Good morning. Welcome to Indra's first quarter 2026 results presentation. I'll now hand the conference over to Mr. Ezequiel Nieto, Head of Investor Relations. Please go ahead, sir. Good morning and welcome to the presentation of results of the first quarter 2026. My name is Ezequiel Nieto. I'm in charge of relations with investors. First of all, allow me to make reference to this slide, which offers the legal framework for this presentation. I'd like to start by introducing the speakers in this session, José Vicente de los Mozos, CEO, and Miguel Forteza, Financial Director. Thank you, Ezequiel. Welcome, everybody, and welcome to the presentation of the results of the first quarter 2026. Since my arrival in May 2023 and the presentation of the Leading the Future strategic plan and its phase focus, starting March 6, 2024, Indra teams are committed to the transformation of this company with solid work. We have been able to achieve the objectives we set to ourselves. During the presidency of Ángel Escribano, we have accelerated the industrialization of the group. Now with the arrival of Ángel Simón, I would like to welcome today. I am sure we will keep on accelerating our transformation. At a group level, we keep on executing the rotation of our portfolio. We have closed the investment of BPO, and we keep an active pipeline of over 20 operations. Besides that, we closed the quarter with a growth in our headcount of 3% compared to the first quarter 2025, with an increase that's especially relevant in our headcount in defense, and that has increased by 35%. In terms of the milestones of our businesses, we have also achieved important investments in defense. We keep on expanding our industrial base in Spain with new plants in León and Córdoba that are already working to open in the third quarter 2026. Besides that, we have close relevant international agreements with Rheinmetall, Diehl, ELT and Hanwha. The last one provides us with capacities to develop artillery or self-propelled artillery systems adapted to the needs of the armed forces and will provide Spain with autonomous capacity and design and manufacturing sovereignty on tracked land platforms. In Spain, we completed the integration of Hispasat and Eutelsat in the group, which turns us into a player with end-to-end capabilities and position us to take the opportunities that are about to come that we will elaborate on next. In ATM, we just opened a new plant in Kansas, will be fully operational in the fourth quarter this year in 2026. We will keep on advancing in international contracts, key international contracts, including the modernization of radars of the FAA in the United States. In mobility, we ensure contracts, important contracts, TFL in the U.K., the rail Mecca-Medina in Saudi Arabia, the modernization of railways in Chile. Contributing to our international presence, I would like to inform you that the Washington, DC Transport Authority has proposed Indra as the winner of its ticketing tender. In IndraMind, we started the deployment of our platform of sovereign AI. We accelerate vertical use cases. In Minsait, we advance in the disinvestment of non-core units and in the optimization of the international footprint, focusing in Latin America. We have advanced in cross-cutting capabilities in the rest of the units of the group, where we already have 1,300 developers working on digitalization in defense, air traffic, space, and mobility. We keep on advancing and delivering, that's why today, once again, I'd like to mention the 2026 guidance, over EUR 7 billion in revenue, over EUR 700 million in EBIT, and over EUR 375 million of free cash flow. No changes and with conviction. Besides, I'd like to ensure you that we will check how revenues are going to keep on growing quarter- after- quarter, aligned with our delivery agenda plan for 2026. These results, as you will see, are above our initial budget in the Leading the Future strategic plan that we presented back in March 2026. I'd like to zoom on our transformation in Indra Space. With the integration of Hispasat and Eutelsat in the group, Indra Space operates as an integrated player with end-to-end capabilities, which positions us as what sets us apart in an excellent moment. Institutional investment in the space sector is growing strongly at a European level. The budgets of the European Space Agency for 2026, 2028 plan have grown by 32% compared to the previous cycle. At a national level, this increase of investment is translated into binding commitments. You know that Spain is the fourth contributor to the European Space Agency, and it has the commitment to keep on advancing within the space strategy. For example, the Spanish Space Agency has approved over EUR 625 million distributed in key programs such as the ESA+, LEO PNT, IRIS², and launches. In terms of specific programs, I'd like to share two important messages with you this morning. First, IRIS² is a reality and a European commitment. Indra is already developing its roadmap in its participation, about its participation. According to its evolution, we'll provide you with further detail on its scope. At the same time, we have also launched our industrialization plan on satellite components with construction that's planned to be ready for the last quarter of this year. As you know, we are a defense and technology company. In this sense, we are, of course, we are aware of the disruption of artificial intelligence in our businesses. That's why we are analyzing, according