Assumptions. I will start with the main figures. This document, DORA III, as I have mentioned, enables Aena to carry out the investments required by its airports. At the same time, this DORA III defines a very competitive profile of airport charges in Spain in a challenging environment. It is true that all in all, we think that it could be, because we will know if it is a good or bad DORA at the end of the period, but we think it could be a good DORA. At the same time, it is very important to stress that it is challenging, it is demanding, and not only because the context in terms of geopolitics and macroeconomics, and so on. It is also because the main parameters of the DORA are challenging in themselves. As you know, the document assumes that the Spanish network of airports will reach 363 million passengers in 2031, which is a huge amount of passengers. That is why we need to expand and improve our Spanish airports. The approved regulated investment plan amounts to almost EUR 10 billion, while the total investment, in other words, if we add the non-regulated, the commercial investments, the total investment will reach almost EUR 13 billion. The WACC, which is also a very important figure, has been finally set at 8.32%. All in all, the average annual airport charges increase will be 0.33%. Now, I will be very brief on investment, because I will summarize our impression with this DORA III approved in the following way. The approved plan covers all the necessary investments in the network. As you know, the investments proposed by Aena have fully been approved by the government. We are convinced that these investments are what, in terms of terminal and airfield works, our Spanish airports need. With regard to regulated costs, Aena will continue to be the most efficient airport company. The regulated costs assumed for the purpose of DORA III are expected to increase from EUR 1.929 billion in 2027 to EUR 2.079 billion in 2031. Remember that is in constant 2026 prices. As you know, and fortunately and reasonably, the cost base is reset at the beginning of each regulatory period. In this regard, take into account the leap. The regulated costs in 2025, the figure was EUR 1.65 billion. At the beginning of DORA III in 2027, this OpEx will jump to EUR 1.929 billion, which simply reflects the new reality of the OpEx. You know that it is not only because we have more demanding environmental norms, more demanding security and safety norms, more demanding cybersecurity norms. It is also that there has been inflation in the world economy. Particularly, we have faced inflation in Spain, not just because of the general inflation, but also because of the increase in the minimum wage, and so on. Doing the same costs more money, and you have to add to this reality, these increasing exigencies of the regulation in terms of safety and security, environment, quality, and so on. From another perspective, this means that the compound annual growth rate of the ratio of regulated OpEx goes. It will be, excuse me, 1.9%, because as I was saying, it is an annual growth rate. The ATUs versus OpEx, or the ratio of OpEx to ATUs will increase almost at 2% annually. Now, in short, to conclude, I would say that the approved DORA is demanding, is challenging, but we are also optimistic. We will do our best to perform very well. We would like to clearly state that the mere approval of DORA III strengthens the Spanish airport sector and prepares it for the future because it accepts all the investments that the Spanish network considers necessary. In summary, one, the new DORA reinforces the Spanish regulatory framework. Two, it ensures a network of airports with sufficient capacity to accommodate future air traffic demand. You know that from recent years, the traffic growth in Spain has been impressive, so we have to prepare for the future. Three, the approved investment is a material value driver for the regulated business. In other words, Aena's value is higher after the approval of DORA III. Of course, I know that to really materialize the theoretic value, we have to accomplish all the demanding objectives that this DORA III includes. Four, the company's strong financial position. We think it is a very good starting point, particularly in this DORA III, because you know that our investment will increase significantly, our debt will increase significantly. So I think it is an important relative advantage when we compare Aena to our peers, our very solid financial position and our very low debt in terms of any of the big parameters that you use to measure this financial position. Five, you know that in the coming weeks, we will elaborate and release before the end of the year, our new strategic plan for the period of DORA III, 2027 to 2031. This is when we will elaborate a lot more on many of the probable questions that you will convey to us in the following minutes, because we need time to digest all the information, and we need time to, let's say, define the profile of ambition, which I can anticipate will be high in many of the financial targets that we will include in our strategic plan. Six, in principle, clearly we have two main priorities because of its inherent risk. One is OpEx, two is the CapEx execution. Both CapEx execution and OpEx are, let's say, significantly different when we compare them to the same parameters of past DORAs, because OpEx is increasing above the past profile for many reasons, and because the CapEx will be a lot more demanding because of its very significantly increased volume. But all in all, I repeat, I think that we are happy because we finally have a very well, clearly defined DORA III. I think that it will be very important both for Spain and especially for Aena, the transformation that