Good afternoon and welcome to the results presentation for the first half of 2025. I'm Ezequiel Nieto Baquera, Director of Investor Relations. First of all, let me refer you to the current slide which shows the legal framework under which this presentation must be considered. Let me begin by introducing the speakers of this session. Ángel Escribano, Executive Chairman of Indra, José Vicente de los Mozos, Chief Executive Officer of Indra, and Miguel Forteza, Chief Financial Officer of Indra. Ángel, you have the floor. Thank you, Ezequiel. Good afternoon everyone and welcome to this results presentation for the first half of 2025, in which we will take stock of the first half of the year and share the group's performance with you. These results reflect the sound direction and strength of our strategy, the resilience of our teams and Indra's ability to continue leading the defense and advanced technologies sectors, which are strategic for both Spain and Europe. The defense sector is at a decisive moment with strong tailwinds from recent geopolitical and technological developments, which I would like to delve into. Firstly, Europe and Spain are significantly increasing defense spending. As you know, we are witnessing historic events of great relevance that are directly reshaping and boosting defense investment, both at the European and national levels. In this context, and as a response to security needs, the European Commission announced the ReArm Europe Plan early this year. This plan aims to mobilize up to EUR 800 billion in additional defense spending through 2029. In Spain, on the other hand, the government, through the Industrial and Technological Plan for Security and Defence, has increased spending by an additional EUR 10.471 billion just in 2025, with significant focus on streamlining the capabilities and equipment of our armed forces. Secondly, Europe and Spain have also set a strategic goal to increase their autonomy in defense. The European Commission and member states have not only expressed a firm commitment to developing Europe's defense and security industrial base, but have also placed special emphasis on ensuring strategic autonomy. We would like to underscore these terms: strategic autonomy. Currently, in Europe, nearly 70% of defense equipment spending goes to non-European suppliers, highlighting the need to reindustrialize the sector and redirect the spending to European companies. Along these lines, the Spanish government has set the target for more than 80% of the industrial plan's budget to be executed in our country. Thirdly, regarding technology, artificial intelligence and cybersecurity have become strategic segments in defense and security. Specifically, the European Defence Fund allocated around EUR 350 million in 2024 to advanced technology projects. Of this budget, over 50% has been invested in AI and cyber initiatives. This investment lays the groundwork for developing proprietary technology and ensuring our technological sovereignty. It is crucial to create European leaders to compete with new international players who have emerged with solutions for the dual civil military use cases. In conclusion, we are living through a crucial moment to reindustrialize Spain and Europe with Indra acting as a driving force for the country's industrial and technological ecosystem. For our part, we are proactively positioning ourselves to respond to this new context. We have launched three key divisions aimed at strengthening our offering in market segments where we expect a significant share of defense spending will be concentrated. However, our ambition goes beyond our own positioning. We aim to be a driving engine for the national industry. That is why we're also accelerating our industrial plan with the goal of boosting our production capabilities and strengthening the defense industrial ecosystem in Spain. Next, let me give you an overview of our ambition for each of these divisions. With Indra Land Vehicles, we are strengthening our position as a prime contractor by integrating all stages of the design, manufacturing, and delivery of land vehicles. This will enable us to fully execute programs such as the VCR 8x8 and VAC, which are currently going through manufacturing processes, and be a key player in new programs like the modernization of the Leopard tanks, the new main battle tank MGCS, or the development of multi-role vehicles. With the creation of Indra Weapons and Ammunition, we aim to build a high-tech offering and become the national prime contractor for smart weapon systems. This translates into three main business areas: developing guidance capabilities, unmanned systems such as loitering munitions, directed energy and laser effectors, accelerating our anti-drone systems business, and integrating self-defense systems into platforms. With the launch of Indramind, we are consolidating our capabilities in advanced technologies such as AI and cybersecurity. In cyber, we already hold a leadership position, being a national and an international benchmark for critical solutions. Indramind in turn will allow us to leverage these capabilities and integrate them into new AI developments for both civilian and defense environments. Our goal is to create a benchmark AI platform capable of competing with major global players in both civilian and military use cases. As for our industrial plan, we are developing capabilities to increase production and ensure quick delivery to our clients. We are strengthening our footprint across Spain by opening new production and engineering centers. As a result, we have an ambitious plan to hire over 3,000 technical professionals in the next two years. We will also generate indirect employment through our network of suppliers and partner companies. As I mentioned before, we aim to not only be a defense leader in Spain, but also to act as the driving force of the national defense industrial ecosystem. As evidence of this, on June 12th, we brought together in this very same venue more than 150 companies, including SMEs, startups, research centers, universities, and training centers from all over Spain. This meeting highlighted the importance of a collaborative model that enables us to respond swiftly and effectively to the industrial plans announced by Spain and Europe. We are fully aware that current challenges demand strong structural decisions and agile execution capabilities. With this approach, and fully aligned with our strategic plan, we are moving decisively towards becoming a company capable of fully developing and executing complex defense and technology systems. This roadmap will allow us to seize the sector's opportunities and accelerate the achievement of our goals for 2030. Now I will hand over to José Vicente de los Mozos, our CEO, to present the progress achieved in the first half of the year. Thank you. Thank you very much, Ms. Chair, and good afternoon to everyone and welcome