Good morning, everyone. Thank you for your time today, and welcome, welcome to our 2024 Capital Markets Day. Before we start, some safety measures, safety first. In case of an emergency, no matter how interesting it is what we're saying and explaining, please, take the emergency exits. There are one right in the center, one in the left, one at the right. Go downstairs. Please do not take the elevator. And, we hope everyone to get, outside, which is the muster point. Peter Davoren and I will make sure that there's no one left, inside and will be the, the last ones to get out. So today's a very important for us, very important day for us, and very important day for us because this is the first time we do a Capital Markets Day with all of you. There's a few very important messages that we want everyone to take once you leave, at the end of the day. The first one is that we are delivering on our strategy. Our strategy, as everyone knows, and you've been hearing us explaining a few times over the last couple of years, it's based on three pillars. The first one, de-risking our portfolio. By de-risking our backlog, this is the best way to ensure that we do have predictability of cash flows and certainty. This is the firepower for everything that comes next. In the second place, diversifying, diversifying in what we call the high-growth areas. That's advanced technology, including digital, high-tech, semiconductors, battery fabs. It's about energy transition: renewables, photovoltaic, wind, transmission lines, hydrogen, ammonia. It's about sustainable mobility, critical minerals, et cetera. These high-growth areas have one thing in common. Our clients are looking for trusted partners because it's about trust. It's about our engineering. It's about our knowledge, our systems, our supply chain. And that's why we see in these types of projects higher margins. And we believe that we can increase our margins by increasing our positioning in these sectors. And last but not least, our ability to inject and invest equity by following a very disciplined capital allocation into all these areas, in addition to our core markets. And we're going to spend a lot of time explaining a lot of this. So today, not only are we going to provide the business plan from 2024- 2026, but we're also going to provide what we believe is our fundamental value right now and where we think we're going to be by 2030. Today, we're also going to talk about our priorities for this year, our priorities for 2026, and our vision for 2030. We're going to put the spotlight in our main companies, including Turner, Abertis, all our engineering and construction firms, ACS Infrastructure, and CIMIC. We're going to talk about some of the strategy, how we would like to move, geographically speaking. You will see that we are providing a lot of information. We would like to make sure that you have the right models to support our story. We hope you end up today with one important conclusion, which is that when it comes to investment, we are the best choice because of our yield and because of our growth. Who we are: we are a leading engineering, construction, and infrastructure management player. We're very proud that we've been recognized because of our excellence, not just in civil and building, but across multiple categories. These are the U.S. rankings and the official rankings. We are in the infrastructure space, but we're also in building. We are in investments. We're in telecom, aerospace, electronics, et cetera. We have $35.7 billion backlog right now, revenues across different sectors, right, and geographies. 62% is coming from North America, around 60% the U.S. 21% is coming from Asia-Pacific, 15% from Europe, and 3% the rest of the world. This is what makes us unique. This is one of the reasons why we are being able to jump into so many different sectors because of our geographies. The fact that our DNA was based on our civil capabilities makes us who we are because civil is about local presence. Clients are local. Supply chains are local. You have to be very much embedded into the communities to be able to perform. So when we say that we have 60% of our revenues coming from the U.S., it doesn't mean just that we have presence in 47 states out of 50. But it means that we have, in some of these states, more than 20 offices. But when we say that we have presence in Australia, it's not just Sydney. It's pretty much every single region, from the Pilbara Desert to the Northern Territories, southern Australia, and all urban and regional areas, and so on, from India to Hong Kong and across Europe. And this is very important in a world of deglobalization. And that's something that makes us unique. So this is who we are today: $73.5 billion backlog with $2.6 billion cumulative net operating cash flow over the last three years, with our revenue growth in 2023 of 10.3%, FX adjusted. So we do have a strong cash generation with attractive shareholders' return, just the last two years, more than 40%, always underpinned by our investment-grade commitment. And now we start jumping in some of the new things that you will see moving forward with our group, which is the way we are putting together our group. We're going to report in three different areas moving forward: integrated solutions, infrastructure, engineering, and construction. The rationale of this is very straightforward. Every company included in each one of the segments, they share clients. They share supply chain, engineering, capabilities. So it makes a lot of sense that they get integrated within each one of the segments. Same thing in infrastructure. Infrastructure is about investments. We're putting together, through the same equity investment committees, all the different organizations. We're doing greenfield or brownfield in the group. It also makes sense that engineering and construction companies work as one. How will the organization look when we start reporting these segments? 65% of our PBT will be coming from integrated solutions. 20% is coming from infrastructure, and 15% from engineering and construction. What's inside integrated solutions? The high-tech sectors, digital, energy transition, sustainable mobility, everything that supplies engineering services with strong supply chains and centralized systems. What's inside infrastructure? Investments, not just in our core markets, highways, ports, airports, but we're going to take our chances in all the new sectors because there's plenty of opportunities coming in the market, and we're going to go through all of them. Engineering and construction, which are our DNA. It's what has made everything possible. Engineering and construction, they do support the rest of the areas because of their local presence. But one important thing is that we truly work as one platform and one group. There's a huge interaction between all the companies right now. Many people wonder why ACS works with so many different brands. Together with our geographical spread, this is another very strong point of our company because Turner in the U.S. is American, and CIMIC in Australia is Australian, and Hochtief in Germany is German, and so on. This is one of our biggest strengths. As part of integrated solutions, we will be reporting separately on Turner. We will be talking about Turner for the first time on an individual basis today. We will be putting the spotlight in CIMIC. You will be getting information isolated for each one of these companies. As part of infrastructure, we will be pretty much putting information together for Abertis and the three greenfield developers that we have across the world: Iridium, Hochtief PPP Solutions, and Pacific. Many of you have been wondering about the information on Abertis since Abertis was delisted from the stock market. Today, we are providing the full financial model of Abertis so you get comfortable with it. We're going to spend a lot of time going through the organization. We will do the same with all the greenfield opportunities we have in the market, plus the fair market valuation of infrastructure today. Then on engineering and construction, we'll have the opportunity to bring some of our managers to explain all what we've been doing and how we are derisking the business, which is the main important goal for engineering and construction. Let's start with the first of our companies, Turner. Turner was founded in 1902 and has been consistently a leader in the engineering and construction management market in the U.S. for the last 100 years. It's pretty much top in plenty of categories according to the ENR. But more importantly, not only has it a very diversified portfolio, but it has been providing $1.6 billion dividends since 2017, with an annual growth of PBT of 10% since 2017, 8% growth in the backlog, and 6% on the revenues. The resilience of Turner is second to none, has gone through so many international crises in the last 120 years, and in spite of that, has always kept a 100% conversion rate in its cash flows and has been able to go through the pandemic, through the 2008 crisis, through the different falls of the different sectors in the U.S., and always leading the market. You will see at the back the main figures: EUR 16.2 billion revenue, EUR 25 billion backlog, and EUR 416 million PBT. The backlog doesn't reflect the full orders in Turner because Turner, as a construction management, most of the projects, they take long periods of engineering. We don't reflect those projects in the backlog until the full construction is negotiated with our clients. And then you have how the EUR 25 billion is allocated through the different segments: 27% digital and tech, 34% biopharma, 15% commercial, 9% sports, 9% airports, et cetera. Now we get into CIMIC. CIMIC is our most diversified company because it not only works in the same segments as Turner, but in addition to that, it is the one company with the biggest presence in the energy transition business. It's a leader in Australia, in Asia-Pacific, in renewables, in transmission lines, in hydrogen. It's building already a 600 MW hydrogen plant, but it has presence in four out of five of the additional hydrogen plants in Australia. It has a huge presence in defense, huge presence in manufacturing, et cetera. And all these three, UGL. But as we move into Sedgman, it's probably one of the strongest engineering companies in critical minerals, a lot of that thanks to the fact that over the last two- years, we've gone from different bolt-on acquisitions like Onyx, like Minsol, Prudentia, Novopro, which has positioned Sedgman in a very good point when it comes to going from end-to-end services with critical minerals. This leader in the mining services. And between Thiess and Sedgman, our two most global companies, we have presence in Asia-Pacific, Australia, North America, starting in Europe and South America. We will have the opportunity to go through the figures of CIMIC. But just to go through the numbers: EUR 8.1 billion revenues, EUR 20 billion backlog, EUR 300 million PBT in 2023. Now we get into Abertis. And Abertis is probably one of the crown jewels and one of our strongest companies. You will see José Aljaro, the CEO, and Martín D'Uva are going to give a lot of detail on Abertis. But we have also provided all the financial modeling so you make sure that you have all the support information. But out of the $3.9 billion EBITDA, there's a very good diversification between Europe on 55%, 23% LATAM, and 22% North America. And more importantly, it has been outperforming the GDP and the CPI for a number of years. And if you look at the period from 2014 - 2023, the Abertis EBITDA growth was 7% annual. $8.9 billion is our portfolio for value. And how do we get to this amount? Very easy, discounting cash flows at an 8.5% discount rate. You have the financial models. Go through them. Just discount the cash flows of the dividends, and you will get to that figure because Abertis, the basis of Abertis without extensions and without M&A, is delivering EUR 600 million in a very simplistic approach until 2038, growing right after. We'll get into the detail of all of that. But we're also going to be providing the net debt of Abertis and how it's going to evolve in time, those $25 billion, how they are linked to the assets of Abertis, and how they get paid over time, even in the best case, without extensions, without M&A. So I won't extend right now into too much into it because we are going to spend quality time over the day. Now we get into the greenfield. The greenfield assets have always been the firepower of the group. That's where we create value. We have multiple examples of the multipliers we get when we invest our equity from the very beginning, developing new projects. Iridium, Hochtief PPP Solutions, and Pacific have a huge track record investing in the early stages of infrastructure projects. But more importantly, we've gone from the core markets associated with transport infrastructure into all the new markets. And I will give a few numbers on how we're going and how we're planning to do that. But we believe that in the period from 2024 - 2030, not only are we going to be in our core infrastructure, managed lanes, et cetera, but we will be investing a big part, between 25%-30%, in the energy transition, 35% in digital, and across sustainable mobility, between 5%-10%. Very diversified from North America, 37%, 28% in both Europe, plus another 28% in Asia-Pacific, and 7% LATAM. And then our engineering and construction. And we cannot be more proud of this segment because this segment is what has been making all of us possible, right? All this strategy, all these connections with the local markets. For many years, they have been pioneers in all the high-value segments and engineering applied to civil and building. E&C, from 2012 - 2018, the construction market in general suffered a lot. And it suffered because at the back of the crisis of 2008, a lot of the companies involved in the construction segments tried to look for international opportunities at a time where a lot of the clients were transferring significant risk to the construction organizations, especially hyperscalers, disruption of supply chain, at a time where everything was going up, even when we faced COVID, et cetera. So in the international community, you saw a lot of companies struggling and suffering because of this. We learned from that. And we learned from that because we realized that in construction, you cannot take risk beyond your control. And we're going to spend a lot of time today explaining how much of our portfolio is in the lower-risk area, which we have achieved around 85% at this stage. And we're going to give examples of our projects and how we manage the relationship with the clients to achieve these types of contracts. And again, a lot of this is based on trust. So what's our vision for 2030? To consolidate our leadership in our core business. And our core business is the engineering-led integrated solutions that I explained and also the engineering construction. But more importantly, to make sure that we have the right capital allocation to continue creating value. Our priorities for 2026, the first one will be not only expanding our services but to bring Turner into Europe. And this is very important because we want to make sure the integrated solutions go from North America to Australia as engineering construction, as infrastructure investments. So there's a piece missing, which is opening that mechanical leg, high-tech, advanced technology capabilities in Europe. We will continue derisking our contract models. And we will repeat this many, many times across the day. We will expand our margins by delivering all this high-tech, high growth. As I said, most of these projects are relying on trust, high-value services, engineering knowledge, systems. And it's a different way to interact with our clients. We want to simplify across the group. There's plenty of synergies. Not only is there one approach for each one of our projects and full collaboration between our organizations, but we also want to make sure that we get synergies, operationally speaking, and also when it comes to cost. And then our number one priority, as has always been, to remunerate our shareholders and to create value in dividends and in our growth. So let's get into the numbers. What's going to be our 2026 targets? And where do we see the value of the organization moving forward? Let me start with our revenues: EUR 23.7 billion. We believe that by 2026, we will be between EUR 43 billion and EUR 48 billion, with a CAGR of 9% per year. From a net price perspective, by 2026, we believe that we will achieve EUR 250 million-EUR 1 billion, which represents 14% compound annual growth. Net operating cash flow cumulative between 2024-2026 will be EUR 3.3 billion-EUR 4 billion, which means like a 16% annual growth with our shareholder remuneration of dividends above the EUR 2 billion in the period between 2024-2026. So let's talk about the firepower because this EUR 3.3 billion-EUR 4 billion net operating cash flow, if you add the potential investments on some of our known core, we're going to be able to achieve between EUR 5.3 billion and EUR 7 billion firepower. Where do we want to invest this capital? So first of all, around EUR 2 billion or more for shareholders. There's EUR 200 million that we're currently negotiating to take 10% on this. It's still under negotiations. The remainder of the put probably will fall at the end of 2026, but the cash flow is beginning of 2027. So it's not included in this block. We have included a EUR 650 million capital raise that we allocated to Abertis at the beginning of the year, EUR 1.3 billion on already identified infrastructure opportunities. We still have EUR 1.2 billion-EUR 2.9 billion firepower for potential M&A, potential greenfields, or additional investment in Abertis because there's plenty of opportunities in all those areas. This is our free cash flow allocation. Let's talk now about our investment growth sectors. What's our ambition for 2030? Let's start with our core infrastructure. For the first time in a number of years, everyone or our clients are coming up with new greenfields in the more traditional space, especially managed lanes. Probably, there's between EUR 60 billion and EUR 80 billion of potential opportunities. But we are targeting on EUR 20 billion. If you take into account that investment, our ACS equity piece will come up to EUR 1.2 billion-EUR 1.8 billion. We believe that by 2030, the value of that equity investment will rise to EUR 3 billion-EUR 4 billion. In digital tech, not only are we going to be working in the data center space, but we will be expanding to the 5G and a lot of the infrastructure of the future associated with artificial intelligence and 5G. We have identified more than EUR 60 billion opportunities. But when we really get into which are the ones demanded by the hyperscalers, which are the ones with real energy inputs and fiber, we are going to focus on EUR 6 billion-EUR 12 billion, representing between 500 MW and 1 GW. The ACS equity investments, and most of this is already identified and is being negotiated, comes up to EUR 1 billion-EUR 2 billion in the period. We believe that by 2030, that will be worth it between EUR 3 billion and EUR 5 billion. In the energy transition space, there's two parts: traditional energy transition, photovoltaic, wind, transmission lines, batteries. We have identified EUR 5 billion-EUR 7 billion investment opportunities between 3 GW and 5 GW, most of it already in exclusivity, that will require between EUR 1 billion and EUR 1.5 billion equity. That will increase in terms of value to EUR 2 billion-EUR 3 billion by 2030. We have a special chapter for hydrogen. That includes ammonia, includes methane, and SAF. We have decided not to put numbers because it's still early days. We're very conservative when it comes to our capital allocation. We want to make sure that whenever we invest in hydrogen, we'll have a PPA, a certainty around the energy. We have the right off-taker. We will have the right technology in place, very much understanding the input of the electrolyzer. The full business plan has to make sense, which in most of the cases will require subsidies. We do have a few opportunities identified between 2 GW and 3 GW. But it's still early days. So we'll be watching. We have the experience that we are pretty much having right now through UGL. I mentioned the 600 MW hydrogen plant currently being built. And I mentioned that in addition to this one, UGL has presence in another four out of five projects in Australia that they are going through the FEED engineering, et cetera. So we are getting prepared for what's potentially coming. But we want to be cautious. Sustainable mobility, you will hear a lot of the things we're doing in sustainable mobility. That's much more advanced than what you know because there's a few things that we'll announce today. But there's a target investment of EUR 2.6 billion with equity needs of EUR 360 million, up to EUR 1 billion valuation by 2030. And finally, critical minerals. All this effort that we've been doing with Sedgman and Thiess to invest in both, in the different areas, engineering, processing, end-to-end critical minerals, underground works in the case of Thiess, all of this is not just to increase our operational portfolio but also to make sure that it gives us opportunities to invest in the future critical minerals. There's a lot of opportunities we're looking at. We do have the engineering. We have the expertise. We just want to be careful, analyze it, and when the time comes, decide whether it's worth the equity. So we haven't included any number. But if you take all of this into account and consider a strong fundamental valuation of EUR 14 billion and the EUR 14 billion is very straightforward, you discount the dividends of Abertis, you look at the fair market value of Iridium at 2.7 together with Hochtief, PPPs, and Pacific, you go through the right multiples according to the peers of each one of the constructions, you get to the EUR 14 billion. This EUR 14 billion already excludes EUR 288 million. EUR 288 million, as everyone knows, and I'm going to spend a couple of minutes on it, the Department of Transportation of Texas decided to exercise its rights under the contract to terminate for convenience the project. There's a six-month period. We are taking the opportunity over the six months to enter into conversations with the government of Texas, see if there's another way to get a resolution around the project. But nevertheless, the initial impact on us, there will be a payment of EUR 1.726 billion, including debt. So the equity piece, you would need to deduct EUR 500 million of debt. That will be an immediate cash injection. So from a dividend perspective and value in the short term, neither Abertis nor Iridium would be affected because it's very back-ended, the cash flows of the EUR 288 million. From a P&L perspective, we're still trying to see what comes out from the negotiations. And because of the sensitivity through the negotiations, we prefer not to say. But obviously, we'll give the figures as soon as we see that the negotiations are not going in the right way. Net of provisions, we will communicate the impact. But we're very comfortable with the position we have right now. And then we believe also that valuation has already been discounted from our current share price. But if you add to this EUR 14 billion all what I have explained in the infrastructure space, we expect to double our value by 2030. This is just adding the equity valuation we've done for each one of the areas, which pretty much brings our current yield of 5% dividend yield to another dimension when it comes to shareholders' remuneration. So why to invest in ACS? The first one, because we are an integrated global player. We have very deep local roots at the most important time, probably, in the last 40 years. Second, because there's an increased global infrastructure spending. The world is resetting, not just resetting in traditional infrastructure but resetting in all the new segments, in all these high-growth segments. We are very well placed for each one of them. Third, because we want to pivot the organization so we can increase the margins. Turner delivered in 2023 a 2.6% margin in its PBT. We believe that by 2026, we will be able to deliver in excess of 3.5%. We expect for 2024, 3%. And that increase in the margins is led by all these high-growth areas and what I have explained before. Fourth, our high free cash flow conversion and double-digit earning growth. And last, the balanced capital allocation towards all the growth vectors and the shareholders' remuneration. So today, we hope to explain in a very detailed way all what I have introduced. I will turn over in a few minutes to Peter Davoren and Christa Andresky, CEO and CFO of Turner. We will then move with CIMIC. And I will ask to join me Doug Moss, our CEO for UGL, and Michael Wright, our CEO for Thiess. José Aljaro Martín D'Uva will take you through all the details around Abertis. Nuria Haltiwanger, our CEO for Iridium, will explain ACS Infrastructure. Then we will invite the engineering and construction team, starting with Santiago García, Chief Executive Officer of Dragados, with Richard Grabinski and David Parker, both of them in North America, Flatiron and Dragados. When it comes to ESG, needless to say, our commitment with ESG and environmental transition, social governance, we will give you our figures and our commitments. Both Cristina Aldámiz-Echevarría and Martina will take us through all of it. We will conclude our financial review with our Chief Financial Officer, Emilio Grande. I will jump after that, not just for the conclusions but for the Q&A. So again, thank you so much for joining us. I hope you enjoy the day. I hope you find it useful and productive. I'm looking forward to your Q&A at the end of the day. Thank you. At Turner, we are shaping the future. Our high-tech and cutting-edge projects in vital market sectors meet global demands of the future. Our technical expertise and industry leadership deliver the highest value solutions to our clients. We drive sustainable and positive change for the generations to come. Welcome to a new era of Turner. Good morning. We're very excited to be here today. I am Peter Davoren. Joining me today is Christa Andresky, our Executive Vice President and Chief Financial Officer. Also in the room are some of our colleagues who can answer any questions that you have about Turner after this session. Let's get started. Here's what I'd like to show you today and share with you today, a little bit about Turner, what sets us apart, and our exciting growth vision for the future. You see this photograph of this building behind us. I have to mention that this is our new headquarters. It was built at 66 Hudson Boulevard. We are now occupying. We finished it about a year ago. Now, we moved in. We are waiting to have a cup of coffee with you at any point in time that you're in New York. Not only will we share our vision, we will also share our high-value business model that supports significant profit and sustainable growth. That growth is centered around three things. Number one, continue to be the leader in North America. Number two, expand our footprint. And number three, increasing earnings contributions through our value-added service. The picture on this slide shows the stadium we built for the Major League Soccer team, FC Cincinnati. We say soccer. You say football. In football in the U.S., we throw the ball. You kick it. It is one of 11 major soccer stadiums we built in the U.S. We have also built five of the stadiums that will be used for the 2026 World Cup. Now, for some background on Turner, our company was founded in 1902. You know what other team was founded in 1902? Real Madrid. So we feel a deep connection and somewhat simpatico to Real Madrid. Turner is now the leading construction management company in North America. Our building expertise expands across multiple industries, markets, and geographies. Across all sections, our sustainability team enables us to effectively serve clients who seek higher levels of environmental performance and resiliency in their facilities. This has led us to become and recognized as the top green builder in the U.S. Turner has one of the most comprehensive office networks in the industry with a presence across North America, Asia, and Europe. This helps us understand local markets, develop longstanding relationships, and be part of the communities in which we build. We have been called upon to work on some of the most iconic buildings in the world and the