Good day, and thank you for standing by. Welcome to the Prosegur Q3 2026 results presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star, one, and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star, one, and one again. Please be advised today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Cristina Casado. Please go ahead. Good afternoon, and welcome to the Prosegur third quarter 2026 results presentation webcast. Before we start, I would like to remind you that this presentation has been pre-recorded and that it will be available on our corporate website. I will now hand you over to our CFO, Maite Rodríguez. Good afternoon, and thank you all for joining us today. Today, we are presenting Prosegur's results for the first nine months of 2026. As we shall see throughout the presentation, we continue to deliver solid growth, with revenues benefiting from strong organic growth and a positive foreign exchange contribution. Net consolidated profit grew by more than 5.5% year-on-year, reflecting the resilience of the business and consistent execution across our different business lines, despite the challenging macro environment. With that in mind, let's take a closer look at the key highlights of the period. Starting with growth, the group delivered a strong top-line performance with revenues reaching EUR 3.9 billion, up 7.5% year-on-year. This growth was broad-based across all regions, primarily driven by strong organic growth of 7%, particularly in the U.S., while FX provided a modest positive contribution. Moving on to profitability, EBITA reached EUR 254 million, representing a modest decline of 1.7% year-on-year. Turning to the performance by business line, Cash delivered a 1.2% improvement in EBITDA, while Security EBITA grew by 9% year-on-year, continuing to show a positive trend over recent quarters. We also saw a higher contribution from MPA, and Alarms profitability continued to reflect the ongoing optimization of the customer portfolio. Turning to cash generation, operating cash flow reached EUR 135 million, an 11% increase compared with the previous year. This improvement was driven by several factors. On one hand, in Alarms, our focus on healthy quality growth customer additions resulted in a more moderate pace of growth and lower cash consumption, further supported by greater tax efficiency. On the other hand, sound working capital management in Cash, which helped offset the impact from the higher volumes in our U.S. Security operations. At the same time, we remain focused on gradually optimizing our leverage position, maintaining a disciplined approach to capital allocation and debt management. Finally, let me highlight three important developments during the period. First, S&P reaffirmed our BBB rating and upgraded the outlook to stable, further validating the strength of our financial profile and balance sheet. Second, we recently launched Prosegur Technology and Defense, a new division focused on integrating advanced technology solutions and positioning Prosegur as a trusted technology partner in this field. Third, Movistar Prosegur Alarmas reached more than 650,000 connections, an important milestone that further strengthens the scale of the business. Looking ahead, MPA maintains annual growth prospects of around 10%. At the same time, we continue to enhance our customer proposition through innovation, including the recent launch of our smart lock. Let's now take a closer look at how revenues and profitability evolved over the first nine months of the year. Starting with sales, as mentioned earlier, total revenues reached EUR 3.9 billion, increasing by 7.5% year-on-year. This performance was primarily driven by strong organic growth of 7.0%, while foreign exchange provided an additional positive contribution of around 0.5%. Importantly, growth remained broad-based across all regions. Europe grew by 3.8%, Latin America by 8.1%, while rest of the world delivered the strongest performance with revenues increasing by 17.1%. This reinforces the increasingly diversified nature of our growth profile, both geographically and across our different businesses. Moving to profitability, EBITA reached EUR 254 million compared with EUR 258 million in the same period last year, representing a decline of 1.7% year-on-year. As a result, the EBITA margin stood at 6.4% versus 7.0% in the prior year period. Looking at the individual businesses, Cash continued to deliver a resilient performance, with sales increasing by 1.4% year-on-year. Organic growth reached 2.6%, with a slightly positive contribution from foreign exchange, while sales growth accelerated to 5.3% in the third quarter on a standalone basis. EBITA was down by 2.4% year-on-year, mainly reflecting macroeconomic developments in Argentina and a more challenging geopolitical environment, which weighed on tourism and consequently our foreign exchange business. Security continued to be the group's main growth engine, with revenues increasing by 9.8% and EBITA growing by 9.0% year-on-year. The standalone third quarter EBITA margin remained stable at 3.8%, while the U.S. continued to deliver a strong momentum with organic growth reaching 32%. This performance highlights the strength of our commercial positioning and the continued momentum of our U.S. operations. Finally, in Prosegur Alarms, revenue growth remained strong at 16.3% year-on-year. More importantly, the service margin increased by 1.7%. The improvement in service margin is beginning to reflect the benefits of our new growth strategy, focused on higher quality growth rather than volume, despite the macroeconomic environment in Argentina. Overall, we are delivering strong