Hi. Good afternoon, everyone. My name is José Cabaño and I'm the Head of Investor Relations at Neinor Homes. Today is a very special day for Neinor as we are announcing a transformational transaction that will shape the future of the Spanish residential sector. As usual, we are here with Borja García, our CEO, Jordi Argemí, our Deputy CEO and CFO, and Mario Lapiedra, our CIO. We'll start the presentation with the key highlights of the transaction. Then, on section two, Jordi will explain the terms, the structure, and the rationale. On section three, Mario will go through the overview of Aedas and the portfolio underwriting. On section four, Jordi will provide an update of Neinor's strategic plan post transaction and Borja will finish with the key takeaways. After the presentation, there will be a Q& A session to answer any questions you may have. Now I'll hand over the presentation to our CEO Borja García. Thank you, José. Before we get into these details, I want to emphasize today we are facing an extraordinary milestone for Neinor Homes for the Spanish residential real estate sector as a whole. We are proud to announce the launch of a voluntary takeover offer for up to 100% of AEDAS Homes, with the full support and agreement of its main shareholder Castlelake. This is a huge transformational transaction for Neinor. Please let me start this presentation highlighting three aspects. First, the opportunistic returns in scale and the risk portfolio. We are acquiring a high quality theoretic portfolio of over 20,200 units, 50% located in Madrid, one of the largest metropolitan areas in Europe and Spain's most liquid and dynamic housing market. This portfolio offers strong cash flow visibilities. Over 9,000 units currently under construction and nearly 4,000 units presold, representing EUR 1.7 billion in secured future revenues. We are doing this with conservative underwriting, a 30% discount to NAV and acquiring land at just EUR 634 per sq m. This is one of the most attractive entry points we have seen, combining quality, location, and visibility with deeply compelling economics. The second message is that this is accretive for shareholders. From day one we are committing EUR 1.07 billion, EUR 750 million through senior secured notes and EUR 500 million in equity fully committed by Neinor and the main key long-term shareholders. This structure delivers outstanding returns, targeting +20% IRR and 1.8 multiple, EUR 450 million uplift in net income by 2030 and EUR 900 million of net cash flows, allowing EUR 500 million in shareholder distributions over the next three years. It is also equity efficient, driving return on equity to 15%-20% by 2027, with loan to value remaining under 30%. Simply put, we are scaling profitability and with discipline. This deal accelerates our strategic plan without compromising on risk or quality. The third big message is that we are positioning Neinor as the leading residential platform in Spain. With this transaction, Neinor will control the largest land bank in Spain, over 43,000 units including 27,000 fully owned. This is a national footprint with real scarcity value. We are becoming the go-to platform for institutional capital, public and private, seeking long-term exposure to the Spanish residential market, the fastest growing economy in Europe. We are also reaffirming our leadership in affordable and social housing where Neinor is delivering scale, purpose, and public private alignment. Finally, we are unlocking operational synergies. Our combined platform allows us to scale more efficiently in an undersupplied market, improving cost structures and accelerating delivery capacities. Most important, we are bringing together the best people and platforms in the sector. This is a powerful step forward, operationally, financially and strategically. We are not just building homes, we are building the future of residential real estate in Europe. Now I pass the word to Jordi and Mario who will explain the transaction, the strategic lines, the uplifts for Neinor Homes and the portfolio underwriting. Thank you, Borja. Let's move to the next section, the transaction terms and rationale. In slide 6 you can see the structure and mechanics of the offer. First, we have set up a ring fence SPV, fully owned by Neinor, with EUR 1.2 billion of committed funding in place. This includes EUR 750 million of senior secured notes initially subscribed by Apollo, and EUR 500 million of equity, out of which EUR 225 million comes from cash at Neinor level and EUR 225 million comes from a capital increase in Aedas Homes being fully underwritten by our key shareholders. Second, the offer is a voluntary tender for 100% of Aedas, priced at EUR 24.485 per share. After adjusting the dividend to your stock, the effective acquisition price comes to EUR 21.335 per share, which implies a total acquisition price of EUR 922 million. Third aspect, we have secured a hard irrevocable commitment from Castlelake, which holds 79% of Aedas. It gives us strong visibility and momentum toward the closing. Fourth and last aspect, the authorization required to close the deal. On one side, the approval by Neinor's GSM. This is a mere formality as we gather full support from the largest owner of both companies. On the other side, we need clearance by the CNMC, which is the antitrust authority, and by CNMV, which is the market regulator. Regarding antitrust, we