Acciona Aktie

Good morning, ladies and gentlemen, and welcome to the first half 2026 results presentation for ACCIONA and ACCIONA Energía. Before turning into the numbers and specific data on the company, let me frame them within the force shaping our industry today, the infrastructure investment cycle, and within it, energy, one of its greatest exponents.

Infrastructure is being redefined. Beyond power and transport, it now encompasses the digital and industrial ecosystems that underpin global productivity. And it has become a matter of national and economic security. Two structural forces drive this cycle, a new era of geopolitics in which countries compete to secure their economies and their supply chains and the technological explosion, artificial intelligence, electrification, digitalization set to raise global electricity demand by at least 40% over the coming decade.

With public debt elevated and rates structurally higher, governments cannot build alone. Meeting global infrastructure needs will require more than EUR 106 trillion of investment by 2040, making private capital not complementary, but essential. And private capital is responding because infrastructure offers what investors most value in this regime, high expected returns, lower volatility and decades of durable inflation-linked cash flow.

The constraint is not demand and it is not capital. It is the scarcity of bankable, execution-ready projects and the ability of companies to deliver these projects as integrated systems rather than isolated assets. That is precisely the ground on which ACCIONA has built its model.

Nowhere in this more visible -- nowhere this is more visible than in energy as renewable energy is no longer an alternative is an asset of national security, generation clean, local, independent electricity is today a matter of sovereignty. Markets are becoming more flexible, but not less volatile and new demand, led by data centers and AI mainly, arrives with buyers seeking firm, long-term, low-carbon supply.

Managing volatility is a defining commercial challenge on this space. Storage and batteries are particularly important in this process and where the greatest opportunity lies. This is the backdrop against which our renewables platform and the broader group delivers this half.

Let me take a moment to express my greatest condolences to all those affected this summer -- by this summer's unprecedented wave of wildfires across Europe. This growing threat can not only be mitigated through year-round forest management, land cleaning, the removal of residual biomass and wherever possible, the revitalization of depopulated rural forest areas. Biomass plants have an important role to play here, converting forest residues into useful energy, and I strongly encourage public authorities to support this solution to its fullest sustainable potential.

And now turning into ACCIONA's numbers and our financial performance. Let me start with ACCIONA Energía results, which are broadly in line with our full year expectations, weighted more heavily towards the second half, albeit with a different mix of prices and output than initially anticipated. Asset rotation remains a core pillar of our strategy and market appetite remains strong. We continued to make good progress on this front, having recently completed 2 additional transactions, the sale of 64 megawatts of hydropower and 361 megawatts of wind assets in Spain for aggregate proceeds of nearly EUR 500 million.

We retain a broader pipeline of transactions in advanced negotiations across the footprint, of which only a portion would be required to meet a target. The rationale remains unchanged. We crystallize value significantly above what is implied in ACCIONA Energía's share price and we recycle that capital into the most profitable opportunities within our pipeline.

Beyond Energía, the broader group delivered strong half results and the numbers reflect the cycle I have just described. Let me share only the headlines since the teams will walk you through each business in detail shortly. Infrastructure reached the largest backlog and pipeline in its history with EUR 22 billion in construction and O&M alongside a EUR 136 billion concession backlog, up 40% versus December 2025. Including the preawards in the Northland Corridor and Paraíba in Brazil -- Northland Corridor and Paraíba -- this figure raises to EUR 140 billion, which we estimate will generate EUR 61 billion in dividends over the coming decades. It is our integrated capability, construction excellence combined with long-term asset ownership that allows us to commit to entire countries across multiple layers of infrastructure. The numbers prove it works.

Infrastructure EBITDA grew 12% this half year and double-digit growth in construction revenue and an EBITDA margin holding stable across growing project base. Consider our 2 largest markets for growth. In Brazil, we opened this month the first section of Line 6 of the São Paulo Metro, the largest public-private infrastructure project underway in Latin America and the recent water contracts will bring service to close to 9 million people in Brazil.

In the United States, we continue to scale our managed lanes platform, both organically and by adding new capabilities in construction and delivery. As for Nordex, it delivered 4.9 gigawatts of new order, up 10% year-on-year with margins recovering quarter after quarter and a successful ramp-up in the North American market. That progress has been achieved in a global market where Chinese competition is very intense and does not always play by the same rules. Nordex is a strategic industrial asset for Europe and Europe should act accordingly when it comes to protecting its few remaining champions.

As for our other businesses, real estate continues to perform well, further strengthening our portfolio of essential infrastructure. Data centers offer promising -- very promising opportunities, both as an investor and as an EPC contractor. Silence delivered mixed results as demand for microelectric vehicles remains subdued, while the outlook for Bestinver remains encouraging, particularly in alternative assets as co-investor in selected ACCIONA greenfield and brownfield infrastructure concessions.

In summary, we are making solid progress across our infrastructure solutions and strengthening our global platform, uniquely positioned to translate structural demand into long-term value.

Let me now hand on to Arantza, who will cover ACCIONA Energía and then to Jose Entrecanales for the rest of the group. Thank you very much.

Thank you, Jose Manuel, and good morning, everyone. The first half of the year has been a positive period with meaningful progress delivered across the key priorities we established at the beginning of the year, despite a challenging operating environment. The geopolitical backdrop has continued to worsen, in particular, following the escalation of the conflict in the Middle East. So far, this has had no material impact on our operations.

Debt reduction has been a key priority this year and we have made substantial progress on that front thus far. As Jose Manuel noted, we recently completed 2 asset disposals in Spain and are also progressing with a number of additional opportunities towards our objective of reducing net debt to below EUR 3 billion by year-end on top of the 3 transactions agreed at the end of last year, South Africa, Mexico and U.S. I will come back later with a more detailed update on the progress of our asset rotation program.

The execution of projects currently under construction has also been a major focus during the period with particular emphasis on accelerating the commissioning of the MacIntyre wind farm. Through the blade remediation program currently underway, we expect to be roughly at 80% of the project's capacity operational by year-end, reaching full operational capacity during the first quarter of 2027.

Another positive development has been achieving full operational capacity at the Logrosán biomass plant, which allow us to benefit from the strongest spot power prices currently being recorded in Spain and which are likely to remain at elevated levels over the coming months.

We have also made meaningful progress in battery storage and repowering opportunities, including the approval of a second large-scale battery project in Chile, the completion of the repowering of the Tahivilla wind farm in Spain and the recent award of a European funding for the repowering of a 126-megawatt wind cluster also in Spain. The transformation of our business development model has also required a significant effort over recent months. We have undertaken a comprehensive review of our existing pipeline in light of our updated strategy, which combines the development of projects for long-term ownership and operation with projects intended for sale to third parties.

As part of this transformation, we are also working to reaccelerate the expansion of our development pipeline, providing the company with the flexibility required to increase the pace of growth while maximizing the capture of opportunities according to the capacity of our balance sheet at any point in time.

Finally, I would like to highlight a number of other important, albeit less visible, priorities pursued during the first half of the year. These include the extensive work currently underway to implement meaningful efficiency measures with benefits in the current financial year and full impact from next year onwards, targeting cost savings of around EUR 40 million on an annualized basis.

Turning to the progress achieved within our asset rotation program. The most significant milestone during the period were the 2-asset disposal completed in Spain during July. On 2nd July, we completed the sale of our 64 megawatts run-of-river hydro portfolio at a valuation of EUR 1 million per megawatt, in line with pricing levels observed in recent transactions involving comparable portfolios.

On 27 July, we completed the sale of our 361 megawatts wind portfolio for an equity value of EUR 432 million, implying a valuation of EUR 1.2 million per megawatt, broadly in line with the average pricing achieved across previous transactions executed under the company's asset rotation program. These transactions once again demonstrate ACCIONA Energía's ability to successfully execute an ambitious asset rotation program, which has become an integral part of our company's business model. Taken together, the 2 transactions have secured approximately EUR 310 million of EBITDA from asset rotation and will contribute around EUR 500 million towards debt reduction.

Regarding the asset rotation progress, there is further work to be done in second half of the year. We are actively evaluating a number of additional opportunities, representing more than 1 gigawatt of capacity in aggregate, providing sufficient optionality to prioritize those transactions, offering the most attractive economics and the strongest strategic fit. These processes are currently at different stages, and we expect them to progress rapidly over the remainder of the year. These additional opportunities come on top to the 3 transactions agreed at the end of 2025, the sale of our stake in a portfolio of assets in South Africa, the disposals of a minority interest in a solar portfolio in the United States; and finally, the sale of 2 wind assets in Mexico.

As we indicated at the beginning of the year and against the market backdrop Jose Manuel has just described, we continue to see a reasonably supportive market environment for renewables. This environment has translated into a number of attractive investment opportunities that have been approved during the period and are now moving towards construction. One of the most notable approvals is the El Romero battery project in Chile with 196 megawatts of capacity and 5 hours of duration. This project adds to the Malgarida battery approved at the end of 2025 and will allow us to reach almost 2 gigawatt hours of storage capacity in the region.

Alongside this large-scale project, we have also approved the construction of 2 smaller battery projects in Spain and continue to assess additional battery opportunities across these and other markets.

Another important milestone was the approval of the Fleming project, a 235-megawatt peak solar PV plant located in Kentucky, U.S. We reached a positive FID following the renegotiation of a higher PPA price. The approval of 200-megawatt Baní solar PV plant in the Dominican Republic also represents an important achievement during the first half of the year, strengthening our presence in the country with a fourth asset.

Both solar PV projects are fully contracted under 15-year PPAs, significantly reducing the risk profile. All approved projects comfortably met the company's investment thresholds, delivering expected returns of more than 200 basis points above WACC and further reinforce ACCIONA Energía's commitment to selectivity, capital discipline and value creation. These recent approvals also provide a high degree of visibility over capacity additions for 2027, which currently stands at 1,148 megawatts.

The 2027 delivery profile will further enhance both the geographic and technological diversification of the company with 13 projects across 9 countries, 4 continents and 3 different technologies. Together with the capacity due in the second half of the year, as well as some additional secured megawatts that fall into 2028, we have visibility on 1.75 gigawatts with FID.

Turning to 2026. We installed 245 megawatts during the first half of the year with the San José solar PV plant in Peru being the largest contributor. Capacity additions will be significantly weighted towards the second half when we expect to install between 400 megawatts and 450 megawatts. The main contributor will be the 200-megawatt Malgarida battery project, highlighting the speed and scalability with which this technology can be deployed.

This acceleration during the second half positions us to reach close to 700 megawatts of installed capacity by year-end, fully in line with our outlook. A further encouraging development in 2026 has been the resumption of construction activity following a prolonged period of limited activity in both Chile and South Africa.

During the second half of the year, ACCIONA Energía will need to navigate a volatile and rapidly evolving geopolitical environment and continue delivering on asset rotation, cost efficiency and the construction and full commissioning on some key assets. The progress made during the first half of the year is consistent with our full year outlook of total EBITDA of EUR 1.2 billion, capital expenditure of EUR 900 million and a year-end net debt below EUR 3 billion.

With that, let me now hand over to Jose.

Thank you, Arantza. Good morning, everyone. Let me now walk you through ACCIONA and ACCIONA Energía's financial results for the first half.

Consolidated revenues reached EUR 10,142 million in the first half, representing a 10% year-on-year increase. Our EBITDA for the first half stood at EUR 1,153 million. That is 26% lower than the first half of last year, primarily driven by the profile of asset rotation gains, which are expected to materialize in the second half. EBITDA from operations, however, grew by around 4% versus the previous year.

Breaking this down by division, infrastructure delivered robust results with an EBITDA of EUR 384 million, up 12% year-on-year, 12%. Nordex showed exceptional momentum with an EBITDA of EUR 354 million, which is an increase of 30%. Other activities reported an EBITDA of EUR 52 million, 5% lower than last year, while energy delivered an EBITDA of EUR 388 million, which is a 57% decline. This reduction is largely due to the absence of EBITDA from asset rotation in the first half, unlike in H1 of 2025, which included the sale of the hydro asset portfolio to Endesa. Attributable net profit for the group was EUR 83 million.

However, including the 2 transactions of energy assets, which we completed in the month of July, pro forma attributable net profit would have been -- would have reached approximately EUR 360 million. Ordinary CapEx was 40% lower year-on-year, reaching EUR 743 million, mostly due to lower investment activity in ACCIONA Energía, while net financial debt stood at EUR 8.2 billion at the end of the period. Pro forma net debt, including the 2 asset rotation transactions completed in July would have been EUR 7.7 billion.

Turning briefly to our ESG results. ACCIONA's capital allocation remains strongly aligned with our sustainability objectives, with almost 97% of our CapEx aligned with EU taxonomy. And sustainable finance remains a key pillar of our funding strategy. Today, 81% of our gross corporate debt is either green or linked to sustainability objectives, further supporting the alignment between our financing structure and our long-term sustainability commitments.

