Aena Sme Aktie

Thank you for joining the Aena conference call. My name is Lucy, and I'll be coordinating your call today. [Operator Instructions]

It is now my pleasure to hand over to your host, Carlos Gallego, Aena's Head of Investor Relations, to begin. Please go ahead when you're ready.

Good afternoon, everyone, and welcome to the Airport Regulation Document presentation, the so-called DORA III, approved by the Council of Ministers on 15th September. This is Carlos Gallego, Head of Investor Relations. As always, it's a pleasure to be with all of you today. Our Chairman and CEO, Maurici Lucena, will be leading the call, joined by Javier Marin, Executive Vice Chairman; and Ignacio Castejón, CFO. We'll walk you through the main elements of DORA III and we will close the session with a Q&A. To help us stay on schedule, please limit yourself to one question per person.

Without further ado, I would like to hand the floor over to Maurici Lucena. Thank you.

Thank you, Carlos. Good morning, everybody, and thank you for joining us. First of all, I wish that you have had a good summer. And as you know, today, we will present, as Carlos was saying, the main elements of DORA III, which covers the period 2027 to 2031. It was approved last week by the Spanish government in its function as the airport regulator. And I think that in itself, this is good news. We are happy because this has been a very long process. This is a very important DORA, DORA III, because it will significantly transform the airports in Spain, Aena's airports in Spain.

Throughout the presentation, we will look at the main elements and assumptions, and I will start with the main figures. This document, DORA III, as I have mentioned, enables Aena to carry out the investments required by its airports, and at the same time, this DORA III defines a very competitive profile of airport charges in Spain in a challenging environment. So it's true that all in all, we think that it could be because we will know if it's good or bad DORA at the end of the period. But we think it could be a good DORA. But at the same time, it's very important to stress that it is challenging, it is demanding, not only because the context in terms of geopolitics and macroeconomics and so on, it's also because the main parameters of the DORA are challenging in themselves.

As you know, the document assumes that the Spanish network of airports will reach 363 million passengers in 2031, which is a huge amount of passengers. And that is why we need to expand and improve our Spanish airports. The approved regulated investment plan amounts to almost EUR 10 billion, while the total investment, in other words, if we add the nonregulated, the commercial investments, the total investment will reach almost EUR 13 billion. The WACC, which is also a very important figure, has been finally set at 2.32%. And all in all, the average annual airport charges increase will be 0.33%.

Now I will be very brief on investment, because I will summarize our impression with this DORA III approved in the following way. The approved plan covers all the necessary investments in the network. As you know, the investments proposed by Aena have fully been approved by the government. So we are convinced that these investments are what, in terms of terminal and airfield works, our Spanish airports need.

With regard to regulated costs, Aena will continue to be the most efficient airport company. The regulated costs assumed for the purpose of DORA III are expected to increase from EUR 1,929 million in 2027 to EUR 2,079 million in 2031. Remember that, that is in constant 2026 prices. And as you know, and fortunately and reasonably, the cost base is reset at the beginning of its regulatory period. And in this regard, taking into account the leap, the regulated costs in 2025, the figure was EUR 1,650 million. And at the beginning of DORA III in 2027, this OpEx will jump to EUR 1,929 million, which simply reflects the new reality of the OpEx.

You know that it's not only because we have more demanding environmental norms, more demanding security and safety norms, more demanding cybersecurity norms. It's also that there's been inflation in the world economy. Particularly we have faced inflation in Spain, not just because of the general inflation, but also because of the increase in the minimum wage and so on. So doing the same costs more money, and you have to add to this reality this increasing adjacencies of the regulation in terms of safety and security, environment, quality and so on.

And from another perspective, this means that the compound annual growth rate of the ratio of regulated OpEx goes -- no, it will be, excuse me, 1.9%, because as I was saying, it's an annual growth rate. So the ATUs versus OpEx or the ratio of OpEx to ATUs will increase almost 2% annually.

Now in short, to conclude, I would say that the approved DORA is demanding, is challenging, but we are also optimistic we will do our best to perform very well. And we would like to clearly state that the mere approval of DORA III strengthens the Spanish airport sector and prepares it for the future, because it accepts all the investments that the Spanish network considers necessary.

And in summary, one, the new DORA reinforces the Spanish regulatory framework. Two, it ensures a network of airports with sufficient capacity to accommodate future air traffic demand. You know that from recent years, the traffic growth in Spain has been impressive. So we have to prepare for the future. Three, the approved investment is a material value driver for the regulated business. In other words, Aena's value is higher after the approval of DORA III. And of course, I know that to really materialize the theoretic value, we have to accomplish all the demanding objectives that this DORA III includes.

Four, the company's strong financial position, we think it's a very good starting point, particularly in this DORA III, because you know that our investment will increase significantly. Our debt will increase significantly. So I think it's an important relative advantage when we compare Aena to our peers, our very solid financial position and our very low debt in terms of any of the big parameters that you use to measure this financial position.

Five, you know that in the coming weeks, we will elaborate and release, before the end of the year, our new strategic plan for the period of DORA III, 2027 to 2031. This is when we will elaborate a lot more on many of the probable questions that you will convey to us in the following minutes, because we need time to digest all the information and we need time to, let's say, define the profile of ambition, which I can anticipate will be high in many of the financial targets that we will include in our strategic plan.

And six, in principle, clearly, we have 2 main priorities because of its inherent risk. One is OpEx. Two is the CapEx execution. Both CapEx execution and OpEx are, let's say, significantly different when we compare them to the same parameters of past DORAs, because OpEx is increasing above the past profile for many reasons and because the CapEx will be a lot more demanding because of its very significantly increased volume.

But all in all, I repeat, I think that we are happy because we finally have a very clearly defined DORA III. And I think that it will be very important both for Spain and especially for Aena, the transformation that we will carry out during the period of DORA III.

Thank you very much for your attention. I will now give the floor to Ignacio Castejón, so that we can start the Q&A session.

Thank you very much, Maurici. Please, operator, we are ready to start the Q&A. I don't know if there are already questions on the pipeline, but here we are to start.

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

Just one question for me. I haven't seen it in the document, but I might have missed it. What is the overall targeted capacity over DORA III? And obviously, this needs to be connected with DORA IV, the next regulatory period.

Thank you, Luis, for your question. Well, I think most of the works at the major airports, Madrid, Barcelona will be delivered in the DORA IV. But of course, we will create some capacity because -- well, the capacity is a wide concept. I mean, for example, in Madrid, we have runway capacity up to 120 operations per hour. So the expansion we are going to do in Barajas will take many years, more than one DORA, DORA III. So they will end in DORA IV, but we'll be unlocking some capacity by creating capacity and some bottlenecks that currently we have in some way that we will be able to create capacity before the end of the works. But the whole capacity will be delivered in DORA IV because the huge capacity will be created at the major airports and the works at the major airports will last more than one DORA.

The next question comes from Tobias Fromme of Bernstein.

My question is on costs and a little bit multifold. Are you surprised that the final agreement is some 10% below your initial cost assumptions? And where do you think the key differences are? And why are they so significant? And then that sort of translates into what levers can you pull to keep costs contained during the DORA III period? And then lastly, a recent tender for an expansion project did not draw any bids from contractors because of prohibitively high costs. Do you think this could be an issue during DORA III with more projects not receiving any bids?

Tobias, this is Ignacio speaking, and thank you very much for your question. Let me start with the second part on CapEx and bids coming from construction companies. Of course, as mentioned by the CEO and the Chairman in his opening remarks, the context is challenging, it's difficult. Input prices are going up in many fronts, impacting CapEx, but also OpEx. If we are hopeful, or if the things could change, I think the team has made an outstanding work through the last months. Trying to take into account all the different scenarios in the future, we are hopeful that we'll be able to attract the best possible bids from construction companies.

We have seen some very positive movements in some projects that we have already launched. In other cases, perhaps we have been less lucky, but I think we will learn and will improve as we move on. But as mentioned by the Chairman, CapEx execution is top 1 priority for the company together with OpEx for the next months, and we will be completely vigilant on the evolution of that item. I think we have many construction companies that Spain is their home market, and we believe that they will be highly interested in working with us developing the future of the airports in Spain.

With respect to -- sorry, Tobias, I think you referred to the OpEx item at the beginning of your question as well. I think as mentioned by the Chairman, in the following weeks, we'll be working on the strategic plan. We will review, of course, our OpEx assumptions that were proposed from the company side to the regulators or to the government acting as a regulator. We'll compare everything coming out from the regulator in the approval of last week and try to identify where those different points, different items are, and we will revert to you at the moment in time, so that we can share where we think there is room for potential improvement and where we think there is a high risk of not being able to perform according to the DORA, but that's still work in progress. And please give us a few weeks, so that we can have this open discussion with all of you. Thank you very much.

The next question comes from Harishankar of Deutsche Bank.

Congrats on getting the approvals for the DORA III. On the CapEx side, I was wondering if I could just ask a couple of questions. Do we have any tenders already out that have been approved for, say, 2027, 2028? And just wondering if these are fixed price contracts and whether there's appetite from construction companies on these type of contracts.

Thank you for your question. This is Ignacio speaking. Of course, we have started the process of bidding -- of tendering out some of the construction projects that are part of DORA III, so that we could be on time with respect to the schedule of this DORA. So we have started with some construction activities across the network. All those RFPs or tender documents are publicly available. And basically, on your question on price, the company has always -- has typically worked under construction and their RFPs that require to the market fixed prices for most of the activities of the company. And that's how we have always worked and operated.

I think that in the following months and years, we'll analyze how we are making progress in that respect. And basically, we will hear from the market through their bids and make decisions based on that feedback. But generally speaking, that's how we work with fixed prices in order to avoid last-minute surprises from the construction projects. Thank you.

That's helpful. Maybe just one small follow-up, if that's okay. I was wondering what percent of the CapEx has already been tendered out, if you could share that?

Sorry, I couldn't understand you. What was the CapEx?

Sorry, what percentage of the CapEx has already been tendered out and it's...

It's still very low, still very low.

The next question comes from Graham Hunt of Jefferies.

Just on the nonregulated side, should we expect a similar profile for the CapEx there? And could you talk a bit about some of the value upside from these investments that are sort of coming in the DORA III for the retail. Is that going to be seen in the DORA III, or is that also more of a DORA IV kind of timing because of the potential disruption at this early phase of investment?

Graham, this is Ignacio speaking. I think the best, from our side, you will have a full answer to all those questions on nonregulated activities of the company through the strategic plan. I think we would like to keep this conference call more focused on DORA and the document itself. Very quickly on phasing, expect something similar to regulated CapEx, and that's how I would model that. Thank you.

The next question comes from Dario Maglione of BNP Paribas.

Can I ask a question around CapEx. So you mentioned the regulated CapEx close to EUR 10 billion, but you still need to tender out most of the projects. So what happened if you go out and you tender out these projects and the market comes back, the competitors come back, say, actually, this price is too low, you need to increase. We agree on a fixed price, but we need to have higher prices for each of the single projects. So what could happen to the total envelope for EUR 10 billion? Could that increase? Could that be like postponements to DORA IV? And how that would impact the regulation, the RAB and so on?

Well, the CapEx program that has been approved after our proposal is really challenging, I mean, because of the amount, because it is going to affect to most of the major airports. But at the same time, regulation gives us a kind of flexibility tools. I mean, the different investments at the different airports are rated with a different qualification. I mean, from strategic, that are the most important and you have to comply with the schedule, and until other many investments that are not classified and we have flexibility to prioritize the different portfolio.

The good thing is that we have many airports, many works. And on one hand, it's a challenge, but at the same time, it provides us with some flexibility. So we start this process with uncertainties. We have uncertainties with price. We have uncertainty with some projects that still need to be written. So we'll have to manage the portfolio. But something is clear. We are not going to invest more than it has been approved taking into account in our airport charge.

I mean, we have EUR 10 billion, and we'll have to prioritize, taking into account, as I have mentioned, the flexibility tools we have. We have, for example, to comply with 80% of the investment that has been approved at each airport. So we can bring forward some projects to compensate the delays. And also if we have overprice considering the price we thought when we planned the project, we'll have to prioritize other less important to delay in order to manage the portfolio.

Okay. Perfect. So if I understand correctly, you have a cushion of nonstrategic projects that you can postpone to DORA IV if the total price of this program exceeds EUR 10 billion. And I think if I understand correctly, your cushion is around 20%. You mentioned 20% of the projects in each airport can be delayed. Is my understanding correct?

No, 20% is one of the flexibility tools we have. I mean, we are not obliged to invest at each airport more than 80% of the amount that has been approved. That is one of the flexibility tool we have. But something is clear for us, and we consider that we don't have that risk at this moment is that we are not going to invest more than the EUR 10 billion that has been approved by the regulator. That is a must for us. But what I try to say is that we have enough flexibility tools according with the regulation to manage increase of scope, reduction of scope, increase of prices, new needs that will appear at some airports or some of the -- if we see that prices are higher than expected, we'll have to delay some investments to DORA IV, but without any risk of not compliance with the DORA.

The next question comes from Marcin Wojtal of Bank of America.

I just wanted to ask you about the level of inflation protection that you have in your tariffs during DORA III. I believe you will have this P factor. But should we see the P factor under DORA III as something that is more closely linked to inflation in Spain? Or that should only cover potential extraordinary increase that is outside of Aena control. We understand that the P factor is no longer subject to the 1% cap. But is there any other information that you can provide, so that we can better understand how it actually works?

Well, the protection we have of inflation is the one that is defined in the law by the index of factor P. Well, it is very well defined. Perhaps it's not perfect, but it's clearly defined in a royal decree and is what we have to apply. The good thing is that, perhaps we haven't mentioned before, what is good of this DORA is we have already ended the transitional period that was created when we launched the IPO 10 years ago. So one of the conditions in the transition is that the factor P couldn't be higher than 1%. Now those limitations do not apply at this moment. So index P will work, and it is very well defined in the decree that regulates the index P. So that's the protection of the inflation that you know that it applies every year to the airport charge to the IMAP.

The next question comes from Cristian Nedelcu of UBS.

Apologies, I'm asking again on CapEx, but could you give us a bit more color? I think it was the Tenerife project where there were no bidders. Any more color on that project and the next steps? And if I may, could you remind us, you already made some references to this, so once we have strategic investments or non-strategic from the perspective of the regulation per se, can you tell us if there are any adjustments made there at the end of the day? So what's permitted under the regulation? Those are maybe my questions, please.

This is Maurici Lucena. I would like to make a short introduction. And afterwards, I will give the floor to Javier Marin. My reflection is kind of general, because when there's a news as this one in Tenerife that, of course, it leaves you a bad taste in the mouth. That's for sure. It's not a positive news. But my reflection is that in the case the legal nature of Aena was different and our principal shareholder was not 51%, the state. If the case was that the state owned, for example, 40% of the company instead of 51%, our legal framework would be completely different. And in this hypothetical different legal framework, you publicly would not even know that this contract has been eventually not awarded -- sorry, I was looking for the correct word in English.

I mean, in other words, in every private company, this is normal that in some cases, when you try to contract an important investment, in the first stage, you are not successful and things do not happen as we expected. This is exactly what has happened in Tenerife. But the difference is that this has been before everybody that was looking at us. So from this perspective, this is not worrying. It's just because our shareholder structure makes that transparently you can analyze items that in other companies of Aena's size, you would not be able to analyze, because you would just have the public result whenever the contract was awarded and not in a stage in which it has not been. Having said that, I insist this is not good news, but we can live with that. It sometimes happens, and we'll do our best to improve the new auction in order to at least maximize the probability that is adequately awarded. Javier?

Well, not many things to add. I mean, this project, the project of Tenerife Sur, probably is one of the -- if not the most, one of the most difficult projects we are going to accomplish in DORA III. Why? Because of the lack of available ground in Tenerife South Airport. What we need to do is to demolish different parts of the airport, of the terminal, and build in new ones. So we'll be doing that several years. I mean the contracts we tendered was 96 months. I mean, a very long project and very difficult, as I mentioned, because we are going to demolish a part, we are going to build on top of that. Next, again, we are going to demolish another part, et cetera, et cetera, et cetera.

So it's a difficult project in a difficult moment, because there is uncertainties about construction prices and well, that's the -- so the reality is that the risk that the market has assessed in this project is higher than expected. And well, at the same time, we have launched other tenders, for example, 2 in Madrid for the new DORA and 1 in Tenerife, also a new parking, and we have received interest from the market. But anyway, going back to the terminal in Tenerife South, our technicians are evaluating the situation and we'll reach a solution to comply with that.

The next question comes from Miguel Gonzalez of JB Capital.

Just a clarification from a previous one regarding construction works. I believe you mentioned before that if project costs come in above expectations, some investment could be deferred to DORA IV. Does this apply to strategic investments as well? And if strategic projects are deferred for that reason, wouldn't be Aena subject to a penalty in the tariffs under the RI mechanism?

No. strategic investment that amount between 40% and 50% of the CapEx program are the more demanding in terms of compliance. I mean, we have to comply with the times. Independently of that also we could work on the scope of those works in a small part, but we have some margin there. We have to comply with that. But we have the rest of the CapEx program where we have more flexibility. So of course, in order to manage the portfolio to comply with the EUR 10 billion, we'll have to work on the other prior to work on the strategic, because the strategic is something that you comply with, you can receive a penalty.

This concludes the Q&A session today. So I'd like to hand over to Carlos for final remarks.

Thank you, Lucy. As there are no further questions, I think we can bring this presentation to a close. Thank you very much to all of you for joining us today. We look forward to being in touch with you again at the end of October for the presentation of our first 9 months 2026 results. Thank you once again, and have a good afternoon.

Hello, and thank you for standing by. My name is Charlie, and I'll be your conference operator today. At this time, I would like to welcome everybody to the Aena's H1 2026 Results Presentation. [Operator Instructions]

I'd now like to turn the conference over to Carlos Gallego, Head of IR. Please go ahead.

Good afternoon, and welcome to our first half 2026 results presentation. This is Carlos Gallego, Head of Investor Relations. It's a pleasure to be with you today. Joining us today are Javier Marín, our Executive Vice Chairman; and our CFO, Ignacio Castejón. We will review the main highlights of the results presentation. And after that, we will open the floor to your questions. As usual, in order to keep the call on schedule, we currently ask participants to limit themselves to one question at a time.

Without further ado, I will now hand the call over to Javier Marín. Thank you.

Thank you very much, Carlos. Good afternoon, and thank you for joining us for the presentation of Aena's results for the first half of 2026.

First of all, I would like to apologize on behalf of our Chairman, Maurici Lucena, who was feeling unwell last night, nothing serious, but he is unable to attend this conference today.

Today's session will focus on the main operational and financial developments during the period. I will begin by reviewing the main highlights of the period. After that, our CFO, Ignacio Castejón, will go through the figures and the main business lines in greater detail.

Starting by traffic across the Aena group. Passenger traffic reached 190 million passengers during the first half of 2026, an increase of 3.9% compared with the same period last year. This comparison includes Leeds Bradford airport passenger traffic in the first half of 2025 on a pro forma basis, also the acquisition was completed on 7th May 2026.

In Spain, our airport network, 156.2 million passengers, representing a 3.7% increase compared with the first half of 2025. Growth was again driven mainly by international traffic, 5.1%, while domestic traffic increased by 0.9%. Looking ahead, our traffic outlook for Aena's Spanish airport network for 2026 needs to take into consideration, several factors. Prior to the Strait of Hormuz crisis and during the first few months of the year, traffic growth remained below 3%, broadly in line with Aena's expectations. However, following the crisis, a diversion of traffic towards Spain has been observed as the country has been perceived as a safe tourist destination, supported by capacity deployment from airlines such as Wizz Air, Jet2 and [ Winter ]. And as a result of that, since March, growth rates have been above the 3% level. Some constraints in the rail transport sector are diverting passengers towards air travel. Nevertheless, we are observing weaker load factors in the actual traffic growth, lagging behind the growth in seat capacity.

So looking ahead to the second half of the year, visibility remains limited for a number of reasons. First of all, high uncertainty surrounding developments in the Middle East conflict, the expiry of fuel hedging programs at airlines, the potential impact on inflation and the economies of [indiscernible] markets, particularly Germany, that you know that is one of the main country people fly into Spain. And also, there is a huge uncertainty about the consumer spending patterns from the autumn onwards. And at this stage, we still don't have visibility on the 2026 winter season because the -- only at the end of August, the slots required by the company will be closed. So we don't have how all these factors are going to affect the autumn season and the winter season. So taking all these factors into account, -- at this moment, with all this information, all these uncertainties, Aena estimates that traffic growth in 2026 could be around 3% compared with 2025.

Turning to traffic in our international portfolio. The airports within Aena's consolidated perimeter delivered a steady growth during the first half of the year. In U.K. Luton Airport 8.8 million passengers during the first half of the year, representing growth of 5.1% year-on-year. Traffic also remained above prepandemic levels, exceeding the first half of 2019 by 3%. At Leeds Bradford Airport, passenger traffic reached the figure of 2.1 million passengers during the first half of the year, representing a 3.3% increase compared with the same period of 2025. And finally, in Brazil, the group of airports based in Recife reached a figure of 8.6 million passengers, 6.4% above the same period of the year, and the group of 11 airports based in Congonhas Sao Paulo, posted a 2.8% increase with a total of 14 million passengers.

Turning to our financial results. Total revenue for the first half of 2026 reached approximately EUR 3.3 billion, 10.1% year-on-year, increased EUR 304 million. Excluding IFRIC 12 Construction Services, revenue grew by -- growth by -- was 8.3%, which is a more representative view of the underlying operating performance. The main drivers were higher passenger volumes, the increase in regulated aeronautical charges from March 2026, improved commercial activity and higher construction services in Brazil. Construction Services amounted to EUR 140 million in the first half of the year compared with EUR 79 million in the first half of 2025. By revenue line, ordinary [indiscernible] revenue increased by 8.3%, ordinary commercial revenue by 7.1%, real estate services revenue by 15%, and ordinary international revenue by 27.9%. Excluding construction services, international revenue amounted to EUR 388 million, up 12.4% year-on-year.

EBITDA reached EUR 1.8 billion, increasing by EUR 107 million or 6.3% year-on-year. The reported EBITDA margin was 54.5% compared with 56.5% in the first half of 2025. And excluding the Luton insurance compensation impact, EBITDA would have increased by 8.3%, equivalent to approximately EUR 138.2 million. In addition, excluding both IFRIC 12 construction services and the Luton insurance compensation, the comparable EBITDA margin would have been 56.9%, in line with the figure recorded in half -- first half of 2025. At the net profit level, the improvement was stronger than EBITDA growth. Net profit exceeded the EUR 1 billion mark for the first time in the first half period, reaching [ EUR 1,002 million ], up 12.1% year-on-year.

Regarding the regulated business, DORA III continues to advance through the regulatory approval process. As you know, on 26th May, the CNMC issued its nonbinding supervision report within the scope of its functions, representing another milestone in the process. And the final stage will be the approval of the final DORA [indiscernible] Council of Ministers by 30 September 2026.

Turning to commercial activity. Total sales grew by 5.9%, outpacing passenger traffic growth, and increased by 2.1% on a per passenger basis compared with the first half of 2025. This growth was driven by the progress in remodeling works in the additional commercial surface that entails the introduction of new business concepts, new brands and better economic conditions on the latest contracts awarded. The performance of car parks, the continued increase in demand for VIP launches and the development of real estate initiatives. On this area, real estate, total revenue grew by 15.3% in the first half of 2026. In this case, I would like to highlight the award by Aena of 2 surface rights for the construction and operation of the first hotel developments within the Spanish airport network, one to Barceló Group at the Madrid Airport, for which the agreement was -- has already been signed, and another to Momentum under the Hyatt brand at the Barcelona Airport.

Let me now move on to our international business -- international -- international business. Revenue amounted to EUR 529 million in the first half of 2026, [indiscernible] EUR 388 million excluding the impact of IFRIC Construction Services, while EBITDA reached EUR 189 million. These figures include the contribution of EUR 8 million from Augusta U.K., following the completion of the acquisition referred to earlier, under which Aena acquired a 51% stake in the holding company that owns Leeds Bradford Airport and a 49% interest in Newcastle airport.

In Brazil, on March 2026, Aena has awarded under the sale assisted process -- was awarded under a sale assisted process, 100% of the concession of Rio de Janeiro International Airport. The operation amounts to [ BRL 2.9 billion ], equivalent to approximately EUR 490 million as of 30 June 2026. The acquisition remains subject to customary closing conditions and is expected to be completed in the second half of 2026.

Continuing with other key points, let me also briefly comment on investment during the period. Paid CapEx amounted to EUR 916 million. This includes mainly investments in airport infrastructure amounting to EUR 576 million and the acquisition of 51% of Augusta for EUR 340 million.

Regarding CapEx in Brazil, the group based in Congonhas, continues to deliver the investment program required under the concession contract. And we are happy to say that on 4th June, last June, the contractual milestone for the completion of the Phase 1 works at 9 airports was achieved. The regulator and [ ACI ] has carried out inspections at all of them to verify compliance with the contractual obligations. Now we continue with the works at Congonhas. As you know that we have 2 additional years to end this works, and these are progressing simultaneously on the several projects associated with the first phase of the development plan, including the construction of hangars and cargo terminals for airlines, the development of the new remote aircraft, [indiscernible], and the commencement of works to expand and refurbish the [ existing ] passenger terminal. The completion, as I have said, for the Congonhas airports, is June 2028. These projects support future growth while complying with the concession contractual commitments.

So with this information, I end my presentation, I'm going to hand over to our CFO, Ignacio Castejón, that will continue providing you some details about this presentation. Thank you.

Thank you very much, Javier. Hello, everyone. This is Ignacio Castejón. Thank you for joining our results presentation for the first half. I'll provide some further details on traffic, OpEx, commercial performance and the performance of our international businesses. After that, we'll have the Q&A session. I'll try to be brief so that we have time for all your questions.

If we look at traffic performance, if we look at the volumes with Europe, they grew at 5.2%. Three out of the four largest markets in Europe, excluding Spain, and I'm referring to the U.K., Italy and France, remain positive contributors, while Germany was slightly negative, as mentioned by Javier earlier. Poland have the highest increase with a 27.6% growth rate.

Regarding the long-haul markets, the volumes with Latin America and North America regions increased by 6.2% and 7%, respectively. It is also remarkable, the increase of passengers from Asia with a 30% increase, although still a small contributor to Aena passenger numbers. If we look at the Middle East, affected by the current conflict over there, the traffic flows went down by circa 26%. As you know, this region only contributed around 1% of Aena passenger volumes.

Looking at airport levels at the top, if we look at the 10 -- top 10 airports in Spain: Seville, Alicante, Valencia, Malaga, Barcelona, Madrid were the main contributors to growth. South [ Henri ] Airport was the only one, a decrease in [indiscernible] Spain by the performance of the German market. Finally, regarding the airlines operating in Spain, the top 10 carriers handle around 113 million passengers, 3.6% more than in the first half of 2025. [indiscernible], [ Air Europa ] and Vueling delivered growth rates higher than 3%.

Let's go to Slide 7, financial performance, and let's focus on OpEx. OpEx at approved level increased by 13.5%. Excluding IFRIC 12 construction activity, OpEx growth was 9.4%. By platforms or by assets, OpEx in Spain at the mother company level increased by 9.4%, as Luton, 1.7; ANB, 11.8; and at the Congonhas portfolio airport by circa 62%. At BOAB, the increase is significantly affected by the construction activity under IFRIC 12 and the accounting of that activity, increase in both revenue and cost, but neutral from an EBITDA standpoint as all of you know.

