms when it comes to generative and third-party algorithms when it comes to neuro analytics. What we are doing and focusing is the application itself, not the model for obvious reasons.

Defense. We've been working in more than 60 projects in the last years, representing more than EUR 8 billion executed. Some of the examples are on screen. You are aware of them, the military basis we're doing in Australia, the fuel logistics in Australia, the military bases in Eastern countries in Europe, some of the projects in Germany, Pearl Harbor, Submarine, dry dock that we are currently working on, the missile transport bridge in Banderberg, California, and it's a market that we expect to grow 5% and to reach 1.7 trillion by 2035. Obviously, most of it is not addressable by us because we are currently focusing on what we call Defense 1.0, which is infrastructure, and we will see opportunities when it comes to defense 2.0. But there's an EUR 80 billion addressable market in infrastructure by us by 2030.

Critical Minerals. More than 140 critical mineral projects since 2022. Some of the examples on the screen. Most of them are very small in nature because they are pure engineering projects. How have we been able to achieve it for all the bolt-on acquisitions that we've been announcing for the last 3 years, no pro [indiscernible], et cetera. So this, as a result of those acquisitions, we've been able to grow in the metering space. Some of these projects will be converted in EPCMs. Some of them will know will not. Some $1 million engineering project could potentially be turning into a EUR 2.7 billion EPCM very soon. Our intention is to try to convert as many as possible. And by the same token, some of them will offer equity opportunities that we will be analyzing 1 by 1 without being the main part of our strategy. We will be analyzing at OC individually, and we'll give some figures very, very soon. They are not gigantic because we want to be careful with this market. It's not our natural market. Yes, the infrastructure associated to it. The equity we will need to obviously analyze with the right level of care.

And then Nuclear, so let me go back to our experience in Nuclear. HOCHTIEF Nice built nice plans from the 50s to the 70s. Since then HOCHTIEF has been maintaining and dismantling most of them. But in Sonic, we started revitalizing COCIV nice, and we've been working more than 80 projects since then, some of them decommissioning or dismantling. As a consequence, the Sellafield project that we announced a few weeks ago, came to us EUR 685 million revenues for HOCHTIEF. Now there's other projects that have nothing to do with mantling, that have to do with design of some of the components of the balance of plan of the reactors. And we are growing significantly in those areas. Why? Because we want to generate capabilities in engineering when it comes to nuclear, we're qualifying again the entire group globally, nuclear, and we are including engineering capabilities, supply chain, modular capabilities. In the short term, this is very useful because allow us to continue being successful in our data centers, especially the ones about 1 gigawatt that every client expects at some point to be connected or at least to have the possibility to be connected to nuclear, but also when it comes to some of the big fabs, we're currently working, whether the semiconductors, batteries, et cetera. So it's not just a long-term strategy. It's part and allow us to be successful in some of the things we're currently doing. And then comes a role as developers. And although I'm not going to start getting into a lot of details on the evaluations of data centers because that's a big part of the presentation today, and I will allow the team, and then I will come back for some closing remarks. This is a very important slide.

Let's go through it. The first 1 is our transport strategy. That's basically manage line in North America. We have been requalified in the 285 project in Georgia the i24 project in Tenes, I-77 in Oscolina, and we're looking for to the 495 project in Virginia. 5 ManageLanes. We already won Georgia we are assuming we can get from 1 to 2 projects. That means that we will inject and these figures are comparing the 2024 Capital Markets Day versus today. From now to 2030, we are thinking that we will inject 1.5 compared to the EUR 1.2 billion to EUR 1.8 billion we said in the CMD, Capital Markets Day. The 1.5 is a project more or less. But that's because we are putting the cars in 2030. If we were going to 2033, that obviously amount would be increased, right, as we will see later. The equity value that we're thinking, and we need to go to market consensus, and I'm going to open up our enthesis. Every figure we're giving when it comes to valuation of managed lanes or data centers, our market-tested figures, it's market consensus. We are taking the lower end of the latest market transactions. So every time we speak about the managed lanes post construction -- every time we speak about data center, when it's ready to build, attracter when the lease has been signed at Aracentoan is pulling operations, we are taking the ratios from the market. What we know is what we're going to be giving the market at any given time. And we're applying the market figures to those valuations, right? So we're not coming up with any number. When it comes to the valuation in the case of Managed Lanes, we know that the lower end of the market nowadays for a project that is mature post construction is about 6x equity. In some cases in the past, we have achieved up to 10 such is the case of 28 or some other projects from the competition. Anything below or anything before the market or the asset gets mature, then we need to start playing with discount rates and it's a little more subjective. That's when -- and that's why we're going to be showing the 2030 threshold under 3 because that represents when the market. Our assets are mature versus our approach to them. But we're expecting an equity value by 2030, 3.6. Obviously, if we're injecting EUR 3 billion to EUR 4 billion, EUR 3 billion multiply by 6 would be 18 -- but that would be once the head or mature. And that won't happen in 2030 will happen more probably by 2032, 2033. Then we move into digital tech. We're expecting in the Capital Markets Day, we said that would inject EUR 1 billion to EUR 2 billion. We're expecting to be -- to inject 2.2 million from now to 2030. We said that the valuation of equity would be at 3% to 5%. We're expecting 11.5% equity value by 2030 to be increased afterwards as we will show -- the Edge Data Center was not included in our Capital Markets Day, but we know that we're expecting to inject EUR 200 million with an equity value by 2030 of $1.4 million. And then we have our energy projects. And the energy projects, because we have been focusing data centers and transport, we have decreased the amounts that we were thinking to invest back in the Capital Markets Day.

In the case of the energy demand, we've gone from $1 billion to $1.5 billion all the way down to EUR 300 million. Therefore, the equity value that we're expecting on that has decreased as well. When it comes to next-generation mobility, we keep the same numbers. They are going very well. Skyport has been a very good investment. As you've been hearing in the news, we got not just the Emirates vertiports but also the ones in France, U.K., New York. So it's growing significantly, we continue being optimistic on the strategy. And then Predica minerals. It's very early stage. That's what we said back in the Capital Markets Day, that's -- we keep saying that right now. We need more visibility. We need to understand our capabilities and where we are going in the future. The total keep this number because we are going to discuss a lot during this Capital Markets Day or this Investor Day on how we value the $18 billion of our assets by 2030. At the same time, we will be talking about the valuation of our underlying revenue and EBITDA business associated to our strategy. So I spoke before about the 3 levers, but I would like to right now turn over to our Chief Financial Officer, Emilio Grande, so he will take you through our financial position and the capital allocation strategy.

Thank you very much, and thank you very much, everyone, for joining us today. I'm going to -- before I hand over to our DC data center business colleagues to explain the most interesting part of the or the most focused part of the Investor Day. Let me just give you a quick financial update of where we're sitting and a bit of a road map with particular focus on the capital allocation and our investment strategy, which Juan has outlined already at a high level. But let me get in a little bit more detail. I think the first big message from my side and the more important 1 is we're sitting in an excellent position to move forward with all the plans and opportunities we've got ahead of us, right? And I look at it from 2 perspectives. First, from a cash flow generation, 1 has touched on this, but if you look at the growth on our net operating cash flow, over the period since last time we met in the Capital Markets Day early 2024. You can see that 23% CAGR growth adjusted for working capital. I'll touch on that in a minute, right? But this is sustainable long term, and it will get higher, as Jane has indicated, but this is sustainable growth of cash flow because it's based on top line growth and margin expansion, which, by the way, we expect to continue in the future, right? So I'll touch on how we own the firepower based on this and the critical messages, but the focus is to continue to grow this in terms of top line growth and manage working capital, which goes to the risk and business mix profile that Juan has touched on. Our current balance sheet position, that's another asset at this point that puts us in an excellent position to move forward from a financial perspective and deliver on all our ambitions in terms of investment and growth. This is the numbers we just released for Q3, EUR 2.2 billion of debt in the balance sheet with a EUR 3 billion EBITDA last 12 months, that's 0.7% leverage. Obviously, we're going to improve these numbers by year-end. As you know, we've got seasonality in Q4. We've got some financial transactions going on. So we will improve these numbers. So that's going to put us in an excellent position from December, which is our starting point for all the capital allocation numbers I'm going to provide in a minute. And then in terms of road map ahead from a financial perspective, obviously, focus continues to be on the net operating cash flow generation going forward, focus on the fundamentals in terms of working capital management as well but promote growth and margin expansion and do the right management of our cash at a project level and throughout the organization. So that's a key part of our financial road map as it has always been. But obviously, we need to continue to deliver and focus on that strongly. Operational integration as 1 has touched on that. It's very relevant. I'm going to focus more on the efficiencies plans. We have already delivered today EUR 70 million savings, annualized savings realized to date. That's a combination of Dragados, later on Dragados, CIMIC and other parts of the group. But this is just the tip of the iceberg. We are working on a broader plan across the group, and we will provide further update on that, but it's. I mean it will be significant. This is just a report of what we've done to date, which we expect to show in the P&L and in the cash flow generation as well in the coming years. And I'll jump now to obviously the more important point in terms of capital allocation and how we plan to address that. Let me touch first very quickly on some more detailed numbers on what Juan has outlined. In the Capital Markets Day in 2024, we talked about investing between 3.5% and 5.5% into greenfield infrastructure, right? What have we done to date? We've already invested EUR 0.7 billion between 24 and 25 to date. And we are saying we're going to continue to invest 4.5%. So that puts us in an overall number of EUR 5.2 million in the period from 2030 and 4.5% from, say, January to 2026 to the end of 2030, which Juan has provided already a breakdown, and we'll hear more about in the data center space.

In terms of value-accretive M&A, well, you've been following the announcements, but we've spent around just over EUR 700 million as well in terms of different acquisitions, mainly in the Mecalac space, engineering, delivery capacity to expand our capabilities in Europe, for example, through Dornan or through other companies, Maverick, Fleshman, et cetera, and is promoting growth, obviously, in the business. The acquisition in the several bolt-on acquisitions in the critical mineral space and the acquisition of this which we still have a 40% remaining coming back to us soon, right? But this is above EUR 700 million. All the companies follow the same strategic direction we provided in highly synergetic, they are all performing. They are all growing and providing growth to the overall group, 1 seems hurted in the group ecosystem. And in terms of brownfield acquisitions, EUR 850 million invested and committed into Abertis in the period, which we will be disbursing for the 63 in the last quarter of the year, the EUR 200 million. So this is the picture of what we said, what we've done and what we're looking to do going forward.

