Good morning, everybody, and welcome to TR's nine month 2025 results presentation. It is going to be conducted, as usual, by our Executive Chairman, Juan Lladó, and our CEO, Eduardo San Miguel. It's going to last approximately 20 to 25 minutes, and afterwards you will be able to post your questions after our Chairman's final remarks. Now I leave the floor to our Chairman, Juan Lladó. Hi, hello, everyone. Thank you, Antonio, and good morning. Thank you for joining us today on our nine month results presentation for 2025. As always, Eduardo San Miguel and I will guide you through the most relevant issues that have taken place these first 9 months of the year. First, Eduardo will summarize the main highlights from our very recent event today. Second, I will dive a little bit into our current commercial pipeline. I will be followed by Eduardo, who will guide you through our financial results. As always, again, I will wrap up the presentation with some financial remarks and our financial guidance. Now, Eduardo, you have the floor. Thank you, Juan. Good morning, everyone. I know well most of you are aware of the content we covered in our October Investors' Day. For all those that could not attend the meetings, let me devote now a couple of slides to summarize the key messages. Let's start with services and power. Regarding our new business line of engineering services, we are already halfway towards our 2028 target of EUR 500 million of revenues. In fact, we expect this year to have around EUR 230 million in revenues and over EUR 300 million of awards. We are prioritizing our engineering service business line because of two reasons. First, because it delivers higher margins and has a lower execution risk. The 30% margin we announced in Abu Dhabi when we launched our SALTA strategy is aligned with our actual results. Second, because through value-added engineering services, we are repositioning Técnicas Reunidas in the market. Clients perceive us as long-term partners that contribute to design together with them their future investments. In the Power Business Unit, we have significantly raised our ambition. Between 2020 and 2024, annual revenues averaged around EUR 300 million. Now, looking ahead for the next four years, we are targeting over EUR 1 billion per year. This shift is driven by a combination of secure contracts, the backlog, and a strong commercial pipeline. There is a huge demand for electrification. Both artificial intelligence and governments seeking for cleaner energy are pushing this demand. Our expertise, our track record, the geographical footprint, and the close relationships we have with the OEMs are solid reasons to believe our EUR 1 billion target of revenues per year should not be a major challenge. If we move to North America, my message is we are making solid progresses in the region. A key mile stone achievement has been the signature of a strategic alliance with Zachry. This partnership with a company that highly complements our capabilities will unlock opportunities in the LNG and power segments in the United States. We have also signed engineering framework agreements with most of the major U.S. oil and gas players. Through those frame agreements, plus the project co-development we are already involved in and the seed conversions, we expect our first big projects to come in the U.S. late 2026 or early 2027. When it comes to decarbonization, Técnicas Reunidas is more than ready for the future. Very few projects have been launched this year, but if there is one that deserves very special attention, it's the Yambu Green Hydrogen Cluster that will feed the green corridor of hydrogen between Saudi Arabia and Europe. This project will require the construction of the largest ammonia plant in the world, and the FEED and potential rollover to EPC has been awarded by ACWA to Técnicas Reunidas together with our partner, Sinopec. Finally, through artificial intelligence, digitalization, and robotics, we are unlocking a new source of revenues and also improving our competitiveness. Our goal is 1% of cost savings by 2028. I'm confident that this goal will be achieved thanks to over 150 professionals with extensive engineering, procurement, and construction experience that today integrate the digital team. Now, Juan will analyze our current pipeline. Okay, let's move into the next slide, the pipeline. This slide has a lot of information, numbers, maps, bars. Let's see if we can make good sense out of it. The first and important message is that we have a very strong pipeline, EUR 36 billion. I mean, EUR 86 billion, sorry. And EUR 86 billion is split in two, EUR 84 billion, which is EPC or EPC-related, and that can be clarified, and EUR 2 billion on pure services. Okay, that's one tranche of the pipeline. We have to remember that pipeline are where we're bidding, where we're going to bid, but we have been selected or invited to bid, or even a rollover from fits that will become EPCs or similar to EPCs in the near future. Those are jobs on which we're participating and we're close