If you look at the mother company at Aena's [ ME ], total OpEx reached the figure of EUR 1.1 billion compared with EUR 1 billion in the first half of 2025. The increase was mainly driven by other operating expenses, up 9.7%; staff costs up 11%, while supplies were broadly stable. As discussed with all of you during the past, we don't see reasons to have cost increases materially deviating from these increases that we are seeing in the first half through the rest of the year. As you know, staff costs reflect the salary reviews, increase in the head count and also increasing the variable remuneration and higher social security costs that the company is suffering.

Within other operating expenses, the main increases were related to maintenance, 21.5% increase; security, 9.8%; PRN Services, 15%; professional services, 8.8%; and VIP lounges, 35%. The increase in VIP lounges cost should always be read together with a strong growth in VIP revenues that are delivering a circa 32% increase in this first half of 2026.

The item called other items reflect, sorry, an increase of circa 19%. Within this category, there are important increases related, for example, to passport controls. Several of these cost items lines are linked to activity levels, which have increased in the second quarter of this year more than in the first quarter of the year, operational requirements, service quality levels, expansion of specific services and also the pressure that we are having in labor costs that are transferred to us by our suppliers.

Let me turn to commercial activity. We can move to Slide 14, 1-4. As you know, as explained by Javier, traffic increased by around 3.7% in the Spanish network, with sales increasing by circa 6% in our commercial activities. Total business revenue, which includes, sorry, fixed and variable rents plus the minimum under guarantee rents to be invoiced this year, amounted to a bit more of EUR 1 billion, increasing by 9% year-on-year. The strongest component was -- the strongest component of this growth was the fixed and variable rent, which increased by 9.6%. MAG revenues increased by circa 5% to -- by EUR 156 million.

Commercial revenue growth was not only volume driven. It was also supported by an increase in the total business per pax of 5.4% this quarter and 4.7% in the first 6 months of 2026. This performance confirms the positive results of the contractual structures, the ongoing renewal of the commercial offer, the track record of the businesses managed internally by the company and the positive evolution of the real estate services.

If we go to Slide 15, retail sales increased ahead of passenger growth in the first half of this year. And retail revenue reached the figure of EUR 550 million, an increase of 3.2%. Within retail, duty-free was broadly stable. F&B increased by 6.7% to EUR 189 million and specialty shops increased by 9.9% to EUR 72.7 million. In particular, duty-free sales and variable rents grew by 9% and 7.3%, respectively, supported by the reopening of refurbished spaces and new concepts in Madrid, Barcelona and Palma. However, reported duty-free revenue was broadly flat. All the lots are operating under [ MAGs ], except for the Canary Islands lot, while [ Levante ] and Balearics and the [ north loads ] are close to surpass the MAGs thresholds, hopefully in the following months. F&B continued to show a positive trend. Sales increased by 7% and revenues by 6.7%, supported by new contracts and the progressive renewal of the offer, particularly in Madrid and Barcelona.

Mobility revenue reached EUR 239 million, up 6.7%. Car parks increased by 9%, driven by price management and better optimization of available spaces. And car rental business increased by 4.6%, supported by new licenses and although still very small, by the continued development of the right [indiscernible], sorry, activity in our airports, with an 80% increase.

VIP services were again the strongest performer, with revenue increasing by 31.7% to EUR 124.7 million. VIP lounges represented approximately 81% of this revenue line, sorry, supported by higher penetration and capacity expansion. I'm sure many of you have seen the new offer proposed that Madrid Barajas airport under the brand of [ Altitude ]. This is part of the capacity expansion that I was referring earlier.

The fast track and fast lane business line increased significantly too, with revenues amounting to EUR 15.6 million and user -- the volume of users moving up to 2.2 million.

Although advertising remains a relatively small contributor to the total commercial revenue, it was one of the fastest-growing activities within the portfolio, with first half revenue increasing by around 13%, supported by particularly strong demand at Madrid Barajas airport.

Real estate services increased by 15% to EUR 70 million, as commented by Javier, supported by cargo, FBO activity, hangars and other real estate developments. Overall, the results show a very well-diversified commercial performance coming -- with revenues coming not only from retail but also mobility, VIP and real estate businesses.

If we look at the MAGs at the minimum annual guarantee rents in Slide 16, you can see an increase versus the figures that we reported with the financial information for the previous year of around EUR 90 million of MAGs increase for 2027 and 2028.

The slide summarizes the commercial contracts that were tendered and awarded during the first half of 2026 for specialty shops and for F&B. For specialty shops, Aena published 31 tenders covering 63 premises during the first half of this year. Of this, 22 tenders covering 44 premises were awarded. The award MAGs implied an increase versus 2025 of 82% for 2027 and 83% for 2028. And these increases are distributed among the following in airports, mainly Madrid, Barcelona, Palma, Malaga, and Alicante.

If we look at F&B, Aena published 25 tenders covering 51 premises, of which, 20 tenders covering 41 premises have been awarded. These awards implied MAG increases of 11% for 2027 and 37% for 2028 versus 2025 levels.

Let me go -- let me finish with a review of the international assets. I think we can go to Slide 20 -- to Slide 20, sorry. The figures -- the traffic figures have already been explained by Javier earlier. So if we look at the revenue increase of Luton of 4.4% in sterling pounds, with io revenue contributing circa GBP 92 million, an increase of circa 9%, with commercial revenue increasing by more than 10% at 11% to GBP 95.8 million. Reported EBITDA decreased by 25%, materially impacted by the extraordinary nonrecurring revenues that contributed to the EBITDA in 2025. I would like to say with all of you that Luton contributed EUR 83 million to the group of -- the group EBITDA in this first 6 months of 2026.

With respect to OpEx of EBITDA, yes, I would like to mention that a slightly reduction in EBITDA margin that you can see once adjusted or taking into account the impacts of the previous year are mainly explained by the increase in the concession fee to the grantor in Luton because that increase is related to more passengers, inflation adjustment, but also to the end of the special force majeure protection that we had after COVID, that ended in March of this year.

Let's have a look at Brazil, ANB and BOAB portfolios. ANB continued to deliver solid growth in both revenues and profitability. Passenger traffic increased by 6.4%, with Recife reaching 5 million passengers, up 4.5%. Revenue increased by 11.7% in Brazilian reals, aero revenues increasing by 8.6%, while commercial revenues increased by circa 20%. The main contributors to commercial growth were car rental, F&B and cargo activities. Construction services increased by 2.7% to BRL 20 million. EBITDA increased by 16% and the EBITDA margin improved as well, from 58% to 60%. ANB contributed [ EUR 37 million ] to the group EBITDA of Aena. In short ANB combined traffic growth, commercial revenue growth and margin expansion in this period.

If we go to Slide 20 -- 22, sorry, referring to the Congonhas' portfolio. Passenger traffic increased by 2.8%, with Congonhas Airport reaching more than 12 million passengers, with an increase of 4.1%. Revenue increased by 42.1%, mainly explained by the material increase in IFRIC 12 revenues that increased by 72.3%. If we look at underlying operating business, aero revenue increased by 5.1% and commercial revenue increased by more than 30%, driven mainly by advertising, F&B and VIP lounges.

EBITDA increased by 17%. The reported EBITDA was 27% compared to 32% in the first half of 2025. However, as you know, this is materially impacted by IFRIC 12. So if we look at the margins, there was margin expansion as well as the Congonhas portfolio, BOAB, with an improvement to 65% of margin compared to 63% in the previous year. The Congonhas portfolio contributed EUR 63 million in the first half of 2026. Javier has already referred to the important operational milestone, reaching the delivery of the construction projects in a number of airports in this portfolio. As in the case of the ANB, the Congonhas portfolio continues to execute its investment program while improving underlying EBITDA and the commercial performance.

Finally, the new comer, Augusta. This is the first time that we are reporting information on Leeds Bradford and Newcastle. The contribution of Augusta in the first half of 2026 is still small because the integration in the portfolio happened in the very first days of May. Revenue totaled [ EUR 13.5 million ] and EBITDA amounted to GBP 6.9 million. The financial contribution is still limited, but the asset, as I was referring was -- the contribution from an EBITDA standpoint only started in the very first week of May.

Let me finish with a very brief comment on the leverage position. All of you will have seen an increase in the net debt-to-EBITDA levels at the mother company at group level. This is mainly explained for 2 reasons. The first one, the most important one, the dividend payment that took place after the first quarter, EUR 1.6 billion going to our shareholders. Thank you very much for your support. And secondly, because of the CapEx evolution at Congonhas but also the integration and payment, the financial flows taking place in relation to the project of Augusta.

This is the end of my review. So happy to start with the Q&A session afterwards. Thank you very much. Charlie, you can begin.

[Operator Instructions] Our first question comes from [ Tobias Prem ] of Bernstein.

In early June, the CNMC recommended that the reclassification of Barcelona occurred in the construction works from relevant to strategic investments. That would excuse your group to the execution risk of deploying the CapEx. I was just wondering, what you think about that? And how would you argue that it should continue to be relevant rather than just strategic?

Well, we have to wait to the final DORA. I mean the opinion of the CNMC is very important. And in fact, Barcelona Airport expansion is strategic, but it is strategic from the point of view of the city of the airport of the region of Aena. But from the point of view of the definition of strategic in terms of compliance with the regulation is different because that represents that you have to end at one date. So we'll have to wait the final document that is approved by the Board of Ministers. And in any case, if there is limitations out of the hand of Aena and that in the case of Barcelona project, there are many because we need to have many administrative process as many approvals that do not depend on Aena, well, that has to be taken into account in the compliance of the DORA. But anyway, I think we don't want to speculate about the final result of the of the [indiscernible].

Our next question comes from Cristian Nedelcu of UBS.

My question is on the dividend prospects on the midterm. Two of the large European airports have a dividend policy that is linked to how financial leverage develops going forward. Do you believe there is merit in considering a similar approach with a fixed dividend and a variable portion of the dividend dependent on financial leverage over time? And in relation to this, what is the maximum financial leverage at Aena SME that you would feel comfortable with?

Cristian, this is Ignacio. And thank you very much for your 2 questions. With respect to dividend policy, we -- once we have DORA, as you know, we will work on the strategic plan. At that moment in time, we'll have a whole new set of plans for the company. And that will be the time that we present to the market, our updated views on the dividend policy for Aena and for the group.

Having said all that, Cristian, with the numbers, with the analysis that we have in front of us, I'm happy to repeat the message that we have been saying with all of you, that we don't see a risk to deviate from the existing dividend policy of 80% of payout. This is the highest. And we believe that something that is simple, straightforward, sometimes it's better than having a situation in which dividends are subject to a number of conditions. So that would be my reaction to your first question.

With respect to your second question on a specific net debt to EBITDA leverage for the mother company, I think that the domestic that we have said with the market is that we don't see any risk in the company deviating from the existing and strong credit metrics that we have. Of course, that net debt to EBITDA will go up and will be -- we have compared to the existing number, to the existing ratio. But we don't think that, that increase will reflect -- will deteriorate materially the credit metrics -- the strong credit metrics of the company. That's why we are not expecting a deterioration or deviation from the existing ratings that we have.

Yes. Javier. Adding something and again, I mean, we are in the last stage of getting DORA approved. So we must not speculate about the future. Unfortunately, we have to wait some weeks or some couple of months to know a little bit the future.

There is a common assumption that the only point in discussion is the airport charges, but the other important points is the CapEx that has to be approved or modified by the regulator. So I mean it's better not to consider some assumptions as sure another in doubt. So we have to wait some weeks to see what is approved.

The quality is also an important point that has to be approved by the by the regulator. Perhaps we see some changes. And well, once we have that, as we have announced, we're prepared -- we prepare our strategic plan and we'll be done before the end of the year. But now, everything around the new strategic plan, unfortunately, in July, you have to wait some weeks.

Perfect. Our next question comes from Graham Hunt of Jefferies.

And maybe just on the remainder of the DORA process and the rest of the year. Could you just remind us if there's anything outstanding on your side or if you're still working with the DGAC on finalizing any requests from them?

And assuming we pass through the September deadline as expected, should we expect a broader strategic update in the fourth quarter of the year?

Now the DORA process is out of -- completely out of our hands, we sent our proposal in February and we have no way to introduce any change or any opinion on the process. So we have to wait.

And on a wider strategic update in the fourth quarter?

Graham, we -- because we will have to digest the DORA, finalize the rest of the business lines and analysis taking into account the final DORA approved by the cabinet, and we will need some weeks. So that's the reason why it will take some time after DORA been approved.

Our next question comes from Elodie Rall of JPMorgan.

Yes. Can I just follow up on that, please? If you see any risk to the regulation given the better-than-expected traffic this year? And second, if you could give us an update on your M&A pipeline, there is any more to come? And where would that come? Where would that be?

Well, as we have mentioned, traffic is performing better than expected at the beginning of the year. But still, there is uncertainty for the rest of the year and winter season.

Anyway, in our forecast, the forecast we did to prepare our DORA proposal, we took into account some limitations we have in capacity at some of our major airports at peak times. So as we have said that we consider that perhaps traffic is around 3%, perhaps higher or lower than that. But around that, I think with the information we have at this moment, we have to continue taking into account that we will have those limitations. If we end this year with more traffic in Barcelona, we can grow with the same growth rate that we foresaw when we thought that we were going to end with lower traffic.

So I mean, there is an important limitation. A part of the other limitations that we set when we sent that. Now the airlines have said, no, no, no, we are going to fly in other months of the year and so on. Well, we have capacity, not at peak times or not at peak seasons, but it's not easy to change the demand, especially in a country where summer season is the most important season in the year, and the demand is not only conditioned by the airlines and the airports, but is also conditioned by the hotels and touristic -- tourist sector, which as you know that this sector is not ready to attend a higher demand in winter season.

So well, we have those limitations. So of course, the limitation -- the higher number of passengers that we expect to have this year, of course, have to have an impact on the volumes we are going to manage in the -- because we'll start at a higher level in 2027, but we can't grow a very high growth rates over the 5 years period.

Well, you asked something about M&A. I think, well, we are focused now in the operations we have, both in the Augusta operation. We have 3 assets in U.K. and we are closing the deal of Rio de Janeiro and we have to integrate that airport in our network. They are in Brazil in order to get as soon as possible the synergies that we have taken into account when we presented the proposal. So at this moment, we are not looking at any operation. And also, we'll reflect on that in the strategic plan that we present in the last weeks of the year.

Our next question comes from Luis Prieto of Kepler Cheuvreux.

I had a couple of them. The first one is that the press has been reporting that you have been invoicing for [ COVID MAGs ], those tenants who have not settled company. What should we expect on this front going forward? Could you shed a bit of light?

And the second question, I don't want to call it speculation, but just to get ideas. If the [ easyJet ] takeover went ahead, hypothetically, what is your take on any potential impacts on Aena in particular.

Well, Luis, about the COVID discussions we have had with the commercial operators, well, this is difficult to explain because it's a very complicated legal process. But the reality is that last year, we had a resolution from the Supreme Court, and they gave an opportunity to change the pace, we could say. We have proposed all of our operators agreement that we have signed with several of them, and some of them have not accepted that deal -- that agreement. So for those that have not accepted the deal, we go to a previous stage where they don't have protection about their rents. So we are obliged to invoice them. The rent that was also in the original contract. That is the moment where we are now.

So -- well, these days, some of the operators, we are working on this over the last months. In fact, we announced, I think, in the first quarter, accounts that we have reached an agreement at least with Areas, which was -- Areas is the major food and beverage operator at our network. We have reached agreement with others. And these last days, some operators said that we are doing something illegal. It's not illegal what we are doing. We have to invoice the rents that are in the contract, in the original contract, and it's our obligation to do that to protect the interest of our shareholders. And well, our view is that we'll continue agreeing with some of them, and it's the right of them to continue with the legal disputes. With those that we are agreeing, of course, we close all the disputes. And I think more will reach agreement with many of them.

Well, about easyJet, maybe that is soon to say something about easyJet. Well, we have to see how the operation evolves, what is the -- how the European regulation could affect them. And well, easyJet is an important operator at our network, but we are seeing how other airlines are announcing very important plans for -- to increase their operations at our airports that, for example, Wizz Air, for example, Jet2, and well, we will see -- I mean, the transport industry is very dynamic. And when one airline disappear or reduce or increase its operation, other come to operate.

The important for us is that we have very competitive airports. We have capacity. We have good quality. And despite the opinion of other airlines, we are also very competitive in airport charges. So we will follow the -- with the evolution of the new structure of easyJet, but we are not concerned about that at the moment.

Our next question comes from Andrew Lobbenberg of Barclays.

I just wondered if you could comment on the continuing loud campaign from Ryanair complaining about airport charges and the structure of charges at regional airports. Do you think there's a possibility that, that campaign will calm down once the DORA defines future charges? Or how are you going to learn to live with this?

And slightly related to it. I think there was some new story about some developers seeking to set up an independent secondary Madrid Airport, which is limited to only 1 million passengers, but Ryanair are celebrating this. Do you think this is going to be a reality? And is it in any form, a strategic threat if people think they can deliver micro airports to compete against you?

Well, Ryanair, what they say in Spain is the same they say across Europe. Well, they want to reduce airport charges. We are never happy with airport charges. And -- but -- to be honest, we are not concerned about that.

I think they have to grow. We are -- Aena is the first airport operator for Ryanair. Also Ryanair is very important for Aena, is the first individual airline for us. And they continue -- will continue growing. Now they have a limited number of aircrafts, and they base -- those aircraft, where they get more profitability and they get more profitability through a higher yield in the major airports.

So what we see is that when they have decided to abandon or to leave some of the regional airports, there are other airlines that go there because the demand is there. The problem is that it takes some time, as immediately, the airlines need time to plan. We have seen how airports like [ Jerez ] in Andalucia, it's growing again once Ryanair decided to leave Jerez or some airports in the Canary Island or in Santiago, Santiago Compostela in Galicia, where, very, very soon, we have -- we are going to see announcement of competitor of Ryanair, which is going to announce a base there and several routes there.

So well, I think Ryanair will continue growing in Spain, not only at the major airports, but also at the regional airports because, well, there are opportunities there for the industry, and I'm sure they will take those opportunities. So well, nothing operationally as we have always repeated. They are very good operationally, and they lead the industry in some way. But in terms of public speech, well, they are not easy, but they are predictable in some way because they're saying the same, every country around Europe.

Talking about the new airport, well, the new airport, the new idea or project, but it's not new. It's not new. And in the last weeks, where we have seen some news about this project because, well, in the -- taking the opportunity of public speech of Ryanair, they ask, would you like to have another airport in Madrid to compete with Barajas? Yes, I would like to do that well. And -- but I think, probably technically speaking, and there is difficulty in being compatible, the space of around this new location with the rest of the airports or air basis in Madrid, there is -- we have Madrid airport, Madrid Barajas airport, but there are also 2 military bases. And a place where this airport is located -- would be located is, I think that it has some progress of compatibility with the air space with the route to land and take off there.

But anyway, we have proposed to the regulator, a very ambitious project to expand Barajas. And well, I think it's a great advantage to have this airport in Madrid. Madrid Barajas airport, where we have something which is -- the main advantage of Barajas is that we have the environmental permission to grow up to 120 operations per hour. That is a great advantage. I would say it's a luxury for us to have that because that is very difficult to increase capacity in their site by growing runway, so expanding the current runways. So what we are going to invest in Barajas is terminal, terminal because we need the terminal buildings to process passengers, but we have the great advantage of having 4 runways with capacity of 120 operations per hour, perhaps is the airport in Europe with more with more capacity available to grow in the future. So talking about the second airport, I think with the technical difficulties, I think, is -- does not make sense.

Our next question comes from Dario Maglione of BNP Paribas.

Just one question from me on CapEx. So for the DORA III, of course, we still don't know exactly the amount. But so far, we said around EUR 10 billion regulated CapEx. In terms of the risk, if there is a CapEx overrun on one of these projects, who bears the risk? Can you add the additional cost to ramp or not? What is the process?

Well, first of all, our CapEx program will be 13, 1-3, but the regulated CapEx is only 10. So the CapEx that we'll have to implement the company will be 13. But anyway, the question is valid for both figures.

Well, there are -- the level of definition of the CapEx in the DORA provides some margin to manage the different portfolio both in -- with some adjustment in the times, with some conditions we mentioned before the strategic investment, relevant investments on. And also with the amount that is for sure at the beginning. In fact, we are developing projects at this moment. And then we have proposed some CapEx for some airports that still we don't know the final amount.

But the regulation gives some margin to work with that, of course, without increasing the maximum amount, in this case, EUR 10,000, which is the regulated EUR 10 billion, EUR 10 billion, which is regulated. So that is something which is going to be taken into account at the timing of calculating the airport charges. So if you -- if we increase that, it's on our side, unless it is approved in the middle of the dollar or if we don't invest EUR 10,000, we'll have to give that money back to the DORA IV. But in terms of managing, it's a challenge to implement the CapEx program, but at the same time, having a huge portfolio, working at different airports, we have strong margin to where we sit and to comply with the DORA and with the amount of money that we are obliged to invest.

Our next question comes from Marcin Wojtal of Bank of America.

When could we get a clarity on K factor and also on the P factor that will be included in your tariff increase for 2027? And could you perhaps share your best estimates of those 2 tariff adjustment factors for next year?

Normally, we should already know those elements. But because of the DORA is not approved, the process to consult the tariffs for next year is postponed -- is postponed until we have the -- because those factors, as you very well know, have to be added to the -- applied to the airport charge of next year. So as you can imagine, at this moment of the year, we have some calculations, but we can't release today because we need to comply with the regulated procedures. So we -- once we know the DORA, we'll call airlines to start with the process to consult the airport charges for next year, where we have to apply to the airport as approved by the DORA. The key factor, P factor, B -- B factor, quality factor and so on. Sorry for not releasing today, but we'll have to wait some weeks on that.

Anyway, you will know -- sorry, anyway, you will know those figures before the strategic plan -- that in the middle between the approval of the DORA and the strategic plan.

Perfect. Our next question comes from the line of José Arroyas of Santander.

I wanted to ask you about the relevance of the B factor during the DORA III, now that the P factor will be uncapped. We are now seeing -- anyway, this is the topic of the day, OpEx inflation of 10% this year in Spain, driven by factors that are clearly specific to Aena and the aviation sector. And I wanted to ask you if there is a reasonable chance that the P factor in 2028 would reflect all of the OpEx that Aena is seeing in Spain this year, and that the P factor would be well above inflation in 2028.

Thank you, José Manuel. This is Ignacio speaking. Well, you know that the P factor doesn't reflect inflation completely. It's a tailor-made index. So I think assuming that there will be a pass-through of the current inflation of 2026 in 2028 because of what we are suffering or experiencing in our financial performance. I think it's something that I'm not keen to say.

You know that there is a basket of items part of the P factor. There are some constraints in the legal definition of the P factor because sometimes we can only apply the minimum comparing a specific industrial index compared to our management accounts or cost accounting accounts, and we have to apply the minimum. So the maximum, in many of those cases, will be the situation we will able to even transfer our cost impact if the industry index is lower than the impact that we are having in our accounts.

So I think that we -- given the removal of the cap, I think, is good news for the company because as you know, given your experience following us, that has been a constraint. So having said that, we are more optimistic because that cap has been removed, but we are not completely optimistic of being able to transfer -- to transfer our pass through 100% of inflation through the pay index.

It's true that we are starting a new door, as all of you know, the 1st of Jan of 2027, so we have the positive consequence of being able to rebase most of our cost at this moment in time with the current constant prices as of 2026. So that will be -- that will give us some push, some help in order to start for that base that is taking into account the price consequences or the nominal consequences of many years of high inflation, including some months of 2026, hopefully. So that's where we are, José Manuel. Thank you very much.

[Operator Instructions] Our next question comes from Nicolo Pessina of Mediobanca.

I would like to ask of you about the CNMC proposal included in the DORA III opinion about introducing adjustments to traffic estimates in the DORA III framework. Do you have a view on how these adjustments could work? Would you expect the DGAC to move ahead with this proposal? And do you think the DGAC could do it unilaterally or an agreement with Aena is necessary for any change of the framework?

Well, the report of the [ CMC ] is a nonbinding report, and of course, any decision that the DGAC finally does to propose to the Board of Minister has to be done in the terms that are defined in the in the law that regulates. This is not a question of opinion. It's a question of regulation based in the law that the [ rate 14 ] -- the [ law 18 ] of 2014.

Charlie, can you hear me?

Yes, we can hear you on the line now.

Yes, we can go ahead with the next questions, please.

Of course, Nicolo, if you could please repeat your questions there.

Well, my question was about the traffic adjustments that the CNMC proposes the opinion for the DORA III framework a couple of months ago. I think Javier Marín's answer has been clear.

And our final question of today comes from Nicolas Mora of Morgan Stanley.

Just to talk about something else than DORA. Can you talk a bit about the commercial performance that you saw in Q2? And also the way you continue to get contracts quite markedly above historical magazine to '27, '28. And what's the status with travel operators? You're still in power to still feel you've got pricing power to push up expectations? That's the first one.

And then on the MAGs, on -- especially on Duty Free, you've been on and off the MAGs in certain areas, you're still in for the [ Canary ] airlines. What should we expect in the back end of the year? And why would you expect further improvement closer to the MAGs in H2?

Thank you, Nicolas. This is Ignacio. I'm sorry for the confusion with Nico before.

Let me start with the second one. You are right. We have had a performance in the past year in which we were able to go above MAGs in many of the duty-free lots. In this first 6 months of 2026, only one lot. The one in Canary Islands is above. There are 2 lots that are very close. Although basically, all the Mediterranean Coast and Andalusian and the North one that is small, but is also close.

What has happened in the Mediterranean Coast. I think traffic has performed very well, Nicolas. But what we have seen is that because of the current layout of the airports and two, because of the entry-exit system, some potential performance of the duty-free business might have been impacted because traffic has been very strong in those airports. So hopefully, once we have gone through the entry-exit system, more and more passenger are enrolled, we will be able to deliver a growth that allows Aena to be above MAGs in that lot. With respect to Madrid and Catalonia, we are still far from being able to be above the MAGs in the specific year. As you will remember, MAGs increase every year further to the arrangements that we have with the duty-free operators.

Your first question was with respect to the performance of the commercial business in the second quarter. And I must say that has been better than in the first quarter. And I think we can go to the Slide 10 of our presentation. And you can see there that the increase in commercial revenue on a per pax basis has been 4.4% in this quarter compared to 3% in the previous quarter. So it has not only been traffic, but also better performance in many of our business lines.

In some of them, what we are witnessing is that the demand -- the strong demand for VIP services is there. We still have pricing power in many fronts. We are adding capacity, and that capacity is filled as soon as we open that capacity, and we even offer different types of services in the VIP front in order to be able to have a better breakdown or segmentation of passengers so that we can offer the right product at the right price, given the demand that we are having.

With respect to retail, duty-free, F&B and specialty shops. We have shared with you the increases in MAGs that are coming from the latest tenders that we have -- that the company has closed in the first 6 months of 2026. The results are confirming that there is appetite, that increases are double digits -- increases for F&B and for specialty shops as we are presenting, I think, in Slide 16, if I'm not wrong.

Some figures included there could be a bit surprising. I'm happy to share the background, Nicolas, behind those increases. If we look at the specialty shops, an increase of 82% in 2027 is due that the comparison of that 82% is taken into account some new space that we are adding. So the comparison is almost 0. So we are adding new space that previously there was nothing. So that's why that percentage is materially higher than perhaps the percentage that we have disclosed in previous quarters for new tenders.

And if we look at F&B, we have the opposite. The 11% of MAG increases for 2027 compared to 2025, that's a small number. But that's a small number because the number of units is very small because F&B renewal in most -- basically that specific in our RFP was included mainly units that are going to be renewed in 2028, not into '27. So the comparison of that 11% is very small. So it's not that, I would say, I referenced at 11% because the real reference would be the one for 2028. But we are still seeing very material increases in most of the RFPs that we are launching and in many of our airports. And those processes are taking place in airports that are really material because we are talking about Madrid, Barcelona, Malaga, some Airports in the Canary Islands.