U.S. Central to our success is our focus on people first, a deep respect for our employees, our clients, and our business partners. That's right, Peter. Our culture, strong risk management delivery model, and agility enables us to pursue the next generation market opportunities. This has made us a leader in growing market sections. The value-added service on top of this, our clients very much appreciate. It strengthens by our scale and our global reach. As the industry evolves, so does Turner. We have become the go-to partner to some of the world's leading technology and manufacturing partners. We anticipate continued and rapid growth in these sectors due to increasing demand for electric vehicle batteries, data centers, and semiconductors. And on top, our Turner Engineering Group has highly skilled professionals that provide integrated design expertise and technical guidance. This value-added service provides design optimization, risk mitigation across a multitude of disciplines. The Turner Engineering Group then collaborates with our design partners to challenge design directions. They provide alternative solutions to meet programmatic requirements and enhance project success. We also have SourceBlue, our well-established supply chain management system. This helps clients overcome supply chain challenges through strategic vendor relationships. Do you remember 2020, the pandemic? During the extremely challenging supply chain issues, SourceBlue became an indispensable part of a service for our client. That's appreciated. SourceBlue streamlines the construction supply chain through a process that goes end to end, from an early design through closeout and warranty phaseout. We see significant opportunity to expand our SourceBlue business model globally. These solutions, end to end, not only pre-construction and construction but earlier, help us deepen the engagement with a client. It's very appreciated. It also increased profit margins and success of projects. Our story is one of consistent growth, even in the face of the challenges such as a global pandemic, as Christa said, and supply chain disruptions. We've become a very nimble company. By navigating challenges through consistency, diversification, and our ability to quickly respond to market shifts, we continue to grow. For example, our revenue has grown $5 billion since 2017. In 2023, Turner had its best year in history with higher revenue, backlog, earnings, and margin. It's also important that in our busiest year, we achieved our best safety record ever. I want to point out the graph to the right. It shows you our backlog. As you all know, backlog is the amount of work that we are contracted to do in the future. You can see that our positive momentum continues. In 2023, our backlog stood at $27 billion. And that's U.S. dollars. Oh, and by the way, as we close Q1, we have $30 billion in backlog. So we continue to grow. We already have, on top of this, approximately $10 billion of commitments from clients in our sales pipeline that will be secured this year. We also project that we will grow revenue in line with our recent results for the next coming years. This alone gives us the confidence that we will continue to achieve sustainable, profitable growth. Now, we just reviewed revenue. We reviewed earnings, cash-backed earnings. Here is the highlight of Turner: cash. One of our strongest financial attributes is our cash management. We have optimized our cash conversion cycle, which reflects our efficient operation and overall financial health. Working capital management plays a crucial role in maintaining cash conversion efficiently. Our clients pay us. We expect our projects to be cash positive. From 2017 - 2023, we had $3.1 billion of free cash flow. We are delivering significant shareholder return. This is powered by a healthy balance sheet with no debt. We have a flexible cost structure due to no heavy equipment. I have no cranes. I have no bulldozers, no trucks. Our biggest assets are people, highly skilled people. This is evident through our high return per employee. We had a 90% payout ratio or $1.6 billion in dividends over the last five years. Let's move on to why clients select Turner as their partner and talk more about our value-added solutions and our price-to-value solutions. First of all, you must stand for something. We try to enhance all of our people everywhere we work to have the same message and what you stand for. We believe, as you have given us the chance here, is that we believe that we want to create an environment where people can be at their best, be authentic, and be treated with respect and dignity, and eliminate hate and bias at every point, anywhere you go. You do this through active caring. You care for the other individuals so that the 12,000 people at Turner who actively care for each other spill over to the 120,000 people that we encounter with every day. So that maybe it's possible that if you're working together and treating people well, you may be part of something extraordinary. Like if you were part of a building where you're building a hospital, you are part of the healing process. Or if you were part of an educational facility, you were part of the learning process. You need to stand for something and create an opportunity where people can feel extraordinary. And you're building the Obama Presidential Center in Chicago, you're not there for the job. You're there for a purpose. We believe this very, very strongly. And it spills over to our clients and to our trade partners and to all of the AE community around the world. So as Christa said, our people are our greatest capital asset. They're known for their deep technical knowledge. They provide consultation and management services with a wide range of skill sets and specialized market sector expertise. Our inclusive and active caring culture has resulted in gaining recognition, being a great company to work for. In 2023, we received more than 30 awards from Glassdoor, Forbes, Newsweek, and many more as a great place to work. Turner also received over 40 awards for its outstanding work in innovation and in industry by the Associated General Contractors Association, Engineering News- Record, and many other organizations. We truly believe the ACS Group companies share the same vision. Engineering News-Record ranks Turner as the number one builder in the U.S., number one in data centers, number one in healthcare, and number one in green, sustainable projects. Turner ranks within the top 10 in 39 different markets. 80% of our work is with repeat clients. Many of these relationships stret ceterah back decades. Our collaboration with companies within the ACS Group gives us a scale, a coverage to deliver services to multinational clients, one company, one team. With that, with just one call, we can mobilize the right resource, the right time for our clients anywhere in the world. That is the real power. Key to Turner's success is our collaborative construction management approach. We introduced construction and management as a delivery model in the U.S. back in 1965 when we built the original Madison Square Garden. Clients appreciate the collaborative approach. It is now a dominant form of contracts in the building market in the U.S. Through a construction management approach, most of our work is secured based on our qualifications and strength of client relationship. These contracts are very different from the intense pressure and competition that is inherent in the traditional lump sum bidding. The majority of our work is delivered through a construction management approach. With this approach, approximately 75%-85% of the reported revenue is a pass-through to the trade contractor. The balance is the professional services volume of Turner. For Turner, we benefit from costs being guaranteed by the subcontractors in the pre-construction phase. Remember, when we're planning, we're designing, and we're budgeting activities take place before construction begins. The result: strong risk management and consistency in earnings and, of course, cash generation. Because of our global reach, we can capture growth opportunities, work on large-scale programs, and serve our multinational clients. Let's talk a little bit about the work we do. As you can see, Turner works in a variety of market segments. To support the unique needs of our clients in diverse markets, we have established specialized and dedicated technical market sector teams. This approach has been highly successful. For example, we have maintained the distinction of being the number one health care builder in the U.S. for over 20 years. That's right. But we're also a very nimble company, ready to make strategic portfolio adjustments and ensure long-term growth. You can see on the slides that the shift in the advanced technology sector on the right, 25% of the work in our backlog is in new or next generation markets that we did not capture just 10 years ago. Manufacturers are expanding capacity in the U.S., backed by the CHIPS Act, Buy American requirements, and other market demands. Turner is a firmly established leader in delivering projects across dozens of markets. Here are some examples of our leadership. You see the building on the far left, that's for the Cleveland Clinic down in Florida. We're building a new neurological center for them in Cleveland, Ohio today. And behind me is SoFi Stadium. We talked about that a lot. The builder of SoFi Stadium is here today. And these are unbelievable projects that we're very, very proud of. We walk this project every six weeks for four years. We've worked with most of these clients since the early 1900s at Harvard University. We built sports stadiums, dormitories, research labs. And we've completed more than $6 billion of work in the past five years. We have built 15 of the 32 NFL American football stadiums. Turner is emerging as the industry leader in advanced technology. Here are some examples of this sector. Meta is a client that we have been working for for many years on campuses across the U.S. We have developed a repeatable delivery model that ensures efficiency and optimizes project returns. We are actively supporting a transition to sustainable mobility. One of our largest and most exciting projects in the market is the Panasonic manufacturing facility for electric vehicle batteries. It's a $4 billion program which showcases the off-site and modular construction value-added service provided by the Turner Engineering Group. We are strategically delivering efficiencies and enabling new project revenue streams that strengthen Turner's position as a leader in a market transformation. To overcome labor constraints and drive productivity on the Panasonic project, we are building components in manufacturing-like environments and delivering prefabricated assemblies to the project site. This solution removed over 80,000 hours from the worksite. Across our portfolio of work, off-site construction is helping us achieve improved project schedules, reduce costs and budget, and improve site safety and enhanced quality. We're working for the Ascend Elements on a $500 million project that will recycle electric vehicle batteries. This facility will manufacture sustainable batteries with the reused materials. Once additional phases are complete, the facility will produce enough sustainable batteries to provide 750,000 electric vehicles per year. This is where we will go into the area where people feel extraordinary. They're moving towards and building buildings to sustain our planet. We talked about SourceBlue a little bit before. Let's go into more detail about SourceBlue. SourceBlue is the leading strategic supply chain management firm in the construction industry. They help clients acquire equipment, materials, and finished products for projects. For more than 20 years, SourceBlue offered innovative solutions that helped offer innovation for clients to overcome supply chain obstacles. They also bring a higher degree of certainty to schedules, budgets, and project outcomes. When clients engage SourceBlue, they harness the collaboration expertise of 300 supply chain experts. Through an established network of leading vendors around the world, the SourceBlue team locks in lead times and pricing for clients. This gives clients market intelligence to achieve cost and schedule certainty. Our supply chain services model delivers direct connection with a global supplier and manufacturer network, open book pricing, and clients with choices in materials and equipment. The SourceBlue team has pre-negotiated terms and conditions with leading manufacturers. We are expecting this service to expand to a non-Turner project and with ACS Group companies, one team, one group. This will result in developing a growing revenue stream for the company. SourceBlue revenue is expected to grow at a CAGR of 15% in North America and the first $1 billion revenue this year. Oh, SourceBlue also has a 6%-8% margin and cash for Turner. One of our projects SourceBlue is working on is the electric battery plant in Ohio. We are putting in more than $110 million worth of work every month there. The original equipment budget for the project was $500 million. SourceBlue came in, played a pivotal role in saving more than $40 million in mechanical and electrical equipment. SourceBlue was also able to connect with an international manufacturing partner that delivered $25 million worth of savings. In total, the SourceBlue team was able to reduce equipment costs by 54% for a total of $260 million in savings. We also were able to shorten the schedule for the project by about five months. This owner was very, very pleased about that. Before we talk about our vision for the future, I'd like to tell you about two amazing projects you see on this slide. We built the rocket launch pad for Blue Origin. It was the first launching pad to be built in the past 50 years in Cape Canaveral, Florida. Blue Origin invested $1 billion to develop this site that will be used to launch one of the largest space vehicles ever built. The project on the right is Merdeka 118, the world's second tallest building. Turner has served as project manager consultant on this massive project with thousands of employees. It includes 83 floors of office space, 16 floors of hotel rooms, conference centers, and a retail mall. The opening of Merdeka 118 adds another mega tall project to Turner's portfolio for more than 100 skyscrapers in the world, including Taipei 101 and the Burj Khalifa. Now let's continue with our exciting growth strategy. Christa started this presentation starting out the key points of our strategy. We will grow our leadership position in North America by focusing on the next generation market segments. We will add more high value added solutions. We will expand our global footprint. All of this will increase earnings. It will expand margins to 3% in 2024. We will increase margins in 2026 to approximately 3.5%. Turner will continue to evolve and maintain our diversified portfolio. Our track record and collaboration with advanced technology sectors and the manufacturing clients is going to set a strong foundation that will grow this business. Let's get into the details of our portfolio manager and the future. The key to our approach is increasing our project margin and profitability. We will do this by maintaining the right portfolio mix with the right margin and an increased focus on the advanced technology market. The advanced technology market includes, just to remind you, data centers, EV batteries, semiconductors, industrial, and biopharma. We completed nearly $11 billion in volume in the past two years in this specific market. With the growing use of artificial intelligence, the need for faster processing, increased remote work and learning, and other market demands will drive market growth for data centers and semiconductors. Growth in sustainable mobility will drive ongoing investment in industrial manufacturing facilities. The biopharma market will continue to expand as clients explore new uses of existing products and develop products that provide care for rare and common diseases. These market trends and our market leadership will drive an increase in our advanced technology portfolio from 25% - 40% by 2027. Our ability to deliver end-to-end solution has made us the number one data center builder in the U.S. We work with the top five hyperscale data center companies and have over 200 active projects in this market. 90% of this work is for repeat clients. They keep coming back. Building on this success, we see great opportunity for advanced technology work in Europe. As our advanced technology partners continue to expand, they have increased demand for our services. This is in part due to the global scale and proven collaboration model which provides a reliable client experience. We have established operating companies here led by experienced Turner executives in Europe to serve these clients. Some of them are here today. In fact, we already identified $20 billion worth of advanced technology project opportunities here in Europe. SourceBlue and the Turner Engineering Group are vital to our expansion into Europe. Let's summarize. We shared our path to growth centered on continuing to be the leader in North America, expanding our global footprint with an initial focus on advanced technology with existing clients in Europe. We further increased earnings and expanded margins thanks to the increased contribution from our high value solutions such as SourceBlue and Turner Engineering Group. Our client-focused collaborative delivery model results in strong risk management and consistency in earnings. As you know, cash. Our financial strength, healthy liquidity position, and stability will fuel our growth. We are sustainably growing our company to meet global demand for our services. Our client-focused, market-driven approach is bringing Turner's value-added service solutions to new markets. We are willing and able to invest in strategic areas to accelerate growth. We will not hesitate if we identify opportunities that fit this profile. We are building alliances and furthering client relationships to grow market share, create value, mitigate risk, and increase profitability. When Turner people are committed to change, we accomplish great things. Our strategy builds on a strong foundation. This foundation will remain. Yet, we will be a very significant different company in 2027. Our value-added services will deliver more of our profits. We will be more global. We will be more integrated in the ACS Group companies. As mentioned at the beginning of our conversation today, 2023 was our best year ever. 2024 will even be better than that. The best years of our company are yet to come. We really appreciate telling our story to you today. Thank you for your time today. Thank you. We use diverse thinking to realize opportunities in energy transition, digital and sustainable infrastructure, and sustainable mobility. We are a family of industry leaders applying engineering excellence to construction, industrial services, mining, and mineral processing with a history since 1899. We're around 30,000 people providing critical infrastructure and essential services to communities in around 20 countries. Our operations span CPB Contractors, Leighton Asia, UGL, Thiess, Sedgman, and Pacific Partnerships. We have expertise across the lifecycle of asset, infrastructure, and resources projects. We give assets a performance advantage, create infrastructure with future generations in mind, and unlock resources for maximum productivity and output. Hey again. So before we start with CIMIC, a few reflections on Turner. Turner is a great company, very well established in the U.S. But more importantly, the value that Turner provides to our clients is migrating into Europe, Asia, Pacific, and Australia. And this is one of the examples on how ACS is becoming a great platform where all the companies are working together. SourceBlue, that it's not just a very powerful supply chain organization, but it's also allowing the rest of the companies at ACS to use SourceBlue in the rest of the geographies. And we expect SourceBlue to grow significantly beyond what has been in 2023, more than $1 billion revenues with a margin. And all the clients from Turner are being used as well by the rest of the companies. So they are being shared with the rest of the clients and the companies how to work with them, how to do engineering with them. Now we're going to move with CIMIC, which is exactly the same approach. It's a very well-diversified company with a lot of clients in the natural resources space, critical metals, industrial. And we are using all those clients and all those connections to move in Europe and in the U.S. So with that introduction, let's talk about CIMIC. You all know CIMIC, more than 125 years of history, more than 30,000 employees, and AUD 13.3 billion in 2023. 87% of the revenues are in Australia and New Zealand, with 12% in Asia. But it's, as I said before, a very diverse organization. 86% of projects are with repeating clients. Turner also gave similar figures. As we move into these high-growth segments and high tech, this is very, very important because it's about trust, as I said in my introduction. This is the only way to achieve higher margins when you become more sophisticated in your approach, in your value, in your engineering skills, in the supply chain. CIMIC is a perfect example. 90% of the contracts have been renewed over the last five years. You will see in the picture, we are doing a lot of infrastructure work for defense in Australia. We are doing a lot of infrastructure for defense in Asia-Pacific. We are doing right now in Germany and the eastern countries of Europe and in the U.S. One example was the Pearl Harbor upgrade contract from Dragados. All of that is interconnected as well as another example of interoperability between the different companies in ACS. These are the 2023 figures of CIMIC that you know very well. But in summary, it was a robust performance through a very disciplined delivery, cost control, and risk management. AUD 13.3 billion of revenues, AUD 494 million of PBT, AUD 113 million net operating cash flow with AUD 32 billion backlog. CIMIC, as the rest of the companies in ACS, is also moving into these high-growth areas. It's probably the most diverse, as I said before, organization in our platform because not only works in all the high-tech segments like data centers, like battery fabs, but also is very, very strong in defense, very strong in natural resources, critical metals, et cetera. We are going to continue increasing that over time. We believe that we're going to be able to increase our margins as we deliver more sophisticated segments. Our growth is very much based on the fundamentals of Australia because a big part of CIMIC is in Australia. The fundamentals of Australia are great. Just the projected population by 2070 gives you a sense of how much investment Australia is going to bring. There's AUD 790 billion in investment outlook from 2024 - 2028 just in infrastructure construction. But there's 6% of growth per annum in all these megatrends from 2024 and 2028. Special mention, the growth in defense. As I said before, it's a very important part of our growth, especially when it comes to infrastructure associated to it. We do have security clearance from the U.S. to Europe to Asia-Pacific and Australia. In our figures in 2023 and the backlog, you will see reflected this fact. These are the three building blocks within CIMIC of our value proposition. First, all the engineering-led services, UGL, Sedgman, Leighton Asia. This is everything that has to do with integrated solutions segment that I was describing in the first part of my presentation. UGL is number one in Australia in engineering services. Then we move into natural resources, critical metals, global sustainable mining, number one, Thiess. But also Thiess and Sedgman are our most global firms. So they don't work just in Australia, but they do work in Indonesia, in Philippines, in Mongolia. They work in the U.S. They work in Canada, in South America, especially Chile, Peru. And they have a track record in Botswana. And they continue to expand, especially in the North American market. And then when it comes to engineering and construction, CPB, very strong. And CPB has one very good feature. And it's one feature that the rest of the group is taking advantage, their ability to work in remote areas. Most of the projects right now are very complex. And it's very difficult to isolate the civil component from the energy, from digital, from the way you integrate robotics, et cetera. And this is why we're so strong in bringing all the companies together. But there's also another component that is very important to deliver these projects, which is the ability to move resources, people, the ability to work in remote areas. And CPB has been doing it together with Thiess and UGL for the last 100 years. This is key. No matter if you are working in some of the big gigawatt data centers across the world or the big battery fabs or some of the future semiconductors facilities, all the new prospects on the natural resources, they are in very difficult areas, sometimes in the middle of nowhere. So understanding how to do project management in those regions is key. So having said that, let's go more in detail through the different segments. Thanks, Juan. My name is Doug Moss. I'm the Managing Director for UGL. I've been part of the group since the early 1990s, since 1992, in fact. And I'm based in Sydney, Australia. If I start with UGL, the company that I manage, we have been in operation for 125 years. So it's certainly been around for a long, long time in Australia, very, very deep roots in Australia. We are the Australian leader of high-value engineering services. And we are specialists in the end-to-end engineering, industrial services, and operational solutions. We employ over 1,000 design and technical engineering resources in Australia. And that is really what sets us apart from the market and from our competition. Our total workforce is approximately 12,000 people. So we are a large business in the Australian context. At our core, we deliver mechanical and electrical and control systems infrastructure to a wide range of the Australian market across energy, industrial services, mobility, technology, and defense. So we work pretty much across the entire sort of country in all the major sectors. We arguably are Australia's number one designer and deliverer of mobility and energy assets and the market leader in the design and delivery of transmission lines, all those things, of course, very important for the energy transition. Now, Sedgman, the second of our companies, has a similar sort of engineering pedigree to UGL. They've been in operation for over 45 years. And they focus in minerals processing solutions to the natural resources industry. It has engineered, constructed, and operated more than 250 processing plants in Australia and North America, has deep expertise in critical and battery mineral processing design, and is growing into the critical minerals necessary for the energy transition through mergers and acquisition. It is the Australian market leader in its sector. The third business which I'd like to introduce is Leighton Asia, a high-tech specialist with more than 30 current projects throughout the region. Its operations cover Southeast Asia and India with Malaysia, Hong Kong, and the Philippines, accounting for about 65% of the company's business. It is the contractor behind some of Asia's most prestigious projects, including Hong Kong's largest and most complex off-site fabrication scheme and the world's largest underground railway station. It is also a very well-established player in technology and data centers and is known for its best practice, construction methodology, and digital engineering expertise. Currently, it is expanding into advanced manufacturing. With that, I'll hand over to Michael Wright, who will talk about Thiess. Michael. Thanks very much, Doug. Yeah, my name's Michael Wright, the CEO of Thiess. I've been with the company for 25 years. In fact, Doug employed me 25 years ago into Thiess when he was there as well. So we know each other very well. So very proud to be part of the group. I've worked in Australia and overseas and for the last decade or more into mining. Thiess, importantly, is the global leader of diversified mining services, providing open-cut and underground mining and asset management solutions to clients all around the world. Yesterday was a really great day for us, 16th of April. We were founded 90 years ago. So we celebrated our 