and diversified top-line growth, supported by particularly strong momentum in Security. Let's now turn to our full P&L for the first nine months of 2026. As discussed in the previous slides, revenues reached EUR 3.9 billion, increasing by 7.5% year-on-year, primarily supported by strong organic growth of 7.0%, while foreign exchange provided an additional positive contribution of 0.5%. At the EBITDA level, profitability remained solid, with EBITDA increasing by 6.2% to EUR 435 million, compared with EUR 409 million in the same period last year. The EBITDA margin remained broadly stable at 11.0% versus 11.1% in the prior year period. EBITA reached EUR 254 million, down 1.7% from EUR 258 million in the first nine months of last year, resulting in an EBITA margin of 6.4%, compared with 7.0% last year. This mainly reflected consumption pressures in Argentina and lower global passenger traffic, with a more limited impact from the optimization of the alarms portfolio and Prosegur's 50th anniversary events. The evolution of the margin also reflects a change in the business mix, with Security accounting for a greater share of the group's profitability. While this is positive in absolute terms, Security operates at a lower margin than the group's other business lines, resulting in some dilution at the consolidated margin level. Below EBITA, financial expenses remained well under control, with the financial result broadly stable at EUR 61 million, despite the interest rate environment. This reflects the continued discipline of our financial management. One of the most relevant messages of the period is the continued improvement in our tax efficiency. Our effective tax rate declined by almost 400 basis points from 45% to 41%. This improvement reflects our ongoing tax optimization efforts, supported by a more favorable earnings mix across geographies. As a result, despite the slight decline in operating profit, consolidated net income increased by 5.6% year-on-year, reaching EUR 87 million, compared with EUR 82 million in the same period last year. The key takeaway is that the group continues to combine strong top-line growth with disciplined financial and tax management. This has allowed us to translate solid operating performance into higher net income, despite some pressure at the EBITDA level. Let me now elaborate on cash flow generation and the evolution of our net debt position during the first nine months of the year. Starting with operating cash flow, we saw an improvement year-on-year, reaching EUR 135 million compared with EUR 121 million in the same period last year. Working capital requirements remained broadly stable at EUR 128 million, with efficient management in Cash offsetting higher working capital needs in Security, mainly driven by strong commercial momentum in U.S.A. Tax payments were also lower during the period, primarily as a result of the performance in Argentina in the previous year, declining to EUR 69 million from EUR 81 million last year, while interest payments remained broadly stable. In terms of CapEx, capital expenditure decreased to EUR 115 million compared with EUR 124 million in the first nine months of 2025, reflecting our continued focus on capital discipline and operational efficiency. Additionally, our cash generation has also benefited from the more selective growth of the Alarms business, following our strategic shift towards prioritizing quality over volume. This approach is improving both EBITA and cash generation, reinforcing what we have consistently highlighted. Alarms is a highly cash-generative business and therefore supports a premium valuation multiple. As a result, free cash flow improved significantly to EUR 19 million, compared with EUR -2 million in the same period last year. After acquisitions, dividend payments, and other cash movements, total net cash flow amounted to EUR -29 million, improving from EUR -44 million in the first nine months of 2025. Net debt stood at EUR 1,386 million at the end of the period. During the third quarter, we reduced net debt compared with the end of the first half of 2026, resulting in a net debt-to-EBITA ratio of 2.4x. We remain fully committed to disciplined leverage management and the gradual strengthening of our balance sheet. Finally, I would like to highlight the continued strength of our debt profile, underpinned by a robust financing structure that is well-positioned to withstand economic instability. The average cost of debt remains low at 3.1%, with 64% of our debt at fixed rates and an average maturity of 3.6 years. In addition, as previously mentioned, S&P reaffirmed our BBB rating and upgraded the outlook to stable in August, supported, among other factors, by the group's increasing diversification across both geographies and business activities. Taken together, the improvement in cash generation, disciplined capital allocation, and our solid debt profile provide us with a strong financial foundation to support the continued development of the business. That's all from me for now. I will now turn the presentation over to our Investor Relations Director, Cristina Casado, who will give you more detailed information on the development of the specific business areas. Thank you very much, Maite. Let's now have a look at the results of each business line, covering the main performance indicators and the most relevant aspects of the period. Let me now start with Prosegur Cash, which delivered positive underlying growth during the first nine months of the year, while maintaining broadly stable profitability and improving cash generation. Starting with revenues, sales reached EUR 1,510 million, up 1.4% year-on-year, supported