So the short answer with respect to pricing power, we are still seeing a strong appetite in many fronts for retail. The other business lines, mobility, car parks increasing circa 10% with pricing power -- the issue that we have there is capacity, Nicolas. That's why when we are asked about DORA III and the nonregulated or the nonregulated CapEx, I think the answer from the company is always, we need to invest in car parks. And those 3 billions are mainly explained by car parks because we need more capacity. So a material increase in that business line will come from revenues explained by more capacity happening at the end of DORA III.

Car rental, we are seeing less profitable transactions coming from operators in some of our airports, but it's still growing. What I tried to highlight in my opening remarks, very strong growth in all the ride-sharing initiatives that the company is launching. That would be my review on retail and pricing power, Nicolas. I hope that I have been able to address your question.

We now have a follow-up from Cristian Nedelcu of UBS.

Maybe 2 quick ones. On the CNMC proposal, I was wondering the usual process, have you provided any feedback to DGAC in response to what CNMC has said? And can you elaborate, are there any parameters or any assumptions from the CNMC where you have significantly different views that you flagged to the DGAC?

And the second one, just a technical one. Apologies, the -- as per the disclosure, I think there were a couple of positive and negative impact in the P&L around the fair value of trade receivables and some impairments of trade receivables. So could I kind of ask you to clarify, at the end of the day, are they mostly neutral to EBITDA in Q2? Do they mostly offset each other? Or were there a net positive or net negative? Can you comment anyway?

Well, Javier. For the second one, I will give the floor to Ignacio. The first one, I have mentioned, Cristian, once we sent the -- our proposal approved by the Board that was in February, we don't have a way defined in the process, in the law to contribute, to make comments about the CNMC and about other reports. So no, the question -- the answer is no, we have not given feedback to the [ DAC ] about the report of the [ CMC ] because we can't in the -- we, on the contrary of the -- some airlines, we have considered that we must not press the regulator in this process. So we gave a lot of information in the consultation process with the airlines that it lasted 5 months. In this concentration process, the DGAC and CNMC attended every meeting. So they gave a lot of reports explaining why we needed to increase our OpEx, why -- to explain our proportion in terms of quality and so on. So they know all the information in the world. We have to wait some weeks to know the result.

Thank you, Javier. Cristian, with respect to your second question, I think if we look at the consolidated P&L, you are right, we have a positive movement in the item that we refer as changing the fair value of trade receivables. That's a partial recognition of the income, mainly of the income that the company has recognized in relation to the agreement that Javier was referring to earlier with Areas. Applying IFRS international accounting rules, that's not part of the commercial revenue. That's part of -- according to IFRS 16, that's the place or the item where we have to recognize the deal that we have closed with that specific operator. Part of the amount of that deal, because it's related to financial interest, is -- would be in the financial part of the P&L. So below EBITDA. If I remember well, it was around EUR 7 million on top of the amount that you see in the change in the fair value of trade receivables.

The negative -- the minus that you were referring, I understand, is the one that we are including in the item losses on impairment and change and provisions for trade receivables. What we are mainly including there is a bad debt provision in reference to -- basically bad debt provisions that we have to record because of relationships with -- mainly with the airport, mainly with commercial operators. And that's the rationale for that amount in this specific period.

This does conclude the question-and-answer session today. I'd now like to turn the call back over to Carlos Gallego, Head of IR, for closing comments.

Thank you, Charlie. As there are no further questions, we will conclude today's call. Thank you for your participation and continued interest in Aena. We wish you all a pleasant summer. And for those taking their holiday in the coming weeks, well deserved break. Thank you very much, and have a good afternoon. Thank you.

Ladies and gentlemen, that concludes today's conference call. You may now disconnect your lines. We thank you for your participation.

Hello, everyone, and thank you for joining us today for the Aena Q1 2026 Results Presentation. My name is Sami, and I'll be coordinating your call today. [Operator Instructions] I'll now hand over to your host, Carlos, Head of IR, to begin. Please go ahead, Carlos.

Good afternoon, everyone, and welcome to our Q1 2026 results presentation. This is Carlos Gallego speaking, Head of IR. It's a pleasure to be with you today. Our CFO, Ignacio Castejon, will host the call together with me. We are going to cover some of the main topics explained in the results presentation that is already available in the CNC website, and we'll finish with a Q&A session. [Operator Instructions] without further ado, I give the floor to Gasteol.

Thank you very much, Carlos. Hello, everyone. Good afternoon, and thank you for joining us today with our Q1 2026 results presentation. I will start commenting some highlights. And afterwards, I give the floor to Carlos. We'll have a Q&A session at the end of the call. Let me start on Slide 4 with some comments on traffic trends. As you can see, traffic increased for the group 3.8% year-on-year, up to 81.3 million passengers. If we look at the Spanish network, the annual increase was 3.2%, and we reached almost 65.6 million passengers. -- slightly ahead of our forecast for this quarter.

Please note that the traffic performance for this quarter has been positively affected by the timing of the Easter break. Last year, the Easter break took place in April, and this year has been -- has happened between March and April. And we have also experienced some positive shift from rail to air transport, I would say, took place on an extraordinary basis. If we look at the short term from a traffic standpoint, what I can share with you at this moment in time is that April so far is performing well.

Let's have a look at the financial performance. 2026 Q1 total revenues for the group accounted for EUR 1,479.9 million. That's an increase of EUR 154.3 million. EBITDA reached EUR 661 million, increasing by EUR 17.4 million. And we look at net profit, profit after taxes, that was circa EUR 330 million, an increase of 9.3%, circa an increase of EUR 30 million. The growth in revenues was driven by traffic performance, traffic evolution, the increase in the Aero charges from March 1, the improvement in commercial activity and the performance of our international assets. Please let me highlight that when we look at the performance of the international assets, -- given the increase in the construction services, I'm now looking at Slide 6. The explain -- they mostly explain that increase. The construction services amounted to EUR 84.3 million in the first quarter of 2026 compared with only EUR 8 million in the first quarter of 2025.

Basically, this reflects the progress that we are having in the Congonhas portfolio with the progress in that specific airport in all the construction activities. If we exclude the IFRIC 12 construction revenues, the underlying consolidated revenue growth for the group was 6% in this quarter. Let's have a look at the performance by business lines. Aero revenues, they grew by 5.2%. commercial revenues, 5.5%. Revenues from real estate, a very positive and high increase with a 16.8% and international revenues increased by 57.7%, largely driven, as I was explaining earlier, by the construction revenues recognized on the IFRIC 12. If we exclude this effect, the revenue grew -- growth, sorry, of our international revenues would have been 8%. Let's have a look in more detail to Aero and commercial. Aero, just a couple of comments. As you know, as you, I'm sure, have seen in the papers we have said with the market, dilution in this quarter has been EUR 28.7 million.

That's much higher than the dilution that we have last year. And the main reason is the increase in tariff. Last year, tariff was flat for the first quarter. And in this specific year, the tariff has been flat for the first two months has increased in the third month, and we are taking into account the final tariff for the whole year in order to calculate dilution. That's the rationale for -- the main rationale behind the EUR 28 million of dilution that are not part of the revenues at this moment in time in this quarter, but will be revenues for the group in a couple of years through the dilution factors to the K factor. If we look at the commercial revenues, just a few comments. Sales keep going -- keep increasing, circa 5% in the first quarter of 2026 and also a very important growth in all our activities that we manage in-house. I'm referring to VIP services and parking. VIP services keep delivering growth rates higher than 30% and parking revenues also performed very strongly. When we look at the retail activities, I would like to share with you that we have an excellent results in the awards of the contracts in F&B and specialty subs, as you can see in the information provided to the market. For example, in F&B, MAGs increased by 30% when comparing MAGs for 2026. And if we look at the specialty subs, MAGs increased by 45% when we compare the MAGs in 2026 to 2025.

So very good results from all the contracts award for retailing activities in this quarter. And let me finish on commercial business with another topic. We have managed to reach agreement with a number of tenants in relation to all the losses that the company had in -- through COVID because traffic losses. This is -- as a result of these agreements, the company will have a cash inflow in the next months and also income that you will be seeing in the next quarter when we present the results for the first half of the year. The income that will come to -- that you will be able to see at that moment in time will be circa EUR 30 million as part of our commercial income mainly. Let's have a look at cost.

So I would move into Slide 7. I've seen a number of notes on cost and operating cost this morning from many of your notes. Basically, let me share some information, and we can exchange this later on the Q&A. With respect to information, operating expenses, so that includes supplies, staff costs and other operating expenses for the group. If you look and compare year-to-year, the increase is 17.8%, a total of EUR 850 million. Please note that, that increase is taking into account the IFRIC 12. So if we remove from that item, the IFRIC 12 impact, the increase in cost in OpEx would be circa 7% for the whole group for the consolidated group. We have been -- for a number of years and especially in the last two calls that we have had with all of you, we have been anticipating that we are seeing a trend with respect to our OpEx in which that trend is provoking that the OpEx figures of the company go north. We have also tried to be very transparent about the reasons of that change of that increase that is mainly explained by more FTEs, higher traffic, regulation, quality levels, inflation.

So happy to provide more insight later, and I'm sure Carlos will spend some time explaining the other operating expenses later on, but that's what we are seeing. So when we look at the Spanish network, the total OpEx figure has increased by 7.9%, reaching EUR 644.3 million, with an increase in staff cost of 12.4% that -- and also a significant increase in other operating expenses. Let's have a look at EBITDA. So I'm referring to Slide 8. Reported EBITDA for the first quarter of 2026 amounted to EUR 661.1 million. That's a growth of 2.7% year-on-year, and the reported EBITDA margin for the quarter was 44.7%. These figures on EBITDA growth, margin and number are impacted when we compare those figures with the previous -- with the figures of the previous year or the quarter or first quarter of the previous year.

And the main impacts are basically explained by the Luton situation in relation to the fire that the parking and the reconstruction of that parking after the fire and insurance compensation, but also IFRIC 12 impacting on the margin. So if we remove the impact of the extraordinary revenues that we had in the first quarter of 2025 related to the fire compensation for the reconstruction of the parking, the increase in the EBITDA of the group would have been higher than 5%, 5.1%, amounting to an increase of EUR 32.1 million. If we remove from the margin calculations, this compensation, but also the IFRIC 12, the margin of the group would stand this quarter 2026 at 47.4% compared with a margin also in 2025 of 47.7%.

So a decrease, but a very slight decrease, I would say, a flattening of EBITDA margins when we remove all these extraordinary items. Let's have a look at the net profit that is also in that slide. Net profit amounted to EUR 329 million in the first quarter of 2026. That's an increase of 9.3% year-on-year. That's a very strong growth that is explained by, of course, the business growth that we have been explaining earlier, but also by the lower depreciation and amortization in this quarter compared to the quarter of 2025 because of the adjustments in the useful lives that we explained last year, but also because of the lower net financial expenses that were reduced by EUR 20 million when we compare quarter-to-quarter, basically explained by the compensation of all the cash that we have in Brazil that we have in order to be able to pay for the CapEx in the following months and the applicable exchange rates for this quarter. Let me finish with some comments on EBITDA.

With respect to EBITDA, moving to Slide 9 by business segments. The EBITDA growth in the real estate activities has amounted to sorry, the -- just give me a minute because I cannot see properly. Yes, 31%. Sorry, that was right. The EBITDA for the real estate business increased by 32%, mainly explained by the increase in revenues that I was discussing earlier, 16%, but also by the cost control in that specific business segment. And with respect to international activities, you will see in this Slide 9, a decline of 3.5%, but it's also explained by all those extraordinary effects, mainly related to the reconstruction of the parking facility and the insurance compensation related to that reconstruction. If we were removing that impact, EBITDA for international activity would be going up by circa 16% in this quarter, confirming the very strong underlying performance of all our assets in Brazil and the U.K., as Carlos will explain further.

Let me finish with some further notes. Hopefully, in the next weeks, of this quarter, we will achieve the financial close of the acquisition of a stake in a new holding company that will be owning 100% of Leeds Bradford Airport and also Newcastle Airport as we anticipated before year-end. And with respect to the announced transaction related to Rio de Janeiro Galeao International Airport a few weeks ago, the initial steps in order to achieve financial close of that transaction are happening as we were expecting. On regulatory and corporate matters, as you know, the company made their proposal for DORA last February. That's progressing according to our plans. And the AGM that took place in mid-April approved all the resolutions proposed to our shareholders.

and therefore, the distribution of the dividend approved at the AGM took place this week on Monday, in which EUR 1.09 per share was paid to all our shareholders an incredible dividend for all our shareholders. And that was all for me. I will let Carlos to go into further detail in a number of topics for today's presentation. Thank you very much, Carlos. Thank you.

Thank you, Ignacio. Let me go you through some additional details with respect to traffic as summarized on Slide 12. On traffic, Ignacio already covered traffic performance at the group level and in Spain. So I'll give a quick overview of the traffic data for our international assets as disclosed in the press release published on April 13. Luton Airport handled 3.7 million packs. That's an increase of 2.9% compared to Q1 2025. In our Brazilian assets, ANB managed circa 4.7 million passengers, plus 11.5% year-on-year. And BOAB recorded 7.2 million passengers, 5.0% higher than the same period of 2025.

Within the Spanish network, domestic traffic declined by 1.4% year-on-year, while international traffic increased by 5.5%. This reflects a combination of supply and demand factors impacting the domestic market. On Slide 13, traffic by regions. Europe, excluding Spain, grew by 4.9%, Luton by 8.3%, North America by 9.5%, Africa by 14.9% and Asia by 36.8%, while the Middle East, minus 13.4% and Spain, the aforementioned minus 1.4% were the only regions where traffic declined. By countries, traffic with the United Kingdom increased by 4.9%, Germany declined by 1.2% and Italy increased by 5.3%. At airport level, Alicante recorded passenger growth of 6.6%, Malaga grew by 6.3%, Madrid increased by 4.3% and Barcelona increased by 4.1%. By airline, Ryanair reduced passenger volumes by 3.4% year-on-year with a market share of 19.6% of total traffic. Vueling increased passenger volumes by 4.3% with a market share of 16%. And finally, Iberia increased passenger volumes by 0.9%, representing a market share of 8.2%.

Let's analyze in more detail the commercial performance. So let's move to Slides 14 and 15. Total sales increased by 4.9%, higher than the traffic growth.

And on a per passenger basis, the growth has been 1.7%. Revenue from fixed and variable rents invoiced in the period increased by 8.3% compared to Q1 2025. Excluding the multiyear straight-line and other adjustments, commercial and real estate revenue grew by 7.9% to about EUR 488 million and the revenue on a per passenger basis grew by 3.0%, reaching EUR 7.6 per passenger. As Ignacio mentioned earlier, total revenues from real estate services increased by 16.7% year-on-year. This growth was mainly driven by two components. On the one hand, cargo business revenues increased by 16.4%, reflecting continued strength in air cargo activity. And on the other hand, revenues from real estate operations increased by 32.1%, driven by higher income from leased assets and surface rights linked to logistics and commercial developments. I think it's worth analyzing the information along commercial business line to comment on specific details.

On Slide 15, I would like to start by stating that the sales of our tenants in our core retail activities, duty-free, specialty subs and food and beverage grew in line or above traffic. In the case of duty-free growth was 8% in the case of specialty subs, 3% and in the case of F&B, 7% Total revenue in duty-free decreased 0.7% compared to Q1 2025, reaching EUR 131 million. But if we analyze duty-free revenue, excluding straight lining and other adjustments and consider business revenue as the sum of both the variable revenue invoice in the period and the MAGs, revenue has grown by 2.8%, which is virtually in line with traffic growth. In addition, in the first quarter of 2025, the Canary Islands plot was the only one that exceeded the minimum annual guarantee rents. Total revenue in Food and Beverage grew year-on-year by 3.5% to EUR 86 million and specialty shops grew by 9.3%, reaching more than EUR 32 million.

The performance in both business lines can be explained by the new brands and tenants, the improvement of the commercial mix and additional commercial service. Revenue from mobility services, including car parks and car rentals, has grown by 6.2% to nearly EUR 110 million. Car park revenue grew well above domestic traffic, 9.1% to EUR 52 million, while domestic traffic decreased by 1.4%. The main drivers behind the revenue growth are the optimization of the variable parking spaces and the pricing policy, which has boosted the average ticket by 5.8%. Car rental sales grew by 1% and total revenue by 3.7% to EUR 58 million. This growth is primarily due to a strong performance at major airports and 1.2% increase in contracts, partially offset by the strong competition among the car rental providers. Finally, as Ignacio mentioned earlier, Via services revenues continued to grow during the quarter, plus 31.5% year-on-year in Q1 2026 to EUR 55 million with an income per passenger of EUR 0.84, plus 27% compared to Q1 2025.

Within this business line, VIP lunches is the main one, representing circa 88% of the revenue. Its revenue grew by 25% because of the higher number of users, plus 15% and higher average price, 9%. Slide 16 shows a high detail of the main items of the other operating expenses for the network in Spain, both in million euros and on a per passenger basis. Other operating expenses in the Spanish network rose to 7.1%, reaching EUR 442 million. This increase was driven by the increase in maintenance, 20% security, plus 8.5%; PRM plus 23.5% professional services, plus 17.3% and VIP lunches plus 35%, partially offset by electricity, minus 7.7% and taxes, minus 2.2% -- although OpEx growth was higher than traffic growth, Aena clearly retains the leadership in the OpEx per passenger metric.

On Slide 17, net cash generated by operating activities amounted to circa EUR 909 million in the first quarter of 2026, representing an increase of 10.7% year-on-year. Because of this cash generation and overall financial management, net financial debt to EBITDA improved from 1.46x at year-end 2025 to 1.32x at the end of the first quarter of 2026, reflecting a continued strengthening of the balance sheet. CapEx paid in the first quarter amounted to circa EUR 300 million. Most of this investment focused on safety and security and improving the airport facilities. Fixed rate debt stood at 83% of our total debt compared to 82% of 2025 and the average cost of our debt increased to 2.51% compared to 34% in 2025. I will off commenting on international assets, starting with Luton on Slide 18. In local currency, revenue at London Luton Airport rows 8.3% to EUR 84.2 million -- sorry,GBP 84.2 million. EBITDA reached GBP 32.1 million, minus 15.4% and the EBITDA margin was 38.2%, 48.8% in the first quarter of 2025. The contribution of the group's EBITDA amounted to EUR 37 million. Excluding all the items recorded in the first quarter of 2025 resulting from the car park fire, insurance compensation for the rerostruction, loss profit and expenses arising from the car park fire, EBITDA for the first quarter of 2025 will be GBP 27 million, and the year-on-year change will reflect an increase of 18.9% and plus GBP 5.1 million.

The EBITDA margin will be 35.7% in the first quarter of 2025. Let's move to the Brazilian assets, Slides 19 and 20. I would like to highlight the traffic growth, plus 11.5% in ANB and 5.0% in BOAB and the very limited CapEx in ANB and the mandatory CapEx we have already started to deploy in BOAB. As you know, EBITDA margins are affected by the accounting standard IFRIC 12. Excluding this impact, the EBITDA margin and ANB stands at 65.7%, 65.0% in Q1 2025 and in BOAB at 65.0%, 63.3% in Q1 2025. The contribution of the Brazilian assets to the group EBITDA amounted to EUR 50 million. That will be the end of my presentation. So Sami, if that's okay for you, we are ready to move to the Q&A session. I can see that there are many of you who would like to clear up some doubts about this presentation and to give everyone a chance to speak and to keep within the time limit of this presentation, I will be grateful if you could limit your comments to a single question. As always, the Investor Relations team is available to answer any further questions you may have. Thank you.

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

I'm going to limit myself to one. It's not going to be in the obvious OpEx front. It's going to be more traffic oriented. So what I would like to come back to is the AGM statement by the Chairman that you would be reassessing traffic performance in due course. I don't exactly know what reassessing means. But what forces and tensions are you seeing in short-term traffic performance at the moment?

Thank you very much, Luis, for your question. This is Ignacio speaking. I think what the Chairman referred at that moment in time at the AGM, I think it's the comment that all of us are making to ourselves when the number for the traffic forecast for the traffic guidance of this year was internally elaborated and built the information, the inputs that Aena had were completely different to the information that we have in front of us at this moment in time. And we are seeing positive and negative trends impacting the traffic performance and the trends are so different to the ones that were used at that moment in time. That's why we, as a company, we were -- we wanted to be transparent about the situation.

I think confirming a number or putting a number at this moment in time when we are seeing news every single minute changing the situation, not only of the geopolitics, but also, in particular, the one impacting our industry is something that all of us are watching and that could impact short term, medium term and long term from many different fronts. So all that is what we would like to convey to all of you. I think I've seen some notes Luis this morning, Aena is confirming. Aena is not confirming the 1.3% -- what we are not confirming or we are not changing. What we are saying is that all the information that was put together in order to estimate the 1.3% is being materially impacted, and it's reasonable to expect that the traffic projects forecast for this year will change. But we are seeing Luis things that are impacting positively and negatively.

And the ones that are impacting negatively could be things that could materially impact the whole industry. And we are talking about Jet fuel, we are seeing news about flights being canceled, airlines confirming flight tickets going up. So we are seeing many trend of negative news that is huge in that regard. It's too early to put a number given that the uncertainty is, in my opinion, at the highest levels that I have seen in my career. And what we are trying to gain is some more visibility before putting a number in front of all of you. And that's what we are being totally transparent.

Our next question comes from Tobias [indiscernible] from Bernstein.

I will ask a question on OpEx. And I was wondering if you can help us square the that stands for OpEx. I appreciate that excluding IFRIC 12, OpEx only grew by 8-ish percent year-over-year. But I would like to focus on maintenance and security because those are the two cost elements that you had elaborated on in your DORA 3 proposal as well. When I take the 20% growth in Q1 year-over-year for maintenance and then I sort of add this up sort of apply that same growth rate over the next couple of quarters, I get to EUR 311 million in 2026, and you had stated maintenance cost of EUR 300 million in 2027. I'm just -- this is just an example. I don't want to sort of pinpoint necessarily just on that. But does that mean OpEx growth for the rest of the year will be slower than in Q1? Is that something you can sort of elaborate on a little bit?

Thank you very much for your question. I think with respect to the general trend on OpEx, and we can discuss some of the items or the items that you have asked on maintenance or security or PRM. I think the general trend that you will see in OpEx for this year is the one that we have been explaining to the market for a while, increases that are comparable to increases that you have seen this quarter, the last quarter of 2025, the third quarter of 2025.

Because the largest items on the other operating expenses of this company, I'm referring to maintenance, security or PRM are being impacted in many fronts. And we are renewing some of our contracts. And in those contracts, because of scope getting larger because of regulation, because of more activities, because of assets that the warranties are terminating and therefore, we have to pay for the maintenance of those assets because of many reasons, those -- all those costs are going up. You were referring to maintenance that I think in this quarter, the figure is 20% I'm not expecting a 20% through the whole year of growth, but it's not going to be materially different to the maintenance increases to the increases that you have seen in the maintenance items in the previous year. This quarter perhaps is a bit higher than other quarters. And therefore, you should expect a potential reduction. But it's not going to be a reduction that changed the trend that we have been explaining to everyone in our calls.

You have referred to security. Security, there is not a new contract. The contract was signed, I would say, a couple of years ago, 1.5 years ago. And what you are seeing is an increase in the cost of security related to CPI more activity that is part of the contract that we have for security. And that's the result of that number. Don't expect a material change with respect to the performance of that item compared to the one that you are seeing in this quarter. There could be some slight reduction because in this quarter, you will remember that in the middle of 2025, we increased the cost in security in order to have more security guards in our terminals.

And that's an impact that took place around the second half of this year of 2025. So those cost increases that are impacting the comparison in the first half because we have those, but we didn't have those costs in the first half of 2025. But through the year, given that we start incurring those increases in 2025 in June, July 2025, you will get some normalization, but it is a very small part of the cost item of security.

Okay. Great. Maybe just a very, very quick follow-up. So the numbers that you have in your DORA III proposal, those are still valid and then this quarter has not changed anything regarding your assumptions?

Of course, those numbers are still valid. What I would like to highlight is that all of us are seeing the consequences of the inflation that everyone is anticipating related to the increases in the and inflation is going to be another important topic in OpEx for the next months because it will depend on how all the cost increases in oil will be translated or passed through to the economy. And that's something that we didn't have at the moment in time that we put together the numbers for DORA.

Our next question comes from Graham Hunt from Jefferies.

Maybe I'll stick on OpEx and just ask the sort of similar question on staff costs, specifically within Spain that you're growing 12.5% in Q1. What's going into that number? And is that something we should be carrying through for the rest of the year? Or is that some one-off impact in there? Just -- and then as we think beyond, is that giving you capacity that means the outer year is a little bit slower? Just wondering what's driving such a high increase in staff costs for this quarter.

Thank you very much. I'm happy to try to address your question. If I am not wrong, -- the increase in staff cost for this quarter has been 12.5%. That's around EUR 17.6 million. If we look at the breakdown behind that increase, we have increases in social security costs. That's around EUR 4 million, increases in headcount. We have been adding people. And if you compare the headcount numbers of this quarter with the quarter of '25, there is an increase of around 400 people. That's between EUR 3 million and EUR 4 million of increase. We have some impacts coming because of the collective bargain -- the new collective agreement that Aena signed last year, adjustments in relation to the variable remuneration changes coming from the collective agreement, that's a couple of million euros, salary review for 2026 that is 2% that's public. So there are a number of reasons there that I would say are going to happen through the year and are going to be recurring based on the breakdown and the explanations that I have just shared with you.

I wouldn't be surprised, Grant, if the cost of staff cost, the increase through the year is double digit and it's not far from the one that you have seen this quarter. So that's what I can share with you at this moment in time.

Our next question comes from Cristian Nedelcu from UBS.

It's a 2-part question, if I may, and it's all related to kerosene. I guess the first part is in the context of potential kerosene shortages, could you describe a little bit more about your supply chain in kerosene and tell us a bit more about that? And also in relation with the higher kerosene prices, we had a French regulator a few weeks ago published a large document acknowledging that the current disruption will be considered in their traffic forecast in their WACC assumptions, in their inflation assumptions for the next regulatory period in France. So my question here is, do you believe the CNMC and the DGAC will also consider these changes when thinking about DORA III ? And how will the mechanism work? Would you be expected to update your proposal, your DORA III proposal? Or what is the loss -- what does the loss say in this situation?

Thank you. You completely reached the rule of 2 questions of 1 question per speaker. No problem at all. I think with respect to your first question, the straightforward answer is that as far as we understand, and there is a group that Aena is part of that is monitoring the supply chain with respect to Kerosene jet fuel for the following weeks, supply has been confirmed in Spain. So that's the information that I can share with you at this moment in time. Of course, everything is going to depend on the length of the war and the length of the situation in the state of Hormuz. So let's see how things evolve. But the information that I can say is the one that I was summarizing for the following weeks, given all the information that we are receiving, supply is confirmed in Spain. With respect to your second question, Cristian, I don't know -- the honest answer is I don't know what the French regulator stated or proposed about all this.

What I certainly know is that this is confirming the situation, the level of risk of the industry, the level of risk of any traffic forecast, the level of risk of financial risk that airport operators have that are looking at the rates. So this is confirming that a crisis happened, that traffic is impacted, that returns are impacted. And hopefully, given that all this is known by everyone, given that is in the public domain and all of us are seeing decisions taken by airlines to land planes or how all the situation is impacting market rates that all that is taken into account by the regulators because it's information that no one can be get. But with respect to how it's going to be treated, how it's going to be taken into consideration. I cannot answer you that in a specific manner, your question, Cristian. As you know, we made our proposal in mid-Feb. And hopefully, we should hear back before summer that we would love in order to mitigate as much as possible the length of time in which we are exposed to that decision. Thank you, Cristian.

