Good morning, ladies and gentlemen, and welcome to the Minor Hotels Europe & Americas H1 2024 Results Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. I would now like to turn the conference over to Javier Vega-Penichet. Please go ahead. Good morning, everyone. Welcome to Minor Hotels Europe & Americas second quarter and first half 2024 results conference call. This is Javier Vega-Penichet from IR. To start, our CEO, Ramón Aragonés, will share the key drivers behind the positive operating trend, explained by the persistent robust demand and the continuous improvement of our portfolio. Then our CFO, Ana Muñoz, will provide a more detailed description of the results and the cash flow evolution that continues improving our financial position, although it was partially affected by a calendar timing effect at the end of the quarter. At the end, we will open a Q&A session to answer any questions you may have. Now, I hand over the call to Ramón. Good morning, and thank you for joining us today. This is Ramón Aragonés speaking. The healthy and positive operating trend has continued during the second quarter as business and leisure demand remaining strong, allowing to continue increasing price, levels. Starting with the key metrics of the quarter, the commercial strategy permit ADR to climb to EUR 161, or +6%, and contributed with 90% of the RevPAR growth of the company. With regards occupancy, it reached 73% in the second quarter, which is 0.4 percentage points above the second quarter of last year, and only 0.3 percentage point below like-for-like occupancy of Q2 2019. Remark that in Southern Europe countries, like-for-like occupancy was 3 percentage points above 2019. As a result, revenues reached EUR 685 million in Q2, representing an increase of EUR 65 million, or +10.5%, versus the same quarter of 2023. Remarkably, the strongest performance in Spain and Central Europe during the second quarter. Reported EBITDA improved by EUR 20 million, reaching EUR 229 million in Q2, excluding IFRS 16. Recurring EBITDA reached EUR 361 million, also representing an increase of EUR 20 million and implying a 30% revenue conversion rate, supported by the ADR strategy and the cost control. With regards to figures of the first six months, the robust demand and pricing strategy allow revenue to increase by 11.5%, reaching EUR 1.15 billion, driven by growth of 5.6% in the ADR and 1.4 percentage point improvement in occupancy. ADR contributed with 70% of the growth, of 8% in RevPAR, which reached EUR 96 million in the first half of this year. Excluding IFRS 16, EBITDA in H1 was EUR 163 million, representing a EUR 30 million or 22% increase and +1 percentage point of higher margin. Total net profit in the first six months was EUR 71 million, implying an increase of EUR 26 million or 57% versus the same period of last year. Net financial debt decreased by EUR 24 million in the first half of the year to EUR 241 million, despite the seasonal remix typical of the first quarter, and capital expenditure of EUR 77 million in the first half. Liquidity continues strong, with EUR 537 million as of the end of June. To conclude, after a record year in 2023, and the strong demand in the first six months of the year, the supportive dynamics of the business allow us to foresee continued delivering record results in 2024. Now, Ana will give you more details on the result and balance sheet. Thank you, Ramón. This is Ana Muñoz speaking, and good afternoon, everyone. Going to the details of the results on page 4, reported revenue in the first half of 2024 reached EUR 151.15 billion, compared to EUR 1 billion reported in the same period of last year. This evolution implies a growth of EUR 118 million, or +11.5%. Of this revenue growth, like-for-like perimeter grew +9.2%, and refurbishment and portfolio changes contributed with EUR 26 million and EUR 24 million, respectively. Moving to page 5, RevPAR was EUR 96 in the first half, +7.9% above the figure of last year, EUR 90. On a comparable perimeter, like-for-like RevPAR grew +8% versus the same period of 2023. ADR contributed with 70% of the RevPAR growth, reaching EUR 143 in the first half, implying an increase of 6% versus last year, while occupancy reached 68% in half one, plus one point four percentage point versus half one, 2023. Compared to 2019, like-for-like occupancy is 1 percentage point lower. Moving to page 6, we have seen a strong operating trend across all regions in the first six months, particularly highlighting Spain and Central Europe. In Spain, like-for-like revenues increased by 14% compared to half one, 2023, with a very solid performance in all regions, being Madrid the city with the highest growth. In Italy, compared to H1 2023, like-for-like revenues increased by +4%, with higher growth in Venice and secondary cities, and lower progress in Milano and Rome due to their strong performance in 2023. In Benelux, like-for-like revenues increased by +6% compared to H1 2023, with higher growth in conference centers, hotels, secondary cities, and Brussels compared to Amsterdam, that remained stable versus 2023. In Central Europe, compared to H1 2023, like-for-like revenues increased by 9%, with