to the customer, which is important. Let me start with North America because North America, I do believe, is a star. Why do I say it's a star? We would have been in this slide two years ago. The fact that we have 32% of the pipeline in North America, I think, very much reflects TR's strategy, transformation, and repositioning, which is very important. It reflects focus and a clear mind and a clear strategy. We need some clarification as well because when we're talking about 33% of EUR 86 billion, do not think that it's pure EPC lump sum. That's not the way we do work, and that's not the way the North American market works. It's going to be a mix of engineering services or engineering and procurement lump sum with construction management services. It's going to be a mix that, in any case, would not be a pure lump sum EPC, as we have understood, or you may understand, that we do in other parts of the world, more so in the Middle East. That is very important. That's why I wanted to start by North America. We have opportunities, as Eduardo has said, in all the fields: opportunities in LNG, opportunities in power, and opportunities in important jobs related with decarbonization. Now let's move into the Middle East. Middle East, this is where we're strong. This is where we have a strong presence, and this is a place that we like to be. We like to be because our quality and our presence allow us to be selective and allow us to be selective and focus on the jobs and on the customers with whom we want to work for. What you have seen on the awards of the last year, we have been successful, very successful, with very important customers on the upstream offshore business that we wanted to be. We have been extremely successful, as Eduardo has just reflected, on transition energy, green ammonia plants. We have recently been very successful, which very much reflects our successful strategy on services. In the Middle East, the pipeline is strong, is resilient, and is growing. It gives us a level of comfort for the near future. Europe has been always less important to us. Today, it continues to be important. It is very much important on power. We will talk about that later on. Obviously, on energy transitions, we have a very important presence. This slide, I think, there is a lot of information, but it is very important. It is where we are today and what is going to be our near future on 2026 and 2027. Let's move to the next slide. It is in the pipeline, but not in the backlog, some of the jobs that have been awarded to us, which are related to services, services that have been contracted on pre-fit and fits. They have a natural, and that's what we have agreed with the customers, they have a natural rollover as the project progresses into detail engineering, procurement services, and construction supervision. That is going to happen. That's very important in North America, but also in other parts of the world and in the Middle East. Our repositioning into services translates, and again, it's not in the backlog, but it's in the pipeline, into natural growth, into more than EUR 400 million on services, on jobs that we are already working. It will have to slowly rollover into detail engineering, into real projects. In power, same story. In power, and very specifically, the best example will be power, although there are other products, is Power Europe, and more specifically, Germany and RWE. We have signed, and the last one has been recently announced, three contracts with RWE, the main power generation company in Germany. The contracts are signed, and that means they have been signed by ourselves and by our partner. The first two is Ansaldo, and the last one we'll talk about that later on is GE. That means that we have a contract signed. Early activities have to start. Early engineering has to start as well. Engineering has to do for the balance of plant and the coordination, and pre-engineering has to be done with our partner, Ansaldo in some of the cases, and GE in the last one. Eventually, when the full contract comes into force, it will become, we'll have the backlog. Now it's pipeline, larger than EUR 1.4 billion. That is better clarified on this slide because we have just announced it last week with the last award. This last award that I just talked about a little before, it is with GE. We have been selected, again, by RWE for a hydrogen-ready combined cycle. What does it mean? It means that it will be a combined cycle that initially could operate on a 50/50 mix of natural gas and hydrogen, and then move forward, if needed, to 100% hydrogen. The contract has been awarded. Again, we have already started to work with them and with GE on early activities and early engineering. It is not included in the backlog, and it will be included in the backlog when the contract comes fully into force. This, again, shows both the good strategy and successful strategy on the service and power that Eduardo has introduced to you a few slides ago. Now, allow me to pass the floor to Eduardo with the financial