to the presentation of our results for the first half of 2025. We continue to make progress in the transformation of the Indra Group, achieving solid financial results and advancing in the implementation of our Leading the Future strategic plan. I would like to begin with the financial aspects and highlight that our performance in the first half of the year is fully aligned with our 2025 targets. Our order backlog and new orders grew at double digits compared to the first half of 2024. Specifically, the backlog grew by 33%, partly due to the consolidation of TESS Defence and new orders, which grew by 18%. Revenues have also increased by 6% and the EBIT margin improved by 0.8 percentage points. Net profits reached EUR 215 million, an 88% increase over the first half of 2024, partly driven by the consolidation of TESS Defence. In addition, we recently, as you know, secured EUR 385 million in financing from the European Investment Bank to boost research and development in new technologies. This is a significant milestone. Indra Sistemas is the first defense company in Spain to sign a financing agreement with this institution. This strong performance during the year will allow us to reaffirm our commitment to the 2025 guidance and the financial objectives of our 2026 strategic plan. Regarding business milestones, I would like to highlight the main progress in the implementation of our strategic plan, Leading the Future. As I announced in the first quarter, we launched Indramind. The Chair has already given some insights into this, a new division through which we aim to capitalize our capabilities in advanced digital technologies and become a European benchmark in AI and cybersecurity. Our goal in this division is to reach EUR 1 billion in revenue by 2030, and to do so we will invest more than EUR 200 million. This step will further strengthen our technological leadership and also consolidate our commitment to developing advanced digital solutions. In line with this, as we explained at the annual shareholder meeting a few weeks ago, we carried out a corporate reorganization to leverage Minsait's digital capabilities across the Indra Group through the creation of a new cross-cutting Tech Operations division, which is led by Sebastián Bamonde. Additionally, as part of our industrial plan, we are moving forward very firmly with the expansion of our industrial and engineering footprint and strengthening our supply chain integration. This point is very important. Indra is a technology company, but it's been industrially weak. We develop prototypes, we want to develop that industrial capability and we're doing this and you will see this in the coming months and years and see how those capabilities are being developed together with other industrial sectors that are very well known in this country. Finally, I would like to highlight that we comfortably exceed our ambition of doubling defense orders in 2025. With respect to the orders achieved in 2024, when I say double, I say so without referring to the pen. I think that one thing that we can say is that what we've advanced in terms of sales in defense and we're increasing, let's say, our order book in Spain and elsewhere, this will allow us to double that order intake. I would also now like to look in more detail at some of the main milestones for each of these strategic cross-cutting lines of the plan. In defense, we continue to work on developing our role as a National Coordinator in the FCAS program. It's important to remember that Spain pays 23% of this project. Indra, as the National Coordinator, will continue to work on these milestones for which we're responsible. For this purpose, we've already presented 17 disruptive projects which are driven by leading companies, universities, and research centers in Spain. Europe needs to take full advantage of this new generation and Spain will be able to do this. Indra will form part of that plane, that new generation plane. We've also been named one of the five main companies in the MARTE Mars project, the MGCS project, which aims to develop a European main battle tank. In air traffic, we continue to strengthen our position in Europe and Latin America with contracts which were recently awarded, for example, the approach systems in the airports in Paris and Helsinki to implement air traffic management systems. I would like to highlight the importance of Paris, because until now France was, due to the context, a country which wasn't really open to Indra. Thanks to Thales, we're also going to have the opportunity to operate in France for our approach systems for French or more specifically Paris airport systems. We will also expand our presence in the U.S. with the opening of a new office and production plant in Kansas, fundamentally centered on mobility and air traffic, which is what we're working on in space. We're demonstrating our ability to handle end-to-end missions following the success of the first Startical missions in which we've already launched two satellites and we've successfully tested their operations. On the other hand, we expect to complete the Hispasat and Startical transaction in the second half of this year. As a cross-cutting element for defense, ATM, and space businesses, we are rolling out the new industrial plan with which we can significantly expand our production and engineering footprint and at the same time bolster our supply chain. I'll speak more about the progress of this industrial plan later because I think there's been a lot of work in our teams in the industrial plan using best practices in other areas of Spanish industry, which is an important element as we'll see later. Regarding Minsait, we're seeing strong growth in digital solutions and I would like to highlight a shift in our operating model with the creation of a new cross-cutting division with digital tech operations. This company has enormous digital capability and those digital capabilities are working exclusively for Minsait and we believe that this has tremendous potential for the group's other divisions because all sectors will have to digitize and so far we haven't taken full advantage of that potential. Moving on to our cross-cutting strategic lines, we're also working very actively to strengthen our presence in new domestic markets. To this end, we've reinforced our international model by creating an International Director role to ensure coordination across regions. We're also strengthening our presence in Europe with new hubs and offices in Germany, the United Kingdom, and Poland. For us, Europe is a priority. Countries such as the U.K., Poland, and Germany are ones in which Indra must have a stronger presence. Regarding portfolio rotation, we continue with our strategy of analyzing companies in the market that can provide us with the capabilities that we lack in order to enhance our product portfolio. That is where the stakes lie in Europe, and we