a strong evolution both in key and secondary cities. Lastly, in LATAM, with real exchange rates, like-for-like revenues in the region grew by 10% compared to H1 2023, with higher growth in Mexico and Colombia compared to other countries. Moving to page 7, both payroll and operating expenses increased +16% and 10% respectively in the first half due to the higher activity and despite operating cost discipline to contain inflationary pressure. Remark that revenue growth, coupled with cost containment efforts, allowed to report a GOP or EBITDA of EUR 407 million in the first half of the year, an increase of 9% versus last year. Reported lease payments and property taxes grew by EUR 4 million, or 4%, mainly due to perimeter changes, the new entries. Reported EBITDA improved by EUR 30 million or 11% in the first half of the year, reaching EUR 298 million, compared with EUR 268 million in H1 2023. Excluding IFRS 16, recurring EBITDA in the first semester reached EUR 163 million, an improvement of EUR 30 million or 22% compared to 2023, supported by the pricing strategy and cost control. Net recurring profit reached EUR 66 million in the first half of the year, with an improvement of EUR 27 million or 71%, compared with EUR 39 million reported in H1 2023. Non-recurring items reached EUR 5 million, mainly explained by the net impact of the compensation from the exit of two leased hotels and the disposal of a non-core asset. With all this, total net profit improved by EUR 26 million, or 57%, to EUR 71 million in the first half, compared with EUR 45 million reported in H1 2023. Moving to the cash flow evolution on page F-8, the financial position has continued to improve with a net financial debt reduction of EUR 24 million, reaching EUR 241 million in the first half of the year, versus EUR 264 million in December 2023, despite the seasonality of the first quarter and the CapEx invested in the period of EUR 77 million. Moving to details, operating cash flow, including working capital, VAT, and corporate income tax, was EUR 99 million in the semester. The working capital has a negative effect, mainly explained by year-end phasing effect with collections in July, and the higher weighted of late sales due to the sustained reactivation of the B2B segment. The positive VAT contribution is explained by the positive phasing effect of VAT and other local taxes. CapEx reached EUR 77 million in the first half of the year. Asset rotation brought EUR 15 million from the disposal of a non-core asset and the termination of two lease contracts. Moving to slide 9. The group closed June with available liquidity of EUR 577 million, out of which EUR 229 million is cash, and EUR 308 million are undrawn credit lines. Recall that in April, Fitch upgraded to double B minus from B, our corporate rating, with a stable outlook, implying a 2-notch upgrade, reflecting the performance reported in 2023, the strong delivery, and cash flow generation. And now, after covering the results of the first half of the year, the team will be very happy to answer any questions you may have. Thank you. Ladies and gentlemen, we will now begin the question -and- answer session. If you have a question, please press the star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. Questions will be taken in the order received. Should you wish to cancel your request, please press the star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. Once again, that is star one, should you wish to ask a question. Your first question is from Laura Homsy from MFS. Please ask your question. Hi there. Thanks for taking my question. Can you maybe comment on sort of the more recent weeks and maybe months in terms of what you're seeing in terms of operating trends? And also whether you've seen any weakness or any impact from the anti-tourism protests, I should maybe call them, that were sort of widespread in Spain. That would be helpful. Thank you. Well, talking about Q3, as for this summer, on the reservations are mid- to high-single-digit above 2023, and mainly through higher ADR. We are not seeing a change, a trend change in the coming months for the next months, especially this summer, because our presence in leisure destinations is not too big, as you know, and we are optimistic for the rest of the year and maybe for the last quarter. Talking about this protest happening in different cities against the tourists. I think this is because of the lack of legislative management from the different administrations in Spain. I have claimed many times about this, and this is because the total lack of legislation regarding the tourist apartments. Now, the mainly leisure destination are overcrowding, and this is creating a real conflict because the normal life of the citizens and the tourists. So once again, this is because, and as I mentioned before, the lack of management legislation or legislative management, sorry. Now it's too late because the damage is done, but I expect that in the coming months, the different administration will take the right decision in order to protect one of the main industries of this country, which is the tourism. In our case, we are not suffering big time because we