results. Okay. Thanks again. Okay. We closed the third quarter with EUR 1.8 billion of sales, 29% higher than the second quarter. This massive increase, as announced in our investor day, is due to the acceleration plans we are currently implementing all across our portfolio in the Middle East, plus the growth of our revenues linked to the power division. EBIT of the period closed at EUR 84 million with an EBIT margin of 4.5%. It is the 12th quarter in a row that EBIT margin keeps growing. Moreover, this third quarter EBIT, EUR 84 million, is 78% higher than the EBIT we had a year ago. I'm proud to repeat it, 78% higher than the EBIT we had one year ago. We are not blind. We are not blind. Existing market is giving us good opportunities to improve our margins. I would like to emphasize also this strong performance is the result of two key factors. First, an outstanding project execution across our backlog. Second, the implementation of solid risk mitigation policies. Overall, these results reinforce our confidence in the trajectory we have set for Técnicas Reunidas. We are not growing for the sake of growing. We are growing with clear targets and efficiently. Let me repeat today my Investors' Day message. The best is yet to come. Eventually, these are our balance sheet figures. Our net cash remains at EUR 427 million, a level that has proven to be more than enough to allow us to grow and manage efficiently our business. You are well aware our policy is to channel as much liquidity as possible to our suppliers and subcontractors. Regarding equity levels, we ended September in a robust position of EUR 698 million. Both equity and cash figures allow us to repay in advance the full CPPPL and the ordinary loan next December the 1st, as announced a month ago. Now let me give the floor back to Juan. Okay. My final remarks. Okay. I do believe it has been a short presentation, but a very important presentation. I think our pipeline and obviously our year-to-date result, it fully reflects the success of a TR strategy, the strategy of transformation, and the strategy of repositioning. As Eduardo has said, we're growing, but it's equality growth. We're not growing for the sake of growing. We're growing with a focus and world target growth, and very important equality growth. Equality growth that allows me, allows TR, allows TR's team to present to you a guidance for 2025 with revenues above EUR 6.025 billion, keeping a 4.5% margin, which will result in an EBIT number in the neighborhood of EUR 280 million. For 2026, which is next year, again, our revenues will be north of EUR 6.5 billion with a margin above 5%. With these numbers, with this presentation, we open the floor now to any questions you may want to. Thank you very much for listening. Thank you. Ladies and gentlemen, the Q&A session starts now. If you wish to ask a question, please press star one on your telephone keypad. If you're using a speakerphone, please lift the handset before pressing any keys. Once again, that is star and one to ask a question. Thank you. Your first question comes from the line of Kévin Roger from Kepler Cheuvreux. Please go ahead. Yes. Good morning. Thanks for taking the questions. I have two, if I may. The first one is related maybe to the phasing of the backlog. You increased implicitly, once again, the top-line guidance, while months ago it was already massive, thinking about the midpoint, plus 17%. Can you just give us a bit more detail on why the top-line is once again accelerating for the full year, now seen as EUR 6.25 billion versus EUR 6.1 billion a month ago, just to understand the dynamic here? The second one is more broadly, and tell me if I'm wrong, but I have the feeling that in the press release and in the comment that you made today, you are even more optimistic than a month ago, with quite some strong quotes in the press release, in the presentation that you provided today. Just also first, am I wrong saying that you are even more optimistic today than a month ago? If it is true, what has, in a way, maybe changed? Is it the official award for RWE that is coming? Just to understand also the tones that you have today, in my view. Thanks. Kevin, it's Eduardo. Thank you for the two questions. Very good questions, both of them. The first one, I do not know if you're asking about the numbers. We had a backlog. It was EUR 3.5 billion, I think. We have delivered EUR 1.8 billion. And we had added to that backlog a volume. I do not know exactly the number. I think it was around EUR 600 million. That has to do with those acceleration plans, accession of times we were talking in the Capital Markets Day or Investor Day here in Madrid. I think your question is good. Why are you delivering more revenues than expected? One month later, my answer for you is I have to tell you about my last two travels, one to Abu Dhabi and the other one to Saudi. I went to Saudi three weeks ago and to Abu Dhabi four weeks ago. The message in both cases with the clients has been, there are another two projects we want to accelerate. Those