Hello, good morning, everyone. Thank you very much for joining this call. It is aimed to present the results of the third quarter 2025. Gonzalo Urquijo, CEO, will go through the presentation that was released yesterday. At the end of the call, we will open a Q&A session, as we usually do. Please, if you want to participate in the Q&A, raise your hand in Teams, and we will enable the microphone. Thank you very much. Go ahead, Gonzalo. Thank you, Javier, and good morning to all. Welcome to the call once more. Just a reminder, in third quarter, as we do first quarter, we only present down to EBITDA, and we do not present the balance sheet. Can we go to the first page, please? Okay. First of all, I'll start with safety. You can see the accident frequency rate is 5.54, which is better than the previous quarter, and severity has also made progress. We are doing progress. We are doing a tremendous effort on that, which is very important, and especially with our subcontractors, and we are doing better. Now, if I go to this executive summary, first of all, we see it in the following page. We will talk about the extraordinary shareholders' meeting, where we are in terms of the change in shareholdership, the financial new transaction. Basically, it has three points. The first one, which will all be submitted to the general shareholders' meeting that will take place the 12th of December. Now, the basic points of that general shareholders' meeting are the capital increase done by and fully subscribed by SEPI. The second one would be the first issuance of convertible bonds. That is EUR 30 million. The increase in capital was EUR 45 million, so this would be EUR 30 million. And the third would be the convertible bonds issued for the Basque investors. That is where we are, and those will be the main points. Second, in terms of business performance, I think it's been a good quarter in the sense that we have seen an increase in the revenues on one side, and especially, I think we've had two key achievements. The first one has been the delivery of the trains to DB, and we'll see after, and the same to Denmark. Now, as we do believe, and we hope that in this quarter, we will be able to close at least one more commercial transaction clearly. Financial results, you see we are at EUR 443 million. Now, if we take away the German impact, the DB impact, it would be around EUR 480 million. In terms of EBITDA, we are at EUR -3.3 million. We are coming from EUR -16 million, and if we would not have the German impact, we would be at EUR 36.6 million positive, of course. In terms of the outlook, we will see it in the last page, but it has not changed since the last one we informed and we showed to you a few weeks ago. In the next page, let's go through the general shareholders' meeting. As I said, it will take place the 12th of December, and the idea is the following. The first part will be the equity reinforcement. We are reinforcing our structure of capital that comes through three ways. One of the routes is the increase in capital for EUR 45 million, and SEPI, that is this government investment vehicle, will take 7.87% of the capital. Additionally to that, SEPI will also take EUR 30 million in convertible bonds. Last but not least, the Basque investors will do a convertible bond issue, so we will have two of EUR 75 million. Now, these investors are somewhat different from the ones that are buying the shares to Trilantic because we have a Carapin private equity who is part of these investors who is not part in the acquisition of these shares to Trilantic Operazo. In this sense, it is EUR 150 million put into new, EUR 105 million in convertible bonds, and EUR 45 million in increase in capital. We will reinforce our equity in EUR 150 million, and of course, that will bring us the cash that will be out of those EUR 150 million. The second point is the financial strengthening. That is, what we've done is benefiting from this situation. We've negotiated with all the banks in terms of increasing our funding capacity. It has increased. We have a tranche that is EUR 650 million coming from around EUR 350 million. That is a syndicated loan that goes up to maturing in 2031. Now, this is covered by CESCE in 60% of it. We have a second tranche that is not covered by CESCE. That is our revolving credit line of EUR 120 million for five years. I insist this one has no CESCE coverage. Last but not least, we have a new line of bonds. We already have bonds up to EUR 1.2 billion. This is 500 additional bonds, and it's covered in a 75% by CESCE. Okay, maturing in 2031 also. Additionally to that, the Board of Directors, we have a maximum members as of today, we are six, but we have maximum members of 10. The idea is proposing to the EGM, reducing it to a maximum of eight members. Why? Because we think a company of the size of ours, it makes much more sense in terms of governance to reduce it from 10 to eight. Additionally to that, we're also sending a message of cost reduction clearly. Next page. In terms of the