Sacyr Vallehermoso Aktie

Good morning. I'm Pedro Siguenza, Chief Executive Officer of Sacyr. Joining me today is Carlos Mijangos, the company's Chief Financial Officer. Thank you all for attending Sacyr's earnings call for the first quarter of fiscal year 2026.

I will begin my presentation by addressing the key financials for the quarter. Revenue increased by 5% compared with the first quarter of 2025, reaching EUR 1.116 billion. EBITDA rose by 9% to EUR 327 million, representing a margin of 29.3%, 90 basis points higher than in Q1 2025.

Operating cash flow amounted to EUR 223 million, up 12% year-on-year, excluding the impact of the sale of the Colombian assets. These financial results demonstrate that the new awards now entering operation are replacing the contribution of the assets divested in Colombia that are no longer in the company's perimeter.

Net profit attributable to the parent recorded a strong increase of 40%, reaching EUR 38 million. Net recourse debt remained below 1x, maintaining a solid financial structure and delivering on our financial commitments.

Amongst the most significant milestones of the quarter, I would like to highlight the award of the Ontario Science Center in Toronto, our first concession in Canada. This 30-year concession will deliver what is set to become one of the country's most iconic buildings and will undoubtedly transform Toronto's skyline. It could be one of the most advanced science outreach centers in the world.

With this award, for which a EUR 645 million contract is already underway, we are taking another important step in delivering our 2024-2027 strategic plan by expanding our portfolio, as timely committed in English-speaking countries, where we are currently bidding for major opportunities and expect to secure further awards.

Sacyr's Board of Directors has resolved to submit for the approval at the annual general shareholders meeting to be held on June 4, a shareholder remuneration proposal consisting of 2 cash dividends totaling EUR 0.15 per share, EUR 0.10 payable in July and EUR 0.05 payable in January 2027.

Given that a scrip dividend of EUR 0.049 per share was already paid in January this year, the total shareholder remuneration to be distributed in 2026 will amount to EUR 0.149 per share, 21% higher than in 2025. If approved by the shareholders' meeting, total cash dividends distributed in 2026 will reach EUR 81 million, more than double the cash dividend paid in the previous year, in line with the commitment set out in the strategic plan to distribute at least EUR 225 million in cash during the 2025-2027 period.

At Sacyr, we pursue a clear purpose to develop transport, health care, and water infrastructure that contributes to building a globally sustainable future. Our strong positioning in the leading international sustainability ratings recognized by independent agencies such as S&P Global, Sustainalytics, and EthiFinance as a sector leader, #1 in Spain and among the top 10 companies worldwide reflects an integrated ESG management approach that drives sustainable growth and creates value for our shareholders.

I will now hand over to Carlos Mijangos, who will provide you with a more detailed review of our operating and financial performance.

Thank you, Pedro. We will now review the company's operating and financial performance. In Q1 2026, Sacyr delivered clearly positive operating and financial performance, in line with the priorities set out in the strategic plan and supported by the strong performance of its concession assets.

Revenue reached EUR 1.116 billion, accounting for a 5% increase compared with the same period last year. This growth was accompanied by an improvement in EBITDA, which stood at EUR 327 million, up 9%, but maintaining an EBITDA margin of 29.3%, almost 1 percentage point higher than in the first quarter of 2025, reflecting greater operating efficiency.

Net profit attributable to the parent increased significantly by 40%, reaching EUR 38 million. This positive performance was mainly driven by stronger operating results and an improvement in the financial result with no material extraordinary impacts of asset rotations having been reported over the period.

In terms of cash generation, operating cash flow reached EUR 223 million, accounting for a 12% increase against the first quarter of the prior year on a like-for-like basis after excluding the contribution from the assets sold in Colombia last year. This level of stable and recurring cash generation once again highlights the company's ability to create sustained value in a demanding market environment. And finally, net recourse debt remains below the limit set out in our strategic plan.

From a financial standpoint, during Q1, the refinancing of the corporate syndicated loan was completed, increasing available liquidity to EUR 600 million, improving the cost of debt and extending maturities to 2031. This transaction was backed up by 25 financial institutions and was nearly 2x oversubscribed, reinforcing market confidence in the group's financial profile.

Likewise, progress was made in the selective rotation of assets with the sale in April of our parking assets in Spain for EUR 9 million at a multiple of 2x invested capital, that is 26% above the internal valuation presented at the 2024 Investor Day.

A key milestone during the period was Sacyr's inclusion in the STOXX Europe 600 as one of Europe's leading benchmark indices. It brings together the most representative companies from 17 countries selected not only for their size, but also for their liquidity, transparency, and financial soundness. This development further enhances Sacyr's visibility and strengthens its positioning within the European investment community.

Regarding the company's debt structure, consolidated net debt stood at EUR 6.721 billion as of March 2026, mainly reflecting a solid operating cash generation of EUR 223 million. The effect of net investment during the period amounted to EUR 270 million and the transfer on to Sacyr's balance sheet of the debt previously held at GUPC with no impact on valuation of cash while benefiting from significantly more favorable financing conditions at the parent company level.

As for net recourse debt, the most significant factors were the seasonal effect of the negative working capital of EUR 90 million, which will reverse throughout the year; the purchase of EUR 10 million of shares through the settlement of the related forward derivative; and the transfer on to Sacyr's balance sheet of the debt previously mentioned for an amount of EUR 289 million. This figure remains below the committed threshold with a ratio of net recourse debt to recourse EBITDA plus distributions from concessions below 1x, which once again confirms the group's financial discipline.

Now we will move on to explain the performance of the different business lines.

Thank you very much, Carlos. I will now provide further detail on the performance of our 3 business areas. The Concessions division reported revenue of EUR 463 million, accounting for a 23% increase compared to Q1 2025.

Operating revenue rose by 10%, mainly driven by the contribution from our Chilean assets such as Ruta de la Fruta, Ruta 68 and Ruta del Itata, which more than offset the exit from the perimeter of the Colombian assets.

Construction revenue grew by 58%, pushed by progress on contracts such as Ruta del Elqui and Hospital Buin-Paine in Chile, and the Velindre Hospital in Cardiff, and the Buga-Buenaventura Highway in Colombia. EBITDA for the division posted a 7% increase, reaching EUR 184 million.

During the quarter, our concessions distributed EUR 23 million, while we invested EUR 16 million, bringing the total equity invested in our infrastructure concession assets to EUR 1.726 billion.

On March 1, operations began at Antofagasta Airport in Chile. I would also remind you that in the United States, we have been shortlisted for 3 managed lanes projects, the I-285 managed lanes in Atlanta, the I-24 managed lanes in Nashville, and the I-77 managed lanes in Charlotte, with bid and proposals for the first tool set to be submitted this summer.

In the Engineering and Infrastructure division, revenue increased by 3% to EUR 712 million, driven by progress on projects in the United Kingdom, Chile, and Spain, which offset the completion of works in Peru and Portugal. EBITDA rose by 8% to EUR 127 million.

Construction margin remained stable at 5%. The division's backlog increased by 4% compared with December last year, reaching EUR 12.996 billion, of which more than 73% corresponds to our own concessions division, thereby limiting -- as we have repeatedly stated -- our exposure to the inherent risks of construction activity.

Among the main milestones of the quarter, we would like to highlight the following: a strategic alliance with local company build to promote projects in Australia, where we are developing the design of Peel Hospital awarded in January and where we have also been selected as one of the 2 finalists to design and build the new Brisbane 2032 Olympic Stadium. The selection of Sacyr as one of the companies to develop the ambitious program of the National Health Service, with a budget of GBP 37 billion over 12 years, with the first contract expected to be awarded shortly in the U.K. Finally, in Louisiana, we began the construction of the I-10 Highway, which is our first infrastructure project in the United States, EUR 2.3 billion in investment.

Finally, our Water division continued to deliver double-digit growth in the first quarter, both in revenue and EBITDA. Revenue totaled EUR 76 million, up 19%, while EBITDA increased by 21% to EUR 16 million, posting a margin of 22.4%.

The quarter milestones include the following: the acquisition of Aigues de Esparraguera in Barcelona, which serves 23 (sic) [ 23,000 ] inhabitants and reinforces Sacyr's strategy to grow across an integrated water cycle in this case in Catalonia. The award of new contracts in Spain for a total amount of EUR 84 million in Huelva, Tenerife, and Madrid. In April, the concession contract for the Coquimbo desalination plant was formalized.

Let me remind you that this is the first desalination plant under a public concession model tendered in Chile with an investment of EUR 305 million and a duration of 21 years. It's EUR 1.3 billion backlog is not included in the figures. It was signed after the quarter end. Total equity invested in this division reached EUR 137 million.

In closing this presentation, I would like to leave you with four key messages. First, the increase in the cash dividend for 2026 to EUR 0.10 per share from EUR 0.045 last year, subject to approval by the annual general shareholders meeting, in line with the shareholder remuneration commitment set out in our strategic plan.

Second, our operating growth resulting from improved performance across our key financial metrics confirms that our concession-based business model is becoming increasingly stronger, more scalable and more profitable.

In this regard, I would note that we are already working on the updated valuation of our assets, which we will present with our half year results in July. As announced in February during our previous earnings call presentation, by the end of this year and depending on the outcome of the major tenders in which we are currently bidding, we expect to be in a position to present a new strategic plan for the company as the current 2024-2027 plan will have been delivered 1 year ahead of schedule.

Third message, a new concession award in an English-speaking market, the Ontario Science Center in Canada, in line with our commitment to ramp up the weight of our portfolio in these countries, where we are competing for major ongoing tenders.

Finally, proven financial strength supported by the refinancing of the syndicated loan and a net recourse debt ratio that gives us significant strength to meet the challenges ahead.

We are now available to answer your questions.

Good morning, everybody, and thank you very much for attending this quarterly earnings call of Sacyr. We are going to start with the Q&A session now. We are going to start with the questions over the telephone. And afterwards, we will allow questions through the webcast chat.

Luis Prieto has the first question from Kepler Cheuvreux.

I have two questions. The first question is the following. What happens with the current inflationary context? How does this affect the tenders you will be presenting? Are there any measures in order to mitigate the current risks? And could you give us some color as to the awards of the projects where you have been shortlisted?

The second question, could you please give us an update on the Pedemontana valuation?

