Our Chairman, Juan Lladó, and our CEO, Eduardo San Miguel. It will take around 20 minutes, and you can pose your questions after the remarks. Hi. Hello everyone. Let's make sure we stay within our 20 minutes, as the last ones they were a bit longer. In today's presentation, you have, you know, you have in front of you what we will be talking about. Eduardo, myself will be driving you through a summary of our results of the Q1, which is the important thing of this 2023. I'm gonna be starting with the recent rights issue that has just been successfully closed. I would like to go over the financial rationale and the key messages in our equity story that we have shared with many investors and analysts, and some of you were there. Next, Eduardo will move on to update you on our commercial activity and give you some color on the recent awards achieved in 2023. Right after that, no, he will go in more detail. Eduardo will go in more detail with the financial figures of the quarter. I will finish with the presentation of our guidance, and it's going to be the guidance for 2023. Let me start with the rights issue. As you all know, or hopefully you know, we had just closed the EUR 150 million capital increase that was announced to you right after Easter. First and foremost, I have to thank all our current shareholders, old shareholders, and new ones for placing their trust in the present and also the future of Técnicas Reunidas. I'm very much convinced that we will achieve the results that all of you expect and deserve. Let me go through the rationale behind the transaction. You know, as we wanted to get ready for all the major opportunities that lie ahead of us, the opportunities that the market is lying ahead of us. We needed to get our equity up to the level that would give financial comfort to our main customers. This is very important. We wanted to give comfort to our customers. We needed to be ready. With EUR 150 million raised, we are today at the equity level above EUR 400 million, which is slightly above the average level of the period 2016, 2019, which was the pre-COVID period, which is the period we were able to reach record level of awards from very top customers. That was the purpose, EUR 150 million. Let's go over the rationale of the rights issue. The sector, why the sector, and why Técnicas Reunidas. I think it is very important to briefly summarize in this slide again our value proposition that was presented to investors. We do believe we convince the sectors in a special attractive situations, both from the demand side, we're facing the largest investment wave you will have ever seen. Second, from the supply side, the sector, and we're very much convinced, is constrained by the scarcity of experienced engineering resources, scarcity on capacity. In this scenario, Técnicas Reunidas can take full advantage of these engineering credentials with our top clients and reached now a new level of profitable growth. We have the resources as we kept intact our core engineering during the crisis, and we are already taking the clients, talking with our clients about a pipeline of very well-defined projects that is larger than ever. We're talking to them on a very big and very well-defined pipeline. This is important on underlying that. This includes both our traditional products with our clients, but also starts to include the large new opportunity that arise from the decarbonization needs. Needs that come from our existing customers, and also from clients in new sectors, such as steel and cement. I do believe, and we all believe, there is a unique opportunity to grow, but we want to make sure that we grow profitably and safety. It has to be a healthy growth. With this goal in mind, the company is focusing its efforts in de-risking its backlog through different strategy that we have presented through the different roadshows we've done. On launching different waves of efficiency program to optimize our cost on operations. This is just a brief summary. In a nutshell, this is a roadmap for the future of TR. Now, let me give the floor to Eduardo. Okay. Thank you, Juan. Let me give you now some color about the projects we have announced the first month of 2023, also about the size and shape of our bidding pipeline for the next two years. In our last year-end results presentation in February, we announced that TR was awarded a major LNG project in Europe, we were not allowed at that time to disclose neither the client nor the terms of the contract. Well, now we can share with you that this announcement refers to the Hanseatic Energy Hub regasification terminal that is being developed in Hamburg. It is an import terminal that will contribute to secure Germany's supply of LNG and green gases. The design and construction of this terminal will be developed by a JV led by Técnicas Reunidas, that also includes the Spanish construction company FCC and the Turkish Enka. Within this JV, Técnicas Reunidas will design the regasification terminal and the two storage tanks and will undertake all the equipment and material supply for the project. The new terminal will involve a total investment of close to EUR 1 billion, of which approximately EUR 500 million will correspond to the scope of Técnicas Reunidas. Let me highlight, and it's important for me, that following our risk mitigation strategy, this is an award with a de-risked profile, since the construction and assembly activities will be conducted by the other members of the consortium, FCC and Enka. We have also two important awards in low-carbon technologies. The first one, on the 25th of April, Cepsa and Técnicas jointly announced that TR will develop Cepsa's second-generation biofuels plant in Huelva, the largest project of this kind in Southern