On this slide, you can see the main drivers behind the evolution of the group's net debt during the first half of the year. Operating cash flow was slightly negative at minus EUR 132 million, mainly due to working capital movements, reflecting the typical seasonal pattern of our business, particularly in infrastructure. Net investment cash flow amounted to minus EUR 726 million and financing and other cash flows reached minus EUR 383 million, including the impact of the change in the settlement mechanism for the acquisition of EUR 1.3 million of our own shares through equity swap contracts. As a result, net debt, including IFRS 16 reached EUR 8.2 billion at the end of June. And importantly, approximately EUR 3 billion of this debt is associated with assets that are either under construction or have not yet reached full operation, primarily in ACCIONA Energía, which represents EUR 2.1 billion out of the EUR 3 billion and property development.

Let me now go through ACCIONA Energía's financials in a bit more detail, complementing Arantza's overview. The overall performance is aligned with the full year outlook provided at the 2025 full year results presentation. The mix of output and prices has been somewhat different from what we expected with better prices in the international portfolio offsetting the weak start of the year in Spanish pool prices due to the high hydro volumes and slightly weaker output relative to our expectations.

We expect the year to be significantly back-end loaded across the P&L in terms of debt reduction, given the strong outlook for Spanish prices in H2 and the concentration of asset rotation transactions also in the second half.

Starting on the right-hand side of the slide, consolidated production grew by 4%, reaching 12.5 terawatt hours. On a constant perimeter basis, output is roughly flat, while new assets added 1.6 terawatt hours and asset rotation deducted 1.1 terawatt hours. The average captured price fell by 14% to EUR 54.8 per megawatt hour, driven by a decline in Spain of close to 30%. Prices in Spain last year were relatively strong, particularly for our fleet. And we also benefited from a one-off regulatory accounting item, which worsens the year-on-year comparison.

Prices in the international portfolio were almost flat despite the depreciation of the U.S. dollar with Chile being particularly strong. Moving to the left-hand side of the slide, total revenues fell by 12% to EUR 1,228 million, reflecting the lower generation prices and lower energy supply business revenues. EBITDA from operations of EUR 388 million falls by 17% relative to EUR 464 million last year.

Adjusting for the contribution of assets sold last year and the positive regulatory one-off in Spain in H1 2025, the variation in EBITDA from operations would, in fact, be positive in H1 2026. There are no asset rotation results in the first half, which compares with EUR 443 million of gains in the first half of 2025. And as a result, total EBITDA for ACCIONA Energía falls by 57%.

Between EBITDA and pretax profits, depreciation and financial charges were slightly lower than the previous year. We have also recorded a write-off of EUR 15 million of the Moura PV plant in Portugal, reflecting the end of its feed-in tariff period. And we have also provisioned EUR 21 million of restructuring costs. As a result of these extraordinary items, EBT for the period is 0.

Attributable net profit is negative EUR 18 million, but including the 2 asset rotation deals completed this month, ACCIONA Energía's net profit would have been closer to EUR 285 million. Net investment cash flow amounts to EUR 324 million, very similar to last year. The last year's figure was a combination of EUR 935 million of gross CapEx and close to EUR 600 million of disposals. So different in how or in the nature of the net investment cash flow.

Net debt at the end of the period stood at EUR 4.4 billion relative to EUR 4.2 billion at the end of December. And pro forma for the 2 asset rotation deals announced in July, it would have been closer to EUR 3.9 billion.

In terms of ESG highlights versus ACCIONA Energía, I would like to highlight following Scope 1 and 2 emissions despite the start of operations at the Logrosán biomass plant, thanks to lower fossil fuel use at other biomass plants and our CSP plant in Nevada as well as continued progress of decarbonizing our fleet. We have a strategy of replacing diesel with HVO across the company's vehicle fleet and have used it also in the cold start-ups of Logrosán.

It is also worth highlighting that the accident frequency index fell significantly to 0.13. And fortunately, there were no fatalities in the period. In terms of net debt evolution at ACCIONA Energía, operating cash flow amounted to EUR 160 million. Net investment cash flow, as discussed, amounted to EUR 324 million of cash outflow with no asset rotation proceeds in the first half. And financing and other cash flows are negative EUR 135 million with EUR 10 million of dividends paid and the rest mostly related to movements in FX and interest rate derivatives and IFRS 16 lease principal.

Switching to the operational review. On this slide, you can find the key drivers for our Spanish generation business. On the lower right-hand side, you can see the breakdown of price drivers with a notable decline in achieved prices in the market, reflecting -- reflective of lower pool prices and hedging providing some pickup, which has led to an achieved market price of EUR 50.6 per megawatt hour.

Additionally, regulatory income has increased materially in the current review period 2026 to 2028 as in the previous review period, no wind vintage was entitled to regulatory income. The effect of the banding mechanism is slightly negative as we amortize net regulatory receivables accumulated in previous reviews. Last year, we had a positive one-off in the banding mechanism that represented close to EUR 5 per megawatt hour.

All in all, the final average price in Spain we recorded fell from EUR 80.9 per megawatt hour to EUR 59.3 per megawatt hour, a decline of 27%. Achieved regulated prices are closer to -- close to EUR 87 per megawatt hour, while hedged and merchant prices were EUR 54 and EUR 47 per megawatt hour, respectively. Volumes in Spain fell by 9%, mainly due to asset rotation and underlying output was flattish.

With declining captured prices and lower output due to asset rotation, Spanish EBITDA from operation falls by just over 50% to EUR 83 million.

Moving to the international business. On this slide, I would like to highlight the flattish international average price of EUR 52.6 per megawatt hour, which is better than expected, particularly taking into account that the U.S. dollar has depreciated around 7% relative to the first half of 2025.

Chile is doing especially well despite lower output, thanks to very strong PPA margins in the supply activity, which is reflected in the average captured prices. International output grows by 12% to 8.5 terawatt hours and represents around 70% of total production. In absolute terms, this is growth of around 0.9 terawatt hours, driven by perimeter changes. That is new assets contributing 1.4 terawatt hours with MacIntyre, Juna, Aldoga and Tahivilla as the main contributors and an impact from disposals of 0.5 terawatt hours corresponding to assets sold in Peru and Costa Rica.

On the next slide, you can find the detailed breakdown of the contribution of different regions. EBITDA from operations in the international business grew by 5.8% to EUR 305 million, thanks to the contribution from new projects and better prices at constant exchange rate. FX, however, had a negative impact in the Americas, as you can see on the graph -- in the graph on the right-hand side corner of the page.

Turning to infrastructure. The first half of 2026 was characterized by strong execution across all businesses. Revenues increased by 12% to EUR 4.5 billion with 82% coming from OECD markets. EBITDA grew at the same pace, reaching EUR 384 million with solid performance across construction, water and concessions, while EBITDA margins remained stable at 8.6%. Before discussing the individual businesses, let me briefly explain our new way of reporting our backlog.

From this quarter onwards, we are representing -- or we are presenting a single design and construction and operations and maintenance backlog, which includes all D&C and O&M contracts across construction, water and concessions. We have also added the average contract life of this backlog, which at 30th of June stood at 2.6 years. And we believe this provides a clearer and more consistent view of the business and how we expect backlog to convert into revenues.

Under this new methodology, backlog stood at EUR 22.4 billion at the end of the half, remaining at record levels, broadly flat compared with December and despite the high level of execution during the period. It is not only worth highlighting the size of the backlog, but also its quality. Around 85% of the backlog incorporates contractual risk mitigation mechanisms, including collaborative contracts, contracts related to our own concession projects, price revision clauses and long-term O&M contracts. It is also well diversified both geographically, with a strong concentration in OECD markets and by type of solution.

Turning to construction. We achieved revenues of EUR 3.7 billion. That is an 11.2% increase year-on-year with stable EBITDA margin of 7.3%, reflecting the quality of the backlog, which I was just referring to. Geographically, there is an increased contribution from the United States, supported by works related to our own concessional assets in the SR 400 and the I-10 highways. And in Spain, which represented around 18% of our construction revenues in the first half of the year, we're increasing our focus on private sector projects. These represented the vast majority of the awards in the period, around 80% in H1 2026 versus 30% in H1 2025, incorporating higher quality and lower risk opportunities, mainly driven by data center projects.

In the water business, revenues grew by 15% to EUR 740 million and EBITDA by 12%. One important milestone of the first half has been the consolidation of our water business in Brazil with 4 recently awarded concessions, Pernambuco, Sanepar, Cesan and Paraíba, reinforcing a long-term recurring revenue platform serving 9 million people for up to 35 years and with EUR 4.6 billion of associated investment in total.

Moving to concessions. The portfolio remains young with 90% of it still under construction and therefore, with limited P&L impact today. Sales grew by 82% and EBITDA reached EUR 62 million, reflecting the commissioning of the Kwinana waste-to-energy plant in the second quarter of 2025, while EBITDA was up 13% year-on-year. Looking ahead, we continue to see a large universe of opportunities.

We have a pipeline of 66 identified greenfield projects, representing EUR 205 billion of total investment to be tendered in the near future in our key geographies. This includes the I-24 managed lane project in Tennessee and the I-285 project in Georgia, for which we have submitted final bids in July and expect awards in late August and October, respectively.

And in addition, ACCIONA was shortlisted for the I-77 South Express Lanes project in North Carolina. While the local planning authority canceled the project in May, they have announced that a new vote will take place in September on whether the project will go ahead or not.

Other major tenders expected for the next 12 months include the EASL transmission line in MISO in the U.S. for which we have already submitted a bid, the I-495 South Express Lanes and the I-285 West in Georgia. The New England REZ transmission line in Australia, the São Paulo Metro Line 6 extension in Brazil and the second stage of Northland Corridor Highway in New Zealand, among a few others.

Given how relevant our concessional projects have become for the group, and more importantly, how relevant we expect them to become in the next decade, let me spend a few minutes going into a bit more detail. We currently manage 80 assets in 12 countries, representing a total investment of EUR 39.6 billion, with 77% still under construction, that is including water and concessions. You can see on the slide that North America and Latin America represent around 3/4 of the total equity invested and committed in our portfolio.

Our concessional assets backlog, defined as the future concession revenues attributable to ACCIONA's stake in each project, increased by 40% to EUR 136 billion, which is mainly driven by the incorporation of the Pernambuco water concession in Brazil. If we were to also include preferred bidder projects, that is the Northland Corridor project and the Paraíba water concession project, the backlog would exceed EUR 140 billion. This portfolio is expected to generate approximately EUR 61 billion of dividends and cash distributions to ACCIONA over the next 49 years.

We have already invested around EUR 1 billion of equity and have committed a further EUR 1.9 billion through 2035, resulting in a total equity investment of close to EUR 3 billion. Importantly, this portfolio combines a balanced risk profile between financial and intangible assets, a strong weighting towards transport concessions and a broad geographical diversification across North America, Latin America, Australia and Europe. As you can see on this slide, these equity commitments are well distributed over the next 10 years with no significant concentration in any particular year.

Given our strategy of holding relevant but not necessarily controlling stakes in these large concessional projects, together with a typically long period between project award and the first equity funding requirements, we have considerable visibility and flexibility to plan for capital requirements in the coming years. Importantly, as presented on the slide, the equity commitments expected over the next 10 years are fully covered by the dividends and cash distributions generated by the portfolio itself, which highlights the self-funding nature of this platform.

With respect to Nordex, since the team presented results 2 days ago, I will not go into details. Let me, however, highlight that Nordex contributed EUR 354 million to ACCIONA's EBITDA, which is 30% higher than last year. And that included -- last year included significant provision reversals. Excluding these reversals, underlying EBITDA contribution to the group would have increased by 89%.

Moving to other activities. In Living, our real estate business revenues jumped by 56% to EUR 131 million, driven by a higher-value product mix in the first half of 2026 versus 2025. And EBITDA was up 74%. Our gross asset value stands at EUR 1.6 billion, largely unchanged versus 2025 -- December 2025.

Moving to Bestinver, and with this, I finish. Bestinver also performed well with assets under management growing by 8.5% to EUR 8.3 billion. And beyond its financial contribution, Bestinver is becoming increasingly strategic for the group as a vehicle with potential to channel third-party capital to co-invest alongside ACCIONA in selected greenfield and brownfield infrastructure projects.

And with that, let me hand it back to the Chairman. Thank you.

Thank you, Arantza and Jose. And just to close, I think it's clear that these results are on the right track to capture the enormous infrastructure opportunity ahead, infrastructure in the wide sense of the world, energy, transmission lines, data centers, transport, urban services and urban infrastructure and, of course, water.

With that, I will just say that we comfortably reiterate our outlook for the year, which, as you surely remember, was EUR 2.8 billion to EUR 3.1 billion in EBITDA, investment cash flow of EUR 2.2 billion to EUR 2.5 billion and net leverage below 3x net debt to EBITDA. As I say, we reiterate all 3.