As for Pedemontana and its rebalancing, this is a clear cut contract worldwide, as we mentioned in the past. The economic financial balance on this award was conducted twice. And this time line is quite normal in Italy.

As for increased inflation and in connection with the managed lanes contracts, in the case of Georgia and in Tennessee, we will be submitting proposals in July, should no delays take place, that is to say, before the summer break. There are already some mechanisms in place in order to mitigate any inflationary fallout. And the contracts in terms of concession and construction, we have some models whereby such risks have been mitigated.

The next question is from JB, Miguel.

I have three questions. The first question is concerned dividend. You mentioned the EUR 0.15 per share. So you said that you were going to pay EUR 225 million until 2026. Are dividends going to be paid out in cash as of now? Or will there be any changes going forward? Could you give us some color as to provisions allocated over the quarter, which are a bit higher compared to 2025, especially in terms of the holding because I believe that this accounts for about EUR 40 million?

As for the asset valuation that you're going to be reporting in July, inflation and exchange rate performed better than initially expected in 2024, and that would be beneficial. However, the traffic of some intangible assets such as in Italy was quite positive. Therefore, could you please give us some color as to whether the performance of these concessions proved to be better than initially expected back in 2024?

Miguel, let me address your question concerning the dividend. The Board has resolved to submit to the AGM, the approval of the payment of 2 dividends in cash. The scrip dividend is a tool that the Board of Directors can resort to and it can decide afterwards whether it will be used in that tool or not. And as for the allocation of provisions in the current uncertain context, the company has decided to take a prudent approach.

That's why we have EUR 40 million in provisions at a holding level. But this is something that we have done in being prudent and conservative in our approach. And as for, of course, traffic and increase that increases the valuation of assets in Italy, of course, performance was better, and therefore, our valuation of the assets in Italy will also rise.

Thank you very much. There are no further questions over the phone. We now give away two questions from the webcast from Bernstein, Victor Acitores, he's asking whether we can give some color as to the timing of water-related projects in Australia.

The second question is concerned with managed lanes. What about Sacyr's competitive positioning and our consortium compared to our competitors' peers? We will get back to you in a minute, Victor.

Victor, as for the water-related projects in Australia, as you may know, we have been shortlisted for one water plant in Brisbane. We have already submitted our proposal for this tender. We believe that this project will be awarded this year. And then we will be submitting another proposal for another desalination plant, and we believe that a final decision will be made before year-end.

As for managed lanes tenders, Sacyr has been developing concessions for more than 30 years regarding highways. We have been working in the United States for the past 10 years with a hit ratio which is quite high in terms of tender awards. Therefore, we are competing on the same footing as other peers. In Atlanta -- there are 2 groups in Charlotte and Atlanta, 3.

Thank you very much, Pedro. Alvaro Navarro from Bestinver has another question. He's asking about the Pedemontana rebalancing status. And in this connection, he says whether after this rebalancing takes place, the project might be refinanced so whether we are working on it.

Another question is concerned with some guidance concerning distribution for concessions going forward in 2026 and equities to be invested. And the third question is connected to managed lanes. Should a managed lane be awarded after the summer break, when are we going to be injecting the first equity? And should we be awarded 2 or 3 managed lanes, which financing lines are being factored in by the company? Alvaro, we'll get back to you in a minute.

Alvaro, as for Pedemontana Veneta, the refinancing of the Pedemontana project is something we are working on regardless of the contractual entitlement we have. We are not working to get refinancing of this asset. As for equity redistribution, Carlos?

You know that last year, we reported more than EUR 200 million for both. So it's going to be about EUR 190 million, EUR 200 million. So we will be able to pay for these obligations according to the money we get from assets. We are still tendering other projects. So this is a very important strategy, how we manage funds and how we allocate them.

For the time being, we cannot provide you with a final answer. However, for I-10, we are going to be doing this and the first equity is being paid 4 years after the contract was formalized.

The next question is by Tom Zhang from Barclays. And he's asking about cash flow conversion or EBITDA conversion. It was reduced over the first quarter. He believes that this is due to working capital to begin with and to the sale of the Colombian assets, which no longer make a contribution. He's asking how we expect this conversion ratio to perform over the year. And second, the impact this could have on our cash flow. He's talking about the sale of assets in Colombia. We will get back to you in a minute, Tom.

As we repeatedly mentioned, Sacyr has financial assets. And once assets are operational, cash flows are above EBITDA. We have already sold 3 operational assets. Therefore, the ratio is above 100%. And the opposite happens when you carry out any deductions. This conversion ratio depends on seasonality.

As you are saying, this affects working capital, but not only that, there are certain projects that are paid quarterly or have yearly showing some seasonality. This ratio will, therefore, be improving over the year. And usually, the last quarter is the best one in terms of cash flow performance. But all the same, the figures are expected to remain as usual.

As for the impact of the sale of assets in Colombia last year, we mentioned that we will no longer receive EUR 180 million or EUR 200 million in EBITDA and cash flow. And this quarter, we didn't receive EUR 40 million as a result of that. Nonetheless, we continue to generate more cash flows as a result of the operation of other assets that have become operational and have replaced the sale of assets in Colombia.

There are no further questions over the webcast. However, we have one more question over the phone from Miguel.

I would like to know about the debt concerning Panama. I believe that it was supposed to fall due this year. Could you give us an update in this respect? Do you think that you could still recover something from this project? When should we expect any updates?

We have managed debt effectively. All consortium members have done so. So right now this debt was supposed to fall due in March. Rather than extending the debt and project terms and conditions, we decided to transfer this over to the holding that can negotiate better financing conditions. Therefore, that is the financial efficiency in other times. As for the arbitration procedures, we are not waiting -- sorry, Pedro will give you an answer on this.

Well, some public hearings were held in January, February, and March, and we expect some final decisions to be issued by the end of this year. So we believe that we will be able to report on this in early 2028. In the results, however, we have a neutral or positive effect because we have allocated provisions for this all.

There are no further questions either over the phone or the webcast. So now let me give the floor back to Mr. Pedro Siguenza.

Thank you, Alberto. If there are no further questions, we thank you for your attendance and interest, and we look forward to welcoming you again at our next results presentation. Thank you very much, and have a nice day.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good morning. I'm Manuel Manrique, Executive Chairman of Sacyr. I'm joined in this presentation by Pedro Siguenza, Chief Executive Officer; and Carlos Mijangos, the company Chief Financial Officer. Thank you very much to all of you, analysts, investors and media representatives for attending this presentation of Sacyr's financial results for the full year 2025.

In fiscal year 2025, we reached the halfway point of our 2024-2027 strategic plan. And I must say that the results have been highly positive. Over the past 2 years, we have delivered significant additional value in our concession assets and increased our cash flow to invest in new projects. Therefore, confirming that our business model is increasingly solid, growing and profitable. This strong performance has been accompanied by an increase in our share price and cash dividend distribution, directly delivering the benefits of this business model to our shareholders.

Between 2021 and 2025, our market capitalization increased by 152%, significantly outperforming the IBEX 35, which rose by 114% over the same period. The solid balance sheet for the first 2 years of the plan makes us very optimistic about meeting and even exceeding the overall targets under the plan, which will bring us closer to our goal of becoming world leaders in greenfield project development by 2033 as we announced back in the day.

Now looking at the specific figures of this midterm review, I should mention the following. Operating cash flow of EUR 1.359 billion. This has exceeded the target 2 years ahead of schedule. We have secured 5 new concession project awards by contrast with 3 or 4 initially estimated with EUR 905 million in new capital invested, we have almost reached the target of EUR 1 billion that we set for the 2024-2027 plan.

Concession distributions amounted to EUR 224 million, well above expectations. Net recourse debt is at minimum levels. We have also obtained an investment-grade rating, and we have distributed a first cash dividend of EUR 225 million, which is the total that we planned to distribute over this period.

These figures indicate that by the end of 2026, we shall have practically fulfilled the entire plan a year ahead of schedule, and we shall be ready to set new more ambitious goals, especially depending on the outcome of some significant tenders in Australia, Italy and the United States where we are competing.

Thanks to the awards won in the last 2 years, future concession distributions have increased by 18% to EUR 19 billion, which is a real strength for the sustainability of this business model. Since the last Investor Day held in May 2024, total future distributions have increased by more than EUR 3.1 billion, excluding those received since then. This important data reflects the awards that we report each year.

We are a company experiencing exponential growth, but one that needs a certain amount of time to build and commission assets. We are investing in the future because today's successes will be seen in 3, 4, 5 years down the road and in the form of distributions from our concessions. Concession distributions amounted to EUR 224 million in fiscal 2025, 17% more than initially estimated under the plan. And if we add to this the proceeds from the sale of the Colombian motorways, the figure exceeds EUR 500 million.

I would like to take this opportunity to highlight the value of this divestment, which is 12% above our internal valuation due to the EBITDA multiple obtained and also because it helps us to balance our sources of income with a view to consolidating the global group we want to build. The 3 Colombian assets included in this successful transaction, which we carried out by taking advantage of an excellent opportunity were already part of Voreantis.

We have everything ready and continue to see a lot of interest among potential investors. But as we do not currently need cash for the projects in our portfolio, we shall undertake this transaction when we see the right market window. After progress made, the valuation of the assets also continues to rise. As of December 2025, it reached almost EUR 4 billion, in line with the target of EUR 5.1 billion by the end of 2027.

The EUR 4 billion valuation figure does not include the latest assets awarded to the company, including the 2 water plants in Chile. And I would like to highlight this as one of the major milestones reported in the prior fiscal period. That is why in the coming months, we are planning to offer an updated valuation, which would undoubtedly already be in the north of EUR 4 billion.

As for 2025 income statement, noteworthy is the improvement across lines. Revenue grew by 2% to EUR 4. 6 billion with a net profit, excluding divestments in the amount of EUR 165 million. That would have been 46% more. 93% of EBITDA comes from concession activities.

In this regard, 73% of the construction portfolio is for our own concessionaire already. Operating cash flow in turn amounted to EUR 1.359 billion, up 5% and the net recourse debt ratio is just 0.18 compared to 0.42 a year earlier and far below the 1 percentage point we had committed ourselves to. These rocket solid results demonstrate the success of the concession model for sustainable and stable growth. In 2025, we achieved a milestone that we had already announced back in the day. Cash flow exceeded EBITDA, which gives us great strength to face the challenges ahead.

