Hi. Good morning, everyone. Thanks for joining us for this presentation related to Q3 results of Grupo ACS. Here with me are top management representative, our CEO, Juan Santamaría, and our Corporate General Manager and CFO, Ángel García Altozano, who will briefly analyze the key aspects of our results, which were released yesterday. As always, we'll follow by a QA session. Juan, all yours. Thank you. Thank you so much, Luis, and thank you everyone for joining us today. I will proceed with the results presentation and I look forward to your questions at the end of it. Starting with slide two and the key Q3-22 key figures. Our sales increased by 20.4% to EUR 24.5 billion. FX adjusted sales grew by 10.6%, reinforced by an outperformance of our core regions, particularly the U.S. market. On a quarterly basis, sales grew by 29.5% in Q3, +15% FX adjusted. Backlog stood solid, reaching maximum highs at EUR 70.4 billion, thanks to the strong order intake in the last 12 months, amounting to over EUR 36 billion and supported by the U.S. dollar strength. Recent multi-billion awards in the U.S. and Australia are not yet included. This will push backlog further up at the year-end. EBITDA accounted for EUR 1.26 billion and EBIT for EUR 839 million, increasing by 8.4% and 8.2% respectively. Operating margins remain practically stable on a like for like basis. Slight changes are due to variations in the business mix with a greater weight of the building infrastructure activities coming from Turner, whose margin is lower in line with its risk profile. Net profit from operating activities stood at EUR 421 million, +25.5% year-on-year, supported by the positive performance of the businesses in CIMIC minority and CIMIC minorities buyout. Total group's net profit reached EUR 480 million, as it includes capital gains from asset disposals and positive impact from financial derivatives. As of September 2022, the group held a net debt position of EUR 288 million, improving by EUR 3.3 billion in the last twelve months after the sale of Industrial Services activity in December 2021. Year to date, net cash went down by nearly EUR 2.3 billion. EUR 1.5 billion allocated to strategic acquisitions such as the buyout of CIMIC's minorities and the 14.5% stake in Hochtief acquired from Atlantia. The remaining EUR 0.8 billion cash outflow is due to the seasonal effect of the working capital. Turning to slide three, the geographical breakdown. After the disposal of Industrial Services in 2021, the group's sales and backlog will balance towards its core strategic regions. Sales weight in America increases up to 63%, of which 56% comes from the U.S. market, 6% from Canada, and the remaining 1% Latin America. Australia represents around 22% of the total sales. Europe revenues represent 15%, still being Spain the core market of the region, representing 9% of the overall sales of the group, followed by Germany and the United Kingdom. The backlog shows a similar distribution to sales, just corrected from the proportional backlog from this CIMIC's affiliate specialized in contract mining activities. Turning to operating activities on slide four. In construction, sales went up by 21.2%, consolidating growth trends across regions and supported by the U.S. dollar strength. FX adjusted construction sales grew by 10.8%, with low double-digit and high single-digit growth across core countries. In particular, the U.S. Market grew by 12% FX adjusted. Australia, 13.2%, while Europe grew by over 6%, mainly the U.K. and Poland. As you may see in these graphics, minor deviations in operating margins reflect business mix variations due to the higher growth in America, basically Turner, where margins are in line with its business risk profile. Meanwhile, CIMIC's and Dragados' EBIT margins remain stable. Let's move to the backlog in construction on slide five. Work in hand remains solid, reaching record highs thanks to the strong last 12 months awards across activities and the positive impact from currency as a result of the strength of main currencies against the euro, particularly the US dollar. A remark that the order intake in the period does not include yet major recent awards such as the new Buffalo Bills stadium or the 101,188 studios in the Eurosea, some building activities in India or mining and construction activities in Australia. On slide six, among the order intake in Q3, we could highlight the widening and improvement of the I-35 freeway in Travis County, Texas, EUR 663 million. Engineering, procurement, and construction contract delivery services for the Artemis Gold at the Blackwater gold project in British Columbia for EUR 358 million. Contract to deliver mining and maintenance services and asset management service for the Iron Bridge project in Western Australia of EUR 350 million. The design and construction of 18.1 km of the S19 highway between Radzyń and Polackie in Poland for EUR 129 million. The intake works, construction of walls, and conduction of the hydraulic circuit in the Chira and Soria dams in Gran Canaria for EUR 144 million. Moving to slide seven. At the concessions activity performance, we can highlight that the EBITDA from concessions raised to EUR 165 million, to which Abertis contributed with EUR 133 million, +23% year on