Good morning everyone and welcome to TR's first semester results presentation. It's going to be conducted by our Chairman Juan Lladó and our CEO Eduardo San Miguel. It's going to last about 15 minutes and you will be able to post your questions after the final remarks. I now leave the floor to Juan Lladó. Thank you, Antonio. Good morning everyone. Thanks for joining us today on our first half results presentation for 2025 where both Eduardo San Miguel and I will guide you through all the most relevant issues that have taken place this first half of the year 2025. First, as usual, I'll share with you a glance of our business performance. Eduardo will follow a presentation finalizing with the financial results and, as usual as well, I will do a wrap up with some financial final remarks. Let's move on with the business performance. Three big numbers here. First, let's talk about our present. Our present are the EUR 3.8 billion of order intake, order intake with extremely good quality EPCs and a very healthy mix with technological, engineering, services. Very much in line with our focus and our strategy that I will talk about later on. Second number is our immediate and healthy visibility for the next years. That's the year-to-date backlog, EUR 13.1 billion of healthy backlog. This is our visibility. Third, which I think is very important now, this is a real feature. This is our future with a very strong and selected pipeline. A strong and selected EUR 72.3 billion for the next three years. The pipeline is not only the future pipeline of the jobs that we are already bidding, that we have been already pre-qualified and getting ready to bid, or that we have been invited to bid and we have to answer whether or which jobs do we want to bid. It's a big number and let me tell you, it's a very healthy number. It does represent, as I said in my note, a very positive environment. We are working in an extremely positive environment. Also, it's very important because you have to get invited to bid. It also represents the value of TR's franchise, which is nowadays very strong. Let's focus on what has happened this quarter in terms of award. I'd like to focus on our services division, our services business. Let's focus on the more than EUR 120 million, almost EUR 130 million awarded this last quarter. I like to stress or send three messages. A message of engineering quality and engineering capacity, a message on technology, and a third message on credibility and trust with our industry leaders, which they're defining their future and we're defining with them our future as well. Let's go over these four very important jobs. Our joint success with Thyssenkrupp, which everybody knows is an industry leader among many chemical disciplines, in this case, fertilizer leader, fertilizer discipline. We joined them with our own technology for a big size fertilizer project that we cannot disclose, customer cannot disclose. We can disclose that we are partnered with Thyssenkrupp, which is an honor and I'm sure we're going to do a great job together. EUR 65 million is our scope. EUR 65 million is our scope. This is a big job and very technological and large job. Second, our successful result in large, quite large clean fuel front end for more than EUR 35 million, which shows we very much focus and align our service strategy. It reflects again our engineering technology and credibility. EUR 35 million on front end. If you compare with other ones, it's a big jump. Third, and this is very important, which reflects TR's technological credibility in the region, is a very large, you know that we're going to be working for a very large Middle East national oil company, which that company has entrusted TR for the digitalization design of some other facilities. Again, engineering capacity, technology and credibility. Very important. The last one, which is probably the most important one, we've been awarded by ACWA Power with a front end, with a rollover possibility opportunity for the largest green hydrogen, green ammonia investment in the world. Let me move to the next slide because I think this job and this award deserves just this slide by itself. It is, as I said, an important slide because I think in this slide with many words and numbers and it summarizes in itself full TR's strategy. This is the south strategy that we presented to you about a year and a few months ago. This is a strategy which shows that we fully focus on customers and market. We focus in Saudi Arabia where we have delivered many jobs from petrochemical, gas, power, now for Aramco, SABIC, SEC and ACWA. Now we focus with ACWA. ACWA. This is the third job that we're going to be working for them and with them. The second message here is that we are engineering services. Engineering services and very much focus, as you can see here, in low carbon focus. This is our low carbon focus strategy. The third message within our south strategy is that we continue focusing on working with strategic partners and in this