Let me remind you that financial assets of most of our concessions, once they become operational, EBITDA goes down and cash flows go up. Well, that has already occurred and cash flows will continue to rise as standing out from EBITDA, which will slide down progressively.

Now I would like to mention other milestones achieved during fiscal year 2025, such as a record 5 concession awards, 1 in Paraguay, 1 in Italy and 3 in Chile, 2 of which are major water assets. The investment grade rating obtained from a global agency, that's another milestone. Our exceptional positioning for the future in the managed lanes sector in the U.S. and in the water sector in strategic markets.

The outstanding divestment of the 3 Colombian assets, as I said, 12% above our initial valuation. Also the fulfillment of our commitment to pay a cash dividend together with a scrip dividend for the benefit of all our shareholders and the division of executive functions carried out during the fiscal year, which enables us to continue fulfilling our strategic plan and preparing for the future with the utmost assurance.

Finally, I would like to mention Sacyr's leading position in the field of sustainability. With 5 years of continuous improvement having been reported in Standard & Poor's Global book. Also as the only European infrastructure company with a CPD rating in water and climate in 2025 and among the world's best companies with the lowest ESG risk profile according to Sustainalytics.

Next, Carlos Mijangos will provide you with more specific data and details on the income statement and balance sheet.

Thank you, Mr. Chairman. We shall now analyze the company's operational and financial performance during fiscal year 2025.

First, let's take a look at the results for 2025. Revenue reached EUR 4.66 billion, up 12% year-on-year. EBITDA stood at EUR 1.358 billion, maintaining a margin of around 29%, which reflects strong operating performance in terms of net profit, excluding divestment, there was a very significant increase of 46%, reaching EUR 165 million. However, the sale of assets in Colombia had a one-off effect of minus EUR 80 million, reducing the final net profit to EUR 86 million.

Operating cash flow in turn amounted to EUR 1.359 billion, up 5% compared to 2024, demonstrating the company's ability to generate cash from its assets, and this is higher than EBITDA. As the Chairman pointed out, I would like to mention that due to the accounting associated with concessions with the risk of litigation, which are considered financial assets for accounting purposes, maximum EBITDA is achieved at the end of the construction phase.

And as the years of operating -- operation elapse, EBITDA slides down, but operating cash flow climbs, resulting in this effect where more operating cash flow has already been generated than EBITDA. From a financial standpoint, the company has achieved an investment-grade rating from Morningstar DBRS, which is a sign of strength and confidence for investors, allowing it to diversify source of financing, reduce costs and simplify the prequalification processes for new projects.

Furthermore, this opens up the opportunity to issue debt in the U.S. market through private placements known as USPPs. In the area of divestments, as the Chairman pointed out as well, the sale of 3 motorways in Colombia for EUR 1.565 billion stands out with a multiple of 2.7x the capital invested and 12% above our internal valuation.

With regard to treasury share transactions, the company remains committed to value. We currently hold 30 million shares through forward contracts with an average reference price of EUR 3.36. As for shareholder remuneration in 2025, we made a steady progress on increasing the cash dividend with a payment of EUR 0.045 per share having been paid in July and a dividend in January, maintaining the policy established in our 2024-2027 strategic plan to remunerate with at least EUR 225 million in cash during the planned value. Capital contributions and distributions.

Between 2025 and 2033, concession distributions of more than EUR 3.7 billion are expected with EUR 1.6 billion in capital contributions being committed to our projects. The net cash available for future growth amounts to EUR 2.14 billion, which is a very significant figure that will enable us to compete with top-tier companies in the sector for the largest infrastructure projects currently being tendered.

Long-term outlook, total estimated distributions through 2021 amount to EUR 19 billion, driven by new awards, discounting asset turnover in Colombia, and this will generate an average annual distribution of EUR 460 million, which further reinforces the company's growth capacity. If we now analyze the evolution of consolidated net debt, it has been reduced by EUR 532 million. It is worth highlighting the strong operating cash flow generated by business activities amounted to EUR 1.358 billion.

Then we had the financial result generated mainly by project debt amounting to EUR 609 million. We have invested more than EUR 800 million in our assets and received EUR 281 million from the sale of assets in Colombia. Finally, under the heading of miscellaneous, there is a decrease of EUR 335 million due to 3 main impacts. Debt reduction due to the effect of the consolidation of Chilean assets that were held for sale in 2024 and then the deconsolidation of Colombian assets already sold for a net amount of EUR 222 million. That's the net effect.

There is also a debt reduction due to exchange rate differences in the amount of EUR 190 million and debt increased due to leases and dividends from the parent company amounting to EUR 82 million. As for net debt -- net recourse debt, the most notable event of the quarter were the funds received from the sale of 3 Colombian assets totaling EUR 281 million. And this cash inflow together with seasonal recovery in working capital and taking into account investments and financial expenses over the quarter brings us to a figure of EUR 59 million, which is the lowest level ever achieved by the company.

With this positive debt figure, the ratio of net recourse debt to recourse EBITDA plus dividends is 0.18x, well below the maximum commitment of 1x. The process of deleveraging and reducing debt and risk undertaken by the company in recent years is quite evident, going from EUR 850 million in 2019 to EUR 59 million in 2025.

And now I give the floor back to the Chairman.

Now Pedro Siguenza will provide a detailed view of the performance of each business line.

Thank you very much, Mr. Chairman, and good morning, everyone. I will now address the company's performance broken down by line of business in fiscal year 2025. Once again, we achieved a record with 5 new greenfield concession projects awarded, representing a success rate in our bids of over 50% because we were awarded 5 contracts out of 9 bids submitted.

In 2025, we were awarded projects totaling EUR 13.6 billion, increasing our portfolio as of December 2025 to a total of EUR 67.425 billion, and this affects all of our portfolios. We have created value for our water division with the award of 2 major concession projects, Antofagasta plant in Chile, the largest wastewater reuse plant in Latin America, which is a key project to secure water supply in the Antofagasta region with an investment of EUR 295 million, a duration of 35 years and an estimated portfolio of EUR 2.5 billion.

And the Coquimbo desalination plant, which is the first desalination plant under a public concession tender in Chile with an investment of EUR 305 million, a duration of 21 years and an estimated portfolio of EUR 1.2 billion. The plant will have an initial capacity of 800 liters per second with the possibility of expanding that capacity to 1,200 liters per second and will directly benefit more than 540,000 people in the municipalities of La Serena, Coquimbo, and Ovalle.

Within our hospital specialty segment, where we are a global leader with more than 80 premises built throughout our history, we have added to our portfolio, the City of Health & Science project in Novara in the Piemonte region of Italy. This is a multifunctional complex that will encompass a new hospital and a university campus with an investment of EUR 125 million, a duration of 25 years and which consolidates our position in Italy, one of our core strategic markets.

As for transport infrastructure, we have been awarded 2 new concession projects. The Asuncion elevated Urban Highway, which extends the Eastern route in Paraguay. This is a project with an investment of EUR 174 million and a duration of 23 years. Then the Piemonte route in Chile, a 20-kilometer stretch of highway that is key to the road modernization plan in the Biobio region of concession with an investment of EUR 330 million and a duration of 45 years. With these high greenfield project awards, we continue to ensure our commitment to the steady growth of our successful concession model.

Furthermore, today, we can announce that we have just signed the contract for our first concession project in Canada, the Ontario Science Museum in Toronto, a project that will transform the Toronto skyline and open the doors to one of the most modern science centers in the world. This is a 30-year concession entailing an investment of EUR 260 million. And we hope that this contract will be the gateway to other new concessions in Canada in the future.

This slide shows a map with the main opportunities that we are bidding on, prequalifying for or studying in line with our strategic plan commitment to increase the weight of our portfolio in English-speaking countries with a special focus on tenders in North America and Australia, but without neglecting our strategic European and Chilean markets.

In the United States, as you know, we are prequalified for the managed lanes in Georgia, the I-285 in Atlanta and the I-24 in Tennessee in Nashville, and we will be submitting bids before the summer break. In addition, last Friday, we were prequalified for the I-77 in North Carolina, another express lane on the southern approach to the city of Charlotte.

As you can see, we're also pursuing other managed lane opportunities that are expected to be prequalified shortly in the United States. In Canada, in addition to the aforementioned Ontario Science Center concession, which we have been awarded, we are pursuing various hospital concession opportunities such as the Windsor Hospital for Ontario infrastructure, where we are preparing for prequalification as well as several collaborative construction projects such as expansion of the Toronto Airport and the extension of Line 1 of the city's subway system for Metrolinx.

In Australia, we'd like to highlight the recent partnership with the local build group and the award of our first hospital project in the country, Peel Health Campus in Mandurah, Perth, for which the initial design contract was signed last January.

Together with build, we are exploring other opportunities in the hospital construction sector, such as the Parkville Hospital concession in Victoria and various landmark buildings for the 2032 Olympic Games in Brisbane. In addition, we are competing for major water projects such as the desalination plant for Northern water supply in Adelaide, the wire long water treatment plant south of Brisbane and the Aurora reuse plant in Melbourne. In our strategic Italian market, we have submitted our prequalification for the A22 motorway connecting Modena with the Brenner Pass to Austria.

And we are still awaiting the tenders for the Turin, Milan, and Brescia-Padua sections of the A4 motorway, which are due to be put up to tender shortly. Also in Europe, we are analyzing the tenders for the high-speed train from Porto to Lisbon and in Ireland for Metrolinx, the connection between Dublin and the airport, both under concession.

I would also like to highlight the National Health Service program in the U.K., a framework agreement to build hospitals under a collaborative contract model with an initial wave of 11 hospitals worth GBP 15 billion which will be expanded to GBP 37 billion. And we are now expecting the official announcement of the company shortlisted for the execution of these projects shortly.

And in Chile, we are pursuing several water and highway concession projects such as the Caldera-Antofagasta Highway, which is a private initiative developed by Sacyr, the Rio Bueno-Puerto Montt section, both on Route 5 and Route 57 between Santiago and the Andes among other opportunities. I will now provide you with some details on the performance of our lines of business.

The Concession division recorded revenue of EUR 1.892 billion, representing an increase of 8% over the prior period. The impact of the exit from the scope of the 3 motorways sold in Colombia as well as the accounting effect of the evolution of operational financial assets have affected the division's operating income and EBITDA by 4% and 14%, respectively.