projects that are already accelerating have to move faster. We will see. It's a bit difficult for me to predict now the immediate figures because the pressure we are suffering from our clients to accelerate and to finish the project is huge. It's huge. It wouldn't be crazy to see again the fourth quarter being very similar to the third quarter in terms of revenues. You have to be reminded that the US dollar is stronger than it was three months ago. It will have an impact both in the revenues and in the cost side. It will finally increase the volume of revenues as well. This business is alive. Every week, things are changing. I have to be very honest to you. I feel huge pressure from my clients to accelerate more than feasible in many cases. I mean, we are doing the best to achieve very strong targets, very hard targets. We will see how the figures, the revenue figure will evolve in the forthcoming three to six months. Regarding the optimism, maybe Juan, you want to. I think it's true. I've tried on the couple of slides that I presented to transmit optimism. Probably more than I have done before. Probably more than I have done before because it's true that we're traveling a lot as we do. Our presence in North America starts to consolidate the conversations, the frame agreements, the invitations to bid. The success on the pre-fits, we are ready. We are ready finishing and moving into fits. The fits that we are finishing with our customers, they're moving into real projects. They will be moving into real projects, which means detail engineering, procurement, and construction one by one. I'm talking about North America. Our business, our invitations to bid, the size of the market, the strong relationship that we have with our customers, the market that we have to face in front of us, our position in a very important area that sometimes was criticized because some people would say that we had too much risk. Once you are well positioned, I'm talking the Middle East, our capacity to grow in the Middle East with whom we want to grow, to move and to grow in services and to grow in transition is very important that we have gotten in transition and power in the Middle East. Again, with whom we want to grow and allow us everything is paying off and allow us to be optimistic. We see 2020, end of 2025 is here, but we see 2026 and 2027 with far more optimism than we had, I'm not going to say two years ago, definitely two years ago. I'm saying that even three months ago. Okay. Thanks a lot for the call. Thanks. Thank you. Your next question comes from the line of Juan Cánovas from Alantra. Please go ahead. Hi, good morning. I have two questions. The first one is, how do you manage to carry out those project acceleration? How does it affect your costs? If you could give us some detail about that. Just to make sure, is this contract in Germany with RWE and perhaps also some of the services pipeline expected to be signed into contract and add to the backlog during the fourth quarter of this year? Thank you. Regarding the acceleration of the project, basically, where we can really accelerate is in the procurement phase and in the construction phase. In the procurement phase, we have been doing a lot of work in the last six months to be ready for the moment that the client finally decides to go ahead with the acceleration plan and compensate it. That is the reason why you see such a quick acceleration in such a short timing, because we have done a lot of jobs previously that now it is paying off. I'll give you an example. If I have fully designed a specific equipment and I put it in the market in one day, the job has already been done, but the effect that has this design in the progress of execution of a project is very relevant. It's very relevant. We have a lot of jobs that you could not see before, but now it is being reflected in our accounts. The acceleration cost has to do—sorry, the acceleration of projects has to do with accelerating the procurement. You also have to pay your suppliers to construct the equipment faster. Obviously, they need more resources. They need to procure the raw materials faster. You need to advance them a lot of money also, but it is the way it works. When we talk about construction, basically, the idea is what is being done by 1,000 people is double what can be done by 500 people. What you need is more people. The idea is we are talking with all our contractors. We are telling them to increase as much as they can the human resources available at the sites. When they do not have the capacity, we are talking to other contractors that will adapt the needed capacity. We are splitting the scopes of the original contractors into different new contractors. It is the way it works. I mean, we have also to multiply the size of people from Técnicas Reunidas supervising the construction. Everything has a significant cost, and that is what the clients are paying. I mean, that direct cost for Técnicas Reunidas and for our contractors and suppliers. Regarding Germany and other service