do not expect any issue nor remedy since the Spanish housing market is highly fragmented and the two portfolios are complementary. Regarding market regulator, we need the approval of the prospectus of the voluntary tender offer. Finally, we need green light from the Foreign Direct Investment Board. But also we are confident that we will secure this as Neinor is a Spanish company. We expect all these milestones to be concluded by the fourth quarter of the year. Bottom line, this is a clean, fully funded transaction with a high degree of execution visibility. With that said, let's move to the next slide. On this slide, I would like to highlight three main ideas. First, the quality of the land bank and the significant level of execution already embedded in this portfolio. Mario will go into further details later in this presentation, but it's important to emphasize that this is not a speculative pipeline. It is a high conviction and high visibility portfolio. Second, the returns. We are targeting opportunistic IRRs of over 20% and a cash on cash multiple above 1.8 x. These metrics are supported by two key elements. The acquisition price at a 30% discount on net asset value and in line with book value. This means we are acquiring premium quality portfolio at a very attractive entry point. The second element is that the speed at which we can de-risk the investment. We expect a full payback within three years thanks to Aedas' active and highly liquid portfolio. Let's now look at some additional investment highlights. Our underwriting approach is intentionally conservative. We have assumed no housing price appreciation beyond today's market levels. If we were to increase this by just a modest 2.5%, it would generate an additional EUR 100 million in profit, pushing the IRR to 25% and the cash on cash multiple to above 2x. To put that in context, Spain has experienced annual price appreciation of 4-5% in recent years. Our acquisition approach is also conservative. The order book of EUR 1.1 billion will generate roughly EUR 600 million of net cash. That, together with existing cash at the target level adjusted by the dividend, implies that more than 75% of the purchase price is already covered. This means, in other words, that we significantly limit the downside risk through a quality, high quality liquid portfolio while retaining upside potential on the remaining land bank. Also important to comment that our assumptions exclude synergies. We are not relying on procurement and commercialization savings for this deed. Instead, our focus is on operational excellence, on executing well running the two entities strategically, this transaction improves Neinor's scale and positions us as the leading residential platform in Spain. As Borja was saying one minute ago. Finally, this company will play a meaningful role in Spanish society. As shown in section number two of the appendix, Neinor and AEDAS together will deliver nearly 9,000 affordable rental homes, half in Barcelona and half in Madrid. In slide 8 you can see that post transaction we will manage a land bank of approximately 43,000 residential units, making us the leading residential platform in Spain and one of the largest in Europe. 64% of the land bank is fully owned. The rest is managed through third party and asset management agreements, delivering capital light exposure and recurring fee income. As you can see in the map, the portfolio is well diversified but also strategically concentrated. Almost 40% is in the central region, including Madrid, the most dynamic housing market in Spain. This is not just land, it is high quality projects and in the best regions. With that said, follow me to the next slide. This slide highlights how Neinor has established itself as the partner of choice for institutional investors seeking exposure to the Spanish residential market. Now, with this deal, we truly believe that we will continue to scale Neinor's asset management business in the coming years, fueling equity growth, equity efficient growth into future earnings. With that said, let's move to the next slide. To conclude this section, I would like to emphasize that the current macroeconomic situation further enhances the value of this transaction. First, Spain is expected to continue leading GDP growth in the coming years, being above European countries and even above the U.S. Second, interest rates are also decreasing, being now at around 2%. This shift is significant. It indicates that inflation is under control and, more important, it improves affordability for our clients who can now access more favorable financing for the homes we deliver. With this set, let's move to the next slide to take a closer look at the fundamentals of the Spanish residential market. This slide highlights some of the key factors that make Spain one of the most resilient and attractive residential markets globally. On the demand side, over the past five years we have seen a strong acceleration in both population growth and household creation looking ahead over the next five years, which aligns with the period during which we will monetize for the Aedas portfolio. Forecasts suggest that these trends will not only continue, but may even accelerate further. On the supply side, housing production remains constrained. Today we are delivering approximately 100,000-110,000 new units annually, a figure that may increase slightly, but