very specific case, our strategic partner, Sinopec. This is the third job in Saudi Arabia and as you know, we are working with them in other different regions around the world. This is successful. It's a good partner and it's a very successful strategy. All these three very important messages on which converge the full strategy, you know, wrapped up within the largest ammonia plant in the world. The largest ammonia plant in the world that is labeled by the Saudi authorities, the Saudi Europe corridor. Saudi authorities are developing the largest investments in the world with the agreements with their European buyers to build the largest corridor in hydrogen, green hydrogen, and ammonia. For that investment, which is huge, you know, they have decided, and we're proud to be that TR will be one of the players together with a very good partner, Sinopec. Now with this message, Eduardo will continue with the presentation. T hank you, Juan. Good morning, everyone. In the previous slides, we have seen that it seems we have broken a glass ceiling. We have been fighting last year to be considered by our client not only as a good EPCist but also as a company that can render solidly pure services. We have succeeded. Now it is time to revisit the effort we have been doing in the past to adapt our workforce to this new scenario. We believe we have done the job correctly and we are ready to absorb all the new activity that will demand our new all the services business line. Our workforce will reach 13,500 employees by the end of 2025. This represents a 60% increase in the last two years. We are strengthening our engineering capacity across all our key locations. In our headquarters in Spain, our main hub, we are already close to 6,000 people. 90% are engineers. In India, we have concentrated our efforts searching for first quality engineering and competitive costs. Early 2026, we will have more than 2,000 people in our offices of Bangalore and Chennai. We continue to strengthen our engineering offices of Emirates and Saudi Arabia with the purpose of being closer to our clients. The good news is we still see room for growth in all those geographies. We have the talent and we have the capacity needed to execute our business plan. Let's now take a look at our financial performance. Let me first point out our figures. Our figures have improved once again. It is the 12th quarter in a row of growth. What is more important to us, it has always been aligned with our previous guidance. The numbers. Our net sales have reached EUR 1.4 billion in the second quarter. This represents a 32% increase compared to the second quarter of 2024 and is a reflection of our solid EUR 13.1 billion backlog. Regarding our EBIT for the second quarter of the year, it has increased to EUR 64 million, reaching 4.5% of our revenues. EUR 64 million is the highest ever quarterly EBIT delivered by TR in its history. The 4.5% margin is fully aligned with our guidance for the full year. The EBIT improvement is a consequence of a solid operational performance, the implementation of risk mitigation measures, and a commercial strategy focused on being very selective. Finally, solid numbers in terms of revenues and margins. Let's now take a look at our balance sheet figures. Our net cash remains at EUR 422 million, a level where we feel very comfortable since it allows us simultaneously to grow, but also to manage efficiently our business. There is a threshold of cash needed to provide comfort to our clients and banks. Beyond that threshold, our policy is to inject as much cash as we can to our suppliers and subcontractors. There are two main benefits of this policy. Better terms of payment improve dramatically the ability of suppliers and subcontractors to execute its scope of work on time, reducing significantly our risk of delays and potential penalties. Obviously, we can also agree more favorable purchasing conditions, mainly volume rebates and priority delivery slots. In summary, cash allows us to manage the business efficiently. Regarding the equity levels, we ended the semester in a robust position of EUR 654 million, including SEPI's PPL. Let me remind you that our primary goal was to reach pre-COVID equity levels, and that has already been achieved even without the SEPI's PPL. Finally, I would like to give you some color about two relevant issues. We cannot still provide you full visibility. Revenues, i t's a fact that the revenues are growing above our guidance. If we repeat the volume of revenues we had last quarter during the second half of the year, we will have around EUR 5.6 billion this year 2025. The main reason is many projects are required to be accelerated because our clients are demanding it. We are currently negotiating compensations for some of these accelerations as a prior step to accelerate. We expect to have a complete understanding of this agreement by mid-September, and the final figure of revenues can be even above those EUR 5.6 billion I mentioned before. The most