Construction revenue in turn rose by 50% due to the progress of major new greenfield projects such as the Velindre Hospital in Cardiff, the Buga-Buenaventura Highway in Colombia and the Ruta de la Fruta in Chile. In fiscal 2025, we invested EUR 275 million in this division, bringing the total equity invested in our infrastructure assets in the transport sector to EUR 1.71 billion after deducting investments, whereas distributions from our concessions amounted to EUR 212 million in 2025.

This year, we also commissioned 3 assets, all of them in Chile, the Atacama Airport in January, the Itata route in April and 68 on July. On March 1, we will commission the Antofagasta Airport project. As for Engineering & Infrastructure, revenue grew by 8% to EUR 2.971 billion, thanks to the growth of our activity in Italy and particularly the contribution of the A21 motorway.

For this same reason, EBITDA rose 31% to EUR 552 million. If we analyze the construction activity only since, as you know, Italian concessions are included in this division, the EBITDA margin remains stable at 4.8% over the revenue figure. The division's portfolio set a new record, increasing by 18% over the year to EUR 12.47 billion, of which 73% of the portfolio, as the Chairman pointed out, corresponds to activities for our own concessions.

Noteworthy milestones in the last quarter include the successful completion of the US 62 highway in Lubbock, Texas, bringing the total number of road projects completed in the country to 11 to date, which demonstrates our ability to execute complex projects in the U.S.

As I mentioned before, the award and execution of the Peel Hospital contract in Perth. This is alliance-based contract, that is to say a collaborative contract, which is one where we prioritize the execution of works for third parties. Finally, our Water division continues to post the double-digit growth reported in 2025, both in terms of revenue, which is up 25% and now exceeds EUR 300 million and in terms of EBITDA, which reached EUR 62 million, 23% more year-on-year.

The portfolio grows by 45% to EUR 6.979 billion. This figure does not include the Coquimbo desalination plant, which will add another EUR 1.2 billion to this portfolio in March once the contract is signed. Total equity invested in the concessions of this division amounts to EUR 128 million, and the assets have delivered EUR 12 million this year.

So with this year's awards for 2 major concession projects, Antofagasta and Coquimbo, we have given a major boost to our goal of growing our water business within our 2024-2027 strategic plan. Now I give the floor back to the Chairman for some concluding remarks.

Thank you very much, Pedro and Carlos. Sacyr will celebrate its 40th anniversary in 2026. I sincerely believe that we are at the peak of our trajectory. We have a clear-cut strategy focused on concessions and avoiding risks. We have a healthy balance sheet with a strong cash position and well-structured project debt. We have also eliminated corporate debt.

We are ideally positioned to tackle the challenges of transport, hospital and water infrastructure from a public-private partnership perspective. Halfway through the 2024-2027 strategic cycle, I have no doubt that we will successfully complete it, thanks to last year's achievements, which represent the fulfillment of our commitments to shareholders and the market.

Our success in securing concessions with 5 new awards to begin with and which, as we have said, will form the basis for this progressive increase in total distributions in the coming years from concessions, together with the multiple growth opportunities that we are bidding for in our strategic markets, and with more than EUR 2.1 billion available to invest between now and 2033. In terms of equity, let's make this clear.

Second, cash flow exceeds EBITDA and continues to rise. Thirdly, the achievement of the investment-grade rating, which will enable us to increase our sources of financing while reducing finance costs. And finally, shareholders' remuneration with the first cash dividend payment.

I would also like to take this opportunity to thank Sacyr's all 15,000 professionals around the world for their work and engagement over the past year and send them a message of confidence in this company's project. Thanks to each and every one of them, we can report on the milestones achieved in our strategic plan today.

In 2026, we shall continue working to fulfill our outstanding commitments, and we are ready to celebrate our 40th anniversary and move forward with even greater strength. We are now available to answer your questions.

Good morning, everybody, and thank you very much for joining us at this financial results presentation of Sacyr. We are going to start with those questions posted via telephone first, and then we are going to tackle the questions coming through the website. [Operator Instructions] Luis Prieto from Kepler Cheuvreux is going to ask the first question.

I had 2 questions. The first question has to do with Voreantis schedule. I understand that Pedemontana is a requirement for rebalancing purposes. But since the Chairman has conveyed that there is maybe we should have to wait until next year for the transaction to be launched. We have offset some transactions that were launched in the past with a scope different from the ones initially estimated. Could that happen with Voreantis? Well, could that be the case?

We are going to answer in a minute.

Well, regarding Voreantis, I think that it was made quite clear. We did the reversal of 3 key assets. We announced that we have EUR 2.140 billion in equity to invest. We do not need that operation for further investments. And second, we have a pipeline, which is huge. And we believe that it will even improve our vision going forward positively. So this will establish a new strategic plan as well as what will happen with Voreantis.

As for the question concerning the scope, the transactions that we engaged in were ones where we adapted ourselves to do whatever was best for the company at each point in time, and that is exactly what we're going to do with Voreantis.

There are no further questions over the phone. We are going to address the questions that were posted through the webcast.

Filipe Leite asks whether we can confirm or whether we can give more color on the contract that we have just announced for the Ontario Science Museum, the investment figure and our stake in such a consortium. We are also being asked about our stake in the consortium where we are bidding for concerning managed lanes.

And as for equity concerning construction and upfront payments, which are the amounts that we are analyzing for the managed lanes? And fourth, when do you expect to reach the rebalancing of the Pedemontana project, I have to say the financial balance.

We will get back to you in a minute.

Let's see. The contract we have announced over the Toronto Science Museum project entails an investment of EUR 280 million. We are going to go hand-in-hand with Amico and John Laing. As for the managed lanes, we are going to work with Plenary. This is a Quebec fund. And then an Israeli company with a 50% stake in construction and a 30% stake in equity. And we have already been prequalified as far as this project is concerned.

Regarding the Pedemontana related question, Filipe, we have a contractual entitlement to the rebalancing. So I have the same concern as the one announced 6 months ago. That to say, we do not have any worry about this. There were regional elections, and that normally puts the schedule off.

We continue to engage in meetings with the authorities and the Big Four that has been appointed to this end, but you know that time management in Italy has its peculiarities. This is going to be the third rebalancing process concerning this concession, but we are not worried about it at all.

Thank you, Mr. Chairman. The next question is by Julius Nickelsen from Bank of America. He asked about the Pedemontana project. And he says whether apart from the transaction concerning Voreantis, there is another potential divestment being analyzed such as in Chile. And second, whether we can provide an update about conversations with rating agencies. We will get back to you in a minute. Thank you.

As for Chile, there's always interest around our assets. However, when there is anything concrete, we are going to make the relevant announcement as we have always done. As for the rating agencies, we have been working with several agencies for quite some time. We were waiting for 2025 results being published in order to keep moving forward. Our goal is, therefore, to keep on engaging in conversations with them or exchanging information with them in order to get a new rating.

We are going to go back to the telephone line because Miguel Gonzslez from JB Capital has a question.

I had 2 questions, 2 quick questions. The first question is the following. You provided an update of dividend evolution and equity committed in concessions. The gap between dividends and equity in 2026 has narrowed down compared to the guidance provided in Q3. Therefore, I would like to know about the FFO final picture, especially after the divestment in Colombia. Do you expect any growth in this respect compared to 2025?

And then concerning the pipeline shown on Slide 25. We are talking about the United States here, but could you give us more visibility about the timing or about the budget concerning the most relevant awards all the tenders in Italy, the Route 5 in Chile or the project in Portugal, I believe that you decided to withdraw after the first tender. Could you give us any additional information in this respect? I would appreciate that.

Miguel, we will get back to you briefly.

Okay. Miguel, I'm going to answer your question concerning the funds of operations. On a like-for-like basis, most of our assets have to do with payment upon availability, but inflation normally results in increased cash flows compared to the prior year. Here, we are also factoring in the assets that we were awarded in 2024 and 2025. Those which are greenfield, of course, do not have a contribution to operating cash flows, not now, but they will in the future.

Then we have EUR 200 million coming from Colombian concessions. On a like-for-like basis, of course, we're going to grow. In absolute terms, we had to factor in those EUR 200 million and include the greenfield assets that we have been awarded over the past 2 years, and therefore, we are going to report similar figures.

As for the question concerning timings, the 2 managed lane projects in Georgia and Tennessee in the United States were announced before the summer break. Route 5 in Chile is going to announce next month and Route 57 is going to be announced in June.

As for Italy, and as the Chairman said, actually, the tender for the Brescia-Padova-Turin motorways should already be available, but actually, we are still waiting. As for the Portugal section of stretch project, it has been put out to tender once again. There were no bidders and therefore, they decided to change the terms and conditions, and we are now waiting for this to be announced in May. We are paying close attention to developments.

We go back to webcast questions. We had 2 questions, one from Victor Acitores. Are we currently analyzing the possibility of approving a new incentive plan tied to share price?

And secondly, are we planning to update the evolution of our assets in fiscal 2026?

Okay, Victor. We shall be presenting a new incentive plan for management members in line with share prices and always in line with the best interest of shareholders, and we shall be doing so in the coming months. Secondly, based on the first half yearly results, we shall review the value of our assets.

The next question is by Julius once again from Bank of America. Could we please confirm whether we are going to update the figures under our plan? Are we going to present a new plan? Or are we going to hold an Investor Day? We will answer shortly. Thank you.

Well, based on the results expected from this pipeline in Q4 2026, we expect to undertake a new strategic plan. As usual, we will keep you posted about all this and about the timing.

Thank you very much. There are no further questions. Now let me give the floor back to the Chairman.

Well, if there are no further questions, we thank you once again for your presence, your attendance and interest, and we wish you all fare well until the next presentation. Thank you very much, and have a good afternoon.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good morning. I'm Pedro Siguenza, CEO of Sacyr. Joining me today is Carlos Mijangos, the company's Chief Financial Officer. Thank you all very much for attending the earnings call of Sacyr for the third quarter of fiscal year 2025.

Sacyr continues to grow in line with its 2024-2027 strategic plan, bolstered by the strength of our concession model and backed by the key figures reported in Q3. Revenue grew by 5% compared to the prior year, reaching EUR 3.412 billion. Net profit, excluding the effect of divestments in Colombia rose by 81% to EUR 132 million (sic) [ EUR 134 million ]. 92% of EBITDA comes from our concession activities.