90th birthday yesterday, which is great. And we had a good celebration on the weekend, just gone back in Australia. So with that 90 years of experience, we've got more than 60 projects across seven countries, across Australia, Asia, North, and South America. And I think, importantly, as you heard from Peter earlier, Thiess also has a strong commitment to our people, their development, and critically, their safety and well-being. And that's resulted in Thiess having a global safety record that is the envy of the mining industry. There's nothing more important than our people and having a safe and respectful workplace. And it really does bring a competitive advantage for Thiess in our global mining business. We're positioned at the forefront of sustainable mining with a strong focus on technology, rehabilitation, remediation, emission reduction, and decarbonization, which the world needs. And certainly, mining has that challenge in front of it. Our strategies want a diversification with commodity diversification in critical minerals and metals, diversification through services in asset management and sustainability solutions, and expanding our geographies in mining jurisdictions where we can bring great value through our expertise and also our global supply chain. I guess in the last two years, we've expanded in the U.S. with a really strong pipeline of opportunities in critical minerals and metals in front of us. And we've used strategic acquisitions, which I'll talk about a bit later, to really diversify our commodities and our services globally. We're now also in our fourth year of a 50/50 joint venture between CIMIC and the Elliott Group, which Juan mentioned earlier. Yeah, thank you, Michael. Thank you, Doug. So moving into CPB, CPB has been our civil engineering company for a number of years in Australia. In fact, it has been alive for over 97 years. It's a trusted construction partner. CPB was one of the first organizations to convince clients to move into this collaborative approach that we always refer to. In Australia, the complexity and the size of the projects also take into account how limited is the access to people, to skilled labor. Also with the fact that there's not so many construction companies push a lot of the industry to come with better contract models. CPB was a pioneer in moving in that direction. CPB has also been focusing on the energy transition, has also been supporting significantly UGL in their tech infrastructure projects. Both together have significant JVs across the board. The project management skills from CPB in remote areas, which is very, very common in our civil construction organizations, joined with engineering, mechanical, industrial capability, and advanced technology of UGL, it's a perfect combination. That model not only works when it comes to Australia, it's working between Hochtief Dragados with Turner. It's also working in North America. When you see a lot of the JVs between Dragados, Flatiron, and Turner. So it's a very important part of our platform. CPB is also a pioneer in a lot of innovative methods when it comes to environment. The statistics in the construction are unbelievable when it comes to recycling, to use of non-potable sources of water. How they are reusing all the materials, waste, et cetera, is second to none. As the projects continue getting more and more and more larger, bringing different disciplines, how they are being able to bring customized solutions for our clients is key. Which are our key differentiators? First, that we're an integrated platform. Second, the discipline, de- risking approach. And this is something I will continue repeating throughout the presentation. And third, how unique we are positioning ourselves in the next generation sectors. This is an example of how we use the platform. We could use exactly the same slide in Europe, in North America, or in Australia-Asia-Pacific, and how we are integrating all the different companies towards the same goals. On one hand, we have Pacific acting as a developer and acting as the final owners, some projects, not all the projects, only the ones that require equity with the possibility of owning the asset in the last place. Asia-Pacific, in the case of Europe, that position is taken by Iridium and by Hochtief PPP Solutions. North America, by ACS Infrastructure. But it's exactly the same model. Then we do have all the different capabilities across the board, industrial capability on engineering, manufacturing, industrial services from UGL, the way that Thiess has diversified mining operations with the asset management and rehabilitation of mines, then Sedgman through the end-to-end mineral processing capabilities, Leighton for the high-tech and advanced manufacturing in Asia-Pacific, and CPB with not just engineering and construction, but the project management capabilities. You can replace those figures and those companies for Dragados, Hochtief, Turner, et cetera. So there's an intercompany collaboration so we can successfully deliver these critical projects. Now, let me move to a case study, which was the Sydney Metro. Basically, this is what we did. I mean, it was pretty much involving the energy, the systems, the mechanical leg. We had the investment from Pacific. But in total, we were able to build 110 km of tunnels with $15 billion between all this sort of work that we did in the organization. So I'm going to talk then about the next two key differentiators. The first of those which I'd like to talk about is the disciplined approach to de-risking our projects. Now, a key differentiator for CIMIC is its approach to risk management. We're very, very good at that. We use collaborative models increasingly to mitigate risks and produce better margins and shorter project delivery timeframes. There are several of these models which are in use in Australia. They all include the incentivization of all project partners and a significant early contractor involvement to de-risk things like the design and the planning phases of the project. In terms of the commercial models, these are not fixed price or lump-sum contracts. They are generally undertaken as cost-plus, cost-reimbursable, or pain-gain-share type models. The key differentiators here for us are our technical capabilities, what we bring to the clients, the certainty of delivery in terms of certainty of the outcome, and, of course, the strong relationships that we have with our clients. The outcome of these types of models are fewer cost overruns, a much better understanding of the complexity of the projects, providing program certainty for the benefit of all the participants, the clients, and the contractors alike. Collaborative and low-risk contracts are an increasing part of the CIMIC backlog. In the figure here on the slide, you can see that we have increased them as a proportion of our backlog from about 65% in 2021 to circa 80% in 2023. And that trend is continuing into the future. So here, a case study of one such project. This is a joint venture, one of the ones which Juan was talking about, a JV between UGL and CPB to build a AUD 1.4 billion high-voltage transmission network in New South Wales, one of the largest energy projects which has been built in the country at the moment and the first of many, many transmission line projects. We have a strong relationship with this client. UGL has been working with them for over 60 years since the early 1960s, in fact. So the financial model, which is shown there on the slide, provides that the downside risk is capped at our cost. So we always get our cost under all circumstances. We can't lose money. But the upside is shared between us and the client. And there is no cap on that. So again, we are fully incentivized to work closely with our client to sort of minimize cost, to maximize productivity, shorten the duration of the project. Everybody wins. If we win, we win together. Very important. So fully aligned. Now, these sorts of models are becoming increasingly common in the energy sector. But they had not been a feature of that market until recently. And this is because governments, clients need to get this work done quickly to meet our commitments in terms of decarbonization. So a positive trend. And it's something which is going to continue quite a bit. Now, the third of the key differentiators which I'd like to talk about is our positioning in these next-generation sectors, these next-generation high-growth sectors, much like you heard about from Turner. Now, CIMIC is particularly well-placed in critical minerals, biopharma, healthcare, education, social infrastructure, digital and technology, and, of course, in the energy transition and sustainable mobility. You can see here the evolution of our backlog just between 2022 and 2023. Energy transition, mobility, and critical minerals are the areas where our backlog has grown the most. In energy transition, by about AUD 1.2 billion, sustainable mobility, by AUD 1.5 billion, and critical minerals, by AUD 1.2 billion. Now, we're going to go into some more detail on two of those sectors, namely the energy transition and critical minerals, on the next few slides. In my opinion, these are not short-term trends. You're going to see more and more of this work. The investment that's coming is huge in Australia, as Juan touched on. And so we're going to see a real positive trend towards these types of projects over the coming years. So if we just go to the energy transition first, I'll give you some more background on that, what's driving this, how big is it. Now, CIMIC is sort of ideally positioned to assist Australia to meet its ambitious targets, which have been set by the federal government. Those targets include reducing emissions by 43% off 2005 levels by 2030 and achieving net zero by 2050. To achieve these goals, we will need a massive investment in renewable energy generation capacity by more than nine times, some people would say 12 times, what exists today. So we're talking about going from 30 GW of installed generation capacity to more like 300 GW in that period. It's a massive, massive scope of work. Big dollars as well. Some people sort of estimate this at something like AUD 400 billion in today's dollars. That's just the generation component. On top of that, to go to sort of use renewable energy, sort of solar and wind primarily, we need to invest heavily in what we call firming assets. These are the assets which store the energy. So when the wind doesn't blow or the sun doesn't shine, we still have power for our homes and for the country. So we're talking a massive investment. CIMIC is a leader in all of these sectors. And to date, we have delivered 14 solar farms over the past couple of years, about 1.2 GW of installed capacity, five wind farms of about 800 MW of installed capacity, eight utility battery energy storage systems, which represent about 3,000 MWh of storage capacity. And importantly, we secured three of those projects in 2023. And there's a massive pipeline of those projects coming to us as we speak. We've built over 280 substations, over 7,000 km of high-voltage transmission lines. We're currently building a 660 MW hydrogen-enabled gas turbine power station in New South Wales. We're in every aspect of that transition, every single piece from the start to the end and everywhere in between. Just a case study here for us. Done a lot of projects for our good client, Neoen. This is the Victorian Big Battery, the VBB, as we call it. It is the largest battery energy storage system in the southern hemisphere, just outside of Melbourne in Victoria, 450 MWh of storage, very close relationship between UGL and Tesla. We're using Tesla's technology. UGL sort of integrates those technologies from OEMs overseas, bring them to Australia, and then support them in terms of the implementation of their technology. A lot of engineering all done in-house, again, by our engineering team. Great depth of capability in this space, Juan. I think I throw over to Michael. You do. I did now to talk about minerals. Thank you. Good. So I guess, look, these numbers up on the screen, we turned over AUD 5.9 billion of revenue last year, heading towards AUD 6.5 billion this year. So that's consistent, strong growth, strong EBITDA, as you can see there. And again, strong growth in that EBITDA with the long-term clients. We've got the work we do globally, the scale, the supply chain, et cetera. We've got over now today, more than AUD 15 billion of backlog. So we've continued to grow that from the end of last year, which is important. And that gives us that long-term sustainable cash flow. We've got profit, as you can see there, which, again, is on a growth trajectory moving forward. Importantly, on this slide, I guess we've got there's currently discussions ongoing, as Juan mentioned before, about CIMIC/ACS acquiring a further 10% stake in Thiess. We're currently 50/50 with CIMIC and Elliott. And so that's ongoing at the moment, which have successfully resulted in the financial consolidation of Thiess in CIMIC. As mentioned earlier as well, some acquisitions that we've been focused on, really trying to position Thiess for the critical minerals and the energy transition in the future. Next slide, I'll talk a little bit about MACA. But MACA, we acquired 18 months ago. We've been integrating that into our business. And as I said, I'll talk about that in a minute. And PYBAR, importantly, is a company that, within two weeks of today, will take over fully. It's an underground mining contractor focused on metals and minerals and brings that critical service to the critical minerals clients that we're working with and will continue to work with, both in Australia but also exporting that service overseas, which is critically important. So a couple of case studies here around the MACA acquisition. It was a listed company. We competed against it slightly in some areas. But really, the important thing about MACA for Thiess was to bring that commodity diversification, services diversification, particularly looking forward with our strategy focused on the global energy transition. So we've extended our commodities portfolio in the new critical minerals, more copper, more lithium, nickel, more gold, molybdenum as well. And I guess, importantly, last year alone, we secured $1.7 billion in new contracts in metals and minerals. So we're continuing to grow as we integrate MACA into the Thiess family of businesses. We've also increased our client base. And again, through MACA's longstanding focus on client relationships and contract renewals, being completely aligned in culture to Thiess's same focus, again, engendering that long-term cash flow, which is critically important. We've also benefited from the synergies of bringing Thiess and MACA together. We'll do so with PYBAR as well, of people expertise of our supply chain, our global supply chain, which is second to none in our business, and the systems we've got to running our mining operations. We've delivered AUD 21 million in synergies to date and another AUD 20 million more identified, which will come into effect in the next 12 months. I think, importantly as well, together, since coming together above our financial 2022 year pro forma of Thiess and MACA, we've improved our EBITDA by 15%. Again, we're going to see further growth in that as we move forward. Importantly as well, to touch on Sedgman, Sedgman, through an M&A strategy, has really positioned itself beautifully in the critical minerals area as well, consolidating its position as a global leader in minerals processing. It's boosted its engineering capabilities, which is critical for the energy transition. So getting involved in the projects much earlier, expanding into new geographies as well, critically. So through Novopro, through Minsol, Prudentia, bringing capability in engineering and manufacturing, in processing, in lithium and energy. And so critically important to Sedgman's future strategy in critical minerals. So Juan. Thank you, Michael. So a few conclusions about CIMIC. The first one is how well positioned it is in Australia and New Zealand, which are very important markets with very good and fundamental metrics. We also are seeing an increase in spending in those areas, especially following the population growth that they are experiencing. And our integrated platform is well positioned to pretty much approach and absorb most of that spending. We continue to do de- risking or backlog as we were doing in the rest of the geographies. And we believe also that not just in our traditional segments, but also in the high-tech and new growth vectors, we are going to be able to succeed. And that will continue bringing opportunities. When you look at the engineering capabilities that we have in manufacturing, in industrial, in energy transition, in high-tech, and now through all these acquisitions in the natural resources space and critical metals, we're also going to see very good opportunities to invest our equity. And we will be talking a little bit in some of the next sessions about it. So thank you so much. And we'll move into the next session. Thank you. For over 55 years, our mission has been the Development, Delivery, and Operation of Infrastructure projects aimed at creating value through a whole-life cycle approach, sound risk management, and a focus on safety, innovation, and sustainability. We partner with clients around the world to modernize and expand their existing assets and to accelerate the delivery of new critical infrastructure to meet the ever-growing needs of society. These collaborations unlock ACS Infra's full potential for value creation. As our society evolves, we now look into the future with a renewed focus on digital infrastructure, energy transition, and smart mobility, investing in a more sustainable and connected world. Hi. Good afternoon, everyone. I'm José Aljaro. I'm the Abertis CEO. I'm very pleased to have the opportunity to introduce and to present Abertis to the financial community. Abertis was delisted six years ago. Now I'm feeling like a flashback, really. But having said that, the Abertis today is much better company, is more profitable, is more sustainable than six years ago. That means it's a great pleasure to be here. We have prepared a presentation with two blocks. In the first, we talk about Abertis overview and strategy I will present to you. The second part will be presented by Martín D'Uva. He's our CFO. We are aware that the market has some concern about Abertis and some issues like dividends, debt, capacity to replace EBITDA, et cetera, et cetera. I hope that through or after our presentation, we can help you to avoid or to eliminate some of those concerns. Abertis today is a pure global toll road operator, well diversified geographically. Today, we manage a high-quality portfolio of assets. We manage around 8,000 km through 35 concessions. Abertis is a global diversified operator, as I said, with activities in 10 countries. That allows us to protect some local disruptions. Third, we have Abertis has a very good industrial expertise that helps us to boost our profitability. In 2023, Abertis presented a very good track record, very good performance. Basically, the top line has been growing +8%. EBITDA achieved EUR 3.9 billion, increased +10%, improved the margin, +70% EBITDA margin. Also, we had, at the end of 2023, EUR 160 billion EBITDA backlog. We introduced in our presentation, in many cases, this figure. We talk about backlog because we consider it's more representative of our company due to in our portfolio, we are including some assets that today generate a limited amount of EBITDA. But in 10, 12, 15 years, we will double the contribution of those assets. I mean, that is necessary to take into consideration. Abertis has been very profitable in the last five years. For that reason, we paid EUR 3.6 billion in dividends in the period 2019 - 2023. You see in this graphic what is our current geographical diversification, but also what will be the diversification of our backlog per country. You see today, France is our main contributor with 36% of the EBITDA. But also, we have a good balance in other four countries with contributions between 12%-15%. You see there is some in some areas like the U.S. and Puerto Rico, with limited contribution today, only 6%. But if you look at the backlog, we'll be the main contributor. All in all, we maintain a good equilibrium between hard currency countries and soft currency. In both cases, we present more than 60% of the EBITDA is coming from hard currencies. Abertis is building a perpetual value creation model. And that is built through three different pillars. The first is the platform for growth. It's a good platform, I mean. And we have shown how able we are for growth through different ways. I will explain later. The second pillar is the strong financial discipline. I mean, we apply very prudent, very conservative financial policies. And also, we have a commitment to maintain our rating level. And the third is the operational excellence. I mean, we manage in a very proper way our assets. That allows us to improve the profitability of all the assets with different actions that our management implements in the portfolio. If we go to the first pillar, it's the platform for growth. When we talk platform for growth, we are talking about three different ways for growth. The first is the organic growth. The second, optimization of the current asset and M&A. Organic growth, you know that in our top line is growing linked to two elements. One is traffic. The second is toll rates, tariffs. In both cases, are linked to other macroeconomic elements. It's linked to GDP and linked to CPI. In both cases, we have a multiplier, positive multiplier. That also improves the sustainability of our profits. Only with this element, considering only the organic growth, we are able to maintain the EUR 600 million dividends a year, only with this element. On top of that, I'm going to explain the other top component for growth, optimization. From time to time, we open discussion, enter in discussion to revisit our contract. We try to obtain additional profits through win-win agreements with the different grantors. The third element in which we have been able to create significant value in the past is M&A. We are growing in a very selective way, but in a very profitable way. Here, you see another graphic showing our positive view about the macroeconomy outlook. In this graphic, we present the GDP and CPI in some geographical areas, in Europe, in the U.S., Puerto Rico, and also in three of our main countries in South America, like Chile, Mexico, and Brazil. You see that together, in the case of Europe and the U.S., we expect to increase both elements together in 3.5%-3.6% in Europe and America, and also in South America above 5.5%. That together is helping us to improve our organic growth. But on top of that, we have a positive multiplier, as I said. Due to the quality of the asset, all the different agreements in the different administrations, in some cases, we increase tariffs above inflation as a consequence that we are implementing extra CapEx. And for that reason, that extra CapEx is compensated with additional tariff increases. All in all, we expect to increase our EBITDA in a recurring way in the next three years in + 7%. I insist that this is excluding any additional renegotiation of the contract or excluding any additional M&A. If we go to the second way for growth, it's optimization of our current portfolio. I mean, we try to maximize the value of the existing assets. I mean, all our management is focused to identify opportunities to review or revisit contracts and to open discussion with the grantor. In that case, always in a win-win situation, we extract extra value. It's a negotiation to improve very often the life of the concession. You have some examples in this graphic. I mean, our track record in the last three years was very significant. More than 66% of the concession has been extended. That shows you the capacity of our manager to achieve this type of agreement. But not only did we do this negotiation, but also, we have under review, under discussion, new opportunities, especially in Brazil. Today, we have under discussion the possibility to extend some of our concessions in Brazil. I mean, we are relatively optimistic to achieve an agreement. That will allow us to extend some of them. A part of that, we have some ideas for new extensions in Mexico and even in Puerto Rico. We will see an example a few seconds later. The third way is M&A. I mean, as I said, we want to grow through new concessions in our portfolio in a very selective way. We are very prudent choosing the right country with a strong legal framework. Also, we apply the right return. Then, Martin, we explained a little bit more about the return that we are asking for. But at the same time, we succeeded in the last five years in different acquisitions, ERC, RCO, SH-288, Puerto Rico Toll Road, and also Autov ía del Camino. But additionally, our management team is working. And now, we have identified nine new opportunities that could contribute with an additional EUR 40 billion EBITDA backlog. That means today, we have the M&A team very busy. It's possible to disclose some of these assets that we are analyzing. Other, for confidentiality reasons, it's not possible to disclose. But let me say something that is public. We are involved in the tender of Sacyr assets. We have to present the binding offer at the end of May. We have another asset under analysis in Chile, Santiago Los Vilos. We have to present the final offer at the beginning of June. We have, in the second phase, an asset in France, A154. It's a new concession in France. I mean, you see that we will continue working on that. And that will be on top of the 7%, Okay? This is a good example of how Abertis manages his portfolio. We started in Puerto Rico with a very small asset. Next step, we improved our presence in the country acquiring Metropistas. Then, we increased the stake in Metropistas. And finally, we extended Metropistas. And now, recently, at the end of 2023, we acquired a new portfolio four concessions. I mean, that is a normal way how we manage our business. If you remember, I said we have three pillars, growth, and the second one, strong financial discipline. In that case, Martin will explain deeper our financial policies. But I would like to remark on three topics. The first, we have a very good protection of the increased rate. I mean, a significant part of our debt is in fixed rates. We have only an 18% variable rate. But we apply a very dynamic policy. The second is maintaining our current rating as investment grade, rated by S&P and Fitch. The third is to manage and to maintain a good capacity to deleverage the level of debt. You see in this picture that the absolute turnover volume of debt has increased 13%. But really, we deleveraged the company in like-for-like term. But at the same time, we have been investing EUR 10 extra billion in M&A transactions. For that reason, in absolute term, we are increasing. In relative term, we are decreasing. But even in relative term, the net debt EBITDA was 6.6 in 2018 and now 6.3. And I said, not in the EBITDA, we are including the capacity to generate EBITDA with the recent acquisition. Because today, those acquisitions are in a ramp-up process. That means in 10 years, the EBITDA will increase substantially for the same level of debt linked to this asset, Okay? But then, Martin will explain deeper. And the third pillar is excellence in asset management. I mean, I said we have a good management team. If you look at this graphic, we have been able to generate 300 basis points profitability above the macroeconomy element. Why 300 basis points in the last 10 years? One is due to the high quality of the assets. For that reason, we are performing traffic better than GDP, good located, good area, good regions, et cetera, et cetera. The second is our capacity to implement efficiency programs. I mean, we reached EUR 1.3 billion cash savings in the last 10 years. It's a lot of money, really. That was applying efficiency programs and also implementing best practices between the different countries where we are working. The third is synergies. When we buy something in a country, the plug-and-play integration is very easy. It's very efficient. I mean, these three components help us to improve the profitability of Abertis. Finally, as I said, Abertis today is managed like a perpetual value creation model with capacity to replace EBITDA. If you look at the EBITDA in 2018, it was EUR 3.5 billion. And now, EUR 4.1 billion. This is a pro forma basis. It's including the new acquisition that we completed at the