Ladies and gentlemen, thank you for standing by, and welcome to today's TSK first half 2026 results presentation. If you would like to ask a question, please press star five on your telephone keypad. If you change your mind, please press star five again. I must advise you that this conference is being recorded. I would now like to hand the conference over to Joaquín García Rico. Please go ahead, sir. Good morning, and thank you so much for joining us. Today, we are more than happy of doing our first results presentation as public company. We have prepared a 30 minutes presentation, plus other 30 minutes for questions. With me are Beatriz García, Executive Vice President, Francisco González, CFO, and Rafael del Castillo, Strategy and Corporate Development Officer. Today, I am pleased to present a strong set of results for TSK for the first half 2026. TSK results represents more than six months of solid financial performance, and they provide clear evidence that our strategy is working. We have increased profitability, transformed our financial position, and strengthened our ability to pursue future growth opportunities. We achieved this while maintaining a disciplined approach to project selection, execution, and risk management. The central message of today's presentation is clear. TSK enters the second half of 2026 as a more profitable, more resilient, and financially stronger company. We are very well positioned in the right markets at the right time. The world is investing in energy security, grid modernization, power generation, industrial transformation, and digital infrastructure. They are not short-term opportunities. They are long-term investments that will shape global CapEx over the next decade. TSK is already operating in these markets with a prestigious track record, strong references, and proven execution capabilities. Let me continue with the main figures of the period in comparison with the first half of 2025. Revenue increased by 4% to EUR 481 million. EBITDA increased by 54% to EUR 44.5 million. Net income achieved EUR 45 million. That means 36% more than the total net income for the full- year in 2025. This is the clearest evidence that TSK is not simply growing. We are improving the quality of our business. This means that EBITDA grew much faster than the revenue. As a result, the EBITDA margin improved from 6.3%- 9.3%. This improvement was supported by stronger project margins and lower financing costs. Other significant change in TSK during the first half is in the balance sheet. In this period, we moved from a net debt of EUR 288 million to a net cash position of EUR 94 million. This means a transformation of EUR 382 million in 12 months. In terms of equity, we multiplied by 2.5x from EUR 154 million to EUR 382 million, with an equity ratio of 35%. A stronger balance sheet means a stronger bidding capacity, greater flexibility to execute technological projects, more resilience against market volatility, and be able to negotiate from a stronger position. Today, financial strength has become a strategic asset. Another very important issue is the business visibility. Investors focus on the size of the backlog, but we focus on something different, the quality of the backlog. Therefore, for us, it is very important the exclusivity agreements and the quality of the pipeline. A contract only creates value if it generates attractive margins, efficient cash conversion, and reasonable risks. Today, we have a similar backlog to December 2025, but exclusivity agreements of EUR 5.6 billion. That means 40% more than in December 2025. We have contracts in the final phase of negotiation of around EUR 1.3 billion that we expect to convert in backlog in the following months of this year. This provides us with the luxury of being selective. We do not need to win every project. We only need to win the right ones. Our focus on contractual discipline, project selection, and execution quality is translating directly in stronger margins. This gives us confidence that the improvement is based on operational fundamentals and not only on revenue growth. Our objective is not to be the largest company. The objective is to be the best company and to create sustainable value from every project we undertake. Let me conclude with a simple message. Six months ago, TSK was a profitable engineering company. Today, TSK is a stronger, better capitalized, and more resilient company operating in some of the most attractive infrastructure and energy markets in the world. We have improved profitability. We have strengthened the balance sheet. We have built the strongest visibility in our history. Also very important for us, we have done, and we have achieved what we have promised and compromised. This positions TSK to deliver sustainable value creation for shareholders over the coming years. Our priorities for 2026 are clear. First, we must deliver the existing backlog in accordance with our profitability, quality, and cash conversion. Second, we will protect the financial strength achieved in the period. Third, we will convert selected opportunities into contracts, but only when they meet our technical, contractual, risk, and financial requirements. Fourth, we will continue improving our operational control and risk management procedures and capabilities. Our ambition is not simply to grow. Our ambition is to grow profitably, sustainably, and with full control of the risk we assume. Rafael will continue with the business visibility presentation with the most relevant new projects where we are involved. Thank you, Joaquín, and good morning, everyone. Thank you so much for joining our first half results presentation. I am going to talk in section two about visibility and section three about our new life as a