to our experience in the sector and our technology capabilities, how the transformation of the business should happen and how Minsait should be transformed. We are focused on accelerating our capabilities and improve the profitability of the technology business. After carrying out a 360 degree analysis of our daily operations, we have made a series of decisions. First, divesting non-core units, which has allowed to free resources and increase average revenue per employee. Second, creating cross-cutting capabilities beyond Minsait in the rest of the group. We already have 1,300 developers that provide direct impact in the profitability of Minsait and an acceleration in technology elements such as, for example, the integration of artificial intelligence in the development of new radars for civil as well as for military use. Also, the optimization of international footprint with the One LATAM plan, whose objective is to reduce over 2,000 technicians this year, and we have already been able to reduce 1,000 already. Besides that, we're working along strategic lines that position us as a technology, a group that's referenced in artificial intelligence. Today, our sovereign AI in Indra is a reality. It's already been deployed in over five clients and with a solid pipeline for 2026-2028. We are already catalyzing the transformation of AI all throughout the group in solutions for clients, in business processes, and in corporate processes. We are and will be partners in the transformation of the business and the operation of our clients, and in the application of AI with a purpose, which means that applied AI will have real impact in the business model of our clients. Of course, we will accompany them in the application of AI in a differential manner. Besides, we are accelerating products and vertical use cases, with the support of our very wide knowledge in the sector. All of this is already ongoing, the first quarter is a good reference on which we should keep on building. We are making decisions with Minsait, advancing the disruption of AI, and we have a roadmap that we will present in the phase Leading the Future Scale Up that goes from a sovereign platform all the way to applied AI in the processes we're transforming. Before we start talking about the financial results, I would like to share with you a short clip, because sometimes an image is worth more than a thousand words, to show you the speed of the industrial transformation that's actually taking place in the Group to increase our industrial capabilities and improve the delivery in the next quarters and years. At Indra Group, we are building a strong and competitive industry with comprehensive capabilities at the highest technological level. With determination and speed, we are expanding our industrial footprint and incorporating new production and engineering centers. In Asturias, we have consolidated our presence with the transformation of new facilities in Gijón for the manufacturing and modernization of next-generation military land vehicles. We have launched a new center in Córdoba, which will be a benchmark in innovation and advanced reindustrialization, and from which we are already producing radars and critical defense systems. Our industrial commitment extends to the United States with our new center in Kansas, which has already begun manufacturing communication systems and will soon add the production of air traffic surveillance systems. These are some examples of how we are moving forward successfully and without pause in our industrial growth plan, and how, with commitment and in record time, we turn challenges into realities. Nothing stops us. Indra Group. Now let's start taking a look at the financial results of the group. The results of the first quarter show a clear picture. We are meeting what we committed to, and we are doing it in all our business lines. Backlog reached EUR 20.3 billion, with growth of 154%, and also another intake of EUR 2.8, almost EUR 2 million, 56% compared to last year, which shows the trust of the market in our proposal and how solid our position in defense and ATMS. In terms of revenue have grown 14.6% up to EUR 1.3 billion with all our divisions showing positive figures this year. If we zoom into the results of the defense division, we can show that income linked to the PEMs Spanish modernization plans are not linear throughout the year due to the planification on the planning of milestones in projects having an impact in every link to those milestones. However, in the defense division, we'll keep on increasing our sales at an important pace. I can already mention this morning that sales in the defense division in the first half of 2026 will be beyond EUR 1 billion, which is twice the sales of that division if compared to the first half of 2025. What's actually most relevant is that the improvement of revenue in this first quarter of 14.6% turns into real profit only because EBIT margin reaches 8.9% with an improvement of 0.7 percentage points and EBIT and EBITDA grow 24% and 55% respectively. Net benefit is EUR 76 million, 28% more than the first quarter 2025. A free cash flow generation, especially high with EUR 1.4 billion in the first quarter compared to EUR 77 million last year, which is perfectly explainable due to the advancement received due to the Special Modernization Programs. Net debt increase its position up to EUR -855 million with a ratio of -1.3 x LTM EBITDA, which provides enough financial strength to keep on investing