business performance, our backlog is around EUR 4.8 billion. Now, if we do close a couple of or at least one more deal, we will get closer to the EUR 7 billion, but we're still waiting. Basically, we have two deals there. One of them is, I don't know who it is, Flix will agree to increase from the amount they have today to 65, so that is from 35-65, and that is where we are. Additionally to that, we are, and with the latest news we have on Saudi Arabia, it's very positive, so we do think that should come before the end of the year. The second point is clearly we have two trains already accepted in Germany. We hope to have two more by the end of the year, so that would be four. In December, they will start working with passengers. They're already doing trial outs with passengers, but it's not commercial passengers, so that should be working by December. Additionally to that, we already have three trains in Denmark. We have to deliver four more by the end of the year, and they're already with passengers. They're very happy with them, and they're working very well. It's doing basically, it's done. done. First, it started with internal routes in Denmark, but now it's doing Copenhagen-Hamburg. As a third point to this page, we hope to finish the settlement agreement with DB in the following weeks, as we already told you in the last investor call. That's working in progress, I would say. Now, in terms of the market, the market remains strong. We see it strong. We have a lot of deals in North Europe, in East Europe, and also Middle East and Africa. Additionally to that, we are, as always, being extremely cautious and very strict in what we accept as deals. All of them have to have indexation. As for number one, positive cash flow, reduced liabilities in terms of penalties and similar things, and we've been extremely strict with. Next page. In terms of revenues, as you can see, we were last year at EUR 497.8 million. This year, we are EUR 443.1 million. Now, we adjust to DB, is EUR +37.5 million. It would be around EUR 480 million, so that's where we would be. We have seen good growth in the last three months, which we are very satisfied. We think things are coming in terms we're doing better industrially, clearly. In terms of EBITDA, are EUR -3.3 million. We are from EUR -16 million, if you remember. So we have had EBITDA. If we wouldn't have the German impact and lack mine in this case, it should EUR +40 million, so we would be at EUR 36.6 million. That's where we would. Last page, the outlook. In the outlook, as you can see, it's remained constant to what we presented a few weeks ago. That is the order intake at EUR 2.3 billion. In terms of revenues between EUR 560 million-EUR 590 million, it would be if we take or we add the EUR 37 million of the DB adjustment, it would be between EUR 600 million-EUR 630 million. In terms of financial debt, it's between EUR 350 million-EUR 400 million, but that is taking into account that we have already done the cashing of the equity and the convertible bonds clearly. Okay. Now, we believe this transaction, everything goes well in the shareholders' meeting. That is the 12th. In the following week, everything should be aligned in order to close the deal, and that is where we are. The banks have given all of us a green light, and that's where we are as of today. If you agree, we thank you very much once more for joining, and we're open to questions and doubt. Thank you very much. I see there, Iñigo Recio. Just a second, I believe that. There's a question coming from Iñigo Recio from GVC. Iñigo, please go ahead. Hello. Can you hear me? Yes. Okay. Thank you. Yeah, thank you, Gonzalo. Good morning. Do you plan to present any business plan to investors, for example, in 2026? The second question, is there any news regarding Renfe's penalty? Thank you very much. Okay. Thank you very much, Iñigo, as always, for your questions and your interest. In terms of the business plan, I have to tell you, we have our internal projections more than a business plan. That is a fact. For the moment, we are very reluctant to show that to the market, basically for two reasons. One of them is, at the end, that is giving a guidance for the next years, and that for us is a matter of concern. Second, we are giving tips to our competitors. That is why we are reluctant to present it. As of today, our idea is not to present it, but I mean, we'll have to review it and rethink this point. That is for your first question, Iñigo. For your second question, in terms of renting, we have no further news. As you know, we have a penalty that we put through our P&L last year. It's EUR 116 million. We thought we don't have to pay that penalty because it went through COVID. There was force majeure. We had all the raw materials. Additionally to that, we had other elements like we didn't have enough drivers for the trains. We didn't have enough trains, availability to use the tracks in order to do the trial outs and the testing. That is where we are. Renfe disagreed with us, so