Let's look now on how we are going to deliver the EUR 4 million investment in greenfield. You can see on the left-hand side of the screen and M&A and other brownfield investments. The key message here, I think Juan has advanced it, but here, you can see the numbers. Where given the extraordinary growth we are experiencing, and I showed that graph before where we had at 9 months, 1.6 already. If we assume a generation of just over EUR 1.5 billion of net operating cash flow per year. And we deduct shareholder remuneration. That means EUR 900 million per annum, which gives us EUR 4.5 billion to invest, right? When we did.

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Today's focus in a very fast fashion, a low-risk and integrated form. So Madrid One, I mentioned Alcala, right? Where are we at today? Some of our team members that are here today, walk to the project this morning. The buildings entice all the undergrounds in. The buildings enclosed. We've started interior partitions are in mechanical electrical systems or conveyance, if you will, of those systems are in. And now we're moving equipment in. We're moving electrical equipment in. We're moving generators in. We'll start moving fan walls in, right? So we're getting very close. And we're going to hit a COD, if you will, by fourth quarter of 2026. This is what our data center will look like with roughly 15 megawatts of IT ready and available to our tenants to move in. So also looking at leveraging our integrated approach, which I mentioned earlier, what differentiates us in the market. What differentiates us is that we're able to provide an integrated offering. Everything from site selection, access to power access to design and construction, supply chain, commissioning and turnover. We leverage all of the ACS companies that have expertise to do that. We can integrate, we can start sooner, we can go faster, we can make better decisions. right?

Supply chain and procurement, I mentioned, our ability to leverage the SourceBlue supply chain for a global OFCI program, leveraging that spend across the 1.7 gigawatts Vicente mentioned, leveraging that spend to not only get the best pricing in the market but to really control the supply chain. Critical path on these jobs is largely the M&E equipment. So leveraging that volume, if you will, or that aggregation gives us preferred manufacturing slots. Leveraging our construction expertise. I mentioned earlier that we're active in all these markets, right? We have resources. We have data center expertise. We have supply chain relationships. Relationships with the with local government and understanding how to get through the permitting process, which is really critical on this. We also are able to leverage GMP collaborative open book contracts. What does that mean? That means it allows us to mitigate and manage the risk from end to end. So being able to integrate at design, at supply chain, add construction, at commissioning we're able to deliver it in a mitigated risk fashion because we're collaborating, and we're collaborating day 1 as we start the project.

Lastly, operations and maintenance, right? Many of our companies have worked across operations and maintenance leveraging that expertise, whether it be class, whether that be Dornan, whether that be Turner, right, whether that be UGL, how do we leverage that expertise, if you will, to enhance our operational and maintenance ability.

Thank you so much, Jim. So all of our sites that are able to deliver data center capacity for customers by 2026 and 2027 are already under active commercialization. In fact, we are targeting to sign our first lease, no later than the first half of 2026. Having the construction capabilities sitting at the table when we negotiate with hyperscalers has been instrumental to get traction within our commercialization efforts. Why? -- because that provides our customers certainty, credibility, and we are able to react faster than anyone else to the first signals of commercialization and ensure that the construction resources are available to us and are mobilized on time where other competitors may have to start reaching to third parties to get those resources ready. In terms of commercial terms, we're focusing on leases of more than 10 years. We contemplated 2 type of leases, a full coolest that includes all the operational services Important to note that what we do is operations and maintenance of the physical infrastructure, facilities management, but it doesn't include any maintenance services of the hardware or the IT component of the data center because that belongs to our clients, and those are inside of the data holes that we rent to them. We're also contemplating triple net leases where all those operational services of the physical infrastructure are performed by the clients themselves. When operational services are included, these contracts are based on service level agreements that define very high levels of performance standards that include high levels of redundancy as well as response times whenever there are incidents in the facility to minimize the impact on the operations of our clients. Data centers have very strong barriers to exit for our future customers. because for every single dollar that we invest in physical infrastructure, our plan invest 2, 3 or more in investments of the hardware and IT component of the data centers. that in itself create an actual barrier to exit for our clients. And together with the comfort that we take from operational experience, we're getting very comfortable negotiating the clauses around early termination in these contracts.

One of the things we are more proud about is the enormous amount of talent that we recruited from the industry. Sorry, can I just continue, please.

So we've been able to effectively go to the market to the organizations and companies that work in each of those elements in design and construction in -- excuse me, in design or in engineering, in construction, in operations, in equipment manufacturers, if you will, other colo developers, if you will, right? So this is a smattering of the companies that we've recruited our team from a fantastic group of people with deep expertise in each of their sectors, if you will, at each of their disciplines, but equally important, expertise that brings a broad group of relationships, relationships with manufacturers, relationships with operators, relationships with hyperscalers, our tenants. So very proud of the group of people we've assembled from the industry to help deliver on this mission of being a developer and data center operator. So looking at an overview of how do we shape our platform, right? So as Vicente had mentioned.

I can take these. Okay. Thank you so much. Apologies for that. I can take these. Thank you so much. Apologies for that. I think at a sugar like issue. But I'll try to continue. So a few words about our collaboration with GIP BlackRock. First of all, it will be a joint venture, 50-50 co-controlled by both partners were the initial portfolio of 1.7 gigawatts will be transferred.

In terms of the platform structure, there will be a distinct entity that we'll be dealing with investment and another 1 that we'll be dealing with the services. The investments will be done through pre-specific entities that were allowed to raise project finance stand-alone finance separated 1 project from the other. Separating investment from services will allow us to continue providing services to our clients even in those instances where we would contemplate opportunities for equity recycling investing from stabilized assets.

Finally, the regional portfolio will be transferred for our original initial consideration of EUR 1 billion. And ACS will receive also a number of payments in total EUR 1.2 billion as we hit different commercial and business targets, that includes EUR 200 million in the case that new projects are added into our platform. This implies a total valuation, sorry, Mike, of our platform, initial portfolio of EUR 2.2 billion contemplating both the initial consideration and the ear notes.

So how do we create value through the life cycle of our assets? There are fundamentally 3 important milestones for value creation as we derisk the project from land and power into operational assets. The first opportunity is at ready to build. What happens are ready to build. We have managed to unlock everything that needs to be sorted for us to be able to develop a data center in 1 of our sites, which basically means having secure fully the power and having the zoning for data center activity in that side. We feel very comfortable with this stage. And in fact, we've managed to prove in Australia, in Spain and the U.S. that we are able to move to this stage faster than anyone else. Commercialization is the next big milestone in value creation. That's where we analyze for our customers. We are able to raise finance against the future revenues and we're able to start vertical construction of our data centers Up to this point, we would have had to invest in everything that is required for us to come to a window of opportunity of 18 to 24 months to ensure that the data center is delivered to our clients in this time frame. This time frame, as Jim has explained before, is becoming shorter and shorter, and therefore, having the construction capabilities as well as the modular solution for the rapid deployment of infrastructure is becoming more and more critical.

Finally, as the data centers become operational, that is the greatest opportunity for value creation at current market multiples based on recent transactions, our portfolio could reach valuation of $20 million to $25 million per megawatt of enterprise value and 12 to 15 million megawatt I see for equity value.

So based on these multiples, we have applied these multiples, both to our initial portfolio of 1.7 gigawatts and the additional projects that ACS will be incorporating to reach the 3 gigawatts by 2030. Applying the multiples that we've seen in the previous slide, we are proving that we set to reach a total equity valuation of EUR 11 billion by 2030 and $14 billion by 2023 is when we expect that the 3 gigawatts will be fully operational. We have run a similar analysis based on this year. to prove that both analysis converge and the devaluation, both for 2023 and 2030 is similar in both cases. In order to achieve this, we will have to inject net equity injections of EUR 2.2 billion, which we have calculated net enough the gross equity needs for the entire portfolio of almost EUR 5 billion with netted off the moneys from the initial contribution of our initial portfolio, the earn-outs, the equity already injected by the ACS Group as well as distributions and opportunities for early monetization of some of the additional assets that will be included into the portfolio. But we don't need to wait until 2030. What we're trying to prove in this slide is that there's going to be a ramp-up between 2025 and 2030, and that by 2028, our equity value would have already reached at least $7 billion. And this happens as our projects, both in initial portfolio and additional projects continue to mature, more leases are signed and more gigawatts become operational. Important to note that the numbers in these slides reflect ACS 50% stake in all the places in the portfolio and other space on ACS on estimates.

Just to recap, there are a number of factors that we wanted to highlight for you as we finish this part of the presentation. First of all, signals of growing demand in the market that data center capacity will be required by hyperscalers and other AI players in the next years and decades. Secondly, our unique value proposition to the market, our industrial nature and the backup from all the companies of the ACS Group. Third, our derisked approach to investments. We continue to focus on well-established markets where the data center capacity is fungible and with projects that have largely secured the power in order to enable this data center capacity. That, in addition to the new partnership announced with GIP BlackRock, set up strong foundations to be successful and to deliver the equity value projections that we presented to you today. Thank you so much.

So coming back to our vision to be a reference player in the data center market and delivering end-to-end services solutions to our clients. I want to now after we first heard about our great capabilities in engineering and construction being a leading EPCM contractor. And in addition, you heard about the large data center market. I want to take you now with me to the edge, where another growth area is the growth is driven by low latency need. So the low latency need develops further applications. So we allow our clients to bring new tech into the industry, like, for example, IoT, for example, edge AI or in the future robotics. So at this stage, low latency matters, and it's not just low latency. It's as well the client wants us to deliver a sovereign, a very resilient solution, which is totally different to other applications.

So having said this, we want to deliver these services as well in the course of defense, in the course of banking to government that needs sovereign solutions. In addition, when we have here the cloud services we want to provide, we can reach the end users positioning SES as a player in the cloud services market and as well in the AI inference market and later on, someone who enables robotics and other services. So how did we do this? So we thought it's a need to develop an own product. So that's where we started to look at the layers of a data center value chain you see here. And we started really from scratch like 4, 5, 6 years ago, looking what is the need of the end user.