listed company. On visibility, many of you may remember from our IPO process that we stressed on the fact that our visibility of projects was actually greater than ever, so we did our IPO not to miss our chance to take advantage of all those projects. Just a few months later, we are very proud to state that our visibility is even greater. We are 40% up versus IPO figures, considering our backlog and exclusivity agreements, and with EUR 1.3 billion in different projects in the final phase of negotiation of the contracts that we expect may convert into backlog in the coming months. Within that numbers, there are several projects, and we are going to briefly explain some of them in the following slides. First one we wanted to excel is that we have been selected as the strategic partner for Fermi America 728 MW open cycle in Amarillo, Texas. Project Matador is one of the biggest AI campus that is being developed in the world, and we are very proud to be part of it. We have signed a services agreement to execute the early works and the fast starting engineering services regarding the installation of three F-class Siemens gas turbines that may convert to CCGT later on. The second project is the Hadera project, 100 MW CCGT in Tel Aviv, that it's already under full execution with our long-term strategic partner, Shikun & Binui. The project uses GE Vernova technology as the main equipment provider. Our client, in this case, is an SPV owned by Kenon Holdings. Kenon Holdings is a U.S.-listed company, owner of more than 6 GW under operation, mainly in the U.S., and two more gigawatts under development, what creates great opportunities for us. The third project that we wanted to talk about is 540 MW CCGT based on an H-class equipment from GE Vernova as well. This is a project that we started to work back in 2023, which is very close to ready-to-build, located in the U.S., and where we already have a listed partner confirmed to execute the project with us 50/50% each one. This is a roughly EUR 1 billion project that we are in the final phase of contract negotiation and that we expect may convert from exclusivity agreements to backlog in the coming months. We also have, under negotiation phase, 190 project that we also started to work some years ago, where we have completed a FEED phase and consist of a 7,000 tons per hour salt conveying system in the Middle East. This is a project to be executed as well with our long-term partner, Shikun & Binui, both in the turnkey execution of the project, but also on the long term O&M that is expected to happen afterwards. Jumping to the next project that we wanted to talk about is that we have signed an exclusivity agreement for the execution of a 100 MW AI-ready data center campus, which is located in Yguazú, in Paraguay. This place, you may know, is becoming a hub for data centers, given the availability of very low energy prices coming from the Yguazú hydropower station. This is a ready-to-build campus. The engineering has been completed according to Tier 4 standards, and it was developed by ICON. It's a project where we will be incorporated in the coming months, partner, while we keep focused based on our data center strategy. In this case, for this specific project, it's all the electrical equipments and the grid connection. Lastly, we wanted to talk about an exclusivity agreement that we are working in two different projects related to industrial plants. First one is a green ammonia campus in Spain, and the second one is a sustainable aviation fuel project in Saudi Arabia. We are working under these exclusivity agreements for more than two years, designing the plants since the early beginning, and these projects are under development phase. Our main scope here will be all the energy and electrical supplies linked to the industrial plants. We already have a technological listed partner specialized in the ammonia and SAF production. We saw reading both. The last slide on this section, it's just a quick reminder on our strategy. We keep focused on a targeted selection of countries and technologies where we have a very long-standing track record, mainly in Europe, in America, and in Middle East. It's been this last place, the Middle East, an area where we analyze specific opportunities. It's always working alongside our local partners in all the countries that we are doing business. Moving to section three and our new life as a listed company. We first wanted to remind our main goal with the IPO. It was reinforcing our equity so we could have access to all projects that we have on the table. After the IPO and our H1 results, we have close to EUR 400 million equity, representing close to 40% equity total asset rating. Our shareholder structure and our shareholder base, post IPO, just a quick summary. We have roughly 30% free float. Santander Asset Management is holding more than 3% of our shares, and the founders remain owners of close to 68% of the shares. Related to our IPO goal and the availability of financial guarantees, we wanted to remark the fact that IPO is already proving to be very successful, even better and faster than we could expect. We have already been able to secure the extension. You can see our pre-IPO syndicated guarantees with Spanish banks, and we have already committed new facilities with international bank and insurance companies right now in more than EUR 100 million. All this happened during the summer. That it's not an easy period to work with the banks and the insurance companies and not having released a post-IPO financial statements. Lastly, as key highlights or milestones accomplished post IPO, first one is that we have successfully completed the Panama investment in time as anticipated. We are releasing today first half results