accurate revenue guidance for the years 2025 and 2026 will be provided last September or early October. Regarding the SEPI loans repayment, my message is this is not a financial matter anymore. It is a strategic decision that we will take after summer. We still believe SEPI support is useful with certain clients. Obviously, we also want to repay SEPI quickly in order to reduce the financial cost and to pay dividends. In both cases, we're talking about potential good news in the second half. For the time being, we want to be realistic and accurate. Now let me give back the floor to Juan for the final remarks. Hello again. The most important remark is not a remark, it's an invitation. An invitation to all of you, to our Investors Day next October 2. It will be here in Madrid in our premises. I think it'll be a good opportunity to see and understand how we work and where we're going. With these reminders, with this invitation, and also with a very good order intake, with a healthy backlog, with a growth in sales, with a record EBIT within margin guidance, and with affirmative cash, let me wish you all a very good summer. Thank you. Ladies and gentlemen, the Q&A session starts now. If you wish to ask a question, please press the star one on your telephone keypad. Our first question comes from the line of Ignacio Doménech with JB Capital. Please go ahead. Hola. Buenos días, Juan, Eduardo, [foreign language]. I have two questions. The first one is on the commercial pipeline out there. Significant increase, quarter- on- quarter. If you can give us some color on what's driving the increase, I suspect this project in hydrogen press in Saudi Arabia could explain something. Just wanted to get your view if actually this project is also ramping up the pipeline, especially in this division in the energy transition. Also in line with this question, given the strong momentum, how should we think about order intake in the second half of the year? Do you expect a material acceleration in the second half? The second question is just related to the balance sheet position, which is quite strong. I was wondering. How should we t hink now about the resumption of the dividend payment and the partial repayment of the SEPI debt? Thank you. I mean, it's true. We have presented a stronger pipeline, and that stronger pipeline shows growth and very solid growth in the Middle East as a whole. I mean, in the Middle East, other countries are launching and representing already offers in big projects, big projects and big investments with different projects altogether. It is not only growth in gas and petrochemical, it also includes graduation growth in power and growth in low carbon investments, which, as I said, they're already taking place. It's important. There's a Middle East on everything. There is growth again and opportunities in the United States, in America, which we have included. We are already getting invited important investments, some of them low carbon. And. Third, and finally, we're expecting also some conversions. There is growth, and that's why we pointed the environment is good, and there is good on the different regions with the weight, obviously in the Middle East. In terms of, you were talking about awards this second part of the year, we're presenting offers now. We do believe that it shouldn't be a great challenge to get awards to replace sales. That shouldn't be a great challenge. It could be some, you know, which happens very often, that the final award doesn't take place until January or February, sort of, you know, give or take one month or two. I think that shouldn't be a great challenge. I mean, by the number of offers that we are presenting already and we do have to present in September and October. So, you know, it is good, and we are positive about it. I can't give you far more detail here. We enter within what messages we are giving to our competitors. It is good. Let me be, let us all be optimistic. Okay. Regarding the balance sheet question, I think it's a very open question. It's a fact that the balance sheet is stronger than before. It's bigger, it's bigger. We have more receivables, we have more payables. It's a fact. It's a consequence that the activity compared semester versus semester, we have grown 32%. Obviously, the figures have to grow. The cash is improving, the working capital is improving. I mean, as you say, it's a stronger balance. We are happy with it. SEPI has nothing to do with the strength of our balance sheet. SEPI, as I told you, is a decision that has to do with how we feel more comfortable when bargaining, when negotiating critical matters with our clients. After summer, we will make that decision and it will be communicated. That's a fact going to happen. If we are talking about how this will impact our dividend policy, because you have mentioned it as well, yes, we have the cash and we are planning to repay SEPI in advance. I don't know when, but that's the idea. Yeah, it's a fact. We told you clearly that the idea