The end user is interested in compute, the end user is interested in storage. And nowadays, he is interested in having an end-to-end solution in AI. So we started to look at the value chain, and we saw we are already placed in the lower layer 1 to 3, where normal PPPs take place and where we do life cycle optimization. So we start in infrastructure layer looking for sites, permits. We enable fiber and grid. We do the construction and operation and maintenance, and we secure power cooling and sensors in order to operate such a data center. So having this in mind, we always optimize the life cycle in order to find efficiency gains here.

And it was a natural step to look into the other layers. So in the platform layer where server network distribution is relevant and at the infrastructure layer where virtual services and hosting is relevant. So if you want to really do a life cycle optimization and look at the whole thing and vertically integrate, you find a lot of efficiencies. And that's where we started to develop a very sustainable reference sustainable data center product for the edge. So the data center itself is a direct liquid cooling now with a closed water system. It finally ended up as a data center, not just having a facade and a green facade from the outside, it is fully built in laminated timber and it's capable of capturing CO2 already in the construction phase.

And it's not just about that. With the direct liquid cooling and the all over optimization, we are now able to have a top-notch energy efficiency we can bring here. So you have to imagine, we come along with the power usage effectiveness of 1.1, which you have to think about like that. If you want to have power for a computer, you need 1.1. So you need a 10% more energy to bring this compute power into action. The reference on the market currently or the average is at 1.4, 1.5, which means others have to pay 3, 4x the energy in order to bring the same compute into action.

So as a natural step, we built as well as a commercialization layer, Horizon, cloud elevators that deliver the service to the end user. So which end user does want to bother about a site, a permit, about who does the construction operation and maintenance and who does the all over facility management here, what is the right network and what are the right service. So that's what we brought together and optimized to this cutting-edge solution. With that came a faster time to deployment as we build this modular approach with 2, 5 and 10-megawatt blocks that are set up in a manner like a factory.

So we can easily, quickly fulfill demand on the market with our own supply. With that, we enable and the cloud layer is something where we position ourselves. We enable clients quickly to move on and develop themselves in the market. So this is supported by a pipeline we established with first financing. And when we started, we had like secured a framework with 5 data centers in Germany, but we already, during the first data center execution extended up to 15 and now to 25 data centers all over Europe with a partner [indiscernible] that is a 50% partner into our data centers. We start in Germany and extend our operations into Austria, Switzerland and the Benelux. That's our go-to-market idea for this part.

So the platform we built here will be the foundation of the ACS Edge platform where we extend until 2032 up to 60 data centers. And the beauty here is we are capable in delivering these data centers, these edge data centers close to the cities, close to the client as we are so distributed over Europe and can really deliver close to the client. So you really have to have the capabilities to integrate infrastructure into the local ecosystem.

So the data center has to look differently and somebody said, look, this looks like a spa or a nice hotel. And it has to be quiet. So you have to really apply to what is necessary in order to build near to the city infrastructure. So having said this, our go-to-market strategy starts in Germany in a very dense area. So we are close to potential clients, and we have already visibility on the first contracts in our Horizon Cloud. Then we will roll it out. You see here our first data center is already in operation mid of 2026.

The second one goes into operation, and then we ramp up with our platform as this is made to scale quickly exponentially. We ramp up to above 30 data centers in 2030. And from there on, the exponential curve will go on. We see the Horizon, so the cloud layer scaling faster than the physical layer, which allows us every time we have some demand that we can put some data centers into action here. So the modular approach and the way we fit out the data centers is optimized over the life cycle. So we optimize financing and we optimize the whole structure in order to have the best value out of it. So we put equity value of approximately EUR 400 million up to EUR 800 million into the platform and -- sorry, EUR 200 million into the platform come out with an equity value of 400 -- EUR 400 million to EUR 800 million.

But the very thrilling thing is being now more diversified and having access as well to other layers where we offer cloud. And the cloud is not that asset intense as this comes with different margins and it comes with a different multiple we see in the future for this platform. So I would say, conservatively, we valued this with EUR 1 billion in 2030, but we see as well room for improvement on that side. So many things. Just 2 words. resilience and sovereignty, we heard a lot. So when you talk about data centers and you have here a mesh of the central edge data centers, you can imagine that government and public entities are very interested in that today. So if you take out one of these data centers, the others take over, you can imagine it like a mesh of a wireless LAN that you have at home. So this is our contribution as well to resilience here.

Thank you, Bernd. And just to finalize a final slide where we can see the contribution to the value of the data center business by 2030. per the 3 fundamental pillars of the strategy, engineering and construction, large data center colocation and edge data center and cloud services, reaching more than $25 billion by 2030. Thank you so much for your attention, and we look forward to providing further updates in the future as we reach successfully our business targets. Thanks a lot.

Okay. Hopefully, you found all very interesting. I'm going to recap and give some closing remarks. The first one is what's our objective, which is to become an end-to-end provider and to accelerate our plans in the new verticals. As I said before, they are all related. Our game, our play is in the infrastructure space, right? And the future infrastructure needs to be reset, and it's all interrelated. This is very important to understand what's coming in the future. All vertical growth come together.

You cannot separate one from the other. That's why it's so important to grow all of them at the same time, obviously, subject to timing in the market. The second thing is we want to keep our leadership in the traditional core business because 85% of all what we're looking at in data centers, but also in the future vertical growth, it's related with traditional. And it's very important to have the ability to have a granular exposure to each one of the regional markets. So we can mobilize people and we can be very close to obtain the permits, obtain the energy, obtain the knowledge and the network with the subcontractors, the supply chain and the cell performance capabilities, very, very important. You cannot do all of this without the core traditional capabilities.

And then obviously, the scale up on our AI because AI, artificial intelligence is relevant not just to understand what we're facing, but also to embed internally for operational efficiencies when delivering these jobs. Then our role as a developer is very important. I will move to the slide right now how we're seeing the equity that Emilio was explaining in terms of capital allocation, in terms of firepower and the potential growth of that. Hopefully, through the presentation, you realize that there's 2 variables when it comes to managed lanes.

The first one is out of the 5 managed lanes to come, how many able of them we will secure. How many of them we will be able to win? We are assuming 2 out of 5. That would come on top of the Georgia 400. There's plenty other managed lanes coming in the future as well. So it would be a matter of timing. The second one is when it comes to data centers, we know the 1.7 gigawatts where we are with that. And both Jim and Vicente explained very well the status from a construction perspective of all those jobs, all of them with the energy. We're just starting under construction or we are far advanced in the construction, but also the different milestones when it comes to that data center, securing power, which in our case, all of them have the power secured to having it ready to build.

At that stage, we're talking about $2 million per megawatt valuation. This is market standard. Then we get to a lease price goes up to $4 million per megawatt, then the next milestone is once everything is under operation. At that stage, we're talking about $22 million more or less per megawatt enterprise value between 12 to 14, around 13 million megawatt equity value. So this is a market number. Of course, it's subject to change.

It's subject to evolve through the years. What is important on our side is not so much to focus on that is to focus on the delivery to focus on making sure that we have the right level of megawatts per year in each one of the stages. And we will be communicating transparently every time we achieve another milestone, so you can have a much proper analysis of the valuation of that portfolio. Then we get specifically about the data center. We believe we can get by 2033 to 60.

Those are the small ones, and you will realize the value of the cloud services associated to it. That's quite relevant. And then obviously, specifically, which was the main purpose of today's Investor Day, our leading position in data center, which in the short, medium term, it's going to be very, very, very important for us. With all of this, this is where we see or equity valuation from a development perspective, from an equity perspective through our investments.

Let's focus on the one on the right because this is when -- where we believe we will be in 2033 because by 2033, we will have at least 3 managed lines under operations, which means applying the ratio I mentioned before, 6x, we're talking about $18 billion with $3 billion invested accumulated investments by 2033. If we go to data centers, you saw the evolution of the value. Again, this is looking at each one of the sites, each one of the megawatts available under operations, under lease, et cetera, and we will be incorporating -- based on what I just explained, we're assuming that our large data center platform will be valued at $8.3 billion by 2033. Our small one or the additional 1.3 gigawatt that it's advanced would add $6 billion and then the small ones, $2.5 billion.

And then the Energy Industrial and Natural Resources. So that's on 2033, right? That's a $35 billion, $40 billion negative value. Now let's move into the 2030 because then not everything will be under operations. That's when we need to start getting into this kind of cash flows where it is. We have all the right information, and we have all that information available for any one of you that wants to go to the detail of each one of the analysis we are putting here on the screen, right? So we are fully available not just to answer any question, but to provide all the information on the analysis so you can get comfortable with the conclusions.

In 2030, managed lanes, more complex because there won't be in operation. So that's when we need to do an estimate. It's more subjective. And we are coming to a conclusion of $3.6 billion by 2030 of the EUR 1.5 billion invested. Those projects will not be in operations at that point. So it's more challenging to put a number to it. When it comes to data center, in theory, it's much more objective, subject to the ratios I said, if the market didn't change. So the question is, is the market going to change when it comes to assumptions?

What we know is how much we're going to have at each stage in our data center platform. That's when we come to the $7 billion conclusion of equity value for large-scale data centers and to the 4.5, the additional 1.3 gigawatts and the small one, the 1.4, which Bernd explained before. Energy, we're assuming 1.5 versus $700 million, not material at this stage. I think that we -- as I said in my presentation at the beginning, this will be more ad hoc and we'll be analyzing. We need more information before we start injecting a lot of money in our projects in their verticals. And this is how we come to the $18 billion valuation by 2030 of our assets, $35 billion to $40 billion.

This is ACS share, right? This is attributable to ACS. We have taken our percentage of the 1/3 in the managed links or the 50% in the platform. So this is our share, okay? Again, all this information is available for scrutiny for everyone that would like to have a follow-up. This does not include Abertis, okay? Abertis, we're working separately, and we will continue providing information as we go. And this is the bridge if we add the EBITDA valuation coming out of the Engineering and Construction business of data centers, but just data centers.

So the first part that you see on the left is how we are more or less dividing the current market cap into different stages. How much of that is the infra investment equity value? How much of that is the end-to-end offering equity value and how much is the data center. So it's a little bit subjective, right, as you can imagine, because it's not so easy for us to understand the consensus of the market for each one of the areas. But let's just focus on the additional value, right, not so much how we divide the initial market cap, but the additional value. So the first one is the $13 billion, $15 billion data center, engineering and construction equity value. But we believe that $9 billion increase versus the valuation today is coming from what Jim was explaining before.