according to guidance provided, and we have seen so far a very strong share performance thanks to a robust and well-diversified book-building process and a strong equity story. Now, I pass the word to Francisco, who will explain financials in detail. Thank you, Rafael, and good morning, everyone. Let me now take you through our financial performance for the first half of 2026. Rather than starting with a long list of figures, I would like to frame this section around four ideas, which tells a lot about the first half of the year: profitability, cash flow, financial strength, and development. These ideas are closely connected given that our good, strong project selection and execution drive profitability. That profitability converts into cash very quickly, and that cash generation has strengthened the balance sheet. That financial strength gives us the capacity to develop the business from a position of resilience. That is, in your view, the financial story of the first half of 2026 for TSK. The group is not simply reporting higher results. TSK is consolidating a business model that is becoming more profitable, more cash generative, and financially stronger. Now, jumping into more detail in this slide, let us start with the evolution of the sales, the contribution profit, and the EBITDA. As you can see here, the first half of 2026 is showing a clear improvement in profitability across the business. Importantly, this performance was achieved through the normal execution of our projects and does not include any material one-off, or any exceptional item or non-recurring source of profit. As you can see here in the chart at the left, revenue increased by approximately 4% to EUR 491 million. The most relevant point here is how the revenue was selected, executed, and converted into margin. As you can see in the other graphs, the contribution profit, which is the margin that comes directly from the execution of the projects, what is our backlog, increased by 43% to EUR 70.1 million. With this contribution margin rising from 10.6%- 14.6% in the comparative period. This improvement, which is very important, was driven by both business segments and reflects three important things. A stronger project execution, an improved commercial discipline, and a more selective approach to project risks. In terms of the geographical perspective, revenue remained very well diversified. The Americas accounted for approximately 70% of sales, while Europe contributed with 13%, and Asia and Oceania are increasing their relevance, reaching 14% of total revenue during the period. This strong contribution margin performance, together with overheads of approximately EUR 25 million, resulted in a consolidated EBITDA of EUR 44.5 million, which is a 9.3% margin over sales. Revenue increased by 4%, but EBITDA increased by 54%. This is the main idea of this slide. That gap is very important. It shows that the improvement is not primarily volume-driven, it is quality-driven. It reflects better project selection, discipline-bidding, efficient execution, active operational management, and a consistent approach to risk mitigation. Beyond this margin expansion itself, it is worth to highlight the quality of the revenues. Here, none of the revenue recognized during the period relates to claims, disputed positions, or commercial expectations. All reported revenue is derived from contractually agreed work accepted by our clients. This is further evidenced by the fact that by June, we invoiced approximately EUR 610 million and collected pretty the same. We are demonstrating that the strong conversion of revenue into cash and providing a high degree of confidence in both of our revenues and margin is done. According to the business segments, it is important to remark that this improvement is supported by both of them. Each contribution through the different risk and earnings profile. Energy Transition & Digitalisation remains the group's largest segment, as you can see here. Revenue was broadly stable at around EUR 430 million, while contributing profit increased by approximately 25% to EUR 53.1 million. As a result, the contribution margin increased from 9.7%-1 2.5%. The important point here is that the improvement is broad-based across the full portfolio. All projects currently under execution are profitable and are located in markets where TSK has extensive experience, both in projects execution and in the local regulatory and compliance environment, which is also very important for the good performance of the projects. We also benefit from established supply chains and longstanding presence in these countries. The second segment, Handling & Mining, provides a complementary profile. It has a large number of smaller projects and richer diversification, both by customer and geography, and a strong capacity to generate margins with a higher contained risk profile. During the first half, the segment, Handling & Mining, almost doubled revenue, starting from EUR 28.9 million- EUR 75.8 million. The contribution profit here increased to EUR 16.9 million during this half, close to three times the figure recorded on the comparative period. This is precisely why we value the combination of our two segments. Both of them give us different risk profiles, diversified sources of revenue, and exposure to a broad range of technologies, sectors, and geographies. They also share capabilities and generate synergies that TSK has developed over many years. If there is one key message or a main point to take from this slide is that TSK is not pursuing revenue for its own sake, as Joaquín said. We are focusing on securing projects that generate attractive margins and convert those margins into cash, which is the most important thing for us. The EUR 480 million