Good morning, ladies and gentlemen. Welcome to the Minor Hotels Europe and Americas First Half twenty twenty five 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 the 0 for the operator. Please be advised that this call is being recorded today, Thursday, 07/24/2025. I would now like to turn the conference over to Javier Vega Finiche. Please go ahead. Good morning. Welcome to Maina Hotels Europe and America Second Quarter and First Half twenty twenty five Results Conference Call. This is Javier de la Pemichette from IR. To start, our CEO, Gonzalo Gilad, will share the key drivers behind the good set of results explained by the persistent healthy demand and the continuous improvement of our portfolio. Then our CFO, Ana Munoz, will provide a more detailed description of the results, the cash revolution that continues improving our financial position and the recent debt optimization executed. At the end, we will open a q and a session to answer any questions you may have. And now I hand over the call to Gonzalo. Good morning, and thank you for joining us today. This is Gonzalo Vergilares speaking. The healthy operating trend during the second quarter was due to business and leisure demand remained strong, ensuring a sustainable and balanced RevPAR growth between ADR and occupancy in the first half of the year. Let me start with some key performance indicators. RevPAR reached €102 in the first semester, representing an increase of 5.9% versus H1 twenty twenty four. Excluding perimeter changes, RevPAR grew by 3.5% in the first half of twenty twenty five, plus 5.1% in q one and plus 2.3% in q two. The lower growth in q two is fully explained by the strong calendar events in Europe in 2024. Occupancy grew in all regions in the first six months, and ADR contributed with 55% of the RevPAR growth. Revenues reached €1,200,000,000 in the first half of twenty twenty five, representing an increase of 5% or €61,000,000 compared to 2024. I'd like to highlight that the growth excluding perimeter changes and with constant FX was 5% or €56,000,000. Q two figures and explained on the calendar of events of last year, revenue growth excluding perimeter changes and with constant FX was 4% or €28,000,000 compared to the 6% reported in the first quarter. Our constant focus on cost and operational efficiencies allowed us to report an EBITDA of €317,000,000 meaning an increase of 7% or €19,000,000 versus 2024. Excluding IFRS 16 accounting impact, EBITDA reached 177,000,000 an increase of €14,000,000 or 9% versus the first half of twenty twenty four, with a 0.4 percentage points higher in margin and a flow through ratio of 23%. On this improvement, portfolio changes contributed 61 to the EBITDA growth. Net recurring profit in the 2025 was €86,000,000 a growth of €20,000,000 or 30% from 2024, and including the positive €26,000,000 contribution from the nonrecurring asset rotations reported in Q1, total reported net profit amounted to €112,000,000 in the first six months. Moving to the key highlights of the balance sheet. Net financial debt decreased by $130,000,000 explained by the $85,000,000 disposal of assets in Q1, organic cash flow generation and despite ordinary CapEx invested in the period, which was 78,000,000 The strong liquidity has permitted to fully redeem on July 2 the 400,000,000 in senior secured notes with available cash and the new 200,000,000 term loan signed in April. To conclude, after presenting a good set of results with sustained growth in the first six months, let me share that the demand trend remains healthy in q three and in line with our expectations. Now Ana will give you more details on the results of on the balance sheet. Thank you, Juan Carlos. This is Antonio speaking, and good morning, everyone. Going to the details of the results presentation on Page four, reported revenue in the 2025 reached €1,210,000,000 compared to 1,140,000,000.00 reported in the same period of last year, implying growth of 61,000,000 or plus 5%. Out of the 61,000,000 revenue growth year on year, 37,000,000 came from the like for like hotels, which grew 4%, 19,000,000 from the refurbishment perimeter and 24,000,000 from changes in perimeter, mainly new openings from Brazil portfolio at Chivoli Eco Resort Playa del Forte and Chivoli Sao Paulo, as well as Anantara Palai, Hansa and NH Coperhaire Grande One. Finally, currency evolution, we achieved 19,000,000 in revenues, mainly due to LatAm currencies being Argentina peso the most impacted. Moving to page five, reached €102 in the first half or plus 5.9% above the €96 reported in half one twenty twenty four. ADR contributed with 55% of RevPAR growth, reaching €147 in half one, implying an increase of plus 3% versus half one twenty twenty four or €143. ADR view in all regions, Central Europe, that was affected by a