The additional revenues, additional EBITDA that we are going to incorporate into the business at a ratio, I mean, more or less 5% to 6% EBITDA versus revenues. We take the additional revenues that most of it, we have already frameworks in place, plus we have the visibility of our own projects. So there's a lot of certainty on this amount. The question is at what multiply you evaluate that EBITDA. We're assuming 12% to 14%. And so that's where we come to this valuation. Then the equity value increase for the infrastructure investments. This is the EUR 15 billion to EUR 20 billion generated before.

This is the EUR 18 billion that I was showing in the previous slide. This comes from development, from equity, from managed lanes, from data centers, the 3 gigawatts plus the and a little bit on the industrial side. All of that comes to a valuation of [ EUR 45 billion to EUR 50 billion versus the EUR 20 billion ] market cap today. And this does not quantify the EBITDA and the rest of our business. So this is not quantifying engineering construction or the other verticals.

This is just pure additional value coming from data centers and the infrastructure equity investments we've been describing, okay? So we leave everything else that we're not quantifying at this stage from growth in our more mature core business or defense or Germany, nuclear, et cetera, right? 2026 is going to be a year of multiple news because obviously, 3 out of 5 months will be awarded in '26.

So it will be important for all the reasons that I explained. We believe that it will be an important year for Abertis because of the extensions, because some of the negotiations ongoing right now that will be announced and because of potential M&A. It will be an important year because we will be communicating transparently the stage of each one of our assets when it comes to data centers. And of course, I hope to continue giving very good news when it comes to all the verticals. So I'm going to stop here because I think that it's very important, and it's the time to get into the Q&A.

So I would love to have all my colleagues to join me on stage to answer all your questions.

Amal Patel from UBS. Four questions, primarily focused on the data center development. So number one, we spoke about sort of the pricing mechanisms for construction to ensure there's a maximum price, which is paid. Two parts to that. What about the risks of delays in terms of timing, so not the cost? And also following construction, if you have, for whatever reason, delays to the lease implementation, is this is this just lost revenues forgone for ACS? Or do the clients which you lease the space to, do they then receive compensation for this lost time? So that's the first question.

Secondly, you spoke about the sites being power ready for ACS. I know I'm aware of a few sites, I believe, in California, which are power ready, not from ACS, but more broadly data center sites, but the infrastructure is essentially sitting idle because the grid infrastructure is not actually sufficient to carry the electricity supply to those data centers. So in the locations where you are building data centers, what gives you confidence that power can be supplied to those areas? And are there any measures you're taking to ensure that, that will be in place once the data centers are operationally ready? And then the third one, can you just help us get a better understanding of the costs associated with the maintenance of the data centers, the different moving parts, which of these are fixed, variable? Just trying to get a better feel for the margins that this business can generate. And then a fourth one, if I may. Just on the difference in sort of the data center demand environment in Europe and the U.S. A few of your competitors have flagged a bit more softness in Europe relative to the U.S. So I just wanted to understand the trends there.

[indiscernible], do you want to start with the construction ones and then...

Yes. The first question regarding the growth of the market.

GMP.

Sorry, GMP. So GMP. So a guaranteed maximum price contract is effectively a collaborative open book contract, right, that allows us to work collectively from inception, if you will, all the way through design, through construction and through implementation. So it allows us to integrate all the offerings or all the individual functions as well as each of the companies such that we can mitigate and manage the risk together, right? So our outcomes of GMP contracts are very, very reliable as opposed to a traditional lump sum or design build lump sum. So the outcomes are incredibly reliable. It's the most common delivery method of data centers in the U.S. for sure, because the risks are so dynamic and you need to move very quickly, right? Speed to market is so very, very important.

So a GMP contract is good for everyone. It's good for an owner from a developer standpoint because the risks are mitigated and shared and collaborated versus being at risk -- excuse me, an adversarial relationship where the risk is one or the others, right? There is risk transfer throughout the design and then the construction, but it's transferred at the time that's able to be mitigated and managed. So it ultimately becomes a guaranteed maximum price or a fixed number, if you will. But it happens over time where you can collaborate and therefore, have a more predictable outcome or really a cost certain project.

I can take that one -- that's absolutely right. That's what we leave as developers. Sometimes the energy has been sort of promised, but the utility company is unable to deliver it because they haven't undertaken the infrastructure upgrades required to deliver that power. So how we manage that risk is we would never go ahead purchasing a site where the power is not halfway through that moment of being available at the site, and we wouldn't make any commitment to future customers or start investing capital in vertical infrastructure until there is certainty that the power can physically be delivered into the site.

I would add a couple of things to what [indiscernible] was explaining. We go through a very, very thorough due diligence when it comes to the projects. And the due diligence is not so much about the ability to get the energy or the permit because that's basically a big risk, and we're trying, especially as we begin, maybe in the future, we change and we take a little more risk. But right now, we are very much risk adverse. If we are -- we have been jumping into some of these sites because the energy is ready. Having said that, you're right, energy is not just having the permit. It's making sure that you are able to do all the extensions. But the same token, throughout the diligence, we made sure that there was not going to be any problem with any additional extension in distribution line, any additional extension in substation.

We didn't want -- especially at the beginning because we need to make sure that we show success. We cannot just take the risk. So we've been very, very clear in the first 1.7 gigawatt, and we will continue being very, very clear in not taking risk when it comes to the potential additional substation or distribution, right, at least with the first package. The other thing that you asked for is the risk, what happens with the lease. Typically, hyperscalers and some of the big clients, they want -- by the time they really start getting the negotiations, they want a 12 months visibility. At that point, any potential risk that could cause a delay, it's gone.

Then you rely on yourself. At that stage, it's about finishing the main building and making sure that you install the GPUs and the connections, right? So the risk is quite limited at that point. Yes, there are penalties under the lease agreement if you do not finish on time. But by the time you sign the lease, you are very clear about what you have to do and you are very well advanced with everything in place. If we were signing the lease at the very beginning, obviously, the risk could be higher, and we avoid that.

It's Graham Hunt from Jefferies. I'll just ask 2 questions. Firstly, I wondered if you could give a little bit more detail around the lease agreements that you'll be signing for these data centers, just in terms of duration, energy hedging, risk around renewals and changes to the terms of those lease agreements. So just additional color there would be helpful. And second question, you talked a lot about equity value creation out to 2030. But how should we think about this in terms of cash being returned to shareholders? So when do these assets start becoming cash generative? And what's your thinking around shareholder distributions as these assets ramp up?

So the leases -- obviously, the leases that we're negotiating at the moment, and we've already exchanged legal documentation with a number of potential customers are under confidentiality provisions. As we explained in the presentation, we're trying to target leases that are more than 10 years of duration with potential extensions of that lease. And we think that, that is pretty standard within the industry, whether that is a full colo lease or a triple net lease as we explained. The rest of the provisions, I think you made reference to early termination.

Is that -- was that the question? So early termination, as I tried to explain earlier, we find those type of provisions in the leases. And the way we take comfort is from a number of things. We take comfort from the payment that you will receive at that point if there is an early termination. And obviously, there is early termination for convenience or early termination because of a cost. But we take comfort from the natural barrier that I was trying to explain earlier.

Like we don't know any precedent of an early termination of a lease in the markets where we operate, first of all. Secondly, there is a natural barrier to exit for those hyperscalers given the amount of investment that they do when they come to our data centers as Third, we take comfort from our operational experience, having decades of experience of operating infrastructure assets that are more complicated than a data center. So we have a lot of confidence in our ability to deliver to those standards. And thirdly, as I said, then we negotiate under which conditions a tenant might be able to exercise the right of an early termination.

And in terms of the cash flow generation from these assets, obviously, you've got 2 very different types. You've got the data center asset, high or fast completion operations. So plus the operations income coming in, the cash yield is pretty stable after that once it's in operation, and it can take the inception of development to completion it can be around 3 years. Construction could be anything below 2 years. So it's quite fast evolving in terms of delivering cash.

The managed lanes, obviously, is a longer weight and it's more backed on the value generation but coming in operations is the same thing. The point I would add is in terms of our capital allocation strategy, what we're doing is doing this with equity. So we are not relying on that to fund all this investment and because we are conscious that this is -- these are assets that will start generating cash in some time.

And adding to what Emilio is explaining. At the end of the day, we started explain 3 years ago to the market. that ACS, it's a very good company for those that are looking for yield, and it's also a very good company for those are for growth. And it's a very good balance. Putting aside once all those assets become mature, we will continue increasing revenues, EBITDAs and dividends. And actually, I announced before, that most likely we are going to start increasing our dividends. We are building, we are creating revenues and EBITDA from the start because we are not just the developers. We are the companies building all our projects. So you will see in addition to the work we do for third parties, we will start seeing an increase in our revenues and EBITDA, right? All of that will hopefully increase profit and, therefore, will increase dividends.

Then you have the long-term assets once those current EBITDA start coming in. We are not considering base case any recycling of equity [indiscernible] are very liquid and managing are very with when they are in operations, right? And this is another base case. But eventually, we could consider a recycling part of our managed lanes, [indiscernible] outside but also recycling part. Our agreement in the platform already considers potentially recycling part of the equity into [indiscernible] and that's embedded in the current agreement, which [indiscernible], whether we do it or not, to be discussed, but there's other instances where we could start anticipating [indiscernible].

Alvaro Lenze from Alantra. The first question is on Turner. You provided quite staggering numbers of the total investment in the data center industry. And it seems that your estimate is that Turner will be, of course, the leader, but it's still a small portion of it. So I was just trying to understand how you see things I don't know if this is -- that you think that there is no sufficient capacity for all those big numbers of investments to and done. Or if you think there will be -- there's large number of players providing the supply to build all the capacity and there maybe some consolidation. And also for Turner to achieve those numbers, just to understand how are you planning to upscale capacity or if that will cannibalize some of the capacity you have for other sectors. So just that on Turner. And my second question would be on the greenfield ventures on data centers. Some parts of the presentation, I think you were talking about power megawatts and others on IT megawatts, if you could make this nation clear so that we know how much of what actually are for IT? And then last question would be on management [indiscernible] if you plan to change the current long terms and the plans of the management team to align with targets you provided for 2030 or 2035?