of revenue, the EUR 70 million of contribution profit, which is, or which represents a 14.6% margin, summing with a EUR 44.5 million of EBITDA equivalent to the 9.3% of margin, are demonstrating the effectiveness of that approach. Let us now move down to the income statements below EBITDA. We are starting here in this charts, with an EBITDA of EUR 44.5 million, which was generated by the operating performance just described, which are only the projects that are taking part of our backlog. After depreciation, amortization, impairments, and other operating items, EBIT amounted to EUR 38.6 million, at the same time as the group has maintained its prudent approach to revenue recognition and risk provisioning. We are maintaining here a provision balance of the 3% of the annual revenue following the prudent approach that we were having during the last years. There has been no change in that policy, and we do not intend to change it. After this, our EBIT represent an 87% conversion from EBITDA and reflects the relatively asset-light nature of our core business with no needs of CapEx. The group also recorded EUR 20 million of positive net financial income compared with a financial loss in the equivalent period last year. This improvement reflects three main factors. First, a lower financing costs following the material reduction in gross debt of more than EUR 114 million. Second, a higher financial income generated by our position in low-risk liquid investments. We are investment the surpluses or the six exceeds of treasury in deposits, that of, in which we are obtaining some revenues. Third, a favorable foreign exchange contribution, mainly from USDs. It is important here to note that a significant portion of these ForEx gains has already been realized through the collection of approximately $82 million from Avanzalia Panama trade in July. As a result, the groups remain financial exposure to U.S. dollars is now very limited, while project-related exposures continue to benefit from natural agents mechanisms, which are working well. In this first half of the year, the difference that came from ForEx were realized in more than EUR 8 million, as you can see in our accounts. Excluding the EUR 20 million ForEx revenue impact, the group's financial result was close to break-even in H1. It is worth noting that after June closing, we have continued reducing gross debt and also continue investing the cash flow process generated by the business. As a result of this combination, we are expecting a lower financial expense and a a higher financial income contribution in H2, supporting a stronger recurring financial result going forward. This combination brought a profit before tax to EUR 58.6 million, as you can see at the left, more than 10 times the figure recorded in the comparative period. Last, after the tax charge, let me stop a little here because it is important to remark that this is calculated under the requirements applicable to the interim financial reporting. So we have not included here certain aspects or certain assets that we can take advantage of it in order to pay a less amount. The net profit attributable to shareholders reached 44.8%, as you can see at the left of the work. It is very important because we are increasing more than 16 times compared to the first half of 2025. So we are demonstrating the combined effect of a stronger operating performance, a lower leverage, and a substantially improved financial profile that represents a net profit margin of 9.3% over sales. So the margin quality discussed in the previous slides is reflected in the group's cash generation, as you can see here. This is probably the best evidence of the quality of the performance I just described. Over the last 12 months, TSK has transformed its balance sheet, moving from EUR 288 million of net debt to a pro forma net cash position of EUR 94 million. This represents an improvement in terms of cash of EUR 382 million in just one year. This transformation was driven by a combination of factors, all of them very important. An operating cash generation, the divestment of non-core assets, the repayment of the Avanzalia Panama financing, and the net proceeds from the IPO. Each of these elements was part of a well-planned financial strategy. But here, the part I would particularly highlight is the cash generated by our own business. Over the last 12 months, operating cash flow reached approximately EUR 53 million, as you can see in the chart. But here it's important to remark that in addition, EUR 56 million receivables outstanding at the end of June were collected shortly after the reporting date. On that basis, a pro forma operating cash flow could rise to approximately EUR 109 million, representing close to the 100% cash conversion against the annual EBITDA base. Here is very important, and I am remarking this because it's where the quality of the revenue becomes tangible. Since revenue progresses into certified work, invoices, and cash, no more than this. It is not dependent on the future success of claims or on amounts that remain subject to commercial negotiation. Proof of this is how we convert margin into cash. Also important is to remark that the improvement was not driven by customer advanced payments, given that our operating model has no reliance on customer pre-financing. The operating cash flow here is very easy. It comes from work performed and transferred to clients through the normal period cycle. At the same time, the group generated approximately EUR 80 million from its planned investment program and EUR 71 million collected from Avanzalia Panama Credit. So summing these two metrics, both operating and investment cash generation, sums up more than EUR 200 million that allowed TSK to significantly