projects, are they going to be signed for Q4 2025? No. No. No. Finally, no. It would be in the second or third quarter of 2026. Okay. Thank you so much. Thank you. Your next question comes from the line of Robert Jackson from Santander. Please go ahead. Hi, good morning, gentlemen. The question related to the North American market. Are you seeing any signs of changes in sentiment regarding investments related to the energy transition projects compared with the last six months? I mean, you've been talking about acceleration, especially in the Middle East, of your more traditional projects. Is there any significant improvement, or are things the same as they've been this year in North America? Because there's still concerns about the impact of the tariffs on certain investments. Can you just give us more visibility on the North American market? Thank you. Hi, Robert. This is Joaquin. Let me say, in the local business, you know that we have always said that the opportunities that we are following have very good fundamentals and are being supported by strong partners. Okay? The first message would be that the opportunities that we are following are still being ahead. Okay? I would say even reinforced it because in the last weeks, we have seen, I would say, a strengthening of the message of the partners that we work with. Okay? That will be the main ideas. It is also true that some of the recent developments in the regulations are going to be clarified in the coming weeks. Okay? This is going to give, from our point of view, additional support to the projects that we are following. What about the timing of your services activity and your potential opportunities in North America? Could we expect in the first half of next year or more towards the second half of next year in terms of your pipeline in the U.S.? I would say that we will see good developments of our projects by the second half of next year, for sure. Okay. Thank you very much. Regarding the tariffs. Let me. I mean, obviously, I mean, the tariff business here is one day is one thing and next day is another. I mean, I cannot do a very intelligent analysis of what's going to happen with the tariffs. I can give you some feedback of what our customers have said to us. Eduardo and I, we were in the U.S., Houston, last week. We were working on some projects. We were studying with the customers on projects. Those projects have to be mobilized. They were saying that despite tariffs, which they're uncertain, the jobs are going to go through. Models are going to be done, very large part of them outside the U.S. Even with tariffs, even if they happen with tariffs, it'll be more competitive. The message is, with or without tariffs, the jobs will go ahead. That was the feedback that we got with the three customers that we sat last week in Houston. Okay. Interesting. Thank you very much. Thank you. Your next question comes from the line of Mick Pickup from Barclays. Please go ahead. Good morning, everybody. A couple of questions, if I may. Just on the acceleration of projects, how do you get paid for that? Is that bonuses if you get these done on new accelerated timeframes? You can just talk us through that. Secondly, you're talking about growth in the Middle East. Obviously, I've just come back from Adipec, and it's the first time in five years I've not seen an EPC contract signed. I can see one bidding in Abu Dhabi and not much in Saudi Arabia. Can you just talk about the growth in the Middle East over the next 12 months, what we should be looking at there, please? Thank you. How do they pay us as they used to? I mean, they have put a lot of pressure on us trying to accelerate. We have agreed the compensation, but they are not that generous in terms of schedule of payments. It is a fact that in every case, we are receiving a kind of a down payment. I mean, they are advancing some money because the only way to accelerate is to put the money on the table to our suppliers and contractors. Being honest with you, I mean, this is not going to be much better. Antonio is suggesting me to tell you that it is going to be a pari-passu, but I do not agree with him. I am afraid we are going to advance some money to our suppliers, and then we will collect the money from our clients. That is common. I mean, the whole business is working that way. There's nothing extraordinary in those acceleration plans. Can I just add that? When the project's late, your client holds your feet to the fire, and it costs you money. When you accelerate a project for a client, they do not end up paying you bonuses if you do it early. Sorry, I couldn't understand the question. Now I understand it. In some cases, what we have negotiated with the clients is that there could be an extraordinary compensation in case we achieve certain milestones in certain moments. Give or take, the overall agreement has more to do with, okay, we need to complete that in this period of time, and this be the global compensation that has to be added up to the original value of the contract. There are no