I'll take the capacity issue with Turner. There's a lot of ways to address capacity. We talked about one of them within the industry of modularization, which takes the trade labor constraint and almost doubles or triples it by doing half of that labor if not more in a fabrication facility in our site. So the trade labor I worry about more than one's ability to be able to provide capacity to increase our revenue and run these projects. That said, we've done a very good job and we continue to manage redeployment of our resources. We're in 45 different geographic locations in the United States. Not all of those locations are at full capacity right now from a market standpoint. Our market goes down, market goes up. So we redeploy assets to our folks, our best resource to areas geographically and also markets where they can have the greatest impact. So it takes a lot of work, but if we didn't do that, we would stagnate in a geographic location where we stagnate in the market.

Right now, the data center market offers us such a unique opportunity. They're great customers. They're at great margins. So we've done a lot of work to redeploy our assets to be able to meet that capacity.

So you're right that we referred to both instances in the presentation, total power utility and total 2019. And those are related through the PUE, which is a factor of energy efficiency within the data center. And ultimately, the tower is the amount of power that is left for processing capacity in the data center. So the higher PUE, the more inefficient the building is, the lower the more efficient is. We're running our calculations at the moment with 1.45, which we think is very conservative. The final PUE, we will know once the design is fully finalized and the facility is completed. We think that is conservative and therefore, in our business plan, there is room for an upside in that sense or megawatts IT would end up going to our customers that we will represent at the moment in the -- in the presentation. And would you mind to repeat the...

Sorry. My third question was on executive incentives and whether you will change or do you plan to change -- plans to align the incentives with the targets provided today for '23 or '25. So we've been working over the last 3 years exactly on changing and aligned incentive plans work, right? And I do think that so far, we've been able -- we need to adjust every year. And so far, I'm not expecting anything different from '25 and '26, we've been already in the last 3 years, changing scorecards, changing STIs, changing LTIs to make sure that we align all of that in each one to the objective of every company or development et cetera, and then everyone with the same ACS objective. And even more the stock options plan that we published 3 years ago for the first time was including everyone [indiscernible] Turner to make sure that everyone was aligned into the one group in culture. So absolutely.

The other thing that I would like to mention when we speak about revenue right, if the question, which is a very good question is, do you think that the world is going to be able to build trillions of infrastructure and defense, trillions of data centers, trillions, the question is absolutely perfect. I don't know. What I can say is that our revenues that we're showing here, we have the because most -- I mean they have the threshold the limit of what we are offering here and showing it's more based on our capabilities to build not so much on the potential market. The potential market is simply trillions. I wish we were able to do all of that. But we're basing our estimates in what we believe we can do with our resources and additional resources we believe in into the company. I wish that the entire market was addressable from a resources perspective, because then obviously, and maybe if our modular strategy continues being successful as Mike was explaining. And if we're able to continue increasing our supply, we will be able to get more of the market because the most of data centers who are not taking any more about 7 megawatts, 10 megawatts, 100 megawatts. When you get into the new not so many companies, there's not so many players. So the restriction is in the players more than the market.

So 3 questions, please. First one is on the deal with GIP. One is on accounting. Will the vehicle be equity accounted, fully consolidated by ACS? Second, I'm not very clear how much cash is receiving upfront? Is it EUR 1 billion? Is it EUR 500 million? And lastly, on the value uplift from the managed lanes. You mentioned a multiplier of 6x cash on cash multiple by 2023, if I recall correctly. And by then, SR-400 we have only been in operation 2 years, which it's not a lot to prove its worth. I was wondering if you are baking in any expectation for the sale of this asset -- if it's just your expectation that you will retain the asset in full by then?

On the transaction structure. Okay. So in terms of the transaction structure, the transaction is valued at EUR 2.2 billion, 100%, all of the assets in the we are essentially selling 50%. I mean, we do it in a way where the assets are contributed. We contribute our share the asset receives 100% of the amount, right? So at the end of the day, the full valuation is EUR 2.2 billion. We receive EUR 1 million net of what we have to put. However, there's half of that, which is subject to earn-outs, right? So we receive upfront roughly EUR 500 million. We received the EUR 600 million via earnouts as a net of all the combination of the transaction. Is that clear? And from an accounting perspective, it's equity accounted as Vicente explained, is a stand-alone platform with the full TIM 50% partnership, no full consolidation by SES. It's a joint venture.

Then on the managed lanes, our experience in managed lanes is much better than 6x, right? At the end of day, you take a managing project with IRRs on day 1 at financial close, above 15%, 16%, 17%. You go through all that the construction, which is taking 7 years, you get at the end of the construction, you have 2 years of visibility of cash flows. I mean, trade was 10x by the time we got to the point. And if you look at some of the competition, it was more than 6x. We are taking lower of the cases we've seen in the market. The 6x is based just on going from a 16% [indiscernible] rate to whatever is appropriate when you have stable cash flows and the visibility of the cash flows instead of discounting [indiscernible]. We're not assuming changes in traffic or changes versus the financial model. We're not asking changes in CapEx. We're not assuming changes in [indiscernible]. Trading, we invested EUR 360 million in 2016, when we sold in 2022, we're talking about EUR 2.7 billion when it was removed from us. Targeted body was EUR 4 billion, and that's why [indiscernible] decided to get it at the clause of the contract. So no, we don't believe that is -- we're not trying to make anything. We're just placing its pure mathematics, right? Of course, there could be stakes good or for bad when comes to traffic projections, CapEx or OpEx, that can happen right?

At this stage, we want to make sure that we keep a very good way to be is to transfer liabilities. So we retain 50% of the asset, right? Or if it [indiscernible] at the point, doesn't to acquire the asset, then we can go to the market, but always with the objective to remain a big part in the asset because we want to generate long-term cash flows. We do not want to be in the business of recycling equity because then we generate a lot of value in the short term. We increased and we have the big when we sell, but then so we want to make sure that we grow in the future with that.

Dario from BNP Paribas. I think that I had also exciting opportunities. That's my view. But some people in the market think that ACS is investing at the peak of the market, this is an [indiscernible]. So I'm just curious from your perspective, how do you see things? I mean, clearly, you're investing in it. So you think this is not a bubble. But just what are the KPIs you monitoring? What is the feedback you receive from clients for the hyperscalers about the trends in AI and data centers?

So I'll take that one. When you look at the market and you look at the deals, we see figures from EUR 5 trillion to EUR 6 trillion, EUR 10 trillion, EUR 15 million and that's only in infrastructure start adding semiconductors if you start adding models, platforms, et cetera. [indiscernible], and there's a lot about -- it's a lot of literature and analysis with different views on that because there's, of course, a lot of different trends in the market that could influence that demand. The first one is timing. To what extent we are going to be by 2040. Who do we believe we're going to be when it comes to smart hardware, robotics, data, 5G, 6G, satellite connections, et cetera. How deep in the society that is by because right now, everyone is having a view on that. The second one is there's a raise to control that And potentially, some companies will get out of the race. And that and then you have the quantum computing, which, of course, has an influence [indiscernible]. So there's a lot of different elements that will define the extent of the battle. But there's 2 important questions on this. The first one is not just the demand, but the supply I think that the AI rates or data centers, specifically, it's going to be more driven by the supply one can be build and by when more than the needs, right? Coming back to my previous example, so we're talking about trillions, that's infinite. Infinite divided by 20 simply by 100 continues being intent. So the demand is infinite no matter how much abolish is. If we were a major semiconductor company like Enviva, yes, of course, we would be playing on an infinite world and more or less, of course, would have an impact in my projections. But we are tiny. We're talking about billion production out of EUR 70 trillion universe. So we are not affected by that. we know that what we have in front of us will be needed by 2030 or by 2033 without a doubt. The question is not so much. This is how can we multiply this by 10, which is what our clients are asking us so far we don't know working on it, right? So there's no concern on our side about what we are presenting today. If the question was what do you think about the EUR 70 trillion universe of AI then we will be 2 hours talking about it and the potential of [indiscernible], but that's a different discussion on what we are facing here today.

There's some online questions. [indiscernible] from Kepler is asking about our EUR 1.2 billion, EUR 1.3 billion of the expectation for data center, engineering construction, is it a base case scenario? Could you elaborate something about what could be the worst and the best scenario about that? And what are the it be contractors that you have used for the valuation of data centers, E&C operations. Why this multiple we have applied? And the second question was related to the recent answer that you have done, which is one of the key risks of the announced development platform, where could things go wrong?

Jim, do you want to start with the first one?

What was the first one again -- sorry.

Yes. It's about EBITDA expectations how we have reached this EUR 1.2 billion, EUR 1.3 billion, who could be the worst scenario on the base scenario where?

Sure. So on the EBITDA side. Right. Yes. So if you look at the valuation from a standpoint of us growing at a minimum, to a EUR 20 billion revenue in 2030, right? I think that easily, the upward side of that is '25, right. So that range when you look at the U.S. market continues to stay strong, that's at least EUR 20 billion in climbing, right? So I think that's the correct range. Going to be a little bit above that? Yes, right? We've seen substantial growth in the U.S. market, which is substantial, right? Just the growth from 18 -- from EUR 4 billion last year to EUR 8 million this year and go on. So I think we're in that range, but I think there's some room to grow it.

And then the other question was about which are the comparable peers that we have used for the valuation of this business. I mean, when it comes to -- there's a couple of things when it comes to valuation, specifically about EBITDA and was the first one is we have big visibility on the revenues and we have big visibility of what EBITDA we're getting from those revenues when it comes to data centers. At this stage, 2 type of clients, the platform itself, which is very defined when it comes to revenues, third parties, very much defined because we have framework agreements. And as we get into a larger data centers, larger framework agreements, larger the visibility. The EBITDA percent that we're applying is the EBITDA we are getting, right? So we have full visibility on cost and what's EBITDA. The evaluation of the multiplier of the EBITDA is when we need to go to the market. And then there's a lot of discussions about Turner the multiple of Turner is at 13, 14, 15x. Our competition we're seeing 16. We're seeing 15, we're seeing 17, depending on which one can in this market. So we're just applying the lower part, which is the 14 multiplied by the EBITDA, right? So lower case when it comes to multiplier, was up very certain revenue and EBITDA stream line. He was as well about the risk involving the development of the platform, how you see the future risk and who could, what things could go wrong.