reduce its financial growth debt, as showed in the previous slide. Finally, as you know, TSK also received EUR 174 million of the net IPO proceeds, which added further capacity to accelerate development of our business from a stronger financial base and fulfill also our compromises with the market. In a nutshell, if we can extract here two ideas, the important thing is that the receipt of the cash is the evidence of two important things. Our quality in revenue that give us quick collections and that our financial discipline is working well. Those strong earnings performance discussed in the previous slides, as I said, were translated directly into a significant stronger working capital position since we are collecting the most of the margins. The income statement demonstrate our stronger profitability, as I said, with an important EBITDA ratio, and the cash flow statement confirms that these earnings are translating into cash very quickly. The balance sheet now shows how that cash is being used to reduce leverage, increase financial flexibility, and further strengthen the group's position. Here, we are going to talk about two metrics that for us are the most important. Over the period, working capital moved from a negative EUR 60 million position in June 2025, as you can see at the beginning of the chart, to a positive EUR 191 million position in June 2026. The main point here is that this working capital position is totally supported by available treasury and liquid resources, which provide the group with a substantial financial flexibility. Also, the assets that come from debtors are very liquid and comes only from works that were performed and accepted by our clients. We don't include here any claim or any aspect that is dependent on a successful negotiation. At the same time, commercial working capital remains negative at approximately EUR 20 million. These two measures, it is true that describe different aspects of the balance sheet, but together they are telling an important story. As I said, the positive over working capital position is demonstrating our liquidity strength, but the negative commercial working capital position is demonstrating the efficiency of our operating cycle. Our project portfolio is a structure so that collections and payments are very carefully aligned, limiting the need for additional financing to support the execution of the projects. An important point here is that our collection cycle is generally shorter than our payment cycle. In practice, we are collecting cash from customers before our main full portion of our supplier obligation falls due. As you can see in our H1 accounts, an important part of our commercial debt is for long-term basis. Again, as we are remarking during the presentation, this is not the result of a business model dependent on customer advances. The cash comes from our operating cycle itself because this not require financial support or cash injections from the group. As you can see also here, the balance sheet has also been strengthened by a higher equity, with an equity to total assets ratio of approximately 34%. Remarking the last, TSK has always taken a prudent approach to balance sheet management. Rather than optimizing for short-term returns, we have focused always on building a financial position that can support the group through different market cycles, while also, which is important, preserving the flexibility to pursue attractive opportunities. For us, the real value lies more in what this balance sheet enables us for the future. It provides resilience in more challenging markets, reinforces our credibility with the stakeholders, and gives us the flexibility to pursue growth opportunities without compromising our risk discipline. With that, Beatriz will present our guidance and priorities for the remainder of 2026. Thanks, Fran. Good morning, everyone. Moving now to guidance, the message we would like to share with you is simple. We are reaffirming our full- year 2026 guidance, and we are on track to achieve all the targets presented at the IPO. On revenue, our target remains growth from high single digit to mid-teens. Based on what we have delivered in the first half of 2026, we are progressing in line with the aim. On profitability, contribution profit margin stands at 14.6%, and EBITDA margin at 9.3%. These are solid figures and more importantly, they are consistent with the path we have committed to, remaining between the last two year average and slightly above full- year 2025 levels. On the balance sheet, we said we will keep net financial debt to EBITDA below 0.5x, a good level itself. Today, we are in a net cash position, which is even better. We have also confirmed during the first half that no material CapEx is expected. Finally, on dividends, our policy remains unchanged. Looking at the full picture, we can say that our targets, each already met or clearly on track. For closing, just one clear idea. We truly believe that TSK is entering a very exciting new stage, and that we have the right basis to make the most of the opportunities ahead. This chance is built on three simple pillars. The first one is the market. We are present in sectors that are going through a deep and long-term transformation, the energy transition, electrification, decarbonization, critical minerals, etc. For us, this is not yet a short-term cycle. It is a structural change that fits very well with who we are and with what we know how to do. The second pillar is our position. In addition to the strong financial position we have already discussed in terms of cash flow, profitability, and balance sheet structure, we also have a record backlog and very solid commercial pipeline. These give us visibility, confidence, and a clear platform for