in growth. As a summary, a first quarter that's aligned with annual objectives, that gives us solid foundations and trust to keep on building the rest of the year. We now take a look at the results of sales in the first quarter in which we have achieved a growth of 15% in local currency and 6% in organic growth. The positive impact of our acquisitions, with organic growth have balanced out the negative effect of Forex. I would also like to mention that over 63% of the EBIT of the group comes from aerospace and defense business, as we can see in the chart at the bottom of the screen. Our headcount has grown 3% up to 62,689 people, mainly in defense, which increased its headcount up to 7,296 employees aligned with the acceleration of the business. Revenues per employee grew 11% compared to March last year, and if we include the effect of the divestments that have already been announced, the improvement will be beyond 15%, which is a trend that will keep on improving as those divestments keep on happening. If we take a look at the detail by divisions with its evolution and the main milestones of each business in the quarter. In defense, it's a quarter that confirms how strong a business is in all its dimensions, both well, backlog, order intake, and revenues as well. Backlog grew by about... Oh, sorry. Order intake grew 43%, pushed by simulation, Special Modernization Programs, the international FCAS program, marine systems and Eurofighter programs that provide visibility in the long term and increase book-to-bill to 1.8 x. Revenues grew 33% with land-based systems, TESS, VCR and naval and naval systems especially, which show the programs already under execution. In that sense, I would like to mention that the TESS VCR 8x8, since we are in control of TESS, we are also monitoring and controlling the manufacturing and project, and we will see an important evolution in the delivery of vehicles to our clients. As I already mentioned earlier, we are going to see a very clear acceleration of EBIT and revenues after this started in the second quarter as a result of the milestones of the Special Modernization Programs. Margins are still a reference in the sector, EBITDA at 25.7% and EBIT 18.1%. In space, it's a quarter set by the integration of Hispasat and Eutelsat that transforms the size and the profile of the division. In fact, this is the first time we show results of space independently. The backlog reached EUR 2,868 million, and order intake grew 87% pushed by America, the services of Hispasat in Peru and Eutelsat. Businesses that provide visibility and reoccurrence in long term. Revenue grew 393%, mainly due to the consolidation of Hispasat and Eutelsat that for first time fully integrated in the scope of the group. The consolidation of both companies also transforms the profile of the margins. EBITDA goes from -8% to 38.8% and EBIT from -11% to 6.6%. A division that's entering a new profitability phase. In ATM, a quarter that reinforces our position as one of the now world reference brands in the management of airspace. Humbly, I'd like to mention that I am sure that our digital solution in air traffic is the most advanced solution in the sector, as can be seen with the results. Our order intake grew by 47% thanks to our radar contracts with the American FAA and in the UAE, two markets of high strategic value that increase our book-to-bill to 3.12 x. Revenues grew 17% with Brazil, Canada, UAE, and Vietnam as our main contributors in air traffic management systems and radars. Margins are still stable, EBITDA 16.8% and EBIT 13.5%. In mobility, our order intake shows the advancement of our international bed. Order intake grew 422%, pushed by the contract of Transport for London and the maintenance contract of railway system maintenance in Saudi Arabia, two very important references at international level. Revenues grew 1% thanks to the tolling in the United States and intelligent transport and ticketing systems in Spain that are partially balancing out lower revenues in Europe and EMEA. Margins are at a 4.7% in terms of EBITDA and 0.9% for EBIT. In Minsait, profitability increases and order intake is improving. Order intake increased by 8.8%, pushed by public administrations and health with a growth of 58% and financial services with a ratio, backlog to revenue, it's above one for the first time ever, and precisely 1.02%. That's the backlog revenues LTM ratio. We have grown our revenues with public administrations and health as the main engine margin, EBIT margins already reached 5.8% with an improvement of 0.2 points. Towards the rest of 2026, my priorities are clear. Before October 31st, we will present our strategic plan, Leading the Future Scale Up, an ambitious plan that's aligned with what we have shown we're capable of doing and providing visibility up to 2030. Three years ago, we started a strategic plan, a strategic change in Indra Group. That phase is reaching its end, and now we're starting the next phase. We have a solid and robust roadmap, and it helps our equity story to be kept. At the same time, of course, we continue with implementation of industrial plan. We have programs to deliver, factories that we have to get ongoing and engineers and professionals that we need to attract and train. We are focusing on delivering, and delivering. In terms of internationalization, we have advanced a lot in Spain, we have consolidated our base. Now we have to make the most of this momentum to keep on growing out of Spain, both