by healthy organic growth of 2.6%. Looking specifically at the third quarter, sales grew by 5.3% year-on-year. Transformation Products continue to gain relevance within the business, representing 36.2% of total revenues during the period. This further reinforces the strategic evolution of Prosegur Cash towards a broader and more diversified offer beyond traditional cash-in-transit activities. Turning to profitability, EBITA reached EUR 160 million, compared with EUR 164 million in the first nine months of last year. The EBITA margin stood at 10.6%, compared with 11.0% a year ago, mainly reflecting consumption pressures in Argentina and lower global passenger traffic, directly impacting our foreign exchange business. At the EBITA level, however, performance remained positive, with EBITDA increasing by 1.2% year-on-year and margins broadly in line with last year. Cash Today also continued to perform well during the period. Finally, cash generation was one of the key highlights, with operating cash flow increasing by 9.3% to EUR 119 million, compared with EUR 109 million last year. This improvement was supported by disciplined working capital management and lower cash tax outflows, once again demonstrating the strong cash-generating capabilities of the business. Overall, Prosegur Cash delivered underlying revenue growth during the period, with profitability remaining broadly stable and cash generation improving, while Transformation Products continued to increase their relevance within the business. Let me now turn to Prosegur Security, which continued to be the group's main growth engine during the first nine months of the year. Starting with revenues, sales reached EUR 2,137 million, up 9.8% year-on-year, supported by strong organic growth of 8.8%. Growth was mainly driven by the U.S. and Iberia, together with a positive contribution from Colombia. The U.S. continued to play an important role in this performance, consolidating its position as the second-largest contributor to security revenues, with organic growth of 32% during the period. Turning to profitability, EBITA increased by 9% year-on-year, reaching EUR 72 million compared with EUR 66 million in the first nine months of 2025. The EBITA margin stood at 3.4%, broadly in line with last year, but slightly above the 3.2% recorded in the first half of 2026. Looking at the quarterly progression, margins continued to improve gradually, supported by the development of our hybrid security model and greater geographical diversification, reaching 3.8% in Q3, compared with 3.6% in Q2 and 2.8% in Q1. At the same time, profitability during the period was affected by the macroeconomic environment in Argentina. However, we have been able to offset this impact. As a reminder, when comparing year-on-year figures, Security includes Cipher, which has been integrated into the business since January 2026. Finally, looking at cash generation, operating cash flow amounted to EUR 15 million, compared with EUR 31 million in the same period last year. This evolution mainly reflects higher working and capital requirements associated with increased volumes in the U.S., together with a higher cash tax impact following the improvement in the business line's results. On a pro forma basis, excluding the working capital impact from higher U.S. volumes, operating cash flow would have been broadly in line with the previous year. Overall, Security continues to combine strong organic growth with broadly stable profitability, while the rapid expansion of the U.S. business is temporarily increasing working capital requirements and weighing on cash generation. Before moving on to the Alarms business, I will now hand the call back to Maite, who will introduce Prosegur Technology and Defense, an important step in the continued evolution of our Security business. Thank you very much, Cristina. We have recently created Prosegur Defense, which will be integrated into our existing technology vertical, forming Prosegur Technology and Defense. Through this new division, we aim to position Prosegur as an integrator of advanced solutions for critical and complex environments, combining our own capabilities and operational expertise with an open ecosystem of specialized technology partners. Our value proposition is centered on improving situational awareness, coordination, and decision-making, integrating data, sensors, communications, and systems to transform information into actionable insights. To deliver this, we will leverage a broad range of technological capabilities, including AI and advanced analytics, secure communications, private 5G, drones, robotics, and cybersecurity, while building on Prosegur's existing experience in public security, emergency response, critical infrastructure, and other complex operations. Examples of potential use cases include electronic and communication systems for border control, the protection of military bases and critical infrastructure, and cybersecurity solutions for threat detection. Data centers are a good example of the latter, combining specialized security services with advanced electronic security solutions, dedicated on-site control centers, and secure isolated networks. Our approach will be open, modular, and interoperable, but also pragmatic and selective. We will focus our resources on those areas where our expertise can create differentiated value and where we see the strongest potential to scale. Although it is too early to quantify the financial contribution of this new business, we see attractive long-term growth opportunities. Our ambition is to establish Prosegur as a trusted technology partner and a relevant international