will still be below by far the underlying demand. All in all, this is a great transaction and the macro and micro situation should amplify its potential. With that, I will now pass the word to Mario that will comment on the underwriting of the portfolio. Thank you Jordi. In this section 3 I will walk you through the core and basics of the transaction that are the assets of Aedas portfolio and our underwriting approach which as mentioned earlier has been always conservative and very disciplined. Let's start with the asset perimeter. Aedas brings approximately 20,000 residential units out of which 75% comes from the fully owned perimeter main driver of the transaction and then residual 15% coming from the existing JVs with third parties and 10% from units only managed without equity stake by us. 80% of the portfolio is dedicated to build to sell core business. As for Neinor Homes with very strong fundamentals, 12% are concessions from public private collaborations and finally a minimal exposure to Flex Living and build to rent by location. All the units are located in the most dynamic markets in Spain and where the imbalance between supply and demand is more obvious. Clearly, the GDV well of the portfolio is the exposure to Madrid, with almost 50% of the total units concentrated in this market that today is one of the most dynamic worldwide. The rest are located in the Levante region with 17% of the units in Valencia and Alicante, mostly 14% in first residential locations in the south region as Málaga and Seville, 10% in primaries for second res in Costa del Sol, and finally residual exposure to Catalonia and Basque Country. In summary, all locations are highly complementary to Neinor exposure and markets we know very well. Finally, I would like to highlight the liquidity and advanced execution stage of this portfolio with almost 70% of the units active and EUR 1.7 billion active order book. This level of maturity provides strong short term cash flow visibility and significantly reduces execution risk, a key consideration in our underwriting. Let's move to the next slide. On this slide we are zooming in on the portfolio in the Madrid region. Some years ago when we acquired Quabit, one of the main asset drivers was the Aloe Vera hub. The driver has been demonstrated as a big success, but by that time we needed to make an effort to educate the capital markets community in this location. Today the main driver of Aedas Homes' portfolio does not need deep explanation as it is a no brainer investment with exposure in consolidated Madrid markets such as Perrocales, Agones or Valdecarros in the southeast, Pozuelo, Retamar or Grunete in the high end areas of the west, and Castellana Norte or Cariles in the north. When we layer this on to Neinor's existing positions in the north with Los Carriles and in the east with Aloe Vera, we are effectively creating what we believe is the most strategic and best positioned land portfolio in the Madrid region. Altogether, we are talking about nearly 9,000 units in Madrid to be delivered over the coming years with strong diversification, excellent fundamentals, and substantial value creation potential. I want to emphasize that Madrid is currently the second largest metropolitan area in continental Europe and one of the regions with the strongest projected population growth in the coming years, making it a highly strategic market for residential development. If we move into the next slide, we are going to translate all of this into euros. On this slide we detail our conservative underwriting approach of the fully owned portfolio that is composed of more than 15,000 units that will generate EUR 5.1 billion in revenues without applying any HPA and EUR 900 million contribution margin. At the top of the slide in red, you can see the 6,400 units of the portfolio that are currently under production, which includes finished product, work in progress and projects under commercialization. This bucket is generating EUR 2.5 billion of revenues out of which circa EUR 1 billion is already presold and EUR 300 million contribution margin in the next three years. As you can see on the expected GDV by bucket, our average selling price ranged from EUR 2,900 per sq m to EUR 3,500 per sq m, demonstrating our conservative approach and that we keep the affordability as an important KPI. On the margins distribution we have done as always, a risk return balance, applying 5% contribution margin to the finished product, 13% average margin to the wheat, an 18% margin for the developments under commercialization. At the bottom in black, we show the land bank representing circa 9,000 units and generating EUR 2.6 billion in revenues and EUR 600 million contribution margin. By strategy we have split the land bank between assets to be developed and the land to sale assets. The two developed buckets are the land plots that we can develop and deliver before 2030, generating a GDV of EUR 2 billion with EUR 3,600 per sq m and a contribution margin of 20%. The sale assist packets are very good land plots that we foresee to use them mainly to fit our asset management business or that we will not be able to develop and deliver before 2030 because of concentration, urbanization phase, et cetera. Mainly some phases of Verocales, Agones, or Valdecarros and prime assets as Montegancedo in Pozuelo or Cariles in Alcobendas. In this bucket we are