from an organic perspective as well as from an inorganic perspective. Geopolitics provide us with those tailwinds, and we have to capitalize it. Last, which is not least important, we have to keep on advancing in the transformation of the culture and the integration of excellence in our group. As I mentioned at the beginning of this presentation, I would like to once again affirm the guidance of 2026. For three years, we have been consistent in delivering objectives. As already mentioned in the previous presentation of results of fiscal year 2025, we increased our guidance for 2026, setting objectives are 17% above the original strategic plan in terms of revenue and EBIT, and 19% above our planning free cash flow. Today, once again, I'd like to highlight that we are going to meet this new guidance for this year, and once again, I offer my full commitment to keep on leading this project. Now I'd like to give the floor to our financial director, Miguel Forteza. Thank you, José Vicente, and good morning, everybody. We'll start with free cash flow. First thing what I'd like to highlight is that the company has achieved in first quarter 2026 a free cash flow that's extraordinarily positive EUR 1,444 million. That can be clearly explained due to the advancement received from the Special Modernization Programs in which Indra Group is the main contractor or is in a joint venture with other companies. These advancements were received in the second week of January and have already, we have already started investing in CapEx and OpEx, getting them to the ecosystem of our suppliers and partners that are going to be our contractors. In such a way, out of those advancements received in January, the net impact at the end of the first quarter after discounting what's already been invested is EUR 1,671 million. In the next quarters, we will see how the freeing or the reported free cash flow, of course, will reduce as we use those advancements to execute the programs. Another relevant aspect that is a change compared to the practice of the past few years is that for the first time, we have not used factoring in closing the quarter. Of course, the availability of cash flow in our accounts makes it inefficient to use this resource that historically accounted for EUR 187 million in the closing of each and every quarter and had been so for many years. However, in order to be able to compare this year to the previous year and to be able to report the cash flow generation in a comparable way to our guidance, that's over EUR 375 million on the right-hand side, you can see how we go from the reported cash flow of EUR 1,444 million to that year-over-year free cash flow of minu EUR -40 million the first quarter, adjusting by year-over-year factoring and the net advancements of the plans. These result comparable free cash flow of EUR -40 million in the first quarter compared to the EUR 77 million in the first quarter of 2025 is the logical result of greater CapEx and working capital, excluding advancements of PEMs that responds to investments and expenditures needed to execute the programs and the contracts committed in our portfolio. In, of course, that's not at risk to our guidance of over EUR 375 million in FY 2026, excluding the advancement of those PEMs. On working capital, the evolution of accounts receivable can be explained to the advancements of PEMs, which is -1 18 days of sale, and also due to the net positive effect on days of sale of the consolidation of Hispasat and Eutelsat that accounts for - 34 days of sale. Contrary to that, stock increased to 124 days due to the start of contracts and industrial transformation of the group, and also due to the integration of TESS that started in June 2025. As a result at the end of the first quarter 2026, we are at -124 days of sale compared to the -9 days that we had in March 2025. Now let's start talking about the evolution of net financial debt in the first quarter 2026. The company closed the first quarter with a net cash flow position of EUR 855 million compared to a net debt of EUR 583 million at the end of fiscal year 2025. This change can be mainly explained due to the advancements received from the Special Modernization Programs that at the end of the quarter accounted to a net figure of EUR 1,671 million. Besides that impact, we must highlight the solid operational cash flow of EUR 158 million can be compared to the EUR 98 million that we had back in the first quarter 2025. Of course, that's the result of the good operational evolution of our businesses. CapEx increased significantly up to EUR 59 million compared to EUR 5 million in the first quarter 2025, aligned with our bet of the industrial transformation of the group. As a consequence of what we've seen before, the levered ratio of net debt EBITDA improved to - 1.3 x at the end of the first quarter compared to - 0.2x in the first quarter 2025. Last, in terms of the structure of our debt, I'd like to mention that we keep on advancing in reducing the cost of our gross debt. That's now down to 2.9% at the end of the quarter, coming from 3.1% that we had in 2025. The average maturity of debt is now 3.9 years compared to 3.1% that we reported at the end of 2025. Last, we have closed that quarter with a consolidated cash flow of EUR 2,350 million as a consequence mainly of the advancements received from the plans that we have already mentioned. Besides that, the company has EUR 1,015 million in additional credit lines, amongst which we can include a funding from the European Investment Bank that accounts for EUR 385 million with the defined use of those funds. That is the end of our presentation, we will now like to start the Q&A session. Ladies and gents, Q&A session starts now. 