player in the defense sector, leveraging our existing capabilities, operational expertise, and growth initiative. Ultimately, our ambition is to position Prosegur as a trusted technology partner and a relevant global player in the defense sector. With that, let me hand the call over to Cristina, who will take you through the alarms business and its key performance indicators. Thank you very much, Maite. Let me now move on to Prosegur Alarms, where we continue to execute on our strategy focused on customer quality, profitability, and cash generation, rather than pure volume growth. Starting with the customer base, total connections reached more than 1 million connections, up 2.2% year-on-year. This performance reflects different trends across the two businesses. Movistar Prosegur Alarmas continued to grow, with its customer base increasing by more than 8% year-on-year to 651,000 connections, while Prosegur Alarms stood at 407,000, reflecting the portfolio optimization measures introduced as part of our customer quality strategy. New customer additions were lower than in the same period last year, consistent with the more selective approach to customer acquisition that we have been implementing. As discussed in previous quarters, the objective is to prioritize customer quality and economics over volume, including greater use of upfront payment at the point of acquisition. Turning to churn, the reported level increased year-on-year at Prosegur Alarms, mainly reflecting the macroeconomic environment in Argentina. Excluding Argentina, churn across the remaining geographies remained broadly in line with previous quarter. Churn at MPA remained broadly in line, with a slight increase versus last year. Looking now at customer economics, ARPU increased across both businesses. Prosegur Alarms ARPU increased by 2.7%, while Movistar Prosegur Alarmas reported an increase of 2.9%. This positive evolution in Prosegur Alarms mainly reflects pricing reviews and lower commercial discounts, consistent with our new strategic approach. Service margins also showed a positive evolution. In Prosegur Alarms, the service margin remained stable in relative terms at 46%, while the underlying performance in absolute terms improved by 1.7%, supported by productivity gains and a leaner fixed cost structure, despite the challenging environment in Argentina and the implementation of stricter insolvency criteria. At Movistar Prosegur Alarmas, the service margin increased from 59% to 64%, representing an underlying improvement of around 15%, driven by operating leverage as the business continues to scale. Acquisition margins, however, remain under pressure, reflecting in Prosegur Alarms the lower level of customer additions and the resulting impact on fixed cost absorption. We continue to work on aligning the cost structure and commercial approach with the more selective acquisition strategy. Finally, looking at revenues, Prosegur Alarms sales reached EUR 202 million, up 16.3% year-on-year, supported by organic growth of close to 17%. At the same time, one of the indicators we are closely monitoring under the new strategy, upfront revenue from new customer additions, increased by approximately 70% year-on-year. This reflects the greater emphasis placed on upfront payment as part of the commercial proposition. Overall, the evolution during the first nine months remains consistent with the strategic shift we have been implementing. A more selective approach to customer acquisition with greater emphasis on customer quality, pricing, and upfront revenues, while continuing to focus on improving customer economics, profitability, and cash generation. The benefits of this approach are starting to become visible in service margins and upfront revenues, although acquisition metrics remain under pressure during this transition period. This completes the analysis of the group's business lines for the nine months of the year. Thank you for your attention. I will now turn the call back over to our CFO for a brief update on recent developments at Movistar Prosegur Alarmas, followed by her closing remarks. Thank you very much, Cristina. Movistar Prosegur Alarmas continues to deliver strong growth and reach important milestones. The business has now surpassed 650,000 customers, representing growth of approximately 30% since 2024, placing it among the top 10 alarm providers globally on a single country basis. Importantly, 2026 also marks the first year in which the company is generating positive cash flow while continuing to grow, demonstrating the increasing maturity and quality of the business. We continue to see significant growth potential in Spain, where alarm penetration remains at around 12%. Our expansion is also supported by strategic commercial partnerships across banking, insurance, retail, energy, and logistics, which broaden our commercial reach. At the same time, we continue to innovate and expand our offering, most recently with the launch of our smart lock, which further enhances our customer proposition by combining enhanced security with greater access control and convenience. Integrated with the alarm system, the solution provides an additional layer of home protection through a high-security lock cylinder, early detection, and immediate response capabilities, while allowing customers to manage access through keyless entry, remote access, and automatic locking. The smart lock is a highly competitive product with a strong technology proposition, and we believe it will support both customer growth and churn reduction. Looking ahead, our ambition is to sustain annual growth of around 10% through 2030, reaching approximately 1 