we will carry out during the period of DORA III. Thank you very much for your attention. I will now give the floor to Ignacio Castejón, so that we can start the Q&A session. Thank you very much, Maurici. Please, operator, we are ready to start the Q&A. I do not know if there are already questions on the pipeline, but here we are to start. Thank you. If you would like to ask a question today, you may do so by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two to remove yourself from the question queue. When preparing to ask your question, please ensure your device is unmuted locally. The first question today comes from Luis Prieto of Kepler. Your line is now open. Please go ahead. Thanks a lot for taking our questions, and good afternoon, everyone. Just one question from me. I have not seen it in the document, but I might have missed it. What is the overall targeted capacity over DORA III? And obviously, this needs to be connected with DORA IV, the next regulatory period. Thank you, Luis, for your question. Well, I think most of the big works at the major airports, Madrid, Barcelona, will be delivered in the DORA IV. But of course, we will create some capacity because, well, the capacity is a wide concept. For example, in Madrid, we have a runway capacity up to 120 operations per hour. The expansion we are going to do in Barajas will take many years, more than one DORA III. They will end in DORA IV. But we will be unlocking some capacity by creating capacity of some bottlenecks that currently we have in some way that will be able to create the capacity before the end of the works. But the whole capacity will be delivered in DORA IV because the huge capacity will be created at the major airports, and the works at the major airports will last more than one DORA. Understood. Thank you. Thank you. The next question comes from Tobias Fromme of Bernstein. Your line is now open. Please go ahead. Thank you for taking my question, which is on costs and a little bit multifold. Are you surprised that the final agreement is some 10% below your initial cost assumptions? Where do you think the key differences are, and why are they so significant? Then that sort of translates into what levers can you pull to keep costs contained during the DORA III period. Lastly, a recent tender for an expansion project did not draw any bids from contractors because of prohibitively high costs. Do you think this could be an issue during DORA III with more projects not receiving any bids? Thank you very much. Tobias, hi. This is Nacio speaking, and thank you very much for your question. Let me start with the second part on CapEx and bids coming from construction companies. Of course, as mentioned by the CEO and the chairman in his opening remarks, the context is challenging, is difficult. Input prices are going up in many fronts, impacting CapEx, but also OpEx. On if we are hopeful or if things could change, I think the team has made an outstanding work through the last months trying to take into account all the different scenarios in the future. We are hopeful that we will be able to attract the best possible bids from construction companies. We have seen some very positive movements in some projects that we have already launched. In other cases, perhaps we have been less lucky, but I think we will learn and we will improve as we move on. As mentioned by the chairman, CapEx execution is a top one priority for the company, together with OpEx for the next months, and we will be completely vigilant on the evolution of that item. I think we have many construction companies that Spain is their home market, and we believe that they will be highly interested in working with us, developing the future of the airports in Spain. With respect to the OpEx. Thank you. Sorry. Tobias, I think you referred to the OpEx item at the beginning of your question as well. I think as mentioned by the chairman, in the following weeks, we will be working on the strategic plan. We will review, of course, our OpEx assumptions that were proposed from the company side to the regulators or to the government as acting as a regulator. We will compare everything coming out from the regulator in their approval of last week and try to then identify where the different points, different items are. We will revert to you at the moment in time so that we can share where we think there is room for potential improvement and where we think there is a high risk of not being able to perform according to the DORA. But that is still work in progress. Please give us a few weeks so that we can have that open discussion with all of you. Thank you very much. Thank you. The next question comes from Hari shankar of Deutsche Bank. Your line is now open. Please go ahead. Yeah. Good afternoon, everyone, and congrats on getting the approval for the DORA III. On the CapEx side, I was wondering if I could just ask a couple of questions. Do we have any tenders already out that have been approved for, say, 2027, 2028? Just wondering if these are fixed price contracts and whether there's appetite from construction companies on these type of contracts. Thanks. Hi. Thank you for your question, Hari. This is Nacio speaking. Of course, we have started the process of tendering out some of the construction projects that are part of DORA III so that we could be on time with respect to the scale of this DORA. So we have started with some construction activities across the network. All those RFPs or tender documents are publicly available. Basically, on your question on price, the company has typically worked on their construction and their RFPs that require to the market fixed prices for most of the activities of the company, and that's how we have always worked and operated. I think