need to have products which will allow us to compete in European markets, presence in strategic markets where we are currently not present or operating, acceleration of our company's industrialization, and above all, and perhaps most importantly, we must provide added value to all our shareholders. In the Indra group, more than 20 European companies are under ongoing analysis to increase our added value. In this study, and under the supervision and based on the decisions adopted by the Board of Directors, we will take the best decisions for our company. In this line, we have strengthened our position as a prime contractor for land vehicles by completing the acquisition of a majority stake in TESS Defence. Moreover, we continue to strengthen our positioning in new technologies by closing our investment as the main shareholder in SPARC, a cutting edge technology company that specializes in the production of Gallium Nitride chips. Finally, and most importantly, talent. We continue to make significant efforts to attract and retain talent. I've come from a different world. The talent in this company is a true benchmark in this country and in Europe. Indra possesses enormous talent, and for this reason we are transforming Indra at the pace that you've seen. We have already hired around more than 2,000 or we will plan to hire more than 2,000 new employees by the end of the year. This confirms our commitment to 5,000 new hires in the strategic plan. In conclusion, the progress achieved in this first half of the year demonstrates the strength and robustness of our strategy and reaffirms our goal of being Spain's leading driving force in defense and technology. Allow me now to move on to the group's financial results. The first half of 2025 has been a good start to the year for Indra, and it allows us to reaffirm our full commitment to all our financial targets. For 2025, our order backlog grew by 33%. It's true that this includes the impact of the consolidation of TESS, but without that it would also have been double digit growth. This provides us with greater stability and visibility for future revenue growth. The second quarter was mainly driven by the defense and ATM businesses. Order intake grew by 18% with strong growth across all divisions, notably air traffic, defense, and mobility, which all showed double digit increases. Here on this point, I would just like to make a comment. When I joined the company, air traffic was integrated in another division. We've actually ensured that ATM actually has the value that it deserves with a growth and investment of more than 50%. EBIT has increased by more than 50%. This means that air traffic. We have to remember we're the world's second company in this area and we're a benchmark company in air traffic. This means that when we refer to transformation, this is a clear example. Very often we tend only to talk of defense etc. What about air traffic with growth of more than 50%, We are present on all continents. This is thanks to the work of the technology arm of all of the people that work in that division. In Indra Sistemas, overall revenues grew by 6%, with all divisions presenting increases, except for mobility, which remains stable. Beyond revenue growth, we've also improved operational profitability. The EBITDA margin reached 10.8%, translating to absolute growth of 15%. The EBIT margin grew to 8.6%, representing absolute growth of 17%. Before I came to the presentation this afternoon, I was looking at Indra's EBIT over the last two years, which has increased by 1.6 points. That's more than 48%. This means that on top of it, at a time of growth, the results are there for all to see. This transformation is a 360 degree transformation. We're working on all means on standardization, we're working on talent, on all of these different aspects, Indra Sistemas has a tremendous opportunity and we can see this every day thanks to the efforts of all our teams. As I said, that's the way forward. We have to continue. We have to continue working on our products, on production efficiency, and we must also continue working on the change in our business mix moving forward. As you can see, this performance resulted in a net profit of EUR 215 million. That's 88% up on the same period last year. As a result, as I explained earlier, of operational improvement and the one-off financial impact to the consolidation of TESS. Regarding cash flow, we generated EUR 65 million in the first half of the year. This has remained virtually stable thanks to the investments made in anticipation of increased market demand. At a time of growth, we continue to generate cash flow, and that is very important. We continue to grow by investing and our debt position is practically neutral. That says significant milestone, which puts us in a good position with a view to the future, with a free hand to grow and to adapt to that inorganic growth. Now let's look at the details of our sales results for the first half of 2025, in which we achieved a local currency growth of 8% and 5% organic growth. We can also see this positive trend, which was also reflected in the second quarter of the year with a growth in sales of 8%. As regards the distribution of our sales by geography, Spain continues to be our main market, with growth of 7% compared with the same period in 2024. International business, which already accounted for 49% of the total sales, has reflected strong growth, particularly in Europe, up 10%. Now moving on to distribution of EBITDA by division, Defense and ATM represent more than half of the company's EBITDA contribution. This reinforces the growing weight of this segment in our business structure in line with the targets that were set out in our strategic plan. As regards the evolution of our workforce, it's important to highlight that we've achieved 2% increase in our revenue per employee compared to the end of last year. This positions us reaching revenues per employee increasing over 4% by the end of 2025, which demonstrates or reveals a strong efficiency ratio. We continue to attract the best talent in the market aligned with our strategic priority of becoming the or an employer of choice in Spain. This technology and defense sector in Spain is the sector which is generating most added value and employment in the country. We are an important contributor for those young people that would like to develop their professional careers in the fields of technology, defense in high added value sectors. The Indra Group can offer them those jobs which in other circumstances they would find themselves in a position to have to look for opportunities in other countries. As a result, our workforce has grown by 6% compared to the first half of 2024 and we will continue to focus on attracting top human capital. Now we'll continue with a breakdown of our business results for the first half of the year. As you can see, our bid defense business