was dividends would be paid against the results of 2026. I mean, do not expect that through advancing the repayment of SEPI this year, we can be paying dividends this year, 2025. That's not the idea. That's not what we told you in the Capital Markets Day in Abu Dhabi. We still believe that's correct. That's the right way to act. You're right. We have a better balance sheet. You will see a reduction because SEPI hopefully will not be in the balance sheet by the end of the year. Let's see. The dividends will not come until 2026 results. [foreign language]. Your next question comes from the line of Mick Pickup with Barclays. Please go ahead. Good morning, team. I hope you're doing well. A couple of questions, if I may. Just on the ACWA power FEED, that 10 months to do the 100,000 engineering hours, is that the time frame we should be looking at for this to convert into an EPC? Is that time frame to get to negotiations to come up with an EPC price? Secondly, just looking at your results at the back, you give the EBIT margin breakdowns by business line, the upstream and refining business clearly dragging on profitability at the moment. When do those problem contracts finish and when can we expect that to start hitting positive territory again? Hi, Mick. Morning. The first question, the answer is yes, we have 10 months to complete the FEED and to fix a price for a potential. That's the idea and we're very proud. I told the other day and the ACWA team, they will have our best team because we want to absolutely succeed in this project because it's critical and it's a game changer. I think we are extremely happy with that project and also personalities, I think is a success because it's a tick in all our main messages, has to do with the Delta strategy, you know, it's services, it's energy transition, it's partnership around the world, it's being close to the client. You know, it's perfect. It's perfect. Yes, we have 10 months to do the FEED and to define which is the correct price for an EPC. Regarding the second question, you are right, it's in the refining sector. We are seeing the results of a number of projects that are already completed, and we are negotiating with client and subcontractors the final agreement. We are very, very close to an end. It's four projects. I think we have done the right estimations. Many of those agreements have already been. It's not an estimation, it's the real cost, and we do not expect significant increases in the future. Can I just do a follow-up on the data you've given here? Obviously your ACWA Power is 100,000 engineering hours for EUR 8 million. Is there anything different on the FEEDs which are much bigger than that? I can start scaling how many hours each of those is. Obviously some of the FEEDs, you're talking EUR 65 million, which looks huge for a FEED study. Is there anything unusual in those other FEED studies? Mick, can you rephrase the question, please, once again? Yeah, I'm just looking at. You're saying ACWA Power is 100,000 hours of engineering and that's EUR 8 million. You gave that on the previous slide. Some of the other FEED studies are EUR 65 million. Can I scale the man hours or are there other things associated with those fees like licenses or other things and why they're so big? Yeah, I mean, give or take, you know, give or take. 10,000 man hours is about 50 people, give or take, engineers in this case. You can do, it depends on the fees, depends on the quality of the fee, of the cost and fees of the different engineers. It also depends on whether we have to work with licensors. You can d o a gross number escalation, and it would make sense give or take. Okay, perfect. Thank you. Have a good summer. Thank you. Your next question comes from the line of Kévin Roger with Kepler Cheuvreux. Please go ahead. Yeah, thanks for taking the time. I will have maybe just one question on this success that you had in terms of services over the past months and the fact that you secured now more than EUR 130 million services contract that you guided few quarters ago to be generating a margin of more than 30%. I was wondering, this commercial success, in a way, does it change also a bit the outlook that you expect on the marginality for 2026 if you are a bit more successful than you anticipated and you were guiding us for a margin of more than 5% in 2026. Maybe to understand the potential impact of this commercial success on the 2026 EBIT margin expectation, please. K é vin, you're right, the question is perfect. It's not a question, it's an answer. In fact, obviously it was successful in our services activity. Obviously, it will have an impact in our results and percentage wise, the EBIT has to improve. That was our message in the Capital Markets Day and that was the main driver of growth of our margins when we're talking about the year 2028. Little by little it has to become a reality. I mean, every year we will see improvements because, you know, our services activity will grow. Let me give you a bit