Operating cash flow increased by 11% to EUR 890 million, and we have invested EUR 232 million of new capital in the first 9 months of the year, bringing the total equity invested in our concessions at the end of September to EUR 2.017 billion.

Among the most significant milestones of the year, I would like to highlight the 4 that are shown on the slide. The 4 new concession awards in Italy, Chile and Paraguay which I will describe later and which represent a clear success in terms of backlog. The investment-grade rating obtained from the global agency Morningstar DBRS, which will facilitate and increase our sources of financing. Next, our presence in tenders for the most relevant concession projects currently on the market, where we are confident that we will continue to win contracts. As a fourth milestone, I can announce that the divestment of our 3 concession assets in Colombia has already obtained all the necessary authorizations. So the transaction will be closed and payment will be received during the month of November.

As I mentioned, in fiscal year 2025, we have been awarded 4 new concession projects, which implies a hit rate of 50% on the bids timely submitted. However, this ratio is actually higher as 1 of the 8 concessions tendered, the Red Deer Hospital in Alberta in Canada was canceled prior to its award.

The 4 new concession projects include the Novara City of Health and Science project in Italy in the Piedmont region. This is a multifunctional complex that will comprise a new hospital and a university campus with an investment of EUR 525 million. This contract will be valid for 25 years and will consolidate our position in Italy, which is one of our core strategic markets.

Next, the Antofagasta plant, the largest wastewater reuse plant in Latin America, a key project to ensure sustainable water supply in the arid region of Antofagasta in the Atacama Desert with an investment of EUR 300 million and a duration of 35 years.

Next, the Asunci n elevated urban highway, which extends the Eastern route in Paraguay, a EUR 174 million project with a duration of 23 years.

And last week, we won the tender for the construction of the Pie de Monte in Nahuel in Chile, a 20-kilometer section of highway that is key to the road modernization plan in the Biob o region in Concepci n. This investment totals EUR 330 million, and the project will be valid for 45 years.

These 4 greenfield concession projects enable us to continue ensuring our commitment to steady growth.

On this slide, you can see a map highlighting the main opportunities that we are currently bidding for, prequalifying for or analyzing. And these align with our strategic plans goal to strengthen our presence in English-speaking countries with a particular focus on tenders in North America and Australia, while continuing to prioritize our core markets in Italy and Chile.

In the short term, we are awaiting the outcome of the tenders for the Ontario Science Museum in Toronto, Canada and the Coquimbo desalination plant in Chile, both concessions lasting 30 and 21 years, respectively.

In the United States, as you know, we have prequalified for the managed lanes projects in Atlanta as well as for the I-285 and I-24 projects in Tennessee, where we plan to submit bids in the first half of the next year. And we're also in the process of prequalifying for the I-77 project in North Carolina.

In Canada, we have prequalified for the Trans-Canada Highway concession, which bids will be submitted in the first quarter of 2026, and we are pursuing various hospital concession opportunities such as the Windsor Hospital for Ontario Infrastructure (sic) [ Infrastructure Ontario].

In Australia, we are competing in 3 major water projects, the Adelaide Desalination Plant for Northern Water Supply, the Wyaralong Water Treatment Plant, south of Brisbane, and the Aurora reuse plant in Melbourne. In addition, we are pursuing several hospital projects such as the Parkville Hospital in Victoria and several landmark buildings for the 2032 Olympic Games in Brisbane.

In our strategic Italian market, we are preparing to submit our prequalification for the Brenner Motorway, the A22, which connects Modena to the Brenner Pass and Austria.

And we're also monitoring the upcoming tenders for the Turin-Milan and Brescia-Padua sections of the A4 Motorway, which are expected to be launched soon.

Finally, in Chile, in addition to awaiting the result of November 14 of Coquimbo desalination plant, we are pursuing several water projects and highway concessions on Route 5, such as the Caldera-Antofagasta Highway, which is a private initiative developed by Sacyr and the R o Bueno-Puerto Montt section.

I'll now give the floor to Carlos Mijangos to report on the financial performance in greater detail.

Thank you very much, Pedro. Let's move on to analyze the company's operational and financial performance. In the first 9 months of the year, revenue rose by 5% compared to the prior year, reaching EUR 3.412 billion.

EBITDA also grew by 7%, reaching EUR 1.018 billion. And in addition, EBITDA margin rose, improving the company's operational efficiency.

In terms of net profit, if we exclude divestments, there has been a very significant increase of 81%, reaching EUR 134 million. However, the sale of assets in Colombia had a one-off impact of minus EUR 72 million, reducing the final net profit to EUR 62 million.

This provision of EUR 72 million has increased this quarter compared to the prior one as the contribution in this period of positive profit from the 3 assets held for sale also pushes the value of its equity up. However, the effect is neutral as a positive contribution to the income statement is offset by the increase in the provision for the sale.

Operating cash flow grew by 11% to EUR 890 million, showing the company's ability to generate cash and the operating cash flow to EBITDA conversion margin reached 88% compared to 85% in the prior year.

Another important point is the update of the valuation of concession assets carried out in June this year. As of December 2025, these assets are worth almost EUR 4 billion, and the trend is clearly upward. Our aim being to outstrip EUR 5 billion in 2027 and reaching EUR 9 billion to EUR 10 billion in 2033.

With regards to shareholders, the company has fulfilled its cash remuneration commitment, paying a cash dividend of EUR 0.045 per share in July 2025 and maintaining the policy established under its strategic plan to remunerate shareholders allocating at least EUR 225 million in cash during the period of the 2024-2027 strategic plan.

In the financial sphere, the company has obtained an investment-grade rating from Morningstar DBRS, a clear sign of strength and investor confidence. This achievement enables the company to diversify its financing sources, reducing financing costs and streamlining prequalification processes for new projects. In addition, it opens the door to issuing debt in the U.S. market through private placements known as USPPs.

As we announced a few months ago, a significant milestone has been the sale of 3 motorways in Colombia for USD 1.6 billion, which represents a very attractive multiple on the initial investment of 2.7x and 12% above our internal valuation. All the necessary authorizations have already been obtained and at the closing a receipt of funds will take place during November, we're talking about more than USD 300 million.

We continue to advance in our commitment to sustainability, both in project financing and in emissions reduction and social inclusion, aligning ourselves with the most demanding international standards. By way of example, we can mention the financing of the Buenaventura-Buga project that was closed in August, amounting to EUR 780 million with indicators for reducing polluting gases and hiring women in the areas of influence.

As for the evolution of consolidated debt in the course of these 9 months, it has been reduced by EUR 400 million. It is worth highlighting the strong operating cash flow generated by business activity amounting to EUR 890 million, the financial result, which mainly contributes to project debt amounting to EUR 446 million, and the fact that we have invested almost EUR 500 million in our assets. And finally, under the heading of miscellaneous, we find the effect of the consolidation of Chilean assets that were held for sale in 2024 and the deconsolidation of Colombian assets amounting to minus EUR 215 million, which together with the exchange rate effect of EUR 302 million on leases and dividends generates a total impact of minus EUR 439 million. That's how we came to EUR 6.489 billion as at September 2025.

In terms of recourse debt evolution, the most remarkable event reported over the quarter is the payment of a dividend to our shareholders amounted to EUR 36 million, together with the cash working capital recovery of EUR 15 million. We have invested EUR 33 million, of which EUR 24 million corresponds to equity in our concessions, the rest being machinery. And once the cash inflow from the divestment in Colombia is obtained, recourse debt will be reduced markedly.

Now Pedro will give you more color on the performance of each business area.

Thank you very much, Carlos. Now I will provide details on the performance of our 3 business areas. The Concessions division posted revenue of EUR 1.266 billion, representing an increase of 2% year-on-year. The positive contribution of Chilean assets, especially the Itata Route and Route 68, reduced the negative accounting impact of financial assets on both operating income and EBITDA for the division, which fell by 8% and 9%, respectively.

Revenue from construction grew by 37%, thanks to the contribution of major greenfield projects such as the Velindre Hospital in Cardiff, the Buga-Buenaventura Highway in Colombia or the Fruit Route in Chile.

Our concessions have distributed EUR 114 million in the first 9 months of the year. So far, we have invested EUR 225 million, bringing the total equity invested in our infrastructure concession assets to EUR 1.889 billion.

This year, we have also brought 3 assets into operation, all of them in Chile, the Atacama Airport in January, the Itata Route, the North Access to Concepci n in April and Route 68 on July 1.

As I mentioned earlier, we have been shortlisted for 2 managed lanes projects in the U.S., the I-285 in Georgia and the I-24 in Tennessee, and we are currently in the prequalification phase for the I-77 in North Carolina. On the other hand, we have received further recognition for the I-10 highway project in Louisiana in the U.S. This being the seventh award received by our concession. Let me remind you that this is the largest financing in terms of volume and complexity carried out through a public-private partnership in the state of Louisiana.

In the Engineering & Infrastructure division, revenue grew by 12% to EUR 2.205 billion, thanks to the significant growth of our activity in Italy and particularly the contribution of the A21 motorway. For this same reason, EBITDA rose to 42% up to EUR 407 million.

If we analyze the construction activity in isolation since, as you know, Italian concessions are included in this division, the EBITDA margin remained stable, standing at 4.8% over revenue.

The division's backlog has set a new record, climbing by 15% in the first 9 months of the year, reaching EUR 12.151 billion, of which 71% of the backlog corresponds to activity for our own concessions.

Some of the highlights of the last quarter include the completion of a 32-kilometer road in Sweden, the execution of a contract for the Dublin Airport underpass with an investment of EUR 265 million and the completion and opening to traffic of an 11-mile section of the SR23 highway in Jacksonville, Florida, our largest construction project to date in the U.S.

And finally, our Water division continues to post double-digit growth in 2025, both in terms of revenue, which rose by 17% until September and now exceeds EUR 200 million and in terms of EBITDA, which reached EUR 46 million, up 23% year-on-year.

The backlog grew by almost 50% to EUR 7.148 billion, largely thanks to the award of the Antofagasta reuse plant.

Total equity invested in the concessions of this division reached EUR 128 million. A major milestone this quarter was the fact that our Perth desalination plant in Australia reached its first million megaliters of water produced since operations began in 2011. This facility is the largest producer of desalinated water in Australia, the seventh largest in the world and is recognized as a benchmark in the industry.