shows solid growth in order intake which has increased by 53% mainly driven by the Eurofighter project, the radar contracts in Germany and Oman and also inorganic contribution from DAMOs. Given this trend, as I said before, we expect to exceed our target of doubling orders compared to 2024 by year end. Revenues have also grown by 16% in the first half of the year thanks to the contributions from Eurofighter, Space, and also the weapons and ammunition businesses. In addition to these double-digit increases, the EBITDA margin stood at 19% and the EBIT margin at 17%. This is very important. We talk a lot today about investment in defense, but in the last two years our sales have gone from EUR 729 million to more than EUR 1.1 billion. That's an increase of more than 25%. In addition to this greater contribution, we're also driving our mix and the EBIT has increased by more than 73%, more than 1.4 points. In addition to that mix, we can also highlight the improvement in operational efficiency that I've highlighted during my presentation. Another important point that I would like to highlight is the preparatory work that's being undertaken by our teams and also their ambition to lead or participate in different PEM programs defined by the Spanish Ministry of Defence. We will soon know the final scope of our involvement. It's important to highlight that we are very ambitious. We want to be champions, we want to win the game here, and nobody's going to take that ambition away from us. That's the reason why we've begun to invest, to prepare capabilities so that when the game really starts, we will be in a position to play the game and to win it. That's part of the transformation in Indra Sistemas. It's important to mention that since the arrival of our new Chair, we're also stepping up that ambition. You know, I have an industrial background and I think that there are clear signs here of that clear synchrony. We've got no fear to further develop the Indra group. Now moving on to the Air Traffic division, I would like to highlight the importance of order intake, which grew by more than 38% thanks to the new contracts in the U.K. and Spain, as well as expansion in Azerbaijan, Saudi Arabia, and Malaysia. Sales have increased by more than 25% driven by double-digit growth in the Americas thanks to the United States and Canada ITech and also Europe vertical. In Belgium, Germany, and the U.K., the EBITDA margin stood at 14.5% and the EBIT margin at 12%. Moving on to the results of the Mobility division, order intake has increased very, very strongly by more than 40%, 41% in fact, driven by urban transport management systems in Ireland and toll systems in Colombia. As you know, we're also opting for important projects where we're also attempting to really play a strong game. Sales remain stable with increases in Europe and Spain, offset by declines in the Americas, Azerbaijan, the Middle East, and Asia. Margins have improved substantially, consolidating at a level of 6% for the EBITDA margin and 4% for the EBIT margin, thanks to significant improvements in project management and a stronger focus on profitability within the division. Today we can say that Mobility is no longer in the emergency ward. We have stronger ambitions and we will soon announce what we aim to achieve in the future in Mobility. Let's now move on to Minsait. Evolution has been stable. We expanded our portfolio with growth in order intake and revenue growth of 11%, 2.5%, and 1.5% respectively. Similarly, profitability in Minsait has also improved, with the EBITDA margin rising from 7.4% to 7.9% and the EBIT margin increasing from 5.3% to 5.7%. I can announce that there is still room for improvement in the coming months. Under the leadership of Luis Fernández and Sebastián Bamonde, our main priority will focus on achieving greater opportunities, operational efficiency, and pursuing cross-functional integration of our digital capabilities throughout the group so that we can get even closer to our customers. I would now like to discuss in more detail some of our key business milestones, starting with corporate reorganization. To fully leverage our technological potential and respond swiftly to current market challenges, we must launch a new organizational model. As you've seen in recent operations, this will focus on promoting internal talent. First, we have launched Indramind, led by Ignacio Martínez, as a new business unit. I will give you more details of this shortly. The main goal, as mentioned by our Chairman, is to consolidate the Group's leadership in AI, cybersecurity, and cyber defense, with a dual civil-military focus. Minsait maintains its role as a business unit providing technological services under the leadership of Luis Fernández, focusing its efforts on prioritizing high-impact digital solutions and improving operational efficiency. Our tech operations are established as a cross-cutting division aimed at providing high-value technological services across all Indra business areas. Led by Sebastián Bamonde, it will take on functions that were previously integrated solely within Minsait. The goal of this new division is to scale the Group's digital capabilities and turn them or transform them into a competitive advantage across all verticals, thus contributing to the creation of new business. Finally, our international model will also be strengthened with the incorporation of Pedro Rodríguez Veiga, the General Manager of the division, whose role and responsibility will be to ensure global coordination of the entire international business and ensuring strategic consistency across all markets. These changes reinforce the Group's ambition to accelerate its leadership in key digital capabilities and strengthen its position both nationally and internationally. In an uncertain and digitalized world, foresight and autonomy are not just advantages, they are the best strategy. Today, our security and sovereignty are at stake on two fronts, the physical and the digital. Those who master technology will multiply their capabilities and shape the future. To achieve this, Europe needs the very best. In Spain we make the difference. Our talent is the key, and so Indramind was born. Indra's group intelligence platform technology, backed by decades of expertise in the most demanding and strategic environments, is designed to protect what truly matters. We are building Europe's digital shield, a secure and sovereign technological foundation that will enhance the efficiency and security of our strategic infrastructures and services, support the operation of mission critical systems, and safeguard our society and its stability. We are leading a purposeful digital revolution in service of society, in service of Spain, and in service of Europe. This is not just about innovation, it's about building a future we can trust. Tech for the Future. The Indra Group is driving the development of this new