Europe. The total investment of this project will amount to EUR 1 billion. Técnicas Reunidas will develop the engineering and will also manage the procurement and the construction of the plant. I want to stress that this project is huge, but again, it has been de-risked, as it will be performed on a pure service basis. Although the volume of the contract in terms of sales for TR is not comparable to a lump sum EPC project, the project has a better and more secure profitability. The second award regarding low carbon technologies was announced yesterday. In this case, Técnicas Reunidas has been awarded a contract for the electrification of two Repsol industrial complexes, one in Sines, Portugal, and the other one in Tarragona, Spain. The work will reduce energy consumption and carbon emissions at these two large chemical facilities, where TR will replace ethylene and propylene turbines with electric motors. Técnicas Reunidas will develop the detailed engineering, the procurement management, and the supply of equipment and materials. We are very proud that Repsol has once again entrusted TR with the execution of a strategic and technically complex project. Again, we understand it is well de-risked, since it is only a service contract. The low carbon segment keeps moving fast, and we are happy to announce today that TR has signed a contract with the green fertilizer company Atlas Agro to develop a zero carbon nitrogen fertilizer plant in the USA. It is a feat that potentially could become an open book contract for Técnicas Reunidas. Let me also highlight, and it's, again, important for us, that the plant will use Técnicas Reunidas' proprietary technology for the main process units. In fact, it will be the world's first full-scale zero carbon nitrogen plant using only air, water, and zero carbon electricity as feedstock. We believe these four awards are just the tip of the iceberg, as Técnicas Reunidas currently is facing the largest pipeline of its history, around EUR 70 billion. This number is calculated not in terms of worldwide projects to which TR could be eligible. We are talking here about EUR 70 billion of projects to which TR has been or is expected to be invited to bid in the next 20 months. In the slide, you see that the pipeline is highly diversified by product. Almost EUR 40 billion in petrochemicals, more than EUR 20 billion in natural gas, and close to EUR 10 billion in low-carbon technologies. Summing up, we are convinced that we are at the beginning of one of the greatest investment cycles in the history of our sector. Obviously, final investment decisions and bidding calendars are in the hands of our clients, but we are convinced that the whole sector will see an steady stream of major awards from the second half of 2023 and onwards. With our regained financial strength, we are convinced that Técnicas Reunidas will be at the forefront, capturing a share of this investment in accordance with our engineering credentials with major clients. Now I'm moving to the financial section of the presentation. Okay. Our quarterly results should not be a surprise to many of you, as we included in our capital increase prospectus some general guidance about the level of revenues and profitability for the Q1. In terms of sales, TR closed the quarter with more than EUR 1.1 billion sales. As we have highlighted in recent quarters, the EUR 1 billion level is a threshold that is key for the operating profitability of the company. The EBIT stood at EUR 39 million, posting a 3.5% margin. The operating margin continues growing because of three reasons. The first of all, the return to pre-pandemic sales level. The second one, the underlying profitability of our backlog. The third one, our continuous hard work in terms of cost efficiency. The net cash. The net cash position at the end of March 2023 stood at EUR 142 million, consolidating the positive evolution of the underlying cash generation in recent quarters. Of course, this figure has grown recently with the closing of the capital increase. Let me reiterate that in the current environment, we think that a wise use of the cash available is to incentivize our suppliers to accelerate the projects as fast as possible. This will allow us to reach milestones on time and to deliver projects to complete satisfaction to our clients. Now I will hand over the floor to Juan for the guidance. Obviously, what you have in front of you is not a very creative slide. It is definitely a very solid slide. Before talking about guidance, let me conclude again this presentation restating my gratitude to our shareholders. The very successful close of the recent capital increase would have never been accomplished without the support and trust of all of you on TR. Now, after securing the financial flank, which is important, has been very important, we should concentrate on the key levels of our business. We have to contract, and we are contracting, as you've seen, at the right terms. We have to execute, and we are executing at the lowest cost and the best managing of risk. We have to deliver projects, and we are already delivering projects to satisfy customers, satisfy clients, that I'm sure will want, as they've always done, repeat business with us. For the year 2023, we reiterate our guidance. Given our current backlog, we do believe we can achieve EUR 4 billion in sales and 4% EBIT margin. That doesn't mean we don't want to grow. For the mid-future, we have the determination to grow. To grow in a healthy manner, we have to have a healthy growth. We are convinced we will grow in sales and with the objective to have a solid, stable, and consolidated margin. That is a very clear message here. After this simple but very important message, we have finished this