Good morning. I'm Pedro Sigüenza, Chief Executive Officer of Sacyr. Joining me today is Carlos Mijangos, our Chief Financial Officer. Thank you all for joining us for Sacyr's earnings call for the first nine months of fiscal year 2026. Before we begin, on behalf of Sacyr, I would like to extend our deepest condolences to the families of those who lost their lives in last week's tragic rail accident. We wish a speedy recovery to those who remain hospitalized, and we join in recognizing the outstanding work everyone involved in the rescue and relief efforts. Today's presentation is divided into three sections: the key highlights of the period, our operating and financial performance, and a review of our business divisions. As always, we shall conclude with a Q&A session. I will begin with the key financials for the period, which confirm the strength of our concession-based business model and its cash-generating capacity. Revenue increased 11% compared with the first nine months of 2025, reaching EUR 3.777 billion. EBITDA rose 9% to EUR 1.111 billion, with a margin of 29.4%. Operating cash flow reached EUR 913 million, up 21% year-on-year after excluding the contribution from our Colombian assets in 2025. This growth demonstrates that our new concessions are not only replacing the cash flows from divested assets, but also driving further growth in cash generation. Net profit attributable to the parent increased a significant 87% to EUR 116 million, reflecting the group's improved operating performance and the strength of our platform. We have kept our recourse net debt ratio below one times, thus meeting our financial commitment while preserving our ability to pursue new growth opportunities. These figures represent more than earnings growth. They show that our strategy is working. We are growing, generating more cash, maintaining financial discipline, and reinforcing our ability to create value. Among the most important milestones of the first nine months, I would like to highlight the following. First, we have added two new concessions in 2026, the Ontario Science Centre in Toronto, our first concession in Canada, and Route 57 in Chile, which I will discuss in a moment. Second, Standard & Poor's awarded us an investment-grade credit rating. This marks another important milestone under our strategic plan and provides further recognition of our financial discipline. Third, we have an attractive pipeline of strategic opportunities, primarily in the U.S., Canada, Europe, and Australia, across both our concessions and water divisions, and I will also discuss this in more detail shortly. I would like to spend a moment on Route 57, our second new concession this year. Route 57 is a 116 km yellowfield project connecting Santiago with the Los Libertadores border crossing, and we will begin operating it this coming January. It is the main trade corridor between the South Atlantic and Pacific ports, carrying approximately 50% of the freight entering Chile by land. The concession has a 20-year term, will require an investment of EUR 800 million, and adds EUR 2.8 billion to the company's backlog. This project strengthens our leading position in Chile, where we began our concessions business 30 years ago, and we celebrated that anniversary in Santiago last week. Chile remains one of our strategic markets. Our future growth is underpinned by a broad and diversified pipeline of opportunities, while we remain highly selective. The U.S. remains a priority market for Sacyr, and we shall continue bidding for new corridors. We have shown the market that we submit strong bids, but always within our return requirements and financial discipline, which we will not change. The I-77 managed lanes project in North Carolina, for which we have been shortlisted through prequalification, has been reactivated, and we expect the request for proposals to be issued in the final quarter of this year. In Canada, we have been prequalified, and we will compete against one other consortium for the Windsor Hospital concession tender by the Infrastructure Ontario. The social infrastructure project involves an investment of more than EUR 1.5 billion. In Europe, key opportunities include the A22 highway from Modena to Brenner and the Brescia- Padova, and Turin-Milan sections of the A4 in Italy, the Dublin MetroLink to the airport in Ireland, the Oiã-Soure high-speed rail section in Portugal, involving an investment of more than EUR 2 billion, where our bid received the highest final evaluation score, and we expect to be shortlisted for award, and several other integrated water cycle contracts in Spain. In Australia, we submitted bids for the Adelaide desalination plant and the Wyaralong water treatment plant in Brisbane. In each project, we are competing against one other bidder. In Latin America, we are assessing opportunities in Chile and Brazil, respectively. Our priority remains to grow in our strategic core markets and in projects where we can leverage our concessions expertise while maintaining appropriate returns and rigorous risk control. On sustainability, our performance has reached new highs. Our score of 77 out of 100 in the S&P Global Corporate Sustainability Assessment places us in the 97th percentile of our industry, while MSCI has upgraded our rating to AA, the highest in our history. These improvements reflect our leadership in comprehensive ESG management, which supports sustainable growth and creates value for our shareholders. I will now hand it over to Carlos Mijangos, who will take you through our operating and financial performance in greater detail. Thank you, Pedro. Let us now review our operating and financial performance for the first nine months of the year. These results confirm Sacyr's sustained growth, supported by the strength of our concession platform, robust recurring cash generation, and continued financial discipline. We are making further progress, therefore, towards the targets under