million customers in Spain by the end of the decade. Before moving to Q&A, let me highlight the key takeaways from today's presentation. Starting with the group, we delivered a solid performance during the first nine months of the year, with revenues growing by 7.5%, driven by strong organic growth, particularly in Security U.S.A. On profitability, EBITA reflected the impact of the business mix, macroeconomic pressures in Argentina, and the challenging geopolitical backdrop. Looking at each business individually, Prosegur Cash continued to make progress on its transformation strategy, delivering organic growth of 2.6%, with Transformation Products now accounting for 36.2% of revenues. At the same time, EBITDA increased by 1.2%, and operating cash flow improved by 9% year-on-year. Security continued to deliver a very strong performance, with revenues increasing by 9.8% and the U.S. remaining a key growth driver. EBITA increased by 9% year-on-year, supported by a continued improvement in standalone quarterly margins. Strong commercial momentum in the U.S. resulted in higher working capital requirements, reflecting the continued expansion of the business. In Alarms, we continued to focus on customer quality and sustainable profitable growth. Movistar Prosegur Alarmas maintained solid momentum, with the customer base growing by more than 8% year-on-year. At Prosegur Alarms, the ongoing optimization of the portfolio is contributing to an improvement in service margins, despite the macroeconomic environment in Argentina. The business, including Prosegur Alarms and 50% of Movistar Prosegur Alarmas, generated EUR 67 million of rolling recurring cash flow, providing additional capacity to reinvest in healthy growth. With churn normalizing to around 12%, in line with our medium-term expectations, recurring cash flow would increase to approximately EUR 77 million. From a cash flow and balance sheet perspective, the group continued to make progress, delivering improved cash flow performance and a reduction in financial net debt during the quarter. This, together with the improvement in our S&P outlook, reinforces the strength of our financial position. In summary, we continue to combine solid growth with disciplined financial management and a clear focus on profitability and cash generation. We are making good progress on the strategic priorities of each of our businesses while continuing to strengthen the quality and diversification of the group. This concludes our presentation of the results for the first nine months of 2026. Thank you for your attention. We would now be pleased to take your questions. Thank you. If you would like to ask a question, you will need to press star, one, and one on your telephone and wait for your name to be announced. If you would like to withdraw your question, you can press star, one, and one again. Please stand by while we compile the Q&A queue. Thank you. We will now take our first question. This is from Enrique Yáguez from Bestinver Securities. Please go ahead. Good morning, Maite and Cristina. Most of my questions are related with the new Technology and Defense segment in Security. I would like to confirm the turnover target of EUR 500 million-EUR 700 million published in press for 2027, and what would be the base from 2026 to achieve these targets. I also like to know if the base of this year includes all the technology-related revenues from Security. Then, what kind of margins should we expect in the future from this new segment? I know that it is going to be above Security because of the technology proposition, but how much bigger? Should we think of double-digit margins, mid to high single digit, mid single digit? Then finally, when should we expect the first awards? One final question regarding the Alarms business in rest of the world. When do you expect a reversal in the recent trend and to see an improvement? Although I know that is difficult answer because it is probably too much related with the evolution of Argentina macro, but any thought on this will be helpful. Thank you very much. Thank you, Kike, for your questions. I did not get the last one, but I will answer you the one related to the Defense about the guidance in relation to the revenue of 2026, 2027, and about the margin. Later on, you could ask me again the last question. Technology and Defense is a new business within our technology area. Today, this area has an annual revenues of around EUR 400 million. With the new Defense business, we aim to reach around EUR 500 million in revenues by 2027. It is still early to give more detailed figures. We believe our offer brings real value to clients, but each solution will need to be adapted to their needs, as we already do in our technology business. For us now, I think that we are in the right track, but it is quite difficult to give, and I understand that you need the figures for the model, but it is quite difficult to provide exactly the figures. What I could tell is that you are right, we will be around EUR 500 million, including Technology and Defense division, because we will never split it again. As I will explain you later, everything will be together. The margin of this Defense division under the Technology and Defense business is going to be quite similar to the technology business that we have right now, the pure technology business that we have right now, that is a high single digit. Here, I would like also to mention that the manager who has made, since the beginning, the technology business, the one who has developed the technology business under the security business umbrella, will lead this new Prosegur Technology and Defense area. He has also