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 Michael Briest from UBS. Please go ahead. Good morning. Thank you. Obviously a very complex quarter in terms of the impact on defense from PEMs and cash flow. I know you don't guide quarterly. You must have some sense on the milestones and their achievability. Could you talk a bit about Q2? I think you did say that there would be more milestones hit. How much of, you know, progress do you think we'll see in the second quarter in TESS and PEMs specifically? Also, I heard you mention inorganic expansion, both inside and outside of Spain. Can you give some sort of weighting of the probabilities, the quality of the pipeline and anything on timing there? Equally, are there any more of the 2025 PEMs that have not yet hit your order book for various contracting reasons to arrive? Any insights into the timetable for 2026 PEMs and the nature of the contracts? Thank you. If we start with TESS, as I mentioned, since the end of the year, Indra has most of TESS, and one of the things we have done has been, well, certainly having control on its operation. The best thing we can do is control the manufacturing process. That manufacturing process is a reality already, and we actually see that in the results in, vehicles delivered to, our army, or we can see that operation levels are improving every day. The budget we've got is to be able to deliver 80 to 90 vehicle and over EUR 400 million in revenue. I can already tell you that we are going to exceed 100 vehicles delivered at the end of the year. That's our aspiration, and that's what we're working for. On PEMs 2026, we still have no information. That's the Ministry of Defense. Of course, we're working. Quite clearly, the Indra Group is a company that's a reference and essential in the defense ecosystem in Spain. Well, that's why I am sure we will keep on having the trust of the Ministry of Defense and our armed forces, and that's what we're working for. The best trust is to show that the modernization plans that we are being awarded are being executed, and that's what we are doing, not just in terms of delivery milestone, but also in how it permeate the Spanish system. We have experience in FCAS, for example. Over 30% has been layered throughout all the companies. That's also our objective with our Special Modernization Programs. We had our first event in Madrid with our suppliers in March, and in May, we're going to have another one in Catalonia, aligned with the corridors set by the Ministry of Defense. On inorganic deals, well, as you very well know, until the operation's been closed, it's better not to say anything. In the context, that's not easy because every country wants to keep its own companies. Inorganic operations cannot always be, you know, a purchase of a majority stake of a full company. We, I believe they're gonna help us establish alliances, I believe the alliances such as the one we have with Rheinmetall for vehicles, with electronic of Leonardo in defense. I believe they are aligned with the idea of having Indra as a European leader. The best example, the EDF programs of the European Union, Indra has been amongst the companies that have won most of those contracts because we believe we are a Spanish multinational company, but we focus in Europe, we are very much committed with the NATO programs and projects. Well, as I mentioned, sales will keep on growing quarter- after- quarter. Well, last year we received a great portfolio, and we need some time to keep on organizing these projects. The guidances, there are EUR 700 million of EBIT up 10%. That's a commitment that we are sharing with you now, and I am sure we are going to be able to meet it. Next question, please. Next question from the line of Carlos Treviño from Banco Santander. Please go ahead. In your business, have you perceived any impact that could impact the business over the next quarters? Three more as specific ones. Hey, Carlos. Carlos. Please, can you start the question again? 'Cause we couldn't hear you. I'm sorry. You hear me now? Perfect. Yeah, my first question was on the conflict in the Middle East. I was wondering if there is any impact in your business, or do you think that the conflict is going to mean any impact over the next quarters? Three more specific ones. The first one is on the international FCAS project. You had highlighted in the past that you hadn't received any order from this project. My question is if this changed your expectation for the year. Before you were expecting at around EUR 200 million from the FCAS project for this year. This new order could mean incremental business there. Specifically on two business divisions. On Space, revenues has dropped by -24% year-on-year in Q1 organically. You are highlighting a tough year-on-year comparison. I would like to ask you for the expectation that you have in Space for the rest of the year. Also the last one on Minsait, 2% organic growth in Q1. This is slightly below the growth that we have seen recently. My question is if still you think that you can go at around mid-single digits for the year as a whole in Minsait? Well, I assume that especially looking at the good evolution in the backlog, this could be possible. I would like to ask specifically also on