they have to take it; they should take it to court. Additionally, they haven't taken it as of today to court. There's nothing new. In terms of the payments, they have not paid us the last EUR 22 million, but we have what we call the provisional reception of the trains and other EUR 60 million. That is pending, I would say, and we've already taken Renfe to court in the sense we believe he cannot use pending bills of the EUR 106 million to net it with the penalties. It will have to be a judge and a court who tells us if we have to pay or not. Nothing new on that front, and we are where we were a couple of weeks ago, Iñigo. Thank you. [Foreign language], Ati. I think we have another one there. Yes. Next question coming from Jaime Escribano, Santander. Jaime, please go ahead. Hi. Good afternoon. I'm sorry because I'm late. Hopefully, this has not been asked. Regarding margins, can you provide us a little bit of visibility on what could be a recurrent margin in order to estimate for at least, I don't know, between 2026 to 2030? Both figures because it's been a little bit lumpy because of many reasons this year, and I'm a little bit lost on what should I assume going forward. The second question is regarding the Deutsche Bahn negotiation. If you can give us an update on where you stand and what are the main outcomes from this negotiation. Thank you. Thank you very much, Jaime, for your questions. I'll start by the second one. In terms of the DB negotiation, I have to tell you where we left it in the sense that we are in the negotiation, but the negotiation, you know we had an LOI signed, and we are negotiating on all those points in order to close them. That is the reduction from 79 to 60, and that is there's others, we already announced, there's other elements to that. There's a new maintenance contract. There's other elements. There's a reduction in terms of penalties to 1/5. Additionally, there's other elements there, but we're still in the closure of that in order to have the final agreement. Okay, Jaime? That's where we are, and I hope it finishes in the following weeks clearly. As for your first question, it's a difficult one because if we gave you it, I would link it with Iñigo's question. You would have the business plan. In terms of that, that would be giving you guidance from 2026 to 2030. I do think there's some elements that for your model, they should be taken into account. On one side, on the side of the income, we do see that there'll be new contracts coming in, and we already have new contracts. Those contracts have a better margin on one side. Those contracts should be extremely strict in terms of indexation, positive cash flow, in terms of reduction of liabilities. That is so that going forward, in terms of the income, you should see more. Additionally to that, we should see more at the end turnover. We're working hard on that, and I'll come back to that in order to have more increase our revenues clearly and have more turnover. The new projects should have different margins, and we would be finishing the past ones, which have, you know, they still have the burdens of the past. Now, other points which I think are very important. In terms of industrially, I think we're doing big work in optimization of our manufacturing, in increase the production capability that we have in our facilities. Additionally to that, we're working hard, and we work hard on two platforms. It's the platform of the AVRIL, of the high-speed, and the platform of the German one, the 230, in that sense. We do believe that becomes recurrent. It was first, it was DB, then it was Denmark. Now it has been fixed. Now we have a lot of interest for those two platforms. At the end, that should reduce our risk, and it should, at the end, we should have many of the costs that were done to create these two new platforms have already been done. We do believe that should improve our EBITDA clearly going forward. We should have our EBITDA should improve. As you know, in terms of maintenance, it's a good business, safe business, a recurring business. In that sense, we are doing big work in order not to lose margins there and be efficient also through an optimization program. I can only tell you that we should see it improving going forward clearly. Our road would be then much less bumpy, and I think we're basically getting over the bumps. Okay. Thank you very much, Gonzalo. [Foreign language]. Other questions? Just as a reminder, if any of you want to make a question, please raise your hand through the Teams, and we will enable the micro. Any further ones, Javier or Recio? It seems that there are no additional questions. If that is. Think is what in this case, if after the call, there's any additional that's in to discuss, we will, as always, be open through the IR channel to answer any further questions. Thank you very much. Thank you as well. Thank you, Gonzalo. Thank you. Thank you very much to all. Have a good day, and thank you very much for attending. We count on you. Thank you. Bye. Good day.