year. Abertis average daily traffic in the first nine months rose by 12% year on year. Traffic levels recovery demonstrates the ongoing improvement that began in the last half of 2021, showing positive traffic trends above pre-pandemic levels, 4% year on year versus 2019. Individual country performances are as follows. France, +16%. Spain, +15%. Italy, +14%. Brazil, +6%. Chile, +19%. Mexico, +10% and t he USA, +2%. This positive operating performance, driven principally by the traffic recovery, offset the expiry of some concessions such as Acesa, Invicat, and so on. Let me remark that revenues have not yet increased by CPI. It will be in 2023 when toll tariff increase will be implemented according to inflation. On the other side, financial expenses are impacted by inflation and interest rates raised. Overall, Abertis net profit pre PPA amortization reached EUR 506 million, while net contribution to ACS profit accounted for EUR 113 million, up 30% year-on-year. Also in April, Abertis distributed EUR 602 million of dividends, in which EUR 297 million were attributed to ACS Group. As for Iridium, the net profit raised to EUR 33 million from EUR 20 million in the prior period. On slide eight, the recent agreement for the acquisition of the SH 288 toll lanes by Iridium significantly reinforces our exposure and commitment towards the activity of concessions. As you may know, last September, we reached an agreement to acquire a 44.6% stake in the SH 288, one of the longest concession tenures in North America, in addition to the 21.6% that it already owned. In October, an additional 12.2% was agreed to be acquired to the one of the two remaining partners of the concession. Total negotiated price for the 56% stake amounting to around EUR 1.1 billion, subject to authority and FIFA consents. Closing is expected, if no delays, by 2022 year-end. This transaction implies an equity value for the 100% of the asset for roughly EUR 2 billion, which means an IRR of 8.3%, assuming very conservative assumptions in terms of traffic growth, tariff scheme, and financial conditions. Moving to services on slide nine, both sales and operating margins evolved positively. In detail, sales reached EUR 1,358 million, growing by 11.4%, coming from both domestic and international markets. Margins recover pre-pandemic levels, raising EBIT to EUR 39 million. The backlogs stood solid at EUR 2.6 billion. Clece's recently acquired CSN Care Group in the U.K. contributed to the market outperformance. Turning now to slide 10. Construction's net profit amounted to EUR 255 million, up by 22.1%, driven by the positive performance of the operating companies together with the buyout of CIMIC's minorities. Concessions' net profit rose to EUR 145 million, driven by a EUR 133 million contribution from Abertis. Thanks to the outstanding year-on-year increase in traffic, Abertis explains this growth. The positive performance of Iridium also contributes with EUR 33 million, EUR 13 million more than the previous year. Services' net profit reached EUR 22 million, growing by 5.5% year on year. This positive performance of the businesses raised net profit from operating activities to EUR 421 million, +25.5% year on year. Finally, ACS HQ accounted for EUR 59 million, which includes net capital gains from energy asset disposals at the 25% stake in Spanish PV sold to Galp in Q1. A positive impact from financial derivatives linked to the ACS shares, while in the prior year, this had a negative impact of EUR 73 million. Overall, the group's net profit reached EUR 480 million, more than double of the 2021 pro forma result, excluding industrial services contribution. On slide 11, you can find the year-to-date net debt evolution. As you know, we started with a EUR 2 billion net cash position at the beginning of the year. Until September, we generated EUR 1,172 million cash from operations for CapEx and working capital. CapEx and operating lease payments amounted to EUR 317 million. After shareholder remuneration amounting to EUR 919 million and the EUR 100 million inflow from FX, partially offset by payments in IPSYS and Automapa projects, the net cash position stood virtually the same. Working capital outflow amounted to EUR 831 million year-to-date, affected by the seasonal effect, thus reducing the net cash position to EUR 1.2 billion. Strategic transactions have been carried out during the year amounting to EUR 1.5 billion. The acquisition of CIMIC's minorities, which amounted to EUR 924 million after deducting the capital increase in Hochtief described by minorities and the acquisition of a 14.5% stake in Hochtief from Atlantia amounting to EUR 578 million. After these transactions, the group closed September with a net debt balance of EUR 288 million. Finally, on slide 12, and just as a wrap-up, the key takeaways of these nine months 2022 set of results are. Number one we keep a strong operating performance with resilient cash flow generation. Two, maintaining a robust financial position despite seasonal effect of working capital. Three, with revenues visibility supported by strong and quality backlog in core regions. Finally, as you can see in this transition year, we continue moving forward into a simplification of our corporate structure and reinvesting proceeds