In the platform or in the partnership with GIP in the platform, I mean, the biggest risk is not being able to place the capacity. That would be the [indiscernible] scenario but as [indiscernible] was saying with no doubt today that the amount of gigawatts that we're developing will be placed in the market given the reaction that the market is having. As I said, like we have some of our assets that deliver capacity in 2026, 2027, we already renegotiating the leases. Some instances, there is interest from a number of potential tenants, and we're very confident that given which chosen to invest the sites that the capacity will be placed.

Nicolas Mora from Morgan Stanley. Just coming back on the build-out of data centers, I mean, you be saying you're you had EUR 14 billion backlog right now, you will hit EUR 17 billion by the end of the year, EUR 8 billion of revenue. So we base running at right now starting in EUR 5 billion, EUR 6 billion at the start of the year, so you're running at EUR 9 billion, EUR 10 billion run rate on a quarterly basis. Well, yearly basis, annualizing the only basis. Why don't you see even more growth in the short term? I mean, you've grown tremendously in '25. So much in the backlog in '26. I mean why stop at 30% growth at Turner. I mean, I know these numbers are big, but when you already have secured is even bigger than that. So I'm just wondering, you've got your usual caution. Could it just be from 30 to 50, we see this year? That's the first point. And second point on the JV with GIP. The portfolio is quite -- it's not really skewed to the U.S., quite skewed to, I mean, lovely Spain, I mean, like it, but it's not super geographically diversified. Why is that? I mean, it's not a fair reflection of the state of the market right now. That's what I'm trying to say. And again, you've got your roots in Spain, you've secured some great sites and so on. But that's the full portfolio show greater view to the U.S. from here, the 3 giga? Or is it still kind of the same as what you have right now?

Jim, do you want to just go to the first one?

Absolutely. So great question. If you look at -- we had significant growth from '24 to '25 right? And you look at the backlog numbers in new comparison. So at the end of '24, our backlog would have been about EUR 7 billion, right? We granted that to EUR 8 billion, obviously, which we sell work in the correct that we also went in place. So if you look at next year and the forecast, it's a little bit more to do with the fact that some of these projects are getting bigger, so they're big numbers, but they're stretching out there are multiple phases. So it used to be we would build 50 megawatts, 100 megawatts now we're building a gigawatt or 2 gigawatts, right? So you'll see big chunks of revenue get booked, but then it's going to take longer to burn right? So yes, we're seeing backlog grow, which is good because our revenue, obviously, as that grows, we're eating the backlog. The reality is these jobs get bigger and therefore, they're a longer run, right? So I do -- I think there's higher -- could the number next year be a little bit higher? Sure, it could. But -- but the backlog is less 100-megawatt jobs and more gigawatt jobs, and therefore, the run rate of that revenue is long.

And to add to that? One very, very, very important aspect of the projects we're dealing with is we need to achieve excellence construction. We cannot fail. Private clients are very, very strict. We mean we will achieve a rate of carrying back clients above 80%, 85%, 90%. So every time we communicate, we are basing our communication capabilities capacity and making sure our chief excellence. When you look last year, Turner gave a guidance or we gave a guidance between 17%, 32%, right? And that was beginning of 2025, we are achieving 60%, right? And we pushed into our guidance about why because we were comfortable that we have the capability that we have the ability to deliver at the right standard, right? So -- but that's very important. But we cannot -- we need to make sure that we assess that as we go. We cannot just go crazy thinking this is not just revenues and EBITDA. This is the consequence of making to achieve a certain level of standard every time we build a job. And that's why we've been outperforming our guidance [indiscernible] over the last 3 years, means, right? And people say, why you are so conservative I'm not conservative, and we're not just trying to play. We want to make sure that what we announced is what we can build, right? And then if it goes better, great. So that's the first one.

The second one is, you're right, the first 1.7 gigawatts is a little bit unusual because it has a big way on Spain. But when you look at the 11 gigawatt pipeline, it's almost the U.S., right, because that's where the growth is, that's where the retraining is, that's where most of the is going to be, so it was a little bit unusual that we started. We did secure a few sites in Spain. We will continue doing a lot of new and most likely be -- will increase a little bit on the large ones. But also it's very likely that the small edge will grow into higher megawatts, right? Because Europe is not facing the 1 year at a was 3 gigawatts that the U.S. is facing. That's why the 11 gigawatts is mainly in the U.S. So it's a new [indiscernible], the first 1.7 gigawatts. But more importantly, the platform is not just for the first 1.7 gigawatts or 1.4 IT is for more. There's a there's a percentage of projects that were not included in the initial platform, but there's no right of first offer for the platform, which is the 1.3 gigawatts that we're showing on the screen that's out of platform scope. But certainly, we will discuss with the platform when the time comes. -- all right.

Then thank you so much. We appreciate your time. Yes. We appreciate your time, the Q&A, the interest, your support. I'm happy to answer any questions in right now. And of course, as I said, we will be available for any follow-up in evaluations, modeling, et cetera. Thank you.

Thank you.

Good afternoon, everyone, and thank you for joining us in the 2025 First Half Results Call of ACS Group. This is Javier Crespo, Head of Investor Relations. As usual, the call will be led by our CEO, Juan Santamaría, who is joined here by our Corporate General Manager; Ángel García Altozano; our CFO, Emilio Grande, and the rest of the management team. After the presentation, we will host the usual Q&A session and look forward to hearing your questions. Juan, the floor is yours.

Thank you, Javier. Good afternoon, all, and thank you for being with us today. The group has performed strongly in the first half of the year with solid growth in sales, backlog and net profit, backed by strong cash flow generation. Moreover, we're making solid progress in executing our strategy, increasingly leveraging our global footprint and engineering expertise to drive sustainable growth. We're actively capturing high potential equity investment opportunities across both traditional and next-generation markets, consistently creating long-term value for all our stakeholders.

Let me give you an overview of a few key highlights for the period. Ordinary net profit of EUR 392 million shows an increase of 17% or 19.4% FX adjusted. On a reported basis, net profit stood at EUR 450 million. Sales and EBITDA were up by 28.6% and 23.9%, respectively, driven by robust momentum across segments. Operating margins evolved positively across the board. Net operating cash flow adjusted for factoring variations reached EUR 1.8 billion in the last 12 months. This is up EUR 265 million year-on-year and represents a CAGR of 45.8% for the past 4 years. As a result of this strong cash flow generation, the group's net debt position as of the end of June was EUR 2.2 billion. This is after allocating EUR 1.1 billion to strategic investments and shareholder remuneration in the first half.

The strategic investments include a EUR 436 million acquisition of Dornan and EUR 476 million in net equity investments and other M&A, mostly including the investment of EUR 315 million in data center projects. Meanwhile, shareholder remuneration amounted to EUR 148 million. New orders during the first half reached EUR 31.7 billion, up 18.1% FX adjusted, translating into a healthy book-to-bill ratio of 1.2x. The order backlog grew by 12% FX adjusted, reaching EUR 89.3 billion, equivalent to approximately 2 years of work, supported by sustained demand in data centers, biopharma and defense. Looking ahead, we remain highly confident in the group's outlook and reiterate our ordinary net profit growth target of up to 17% for 2025, underpinned by strong fundamentals.

Let's take a closer look at the group's consolidated performance for the period. Sales rose by 28.6%, reaching EUR 24.1 billion, driven by the exceptional performance of Turner, which achieved 34.1% organic growth, 36.7% FX adjusted, and particularly driven by digital infrastructure and biopharma projects. This momentum was further supported by the integration of Dornan and the full consolidation of Thiess since Q2 2024. EBITDA increased by 23.9% to EUR 1.4 billion, with margin expansion across all segments, stable on an overall basis due to businesses mix effects. Profit before tax amounted to EUR 708 million, up 25.4% and was particularly fueled by Turner's outperformance and the solid contribution from Dragados. We delivered strong net profit growth of 17% year-on-year on a comparable basis to EUR 392 million, in line with the top end of our full year guidance for NPAT growth.

Turning now to the ordinary net profit split. I would like to underline the following. Turner delivered an outstanding performance with its contribution rising 64% to EUR 227 million, driven by strong growth in high-tech markets and biopharma. CIMIC delivered EUR 101 million, supported by strong growth in data centers and impacted by FX effects. Engineering & Construction shows a very strong result, growing at 21.4% year-on-year, reflecting a higher contribution of FlatironDragados and solid results in HOCHTIEF Europe. Infrastructure had a resilient operational performance in the period despite nonoperational impacts at Abertis and ramp-up effects at Iridium. During the period, the group implemented efficiency measures that involve EUR 16 million in restructuring costs aimed at streamlining operations and unlocking synergies that will enhance performance in the coming years.

Slide 5 highlights the group's strong and consistent cash flow generation. Last 12 months net operating cash flow after adjusting for factoring variations amounted to EUR 1.8 billion, up EUR 265 million and supported by the strong momentum of Turner. Over the past 4 years, last 12 months net operational cash flow pre-factoring has grown consistently at a CAGR of 45.8%, driven by EBITDA growth, sustained cash conversion and [indiscernible] diversification into cash-generative businesses. On a half year basis, cash flow reflects the typical first quarter seasonality. The group's cash generation remains solid, and we anticipate a seasonal rebound as usual along the second half of the year, driven by strong operational performance.

Our net debt position as of June 2025 stood at EUR 2.2 billion, showing an increase of approximately EUR 600 million since June 2024. This variation is primarily the result of strategic capital allocation initiatives and foreign exchange effects. It benefits from the group's strong net operating cash flow, slightly impacted by the lower use of factoring. The current position reflects the following key uses of capital in the last 12 months, EUR 1.2 billion in net equity investments and M&A, including the acquisition of Dornan, and additional stake in HOCHTIEF and targeted investments primarily in data centers, EUR 652 million in shareholder remuneration, EUR 317 million related to FX movements and other effects. Our disciplined approach to capital deployment supports our long-term growth strategy while maintaining solid financial position.

Moving on to Slide 7. Our order backlog stands at EUR 89.3 billion as of June '25, representing a year-on-year increase of around 12% FX adjusted. This growth was underpinned by a very strong order intake of EUR 31.7 billion, up 15.3% or 18.1% FX adjusted, resulting in a healthy first half book-to-bill ratio of 1.2x. This very positive performance reflects the group's continued success in securing high-quality projects across strategic growth markets, particularly in data centers, defense and biopharma. Notably, digital infrastructure now accounts for 14% of our total backlog, driven by the exceptional momentum in data centers, which have grown at a CAGR of 98% over the past 2 years. We're also seeing a strong traction in Germany, where our positioning allow us to benefit from the country's increased focus on infrastructure investments.

