Ladies and gentlemen, thank you for standing by, and welcome to Mota-Engil half year 2025 Results Presentation. At this time, all participants are on a listen only mode. After the presentation, we will run a Q&A session. If you would like to ask a question, please press star five on your telephone keypad. Now I would like to turn the call over to Pedro Arrais. Please go ahead. Thank you. Thank you very much good afternoon to you all for attending this call where we will present the 2025 full year results. With me, I have here the Chairman and CEO of the company, Mr. Carlos Mota Santos, and the CFO of the group, Mr. José Carlos Nogueira. As usual, the CEO will start the presentation with some key highlights, then we will make the board presentation at the end the CEO and CFO will assure the usual Q&A session. Carlos, the floor is yours. Thank you, Pedro. First of all, welcome. Thank you for attending the 2025 full year results. It's a cornerstone that we are turning this full year presentation because it's the end of a strategic cycle, the beginning of a new cycle and also is the year or the year that the group does its 80th anniversary. It's a mark not only for the company, but especially for myself. Let me start by mentioning that we, in 2025 we achieved record results that's proudest not only in terms of EBITDA, almost 1 billion EUR of EBITDA, 18% margin, growth of 4% year-on-year. Especially in terms of net profits that we achieve a record of EUR 133 million after minorities that is on the way or paving the way for the 3% we said that we will achieve in 2026. This is record year in terms of net and EBITDA even though we already anticipated a decrease in terms of turnover of 11%, mainly due to two markets. First of all, in Mexico, in which there were some delays on some projects on starting up some projects and also in some projects that has been delayed their tenders mainly due to the war tariff of United States. In the Liberation Day of Mr. President Trump beginning of April, that put a lot of pressures in terms of the market several investments were postponed due to that. In Portugal we had massive delays in public investments due to the unexpected elections that occurs during the month of May. As you know, the government fell on March, new elections came in May. Due to that several projects like the Metro of Lisbon, the Lisbon Oriental Hospital and also the high-speed train were delayed. That's both those markets was the major were the biggest impacts in terms of the decrease that we had year-on-year in terms of turnover. Due to our execution and also due to the capacity of our efficiency problem, we were able not only to execute this EUR 5.3 billion turnover, but also to increase our net profit and also our operation margins. We did this all in the context of big investments, a lower CapEx when compared with 2024, but a bigger investment in concessions that we'll talk a little bit more later on the presentation. We always kept delivering the same financing policy, having the capacity of having the debt control, delivering the 2 x, below 2x net debt over EBIT, as we promised to the market and also the 4xA gross debt over EBIT, as we've been doing since 2021. Our equity grew organically more than EUR 100 million to EUR 983 million with a gearing ratio of equity over assets of 12% over growth when compared with 2024. Also, we increase our generation of cash flow coming from operations of almost EUR 200 million when compared with 2024. We also achieved a record backlog of EUR 16.2 billion in a context of a very selective commercial policy because as we've been saying to the market, we are more and more selective in terms of our commercial policies, choosing and picking the good projects with bigger dimension, with bigger, with a higher profile or better profile in terms of cash flow generation. That is one of the several things that allow us to achieve the profitability that we achieved last year. Moving on to the slide number 5 of the main events in, on the second half of 2025. In terms of main projects awarded, we have been awarded and announced EUR 4.5 billion of new awards since the in the second half of the year. That is the consolidation of Mota as a world reference group by being awarded this kind of projects of very big dimension projects in infrastructure and also our capacity of diversifying to new sectors, namely into oil and gas, and also consolidate our activity in terms of contract mining. Some of the financial achievements that we got on the second half of last year with several financial operations. That is the reinforcement of our credibility in terms of financing source and partnerships. On slide number six. We've been recognized externally by several entities in terms of our sustainability policies. This is the proof that the implementation of and the execution of our sustainability strategy is being recognized, and therefore we're being recognized and improving our sustainability position by several entities and several ESG credentials. On slide number seven. In 2025, we increased once again our position in terms of the several rankings of the sector. We've been ranked, globally in number 52, according with Deloitte Global Powers of Construction. Number 2, in terms of Latin America, we are the second biggest infrastructure group. We are the first non-Chinese group by dimension, operating in Africa. Number 6 globally, but the first non-Chinese and of course, Portugal Number 1. Number 11 in Europe, that was an increase from nine, number 14 on the previous year. Worldwide in terms of international company or internalized, international activities, we are 76. That also was an improvement when compared with 2024. We also been certified for the such, for the first time as a Great Place to Work in three different markets: in Portugal, in Peru, and also in Nigeria. Bearing in mind that we have over, 50,000 employees worldwide. Only 3.3 of them are expatriates, and our aim towards 2030 is to be globally certified as a Great Place to Work in all the markets that we operate. Moving on to slide number 8. Just an overview now that we are finalizing our strategic cycle and to announce, as you know, a new strategic plan shortly. We make here just a brief overview of what we delivered in 2025 when compared with the goals of 2026. Between the beginning of the plan on 2021 and the end of last year, we grew more than 100%, even with the decrease of 11% year-on-year that I mentioned a little while ago. More important than that, or as important than that, we improved our EBITDA operation, our EBITDA for the 18% that I mentioned. That is not only because of our capability of being awarded more differentiated projects, but also our capability of putting the efficiency, the internal efficiency and the synergies within the organization in order to execute in a more profitable way. At the same time, we achieved the 3% that we established for 2026 in terms of net profit after minorities