applying an average exit price, fully urbanized, of EUR 1,300 per sq m with a contribution margin of 30%. Finally, I want to highlight the acquisition price with the underwriting explained above. Without HPA, we are acquiring the full portfolio at EUR 1,000 per sq m and if we exclude the finished product and the width, we are acquiring the land at EUR 634 per sq m average. This represents a fantastic entry price, more in line with individual land prices of. Three or four years ago. Please follow me to the next two slides so that you can get a sense of both active and non-active land bank. Here we have highlighted some representative projects that are either under construction or already completed. As you can see, there is a diverse mix of product types including multifamily, single family, and detached homes. From a product standpoint, this is high quality, well-designed housing targeted at the mid to high segments of Spain's residential market with average unit prices ranging from EUR 300,000-EUR 1 million, very similar to the product we deliver in Neinor. Now let's move to slide 18 and take a closer look at the top land bank assets. On this slide, we have highlighted the top 10 land bank assets that showcase the quality of the portfolio. These 10 assets represent almost 40% of the portfolio with potential to develop over 5,000 units, mostly in Madrid and other top tier regions, and we are acquiring them below EUR 1,000 per square meter at this entry price. Just holding the land plots the next three years and selling them would be doing a 1.5-1.6 x multiple. In other words, the future margins are highly de-risked from the operational execution due to the low entry price and the solid fundamentals of supply-demand. Please follow me to the next slide to conclude with this section. On this slide we present the illustrative and aggregated P&L for Aedas through 2030. The chart above outlines the annual delivery schedule, not including the land sales. As you can see, it's relatively stable ranging from 1,500-2,000 units per year with a lower estimation in 2025 in order to be conservative and a peak in 2026 because of the catch up of the previous year and the deliveries coming from the Public Private Collaboration. This delivery calendar is intentionally more conservative than Aedas's standalone plan reflecting our disciplined execution approach. In addition to these figures, another 4,000 units are expected to be sold as land as commented before and contributing to our monetization strategy. Regarding the cumulative P&L of the figure, you can observe the 5.1 billion GDV discussed that represent EUR 380,000 per unit, generating a 1.3 billion gross margin, 1 billion of contribution margin and an entity income, as Jordi mentioned at the beginning, of 450 million. As a conclusion of the section, we have in front of us an exceptional land portfolio in the top markets of Spain, acquired at prices of three, four years ago and with a conservative operational underwriting. I hand over the presentation back to Jordi. Thank you, Mario. Over the next few slides, we will revisit the key five year objectives explained in our strategic plan. Remember, it was presented in March 2023. Please note that all figures shown will reflect our position prior to the acquisition of Aedas. Let's move to slide 21. In this slide we revisit one of the two strategic pillars, the shareholder remuneration. As you may remember, we initially committed to a remuneration of EUR 600 million at a time when our market capitalization was just EUR 700 million. Roughly, to date we have paid EUR 325 million, which represents 60% of our five year objective. At the same time our market cap has grown to slightly over EUR 1 billion. This means that we have created value for our shareholders for a total of EUR 600 million + already EUR 300 million + in dividends and EUR 300 million in share price appreciation. On the right hand side of this slide, you can see the three key factors that have allowed us to make the distributions. First, we successfully sold our build to rent portfolio at attractive development margins of 25%, which has unlocked EUR 325 million in cash. Second, we reduced land acquisition using our own equity during the years 2023 and 2024. Third, we delivered strong margins in our core business operations. Finally, it is important to emphasize that we have achieved all this while maintaining a conservative loan to value ratio in the range of 20-30% as promised. In the next slide you can see the second strategic, our equity efficient growth strategy. As you may remember, we initially set a target to raise and invest EUR 500 million in opportunities, generating annual returns of over 20% for Neinor. As we have demonstrated, that guidance was very conservative. In just two years, we have raised EUR 1.2 billion from a range of institutional investors. Of that, EUR 900 million have already been invested, which means almost two times what we promised for a five years period. In the meantime, we also refinanced few months ago our corporate debt through a bond issuance. This has allowed us to have a strong cash position to afford this deal of AEDAS Homes. Finally, we communicated to the capital markets that through the optimization of our balance sheet and equity efficient earnings growth, we were targeting a return on equity of around 15% by 2027. With this said, follow me to the next