Our next question comes from Andrew Lobbenberg from Barclays.

Can I just go to a different place of the P&L? And you mentioned a bit in your elaboration about the change in the financial lines. Can you just explain it a bit more slowly and whether we should expect the improved financial result to continue through the year or not? That's one, isn't it?

Thank you, Andrew. I was expecting your question on Luton.

I know. You can tell us about that as well if you want to make it, too. I mean it is flexible.

Okay. Happy to take it later. I think there is a significant part that is explained because of exchange rate movements. The real has helped a lot with -- has a bit, sorry, with the appreciation. But I wouldn't expect that this impact is a structural one through the whole year because of the 2 following reasons. The cash position in Brazil will get reduced through the natural CapEx cycle of investment in Congonhas. So that cash will be used for that purpose. And two, there was a loss -- a financial loss in the first quarter of last year related to the exchange rate that perhaps doesn't happen in the next quarters. So expect a reduction in that positive impact. And on Luton, we are working hard in order to make progress for the potential agreement on the expansion on the airport and our role there.

Our next question comes from Dario Maglione from BNP Paribas.

Just one question for me on the CNMC. So one of the parameters that they look at is the OpEx allowance, so the euros per ATU per passenger, let's say. Any discussion on this point with the CNMC for instance on how to account for OpEx inflation, how this allowance could move?

I couldn't follow your question completely. But if I understood you well, the answer is that there has not been a real discussion, and we haven't received feedback from the CNMC yet on our proposal. So I cannot help you with that one, unfortunately.

Okay. And do you maybe have any view on the OpEx allowance, how they could move in DORA 3 and how likely is that the CNMC and the regulator will allow for some increase compared to...

Well, what I can share with you, Dario, is that the proposal that we have put on the table in mid-Feb reflects our views on the OpEx expected performance of the company for the following years.

So talking about allowance or reactions to that figures would be just a speculation from my side at this moment in time. So let's be hopeful that all the information, highly detailed information provided by the company in order to explain the CapEx performance that we forecast is taken into account, and we can operate on those basis.

Our next question comes from Marcin Wojtal from Bank of America.

So just one question. I believe it was reported recently in Spanish press that you are working on a business plan presentation that could happen towards the end of the year. Could you perhaps comment on that very briefly? Is that indeed the intention? And when could that business plan presentation actually happen?

Thank you very much for the question, Marcin. Yes, you know that we have a current strategic plan that ends in 2026 that we updated 18 months ago. well, 24 months ago. Therefore, the current strategic plan needs to be reassessed and needs to be replaced by a new one. So the company is looking at the next 5-year period in order to put together what we think makes sense in all our businesses, in our international strategy from many different perspectives. So given this situation that the current one is going to end, what I can share with you is that we are working, of course, in order to be ready for the next 5-year period. And the company has always shared with the market once that exercise has finished our views for that new strategic period, and that would be our intention.

I cannot confirm Marcin to you when, how. But I think based on experience, please assume that, that will be our approach. And that once we have more information and we are getting close to the end of the year, we are likely to be ready in a position for that move.

Thank you. Our next question comes from Jose -- as from Santander.

I think you answered my question indirectly earlier, but I wanted to make sure I understood correctly. Is it reasonable to expect that the DORA III will be completed by July this year instead of by September? And if this is the right interpretation, when should we expect the report, the nonbinding report from the CNMC?

Jose, thank you for the question. I would love to have a straightforward answer to your question. What I can share with you is that we have worked hard in order to set our proposal with the regulator in mid-Feb. We are aware that CNMC and the Civil Aviation Authority are working -- are also working very hard -- and what we believe is that the sooner we have a resolution, the better in order to reduce uncertainty from many perspectives. And that's what we are doing and has always been our intention in this process. And what I can confirm to you is that the regulators are working -- are also working very hard based on all the interactions that we have with them. So that's -- we would love to have that resolution before summer. But it's given all the stakeholders that are involved is something that I cannot confirm to you. But everyone is working in that direction. Thank you.

We currently have no further time for any questions, I'm afraid. So I'd like to hand back to Carlos for some closing remarks.

Thank you, Sami. As there are no further questions, we would like to conclude today's call. The Investor Relations team remains at your disposal for any additional information or clarification you may require. Thank you very much to all of you, and have a great afternoon. Thank you.

This concludes today's call. We thank everyone for joining. You may now disconnect your lines.

Good morning. dear shareholders. Welcome to the Annual General Shareholders Meeting of Aena S.M.E have enjoyed the video we have just displayed, which provides a clear view of the huge cope achieved by in 1 of the Spanish leading international companies and the largest airport company in the world.

In starting how this GSM, I would like to hand the floor to Emilio Rotondo, the Secretary of this General Beth is the Secretary of the Board of Directors of -- in who will inform the shareholders about the proceedings of the meeting and the manner in which they may access is a why to speak, should they wish to do so.

Thank you, Mr. Chairman. Good morning dear shareholders.

The piece of call for this GSM or I was published on the website Spanish National Securities Market Commission and on the company's cost on March 3, 2026 and on the following day, March 4, 2026 in the newspaper expansion. The notice of calling close the agenda for this meeting, which is deemed to be reproduced tiering for the sake of efficiency.

As stated in the notice of call, this GSM is being held in a mixed format that is to say with in-person attendance by shareholders present in the room and remote participation by shareholders who have [indiscernible] themselves of the provisions under Article 15.8% of the company's bylaws and Article 11.6% of GSM regulations.

I would like to inform you that this meeting is being recorded and broadcast live through the company's corporate website. The recording will remain publicly available on the website. Information regarding the applicable legal considerations relating to such recording as well as instructions in terms for exercising the relevant rights is available in the notice of call for the mainline.

I would also like to inform you that in order to ensure shareholder participation, the company has made all necessary arrangements shareholders to value the grant proxy representation cast their votes in advance or attend the meeting remotely together with the possibility of speaking submitting comments and proposals on voting by telematic means.

Let me also remind you that shareholders attending in person who wish to speak or request clarifications on any item on the agenda must have identified themselves and registered upon entry. Likewise is the must submit the written text of the statement as a shareholder office located next to the notary if they wish it to be recorded by rating in the notarial minutes, shareholder remarks or questions submitted by those attending Remotely.

Let me inform you that no requests have been made through telematic means. In this respect, as you know, we have made available to shareholders on the registered office -- corporate website, all the documentation required for this GSM, including the notice of the proposed right solutions, the board reports on the documentation relating to the annual financial payment.

As indicated in the notice of both, the World of Directors expectation was of the meeting would be held on first call as is indeed the case. I'll now hand the floor to the Chairman. Thank you very much, Mr. Secretary. I would like to inform you that in accordance with the provisions of the Spanish Companies Act and the commercial register regulations, the Board of Directors as we sold to convene a notary let that she can see sitting on the left-hand side at the back of the room in order to draw up the minutes of this GSM.

To this end, of Madrid, Mr. Fernando Sanchez Arjona Bonita is attending in person to whom I now give the floor so that he may inform the meeting of this procedure.

Good morning. the notarized deed dated March 11, 2026. be it so set forth the request made by the Secretary of the Board, Mr. Lena Rodan Santen exercising the Powers comfort upon her by the Board of Directors. Such request was made so in acne with the provisions of Article 2 or 3 of the Spanish companies.

I may attend this GSM and draw up the minutes thereof. -- furthermore in accordance with Article 101 of the commercial register regulations, I hereby declare that I have deemed the requesting parties capacity sufficient and that I have verified that this meeting has been really convened in compliance with the applicable legal and bylaw requirements.

Thank you very much, Amando. I now give the floor back to the Secretary who will inform you about the constitution of this Minderovisional quorum. Thank you, Mr. Chairman. In accordance with the provisions of the company's bylaws and the GSM regulations, this meeting is being shed by Mr. Is Lucenabetrio, Chairman of the Board of Directors and CEO Elena Roland Centeno serve as Secretary of the meeting in my capacity as Board Secretary.

Likewise, the other members of the Board of Directors who are currently present form part of the meetings presiding panels. Except JandrioCorpes, who is not present or the other members are attending in person. Accordingly, this meeting is hereby declared dearly convened.

I will now inform you that the company's share capital amounts as of today to EUR 1.5 billion divided into 1.5 billion shares with a part value of EUR 1, it fully subscribed and paid up all of the same class and series.

I will now proceed to report on the provisional quorum for attendance at the meeting.

The list of attendees has been drawn up and the provisional quorum of attendance is as follows: present at the GSM, -- there are 207 shareholders, holders of EUR 771 million, 213,000 438 shares equivalent to 51.41% of share capital. There are represented by proxy at this GSM, 358 shareholders, holders of 55,173,580 shares equivalent to 36.6783% of share capital.

Of the shareholders present 192 holders of 771, 25,321 shares have exercised their right to vote remotely. The share capital present or represented by proxy with the right to vote is 1.321,387018, represented by 565 shareholders Holders of 1.321,387,018 shares, equivalent to 88.0925% of share capital.

So therefore, the attendance for supported 50% of share capital subscribed by the right to vote required by Article 22 of bylaws for the meeting to be declared core at first call. I'll give the floor to the Chairman.

Yes. Thank you, Mrs Secretary. Based on the information provided by the secondary given that there is a sufficient provisional quorum for the meeting as required by law and the company's bylaws, I hereby declare the General Shareholders Meeting of ESA to be validly convened on first call in as much as applicable legal and bylaw requirements have been met. .

I now give the floor to the Secretary to read out the rules Gavin mean as established by the Board of Directors in accordance with the GSM regulations.

Thank you, Mr. Chairman. I will now proceed to read out the rules governing this meeting, a copy of which has been provided to the notary to be included in the minutes thereof. Shareholders attending in person may wish to speak at the General Shareholders' Meeting and where appropriate requests to information or clarifications regarding any of the items on the agenda or other matters legally committed or some met proposals may do so at this time.

To this end, they must identify themselves at the shareholder office located next to the notary stating their first name and last name and where applicable the corporate name of the legal entity shareholder that we present as well as the number of shares they hold or represent.

If any shareholder wishes to have the remarks of questions recorded rating in the minutes of the meeting, they must submit them in writing to the shareholder office so that it may be forwarded to not for verification on the time of the remarks.

In the event of shareholder remarks, questions will be answered by the Chairman, the directors or any person from the company designated by the Chairman provided that the information is available at that time. What within questions will be answered in writing within 7 days following the date of this general meeting.

I would also like to inform you that the notary has had access to the recordings of these remarks in order to include in the minutes the remarks made by those shareholders who have requested it.

I will now provide a brief summary of the resolutions proposed by the Board of Directors, which will be put to a vote. First, the proposed resolutions included on the agenda will be to vote and then if any, the proposals made during the course of the meeting will be voted on.

Once after post resolution is adopted, all other proposals relating to the same matter that are incompatible with adopted resolutions shall automatically labs. We would also like to remind you that shareholders are Hanneman, who have registered in accordance with the procedures set forth in the Notice of Meeting who have locked the meeting via the Annual Shareholders Meeting section, telematic attendance of the website between 10:00 and 11:05 a.m. today may have their vote via the remote attendance platform using the corresponding voting form. From the moment they join throughout the general shareholders in until the conclusion of the weighting of each item on the agenda by clicking the button under the heading vote.

Shareholders who at a GS and remotely and cast their vote remotely in accordance with the terms set out in the notice of meeting will be considered present for the purposes of establishing a quorum.

Consequently, any proxy or advanced vote, they may have cast prior to the GSM will be deemed revote. We hope you have found this helpful. I just conclude my remarks by giving the floor to the Chairman Svai may present his report to the GSM.

Thank you, Ms. Secretary for the clarity of the explanation concerning the proceedings governing this GSM. I shall now present our report, which I hope you will find Interesting in members of the offices of this company and the GSM attendees.

Today, it's a very important day because we are trying to explain from that perspective and in operological what the company did get in 2025. And we are also bound to explain in to you our outlook for the near future. Maybe this speech at this GSM is going to be more lengthy than usual.

And perhaps I'm going to read this speech literally. And these are an explanation of that. Aena has become a huge company that has a footprint in Spain, Brazil and the U.K. and also in Mexico and Jamaica.

And it is true that over the past few months, many things have happened and others that may trigger some concern amongst our shareholders. So I would like to take with opportunity to touch upon all such concerns because I believe that this is the perfect forum to do so.

Ladies and gentlemen, shareholders, on behalf of myself, the Board of Directors of Aena, I welcome you to our company's General Shareholders Meeting for 2025. I would like to extend a special greeting to the authorities attending this meeting today. who represent the company's majority shareholder, particularly the Enrique Meda, the Head of Innate, and I'm sincerely grateful for your presence here at this Annual General Shareholders Meeting.

I would also like to thank the shareholders who are here with us in person the shareholders who are following us remotely, i.e., not in person. And of course, all those people who are nonshareholders who are present in this room. They are in this room.

But as I say, I'd like to thank them both in Silyfor their presence here today, many of whom are top directors or executives in the company, and therefore, are those people who are particularly responsible for the good results and the wonderful forecasts that I'm going to try and sum up.

So thank you every year. I would like to start my speech to this GSM by discussing the main aspects of the company's activities throughout 2025, a year in which, fortunately, we were again able to break records for three consecutive years of records, which it's all very well saying so, but it's much more difficult to achieve this particularly if I will insist on several occasions with very high levels of quality in our airport services.

So I will begin my remarks this GSM by discussing the performance of our various business lines where I include the aeronautical business, the regulated business. where we have the commercial area and the consolidation arena of in as the biggest company in the world.

The international side by a was reached a great scope and this is particularly important for us to underline at this GSM so that we can consolidate the perception that Aena is a multinational company with obviously a historic base comp great size, which is pain, but also with a significant presence in Brazil with almost 30% of airport traffic and also in the United Kingdom.

I will then continue with the main results of the climate action plan results for 2025. We do this every year. And I was taking what to say because if you'll allow me, what I will actually do in terms of the economic financial results is simply go through these very briefly. Because you're very familiar with them, and we will propose that these be approved by this GSM, but I must tread carefully because on the 29th of April, we will be presenting the results of the first quarter of the year 2026.

And I will also highlight, and this is probably the part of my presentation that will cause my presentation to go on versus the average from previous years. So I'd like to highlight the done to defend the interest of our shareholders and in the British would say would be called the advocacy work that we have carried out in the last few years.

In 2025, we gave an uncapable response as a company through the highest governmental bodies on the one hand, to the demand from certain autonomous regions from the impossible co-management of airports. And secondly, to the airlines demands for a bottoms reduction -- enters reduction of our airport fees outside, therefore, of the regulatory framework.

So these are two essential issues and allow me to be clear, these could pose significant risks for the Spanish airport system for Aena and Fimifor its shareholders -- so looking ahead, I will outline on the 1 hand, the main lines of action for coming years with the special focus on the airport regulation document Doral set forth the investments in our airports between 2027 to 2031, and it will describe what we will be doing in Spain over the next 10 years or 5 years.

And then I will be looking at the strategic plan that we will be presenting of the final approval of DORA 3 by the Council of Ministers the Spanish government. And as this comment, I will be briefly reviewing the agreements that will be formally be put to the vote at this year.

So I will begin with the balance sheet of our activities. The first block is the aeronautical activities. And as I mentioned before, it is a great satisfaction for us to be able to underline that in 2025, we once again achieved 3 years of record traffic.

And as we will see later, financial economic production and something that is of great importance, and I mentioned this before, is that we have done so notable operational incidents and improving the quality of airport services, which is a significant achievement.

It's very difficult to operate airports which year of the year beat our records of volume and also improve the quality of airport services without incidents or disruptions of significant incidents in our airport operations. Traffic for the Aena group in Brazil airports and GunLondonLuton reached 384.8 million pathogens, 4.2% more than in 2024.

And I'll say so in simpler terms, if we were to calculate this in terms of the relative size of countries, this would mean the third most populous nation on the planet, trailing only India and China.

In Spain in 2025 and Aena airport surpassed their previous record for passengers, operations and cargo more than 321.6 million travelers passed through our facilities in Spain, a 3.9% increase versus 2024 and in addition, this is important, 23 airports out of the 46 Spanish Aena airports reached their highest ever levels, including all of the largest ones.

If we look at some of the details of what the traffic is made up of, I'd like to underline that compared to 2024, growth in Spain of what we could call domestic traffic, national traffic was virtually flat. Whilst international traffic, which represents the main amount of all traffic, 70% of the total because of the importance of tourism in Spain grew by almost 6%.

Outside Europe, there was good performance of traffic in Spain and Aena airports to Latin America with United States and China. In China, partly as a result of an overshooting that was deferred after the pandemic. And the growth versus 2024 was a spectacular point or 41% in terms of passengers.

Regarding the quality of airport services, the International Airports Council at IAC, recently awarded 15 prices to 10 Aena airports. And since I joined the company in 2018, and this is the only reason because I'm using this as a benchmark.

We added to these distinctions, so there are more than 120 obtained since this year -- that year 2018. Similarly, the quality perceived by our passengers has been very highly rated above 4 on a scale of 1 to 5, i.e., more than an 8 in our classical way of determining these things from 1 to 10.

And this tendency of improvement this year shows a trend of improvement each year on a steady basis as the British would say, in Spain, Brazil and the United Kingdom. And all of this is, so to speak, a feat that few airport companies in the world can boast of the management, the simultaneous management of ever-increasing annual traffic volumes and high operational quality.

And I believe that the professionals, particularly those of a more technical nature in Aena that make up our company no better than anyone that this operational excellence that we have achieved simultaneously to record numbers -- figures of traffic represents a major technical and organizational challenge. So congratulations to everybody.

With regards to forecast now, we won't forecast in this geopolitical, difficult moment in time, macroeconomic terms to is a complicated world now in terms of forecasts. And so for various reasons that we have explained in that, it is evident that air traffic in Spain is not going to be able to continue growing at the same pace as in recent years.

It's common sense. There was an over [ sheeting ] that was shooting in China. -- on a deferred basis, very much linked to the end of the pandemic, where that Spanish air traffic benefited from.

And of course, there are other reasons to -- and -- so it is to be expected that there will be more moderate growth in the next few years. And beyond the macroeconomic conditions and the dangerous international context that I referred to, there are, and we have reiterated this in our public announcements.

There are certain capacity constraints in some of Ana's infrastructure that could impact the growth of air traffic in Spain, even if only slightly. If you have any doubts, particular doubts with regard to these constraints, the planning director channel will be able to explain this to you with a great deal of technical details.

So I will continue talking about traffic. In any case, as you well know, we announced a couple of months ago that the public forecast line in terms of traffic increase in Spain is of 1.3% in terms of passengers reaching 326 million passengers by the end of the year and the Spanish network of airports, but I would like to point out very clearly that it wouldn't be surprising that once the fit cloud of geopolitical and economic uncertainty list, we will need to reassess that forecast.

Don't think that we are an exception in this case, almost all companies of a certain size are finding themselves in this very same situation, and it makes every sense that we should wait at least a couple of weeks with a view to the Panorama clarifying itself so that we can fine-tune our forecast, as I say, just as other Spanish companies will need to do. Currently, the direct impact of the war in Iran and the Middle East on air transport in Spain is small. And in my opinion, and I have said this publicly, the potential impairment or deterioration of the macroeconomic outlook resulting from the conflict form of more inflation, more public debt disruptions in energy supply, a drop in consumer and business confidence.

That is the true risk, especially if utilities were to drag on and/or intensify. Now I'd like to focus on two events of an extraordinary nature. I continue looking at the operational side of things. Now these cause a certain degree of anguish.

Unfortunately, Aena was very effective in resolving these matters. First of all, I'm referring to the power outage of the 28th of April 2025, which was quite unheard of. And that outage eclipsing that day for many hours. And thanks to the continue systems kick in as soon as the connection to the power grid was lost, all Spanish airports remained fully operational. To the extent that 93% of scheduled flights operating that day were operational.

And I want to be very clear on that, and I'm looking at the General Manager for Nidebecause all parts of Spanish transport played an important role here.

And so -- in the case of Spanish Shereport I must point out that this was quite an impressive response, particularly if we remember that a couple of weeks beforehand, 1 of the main European airports for a much lesser important problem, there was a disruption in operations that lasted hours.

And as I say, technically speaking, they were only facing up to a minor technical challenge in comparison. So this isn't so much a criticism in terms of that airport, but rather I'm praising the effective response that our company showed in this case and also the airlines air controllers handling staff, et cetera.

In addition, last year, we had to face up to the effect of adverse climate situations, none was a destructive as the terrible Dana that affected the Levante area in 2024. But in March of 2025 specifically, and in February 2026, the flooding of the Galalitiand Guadalivers, damaged areas essential to airport operations at our facilities in -- here and Cordova.

And for this reason, Aena dated its resilience plan. I remember when the General Manager of learn presented at the steering committee that updated plan in order to adapt ourselves to the climate situation, thanks to the excess CO2 in the atmosphere and to mitigate physical risks at all of our airports and to identify investments and technical measures to reinforce our infrastructure.

And now I'm going to move on to the commercial activity in real estate. Both these things, commercial activity, which is far greater in relative terms, but also really sale activity have both contributed to Iona's excellent results in 2025 showing a clear upward trend that confirms the success of our strategy something that the company has been doing for the last 15 years working towards diversification in more practical terms than what airport activities were originally seen us.

And I will explain this in other times. For the first time, commercial and real estate revenue of the Aena Group exceeded EUR 2 billion, which is a significant figure and represents 46.2% of the EBITDA of Aena Group and reflects the strength of Aena's diversification model that the company has been focusing on in the last 2 decades that has led for quite a few years now being led by the Commercial Director, Maria Jose Quinta very successfully, I believe, and it's obvious to everybody.

So thanks to this sales dynamic. This is not something exogenous, but rather this sales activity cannot only be explained by the gross increase in traffic and neither is it just by chance.

To a certain extent, it is also the result of a business strategy that has been carefully drawn up to improve the experience of our users with, on the 1 hand, the complete renewal of retail areas, duty-free catering and specialized stores.

And secondly, the opening up of new spaces and concepts, thirdly, the excellent performance of new brands and products added to the retail offering. And fourthly, the surging demand for the IP airport services, which -- well, it's quite amazing to see how the VIP effort services are performing.

Marian drove is in charge of this the airport. And in reality key, in the last 30 years, we are seeing a huge generation of prosperity in the world that cannot be compared to any past times in history with which is becoming more and more generalized.

There's a great year of symmetry in its prosperity and the global demographics are pushing this for, and this explains that airports all over the world, including Spanish airports are seeing an increasing number of customers who are prepared to pay prices that are quite high for VIP services to facilitate their transit through airports.

So at the same time, real estate services all posted very strong results with a yearly increase of revenues of 10.5% and driven by air cargo activity and a significant rise in real estate operations or transactions.

Regarding the development of airport cities, as I announced at last year's GSM in 2025. 2025 was a pivotal year and we congratulate the hotel projects at the port of Savaria has and septal Barcelona as we announce these will mean the awarding of a 75-year service rights year lease.

And this was very much welcomed by the market, and we hope that this will materialize over the next few years. From an internal point of view now, we continue to make progress on Aena's new corporate headquarters, which will be located on the grounds of Madribarajaf Airport, West of Terminal 4 on a 2-hectare plot.

With regards to real estate. Now to conclude here, these good results can only exist, thanks to the fact that they're based on aeronautical activity, I'm not talking just about regulated activities.

And so therefore, often there are debates that take place that are a great interest between the two areas. Because at the end of the day, the led by our Executive Vice Chairman, Javier Marin, because we need to ensure that there is an efficient use of airports, and this has to go hand-in-hand with an improvement of customer experience.

Where, obviously, commercial activity is of great importance, VIP services, parking, cars for hire, et cetera. So now I'm going to dive into the international area. We're very satisfied with the the results achieved. And I'm not talking about new acquisitions that I will refer to shortly.

But the -- with regards to the results obtained in Brazil and the United Kingdom. And I'd like to say this very clearly. I believe it is of great importance because I hope that this will honestly contribute to clarifying doubts that have historically expressed -- been expressed by the investors of Aena and analysts with regards to the profitability of Aena international expansion. And in other words, I believe that because Aena airports are doing very well outside of Spain.

And I think it's becoming clear that what the company focused on that may have been questionable at the time of the acquisitions and mergers and auctions. I believe that the results are proving that if nothing goes wrong and I believe that actually things will improve, that the actual profitability of these projects, the accumulated profitability -- that can be very precisely calculated, and I don't want to go into debates that I'd probably lose because of our Vice Chairman, who is a professor in this area.

But however you do the calculations, I think that the profitability of those international projects will be extremely good -- and I think they will confirm, therefore, the trust that shareholders place in the decisions taken by our company.

So to sum up, we find ourselves in a time of international expansion that I would define as being prudent and very hopeful with a view to the results that I have referred to. In 2025, international activity represented more than 10% of the global consolidated EBITDA of the company, 1.8 of last year or the previous year.

And as you know, we currently operate 17 airports in Brazil with a very significant airport, the second biggest in the country, Congonhas Airport in Sao Paulo and 1 of the most important airports in the United Kingdom, the London Luton Airport.

And Etain our subsidiaries in Brazil and in the United Kingdom, -- served more than 63 million passengers in 2025, more than 63 million passengers, and that is before -- ahead of new parcel, Leads and ride.

In December 2025, we secured financing to expand and modernize t11 airports and our second concession in Brazil, led by the mentioned Congonhas Airport and the financing is structured through a debenture issue worth BRL 5.3 billion underwritten by Brazil BNDES and Banco Santander, the Santander Bank.

And I'd like to say once again that this is the biggest issuance in history for an airport project in Brazil. I'm talking about the emission of debt. in addition to Brazil and the United Kingdom, we expand the figures to include as minority stakes in the 12 airports in Mexico and 2 in Jamaica, the total number of passengers handled by Aena exceeded 448 million in 2025.

And now I'm going to do an exercise to try to convince you, at least partially on how right we were of choosing the geographic areas where I have carried out its activities. Recently, the association for Air Force published its forecast for global air traffic for the next 30 years.

And these seem to confirm, as I said, and our success in selecting geographic areas for our international expansion, specifically Spain, Brazil and the United Kingdom rank among the 10 countries with the highest air traffic in the world occupying sixth, eight and the ninth places reselectively by 2054.

In terms of new acquisitions, I'll just remind you of these briefly. At the end of last year, we announced the acquisition of 51% stake in a new holding company that owns and operates 100% of Lee's Bradford Airport and 49% of Newcastle Airport both airports situated in the north of England.

And this transaction allows us it's very positive now because the price was very good, but also because it allows us to move forward in the creation of a true airport network in the United Kingdom, just as we have done in Brazil, and just as we have been doing for quite a few decades in Spain, too.

And this is perhaps the biggest strength that the company has in operational terms, both in economic and financial sense to. And for this reason, we are attempting to export this as soon as possible abroad.

And in Brazil, we have recently achieved another milestone in the award of the 13-year concession for Rio de Janeiro Galileo International Airport, Brazil's third busiest airport. And this incorporation strengthens our position in the market and have 18 airports, a total of 62 million passengers, adding Rio de Janeiro, of course.

And this leads us to what I mentioned before, almost 30% of total air traffic in Brazil in airport terms -- and our objective, and I say this always and we'll repeat this again, on the international level is the selective addition of new international assets based on, firstly, the intrinsic quality of the opportunities we analyze and the price is set by the market in other words.

So in other words, we only carry out international activities with expected financial returns of adequate that fit clearly into our strategic framework and the recent acquisitions in the United King and Brazil prove this. I'm now going to move on to sustainability matters.