To conclude this presentation, and by way of conclusion, I would like to express our confidence in the successful attainment of our 2024-2027 strategic plan, thanks to the highlights we have just explained. First, our success in securing concessions with 4 new awards in the first 9 months of the year. Second, the manifold growth opportunities we are bidding on in our strategic markets, where we are confident we will continue our successful track record in terms of backlog. Third, the 11% increase in operating cash flow to EUR 890 million. And finally, achieving investment-grade rating and delivering returns to our shareholders through the first cash dividend payment, thus fulfilling our commitments.

We are now available to answer any questions you may have.

Good morning, everybody. Next, we're going to start with the Q&A session. We are going to start with the questions coming through the telephone line. And next, we are going to continue with the questions posted via chat in the webcast. Luis Prieto from Kepler Cheuvreux, you have the floor for the first question.

I have 2 questions -- 2 quick questions. Thank you very much for answering this question. As for the earn-outs of Colombia, in terms of some pending offsets, how likely it is for Sacyr to receive the full amount that was timely agreed during the sales agreement.

And the next question, and I don't mean to be impatient. I would like to know which is the current situation with Pedemontana in terms of rebalancing. Could you give us an update on how the situation evolves with regards to Pedemontana?

Okay. We are going to answer in just a moment, please.

Okay, Luis. As for Colombia, according to the purchase and sale agreement, we agreed that the result of the arbitration award will go to the construction consortium where we hold 60%. The amount has not been ultimately agreed. This has to be decided upon by the arbitration award, but the proportional amount will correspond to Sacyr, and this is what we announced as a relevant fact that was timely disclosed.

Luis, as for Pedemontana-Veneta rebalancing, as we mentioned in the past, as our Chairman mentioned in the past, we have no concern whatsoever. We have made steady progress with our technicians in Pedemontana-Veneta. We are also making steady progress with the financial adviser in the region, KPMG, in order to rebalance their financial and economic plan that is tied to this concession project.

Luis, do you have any additional questions?

Yes. Let me go back to what Carlos answered as for Colombia. You cannot provide any degree of certainty as to the final numbers, right? Do you think that you can provide any numbers as for the final earn-outs?

Luis, as you may understand, we have submitted all the necessary arguments when our construction works were halted. But for the moment, we cannot actually provide an answer. However, we stand very high chances.

The next question is by Miguel Gonz lez Toquero from JB Capital.

I have 2 questions. Actually, I have 3 questions. The first question is, as for the evolution of the first 9 months, I have a question as for FFOs, even though cash conversion was a little bit weaker this quarter compared to the prior year. Is this due to the effect of intangible assets? Could you give us some more color in this regard?

And also, I would like to know whether you can mention certain Colombia aside where your estimates are in terms of growth for Q4? And along these lines, now that you have officially closed the project in Colombia, can you give us some information as to the loss in terms of FFOs that this could represent and whether this is going to be offset by the new projects that you have won?

And lastly, concerning the Water division business, you are performing very well, but margins have come down slightly over this quarter. I don't know whether this is due to the mix between concessions and other integrated businesses. I would like to know whether you can give us some more color as to what you expect in terms of sales growth in 2026 and how you think the margins might evolve into the future?

And finally, I would like to know whether any value should be continued to be materialized in this division going forward?

Thank you very much, Miguel. We will answer in just a moment.

Okay. So the first question concerning operating cash flows for the first 9 months. Since most of our assets are assets held for availability, not all payments are monthly. Sometimes we get paid every 6 or 9 months. Therefore, our quarters can be compared one against the other and not against the prior quarter.

And with regards to last year, the difference is very small. Conversion and exchange rates play a key role here. So there's nothing remarkable in this respect. From a company perspective, we continue to grow at a rate of 11%.

As for the closing of the year, we will continue to consolidate operating cash flows in Colombia until the very end. We believe that this is going to happen in November. And of course, the last month, we are not going to price this in, but we believe that we will be posting about EUR 1.3 billion, just like in the prior fiscal year and new projects that, of course, contributing cash, such as the Itata Road or the I-68 and I-21 Motorways.

As for the losses coming from the assets sold, we are talking about EUR 170 million. That's our estimation for 2026, taking into account, however, that we are going to offset this amount, thanks to the projects that have been awarded to the company over the past months.

And as for the question concerning the Water division, Pedro will answer that.

Well, we continue to remain right on course. This quarter, that was slight percentage fall, but we are now commissioning some projects we have been awarded such as the Antofagasta project. And therefore, EBITDA margin will be around 21% to 22% in that division.

And since we are growing and as we showed during the presentation, we are now focused on carrying out some key projects, for example, concession projects in Chile and Australia, respectively. Based upon this growth, we aim at keeping on growing strategically within this division, and we are not considering to sell the Water division partially at all.

Thank you very much, Miguel. Do you have any further questions?

No, that's all. Thank you very much.

There are no further questions from the conference call. Now we are going to read aloud the questions received through webcast. [indiscernible] asks whether we can give some color as to dividend for next year for shareholders. Okay, we're going to answer in just a moment.

Under our strategic plan, we said that we're going to distribute EUR 225 million between 2025 and 2028. Therefore, next year, we are going to increase our dividend year-on-year. However, this decision is to be made by the Board of Directors when the time comes, and this is going to be submitted for approval at the GSM. Actually, it should be 2024-2020 -- 2025-2027 rather.

Filipe Leite asks whether we can give more details as for the provisions of EUR 50 million in terms of traffic for Q3 and whether we should expect more provisions in Q4 or in early 2026. The second question is whether the construction backlog that we have reported on includes anything about the Messina Bridge project or not.

We are going to answer in just a moment.

Filipe, as for provisions, this is a technical issue, an accounting issue. We have been awarded for projects from day 1, you begin to receive some revenue, but you cannot amortize anything that you have not invested in yet. So right now, we are allocating provisions to these projects, the I-68, Itata project and the I-21 project.

These projects will become operational within 2 or 3 years when amortization will take place in our accounting records. So provisions will be kept in 2025. However, this corresponds to amortizations that will take place once investments are made.

Filipe, let me add that the construction backlog does not include the Messina Bridge project. The construction backlog has risen by 15%. In Attachment 32, we list other concession contracts that are included in the concession backlog but have not been included in the construction backlog yet because actually, they are included 2 months later.

The next question is by Julius Nickelsen from Bank of America. The first question is the following. Concerning the rating, we have been awarded the investment-grade rating from Morningstar. Are we working with Moody's and Fitch or not? That's the first question.

And the next question is about the A22 project in terms of investment.

Next, he asks whether we can provide any estimate as to net debt -- net recourse debt at the end of the year once we have collected the funds from Colombia.

And the fourth question is whether the complementary incentive plan that the Chairman and the company's management have will be paid in Q4 or whether it's going to be postponed until 2026. Julius, we'll get back to you in just a moment.

[Foreign Language] Okay, Julius. We are working with other rating agencies. Each rating agency has its own methodology. We are making progress to engage with other agencies. And now that we are about to close our financial statements for 2025, we believe that we are going to complete some of these conversations we are engaged in. We'll see what plays out.

As for the net recourse debt, once we receive funds from Colombia, this debt will be reduced considerably. We are not concerned about this debt anymore, EUR 20 million more or less is not relevant. Taking into account that Q4 is normally strong in terms of working capital, in terms of construction and we are also estimating some significant investments in assets, equity, we believe that this debt, however, will be reduced markedly. The answer is yes.

As for the A22 highway that runs around 313 kilometers, we are talking about EUR 2 billion in terms of investment. And as for the incentive plan, it's going to be paid next year.

Okay. Thank you very much for all the questions. And now let me once again turn to Pedro Siguenza, the CEO, for some closing remarks.

If there are no further questions, thank you very much for attending this earnings call. We wish you farewell until next time, and have a very nice afternoon. Thank you.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good morning, I am Manuel Manrique, the Chairman of Sacyr. Joining me at this presentation are Pedro Siguenza, the CEO; and Carlos Mijangos, the company's CFO & Managing Director. Thank you very much to all of you, analysts, investors and media representatives for attending this earnings call of Sacyr for the first half of fiscal year 2025.

At Sacyr, we continue to make a steadfast progress in line with our strategic plan 2024-2027, generating value in our concessions assets and increasing our cash flow to invest in new projects, thus confirming that our business model is increasingly solid, growing and profitable. As a result of the work performed in the first year since our last Investor Day, the valuation of our assets has grown by EUR 406 million to EUR 3.957 billion as of December 2025. This significant progress also makes us optimistic about the prospects of market recognition of this growth. The main figures for the first half of the year bolster this trajectory I am describing. Revenue grew by 6% to EUR 2.237 billion. Net income, excluding the effect of divestments increased by 85% to EUR 96 million. 91% of our EBITDA comes from concessions activities. Operating cash flow climbed by 7% to EUR 615 million. And furthermore, we invested EUR 208 million in the first half of the year, bringing our total equity invested to almost EUR 2 billion.

I would also like to highlight the successful issuance of a new bond for EUR 500 million, extending terms and significantly reducing interest rates. We shall refer to this transaction in more detail later. We are also securing our future sustainable growth, thanks to new concessions awards, two in the first half of the year, namely the expansion of the high network in Paraguay and the largest water recycling plant in Latin America, in Chile. And this growth is also secured by the commissioning projects that are beginning to generate cash flows, the Atacama Airport, Ruta del Itata and the all important Rutas Este in Paraguay, all these projects being run in Chile.

We are also strengthening this future growth with the rotation of mature assets through the transaction formalized in Colombia that you already know, this transaction consists in the divestment of 3 highways for USD 1.6 billion and with the recovery of operational assets with Voreantis. Although it is not necessary for the development of our concessions. The process continues to move forward until the market is in the best possible condition to start off operations. As we have always stated the investment targets for 2024-2027, plan are safe harbored with existing cash. Another way to put this shows that it is some surplus going forward and we are also ensuring sustainable growth by providing the company with the best corporate governance possible to lead. And we have appointed a Chief Executive Officer to add even more management capacity in this period of strong activity and have thus achieved the diversity targets set for the Board of Directors. The distribution of a cash dividend last June at a rate of EUR 0.45 per share is also a way to strengthen the shareholder base and make investing in Sacyr even more attractive.

This cash dividend is in addition to the scrip dividend in January in the ratio of 1 new share for every 40 old shares. By carrying out all these actions, we have met the target set out under the 2024-2027 strategic plan. That's given confidence to investors as Sacyr is achieving its objective one by one, which is being valued positively.