presentation, and we'll all be very happy to answer any questions that you may want to address or pose. Thank you very much. Ladies and gentlemen, we will now begin our Q&A session. If you wish to ask a question, please dial star one one on your telephone keypad and you will enter a queue. After you are announced, please ask your question. Once again, please dial star one one on your telephone keypad. The first question comes from Mick Pickup from Barclays. Please go ahead. Hey, everybody, it's Mick here. Thanks for results and very nice quick presentation. That's great. Couple of questions, if I may. Firstly, can you just talk about what I think is maybe mixed messages, and it's not mixed messages from you. You're talking about the beginning of one of the greatest investment cycles in the history of our industry. Fantastic phrase. We're also hearing of your customers, your clients, looking at the cost of these projects, some projects being reannounced. I'm so sorry, sir, for the interruption. This is the operator speaking. Could you get closer to the microphone, please, to have a better quality of your sound? Yes, thank you. Hi, it's Mick here. Is that better? Yes, much better. Please go on, please. Okay. Hi. Sorry. I'll start again. It's Mick here. Just wondering if you could just talk about mixed messages. Obviously, you're talking about the beginning of one of the greatest investment cycles, but we're seeing some of your clients push back on some of the pricing of contracts you're receiving, not for yourselves, but for others in the industry. I'm just wondering if you can talk about your clients' mindset about going ahead versus obviously an industry which should be seeing better pricing and has been inflationary for a period of time. I mean, the reality is we are in the cycle. The reality is that customers are finding different ways of launching their investments, either with, you know, front-end designs and conversion, early engagement, open bidding. Now we're seeing all different activities. It is true that customers at one point in time now they're realizing that what we're saying already, that is there are scarcity of resources, so have to put together and rethink what is gonna be the contracted strategy because it is true that they want to contract. They probably in the last, you know, weeks, I'm not gonna say months, weeks, we have seen some confusion in one part of the market. You know, how those big investments are gonna take place. Probably will be structure, restructure, resplit, or continue the way they were. I don't want to say about, but or renegotiate in a different way. But what I'm sure is that, you know, it is a need for the market, and they're going to take place. There is. The bad news is that is it's been a bit of confusion. The good news, and that there is the willingness of the investors to go ahead with the investment in one way of another. They're gonna go ahead. That's exactly what we're seeing today in the market. One way of another, they want to go in ahead. With the small investments here in Spain as well, we're talking to our customers and said, "Well, we still have an issue here or there, but we have to find a way to move forward." We are negotiating ways to move forward. My answer is, despite confusion with some delays or rearrangement of how those big investments may take place, there is a commitment of the market, of our customers to go ahead with those investments. It can be some slippages because it has to be structured or restructured, but they're gonna happen. I'm very comfortable that they're gonna happen. Okay, thank you. Secondly, just on your margin, obviously nice to see you having confidence about 4% for the year. You've obviously started at 3.5%, which to my math says at some point you're gonna be higher than 4%. Is that just a continuation progress on the normalization of the portfolio? Is that the sort of rate we could be thinking about as we exit the year? Mick, I knew you were gonna ask that question. You would not do. I knew. I also knew it was gonna be you. I don't know why. The answer, we feel comfortable with the 4%. Obviously we have to have an average 4% through the year. We do expect that as we progress in production, as we production delivery in the backlog, we have to improve this 3.5% of this quarter to get a year round average of 4%. We cannot jump from 2- 4, from one to another because that's not the way the business goes. We do believe that we gonna be able to make it. Okay. Thank you very much. Thanks for the results today. Thanks, Mick. Thanks a lot. Thank you. The next question comes from K é vin Roger from Kepler Cheuvreux. Please go ahead. Yes. Good morning. Thanks for taking the question. I was just wondering if you can provide us a bit more color on the top line guidance because you start the year at EUR 1.1. You say that clearly EUR 1 billion quarterly revenue is at least something that is projected for the coming quarters. You should be above EUR 4 billion top line, if I'm not mistaken, and you are still guiding around EUR 4 billion. I was wondering if I'm missing something here in terms of top line forecast or if you are still being conservative. Also on the margin side, and maybe as a kind of follow-up as just what Mick said. To be at 4% for the full year, it means that, let's make a stupid calculation, at the end of the year, you should have a Q4 EBIT margin around 4.5%, something like that. Your long-term guidance is still for around 4%, if I'm not making any mistakes here again. How should we think about that? Is it the way that you once again to be conservative and at the end you will be closer to the 5%, something like that? It's just to try to reconcile, you know, what we could see in the coming