And I've said this on numerous occasions, but I think that the importance of this matter merits me repeating this combating and adapting to climate change or humanity's most significant challenges in the 21st century. For years, I, as you well know, has being committed to providing an annual report on its climate action plan.

The 2025 sustainability initiatives will be put to a vote as the level item on the agenda of this GSM. And detailed information is available for -- from which I will simply highlight the key points.

Aena remains listed on the Dow Jones Sustainability World and Europe Index. -- is and has once again been included in the sustainability year, both 2025 and 2026. In 2025, we reduced our own emissions greenhouse emissions by more than 74% compared to 2019, which allowed us to avoid offsetting emissions to meet our targets and with regards to the photovoltaic plan, it is a great satisfaction to be able to announce the completion of construction and commissioning in the near future.

Of the Portola plant at the adult fosadrid-Banajas airport with an installed capacity of 142 megawatts. 142 megawatts I repeat of a new PV plant at the airport in Madrid, which makes it the largest solar plant is sold at a European airport.

I would say that it is an eloquent and powerful symbol of our commitment towards the decarbonization of INS transport -- we currently have 11 plants with access and connection points at 9 airports and another 3 self-consumption plants which are off-grid at the following airports.

And by 2029 Aena photovoltaplan and its deployment will produce renewable energy equivalent to 51% of Aena'sn 2019 energy consumption. And to be honest, a couple of years ago, we said that we would have wanted that the rhythm growth would be greater, but if we think about the causes as to why we were not able to reach this higher resin external to the company, and they have to do with the same difficulties that many companies have come across in the same when it comes to deploying PV.

Finally, for the first time, or finally, we have obtained the airport carbon accreditation certification at 19 airports in Spain, 10 of them for the first time. Now the financial results. that I will just briefly outline the financial results in 2025 were outstanding, as you well know.

Net profit shattered the previous all-time high and the group's revenue became more diversified I said before I will focus solely on 2025, that fifth fiscal year and ask you for patience because we will be publishing the first quarter results on the 29th of April with regards to 2025, I'll say that the total consolidated revenue amounted to EUR 6.379.2 million.

Operating expenses reached EUR 2.65 billion -- 2.615 billion, which is significant. It's an 11% increase versus 2024, driven by personnel, services and procurement costs -- the EBITDA for 2025 was EUR 3.785 billion, and the consolidated EBITDA margin, not the stand-alone margin was 59.3%.

Cash flow generated by the company's operating activities stood at around [ EUR 2.78 billion 7.5 million ] and something of great importance is the net financial debt-to-EBITDA ratio, discounting rate of the company for SMS decreased to 1.31x in 2025.

Why is this so important? Well, firstly, because it shows that the company is in a very healthy financial position, but also it's an optimum starting point for the new investment cycle that the company will start next year.

The net profit, as I said, was a record high, amounting to almost 2.136, 7.5% higher than in 2024. Rating agencies -- and I believe that this should be the case. Consider -- in a highly creditworthy borrower backed first by a strong market position; and secondly, a demanding yet balanced regulatory framework and thirdly, a diversified range of airline clients and fourthly, highly competitive airport fees all of this, therefore, strengthening our sound financial profile that I've already mentioned.

So barring any unforeseen circumstances, I am confident that in the coming years, Aena will be able to, without any issues. Firstly, carry out its ambitions investment plan with a very competitive debt servicing. And secondly, and I know that this is very important for our dear shareholders, maintain the current payout ratio of 80% of net income.

And we hope to be able to confirm this in the strategic plan that we will present before the end of the year. with thoughts to our share and dividends, shares I'm not talking in cinema terms, I'm talking about the shares of the company.

Our investors' confidence in the company's outstanding performance in 2025 have cemented our position as one of the leading listed companies on the Spanish stock Exchange, a leading Spanish company and setting aside the fluctuations associated with geopolitical turmoil, economic trends and the ever unpredictable can can animal spirit.

The data shows a notable upward trend in Aena's share price. And I think that this is good news. The share price fluctuated in 2025 on a post-split basis between a low of EUR 19.55 and a high of EUR 25.71 closing 2025 at EUR 23.82 with an annual revaluation or increase of almost 21%.

During the first months of 2026, our share price rose to an all-time high of EUR 28.81 per share on the 17th of February, specifically. And closing of the markets yesterday, the share price was at EUR 26.5 and Aena's market capitalization was almost EUR 40 billion. ranking the company yesterday as the 8 on the IBEX-35 by market capitalization, which isn't at all bad.

With regards to the payout or dividend with a payout of 80% net profit, the Board of Directors has proposed to this GSM, the for its foliation the distribution of a gross dividend of EUR 1.09 growth per share against 2025 earnings, 11.7% more than last year.

And if this GSM or to approve the dividend proposed, this is -- the payment would be carried out on the 27th of April of this year. And in this manner, and as largest shareholder, the Spanish government, and thus, all Spanish citizens will receive revenues of almost EUR 834 million against the accounts of last year.

So since in as initial public offering in 2015, the growth in gross dividend per share without taking into account the revaluation of the share. Only the dividend, as I was saying, the performance of this has been quite extraordinary with a like-for-like increase of over 300%, rising from 0.27 one years in 2015 to 1.09 in 2025, which we propose approving today.

Now I'm going to move on to two very important matters in the last few months which we could call the defense of the interest of shareholders. I will explain all of this in compliance with the fiduciary duty under Mercantile law in all developed countries.

One of the concerns of the governance bodies and the top management of the company in the last year has been the defense protection of an as corporate interest. And at the end of the day, a sound defense of Aena's shareholders. in order to formulate a clear honest and forceful response to two issues with significant media and political resonance, which could become existential risk to on the 1 hand, I announced business model and to the current Spanish airport system, which is led by an through its business model.

The fiduciary duty of as directors and executives, and I want to make this very clear, is various legal obligation, the breach of which could entail tragic, personal, financial and legal consequences.

And I am referring to what risks? Well, on the one hand, to request from some autonomous regions to participate in the management or transfer of Aena's airports and on the other hand, to the consistent and somewhat frivolous insistence of certain sectors, particularly in numerous airlines on an unlimited reduction in airport fees disregarding the legal provisions of the airport regulatory framework.

In our Board of Directors, and I are fully aware that these 2 issues are causing concern among nor shareholders who have invested their money in the company.

I believe that the actions of the Board of Directors and the management team and our public statements and formal statements made to the market through the Securities Commission have contributed to mitigating those concerns on behalf of shareholders, which, in any case, are expressed quite regularly.

So setting aside other substantive considerations, I have the better impression that self-evident reality that's often ignored another case, I think there is -- well, something that's self-evident reality, and I'll clarify this in the next few minutes, and it is fundamental to a liberal democracy and in a market economy.

And what I'm referring to here. Firstly, that 49% of Spanish airports, i.e., their runways, terminals, land, et cetera, belong to private shareholders. I repeat this 49% of Spanish airports with all of their physical infrastructure, its know-how of its professionals belong to private shareholders, many of whom are also the owners of most of the large Spanish companies listed on the stock market.

And the reality that I wanted to underline is that the right to property is clearly enshrined in Article 33 of the Spanish constitution. I repeat. I think that unfortunately, in public debate, it might seem that this reality is being ignored. I don't know whether in realtor in a famed manner, but I would like to repeat this Aena's airports work very well.

I don't think there are many doubts about that, and they are the exclusive property of Aenas. And at the same time, 49% of Aena and its airport infrastructures regardless of whether geographically located are or belong to private shareholders, and they paid an important significant consideration for this property at the time and whose total economic value today amounts to EUR 20 billion.

The total equity of the company is valued by the market at EUR 40 billion. And so therefore, EUR 20 billion of this equity belongs to private shareholders. And I'm going to refer in the next few minutes now to the request for co-management and the sensor of airports.

And almost that we do today is not an exception. We read or here requests from political parties and regional governments of different parties, proposing to the states and the government of been different formula for participation in the management of airports owned by Aena and its shareholders.

In all cases, the arguments put forward are similar and intimate. They -- for the improvement improving the management of airport infrastructure to expand air connectivity and boost the economic and social development of their regions through the participation of the autonomous regions.

In addition to the traditional requests for co-governance or the transfer of airports on behalf of Kavalan Baskin Canarian Nationals pitiful parties now for many years or decades as Kaplan and Canary national pitiful parties. Now there are new requests that have emerged over the past year from the Balearic island Andalusia, Galicia and Nova.

And I would like to take this opportunity at the GSM Aena to, first of all, reassure our shareholders and secondly, reiterate Aena's firm stance on this matter backed by the robust regulatory, i.e., legal framework that protects the current Spanish airport system and consequently, the business model and the ownership and management such a Vinas airports.

And in this context, I would like to emphasize, firstly, the strength and advantages of the current Spanish airport system, which is admired worldwide. What the big airport companies are doing in the world, which answers bigger China is attempt to replicate on an international level the network and why?

And this has always happened in the history of business because they have realized just through at that the airport network has huge advantages in operating terms and efficiency terms and also profitability terms. Everything is linked.

Secondly, the importance of Aena, the integrated management of the Spanish airport network, which is essential to the smooth functioning of tourism and the Spanish economy.

The legal rights enjoyed by a shareholders public and private and above all, -- and this is the fourth aspect that I wanted to underline. The special robust protection that the current legal and the hybrid shareholder structure of Aena provide to the Spanish airport system and to our company, which, in any case, must be legally respected.

Now let me take this step by step, just so that this is less point. Spanish airports, which are of general interest, notably the network of airports owned by Aena are subject to a specific legal framework primarily established by law 18/2014, which, by the way, was approved by a parliamentary majority is a popular party.

And I have to recognize this fact because it was very positive and greatly explains why Spanish airports have been able to accommodate itself to the whole boom in air traffic in the last 10 years.

This law 18/2014 with further amendments at a later date is also protected by the Spanish constitution in particular, which am I referring to? Or what am I referring to? Firstly, those that declare the airports below usually set. And secondly, those things that protect the right to property.

And thirdly, constitutional matters at proclaim freedom in business. And we shouldn't understand this in festive terms, but rather as the right of companies to manage themselves as they see fit. -- for their shareholders. And this is what Freedom of business actually means.

So first, on the one hand, the exclusive potent of the state in airport matters that is set out in the constitution. And this means that regulation and supervision of Ana's airports corresponds exclusively to the state and never to autonomous regions.

And these powers are exercised by the Ministry of Transport and sustainable mobility through the DG of civil aviation, so-called DGAC as well as by the competition authorities and the state Aviation Safety Agency, ISA.

And you might think that this is an extravagant structure because in most developed countries in the world, this is the case these exclusive competences of it corresponds to the state -- and in most developed countries, there is a single DG for civil aviation, which is technically in charge of protecting and deploying regulations and airport supervision obviously, with the help of the competition authorities and ISR.

Second, it means that ownership. The right to ownership -- the ownership of airports is exclusive in the hands of -- in and ultimately, shareholders. And I would emphasize the fact that 1 of the leading liberals, first liberals, Locky, many centuries ago underline the importance of respect towards the right to ownership or property in democracies and liberal regimes.

And thirdly, the third matter in the constitution has to do with the freedom in business and the management of Aena's Airport, which is a state-owned commercial company in which 49% of the share capital is held by private shareholders is the responsibility exclusively of its governing bodies. -- namely its General Shareholders' Meeting that has been convened today.

Secondly, as Board of Directors elected by the general the GSM and thirdly, the management team. In other words, companies must organize the governance and management of their operations as their shareholders deem best always in defense of the corporate interest and not in accordance with decisions made by parties external to the company.

I think that what I've said is fairly clear. This legal and constitutional framework that I've just summed up is, in my opinion, clearly, incompatible with the claims made by some autonomous, not all, but some autonomous regions. Insofar as that they may entail on the exercise of powers regarding airports of general interest, which is the exclusive competence of the state as is recognized by most of the autonomous silos and secondly, a transfer or assignment Vinas assets outside of the legal and constitutional framework, and this is not compatible either with what I've just said.

And neither is a role in the management of Aena's airports compared to a management function that belongs solely to the company as the owner of such assets I think that Aena's position that I'm explaining can be better understood if we imagine what it would mean for similar requests from the autonomous regions that were made -- in the case of other large managed companies with private shareholders in the field of energy, financial institutions, technology sectors, textile areas, legally and from a business perspective, it would be exactly the same.

Nothing changes just because we are called in and that our main assets are airports. And that said, -- and this is the optimistic side of things. The collaboration with various public administrations operating in those regions where Aena's airports are located that respects and legal and constitutional limits will be welcomed by now if it contributes to aviation and Aena's activity.

And I honestly believe that there are legally established channels to facilitate this participation and therefore, for there to be enhanced corporation with -- between Aena and the autonomous regions because this is perfectly feasible.

And given the clear constitutional legal limits mentioned in fulfillment of our fiduciary duty in administrators and executives have been acting, I believe, firmly with or due diligence and loyalty towards the company and to you, the shareholders, and I repeat this because the fiduciary duty, which may not be very well known outside of the economic and business fields, is a key duty, which is potentially serious and I insist on this because it's a next essential matter.

I emphasize this because it's a crucial issue within the current constitution and legal framework. There may be room to deepen coordination participation in the institutional dialogue with the autonomous regions and local governments but it is not legally feasible to change the essence of Aena's airport ownership and management model by transferring power, such as 1 regulation 2 planning or 3 supervision, which are exclusive to the state or by interfering in Aena's management.

The Minister of Transport and Sustainable Mobility of cabin and the Secretary of State for Transport, Jose Antonio, San Bendo, have repeatedly spoken out publicly in Nikole vents of Aena's current model explaining that no agreement exists with any autonomous region in this regard.

The most recent incident was yesterday, Wednesday, response from Minister pointed during the governmental Q&A session in Parliament and answering a question.

And I'll move on now briefly to talk about the agreement that was announced on the 27th of March of this year within the framework of the bilateral Corporation Commission between the Spanish government and the bus country. an agreement that was announced between the government of Spain and the bus government create a joint bilateral airport body to strengthen collaboration, cooperation and dialogue between the two governments with the aim of improving the management of airports of general interest in this autonomous region.

The ministries of transport and sustainable mobility and a territorial policy and democratic memory in a joint press release clarified that the decisions of this body will be adopted by consensus among the parties and will not be binding as it has no executive power.

In other words, and this is important for shareholders in Aena to be aware of this. This bilateral body is an instrument of enhanced cooperation and welcome in the term in airport matters that is strictly consultative and not a decision-making authority.

Furthermore, the aforementioned note emphasizes that its creation when this happens in no way of this bilateral body, in no way alters the legal framework governing operations and the airport network structure or and as managerial autonomy has provided for a law 18/2014 not consequently the procedure for approving or as a as the owner and manager of the infrastructure is referred to.

In addition, I would like to take the opportunity of this GSM in order to clarify another possible misunderstanding because had a few members of regional governments and politicians with nationalist leanings have publicly stated that the Spanish government can do whatever it wants in an because the state owns 51% of the company.

I'm going to say this very clearly, this is a serious conceptual and legal era. Let's see if we resort to an analogy of the political philosophy whether I can make it more understandable because not everybody may be aware of Mercantile legislation here in the same ways in Alexion and John Stewart Mill warned in the 19th century of the need to establish political mechanisms to counteract the toxicity of the what they call the tire of the majority in a democracy in all liberal democracies and market economies around the world, such as Spain, there are in all market economies around the world, such as in Spain, a commercial legislation in Spain, the Capital Companies Act that protects the interest of minority shareholders in all companies.

And when I say minority, I'm referring to those who don't have the majority at SM Neither do they have this in the governing bodies of the Board of Directors.

So legally, the state in INR would not be able to ever impose -- it's 51% over the 49% of private shareholders to approve decisions that objectively harm the company's corporate interest and damage its shareholders, such as the transfer of airports to third parties or the session of management rights for Ideas as a result of political agreements and Aena's private investors, among which there is the largest investment fund in the world.

The world's largest sovereign wealth fund and the hedge fund with historic profits that are the greatest in the world. These are very relevant shareholders in the company. Private investors company have shared for a total value of EUR 20 billion at market prices today, and they would exercise their legal rights.

They have said so publicly and privately with all every legal means at their disposal if there were any doubt about the risk that I've referred to. So therefore, in my opinion, -- this will create handful economic and financial repercussions extending far beyond in scope.

And I conclude this section by extending my sincere thanks to Minister Oscar Quite Secretary of State, Jose Antonio Santanoand more broadly to all members of the Spanish government for their understanding of Ana's regulatory framework and the educational efforts they undertake have undertaken in the last few months and above all, for the defense of the current Spanish airport system and Aena's business model.

I'm now going to move on to the other concern that I have referred to. The defense of Aena's regulatory and tariff framework in response to the Quest lower airport fees. Over the past year, as I mentioned, Aena has also intensified its efforts to defend the regulatory framework of the Spanish airport system and to the legal certainty that must underpin all of Aena's actions, including investments, future -- present and future and its shareholders and the legal certainty of all its shareholders.

And the Spanish airport regulatory framework, which as is normal expresses itself in specific areas against Aena's arguments and proposals every year, ENA makes proposals that are rejected because of the competition authorities and the civil aviation organization.

This is always the case. But we believe that an advantage of the Spanish regulatory framework in Spain, which was founded in 2014 with a parliamentary majority of the popular party has the advantage of defining the calculation of the fees charge for the services rendered to airline companies.

So what are we being most concerned about recently? With the company, shareholders, analysts that follow us. The inclusion a few months ago of an amendment in the proceedings of the sustainable mobility build that sought to arbitrarily freeze airport fees during the next regulatory period -- 2027 to 2031.

And the second thing that presented us was the irresponsible pressure and by serious arguments being exerted by certain airline associations, Yada and Alan, in particular, and some individual airlines to reduce with through their pressures, airport fees indefinitely to going underground almost to the point of hitting long button.

So the pressure has increased considerably following Aena which the Council of Ministers approved and communicated to the market last February. So let's look at some figures now. In 2025, airport fees, et those corresponding to express the adjusted maximum annual revenue per passenger, the IMA in March, average EUR 10.35 on average in 2025. This is an average. So despite word-famous airline, the company has said, these tariffs averaged a small size airports were much lower, significantly lower.

But the important thing I wanted to underline is that this EUR 10.35, 2025 and take note of the figures are under the 11 -- EUR 11.11 in 2015, a i.e., in 11 years, the airport tariffs of -- in have gone down 7% in nominal terms and in real terms, which is how things have to be measured in the economy the airport fees have dropped by an impressive 37%.

I'd say that this is truly astonishing data, a 37% drop in airport fees in 11 years in real terms. So I would ask the Deputy Chairman to remain silent until the end. But it's that there is no positive statistical correlation between airport fees, which have been frozen and a prices, which have increased considerably over the same period.

And to give you an example, not 2015 to 2015, but a close example, 2019 to 2025 according to data published a couple of weeks ago by IATA, 1 of the big airline associations, the European Airlines revenue per passenger for each 1 of us during this time frame increased by almost 27%, i.e., EUR 40 per person, that's equivalent in the price of airline tickets.

Which has more than doubled the airlines net profit, the airline companies over the same period. Well, that's great. these are facts, the devaluation of Aena's prices and the increase in tickets and line tickets. So misleading statements will not change the undeniable reality of the data.

And unfortunately, the world's best airline Slide 2, Spain and now a day-to-day working relationship with them is excellent -- and on a daily basis, people here have a relationship with them. And the working relationship with them exon. So why don't we all agree to move beyond the pet and somewhat narrow-minded debate over the endless lowering of airport fees.

A move that, if implemented, would ultimately harm the airlines themselves in the long run because base airports, if -- they were internally to drop prices. And believe me, and I'll give you an international example soon, we'd end up having a worse performance, and this would affect all of us.

And I could ask in other terms, why don't airlines more fairly -- appreciate on of outstanding infrastructure in a fair manner, which makes it possible for Spain to be the country with the most flights in Europe at very low airport fees. I mean, perhaps a way of focusing on this problem is Finland airline company. Wow, what airport infrastructures -- and Spain has worked very well, but never let us down. And in addition, if we look at things on average on the casting Europe.

Well, I think that -- it's worth considering that question. Quite sincerely, I cannot understand how we've actually reached this point having this tension with airline companies. And I think that the answer can only be found in the realm of xperion uncomfortable passions.

We can't look for rational answers to this. But let's now look at the Spanish fee system, which is clearly defined in Spanish law, specifically law 18/2014, and it's implementing regulations. And it's based on sound microeconomic terms or principles.

And it's clearly a law that has been drawn up by leading economists that know a microeconomy and two have done microeconomic analysis on an international level of the legal frameworks in other countries.

And so consequently, any change in fees based on a whim of iron or due to undue pressure from any line would be quite simply illegal in this legal framework and its regulatory framework is a combination of expected traffic to the investment required for airports to function properly and three, the setting of fees that adequately finance and well, operating costs for airports to work well and the finances investments, CapEx and that finances the remuneration of these investments, reasonable remuneration as happens in all regulated areas in developed companies.

So therefore, None of these elements can be modified without affecting all the others, which would lead at the end of the day to a proposal of the dollar. So the regulatory framework is very demanding on the airport operator.

And if it were not, it would be impossible at airport fees to be on average, the lowest in Europe. And if they were not to money, it would be impossible for as I say, INS airport fees to be on average, the lowest in Europe. And secondly, I would like to point out that unlike other regulated sectors of the Spanish economy, -- in basely so-called traffic risk. -- as evidenced by the fact that for 2017 to 2025 period, i.e., DORA 1 and the part of DORA 2 that has elapsed, it hasn't been completed yet.

The tariff deficit shortfall in revenue is accumulated by an excess EUR 550 million. That was a pandemic, and there was no economic compensation for the huge drop in traffic -- so this tariff deficit, which is a fact and can be consulted by Google is EUR 550 million and not other figures, another figure, whatever the Alta Association and its general manager claims.

And as a result of the boom in air traffic over the past decade in Spain and the excellence of all the companies involved in Airport that is as a result of their success the airline companies, handling companies, suppliers, maintenance of the airport we have been able to place Spain as a European country with Moser traffic.

And this has happened before policymakers in 2014, on the one hand and successive governments for all, and this was reflected in the doors. But we're still in time to have a surge in investment to have enough capacity to respond to future air traffic in the next 30 years.

So therefore, the imminent wave of investments in Spanish airports require a slight increase in airport fees. And I think it's pure common sense after 11 years of a drop or of a 37% decline in real terms. And you know, and I'll mention this later, but our proposal is quite sincerely, quite modest.

And now to do an international comparative analysis, -- it has been publicly stated that the -- airport in Europe with most traffic in the last few years has directors or executives that have said in the last few years that this airport has made a huge mistake because for 10 years, there was an obsession with reducing airport fees with an efficiency that I'm not going to qualify and this publicly, this has brought about a huge amount of underinvestment.

And so for the airport, we'll need to do a catch-up of more than EUR 10 billion in a single airport over the next 10 years. And this is the opposite of doing things properly and this may lead -- doing things long leads to this type of situation.

And this isn't just Aena's case -- so now looking ahead to the -- towards the future, you dear shareholders know that in the next 5 years, the 2 main challenges of Aena or the implementation of the third airport regulation document, DORA 3 2027 to 2031. once it's finally approved by the Spanish government and the development and implementation of Aena's new strategic plan for this same period, which will chart the company's course, not only aeronautical course, which is defined by DORA 3. But

also the commercial technological human resources and long except -- and in terms of DORA 3, our proposal was approved in the Board of Directors in accordance with law 18 by 2014, it was approved by the Board and was communicated to the market has a long technical and economic analysis by the very competent professionals in ENA. And the Council of Ministers has until the 30th of September to approve the final DORA 3, which probably will undergo some modifications as has always happened in terms of versus the original proposal made by.

And the guiding principles of DORA 3's proposal are as follows: expanding the capacity of numerous airports to accommodate the traffic forecast for the coming decades, as I said, and strengthening security or enhancing security, which is fundamental.

The improvement of the passenger experience and airline operations with highly efficient airport services the decarbonization of airport operations and promoting innovation and technology in airport services.

In terms of the investment plan, in the two previous regulatory period store, 1 and 2 aviation investment was legally limited and focused primarily on regulatory replacement and maintenance activities. There have been exceptions. We've expanded the capacity of some investments, but it hasn't been the core investments of -- and contrary to this, the proposal of DORA 3 is based on 2 premises.

On the 1 hand, air transport infrastructure must not hinder citizens' mobility in Spain or the creation of prosperity, second price actions of DORA must ensure the highest standards of safety and maintenance to high levels of service quality through environmental sustainability and for efficiency, which is 1 of in hallmarks.

Aena has proposed, as you know, for the next 5 years, a total investment of nearly EUR 13 billion, a total investment, which includes the commercial and real estate premises of almost in total, that is for EUR 3 billion, 10 plus 3, almost EUR 13 billion in total, which is an annual average in the case of regulated investment of the EUR 10 billion of EUR 2 billion a year, and that is 4.4x the current legal maximum investment of DORA 1 and DORA 2 which is about to be completed.

As a result, INS regulated asset base it will be necessary to increase the infrastructure and terminals not in the air side of things and the air side of things, there may be investments in terms of maintenance. I'm talking about DORA 3, not DORA 4. So on land, it's investments in terminals, there will be great increases in capacity at the adult focal Madrid Barajas airport, San Jose and tries South and North on sale Alicante Malaga amino Bill and Milind they will see the most significant increases in capacity.

Very few companies in the next 5 years, in Spain will undertake a similar volume of investment over the coming years. is considered by. Aena.

We have to say this clearly because this repaints a huge business and economic opportunity for engineering fees terms, sorry, the construction sector and technology companies in our country. The transformation of Spanish airports over the next 10 years or DORA 3 and 4 will serve travelers over the next 30 years, and this represents a major technical and business challenge for the company, but believe me, the company will be successful in terms of traffic estimates.

And I'll try to go a little faster now in, as you well know, has forecast and proposed in DRI a focus of 1.69 billion passengers in Spanish sharper by 2031, and -- this is an estimate an increase in traffic, which is in line with the forecasts from international organizations such as ACI or euro control and -- the thing is that these estimates from these international bodies are filtered by certain one-off restrictions that we know may arise in Spanish airports as a result of the future congestion in activities.

In terms of operating expenses, proposal of DORA 3 proposes an increase of OpEx of 3.8% per year, reaching 2.31 billion in 2031. We know that this is an increase in OpEx that is significant. But quite honestly, we believe that it is best proposal we could make because we have a great deal of responsibility to guarantee the good -- the good operations in Spanish airports.

And why do we need that OpEx? We need more human resources for the new investment cycle. Secondly, we need to respond to the increase in traffic that we even if moderately. Thirdly, the gradual commissioning of new facilities as and when the works that we are fostering are completed.

And fourthly, because it's necessary to enhance the quality of airport services during the always bothersome works in the fields of information, cleaning, when I say information because I'm talking about signaling here, cleaning the PRMs, et cetera.

And finally, because there are regulatory requirements in the areas of safety and maintenance and all our portfolio of the world it will mean that airports will have to spend more. We'll do so gladly. And as proposed weighted average cost of capital in DORA 3 this is the average -- weighted average cost of capital and capital and debt, which is technically called the WACC, and Aena proposes a 9%.

And this rest reflects the significant change in the monetary policy towards a monetary policy, which broke away from the tendency to ultra expansion from previous years and more specifically from when the DORA 2 was approved after the pandemic. Interest rates are higher than the public debt of any country in 2026 versus in 2021.

And in addition to this, our proposal is based on the analysis of empirical data in the market and precedents in the field of airport regulation, the new financial and risk profile that has increased in associated with the regulated investments on the DORA 3.