slide where you will see how the acquisition of AEDAS positions us to go faster and beyond the objectives initially defined in our strategic plan. Let's begin with the shareholder remuneration in Slide 24. As previously mentioned, our original plan was to distribute EUR 600 million to shareholders by 2027. Following the transaction and the contribution from AEDAS, we are now increasing the target up to EUR 850 million. This represents an additional EUR 250 million, which is an increase of 44% in absolute terms and approximately 30% on DPS basis. It also represents that we plan to distribute EUR 500 million in the next two years. If we look at the coming five years, Neinor has the capacity to distribute over EUR 1 billion of dividends, which demonstrates our focus on shareholders. Now let's move on to the next slide to look at the projected impact on net income and return on equity. This slide follows the same structure as the previous one. First, as shown in the red column, our original strategic plan projected EUR 360 million in net income between 2023 and 2027. Today, with a contribution from Aedas represented by the black columns, we now expect to exceed EUR 500 million in the same period. This implies an increase of 40% in absolute terms compared to the original plan and more than 25% on a PER share basis. It is important to note that these projections do not include yet the potential impact of the PPA which may temporarily increase the net income in 2025 and reduce it proportionally in subsequent years. Finally, thanks to all this, we are confident that not only we will meet our 15% return on equity, but we will increase it up to 20%. Let's take a look at the leverage in the following slide number 26. This slide shows the evolution of Neinor's loan to value ratio. As you can see, during the first two years of our strategy plan, we maintain a conservative loan to value well below the 20-30% range that we promised. Looking ahead, we expect Neinor's loan to value to remain in the range I have set. Even considering the shareholder remuneration announced today, it's important to note that the debt associated with Aedas is non-recourse to Neinor and therefore not included in these figures. However, for transparency, the black line of the chart illustrates what Neinor's LTV would look like if Aedas was treated as recourse. In that scenario, the loan to value would exceed the 23% range. This is fully aligned with what we have always communicated to the market. That may be temporarily exceeding the range when closing strategic high value opportunities like the one we are presenting today. Lastly, as you can see, from 2027 onwards, even when we include the non recourse debt, we expect a loan to value to be within that 20-30% range. Let's go to the last slide. This slide illustrates the impact of the transaction on capital markets perception and valuation of Neinor. On the left hand side you can see current Bloomberg consensus estimates. EUR 79 million in net income for 2026 and EUR 85 million for 2027. Following the transaction, we expect these figures to increase by approximately 65% and 88% respectively. This I believe is not limited to just those two years. Aedas is projected to contribute an additional EUR 300 million in profits beyond 2027, further supporting long term earnings growth. On the right hand side we illustrate the implicit price earnings price transaction. Taking into account these revised estimates, Neinor will be trading at 7.5 times price earnings for 2026 and just 5 times in 2027. This is half of the multiples in the U.K. As you can imagine, we see a lot of potential value embedded for our shareholders. I hand over the presentation back to Borja for the key takeaways. Thank you, Jordi. Now let me bring this session to a close by stepping back and zooming out. Let's talk about the big picture. Spain is facing a structural housing crisis. A production deficit over 1 million homes today from projected to increase up to 1.8 million by 2030. The equivalent of around 18 years of output. This is not cyclical, this is structural. Neinor is essential to help to solve this gap. With a high quality land bank of 43,000 units, fully entitled and ready to execute, we control the most important and ready to go residential pipeline in the country. In a market defined by scarcity, we own the best asset visibility. It is more than scale. It is mission. We are building homes, yes, but we are also building economic resilience, social impact, and a platform for institutional capital to deploy at scale into the most fundamentally sound resi market in Europe. This transaction is not just about growth, it's about leadership in profitability, in purpose, and in performance. Neinor's journey over the past years tells a powerful and consistent story: execution, profitability, and capital discipline across every phase of the cycle. Since 2017, we have delivered over 13,000 homes, generated more than EUR 4.5 billion in revenues, and built one of the most efficient, scalable residential development models in the market. We have deployed more than EUR 3 billion with precision, delivering industry-leading margins without compromising return thresholds. Since 2023, we are scaling our asset management platform to tap into institutional capital at speed and scale. We have deployed close to EUR 1 billion in equity efficient structures that drive enhanced