end of 2023. But I mean, we lose, in the meantime, EUR 900 million EBITDA. And that has been replaced by EUR 1 billion in these five years. No question about our capacity to repeat the same strategy going forward. The second is capacity to increase the backlog. We doubled the volume of backlog in our company. And the third, we have the capacity to generate strong cash flows, strong cash flow to deleverage the company and to maintain the dividend policy in the coming years, at least at the EUR 600 million. But it's a good combination between dividends, growth, and deleverage. This is Abertis today. I pass the floor to Martín to explain the Abertis financial review. Thank you, Pepe. Hello, everyone. So I wanted to provide a few additional insights into how our perpetual value creation model works from a financial perspective. I'll show you a bit more of how it's worked in the past and what you can expect from it in the future. But first, let's start with some basics of how the model works, what it's made up of. Well, it's made up of two key components. First, as Pepe said, our diversified, strong portfolio. Second, we complement that with an optimized financial structure. And what do you get? You get recurring, strong cash flows that we use first to pay down debt, second to pay dividends. And in paying down debt, that deleverage creates firepower to further invest in value-creative growth, which then strengthens our portfolio. And so the cycle can continue on and on. Now, let's go back to the key components, our portfolio. Now, Abertis is quite large and arguably complex. So we try to simplify. And let's remind ourselves that we are made up of individual core infrastructure assets. These are high-quality toll roads that are doing exactly what you expect them to do, which is generate strong, recurring cash flows. Why? Because we're providing an essential service to our communities, mobility. We do that with assets that are protected by high barriers to entry. You can't just build another road next to ours. Third, demand for that service is linked to GDP. In fact, as Pepe said, we consistently outperform GDP growth. And last, our regulated tariffs give us protection against inflation. So what do you get? Well, if you look at our portfolio today, the assets that are out there today, if you look at the last 10 years, you saw Juan and Pepe grow 7% CAGR over the last 10 years despite COVID. That's a long period of time. And that's a big CAGR. So what does that mean? Our portfolio has doubled its EBITDA over the last 10 years, doubled the result. So please keep that in mind when we look into the future later. Now, another thing to remember is every one of our toll roads goes through its own life cycle. And every toll road may be at a different point in that life cycle. But they all follow the same trend, especially two key trends. The first, it starts from a higher level of leverage. And that leverage goes down over time thanks to those growing cash flows. As that debt goes down, our ability to pay dividends goes up. We are made up of a number of toll roads that are all following those trends. Therefore, we, as Abertis in aggregate, will be following that same trend. So please keep that in mind later as well. Now, we combine that with an optimized financial structure. So what do we mean by that? Well, Pepe mentioned that at a corporate level, at a TopCo level, we have a BBB and BBB- rating, an investment-grade rating that we plan to keep. But what we often forget is that each of our assets that is rated has a solid investment-grade rating as well, which is a testament to the quality of those assets, to the prudent leverage of those assets, which ultimately translates into an ability to upstream dividends to Abertis. Now, you also see, in terms of how we structure the debt, that roughly half the debt is at TopCo and half is at the OpCo, at the asset levels. And that's something that's not a coincidence. It's something that we actively manage. Why is that? Well, the debt at the OpCo level, at the asset level, has a benefit that is non-recourse debt. And it's in local currency, which allows us to mitigate currency risk. But at the TopCo debt, we have a debt that has a lower cost because, of course, it benefits from our large, diverse portfolio. So we have low leverage at the asset level, 3.2 x net debt. And then, when you look at it on a consolidated basis, that's still a prudent 6.3 x. Now, I like to think of our debt as our financial structure as being low risk, low cost, and well-managed. In terms of low risk, Pepe touched on we have good protection against interest rate movements. Over 80% of our debt is fixed rate. But you should also know that some of our key assets have 100% protection, 100% fixed rate. Now, another element, obviously, is refinancing risk. Now, there, again, something that we actively manage. During the last five- years, we've managed to keep the average maturity of our debt at over five- years. So what does that mean, let's say, for the next three- years? So we've got about EUR 3 billion of maturities every year for the next three- years, which is a big number to some. But for us, it's very manageable. Why? So first, we've got over EUR 9 billion of liquidity. That's very strong liquidity that, of course, we'd rather not touch. And we don't have to because of the strong cash flows. Strong cash flows that actually mean that if we do nothing, if we don't need to raise additional debt or anything else, our actual refinancing needs, instead of EUR 3 billion, go down to 1 or 1.5 a year, which is a very manageable amount given that in the last five years, we've been raising about EUR 5 billion of debt every year. So again, we're comfortable with that. So low risk ultimately has to translate to low cost. And we've benefited from a stable low cost over the last three years. So our TopCo debt has had a cost of 2.1% despite we all know what interest rates have done. And we expect that to remain at a quite stable 2.5% in the next three years. And that's a testament not just to our portfolio but how we've managed that financial structure. It's worth noting, for example, early in 2022, before interest rates started going up, we entered into a EUR 4 billion hedging program which created a lot of value for the group. For example, that meant that we were able to reduce the cost of our last bond issue in June last year from 4.1%-2.4%, again, helping us keep that cost of debt low into the future. Perhaps a last component, if you like, of our model, which is value-creative growth. Now, value creation can mean a lot of things to a lot of people. But if we try to look at it simplistically from a financial perspective, value creation is achieving a return on your investment that is above your cost of capital. So let's look at what that means. Let's take an example where we're looking at an asset that has an equity IRR of 8%-10% depending on its risk profile. Well, our cost of capital is very efficient and obviously lower than that. So hey, we're already creating value. And yet, for an industrial group like Abertis, that's just the beginning. Why is that? Well, first, that 8%-10%, in our case, thanks to our industrial know-how, that means that the projections that are underpinning those returns are more reliable. So already there, we're de-risking that 8%-10%. But we don't stop there. We're able, as Pepe said, thanks to the breadth of our portfolio, thanks to best practice sharing, we're able to extract synergies, optimizations. We will constantly look at ways of improving, enhancing, extending each of those assets and, in some cases, add platform M&A. So what started as an 8%-10% can easily end up at 10%-14%. And that is what we do in all of our acquisitions. So let's look at what this has done in practice over the last five years. So we've generated, over the last five years, over EUR 10 billion in free cash flows. And what have we done? We've used EUR 6 billion to pay down debt, first step, deleveraging, and EUR 4 billion to pay dividends, including in the last few years, the EUR 600 million, as you know. So what has that meant? Well, that means that we started with EUR 23 billion of debt. And we've been able to reduce that to 16 on a like-for-like basis, excluding growth. That means we brought down the leverage from debt and bring down leverage from 6.3x down to a very low 2.5x. What will we have in 10 years' time? We will still have a business generating EUR 4 billion of EBITDA and with EUR 110 billion of EBITDA backlog. That's 27, 28 years of EBITDA life still left in our portfolio in 10 years' time. We still have a strong portfolio which we have deleveraged. Again, that's what gives us that firepower to reinvest in growth. Now, let's break it down into some of the key components. First, EBITDA. Again, these are numbers for the EBITDA current portfolio. We started at the current level of EUR 4 billion. We peak at about EUR 6 billion in 2030, continuing the trend that those assets, how they've been performing for the last 10 years, and hopefully, with no more COVID. We peak at EUR 6 billion. We have some of our key concessions in France that currently would expire. Naturally, that EBITDA will come down. For the next 10 years, we've still got about EUR 4 billion on average EBITDA coming out of our portfolio on a like-for-like basis, again, without extensions, without growth. It's a solid cash generation for the next 20 years. We still end up with a backlog of over EUR 70 billion, which, by the way, is roughly where we were five- years ago. We're still going to have that in 20 years' time. Now, I have to admit that, as management, we don't particularly like this curve. We're actively not, obviously, sitting and doing nothing. So we're going to continue to actively manage, actively look for growth extensions. You can rest assured that this curve will look different in the future, same way that it looks different today from what it was 5 years ago. Now, let's look at debt, deleveraging, the first key part of the model the second, sorry, key part of the model, if you like. We talked about the debt going down from EUR 26 billion down to EUR 10 billion in the next 10 years. And you see the drop in non-core debt was actually is fully repaid in 15 years by 2038. So non-core, all that debt that is there today would be gone. So it's a strong deleveraging capacity. Every day, we're paying down that debt. And we reduced leverage from 6x to 4x to 2x and to below 2x, which, obviously, is a very low level. So what we've done is we've put in some recaps at the end. Strong capacity to deleverage thanks to the strong cash flows. Again, this is without any extensions, without any M&A. That is what this will provide us firepower for. The last component, dividends. We have modeled that, as Juan mentioned, quite simplistically. We've modeled EUR 600 million of dividends paid to our controlling shareholders in the next 15 years. That coincides with the full repayment of the TopCo debt. And obviously, those cash flows, the less debt there is, we can use more of those cash flows to pay dividends. Even though we could probably increase the EUR 600 million earlier, you can see after 2038, a significant increase in dividends. And again, that is without including any extensions, any M&A, which will add to the value coming from these dividends. Thank you. I hope that has been insightful. I do want to leave you with five key takeaways. First, the perpetual model works. We have the track record of being able to replace and grow EBITDA. So as Pepe said, we have the confidence that some maturities come in the future, we'll be able to manage those and keep growing our business. Second, it's a strong cash flow generation because each of the assets that we have are core infrastructure, quality roads that are doing what they're expected to do, generating predictable, recurring, and growing cash flows. We start off with EUR 160 billion of EBITDA backlog. Third, prudent leverage. Sometimes, people, without doing the normalisation, wonder, "Is that too much debt?" Well, it's not. I hope you've seen today that, first of all, we've been deleveraging. We've just used some of that capacity to fund growth and make us stronger. And we have a clear path to continue significant deleverage over the coming years just with our current portfolio. And with that portfolio, sustainable dividends. We have the ability to continue paying EUR 600 million a year to our controlling shareholders until the end of our concession life. And we have the capacity to grow those dividends. Remember, as we deleverage, we can pay more dividends. And we're not just going to sit and do nothing. We're looking for that perpetual growth. We've been doing that for the last five- years. We've actually been doing that for the last 60 years, actually. And we're not in a rush. We're going to continue to be selective and apply financial discipline. But that is the last element that will keep that perpetual value creation model going in perpetuity. So thank you. Hi, everyone. I'm excited to be able to join you today to get to talk to you about our greenfield opportunities that we have and our greenfield investments that we do within the group. So I'm Nuria Haltiwanger. I'm the CEO for Iridium. And I'm here to talk about ACS Infrastructure and tell you a little bit about who we are, what we do, which I think we do quite well, and where we're going into the future. And so in terms of who we are, ACS Infrastructure is comprised of Iridium, Pacific Partnerships, and Hochtief PPP Solutions. And we're a global leader in greenfield infrastructure development and long-term O&M. We're a diversified platform with significant returns, cash yields that add value along the whole value chain, and with what we call the multiplier effect with other entities within our group. These are a few of the metrics that we think reflect that we do a good job at this. We have a long and successful track record of managing and investing in very big, large infrastructure projects, many of them considered megaprojects. We've historically invested in almost 250 of them. That means we have experience in managing them and structuring them financially, oftentimes with project finance. In doing this, we optimize our investments throughout that lifecycle, helping generate a return, a strong equity IRR of almost 17%. Our current portfolio will generate, over the next 10 years, EUR 160 million of project dividends. We believe that that creates a fair value in terms of the current portfolio that we have of our core infra platform. I'll talk more about our next generation of EUR 2.7 billion. So our focus really is about value creation across the full value chain. That starts with our development activities. We have an extremely successful bid ratio, hit rate. That means that, in the last five years of the projects where we've decided to bid because we're selective in where we go and the resources that we put forward in identifying opportunities, the projects that we go to, we win, in the last five years, 65% of those projects, so about two-thirds of those projects. We have a multiplier effect with our investments, which means that, for every EUR 1 million that we invest in a project, we usually are able to generate about EUR 23 million of revenues for our construction entities and other entities within our group, as well as separately, a long stable cash flow of O&M backlog. So we currently have about EUR 3.6 billion of O&M backlog, mainly focused in North America. And then, the last part of this value chain, which is really important in terms of what we do for ACS Infra, but for the group generally, is our strategic divestments and equity rotation model. And so we successfully do that by selling portions, oftentimes either a full concession or portions of our concession equity investment, in order to generate a 2.2x exit ratio compared to equity invested. And that money, we can use to invest in new projects going forward, which, again, has that multiplier effect along the value chain. This shows you our portfolio, which, as I said, is well diversified. And it's well diversified in three ways. We're diversified in terms of geography. We're present in all of the major places where we do business, so North America, Europe, Asia Pacific, and Latin America. We're also diversified in terms of our core infra, specifically in terms of sectors. We've traditionally been very focused in transport. We have significant road and rail assets within our portfolio, but as well as facilities, so social infrastructure projects, including hospitals, student accommodation, and other public types of facilities. I'll talk more about the bottom portion later on, which is what we're calling the new generation infrastructure. We're also very diversified in terms of revenue streams. We have a good balance and mix between availability payment projects, which provide for stable cash flows, as well as demand risk projects, which help provide for opportunities for higher yield. We're focused on strengthening our core segments. I'm going to talk first to that, but also in locking the value creation that we're able to get from our next generation infrastructure. So I'm going to focus a little bit just to tell you about the pipeline that we have for our core infrastructure. There's great opportunity in respect to our core infrastructure, mainly because there's always this ever-increasing gap between the infrastructure that's needed and the infrastructure that countries and states are able to actually invest in. So that unlocks opportunity for private initiative and private investment. And that's where we can come in. We have a focused and diversified platform of projects that aim but it's selective. So that's an important part of what this is first very illustrative of what we have. We have a long pipeline that we study. But we've tried to just highlight some projects here that highlight the diversification of sectors that we look at, as well as the integration that we have. But also, very importantly, we're very selective in the projects that we pursue, particularly aimed at making sure that they meet our risk profile criteria. That's a shared allocation of risk, particularly on the construction side. And that is really focused. And we're pushing clients more and more. And we're able to do that together with our other group companies because of the reputation we have in the market to help push the models of bringing more and more features of collaborative, alliance, target pricing into these types of P3 models. And so we're actively doing that. And these projects help highlight that. As the people here now, I can speak in detail about each of these. I won't do that because I know I'm standing between you and lunch. So I'm going to try and keep it moving. But I do think we should highlight a few of the projects that we're tracking, particularly the managed lanes projects. And so managed lanes is a very large asset class that we're seeing that's going to continue to grow, particularly in the U.S. And for those of you who might not know, managed lanes are basically congestion relief lanes that are built usually on existing highways that will be tolled. And so we're seeing more and more of those projects coming out within the U.S., helping to address congestion in the growing cities. And one of the programs that we're very involved in is part of the Georgia Major Mobility Investment Program. We're currently bidding in that program with their first project. That's an $11 billion program with a number of projects that are set to come out, with the first one that we'll be bidding coming up this next month, which is the SR 400. Nashville and Tennessee will be coming out with a program as well, a large program with these projects, as well to address congestion that they have. They're calling them Choice Lanes. We're following them in Virginia. We also here have, like I said, a brief selection of projects that we have on the social infrastructure space. We're following a number of projects in Australia. There's going to be a pipeline of hospital projects coming out. A few of the others that show and highlight, particularly one of our water projects that is very interesting in Manchester, which is really bringing in the concept of target pricing model. And we're pulling that into this P3 model, as well as our Denver Airport and CONRAC and APM project that we're going to be looking to bid together, which will bring together ACS Infrastructure with Turner that will focus on the CONRAC, which is a consolidated car rental facility at the Denver Airport, and the APM, which will bring in the expertise from Flatiron. So we'll be doing that collaboratively together. So, as I said, our core infrastructure, and this sort of highlights you saw this a little bit before that Juan was able to explain. But this highlights where we're looking to sort of allocate our resources and what we view that the value that that will bring coming up in 2030. So core infrastructure, we're looking, based on our pipeline, our selective pipeline, we'll be looking to invest still about a third of what our equity is going to be investing forward. And that, we believe, comes out when we look at our traditional exit valuations, would be equity value of about $3 billion-$4 billion for that pipeline. And that's just as it relates to the equity investment piece. That doesn't include the multiplier effect of what we're talking about in terms of the construction revenues or the O&M. Then, we'll be looking and I'll be talking more in detail about how we're going to be looking at these, what we're calling the next generation. But I think it's important to sort of understand what we're talking about when we go there. So, as I said, we've historically been and we're involved in critical infrastructure going forward and developing whatever the needs were of the moment for our clients, so roads, bridges, highways, ports, high-speed rail, hospitals. We've been involved in that. And as the needs of the society and as the needs of our clients have changed and evolved, we've changed and evolved with them. And right now, digital infrastructure is becoming ever more critical and a need that we have, as are renewable energy sources and alternative and more sustainable means of mobility. So that's what we're doing. We're changing with our clients and with the needs to serve and approach those segments. But we're doing them through investments in areas and these growth sectors that are, in essence, very core-adjacent. So we're doing them into core-adjacent industries and where we already have group expertise. So we're able to leverage our group expertise in order to position ourselves within each of these. I think, as you can see, and I'm going to talk more specifically about each one. So I think this was just so you can have a good overview. Again, as I said, we're really looking at leveraging the expertise that we have. And I think you've gotten a good highlight already from the presentation that Turner made in terms of where we are in terms of expertise in data centers. You were able to hear from Doug at UGL in terms of the expertise on the renewable energy side. We have collaborations that are already happening. So even though we're calling these next generation or new infrastructure, they're not new for our group. They're not new in terms of the expertise that we bring from the different group companies. Turning to the digital infrastructure and what we're looking at, the market right now is experiencing a huge paradigm shift in terms of need because of the growing demand for cloud computing solutions, as well as the disruption that's associated with AI. That's the basis for the anticipated growth that we're seeing in the data center market in general, which, by 2030, is expected to be about $500 billion of revenues in terms of the market. Our strategy to participate in this from an equity level is really based on three fundamental pillars. This is, I think, a really good example of us we are in the right places at the right time and with the right skill set. It's actually, as we look at each of the new generation sectors, that really is what it is. We exist, and our geographical scope is where these areas are growing. We're there. It's the time. And we have the right skill set. So we're going to be leveraging our ACS Group footprint and expertise. And I think it was spoken well in terms of the Turner presentation about we have all of the major relationships with hyperscalers, which are 80% of the clients that utilize and are going to need data center space. We have, within the group, 1,500 dedicated data center experienced professionals. We have in-house land assessment capabilities because, in the end, the data center business is really about land, power, capacity, water as well. We have the ability and the logistics supply chain through SourceBlue to be able to help achieve that, and renewable energy and nuclear energy expertise within the group that's also going to help us look to add in some off-grid energy solutions to this product offering. We're going to be looking to provide the end-to-end solutions to act as the developer and investor. And then, we'll also be looking at some M&A bolt-on opportunities. So we're targeting right now about 1 GW of data center capacity by 2030. So that translates, in essence, we believe, into a value that will require about $1 billion-$2 billion of investment. And that translates into up to $5 billion of value by 2030, again, without taking into account the multiplier effect as it relates to the construction opportunities that that helps bring. And we're already well on our way to helping achieve this. We have a number of projects already. A good example, and you'll hear a little bit more about it later, is our Project Alcalá here in Madrid. So Madrid is one of the growing areas that we believe in and places Spain in general for data center growth. We are already in construction on this project. And we're looking to go into operations in 2026. We're doing this project together. And it's a good example of our integration that we're doing because it's a project ourselves, Iridium, together with Dragados and Turner, who are helping construct that project. And incorporated as well within our overall data center strategy is a focus on sustainable edge data center solutions, which are actually being developed and is a really unique product offering that's being developed through Hochtief throughout Europe. These are focused on edge data centers, which are smaller in size but are one of the fastest-growing areas within the data center market. They are looking to already identify 10 locations for data centers within the next 12 months. You'll hear more about this unique sustainable data center approach later in Martina Steffen's presentation. It's a very interesting product that we're also doing in this space. Energy transition, I think Doug actually did a really good job of sort of explaining, particularly in the Australia market. Our energy transition and renewable energy strategy is focused primarily through Pacific Partnerships in Australia. We are looking to pursue this because of the need that I think Doug did a good job of explaining in Australia in terms of investment that will happen in renewable energies. They are at the forefront of the transition, with renewable energy solutions going to be one of the largest infrastructure segments in the country for the next decade. They're having to transition from a coal-fired-based power load. And they're having to transition over in order to meet their 2050 energy net-zero targets. So they're going to have to make significant investment in next generation storage, grid stability, and upgrades. So Pacific is already targeting, and we're targeting to do about 5 GW. And they're well on their way. They already have 2.5 GW of projects that they're currently developing or have exclusivity rights on. And we believe that that translates, again, into by 2030 an equity value of about $2 billion-$3 billion, again, without counting the multiplier effect as it relates to construction and O&M. Green hydrogen, we're also focused on the green hydrogen space. I think Juan did a good job as well explaining our strategy as it relates to green hydrogen. We believe that this is going to be a core vector and driver going forward in the future. And we're trying to position ourselves with the expertise that we have within the group, particularly UGL, in terms of their strength on the technical side. We have, these are our four pillars in terms of our strategy of how we're looking to do this. So we're going to be focusing on key projects in key markets. The benefit that