artificial intelligence platform, Indramind. Our ambition is to provide advanced software solutions powered by AI which will enhance sophisticated decision making and ensure the reliability of mission critical corporations. Indramind is built on three fundamental pillars. Firstly, the creation of a proprietary sovereign platform natively designed for artificial intelligence. Secondly, the development of use cases tailored to the needs of our clients, including both public institutions and private companies in Spain and Europe, some of which already exist within our product portfolio, and thirdly, the strategic combination of our unique capabilities in data, cyber, cloud technology in order to create cutting edge solutions. Ultimately, with Indramind, we offer our clients an advanced technological platform aligned with the principles of strategic autonomy required in today's global context. I would now like to detail Indramind's value proposition. As you can see, our platform is designed through a customer centric approach capable of addressing both military and civilian use cases. Key military use cases include cyber defense, mission planning and scenario simulation, logistics and supply chain optimization for the armed forces. Key civilian use cases include climate emergency management such as in the case of the flash floods which occurred last November, or wildfire response, response to critical incidents such as power outages, and land and maritime border control. All of this is supported by a platform architecture that combines several key elements: an operational layer integrating command and control visualizations and generation of recommended actions, and an artificial intelligence layer specialized in data processing, combining or merging information from structured sources, open sources, and advanced sensors embedded in radars, drones, or satellites to incorporate real time satellite images in decision making processes. To develop and strengthen our platform, we're leveraging the Group's existing advanced technology capabilities in artificial intelligence, cloud, data, cybersecurity, and cyber defense. Please allow me just to provide you some more details focusing on a use case of Indramind. Indramind, for example, enables climate emergency management for events, as I mentioned earlier, such as wildfires or floods. In these contexts, response time is critical to minimize material and human losses. To this end, it's essential to ensure the coordination of all authorities in emergency use. In this regard, Indramind is capable of performing real-time AI analysis. It uses high-frequency satellite imagery to detect and analyze emergencies very quickly. It triangulates weather information to predict the evolution of the fire or the flood. This is something very logical. When we integrated Hispasat, Hispasat launched images to Earth every x minutes and we have those images and we can use those images. We're working on end-to-end capabilities. It also deploys autonomous drones with integrated AI to conduct detailed situational assessments. We're working with these types of systems. Additionally, the Indramind platform also coordinates the response to such incidents. As you can see, the coherence between all of these capabilities is more and more logical between all of our units and divisions in the group. For this reason, it's important to establish a common data source to ensure that all authorities and emergency units are able to take informed decisions. It recommends actions to the command and control team responsible for managing each emergency. It also coordinates the response of all of our units in real time to mitigate potential damage and, let's say, casualties. Everything we've just shared with you is not a vision for the future. It's a tangible reality today. Today, Indramind already has more than 2,500 people, professionals working in the Indra Group involved in its development and deployment, working actively with our main clients. We've already developed technologically in-house a huge number or more than 10 use cases that are ready to be implemented. We have the support of key national and European clients such as the Ministry of Defence or NATO. All of this will consolidate Indramind as a platform offering unique capabilities and strategic reach, able to address, adapt to, and provide services to large-scale programs and needs both nationally and across Europe. Thanks to these capabilities, we aspire to achieving a very ambitious goal by the year 2030, namely to surpass EUR 1 billion in revenues by the year 2030. In the short term, we are integrating their current digital capabilities to develop that platform in the short term and to implement the first use cases, starting fundamentally with the civil sector. As a result, Indramind will achieve revenues of more than EUR 300 million this year. For the coming years, we hope and expect to expand the use cases in the defense sector, leveraging our presence in major programs to upscale the program. As a result, we aim to achieve a total of EUR 700 million in revenues by the year 2028. Once we've built a solid track record of impactful use cases, we aspire to becoming Europe's benchmark, capturing a significant share of the market and surpassing EUR 1 billion in revenues by 2030. I would now like to come to an end, but I don't want to end this presentation without giving you some insights into something that I'm very familiar with and that's the progress of our industrial plan. Firstly, we will increase our production and engineering footprint by more than 100,000 square meters, incorporating new facilities in key regions such as Asturias and Cordova in Spain or Vigo, with the technological center in line with industrial corridors defined in the industrial strategy of the Ministry of Defence. We will be one of the companies driving development of the depopulated regions of Spain. This will allow us to meet the expected demand growth driven by the new defense spending targets. As a result, we plan to hire over 2,000 engineers and 1,000 new operators with technical and technological qualifications over the next two years. Secondly, I believe that we have made progress in looking at best practices implemented in other industries, integrating our supply chain by optimizing our relationship with suppliers. In 2024 we had a fragmented base of over 2,000 suppliers. This year we've implemented a tiering model that allows us to focus management on approximately 700 suppliers today. Based on our knowledge in the automotive sector we've implemented here, we've gone from having a destructured structure of more than 1,000 suppliers to having tier 1, 700 suppliers. We can see that we've managed to concentrate more than 90% of procurement spending in this first half of the year with 550 suppliers. I think that the work that's been undertaken by the team for more than 2,000, reducing this more