our strategic plan. As for the key financials of the company, revenue reached EUR 3.777 billion, up 11% from the same period last year. EBITDA came in at EUR 1.111 billion, an increase of 9%, while maintaining a strong margin of 29.4%. The quality of our earnings continues to reflect the group's concession-focused business model. More than 90% of EBITDA comes from concession assets, providing recurring earnings, visibility, and strong cash conversion, as most of these assets are already operational. EBIT increased 13% to EUR 837 million, while net income attributable to shareholders reached EUR 116 million, up 87%. Operating cash flow totaled EUR 913 million. On a like-for-like basis, excluding the cash generated in 2025 by the assets divested in Colombia, it increased 21%. This is particularly significant because it shows that EBITDA growth is translating into actual cash generation. Finally, we have kept our recourse net debt ratio below one times, in line with the financial commitments set forth under our strategic plan period. As for our concession platform, it continues to create value. The 2026 valuation of our assets stands at EUR 4.316 billion, reflecting those projects under management and the divestments completed, and excluding any new contracts awarded since June of this year. This represents an increase of more than EUR 600 million over the 2025 valuation, or growth of more than 16% in just one year. This economic value, however, goes well beyond the life of the concessions contract that will reach more than EUR 19.9 billion, providing strong visibility into future cash generation. This combination of present value and future distributions is one of Sacyr's key differentiators. It enables us to finance growth, deliver shareholder returns, and maintain a balanced financial structure without passing up new investment opportunities, which are the three core pillars underpinning our strategic plan. This quarter, we reached a major milestone. That is, S&P Global Ratings assigned Sacyr a BBB- corporate credit rating, which is investment grade, with a stable outlook. With this recognition, we now have two global investment grade ratings, one from S&P and the other from Morningstar DBRS. This marks further progress under our strategic plan and provides external confirmation of the strength of our business model and the financial discipline we have maintained in recent years. Investment grade status will enable us to broaden our access to international investors, diversify our funding sources, and strengthen our position to optimize borrowing costs and terms. It also enhances our financial credibility and competitiveness in major international tenders. In short, this is more than just a financial aspect. It is a strategic tool that increases our financial flexibility and supports the company's future growth. As for shareholder remuneration and treasury shares, we continue to implement our treasury share transaction strategy through forward contracts. In August, we entered into a new contract covering 10 million shares, bringing the total amount of shares under contract to 40 million at an average reference price of EUR 3.59 per share. This shows that we intend to revalue our share price, and our value creation also benefits shareholders. In July, we paid a cash dividend of EUR 0.10 per share, compared with EUR 0.045 in July 2025, which represents, therefore, an increase of 122%. All these measures reflect our confidence in Sacyr's value and allow us to combine direct cash returns to shareholders with efficient capital management. We're doing all this while preserving our investment capacity and staying on track with our financial discipline targets. As for consolidated net debt for the first nine months of 2026, it stood at EUR 6.972 billion, compared with EUR 6.359 billion at the end of 2025. This EUR 613 million increase was mainly driven by net investment in concession projects and progress on the construction work associated with this backlog. During the first nine months, EBITDA contributed EUR 1.111 billion, and together with changes in working capital and other adjustments, generated EUR 930 million in funds from operations. This cash generation offsets a significant portion of the period's investment and financing costs. Net investment totaled EUR 1.014 billion. Most of this relates to concession projects financed with non-recourse debt, which will increase our capacity to generate cash and make distributions in the future in the areas where we are going to carry out investments. The increase in consolidated debt should therefore be assessed alongside the growth in asset values, progress on our projects, and the future cash distributions these assets will generate once they become operational. Turning to recourse net debt, during this Q3, we ended September at EUR 322 million compared with EUR 264 million in June, an increase of EUR 58 million. Funds from operations for the quarter totaled EUR 81 million, fully covering the cash dividend, which was also EUR 81 million. As we mentioned in the prior slide, those EUR 0.10 per share paid in July this year. This therefore shows our net investment in our assets for EUR 33 million, together with financing costs coming from corporate debt. Therefore, despite these investments and the dividend payment, we have maintained our recourse net debt ratio below one times. This confirms that we are funding therefore growth and shareholder returns from a strong balance sheet position while honoring our commitments disclosed to the market. I now hand it back to our CEO to discuss the performance of our business divisions. Thank you very much, Carlos. I will now review the performance of our three business divisions. Revenue in our concessions division reached EUR 1.536 billion, up 21% compared with the first nine months of 2025. Operating revenue rose 11% to EUR 981 million, thanks to contributions from Chilean assets such as Route 68 