that in the following months and years, we'll analyze how we are making progress in that respect, and basically, we will hear from the market through their bids and make decisions based on that feedback. But generally speaking, that's how we work, with fixed prices in order to avoid last-minute surprises from the construction projects. Thank you. That's helpful. Thanks. Maybe just one small follow-up, if that's okay. I was wondering what percent of the CapEx has already been tendered out. If you could share that. Thank you. Sorry, I couldn't understand you. What was the CapEx? Sorry, what percentage of the CapEx has already been tendered out? Sorry. It's. It's still very low. Sure. Thank you. Thank you. The next question comes from Graham Hunt of Jefferies. Your line is now open. Please go ahead. Thanks very much for the question. Just on the non-regulated side, should we expect a similar profile for the CapEx there? Could you talk a bit about some of the value upside from these investments that are coming in the DORA III for the retail? Is that going to be seen in the DORA III, or is that also more of a DORA IV kind of timing because of the potential disruption at this early phase of investment? Thanks. Thank you. Hi, Graham. This is Nacio speaking. I think the best from our side, you will have a full answer to all those questions on non-regulated activities of the company through the strategic plan. I think we would like to keep this conference call more focused on DORA and the document itself. Very quickly, on phase in, expect something similar to regulated CapEx, and that's how I would model that. Thank you. Thanks. The next question comes from Dario Maglione of BNP Paribas. Your line is now open. Please go ahead. Hi. Can I ask a question around CapEx? You mentioned the regulated CapEx close to EUR 10 billion, but you still need to tender out most of the projects. What happens if you go out and you tender out these projects and the market comes back, the competitors come back, say, "Actually, this price is too low. You need to increase." We agree on a fixed price, but we need to have higher prices for each of the single projects. What could happen to the total envelope for EUR 10 billion? Could that increase? Could that be postponements to DORA IV? How that would impact the regulation, the RAB, and so on. Thanks. Well, the CapEx program that has been approved after our proposal is really challenging. Because of the amount, because we are going to affect most of the major airports. At the same time, regulation gives us a kind of flexibility tools. The different investments at the different airports are rated with a different qualification. From a strategic, that are the most important, and you have to comply with a schedule, until other m any investments that are not classified, and we have flexibility to prioritize the different portfolio. The good thing is that we have many airports, many works, and on one hand, it is a challenge, but at the same time, it provides us with some flexibility. We start this process with uncertainties. We have uncertainties with price, we have uncertainty with some projects that still need to be written. We will have to manage the portfolio. Something is clear: we are not going to invest more than it has been approved in taking into account in our airport charges. We have EUR 10 billion, and we will have to prioritize, take into account, as I have mentioned, the flexibility tools we have, for example, to comply with 80% of the investment that has been approved at each airport. We can bring forward some projects to compensate the delays. Also, if we have overprice, considering the price we thought when we planned the project, we will have to prioritize other, less important, to delay or in order to manage the portfolio. Okay, perfect. If I understand correctly, you have a cushion of non-strategic projects that you can postpone to DORA IV if the total price of this program exceeds EUR 10 billion. I think, if I understand correctly, your cushion is around 20%. You mentioned 20% of the projects in each airport can be delayed. Is my understanding correct? No, 20% is one of the flexibility tools we have. We are not obliged to invest at each airport more than 80% of the amount that has been approved. That is one of the flexibility tool we have. But something is clear for us, and we consider that we do not have that risk at this moment, is that we are not going to invest more than the EUR 10 billion that has been approved by the regulator. That is a must for us. What I try to say is that we have enough flexibility tools according with the regulation to manage increase of scope, reduction of scope, increase of prices, new needs that will appear at some airports. If we see that prices are higher than expected, we will have to delay some investments to DORA IV, but without any risk of not compliance with the DORA. Okay, perfect. Very clear. Thanks. That seems like a good news. Thanks. Thank you. The next question comes from Marcin Wojtal of Bank of America. Your line is now open. Please go ahead. Yes. Thank you. I just wanted to ask you about the level of inflation protection that you have in your tariffs during DORA III. I believe you will have this P factor. But should we see the P factor under DORA III as something that is more closely linked to inflation in Spain, or that should only cover potential extraordinary increase that is outside of Aena control? We understand that the P factor is no longer subject to the 1% cut, but is there any other information that you can provide so that we can better understand how it actually works? Well, the protection we have of inflation is the one that is defined in the law by the index of factor P. Well, it is very