more visibility about the volumes and the margins and the impact in the Investor Day because I think we still have to see how the second half of the year evolves. We are happy, we are happy with the margins we are getting from the existing services contract. They are quite aligned with our original expectation. Give us some time to analyze in detail what is the most accurate answer to how it's going to impact 2026 and beyond. Okay, understood. Maybe just as a follow-up on the question from Mick. Just to be sure I understand correctly the answer that you provided, we have now to assume that the H2 EBITDA on this upstream refining division will be at breakeven. Hopefully it's not break even. It should be positive on the existing new projects that will deliver profit. If the answer is should we expect additional deteriorations because of those projects we are closing, the answer is we do not expect additional costs. Okay, thanks for the time. Thank you. Your next question comes from the line of Juan Cánovas with Alantra. Please go ahead. Hi. Good day. I have a couple of follow-up q uestions. Regarding the PPL loan from the SEPI. Would you consider a rights issue or can you rule that out? That's the first one. Then for the ACWA project. Is t his EUR 4 billion potential EPC, your share of the project or would you have to share that with Sinopec? Finally, I would like to know whether you can give us an update on the contingent liabilities you had. I mean, all those projects under discussion, how are they going, whether any of them has been closed. Thank you. Regarding the PPL, are you considering a rights issue? From the very beginning, we decided that once we repay the PPL, the relationship with SEPI finishes. There is no idea, because probably that is the real question behind your question. We have no idea to allow SEPI to stay in our structure of shareholders. That's the first answer. Regarding ACWA Power, if we convert EUR 4 billion into EPC services, our stake is around 60%. We still have to negotiate with Sinopec and with the client. We have to wait and see, but no more than 60%. The third question has to do with litigation and contingent liabilities. We are expecting the resolution of some of those litigations, major litigations, just after summer. We are very positive, and we are also negotiating some of the litigations with our clients. I can tell you that our feeling today is that the outcome is going to be positive for us as well. Positive means that it will have at least no impact in our accounts. Thank you. Can I just ask about your first answer, the one regarding the SEPI? I was not meaning the SEPI staying in your shareholding, but whether you would issue new equity to repay the SEPI. I mean, that was my question. Thank you. The message was clear from my side. I think we already have cash available in our balance sheet, so I do n ot see why we should need to d o a rights issue. Fantastic, thank you so much. Our last question comes from the line of Filipe Leite with CaixaBank. Please go ahead. Yes, hi, good morning. I have just one final question regarding net cash evolution. After the flat performance of this quarter, how do you see net cash evolution from today until the end of the year? Hello. It's not that easy to answer this question. As I have told you during the presentation, the idea is there is a threshold and we cannot go beyond that figure. Now you are going to ask me which is that threshold? I don't know. My feeling is that when we have been clearly above the EUR 350 million, it has been enough for banks, for clients, you know. Somewhere around that figure should be that threshold. Any money we receive above this figure, the best idea we can have is to inject it in the suppliers. That's my message. I understand perfectly that if our results are improving, we have to find a way to convert the results into cash. That would be the philosophy. I mean, we need to find a figure that reflects this, that it's not just we are growing for the sake of growing, we are growing because the EBIT converts into cash. That's the idea. Do not expect a massive growth because things are going well. This is not the strategy, it's something different, something that could impact significantly the results of the year is that a number of EPCs could be awarded by the end of the year, early 2026. Obviously that could have an impact if they bring large down payments. Do not expect to see EUR 500 million by the end of the year. That's not my idea. That's not the right strategy. We shouldn't be far from the existing numbers. That's my idea. Very clear. Thank you. We have no further questions at this time. I would like to turn it back to our speakers for closing remarks. Okay, we're all done. It's the 31st of July, and hope to see you, or see most of you or all of you here in October on Investor Day. Thanks again and have a very good summer. Thank you, presenters. This concludes today's conference call. Thank you all for joining. You may now disconnect.