in concessions. I'm sure you will have more input very soon. Thank you very much for attending this conference today, and now we're ready to answer any question you might have. Ladies and gentlemen, the Q&A session starts now. If you wish to ask a question, please press zero one on your telephone keypad. Please be informed that there might be a short silence while questions are being registered. Thank you. The first question comes from Bosco Ojeda from UBS. Please go ahead. Hi, good morning. A couple of questions from me. The first one I would like to ask on the quality of the backlog. Where are you gaining new projects? I mean, I can see some details on the presentation, but where it is a very competitive market, your margins can improve on that sort of backlog and, well, whether those contracts are inflation protected. The second question I have is on your balance sheet. I mean, I can see your debt levels are low, but you still have a lot of gross debt, nearly EUR 11 billion. Could you give us a bit of detail on the cost of renovating those credit lines, the cost of debt, how is it evolving? Also a little bit on the maturity scale. Thank you. Okay. Thank you, Bosco. Starting with the backlog and the risk. As you know, our main strategy has been focused for a while in reducing our risk exposure in construction. We've been transitioning from our traditional civil contracts in the last years, where they were most commonly arranged through design-build, DBs, EPCs, et cetera, into low-risk categories such as alliances, cost-plus, schedule of rates, unit prices, et cetera. I think that we have been very successful in that strategy. If you go region by region, pretty much North America, all Turner backlog, and Turner backlog is in excess of $23 billion. That's everything is low risk. We're protected by inflation. We're protected by supply chain disruptions. It's a very rich profile. The same thing applies to Australia. Probably in Australia, we can look between 70% and 80% low risk contracts. The rest of the projects that we have are design-build, but with good protections when it comes to supply chain disruptions and hyperinflation. Bear in mind that when we come to Australia backlog, most of these services is mining, is alliances in construction, etc., and a lot of the maintenance. In general, and answering your question, I think it's a healthy backlog. We're quite comfortable with not only the risk profile but margins. You will see that in the U.S., the margins have decreased a little bit, but that's just to the fact that revenues in the infrastructure building have increased, and typically those have low risk associated and lower margins. As we move towards a less commoditized type of infrastructure, we expect those margins to increase. If we move to the debt level, I'm going to turn over to Ángel García Altozano, and because everyone understands the environment right now when it comes to interest rates and increase, and Ángel García Altozano will give you the detail on the maturities. Okay. Basically, in the next year, we've got approximately no significant debt becoming due other than the revolving lines that we have. We have about close to EUR 2.4 billion of revolving lines, which are on a yearly basis. Obviously the price will increase. Basically, the interest rates are going up. We think we're reaching very soon the ongoing level, because as you can see, inflation, at least in the U.S. is actually declining. We expect probably going to be another 100 basis points, but nothing significant. As I said, we do not have any major loans which are coming due. Basically, the renewal of bilateral lines. The information provided is in page 11 of our results report, which we break down by company and by term of debt our debt structures. You can see there that what he was saying, Ángel, about the revolving and short-term lines, EUR 2.4 billion divided in the different activities, but also highlighting the cash position the group has in all the levels. Practically offsets or even more than offset the impact of the interest rates increase. Okay. Perfect. Thank you. Thank you. Thank you. The next question comes from Luis Prieto from Kepler. Please go ahead. Luis, I had a couple of questions, if I may. Please, Mr. Prieto, can you wait? We need to reconnect our speakers. Okay. Give me one minute. Thank you very much. Hi. Sorry. Hello? Hello, dear speakers. Yes, we have Luis Prieto to ask the second question. Thank you. Good morning, Juan, Ángel, and Luis. Thanks for taking my questions. I had two, if I may. The first one is, it would be focused on Dragados' Q3 performance. We have seen a sizable year-on-year EBITDA and EBIT margin erosion. Could you please shed some light on the potential reasons behind this evolution? The second one, you have used part of your industrial services proceeds to increase your Hochtief stake. How should we think about the remaining minority position in the company over the next years? Thank you. Thank you. Thank you so much, Luis. Well, first of all, the EBIT margin year-to-date at Dragados has been quite stable. You'll see that the EBITDA has decreased, but that's just because this is depending on the degree that Dragados subcontracts versus its performance. The more Dragados