And what I wanted to say about this is that, obviously, the financial profile when 1 takes on a big investment wave requires or entails more risk and more money because there's a huge volume of investments, and this is associated to a risk of execution. This is what bothers me or concerns me at least, knowing Aena's resilience, but there's a significant increase in the company's debt.

And as a result of this, despite the creditworthiness perceived by the market of I, it is obvious that we will be more exposed in the future years to macroeconomic variances and financial deviations during the period in doing DORA 3 static forecast.

This in forecast. And in this regard, I think that the successful issuance of a 10-year Aena bond in European fixed income market for EUR 500 million with policy with an annual coupon, which is the lowest -- the second bond that we have issued. So we need to feel positive because of a low servicing of the cost of the debt.

And this shows that the market, the financial markets are perceiving the sound financial situation of the company. financial solvency and a clear long-term business strategy. And as for the fee proposal, I already mentioned this beforehand and more specifically, we propose increasing airport fees now on average by EUR 0.43 per passenger, i.e. EUR 0.43 per passenger at year.

Obviously, these fees are adjusted based on the size of the airport, so they will be significantly lower at medium size and small airports. And honestly, I think that versus the huge investments that we are considering and that will transform Spanish airports over the next 30 years, I honestly believe that the increase in airport fees that we are proposing is extremely modest.

And this fee proposal for an like all the elements that make up Torres pending review by the competition authorities and above all by the DGAC and the Council of Ministers and the Spanish government. And finally, I would like to conclude this section of DORA by expressing my sincere gratitude to the Board of Directors, and to the many professionals who participated in drafting the TRAI proposal probably Sonya cohort channels, let this Elena Mayoral, Castejon team and in general, the top management, all members of the top management have worked extremely hard on this proposal.

And I think they've done an excellent job, and the proposal is sound and balanced -- in terms of the approval of the strategic plan, just very briefly here, you know that in parallel with the DORA 3 approval process, Aena is drawing up a new strategic plan for that same time frame and will chart the company's core for the next 5 years.

And not just focus on aeronautical matters, which are, of course, of great importance. So DORA is so crucial for a company such as Aena that it is necessary for DORA to overlap in time with our strategic plan. The country to this will be inefficient, I believe, would mean that less quality -- and like this whole Aena activities will be aligned to the strategic plan. And in addition to airport operations, commercial and real estate activities and international operations, the new strategic plan will address all these things in a cross-cutting manner, and relevant issues such as innovation, artificial intelligence and environmental sustain and of course, human resources.

And regarding AI I get the feeling for the first time, was just a feeling permission that AI in the next few years may -- we all know that in the medium to long term, it's going to provide extraordinary possibilities that are difficult to match and nowadays, but it's the first time that I have the feeling that over the next few years, what might happen is that AI will focus on the management Aena of buying now and those areas that could make us more competitive.

This is just a 4-time conveying to you, but I'm very pleased to be able to share this thought with you now corporate governance and the ESG criteria and the agreements of the GSM and coming to the end of my presentation.

During 2025, I'm on corporate governance, we approved Aena's second collective bargaining agreement, which includes new measures to firstly improve the workforce alignment secondly, increased flexibility and work schedules, and this is important, and I'm grateful to the people Director Berango saves and her team for a good job done.

And I'd also like to thank the representatives of workers and main trade unions of -- in for the good attitude that has always been maintained during our conversations and achieved good results. And the Second, the quality plan Aena now demonstrates the company commitment to equal opportunities, work life balance and flexible working arrangements.

And likewise, -- and this is more a technical matter, but I do need to read this literally -- over the past few months, the company, Aena has approved 2 new regulations. And as a result of this, in Item 9 on the agenda of the GSM proposes amending the articles of incorporation, the bylaws to adopt the working of the articles governing the Audit Committee and the Sustainability and Climate Action Committee.

In addition, -- at the end of 2025, the percentage of women on the Board of Directors was 40% and therefore in line with the minimum quota recommended by good practices of the Securities Commission guidelines. And as in previous years, at the end of the fiscal year.

Aena complied with the recommendations of the code of good governance for listed companies, complied with all of these and it may have been exception, and these have to do with the remuneration of directors, which are subject to public sector regulations.

And in terms of ESG criteria, as you well know, and I think that this is obvious, thanks to the decisions that are being made known, the ESG, environmental, social and governance criteria are consistently integrated into the deliberations of our Board of Directors Aena allocates resources to social and cultural advancement, which therefore underscore our commitment to improving the environment and strengthen the company's corporate reputation i.e., we try to back through finance and our actions are aimed to improve in as far as possible the living standards of populations to use our airports.

And just to give you an example, in the last few months, the recent launch, which has been a real sensation of the INR price for Latin American fiction, which last week honored the magnificent but the when Malte good, bad by Argentina and writes and on such leveling, therefore, sanctioning ties between Spain and Latin America through corporate passenage of writing and reading.

So it was an example of soft power through this business sponsorship of writing and reading. So now I'm going to move on to the resolutions. With regards to the resolutions to be voted on this GSM, the Secretary of the GSM and the also fine will go through them. But I just wanted to underline those things relating to the reelection of directors and 1 of the items on the agenda, there will be a vote to ratify the appointment of Roberto Angulo and Alicia Dear, who were appointed Aena's our shareholder representatives, proprietary shareholders in October 2025 by co-option potation as well as the reappointment of Manuel Delmas a shareholder representative bring professional expertise that is highly valuable to in.

So I'm very pleased. Well, once the GSM approves this, their mandate may be renewed. And Roberto Angulo lice, hasn't been long that we've been working together. But over the last few months, they have proven that their contribution to the deliberations and approval of the main decisions of the company are great value.

And furthermore, given the recent expiration of the term for which I was elected Executive Director, my election is being proposed at this shareholders' meeting and after nearly 8 years in the company and many more rewarding moments and difficult ones. The President Aena remains for me the highest professional owner and therefore, I would feel deeply honored and grateful if the company's shareholders were to decide to renew their trust in me at this meeting.

The only thing I can pledge to do is to do everything in my power not to betray that trust placed in me. And I conclude Aena had a brilliant 2025, in operational terms, economic, financial and stock market terms.

The achievements of recent years -- we shouldn't think the opposite hold no secret, they are the results of persistent, high-quality work, build on professionalism and management and always built on clear strategic foundations, which strengthen the quality of work of all our professionals.

The vast majority of passengers believes that Aena's airports in Spain, Brazil and the United Kingdom operate very well. I repeat. Passengers who use our infrastructures on a daily basis, consider that our airports operate very well. And this is reflected in surveys and the prevailing public perception.

The Spanish airport system, and therefore, are admired on an international level for the smooth operation and because it's a mainstay of the Spanish economy strong performance. So tourism, the impact of tourism on the Spanish economy as a whole. And so therefore, I want to make a call sincerely for rationality and for not trying to tamper with what works so well.

Secondly, to avoid fruitless political proposals thirdly, to respect the fundamental pillars of the rule of law, what the British call, as I say, the rule of law and the respect to the fundamental point and protection of legal certainty among the shareholders and prefaces of the world's largest and most prestigious airport company.

And fourthly and finally, to the car affectance of the social legal reality that -- Aena's on the exclusive property of INR and its shareholders and that only -- in can manage the assets it owns. Is minister also in often says, Aena is a compelling example of how the public and private sectors can form a formidable partnership and create a win-win situation in which all parties benefit, including the general interest of Spain and the traditional private players in a market economy.

And if I may be so balls and go off on an intellectual leg, holding that 2026 marks, the 250th anniversary of the publication of the great work of the foundation of the modern economy. I miss the wealth of nations I think that it would be an interesting intellectual exercise to have the opportunity of add-on Smith were live still to ask him what he thinks about this so successful company, which is the case of Aena.

Aena is clearly at the peak of its history and the directors and executives have to do every think possible to preserve our business model and to protect the rights of our shareholders with the sweet conviction that in doing so, we are simultaneously protecting the general interest of Spain and all its territories.

DORA 3, as I said before, will shape, and this is of great importance, Spanish airports for the next 30 years. And we are, therefore, embarking on a very demanding new faith, but extraordinarily exciting -- and this is also the case in Brazil and the United Kingdom.

And I would like to conclude by expressing my gratitude and that of the Board of Directors to all shareholders for the trust they have placed in Aena and in particular, to the government of paying our majority shareholder for constant support and safeguarding the network model, which is one of the company's key assets.

Thank you to everyone at Aena whose commitment and dedication allows us to face the future with optimism and determination. Thank you very much for your attention.

Very well. Thank you very much. Before we begin the session for shareholders to address the floor after my presentation, let me inform you that as of now, shareholders can no longer request to take the floor side. I give the floor to the Secretary to inform this DSM about the final quorum.

After preparing the attendance list using IT support, we therefore advised that a total of 213 shareholders other tenant in person holders of 771 million, 22,590 shares accounted for 51.15% of the share capital.

A total of 359 shareholders are at handling by proxy. -- of 550 million, 175 shares accounted for 36.6% to 85% of the share capital. Out of the shareholders at to shareholders, holders of 71, 25,321 shares.

Quebec such the voting remotely. The share capital we voting rights, both present represented amounts to EUR 1.32142,170 million shares represented by a total of 572 shareholders, that is to say, point 5% of the share capital. Therefore, this attendance quorum exceeds 50% of the share capital with voting rights, required by Article 22 of the company bylaws, and therefore, we consider this GSM to be validly convened on first call. I now give the floor back to the Chairman.

Thank you very much. Ms. Secretary, therefore, based on the information provided by the secretary. And since we have sufficient quorum for this meeting to be valued in accordance with the law and the company's bylaws hereby certify the general shareholders' meeting of Aena has been validly convened on first call as much as the legal and by load economics for these buses have been met.

Likewise, I confirm the existence of a sufficient to discuss on the top that resolutions included on all matters in the agenda of this maintain in accordant the provisions of the commercial register regulations, I now give the floor to the notary, Sovik may address the meeting for the purpose of where we find the possible existence of a reservations or objections on the part of any shareholder regarding any previous statements on my side or the of the secretary relating to a number of shareholders at end meeting the share capital present and represented and the institution of this GSM.

In accordance with Articles 11 and 1 or 2 of the commercial registry regulations in my capacity as notary public for this general meeting, I hereby advise that if any shareholder wishes and investors or objectives regarding the statements concerning the number of shareholders present or the capital on record as well as regarding the value convenience of the -- they may do so at this time by taking the button labeled register objection located on the left side of the screen for those attending remotely or shareholders present at this meeting.

By doing so at this time, this so that it may be recorded in the minutes of this GSM. Thank you very much. Since no shareholder wishes to raise any objections or content I'll give the floor to the Chairman.

My apologies for having to confirm certain technics concerning the proceedings of this GSM. Since no 1 has requested to speak. We shall proceed directly to the vote on the agenda items wait prior to that. We would like to share with you this video, which pays tribute to the 20th anniversary of the adult was Madras Airport Terminal 4. We're very excited about this.

[Presentation]

Very well then. Since we have received no request for taking the floor, we shall now proceed to the voting process and the proposed resolutions drafted by the Board of Directors and submitted for approval by the general meeting. .

I will now turn the floor over to the secretary for the purposes of organizing the voting procedure.

Thank you very much. We shall now vote on each item on the agenda. The we hereby inform you that in accordance with the provisions of the GSM regulations, the proposed resolutions submitted by the Board of Directors are deemed to have been read for all intents and purposes as they have been available on the company's website the notice of the meeting was issued.

Notwithstanding the foregoing for the sake of clarity, I will now provide a brief summary of these resolutions. I hereby inform you that a document containing all the proposed resolutions drived by the Board. has been submitted to the notary public for inclusion in the minutes.

I more inform you that in accordance with the provisions of the meeting regulations, votes in favor shall be deemed to have been cast default roses both present and represented after deducting the votes corresponding to shares whose holders have voted against gastro or expressly abstained through the means provided to that end.

Shareholders who intend to vote against the proposal cast a blank vote or Astana, who have not yet done so are asked to please indicate their vote intention now through the application provider for this service, if attending remotely or through the notice desk for shareholders attending in person by handing over the cards provided to them at the entrance point on which we must expressly state their vote against a blank vote or the extension regarding each of the proposed resolutions.

The notary will record such boots in the minutes. I will now briefly summarize the proposed resolutions being put to a vote. -- while with the successive items on the agenda.

First, examination and approval where appropriate, of the individual annual accounts that is balance sheet, income statement, statement of changes in equity, cash flow statement at notes to the annual accounts and the individual management board of the company for the fiscal year ended on December 31, 2025.

Second, examination and approval were appropriate of the consolidated annual accounts, balance sheet, income statement of changes in equity cash flow statement and notes to the consolidated annual accounts and the consolidated management report of the company and its subsidiaries for the fiscal year ended on December 31, 2025.

Third, examination and approval were appropriate of the proposal for the allocation of the company's profit for the fiscal year ended on December 31, 2025.

And Fourth, examination and approval, where appropriate, of the consolidated statement of nonfinancial information and sustainability reporting, sustainability report for the fiscal year ended on December 31, 2025.

Fifth, examination and approval where appropriate, of the corporate management for the fiscal year ended on December 31, 2025.

Sixth, appointment of external auditors for the provision of audit services for the fiscal year 2027, '28 and '29.

Seventh, appointment of assurance service provider of the consolidated statement of nonfinancial information and sustainability report and sustainability report for the fiscal year 2027, 2028 and 2029.

Eighth, composition of the Board of Directors, ratification of appointment by cooptation and reelection of directors. April ratification of the appointment by cooption.

8. 1 Reelection of Mr. Roberto Angulo Revilla with a category of proprietary director.

8.2 Ratification of the appointment by option and reelection of Ms. Alicia deloRemeriodearo Acosta, with a category of proprietary director.

8. 3 Re election of Mr. Maurici Lucena Bedi with a category of Executive Director. 8. 4 reelection of Mr. Manuel, the LatAm Panerespo with a category of proprietary director.

Ninth, amendment of the company bylaws. 9.1 amendment of Article 43 or 9.2 amendment of Article 44 is sustainability and Climate Action Committee. 9.3 amendment of Article 47 Directors' compensation.

Tenth voting on a consultative basis on the annual report on directors' compensation for the fiscal year 2025.

Eleventh voting on a consultative basis on the updated report on the Climate Action Plan 2025.

Twelve The allocation of powers to the Board of Directors for the formalization and execution of all resolutions adopted by the ordinary General Shareholders' Meeting as well as to replace the powers received from the meeting and record solutions in an notarial instrument and to enter primary supplement, implement and register them.

[Voting]

Let me advise you that as of this moment, the voting on the right solutions of this meeting has concluded, and I'll give the floor back to the Chairman.

Very well. Thank you very much, Ms. Secretary, dear shareholders, -- now that the voting period has ended. I have been informed that all of the prepared resolutions have received a number of votes in favor exceeding the threshold required by law or by the company bylaws for the value adoption thereof.

Accordingly, it is hereby declared that all proposed resolutions submitted on all items of the agenda have been approved. Now let me give the floor Back to the Chairman.

So the all the results of the presentation of this GSM will be published on the corporate website. days after this GSM, the notarized, -- they will also be timely, made available. And therefore, it will not be necessary to approve them according to the Spanish companies act and the commercial register regulations. Thank you very much for attending this GSM.

Now let me give the floor back to the Chairman. Thank you very much. Mr. Seger. Thank you very much for the good job done over this GSM. I would also like to express my gratitude to the notary public.

And before adjourning the GSM, I would like to migrate on behalf of the Board of Directors, Solana and on my own behalf for attending this general shareholders' meeting of the company.

I would also like to express my gratitude to all those companies that make out the company, especially yield the shareholders for the trust placed in this great company. Thank you very much. This meeting is adjourned.

Good morning, good afternoon all, and thank you for joining us today for Aena Full year '25 Results Presentation. My name is Sami and I'll be coordinating your call today. [Operator Instructions] I'll now hand over to your host, Carlos to begin. Please go ahead, Carlos.

Good afternoon, and welcome to our 2025 results presentation. This is Carlos Gallego, Head of Investor Relations. It's a pleasure to be with you again following our conference call last week regarding the regulatory proposal.

Today, we are presenting our 2025 results, our Chairman and CEO, Maurici Lucena, will be hosting this session, together with our CFO, Ignacio Castejon and myself, who will review the main highlights of the results presentation, which you can already find both on our website and on the CNMV website. After that, we will open the floor to your questions. [Operator Instructions] Without further delay, I will now hand the call over to Maurici Lucena. Thank you.

Thank you very much, Carlos. Good afternoon, everybody. Thank you for joining us for the presentation of our annual 2025 financial results. It is a very important satisfaction for the top management to present these results because as you have seen in the communication to the market, they are record financial results. And it's our 3 year in a row that we achieved this record. And as Carlos said, this presentation follows the presentation we did last week regarding the DORA III Aena's proposal.

So as usual, I will start with traffic. 2025 was also in terms of volume, the third year in a row with the highest traffic ever in Spain. We are very proud of this achievement and not only because of the volume, but also because we know it's very difficult to manage with a high quality of airport services such record volume, and we achieved both, the record of volume and I would say, a high-quality service -- airport services, excuse me. So in total, Aena Group traffic reached almost 385 million passengers.

And in Spain, in the Spanish airports that belong to Aena, the figure was more than 321.5 million passengers. And as you also know, our traffic estimate for the present year for 2026 in Spain is an increase of 1.3% and to us, this is a natural estimate because we think that we have overcome the, let's say, overshooting phase of the traffic evolution after the pandemic. And now we enter into, let's say, more normal phase of traffic -- of airport traffic.

And it's a combination of -- the way we see the economy, the way we see not only the Spanish economy, but very -- especially the economies of our principal foreign markets. I'm referring to the U.K., Germany, France and so on. And also that in 2026 and especially in DORA III, we will, in certain days in certain aspects, face constraints because the infrastructure -- because Aena's airports are approaching its -- or many Aena's airports are approaching its technical limits, and this is the strong reason why we propose within DORA III to enter into a very strong new phase of investment.

I don't want to be dramatic in the sense that I think that these constraints on the side of our airports. I mean, they will exist, but they will not be very important. They just introduce subtleties in the way we are calculating our estimates for the future.

If I now move to Brazil and to the U.K., you know that in 2025, our traffic in Luton was 17.6 million passengers. In Brazil, in one concession, almost 29 million passengers, in the other concession, almost 17 million passengers. And in terms of financial performance, I will just -- I would like just to highlight that our total revenue in 2025 was almost or reached almost EUR 6.4 billion. Our EBITDA was close to EUR 3.8 billion. And all in all, the net profit exceeds or exceeded in 2025, EUR 2.1 billion, which is a record. And as consequently, you know that the Board of Directors it was yesterday, proposed the payment of a gross dividend of EUR 1.09 per share.

And on the commercial side, we experienced a very robust growth last year. I would like to stress that in the duty-free business line, for example, 3 lots, Canary Islands, the North of Spain and Andalusia-Mediterranean. These 3 lots ended 2025 above the contractual MAGs, and this is a very important achievement because this makes feel both very comfortable Aena and the duty-free companies. And as you know, we have just started the complete renovation of the food and beverage activity in Barcelona, in the Barcelona Airport.

And on the real estate side, total revenue grew by 20 -- by 10.5% in 2025. And in the international arena, I think that we are -- we are satisfied because we are -- we would like to, if possible, to increase a little bit more the contribution of the international activity in the total EBITDA. But so far, we have achieved an EBITDA that in the consolidated figure was close to EUR 400 million. And I think that this is a significant EBITDA, and this is a satisfaction but because you know that we would like in the long-term to have a better balance between Spain and the rest of our international markets.

And also concerning the international activity, I would like to highlight that by the end of last year, Aena obtained the most financing in the Brazilian airport sector. This will allow us to finance the CapEx of the new concession, the BOAB concession. And also internationally, you know that in December 2025, we acquired a significant participation in the U.K. in the -- respectively, in Leeds and Newcastle Airports. This is an achievement because we naturally feel very comfortable both expanding our activity in Brazil and in the U.K. because if we expand our activity, we set in motion our, let's say, extraordinary efficiency because of the functioning in the network.

Okay. Now I move to financial issues. Last month, in January 2026, we launched a second bond valued at EUR 500 million with a maturity of 10 years. We are very satisfied with the financial conditions because I think that they demonstrate that in the bond markets where Aena was relatively virgin, we have very rapidly achieved the confidence of the market. And I think that the conditions of this second bond reflect the -- well, I would say that the financial assets of Aena. In terms of ESG, I would like only to mention that in 2025, Aena achieved a reduction of almost 75% of emissions of Scope 1 and 2 compared to 2019.

And finally, I would like to just refresh the main messages associated to our DORA III proposal that we communicated last week. You know that the government of Spain through the Council of Ministers, they have a deadline in September 2026 to approve the definitive DORA III. And you know that our aim has been to translate into volume of investment, distribution among airports, the evolution of tariffs, OpEx, WACC and so on. We have translated, I was saying, our new cycle of investment in terms of the regulatory scheme. And this is -- this will be a complete different phase for Aena. It will be the first time in the last 20, 25 years that we enter into a very strong investment cycle.

I would like to remind that in pure financial terms, this is good news because we will significantly increase our WACC, our regulated assets base in more than EUR 5.5 billion. And this is -- this should be the increase in the enterprise value. Of course, taking into account that the WACC, the OpEx, the risks and so on, they all are, let's say, reasonable. In other words, if the figures of the final DORA III approval by the government, along with the real Aena performance during DORA III, if all this makes sense, we will significantly increase the enterprise value.

And this is good news, knowing that we face some risks, but we are very confident that the experience and our past performance demonstrate that we are a reliable company that will develop and materialize DORA III successfully. And you know that the key projects in DORA III, they cover the airports of Madrid, Barcelona, Malaga, Alicante, Tenerife Sur, Valencia, Ibiza, Lanzarote, Bilbao, Tenerife Norte, Menorca and Melilla.

And in terms of the OpEx that I know very well that worries you, in my opinion, too much. But this regulated OpEx it is -- is just a consequence of how the economy is moving and the new phase in which Aena will -- into which Aena will enter. What do I mean by this statement? Well, I'm referring that the new OpEx is -- reflects the inflation, experience but experienced by the Spanish economy and by the way, by the world economy, the increase in the minimum wage and very specifically, the new resources we require to address the investment challenge, the increased traffic.

The increased traffic also implies a little bit more OpEx, more regulatory requirements in terms of safety, maintenance and quality of airport services. This also costs money. And finally, you know that many of our airports are aging. They are aging well, but they are aging, and this means more open -- more OpEx to maintain them. And again, we have said this many times, but we are convinced that when you enter into a phase with important investment and important expansions of many airports, we have to compatibilize the new traffic, new record volumes of traffic in the future with the investment.

So to compatibilize successfully these both very important ingredients, this future record traffic with the CapEx, the expansion of the infrastructures, we need a little bit more of OpEx. And for Aena, it's been, let's say, a lesson what has happened in recent years in Palma de Mallorca. The renovation, the whole renovation of the airport has been a success, but we have learned that will be -- that all the rest of things being equal, we need to spend a little bit more money to ensure that the passenger experience is better than it has been in Palma de Mallorca.

In Palma de Mallorca, we will finish the renovation before expected. It will cost a little bit less than expected, but one lesson learned has been that for the future expansions of airports, we will need a little bit more money, just a little bit more to increase the passenger experience.

And finally, you know that our WACC is simply a consequence of the turn of the monetary policy across the world. And finally, our average increase proposed all in all, is just EUR 0.43 every year. This regardless of the -- this boring and I don't know how to describe is noise that made by the airlines. When you compare the increase we propose with the increase in the prices of flight tickets, well, I think that this is perfectly eloquent of the difference.

And regardless of this very modest increase we propose in terms of airport charges to cover this complete transformation of Spanish airports that will endure 3 decades, these new airports. I think that they will be used in the coming 3 decades. Regardless of this increase, the charges of Aena's airports in Spain will remain highly competitive. And particularly, they will remain the most competitive aeronautical charges in Europe. And this is very good news, and this is a commitment that we will accomplish.

And thank you very much, and we will join you back in the Q&A session.

Thank you very much, Maurici. Hi, everyone. This is Ignacio Castejon speaking.

Let me go through some of the information that we have included in the presentation shared with all of you earlier today. Let's go to Slide 8 on traffic, on the Spanish platform, I would like to share with all of you that the traffic is mainly explained -- traffic growth, sorry, is mainly explained by the growth rates of the international markets. International markets grow at circa 6%, while the domestic market decreased by 0.3%. There might be many reasons related to supply and demand considerations impacting the domestic market, but that decrease is what has happened this year.

With respect to the 6% growth in the international market, I would like to share that, as you know, long-haul market is still a much smaller segment than European or Spanish markets. However, Asia, Africa, Middle East and South America, LatAm have delivered growths of 41%, 19.5%, 13% and 7.4%, respectively. So very impressive growth rates in the long-haul market arena. If we look at Europe, our largest market, excluding Spain, our main 4 markets grow as follows: the U.K. at 4%; Germany, 1.8%; Italy at 9.2%; and France at 3.1%.

Let's go to slide -- let's keep sorry on Slide 8, but let's have a look at the financial performance of the company in the following minutes. As mentioned by the Chairman, total revenue rise to -- by 9.5% up to EUR 6.4 billion Compared to 2024, thanks to the positive evolution of passenger traffic as discussed earlier, the continued improvement in the commercial activity, especially the revenue per pax growing to EUR 6.43 per pax and also the contribution coming from the international activity, especially one related to the construction services on the IFRIC 12, that is neutral of [indiscernible] standpoint. Excluding these IFRIC 12 accounting adjustment, revenue for the group would have grown at 7%.

Let's move to Slide 9 on the cost. As we have been informing all of you through the year, total operating expenses have been going up, growing at a higher rate than traffic or even traffic plus inflation. Total operating expenses at group level grew by 11.1%, up to EUR 2,650 million with personnel expenses increasing by 8.8% and other operating expenses going up by 13.1%. If we exclude the impact of IFRIC 12 in Brazil, the increase would be materially different, would be 4.9% for the whole group.

If we look at the Spanish network, total OpEx, total operating expenses grew by 6%, reaching EUR 2052.4 million. The increase, as in the case for the group, was driven by the increase in staff costs and also in other operating expenses. In the following slides, I will devote more time to other operating expenses for the Spanish network. But let me go to Slide 10 before in order to speak about EBITDA. EBITDA level reached EUR 3,785 million, sorry, representing an increase of 7.8% compared to 2024.

This resulted in an EBITDA margin of 59.3%, 90 basis points lower than in 2024. The margin has been impacted because of the IFRIC 12 accounting rules. So excluding this impact, the EBITDA margin for the whole group -- for the consolidated group would have improved by 50 basis points to 61.4%. All in all, the net profit of the group rose to EUR 2,136 million. That's an increase higher than 10% compared to 2024, reflecting, sorry, the strong operating performance, the EBITDA growth, but also the impact coming from the new estimate and a change, therefore, in the useful lives of some of the fixed assets in Spain that has resulted into a more reduced or a lower amortization -- and depreciation and amortization expenditure of around EUR 68.5 million.

Net cash generated from operating activities increased by 1.5%. However, this comparison is affected by the positive tax effect that we had in 2024 related to the offsetting of the losses from a tax standpoint, of course, coming from the COVID. The consolidated net debt to EBITDA ratio of the group stood at 1.46 well below the 1.57 recorded in 2024. In this sense, please let me recall that back in September, Moody's Rating Agency upgraded Aena long-term issuer rating and senior unsecured rating to A2 from A3. And 7 weeks ago, Fitch Ratings affirm Aena rating at single A.

Let's move to Slide 11. If we look at the performance of the group by the different business lines, and let's start with the total aero revenue. This total aero revenue increased by circa 5% to EUR 3,346 million. The dilution, you know the revenue that we are not able to get basically comparing the rate that we are able to charge in 2025 has been EUR 100.4 million, so lower than the 1 in 2024. This dilution will be recovered in a couple of years, as you know, further our regulation.