than 2,000 to 700 in this period, actually is the basis of one of these best practices. Finally, we continue to advance and make progress in commonality, more than 60% of component commonality in the new generation of AES radars based on modular architectures which will maximize common elements. We're also reducing costs by implementing designs focused on production, famous design to cost, which will allow us to increase efficiency and guarantee quality in production processes. In short, we're applying best-in-class industry practices to transform the company and become an industrial leader in defense. After our achievements in 2024, we reaffirm our ambition to meet the target set for 2025. In sales, we will exceed EUR 5.2 billion, representing growth of more than 7% over 2024. In EBIT, our goal is to surpass EUR 490 million, representing an EBIT margin of 9.4%. Finally, free cash flow of over EUR 300 million. I would now like to hand the floor to Miguel Forteza, who will give you more details of the relevant financial information. Thank you very much, José Vicente. Good afternoon, everybody. Let's continue with the key financials for the first half of 2025. Starting with free cash flow, we reached EUR 65 million this first half of the year, a figure slightly below but still very similar to the same period last year. As when disclosed in Q1, the year is evolving positively compared to the historical trend, especially considering the usual seasonality of this metric in the first nine months of each reporting period. Once again, we reiterate our target of generating more than EUR 300 million in free cash flow for fiscal year 2025. Regarding working capital, although days sales outstanding did not perform as positively as in the first half of 2024, this is mainly due to increased inventory in defense and ATM projects with longer life cycles. This puts us plus 6 days compared to minus 7 days at year end and plus 3 days in the previous half-yearly period, as shown on the slide. The consolidation effect of TESS is neutral regarding days sales outstanding. Moving on to the positive evolution of net financial debt during the first half of 2025, we closed with a positive net position of EUR 4 million compared to the EUR 86 million cash position at 2024 year end. The main factors explaining this change are first the contribution from operating cash flow of EUR 290 million and non-recurring financial impacts due to group investments amounting to EUR 155 million. As a result, the net debt to EBITDA leverage ratio is neutral, standing at zero, accounting for a decrease of two ten's compared to June 2024. In closing, regarding our debt structure, I would like to highlight that we have managed to reduce the cost of our gross debt to 3.3% from 4.2% at the end of 2024. As a result, the average debt maturity stands at 3.3 years compared to 1.5 years reported in the same quarter last year. We ended the quarter with a cash position of EUR 658 million compared to EUR 616 million in December 2024. This concludes our presentation. We now open the floor for questions and answers. First, we will hear the analysts who are present here in the room. Congratulations for such good results and thank you for allowing me to address the floor. I have one question as to how you intend to double your order intake in the Defense segment. Can you give us some highlights as to how much you expect might come from the investment in new budgets? And then I have another question. As for TESS Defence, I would like to know how many tanks have been delivered up until now and how many you estimate will be delivered going forward in 2025? Thank you very much, Beatriz, for this question. As for our increased order intake at the closing of the period, as we tried to explain during the presentation, as José Vicente said, we do not have any of the PEM programs up until now. The market is demanding products and services that we already have available. That's why we have increased our portfolio. Up until now, there's nothing concerning PEM having been contracted. Therefore, we expect we will be able to get a percentage of the amount that has been announced by the government. Right now we cannot quantify the percentage. We believe that it's going to be above two digits. We are sure we're going to attain that. Up until now, that's all we can say. We have to wait until October or November, but the outlook is very good, is very positive, and we believe that we can get significant projects. As José Vicente de los Mozos said, we cannot say that we are the only company, but we are certainly one of the few companies that are ready to step up. Other companies are waiting to see what might happen or what they should expect from these PEMs. The company supports José Vicente 's decisions, endorses his decisions. We are now trying to think and find the resources. We are now hiring more than 2,500 professionals in order to carry these tasks. Of course, we meet our obligations with them as soon as they get on board. We are perhaps the only company, or almost the only company, that is ready to bear whatever workload might come up. We are ready. As we said before, we want to be a player in this Champions League. Now we want to win the game. As for TESS and the VCR 8x8 vehicle, as you know, 11 vehicles have already been delivered. They were made available. This is a wheeled vehicle. We have another 22 units that are ready to be tested and subsequently delivered to the Ministry of Defence. We hope and we are certain that we will be ready to deliver between 60 and 80 or 70 units. This will somehow depend on what happens in the supply chain because there are certain disruptions and some shortage of supplies. We believe that we will be delivering 60 units for sure by the end of this year. Indra Sistemas and all of its partners are doing their best within our reach in order to deliver on that goal. I'm sure that we will be successful in this delivery. Thank you. Thank you for the presentation. Carlos Treviño from Santander. I have two questions. The first question concerning Minsait. I would like to know whether the sale of payments is closed. This morning we read that maybe Minsait will be selling other businesses. Will this mean that you might be divesting or restructuring some businesses that do not add much value? Would this mean that you might divest in certain countries? The second question is concerned with inorganic growth possibilities. You are analyzing the possibility of carrying out more than 20 acquisitions from a financial perspective. From an M&A perspective, would you maintain the guidance of not surpassing two times your net debt to EBITDA ratio? Do you think that you could resort to a share capital increase should the time come? Might you buy more shares if you do not surpass that threshold? Let's start with Minsait. I think that the Chairman's mentioned this many times and myself as well. Minsait's