subcontracts, the less, I mean, EBITDA it has, because at the end of the day, there's not an increase in CapEx, there's not an increase in some performance operations. But of course, the more it's the performance, the more CapEx, the more EBIT increases and the more amortization increases. I wouldn't pay a lot of attention into that. Obviously one quarter does not represent anything. The most important thing is that the EBIT is remaining stable year-to-date, and we're quite comfortable with the performance. When it comes to the acquisition of Hochtief, as we have always said, yes, we want to simplify this structure, and yes, we believe that the acquisition of Hochtief serves were an opportunity. But whether we continue or not, it pretty much depends whether it is convenient or not. We are not looking forward to an increase, but if there's a right opportunity, we might increase. At this stage, we continue analyzing all our capital allocations depending on the capital. Very clear. Thank you very much. Thank you. The next question comes from João Safara from Banco Santander. Please go ahead. Yes. Hi. Good morning. I have only one question. I mean, just wanted to understand a bit here what is the optimal level for this company, considering, I mean, as was mentioned before, the higher financing costs, that ACS wants to have in terms of that, considering this context? The way I was looking at it, and more or less, you've gone through a position of net cash after the sale of ACS Industrial Services, and obviously you've been investing this money through shareholder remunerations, investment in Hochtief and through the acquisition of the managed lanes. By the end of the year, assuming some recovery of working capital, you should still be at. I mean, sorry, you will be already at the net debt position, which, I mean, according to my estimates, would be between EUR 600 million-EUR 800 million. I mean, just trying to understand if the firepower that we often ask you about has changed given current environment. It seems to me that, That after what you've done, you'd be pretty much restricted in terms of firepower. If you could help us a bit understand that and understand as well if this means that, if there are no opportunities in the market right now, you also will not be looking for them in the sense that you would just use the firepower if a real good opportunity arises. Thank you. Okay. First of all, I mean, our commitment is always to protect our investment grade, and that's our main commitment. Now, I'm not the one to explain how rating agencies they look at the debt level, because obviously that changes from company to company, asset to asset and the right opportunity. Traditionally, rating agencies, when it comes to the level, have been looking at ratios, multipliers between 2.5 and 3. Obviously, that's on a general basis, and you need to go specifically. Some opportunities, and you've seen those in the market when it comes to certain assets, they've reached even 10x EBITDA. Now, according to that, what's the right level? Well, it comes to the rating agency to dictate what's the right level. We have a $1.7 billion EBITDA, so I mean, we can speculate what that could be. Do we have firepower? Yes, we do. Are we looking for opportunities? Yes, we are. I think we do have room for further opportunities. I take the chance to say that for me, the biggest opportunities are on the organic side more than inorganic side. That includes not only PPPs, but a lot of our activities in the different areas as we transition to the infrastructure. That by itself does not require necessarily a lot of capital investment. Thank you very much. Sí. Sí, sí. Thank you. The next question comes from Beltrán Palazuelo from DLTV. Please go ahead. Hello, good morning, Luis, Angel, and Juan. Thank you for taking my question. I have two questions. The first one is regarding Abertis. I've noticed in the CNMV that three or four weeks ago you called an extraordinary AGM, where the only point of AGM is shareholder contribution. I suppose that means shareholders contribute money, so that means that Abertis should be going to buy something in the near and medium term. My second question is regarding construction. More or less, I know the Q4 always cash comes in through to working capital. More or less what cash approximately do you expect to come in? Regarding projects, regarding inflation and the part of the construction division that, let's say, it's not cost plus, is there any project that you feel uncomfortable once you revise it at the end of the year, that something you might announce or all projects are in line? Okay, regarding Abertis, let me turn over first to Ángel García Altozano that sits on the board, and then I'll get to the next one. Abertis, what we have done at the shareholder level is we've absorbed both Atlantia and our own debt that the company has. To strengthen the capital base of the company, of Abertis Infraestructuras, which is the operating company. Obviously, Abertis is looking to buy assets, not only from ACS, but also itself directly. We want to strengthen the capital base of the company. That is nothing new. It's something that we have agreed with our partners to do. Okay. That amount, if it's possible. EUR 1 billion. That amount just. EUR 1 billion in this case. For both- Okay. 500. Okay. When it comes to the working capital, I mean, yes, we're expecting an inflow at the end of the year, Q3, as you know, it's always quite seasonal. Just looking at last year, I think that in the last quarter, we did recover approximately EUR 750 million just from the seasonality at the end of the year. We are expecting a strong Q4, yes. Yes, Yes, we are in that perspective. When it comes to construction, and yes, I did mention before the North American market when it comes to building infrastructure and the Australia, Asia market. In Europe, we do have revenues for around $1.15 billion in construction. 