helped us in the last years to move from traditional guarding to more technology-based security service. I think that we have Manuel Rodriguez, he is the person that we really need to lead this project. We have the right leadership, we have experience, we have knowledge of the sector, we just have to start growing. I think that for year-end, we will have more information so that I could provide you more detailed information in relation to the guidance for 2027, even maybe more, because we will be closing the budget and we will start working on the new strategic plan that we have every two years. We think that it is a market that is growing, and a lot of companies need to work together, and that it is important, and it is where we are also now. We are working a lot in the different partnerships with different, sometimes startups or tech ventures and things like that. I think that we are, and even because of our security business, we have good reasons to achieve this new opportunity that the Spanish market, and even the international market, because of all the geopolitical situations, has appeared. I think that we have the person, we have the managers, we have the capacity to create value to the different stakeholders of this business, and I think that we also could have a good product. I think that we are very optimistic in this new opportunity, and I know that it is not too much information. I am sorry, Kike, for that, but we will try to provide you more because now I think that it is still very early to give very detailed information in that regard. In relation to the second question, if you could repeat it again. Yeah. Thank you, Maite. Just a clarification of what you said. Should we assume that this new segment will be reported separately from security or not? The other question was regarding the Alarms business in rest of the world. The question was, when do you expect the KPIs to improve again? Although I think it will be much more related with the potential improvement in the Argentina consumption, but any thoughts of that would be grateful. Okay. Perfect. No, we are not going to provide it in a separate way. Why? Because it's not a global business. We have to separate it, and even our auditors always tell us to split it in relation to the different big business lines that we have. But, we are thinking if this starts getting bigger, if it's just like EUR 50 million every year or something like, it's not going to be nothing material. So, in that case, it has no sense to even to provide the split. Maybe yes in the one-on-ones, but not in the result presentation. If this starts to be something bigger, I think that we could do it. We could provide that detail. But at least for the full year results presentation, we will not provide any kind of bigger split or detail. Coming back to the Alarms business, the KPIs, when are we going to improve them? I agree with what you were mentioning because we will start with the big impact here are coming from Argentina. So, for example, the churn. We have a 14% churn, that is a very high churn. But if we exclude, for example, the Argentina churn, the rest of the world churn is 12 point something. So, it's a more normalized churn rate. So, now all the KPIs are very heavily impacted because of Argentina, but not just in Alarms, also in Security and also in Cash. Although in Security, we are observing a very good result. They are compensating the decrease of Alarms. So, in that sense, Argentina is really hitting us in this, the macroeconomy of Argentina is having an impact in the three of our business lines. So, excluding that, and in this transition year that we are considering because of all our strategy movements and so on, I think that the transition year should be 2026, and in 2027, we should be really doing our best and improving all the KPIs. The one that maybe we are not going to improve next year, the rest of them, service margin, ARPU, churn rate, even the growth, all of them should be improving. But the acquisition margin, I think that is the one that is going to be not so. We should improve it, but I think that unless we increase and we win a lot of scalability, it's not going to be so easy because we are investing a lot in products, in publicity, and so on. So, that one is going to be the hardest one. But the rest of them, they will have to improve. Yeah. Okay. Thank you, Maite. Thank you. We will now take the next question. This is from Manuel Lorente from Santander. Please go ahead. Yes, hello. Good afternoon. My first question is a follow-up on the Technology and Defense vertical. Just to double-check that the EUR 500 million expectation that you were commenting, Maite, you are referring for 2027 or for 2028? Also on the Technology and Defense, it is fair to assume that since you are, let's say, positioning yourself as an integrator with a relevant stance from joint ventures, do you expect a limited investment in terms of capital allocation to this segment? To finalize with the Technology and Defense thing, this is a, let's say, average ticket type of project between EUR 20 million-EUR 30 million type, with good positioning yourselves as tier three, tier four on the industry, or you expect an average larger ticket? Thank you, Manuel. Answering your first question, it's 2027. We should achieve between the two business lines, Technology and Defense, those EUR 500 million for 2027. In relation to the capital allocation, yes, the answer is yes. We are thinking, and even we have already made something not very material, but yeah, we think that we should invest, you were saying, like between EUR 20 million and EUR 30 million. I would say like between