Regarding our environmental performance, I would like to underscore the important milestones achieved over the first half. Renowned agencies and institutions have acknowledged that we are successfully meeting our objectives in the fight against climate change. As a summary of the highlights of the first half of 2025, I would like to underscore the growth posted by our most representative magnitudes. Operating cash flow rose by 7%; net income, excluding divestitures, went up by 85% and EBITDA to cash flow conversion grew from 87% to 95%. There were also some surpluses from distribution of concessions by 2033, as we are going to explain later.

Next, Carlos Mijangos will give you more color as specific details of the company's income statement and balance sheet and Pedro Siguenza will subsequently delve into the evolution of each of the business lines.

Thank you very much, Mr. Chairman. So we are going to talk about the operating and financial performance of the period. First off, we updated the valuation of our concession assets. As you know this went up by more than EUR 406 million, and the main hypothesis supporting this valuation are as follows. First off, we keep discount rates and the cost of capital in each country where we discount the flows of projects, even though some interest rates have been cut in the case of some countries, we have not included any increase due to rolling forward compared to 2024. We are keeping the same prudent approach. And we have not considered any contribution in the variation of the assets over which a sales agreement has been reached.

As for the performance of this variation and the breakdown of impacts are as follows. On the one hand, we have rolling forward, which is implicit to concessions with future life cycles because here, we discount cash flows within a lower term, hence pushing the value up, and this happens on a rolling basis. The second big impact has to do with the increase due to inflation. Inflation rates went beyond our forecast and therefore, this led to an increase of EUR 191 million. We should also mention that this is a cumulative inflation increase that sticks to the contracts and therefore, pushes income on a yearly basis.

Next, we have the exchange rate with a negative impact of minus EUR 213 million. However, the increase due to inflation and the exchange rate offset each other. Some countries have more inflation rates than others. So the impact varies. Then we have also applied a prudent approach. And therefore, we have included the equity to be committed to the projects in 2025. And we have included this -- the value factor in for each project. We have not included any multiples here.

I would like to mention that this EUR 170 million is part of the EUR 650 million of new equity to be contributed as result of the said contracts that we have been awarded since we hosted the Investors Day last year. Thus, we stand at EUR 3.957 billion, up 11% compared to our valuation as of December 2024.

Next, when we get cash inflows, and here, we are talking about the [indiscernible] Colombia as a rotation inflows, and we are going to receive 12% more compared to what we had priced in the valuation of 2024. Thus, you can see that concession asset value is growing in line with the trend -- the growing trend that we described during the Investors Day, reaching nearly EUR 4 billion and we are all the course to be in the north of EUR 5 billion in 2027. Our goal being reaching EUR 9 billion by 2030, we have to take into account capitalization as of June 2025, standing at EUR 2.763 billion.

If we now take a look at distributions of concession assets over their life cycle or life period, we should highlight that they're going to contribute more than EUR 17 billion, that is to say 6x the company's capitalization today. So the award of the 6 contracts I mentioned before over the past 12 months, lead to distributions being added to the 2024 portfolio reducing, therefore, the assets sold in Colombia.

Thus, we come to EUR 17.410 billion per year on average. So we are talking about more than EUR 360 million for the 2025 -- 2033 period, EUR 421 million for the '34-'43 period and more than EUR 440 million thereafter. If we zoom in the subsequent periods, we can observe how distributions will perform the same as equity and the EUR 2 billion capacity that the company has in order to allocate these 2 different needs. For example, in 2025, we see foreseen distributions, and we had EUR 277 million that we are going to be receiving from Colombia, more than EUR 400 million in cash inflows, then capital contributions from 2025. As we mentioned during the Investor Day, they are the most important ones because they account for EUR 300 million. And then in the 2025-2027 period, we are going to receive nearly EUR 1 billion in distributions, investing more than EUR 700 million. And therefore, we're going to be left with EUR 250 million.

If we now zoom this in further by 2028-2033, we're going to receive more than EUR 2.570 billion with the net amount being almost EUR 1.9 billion. We are talking about more than EUR 3.5 billion in distributions, EUR 1.4 billion in equity and more than EUR 2 billion in net value. Here, we have not taken into account the dividends from the assets that have been sold in Colombia and this is going to be finalized by the end of the year.

As for the Colombia agreement, these are the key features of this transaction. The enterprise value of all 3 assets stood at USD 1.6 billion, that is to say 12% above the valuation informed during the Investor Day. After this divestment, we confirm -- we even increased the value of these assets as part of our valuation. As you can see, this is quite realistic and conservative. We have obtained at 2.7x the invested equity multiple. We have been able to surpass the median values. We have been able to strengthen our balance sheet to speed up our growth plan, and we reduced exposure in the Latin American market to better balance the current portfolio of our assets, which is one of the key messages under our strategic plan to have 1/3 in Europe, 1/3 in Latin America and 1/3 in English-speaking countries.

The IRR, therefore, stands at 18%. We have reached 2.7x the invested equity, we're going to collect USD 318 million, and then we have some earn outs in the north of USD 70 million. As for financial transactions per se, we have renewed our investment-grade rating with the EthiFinance credit agency. We continue exchanging information with other rating agencies, and we are paying attention to their outlook. And as for the bond issuance that the Chairman mentioned, these are the key features. We refinanced EUR 370 million of maturities for 2026-2027, and we incorporated EUR 139 million of new money for a total amount of EUR 500 million, the maturity term being 5 years and we reduced the coupon of 2026 maturities down to 4.75%. This leads to a EUR 26 million positive impact on our income statement, and this is the difference between the present value of cash flows at the initial rate now compared to this lower percentage. This is a one-off impact that is going to be recorded in our 2025 income statement.

As for net debt evolution. I would like to highlight that the company is making huge investing efforts, particularly in the first half, we have invested more than EUR 208 million. That's twofold in our investments in 2024 and threefold in our investments in 2023. Therefore, equity amounted to almost EUR 2 billion as of June 2025, and we have deducted the Garvanza project, and we are going to do the same after the sale of the assets in Colombia. As for consolidated net debt evolution of the group, we stood at EUR 6.891 billion in December 2024. We have been able to reduce this amount. The most important impact is the flow of impact, EUR 650 million. In our essence with financial results stand at EUR 289 million. This company has a big financial burden due to the use of project finance to finance its projects.

Net investment stood at EUR 357 million over the past half of the year. And as for financing flows and other variations, we reported minus EUR 478 million. I would like to underscore that the rationale behind this value is connected to impact. We consolidated under the balance sheet of the company, 7 assets that were held for sale in Chile. We have to wait and see what happens in the short term. We had to materialize that investment, and we have consolidated 3 assets from Colombia with their related debt after the sale agreement that has been signed. Therefore, that had an impact of EUR 176 million, minus EUR 176 million and more than EUR 300 million that was the other effect.

Now talking about net debt we recourse, it went up by EUR 21 million over the quarter, mainly due to a significant investment effort in our concession assets. I would like to highlight that transactions stood at EUR 98 million. And over the past quarter, working capital was positive, standing at EUR 2 million. It was quite steady. We received distributions of EUR 66 million. Financial expenses were EUR 13 million, investments stood at EUR 79 million, EUR 6 million corresponds to machinery and other assets, EUR 27 million corresponds to financing inflows and exchange rate and other variations. And this also corresponds to the exchange rate applies to recourse cash at hand in different countries. Thus, we count to EUR 297 million, but this is going to be reduced significantly after the sale of the assets in Colombia, and that's all.

Mr. Chairman, Pedro, you have the floor.

Good morning, and thank you very much, Mr. Chairman. Thank you very much, Carlos. It is an honor for me to be present for the first time at Sacyr results presentation. I will now explain the most relevant facts of the first half of 2025 for the 3 business areas of the company. The concession division, which is a unique platform for value creation, reported revenues of EUR 818 million, similar to the same period of the prior year. Operating income and EBITDA have been affected by the negative accounting impact of the evolution of financial assets. An effect that will undoubtedly be offset at the end of the year by the new assets that have been recently put into operation Ruta 68 and Ruta del Itata.

In turn, construction revenue grew by 34%, thanks to the contribution of relevant greenfield projects such as the Velindre Hospital in Cardiff and the Buga Buenaventura Highway in Colombia. There has also been a period of intense investing activity as the Chairman pointed out, with investments totaling EUR 208 million with the contributions made during the first half of the year, the total equity invested in our concession assets in this division reached EUR 1.872 billion.

Distributions from concessions amounted to EUR 101 million during the first half of 2025. During this period, we have commissioned 3 assets, namely the Atacama Airport in January, Ruta del Itata on April 1, and Ruta 68 on July 1. All these assets are located in Chile. Regarding the U.S. market, our consortium is already shortlisted on 2 mega projects. The I-285 in Atlanta and the I-24 in Tennessee. We have also -- both are managed lines. And we have also signed the addendum to Route 2 in Paraguay, which includes 4 kilometers of urban highway in Asunción, the [indiscernible] and new access branch to Luque - San Bernardino.

This concession will result in revenue of EUR 487 million with an investment of EUR 163 million. We have just been advised of the final award in Italy of the Novara Hospital in the Piemonte region. This it accommodates more than 700 beds under a 25-year concession with an investment of EUR 525 million. Its construction will bring about many synergies with the recently awarded Turin Hospital. I would especially like to highlight the start-up of the Ruta 68 highway on July 1. This is the largest public private partnership project ever tendered in Chile. Since that date, we have already begun to post revenues from the concession in which we plan to invest EUR 1.5 billion in new lanes, pavement improvements, connectivity for adjacent communities and traffic technology. This highway connects Santiago with Valparaíso. The two most important political social and economic poles of the country running along 141 kilometers and will have a lifetime revenue of EUR 3.3 billion.

With respect to the engineering and infrastructure division, it is worth highlighting the growth obtained in both sales and EBITDA, accounting for 18% and 34%, respectively. This was due to the incorporation of the A21 highway in Italy and the progress of works in Spain, Chile and the United Kingdom, respectively. If we analyze the purely construction activities, as you know, the concessions in Italy are included in this division, we can see that the EBITDA margin with respect to revenue remains stable at 4.8%. The backlog continues to grow, setting a new all-time record at EUR 10.8 billion, 70% of which corresponds to activity for our own concessions. This portfolio ensures 59 months of activity in this division.