50% of that is building, and we are quite comfortable because we have a low risk profile there. 50% typically is allocated into schedule of rates or unit prices. We're not envisioning any issue at all. When it comes to North America, we're finalizing a lot of the projects right now of the last cycle, and we're not expecting surprises versus the positions that we do have. Maybe it's an unwinding of the cash flow as we finish the project, but we're expecting to cover that with some of the new backlog coming in. Okay, thank you very much. Congratulations for the strong results. Thank you. Thank you. The next question comes from Marcin Wojtal from Bank of America. Please go ahead. Yes. Good morning. Thank you. I have a few questions. Firstly, on the acquisition that you have done in the U.S. for the SH- 288 project, do you expect to be in the position to increase your stake even further? Could you even perhaps get to 100% in that asset at some point? Second part of that question. Do you anticipate this asset to remain within Iridium over the medium term or it will be transferred to Abertis at some point? What is your current thinking there? I mean, the balance of factoring is EUR 1.1 billion. It's been pretty stable recently. What do you expect going forward? Should it increase with sales or perhaps you have plans to reduce the factoring going forward? Thank you. Okay. Starting with the 288, we are comfortable with the position we have, but we would be willing to acquire 100% if our last partner was willing to sell. When it comes to keeping the 288 in our books, initially, our transaction was to keep the 288 in our books. Of course, we are committed to grow Abertis, so it will come to Abertis if they want to acquire the DSernav, and that will be subject to a negotiation and a discussion. We are comfortable with our level of factoring right now, and yes, we believe that will remain stable. Great. Thank you very much. Thank you. The next question comes from Dario Maglione from BNP Paribas. Please go ahead. Hi, good morning. I have three questions. One that you kind of addressed before, but just to clarify, how much firepower do you think you have left for M&A? I mean, roughly speaking, of course. The second question is on Dragados margin that, you know, they dropped to 1.7% in Q3. But you said it's nothing to worry. So what should we expect from margins in Q4 and next year, 2023? And the third question is on the energy business, which is in the corporate HQ reporting. I think it contributed EUR 58 million in the nine months. Just wondering, what is the outlook there? And what do you plan to do with these assets? Thanks. Okay. Thank you. Thank you, Dario. Couple of things. The first one on Dragados, as I said before, yes, year-to-date remaining stable and we're expecting that to continue stable through the next year. We're not concerned in that sense. I'm going to try in terms of. This was a question back in before on how much firepower we do have. I get back to my answer before. I do believe that inorganically, we do have a lot of firepower for all the reasons that I said before. I'm going to try to get this opportunity to talk a little bit about our strategy organically. I mean, a lot of us we are focusing on looking for opportunities on M&A space. There will be opportunities. There will be very good opportunities. We're looking at a few of those, and we haven't made any decision. We believe that we do have the appropriate balance sheet to get them. More importantly, I believe that there will be more opportunities as the market changes. Organically, this is one message that I want to convey to everyone. Organically, we do have the luxury of being in very good to strong markets. One is the Australian Asian market, the other one is the North American market. Another strategy is quite in line with the market outlook expectations. Let me start talking a little bit about Australia. I mean, Australia has probably one of the best fundamentals that we can find in an economy right now. There's a forecast, a GDP growth in 2% or 3%. The net debt of the country remains below 40% of the GDP. There's a huge investment in pretty much every single sector, whether it's education, health, aged care, transport, infrastructure, defense. I will touch on the commodities are probably the most important one, in a few minutes. Now, Australia needs to face a huge energy transition. Because if you compare Australia with other countries right now, 32.5% of Australia's total electricity in 2021 is coming from renewable energy. That compares with 47% Spain, 49% Germany, 43% the