outsourcing, where perhaps the drop of -8% has been a bit higher than in previous quarter, if you think that this trend could accelerate or not, or this has been only one quarter and we can see a normalization moving forward. Thank you. Thank you, Carlos. We start with the Middle East, the impact of the business, as you know, in the Middle East, we have a joint venture with Edge, and we are fully in touch with them. The impact can only be positive. There's demand especially for advanced systems and what we're working on is on the delivery of some elements and that we can deliver this year. Those are opportunities that were not had not been included. Those opportunities until they actually materialize, well, I cannot actually provide you with more data on it. On FCAS, we haven't got information on this year. You know the situation of this program. It's a European program. Spain is committed with a third, the return should be 1/3. You know the debate between Airbus and Dassault on whether there's gonna be one plane or two planes. Given that we focus on systems, we're just waiting for this decision to be made. Then we'll see. In 2026, we expect around EUR 206 million of revenue from the international FCAS. In terms of space, it's a matter of calendar. This year we expect to have a revenue of over EUR 400 million, and we expect to meet those figures. While I wouldn't focus so much on the first quarter, because this is going to be balanced in the next quarters. On Minsait, when we see our competitors are just firing people, not only are we not guaranteeing those jobs, but we are actually increasing our EBIT, and we're creating a cross-cutting capability. That's something that surprised me within Indra, how on having our digital capabilities, we were not accelerating R&D, technology R&D in the rest of the divisions, such as radars and in IndraMind, where we have the first contract. We are sure that we will keep on improving the profitability of Minsait. The issue here isn't just to improve profitability. We need to transform Minsait and make sure we have an IT company that's gonna be referential by integrating, especially the disruption of AI, integrating all the technology disruptions that we are facing and that we are being able to face. We have Latin America. I believe that our business in Latin America was not efficient enough. We've got a One LATAM plan, program that we designed at the end of last year, the message was clear: If we want to survive in this world, we must be best in class and improve our excellence and focus on added value businesses. That's why in Latin America, why we've already got over 1,200 people focused on cybersecurity. We are integrating IndraMind in countries such as Brazil or Colombia. Our idea is to transform and make the most of Minsait, and we'll see this in the strategic plan, and turn Minsait into a modern IT company that's agile, that's best in class in terms of technology. Thank you, Carlos. Next question, please. Thank you. Our next question comes from the line of Deepshikha Agarwal from Goldman Sachs. Please go ahead. Hi. Thanks for taking my question. A lot of my questions are answered, but just following up on the question on defense. I think it was mentioned in the call that like first half in defense, the expectation is more about EUR 1 billion + of revenues. That means roughly about like EUR 700 million for the second quarter. Am I understanding it right? If that's the case, what are the puts and takes there, and how should we be thinking? Will the phasing be like again in the second half being it will be more four-quarter weighted, is how we should be thinking about it? Any color would be helpful. I think that that's it from my end. As I mentioned, within the Special Modernization Programs, it's a matter of the milestones and the timing of the milestones included in the project. According to the different milestones in different programs, we will keep on executing those sales. That's work that's done jointly with the Ministry of Defense. First, we have to agree on the delivery milestones, and of course, that will provide us with that acceleration in sales. Next question, please. This question comes from the line of Marco Vitale from Mediobanca. Please go ahead. Good morning, all. Thank you for taking my question. The first one is a follow-up to still on the defense business. I think you mentioned that you expect sales over the first part of the year to exceed EUR 1 billion. If you could just confirm this, and also if you can provide some, say, qualitative indication of what projects, which projects will underpin this acceleration besides PEMs. Second question is about the large intake that you awarded within the air traffic management business, also mobility. If you could, I'm referring to the, say, Transport for London and also the U.S. radar replacement. If you could provide us any guidance in terms of timing that you expect in terms of P&L impact for those projects. Last question, just a clarification on the prepayments for from PEMs. Should you award faster contract over the first part of the year? Should we expect additional prepayments to be associated with that? Potentially, what could be the timing for this? Thank you. Well, Miguel? Well, I'll start a bit on the backlog, and then you can start talking about the results. Well, on our air traffic management projects, when we turn it into an individual division, that provided a lot of clarity because as you know, in each country, there's