and Ruta del Itata, which more than offset the removal of the Colombian assets from our consolidation perimeter. Construction revenue rose 45% to EUR 555 million, driven by progress on projects including Ruta del Elqui, Buin- Paine Hospital in Chile, the Buga-Buenaventura Highway in Colombia, Cardiff Hospital in the U.K., and the start of the construction on the Ontario Science Centre in Canada. The division's EBITDA increased 9% to EUR 611 million, with a margin of 62.3%. Over the first nine months, our concessions distributed EUR 141 million, and we invested EUR 61 million in equity. Total equity invested in our infrastructure concession assets therefore reached EUR 1.768 billion after deducting the divestment of our four parking facilities in Spain. In the U.S., as I mentioned before, we have been prequalification for the I-77 managed lanes project in North Carolina. We expect the request for proposals before the end of 2026. In our engineering and infrastructure division, revenue increased 10% to EUR 2.419 billion, while pure construction revenue rose 13% to EUR 1.896 billion. EBITDA grew 7% to EUR 434 million. The construction margin remained stable at 5%. The division's backlog reached EUR 12.801 billion, up 3% from December. Of that amount, 76% relates to our own concessions division, limiting, as we have repeatedly said, our exposure to the risks inherent in construction activities. Key milestones during the period include, in August, we signed the contract for Frimley Park Hospital in the U.K. with an estimated investment of more than GBP 1.5 billion, which has not been included in the concessions backlog yet, and also the Peel Health Campus in Mandurah, Australia, one of Western Australia's most iconic healthcare infrastructure projects. In addition, on the I-10 Highway in Louisiana, our first concession in the U.S., we have begun foundation work on the main bridge. Construction is now 25% complete. Finally, our water division continues to deliver double-digit growth in both revenue and EBITDA. Revenue reached EUR 323 million, up 53% year-on-year, including EUR 89 million in construction revenue from the Antofagasta Water Reuse Plant in Chile. EBITDA rose 20% to EUR 55 million, with a margin of 23.3% against 21.5% a year earlier. Backlog reached EUR 8.089 billion, up 16% from December. Total equity invested in the division's assets reached EUR 151 million. The key milestones for the period include the Perth Desalination Plant in Australia, which has achieved record production, exceeding its nominal capacity of 100 GL for the first time. It is the second-largest desalination plant in Australia by output and the seventh-largest worldwide. In the U.S., the first phase of a Sacyr-led proposal to strengthen Arizona's long-term water supply has been approved, confirming that our technical capabilities in water allow us to participate in large-scale strategic solutions in North America. To conclude today's presentation, I would like to leave you with five key takeaways. First, cash generation, a cornerstone of our strategy, increased 21% on a like-for-like basis. This double-digit growth shows that our concession-based model is generating increasingly strong and recurring cash flows. Second, net profit increased 87%, reflecting the strength of our business, which is becoming increasingly robust, larger, and more profitable. Third, we continue to build future growth through new concessions, including the Ontario Science Centre and Route 57, and through major opportunities in the U.S., Canada, Italy, and Australia, where we are bidding with the same investment selectivity that has brought us this far. Fourth, our financial discipline has been recognized with two investment-grade ratings from Standard & Poor's and Morningstar. This gives us greater visibility among international investors, diversify our financing sources, and strengthen our competitive position in major tenders. Finally, we continue to deliver on our strategic plan commitments, sharing the value created by the company with our shareholders through our second cash dividend payout made in July. Now, we're happy to take your questions. Good morning, everybody, and thank you very much for joining us today at this earnings call for the first nine months of 2026. We're going to start with questions coming through the telephone, and then we are going to continue with the questions that we have received through the webcast. The first question comes from Luis Prieto. Thank you very much, Alberto, and thank you very much for taking my questions this morning. I have two questions. The winning tenders for the managed lanes, I believe that this has changed the scope and dimension of the projects at hand. What about new opportunities in the pipeline? What do you think about this? Do you think that this will lead to readjustments in new tenders going forward? Which assets are included in the pipeline in this case? Okay, we're going to answer shortly. Thank you. Luis, [Non-English content]. Good morning, Luis. As I mentioned during my presentation, Sacyr has shown its capacity to tender at the best level, submitting rigorous, competitive, and profitable proposals. We are certain that sooner than later, we will be awarded a significant project of this kind. As for asset rotation, this is your second question. There are some assets that were included in the Voreantis scope, such as the Colombian assets. They have been removed from the company's perimeter. We always perform a recurrent activity. We obtain funds in order to make the most of our assets, and so we are always analyzing new opportunities in this respect. When we present our strategic plan, we are going to give you more color on our kind of focus, but I can tell you that we are now undergoing several processes of this kind. Thank you very much, Luis. The next question comes from Miguel González Toquero from JB Capital. Please go ahead. Good morning. Thank you for taking