we have, actually, is our global presence is exactly where a lot of the green hydrogen solutions are going to be developed in the future. And so we're able to do that. So this is, again, another example of we exist, we're in the right places for this opportunity. But we're actively monitoring it to make sure that the business model meets our very stringent equity requirements in terms of investment. And so, again, Juan highlighted them of what they were. It really is making sure that we have a strong offtake agreement, that we have the right renewable energy source coming in, that we have the right technology as it relates to electrolyzer technology, and a business plan that makes sense, often going to draw upon subsidies, which we're tracking and that have been announced. But we have to see how those actually will play out in terms of being able to do our investment. Having said that, we're well positioned. And we actually identified a solid, very real pipeline of about 5 GW of capacity. And we'll be ready to enter into that once we continue to move forward in diligence and make sure. So our goal would be to reach about, at that moment, if the moment is right and when the moment is right, to invest about 2 GW-3 GW of electrolyzer capacity. So sustainable mobility. And so I get the honor of getting to explain some of our exciting things that we're doing in terms of sustainable mobility. Sustainable mobility, the way we sort of describe it, is really about the fact that as populations are growing, they're becoming more and more urban. And there needs to be different solutions in order to be able to address those needs. And so part of this we anticipate, actually, that by 2035, the global market for what's defined as sustainable mobility, which is quite large, is going to be about EUR 1 trillion. We're investing in and partnering with some of the companies that are helping lead different solutions as it relates to sustainable mobility. I'll talk a little bit more about them in terms of Skyports and Glydways. I'll be able to describe them more. But one of the other aspects of that we're doing in terms of sustainable mobility is really focusing on the EV charging. We're addressing the ever-expanding use of electric vehicles and investing in EV charging market opportunities with 150 charging stations in execution currently and another 650 under development. We have a strong growing pipeline, particularly in the European market, through Hochtief, who's actually developing and won one of the largest public procurements for EV charging in Germany. We're looking to expand that business going into other countries and also looking at truck charging. So in terms of what the market itself is, this is very, again, selective market because the market is quite large. But we're looking to do an equity investment of about $360 million. That's what we've kind of anticipated for the next few years. And we believe that that equity value, I would say conservatively, is around over $1 billion. And so now I'll get to talk to you a little bit about one of our opportunities that we have. So we recently did a significant investment in Skyports, which is, I would say, the global leader in advanced air mobility. And so advanced air mobility has been a business that's been growing and to date has had already about $9 billion of investment. But that's really been focused on the technology for the aircrafts, whereas that $9 billion has gone to the technology to develop the aircrafts. And as those aircraft and the OEMs are getting ready to final certification, now is the time to be investing in the actual ground infrastructure that's going to help make this industry grow. So we did this by participating and by buying a 50% controlling interest in Skyports, which is the number one. Skyports is, we would say, the global leader in advanced air mobility and has two really interesting components to its business. It is the leading developer of ground operating infrastructure, or vertiports, for sustainable urban air mobility. And they also have a very interesting beyond line-of-sight drone services logistics business, which, for example, they're the only company in the world that can do cargo deliveries to offshore oil rigs right now. So they have this very interesting other aspect of their business. But we really focused on them because of the infrastructure development side. So they're a first mover and one of the first movers in advanced air mobility. They developed the first fully integrated vertiport in Paris. They have another two in California and Singapore. The video that you're seeing is actually from Dubai because they won the exclusivity for 10 years to be they will be the exclusive vertiport developer and operator for all of Dubai for the next 10 years. Again, we have the 50% controlling interest in Skyports. And that also gives us preferential rights as it relates to equity investments in the projects that they're going to be developing, as well as the construction. So, again, this multiplier effect on our investments. And then, again, as I said, as it relates to the drones logistics business, it's focused on beyond line-of-sight cargo surveying and monitoring. We're actually looking at how we can bring those efficiencies into our broader group and looking at how we're going to bring those synergies to our construction, mining, and asset management areas of the group. The other thing that I get to talk to you about is Glydways. We have a pretty modest investment that we made into Glydways. What that investment in Glydways does and I'll explain what Glydways does, which is focused on personal rapid transit. What it's actually unlocking for us is the opportunity to invest in what we believe is going to be a very large growing infrastructure mobility solution to participate, again, with the multiplier effect in the construction and in the investment in the projects and the concessions that they're actually winning. The Glydways concept, I call it where Uber meets mass transit. So it's basically small electric autonomous vehicles that are on demand but that they run on dedicated lanes and guideways. So the benefit of this is that and they can run nonstop. So it runs within a mesh network. So if you were thinking about being basically on a metro system but you get to call the car to you when you're ready to take it, it will take you on your dedicated lane. And it will drop you off at the station that you want to go to without stopping in between and in a private car experience. So you're not sharing that experience with anybody else. The benefits that this actually has and we're seeing it play out with our public clients is that it provides a mobility solution that's actually a high-capacity mobility solution but at the fraction of the cost because it requires much smaller CapEx. Mass transit solutions are usually designed for peak hours and for peak utilization. But that means that there's a lot of hours where trains are running and they're running half empty. By being on demand, there's actually huge OpEx savings. And so what this modest investment is giving us is an opportunity to participate in the construction of some of these projects. And so they're an industry leader. We actually found them because we were participating in a bid with probably the only other entity that's doing personal rapid transit. But Glydways' technology is much more advanced, I would say, or their solution is much more advanced. And they beat us in a procurement. And so if you can't beat them, buy them or buy the piece of them so that you can participate with them. We're actually now participating with them in that project in San Jose, as well as East Contra Costa, which is another project that they bought, I mean, that they won together with Flatiron. We're currently bidding a pilot program at the Atlanta Airport with them, together again with Flatiron. So this is a great entry point for us into the autonomous vehicle space. But it's actually because it's on a dedicated lane or a dedicated guideway and not open road, it's actually able to be utilized now. It's providing a technology solution for the needs of today. So we think this is a really exciting opportunity. Again, very modest investment but it's giving us the opportunity to partner with them on exciting other projects. And then related to the fact that, as we've been talking, all of these sustainable mobility solutions that I've been talking to you about are all electric and battery-powered. So part of that comes with the need for increased and an ever-increasing need and demand that we're going to be seeing for lithium. And so one of the other aspects that we're currently exploring together with our other group companies, particularly benefiting from the expertise of Sedgman, are some opportunities within the growing need for lithium, particularly in the EU. And we're going to be focused on and we're analyzing some opportunities going forward in the lithium space as well. And so just in terms of the key takeaways, because, like I said, I'm between you and lunch, we're a successful platform for investment. We have a history of profitability with a very solid return that we provide for the group in terms of our equity investment. We help provide the strategy and a great exit ratio in terms of exit multiple to equity invested. We have a multiplier effect. We have large opportunities in our core segments going forward. But we also see solid value creation that we can unlock across the different new growth vectors because we're able to leverage our geographic scope and the expertise and partnership that we have and integration we have with our other group companies. So thank you so much. Good afternoon. We hope you enjoyed a lunch. We're going to start the second part of our presentation today. We are going to begin with the engineering and construction segment. So we will call very soon Santiago García, who is our Chief Executive Officer for Dragados, and will come on stage together with David Parker and Richard Grabinski. Both of them work in North America. They understand engineering and construction in North America. They've been there for a number of years. Between the three of them, we'll be able to give us visibility on the segment. We will continue on ESG. We will invite at that point Martina Steffen, who is our Chief Human Resources Officer for both ACS and Hochtief, and Cristina Aldámiz-Echevarría, who is also our head for not only ESG matters but also operations at ACS Group. Then after that, Emilio Grande, our Chief Financial Officer, will be able to go through all the details around the numbers. I'm sure you're waiting for that. Right after, we'll go to the conclusions and Q&A. So I hope you find the second part of the presentation very productive. Thank you. ACS Group is at the forefront of the development of traditional infrastructure projects in civil engineering and construction. We integrate cutting-edge technology and solutions to provide communities with transport routes, high-capacity connections, and essential services such as water supply. We have the best and most dedicated talents to develop and transform key infrastructures to enhance communities' quality of life. We're building major projects that promote efficient environments and easy access to vital services, fostering social cohesion like motorways, bridges, hydraulic infrastructures, railways, and public facilities. So good afternoon, everybody. I'm Santiago García, CEO for Dragados. And here with me, Richard Grabinski, who is the Chief Strategy Officer at Flatiron, North America, and David Parker from Dragados USA, who is responsible for buildings and business development. We appreciate your presence here. You could be on the rooftop. And it seems like it's better for you to be here. So we appreciate. So let's go with ACS Engineering and Construction. What's ACS Engineering and Construction today, and what are our levers for the better future? First of all, you know us, what we do. We do civil construction. We've been doing civil construction in complex projects all around the world where we can demonstrate and make the difference with others, as we are always in the forefront of the industry due to our technical capabilities, our skills, et cetera. Where we mainly operate? In the most developed markets. That's it, North America and Europe. You can see in the graph that our revenues in 2023 were 60% in North America, U.S., and Canada, and then 39% in Europe. Within the three companies that are Flatiron, Hochtief Europe, and Dragados are combined in the top five contractors in North America and Europe and in all kinds of rankings like the ENR. It's a prestigious ranking. And Hochtief and Dragados, they elevate our ranks. For instance, last year, 2023, Dragados was ranked top three transportation contractors, same with Flatiron in other categories, and the Hochtief Europe as well. Well, what are we doing not now, just some years ago, and we are continuing now? It's derisking our profile. This is the main message I would want to make clear to you. We are derisking our profile, our backlog, through to collaborative contracts. We're going to take time in explaining what is a collaborative contract. Richard will do later on. Just for you to know that more than 65% of our pipeline for future projects is in this kind of contracts. And then, of course, at the same time, the other companies in the group, and taking advantage of the synergies we have and the power we have with the rest of the group, we are deep inside in growing in high-growth tech markets. It's not a target for the future. We already are in a third of our backlog in this kind of projects, mainly in sustainable mobility, biopharma, health, education, and keep going. So what we do, you know us. What we've been doing for decades is very important flagship projects building. We're doing successfully during all the years and in different countries. Why? Because we are in the forefront in the industry. Why? Because we have the skills. But we keep on investing in having the skills. I mean, we keep on investing in business development, in research, in innovation. We don't do things as we did last year. We continue improving ourselves to be the leaders wherever we are. This was always like that because we learned where we learned when we were younger. And we do for the future. What is our backlog like? Of course, mostly it is transportation because we have more than 50% of our backlog in transportation. And you can see residential, et cetera. But there is 20% of our backlog currently in sustainable mobility and other segments growing. Some projects to put we could put a lot of projects here. We build bridges. We build railways. We build roads, dams, tunnels. We are tunneling now with 11 tunneling boring machines, which is our machine that can do it. At the moment, 11 in the U.S. So just to put three examples, one of each company, we have more than 1,000 km of high-speed rail in Spain with Dragados that permitted us then to export this technology to the rest of the world. We are working in this kind of projects in the U.S., for instance. This iconic project of Hochtief Europe in Prague, which is the renovation of this historical building of the Opera House. That's one example. Could put much more. And this one of Flatiron, in California, Los Angeles, which is a collaborative contract. And it's the Dynamic Toll Facility for a very good client of theirs, which is LA Metro. Only a few samples. Figures. Don't want you to see much figures than this because I don't want to bore you. But you can see here our behavior the last two years and what's our upward trajectory. So in revenue from 2022 - 2023, our growth was 8%, which was from EUR 8.3 billion- EUR 8.9 billion, same with PBT from EUR 141 million- EUR 164 million. It is a 16% increase. All of this is going to continue because we have a backlog of three years, actually, and a backlog that is, remember, derisking itself. So it's going to be better. As a result, the free cash flow generation, which is in the end what matters more, is being so healthy. And it's going to be better. It's around EUR 145 million average these last two years, just to give you some figures of what we are today. But where are the levers that will support the future, the present, but the future of ACS? Three levers. Easy. No more. Three. First of all, we are positioned. And we continue being positioned in the main developed markets in the world, mainly North America, U.S., Canada, and Europe. We don't need adventures. Any other areas? No. We are consistently positioned there. There are huge opportunities there. They are still growing. David is going to talk about this in a few minutes. And we have the presence. We have the skills. We have the credentials. The clients know us. We know the clients. We're doing it successfully. We will continue. No change. Then second lever, we are fully committed in these companies to derisk our backlog. So we are going to proceed through collaborative contracts. We already have a lot in our backlog. Our pipeline, you saw it, is 75% or more coming. We will get time to explain to you what is a collaborative model, what is the difference, and giving you some examples. He will do, Richard. We will give you a couple of examples because we don't have more time. I will give you more that you will understand that this is the path. The third lever, as important as that, is that we are with the rest of the group taking advantage of the tremendous power of this group and the synergies, getting into the high-growth segments. We already are there. We're going to see that we have several projects ongoing. We're going to give some examples later on. So David, you can. Sure. So as Santiago noted, we're located in geographically stable markets with good growth prospects. 60% of our revenue is concentrated in North America, specifically Canada and the U.S., 39% in the E.U., and relatively 1% in Latin America. The U.S. in particular, particularly the heavy civil market, has shown really good resiliency and strong growth over the last few years. ENR just released their confidence index, which is essentially a survey of industry leaders in the construction sector that shows that there's a strong expectation of further growth not only in 2024 but in the coming years. And there's good reason for that optimism. And that is because of all the federal funding that's been allocated over the last two years to this market. The Infrastructure Investment and Jobs Act allocates $1.2 trillion over five years. This is split between transportation, power, broadband, and water projects. The majority of this funding has not yet been allocated. So there'll be a tremendous amount of infrastructure investment over the next three years as this funding makes its way out to the marketplace. The Inflation Reduction Act allocates another $738 billion to energy security, energy transition, and climate change. This is going to benefit some of our future target clients in the energy and public utility space, as well as additional funding is going to be available to help with flood mitigation and drought resilience. That's going to be channeled through the Corps of Engineers, who are also an existing client of ours. Lastly, the CHIPS Act is authorizing $280 billion to onshore semiconductor manufacturing through loan guarantees, tax credits, and direct investment. The first tranche of this funding is going to enable about somewhere between 25 and 50 projects. Now, the majority of this funding is going to go to the likes of Turner in building these facilities. But we anticipate that there will be trickle-down ACS opportunities, tangential infrastructure opportunities for us. The final point I'd make here is that there's a multiplier effect associated with this federal funding. It's not the majority of funding that goes into these projects. There is state and local funding, matches that are going to accompany these projects, as well as private sector investment. So Juan in his opening remarks talked about the importance and the necessity and the strategic advantage of being local in this business. We and ACS are spread between 21 states in the U.S. And critically, we're in all the major metro markets, East Coast, West Coast, throughout the Sun Belt. In Canada, we're concentrated with the two easternmost provinces and the two westernmost provinces that give us good access to our transportation, energy, and mining clients. Each of these regional markets has good leadership, which are living and embedded within the community, have good access and relationship with stakeholders, and good supply chain and local construction partnerships. This enables us not only to be successful in these markets but to project ourselves to areas where we're maybe not present today to the extent there's an opportunity there that becomes attractive to us. OK. Now, Richard is going to explain what is a collaborative contract. Yeah. Thank you. I want to take a moment and describe what is collaborative delivery as it pertains to the heavy civil market and why is it low risk. So first, owners and contractors both like and benefit from collaborative delivery because it produces safe outcomes. Owners like it because they get a safe schedule. We like it because we also get a safe schedule. Owners like it because they get predictable financial outcomes. We also like it because we get predictable, safe financial outcomes. So both owners and contractors benefit from it. There's been a huge push in North America towards collaborative delivery. While Turner maybe have done it for 40 years now, it's new in the heavy civil space. And we're very excited about it. So how does it work? So collaborative delivery has the following tenets. First, contractors are selected based on their experience, their people, and their technical capability. That fits the ACS Group very well. It's a huge advantage for us. Once selected, the contractor and the client work together in what's called a pre-construction phase. In the pre-construction phase, we jointly develop a project scope, design, schedule, and cost. This includes price protections for our suppliers, our subcontractors, and future escalations as well. Once we align, we negotiate contract terms and a risk-sharing regime. When agreements reached, we enter into a construction contract. These contracts are much more favorable than they have been in the past. The contracts can either be cost-reimbursable, guaranteed maximum price, or a target price. In all cases, these contracts have and give us the opportunity for upside. But they also limit our downside. They're very favorable. It's a big improvement since how it was in the past. We've been very successful these last three years. We've already delivered 10 of these contracts. All 10 of them have the same thing in common. We've done better in our earnings. We've done better in our cash. We have much more reliable results. We're extremely focused on getting more and more collaborative delivery contracts. We see a huge pipeline of this coming. We've had great success over the last 16 months actually winning or getting awarded these collaborative contracts. In fact, we have 24 of them in pre-construction right now, where we're actively negotiating with our clients to turn those into a construction contract. That totals about $12 billion worth of contract value that we're currently in pre-construction for. The good news is that the pipeline continues and continues. There's a big push towards this collaborative delivery now. We're at the forefront of being able to win and execute this work. Looking at the backlog on the right-hand side of this slide, it's important to recognize the contribution that Flatiron has made in terms of moving toward converting their backlog to this collaborative business model. About four years ago, Flatiron initiated a strategy to rebalance its backlog into these lower-risk contracts. The company took what I consider a really proactive approach by publicly declaring their strategic intent to move away and disengage from lump-sum design-build, which has been problematic for a number of contractors in the U.S. They took the time to meet with clients, partners, and explain the rationale for this move, as well as the benefits of this kind of contracting for both parties, contractors and owners. The result, as you can see here, has been a dramatic shift from roughly less than 10% four years ago to nearly 60% of their backlog being in collaborative contracting. Now, at Dragados, we took steps two years ago to reorganize the bidding group, which I'm responsible for, so that we had a more consistent approach to our business practices, including an enhanced focus on risk management, and also to better leverage across the company our technical expertise, which is significant. We also made the pivot at that time to convert to more collaborative contracts. Today, we have about a quarter of our backlog in collaborative contracts. As we expect over the coming years, the next few years, as we move from the contracts that Richard described, which are in pre-construction, into construction, and as we win our fair share of this pipeline of collaborative contracts, we expect to have the majority, both Flatiron and Dragados, the majority of our contracts will be these kind of collaborative contracts. OK. So a couple of examples of these kind of projects, successful examples. First of all, we start with this project. It's a Dragados project. It took place in London, U.K. And it started 10 years ago. We're not new in these kind of contracts. It started in the U.K. Now, we are continuing in North America. This is a clear example of these kinds of projects. It was a very complex project because it was in London sorry, in Bank Station. I don't know if you know. But it's in the middle or in the center, in the heart of London. It's one of the busiest places in the world, kind of 400,000 passengers per day, five lines inside. Everything is very impressive. But the thing is that we had to tunnel inside. We had to mine inside. At the same time that these people continue doing their life with no any annoyance. So it was challenging technically. And that's why the client wanted us to go there. We were not selected as the low offer. We were selected due to our technical capabilities, of course, financial as well. And well, we were there. And the challenge started. There were, of course, a lot of inconvenience, et cetera. Why has it been so successful? It's been so successful because everybody was working in the same direction, no arguments, everybody. And why? Because this was through an open-book target cost contract, a collaborative contract, where the transparency is the word. I mean, everything was on the table, nothing under the table. Everybody got the data. Everybody was motivated and incentivized to get the project in time, in budget, and even getting savings because there was a sharing mechanism where if the project had cost overruns, we could share these payments. In In case the project had savings, we would share these savings. So everybody wanted to have savings. What happened in the end? We had savings. It was successfully finished. We had, again, to excavate, to increase the capacity, to install elevators, the free access, changing platforms from one platform for railway. Now, it's for people and the contrary, et cetera. So it was fun, actually. But it was profitable, which is, in the end, what happened. And exactly, we finished it on time, in budget. We were awarded full satisfaction of all the stakeholders, the owner, the people around, the commuters, everybody there, even the city mayor that we were mining under his house. It's still there. It functioned. In the end, we had 30 awards in this project, all in this project. Some of them related to diversity. Some of them, for instance, promoting women at work or sustainability, et cetera. We were selected by the owner, which was London Underground, now Transport for London, as top contractor for them several years in a row due to this project and others, but due to this project especially. In the end, we got a very good profit. We got a very good cash performance during the entire life of the project and in full satisfaction of the stakeholders. This is the project that we want to continue doing. Another one? Yeah. So here's an example of a collaborative delivery project that we're actually performing right now. This is the Terminal 1 at the San Diego International Airport in California. This is a $2.8 billion project. That's a joint venture between Flatiron and our friends Turner. This is combining Turner's aviation experience, their building experience, their local