not for sale because we believe that there's potential for growth and also potential to support the other divisions in the group. There are certain technologies that we cannot lose because they're necessary. Having said that, we mentioned that in Minsait we're going to move towards a greater added value. Evidently, with a new management team, we're also undertaking 360 degree transformation in terms of payments. That does remain open. Why not? What about BPO? Could that be open? Why not? Could there be a geography that is not strategic? This forms part of an ongoing strategic analysis. The reference is clear, it hasn't changed. Minsait will be part of the Indra group and all the technologies will work for the rest from that point forward. Clearly, optimization can be carried out in all areas of the business. Depending on the proposal that is presented and the opportunities, we will be open. As regards inorganic growth, we mentioned this in the plan. We said EUR 6 billion by the year 2026, EUR 300 million organic and the rest inorganic. The inorganic growth will probably be achieved by the end of the year. I'm always pushing the financial divisions in order to, instead of achieving EUR 200 million, let's get to EUR 5.2 billion, but let's continue to try to drive that. In terms of inorganic growth, I mentioned this earlier. We have to be present in markets, we have to be capabilities. What we want to do is to provide value to our shareholders. On that basis, we'll be open to any opportunities. The elephant in the room that everyone seems to see, Escribano. Escribano is a company that before the Chairman arrived, was one that we were actually looking at before and the CEO. The first thing that I did once we carried out a detailed analysis was to present this to the Board of Directors. The decision was taken unanimously and we decided to set up a committee for this. This is a company that's listed on the IBEX 35 and we also adopted a unanimous decision in this regard. The board, I'm not sure whether this type of operation will end up going one way or another. Like many other transactions, we wanted lower indebtedness by the year 2026 and to improve our EBITDA. Since this, we've advanced the plan. We're more or less six months further along in this plan. As the Chairman mentioned, when we present the 2025 results, we will invite you to a capital markets day, not to explain this, but also how we will achieve EUR 10 billion, in which businesses, with what margins, what markets, with what products, because we're already starting to work on this already. I said this earlier. We have a company here with tremendous potential. The potential is truly impressive. If we didn't have this impressive talent in the company, we couldn't move forward with this pace of transformation in the Indra group. We're open to opportunities. We're an industrial company and we focus on managing the company and achieving the greatest value possible for our shareholders. If an operation makes sense, that's the way it is. That is my responsibility as the CEO to present the best proposals to the board to benefit the company as much as possible. Hello. I had two questions. The first question, Juan Cánovas from Alantra Equities. Question number one is concerned with land vehicles. You have reached an agreement with Rheinmetall and we have read that there might be a joint venture between Rheinmetall and Ray Metal. Could you please give us more color on this matter and how things are evolving in this respect? The second question, you mentioned that before during your presentation. José Vicente de los Mozos is concerned with free cash flow. Right now you have 33%. If we move into the industrial phase, this percentage might change. If there is a partner to the consortium that might say that they claim 80%, how are you going to cope with that? Do you think that this project might be at stake? Thank you very much, Juan, for your question. In fact, we have the controlling interest in TESS. This company serves a purpose. The purpose is clear. It was built for VCR 8x8 and VAC. It might serve a different purpose in the future. That's a possibility because both programs guarantee a certain workload in terms of the unit numbers and also over time. We would need between 8 to 10 years to produce all these units. There will be three phases for each model of vehicles. We will have to build 2,000 vehicles approximately in aggregate, and that takes time. This project might take between 10 to 12 years. We would like to cover other options with other partners. Indra is a company that respects all of its partners. We have three partners, three reference partners in TESS. There are other players and we have armed forces that seek products of different brands. Indra's DNA is about building these synergies with other companies. Therefore these technology players maybe do not want Indra only, they want other players. Indra is a company that, thanks to the products that we produce, and this is of course supporting our foundation, we can never have an exclusivity agreement because we have a multi-platform product. Therefore everybody understands that we have land vehicles, that we have TESS Defence. On the other hand, and whatever might come in the future, we cannot rely on a single reference manufacturer. As regards FCAS, I mentioned before that Europe needs this generation type of aircraft. There are three countries, Airbus and three companies. Interestingly, I saw Airbus and France. There's a company that's been in France operating there for 36 years. What I can tell you is that Spanish money has the same value as French money and German money. It's clear we're not going to make a unique aircraft. We're not experts. The systems for which Indra is responsible for, we can make those as well or better than ASOR or Airbus. We're going to ensure that our percentage value is maintained. What about the decision in phase two? That doesn't depend exclusively on Indra. As you know, there are three countries in which this is distributed and depending on how this evolved, we'll actually exactly see what work is assigned to us. Our work share and our money is as good as the money of France, of Germany. If you're going to allow me, let me add that this is something that we are not reflecting fully. Actually, they are asking for 80% of one portion of the aircraft, not 80% of the entire program. Because 33% of Spanish money is worth as much as 33% of French or German money. There is this company, Dassault, that feels that is quite strong. Everything that is concerned with air structure, that is part of the accord business. The critical components that Indra provides, here we need to split this up into three equal shares. It's as if there are three friends going to dinner at the same time. They will share or split up the bill. This would happen with FCAS as well. Thank you. Thank you. Carlos from Caixa BPI had