On the commercial activities contribution, please let me share with you a good first -- a good set of news because this is the first year in which we were able to exceed -- sorry, the EUR 2 billion figure in revenues for the commercial and the real estate revenues. On the international front, the contribution in terms of EBITDA coming from the international activities was EUR 383 million.

Let's go to -- let's analyze in more detail the commercial performance. So let's move to Slide 16 and 17, if that's okay for all of you. So the Chairman and CEO have already highlighted the significant growth in sales that the company has had.

Let me have a look at the ordinary revenue figures that have had an increase of circa 10%, 9.9%, with commercial revenue going up by 9.6% in the real estate business by 14.3%. As I was saying earlier, this increase is explained by traffic, but also by the unit revenue coming from the commercial and real estate activities, that has gone up from EUR 6.1 to EUR 6.4 per pax. There are several reasons why we think we are delivering this performance.

Basically, the growth has been driven mainly by the material progress in the remodeling works and the additional commercial surface that we have added to our activities, especially in duty-free, where most of the works in Madrid and Barcelona are done. Also the introduction of new business concepts, the arrival of new brands that fit with our passenger profile, the more lucrative conditions of the latest contract that we have awarded, we'll cover that point later. The strong performance of the mobility-related services, car rental and parking, as you know, the continued increase in demand for VIP lounges and also the development of many real estate initiatives, especially in cargo and hangars.

Let's discuss in more detail some of these business lines on the commercial front. If we look at duty-free, sales in this business line raised by 15 -- sorry, 0.3% with the total revenue for this business line, reaching EUR 535 million. Variable rents plus MAGs increased by 7.7% to EUR 433 million. As the Chairman was explaining earlier, we are very satisfied with the performance because we have 3 lots that have already exceeded the minimum annual guarantee rents. And we were short by around 10% in another lot. So hopefully, in 2026, once most of the commercial activities in the Palma Airport are finished, as explained by our Chairman earlier, we should be able to get closer to that MAG in that specific lot of the [ Valaris ].

If we look at the F&B activity, sales increased by 6.1% and unit sales by 2.1%. Total revenue grew by 8.5% to EUR 352 million, thanks to higher penetration rates, average and higher average ticket prices and also with having more commercial service available to our passengers.

If we have a look at the mobility activity, car park total business grow -- revenue grew by 8.7% to EUR 221 million. And this is a very interesting piece of information because as we were saying earlier, domestic traffic have been going down. So all this performance is mainly related to the company making available more parking spaces and also how we are managing the ticket prices in this business activity. If we look at the car rental activity, sales increased by 6.7% and total business revenue by 23.9%, up to EUR 256 million. This fantastic performance is driven by the new contract that, as you now enter in operation in November 2024.

If you look at the commercial performance in the last quarter of the year, I have read some of your opinions this morning, we are already taking into account the last weeks of 2024 with the new car rental activity, and that would explain why the car rental activity in the last quarter, mainly the last weeks of the year, the performance 2025 versus 2024 has shown a lower growth rate. And the main reason is because in those weeks, months of 2024, we were already -- the new contract were already binding and was already being taken into account in the -- in our accounts.

VIP services, an amazing trend has continued through the whole year with total business revenue rising by 31.5%, reaching to EUR 104 million. The income per passenger has gone up by 26.6%. VIP lounges that account for 82% of the total revenue of the business line basically managed to deliver an increase in the number of our clients by 16% and the average ticket growth by 13%. Real estate, as I was saying earlier, an increase of about 41%, mainly driven by cargo hangars, but also the new contract terms and conditions related to our FBOs activity.

Let's go to Slide 18, where we show the minimum annual guaranteed rents that the company has secured by contract. Please, let me remind all of you that we are not taking into account any renewal of contracts in this information. That's why you see a decrease in trend once we sign -- once that contract expires, all the MAGs related to that contract are removed from this information, but not the new contracts that might replace those future contracts.

You can also see in this slide, information related to all the new awards that took place in 2025 related to Specialty shops and F&B, where you can read the material increases proposed and signed by our operators and concessionaires in those activities. Material increases are therefore expected in -- because of those units in 2026 according to the information coming from these tenders.

Let's go to Slide 19 and 20. There, you can see some further information on the other operating expenses related to the Spanish network. As the Chairman was explaining earlier and as we explained last week, the trend related to other operating expenses in Spain is a trend in which those expenditures are going up, especially related to maintenance, security and PRM services.

You will see that in the last quarter of this year, there have been some increases a bit higher in some of these categories than the one that you have seen in the first part of the year -- in the first 9 months of the year. And for example, in the case of PRM, they are related to contractual arrangements related to the whole year, not only to this specific quarter.

If we move on to financial consideration, Slide 21, you will see some further information on the net debt and gross debt position and cash position of Aena, the mother company, but also the consolidated position. On the consolidated position, gross debt, gross financial debt have moved up. The reason behind that is basically the financial -- the financing that we have raised in Brazil, mentioned by the Chairman earlier, BRL 5.7 billion. And with respect to the ratio that I have also seen some of your notes earlier this morning, that you can see the net debt to EBITDA in the mother company has gone down materially from 1.59 to 13.1.

That ratio in the consolidated group has gone down, has gone down to 1.46. And some of you were saying that, that was a reduction lower than the one that you were expecting. Please let me share with all of you that there is a significant amount of cash that has been invested in very short-term deposits in Brazil. So all that financing that we have raised. And according to accounting rules, we -- that -- and how we calculate this ratio, that cash is not part of this ratio. It's a short-term financial asset that because we are not planning to use in the next 90 days, from an accounting standpoint is not part of the item cash and cash equivalents. If we were taking into account all that cash, short-term financial assets, sorry, as part of our cash position, the ratio of 1.46 would be around 1.35, 1.36. I hope that now is more clear with respect to that item.

Let me move on to the financial -- sorry, to the international platform. So I'm moving to Luton and Brazil, Slide 20 -- 22 for Luton. Luton Airport traffic grew by circa 5%. So 17.6 million passengers went through our facilities in the U.K. EBITDA stood at EUR 186.8 million, an increase of 20.3%. If we were removing the impact coming from a compensation related to the reconstruction of the parking structure, EBITDA would have grown by 11.1% at our Luton facility, still a double-digit increase in our London airport.

Let's go to Slide 23 and 24 to talk about ANB and BO or BOAB. Passenger traffic in ANB increased by 5.7%, circa to 16.8 million passengers. EBITDA at that airport increased by 19%, high -- a very material increase with the margin also going up from 43.2% to 57.4%. This margin takes into account the IFRIC 12 accounting adjustment. If we were removing that adjustment, the EBITDA margin for 2025 would be 61%, a very high margin for our ANB activities in.

If we go to Slide 24, passenger growth was 5.1%, reaching circa 29 million passengers in our concession in Brazil, in our BOAB concession in Brazil, with EBITDA growing by 13.1% to BRL 678 million. EBITDA margins are materially impacted because of the IFRIC 12 accounting rules. If we were removing that impact, EBITDA margin could be at 63.4%. You know that we keep executing our mandatory CapEx in that concession, especially in the Congonhas Airport, and we are planning to deliver all those construction works in June 2028 for that airport further to our obligations in our concession agreement.

And please let me remind all of you that we managed to attract circa EUR 400 million from our international activities from BOAB and also from Luton coming from repayment of shareholder loans, but also coming from dividends and fees. And that would be at the end of my presentation. So I think we are ready to start the Q&A session of the conference call. Thank you very much.

[Operator Instructions] Our first question comes from Tobias [ Froom ] from Bernstein.

Beyond what you've just said, could you remind us which other commercial contracts will be open for tender in the short to medium term, just to gauge the upside for commercial?

Thank you very much, Tobias, for your question. On the commercial front, as you know, we launched the advertising tender some weeks ago. The tender is moving on. The financial impact of the new contracts that would be signed following that tender would really happen in 2028 because as the advertising existing or the current advertising contracts for most of the -- our airports are expiring that year, except for the Palma Airport that is expiring, terminating this year. That's why we are launching this advertising lot altogether in this year.

With respect to other commercial activities that we are planning to launch in the following weeks, there are some airports such as Malaga and Gran Canaria in which we are planning to renovate the commercial offer, and that will be happening through the year. Let me finish just stating or making the Chairman refer to the Barcelona F&B activity. That's a process that is -- has been awarded recently. And the financial impact of that process will be seen in 2026 because of all the MAGs that have been contracted for that activity.

On the real estate activity, we are very active, as mentioned by the Chairman and also in my summary in cargo, in hangars, also other real estate actions that the company is launching. So there might be some financial improvement coming from that activity as well. And I think that would be a fair summary of what you might expect on the commercial front in the following months, Tobias.

Our next question comes from Luis Prieto from Kepler.

My question is the following. There is now full visibility on the CapEx plans for the next 5 years domestically. But could you please give us an overview of what this CapEx should amount to over the same period of time internationally, given the relevance of BOABs works and potentially Luton's expansion?

Luis, this is Ignacio speaking. With respect to Luton Airport, well, at this moment in time, the contractual committed CapEx that is mandatory to Aena Group through that subsidiary is mainly maintenance CapEx because the -- as you know, we are the concession holder in that airport, and our concession is expiring in 2032. So limited CapEx on that front. Having said that, Luis, as all of you know, there is a DCO that has been granted to the Luton Borough through the company called Luton Rising that DCO grants the possibility to expand that airport and the expansion could be material, taking into account the maximum level of capacity that has been granted according to that DCO.

But that CapEx, as a result of that DCO is CapEx that wouldn't be mandatory or committed CapEx for that subsidiary of Aena Group. So at that moment in time, that is not CapEx that is part of our forecast. With respect to our willingness to participate in that expansion, as we have always seen -- said, sorry, getting involved in the expansion of Luton for Aena is something attractive, but always subject to the attractive terms and conditions. We are hopeful that, that will be the case because it would be a win-win situation for Luton, for Luton shareholders and for the Luton Borough. But that's still something that is ongoing and it has not been resolved yet.

We are always available to discuss and try to reach a positive agreement with the grantor in that respect. But so far, that has not happened yet. With respect to our Brazilian assets, as we have been disclosing on ANB, most of the CapEx -- most of the material CapEx has been delivered, has been constructed by our subsidiary. That's why you can see in the presentation a material decrease in the slide, I think it's 23, CapEx figures for that subsidiary are very limited because most of the construction activity that was mandatory according to the concession sign has been done.

However, in the case of Congonhas, as you were highlighting in your question, there has been an increase in CapEx, EUR 250 million in 2025. Total CapEx figure for that portfolio for all the construction activity, if I remember, well the figure, was a bit north of BRL 4 billion -- BRL 4.4 billion, around 50% was related to Congonhas and the other 50% related to the other portfolio of airports that are part of that subsidiary.

Mandatory CapEx milestones, we have to deliver most of the activity of the construction activity, sorry, excluding Congonhas through 2026 and the one related to Congonhas, the milestone according to our concession agreement is by 2028. Sorry for my long answer, but that should provide all of you a good picture on the CapEx for the whole group.

Our next question comes from Cristian Nedelcu from UBS.

My question is on the DORA III traffic forecast. Having in mind that some of the investor community out there has concerns regarding the risk of AI disruption leading to potential increases in unemployment rates on white collar. It seems to me that it's harder than usual to forecast the next 5 years of traffic. So having this in mind, could you tell us a bit how you are thinking about this risk in your traffic forecast? And is this a topic of discussion with CNMC or DGAC? Does this come up at all when talking about the traffic forecast?

Cristian, thank you very much for the question. That's an interesting topic that and we could be talking for hours on the different types of impacts that AI may have in airports, in the economy and in governments. So it's difficult for me when you are seeing those movements in the equity and debt capital markets impacting technology companies, software companies and many other industries to be specific about how that might impact traffic at Aena. And we have some impacts, some of them will be positive, other negatives.

But at this moment in time, it is something that as a company, we are following as a senior management, management in the IT teams and of course, that we will take into account. Depends on the week and depends on the day of the week, you can see that one specific industry is impacted in one way or the other. These days, it seems that companies like Aena are being positively impacted because we are considered a hard asset company, transport company, but that might change next week because of how the sentiment evolves in the market these days.

With respect to our conversations on this topic with the regulators, all the discussions with the regulators, as you know, are confidential because our consultation process with the regulators and the airlines is confidential. So apart from the information that we have disclosed about the CAGR on traffic and our general views on that evolution explained by the team last week -- by the senior team last week, we cannot disclose further details discussed with the regulators.

Our next question comes from Elodie Rall from JPMorgan.

So my question would be on OpEx. So clearly, you're guiding for OpEx to rise in particular in DORA III, but also in '26. It'd be helpful to have a magnitude or an idea of the magnitude of the increase in OpEx. Maybe you can start with a bit of a split in the different OpEx group like staff, supplies or the OpEx, that would be helpful to understand the moving parts.

Hi, Elodie. This is Ignacio. Thank you for your question. And of course, we can devote some time to the performance of OpEx for 2025, and we can also share some views and -- our views, sorry, on the future further to the information disclosed to the market last week on the DORA. If we look at 2025, and I'm referring to, for example, the evolution, the performance of staff costs or HR cost that we have delivered a growth of around 9%, if I am not wrong. Basically, what is behind that growth is what we have been trying to share with all of you.

The company is adding more people. So the number of FTEs is going up, has been going up this year. And given the new cycle that the company is about to start in the following months, sorry, we will keep adding more FTEs to the company in many different fronts, operational, headquarters so that we can ensure that the delivery of our DORA III plans and our future strategic plan is -- happens in a positive manner for everyone.

We are not only adding FTEs, but also the cost from a pure monetary standpoint is going up. Payrolls are going up. And the main reason is basically agreements affecting all of the staff of Aena. That's public information. That has gone up by around 2%. But also the company has signed a new collective agreement with the unions, and there are a number of initiatives that have been agreed by the company with the agreement of the unions, and that is also impacting our staff cost line at Aena level. And that's mainly what is behind the increase of that 10%.

There are other elements that we don't control, such as the increase in the social security cost that this country and therefore, Spain has approved and because of all the increases in salary FTEs and the removing -- removal, sorry, of the caps on the social security front that are also impacting our line in this specific cost item. So this trend is something that has happened in 2025 that you have seen through all the quarters, and we don't expect a different change in this trend in the following months, Elodie.

If we look at the other operating expenses that is the other big cost item and we look at 2025, you have information in the Slide 26 that we are projecting, but you also have the information on other operating expenses for quarter -- for the last quarter and for the first 9 months of 2025.

And as we said some months ago, some cost items such as maintenance, security, PRM services, all these cost items because of growth in traffic, because of implementation of new regulatory requirements, because of increasing costs that we are seeing and that will be higher in the future in order to maintain the quality levels that we want to maintain and that are mandatory to us because of our regulation and that will be mandatory to us because of the DORA III, because of the congested infrastructure that we are managing in some cases, and that will be even more difficult in the future.

Because of trends that we are seeing in the context of our industry, PRM, penetration rates of PRM, passengers per plane, per flight are going up. So the number of people that are requiring these services are materially going up, and therefore, that's impacting that activity. And finally, VIP lounges, we are -- as we were discussing through my remarks -- my earlier remarks, this business line has been one of the main reasons of the growth in the commercial revenues, but we are very serious about maintaining the quality standards that our passengers demand.

And therefore, we are improving the service there. That's why you are seeing the increase in that cost item for the whole year about 32%. In this specific quarter, 38%. Why? Because of a new contract that has been awarded, if I remember well, in Madrid -- in our Madrid facilities. There have been a couple of positive movements in the last quarter -- one in this quarter and one in the third quarter of the year. That's why you can see there a decrease of EUR 28 million.

If we were removing that trend, the increasing of our other operating expenses this year would have been a bit higher. So the trend is there. This trend, sorry, is there. I want to be very frank and transparent. The company is doing its best to be the most efficient company in the industry, and that is confirmed by the OpEx per pax levels that we disclosed last week and that we -- and that they are available if you want to have a chat with us. If you compare our OpEx per pax levels with any other airport operator that is comparable to us, we are the lowest by far.

EBITDA margins are still on the very high side of the industry. So the commitment of the management is there. But we cannot neglect as a management team that the trends in the industry are changing, legislation is more demanding. The company is going to manage and is starting to manage big construction projects, and that's impacting and will be impacting the cost items, the OpEx cost items of the company has impacted and will be impacted in the near future.

Our next question comes from Harishankar from Deutsche Bank.

Just one on the change in the policy on useful lives, if I may. When I look at the tables that you've provided in the reports, I think the one visible change is on other installations and housing, but that's probably not the key driving factor here. Maybe is it that you've moved the needle within the broader range of useful lives in each category, and that's what is prompting the EUR 6 million to EUR 9 million of reduced amortization. Maybe if you could give us some color there on what prompted this and how material is this in the context of different categories of assets? And also, how much of this EUR 6 million to EUR 9 million goes towards the regulated segment?

Thank you, Hari. This is Ignacio speaking. Happy to clarify your question on -- related to the assets. The company manages and monitors all the asset lives. Basically, our infra team is monitoring those asset lives. And when we identify potential deviations between the accounting tax lives of the assets versus reality, we launched a specific report with the support normally of third parties in order to confirm that what we are seeing in reality is an industry -- is also happening in the industry. So that has been the case this year.

We have seen that in some of our assets, useful lives were longer than the ones that we are using for accounting and tax reasons. With respect to the assets, sorry, that have had the largest contribution in terms of reduction of the depreciation expenditure has been the one related to surface access and also the ones related to aprons and the pavements in the air side. Those have been the ones that have moved the needle. So I will check the annual accounts, but I think that was clear. Sorry, it was not clear from your reading, Hari.

With respect to the asset regulated base, basically, asset regulated base follows -- generally speaking, follows accounting rules. So this potential reduction in the depreciation expenditure this specific year, this might be resulting into a higher asset regulated base at the end of the year than the one that we were expecting before this adjustment. Taking into account that this adjustment this year is getting -- has been -- has accounted for EUR 68 million, next year will be a bit lower. So it will not be an adjustment that -- will not be a recurring adjustment as material as the one that we have seen this year because it will get lower and lower in the following years. Thank you for your question, Hari.

Our next question comes from Andrew Lobbenberg from Barclays.

This one, I suspect, is for the bus and not meaning to excite you. But if we can look back to the episode at the end of last year where there was the effort by the PP to put through this legal case through the Senate that was going to stop your tariffs increasing, but then it was cut off and it didn't get passed through the Congress, which makes complete sense to me.

I mean, watching that whole episode, I was bewildered. How did it happen? Why did it happen? Why were you being treated as a political football, at least that's what it looked like to me. And I mean, why did it happen? And how much confidence can you have that you're not going to have some random regulatory or political intervention in the coming year as we work through the DORA process? Sorry if it's a bit vague, but I think you get the question, I hope.

Thank you for the question. This is Maurici Lucena. Well, probably this is a very good question. I just think that the general sentiment in Spain is that airports work very well. And regardless of the noise, especially the noise that comes from the airlines, I think that the politicians agree with this good functioning of the airports. You know that in Spain, the air -- well, the airports and the air activity is even more important than in other countries because of its very high weight in terms of the economy because we are a very touristic country.

And as a single sector, tourism is the most important sector within the Spanish economy. So -- and everybody knows that for the tourism to function well, they need planes and they need airports. So I think that this ultimately protects the airport model. The PP -- the Popular Party initiative was very weird and bewildering as you've said, because the Popular Party is the father of the regulatory framework. So this is what really surprised me. And we have -- and I personally, we have publicly acknowledged the -- well, let's say, the good decision that this new framework signified back in 2014.

So I think that now that it is clear that Aena is entering a very important CapEx cycle with the renovation expansion of many, many airports I think that everybody is, let's say, more aware that the model needs to be robust because Aena, and I personally, we have said that we need this model to be robust, solid, protected because otherwise, we could not enter into this new investment phase. I think that we have had strong reminders by our private shareholders, especially TCI. We publicly answered the concern of TCI. We were crystal clear.

So all in all, answering directly your question, I'm very confident that this won't happen again because I think that saying it, in other words, too much is at risk. And I think that this risk is now more clear than it was when the Popular Party surprisingly launched this political initiative. So -- and the government, the Ministry of Transport, the President, the government, they are all very aware that the model functions well, that Aena is a very good company and that it means we need trust, we need stability because what we will do in the coming 10 years is very important, both for Aena, but especially for Spain. Thanks.

Our next question comes from Dario Maglione from BNP Paribas.

Just a quick one, a follow-up. So it's a bit technical. On the D&A, you mentioned the EUR 69.6 million lower D&A. Most of it is in the Aviation segment. So D&A for the Aviation segment for the full year was EUR 557 million for 2025. What shall we expect in 2026?

Dario, this is Ignacio speaking. I think we are -- if you are referring to the savings on the depreciation expenditure in 2026, that's a number that we have estimated. That's a number that we know is lower than the EUR 68 million, significantly lower. And that's how I would answer your question, Dario.

Okay. So it should be a lower depreciation compared to 2025?

You are referring to the total amount of amortization, Dario? Sorry, based on your follow-up, I just want to confirm. You are referring to the total amount of the expenditure or the impact that we had this year, just to clarify Dario and avoid confusion.

The total amount in 2026 for D&A. What should we expect?

Okay. Sorry, my answer was related to the specific impact that I was explaining in my previous question. Dario, I would assume a very similar level of depreciation and amortization for 2026 to the one that we have had in the 2025.

Our next question comes from Marcin Wojtal from Bank of America.

Yes. My question is again on DORA III, if you allow me, what are the next steps, if you could remind us? And should we specifically expect any feedback from a CNMC or DGAC on your DORA III submission before the summer, perhaps like a draft determination or some commentary that would be released publicly? Or we are essentially waiting for the final publication in September, and there is essentially one publication and nothing comes before that.

Marcin, this is Ignacio speaking. Sorry, I was on mute. Well, the company has been working in a very diligent manner in order to speed up the process as much as possible with a very long consultation process that started right after the summer of last year. So it has been a long consultation process, but our goal has been putting all the information about our proposal available to the different stakeholders and regulators as early as possible. There is a deadline for the cabinet that is the end of September. That's a formal deadline included in the regulation and that's the date that is there.

With respect to other reactions coming from supervisors or regulators, in the previous DORA process, in the previous DORA II process, there was a non-binding report, if I remember well, published by the CNMC discussing a number of items related to the proposal that became publicly available. I understand that, that is going to be the process this time as well. With respect to specific days, publication dates of that report, let's -- I cannot be definitive in that matter. Let's wait. Let's be hopeful that given that we have shared that information a bit earlier than the previous year, we can have those report -- those non-binding reports becoming available a bit earlier than in the previous process.

You were also asking about next steps or next milestones. As explained by the Chairman in his opening remarks, there will be a process now of setting information with the different regional coordination committees or discussion about the specific projects that will impact and will benefit the regions. Thank you, Marcin.

Our next question comes from Jose Arroyas from Santander.

I wanted to ask you about the commercial revenue per pax trends in connection with the information you provide on Slide 32. In the presentation or throughout your presentation, you explained that the reason for the slowdown in Q4 was largely due to car rental, and that was very clear. But I wanted to ask you specifically about the slowdown in the revenue per pax trends in duty-free and in specialty shops, any trend you can highlight to us?

Thank you, Jose Manuel. And thank you for the question. With respect to specialty shops, I think that's a business line within the retail arena that is the one that has been, I would say, the most impacted because of disruption of e-commerce, et cetera. And also because within that business line, we have some activities that are, for example, exchange -- currency exchange, sorry, I was thinking in Spanish, apologies for that. And that is being impacted a lot as well. So the trend is there.

What we are trying to do is also providing a hybrid concept. So mixing the retail concept of duty-free F&B and specialty shops to avoid or to try to maximize the return coming from the 2 business lines that we are seeing the most exciting or the most promising ones such as F&B and duty-free in that front.

With respect to duty-free activities, it's true that this quarter, the performance has been a bit lower than in other quarters. There might be some accounting adjustment because this is the month, the end of the year when we take advantage in order to adjust the 12-month minimum annual guaranteed rent for the whole year, and there are some adjustment there. Also, the months of the year -- this quarter of the year is not the summer part of the year. So the trend is also a bit more negative.

Having said all that, if I look at the sales in the duty-free activity still at double digit. If I remember well, Jose Manuel, was around 13% of sales increase that compared to traffic or compared to other activity levels of the company has been very, very high.

Let's see how 2026 evolves. We are confident that a duty-free line for 2026 should reflect the new openings in Palma. This news -- this summer season for Palma for duty-free now that all the duty-free units will be opening that airport will be positively contributing to this business line. And that has not been the case in 2025, regardless of the very last weeks of the year that are very low season for Palma. Thank you for your question, Jose Manuel.

We currently have no further questions. So I'd like to hand back to Carlos for some closing remarks.

Thank you, Sami. As there are no further questions, we would like to conclude today's call. The Investor Relations team remains at your disposal for any additional information or clarification you may require. Thank you very much to all of you, and have a great afternoon. Thank you.

This concludes today's call. We thank everyone for joining. You may now disconnect your lines.

Hello, and thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Aena Third Quarter 2025 Results Presentation. [Operator Instructions] I would now like to turn the conference over to Carlos Gallego, Head of Investor Relations. Please go ahead.

Good afternoon, everyone, and welcome to our 9 months 2025 results presentation. This is Carlos Gallego speaking, Head of IR. It's a real pleasure being with all of you today. Our Chairman and CEO, Maurici Lucena, will host the call together with Ignacio Castejón, CFO; and myself. As usual, we are going to cover the main topics explained in the results presentation, and we will finish with a Q&A session. [Operator Instructions] without further ado, I give the floor to Maurici Lucena. Thank you.

Thank you very much, Carlos. Good afternoon, everybody, and thank you for joining us to our 9 months 2025 results presentation. As usual, I will try to go through the key highlights of the period. Then I will give the floor to our CFO, Ignacio Castejón. And as always, we will conclude the conference call with a Q&A session.

I will start with traffic as usual. As you can see in the information we have conveyed this morning to the market, traffic volume across the Aena Group grew by 4.1% year-on-year. In Spain, the increase was 3.9%. And I would like to stress clearly that we do confirm our 2025 traffic guidance of 3.4% year-on-year. So this increase in the first 9 months of the current year have confirmed our guidance, in other words. And if I jump to our international activity, in Luton, the increase in the 9 first year -- first months of the year, excuse me, was 4.8%. In Brazil, in the -- or BOAB, as we call it in Spanish, concession, the increase was 5.5%. And in Aena's ANB, the increase was 5.3% in traffic volume.

If I move to our financial performance, total revenue in the first 9 months of 2025 reached almost EUR 4.8 billion, EBITDA EUR 2.9 billion, and the EBITDA margin stood at 60.2%. If we exclude the impact of the IFRIC 12, the EBITDA margin would be 61.9%. And net profit reached almost EUR 1.6 billion. And in this sense, I would like to highlight that the commercial activity really performed very well. Sales grew by 8.7%. And I would like to remind you that the tenders awarded in the first 9 months of the current year in specialty shops, they guaranteed minimum annual guaranteed rents in 2025 and 2026 that are 33% and 40% higher than in 2024. And in the case of food and beverage, the growth rates are 19% and 20%, respectively.

You know as well that Aena has launched the tender for 98% of the food and beverage business in Barcelona. And I would like to say that we are very optimistic on the results -- on the eventual results of this tender. And I now move to the real estate business. Total revenue grew by 13.7%. And as you well know, we have launched simultaneously the tender process for the first hotel developments in Madrid and Barcelona airports, and we are also optimistic on the results. And finally, the contribution of the international EBITDA to the consolidated figure was in this first 9 months, EUR 307 million, which represents an increase of 23.3%.