So thank you very much, and now we move on to the Q&A session.

We have undertaken all questions, and let me start by passing on to Arantza, the first one, which is from Bank of America, Alexandre Braunshausen, who asks, from 2027 onwards and following the 360-megawatt wind sale, how much of your Spanish renewable portfolio will still be regulated? And when do remaining subsidies expire?

Yes. Thank you, Jose Manuel. So the bulk of our regulated assets are wind and biomass. The current wind regulated assets started its regulatory life in 2008, and we'll be exiting it from 2029 onwards progressively. As regards the biomass plants, the plants that were commissioned in 2005, 2010 and 2011 started -- have a 25 regulatory life, whereas the current biomass plant that is currently being commissioned, which is the Logrosán plant, will have 20 years of regulated life. This results in the following expected regulated production, which is for 2027 and 2028, 1.9 terawatt hours. For 2029, it decreases to 1.6 terawatt hours. And in 2030, it goes down to 1 terawatt hour. And progressively from then onwards, it will be decreasing as the assets [indiscernible] its regulation.

Very good. Jose, you take the second.

The second question coming from Oscar [indiscernible] and Jose Porta is around capital gains and underlying EBITDA from operations. Your guidance is EUR 1.2 billion, and the capital gains are already beyond EUR 300 million with EUR 1 billion of asset spending and 500 megawatts of new disposals. Does that mean that the capital gains would be much higher than EUR 300 million? And if so, do we maintain the target of EUR 1.2 billion of EBITDA in the guidance?

Firstly, I think it's important to mention that although asset rotation activity is backloaded in the second half of the year, we expect the capital gains or the EBITDA from asset rotation associated to transactions that have not yet been announced or not yet been signed to be not as significant as those that we have materialized in the first 2 transactions. They could add some EBITDA from asset rotation to the ones already secured but not as significant.

With respect to EBITDA from operations, the first half EBITDA operating results were affected by extremely high hydro output in February and low power prices in Spain as a result. We expect the second half of the year to be significantly stronger. We're seeing forward prices above EUR 100 per megawatt hour. And we will -- we also expect to have higher contribution from recently connected assets such as the Logrosán biomass plant and the progressing connection of MacIntyre. Therefore, we maintain, as we have said, our guidance -- total EBITDA guidance, and we believe that EBITDA -- we believe EBITDA from operations will also be stronger in the second half of the year, and we do not think it merits any revision of that target.

Thank you. The third question from Oscar Nájar at Banco Santander and Pablo Cuadrado, JB Capital, is about whether we expect the cash of the rotation transactions come in at 2026 effectively. And if -- should not -- should that not be happening within the year, if we would consider hybrids or any capital improvement measures involving maybe third parties?

Okay. There are, as you are fully aware, a number of transactions underway in negotiation that will likely be closed within the year. But of course, the year is a theoretical date. Transactions may take longer as a result of approvals or negotiations. But we do not foresee the necessity to undertake other ways of capital balance sheet enhancement. However, they would always be available, should they be needed.

The next question, Jose, you take that one.

The next question also from Oscar and Flora relating growth in ACCIONA Energía. The question is, it looks like an acceleration in 2027 beyond 1.1 gigawatts of new capacity. Will you need further disposals to keep net debt to EBITDA below 3x?

As we have communicated to the market, our medium-term growth target is to -- in ACCIONA Energía is to deliver between 1.0 and 1.2 gigawatts of new capacity per annum with between 0.4 and 0.5 gigawatts of asset rotation. So we -- the 1.1 gigawatt in 2027 will be right in the middle of that range. However, we do believe the company has the capacity to generate pipeline and projects -- greenfield projects well beyond that medium-term gross asset -- or gross new megawatt figure. If we were to do so, however, we would also need to rotate beyond the 0.4 to 0.5 gigawatts of asset rotation or run rate asset rotation target, of course.

The next question from Flora Trindade, Pablo Cuadrado and Beatrice Gianola from Mediobanca. Regarding asset rotation, can you provide more granularity on the remaining EUR 0.5 billion to EUR 0.6 billion of expected asset rotation proceeds this year, and how much visibility you currently have on signing versus closing?

We have several transactions advancing in different countries and different technologies, and we are negotiating -- we are in a negotiating situation. And therefore, anything that we say regarding these transactions and that is -- could be interpreted and could weaken our negotiating position. Therefore, we prefer -- we feel that we must be deliberately vague at this stage on how those transactions are progressing and what they entail in order not to weaken our -- or not to impact the potential transactions that we are working on. But we do reiterate the target, and we think we have sufficient flexibility to meet our leverage objectives by year-end.

Thank you. The next question is about MacIntyre. Arantza, could you please take that one?

Yes, sure. The next question comes from Pablo Cuadrado, JB Capital, and it's about the MacIntyre update. Can you update us in the situation about the commissioning and production of MacIntyre in Australia? Do you still expect to have all the megawatts commissioned by year-end and thus fully productive during 2027?

So regarding the commissioning process, MacIntyre has already passed hole point 4 and is now preparing to start the next hole point, which will start by mid-August. The blade repair works continue to progress as expected, and we are expecting to have around 80% of the capacity operational by year-end and the full capacity operational by the end of the first quarter of 2027.

And next, please.

Yes. So next question is also coming from Pablo Cuadrado, JB Capital. So -- and it's related to the Spanish production guidance.

So the guidance on consolidated electricity production in Spain has been cut to 8 terawatt hours from 8.5 terawatt hours, which is the main driver on the cut as a deconsolidation on weaker load factors. So our outlook for the Spanish production has not changed. The asset disposal that had been recently closed in Spain were fully incorporated in our full year assumptions and will not negatively affect the production -- the outlook of the Spanish production. And in fact, the -- on a like-for-like basis, first half of 2026 has been better in terms of production than the first half of 2025.

Okay. Question # 8. Jose, you take that one.

The question relates to the asset rotation deals announced in South Africa, Mexico and the U.S., which were supposed to close in the first half of 2026, but this has not finally been the case. What is driving the delay in closing these transactions? And is it linked to regulatory approvals?

In South Africa, we're making good progress. We have -- we are expecting to close in Q4 of 2026 with most of the CPs having already been achieved. As per the transactions in Mexico and the U.S. with Mexico Infrastructure Partners, the counterparty seems to be having some problems and some difficulty in meeting their commitments. However, we do have a number of alternatives on the table regarding these and other assets, which give us comfort that we will be able to achieve our targets by year-end.

Okay. So that's away with the questions on ACCIONA Energía. So we will undertake now the answers to the questions on ACCIONA. The first question comes from Flora Trindade at Caixa, Pablo Cuadrado from JB Capital Markets, Jose Porta from Kepler and [indiscernible] at ODDO. And it's about an update on strategic alternatives at ACCIONA Energía. What are the next milestones and decision points? Several funds have shown interest in acquiring the whole company. Do you still think this is an extremely unlikely scenario? Or you think the situation has changed after receiving the expression of interest from these funds? When do you expect to take final decision on the strategic review of ACCIONA Energía? Shall we expect a final decision during Q3?

It's a difficult question because, as you can imagine, ongoing negotiations -- well, we haven't yet started the negotiations because we only received the first signs of interest, but they will be ongoing in the next months. And therefore, I would be very uncomfortable with making statements on what the potential opportunities may be. However, I may -- just may say that there is a good set of -- there's appetite. There's a good set of opportunities of different types and different alternatives. And it's -- basically, I would say that it's too early to say. As for your very direct question of whether it's extremely unlikely, let me just say that it's unlikely, but it's definitely a possibility that could -- will be considered within the options.

Next questions come from -- next question comes from BofA, Alexandre Braunshausen. The 2 managed lane bid awards, when they will be awarded? What share would we be looking to keep in the consortium?

The 2 are being -- will be awarded in August and in October, the I-24 in August and the 285 in October. And we've also submitted a transmission line offer at MISO in, which will be awarded in Q4 this year. And the share in the consortiums is, in the case of the 285 and the I-24 is 1/3, is 33%, and in the MISO is 50%?

It's 1/3.

It's 1/3 or -- 1/3. We do intend to stay in the -- in our equivalent in the same percentage, at least until the operation of the concessions. So the maturation period will take a few years, and we do not intend to change our position in those assets in the short run.

You can take 3, Jose.

A question also from Bank of America regarding the reversal of provisions at Nordex. We have not -- you have not reversed any provisions from Nordex this time. How much is left in your books? And given good results and any potential guidance upgrade, could you reverse some provisions again in the full year?

Just a confirmation, we have not reversed any provisions in the first half of 2026, and the amount that is left on our books is negligible. We do not expect any further provision reversals in the second half.

Question #4 from Oscar Nájar. Good underlying infrastructure business. What can we expect going forward in concessions and water?

Well, as I mentioned, there will be very important awards coming in August -- coming or not coming, who knows -- in August and October. But whether we are awarded or not, there's a very strong pipeline. There will be new concessions coming in North Carolina, in Virginia. And there are -- we have the competitive skills to make us a very capable [ contendant ] to these projects. And yes, we are very bullish on the opportunities, but not only in concessions, in transmission lines, in data centers, in water projects. So in the next decade, I am very confident that these projects will be transformative for ACCIONA. Last week -- or today, I think -- it's actually today, we signed the Northland Corridor in New Zealand, which is the largest concession ever to be awarded in New Zealand. So our footprint and capabilities in each of those countries where we operate is demonstrating to be very effective and with enormous growth in each of them.

#5, you take that one, Jose.

Question #5 is around working capital levels. We know it is seasonal, but what are you expecting for the full year? It makes sense after a couple of positive strong working capital. Is it due to less down payments? It's a question from Santander, Oscar Nájar, and from Pablo Cuadrado.

The evolution of working capital reflects the seasonal pattern physical of our business, particularly in infrastructure. Of the EUR 857 million of outflow that we have reported in the first half. The breakdown is ACCIONA Energía contributes minus EUR 22 million; Nordex, EUR 271 million negative; and the rest of the group, the remainder, which is EUR 564 million, of which the majority is our infrastructure business.

Regarding Nordex, it is -- it relates to the high level of order intake in Q4 2025 that brought a lot of down payments from customers, as well as to more preproduction works this semester, which implies a working capital ratio, which is stable at minus 8.3%, in line with the guidance -- with the Nordex team's guidance of minus 9%. For the rest of the group, particularly infrastructure, the working capital movement reflects the consumption of advanced payments on major projects with strong execution in the first half of 2026, particularly Western Harbor Tunnel, the Central West Orana project, and while the advanced payments with -- from recently awarded projects are pending. We expect in the second half, as is usually the case, to -- for cash generation to be stronger, and therefore, we expect full year 2026 working capital to improve in line with previous years.

Question #6 from -- Flora Trindade at Caixa Banco asks, in Slide 22 of the presentation, you include EUR 280 million of perimeter changes and others. Can you please provide more granularity on this outflow?

Jose, you want to take that one?

This relates -- the main element within this line relates to the EUR 200 million -- or EUR 200 million of this EUR 281 million to the modification of the settlement mechanism for the derivative on the -- of ACCIONA's own shares, the parent company shares, as well as principal repayment under IFRS 16 and a few other changes. But the main element is the settlement mechanism for our share buyback program, which represents EUR 200 million of that figure.

Thank you. Next question also from Flora on data centers. We have mentioned in the past that our current development capacity linked to data centers stood around EUR 800 million -- sorry, 800 megawatts. The question is how much of this could you believe -- do you believe could be monetized within the next few years?

Frankly, our pipeline in different stages of development is more like 2 gigawatts -- over 2 gigawatts, definitely in different stages of maturity and in different countries, in Brazil, in the U.S.A., in Chile, in Spain, in Italy and in the Philippines, other countries where we have a pipeline. However, the probability of monetizing these assets within the next 24 months, I would say, is limited. As you are aware, we will try to bring these assets to maturity and to brownfield, and that will probably be when the right moment for monetization. But that will not be -- I wouldn't expect that to happen within the next 2 years. I'd say, it's too soon. July 2028, I think it's early for monetizing.

Next question on Vertical Earth. Can you take that one, Jose?

The next question is on the Vertical Earth acquisition. Could we share more details? Does this contractor have similar levels of profitability as ACCIONA's construction division? And how important is it for our U.S. operations?

To the first part of the question, yes, Vertical Earth is a profitable company, a small company, but we think a very high-quality company. In terms of investment, it is not very relevant in the context of ACCIONA's CapEx -- total CapEx for the year, but it is extremely relevant in terms of strategic fit and strategic purpose in the U.S. over the next many years as we build out our self-performance capabilities in the country with the upcoming pipeline of significant projects, particularly in the Southeastern states of the U.S.

Okay. Next, Jose?