future growth. The third pillar is execution. We have delivered our first set of results in line with the guidance provided. Today, we are reaffirming our full year 2026 guidance. For us, this is very important because credibility is built step- by- step, and this first milestone is another step in that direction. In the end, the story is simple but powerful. We are in the right markets. We know them perfectly. We understand the risks of our projects, and we have the financial capacity to follow the opportunities ahead without compromising the principles that drove us here. Thank you very much for your time. With this, we have finished. Operator, please start with the Q&A. Thank you. Thank you. Ladies and gentlemen, we will now begin the Q&A session. If you would like to ask a question, please press star five on your telephone keypad. If you change your mind, please press star five again. Please ensure that your devices are muted locally before proceeding with your question. Our first question comes from the line of Flora Trindade from CaixaBank BPI. Please go ahead. Yes. Hi. Good morning. Thanks for taking my questions. The first question is on guidance, if you could help us narrow the range you have given. In terms of EBITDA margins, if you are comfortable in reaching or surpassing the level of last year, the 9.6%. Then, if we look into consensus forecasts, we have a net cash position of EUR 161 million, and EUR 1.1 billion of revenues in 2026. Would you be comfortable with these estimates? Just two general questions. The first one is a clarification on the recently awarded projects in U.S. and Israel. If you can let us know when this should start contributing to P&L and cash flow, if we can assume it is already this year. Then on the Middle East, you are aware that the sector has been pressured by the issues in the Middle East. If you can just update us on your current exposure and the strategy for that market. Thank you. Hello, Flora. Thank you so much for your questions. I think it's four. I am Rafa and I am are going to reply the first two ones. On EBITDA margin, on the question on whether we are comfortable with the range. I think this is what you asked that we provided in the IPO. Of course, we are reaffirming our guidance. We are 9.3% EBITDA margin, which is in the up range of the range that we provided. Yes, the answer is yes. We are comfortable. We will be delivering according to that. On the second one, the net cash, what I can say, and Fran can add further, is that the operating cash flow, considering the collections in July, it's outstanding actually. We are on our way to get the highest possible net cash position. We are well above on that and related to the guidance that we provided. Hopefully, operating cash flow will remain the same, and we will be able to deliver according to the expectations. I think the third question, I can go ahead if you're okay. The third question was on projects on the final phase of negotiation. As explained during the presentation, we have EUR 1.3 billion in projects that are currently under that phase of negotiation. Some of them are included within the exclusivity agreements and some of them not. Some of them are in the pipeline. We haven't been able to sign the exclusivity agreement, although we are negotiating bilateral with our client. It's projects that we are very confident that can convert into backlog in the coming months, in the short term. Visibility in this case is very good according to our expectations. Last question, I think it was on the Middle East. The Middle East, we are not facing any kind of difficulties in the area despite recent events. Here, maybe Fran, you can add something on how the contracts that we have recently signed in the Middle East are. Thank you, Flora, again for your question. Continue with Rafa's answer. Yes, according to the protections and the risk management perspective of the contracts that are or may be affected in that region in which we are not having important activity yet, we have a lot of protections against the potential war and disruptions. All the contracts have clauses that are protecting us for any event. Also in terms on costs, we have other clauses that allows us a monthly price adjustments in case of the inflation goes higher than expected. One advantage here is that cost clauses are passing through to the client every month. We are, in this case, very well covered. We do not have to wait until the end of the contract to obtain the claim or that amount. Continue with the working with the net cash position. Yes. We continue also after the June closing, we continue optimizing the balance sheet structure. We continue reducing the gross debt and optimizing the costs as well. As you can see, for example, in the accounts, from last year to this year, we reduced the average cost of our debt from the Euribor + 4% to a range between Euribor + 1.1% and Euribor + 2.5%. You are going to see very easily a reduction in all the financial costs for the H2. Yes, we are very comfortable, and we are continue working on it. Thank you. Thank you, Flora. Our next question comes from the line of Ignacio Doménech from JB Capital. Please go ahead. Hi. Yes, thank you for the presentation. Thank you for taking my questions, three from my side. The first one is on the backlog. You mentioned there are EUR 1.3 billion in potential awards that could be announced in the coming months. Can you give us some visibility on the timeline, and if it is reasonable to assume that the year-end backlog would be around EUR 2 billion, EUR 1.9 billion-EUR 2 billion? Then my second question is regarding data centers in Spain. There is this proposal on a royal decree in Spain. I was curious if you could give us or share your view on