New awards in Germany grew by approximately 40% year-on-year in the first half, reinforcing our ability to capture opportunities in this key market. In the following slide, we can see a selection of recent awards. Some key projects to highlight would be in digital and advanced technology, as you know, we will be building a large data center for Meta in Louisiana as part of the largest campus to date from the company that will have a total value of $10 billion. We also will be building a high-density liquid cooling-ready data center in Malaysia. And very recently, we announced that we will lead the construction of a state-of-the-art data center in Pennsylvania for CoreWeave. The artificial intelligence hyperscaler as part of a $6 billion investment to support cutting-edge AI workloads.

In the energy sector, we have been appointed for Darwin LNG Life Extension, ensuring continued gas processing and marine loading service in Northern Territory, Australia. In Germany, we secured the planning contract for 4 advanced onshore converter stations, part of a high-voltage line that will carry wind power from the north to the Ruhr region. In biopharma health and social infrastructure, we were awarded a new Dunedin Hospital in New Zealand, our largest hospital project to date. We also won 2 major building contracts in Germany, a research center for the University of Duisburg-Essen and the conversion of a historic boiler house in Krefeld into a modern event venue. And as recent as today, we announced that Turner joint venture has been awarded a $700 million modernization project for Memphis International Airport.

In transport infrastructure and sustainable mobility, we were awarded a Long Bridge North Rail project in Washington, D.C. In Germany, we secured 2 major rail infrastructure contracts, one for refurbishing a 42-kilometer, double-track section for Deutsche Bahn and now for building the second main line of Munich's S-Bahn network, connecting Ostbahnhof and Marienhof stations. In critical metals and natural resources, Sedgman is leading the design and construction of the Queensland Resources common user facility in Townsville, a government-backed initiative to accelerate vanadium and other critical minerals processing. We also received the award of a 5-year extension at the Karlawinda Gold Mine in Western Australia. In defense, in addition to the large Pearl Harbour dry dock replacement project in Hawaii, we're working on, it is worth mentioning that we're leading the Stage 2 upgrade of maintenance, logistics and air field infrastructure at the RAAF Base Townsville in Queensland, Australia.

Let us now have a look at the performance by segments. On Slide 10, we begin with Turner, which is delivering exceptional results, consolidating its leadership in strategic sectors. Sales grew by 41.2%, reaching EUR 12.2 billion, driven primarily by strong organic growth in digital infrastructure and biopharma projects. This solid performance was further supported by the contribution from Dornan, performing even better than anticipated. Profit before tax amounted to EUR 392 million, representing an outstanding increase of almost 60%.

This was accompanied by continued margin expansion of 36 basis points to 3.2%, reflecting Dornan's successful strategy focus on advanced technology projects. Net operating cash flow increased close to EUR 400 million. Net cash as of June 2025 was EUR 2.7 billion, up almost EUR 300 million even after the acquisition of Dornan. Turner's commercial strength is demonstrated by its new orders of EUR 16 billion in the first half of the year, an increase of 22.7% year-on-year or 25.1% FX adjusted, driving order backlog to EUR 33.1 billion.

Moving on to operations in the Asia Pacific region, we turn to CIMIC. Sales registered strong growth in strategic areas such as advanced technology, health care and defense and were 26.3% higher, supported by the full consolidation of this with a stable underlying performance overall. EBITDA margins remained stable, underpinned by strong contribution from high-tech jobs across both UGL and Leighton Asia. Ordinary profit before tax increased by 20.3% year-on-year to EUR 232 million after adjusting the first half of 2024 for the one-off noncash gain net of provisions. On a comparable basis, adjusting for this consolidation, ordinary PBT grew by 4%. Attributable net profit grew by 7.2% FX adjusted year-on-year. Comparable net operating cash flow before factoring remains stable, while the reported figure was impacted by the global consolidation of Thiess and lower factoring levels. Our order backlog was solid, reaching EUR 23.2 billion, up 5% FX adjusted, driven by solid growth across all segments, particularly in data centers and defense.

Turning now to Engineering & Construction segment on Slide 12. We can see solid growth with consolidated sales increasing 11.5% year-on-year to over EUR 5.2 billion, driven by the strong performance in North America and the robust contributions from both Dragados and HOCHTIEF Engineering & Construction. EBITDA margin increased by 53 basis points to 5.7%, supported by a significant contribution from FlatironDragados. Ordinary profit before tax grew significantly by 45.6% to EUR 136 million, supported by a positive financial performance. Net operating cash flow level was impacted by the lower use of factoring and a high comparison base due to strong collections recorded in the first half of 2024. The Engineering & Construction backlog rose 8.2% FX adjusted to EUR 30 billion, reflecting a strong order intake of EUR 7.9 billion with notable momentum in sustainable mobility and transportation infrastructure. Importantly, our book-to-bill ratio remains strong at about 1.2x.

Looking forward, the outlook remains very positive, and I would highlight that we're particularly well positioned to benefit from the infrastructure investment plan in Germany. Continuing now with the Infrastructure segment on Slide 13. Abertis has had a strong operating performance. The contribution to NPAT was impacted by the changes in the tax regulation of concessions in France and FX movements. Abertis distributed a dividend of approximately EUR 600 million in the Q2 2025. Iridium meanwhile, increased its sales by 26.9%, thanks to additional contribution of the A13 and a general positive performance across operating entities. On the next slide, we take a more detailed look at the Abertis numbers. Traffic has grown by 2.6%, supported by a strong performance of heavy vehicle traffic.

We saw strong results, particularly in Spain, France, Brazil and Chile. On a like-for-like basis, the company delivered strong revenues and EBITDA growth at 6%, underpinned by the geographical diversification of the portfolio and inflation-linked tariffs. Regarding Abertis' portfolio development, as you know, Abertis acquired a 51.2% stake in the A63 toll road in France, which is now fully consolidated since 1st of June, with full impact in balance sheet at 1 month in P&L. In Chile, the Santiago - Los Vilos concession has begun its operational management and full consolidation from the 1st of April, further strengthening our presence in Latin America. Abertis has improved its liquidity and financial strength with our net debt set at EUR 23.4 billion and ample group liquidity of EUR 6.9 billion. On Slide 15, we show the breakdown of key figures by country for Abertis's portfolio.

To conclude our review of the first half results, let me highlight the key achievements of the group. We have delivered a strong operational performance with sales reaching EUR 24.1 billion, up 28.6% year-on-year and ordinary net profit of EUR 392 million, up 17% or 19.4% FX adjusted, aligned with the upper end of our guidance. Our cash generation remains robust with last 12 months net operating cash flow adjusting for factoring variations was EUR 1.8 billion, growing at a CAGR of 45.8% over the past 4 years. Our order backlog stands at EUR 89.3 billion, up circa 12% FX adjusted, supported by EUR 31.7 billion in new orders.

Looking ahead, we remain focused on our strategic growth markets and disciplined capital allocation. We see significant greenfield investment opportunities, particularly in advanced technology infrastructure and Managed Lanes and continue to pursue bolt-on acquisitions to strengthen our engineering capabilities. Through Abertis, we're also advancing brownfield investments in core infrastructure assets. Our strategy is to build a diversified business model and a global footprint, which enable us to respond effectively to evolving market dynamics. With solid fundamentals, strong momentum across key markets and a clear focus on long-term value creation, we're well positioned to navigate the current macroeconomic environment and continue delivering sustainable growth and attractive shareholder returns.

Thank you once again for joining us today. I now look forward to your questions.

[Operator Instructions] The first question comes from Luis Prieto from Kepler Cheuvreux.

I had 2 detailed questions. Apologies for that. The first one is, when I look at the headquarter costs at the EBIT -- the headquarter EBITDA and therefore inclusive of headquarter costs, I see a EUR 41 million positive impact in the first half of last year, whereas I see a minus EUR 20 million at present. So I'd like to know if you can provide a bit more detail on why that big swing is there? And the second question is you highlight in the results report a EUR 14 million worth of HOCHTIEF share purchases, I assume in H1. And what I would like to know is if I should assume -- where has that taken place? Is it Q1, Q2? And should I assume that there will be no more share purchases at these share price levels for HOCHTIEF going forward?

Thank you so much, Luis. Starting with the headquarter cost EBITDA. So the EUR 41 million effect that you see is the unwinding of the revaluation of a data center land plot in Australia, which we had to unwind at ACS level, and that was included in the headquarter cost. On the EUR 14 million that you saw that was back in April 2025. Whether we are going to continue or not, it will be opportunistic. I mean I cannot really say anything at this stage. But we are not -- we don't have any plans at this stage to increase or not to increase.

We now move on to the next question coming from Dario Maglione from BNP Paribas.

Two questions from me. One, you mentioned in H1, you have spent EUR 350 million in data center projects. Can you maybe elaborate on what this is, maybe new land or developing the existing land? And then the second question is around the U.S. So here, if we exclude data centers, just looking at the market, the nonresidential construction market seems to be flat to small down year-on-year in Q2, yet Turner is still growing significantly, even when we exclude the data centers, both in terms of revenue and order intake. So my question is, how is this possible? And is this outperformance sustainable in the next quarters?

Thank you, Dario. Starting with EUR 350 million in data center spend. So far, we have probably spent, between '24 and '25, EUR 500 million in data centers. It's a mix between new land development, energy, fiber, permitting. So there's a mix. But all of this is part of the 2.1 gigawatt development that we are working on. And eventually, we'll give more details about the status of the 2.1 gigawatt. The additional pipeline that we have always spoken about [ 6 ] gigawatts. And right now, we're looking at 11 gigawatts. So that's growing significantly and how we are managing all of that in terms of investments and future business case. When it comes to the U.S., so -- yes, data centers has grown significantly. So I mean, we -- that's a fact in plenty of projects. However, we're seeing positive momentum in most of the areas.