presence, along with Flatiron's self-perform heavy civil capabilities. This is a low-risk collaborative delivery contract called CMAR, Construction Manager at Risk. This contract included an open-book negotiated pre-construction phase, where together with a client, we developed the project schedule, the project scope, the design, and the cost. In developing the cost, we also developed a shared contingency regime. We protected our future material escalations from price increases. The efforts of the pre-construction resulted in a construction contract that we're now performing. In fact, I think by the end of this month, we'll be at about 50% complete on this project. One of the benefits of Flatiron and Turner working together is that we're able to take advantage of our local staff, our local presence, and our strengths, and in the end, create a simplified management approach of the project. This project has been a great example of how we can leverage the strength of both companies that result in, in this case, a very enhanced financial outcome for the group. Yeah. Going through the third lever, which is getting progressively into the high-growth segments aligned with the rest of the group. And we have here the backlog, how it's now at 34% of our backlog already in this kind of project. And we will keep on going and growing. And at the moment, sustainable mobility is in the most, is 59%. Then water treatment or biopharma, health, and education. And the rest is growing. Digital advantage still, at the end of 2023, was 1%. And it's going to increase drastically from 2024 onwards because we are already there, of course, always working hand by hand with the rest of the companies of the group, not competing everywhere. So one example of this, a very good example, is this project that Nuria Haltiwanger mentioned before. It's a project developed by Iridium. It's a data center in Madrid, in Alcalá de Henares. It's a clear example of collaboration between the companies. I mean, Iridium's developer, then Dragados and Turner are working together with the subsidiaries helping, especially SourceBlue in the purchasing of the equipment that is a very specialized one, et cetera. We are already constructing. We are starting in 2024. We started some months ago. We have to get this operational in 2026. This project is perfect to show all what we are saying today. I mean, it's collaborative. But at the same time, we are getting into this high-tech market. It's going to help us to expand in these markets. It's not the only one we have. But for confidentiality reasons, we cannot tell others. Iridium has permitted us to talk about this one. I think it's a good example of this. Then another one? Yeah. This is a sample of a project that we're performing in our high-growth segments of sustainable mobility. We were selected for this project in 2023 to create a zero-emission micromobility network in Contra Costa, which is in California. This project will provide first-mile and last-mile connectivity to the existing transit system there. Micromobility is a low-cost, battery-operated, on-demand pod that transports people along a predetermined route to predetermined destinations. This is a collaborative delivery project where we're working with a client and all the key stakeholders to do the design, the scope, to build it, operate it, and maintain it. Once we're able to get an initial operating segment up and running, then we get the exclusive rights to build this further out throughout the county. This is a collaboration with Contra Costa Transportation Authority but also with the company Glydways that you heard about earlier today. Glydways is an innovative technology leader in this space. This is one of the very first micromobility projects in the U.S. If we can get this one up and running, there's a huge demand, not only in the U.S. but elsewhere. OK. So that's it. I mean, I'm going to go to summarize with some takeaways that are the same that I said before. I mean, first of all, what we do, you know us. We do civil works. We do very well. We do the largest and technical challenges more in the world. We've been doing it for decades. We will do it in the next years. But we do it in the high-growth markets. I mean, we do it in the U.S. We do it in Canada. We do it in Europe. Stable conditions, no surprises, and a solid positioning there with our presence there. Second lever, important. We have it in our DNA, all of us, mitigate the risk, going to collaborative contracts. This is non-negotiable. Collaborative contracts and getting a best risk profile of our backlog. Third, continuing to increase our presence and exposure to these high-growth segments in collaboration with our friends of the rest of the companies of the group. Thank you so much for your attention. Okay. We are taking the lead in sustainable action. Our Sustainability Plan 2025 provides the roadmap with clear targets and manifold measures. We actively work on decarbonizing our operations and extend our activities in sustainable infrastructure and energy transition. We prioritize occupational health and safety and promote talent development and diversity. As a neighbor and partner, we support our communities. We make sure to protect biodiversity in all our activities. We also know that diversity is a key for our success. Therefore, we promote women to top management positions. We follow up on our goals for a sustainable future of our business. Thank you. Good evening, everyone. Thank you again for being here today. Martina and myself are very glad to have this opportunity to share with you a brief update on our sustainability agenda. So far, our colleagues have been talking to us on who we are, what opportunities we see looking forward, what is our vision, what we do different, and of course, what this implies in terms of financials and return for our shareholders. Now, we want to talk to you about how we do this. In ACS, one of the fundamental pillars of our corporate strategy is our firm commitment to develop our activities in a responsible manner. And this means in a sustainable manner. We have integrated this commitment, that is our culture, in a transversal way in all of our organization. We are convinced that this is the best approach to grant our future and to guarantee share value is generated for all ACS stakeholders. We take this belief into action, being our strategy oriented to decarbonize our operations, to extend our work in sustainable infrastructure, energy transition, social, and digital infrastructures, as well as to prioritize operational health and safety and talent development, and to do our business supporting our people and communities and protecting biodiversity in the areas we operate. Our efforts across the years have already yielded some significant accomplishments. As a way of example, we have been able to reduce so far 30% of our direct carbon emissions in the last four years. The presence of women in leading positions has also increased, not only in the board. We are 22.6% of women in management positions. Over 83% of our operations are evaluated in human rights. We are very proud to see that these efforts have been recognized by the market. Both ACS and Hochtief belong to different indexes, to the Dow Jones Sustainability Index and the FTSE 4 Good Index. We both are evaluated and support the Carbon Disclosure Project. This recognition serves us as a motivation but also as a challenge to keep on promoting our culture and pursuing our commitment in all sustainability aspects, social, environmental, and governance. Our strategic approach sits in two key principles. On one hand, we promote and develop sustainable infrastructure solutions, as we have seen all this morning. Overall, we embed sustainability in our daily business. Regarding the first principle, solutions that we promote include climate-resilient infrastructure, renewable energy development, clean hydrogen, sustainable mobility, or critical minerals for the energy transition. We see examples of this in the Pearl Harbor Naval Shipyard that has enhanced sustainability and long-term safety of the community or on the capabilities we are building in lithium as the key component in electric vehicles in the lithium extraction and processing plant in Europe and also in the opportunities that we are pursuing and investing, such as on the renewable energy storage sector or in high-tech sustainable mobility, as Nuria has explained us this morning with Skyports and Glydways. We are conscious and have taken very seriously the role we can play as a catalyst for change, driving forward the agenda and culture of sustainability across our supply chain, clients, projects, and employees. We promote sustainability by partnering with our 80,000 suppliers to search for sustainable solutions jointly, as we've done with United Rentals to electrify Turner Fleets, by creating awareness in our 135,000 employees and by driving our business advancing in green solutions in our projects. Our excellence is a driving force in uplifting our reputation that triggers two immediate effects. On one hand, it becomes the main lever to attract the best resources, both when it comes to financial resources as well as when it comes to human capital. Also, it becomes a catalyst for boosting growth as we become eligible for a greater client base. So thank you. And I pass the floor to Martina. Thank you very much, Cristina. Yeah, I'm very glad to be here today. So I worked very hard the last three- years in my role as Chief Sustainability Officer of Hochtief on working with an international team, so really with all our group companies together in driving our operational business in the sustainable future. And on the next slide, you see one environmental case study. Sorry. It's our YEXIO data center in Germany. So this project is, for us, a very important project. So it is a project that will create 2 MW sustainable high-tech data centers in Heiligenhaus in Germany. And this is, for us, not only a project. It's for us much more. It is, for us, a product. And we would like to roll out this product in a lot of cities and hopefully in a lot of countries. And the main areas from this project are three oh, sorry, three areas. It's the energy management. It is the materials and resources. It's the environment and biodiversity. We are supplying local green energy. We are implementing an innovative water cooling system. We will recycle waste heat. We used alternative construction materials such as wood. This data center will have a green facade and surface and ceiling. We are totally convinced that this is a product we can roll out to the market. This is what we are doing now. Hopefully, we can really have a lot of success with that. As you now see, we established a Sustainability Master Plan to ensure the integration of sustainable practice into our everybody's operations. As of today, we are committed to the Sustainability Master Plan. We are on a good track on it. So if you can see here some of our targets, so you see regarding our environmental pillar, we have the target to reduce 35% and 60% of the emissions in Scope 1 and Scope 2. And we have interim targets of 15% and 30%. By 2025, neutrality we would climate neutrality we would like to have and reach by 2045. So in the second pillar, in the social pillar, of course for us health and safety is key. It has top priority in all our business fields, and for this we have clear directives with clear responsibilities in place. We have really important commitments. We train our people a lot, and of course we have certifications in place so that we can prove to our customers and partners that we adhere in the highest standards. So the third pillar is our governance pillar, and of course for us governance is very important, a good governance. And you see here two targets. One target is the target regarding our own operational evaluation regarding human rights. So and on the other side we have a second target, the second target is the critical suppliers evaluated in sustainability. I forgot one important topic, it is the women quota, so I have to go back to social. So this is a very important topic. Cristina said before that we overpassed our target of 20%, to have, women in management positions. So this is really a great success because this is really an ambitious target. You know, in our business field it's not so easy to develop people, to develop women and to get women in our business, but we were able to do that, so we are very proud of this. And if you look to this for us it's important, as Peter said, that we have the right working environment, and so that really everybody who works for us can be at their best, be authentic, and be treated with dignity and respect. This is very important for us all over our companies. Yeah, about the governance pillar we talked about that, so let us go to a next case study. This is a case study regarding our social pillar. And so here you see this is a project, it's a 2.2 km promenade, in Hong Kong's Harbour Front. So, and here we have a lot of safety, security, technology included in this project. So we have a design for manufacture and assembly technology for boardwalk installation. We use smart robotic lifesavers. We use health monitoring through smartwatches for all our workers, and we done a lot of marine health safety trainings. So, and the result was that we got that the team got from the Hong Kong Labour Department the gold prize, and so we are very proud of this. So unfortunately I would like to talk about more about sustainability, but I know we have a lot of things we have to follow up. But we would like to talk to you of course and to follow up you in all our communications through our journey, and we will always let you, let you know what our journey is. So thank you so much for today. Thank you. My name is Emilio Grande. I am the CFO of ACS. I'm really honored to be here today, running through our financial review, which will cover the current position we are in and the exciting period we are entering and you've been hearing about from everywhere around the business. It's probably not the best time of the day to talk about numbers, but I'll do my best to keep the interest up throughout the presentation. So let me start with a very brief introduction of where we are today. As Juan explained at the beginning of his presentation, we've been focused over the last couple of years in developing our strategy. One of the aspects of that strategy is that we have become and we are as of today an integrated group. This is very important, from a financial perspective, not just because of the focus on the high value and the growth opportunity it brings and the solid cash flows, et cetera. It's also very relevant because it brings a lot of opportunity in terms of integrating further the group, explaining the whole group in a different way, and delivering solid results as we did already in 2023 and that you can see on the right-hand side of the slide. Let me start running through our new reporting, our new reporting structure, which is basically better adapted to the new reality or the current reality of the whole of the business and our company. We are gonna report our results on four basic business lines, which are Turner on the one side. You will be able to see as we report going forward the Turner numbers, clean. Second, within the integrated solutions business line as well is CIMIC as a second reporting segment. CIMIC will report their numbers. You already have those numbers, but you will see them in the context of ACS as well as part of integrated solutions, together with Thiess, which is now, as you know, deconsolidated, but as referred earlier, we are in discussions through the possibility of bringing it back within the group. So Thiess consolidation would go in the CIMIC segment as well. Third one, engineering and construction, will gather, as discussed, Dragados, Flatiron, and Hochtief Europe. And infrastructure which will cover Abertis and Iridium assets, basically deconsolidated as you know. One comment on the infrastructure segment which I think will be relevant and you will find useful in the reporting. Well, even though Pacific Partnerships and Hochtief PPPs, which are part of the infrastructure group, or part of the infrastructure business we do across the group, they will be included in CIMIC and Hochtief, but we will be reporting in terms of fair value and book value for those assets. So you can get a full view of where we're investing, what we're investing in, what's the fair value of those investments. So that will be reported through the infrastructure segment as well. This is a relevant change for us. It's not pure reporting. I think it's relevant because it really allows us to explain the group in the way we see it and the way we manage it. It's fully aligned with our operations, fully aligned with our strategy and how we set our priorities. So it's very relevant for our perspective that we are gonna be able to show the group going forward in this way. The other point is probably the last one here on the slide. We are gonna provide harmonized financial metrics, et cetera. So we'll make our life and everybody's life in the financial community easier because you will be seeing harmonized metrics everywhere across the group. Now that I've explained briefly what the new reporting structure is, let me show you for the first time how our 2023 numbers look like under this new structure. First highlight in my mind is integrated solution is the biggest contributor already in 2023 in terms of revenue, profit, et cetera. You can see there the PBT EUR 944 million excluding extraordinary results. The contribution of Turner and CIMIC as part of the integrated solutions is around 65% of the profit that the business is delivering once you adjust for headquarters. ACS contribution of EUR 164 million PBT in 2023 altogether as a segment, which represents around 15%, and infrastructure EUR 227 million in the period, representing around 20%. So this is how the business will be reported going forward as I said. The headquarters line will cover all the cost that sits above the business, and on NPAT level will also include the financial cost obviously that sits in both structures. Okay? So this is the numbers for 2023. The expectation as I'll cover in a minute is integrated solutions with high growth opportunity and margin expansion, both for Turner and CIMIC, et cetera. stable contribution also with growth in margins and good opportunities in the markets. Infrastructure in the period 2024-2026 more stable but long-term value creation as we direct investment to that segment. On the right side of the slide you can see we're just maintaining our guidance. We announced it in the full year presentation just a couple of months ago, but given the new reporting structure we adapt to the bottom line net profit. So it turns into 8%-12% guidance for 2024. So now that we've covered 2023 and 2024, let me just run through the targets that Juan outlined in his presentation and that we have set ourselves as targets to deliver in the 2024 - 2026 period. We are very confident in our market position and the organic growth opportunity in the business to deliver these targets. Let me start with revenue. We're expecting a 9% CAGR to the middle of that range that we show in the slide in terms of revenue. This is on the high end and this applies to all the targets. On the high end of the targets we are including the consolidation of Thiess. So 9% or around 7% or 6%-7% like for like, without the consolidation of Thiess. In terms of net profit, our target is to move from EUR 600 million in 2023 without extraordinary results to a range of EUR 850 million-EUR 1 billion in 2026. It's important to say here and state again here that the upper part of the range includes the consolidation of Thiess, which would obviously contribute net profit on a pro-rata attributable basis by 2026. And that means a 14% CAGR in the period, a solid 14% CAGR in the period. In terms of net operating cash flow, we are targeting to achieve a EUR 3.3 billion-EUR 4 billion net operating cash flow number in the period for the group. This is at a group consolidated basis, right? I'll refer to that in a minute when we talk about remuneration. This compares to just over EUR 1 billion as you know we generated in 2023 on a consolidated basis. So this is a very, very important target for us and it's established on the back of a solid cash conversion across the business lines as has been explained and I will get into more detail in a minute. Lastly, in terms of shareholder remuneration, we are targeting to deliver over EUR 2 billion of cumulative dividends to ACS shareholders and Hochtief minorities in the period. So this is a EUR 2 billion consolidated number. It incorporates both ACS and Hochtief minorities. And that is expected to be above EUR 2 billion and includes an intention to increment the dividend for ACS shareholders through the period. Now this is the financial roadmap we've established to achieve these targets. You've heard a lot from the business directly, but the question is how does it all come together in terms of consolidated financials for us to deliver on the targets we've just gone through, right? So if I go, you know, horizontally let's say, talking first about revenue growth as I said, 9% CAGR, 6% like for like without the consolidation of Thiess, driven by Turner's growth in the U.S., strong growth prospects in the U.S., and the expansion, the organic expansion in Europe, and advanced services in supply chain, engineering, et cetera, and growth in the new growth sectors. From CIMIC's perspective, similar. CIMIC has been experiencing in 2023 experienced very solid revenue growth. The expectation is that will continue. We will be sharing numbers about this as we report going forward, but you will see the developments, stronger growth in the U.S. as in the same case as Turner in the high growth areas with higher value added and consolidated position on the E&C part of the business that lies within CIMIC. In terms of infrastructure, what we've been doing in the past. We will look for highly synergistic investments, in terms of revenue, profitable investments standalone but also generating revenue for the rest of the business, and that will contribute growth to the revenue line. And in terms of engineering and construction, you've been seeing through the day plenty of examples of collaboration between the different group companies and how that will support as well growth of the E&C business in the period. In terms of profitability or margins of the business, this is a key focus for us in the period as it cannot be in any other way. But we have thanks to that in the operational integration we've got a lot of opportunity in this front. So part of that is gonna come from the business mix, higher percentage of revenues in the different businesses in higher value add segments as you've been hearing from the business. Plus also realizing more efficiencies across every business line and, as an integrated group, generating more efficiencies from the fact that we are more integrated and we deepen in that integration, going forward. So we expect to obtain significant value from that which we have put at the bottom as well as integration efficiencies. In terms of cash flow generation, again just to reinstate the target, EUR 3.3 billion-EUR 4 billion at a consolidated level of net operating cash flow, that's the target for the period, for the three-year period. Sustained as I said by very strong cash flow performance by the different parts of the business. Turner, you've heard a lot about their delivery to date in that respect and that's the expectation going forward. It's a CapEx light business. It's a working capital generating business, positive working capital generating business generally. So very strong cash conversion expected from Turner. Same with CIMIC in with some level of completion in the process that we know we are in, for some time in terms of unwinding the working capital that comes with the changing model to lower risk contractual structures. Long-term stable cash flow as we complete the de-risking process we are in. Abertis, you've heard as well about Abertis. We rely on a stable cash flow generation, stable dividend of EUR 600 million per annum plus the dividends that are generated by the rest of the assets, concessional assets or PPP assets we own around the business and all the investment we're diverting there. And lastly from CIMIC, stable cash flow generation as we complete the remaining working capital unwind linked to the change in the contractual model and the lower risk bottlenecks. So let's go through the net operating cash flow, how we are going to deploy or how we're gonna deploy that capital through the 2024 - 2026 period. As I said, we expect the business to generate on an organic basis. Based on the current market position and based on the current organic growth prospects, we expect to generate in the period EUR 3.3 billion-EUR 4 billion. Again, EUR 4 billion remember includes Thiess consolidation. EUR 3.3 billion doesn't. So first of all, first allocation of that is shareholder remuneration. As I said, that EUR 2 billion block includes Hochtief minorities as well, not just ACS shareholders. And it assumes we, we the our intention to increase the dividend per share through the period. That means we, we are left with EUR 1.3 billion or up to EUR 2 billion, total firepower from the business, cash flow generation which of which we have already invested EUR 650 million in Abertis, earlier this year. And we are, allocating EUR 200 million for the potential acquisition of the 10% of Thiess. So with all of that we're still left with EUR 1.2 billion for the period to direct to our investments. And I'll get in a minute in how we make the decisions through the process in terms of capital allocation plus between EUR 2 billion and EUR 3 billion of cash flow coming from divestments of non-core assets which I'll talk to in a minute. So all of that will be allocated in a flexible way in the sense of in terms of timing and in terms of complying with our financial policy which is basically shareholder remuneration as explained with the EUR 2 per share and the intention to grow over the period and protecting our strong credit profile and our investment grade rating profile. So these are the opportunities we will continue to look into in order to deploy the capital going forward. We are adopting, and Juan mentioned it as well. We have adopted a very strong and robust flexible capital allocation policy and process to decide on all these investments. But essentially in terms of what they are, you can see on the left side, value accretive as strategic M&A. There's plenty of examples we've done, and we will continue to look at in terms of bolt-on acquisitions to enhance engineering capabilities for businesses that once come into the ACS world, let's say, or portfolio, generate a lot of synergy in terms of revenue, growth, and value. And that will add to the long-term value of the company, the support to Turner's expansion into Europe or any other strategic investments we analyze as we go. In terms of brownfield infrastructure acquisitions, Abertis is an amazing growth platform as you have heard and we will continue to analyze opportunities. There's a lot of opportunities as José Aljaro explained in the pipeline. We will continue to look into that and that's certainly an area of interest for us to deploy capital. And lastly, in terms of equity investments, you've heard from Nuria, the amount of opportunity we've got across the group globally in this area both in core infrastructure and more traditional markets but also in the new vectors of growth. And we are already deploying capital like Skyports or Glydways and we're already deploying capital in these areas that will contribute to the long-term value of the business. So in terms of these investments obviously we will continue to apply strict, strict guidelines for investment. We will look for flexible and liquid investments as we go. We will look for high synergy potential of every investment we put money into in addition to the obvious, the financial standalone attractiveness of the investment and protect the investment grade rating of the group together with the shareholder remuneration. And these are essentially a summary of the guardrails of our financial policy which will cover the capital allocation policy in the period and as we go how we make decisions. And that's why I referred earlier to flexible allocation through the period. First of all, shareholder remuneration with an intention to increase the EUR 2 per share, in the period, the maintenance of our investment grade rating, and the group companies that also have an investment grade rating, and within a well-managed and sound debt structure management, going forward based on the same principles we've been doing traditionally. So conservative liquidity and comfortable liquidity levels, limited refinancing risk and long-term maturities for the debt, cost management, finance cost management of the debt structure, and a good diversification between funding sources, between capital markets, et cetera. You can see there on the slide some of the key metrics in this respect, as of December 2023 for the group, which shows a sound position in that respect. So key takeaways from my perspective from this financial review, before I turn to Juan for his closing remarks. First of all, the new reporting structure. It's very significant. It's gonna align. It's gonna allow you to see the business how we see it internally and aligned to our operations and to our strategic decisions. We've got a strong business plan, organic business plan that is able to generate based on the current market position, all the growth opportunities we've been talking about. The cash management and the cash delivery is able to generate between EUR 3.3 billion and EUR 4 billion of cash across the group that we will use to provide shareholder remuneration and long-term growth of the company for the benefit of shareholders. That will be driven by a strong and consistent delivery by the different business lines, big contribution by integrated solutions and stable contribution in the period of cash and longer-term growth opportunities for infrastructure. Just to state the last, all that capital allocation as I said will be driven to deliver shareholder remuneration. Directly there is an intention to direct investment to equity investments to deliver long-term value together with the attractive shareholder remuneration while protecting our credit profile and our investment grade rating. So thank you very much. Thank you very much for listening to me today. Thank you. Okay. So we reached the end of our Capital Markets Day today. If you remember back in 2022 a few of us we got together and we were talking about ACS at the time. A few of you asked me about the vision for ACS. We started talking about our biggest strength which was our geographical positioning throughout the different markets. That was going to be key to address and approach what was coming. We spoke about a few things. We spoke about different sectors. We touched on data centers. We went through defense, battery fabs. We're going through all of that. At that time there were a few questions about, I mean, it's a good vision and how you're planning to move it forward because right now ACS after the sell-off of ACS Industrial is a civil and building contractor. At that point we went through how we're planning to implement it. Today we're not giving a vision. Today we have explained a reality. We have gone through the current valuation. 