significant differences in the way they treat the payments. Okay. The second question, Juan, maybe you want to. Yeah, Mike, let me talk about the second question. I mean, in the very short term, we asked in some countries in the Middle East, we have presented bids, and we have good expectations. In some other countries, we're getting ready and sitting with the customers to prepare bids within the next three or four months related to the upstream and even offshore business, and where we have positioned ourselves quite strongly in some of those countries. In some other countries, again, the power bidding continues and positioning continues. I don't want to say the country, but in some other countries, what we call the growth in gas treatment out of non-conventional sources, again, is growing and is continually growing, and they have big investment plans, and they have to continue growing to provide gas for the development of the country. I mean, there is not a lot of noise of immediate bidding, but there is a lot of noise of big investments coming up in the very short term on both on power, upstream, and gas. I mean, offshore, I mean, upstream oil and gas. And let me tell you, we're better positioned than we have ever been. Okay. Thank you. Thank you. Once again, should you have a question, please press star then the number one on your telephone keypad. Your next question comes from the line of Filipe Leite from Caixa Bank. Please go ahead. Hi, hello everyone. I have just two questions, if I may. The first one on working capital, and if you can give us more visibility regarding the working capital consumption of this third quarter, and how do you see working capital evolving in the next quarter. The last one, also on cash flow, in this case, prepayments, and if you can give us the amount of prepayment booked by TR online bank. Thank you. Felipe, sorry, there are problems with the line, and we cannot hear you clearly, but we have listed working capital and prepayments, so I can imagine the question. If something happens, Técnicas Reunidas is a huge discipline with everything that has to do with cash. That is the definition. As you can imagine, being the CFO of this company for 20 years, the way I try to manage the company is with the highest discipline. Saying so, I know perfectly every euro is relevant for a company bank, but when you analyze the big picture, that the company has grown its revenues compared to the year before around, I told you, 80%, 78%, the total volume of revenues. When you see that our balance sheet, the balance sheet has grown, I mean, the accounts receivables and our accounts payable around 30% compared to the figures we had by the end of year 2024. And it amounts around EUR 3.5 billion, I mean, of accounts receivables and of accounts payable. When you see how it works, the business, that milestones from time to time and for a specific project are very separate one from the other. It takes a long time to be invoicing your client and then collect the money once you have already delivered—sorry, not delivered—you have already incurred the cost, and from time to time, you have been forced to pay the contractor. I mean, it's a very difficult business, and it's of a massive size. When we analyze the working capital on a quarterly basis, every little movement, I do not know how much reflects our performance. I have to be honest with you. I do really believe that the quality, the way we manage our cash is the best possible. We have a clear philosophy that the money has to be, if possible, in the hands of our suppliers and subcontractors. Obviously, it has an impact in the working capitals quarter after quarter. Believe me, if there is anything here, it is discipline with the cash. That is very clear to me. Something about prepayments. The last project I wanted to TR was the project in Abu Dhabi seven months ago. The inflows coming from prepayments this year have not been that relevant, and a large part has already been consumed. I do not have a figure with me now. Again, you used to ask me about prepayments, but you do not ask me about the withholdings of the clients, the retentions they do, and they pay at the end of the projects. You do not ask me about the prepayments I do to my subcontractors. You are missing many questions, and probably we need to make a more complete analysis. In terms of prepayments from our clients, it is a fact that there has been only one relevant prepayment this year. It happened six months ago, and a large part has been passed to our suppliers. Thank you. Once again, should you have a question, please press star then the number one on your telephone keypad. There are no further questions at this time. Please proceed. Okay. There are no further questions, so we can finish these presentations. Thank you very much for listening. Thank you very much for posing questions. It clarifies many things to all of us. We will be talking again, I guess, with the final year-end results by February. I will see you all or talk to you all in February. Thanks again.