only one client. The fact that we have one division that's fully focused and with the digital acceleration that we are providing in air traffic management, this shows the quality of our business, and that's why that portfolio is increasing. For example, one of them is the radars for the FAA, and the plan was to deliver two secondary radar, one in the first three months, and we have delivered them. Today in Kansas, we're already delivering, and the contracts actually were signed four months ago. We are going to have radars for the U.S. produced in the U.S. I believe that the response provide a trust, and that's why our guidance in terms of revenue is a digits in 2026. Because one, the contracts are there, we have to start delivering. And I believe that being agile and having a contract in December, like the one we had in December, and by the end of April, having delivered three radars already, that shows that something is changing in the mindset of Indra. And on mobility, well, as you know, that those are contracts. Those are very long-term contracts and, well, revenue, the revenue stream is a bit different. And this year we expect, well, single-digit revenues. Just to mention about the future projects and revenues in defense. Well, besides what was clearly mentioned about what we expect in TESS Defence, they are going to contribute to our revenues. Also PEMs, I believe that acceleration's clear. We also expect a growth in defense coming from Eurofighter. You know, we have a revenue forecast at around EUR 285 million compared to EUR 260 million last year. We expect a growth in radar, simulation, electronic warfare. We still have a positive view, as it's been mentioned. In terms of potential advancement or prepayments, well, as you know, and as we have explained, we have some gross advancements of around EUR 1,150 million, from which we have already discounted, as mentioned, what's already been transferred to the suppliers and OpEx. We understand that, as mentioned by our CEO, Of course, that those transfers are going to accelerate because we have to make those funds available to our suppliers and contractors. It's true that part of the advancement received this year has not been deployed or still restricted. Such as the DEVA projects. Of course, now those will materialize as soon as they are approved and as soon as that cash is available that's now restricted, as well as some other amounts, and which are minor amounts. In terms of whether or not we're going to see some advancements or prepayments this year or next year, that will probably depend on how future programs materialize, and we'll see through the year. There's one additional element on revenue in the defense, is that we have actually changed the way in which we work. We just started, you know, our projects in the automotive sector, and I would like to give you something. We decided to manufacture 12 LTM radars and 100 equipments of land warfare, anticipating potential programs. The culture used to be we won't invest as long as we haven't got a program. I cannot tell a country in a conflict to give me the program that I'm going to be delivering in three years' time. On the LTR- 25 radar, you know, that's one of our, you know, of the main radars. At the end of the year we'll be ready to have 12 to 15 radars ready to be delivered, which shows our agility, and that's the change of industrial mindset that we have carried out in the group. This, that's this program, and there's part that we manufacture with the client, but there's part of it that we manufacture for potential clients. Why have we done that? Well, because we have worked on Design to Cost. When I was here, they were. Well, there was under attempts of standardization in radars. Now we have 14 radars with over 60% of standardization, which allows us to reduce delivery times. Before, it took Indra three years to deliver a radar, so now we are saying that in under 12 months we are going to be delivering radars. That's going to bring about opportunities in the Middle East or other countries. If we have product that can be delivered in, so to speak, short time, this will provide us with additional operations. That's what needs to be done. We have to make the most of all the investments that we carry out in R&D and within those VMs to accelerate our internationalization. I believe that today we are world leaders in radars, as well as in ATM and defense. There's yet another field in which we are working hard, which is electronic warfare. I believe we have something to say here. We are working on it, and we see this in naval and marine warfare, and that's the way forward. It's just that, you know, we have development times and programs, so we have to be patient, but we'll see how sales are going to increase. When we compare first quarter 2025 with first quarter 2026, in 2025, revenues in defense were EUR 470 million, and this year I already mentioned that we're that it's going to be double that. That's thanks to the work of our teams, our commitment, development, and getting factories working and just traveling around the world and positioning Indra as a reference company in defense and technology. Thank you. Next question please. From the line of Lorenzo Di Patrizi from Bank of America. Please go ahead. My first question, what should we expect from the change of the group chairmanship, notably regarding the possible ITP Aero transaction? Secondly, what traction are you getting on IndraMind? What revenue and EBIT contribution