returns and reduce risk for our shareholders. Over the next five years, this platform will allow us to deliver around 30,000 new homes. Profitability, predictably and with full control of our capital stack. This is the power of a platform built to outperform in a market across every cycle and with one goal, long term compounding value creation. With that, we conclude today's presentation of Neinor's voluntary takeover offer for AEDAS Homes. Let's be clear. This is not just an acquisition. This is a step change. We are operating in the right market at the right time. Spain's residential sector is backed by strong macro fundamentals. Supply is structurally short, demand is real and the growth runway stretches well into the next decade. Neinor sits right at the center of this momentum. We have fully consolidated platform with a best in class track record. We have done this before and will do it again with speed, discipline, and zero disruption. This transaction allows us to de-risk and accelerate our roadmap, pushing beyond the 2027 strategic plan and delivering superior returns ahead of schedule. It is high, accretive, financially sound, and fully aligned with our commitment to shareholder value. Above all, this is a rare investment opportunity. We are unlocking deep value in Europe's fastest growing and most stable residential market at a moment when access, scale, and execution matter more than ever. This is how you build scale, this is how you compound value. This is how you create the best residential platform in Europe. Thank you very much. Now we can go to the Q& A. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. If you wish to ask a question via the webcast, please type it into the box and click Submit. We will now go to the first question. One moment please. Your first question comes from the line of Ignacio Domínguez from JB Capital. Please go ahead. Good afternoon. Thank you for your presentation. I'm taking our questions. I have two if I may. Firstly, could you remind us on the cost and maturity of the senior secured notes? And my second question is about the Aedas green bond refinancing. How much do you expect to earmark for the bond refinancing and if there are change in control clauses. Thank you. Okay, regarding your first question. In the senior secured notes, it is basically four years maturity, 25% repayment on annual basis. Okay. And the cost is in the presentation. Okay. EURIBOR plus 525 basis points. So basically a cost that is slightly above 7%. Regarding your second question. Yes, there is a change of control clause at the bond at Aedas. So we have also the funds now to repay this bond. Okay. Thank you, Jordi. Thank you. Thank you. We will now take the next question. Your next question comes from the line of Fernando Abril-Martorell from Alantra. Please go ahead. Hello. Good evening, Team. Thank you very much for taking my questions. Just a couple please. First, following this deal, what are your new land acquisition targets for 2026 and 2027 and how should we think about your strategy longer term? Second, on profits. You know profits will likely benefit from Aedas's contribution until it is fully monetized by you said around 2030. What is your run rate earnings ambition beyond that point, say by 2030 or 2031? Thank you. Thank you. I think the first one regarding the land investment strategy. With this transaction we have de-risked and accelerated our investment budget with very good returns, so plus 20%. Given the increase in our fully owned land bank, we expect new land acquisitions to be reduced in the coming next two, three years where we should be acquiring EUR 50 million-EUR 100 million. In the future we should be buying between EUR 150 million and EUR 250 million, including equity of the asset management business. Having said this, we will continue to be very disciplined as we have demonstrated until now and riding the cycles with all the expertise we are accumulating. The second one I think Jordi will answer. I mean it's not an easy question. I mean in the coming five, six years, what we are saying is that with the data that we have provided today that we could be in a net income around 150 every year. Thinking beyond 2031, we don't have the crystal ball. It will depend on the opportunities that we will see in the moment. For sure that with this opportunity and all that we have closed until now in terms of asset management business, we should be in a position to exceed the guidance that we had until now. Let's see the level. Probably it's not a question for today. Okay, thank you very much. Thank you. There are currently no further phone questions. I will hand the call back for webcast questions. Thank you, operator. I will go through some of the webcast questions that I'm ordering here right now. The first one is regarding the tender offer. Asking the question is why are we launching a tender offer at a discount? Jordi, you may take this one. Okay, okay, I'll take it. I mean, we believe that the offer price represents a fair value for 100% of the shares of Aedas. And from our point of view, it represents a good value for its shareholders. I mean, the testament of this is that holder that basically has holds 79% of Aedas, has irrevocably agreed to sell the stake at this price. Thank you, Jordi. I have here another question with regards to the management of the, the operational management of the company