Next question is regarding the gain from our instruments linked to the equity swaps. Is the EUR 42 million gain from fair value instruments linked to the financial settlement of the equity swaps?

That is correct. We have changed the liquidation mechanism to a physical settlement. And therefore, the positive P&L reflects the valuation at market value up to the date where the settlement mechanism was changed and is fixed at that point, which represents that EUR 42 million gain that is reflected in our P&L this half.

Thank you. The next question from Fernando Garcia at RBC is about divestment in Nordex. Let me reiterate that we are a stable shareholder. And Nordex is a strategic asset for ACCIONA. It is doing, as you are undoubtedly aware, very, very well, and particularly now that is also growing strongly in the U.S. And our involvement in the industry spans more than 25 years. So we do not see Nordex as a temporary investment, very much on the contrary, as an industrial holding, not a financial holding. And the recent share performance has not changed that view.

Next question from Fernando Garcia also. It's corporate action on concessions or Bestinver.

We are -- I suppose, linking Bestinver and the concession sector, you mean to ask what's the role of Bestinver in the concession scope. We are, as I mentioned, normally investing as a -- with financial investors in our concession business. And we believe there's a position -- there's a role to play for Bestinver in that as a general partner in some of those projects in the greenfield and eventually in the brownfield part of those projects. So yes, we believe there's an important role for Bestinver in the concession business, in the infrastructure development business in the coming years.

Next question from Jose Porta...

So next question from Jose Porta at Kepler is around construction margins. Construction continues to deliver comfortable margins above historical averages. To what extent do you believe 7% EBITDA margin reflects a structurally better quality backlog versus simply favorable project execution?

I think it reflects both things, undoubtedly having a high-quality backlog with, as we have explained, 85% of the contracts having some sort of risk mitigation clause, whether it is projects for our own concessions or projects with price revision clauses or projects with -- collaborative projects or O&M projects -- O&M contracts. That is undoubtedly an important factor, but good execution is also an important factor. But if you have a tough contract with bad execution, or a bad contract with good execution can still go wrongly because unforeseen things can happen. If you have a good contract and good execution, that is more unlikely to happen. So that is -- I think it is a bit of both.

Thank you. And the last question is from Jose Porta at Kepler. And it's an interesting question, difficult to answer. Assuming the asset rotation program is completed as planned and leverage moves comfortably below 3x, how should we think about capital allocation? Would incremental cash be directed towards accelerating renewable growth, increasing concession investment or increasing shareholder returns, or I suppose all of the above?

Difficult to say, Jose. It depends on a number of variables. It depends on the quality of the projects, of the pipeline we come across in the coming years. It depends on balancing out the sectors. It depends, of course, on the degree of comfort -- of comfortably -- when you say comfortably below 3, if it's very comfortably below 3, then maybe a portion will be allocated to shareholder returns. So I can't really advance what our policies there will be other than we will try to balance out the interest of all our stakeholders, all our -- the different time lines, so maybe investment, if it's good opportunities, immediate return in shareholder return and dividends. It is too open a question to give you a specific answer. But in any event, it will be a very high-class problem.

So thank you very much, and I look forward to seeing you. And of course, we are open to answering all the remaining questions and any clarifications you may need directly, and look forward, as I said, to our next results presentation at beginning of 2027. Thank you very much.

Good morning, ladies and gentlemen. Welcome to the ACCIONA's 2025 Results Presentation. Let me first introduce my colleagues. On the table to my left: Arantza Ezpeleta, CEO of ACCIONA Energia; to her left Raimundo Fernandez Cuesta, Chief Financial Sustainability Officer at ACCIONA Energia; to my right, Jose Angel Tejero, Chief Operating Officer at ACCIONA; and to his right; Jose Entrecanales, CFSO, Chief Financial and Sustainability Officer of ACCIONA.

Before reviewing the performance of each division, let me briefly frame the environment in which we're operating. It is a volatile and fragmented context with shifting trade dynamics and technological anxiety. Governments continue to prioritize energy security, climate adaptation and investment in critical infrastructure, which translate into a stronger, more investable pipeline across our core business. Infrastructure including energy, of course, is no longer only about development. It has become a cornerstone of competitiveness and resilience. Energy security, cost and availability are the main constraints to industrial and technological development, while water and transport are critical in helping societies withstand climate-related disruptions and sustained growth.

This is not a cyclical rebound but a structural shift. Rapid urbanization, accelerating electrification, digitalization and the renewal of aging assets are converging into what may be described as a global infrastructure super cycle. Estimates suggest that closing the global infrastructure gap will require several trillion dollars per year through 2040 across our main strategic segments, energy, transport, water and social infrastructure. At the same time, public budgets are constrained while private capital continues to seek long-duration derisked opportunities, supporting infrastructure as a mature and attractive asset class.

ACCIONA is one of the few players with an end-to-end platform spanning development, engineering, construction, operation and long-term ownership across multiple infrastructure and energy solutions. This is already translating into strong results and record backlog visibility.

2025 was a good year, where we achieved record EBITDA of EUR 3.2 billion, representing a 31% year-on-year increase and exceeding the EUR 2.7 billion to EUR 3 billion target range set at the beginning of the year. This was driven primarily by a very strong performance of Nordex, together with a solid contribution from our Infrastructure division and the successful execution of our asset rotation strategy. In this regard, ACCIONA Energia to be a structural pillar of the group, generating EBITDA of over EUR 1.5 billion.

Our infrastructure aggregated backlog exceeds EUR 120 billion with a particularly strong increase in future concessions, driven by managed lanes in the U.S. and is expected to grow further in the coming months following the pre-award of a 35-year water sanitation concession in Brazil. In energy, fundamentals remain supportive. Electricity demand is rising. Energy security is now a political priority. And what was once a green premium is increasingly becoming a green discount as renewables combine lower LCOE, levelized cost of energy, and less fuel price volatility than fossil generation in many markets.

ACCIONA Energia has an approximately 22 gigawatt pipeline, while Nordex reached an all-time high backlog of EUR 16 billion, positioning the group to capture demand selectively and profitably while providing a clear example of how structural demand is translating into tangible results.

The same demand for wind continues to be structurally supported by electrification, rising global power consumption, repowering mature markets and the growing strategic imperative for secure, locally sourced and independent energy supply, which more than offset somewhat weaker climate policies, particularly in the U.S. And the numbers back it up. Global wind turbine order intake reached 215 gigawatts in 2025, which is the second highest level ever recorded. In this context, Nordex is today the undisputed leader in Europe with almost 50% market share and the second largest global wind turbine manufacturer outside China. But let's not forget, Chinese competition is harsh and not always playing by the same rule book than European or Western manufacturers. We need to bear that in mind when protecting and promoting our few industrial champions.

Those structural tailwinds continue to support our renewables platform, ACCIONA Energia. In 2025, we met our EBITDA target for the year and delivered strong progress in value crystallization with asset rotation transactions totaling EUR 3.2 billion and approximately EUR 900 million in capital gains since we launched our rotation program in 2024. Electricity demand is increasing well above historical averages driven by electrification, data centers, artificial intelligence, electric mobility and the reshoring of industrial activity.

Renewables are indeed the cheapest and quickest to deploy source of new power in many markets. Improving storage economics are expanding the bankability of hybrid solutions and supporting more dispatchable renewable energy, reinforcing energy security and long-term investment effectiveness. This momentum is translating into tangible progress across our pipeline. We secured awards in PPA auctions in the Philippines and Italy. We reached financial close on 2 wind projects in South Africa with strong returns and improving battery economics enabled and attractive large-scale storage project in Chile. Beyond storage, we are actively advancing opportunities in repowering and data centers, strengthening the quality and optionality of our development pipeline and as always, prioritizing profitable growth.

Despite the combination of extraordinary effects, including weaker-than-expected resource, some COD delays and the accelerated execution of our asset rotation, which resulted in a lower EBITDA contribution from the assets sold during the year, overall, our energy business performance was resilient. And we strengthened our portfolio quality, the visibility of our results while deleveraging and maintaining our credit ratings. Looking ahead, our strategy continues to evolve from capacity buildup to a more selective growth strategy. 1.3 gigawatts of projects already are committed until the end of 2027 while crystallizing value through asset rotation.

Turning to Infrastructure. Population growth, as I was saying, urbanization, decarbonization and aging assets in general continue to drive demand across transport, water and social infrastructure. In this environment, the market favors integrated, technically led partners with proven global execution capacity, rigorous risk control and balance sheet strength. ACCIONA Infraestructuras performed strongly in 2025 with the largest project pipeline in its history. Construction maintained solid profitability with margins between 6% and 7% and around 80% of the order book with risk mitigation clauses supporting our healthy outlook.

We achieved key milestones across our priority markets. As in North America, we reached the financial close of the SR-400 Managed Lanes project in Atlanta, and we were awarded the Eglinton Crosstown West light rail Extension in Toronto under a collaborative contracted model consistent with our disciplined risk approach. In Australia, we reached financial close of Central West Orana and continued progress in the Western Harbour tunnel, reinforcing the scale and complexity of our platform. In Latin America, we advanced flagship projects such as the Line 6 in the Sao Paulo Subway Grid and expanded our concession portfolio in Peru.

Water also made very strong progress with EBITDA growing 50% in the year, driven by the efficient and faster-than-expected execution of key projects such as the Collahuasi and Casablanca desalination plants that's Collahuasi in Chile and Casablanca in Morocco. In Brazil, in sewage and water, we continue to build a strong platform with a pre-award of the Pernambuco concession alongside additional awards that reinforce the country as a strategic market for our Water business. Taken together, these results confirm our ability to translate structural demand into delivered complex projects, supported by disciplined execution and rigorous risk management.

Other businesses also delivered solid progress with Bestinver managing EUR 8 billion in assets, supported by positive net inflows and continued progress in the alternative asset portfolio and top-tier investment performance. In Real Estate, we continue to rationalize our capital employed asset classes and geographical focus, while delivering record returns. Silence, while still far from breakeven, increased its unit sales by 41% in 2025 and continue to lead its categories, both in electric scooters and micro cars.

Our Services business has reached a record level of activity, delivering all-time highs in both sales and margin contribution. In an environment where skilled labor in the Western economies is becoming increasingly scarce and costly, a trend that I expect will continue to intensify. Our services platform, with a workforce of more than 20,000 employees, provides a significant competitive advantage serving not only our own projects but also acting as a trusted workforce partner to third parties across multiple sectors and regions.

In summary, demand for our assets and for our solutions remains very strong. We operate at the heart of structural trends, supported by an integrated platform, record backlog visibility and the capabilities required to convert opportunities into sustained long-term value. With that overview, let me now hand over first to the management team of ACCIONA Energia, followed then by the rest of the group, who will take you through a detailed operational and financial performance of '25.

Thank you very much. Arantza, please.

Thank you, Jose Manuel. Good morning. 2025 has been a year of good progress across many fronts, particularly on asset rotation, credit rating protection and preparing the company for a new and more balanced period of growth. On the less positive side, output has been much lower than expected due to the ramp-up of new capacity, lower wind resources on markets and some asset rotation deals closing ahead of the schedule. This has translated into EBITDA from operations somewhat below our initial targets.

The priorities we set for 2025 were aligned with our strategic adaptation announced in early 2024 around a more flexible and sustainable growth pace, asset rotation as a new business and source of funding and the protection of our investment-grade credit profile.

With respect to asset rotation, our target for the period 2024-2025 was to deliver EUR 3 billion of disposals in total. In 2025, the objective was to complete the sale of the hydro assets to Endesa signed at the end of 2024 for around EUR 1 billion and agree and complete another EUR 1.5 billion to EUR 1.7 billion worth of additional transactions. All of this was oriented towards reducing our leverage and stabilizing the credit ratios within investment-grade threshold as well as generating significant P&L gains and show through the value of our asset base. In 2025, we signed incremental transactions of EUR 1.9 billion, two of which will close in 2026. Overall, disposals completed during the year amount to approximately EUR 1.8 billion, including the sale of the hydro assets to Endesa signed at the end of 2024.

The impact on our headline net debt was EUR 1.1 billion when we take into account the debt that was already classified as held for sale at the end of 2024. EBITDA from asset rotation in 2025 amounted to just over EUR 600 million. All in all, that is EUR 3.2 billion of disposal during the last 2 years generating approximately EUR 900 million in total gains. The only caveat is that the U.S. Mexico transaction with Mexico infrastructure partners and the sale of our interest in our two South African operating assets will close in 2026. The timing of these 2 transactions has resulted in net debt at year-end not fully reflecting the huge effort made on the asset protection front.

Both rating agencies, DBRS and Fitch, maintained their investment-grade ratings. This was another key target for the year. Still Fitch moved its outlook from stable to negative, reflecting the delay in materializing the disposal proceeds and the somewhat weaker cash flow due to the low output. This is something we will address in the current financial year.