this proposal. Also remind us of the exposure you have in Spain within data centers and how some of these projects or exclusivity agreements could be advancing or moving forward. My third and last question is on the litigation process you have in Mozambique. I guess there is no material update. Maybe if you could share with the market how are conversations evolving in this process, if you expect to reach an amicable solution before the formal processes is awarded, and essentially if there could be any positive or negative surprises on that end. Thank you. Thank you, Ignacio. In reference to your first question about the backlog, you are right. We have right now some projects under the final contract negotiation that we are expected to convert in backlog in the next months before the end of the year. As we are in September, you are right. We can expect a backlog around EUR 1.8 billion- EUR 1.9 billion in terms of the new contracts. In addition to this question, Ignacio, these projects, for example, there is one that we mentioned during the presentation that is very close to ready-to-build. It is not something material that is left to become ready to build, but once it is, we are pretty confident that may convert into backlog. Time is not entirely up to us. Yes, as Joaquín said, we are confident that it will be very soon. On the second question, the royal decree on data centers. Actually, we are not developers, and we are not experts, but the project that we are actually analyzing in Spain on data centers is going to be benefited from this royal decree, since, as you may remember, all the projects on data centers that we are currently involved are those that need energy in Spain. That is actually one. It is good for us because these opportunities that we are analyzing will have new energy plans, and this may reduce the projects in Spain, but for us, in any case, it should be beneficial. The third question on Mozambique, yes. As you said, there is no material update on this process. It is a long-term process, but in any case, as you correctly say as well, we are negotiating with the counterparty, with our client. It has been almost one year negotiating, and we keep negotiating. It is not an easy context, but we are trying, both parties, our best, and hopefully we can reach an amicable settlement very soon. That is definitely our goal always as a reasonable, of course, agreement. Anyway, as you very well know, in reference to this dispute, we have our guarantees and bonds protected by interim measure here in Spain. We are confident in a good solution for everyone. Very clear. Thank you very much. Thank you. Thank you, Ignacio. Our next question comes from the line of Álvaro Bernal from Alantra. Please go ahead, sir. Hello. Thank you for taking my questions. I have three, if I may. The first one is regarding the response from the previous question about the EUR 1.8 billion- EUR 1.9 billion backlog for year-end. That would imply order intake to materially scale in H2. Are you comfortable with more than doubling the amount we have seen in this first half of the year to go roughly to an amount of EUR 1.6 billion for full- year? Just checking on that. The second question is more a qualitative question. Just wanted to know, or if you could shed more light into if the fact of doing the IPO has bettered your position. Thanks to this, have you been able to unlock any new contracts because you are now a listed player? Is this the case? Was it a pre-requirement from clients to be listed in some contracts? Sorry, Francisco, I might have missed this in your explanation, is regarding the corporate expenses. They have been a bit higher now than the 4%- 4.5%, and in the presentation you reiterate. Could you explain the reason as to why it has been higher this first half, and the reason for it going back to the 4%, 4.5% in the full year? Thank you. Thank you, Álvaro. Yes, about the first question, what we mentioned in the presentation and in the previous answer. Yes, we are under the final negotiation of different projects that is around EUR 1.3 billion, and we expect that this contract negotiation finish in the following months, before the end of the year. Yes, at the end of the day, we are adding to the backlog these amounts this year. On the second question, hello, Álvaro. Definitely, IPO is proving to be successful. I would say since day one, it has given us great visibility that maybe we didn't use to have, not only in Spain, but also abroad in the main countries that we are doing our business. It was not a pre-requirement sometimes to be a listed company to participate, but definitely it's always good. It's not only about the clients, it's also about our partners. Local partners, the main equipment providers. Being a listed company gives the market and gives everyone a great confidence of what we are doing and where we are. So yeah, we are fully convinced that the IPO was a great decision, and we try to explain also during the presentation, that our main goal that was trying to get more financial guarantees to take advantage of more projects. It's already proving to be successful. It's very important, and what we are expecting after today, now that we are releasing our results, because this is the first financial statements after the IPO. We are on our way to further increase our visibility now and to get more facilities with new institutions. The third question, Fran. Yes. Hello, Álvaro, and thank you for your question. According to the corporate expenses, yes, you can see a higher amount during this half, but we are very relaxed because we are controlling it. That growth is due to, during the beginning of the year, we were having more expenses that will be compensated in H1. One reason for this is the