are, as you know, we are mainly urban company. We have tourist protests, but not in Spain, mainly in different areas of Portugal and other countries. But we are a little bit concerned about the future of the main cities like Madrid or Barcelona, if the authorities don't take the right decision to avoid this overcrowded situation. Thank you. Thank you. Very helpful. If I may, one follow-up, please. Just on terms of your debt maturities, especially the senior secured notes due 2026, are there any plans to address them this year, or will you likely wait until the call price drops to par next year? The plan is to continue monitoring the market during the second part of the year, as the group has almost two years of maturity. Also, during the coming months, we will have more visibility on the size of the refinancing base, as well as future cash needs for growth. Thank you so much. Very helpful. That was all I had. Thank you. Once again, please press star one should you wish to ask a question. Your next question is from Miguel Medina from Mirabaud. Please ask your question. I think he hold his line. Miguel, if you can hear us, your line is now open. I will try to unmute your line again. Hello, Miguel? Hello? Yeah, can you hear me? Yes, I can hear you now. We can hear you. There was music on your line a while ago. Please go ahead. Okay. Yeah. I'm not very good with these systems. Now, thank you very much. Just two questions. The first one is a follow-up on a follow-on to the comment that the CEO just made about the tourist apartment legislation in Spain, which it seems we don't know when, but at least in some cities, it's going to change, specifically Barcelona. Just to see, A, whether you think this is gonna happen in the end, whether this is going to become a reality. And second, if you can give us some context in terms of what tourist apartments could represent in terms of capacity in cities like Madrid and Barcelona. That's the first question. And then, the second question is another sector topic, which is booking and the competition investigations in some jurisdictions, specifically in Spain, in which it has been ongoing, I believe, for two years, and it seems that we are going close to a final resolution. Do you think that this is going to change market practice and that could have a positive impact in NH and other hotel operators, if Booking is forced to, you know, be less restrictive? Thank you very much. Well, thank you. Regarding the apartments, you know, it's true that now the different administration are taking decision, but taking decision and starting working in future decision, which is quite relevant, because at the end of the day, it's not only a problem of competitiveness, it's a problem of the kind of tourists that we want to have in this country. Because it's impossible to aspire to have quality tourism, if at the meantime, we are offering crowded cities, so it's not compatible. So this country has to take a decision, which kind of tourists they want to have. If they want—if you want to have quality tourists, we need to control tourist apartments. And regarding the number of tourist apartment, nobody knows, because there are so many illegal tourist apartment, that it's impossible to control. But if you go to the main areas of the main cities here in Madrid, you go to Puerta del Sol, to Gran Vía, or you go to Rambla de Catalunya in Barcelona, it's so crowded that it's impossible to walk. So that is something that goes against the aspiration of having a quality tourism in Madrid. Because once again, I insist, this is not compatible with the aspiration of the client. The clients not only book rooms, they book experience, and the city is part of the experience. If they leave the hotel and the city is crowded, that goes against the quality tourism. So they have to do something, because if not, we will pay for it. And now we are paying for it, not exactly a minor NH, but there are leisure companies that they are suffering now, because the situation in certain leisure destination is not so good that it was the previous year, and this is because this phenomenon. So let's hope that in the coming months, all the different authorities take the right decision to stop this issue. Regarding Booking, we don't have enough information to give you a final opinion about what is going on. Could be positive or not, because, you know, at the end of the day, parity is one of the things that control the market. In our case, we are aspiring to increase our direct sales as much as possible, so whatever that could help us to have more control of our distribution is more than welcome. But honestly, I prefer not give you my personal opinion about this issue, because it's too soon to come to any conclusion. Very clear. Thank you very much. Thank you. Once again, please press star one if you wish to ask a question. There are no further questions at this time. Please proceed. Okay. Thank you everyone for attending the call. We wish you a lovely summer holiday, and IR team remains at your disposal for any further questions you may have. Thank you. Bye. Thank you. Bye. Thank you. Bye. Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.