The other key chapter in our priority list was the addition of close to 1 gigawatt of new capacity during the year and the commissioning of approximately 2 gigawatts of capacity constructed the year before, reducing our work in progress. Here, we installed 532 megawatts of new capacity, having decided to put on hold construction of 2 U.S. battery storage projects representing 400 megawatts and which were expected to add 350 megawatts in 2025.

Key highlights here include the completion of Tahivilla, our second wind repowering project in Spain, the construction of our 50-megawatt biomass plant, Logrosan, the completion of Aldoga PV in Australia, Forty Mile wind in Canada and progress in the construction of Pedro Corto in the Dominican Republic. We are somewhat down on our adjusted target of 300 megawatts of new capacity a year without the U.S. battery projects due to the slower progress on Kalayaan II in the Philippines and Pedro Corto in Dominicana.

On the commissioning side, the ramp-up phase has proven more complex and difficult than expected, particularly in MacIntyre. The initial contribution from these assets has fallen significantly short of our expectations as a result. We have faced technical problem in some assets like MacIntyre, Forty Mile and a faulty transformer at Juna in India and several climate-related events. Most issues have been already resolved, and we will work through the rest over the course of 2026.

Commissioning of the Logrosan biomass plant is underway and MacIntyre is undoubtedly our biggest task for the year. MacIntyre has been going through the complex outselling grid compliance process with many whole points to pass. And recently, that issues have surfaced that we believe are related to damage costs during transport. We have already started to repay the first test of blades while we continue with inspection across the wind farm to assess the full extent of the problem, and we are also developing a recovering plan. And our objective would be to commission the plant in full by year-end.

In summary, the slow ramp-up, together with a low wind results in some markets and the closing of asset rotation transactions ahead of schedule have resulted in consolidated production of 24.4 terawatt hours, and EBITDA from operations below our target even if average capture prices of EUR 62 per megawatt hour were higher than expected, thanks to Spain.

A very healthy level of capital gains from asset rotation of more than EUR 600 million has resulted in satisfactory total EBITDA above EUR 1.5 billion within the range we set at the beginning of the year. Finally, in our priority list, we also wanted to secure a good set of development opportunities to fuel our growth in 2026 and provide as much visibility as possible for 2027. We think 2025 has been a good year for us on this front with 1.3 gigawatts of projects under FID, with FID under construction already or soon going into the construction phase.

On the next slide, you can find a summary of the main asset protection figures for the period 2024 and 2025 for your reference.

Let me move to the next slide. In this slide, we have laid out where we see the main opportunities and priorities for the year. On the opportunity side, we see a gradual acceleration in our growth with around 700 megawatts of expected capacity additions in the year relative to the 500 megawatts the year before. This is part of the current batch of projects with FID currently under construction or about to start, which add up to over 1.3 gigawatts of capacity to be installed during this year and next. During the last 3 months, we have been revisiting our project pipeline and reevaluated our development strategy. I will cover the new development strategy and some delays in a minute.

On the priorities, a key objective for the year is to regain our stable outlook with Fitch ratings, and we have next 10 months or so to achieve this target. Critical for this objective is to close the transaction that were announced at the end of 2025, the U.S., Mexico deal and the sale of the South African assets, but also signing and closing an additional around EUR 1 billion of disposals, taking the total debt reduction from rotation to around EUR 2 billion. We're going to put a strong focus on the delivery of the projects under construction on budget and schedule. The full commissioning of MacIntyre and other assets like Logrosan are very high on our priority list.

With respect to Southeast Asia, we acquired the majority of The Blue Circle last summer, and our key focus is on the Philippines with 2 assets under construction and a development pipeline including offshore wind awaiting for coming up auctions and PPAs opportunities. We are constructing wind in Thailand and facing regulatory challenges in Vietnam.

Efficiency is also an important part of our focus in 2026 with a plan to cut corporate overheads in a material way. We are also reevaluating some of our nongeneration businesses from a strategic and financial perspective apart from the new plans that we have for the energy services activity. We're also considering selected opportunities to invest in battery storage. In Chile, we are about to start construction of the Malgarida, 200-megawatts, 5 hours battery and have the rest of our PV plants to consider hybridizing with returns that look very attractive, given the reduction in the battery storage CapEx cost and the night and day price different sales and capacity payments and curtailments faced in the North of Chile. On the repowering, we continuously review the older section of our asset fleet for opportunities without estranging from our core and distinctive life extension strategy.

In the next slide, I want to briefly talk about the streamlining of our development pipeline and our new strategy for the development activity. With respect to the pipeline, we have optimized our development pipeline to 20 gigawatts. It builds upon high quality of projects, geographical and technology diversification and aims at preserving ample flexibility to adapt to quickly changing trends in markets and growing renewable energy saturation. This pipeline, we believe, is an excellent base from which to build upon under new strategy for development activity.

Our aim is to attain a level of 1.8 gigawatts of investment opportunities per annum over time, whether these opportunities are for our own book or for third parties. This should allow for ACCIONA Energia to extract full value from its development footprint and expertise and provides the opportunity to maximize early stage development and greenfield opportunities independently of ACCIONA Energia investment capacity or strategy at any given time. And besides, if we have more capital, we can fully utilize this development capacity for ourselves.

In the next slide, you can see the projects that we will be delivering capacity during 2026 and support further growth acceleration beyond 2026. These projects totaled 1.3 gigawatts and have contained FID with a strong return expectations at the upper part of our spread over WACC thresholds. We've tied and succeeded in recent government auctions in Italy and the Philippines: a 20-year Italian state contract for differential with no curtailment support the construction of Panbianco and Benante PV plants. On the Philippines green energy auction, also with 20-year contracts, we'll give visibility to Kalayaan II wind projects and Daanbantayan solar PV.

We have also managed to structure one of the first set of private wind energy PPL base in South Africa with Zen and Berg River, which recently completed a lengthy and complex financial process. The Promina PV plant in Croatia is starting its construction and is supported by a government 12-year PPA award at the 2024 auction. In the Dominican Republic, the Pedro Corto PV plant is underway, also covered by a 15-year PPA with one of the local distribution companies. And finally, we are back to investing in Chile with the 1,000 megawatt hour battery storage project at our Malgarida PV site that I was referring before, which expect to deliver double-digit project returns and an excellent fit within our generation portfolio risk profile in Chile.

All in all, without wanting to sound overly optimistic, we detect some improvement in investment conditions for renewable energy as long as you have the ability to move fast from a market to another and are happy to discard projects that are subpar. We have also renegotiated a number of PPAs related to a project under construction and 2 development projects, resulting in a satisfactory and balanced outcome for all parties. Challenges remain. This is intrinsic to our business, and we will have to control increase in module prices resulting from Chinese changing government policies and constructing some of our projects in more complex locations, like Southeast Asia.

And with that, let me now hand over to Raimundo.

Thank you, Arantza. I wanted to start with our priorities in terms of leverage and credit ratings. In this next slide, we show you our indicative uses and sources of funds for 2026. We expect to generate around EUR 0.5 billion of operating cash flow, and we target proceeds from asset rotation of EUR 2 billion. With CapEx below EUR 1 billion and very limited dividend distribution this year, we target reducing debt by around EUR 1.5 billion, which would allow us not only to protect our ratings but to return to stable outlook with Fitch, which, as Arantza just said, is one of the key priorities we laid out for the year.

In terms of asset rotation, as discussed, we're expecting to close the South Africa and the joint U.S. Mexico asset deal during 2026, which will bring around EUR 900 million of incremental debt reduction, and we plan to agree and close another EUR 1 billion or so in new asset rotation transactions during the year. These additional transactions are already in the market or we are preparing to launch several others to ensure we have good headroom and flexibility to deliver the targeted amounts. We are considering assets both in Spain and abroad across different technologies and transaction structures, whether this is outright sales or minority partnerships.

With respect to CapEx, we estimate it will amount to around EUR 900 million, which compares to EUR 1.4 billion in 2025, which also included a significant net CapEx deferrals, including the payment for the Green Pastures wind farms acquired at the end of 2024. In 2026, there is limited net CapEx deferral as levels of activity have moderated and investment converges more closely with capacity additions.

CapEx related to projects under construction should be somewhere between EUR 0.5 billion and EUR 600 million or so. This is what is committed. We're budgeting another EUR 200 million or so for new projects for '26 and '27. So this is projects that don't have an FID yet, but we're assuming that we will have FID by year-end and start spending some CapEx. And this is over and above the 1.3 gigs that we already have committed. And apart from CapEx related to identified and yet to be approved projects, there is investment in the development pipeline as well as in energy services, EV charging networks, IT and other.

So let's move to the next slide with the 2025 results highlights. Consolidated capacity fell by 5% from 13.6 gigs to 12.9 gigs with capacity additions of 0.5 gigawatts and asset disposals of 1.25 gigawatts. Revenues are down 4% to EUR 2.925 billion, of which EUR 1.5 billion correspond to generation revenues, which fell 8% year-on-year on lower average prices at EUR 62 per megawatt hour. This was down 10% year-on-year and consolidated output of 24.4 terawatt hours, which is 2% higher than the previous year.

Total EBITDA reached EUR 1.546 billion. This is 38% higher than the previous year. EBITDA from operations is down 11% to EUR 932 million, while EBITDA from asset rotation amounted to EUR 614 million. This compares to EUR 73 million in 2024. The rotation gains correspond for the most part to the Spanish hydro and wind disposals completed during the year.

Profit attributable to the shareholders of ACCIONA Energia reached EUR 655 million. This is up 83% year-on-year. In terms of cash flow and net debt, net investment cash flow amounted to EUR 372 million with CapEx of over EUR 1.4 billion compensated with approximately EUR 1.1 billion of asset rotation proceeds. Net debt stood at just under EUR 4.2 billion. This compares with EUR 4.1 billion at the end of the previous year with debt associated to assets held for sale at the time of EUR 821 million. These assets have been sold already, and the net debt held for sale at the end of 2025 is just EUR 50 million. So there is a very significant reduction in underlying net debt.

Moving to the ESG results and highlights for the year. I would highlight that 100% of the CapEx continues to be aligned with the EU Taxonomy. On the environmental side, our Scope 1 and 2 emissions have fallen by 12%, reflecting, in part, our efforts to decarbonize our vehicle fleet through electrification and use of HVO. We have avoided also significant new emissions by using HVO in the Lograsan biomass plant, which was firing its boiler to clean and test it.

We have also reduced 100% of slag and ashes from our biomass plants, this is the primary source of our waste, and this represents almost 85% of what we do. With respect to social, we are pleased to report no fatal accidents, whether our own employees or contractors. And the frequency index stood at 0.37, which is below our 0.4 target for the year.

On the next slide, on summary of investment, you can find the detail of our investment during the year, EUR 1.4 billion, as we discussed, including EUR 505 million of net CapEx deferrals including the price for the Green Pastures wind farms acquired the previous year as well as the tail end of payments for projects such as Aldoga, Forty Mile and MacIntyre.

Investment has been concentrated in North America; also in Australia, Aldoga and MacIntyre as mentioned, the Tahivilla and repowering in the Logrosan biomass plants in Spain; and elsewhere, we have the Juna plant in India and Kalayaan II in the Philippines as well as the acquisition and consolidation of the other half of The Blue Circle joint venture in Southeast Asia that we did not own.

On the next slide with the net debt evolution. With respect to the cash flow movements that drive net debt, here, we show operating cash flow of EUR 373 million, net investment of EUR 372 million, which is made up as discussed of EUR 1.1 billion of net disposal proceeds and EUR 1.4 billion of CapEx. Dividend last year amounted to EUR 143 million. And all of this resulted in EUR 4.2 billion of net debt at year-end.

It's important to highlight the reduction in debt associated to work in progress, which stood at EUR 1.8 billion at the end of '25. And here, MacIntyre represents around EUR 1.1 billion of work in progress, and Logrosan plant which has been commissioned right now, that is another EUR 190 million. So as these assets come online, we expect a further significant reduction in work in progress.

Moving to the operating results of the Spanish and International fleets, starting with Spain. In this slide, you can find the revenue drivers for the Spanish business. Volumes fell by 24%. This is mostly the result of the hydro asset disposal in late 2024 and early 2025. Disposals in Spain detracted more than 2.2 terawatt hours of output, and we also had lower wind resource, which meant a reduction of 0.5 terawatt hours relative to where we should have been. Merchant output represented 165 gigs of consolidated production.

In terms of prices, the average recorded price amounted to EUR 76.7 per megawatt hour. This is flat year-on-year and higher than we expected initially. We have particularly good covariance in 2025, including very high capture prices in the hydro output while we had these assets with us and also in the wind perimeter. And also, the regulatory accounting contributed more than expected, including some EUR 20 million of positive one-offs in the banding mechanism.