So if you look, for example, starting in the outlook for Turner in the U.S., we see Sports Education with an expected growth of 37% from '25 to 2029. We see data centers continue this pace of growth within the following years. Batteries, for example, have been impacted in the short term in the last 2, 3 years because of changes in technology, questions on demand of EV vehicles. So we saw a lot of unwinding in that sense. However, that's going to catch up and ramp up again. But it's not certainly that has affected Turner's revenues within the last 2, 3 years, but we expect that to come back. Semiconductors, I mean, that's a very positive trend. We believe that there will be around EUR 260 billion investment through 2030. We are in several tender processes around semiconductors globally. And we expect and we hope that, that market will start ramping up very soon and with positive news for us.

Healthcare, we're expecting that to grow 32%, and that's basically based on population growth and industrial manufacturing, both in the U.S. and everywhere else, that's going to continue growing. And that's in terms of the future. When you look at the current impact in Turner's backlog, we see huge growth in data centers, huge growth in biopharma and biopharma from previous year, I mean, year-on-year has grown 64.5%. We see significant growth back in commercial and social infrastructure, sports, et cetera. So we see growth in that area as well. And where we see somehow steady potentially even a slowdown in the backlog was semiconductors and batteries, which, in our opinion, and always after data centers, which will continue to be the big trend, semiconductors and batteries will be the 2 new horses in the race of growth.

We now move on to a new question coming from Filipe Leite from CaixaBank.

I have 2 questions. The first one is actually a follow-up on the holding cost question because dividing it between first and second quarter of this year, second quarter, the contribution of holding was minus EUR 22 million when in first quarter, it was a EUR 2 million positive. Can you elaborate on this big swing? And also if we can see or assume this minus EUR 22 million on a quarterly basis for the upcoming quarters? And second question is related with tax. And if you can also elaborate on the reasons for such low tax or tax rate this quarter? And perhaps related with that, also, if you can explain the footnote where you announced a one-off result in that quarter related with the recognition of tax position. So if you can explain this also.

Okay. So let's start with the one-off, right? So -- and this is on the holding cost. So there's -- I mean, as we said in the report, basically, there's an elimination of the fair value change gain of the investment property, and this is a data center in Melbourne, Australia under CIMIC. So at CIMIC, I mean, it's land that we were developing in data center, and we accounted for it using the fair value methodology and the revaluation reflects the substantial progress in the development phase. While at HOCHTIEF, it's a cost model applied, right, to investment properties of this type. So as such, at the CIMIC level, is -- I mean, at HOCHTIEF level, we eliminate in the first half 2025 results. So that's basically the thing, and this will apply in the second quarter of 2025. Now the second one was about the tax gain of the one-off and the credit [Technical Difficulty] and this was basically -- this is -- I mean, revaluations of the tax credit position at holding level [Technical Difficulty]

Unfortunately, we're having some technical issues. Please hold the line.

Sorry, can you hear us back?

Yes, we can. Please go ahead.

Okay. So sorry, not sure -- let me go again through the second one because I'm not sure where we -- I left it. But basically, from PBT to NPAT is just a revaluation of the tax position and some resolutions from the [ DAC ] that we got. So there's nothing abnormal or extraordinary.

All right. We move on then to the next question coming from Marcin Wojtal from Bank of America.

So couple of questions here. Do you have any update for us on your plan to introduce a financial partner into your data center business? And also, are you still planning to host a presentation explaining your strategy in data centers in the second half of the year? That would be my first question. And my second question is actually on your order backlog recognition policy. Could you just remind us how do you treat these very large contracts that you have been receiving from data centers? For example, EUR 10 billion at the end of last year for Meta in Louisiana. Is all of that -- or the share of Turner, is all of that already in the backlog or you are recognizing that progressively over several years?

Okay. So Marcin, starting with the first one. So we are well advanced on the platform, and it's going in the right direction. I would prefer to give all the details around the data center platform for the future and the business plan for the Capital Markets Day that we're planning in October, and we will announce the date very, very soon. Regarding the order backlog, for Louisiana, the latest project, we haven't -- so let me start with the policy in general. As we have been moving into some of these projects that require a lot of engineering, the reality is they're long-term projects.

So we do have a lot of the announcements that we've been doing, such as the ones you're asking for out of our backlog because right now, we have very, very, very minimal engineering cost in our backlog, which is only the first part. So that's not in our backlog. And the same happens with a lot of our projects. So our backlog is not reflecting the number of projects awarded or even the number of projects that we're working on in which we are preferred bidder because they are very long term in the making with a lot of engineering cost associated to those projects. And that's why we have a significant amount of backlog, real backlog not reflected in the presentation yet.

And could you maybe quantify what that amount is?

Yes, of course. So in the case of Turner -- give me just one second. Let me take the paper. So in the case of Pennsylvania, we have nothing in our backlog yet. In the case of Louisiana, we have so far out of EUR 3.3 billion, EUR 800 million.

Next question, Graham Hunt from Jefferies.

I've got 3, if that's okay. I just wondered, Juan, if you could speak to your thoughts and I appreciate you have a partner in this business. But in terms of where you see the midterm for the Abertis business and where it develops to from here, is it just a case of bolstering the portfolio, extending duration and maybe the odd capital injection from the parent? Or is there some more to the story that might become evident in the next few years that will bring it closer to the market?

Second question, just on some of your assets that you have held for sale. Just wanted an update there, Clece as well. Just a quick update on where you stand on those assets would be helpful. And then maybe just a last question. We've seen some positive signals from the U.S. administration around AI acceleration development, particularly related to the construction sector in recent weeks. Just if you had any thoughts on that and how it supports the business in the U.S.?

Thank you, Graham. So starting with Abertis. So in Abertis, as you rightly say, there is more to the story that will evolve during the next months here. We are -- yes, I mean, we will continue working on our base case, which is optimizing CapEx, OpEx and continue -- there's a few renegotiations in progress to extend the life of current assets, number one. And number two, we have identified opportunities that like the A63 could come to Abertis in the near future, and we're working on that. And let me reemphasize that -- I mean, first, I mean, Abertis continues to be our highest priority. I mean, from 2018 to 2024, we got an EBITDA increase by EUR 1.8 billion, right, which there's EUR 1 billion organic growth. But we have also strengthened the backlog to net debt ratio from 5.5x in '23 to 6.1x in 2024.

And the net debt-EBITDA ratio has deleveraged from 6.6x to 5.4x, right? So from '24 to 2033, we're planning to continue the EBITDA replacement. So in the Capital Markets Day, we announced EBITDA for 2024 of EUR 4.3 billion and EUR 4 billion for 2033. And right now, after the latest acquisitions and renegotiations, our EBITDA for 2024 has grown from EUR 4.3 billion to EUR 4.4 billion, and our prospects for 2033 from the Capital Markets Day have grown from EUR 4 billion to EUR 4.75 billion, right? So this is without what I just explained that we are planning to do additional -- bring additional opportunities to Abertis.

But our objective continues being to have perpetual long-term assets, extending significantly the life of the assets in Abertis and making sure that the EUR 600 million dividend that Abertis is delivering at a 100% level, that continues growing significantly. Now in terms of the asset for sales that you are talking about, so what we said in the Capital Markets Day is 2 things in terms of the sources and uses of funds. One is the net operational cash flow that we're generating EUR 700 million, EUR 750 million, and this is going in line. And then there was the -- I mean, the monetization of up to EUR 3 billion. Of the EUR 3 billion, we already secured EUR 1 billion last year, and that was EUR 288 million derivatives. And we believe that we can get another EUR 2 billion, including what you just said, for example, the industrial assets that we have for sales.

So that's part of it and other noncore assets that we have in the business. So that continues being part of the plan. And the third question that has to do with the U.S. administration. So in the U.S., we -- there's -- I'm putting aside all what we're seeing in digital in the current data center plans, we see additional funding and additional initiatives, both in the U.S. and in Europe about AI. And that has to do in the case of Europe with the factories, in the case of the U.S., additional injections for AI training and AI development. So the demand is astronomical. And we're working on that first through the Engineering & Construction and second, with the 2 development platforms that we will announce in October, one kept for the big ones, the other one for AI processing, right? So we will give a lot of details around that.

But certainly, in the U.S., there's a huge plan for AI investments. And I mean -- and we are very well positioned to capture it. On top of that, in the U.S., between the One Big Beautiful bill announced with the significant tax cuts in the country between all the investment that they want to continue doing in the civil space with all the investment -- additional investment in defense, in critical metals, et cetera, we believe that there's going to be a lot of growth besides AI.

And now we move on to Nicolas Mora from Morgan Stanley.

Just a couple of questions. First one on the performance of Dragados or FlatironDragados, especially in the U.S. What did you see in the first half? Do you continue to -- I mean, the order intake has been a little bit volatile Q1, Q2. But overall, how do you assess the -- basically the health of the pipeline of the tender process? That would be the first question. Second question, just coming back on net debt and the free cash flow and net working capital. There was a little bit of a drawdown in the second quarter in your core business ex factoring. Would you say the payment cycle is maybe a little bit less positive, at least in terms of payment from customers and so on in Q2, especially in the U.S. or this is just basically the normal seasonality?

First, on FlatironDragados. Whether we refer to the business or to cash flow, it's pure seasonality because the growth is there. There's a lot of collaborative contracts that we're working on, and they have a very -- I mean they are very slow in the making. So hopefully, I mean, it depends by when we secure some of those projects that we -- a lot of them were announced, but they are not even in our backlog because they are very slow in the making. It's all negotiations going to design, negotiating contracts, et cetera. So that's why it's very seasonal. And all of a sudden, they can come at once. And sometimes on a certain quarter, we're not seeing some of those, right? So it's not like the traditional design build where every quarter, we tender so many and we have a success ratio and then we continue winning, right?

Having said that -- and that's on the backlog perspective. From a business perspective, we believe that the business is going very well. I mean there's 19% increase on EBITDA in the Dragados quarterly performance versus last year in comparable terms. And the EBITDA margin improvement was up 66 basis points, up to 5.6%. So I mean, just the impact that excludes one-off restructuring cost in the first half increased by 6%, up to EUR 35 million. When it comes to operating cash, the net operating cash flow in comparable terms increased by EUR 83 million in the Q2 '25, right? And this is year-on-year. So it's not bad. Having said that, we expect the second half with a much better performance than this first half.

Apparently, there are no further questions. Therefore, I give back the floor to the management of ACS. Please go ahead.

Just to say thank you, everyone, for your attendance today and for following the presentation. Please, as always, if you have any further questions, feel free to contact us any time. Thank you.