quarters and the messages on the EUR 1 billion quarterly run rate, at least applying with what you are guiding for the full year and long term please. Okay. K é vin, this is Eduardo. Regarding if we are conservative, I think you have said, we are trying to be fair. You know, we have the project in front of us and we estimate how much revenues we can deliver in the year. If I have to be honest to you, probably we can be slightly above the EUR 4 billion revenues. Probably makes sense. We are doing EUR 1.1 billion now. You know, we are expecting some relevant awards by the end of the year or by the second half of the year, and they will have an impact. I don't know how big this impact is going to be because not to have these awards now than in 3 months time. I have to be a bit, as you say, conservative. Have in mind that we will be slightly above EUR 4 billion, but not, you will not see a big growth compared to this figure. Regarding the profitability or expected profitability for the future, first of all, we are coming from difficult times, and we all understand that, and we need to be, I don't want to say conservative, but we need to be realistic. We have learned from the past that sometimes difficulties arise from nowhere, you know. We need to be careful. We need to be careful. I think the message of 4% is solid, is consistent. We can deliver it. It's not a major challenge. It's always a challenge, but it's not a major challenge. Let's use this 4% as the guidance for the future. It's a fact as well that if a huge wave of investment is to come in the next 2-3 years, we will see more opportunities to be more selective, to opt for those best project with smaller risks, and we will be in conditions to deliver better margins. This is something that has to happen in the future with the new projects to come. For the time being, let's do what we are currently doing. Let's offer you numbers that we believe that are solid and consolidated, and EUR 4 billion and 4% margin, I think is correct. Okay? Okay. Understood. Thanks for that. Maybe one quick follow-up. You seems to be more involve, more and more involved on engineering project management type of work instead of construction. Just yesterday, you announced the contract with Repsol for the electrification, saying that this is a lot of engineering awards, et cetera. Is there any kind of tools that you can provide us to estimate the contract value that can be attached to those engineering work? If it's just engineering, is it fair to assume that we can compare it to the typical margin that are made by some of your peers when it's pure engineering, meaning a double-digit number? Kevin, I think your question is again quite fair. From now on, we will try to provide a kind of a split between those pure contracts that are pure services and those that are sold and the different structures. Because you are right. Obviously, when you sell services, your margins are slightly higher, well not slightly, are higher and better protected. This split is very useful for your understanding of the potential results of the company, and we will provide it. I don't have it with me now, but maybe investor relations can provide you this information, I don't know, in a week time or whatever. Okay? Okay. Thanks for the time. Have a good day. Thank you. Ladies and gentlemen, let me remind you again, if you have any comments or questions, please press star one one on your telephone keypad. The next question comes from Robert Jackson from Banco Santander. Please go ahead. Hi. Good morning, gentlemen. First question is related to the sequential improvement in margins. Do we have any further granularity in terms of improvement in, for example, raw materials, have been coming down and we expect them to come down further during this year. Has that been or will that could that be relevant going into throughout this year? That'd be my first question. Robert, I think we talked about that issue in the roadshow, and it's very relevant. We have been renegotiating the contracts the last six months with most of our clients. Everything regarding extra costs due to the inflation have been reflected in those contracts. You know, inflation is always a risk in this business. For the time being, and as far as we know, we have properly protected our risk regarding inflation in these renegotiations. We feel comfortable. The margins we are predicting now have already included the impact of that inflation. Okay. The second question is related to looking ahead into the projects in the Hanseatic Energy Hub project, which is a JV with other players. Could we be expecting to see more of those type of projects, which could be supportive again, also in margins, and also in the natural gas segment? Hi, Robert. This is Juan. I'm gonna give Eduardo a break. I mean, I don't think we're gonna be seeing many more Hanseatic. We'll see some. We'll see some, but I mean, Hanseatic reflects both the urgent need of Europe, and in particularly Germany, of strengthening its regasification capacity, which Spain has for other reasons. Obviously we're there, they came to see us, we started the bidding process, and they liked us. Which is good, as we've done a very large percentage of the ones in Spain. Then we put together a strategy ourselves with the partners that we felt more comfortable to manage the deal, you know, civil construction and mechanical erection. I don't think we're gonna be seeing many more in Europe. What we're gonna be seeing, that's when it's, when Eduardo explained the gas wave, we're gonna be seeing not regas, but gas treatment plant, very big ones. Very soon in many parts of the world, but very specifically in the Middle East, where the gas is. I mean, there is a great need to invest in gas