You can see that hedging is less of a driver as our short-term and long-term hedges have converged to prices more consistent with the current power price environment. Whereas last year in 2024, we still benefited from short-term hedges closed in the tail end of the energy crisis at more than EUR 90 per megawatt hour.

In the next slide with the Spanish operating results. Revenues in generation fell by 24% to EUR 648 million. In this slide, you can see generation EBITDA of EUR 341 million, down 26.6%, and total EBITDA from operations at EUR 327 million relative to EUR 443 million the previous year. In the chart, you can see how EBITDA was impacted primarily by the loss of output and contribution from the large asset disposal transactions and, to a lesser extent, by the lower output on a like-for-like basis. Including asset rotation gains, EBITDA in Spain reached EUR 933 million, which compares against EUR 504 million the previous year.

On the next slide, on the International revenue drivers. Output increased by 26% to almost 16 terawatt hours, principally due to new capacity in operation, which added 2.6 terawatt hours of production. And this is some improvement in output as well in the existing operating asset base during the year. Key growth assets include Forty Mile, Green Pastures, Union and Red-Tailed Hawk in North America. This is the region which shows the largest increase in output, and MacIntyre and Aldooga in Australia, which increased its output by more than 80%.

In terms of prices, average capture prices fell by 12% to EUR 54.1 per megawatt hour with lower prices in most regions, particularly the U.S. and Australia, which saw very high prices in 2024. The underlying performance of Chile is very good. As last year, the average price contained extraordinary recovery of PEC tariff deficits for around $40 million embedded in that price. So the underlying performance is quite good, actually. International generation revenues increased 10% by EUR 862 million.

And on the last slide in the ACCIONA Energia section, international operating results. Generation EBITDA increases by 5.6% to EUR 605 million, better output and contribution from the new assets, and we had negative impact from FX. In terms of the key geographies that are notable, we have the U.S., which grows on the large increase in new capacity, and that is despite the lower prices. Mexico grows on better prices and output, and 2024 production was very weak.

Chile has performed well, again, taking into account extraordinary PEC revenues of $40 million in the previous year. Output was poor, but we have seen better PPA margins and slightly higher injection prices in PV. Australia improved, thanks to the large increase in volumes and despite lower prices, but should have been better. While Aldoga reached COD ahead of schedule, MacIntyre was behind us as discussed.

And this concludes the review of ACCIONA Energia operating results, and let me hand over to Jose Angel Tejero.

Thank you, Raimundo. We will now turn to present ACCIONA 2025 results. Starting with Infrastructure, 2025 has been another year of solid execution across our core activities, supported by a healthy backlog and a clear strategic focus. In Construction, profitability has been maintained at solid levels, reflecting a strong focus on OECD countries, contracts with appropriate risk-sharing mechanisms and an execution model that prioritizes predictability and margin protection. This allows us to convert backlog into earnings with high degree of visibility even in a volatile macro environment.

Turning to Water. EBITDA has grown to close to 50% compared to last year, being one of the standout contributors in 2025, reflecting both operational leverage and an efficient and faster-than-expected execution of several key projects. In December, we have been selected as preferred bidder for a major contract in Brazil, the Pernambuco project, which further strengthens our positioning in this market and supports future growth.

In Concessions, 2025 marked an important milestone with the signing of our first managed lane project in the United States, the SR-400, as well as the Central West Orana transmission line in Australia. These are highly relevant steps, not only because of these project themselves, but because it validates our integrated construction plus concession model. Our ability to structure, finance and operate complex assets and our ambition to grow selectively in markets with loan duration and stable cash flows.

Looking ahead, our priorities for 2026 are very clear, to maintain profitability in Construction, to start operations of relevant water contracts as the first segment of Line 6 in Sao Paulo and to continue advancing transmission lines in Australia and Peru while exploring new opportunities in other markets and to remain highly active in management opportunities in the U.S. with 2 tenders expected next year.

Going to the next slide. Moving to Nordex. 2025 marks a very strong year with both financial and operational targets achieved or even exceeded, including the medium-term margin target ahead of our schedule. Nordex continues to strengthen its competitive fair position, increasing market share and consolidating its leadership in Europe, where it is now the #1 player with a 48% market share and ranking second globally excluding China. This performance highlights the strength of our product offering, execution capabilities and customer relationships.

A key driver of stability and visibility is the service business in Nordex. Service backlog has reached already EUR 6 billion, setting a solid foundation for stable recurring growth. Nordex has now 48 gigawatts under active service with an average contract tenor of 13 years and availability rate of over 97% in the fourth quarter, reflecting the quality and reliability of the fleet under management. Looking ahead to 2026, the focus remains on maintaining financial flexibility supported by strong balance sheet and ample liquidity, while targeting an EBITDA margin between 8% to 11% on sales of EUR 8.2 billion to EUR 9 billion.

In addition, Nordex has introduced its first shareholder remuneration policy, targeting a minimum annual shareholder return of EUR 50 million to be delivered either through dividends or share buybacks and always subject to regulatory approvals, capital structure priorities and stable market conditions.

Moving to the next slide and looking at other activities, mainly Bestinver and Real Estate. I would like to briefly highlight the performance of these two activities. Starting with Real Estate, 2025 has been an excellent year. We delivered 1,244 units, beating the guidance and continuing to optimize our portfolio through the disposal of nonstrategic land plots and the office building in Madrid. This performance has resulted in a record EBITDA of EUR 84 million. Looking ahead to 2026, our priorities are to maintain annual deliveries between 1,000 to 1,200 units, continue optimizing the land bank through selective disposals and pursue targeted investments aligned with our long-term strategy.

In Asset Management, Bestinver has delivered a very strong year, maintaining an excellent performance in its liquid funds with a total year assets under management of EUR 7.7 billion. And Bestinver Bolsa has ranked as Spain top-performing equity fund in 2025 with 58% return. Looking at our 2026 priorities, one of our key initiatives is the planned launch in 2026 of our first fixed income fund for institutional investors in Luxembourg, which will further broaden the product offering and support growth.

And with that, I will now hand over the floor to our CFO, Jose.

Thank you, Jose Angel. Good morning, everyone. Let me walk you through ACCIONA's financial results for the full year 2025.

Starting with the key financial highlights. We delivered solid full year 2025 results, beating guidance across the main metrics. EBITDA increased by 31%, profit before taxes by 82% and attributable net profit by 90%, primarily driven by the results from asset rotation in ACCIONA Energia, strong performance of Nordex and together with a solid contribution from the Infrastructure business. EBITDA contribution was well balanced across activities with 48% coming from ACCIONA Energia, 25% from Infrastructure and 23% from Nordex, reflecting the good diversification of the group.

Net investment cash flow amounted to EUR 1.1 billion, supported by a reduction in ordinary CapEx to EUR 2.25 billion compared to EUR 2.8 billion in 2024 and EUR 1.1 billion in proceeds from asset rotation in ACCIONA Energia and a positive net cash flow contribution of around EUR 110 million from property development. As a result, we closed the year with a robust balance sheet and a significant reduction in leverage with our net debt-to-EBITDA ratio declining from 2.9x in December 2024 to 2.2x at the end of 2025, which is well ahead of our target of remaining below 3.5x.

With regards to nonfinancial results. Our total workforce increased by 3.8% to more than 68,000 employees. Health and safety indicators also improved this year, and the number of social impact programs implemented across ACCIONA's projects increased, reaching 2.2 million beneficiaries in 31 countries. The group's Scope 1 and 2 greenhouse gas emissions amounted to 205,000 tonnes of CO2 equivalent, which represents a 4% increase year-on-year. Nevertheless, the company remains within its Science-Based Targets initiative trajectory, which aims to reduce emissions by 60% by 2030 compared to our 2017 baseline and by 90% by 2040.

Circular economy indicators improved significantly, largely due to construction projects in Australia, which were able to recover a substantial portion of excavated materials, which are the company's main waste product as of today. Investment levels aligned with EU Taxonomy remain comfortably above our 90% target, and this has enabled the issuance of 37 new green financings amounting to EUR 2.4 billion, bringing the proportion of the group's debt classified as either green or sustainability-linked to around 84%.

During 2025, the group recorded EUR 2.25 billion of gross investments, mainly across ACCIONA Energia and our Infrastructure division. Energy investments were concentrated in projects such as MacIntyre and Aldoga in Australia, Green Pastures and Forty Mile in the U.S. and Canada as well as the Tahivilla repowering project and the Logrosan biomass plant in Spain. Infrastructure investments amounted to EUR 624 million, mainly related to construction machinery, equity and equity contributions to concessions, particularly in the Line 6 project in Sao Paulo and Lima's Peripheral Ring Road as well as the CapEx of transmission lines in Peru.

Divestments reached EUR 1.1 billion, thanks to 4 main transactions: the sale of the hydro assets, which Arantza mentioned at the beginning of the year, the wind assets in Peru, Spain and Costa Rica in the second half of 2025.

On this slide, you can see the main drivers behind the evolution of net debt for the group during 2025. Operating cash flow reached EUR 2 billion with a positive working capital contribution for the third year in a row of EUR 656 million in 2025, mainly driven by Infrastructure due to a very good performance in terms of execution, advanced payments and collections. Net investment cash flow was EUR 1.1 billion and financing and other cash flows amounted to EUR 830 million, including approximately EUR 180 million invested in the acquisition of an additional 2.8% stake of ACCIONA Energia.

As a result, net debt closed slightly below EUR 7 billion, including IFRS 16 adjustments, which is EUR 139 million reduction year-on-year. It is important to highlight that a significant portion of this debt, EUR 2.7 billion, is associated with energy assets under construction or not yet fully in operation as well as that linked to the Real Estate projects under development.

Given that Raimundo has already covered ACCIONA Energia's financial performance, I will move straight to Infrastructure. In our Infrastructure division, 2025 was a good year in terms of execution and growth. Revenues increased by 6.7% with 82% of those revenues coming from OECD countries, reflecting the quality and geographic diversification of the portfolio. Australia remains our main region, accounting for approximately 38% of revenues followed by Spain, LatAm and EMEA.

In terms of backlog, we reached a historically high level of EUR 30 billion in terms of global backlog and EUR 120 billion in terms of aggregate backlog, which includes our portion of long-term revenues expected to be generated by the concessional assets that we report on an equity-accounted basis. This aggregate backlog is up 124% year-on-year, driven mainly by the SR-400 project, which added about EUR 60 billion to it.

The average life of the construction D&C backlog is around 2.5 years, which is consistent with the project-based nature of the activity. In Water operations & maintenance, the average backlog life extends to approximately 5.4 years, which reflects the more stable and recurring nature of those contracts. And lastly, our concessions asset portfolio has an average life of around 50 years. Geographically, aggregate backlog is highly diversified with a strong presence in North America and a clear focus on OECD markets. In the appendix of the full presentation, you have extensive details of the largest construction and concession projects in our backlog.

Turning to Construction. Profitability remained resilient with EBITDA margins remaining at around 7%, in line with the previous year and reflecting a disciplined approach to project selection and strong risk control measures. Australia stood out with 13% revenue growth, driven by good progress in the execution of projects like the Western Harbour Tunnel, M-80 Ring Road or Central West Orana and Suburban Rail Loop. Construction backlog reached EUR 18.1 billion, which is up 2.6% versus 2024, which reflects a moderate year-on-year increase despite the relevant awards added during the year mainly due to ForEx impact.

Beyond the sheer size of the backlog, equivalent approximately 2.5 years of activity, what stands out is the strong geographic diversification of it and it's increasingly derisked profile with 81% of the total incorporating some sort of contractual risk mitigation mechanisms, whether it is collaborative contracts, contracts related to our own concession projects or contracts with price protection clauses.

Moving to concessions. The portfolio remains young with 90% of it remaining under construction and therefore, with limited P&L impact today. Sales grew by 103% and EBITDA reached EUR 160 million, driven by the financial close of the SR-400 project in Atlanta and the financial close of Central West Orana in New South Wales, Australia. The good performance of the Peruvian transmission lines also contributed and the commissioning of the Kwinana waste-to-energy plant in Australia was also an important factor. Equity invested in Concessions assets reached EUR 704 million with EUR 1.6 billion of equity commitments between 2026 and 2035. The portfolio remains well balanced with 54% of it with demand risk and 46% with availability-based payments.

In 2025, our Water division delivered remarkable growth with revenues up 16.5% and EBITDA increasing by around 50%, driven by good execution in Collahuasi and the Casablanca desalination plants. Backlog also increased by approximately 11% to EUR 7.7 billion with key awards such as the Sanepar and Cesan projects in Brazil. And these backlog figures do not include the preaward of Pernambuco, which has already been mentioned and will add around EUR 30 billion to the aggregate concessions backlog.