commercial activity that was increased. As Joaquín and Rafa just said, we are very close to signing new contracts, so it's very common that you have a big amount of expenses during this period. We are comfortable, as I said, and we are fulfilling in H2 the ratio that we set. It's to want to close the year with an average of EUR 40 million in corporate expenses. Yes. Every year is the same. The first half is higher. Okay, understood. Thank you very much. Thank you, Álvaro. Thank you. There are no further questions from the conference call at this time, so we will now answer the web questions. The first web question is in Spanish, and they ask, [Non-English content]. Okay. Thank you. Let me ask the question in English. Yes. If you go to the cash statements of the H1 accounts, you can see an increase or a cash flow generation in the operating part of EUR 4 million. It is true that here you can see that we generated EUR 57 million of operating cash flow before the working capital movements because of the EUR 46 million outflow that you can see in the temporary changes. It was due because the investments in the cash generation into works performed that we were collected first week of July, as I said during the presentation. So if we do a pro forma H1 cash flow statement with the collections that we received for overdue invoices at June, we would have a position of more than EUR 60 million, which is an important EBITDA cash conversion. It is important to remark that in this line, they are incorporating EUR 6 million in interest payments and taxes. If we do, or we calculate a gross, we would be closer than the EUR 70 million in operating cash flow generation. According to the normalized working capital for the second half, it could be pretty the same. As I said, the revenue that we register has a very good quality. We invoice and collect those revenues along the year. We do not expect payments or extraordinary incomes other than the ones that we receive from the business activity. In that case, we are very comfortable also with this. Thank you. Our next web question, it says, in Mozambique, what is the current status of the dispute? Has the group recorded any specific provision in relation to the case? Does management expect any cash outflow or payment obligation to arise from it? Well, on the status, we already explained how it is currently, and on the financial statements front, no. No, we do not have any provision registered according to this dispute. As you can see in the accounts, and what was explained in December 2025, for us, it is a contingent asset. It is true that in this case, we are not having any pending collection to receive. In the case of a successful, the profit will be 100% of the laudo. Thank you. Our next web question says, can we have a breakdown of the EBITDA margins by the divisions? Should we expect an improvement in margins in the second half 2026 on the back of quality and more FEED services? Do they expect to see some advances with new awards in the second half 2026? Could we have more visibility on the pipeline geographically and end markets, and where the significant increase have come from? Thank you. Okay. Thank you. Well, according to the results that comes from the segments, in the note four of the H1 accounts, you have a disclosure of all the main lines of the profit and loss statement distributed in both segments, and also with the corporate, which are the expenses and profit that are not assigned to any segment. So in this note, you have all the information. Yeah. Regarding the other questions related to projects and pipeline and the geographies, as I explained on the presentation, it's all the countries, territories where we've been working for many years. We have a long-standing track record, and we have partners. So in terms of geographies, Europe, America, and opportunities in the Middle East. The other questions on the margin for the second half, what we can say is that we reaffirm our guidance. This is what we said, what Beatriz explained during the presentation. Thank you. Our next question says, w ith a final backlog of EUR 1.8 billion, how this backlog growth will convert acceleration of the revenue growth in 2027 versus 2026? We still see growth in 2027 accelerating to the upper part of the guidance? Thank you. We maintain our guidance. For us, awarding or ordering intake is not a matter of timing. We do not mind contracting in December or January. What is important for us is that we are very confident that we will be delivering our guidance in terms of revenues, in terms of margins, and this is what we can say. We are in the good way. We have a lot of visibility, both in backlog exclusivity agreements, but especially in the final phase of negotiation of some contracts. I would say that we reaffirm our guidance in all sections. Thank you. The next question asks, I am surprised that UDC project in Spain is not affected by royal decree draft. Most people think that electricity supply requirements and PUE and WUE standards are basically impossible to meet as the draft stands right now. Are you expecting significant changes during the consultation process? Thank you. Well, this may be more a question to the owner of the data center. What we can say is that the projects we are forecasting, of course, I am giving you a very simple answer now in 30 seconds, is that the projects we have, and this is the way they are designed, have its own energy, so technical details, et cetera, will be, of course, discussed on a technical basis. Thank you. We appear to have no further questions at this time, so the team will be available offline if you have any further questions. With that, thank you all for your participation. You may now disconnect your lines. Thank you.