treatment plants. There, I do believe we're good. We're good in the process plant. We have delivered the largest ones in the world, and we are very well-positioned. You know, we're also very well-positioned in regas, but we're not gonna be seeing that much. That was an opportunity where we're good. We made a lot of money in Spain many years ago, now we put together a wealthy risk strategy for our German customer. Also, I mean, the structure of the project, JVs, should we be expected to see more JV-type projects and hence, again, de-risking the outlook as well? In different segments, for example. Yes, Robert, you're gonna see that as strategy more often. Now, you're gonna see, you know, when all of you analysts are, you know, looking for growth in sales, are we gonna go EUR 5 billion+, EUR 6 billion or whatever? Well, you know, we are gonna be sacrificing volume for our solid margins. That's the message. Here, we're gonna go by ourselves. I mean, when an investor needs a regas plant, they look for TRs, they don't look for construction companies. Then we're the ones to decide whether to go by ourselves and have it to another EUR 1 billion, and maybe some of you would have been very happy, EUR 1 billion, wow. Go for just 50% of it, but with a very solid joint venture, you know, probably one of the best construction companies with more experience in the civil work, which is not easy for the tanks and the jetties, and they're companies that we have worked with them before, a company with whom we have worked with them before which is working in Germany now, that is very good on the erection part. That is. I think it's a good example of the strategy that we had tried to explain through the roadshow that finished 10 days ago. You know, we're sacrificing volume for solid margins. Okay. Just last question, could we have any visibility regarding your growth potential in North America related to the energy transition? Could you give us any messages there? Any update? I mean, North America is you're not gonna be seeing very short-term results. You might be seeing some short-term results with our traditional customers in North America and in North America. That give you a hint what it is. Which means customers are sitting with us, we bidding or trying to structure traditional energy customers, with whom we had worked before, trying to structure deals that... As we're moving forward, we're putting together a team. We're hiring good structuring people, which is a step forward to what we've done before, as we do believe we have a lot to offer. We have a lot to offer from the structuring side, then we will revert to our engineering capacity and technology capacity. We have to offer both. That's not going to be... That's as Eduardo said, is second, third wave that we're gonna be seeing maybe, you know. I think the world is moving so fast that maybe third wave goes ahead of the first one. We're moving forward. I mean, we're not being lazy about it, I can guarantee you that. Okay. Thank you very much indeed. Thank you. The next question comes from Ignacio Doménech from J.P. Morgan. Please go ahead, sir. Yes. Good morning, guys. Thank you for taking my questions. Just one question from my side, please. My question is related with Algeria. I believe you mentioned you are working with Sonatrach to find alternatives and solutions for the Hassi Messaoud project. I was wondering, how are these conversations evolving with the client? In general, in Algeria, what could we expect, now, in the upcoming months? Thank you. Obviously, we've explained, we put in all the presentations. In Hassi Messaoud is a job that both Samsung, ourselves, started the job. A very large percentage of engineering is done. We've gone through the pandemic. Now we're exploring with the customer what is the most efficient way to restart or to reconvert. Even not to continue. I mean, everything is open. I mean, I think the willingness of TR, the willingness of the contractor, and of many of our customers is to find a way to continue. Which is... I mean, you have to realize that probably TR today is one of the best companies, and I feel very comfortable saying that, worldwide, to do grassroots engineering. We can put together different alternatives, value-saving engineering ideas to restructure the deal, and that's what we're working with. We see it as an opportunity. We see it as a very good opportunity. We have three, four months to find the best solution for everyone in always in friendly good terms. Very clear. Thank you. Thank you. The next question comes from Álvaro Lenze from Alantra Equities. Please go ahead. Hello, can you hear me? We can. Oh, okay, sorry. I thought I lost the line. Well, thanks for taking my questions. Just a couple. The first one is on the margin expansion, if you could provide some more color, because you have increased margin sequentially despite the slightly lower sales and your overheads being roughly unchanged. I assume that the project from the margins has been increasing. I wanted to know whether this is due to a change in the mix, less profitable projects are contributing less to sales and more profitable ones are contributing more. Or is it just on a contract by contract that you are managing to increase the margins? I don't know if that's due to the change orders or due to cost management. Any insight on that, and therefore the main reason for the continuing improvement for the coming quarters in margins, that would be very helpful. The second question would be on the evolution of your cash position. It has been roughly flattish this quarter. Of course, you will now have the proceeds from the capital increase, but then how should we expect the net cash position to evolve through the year, considering