However, you know that I don't usually join you for the financial results presentation of the first 9 months of the year. And actually, the reason why I have joined you today is because I wanted to be crystal clear on 3 elements that are very important for Aena and for our financial results presentation and are important messages that I would like to convey to our shareholders, to analysts and in general, to investors. So I would like to make a few comments. Firstly, on the ownership of Aena's assets of Aena's Airports. Secondly, on DORA III and what we expect in principle of DORA III. And thirdly, on dividends and the way forward, let's say.

So I will start with ownership. And you know that in the last months, there have been too many, I would say, statements made by some political representatives from some regions in Spain regarding airports owned by Aena. We were convinced a few weeks ago that the moment had come to issue -- I think it was a very clear communication to the market through De la Comisión Nacional del Mercado de Valores, the CNMV. And within this communication, we stated that Aena has been undertaking a very intense advocacy activity, at least since the summer of 2024. I'm completely convinced that the current legal and constitutional framework, and because this is also very important, Aena's shareholder structure, the combination of private and state-owned shareholder structure, both this constitutional framework and our shareholder structure provide a very strong protection to the airport system and specifically to Aena, to our company.

And I think that this preservation of the current model is especially important when we have announced, as you know, a very strong volume or very high volume of investment in the coming years. You know that we are going to embark on a period of major investments contained within DORA III. And you know that this investment that we announced a few weeks ago will culminate in the modernization and the expansion of many Spanish airports, which aside from Aena are essential to Spain's economic development in the coming decades. So that's why we are so convinced that this investment is good, both for Aena and both for our country or the country where Aena was born and where Aena has its main activity.

So in other words, I would like to paraphrase a very well-known central banker. And I would like to state that the Aena is ready to do whatever it takes to preserve its model and its net asset value. And believe me, the combination of the constitutional framework, our shareholder structure and our determination will be enough. This is my conviction, and I would like to convey it very clearly to the market. Now I move to the second important point, DORA III. You know that on September 18, we announced our CapEx proposal for the third DORA -- for DORA III with a total amount of almost EUR 13 billion, of which almost EUR 10 billion corresponds to the regulated activity.

You know that the aim of the investment related to DORA III in Spain is to add significant capacity, deliver better service and comply with regulatory requirements in Spain. And again, I would like to say very clearly that the top management team of Aena that I lead since 2018, I think, that deserves very much credit when I say clearly that we expect a technically reasonable WACC for DORA III. In other words, I think that the investment proposed by Aena will be technically very well -- or not very well, reasonably remunerated. This is what I would like to stress in this message because I've read many things. And at present, I'm completely convinced that the WACC will be reasonable. We don't ask for anything else than reasonability in the building of the WACC for DORA III investment by Aena.

And thirdly, and finally, concerning dividends, you know that our current payout is 80% of the net profit. And again, I would like to be crystal clear. At this moment, when I look to the future at this moment in time and with the information that I have in front of me, I don't see reasons to change our current dividend policy. This is the end of my brief presentation. I now will give the floor to our CFO, Ignacio Castejón. And of course, I am at your disposal to answer any questions at the Q&A session. Thank you very much.

Thank you very much, Maurici. Hello, everyone. Good afternoon. This is Ignacio speaking. I'll try to be brief so that we have time afterwards for our Q&A session. On traffic, I would like just to share and highlight the important growth -- strong growth of the international traffic in our Spanish platform. International traffic grew by circa 6%, 5.7%, in particular, while the domestic traffic remained flat, as all of you know. In this regard, I would like to also to remark the important and the positive performance of the long-haul markets.

You know that this is a market that is still smaller than our European and our Spanish market. But looking at the growth rates that we are delivering for Africa, Middle East, Far East and LatAm, I'm convinced that this is an important trend and a market that we will keep working on them. The company recently confirmed the capacity that we are seeing as of today for the winter schedule that happened last week with the information that we have now. And this is around 3.5% growth compared to the latest information that we have for the real seats delivered in 2024. I'm going to move directly for the purpose of being conscious of time to cost because I have read some comments on cost this morning.

When I look -- and I'm referring to Slide 7, total operating expenses of the group grew at around 10%. And basically, this has been affected because the accounting rules that are applicable in Brazil, IFRIC 12. If we were excluding the increase in our cost related to IFRIC 12, that 10% would be around 5%, 5.5%, if I am accurate. And when we look at the Spanish network that I also read some comments this morning, the total operating expenses are growing at 6.6%, reaching EUR 1.5 billion. Let's have a short discussion on this item. Mainly the increase is explained by a couple of things, 10.9% rise in personnel costs, basically is the result of higher payrolls, additional headcounts, the improvement of the variable retribution schemes in the company and a number of other things.

This is something that is just the result of our collective agreement, our collective scheme and also adding more people so that we are prepare for DORA III and also reacting to the increase in activity that we have seen in the last 24 months of the company. When we look at other operating expenses that are amounting EUR 996.7 million, I would like to share with all of you 3 things. This is for the first 9 months of the year. And I was also having a look at some of your views about the third quarter, and I think it's important that we address your comments. As you know, the third quarter of the year is the most active and the most intense quarter that this company had from a traffic standpoint.

Secondly, as we have been sharing with all of you, we are seeing a trend in many of the contracts that we are awarding to our suppliers and providers. That is a trend that is confirming that the most of our costs related to security, maintenance, cleaning, PRM services are going up. They are not going down. And this is basically as a consequence of inflation trends, as a consequence of new salary rules applicable in Spain being impacting many of these costs, also new regulations applicable to Aena and also to our subcontractors. So there is a trend there that is basically impacting us and is impacting the whole sector and many activities in the country.

And finally, there are a couple of things that are affecting the comparison of this quarter with the performance of the other operating costs that we saw in the first 6 months of this year. Many of you were stating this morning -- or some of you, sorry, that the increase in cost in this third quarter was higher than the trend in the first 6 months. Well, there have been a couple of things explaining why -- or there are a couple of things explaining why that has happened. In the first 6 months of 2024, we recorded a significant provision because of the Chapter 11 of one of the real estate company that we have operations with. And therefore, the cost increases that we have that year, so in 2024 was material in the first 6 months of 2024.

So when we compare the first 6 months of 2025, the comparison was a very light increase. The provision, if I remember well, that we marked at that moment in time was circa EUR 15 million. On top of that, there have been some costs that in the past we incurred in the first 6 months of the year -- in the first part of the year that in 2023 -- 2025, sorry, are happening on the second part of this year. For example, advertising, that's something that we will incur in the last 6 months of the current year.

Let's move to commercial that I think is where we have a very good news, I think as usual in the last quarters that we are sharing with you. And I would like -- the Chairman and CEO have already highlighted the significant growth in sales. I would like to share with all of you more than data that you already have in the presentation. The reasons why we think we are delivering this performance, there are a number of reasons. I think, first of all, the progress in the remodeling works, refurbishment works in most of the units awarded to our tenants. Secondly, we are adding commercial surface. We are adding more and more space, for example, in duty-free. When we awarded the last contract -- the current contract of duty-free, we said that we were going to increase the space for this activity, and that's happening. We have added around 10,000 square meters to this business line.

The works are progressing. Madrid and Barcelona, we are almost done. We are introducing new business concepts. So as we discussed in the results presentation back in July, we have more and more hybrid concepts where in the duty-free areas, you can have F&B experiences and you can buy other products. We are introducing new brands that are fitting more and more with the passenger profile. We are, of course, taking into account and enjoying the consequences of having better conditions in our contracts that the Chairman was referring to the awards of the first 9 months of the year. So MAGs are going up, and that's resulting into better performance.

And let me finish just with the strong performance that we are seeing in the mobility-related services. So car rental activities. We have the new contract, but also we are seeing more and more transactions at a higher average transaction value in the car rental business. And finally, the VIP activities that the company has been devoting a lot of work and activity is performing extremely well with a delivery of around 30% of growth, mainly explained by the increase in prices. We are adding services. And of course, we are attracting more and more passengers. The growth rate in passengers -- in users, sorry, is much higher than the growth rate that we are seeing in the traffic through our facilities.

And let me finish on the international front. The Chairman has referred to the growth in the international EBITDA contributed to the whole group. I would like to basically highlight on Luton. I would like to share with all of you that in the third week of September, the Luton team successfully delivered the parking lot -- the construction for the parking that had a fire a couple of years ago was properly delivered and that facility is already up and running, and therefore, we are collecting revenues. And secondly, the insurance related to this fire, we managed to deliver a settlement -- we managed to reach a settlement with the insurance provider. And therefore, we shouldn't expect any kind of claim or litigation in this matter. That has been settled, and we have received what we were expecting to receive.

And on Brazil, I would like to highlight the strong operational improvement that we are seeing in local currency. When we look at the growth in EBITDA in our Brazilian assets, the Recife portfolio and the Congonhas portfolio, we are seeing growth in Brazilian reais of around 20% of our EBITDA in those 2 assets, which are very good news and confirm our views that we would be able to attract traffic growth, but also perform positively on the OpEx front and increase the commercial performance in these 2 assets.

On Congonhas, I would like to highlight with all of you that the construction activities have already -- are progressing materially. That's why you are seeing in the slide that you have in front of you that CapEx for the first 9 months is around EUR 150 million. The goal and our obligation according to the contract signed in that country is that by mid of 2028, we should have done all the CapEx activities in that airport. And without further delay, I would like to stop there so that we have all the necessary time for your Q&A.

[Operator Instructions] Our first question comes from the line of Cristian Nedelcu with UBS.

It's a 2-part question, if you allow me. A lot of investors are trying to understand a little bit better this incremental CapEx of EUR 3 billion to EUR 4 billion that you've announced a couple of months ago, but trying to understand if it's good or not so you're spending that, what type of returns you can get on the nonregulated side. Could you give us a bit more granularity? There are some information on Slide 11. Can you tell us a bit more how much of this CapEx is for growth? How much is for maintenance, security or other?

Could you talk about any metrics incremental retail space or any other metrics that will allow us to better judge the return on capital employed you'll get in this asset?

And the second part, if you allow me, you've shown in your slides a lot of the projects in this CapEx plan -- are in planning mode. So from the perspective of the time line, how much CapEx do you think you'll spend in '27, '28? Is it fair to assume that CapEx is more back-end loaded?

This is Maurici Lucena. I would just like to make a very brief introduction to your first question. And then I will give the floor to Ignacio Castejon to our CFO. I was honestly very surprised when the day we announced our CapEx proposal, which, of course, is a proposal because we have -- you know that we have a period which is defined by law in which we have to discuss our proposal with airlines. We need also reports from the CNMC, we can marginally modify specific aspects of our proposal, then there's the profile of the airport charges and so on.

So -- and eventually, it is the government, which in its role as a regulator decides what the final DORA III investment will be, but I was a little bit surprised or very surprised by the market reaction by the decrease of our share price, the day we announced this because as a professional economist, when I think about what is Aena's business from the regulatory perspective, it is almost everything about the wrap, and of course, if we were another company, I could understand some of the, I don't know, of the doubts, but I think that our track record, our delivery, it has been very good in the last decade.

I say the last decade because it is in -- it was in 2015 when we went public, and we became a listed company. And I think that we are a reliable company. So I think that, of course, there are risks when I know, when you project such a high amount of CapEx, but this will be good for the company. This will increase our RAP, will improve our airports, will improve our -- the quality of the services we offer to our customers, to our clients.

And in the end, this will be -- how would you say that -- it will -- sorry, because the words came in Spanish, and I wanted to be very precise. This, in the end, the increase of the RAP with such a hike volume of investment will generate value for the company without doubt.

So this would be my first, but I would say, important reflection. And I now give the floor to Ignacio.

Thank you very much, Maurici. And thank you very much for your don't know, super question or 100 questions in one question, Cristian. I think as the Chairman was explaining, we are at a very early stage of the consultation process. It has just started. I think this is the second or the third week of the consolidation process. The teams internally have been working very hard in order to have this proposal. And of course, we have a massive amount of internal information that is being discussed. The nature of the consultation process in Spain, as all of you know, is confidential. And therefore, we cannot go now publicly, assuming that we were interested in doing so and start setting all that information.

Having said all that, because I will not be able to address all your queries, unfortunately, Cristian. But what I can say with you, trying to react to some of your points on the schedule, I think, this is going to be partially back ended. It's difficult for any company launching so many projects for that value being able to deliver from day 1, proportionally that amount of CapEx. So please assume that in the first years of DORA #3, the CapEx that we'll be able to execute will be lower than the CapEx that hopefully we'll be able to deliver in the second part of DORA #3. That's basically -- is a result of the of physical preparation, design, permits, et cetera, and also being up and running in a number of those projects that are in some regards, are not 100% controllable by the company.

You were also raising the point on nonregulated investments, that is basically around circa EUR 3 billion. I would like to highlight a couple of things, Cristian, in this regard. I think the first one is around 2/3 of this amount is just the result of the mechanical cost allocation, in this case, CapEx allocation that is applicable to this company when we execute CapEx. So if this company is executing CapEx related to a terminal, part of that building will be allocated to regulated CapEx and part of that building will be allocated to nonregulated CapEx. So it's not that we can entertain a discussion about, are we investing in exotic extraordinary nonregulated activities that are not growth or will not deliver revenue. It's not -- it's our scope, it's our day-to-day activities, but every time that this company invests one penny in a building that is providing regulated activities given that, that building will also be providing partially some nonregulated activities, we have to allocate part of that investment to nonregulated assets.

And rounding up, that is around 2/3. If we look at the other 1/3, that is 100% nonregulated activities, Cristian, I would say that no surprises here. This is going to be mainly new car park buildings, that are given that we are expanding the terminals and hopefully, there will be more traffic based on our numbers in our facilities in the next decade, there will be a need for new car park. And that's basically explaining a significant part of the 100% nonregulated investments.

And this is what is behind the EUR 3 billion figure that we sell with the market in mid-September. You were also asking on a breakdown about what is behind the EUR 13 billion. I think the company has been disclosing figures related to the main projects that we are willing to start in the next DORA III. I'm referring to Madrid, I'm referring to Barcelona, I'm referring to some airports of the Canary Islands, and also other ones in the Mediterranean Coast. So I would say that around 50% of the total number of the EUR 13 billion refers to these big initiatives, transformational initiatives.

The other 50% refers more to infrastructure, technology, safety and security, sustainability, innovation, planning, recurring maintenance, et cetera. So that's the kind of breakdown that I'm happy to share with all of you at this moment in time. I hope that I have been able to address your question. And I would like to finish just with another comment following up on the statements from the Chairman and also other statements related to DORA III that I have heard, and I think you were alluding as well in your question, Cristian.

This company this year, next year, the very first year of DORA III, from a cash flow standpoint, is not materially changing. I think we are going to have a need to raise debt in order to invest in all this CapEx mainly in the last years of DORA III.

So I would like to share this message with you in order to reduce the level that I have seen in some of you about the uncertainty or materially changing in the company, in the credit profile of the company or in the cash flow quality of the company. 2025, you are seeing the figures today as of September. I don't -- we should expect that 2026, very similar to 2025. I'm not giving you guidance. We are not providing guidance today of 2026, but it's the last year of the current DORA and you have all the information on DORA II in front of you.

And as I was saying at the beginning of my answer, DORA #3, the CapEx is a bit back-ended. And if you look at our debt maturity profile, there are no material debt repayments coming in the next year and especially in the first years of DORA III.

So the questions related to, can the company afford these CapEx investments, the Chairman has already confirmed the point on capital allocation with respect to dividends. And I also would like to share with all of you as CFO, that we see that this company will remain having a strong credit rating in the next years despite this proposal of DORA III, that is on the table, and we are willing to deliver. And sorry for my long answer, Cristian, but given your total and big question, I thought that was necessarily a long answer.

Your next question comes from the line of Tobias Prohme with Bernstein.

I also have a question regarding CapEx. I guess some investors and the staff had also worried that CapEx will be higher for longer spilling into DORA IV as well given that not all of the projects can be finalized in DORA III. When you look at Slide 12 and the projects in planning stage and the pre-project stage, and then combine that with comments of the Spanish Minister of Transport, that construction for Barcelona won't start before 2032.

Can you maybe comment or give us a little bit more color on your capital expectation for DORA IV. Maybe some comments on: a, what do you think for Barcelona and the Barcelona comment? And then b, sort of which other projects are likely to require CapEx beyond DORA III that is not captured in your current proposed CapEx?

Thank you very much for your question, Tobias. This is Ignacio speaking. I'll be very straightforward Tobias. We have just started the consultation process for DORA #3. So start talking today in the results presentation for the 9 months of 2025, about DORA #4, I think would be a wrong approach from the company. And that's message #1. And with respect to my message, the other message that I wanted to share with all of you, some of our projects in our DORA III, of course, are longer from a construction standpoint than the 5-year period of DORA #3. So there will be some of our projects that will be totally completed in DORA #4. That's a consequence of the size and the importance of these projects that will allow the company to provide capacity for the next 20 to 25 years of traffic growth in Spain. Thank you, Tobias.

Your next question comes from the line of Elodie Rall with JPMorgan.

We talked a lot about the CapEx and that you think they are good CapEx, and you've mentioned that the WACC will be reasonable. Could you give us maybe a bit of color about what kind of tariff increase this will all translate into in the next door. I think you said in the past that you would aim to get something around low single-digit tariff increase that you view that as a good outcome. Is that something that you are still comfortable into pushing forward to? And for next year, tariffs was obviously already announced -- how secure is that? And when will we have the final confirmation?

Thank you very much, Elodie. This is Ignacio speaking. I think as you know, the process, we will not have our proposal being discuss and hopefully approved by our Board until March of next year and will be subject to further approvals coming from the cabinet and regulators after summer of next year.

So any indication from my side could be premature. Having said all that, I think we see reasons why there might be a tariff increase in the next years. If we look at the CapEx investments that we were discussing in the -- previously, this is a significant investment. Two, if we look at OpEx, OpEx of the company is likely to go up. There are many reasons for that in the context of a significant construction activity, expanding our terminals, bigger footprint of our terminals, more activity coming on the commercial front.

So all that, I think this company will get bigger. And therefore, the OpEx of this company as a consequence of that, is likely to go up. And finally, from the remuneration standpoint, as the Chairman was referring, we think that we'll get an adequate and attractive, a reasonable WACC. And if I look at many of the inputs that are taken into account in order to estimate WACCs, what I see now is a scenario in which risk-free rates are higher, cost of debt for Aena will be higher than the one used for DORA II. So there are reasons there to defend a higher remuneration for this company in the context of DORA III than the ones that we had through the consultation process of DORA II, and that would be my answer, Elodie.

Your next question comes from the line of Nicolo Pessina with Mediobanca.

About the governance rights that many local authorities had has in the last couple of months, I understand Aena's view to preserve the current model. However, I wanted to understand better what the objective of the local authorities in asking these governance rights is. What would they like to do differently? And is it technically possible to give them a role in the decision or process of a single assets, maybe giving them voting rights for a single asset while retaining the economic rights?

This is Maurici Lucena speaking. Well, I think that for the reasons why local authorities or certain local authorities ask for more involvement in the management or regulation of airports. I think that you should ask them the reasons because I don't know. I mean I cannot be abstractly in their place to think why they ask it. You know that the political world is complex. And I think that the best approach is to ask them directly.

On the second issue, you mentioned again, I want to be crystal clear. We think that it's stronger than we think. We are convinced that the constitutional framework and the part of the Spanish constitution that refers to airports along with, and this is very important, along with the shareholders structure of Aena, which is a hybrid state-owned and private and listed, provides a very strong protection of the model.

And in other words, Aena will and can only decide things that -- to put it simply, that are in harmony with a business case with this profitable for the company. So why the company would be interested in sharing the management of the company being the most efficient company in the airport sector, probably in relative terms in the world. Why?

So this is why I say that we consider our model, which is, by the way, the model defined by law in Spain of airports and of the company of Aena very solid. And at present, I consider it impossible to modify anything in the line that has been mentioned by some political actors.

The next question comes from the line of Andrew Lobbenberg with Barclays.

Can I ask about external activities. And I know you're always limited on what you can say about where you're looking and what you're doing. But as we are focused on the scale of CapEx. And as Maurici spoke about how you recognize the importance of shareholder returns to investors, and you reiterated your expectation of sustaining the 80% dividend payout. I mean, how are you thinking in terms of the flexibility to participate in further external opportunities given that potentially Luton is on the table and then press reports have you looking at the CCR and assets and indeed Catania as well. How are you balancing this?

Thank you, Andrew. I will be very sincere because your question is a question that -- on which I have been reflecting, I would say, a very long period of time because, yes, I will be very clear.

I think that to the extent that the current information allows us to, let's say, reflect on this, I think that it is comparable so far for Aena to invest enormous volumes of money in the coming years to defend a very high payout of our net profit. And that's why I say, I said that I don't see at present any reason to change our payout policy in the coming years at present.

And thirdly, the potential of M&A projects. I think that these 3 elements, investment, a very generous dividend policy and potential M&A projects are comparable. And this is why I wanted to be clear when I said what I said on the dividend policy. And specifically, in M&A, I've said this many times, we look at everything. We look at everything because this is a sort of not very wide market. I refer the one that offers new international opportunities. So we look at everything, but actually, we are interested in very few projects because the combination of the quality of the asset price, regulatory risk, the country, culture, culture, I mean, culture proximity to express it clearly. The combination must be a very specific one. And when this combination takes place, so we can then be very concrete in being interested in a specific project. But this happens very few times.

Your next question comes from the line of Dario Maglione with BNP Paribas.

I agree with the Chairman. The group CapEx makes sense. I think the regulated WACC should be reasonable for the next quarter. I'm more concerned about the execution. So Aena, how will Aena manage the construction risk? If I think about the construction, Aena has not done a lot of CapEx over the past 15 years. And of course, EUR 13 billion is a large number. So if there are delays, cost overruns in 1 project, what happens? Can Aena transfer some of these risks to subcontractors how would the regulator look at this for the next order?

This is Maurici Lucena, again. Well, all that I can say at present before I give the floor to Ignacio Castejon is that as CEO of the company, I consider the company very well prepared for this very -- it's true, stressful period of an enormous amount of investment, but if it was otherwise, I would not have proposed this volume of investment to the Board and then convey it to the government for each analysis.

And it's a final decision in the coming year in next year. So I think that we will be prepared. You are right when you say that it's not the same when in Spain, you invest, well, this year, we will be investing in Spain from a regulatory perspective, EUR 750 million. And this is very different from the volume that we will face in DORA III, but I consider the company very well prepared.

And if there are any doubts, I would kindly ask you that you analyze what we have just done in Brazil. In Brazil, it's first time ever, and this has been said by the Brazilian authorities that an airport company complies with everything related to all the construction that was associated to the concession.

And I'm very optimistic as well on the success of the construction in Congonhas, which is very challenging, of course. So -- but I think that this is a very good precedent to assess the, let's say, the probability that Aena in Spain will complete successfully the new DORA III. So again, I'm very confident that we'll do it. And now we'll give the floor to Ignacio Castejon.

Thank you, Maurici, and thank you for the question, Dario. The 2027 to 2031 investment plan, of course, will be a challenge. I think one of our main aims, Dario, is maintaining and that's why it's an important challenge. It's maintaining airport capacity during the construction activity. So while the works are underway. The most significant works will begin in DORA III, and our plan in order to have them being executed and delivered, is that they will be gradually put into service. So it will be a phasing -- a phased approach, sorry.

I would also like to highlight or to underline that we will tender out the projects, the construction projects when they are already designed, already completed. So when they are tender out by us, there won't be very little, I would say, very limited room for potential deviations or changes that mitigates -- that materially mitigates risk, at least from our perspective.

I think the Chairman referred to Congonhas, to Recife. We also have in front of us, the example in Palma, where we are delivering the project one year ahead of schedule in 2027. Also, thank you to the investment approved by the regulator that we -- that gave us more room to finish this project next year. So I think it's a transformational phase for the company, but we think we have the right resources, tools, processes and our approach to tender contracts will help us to mitigate the risk that you were pointing out.

Your next question comes from the line of Marcin Wojtal with Bank of America.

I just wanted to ask about the regulatory process and the time line. So you mentioned that you have until 15th of March 2026 to submit your DORA plan to the regulator. Are you going to make it public? Are you going to perhaps organize some sort of presentation, explain your assumptions and giving us more detail?

And then what happens later? Are you expecting the regulator to issue maybe like a draft determination, preliminary determination before the summer? Or we have to wait literally until September 2026 to get further visibility.

Thank you for your question, Marcin. I think with respect to what the company may communicate in -- after March of next year. We haven't made an internal decision about it. So we will make that decision at that moment or in the following months if we think it's the best for the company, the shareholders and the process. If I understand well, during process -- during the process of DORA #2, there was some privileged information being disclosed by the company with some with a summary or the main elements of the proposal of the company being shared with the market.

That happened in DORA #2. I think let's make a decision, let's make the call about DORA III at that moment in time, if we finish the best course of action, always taking into account our regulation and the Securities Exchange Commission regulation.

With respect to your question #2, I think it's unlikely that they publicly revert to us before summer, but I don't have -- that's a question for them, not for us how they will make progress before summer with all our information.

Next question comes from the line of Harishankar with Deutsche Bank.

Maybe one around the tariff increase that you're talking about for DORA III, what would be a reasonable WACC behind your assumptions for a slight increase in tariffs? And on the tangent, if you do land a tariff increase under DORA III, what's the risk that airlines start pulling out more capacity. Are you worried about that?

Thank you for your question, Hari. We -- of course, we are working with numbers internally and we have been working for a while. We haven't even presented to our Board those final numbers. And in the consultation process, discussions about WACC will happen later on. So it would be, I would say, it wouldn't be the right approach from our end, setting that information with you at this moment in time. Apologies for that, Hari. I'm sure that in the future, we'll be able to have this conversation, but not now.

No, I completely understand that. And any thoughts around what might happen to airline capacities and whether you would be worried about that, in the event of a tariff increase, I mean.

I didn't get your question, Hari, sorry.

Sorry. So you've seen some reports on how certain airlines have been looking at taking capacity on the back of tariff increases. So given your projection for slight tariff increases, are you worried about any capacity changes from airlines?

Sorry, I didn't understand your question initially. Apologies for that, now I got it. I think that those have been comments from one specific airline with respect to a specific season, prior to DORA #3. So what we see is a market that is one of the largest touristic markets in the world that according to ACI is going to be a top 5 market in aviation, a very important activity sector like tourism accounting for around 15% of the Spanish GDP. So we believe that there will be appetite and demand from airlines to be present sorry in this kind of market, Hari.

And the last question for today comes from the line of Jose Arroyas with Santander.

Yes. Thank you for the clarifications. They were very helpful. I wanted to ask you on the Barcelona food and beverage contract. What are, in your opinion, reasonable expectations for the market increase in that contract? I can see that there is a 30% more square meters than in the previous contract, and I can see that in Madrid, a similar contract was awarded in 2023 with more than 40% increase in MAG.

So I wanted to make sure my expectations that we might see the MAG rising by more than 50% in that individual contract is not out of kilter. And whilst we are on that topic, I wanted to check with you if there is any other large tender outside Barcelona food and beverage that we should have in mind during 2026.

Thank you, Jose Manuel. This is Ignacio speaking. I think we are very excited about the F&B tender in Barcelona. The commercial team has been working really hard in that matter and the feedback that we are receiving from the market is that I would say it's very strong. And we are adding a space. We are trying to have a very attractive and appealing approach to this contract in terms of tenure, in terms of layout, in terms of concepts, with respect to expectations...

[Technical Difficulty]

And that is the end of our Q&A session. Ladies and gentlemen, that concludes today's conference call. You may now disconnect your lines. We thank you for your participation.