U.K. or 20% in the U.S. in 2021. If you look at the commitments that Australia has made, that transition is huge. That transition not only includes the electrification of transport and industry, includes all the firming assets to the grid, like batteries or pump hydros. Of course, includes all the transition of the fossil fuel electricity generation to renewable electricity generation. CPB and UGL are the top one contractors in every space that I have mentioned so far, in transmission lines, in batteries, in pump hydros and renewables. In fact, UGL some time ago started a strategy to acquire options over land, where renewable projects, whether photovoltaic or wind could be developed. The first one that was announced in the media and will be announced or materialized very soon is the Glenrowan photovoltaic, and that pretty much come at the end of the development of the land environmental permits and the PPA and power purchase agreement. We are very comfortable in that space, in addition to all the construction that is going on on the civil side and on the building side. Now when it comes to the commodity, the coal price, and as you and everyone knows, we are trying to diversify out of coal. With acquisition of MACA, we're expecting that our 48% exposure to thermal coal will reduce to approximately 23% by 2027. Having said that, the coal price is expected to remain over 3x higher than the 2017-2021 average price. That is huge opportunity for Thiess. The LNG spot price in 2022 is already double than in 2021. Now, the iron ore still remain above the 2017-2021 levels, and there's a huge outlook internationally. Yes, there's also an expectation or everyone is expecting what China will do, especially because it's looking at Brazil as well for supply. There's also a natural transition, if that was the case, into other countries, and Australia is not concerned about that. The most important part of our future in Australia is not coal, is all the commodities required for the energy transition in Australia. That's lithium, that's copper, that's nickel, gold, and uranium. We are very, very well positioned for those minerals. All the annual export volumes of Australia in terms of commodities is expected to grow up to 31% in the next five years. That's in addition to all the investment from the states on a federal level. We're very comfortable with that strategy. That's going to bring huge opportunities organically investing. One important thing, we are positioning ourselves with all the suppliers of hydrogen plants, and right now still in the preliminary basis, whether it's electrolysis of ammonia plants, whether it's brown ammonia, green ammonia or sweet hydrogen. A lot of those project opportunities are underway. Some of them are pilot, some of them are university-led research projects. Some of them are looking for an off-taker in South Korea and in Japan. I must say that currently we are in conversations with every supplier in Australia to help, whether it's contracting, whether it's EPCM, whether it's participating with them in a lot of these endeavors. Yes, we're focusing a lot inorganically, but our main opportunity is organic. Now, I'm going to talk a little bit about the U.S., because the U.S. is a different beast as everyone knows. The U.S., and Europe will follow, is at the front of the infrastructure transition into the next century. What does it mean? It means all the evolution of infrastructure coming out of the 5G is all the transition of the retrofit of every single commercial space to accommodate remote work and to accommodate with what's coming out of the 5G. It's about a fundamental transition that is going on. It's about all the technology associated to an infrastructure. Data centers is just the tip of the iceberg of what's coming. Turner is pretty much in every single sector. I would say that it's probably one of the few contractors, if not the only one, working for the four main technological organizations, Meta, Microsoft, Amazon, and Google. 20% of its backlog, and we do have currently a $23 million revenue U.S. dollar backlog and growing. We're expecting that to be growing significantly. 20% is technology buildings for those entities, and this is just the beginning. We do have 18% involved in retail and the transition. We have 10% in sports. We have 4% industrial, but that's going to double or more as the U.S. Moves to the reglobalization of the economy and bringing the industry into the U.S.. 21% healthcare, 11% education. Now, the opportunities in the U.S. are huge. A few years ago, Turner came up with a logistics company. The logistics company has always been successful, but remaining stable. During the pandemic and post pandemic, the logistics issues in the U.S. have grown and in the world so much that the growth of that subsidiary of Turner, especially when it comes to 3PL logistics offer and 4PL pretty much for the business, which is basically subcontracting entire supply chain management logistics, not only have been helping Turner in the supply chain strategy, but it's bringing huge opportunities. We are pretty much transforming the organization not just into a contractor, but moving into a logistics field in a lot of the supply chain. When it comes to, I could be talking hours about