my question. I have two questions for you. The first question is concerned with the holding and the adjustments you mentioned. Could you give us more color on the EBITDA and the changes this quarter compared to the prior period and what we should expect going forward? Next, I would like to know how interest rate hikes could affect you going beyond discount rates. I think that you mentioned that back in the day. Do you have any pending refinancing that might be more expensive going forward at a holding level? Should we expect any impact coming from interest rate hikes, or can this be somehow offset by the new investment grade rating? Could you please give us more color on that? Thank you. We are going to answer shortly, Miguel. Let me answer. As for holding and other adjustments from an EBITDA perspective, when preparing budgets, we try to take a neutral stance. It is true during the first half of the fiscal year, we pay premiums and securities and collaterals. Here we have Cafestore, which is quite seasonal, so most EBITDA comes during the summer season. So you have 5 million or 6 million that are not included in the second half, and that is why you see this difference of nearly eight. By year-end, we believe that it is going to stand more or less at the same level because we have already factored in most expenditure and the Cafestore EBITDA. As for interest rate hikes, you have answered the question yourself. First off, you have to take into account that we have more than 70% set at fixed rate, whether we talk about projects or the holdings debt. However, as I mentioned during the presentation, we are now making new arrangements, and we have reduced the spreads of a great portion of our corporate debt due to our investment-grade rating that had already been included in some of the terms and conditions of new contracts. In the short term, we believe that there will not be a significant improvement, but there will be a significant improvement in the medium term as a consequence of this spread reduction. Thank you very much. Now I am going to read aloud the questions that we have received through the webcast. Mariano from Alantra asks the following: "Good morning. Concerning Pedemontana, could you please give us an update about rebalancing? How are negotiations going, and when do you think that a final decision will be made? We are going to answer Mariano in just a moment. Mariano, as for the works management division, has submitted to the [collaudo] committee a list of the settlement concerning all the works that were carried out as a result of the concession. This committee is comprised of officials from the Ministry of Transportation, and they have to issue a certificate including all the investments that were eventually made. This is work in progress as we speak. The next question is by Álvaro Navarro from Bestinver. He has three questions. Good morning. The first question is the following: As for the managed lanes, the two managed lanes that have been awarded, you were second. Now, what implications would that have? What happens if the I-24 award does not finally get through, or what happens if the terms and conditions of the bidding terms are not complied with? Would Sacyr be awarded this project, or a new tender would be called upon? Now, the dividend payout for concessions for 2026 and the assets involved, we also observe that equity is moving more slowly this year. Could you give us some guidance by year-end? And the third question is the following: Well, Álvaro, we are going to get back to you concerning EBITDA and revenue concerning Pedemontana and other projects, but actually, investor relations will come back to you with an answer about that. Álvaro, as for I-24, I am not going to actually tell you what will happen if there is no shortlisting. As I said to Luis, we have proven our capacity to submit regular proposals that are large and profitable. We are convinced that sooner or later, we are going to be awarded a project of this kind. As for equity and distribution, our guidance in terms of equity contributions for the year was EUR 137 million, and as for distribution, it was almost EUR 180. It is true that this year, there are some smaller distributions. For five or six years, we have been distributing EUR 220 million approximately, but this is due to the awards during 2024 and 2025, and the projects which have already been sold, such as the Colombian assets that contributed more than EUR 40 million. Therefore, that is the figure. On the one hand, we have equities of EUR 137 million that we intend to invest this year. In Q3, we have invested up to EUR 84. In the case of water, we are going to make more significant contributions. We planned EUR 185 million, EUR 190 million for this year, and the main targets of such distributions happen to be in Spain and Chile. These countries make significant contributions compared to other countries such as Uruguay or Paraguay, which also make a contribution to the business. Thank you very much, Carlos. The next question comes from Luis de Toledo from ODDO BHF. Good afternoon. I would like to ask you about progress made in terms of profitability across concession business in terms of concession water, which are growing in terms of EBITDA. Do you think that this is due to backlog changes, or can this be attributed to more cost efficiency among other factors? Luis, we are going to answer shortly. Thank you. Luis, this margin increase can be boiled down to the strength of our concession business. As I said before, this business is increasingly more robust and diversified. It's larger and more profitable. There are no further questions. I now give the floor back to the CEO, Pedro Sigüenza. If there are no further questions, thank you very much for joining us and for your interest. We look forward to speaking with you again next time. Thank you very much, and have a nice afternoon.
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