Given how relevant our Concessions business has become for the group and, more importantly, how relevant we expect it to become in the next decade, let we spend a few minutes going into more detail. Over the last few years, ACCIONA has emerged as one of the leading global players in greenfield infra concessions with particularly strong growth over the last 3 years. Between 2023 and 2025, we were awarded 17 new projects with total associated investments of EUR 27 billion and an average project size of EUR 1.6 billion. EUR 27 billion is total or 100% of these projects, not a share.

Since 2019, our average project size has quadrupled and the average remaining life of our portfolio has tripled, which highlights the improvement in the quality of the portfolio over the period. 2025 was particularly significant with important milestones such as the financial close of SR-400 and the financial close of Central West Orana in Australia as well as the acquisition of transmission lines in Peru and major water awards in Brazil.

The strategy underpinning our business model is to operate as an integrated development and asset platform, combining global expertise and structuring capabilities with strong local construction execution capacities. This differentiated approach allows us to originate, develop, finance, build and operate large-scale infrastructure projects while maintaining control over the risks that we are taking and the value that these projects generate throughout their life cycle. It is our key competitive advantage in this respect.

Our growth strategy is clearly focused on a number of priority segments, including managed lanes and toll roads, urban rail and metro systems, transmission lines, high-speed rail as well as our selected -- or selected social and water concessions. Geographically, our efforts are concentrated on the U.S., Australia, Brazil and Peru, and Chile, which is where we see the strongest pipeline and the most attractive risk return profiles.

A key feature of our model is the ability to take relevant equity stakes, either with control or with strong governance rights, combined with a flexible approach to asset rotation, allowing us to transform assets from greenfield to brownfield and optimize capital allocation over time.

Looking ahead, growth opportunities are substantial. We have identified a pipeline of approximately 130 greenfield opportunities, which represent around EUR 300 billion of associated investment expected to be tendered in the coming years. Within this pipeline, managed lanes will be a major growth driver. We have identified 7 projects with high visibility that alone represent over $80 billion of total investment and around $30 billion of total equity investments. Over the next 2 years, we expect to submit more than 49 proposals across our core markets. The opportunity, therefore, is compelling, and we believe we are very well positioned to capture this growth.

Our current concessions portfolio includes 78 assets in 11 countries with total investment for 100% of the projects of more than EUR 36 billion. On this slide, you can see both the geographical diversification of our portfolio with a clear focus on OECD countries and a strong presence in Europe, North America, Australia and LatAm and the well-balanced nature of our portfolio, which spans transport infrastructure, water concessions, transmission lines and waste-to-energy plants, combining different sectors and stages of development.

Total equity investment to date amounts to EUR 879 million as of 31st of December '25, And we have additional equity commitments of approximately EUR 1.9 billion between 2026 and 2035, which will take the total equity invested at the end of 2035 with the projects that we currently have in our portfolio to EUR 2.7 billion.

As you can see in the next slide, these investments are well spread out over the next 7 years with no significant concentration in any particular year. The average remaining life of this portfolio is around 50 years, and it is expected to generate approximately EUR 60 billion in dividends and cash distributions for ACCIONA over the period.

With respect to Nordex, since the team presented results 2 days ago, outstanding results, if I may say so, I will not go into the details. I will highlight, however, that Nordex contributed EUR 749 million to ACCIONA's EBITDA which includes EUR 118 million from the reversal of provisions, which relate to the updated view of Nordex's quality cost program. That is on top of the EUR 631 million EBITDA that Nordex reported.

Moving to Other Activities. Living, our real estate development business, has achieved extraordinarily good results in 2025 with an EBITDA that almost doubled versus 2024. Since Jose Angel has already gone through the highlights of '25 and priorities for 2026, I will not go into more details. But let me just highlight that our gross asset value at the end of 2025 stood at EUR 1.5 billion, which is an 8.4% decrease compared to '24, just consistent with the high number of units delivered and the asset sales and the strategy of land bank optimization through the sale of old stock.

And finally, Bestinver also delivered a solid year with revenues increasing by 4.4%, EBITDA by 8% to EUR 55 million driven by higher average assets under management, which grew by 10% (sic) [ 9.8% ] year-on-year. And at year-end assets under management reached EUR 7.7 billion, up EUR 870 million as a combination of positive net inflows for another consecutive year and an outstanding performance of most of our funds with a particular really good performance of Bestinver Bolsa, which ranked in Spain's top-performing equity fund in 2025, delivering a 58% return.

With that, let me thank you for your attention. And I will hand the floor back to Jose Manuel for the outlook and opening of the Q&A session.

Okay. Thank you, Jose. Very briefly. I will do a 2026 outlook, where we expect a stable operating EBITDA, bringing total group EBITDA to a range of between EUR 2.8 billion and EUR 3.1 billion. For ACCIONA Energia, the outlook is exceptionally volatile and difficult to predict due to uncertainties in the timing of asset rotation and extraordinary weather conditions with very high hydrological inflows and reserves in Spain with FX volatility and timing of new assets reaching COD, which is, as you know, commercial operation date.

However, given all these caveats, we would expect about EUR 1.2 billion total EBITDA for ACCIONA Energia. And we -- a month ago or a couple of weeks ago, we were finishing our final budget for the year, which I would have said comfortably flat operational EBITDA. At this stage with the exceptional rain and hydrological reserves in Spain, I would dare say that it's going to be a small decrease expectation for the year.

And for ACCIONA Group, 2026, we will also expect an investment cash flow of between EUR 2.2 billion and EUR 2.5 billion, net debt-to-EBITDA to remain below 3x supported by asset rotation and CapEx discipline, basically in order to continue to maintain investment grade and a dividend per share of EUR 5.65, which we aim to maintain a stable with a small growth in the coming years. Beyond '26, volatility may persist, Geopolitics may remain unpredictable, and the execution environment will continue to be demanding.

Our strategy, however, is focused on what we can control, which is disciplined capital allocation and operational excellence. We are, as I was saying in the beginning, globally diversified. Our integrated model is built for resilience. Demand is not a question. Obviously, the question is execution with selectivity and discipline and scale. Our strong asset base, deep technical capabilities and record backlog allow us to remain focused and selective on projects with sustainability, complexity and attractive returns genuinely reinforcing each other.

ACCIONA enters in this new phase, better than ever, positioned to translate structural demand into long-term shareholder value by delivering essential infrastructure to what society needs. Thank you very much. And we will now enter the Q&A session, for which I anticipate my appreciation and thanks for the many questions we have received, which we will, in some cases, bundle together in order to save time.

To start with, we will handle the energy questions, Energia questions. The first one comes from a number of market analysts from Caixa, JPMorgan, RBC, Kepler, JBCM, Santander and HSBC, thank you all. And the question is, can you please clarify the target EBITDA for 2026 excluding asset rotations as well as giving guidance post 2026. Arantza, please?

Thank you, Jose Manuel. So in relation to 2026 EBITDA and most completely in the operating EBITDA, first of all, we have to take into consideration that the most relevant factor to do that is the timing of the closing of the asset disposals as this can affect the perimeter, but also the contribution to the EBITDA that we have incorporated. If we leave this aside and excluding the asset rotation gains, a couple of weeks ago, I would have said flat. But now given the heavy rains that we have seen suffering in Spain in the last couple of weeks, I would have said that the -- and the impact that this must have on the Spanish prices, I would now say that probably we could expect a small single-digit decline versus 2025.

Regarding the asset from operation -- asset rotation EBITDA, what I would expect is a more normalized amount than 2025, which was an extraordinary year in that front. And post 2026, looking at more midterm 2030, you should take into consideration a consolidated output of around 30 terawatt hours, coming up from the 24.4 terawatt hours we had last year. And this means around 1 terawatt hour per year of production contribution. With this and your assumption in prices and generation, you will see that this would guide you to an increase in our operating EBITDA, a CAGR of around mid-single digits.

Thank you, Arantza. Let me make a very general rule of thumb, 2030, 30 terawatt hours. So it's kind of easy to remember. As things stand now, obviously, that target is subject to improvement if we would have the ability to do so in terms of capital and balance sheet capacity.

Question number two, impact of efficiency measures. What do you estimate to be the impact of the efficiency measures in an annual EBITDA? This is from Flora at CaixaBank. Arantza, please, or Raimundo, whatever.

Okay. I'll take that up if you want, Jose Manuel. We prepared a plan to address some of the key structural cost categories starting 1st of January 2026. But when we look at the run rate, which should be achieved during 2027, we are considering around -- or targeting around EUR 35 million of structural cost reductions. During 2026, it would be a part of it. Half or more than half, we think it will be achieved during the current year.

Yes.

Thank you. Question number three from Flora, Italian proposal on energy prices. Can we make a comment on the Italian proposal to decouple CO2 prices from power prices?

Yes. So I'll take this one. I think, first, we have to take into consideration that our exposure to Italy is really limited. We have only 0.2 terawatt hours and, in terms of revenues, around EUR 30 million. Having said that, last week, the Italian government announced a Decree Law that incorporated some measures to reduce the electricity and gas cost and support the households and industry prices for the sake of competitiveness of the industry.

The key proposal that was included in this Decree Law was to compensate the thermal generation for the CO2 allowance cost, preventing them from passing this into the auctions into the market prices. This could lower approximately -- in an initial estimation, this could lower the price around EUR 30 per megawatt hour. However, these measures would not enter into effect until January 1, 2027. And it has to pass the usually complex process of the European Commission stated approval. But also given the potential conflicts with the EU ETS and the internal market rules might be a little bit challenging. Having said that, from our perspective, we do not support the interventions in the generation market, especially those that weaken the signals -- the decarbonization signals by sealing emitting technologies from CO2 costs.

Yes. Let me just underwrite that comment from Arantza. We find it somewhat surprising that we have -- sending the market decarbonization signals through carbon pricing and then offsetting those signals through opposite policies in the member states. It doesn't make a lot of sense. It would make a lot more sense to help out, as Arantza mentioned, the energy-intensive industries or needed households, whatever, but on the demand side, not on the supply side as we understand it, however.

Question number four from Beatrice Gianola, Mediobanca and Flora at Caixa Bank. What are our expectation for asset rotations this year in terms of timing and geography?

Let me just beyond -- besides Raimundo's specific answer to that question, let me say that as a rule of thumb, you should be aware that we are extremely selective in the transactions we close in the matter of price. So we have more transactions in the market than we need, and we will be selective and differentiate those which are more attractive. Therefore, it is difficult to predict. Having said that, please, Raimundo.

Thank you so. Just to recap. On the one hand, we have to close the transactions that were signed at the end of 2025. This is basically South Africa plus the U.S. PV minority, which is also combined with the sale of 2 wind farms in Mexico. This is roughly in terms of incremental debt reduction as we said throughout the presentation, around EUR 900 million of additional proceeds. And we want to close another EUR 1 billion, EUR 1.1 billion of opportunities. As Jose Manuel was saying, we are managing our portfolio that is in terms of opportunities to sell that is larger than what we need, as we did last year. And at the moment, it's approximately 2.5 gigawatts of capacity in different stages of negotiation and process.

We cannot be too specific on the particular assets that are in our list. But in Spain, perhaps we can be a bit more specific on -- we have potentially another large portfolio win in the market. We could also consider the sale of our residual or remaining hydro assets. In the international business, we're looking across all the continents. We have a very wide portfolio of assets, as you know, in present. And here, we're looking in some cases at selling out right 100% of these assets and, in other cases, a large minority holding in there.

And with respect to what we're going to do beyond '26 and '27 and beyond, we would expect that the level of asset rotation is not as extreme or as high as what we've done in '24, '25 and we will need to do also in '26, but it will be more normal. We've indicated that this is part of our ongoing business. This is a source of funding for our growth. This is a source of capital gains, arbitrage between trading share prices and what we think the value of our assets is. So this is going to continue happening, although probably in the 400 to 500-megawatt per annum range.

Thank you. Question number five. Question comes from Flora. Why do we find -- why do we think it's so critical to maintain the rating and the consequences of losing it?

Quite frankly, I don't think maintaining the rating is critical. I think it's important. I think it's a commitment we've made to the market, and it improves our weighted average cost of capital, it improves our liquidity and it's very good to have, a very nice to have. We will try to maintain it and we will do our efforts to maintain it. Frankly, at this stage, we believe maintaining this -- and this, we expect this to remain this way, we think maintaining the rating is the best option. Anything to add, Raimundo, Arantza?

No, I think this is pretty much it. Excess Liquidity, gives us access to the market. It reduces our cost of borrowing and it's something that gives us very good support to our plans.

Very good. Thank you. As for question number six, from JPMorgan, Javier Garrido; Alvaro Soriano, Alantra; and Charles Swabey from HSBC. Within the 26 terawatt hour production target for '26, how many correspond to assets that are planned to be sold? Does it include any contribution from assets that will be commissioned during 2026?

I guess the answer to that is the 26 terawatt hours are net of negative or reductions in rotated assets. But I don't know if there's anything to add to that.

No. What I would say is that, yes, it's precisely what you were mentioning. The guidance included -- these 26 terawatt hours were included were net of the reduction from the asset rotation but also incorporating the contribution of the new assets that are going to be put into operation during the years.

Of course, the final figure will depend on the schedule of the timing of the disposals, which, as I was mentioning before, will, of course, might have a significant impact of the operating EBITDA. As a general rule of thumb, what I would say is that you should expect that -- I was mentioning before, this 30 terawatt hours for by 2030, which approximately will grow at 1 terawatt hour per year. And I think that's what you should use for your calculations.

Thank you. Question number seven is from Javier Garrido at JP. What is our current open position in Spain and expectations for 2027? Raimundo?

Okay. Yes, in 2027, our production in Spain should be somewhere around 8 to 8.5 terawatt hours, taking into account potential incremental rotation during 2026 and also the increased contribution from Logrosan biomass plant and other assets that although they're not huge, but they contribute to growth in output as well from new capacity.

So let's just say 8.5. Out of that, we will have, including the Logrosan plant and assuming some of these wins that will be regulated that we sell, around 2 terawatt hours of regulated output. Our long-term and medium-term contracts amount to around 4 terawatt hours. So that's 6 out of 8, 8.5. So that would give you the portion that is contracted.

Thank you. Question number eight, what is our sensitivity of Spanish power prices in 2026 EBITDA -- impact in EBITDA if prices were to move minus EUR 5 a megawatt hour versus our assumption? Arantza or Raimundo?

Yes. Well, our merchant position in Spain for 2026 is around 2.5 terawatt hours, in addition to some of adjustments due to the [ ban ] mechanisms of the regulated assets that are also exposed to changes in the pool price. Taking all things into consideration, the impact should be around EUR 20 million.

Next question from Fernando Garcia at RBC, is how have you started in terms of output versus UP50 in January and February? And is your output guidance versus UP50 or incorporates the evolution of these 2 months? Arantza, Raimundo?

Yes. Well, I'll take this one. So in terms of the generation of the production, as I was mentioning before, the year has started very well, particularly in Spain due to the strong resource and rains that has driven an above-expectation in terms of production. This has been somehow offset by a more normal contribution for the international side. That's on the production side. On the other side, the prices have been, and particularly in Spain, precisely because of that, somehow below, what we were expecting. But in general and answering to the question, the guidance that we have given for the production of the year fully incorporates the performance of these first 2 months.

Thank you, Arantza. Next question from Jose Porta of Kepler; Fernando Garcia of RBC; and Oscar Najar at Santander is a Classic is update on strategic optionality.

My answer there is the same as has been over the years, which is there is an intrinsic value on the optionality of maintaining ACCIONA Energia publicly traded. The options, the many options are constantly analyzed. Maybe the only minor caveat that I may say there is that we have retained a bank to help us in that process of analyzing all the different alternatives. But the situation remains to be the same as usual. Thank you very much.

Number 11, merchant exposure -- Pablo Cuadrado, JBCM, merchant exposure for this year in Spain and international markets. I think we've answered that question. So international markets, Raimundo?

Yes. Spain is very much the same as we just discussed, and international markets tends to be around 17% hedged. And overall, we want to have roughly an 80-20 hedging across the portfolio.

Yes. Thank you. MacIntyre, when do we expect the MacIntyre to be 100% commissioned? Did you find out the problem of the blades? And could you be compensated for that? Are you seeing any further delays in the commissioning of assets? From Pablo Cuadrado and Oscar Najar. Arantza?

Yes. So MacIntyre is currently going under the commissioning process. We successfully passed Hold Point 3 and we got the authorization to go through the testing process for Hold Point 4. During the commissioning process, we found damage associated to a significant number of blades. According to the preliminary analysis underway, we believe it is related to the transportation to site. We continue carrying out the delivery. And in the meantime, we're working, on the one side, on the insurance recovery. And on the other side, we are also working on having blades -- repair plan blades on site, which is already taking place. And also, we are incorporating accelerating and mitigating measures. With all in mind, we have a target of having the wind farm fully commissioned by year-end.

Thank you. Question number 13 is from Pablo Cuadrado and Oscar Najar. Is the downgrade on gross installations guidance for the year a transitory decision to refocus on the leverage? Or shall we assume a slowdown in the gross installation targets for the next few years? I guess, is why not becoming ambitious again post balance sheet improvement?

Well, yes, let me take that one, indeed, why not? We are, as you say, balancing out our balance sheet, and therefore, '25 and '26 installations are, I would say, somewhat lower than normal. In the coming years, I would expect installation or new capacity additions of between 1 and 2, 1.5 and reductions of anywhere around 0.5 gigawatt a year, so rotations of 0.5 gigawatt a year, to give a net of, whatever 0.7 0 8. The logic there is obviously that we are generating a significant value in putting up new assets and rotating more mature ones, why forgo -- that will, in itself, maintain our balance sheet capacity. So it's a good balance.

This last 2 years have been more tilted towards asset rotations because we haven't rotated any assets in many years. So the balance sheet balancing out process has to be charged in the beginning. Anyway, so your comment is right, or I agree with it. We agree with it. That should be expected in the coming years.

As for last policy, the decision to cut the dividend -- from Beatrice, Mediobanca, the decision to cut the policy, the dividend was being aimed at preserving investment-grade credit metrics. Could you elaborate on the specific factors that prevented the approval of the previous dividend level? Yes. Well, why don't you take that one, Raimundo?

Thank you. Yes. So the decision to reduce the dividend that we propose to the Board and the Board, in turn, is proposing to the AGM is driven by the rating agency discussions. This is one of the mitigating measures that we have agreed. It doesn't have a massive impact on leverage, but it's a strong signal, I think, to the rating agencies, and I think, generally to our lenders that we are serious about returning to a stable outlook. So this is, in terms of dividends going forward, I guess, Jose Manuel, we would have the -- we would want to resume a more normal dividend level post achieving the stable outlook and the rate.

Yes. Thank you very much. So that does with questions on ACCIONA Energia. We go on to the questions on ACCIONA Group, the rest of the company.

The first one from Flora, Fernando and Oscar, RBC and Santander. Well, we have many questions about Nordex, one of which is considering the strong performance of Nordex, should a placement make sense? Are we comfortable with the high exposure? Is this exposure in industrial fit an industrial company and in our strategy to invest and develop operating infra assets? What would be -- and this is, I guess, it's 4 questions in 1. What would be the minimum level of stake that allows you to maintain consolidation.

Let me answer the first part of it. We are very comfortable with Nordex. Nordex is an integral part of the group. It's an integral part of the company. I understand that the market or the analyst community often see Nordex as a financial investment, but I think you should change your approach because that's not how we see it. It's an integral part of the group. We were there when it needed help some years ago. We're there when it's producing excellent results. And that's what business is about. The alternative that subliminally many people or you are suggesting is trading, and we're not into that business.

The other questions were whether we would sell 5%. I guess, it doesn't change much and it would be a significant change in our policy towards Nordex to start trading stakes. Let me remind you that we started the OEM industry 25 years ago and Nordex is a result of the ACCIONA Windpower merger with Nordex in 2016. As a matter of fact, it's called ACCIONA Nordex, ACCIONA Windpower. Therefore, our affinity to Nordex is the same as we have had to this industry for many years.

Let me then end the answer to this question on a very important -- what I consider to be a very important comment that I somewhat made in my introductory words, which is the importance of maintaining industrial capacities within the European Union. And Nordex is a success story of industrial capacity, of industrial success, and we're very proud to be an integral part of that. And I believe that needs to be protected and needs to be enhanced and encouraged.

The next question from Pablo is, could you clarify the criteria for provision reversal at Nordex EBITDA? Do further provisions remain that could be reversed in the following years? Jose.

So no more. We don't have any more provisions on our balance sheet, on ACCIONA's balance sheet related to Nordex's nonquality costs. There are some negligible provisions related to other risks. And the reversal is mainly due to the fact that Nordex has already incorporated these expenses into the results, and therefore, we can't have them also on ACCIONA's books. And so we need to revert them. That is the underlying reason.

Next question is from Flora at CaixaBank. Can you please share the list of potential awards in concessions? Okay. I don't have that list, but maybe you have it, Jose?

Happy to take this one. In the short term, over the next 12 to 18 months, we're going to be tendering around 14 projects in our core markets, so heavy award or heavy activity on new award, new auctions and new projects. There's a strong focus in the U.S. both on managed lanes, where we will be tendering in Tennessee the I-24 managed lane project, in Georgia the I-285 projects and, shortly thereafter, the I-77 project in North Carolina.

And we expect awards of at least the first 2 within 2026 or resolution of the participation in 2026 and the I-77 shortly thereafter. Also in the U.S., we will be participating in transmission line bidding for 2 projects, one in MISO, one in SPP. And there's also heavy activity in the short term in Brazil related to both metro lines and the extension of Line 6 and other metro lines that are being developed in Sao Paulo as well as the water concessions with a particular focus in Pernambuco, which we have our preferred bidders for, and we need to sign in the coming months.

Thank you. Next question is an update on our asset divestment plans ex energy, including waste or water treatment plans or real estate. Jose, why don't you take that?

We're always analyzing different options and not only divestments but also acquisitions. In our Real Estate business, it is business as usual or it is our day-to-day business. And our portfolio of concession assets, the portfolio is still very young. So 90% of it is still under construction, and therefore, we're not considering -- we don't think it is the optimal point for considering asset rotation.

That is beyond the potential transaction around part of our waste-to-energy portfolio in Australia, which, as you will have seen, is part of the debt that is currently held for sale given that it's one of the most immediate transactions that we are considering in the group outside of our -- ex ACCIONA Energia.

Thank you. Next question from Jose Porta at Kepler are on property development outlook, the EBITDA and the property development in our Living department. Jose, why don't you take that one?

Yes. This year has been affected by the result coming from the Ombu transaction. That's an office building that we have obtained around EUR 37 million of capital gain, but we still expect revenues and EBITDA to improve significantly like-for-like in 2026, basically, on the delivery of the similar number of units but with a higher price per unit. And the average selling price for these deliveries will be consistently high because the product mix is a high-end product mix. We are talking about properties located in Marbella, [indiscernible] and also Catalonia and Madrid.

Yes. Let me add to that, that the Ombu transaction shouldn't be considered as a extraordinary event or extraordinary sale. The Ombu transaction is a classic case of a multiyear normal operational transaction, by which we have reaped an urban facility and improved it and sold it. But that's obviously a more than 1-year process, which will be, I guess, recurrent maybe not every year, but it's a recurring activity. It's an important activity in our Living division.

Next question is from Oscar Najar. What is the improvement in net debt, mainly working capital? Why is it so positive, almost EUR 1 billion in second half '25. Jose?

The typical seasonality of our working capital profile usually shows better performance in the second half of the year than in the first of the year. And the movement that we've seen in the second half of 2025 is, in fact, quite similar to what we had in the second half of 2024. In -- the last 3 years have been -- working capital performance in the last 3 years has been particularly good in infrastructure with positive working capital for third consecutive year in 2025.

In the case of 2025, it has been mainly driven by good management of advanced payments in Australia and the U.S. and good progress in some pending collections in the Infrastructure business. And going forward, for 2026, we should expect the working capital to normalize and reach more moderate levels for the year ahead.

Thank you. Next question from Oscar is our expected net debt for 2026. Assuming the disposals in ACCIONA Energia, as I've said in my introduction, we will remain below 3, maybe lower. But our expectation is that -- our aim is to stay below 3. So if the debt levels are temporarily lower than 3, which maybe the case, we would use that additional slack to further investments. So yes, the target is to be below 3.

Next question from Oscar Najar. When will you host the CMD on Infrastructure and Concessions? Who wants to take that one? When are we holding a CMD?

Soon. Well, I think that the answer to that is that we want to have more visibility on the outcome of the bids of this year, and second, our portfolio is very young. And we would like to show a showcase an operating portfolio and probably will be soon by the end of this year or maybe beginning of next year.

Yes. I mean I'd like to have one, but there are some moving targets that I think is best if we have them tied down.

Question number eight from Oscar. What assets are held for sale in the balance sheet of ANA [indiscernible] ACCIONA Energia? Only South Africa or something else, how much? Jose?

Besides the assets held for sale in ACCIONA Energia, which are our South African assets and our 2 wind assets in Mexico, the only asset held for sale in the rest of the business is the Kwinana waste-to-energy plant, which has associated debt of EUR 322 million. And it is what I was referring to on my previous question regarding potential transactions this year.

Very good. Well, that does with all the questions we've received. Any doubts or further questions, kindly address us in - through our Investor Relations group or our financial department. I thank you very much for your attendance, and look forward to seeing you in the Capital Markets Day or sooner in the next report or on our road shows in the next few months. Thank you very much. Goodbye.