positive calendar of events in Europe in 2024. In addition, occupancy reached 69 in half one or plus 1.8 percentage points versus half one twenty twenty four and growing in all regions. Moving to page six, we have seen a strong operating trend across all regions in the first six months. Year on year evolution in the like for like perimeter by country is the following. Spain, up 5% compared to half one twenty twenty four with solid growth in Madrid, Barcelona, and secondary cities. In Italy, the increase is 5% with a strong growth in Rome, Milano and secondary cities. In Benelux, growth is 4% compared to 2024 with that secondary cities and conference center hotels growing at a higher rate compared to Brussels and Amsterdam. Central Europe is up 1% compared to 2024 as a good evolution in Austria, Hungary and Czech Republic offset the business loss from 1.002024 in German cities. Lastly, in LatAm, with constant exchange rates, like for like revenue grow plus 9%, while with real exchange rates, like for like revenues in the region fell 10% compared to half one twenty twenty four, being Argentina, the country with the highest currency effect. Moving to the full P and L on Page seven. Revenue growth, coupled with core discipline efforts, allowed to report a gross operating profit of $40,432,000,000 euros in the first half of the year, representing an increase of €25,000,000 or 6% versus 2024, with a 40% conversion or flow through ratio. Reported lease payments and property taxes grew by €6,000,000 or 6%. Around onethree of this growth comes from the comparable perimeter, mainly higher variable rents in Southern Europe, being the rest of perimeter changes due to new entries and reforms executed last year. Reported EBITDA improved by EUR 19,000,000 or 6% in Enhance one, reaching EUR $317,000,000. Below EBITDA, net interest expense decreased by EUR 9,000,000 explained by the positive exchange result currency impact, Brazil versus U. S. Dollar or EUR 6,800,000.0. And to a lesser extent by the lower debt interest expense and also higher interest income due €2,200,000 interest income claim to Spanish Tax Agency. Regarding corporate income tax, amounted to €26,000,000, an increase of 2,000,000 as the higher EDC is partially offset by a positive one off refund claim in Spain. Net reporting profit amounted €86,000,000 in the first half of the year, an improvement of €20,000,000 or 30% compared with €66,000,000 reported in half one twenty twenty four. Non reporting items reached €26,000,000 mainly explained by the disposal of two hotels, one in Portugal and one in Germany in the first quarter. Finally, total net profit reached €112,000,000 in the first half, an increase of €41,000,000 or 58% versus 2024. Moving to the cash flow evolution of Page eight, the financial position has continued to improve. And net financial debt was deducted to €114,000,000 a decrease of €130,000,000 explained by asset rotation in the first quarter, organic cash flow generation and despite the ordinary CapEx invested in materials amounting €78,000,000 Available liquidity as of 06/30/2025 amounts to €659,000,000 being €344,000,000 in cash and €325,000,000 in available credit lines. On July 2, the twenty twenty six senior secured notes with a nominal amount of €400,000,000 were early repaid. This repayment was made with available cash and €200,000,000 bank term loan, which is part of the new secured bank financing signed in every in April. This new financing also includes a €200,000,000 revolving credit facility, replacing the existing €242,000,000 facility. Following the repayment of the rated debt, the credit ratings of Moody's and Fitch have been withdrawn. And now after covering the results of the first six months of the year, the team would be very happy to answer any questions you may have. Thank you. And ladies and gentlemen, we will now begin the question and answer session. To ask a question, you may press star followed by the number one on your telephone keypad. If you're using a speakerphone, please speak of your handset before pressing any keys. To withdraw your question, you may press star followed by the number 2. Once again, if you would like to ask a question, please press star one on your telephone keypad. One moment, please, for your first question. And once again, if you would like to ask a question, please press the star one on the telephone keypad. And we currently have no questions at this time. I would like to turn it back to Javier Vega Finichel for closing remarks. Okay. Thanks a lot for attending the call. If you have any further questions, please contact us directly in in the investor relations department, and have a good summer ahead. And whenever you the best, please. Thank you. Thank you, presenters. And ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.