should we expect from it in full year 2026? On space, how should we expect margins to evolve medium term, given they were quite strong in Q1? Lastly, could you please remind me of the contribution you expect from FCAS and Eurofighter in full year 2026? Let's start, well, I, well, I believe we have to differentiate governance from operations. We have gone from an executive president, that's Ángel Escribano, I believe he really pushed that industrial advancement. He's an entrepreneur, he knew the sector very well. Now we have a new president, a new chairman with great international experience and governance experience, I believe his vision's also going to be important, both his view as well as the board's view. On the M&A operation, I mean, this is, I believe it's quite simple. The ones who stopped the operation were Ángel Escribano. They stopped the, this potential deal. When there's a negotiation between two companies and one of them says that right now the circumstances aren't right, well, the only thing I can say is, well, nothing really. Just wait. The day they make a decision, we'll check it. Today, if they believe it was not the right time, I have nothing to say. Of course, I respect their decision on IndraMind. This year already, and integrating development, revenues are going to be above EUR 100 million. EUR 100 million in the first quarter. EBIT is gonna be above, in the average of the group. It's 10%. Miguel? Well, yes. On margins that we expect, coming from the different businesses in defense, I'd say, we mentioned we expect a very clear increase of revenues with margins that are gonna be close to the margins we have had in the past. If we exclude the effect of the sales of TESS, we expect to be around 17%-18%, where we've been in the past. In terms of space, the guidance we can provide is that we expect to go beyond EUR 400 million of revenue this year. In air traffic management, we expect a double-digit growth, mainly due to the great contribution or above the contribution we have got last year. EBIT margin, that's gonna be between 12% and 13%. In terms of mobility, we expect revenues around high single- digits and an EBIT that's gonna be close to the one we had last year. It's gonna be around 6%. In Minsait, as explained, we expect mid-single digit growth in terms of revenues, and we expect to go from 6.6% of EBIT margin that we had last year, and we expect to be at around 6.6% to up to 7. Between 6.6% and 7%. That's what we expect to be. In terms of FCAS and Eurofighter, FCAS first quarter contributed EUR 30 million compared to EUR 50 million last year. Last year, the revenues from FCAS was EUR 214 million. This year we expect EUR 200 million-EUR 205 million. In Eurofighter, the other way around. Revenues in the first quarter was EUR 68 million compared to EUR 64 million last year. We expect EUR 285 million in revenues this year compared to EUR 260 million last year. Time for the last question before the final remarks. Our next question comes from the line of Juan Cánovas from Alantra Equities. Please go ahead. I have a couple questions. First, on the size of M&A operations mentioned. If, and what is the average size that those operations could have? Second, I don't know if you can share with us the order book EBIT margin. Next one, for Miguel. If we exclude non-accessible cash of PEMs, what's the debt or accessible cash available to Indra? On M&A, I mean, they've, they're, their sales are, their purchases are gonna be sales. Sizes, well, we'll see. This is just as when you go hunting. If you find a good animal, of course we won't just let it go by. Until you see or can what. I mean, you don't really know if you're gonna go back home with, you know, two pigeons or it's gonna be a big game. We know our path. It's not a matter of just buying for the sake of it. It needs to provide me with capabilities that I haven't got or synergies that make my business more efficient or open markets I'm not in. If those things are present, well, that's what we're saying. It can't be just a matter of buying. I think we can find some alliances with some other companies in some sectors that can actually position myself as a reference in that sector. Everything's quite open, and it actually depends on the opportunities that we'll find Miguel?. Yes. Well, on the second question. I mean, we cannot mention those specific margins. On the third question, if we don't take into account those advancements coming from the PEMs and if we took into account the factoring of EUR 180 million that I explained earlier, that are now part of our net financial debt, we'll have a net debt of around EUR 630 million. I believe that explains, that can be, that explains this free cash flow of EUR -40 million. In any case, it'll be below 1x EBITDA in that comparison. Without PEMs and factoring, would be around, yeah, EUR 630 million. Thank you very much. Last, very simple and easy messages. Our objective is EUR 7 billion of EBIT and EUR 375 in free cash flow. We are in a new governance phase, but the teams are committed. Not just the teams, but also myself. Full commitment from my side. If the board decides it, I will be happy to keep on working, because I believe that the project of Indra Group right now is amongst the most appealing plans that we can have in our country. In that sense, we keep on working to transform this company, which is a referential in our country. Thank you very much, and see you at the end of the first half of the year. Thank you.