EUR 10 million and EUR 30 million. But yes, we think that a part of our capital allocation will be in trying to buy, not buy, like trying to participate with a percentage of different startups or partnerships with companies that could help us being more efficient or achieving faster solutions for specific products that will help us in this value creation that we think that we could provide to the customers. In industry, positioning and reference are key. Do you have any first reference? Here, our best reference is Prosegur, because I know that we are not working in defense, but we have been working in the security sector for the last 50 years. We really know, even a lot of our employees are ex-policemen, ex, I don't know how to say, guardias civiles. We really know very, very, very well the military sector because that's why we are good in security, because a lot of those militars are working for us as employees. I think that's one of our key factors to try to be a good or an important player in this sector. Okay. Just the final one from my side, and more a housekeeping type of thing. In addition, in my model, the quarterly breakdown of the reporting, I see a meaningful pickup in the depreciation line on the third quarter versus previous quarter trends. Can you elaborate a little bit on that, if that is correct, and what are the different moving parts behind that increase? Yes, sure. The EBITA has the amortization this quarter or this year has increased mainly because of two factors. The first one is because we are investing more and more in new products, so that's a new asset that I have to depreciate them, and sometimes those investments, I did them a few years ago or last year, because I grew a lot last year, so that this year I'm going to have more depreciation. The other one is, and thank you, Manuel, for this question. The other one is because, as I mentioned in the first half results presentation, in the alarms business, we register some insolvencies coming from the customers' portfolio because we clean the customers' portfolio. But those clients, they have an alarm in their house. What we have done is that we have accelerated the depreciation exceptionally for those ones that we are not going to use them. We are working hard in the refurbishment of those alarms so that we could use them for other customers. But because of our internal policy, we are not going to book them as an asset. We just put them as a zero-cost asset. That's why you have observed that. Thank you for the question. Can you quantify a little bit the, let's say, the part coming from this acceleration on the alarms portfolio. How is the total, more or less, throughout the year? No, this has already been cleaned, so during the year, you will see this impact, of course, but you are not going to see something very significant in that sense in the second Q. The total figure, we were here discussing that, I have here the team, and we do not have exactly the figure. But later, Cristina could provide you the exactly the figures, because we are in a range, but we are not sure of the total figure. So, Cristina will tell you exactly the figure. But, yeah. Sure, no problem. Thank you. We will now take the next question. This is from Álvaro Bernal from Alantra. Please go ahead. Hi, thank you for taking my question. I have two. The first one is, we have seen recent movements in larger players in the alarm sector, to name both, take private on ADT and CVC offers for Verisure. Is a carve-out something that you could consider, or is it completely discarded? That is the first question. The second question is about a year ago or so, you mentioned you are now open to look to sell your TEF, Telefónica stake. A year has gone by, there has been no update there. Just wondering if priorities have changed, and any update there would be very helpful. Thank you. Thank you, Álvaro. In relation to your first question, I know that now the alarms business is quite fashion, and everybody is doing something. But in our case, our goal is exactly the same one. In MPA, we are focused in growing, growing. We need to achieve those 1 million connections in 2030. In the rest of the world, we need to have healthy quality growth, and we are just focused on that. From now on, we are not on the carve-out, considering any kind of thing. In relation to the Telefónica shares, you are right, because I really want to sell them, but it is true that now, because of Lula's issues and other different things, the share price has dropped, and we are... Even I prefer, I really do not want to have capital allocation in Telefónica. I prefer to use that money for other things like, I do not know, I was previously saying to Manuel, to defense or to new products or to the transformation of the cash business or whatever. But now, if we think that the share is not in the... When I mentioned that, we were just going to sell it, but something happened, and the share went down. So, now we are going to wait a little bit. Okay, understood. Thank you. Thank you. As a reminder, if you would like to ask a question, you can press star, one, and one on your telephone and wait for your name to be announced. To withdraw your question, you can press star, one, and one again. So once again, that is star, one, and one for any further questions. There are no further questions coming through. I would now hand back to the speakers for any closing comments. Thank you very much for attending this presentation. If you need further information, please contact our Investor Relations department, who is open to help you at any time. Have a nice day. Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect.