Good day, and thank you for standing by. Welcome to Applus+ full year 2023 results presentation. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star one one on your telephone. You'll then hear an automated message advising your hand is raised. Please be advised that today's conference is being recorded. I'd now like to hand the call over to your first speaker today, Mr. Aston Swift. Thank you. Please go ahead. Thank you, Desmond. Good morning, everyone. Welcome to the 2023 full year results presentation of Applus+. I'm Aston Swift, Investor Relations, and sitting alongside me here are Mr. Joan Amigó, our Chief Executive Officer, and Mr. Julián de Unamuno, our Chief Financial Officer. We will follow the usual format for this presentation, Joan and Julián presenting the financials and operations of the business, which we expect to take less than half an hour, and this will be followed by a live Q&A session. With regards to questions relating to the current bidding process for Applus+, we will be restricted in what we can say, and you should only rely on the publicly available information published through the regulatory channel. Please refer to the disclaimer on page two of the presentation for the full legal disclosure. Now, I hand you over to our CEO, Joan Amigó. Thank you, Aston, and good morning, everyone, and thank you for joining us. Today, I'm pleased to share the details of our strong results that we delivered in 2023, and how we are positioned for future profitable growth. Starting with the highlights, we reported 10% organic revenue growth, a 70 basis point margin increase, strong cash flow, and ended the year with lower financial leverage despite the completion of our second share buyback, where we have invested EUR 100 million over two years. We also had a further strong increase in revenue from sustainability services, which is more than half of our total revenue, and we also made further good progress on our environmental, social, and governance objective. Just this month, we were awarded an A rating for CDP, which demonstrate the good progress that we have made in reducing our carbon footprint. We also made good progress on our meeting of 2024 financial targets that we set in 2021 as part of our strategic plan. We remain fully committed to achieving this, with only our group margin, where we are guiding for 2024 at around 11.5%, up from the 10.8% in 2023, and 10% when we started in 2021, but is slightly below the target that is at 12%. Increasing the margin and financial returns are a key objective of ours. Finally, as I expect everyone knows perfectly, 2023 was a year in which we saw interest in taking the company private. This continues, but I cannot say much more than that. This year was also one with significant management changes, with four of the senior leadership team, including myself, starting new roles partway through 2022, and our CFO, Julián, starting in his position in 2023. I'm pleased to say that these changes have been smooth, and I'm proud of our management team. We are a company of over 26,000 highly engaged, customer-focused, and skilled employees. We are well positioned in healthy and growing markets, and this gives me the confidence to say that I'm fully committed to delivering profitable growth in the future. Moving now to financial highlights. All the key metrics were quite very positive. Organic revenue growth of 10% and organic adjusted operating profit growth of almost 5%. The organic revenue growth was consistently high every quarter, with an exit rate of 11.5% in the last quarter of the year. Our adjusted operating margin was up 70 basis points compared to the reported margin in 2022. This was slightly more than the 60 basis points that we guide at the first half of last year, and of course, this margin increase is mainly due to the active portfolio management. We also had a good underlying margin improvement, considering the impact from the ending of the Automotive contracts in Costa Rica and Alicante. Cash flow continues to be very strong and was particularly good in 2023. This has supported the investment in the business and also returns to shareholders through dividends and share buybacks. Adjusted earnings per share at EUR 0.88 was an increase of over 8%, driven by profit growth and the completion of our two share buyback programs. These next two slides that you have already seen before, but I thought that it would be a good idea to update you on the key developments on the active portfolio strategy that we outlined at the strategy update in 2021. The purpose was to shift our portfolio mix towards higher value-end markets that are aligned to the global mega trends of energy transition, electrification, and connectivity. These are businesses that are less cyclical, faster growing, have higher barriers to entry and higher margins, and where there are good synergies within the group. In 2022 and 2023, we made 11 acquisitions at an upfront cash cost of EUR 145 million euros.... Last, we invested a further EUR 18 million on buying 20% of Inversiones Finisterre, which runs the auto contract in Galicia. A total of EUR 163 million in inorganic growth investment. The 11 acquisitions add EUR 80 million of revenue that is growing at high single digit, and with an average margin of over 20%. Half of this is in Labs, 42% in Energy & Industry, and one acquisition was made in auto. We completed three divestments, two of which were in the auto business, and we also sold our own U.S. Oil & Gas business. We received EUR 34 million net proceeds from these divestments, which is recirculated to generate better and longer-term returns. Going forward, we will continue to manage the portfolio, although right now we are only having a smaller in three acquisitions in sight. On slide seven, we show how the end market exposure has changed compared to 2019. We are increasing our exposure to the higher value laboratories business, where we have good position and we see good growth, margins, and return on capital. Within Energy & Industry, we are investing into renewables, as well as power generation and distribution, and also civil infrastructure growth, which is coming from a step up in government and also private investment, especially for more energy efficient transportation networks and buildings. And for Oil & Gas, we are still committed to this business line, and in 2023, it grew very strongly. 5% of the group revenue is CapEx related, and 19% is OpEx related. The U.S. Oil & Gas business that we sold was about EUR 100 million of revenue, and so the percentage of the group has been reduced from 34%-24%. Of course, it is considerably lower than what it was in previous years, when it was more than half of the group revenue. For Oil & Gas, we are focused on being in the areas which are more long-term and resilient, and where we can use proprietary technology and there is high added value, so subsequently, we can generate strong returns. Now, I will hand over to our CFO, Julián de Unamuno. As I said, Julián started only last year, and he has settled in extremely well and has been invaluable in supporting me manage the business. Thank you, Joan. And now I will present the financial slides before handing back to our CEO for the operational commentary. So like we have done all this year, we present our numbers on a reported and pro forma basis. The reported is the numbers we registered in 2022, and the pro forma is removing the three businesses with disposal, so on a continuing basis. Starting with the revenue bridge, first, on the left-hand side, you can see the revenue impact from these disposals, reducing the actual reported revenue for 2022 by 7.4%. And from this level, you can see the growth was made up mainly of organic revenue of 9.7%, some acquisition revenue, and a negative foreign exchange impact. The pro forma total revenue growth was 8.4%, and even after the disposals, the actual revenue is a touch higher than in 2022. Below the chart are the growth numbers for the last quarter of the year, which were very strong, with an 11.5% organic revenue growth. After a currency tailwind in 2022, we had an impact in 2023, with those currencies that helped us in 2022 reversing in 2023. Mainly the U.S. dollar, but also those in Latin America, Canada, and Australia. Price inflation continues to support our revenue, and we estimate this was around 3.5% in the year. In the current year, from the acquisitions already made, we have just over 1% of acquired revenue to add. Now, moving on to the adjusted operating profit growth bridge. The main highlight here is the increase in the margin by 70 basis points, from 10.1% reported to a 10.8%. This is driven mainly by the disposals, with the margin on a pro forma basis slightly decreasing. The main reason for the margin decrease on a pro forma basis is the auto division after the ending of the high margin contracts in Costa Rica in 2022, and Alicante in the first quarter of 2023. Cost inflation has not been helpful either to the margins. We have increased our prices, as I've just said, but costs have also increased, and this has put some pressure on the margin. Note, we are showing the margins here, both excluding the EBITDA accelerated depreciation, which is our headline margin and comparable with the targets. In the line below, we show it after the accelerated depreciation for comparison purpose. On the right-hand side, we show our margins over the last five years, and this shows we are on the right trajectory, and as you have heard already, we expect to exceed our previous peak this year. Income statement. As we did at the half year, we are showing both reported and pro forma results, so that you can see how we are performing on a continuing basis by excluding the financial impact of the three divestments. You can also see the effect clearly here on the EBITDA accelerated depreciation, which was EUR 5.8 million in 2022, and EUR 10.4 million in 2023. One important item in this quarter is an impairment, non-cash charge of EUR 25 million. This relates to the Energy & Industry business in Canada, where we see a weak outlook for new Oil & Gas projects following the ending of some large ones in 2022 and 2023. This is a non-cash charge, and it is all goodwill. There is no associated change to annual depreciation or amortization. Then we have the other results of EUR 9.4 million, in line with last year actual, and a bit more than last year's pro forma charts. That includes some extraordinary items on M&A transaction, some redundancies, and some non-cash items. Net financial expense of almost EUR 42 million is higher than 2022, mainly due to the higher average net debt plus higher interest rates, and this increase is in line with what we have guided. The average real net cash interest rate on net debt was around 4.6% in the year, compared to around 2.5% last year, this to the higher Euribor base. The tax charge is just under EUR 29 million at a rate of 42% of the statutory profit before tax, due to the effect of the impairment charge not having an associated tax benefit. But the most relevant effective tax rate on adjusted profit before tax has remained constant year-over-year at 25%. Non-controlling interest or minorities were EUR 13.3 million, the same as last year. And then we have a line on the discontinued operation, which is the net loss after taxes of everything related to the business sold. Our final adjusted net profit of EUR 114 million was EUR 1 million, or 1% below the pro forma adjusted net profit last year, and EUR 3 million or 2.8% more than the reported figure. But most important, as a result of the share buybacks conducted over the last 2 year, the average number of shares have reduced by 7.1 million, and this has supported the EPS increasing to EUR 0.88, and increasing the growth rates from 2.8%-8.4%. Cash flow was very robust in 2023, with an adjusted operating cash flow of EUR 282 million and a cash conversion rate of 84%. Cash flow was strong due to the increase in profit and the reduction in the working capital, resulting in a working capital inflow in the year of EUR 26 million. We had some large items in December that helped the cash flow by around EUR 15 million that have reversed in January, including a big tax payment that dropped into 2024 and some last-minute stock receipts just before year end. CapEx of EUR 79 million was higher than last year, with every division increasing their investment on these assets to generate continued future revenue and profit. Taxes in line with last year, interest higher, as already discussed, leading to an adjusted free cash flow of EUR 212 million, an increase of EUR 31 million or 17% on 2022. The dividends to minorities increased due to the timing of the payment of the final dividend paid related to the minorities for Inversiones Finisterre, as we commented already in the first quarter 2023. For acquisitions, we had a cash outflow of EUR 96.6 million for the six acquisitions, plus the 20% minority interest of Inversiones Finisterre, and an inflow of EUR 32 million for the disposals we made. Total cash invested in the share buyback program of EUR 36 million is the remainder investment of this year for the second pack et. So overall, strong cash flow generation in the year that has allowed us to keep up the M&A strategy, remunerate the shareholders' dividends, and share buybacks while maintaining a comfortable leverage. Regarding leverage and liquidity, basically, this shows our debt and liquidity position at the end of 2023. The main takeaway here is the reduction in the leverage ratio from 2.6 x - 2.4 x, and well below the target ratio set in the strategic plan to be below 3 x. The ratio improved as a result of the increase of EBITDA, of course, but also due to the strong cash generation of the business. We feel 2.4 x is a very reasonable level for Applus+. Our liquidity remained very healthy at EUR 477 million, with the main debt maturities coming next year. And now, my final slide, on the operational excellence plan. This is a reminder of the operational excellence plan that we have going on here at Applus+. This was kicked off at 2022 with the objective of improving the efficiency of the business, both with respect to generating more revenue, maintaining the barriers of entry, differentiating ourselves against our competitors, but of course, to become more efficient and reduce costs. The plan is being executed according to plan. We have achieved around EUR 5 million of improvement in 2023, as expected, and we will get a further EUR 10 million in 2024, as we have said. So the restructuring plan and efficiency plans are all going well and on track. And now I'll hand you back to Joan. Thank you, Julián. I will now want to present the key financial and operational highlights of the four businesses, starting with the largest business by revenue, Energy & Industry. We had excellent top line, top line revenue growth coming from both increased demand for our services and also price. We also reported a higher margin following the divestment of the U.S. Oil & Gas business. The pro forma margin dropped below last year, and this was mainly due to the lower margin Oil & Gas business growing double digits and more than the rest of the division, and so diluting the margin mix. We are not worried about this, and we still had 5% organic profit growth, and we are confident of improving the divisional margin this year, and you can see that we have shown the margins of these two main segments. So Oil & Gas margin is around 7%, and the rest of the business, around 9%. In the rest of the businesses, Renewables, Power & Infra, we had high single-digit growth, mainly coming from Latin America, Spain, Portugal, and the Middle East. We have three acquisitions recently made. The last was right at the end of the year, Barlovento, which is a technical advisory company for wind energy, and generates around EUR 13 million revenue, mostly in Latin America and Spain. Before that, we bought Riportico at the beginning of the year, which has EUR 8 million annual revenue and focus on infrastructure inspection in Portugal. And in 2022, we bought K2 in Colombia, which was also EUR 13 million annual revenue, and is focused in environmental consulting and monitoring. All three are performing well. You can see the note at the bottom of the slide, basically reminding you that on the first of January last year, we moved the aerospace inspection business from Energy & Industry into Labs. So those revenues have been taken out of the 2022 numbers for Energy & Industry and added into Labs. This second slide for Energy & Industry is to highlight our key strength, and also to show how we are progressing on the key financial targets that we set out for 2024. With our strong reputation and innovation into new ways of working with our clients and performing our services, we remain very well positioned to benefit from the energy transition, with substantial investments going into generating and then the distribution of these new energy sources. The division is more than 2/3 exposed to existing infrastructure, as we operate in more than 60 countries, and this support our resilience to political and economic risk. We have measured the revenue we generate from sustainability services, which for this division is about 1/3, or 32%, as we exclude the work that we do for Oil & Gas, nuclear, and other industries that don't have a direct social or environmental benefit. The 1/3 of sustainability services revenue is from working in renewable energy, energy efficiency, consultancy, water projects, but also road safety management, safety audits, and a number of other socially and environmentally beneficial areas. As we show how we are progressing against the financial targets that we set for 2024, top-line revenue growth comfortably exceeding both in '22 and '23, averaging 9.7% organic over the two years, and we expect to meet to exceed again in 2024. Margin, we are improving, but not enough yet. Partly, this is a mix, and partly inflationary cost pressure. As we just showed on the previous slide, Renewables, Power & Infra is currently around 9%, and Oil & Gas, around 7%, still short of the targets to be higher than 10% and 7%. And as I also just said, I'm confident the margins will continue to increase, but we are not on track to meet this target this year. And on the inorganic target, we have done well. The last three acquisitions that I just spoke about are in Renewables, Power & Infra structure. They were excellent acquisitions, growing and integrated as expected or even better. So now, moving to Automotive, a really good performance in 2023, especially from the two biggest countries of Spain and Ireland. The revenue shortfall from the Costa Rica and Alicante contracts ending were compensated for by underlying growth in the other contracts, and also inflationary price increases. But these two contracts had margins well above the division average, so as expected, the resulting organic operating profit and margin decreased year-on-year. However, by selling off the low-margin U.S. and Finland business, we have improved the mix of the division, and this resulted in a 21% division margin from which we expect to maintain. We are currently in full build-out of the stations for our large new contract in Saudi Arabia, and we are on track to start operations during this year. We have also been mandated to perform inspections in some locations in India and China, and we are in the process of building this up, too. We had two contracts that were successfully renewed in 2023. In the province of Buenos Aires, in Argentina, that despite the challenging local economy, the periodic statutory vehicle inspection is still required, and this continues to generate good profit for us. In the Basque Country, here in Spain, we renew for another 10 years the contract. We have good visibility in this division now, as the service is a statutory requirement. As we have mentioned a number of times, we have the contract in Galicia that is the next big concession to be renewed at the end of 2027. Also, the authorization in Catalonia will be amended at some stage in the future, and we also continue to bid for opportunities that come up. Now, looking at the strength and targets for the Automotive division, it has highly recurring revenue, with high margins and resilient cash flow streams. The market is totally regulated, with mandatory requirements for inspections, so completely defensive in economic downturn. The challenge, of course, is to hold on to government's contracts, and more and manage market share, and being as efficient as possible with pricing and cost. We regard this revenue as almost entirely sustainability services revenue, as the service is performed in the line of reducing harmful exhaust emissions and the safety of vehicles to reduce the risk of accident and injury. As for the target for this division, we are on track. Organic revenue growth has indeed been just slightly positive in 2022 and 2023, and this is despite the unexpected ending of Costa Rica contract. Margin is above the target, 20%, and of course, helped by the disposals, and we expect to maintain it around this level. So now, moving to Labs. Performance has been very strong in revenue and profit, especially in U.S. and China markets, and all the business lines are healthy, with electrical, connectivity, cybersecurity, and metrology growing particularly well. Half the revenue growth was organic, and the other half was from acquisitions. Margins improved well in the year, coming from better mix, operational leveraging, and also following the weaker margins that we had in 2022, mainly as a result of the lockdowns in Shanghai. We had a management change here in the Labs division, and 2023 was the first full year of the new head of the division, and he has been continuing the push into new geographies and business line that complement what we have and where we can generate higher returns by using our resources and network. So, not only we have made seven acquisitions in the last two years, but there has also been organic investment made to add capacity, and all of this has resulted in a business that has grown to be three times bigger than it was pre-COVID, and with a better quality portfolio. Looking at the strength and target for the Labs division, this is a high added value business, highly technological, and with high barriers to entry. As you know, almost everything we do is under an accreditation scheme, either from government, the industry, or the customers themselves. Projects can be complex and lengthy, and so we look for acquisitions opportunities that allow us to tap into these accreditation schemes, and open doors to customers in region where we don't exist or have low market share, strengthening our global value proposition. There is a strong margin potential for the reasons I have already given, mainly as a result of operating leverage, but there is also a scope of overall efficiencies and further use of digital. 52% of the revenue we generate here, we classify as sustainability services, and this includes fire testing, product certification, cybersecurity services, and structural testing for trains and wind turbines. In 2022, the percentage was below 50%, and this shows the strong growth in these areas, as well as the acquisitions we've made here. As for the targets we set, we are fully on track to meet to exceed them. The average organic revenue growth has been 9%, and margins are already close to 16% target. The last of the four businesses to present is IDIADA. The organic revenue growth of 19% includes a very large one-off customer project, that to our benefit, has lasted longer than what we were expecting. It is now tapering off, although we expect to retain the new client for future projects. The growth here is driven by the huge investment in new models of electrical vehicles, and combined with autonomous driving and advanced safety features, as well as the desire for better quality and more comfortable cars. Work on vehicles with the traditional combustion engine also continues, but this is slowly reducing. The margin improvement coming from better mix with the high margin proving ground at full capacity, as well as good operational leverage. We show the profit and margin in two lines here, with and without the accelerated depreciation, to show the underlying performance of the business. This is the depreciation of fixed assets to the current end date of the concession, which is in September this year. In 2022, the accelerated depreciation was EUR 5.8 million, and in 2023, it has been EUR 10.4 million. Final point is in the tender for the renewal of the concession for another 20 years or 25 years. We are still waiting to hear from the Catalan government as to when they will launch a tender, but should be quite soon. Now, looking at the strength and targets for the IDIADA division, IDIADA has a similar characteristics to the laboratories business. It performs high value-added services, mostly on prototypes and pre-production models, using best-in-class proving ground facilities. And same as the other three divisions, the proportion of revenue that we classify as sustainability services has increased. In IDIADA's case, from 81%-84% in 2023. This is not surprising, because this includes all the work that we do on the electric vehicle, which alone is now around 70% of the division revenue. This division is also on track to meet to exceed the 2024 strategic plan targets. Organic revenue growth has averaged 20% in the 2 years, and the margin, at 14.8%, is already above the 12% target. So now, I will present 2 more slides showing our progress towards meeting the strategic plan targets, before coming to my final slide on the summary and outlook. First, I want to talk about the ESG objective that we set in the strategic plan. As you can see from the slide that we have made very good progress here, and we expect to exceed all the targets we set. Scope 1 and 2 emissions, our target was to reduce by a total of 30% over the 3 years, and we have already exceeded this target within 2 years. Our science-based plan for net zero by 2050 was validated in 2023, 1 year ahead of time. On the social side, we have been successful in hiring more women, and we have improved as well our accident rate. We also meet our ethics and regulatory recommendation targets. But please note that these are not the only initiatives that we have. We are also focused on reducing our energy consumption and increasing the percentage of energy from renewable sources, our water use, and also efforts on training and innovation. On the financial objective, that we have also made very good progress. Organic revenue growth has averaged 8.9% in 2022 and 2023, which exceeds the mid- to high-single-digit target that we set. We would like to have been above 11% margin by 2023 to reach the 12% margin target. We think we'll get close, at around 11.5%, but it is clearly short of the target. We know the reasons why, with this unexpected ending of the Costa Rica contract being the main contributor to this shortfall. But important to note that margin is increasing, and we are confident that longer term we'll exceed the 12%. Cash generation has been very good and above targets. Likewise, return on capital employed is increasing and should meet the target. And earnings per share growth has been strong, at a compound annual growth rate of 16%, and of course, this has been supported by the two share buybacks. Without the share buybacks, the rate is still double digit and on track to meet the target as well. Now, for my final slide before to turn to the Q&A. As a summary, 2023 was a busy year. It was the first full year for me as a CEO, for our new CFO, and to the other key members of the executive team. Most importantly, we delivered strong results in revenue, profit, and EPS growth. We also generated a strong cash flow and made investments for the future in acquisitions and organic investment. We also made some significant and difficult disposals, around 5% of the group revenue. We made good progress in meeting our strategic plan targets for ESG and also financial objective. As you know too well, we had the subject of private equity interest, which we had to manage. As for the outlook for the current year, I think you know it already, but the organic revenue growth of between mid- to high-single digits, the margin to increase to around 11.5%, and this is an increase of around 70 basis points from the 2023 margin. We'll continue to invest organically and inorganically to keep improving the portfolio of businesses, to ensure that we are always positioned for future profitable growth. With that, I will hand you back to the operator to take your questions. Thank you. We will now begin the question and answer session. To ask a question on the phone, please press star one one and wait for your name to be announced. Please stand by while we compile the Q&A roster. Our first question comes from the line of Rory McKenzie from UBS. Please ask your question. Good morning, it's Rory here. Yeah, a few questions, please. Firstly, on Energy & Industry, obviously really strong growth in Q4. Can you break that, over 11% growth down into Oil & Gas and the RPI business, please? Secondly, also on Energy & Industry and, and focusing on the renewables power and infrastructure, can you talk about how contract kind of shape and size is, is evolving there? Obviously, you know, being a strong growth area, but also a very fast-moving area with, with lots of types of services still developing. So what's the kind of work that you're doing there? And finally, on the results, a small quibble, but Q4 margins were maybe a little bit lower than expected. You gave some detail on, on auto, but can you talk about underlying cost inflation trends and what you expect, next year? Thank you. This year, sorry. Thank you, Rory. So let me start with the first one regarding the Energy & Industry growth. I would like to focus in the growth during the year, because it not has been very different across the different quarters. So the reality is that Oil & Gas has been growing extremely well, double-digit growth, around 12%. In this case, a little bit different OpEx than than CapEx. In the case of OpEx, we have been growing a little bit more, I think close to 15%, whereas in the case of CapEx, it has been growing low single digits. The reality, but this is, you know, depending on the comps, CapEx, Oil & Gas during the first semester was more or less down, a little bit flat, and, it has been increasing a little bit, during the second semester, but it's mainly due to the comps versus, previous year. In the case of the renewals, as you say, the second question, you know, for us, you know, this is one of our, important, priorities within the, within the, the division. So considering all the energy transition, we want to invest significantly, here, we already had a significant business, mainly focused in the inspection. As you know, a couple of years ago, we bought Enertis, and recently, Enertis is mainly focused in, in solar. Recently we have acquired Barlovento, that also can help us a lot, significantly, mainly in the, in the wind, and help us to, you know, to improve our portfolio, services. Just to let you know that I would say that more or less we are doing, I would say consulting, and mainly thanks to the acquisition of Enertis, and right now, with Barlovento, also engineering, and then, you know, our traditional, testing and quality control. I would say that consulting is a little bit more than 1/3, engineering as well, and testing and quality control, a little bit lower. But obviously here, I think it's performing extremely well. Our main exposure is mainly here in the south of Europe, also Latin America, and a little bit in North America. So I suppose that this is something that answer you the, your question, otherwise, let me know. Regarding Q4, the margin, you are right, the margin has been, a little bit below, other quarters. But, you know, it's, it's difficult to analyze for us quarter by quarter. So, you know, a small amount can impact significantly in the margin. But let me tell you the reasons why. So the reality is that last year, Q4, I mean, in 2022, it was the highest quarter in terms of profit and margin. Remember that last was recovering after all the, lockdowns that we had in Shanghai. On top of that, it was 2022, a tough year for Ireland due to lack of resources that we start to fix at the end of 2022, although we have had a significant improvement in 2023. Another important point, you know, regarding the last quarter in 2023, is that we have already started, as I said, you know, all the startup contracts in the auto business, mainly in Saudi, but also a little bit in China and India. And we have had also a certain amount that is impacting the Q4 profitability. So I would say it's a combination of all of them. And on top of that, by the way, as I said at the beginning, the Oil & Gas CapEx growth has been higher in the second semester in comparison with the first one. And as you know, the margin that we have in the Oil & Gas is below the average of the year. Yeah. No, that's good. That's very helpful, as always. And yeah, congratulations on such a strong year despite the other things going on. Thank you. Thank you for the questions. One moment for the next questions. Next question comes from the line of Enrique Yáguez from Bestinver Securities. Please ask your question. Good morning, Joan, Julián, and Aston. Just two questions from my side. The first one is regarding IDIADA renewal process. I don't know if you might elaborate a little bit more, not only the specific timeframes of the new tender, but also if you did notice any changes in the expected conditions of the new renewal, in the competition from other potential bidders, just to have as much possible information how is going the process, which I think is a key issue right now. And secondly, regarding the small reduction in your EBIT margin targets for this year, it was originally 12%, now 11.5%. Is it just related with the Energy & Industry business evolution due to the change in mix, and the different reasons that you explained during the presentation? Thank you. Thank you, Enrique. Regarding IDIADA, well, this is the question of the million, I would say. You know, in terms of the calendar, what we know is that the Catalan government wants to know the new operator before the end of the concession, that is in September. So it means that they should launch the tender quite soon. Regarding the conditions, other competitors, et cetera, I would like to know, Enrique, but obviously, I cannot tell you, because I don't know. I don't really know the details exactly, and I don't know. I cannot tell you much more. Regarding the margin, maybe Julián? Yeah. Thank you, Enrique. I mean, if you remember when we set up the target of the 12%, we were counting on Costa Rica, for example. It was a significant contract that we have basically lost. And that explains the reason for making the outlook as we are doing now. It is the main reason, because other things we have ups and downs, we have been doing better than other situations and have been shown that there is clearly an improving trend on our margin. But unfortunately, Costa Rica weighs a little bit more on that target. That's the reason. Thank you very much. Thank you for the question. At this time, there are no further questions on the queue. If you would like to ask question, please press star one one. There are no questions on the queue. I would like to hand the conference back to Joan Amigó for closing remarks. Okay, guys, so thank you for attending the call and these few questions. And to be honest, I don't know if this is the last results call or not. We really don't know how this situation is going to evolve and what the timing is. But if it's going to be our last call, I think I would like to say thank you to all the analysts that has followed the company, some of you since 10 years ago in the IPO. And for our investors on the line, I also would like to extend my appreciation for your support and loyalty to our business and management. Honestly, I have enjoyed a lot the interaction with all of you, and it has been a very interesting journey already 10 years. So thanks a lot, and let's see how everything evolves. Thank you, guys. Ladies and gentlemen, that does conclude today's conference call. Thank you for participating. You may now disconnect.