the backlog and the future in the U.S., and probably we will at some stage. If you look at the battery sectors, as everyone knows, there's a lot of work involved in batteries these days. There's recycled materials products, there's finished products with entire infrastructure. There's raw materials, like could be the thermal energy barrier for lithium or the electrolyte materials. Just in the last year, Turner has been awarded more than 7 projects, pretty much in Georgia, Nevada, Tennessee, Ohio, Kansas, Nevada, Kentucky, for all the major suppliers. Is helping some of the major infrastructure and industrial firms for all the recycling plants coming into the US, and there's a partnership potentially even to develop some of those with them, not just constructing. The opportunities coming from that market are huge. Some of them will require equity and capital, some of them will be just on an EPCM basis. That will follow in Europe. Sorry for the long answer, but I see that everyone is focusing on the money opportunities while our, my, I mean, my, well, the big opportunities and my big opportunities are on the organic growth. Yes, we have firepower for inorganic as well. Thank you. The next question comes from Fernando Lafuente from Alantra Equities. Please go ahead. Good day, buenos días. Two questions for me, please, quick ones. The first one is on treasury shares. You've announced the cancellation of 4.5 million additional shares yesterday, so it takes up to nearly 20 million shares canceled this year. There is still a big bunch of shares in your balance sheet. My question is, what are your views regarding those shares? I guess some of them will be used for the scrip. For the remaining, would you be willing to cancel more shares in the near future or you are fine right now with the current share count? The second one, thanks so much for all this explanation on the opportunities, which was actually one of the questions. Focusing on disposals, is there anything still to be sold? I don't know, these remaining renewable assets or anything in the portfolio, and that you would be more comfortable in not having it in the group? Thank you so much. Okay. Before I turn over to Ángel on the treasury side, a couple of things. First, from a disposal perspective, well, there's still industrial assets that we do own on balance sheet that we will dispose. Ventia in Australia, as you know, we do have 32% and our intention in the future is to dispose the assets as well. And then, we do have assets and we will explore opportunities to dispose them as we can. Bear in mind that from a PV perspective, in addition to the 50% of Abertis, we do have three concession divisions, one being Iridium, the other one being Solutions in Germany, and the third one being Pacific in Australia. Those have assets. I mean, at this stage, we're looking forward to growing assets, but of course, we always make decisions depending on the circumstance. On the treasury side, I will turn over to Ángel. Basically, as you know, we buy treasury shares, with the main objective of actually paying dividends, in shares to those shareholders who so want. We've got about 65%-70%, it varies from year to year, the request of shares in terms of dividend. Obviously, we try to buy them when we perceive they are cheaper. We've canceled some which we're not going to be using, and the ones we have now basically are prepared for dividends payments we will come due in February and in June. Thank you so much. Thank you. The next question comes from Graham Hunt from Jefferies. Please go ahead. Good morning, and thanks for taking the questions. Just two from me. Thank you for all the detail on the organic opportunities in North America and Australian infrastructure. I'm just trying to understand that in the context of your exposure there through Hochtief and why it doesn't make sense given your balance sheet and the valuation of those shares to add to your existing stake here, given the large opportunities ahead that you're seeing as you described. So just maybe just drilling into that Hochtief strategy a little bit more. And then second question, I think you talked about the margin opportunity in these less commoditized infrastructure projects. Maybe if you just give a little bit of color on where you see or what the margin levers are as you move into these higher value infrastructure projects in those markets that you described. Thanks. Okay. Coming back to Hochtief. At this stage, I know that one of the big questions that come from the market is our corporate governance structure. We feel quite comfortable the way our corporate governance work. I know that for many of you and the main investors in the market, they are looking forward to simplification of the structure. Now, as I said before, acquiring the rest of the stake in Hochtief, it will happen if there's the right opportunity. If not, we are not looking actively for that. The previous acquisitions came as an opportunity and we took advantage, but we're not looking forward actively to increase that. If that was to change, of course, we would communicate. Now when it comes to the opportunity, yes, some of those are coming from Hochtief, but a lot of the ones I said as well are coming through JVs. One of the things