the expected deployment of the proceeds and the evolution of working capital of the during the execution of the backlog? Thanks. Hello, Álvaro. Margin expansion. Well, there is not a secret hidden anywhere. I mean, it's, you know, some projects have. With profitability, some others have a smaller profitability. I think we are finishing or the projects with a smaller profitability have a smaller impact now in our accounts because they are about to finish. I think that's probably the main reason of why little by little we see the margin improving. That's why we feel comfortable again with the, with our forecast, you know, because the remaining projects in the backlog have a healthy margin. What give or take, this 4% shouldn't be a big challenge. There is nothing extraordinary happen has an impact with overheads or whatever. I mean, it has to do with the profitability, underlying profitability of the remaining projects in the backlog. Regarding the cash, well, we have EUR 150 additional cash this year, this month. Well, as I have tried to anticipate in the presentation, we have to be very careful about piling cash in the balance sheet. It's, it's great for the picture, but it's not good for the business. Today, clients are demanding us to accelerate everywhere around the world, and the only way to accelerate is to use this cash received from the clients and from any other resource to pay suppliers and to accelerate the projects. My expectation for the end of the year is we will see a better picture of cash, but I can assure you that I will try to avoid to have a large amount in my balance sheet because it's nothing but a good picture. It's not good for the business. Well, I will try to manage it in that way. I think it's a wise way to do the things now. Okay, thank you very much. Thank you. The next question comes from Mick Pickup from Barclays. Please go ahead. Again, just to follow up. Just practically, you say low-carbon tech is 4% of your backlog at the moment, but it's only EUR 3 million of revenues in the quarter. Following on from Kevin's question, could you just tell me what sort of scale low-carbon tech you expect to be this year? Then just on the back of that, will we at the half year get margins by the new divisions as well in the full report? Hi, Mick. Yeah. We will provide you next quarter, the results by segment, you know. Yeah. As we used to every half year and every year end. Yes, today, the impact in our backlog and our revenues are, you know, this, of this low carbon segment is still small. By the end of the year, we are waiting to have the first conversion of a full EPC. You know, it's Amsterdam and hopefully you will see a jump in the revenues coming from this segment by the end of the year. I don't know if we are going to convert it in July or September, October, so I cannot predict what's going to be the exact impact. Well, you will see a jump in revenues definitely. I'm talking about year 2024. Sorry, 2023. In 2024, we will see obviously bigger volume, bigger volumes of bits, backlog, revenues coming from the low carbon sector. Regarding the margins, I think the idea is we should not expect higher margins than our traditional business. We believe that they are going to be more secure because we have been involved in the projects from the very beginning. In most of the cases, we are participating, the feasibility studies FEED, and, you know, we know well the project. When they are going to be priced, we believe that we will put the correct price and the right cushion inside that price to be protected versus any difficulty we could foresee. That's what we expect to happen. Okay, thanks a lot. Cheers. Thank you. The next question comes from Francisco Ruiz from BNP Paribas Exane. Please go ahead. Hello. good afternoon. I have just one question to follow up on Álvaro's. you commented that the proceeds from the right issue and, I mean, this excess of cash will be used to accelerate projects, paying suppliers. Is this something that you need in order to achieve the proper execution, or this is something that you could be on top of your plans and this could imply a better margin at the end of the day? Thank you. Francisco, the reason to accelerate has nothing to do with being delayed. It's just our target, our common target. Both the clients and us, we are looking for accelerated projects because they want to have the plants operating, the sooner the better. That's the idea. If we can get any additional profit from these acceleration plans, well, we will talk with the clients. We are not foreseeing any kind of improvements of our margins because of that. I have to be honest to you, it's always difficult to reach the milestones, to finish the project sometimes. It's always good for all of us to accelerate, despite you get any additional profit or not. It's just a way to secure the predicted margin. That's why. There is not a delay we are trying to cover with acceleration plans. Okay. Thank you. Thank you very much. There are no more questions. Dear speakers, I give you back the floor. Okay. I think we've been quite efficient this time. Joaquín is here, which has not answered any questions, which is very ready to answer. Eduardo and I didn't give him the opportunity. Joaquín is leading today the energy transition business. I'd like to thank him for being here, being ready to answer any questions. Obviously, I'd like to thank you all of you for, again, for this, you know, very successful and support that we had from many of you and most of you on this rights issue. Thank you again for listening and posting important questions in this Q1 presentation. We'll be seeing and talking to you again in July. Thanks a lot. Thanks a lot, and looking forward to talking to you soon.