120 years of history of Turner is not wrong. We just gave visibility. Abertis, unfortunately, we haven't been able to give the visibility before for different reasons. But we have provided with the modeling. The net debt, the assets, the dividends, all that comes out of the model. And when it comes to CIMIC if you go through each one of the organizations within CIMIC all of them are very stable long-term business working collaborative jobs such as Sedgman, UGL, Thiess, Leighton Asia. History doesn't lie and that's why we are so obsessed to de- risk our business model. And that's why in that civil component that we still have we want to make sure that we avoid some of the mistakes of the past when a lot of the construction industry was taking unnecessary risk. And ever since the last two years we've been communicating the percentage that we've been achieving in terms of de- risking or backlog. Having said that you are not going to see any surprise. We believe that we're very close to continue de- risking and there's probably two years from now to achieve that, an important part of 100% of our backlog. But until then we will not see any surprise. We're very comfortable with our backlog and we're very comfortable with the way we're doing things. I won't go through all the messages that you've been hearing today because we would need another five hours. But there's a few important ones that I think are worth to emphasize. First one when it comes to Turner not just the $1.7 billion dividends delivered since 2017 but that 10% annual growth in the PBT, 8% backlog, 6% revenues since 2017, and 100% conversion rate. The reason why we're bringing Turner into Europe is because the clients are asking for it. Those clients are letting us know where do they want Turner to be positioned, which companies they want us to approach, and how they want us to continue doing business. Turner is around $80 billion, $18 billion revenues in the U.S. But right now they have just started to look at Europe. And there's already $2 billion in opportunities that will be materialized very soon. And the pipeline is around the $20 billion. So there's a huge growth opportunity for Turner in backlog. And we also went through the yields before. Margins not just finishing 2.6% at the end of 2023 on a PBT basis but they will continue growing above the 3.5% by 2026. There's a lot of value. When it comes to CIMIC, CIMIC is a huge platform. In the same way that Turner is going to Europe and to Asia, CIMIC is coming to Europe and into North America. The level of knowledge in the engineering associated to the industrial, renewables, energy transition, critical minerals that CIMIC has is unprecedented. And we're going to use all that knowledge to do exactly the same thing that we've been doing from Turner perspective but with CIMIC. And we are very, very encouraged about some of the opportunities that the market is offering us in those sectors. Abertis, you have the model. Please ask any questions you might have. It was very important for us to show how the net debt profile was evolving and unwinding over the years because there was a lot of questions about it. EUR 25 billion, half of that corporate debt, how are you planning to repay? It pays by itself. It's a matter of time. It's linked to projects. It's linked to assets. It's not differentiated between corporate assets. Everything is part of the same thing. It's just the way that debt is managed to achieve more efficiencies in cost. But it's linked to projects. And we are very comfortable with the EUR 600 million dividend in perpetuity growing after, after 2038. But more importantly what you saw today on Abertis doesn't include extensions. Doesn't include M&A. And you also saw that we do have firepower to support that potential M&A at Abertis. It was very difficult to see M&A opportunities for the last five years. Pension funds very, very, very competitive. And it was quite almost impossible to see one brownfield opportunity. But now there's plenty of brownfield opportunities. And our capital cost is competitive again because of the increase in the interest rates. On top of that we are gonna have a lot of opportunities on the greenfield space to transfer to those assets to Abertis. So the opportunity to grow is there. Of course I would like to emphasize that the biggest opportunity right now are the extensions which require no equity in that sense. ACS Infrastructure the big question is how much is blue sky and how much is reality. I wish we had another three hours because each one of the segments we have introduced have been very, very carefully drafted. It's not that we are talking about EUR 20 billion because we're trying to capture at percentage of a blue sky market. The EUR 20 billion that we are analyzing in data centers is already filtered through all the opportunities we have identified in excess of EUR 60 billion once we have gone through the analysis of where's the fiber, where's the energy, where's the hyperscaler, which are the preferences. That's what is driving the equity. And then the rest of the equity value is pretty much looking at the market, last transactions. We are not looking at the 30x EBITDA that we've been in transactions in the last five- years. We're being so much more conservative than that. But we will be talking and following up on those opportunities and how they materialize over time. Same thing with the renewables. Same thing with sustainable mobility. Of course we did not include on purpose the opportunities associated to hydrogen or the critical minerals because we don't want to mislead or believe that we're just being aggressive and talking about blue sky. Then engineering and construction. Engineering and construction as I said before it's our DNA. The investment in traditional transportation construction is just going to go increasing and increasing and increasing. So that increase is a big opportunity for us. It's just that we want to do it right this time. And where's the opportunity that is very difficult to find nowadays? A A pure civil project. Because that kind of commodity applies to a small price but not to the big projects. Every big project nowadays as I said before has a component of energy, has an associated data center, most likely has standalone 5G associated because everything is smart these days. It's probably in a difficult part of the world requiring a lot of people. Yes, labor is one of the big challenges these days, being able to bring skilled labor. But at the same time it's one of our biggest strengths to be able to mobilize people. We are very proud this year that for the first time for the first time ACS Group has become part of the Forbes list of the employer of choice, the best place to work. But we're very proud that it's not just that we have become part of that selected list. It's that we have become the first company in Spain in Spain above all banks, oil and gas companies, and telecom companies in the ranking in Spain. And in a very good position internationally. So that says a lot about our values, about what we stand for, about how we're pursuing pretty much the ESG component of our plan in a rigorous manner. And that also follows the fact that CIMIC and Turner have been for many years being the employer of choice of the people in those areas. So ACS is a reflection of our companies. And our companies are a reflection of ACS. So I want to finish with the three pillars because that's the way I started. The risk in our balance sheet, growing our backlog in all these new segments, making sure that we increase our yield and our margins. And of course taking the opportunity that all these new segments give us from an equity perspective. So I'm going to turn over right now to the team so we can go through all your questions. But I truly appreciate your time today. And of course we will be following up with you through all the results this year. So I'm going to invite the entire team to join. [Foreign language]. Questions. Hello, Luis Prieto from Kepler. Thank you very much. I have a bit of a information overload. But thanks a lot. Really appreciate what you've done. Quite impressive. I had a couple of questions. I don't want to monopolize. The first one is regarding capital allocation. You described very clearly the numbers, where everything comes from, what you want to invest in. But there's obviously a moving part there which is if you're forced - sorry for the expression - but if you have to pay more for a larger stake in Thiess beyond the 10%, obviously the result gets affected. So my question is what sort of leverage could we take into account, if any, on top of what you described in order to compensate for something like Thiess, for example? And the second one is, you've talked about Turner. You've isolated it in your future reporting, which is great. But how much is that business worth? I would like to know who you think your competitors are and what's the right multiple EV/EBITDA if you could provide it, please. Thank you. So let me start, Luis, going through some of that. And then I will turn over to Emilio. As you see on the screen, the acquisition—I mean the first 10%—and sorry it's not on the screen. But let me take you through it. If you remember, out of the firepower we had, it was net operating cash flow EUR 3.3 billion-EUR 4 billion. Out of that our intention was to use approximately EUR 2 billion for shareholders' remuneration. There was allocated EUR 200 million for the, this acquisition, EUR 650 million for for Abertis. Then in total, including non-core asset divestments, it was going up to the EUR 2.5 billion-EUR 4.2 billion. The 40% acquisition of Thiess most likely will happen by the end of 2026. And And the revenues, or the cash going out at the beginning of 2027, right? That's what we haven't included. So you would need to add another by 2027 probably EUR 1.5 billion of firepower into that, right? If you look at our profile we are at EUR 1.5 billion less CapEx, EUR 1 billion, EUR 500 million shareholders, EUR 500 million firepower for investments. We are going to grow that. That's why we get into a 3.3-4 cumulative by the end of 2026. So by 2027 we should expect that EUR 1 billion moving to EUR 1.5 billion. Now even if for whatever reason that put was exercised before which I guess that was your question—I mean we still have from EUR 2.5 billion- 4.2 billion, I mean available for I mean to cover a lot of that or EUR 1.2 billion that remained in firepower if you add that. So we are very comfortable that we're gonna be able to continue, using—I mean we have enough funds for dealing with everything we have. Yeah. Yeah, Yeah, I would add, if that put was exercised we would bring all that cash flow with it. So it's financeable. There's liquidity at CIMIC to accomplish that. So, there wouldn't be a problem in that sense. On the contrary. On the other hand, from a rating perspective, that's already factored in. So from a rating perspective, it adds on the subjective side, or the more qualitative analysis; it's positive in terms of business diversification. And in terms of credit metrics, it's neutral essentially. So from that perspective, it's within the financial policy, et cetera. If it comes early at the put price, it's accretive to these numbers. Because we would be saving minorities going forward, which is not factored in. And the second question about Turner. So we wanted to put a spotlight in Turner. Because we see real chances for Turner to grow into the future, right? Above and a larger scale of what has been the past. That's why it's so important for us to make sure that everyone is looking at Turner and that evolution in margins, in revenues, and in segments. Especially now that the U.S. is booming and especially right now that we go to Europe. Who are the competitors of Turner? Jacobs, AECOM, Bechtel, KBR. Which are the multipliers? I mean Jacobs has gone from depending on the time from 12-16. Bechtel is private. I mean but those multipliers of EBITDA are very well known in the market. And they are similar similar companies. The more Turner continues evolving into high-tech areas and industrial areas which it will, the more we will be able to achieve those targets. Okay, thank you so much. This is Marcin Karol Wojtal from Bank of America. Firstly, on your disposals of non-core assets you indicated between EUR 2 billion and EUR 3 billion. Can you provide an update? We've been obviously reading in the press about Clece and energy assets. But are these transactions moving in the right direction? And maybe second question if I may. You gave helpfully guidance for net profit for the group for 2026. Is it fair to say that Turner is the largest contributor to growth? That would be the one with the highest growth. What are the other relevant contributors in terms of segments for net profit growth? So starting with the second one, Turner for sure is a big contributor. But we also believe that E&C has a lot of potential, right? Especially when it comes to North American market. And as we move into these collaborative contracts we see a lot of potential in the business plans, growth and margin. And that was this is one of our pleasant surprises that we are in the right direction when doing E&C. In the case of CIMIC we see a lot of potential. But probably we see the potential of CIMIC beyond 2026, right? I mean because we need to go back to the transaction we did with Elliott back in 2020. At that stage Thiess, for example, did not have any debt. And post-transaction we raised AUD 1.6 billion. We put in debt at a AUD 44 million cost, interest cost per year. Nowadays that interest cost is through AUD 20 million. And Thiess is dealing with AUD 220 million load in its numbers. UGL and Leighton Asia are the ones that are going to grow significantly. And the potential is unlimited. But also we've been that for a few years because Leighton Asia has gone from a 50% high-tech or advanced technology, 50% civil, to a pure advanced technology high-tech markets digital. We have seen a growth but an unwinding at the same time, right? So we will see a little bit of that before Indonesia will start growing even above what it used to be. And we're very comfortable that that will happen 2026 onwards. So we do see a lot of potential with CIMIC. When it comes to ACS Infrastructure it's true that that's not so much embedded in the PBTs and EBITDA and P&L. But from a value perspective that's probably one of the jewels of the crown, right? And that's the one that will be more I mean doing more follow-up as we go. And the other question, Marcin, sorry. Apologies, I was asking about disposals of non-core assets, Clece and energy. So those I mean the ones we always include in the list are Clece and industrial assets that Vinci did not purchase when taking ACS industrial. And those are the ones that I mean the reason why they did not buy them is that because they were not completed or there were any kind of defect that had to be corrected, et cetera. So we believe that most of those assets will be disposed by 2025. And Clece, it's under analysis right now. Thank you, Graham Hunt from Jefferies. Just two questions from me. First of all on the SH-288. Maybe if you just comment on how the developments there have, if they've changed the way you think about the U.S. Express Lane market at all and the pipeline that you see there. And then second question. You spoke about extensions being one of the most important opportunities you see in Abertis. Could you just talk about what stands in your way sort of of getting those extensions? And if you could give any color in terms of what you're expecting in the midterm, that'd be helpful. Thanks. So we're starting with $288. It hasn't changed our mind. We still believe that the U.S. market is a great market. What Texas has done is just looking at the contract and analyzing the possibility to take the asset at a lower cost. But it's true that it's a very specific clause that Texas has been putting in their CDAs or concession agreements for a number of years. The rest of the managed lanes we're pursuing, and you saw the program and examples that Nuria gave, is significant. It's huge. And do not have that clause. Termination for convenience going forward. We want to make sure that it's for market value at the time of termination. So from that perspective, we are comfortable, and it doesn't change. Regarding the potential extensions of Abertis and Pepe can comment more on that. I will turn over to you, Pepe, in a minute. But those are the biggest opportunities because do not require equity, right? And traditionally that has always been and that's why Abertis put so much emphasis in talking about the past when explaining the future. Because that has always been the way for government to increase CapEx, increase investments out of their balance sheet. And pretty much implementing instantly without going from one year- to- year in their process. And what we're going to find is a situation in many, many markets that there's a real need for infrastructure especially in South America but also in Europe. Most of the clients when they are facing that situation having Abertis or any other operator owning assets and being able to pretty much run all those CapEx extensions through the operator is the best, more efficient, cheaper, fastest way to put people to work. Okay, clearly this is one of the strengths of Abertis. All the management team is fully oriented to identify opportunities to open negotiation with the different grantors or governments, try to generate extra value in our assets. As I said before you you saw in the presentation some example. But having said that we have other in the pipeline. I said we have under negotiation right now with the Brazilian government the possibility to extend some of the federal concessions. Today we manage 5. We have presented ideas and projects to extend up to 15 extra years those concessions. I mean, today we have only two in the second phase. I mean, we have timing to negotiate these two concessions. The other three is standby. That is a great possibility to improve and to generate additional value. Always, it's a win-win with the administration. Clearly, we know the assets. I mean, the risk is limited. We have the back office. We have everything. I mean, in many cases, it's a way to invest extra CapEx and in exchange of that extend the concession. There are other formulas. In other formulas, we change the tariff scheme for instance. On that case, we modify. We reduce the tariff. And in exchange of that we extend the life of the concession. I mean, that is different mechanism. Let me to give you some feedback about other opportunities. We have some ideas in mind to renegotiate improvement in our road in Mexico, for instance. But it's not the right timing today. There is election in June. We have to wait the new minister at that time. We will approach them and we will start to propose ideas. So the ideas is to improve capacity, to improve safety for instance. We are very sensitive to safety. That different cases in some cases is some politician in one region need to do ring road for instance. I mean we are very, very focused on that. Sorry to extend in my answer. But I give you other example. For instance in Puerto Rico recently we won a tender and we bought four new concessions. On that case the tender process will launch for 40 years. And the maximum length of the concession could be 50. We pushed the governor for only 40 and not 50. Why? Because we identified in the due diligence process some actions, some ideas to improve later and to go in this trade-off. Okay, governor, if we do this and this, this improvement we will reduce some traffic jam here. We are going to improve safety in this area. And in exchange of that we will ask the 10 extra years. I mean we are always thinking in these type of things. Thank you. Maybe I'll take Dario Maglione from BNP Paribas. Juan, thanks for the presentations. Three questions for me. One on Abertis. In which scenario do you expect an equity injection in 2024? And what has been the feedback from the rating agencies on the business plan that you have presented today? Second question on the working capital outflow that has been going on as you transition to lower-risk contracts. When do you expect that outflow to stop? And third question on Iridium, the existing assets. In a lot of things we look just at the book value because there are so many of them. But where do you think there is a lot of upside potentially compared to the book value and the actual value of the asset? Thanks. Okay, so I will turn over to each one of you. But in general, I mean I guess that the last question on the EUR 2.7 billion for market value on the assets. Is there, as they get mature, opportunities for recycling equity? Yes, there is. We haven't considered it. But there is, right? In case of Abertis so we're working with the rating agencies obviously presenting all the plans. Of course, the rating agency is one of the things that they are. I believe they are comfortable is first our commitment always to keep the investment grade of Abertis. In second instance, that they see that the shareholders we are pretty much committed to Abertis with equity, with the negotiations of extensions, et cetera. So all of that is very, very powerful. But I will turn over to Emilio, Nuria, an d Pepe. I think you've summed it up. In terms of Iridium, I think in terms of our assets we have a number of assets where we have opportunities sometimes for refinancings. And so we can get value there. We have, as I said, a good mix of portfolio in terms of availability. So sometimes there's more limitations for a huge upside there other than in exits. So we look at strategic exits where it relates to that. And then we have a good demand risk. So I think I mean really the value that we're able to bring and draw forward is on managing the financing and optimizing financings as well as where it makes sense doing equity rotation. Okay, only to add regarding rating. We have a monthly contact with the rating agencies. And before to present a binding offer we submit to the S&P what would be the outcome if we success in this process. That gives us a guarantee that we are everything in line with our commitment. Our commitment is to maintain the stable outlook in the BBB -. I mean we think this is the more optimal notation or rating for our company. And to the last point on the working capital. Probably the answer is 2024 and a little bit in 2025. But overall we are not concerned about an overall unwinding. You will see that certain companies have an unwinding as we migrate and the risk the organizations. But overall you won't see an impact in the overall working capital because some companies are growing significantly and there will be an unwinding. But if you were to isolate those companies more impact in 2024, a little bit in 2025. Hi, thank you for taking my questions. João Safara from Santander. I have two questions. Both of them are well, the first one on the cash inflows and the second one on the cash outflows. On the cash inflows, just to understand, again going back to the potential divestments, if this includes the SH-288 or not, has anything changed? Do you take that into account that potentially if there is obviously a renegotiation it would be more difficult for you to sell this asset than before? Just to have an idea if you add that into consideration. And then the second one on the use of the EUR 1.3 billion of equity investment. What I would like to understand, and if you could give us more color here on basically on what is the equity committed as of today for these investments. So we know there's a three-year period. So I would like to understand more or less this EUR 1.3 billion how much is today already committed to be invested. Okay, so starting with the first one. The bad part of the SH-288 is that obviously we lose an important asset. But the SH-288 dividends were very much back-ended with most of it post-2050. So in short term and I don't want to give the impression that it's a good thing the termination for convenience of the SH-288 because it's not. But in the short term we are getting an inflow of EUR 1.2 billion. 