we're trying to do as well from a global perspective is to try to get as much synergies between the group. I mean, just to give examples, some of the latest entries on the mining side from firms like Thiess or Sedgman. Thiess, as everyone knows, got into Colorado. Their first mine in the US in molybdenum, the Climax mine in Colorado or Sedgman got into Blackwater. The gold project in Canada, that was done through some of the partnering with companies such as Dragados. There's a lot of interaction between that. I mean, Turner is number one company in stadiums in the U.S.. Right now we can see, for example, in Brisbane, the future 2032 Olympics, and there's going to be a transition of knowledge and partnering for that opportunity. Those examples are just a few of hundreds that are happening on a global basis, and we're expecting to pursue a lot of these opportunities from different companies of the group, whether ACS or CIMIC. The margins. The margins. That's a very good question because they do vary a lot. On the most complex projects, we find that double-digit and increasing significantly. Even the opportunities that I mentioned before in the supply chain, we're achieving margins, double-digit at this stage as well. While on the most commoditized building projects from Turner these days are low, 2.5%. It really changes. Do I think that margins will grow as we move more into these projects? Yes, I do think that they will change. I do think, for example, one of the good things that we're seeing in the low-risk projects that we are being awarded around the globe is that we're seeing lower risk, but we're not seeing margins decreasing, which is a positive thing. It really changes and we will need to go opportunity by opportunity to analyze the margins. In summary, yes, I think there are opportunities for growth margin in the future. Thank you. That's very helpful. Thank you. Ladies and gentlemen, just a reminder, in order to ask a question, please press zero one on your cellphone keypad. Thank you. The next question comes from Nicolas Mora from Morgan Stanley. Please go ahead. Yes. Good morning, gentlemen. Three from me. The first one, just listening to you, Juan, especially on Australia and the mining opportunities. Aren't you just clearly opening the door to you retaking full control of Thiess in Australia with the production opening up in November next year? And for that deal potentially to come through, do you just not need to start hoarding cash and pause a bit the M&A strategy right now? That's number one. Number two, just it's on margins, especially in the U.S. We've heard from some of your competitors who happen to be Swedish that things are getting better margin-wise in the U.S. because volumes is good. Is this something you're seeing as well? Maybe not on the giant contracts, but at least on the run of the mill, the flow business that you have there. Could we see that starting to flow through into 2023, 2024, both at Dragados and Flatiron. Last one on Australia and with regards to CIMIC. I mean, we're seeing some of your competitors, you know, Webuild, Italian, you know, Acciona, Vinci, many others just seeming to gain market share quite aggressively right now against CPB. Are you a bit worried that, you know, the discipline is maybe not what we would have hoped it would be right now? That's on increasing volumes with the risk on overall activity level and margins into the next few years. That would be it. Yeah. Thank you, Nicolas. Starting with this. Will Elliott exercise the put option from years three to six? Who knows. If they did, that would be a positive thing for us. Will we need cash for it? Yes. As part of our treasury management plan, that's something that we need to take into account according to the rating agencies. It's part of our business plan. Is there an opportunity to place this in the market as well in the future? If you ask me, it comes pretty much, I mean, for sure, yes, from a practicality perspective, but to me, it comes to the ESG, right? Is this a profitable business? Very. Is gold profitable? Yes. are very much committed to ESG, and we are making the commitment towards the market to follow the EU taxonomy, the ESG commitment, et cetera. That's going to play an important part of our decision. When it comes to margins, I think that Flatiron Dragados will have stable margins. I don't think those margins will grow. It will vary depending on the project, et cetera, but will be stable overall. I think that Turner has the chance and the opportunity to increase margins. Market share competition in Australia, I am going to be politically correct. I wouldn't have won those jobs. I'm glad with our position, our volume, and not winning those jobs. We have our strategies based on low risk approach and making sure that we're comfortable with the backlog that comes into our books. When the more competition there is, the more the clients take the chance to change that risk profile, and we're not willing to get into that. Thank you. Ladies and gentlemen, there are no further questions. I will now give back the floor to the speakers. Thank you. Okay. Thank you so much, everyone. You do have any follow-up question, please let us know. Looking forward to seeing you in the future. Thank you.