In May, we signed the contract for Empresa de Ferrocarriles del Estado for EUR 271 million Alameda Melipilla section in Chile. And in early July, we started operating the SR417 for CFX on the Central Florida expressway in Orlando. This is already the tenth project delivered in the United States, which shows our ability to successfully execute projects in this country. Among the main contracts awarded during the period, we can highlight the Turin Health Park in Italy for EUR 332 million. The Alameda Melipilla section in Chile for EUR 271 million, several real estate projects for first year developers, mainly in Málaga and Madrid for EUR 245 million, the North airport network also in Chile for EUR 199 million and underpass for vehicles at Dublin Airport for EUR 160 million, the Juan XXIII hospital in Tarragona for EUR 76 million, the extension of Line 5 of the metro for EUR 63 million, the construction of the [indiscernible] Catalonia in the Port of Barcelona for EUR 54 million, the Móstoles University Hospital in Madrid for EUR 37 million and engineering contract for the renovation of an LNG terminal by our engineering company, Sacyr Proyecta for EUR 31 million, among other projects.

The water division significantly increased both its revenue by 20% and its EBITDA by 36%, reflecting the major contracts that we won in recent months. This means that EBITDA margin on revenue increased significantly to 23.2%. That is 280 basis points more than in the same period of the previous year. The portfolio grew by 54% to EUR 7.408 billion. Equity invested in this division amounted to EUR 121 million. The most relevant milestone of the first half of the year in this business area was undoubtedly the award of the water recycling or reuse plant in Antofagasta, Chile, the largest of its kind in Latin America. The revenue portfolio of this concession project amounts to more EUR 2.5 billion over the 35-year concession period secured by contracts with mining companies that are well established in the area and that need water, which is scarce in the region, and they need water for their operations. This contract signed in June with the Chilean state-owned utility, Econssa, calls for an investment of EUR 300 million in 900 liters per second capacity treatment plan and recycled water supply facility.

This project represents a very important leap in scale for Sacyr Agua with the Water division, allowing it to make solid progress in meeting its growth objectives within 2024-2027 strategic plan.

And now let me hand over to the Chairman once again.

So in closing, we can say that we continue to make steady progress in the fulfillment of the 2024-2027 strategic plan driven by the continued creation of value in our concession assets portfolio. As we said, we were able to increase its valuation by more than 11% in 2024, the strength of operating cash flow up 7% and a 95% conversion of EBITDA into cash. The divestment of the Colombian assets in the north of 12%, our valuation strict fulfillment of our commitment to net recourse debt, as we mentioned before, the solid growth reported by the Water division, and I would like to underscore the EUR 1.230 billion after paying everything in order to invest in equity before now and 2033, EUR 2.130 billion in equity.

So we are now at your disposal to answer the analysts' questions.

Thank you very much, Mr. Chairman. Next, we are going to open the floor for questions. As usual, we're going to start with the questions coming via telephone, and then we are going to allow for questions posted through the chat function in the webcast. Luis Prieto has one question from Kepler Chevre.

I have 3 questions. 3 quick questions. The first question, which is the current negotiation situation for the Pedemontana project to balance things out? Second, can you be more specific with regards to market conditions that should be more positive in the case of Voreantis? Do you think that there is little demand. Could you give us more color here?

As for Slide 31 on your presentation, I believe that we are all aware of high competition in the United States. But how competitive are your key projects in Australia, Canada, Italy or Chile, respectively?

Thank you very much, Luis, for your question. We will get back to you in a minute.

This is Pedro Siguenza. Let me answer your question about the rebalancing of the Pedemontana-Veneta project. We are making progress in negotiations with Veneto region authorities and the agents they have appointed in order to rebalance things. Taking into account that additional investments were made during the project execution.

The second question, as for the most favorable conditions regarding Voreantis, I would say that over the past weeks or months, three big investments were halted in our sector -- three major operations in Spain because the conditions are not suitable enough. There is this feeling of uncertainty, I would say, with regards to macroeconomic climate. So we are going to do things when the time comes. We do not need to rush. We have said this already oftentimes. We said this during the Investor Day, we have EUR 2.130 billion available. So we are going to carry out those investments when the best timing comes according to the best interest for Sacyr.

And as for the market context, I would say that competition always exists and there is an upside to competition. But we should analyze the past decade of Sacyr's history. We can analyze 10 concession projects in the health, water and infrastructure areas. We tended or projects, we rejected the rest due to the risks inherent in all the bidding terms and conditions that did not fit into our approach. Out of 5 or 6 projects, we won 3, I believe, that is to say around 33% out of a total of 10 potential projects. In the past, we used to win 3 projects. Now we have already been awarded 4 projects. So at the end of the day, we believe that this will continue to be the trend because this can really set the real trend over time.

The next question is by Joao Safara from Santander.

The first question, just to clarify, the value stated in euros regarding the transaction in Colombia, I believe that you have hedged this exposure. Could you please Confirm that you have done so and at which value?

The second question is a follow in. It's concerned with the slide of the expected valuation of assets. You mentioned EUR 5.1 billion by 2027. So by taking a look at your current backlog and the projects and your under rollover effect and the projects in the pipeline, I believe you do not need to win many more projects in order to reach that target. Am I wrong? Or do you think that this target is something that you do not need to deliver right away and here, the economic results are clear.

Next, as for the business lines, I would like to get some more color on the expected time line or schedule, not only in the case of the projects for which you have issued -- listed. Do you have any estimated time line that we could use by way of reference.

Thank you, Joao. We are going to answer those questions shortly.

Joao, let me answer your question. We are going to receive that amount, not to hedge ourselves against any foreign exchange fluctuations, we wait for the relevant permits to get through. Joao as for the valuation that we estimate by 2027, standing at EUR 5.1 billion, these are targets that we set for ourselves, taking into account a full year scenario. But we believe that we are going to go beyond that. But this reference is not the last word. We are going to try to attain as much as possible, providing that the conditions are suitable enough as we normally do. But I'm sure that we are going to go beyond the forecast, and we have no ceiling.

Joao, regarding your questions in the United States, we -- there are 4 consortiums that have been shortlisted for the projects. There is a change to the financing requirements increasing financing from 33% to 49%. That is a decision that we have -- that has been made. And therefore, this will have an impact on the I-77 in North Carolina, S-495 in Virginia, among other projects.

The next question is by Alvaro Lenze from Alantra.

After the sale transaction in Colombia, your net corporate debt stands at virtually 0. And since you have some cash surpluses of EUR 2.1 billion by 2033, which would enable you to twofold your equity investments, and you have the Voreantis upside as well. So should we expect this corporate leveraging to be around 0 from a structural standpoint? Or do you keep your leveraging targets -- the ones that you said in the past? Or you believe that we should expect something different, given this new scenario?

We will answer shortly, Alvaro.

Your statement is correct. We are going to be at very low net debt recourse levels, but we have to be careful. This activity has some seasonal effects as well. Now we have committed ourselves to be below the ratio of 1. So the net debt with recourse divided by EBITDA with recourse and distributions. However, if we confirm the Colombia cash inflows over the year, and this is what we expect no doubt, leveraging figures from a recourse perspective, will really be very low.

And with such low leveraging, do you expect an investment pipeline in order to deploy that or to use this EUR 2.1 billion in surplus cash? Or do you have any other shareholder remuneration expectations in the short term? Do you think that this could actually improve after 2027? Or do you think that there are other opportunities to use all these equity?

We will answer in a minute.

Well, the surplus amount will be allocated to the major projects described by Pedro in the United States, Australia or Canada. And as for shareholder remuneration, we have committed ourselves that at least between EUR 224 million and EUR 227 million distribution will amount to EUR 225 million. But this is up to the relevant committee to decide when it comes to the dividend payout policy. The truth is that the situation, the prospects are very optimistic.

There are no further questions. via telephone. So we are not going to start with questions via webcast. The first question is by Victor from Bernstein. Is there any news as to get in an investment-grade rating?

Victor, as I mentioned before, we keep on making steadfast progress with credit agencies. They are learning more and more about our company. We are exchanging information with them. So there is active interaction with these agencies.

Next questions are from Julius Nickelsen from Bank of America. The first question is as follows. By taking a look at equity in the first quarter of it sees that some equity has shifted from 2025 to 2026. Could you give us more color in this regard. The second question is a follow in. Regarding the first quarter, there is an additional EUR 200 million in equity. So we understand that this corresponds to Antofagasta, Rutas del Este. So are there any other projects involved here? And finally, given the company's valuation and the market cap, do we consider the possibility of formalizing forward contracts at some point in time down the road.

We will answer shortly. Thank you.

Let me answer your question, Julius. As a matter of fact, there have been some variations of capital allocation from 2025 to 2026. This has been carried forward, in line with the formalization of concession agreements and the execution of projects. But this is just pass through the transfer of something that we fulfill for 2025 and that we are carrying forward to 2026.

As for the second question, equity went up due to the 6 projects that we were awarded since the Investor Day, particularly over the past quarter, mainly due to the Antofagasta plant project and the update of equity related to the previously awarded contracts. And as for forwards, this is an instrument the company can use or uses oftentimes, EUR 30 million have already been issued. So we will have to wait and see the market conditions and what the future scenarios might be.

The next question is by Filipe Leite from CaixaBank BPI. As for the concession asset valuation of EUR 4 billion, which amount of percentage approximately is associated to Voreantis assets. The second question is concerned with valuation details.

So Filipe, if you agree, we are going to get back to you afterwards from the Investor Relations department to answer that.

As for net debt, we recall the formalization of the agreement in Colombia, could we expect a net cash of by 2025 as a result of the transaction?

I believe that, that question has already been addressed. So we're going to answer the question about Voreantis in just a moment.

As for the first question, Filipe, Voreantis accounts for 1/3 of the valuation approximately. So those are the assets that would be making up the perimeters. And as for net cash flows, as we said, we are going to have some room, but it's not that relevant.

[indiscernible] from [indiscernible] says the following. The value in euros of the Colombian transaction, how much could it account for?

Carlos said, it was USD 380 million.

There are no further questions. So now let me turn back to the Chairman.

Thank you very much. If there are no further questions, we wish you a happy summer, and thank you for your interest in attending this earnings call. We wish you farewell until the next event. Thank you very much, and have a nice day.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]