two questions. You spoke about a positive contribution of Eurofighter in the first half. What about the outlook for the second half going forward? What about the new order placed on Turkey? Might be outside of the scope of the backlog, the one that you said that could double over the period. The second question is the following. You have spoken about Indramind development. What's the role that it has in the organizational structure of Indra? Would this be like a cost center for technological development to provide technology to the rest of the divisions, whether we talk about Hispasat satellites or cybersecurity to Minsait, or would this be a revenue generating unit with its own contracts, with its own public cybersecurity contracts or any other contracts? As far as Eurofighter is concerned, we are in line with the target set for this year, with revenue between EUR 215 million and EUR 220 million foreseen for 2025. Therefore, above the amount reported last year, amounting to EUR 200 million, we were able to post EUR 112 million more than likely last year. As regards Indramind, we had a meeting yesterday with Ignacio, the representative of Indramind, Luis from Minsait, and Sebastian from Technology. We've got to the end of the year to make a decision. What's important are the rules of governance here, because currently the vendors are in Minsait and they're in contact with the client. Indramind incorporates cybersecurity, Defense, which also have a product and a service that they have to sell. At the same time, they've also got to develop that platform and that platform must also be supported by technologies and AI. Before we start asking whether this is a division or a P&L, we have to define the rules of governance and we're going to also determine exactly how each service is going to be paid for. We'll do so over the coming months. By the end of the year, depending on business and how business goes, we will decide what the best way to report back on this is. I always like to start with the groundwork here and to explain how we're going to work and who's responsible for everything. I'm convinced that Minsait is a differential element in our product portfolio, which will be developed by Indra over the coming years. This is why the foundations have to be very, very firm and consolidated. That's the reason why I would always like to start with the rules of Governance. David Lopez from JB Capital. I would like to ask about air traffic. There was a strong growth report hit over the quarter. Is this due to one off or a recurring contract? What's your outlook in this respect? What about margins? Margins were very positive. Do you think that this can be sustained over time? I'm talking about every time margin. Indra's got the most advanced ATM technology. We're in Canada and also we're working with iTech. Actually, getting into the airports in Paris, we have an advanced digital solution. There are other things that I can't reveal, but these are things that will actually really determine the way in which we will transform in this respect. At present, Indra is the most advanced company in this respect and we're driving and striving to achieve global leadership. I can't give anything away yet, but we're working with the ATM team to achieve that. To achieve that, there's a clear differential element. We need to have the right product and in air traffic we are a benchmark in this respect. This is the reason why we are actually being awarded so many projects, because we really set ourselves apart in terms of products with respect to our competitors. We now open the floor for questions from those who are connected remotely. I don't know whether we have much time left. Maybe we can allow one or two questions. Thank you, ladies and gentlemen. If you wish to ask a question, please press star followed by five on your telephone keypad. Our first question comes from the line of Deepika Agrawal. Thanks for taking my questions. The first one is basically on Minsait. Minsait for the set, for the first half, grew like a low single digit, and I think the indication is more this division to grow closer to mid single digit for the year. What are the dynamics that are in place which give confidence around the dynamics of this, you know, in this particular segment? The second one is mostly following up on the question on air traffic management. I think the margins were, from what we understand, EBIT margins were a bit lower in the second quarter despite strong revenue. What are the percentages that we should be mindful of regarding that? Yes, I would like to refer to Minsait. I think we mentioned this already and it's 1.2% in sales and we hope to maintain that level. It's more about technological or digital solutions which offer greater added value. That's what we're working on. Also, the cross-cutting nature of technologies through the rest of the group. When I look at defense sectors and I saw this in Fing Def, which is a Minsait competitor, and they're working on the digitalization of defense and Minsait has not done very much in this respect. I don't like seeing those type of things. This is the reason why I believe there's strong potential. If we can work on that value-added digital offer and we can work on the potential support of digital services to the other divisions, I think that we're confident that we will achieve that growth by the end of the year. I think that those two levers are fundamental. As regards air traffic and margins, this depends very much on the deliveries. We've won the contracts in Colombia and also we have done well in Germany. Rather than in the case of air traffic, we shouldn't focus so much on the corporate quarter, but on the year because the mix of deliveries and milestones can vary. What's important here is to look back in time and as I said before in air traffic. If I compare the situation when I joined the company, air traffic revenues were $321 million. By the end of the first quarter it was $519 million. That's an increase of 62% and it's thanks to its good product range. The EBITs increased from $37 million to $65 million. That's a 74% increase, which is almost 1 percentage point for me. As I said before, our teams work based on 360 degree analysis. How we can improve capabilities, our products and how we can standardize processes. For example, in the case of deliveries, we established an SNOP process which comes from the automotive sector where all of the different departments, quality and engineering, would work every single month through different meetings, determining the frequency of sales, the frequency of sales and the frequency of our designs. What this means is that we're able to increase our reliability and our sales processes and also development. [Foreign language] Conclude for the questions and comments. Therefore, we close this presentation of response and the Q & A session. Thank you very much for your attention.