44% comes directly to Iridium, 50% of this 56% through Abertis, right? So we do have an input. We do have an injection of equity in the short term. In terms of a potential sell-off of SH-288 we would have waited maybe a couple of two, three- years to get it. And we would have been able to maximize that. How much more I'm not sure, right? So we would probably the divestment wouldn't have happened at Abertis level, would have happened at the Iridium level. And instead of getting the EUR 500 million we would have been able to get twice that amount more or less in that sense. And then Nuria if you really want to go through the he was asking about the EUR 1.3 billion. How much of that is already available? I mean of the total firepower we were talking about the EUR 1.3 billion investment for greenfield, right? And that one more or less when you look at the page of investments and you see how much we have for data centers, how much we do have for renewables, how much I mean how much we have for the different projects that EUR 1.3 billion is going to be allocated to that. There's an important portion potentially of managed lanes in the U.S. out of the EUR 1.3 billion from now to 2026. There's an important part that goes to data centers. We have three data centers in mind right now. There's also opportunities already identified through sustainable mobility especially electric chargers and the ones coming from Skyports and Glydways that we explained before. We do have the ones for renewables in Australia, right? That will be from now to and it's an important part from now to 2026. The firepower we have above that which is significantly because we have another EUR 2 billion-EUR 3 billion by heart. That's the one that we need to decide. A, how much of that EUR 1.2 billion-EUR 2.93 billion we want to allocate to Abertis, how much to new infra projects associated to ACS Infrastructure, and how much to M&A? Because when we were talking about Turner coming to Europe or CIMIC going to Europe or North America, there is an important piece of engineering that we would like to acquire and make analytical capabilities on the ground. Hello, Augustin Cendre from Stifel. I've only got one question. In your 2030 vision slides you were talking about the simplification of the group. And I imagine this refers to your structure. So I was wondering how do you think about your whole stake in that context? So, I mean, first of all operationally speaking we're very comfortable with the way we are, right? And there were two question marks in our business plan. And for the last two years a lot of questions in this regard saying how are you going to simplify ACS because ACS is very complex? Lots of brands and minority interest. Today we wanted to make sure that everyone sees ACS in the same way we see it, which is first, having different brands is a strength not a weakness. And two, operationally speaking we access all of that. Because between ACS and Hochtief we are pretty much managing the group in a unique and consistent way. Yes, we need to make sure that we protect the minorities of Hochtief. And And we will always do that in everything we do. That's number one rule when managing ACS and Hochtief. So what about the potential acquisition of Hochtief which is your main question? At this stage it's not in our agenda. But of course always happy to be opportunistic when it comes to capital allocation. What we don't want to do is to distract ourselves from all the opportunities we have described today by focusing on trying to consolidate our group internally because we don't need it, right? It's a good financial investment, yes. Doesn't give us more EBITDA but it gives us more impact on dividends of course. The math is direct. But we believe that we can generate much more value by pursuing other capital allocation structures. There was a question at the end. So good afternoon, Nicolas Mora from Morgan Stanley. Quite a few but I'll go straight to the point. On Turner there's a lot of froth on data centers. Can you help us a little bit really in a simple way frame the opportunity? Today you're doing $3 billion revenue in data centers. Where can it go? How much is this boosting margin? Just to help us basically salivate on the opportunity, that would be the first question. Then on Turner again, you've got—you're talking about high tech. There's also the low tech business. How is that doing? Is it still stuck in a 1%-2% EBIT margin range? And how much of a—let's say—a cannonball is it to the overall progression of margin? And last, on simplification and streamlining. Thanks for the new split, but personally I'm not quite sure we're streamlining much. Integrated services still has CPB Contractors, for example. You're going to add contract mining. That's a bit disconcerting for a fair amount of investors, especially with an ESG focus. Can we even simplify further? Why not just group Turner and UGL, for example, which are high margin, very high multiple businesses, and strip out CPB? So I'm not entirely sure we're actually simplifying really that much today. And the market's going to be able to recognize and value the assets as much as one could hope. You want to start with Turner, Peter? Sure. Thank you very much for your question. I think that the $3 billion that we have today can immediately go to $5 billion in the next two quarters because of the race to AI by the five hyperscalers. And those opportunities for us are going to become more and more prevalent because there are only a limited amount of competitors that can work in that data center market. So we are really waiting for the, I'd say, the oil bust to really give us more opportunities. In addition to that, those competitors have small scale. In other words, regional. They're more regional where we have larger scale in the country today. The second part of your question is on the buildup of margins. What we're finding is that we are able to price the value that we bring as integrated solutions to these projects like SourceBlue and self-performing. If you think of a data center, you think of a server that the server's on top of servers on top of servers. And then there's a, that's a warm layer. And then there's a cool layer next to it. And they have to be mixed together. They're partitioned off. So what we're doing is we're self-performing all of those partitions so that we are doing more of our self-perform work in those data centers. That's price to value. That's increasing the margins on those particular projects. On the EV battery space, in one project we are building one half of all the clean rooms self-perform. That's another opportunity to price the value because we're increasing the margins. And then the last piece point I wanted to make, the competitors in the data center space are not necessarily the competitors in the EV battery space. And we are in both. So we are going to take advantage of the price to value and also take advantage of the opportunity that if those opportunities come out our scale will be able to accommodate those clients and building and participate in the race to AI. On the second question I will go through right now. So you're right and let me answer because your question has two different angles. From an ESG perspective, from a financial perspective. Let me start with the financial perspective. You're right. CPB should be in the E&C instead of the CIMIC. But it was very difficult to reorganize everything to change and to move CPB out of the reporting. So we will provide that adjustment whenever we're talking one-on-one. It will be easy when it comes to evaluation, right? The reason why we believe that this should be and so is Sedgman is because the world of natural resources is different from the world of just coal. And four or five years ago Thiess and Sedgman were mainly coal-oriented mining and processing engineering firms. But they've been moving away from that. Rare earths are highly engineering complex projects. So is lithium. So is nickel. So is iron ore. So is copper, magnetite, vanadium. It's not coal. It's a processing coal plant is crushing the mineral. Very different from lithium which you have a variety of options. And the same thing from an operation perspective. Even more when you get underground and part of the operation it's underground in highly engineered environments, right? But at the same time both of them share exactly the same approach to business than Turner when it comes to risk and to cash flows and to certainty, right? And both of them are in the long term. And at the same time when we were talking about Turner one of the things that we love about Turner, right? We love everything about Turner as you can imagine. But one of the things that we like is that that relationship with the clients that they do have is being very useful for Leighton Asia. It's been very useful for UGL. It's been very useful for Dragados and for Hochtief. And all of that is being managed by Turner. Even SourceBlue it's going to become our centralized platform. (Two years ago we were talking about having a centralized logistics supply chain platform, right? And we were talking about the potential and the need to have that. Well, in two years that platform has revenues about $1 billion and 6% margin. It's unlimited the potential.) Getting back to AECOM. The same thing happens with this and with Sedgman. Rio Tinto is all over the world. And it's asking Sedgman and Thiess to follow them. So is Glencore, BHP, FMG, right? In the same way that certain clients are asking Turner to go out some other clients are asking Thiess and Sedgman to go out. So those firms are integrated solutions because they share risk profiles of contracts. They share engineering complex projects. They share a lot of those common features. So the only one that we see out is CPB and we will adjust and we will be able when it comes to evaluation. The other part of your question was from an ESG perspective. We are making a huge effort to diversify Sedgman and Thiess out of coal. As I said, Sedgman is almost done, right? Because their engineering projects have a lifespan of one to two years. So basically it's very easy. And through all the acquisitions of Novopro, Minsol, Onyx, and Prudentia it's almost done. In the case of Thiess it's more complex because it's huge, right? But when you look at where Thiess used to be in thermal coal four years ago and where it is right now in the 30-something% it's quite remarkable. And at the same time we are transitioning all the fleet to go from diesel to bio fuel. That overhaul is happening in Indonesia with a special hub that was established by Thiess. On top of that they did jump into the rehabilitation of mines. I want to believe that by 2026, 2027, 2028 as Michael was explaining it will be the most sustainable and friendly miner in the world. We believe that we can achieve that. If I may add something Nicolas maybe on the practicalities of the financial reporting. Obviously that's a situation you always have to find a bit of a balance between management and pure description of the activity. CIMIC is a diversified platform in itself as was explained during the presentation. The important point for you is you're going to get reporting quarterly from CIMIC with breakdown of the different activities in a similar format. So you will be able to identify the E&C business from CPB in terms of financial KPIs. We are going to report as I said fair value and book value of the investments from Pacific for example within the infrastructure segment as well. Not from P&L, et cetera, but from an investment perspective. So we've thought of those mitigants to go a step further to simplify the understanding of the group. That's right. And furthermore when Luis was asking who are the competitors of Turner and I was going through all of them those competitors have a big component of civil as well. I mean the fact that you are integrated solutions that doesn't mean that you don't have a component of civil. It's more about the percentages of each one of the segments in your overall backlog. But anyway that's also. Thank you. If I'm a bit sarcastic, maybe just in terms of again market perception. You're just adding 10 x EV EBIT businesses to a Thiess which where peers have valued at 4. I mean very simplistically and again we're in an oversimplifying world. But you're adding great businesses my personal opinion decent value, margin, expansion, DCs, EV battery to yeah to the old world. And again Australian peers trade on 4 x EBIT. But that's we leave it there. Let me make a comment before you leave it there. You're right. We are not in our evaluation we are not putting CIMIC at the same multiplier of Turner because exactly what you're saying. So it's not that we are closing our eyes to that. I mean we are not evaluating CIMIC as if it was 100% multiplier of a Turner. We're just going through what's evaluation of Thiess separated from CPB, separated from UGL, et cetera, and putting all of that discounting debt plus headquarters and coming out with evaluation following what you're saying. And if I may, last question on Turner. I think we talked with Juan a few times on one of the key peers. So Exyte, the German private company which does more fabs so semis. These guys do 6%-7% EBIT margin. They do so because they're more integrated. They've gone up the value chain. Do you need as Turner to do more M&A maybe especially in Europe to go up the value chain be much more integrated? That's the main question. And the last one we've talked distribution data centers. The other parts of the businesses for 12-18 months have racked up fewer orders. Think about EV batteries. You don't win an order every year. Biopharma. When can we expect these parts of the businesses also to join, let's say, the DC revolution? Do you want to answer? So starting with the first one. We don't need any external company to bring Turner into Europe. Turner has all the capabilities in data centers. Has capabilities in battery fabs. So in semiconductors. Biopharma, et cetera. And in fact, I mean, in all the categories that I just mentioned, if it's not number one it's two or three in the U.S. However, if we want to accelerate the presence of Turner in Europe it's convenient to do M&A. So we are analyzing M&A seriously in Europe to accelerate the presence of Turner in Europe. When we analyze M&A we do a couple of things. The first one is they M&E on the ground. So that's the one that you truly accelerate by going through M&A. And the other one is we'll continue doing bolt-on acquisitions when it comes to engineering. What's the latest because it's very difficult to generate good engineering ideas organically. We do but it's better to grow that. And on the second question I'm not sure if I understood the question because when I mean battery fabs, biopharma, semiconductors all of that are already part of the portfolio of Turner. We will see much more growth in the future on those ones. Data centers is going like this but the rest of the segments will continue growing significantly. Peter, I'm not sure you want to ask. There's no question about it. I think that again the race to AI the race to sustain our planet through the U.S. we're going through a modern-day industrial revolution. The factories that are being built in the U.S. today are for sustainable technology and advanced technology is quite extensive. We believe that that market is going to stay for the foreseeable future. Even in an election year, we believe it's going to stay. Good afternoon. This is Fernando Lafuente from Alantra. Thank you so much for the presentation. Three quick questions for me, please. The first one is on cost cutting. You've talked about the margin of each of the divisions, and does this new integrated way of looking at the group bring some cost cutting, and if so, can you quantify it in this growth that you are targeting for 2026? The second one, it's on the dividend. If I understood you correctly, Emilio, the underlying, let's say, guidance on dividends, although it's on a cumulative basis, it's going from the EUR 2 that you paid last year up whatever. So my question is if there is any kind of strategy in terms of dividends or policy behind in terms of payout or annual growth kind of to extend that going forward, no? And the third one, it's on Turner. I really appreciate all the information that you have given us. My question is what are the barriers of entry? The same as you are coming to Europe and it seems that it's going to be easy for you. What are the key points for you to come to Europe and being so easy and don't misunderstand me, no? Easy. And what are the barriers of entry for any guy that wants to go to the U.S.? Thank you so much. Yeah. So as I explained in terms of the dividend policy we've got a target to increase the dividend per share through the period. Obviously there is when you look at the target we've put in terms of NPAT you see it's EUR 850 million-EUR 1 billion for 2026. There's obviously a lot of growth coming through the period in terms of revenue growth, in terms of profitability, cash generation, et cetera. So it's a wide range in terms of setting up a specific policy right now on how that's going to evolve over time. But it's certainly a strong commitment to increase that over time and keep an attractive payout ratio through the period. And to add to that I mean it's a balance, right? We are always talking about yield growth, yield growth. From our perspective, from a management perspective, our obligation is to find that right balance, okay? If we were to cut dividend, probably we wouldn't be here right now. But we would create numerous opportunities to grow. But vice versa. I mean, so it's very important to keep that the good thing is that we have that balance, right? It's very difficult to find. I mean, most of the big companies with huge growth potential have no yields. And vice versa. The ones with high yields have no growth, right? So we have a very good balance. And when it comes to the synergies, we are not including synergies when it comes or big synergies when it comes to cost, et cetera. Do we have those? Yeah, of course, right? Are we aware? Yeah. Are we going to expect synergies and reduction in cost in the near future? Yes. I mean obviously those operational efficiencies are always very sensitive. And regarding Turner you want to. Yeah. I would say that we're in a very lucky position because three of the hyperscalers have asked us to go to Europe. Iridium has asked us to go to Europe. So we are teaming up with Dragados and teaming up with Hochtief. And we want to take them as a true opportunity. And we believe that those opportunities are going to continue wherever there's a pad and there's power for a data center. I know that at CIMIC in Leighton Asia the two hyperscalers are going directly to Leighton Asia and they know they're from an ACS global company. So it's becoming a great opportunity. And it's been good, but it's been very, very helpful having the hyperscalers know that we're one company. They may have different name subsets but it's all part of one company. I think that's where the opportunities are going to lie. I hope that answers that last question. Hello. Yes. Marco Limite from Barclays. The first question is on capital allocation. So basically you are estimating the potential of potentially divestment up to EUR 3 billion which might be invested into M&A. But in the let's say in the worst case scenario where you are not able to disinvest basically are you happy to take on board more debt and still carry on with your M&A opportunities or basically all the M&A acquisitions are not on the table anymore? This is the first question. The second question is on Abertis. We appreciate the slides and the numbers that make yeah our analysis let's say a bit easier. But to what extent do you think you have been conservative in estimating those numbers and what leaves you comfortable with those estimates going forward? Thank you. So starting with the first one. You're right. We haven't included in our analysis raising debt for the opportunities. But we do have in that sense a lot of firepower, right? We are currently at EUR 400 million net cash position. Thiess is not going to impact in that sense because I mean from an adjusted perspective a lot of that debt is being taken into account. So when you take into account just the EUR 1 billion per year, EUR 500 million less cash flow and the increase that we're going to have from 2024, 2026 we do have operational firepower plus if we don't include the non-core assets the additional debt. So we are not going to give up on opportunities because of lack of non-core divestments which is your question. And on Abertis, Pepe, do you want to answer the question? So the question on Abertis, if I understood correctly, was how conservative we've been, how conservative we have been, on the figures of Abertis. And before Pepe answers. On purpose we didn't include extensions. On purpose we didn't include M&A, which is the only thing that could have made us more or less aggressive or conservative. But Pepe. No. I think it's realistic. There isn't any aggressive assumptions on that. It's based in the track record in the performance linked to traffic and toll rates. And a part of that there is no extension. There is no M&A included. It's very realistic, I say. The one thing that potentially could have been conservative and please Pepe and Martín confirm is what Martín was explaining about being very simplistic and putting the perpetuity until 2038. Because certainly with refinancing we would be able to start increasing the dividends before. That's a part of we've been conservative. Victor? and please Pepe and Martín confirm is what Martín was explaining about being very simplistic and putting the perpetuity until 2038. Because certainly with refinancing we would be able to start increasing the dividends before. That's a part of we've been conservative. Victor? and please Pepe and Martín confirm is what Martín was explaining about being very simplistic and putting the perpetuity until 2038. Because certainly with refinancing we would be able to start increasing the dividends before. That's a part of we've been conservative. Victor? and please Pepe and Martín confirm is what Martín was explaining about being very simplistic and putting the perpetuity until 2038. Because certainly with refinancing we would be able to start increasing the dividends before. That's a part of we've been conservative. Victor? Hi Juan. It's Victor from Bernstein. I have only one question. What is the major risk that you see for your plan going forward? Thank you. Can you hear the question? No. What's the major risk we see for the plan? I am not seeing any at this stage. I mean and this is what I was saying before. Because that question came two years ago, right? I mean and there were a lot of assumptions. How we go from civil building contractor into what we are today. That was a difficult question back in 2022. But I mean right now it's rock solid. I mean if we don't what's the worst thing that can happen? That we don't win some of the projects we have identified on the infra space will win others. That we don't manage some of the extensions with Abertis are not included in the plan. That we don't do M&A we're not including in the plan. That the world stops the artificial intelligence race I struggle to see that. That the energy transition is going to put a break I don't see that. And we are pretty much in our plan is the one in Australia. We're not including anything out of Australia. So it's a safe bet when it comes to renewables. I don't see anything. We're very much aware of E&C nowadays. We are very much aware of what's the potential unwinding that I explained before 2024, 2025. If there's any issue we have the right provisions and the potential cash has been taken into account in our figures. We're very comfortable with what we have explained. Yes. Quick one. Outside of Turner where do you see the biggest opportunity for margin expansion in the businesses? Because we have de-risking at Dragados. We still have de-risking at CPB. So could we see a I mean biggest progress potentially at Flatiron from a low base for the progress on UGL? Just to help us understand whether we have a bit of buffer versus top line driven growth and a bit of buffer on the margin side. I would say I believe that the SourceBlue component for all of the advanced technology world of both data centers and EV batteries which is really taking off. We're in basically our infancy. But we really believe that SourceBlue is going to generate at that 6%-8% margin on top of the revenues that we currently have now is going to be a big differentiator for us, number one. Number two it's going to help us grow our margin including the self-perform. But I think that we have over 300 people in the SourceBlue operation today. It's 20 years old and they're fully directed to help support the advanced technology sectors in the company. So I really believe that SourceBlue is going to be very, very vital to the margin growth that we see when we're at 3.5% in 2026. But SourceBlue is I think on the slide was expected to grow 15% CAGR for $1 billion. I mean even on 6%-8% margin it's I mean we're talking relatively small numbers. Is this scalable to a $2 billion, a $3 billion procurement entity as you scale up in DCs? I mean is there a step change really to take this into a totally different scale? Yes. I think it's unlimited. And that's just the Turner portfolio. The other portfolios that we would be working with is all of the Australian companies CIMIC, Sedgman, Leighton Holdings and all of those companies or also wherever they are going to be whether it's in the advanced technology business or the building business we are going to expand our services into CIMIC and have that opportunity also. That's not in our plan today. Okay. And Flatiron and Dragados? Any hope? Well, the whole idea is to joint venture more with Flatiron and Dragados wherever we can. And we have a very, very good clean joint venture that we're building, as you saw before, a $2.8 billion airport in San Diego. So when we recently met, when Javier Sevilla met with the CEO and I met with the CEO a different time, they look outside they see one building. They see one building. They see a terminal and they see all the civil work. They see one company. And this has been the sweet spot for us. So we're thinking about how do we take it and find other opportunities in other parts of the country where we are where maybe not Dragados is or Flatiron but how can we do that together? So that's going to be a very, very big opportunity for us. It's been quite successful. The margins on the San Diego airport because of the Flatiron joint venture are much higher than we've seen in the past. One thing in that sense. You would be very pleasantly surprised to see the contribution of E&C in the future to the business. Not that we are increasing the margins. The margins have always been in theory very good in E&C. But one project going wrong pretty much would sweep the rest of the jobs. That's the problem with E&C. But the margins are super healthy. By the risk in the backlog we are going to see a very powerful E&C not far away from now. And the contribution to the business plan is important. So we're very comfortable with that. And coming back to Turner I mean SourceBlue is the one that can grow significantly in revenues. But certainly all these sectors that, I mean, semiconductors is another example. A lot of the, I mean, a lot of the advanced technology projects, they continue increasing margins. So, I mean, I think that we have a healthy plan. One last one on Turner. How much cash do you need to operate? Do you really need to sit on EUR 2 billion of cash net cash right now? Can you operate on less, or do you need that cash for bonding, for guarantees, and so on to keep feeding the business? I mean, from a cash flow perspective, as a policy, and a policy of ACS, we really want every business to be autonomous, right? For good and for bad. We try not to support our businesses' cash flows, right? Because that creates a DNA and a mentality when it comes to liquidity when it comes to doing business, right? So there's a big part of that that leaves that cash into Turner, right? So there's a big part. So that $2 billion net cash for $20 billion revenue. So that's the rule of thumb. The point is if we have strong operating units in the different markets and strong standalone they're in a better position to access capital markets like the case of CIMIC for example or face the clients with a strong balance sheet which is a competitive advantage and isolates the risk in the different parts of the business to make them accountable for the risk they take on board. So that's as a general principle across the group which ends up in high cash generating businesses keeping some cash like in this particular case of Turner. But that's the general principle. And in the same line imagine that we were starting to get all the cash from the different companies. Automatically ACS will need to start giving guarantees everywhere for the projects. Even you believe an alliance or a cost-plus the clients are going to compare that Turner or that UGL with the competition. If they are competing with AECOM and they see their balance sheet and they see the balance sheet, right? Two options. One, giving guarantees above. Two, you are too small to compete. Yeah but it's non-risk. It's cost-plus. It doesn't matter. I want to make sure that I'm dealing with a strong company, right? So we want to make sure that every company and Turner has the balance sheet to compete with the big firms in the U.S. It's a different dimension. Turner, if we take that cash we move away we bring to Europe, won't be the same. Won't be as successful. Okay. If there's no further questions, thank you so much everyone for being here. Of course, you can always follow up with any Q&A, and we will be obviously reporting very soon on our AGM. We will be reporting our Q1s, and we will be able to address any further question or comment. But for now, thank you so much. Hopefully you found it productive, and I look forward to seeing more of you. Well done.