after the transaction, after, especially after the deals done with Avitad and now Aedas. What is the limit in terms of operations that we can handle in this company? Thank you, José. I'll take this one. You never know the limit. What we are focusing on is that we will be delivering between 6,000-7,000 units per year in the following years. It is something that we think we can easily scale, the capacity of the production of this company. Basically, we will keep the same structure that we have today and that will be enough to allow the increase of rates very fast. In this case especially, there are many drivers that will help a very fast integration of the companies. First, I must say that at the end we are integrating two of the best-in-class companies in Spain. That will make easy all the stuff about documentation, our procedures, our capacities. I also must say that both platforms are already producing, are already working. If we zoom today, what both companies are doing, they are already doing six, seven units per year. We work basically in the same regions, with the same control software, with very similar strong procedures. Basically, all that we have to do is to integrate the teams. To do that, we have designed an integration program that was similar to other integration programs that we have used in the past. We are used to do this type of operations. I can give some main ideas. First is that we will give priority to execution. Execution will be the first one. The second, let me explain a little bit how we see the company. The company has a value chain that goes from land acquisition to project design, construction, commercialization, and deliveries. This is like the heart of the company. Surrounding this we have other departments, the corporate departments, human resources, IT, legal compliance, investment relations, and so on. Basically, all that we have to do is to put some more people in these departments. We keep a very strong structure in the top management of the company. Basically, at the end, it's something similar as what we did, for instance, in Aloe Vera, that we went from zero production to 1,000 or 1,500 houses per year. That was more difficult because we had to create a new structure. Right now we have the structure, so all that we have to do is integrate the teams. We have rates of how many architects are we going to require, how many lawyers, how many blah, blah, blah in this department. It is something that we think that in a period of six months, more or less, both companies will be fully integrated. Meanwhile, we will get the production of both companies between 6,000-7,000 units per year. Thank you, Borja. We have here some questions on the debt side. On the credit side. I'm going to group them, the first one for both of them actually for Jordi. The first one is on the public ratings of the bonds post the transaction. If we expect any changes. At Neinor Homes level, what they expect is a positive outlook, being honest, because we are strengthening the company now through this investment. I mean, remember that the debt, I mean the secured notes at the target, has no collateral. It is in fence, so positive in that sense. Regarding the target one, as I have said, in any case there is a change of control clause, so going to be repaid. The second question related with this is if the debt from Apollo is amortizing at 25% per annum over the next four years, how do we look to pay this down? I mean, it's a senior secured note. Other thing is that it's, you know, subscribed and underwritten by different funds from Apollo. Okay. Second, we are based on our conservative underwriting that Mario has explained it very well. We will generate enough cash to repay this 25% down payment on a normal basis. Not only this, we will generate extra cash that will be used to release the dividends that we have committed today. Thank you, Jordi. Thank you, Jordi. This concludes the questions from the webcast platform operator. I think we had another one from the phone line. Thank you. Your next question from the phone line comes from the line of Inigo Romeo from Banco Sabadell. Please, go ahead. Yes, hello. Thank you for taking my question. I have a technical one on the. Capital increase on the EUR 225 million equity increase. Will this be a private placement for. The main shareholders or will you issue. Rights so all shareholders may participate and also any related to this equity increase. Is there a reference price for this? Regarding your first question, the three main shareholders have underwritten the EUR 225 million. We are fully funded. It is not that we need money from third parties. No. Having said this, obviously we will open, you know, in principle the door to all investors to participate. Regarding your sequence question, I mean. Sorry, Jordi, just to. Sorry to interrupt. Jordi, just to be clear. So these major holders will only. Will only afford their capital if the equity increase is not subscribed by the rest of shareholders. Not sure I understood. Correct. That's it. Okay, thank you. Regarding the second question, we will see. It will depend on the market price. Okay, very clear. Thank you. Thank you. There are no further phone questions. I will hand the call back to you. Thank you. This concludes the session. We remain available to answer any questions you may have. Thanks a lot for joining and we will be in touch.