well-defined. Perhaps it's not perfect, but it's clearly defined in a royal decree, and is what we have to apply. The good thing is that, perhaps we haven't mentioned before, what is good of this DORA is we have already ended the transitional period that was created when we launched the IPO 10 years ago. So one of the conditions in the transition is that the factor P couldn't be higher than 1%. Now, those limitations do not apply at this moment. So index P will work, and it's very well defined in the decree that regulates the index P. So that's the protection of the inflation that you know that it applies every year to the airport charges, to the IMAP. Thank you. The next question comes from Cristian Nedelcu of UBS. Your line is now open. Please go ahead. Hi. Thank you very much. I apologize I am asking again on CapEx, but could you give us a bit more color? I think it was a Tenerife project where there were no bidders. Any more color on that project and the next steps? Could you remind us, you already made some references to this. But once we have strategic investments or not strategic, from the perspective of the regulation per se, can you tell us if there are any adjustments made there at the end of the day, so what is permitted under the regulation? Those are maybe my questions, please. Hello, this is Maurici Lucena. I would like to make a short introduction, and afterwards, I will give the floor to Javier Marín. My reflection is general because when there is news as this one in Tenerife that, of course, it leaves you a bad taste in the mouth. That is for sure. It is not a positive news. But my reflection is that in the case the legal nature of Aena was different and our principal shareholder was not 51% the estate. If the case was that the estate owned, for example, 40% of the company instead of 51%, our legal framework would be completely different. And in this hypothetical different legal framework, you publicly would not even know that this auction, that this contract has been eventually, not awarded. Sorry, I was looking for the correct word in English. In other words, in every private company, this is normal that in some cases when you try to contract an important investment, in the first stage, you are not successful and things do not happen as were expected. This is exactly what has happened in Tenerife. But the difference is that this has been before everybody that was looking at us. So from this perspective, this is not worrying. It is just because our shareholder structure makes that transparently you can analyze items that in other companies of Aena size, you would not be able to analyze because you would just have the public result whenever the contract was awarded and not in a state in which it has not been. Having said that, I insist this is not good news, but we can live with that. It sometimes happens, and we will do our best to improve the new auction in order to at least maximize the probability that is adequately awarded. Javier. Well, not many things to add. This project, the project of Tenerife Sur, probably is one of the, if not the most, one of the most difficult projects we are going to accomplish in DORA III. Why? Because of the lack of available ground in Tenerife South Airport. What we need to do is to demolish different parts of the airport, of the terminal, and building new one. So we will be doing that several years. The contract we tendered was 96 months. A very long project and very difficult as I mentioned, because we are going to demolish a part, we are going to build on top of that. Next, we are going to demolish another part, et cetera. It is a difficult project in a difficult moment because there is uncertainties about construction prices and well, so the reality is that the risk that the market has assessed in this project is higher than expected. At the same time, we have launched other tenders, for example, two in Madrid for the new DORA and one in Tenerife, also a new parking, and we have received interest from the market. Anyway, going back to the terminal in Tenerife South, our technicians are evaluating the situation, and will reach a solution to comply with that. Thank you. The next question comes from Miguel González of JB Capital. Your line is now open. Please go ahead. Yes. Hi, thanks for taking my question. Just a clarification from a previous one regarding construction works. I believe you mentioned before that if project costs come in above expectations, some investment could be deferred to DORA IV. Does this apply to strategic investments as well? If strategic projects are deferred for that reason, wouldn't Aena be subject to a penalty in the tariffs under the RI mechanism? Thank you. No. A strategic investment that amount between 40% and 50% of the CapEx program are the more demanding in terms of compliance. We have to comply with the times. Independently of that, also we could work on the scope of those works in a small part, but we have some margin there. We have to comply with that. But we have the rest of the CapEx program, where we have more flexibility. So, in order to manage the portfolio to comply with the EUR 10 billion, we will have to work on the other prior to work on the strategic. Because the strategic is something that if you comply with, you can receive a penalty. Understood. Thank you. Thank you. This concludes the Q&A session today, so I would like to hand over to Carlos for final remarks. Thank you, Lucy. As there are no further questions, I think we can bring this presentation to a close. Thank you very much to all of you for joining us today. We look forward to being in touch with you again at the end of October for the presentation of our first nine months 2026 results. Thank you once again, and have a good afternoon.