already in 2025. Always being very committed in terms of our robust financial structure. Not only in terms of debt profile, being always below the threshold that we established in terms of net debt over EBIT of 2 x, but also improving the profile of our balance sheets. Not only in growing the equity are always organically, but also improving our solvency ratio towards the goal of 15% that we established by the end of 2026. As you, I just mentioned, we improved 400 basis points since 2021, our financial autonomy, our solvency ratio. This is the beginning of this presentation, just to give you the overview of what was 2025. Gabriel is going to do the results overview, area by area, and in the end, I'll give the final remarks and also the guidance for 2026. Thank you. Slide 10. Here you can see the detail, the breakdown of the P&L. Now I would like to start to highlight impressive performance during the second half of 25 and operational performance, showing that the company was capable to deliver in results its strategic focus in profitability. Achieving the best ever EBITDA level is EUR 979 million, only possible with improvement in all the business units. Also to worth to mention the 12% increase year-on-year in EBIT. The net financial reflects the higher capital employed in concessions and contract mining and other long-term projects that will guarantee relevant returns in the future. The interest rate, of course, the mix of the interest rate of local currency debt in emerging markets, partially offset with overall improvement in the recent financial agreements that allow it to improve the average cost of debt at the end of the year. For last, important to highlight that even without the levels of capital gains of 2024 and with some negative results from the associates related with the initial stage of some of the concessions, the company were able to improve the net profit to in 9% year-on-year to all-time high amounts of EUR 133 million. Achieving in the second half of 2025, the margin of 3%, the targets established to be achieved only in 2026. Moving to slide 11 and detailing the performance by each unit. In which slide we can see in engineering construction that the company improved 3% year-on-year in a better margin. A very impressive achievement, only possible with a higher efficiency in the operational activities in the segment. Also, with an outstanding performance from the industrial engineering with 30% EBITDA margin, with the positive trend in increasing activity to be reinforced in this segment in the next years. In Europe, with the EC activity related only with the Portuguese market, considering the sale of the Polish operation in September of 2024. That represents at that time EUR 190 million of sales. With this comparison, of course, it was a negative impact when we look to 2025. As mentioned before, with the delays in some tenders and awards of contracts in Portugal, where the company is already designated as preferred bidder. In Africa, the increase in turnover and EBITDA are closely related with the ongoing plan to focus in the core markets. I remember in Africa, Nigeria, Angola, and also Mozambique, and the recent reinvestment in industrial engineering that are producing significant results. Putting Mota-Engil as one of the leading companies in Africa, in the African continent, and with a growing trend that will continue to increase in the upcoming years. Regarding the performance in Latam, this is perfectly expected and in line with what we explained during the year, after the conclusion of some of the relevant projects in Mexico and usual transition period during the first year of a presidency mandate in the country. In the environmental business, it's important to highlight the 50% growth turnover and the increase of the EBITDA margin, improving from 19% to 23%. Moving to slide 12. We can see here not only the record level of backlog that Carlos mentioned before, the EUR 16.2 billion. Very relevant to highlight the quality of the backlog of the company, considering the division between regions, the segments and the average size of the contracts that prove the selective criteria at the company being very disciplined in the commercial front. For last, just to say that in the EUR 16.2 billion are not included EUR 1.4 billion of two new contracts awarded in Brazil and in Portugal. As you can see here at the end of the slide, that together with other positive perspectives in other larger contracts in pipeline, will support a positive outlook for 2026. Moving to slide 13. As usual, we will not elaborate much more on that, but it's important to see here in this list that the industrial engineering is increasing the presences in the, in the biggest contracts of the company. With the engineering construction contracts being concentrated in the core markets that together represents 72% of total EC backlog. Focusing in long-term contracts and signed with public or, and tier one private clients that assures the high quality that we mentioned before. Move to slide 14. We can see here that the company made a total CapEx of EUR 396 million, representing a 22% reduction year-on-year and accomplishing the ratio of 7% between CapEx and by the annual turnover, in this sense, fulfilling the target established at the beginning of the year that proved the focus in accomplishing the target supported in a very strict financial strategy. With a very selective criteria for the new investments, the company allocated 64% of total CapEx to higher return projects, maintaining the focus in accomplishing a ratio of less than 2x the 2%, sorry, in the maintenance EC CapEx. Something that once again, we achieved in 2025, showing a very high efficiency related with a heavy equipment management. Moving to slide 15, we can see here in detail the investments made during 2025 in concessions and other long-term projects, with the majority being invested in the Mexican concessions that you can see here. Mainly in airports, the industry, that is the fertilizer plant, and the other roads and urban concessions. In Africa, the Lobito Corridor that you already know, and in Portugal, some projects related with energy, mobility, and also the real estate projects developed by Mota-Engil Next. The track record in the last 30 years in concessions with positive returns in the recent years, with assets rotation policy implemented, we should bear in mind that the majority of the portfolio are equity method accounted and in a very early stage of development, in some cases of these concessions. In this sense, we are fully convinced that the company are building a portfolio of high quality assets with a book value near EUR 1 billion and enhancing recurring earnings for the long term. Moving to slide 16, we can see here that the company reinforced the positive trend regarding the reinforcement of the balance sheets, reflecting the results of a strict financial strategy and focusing on cash conversion and with high discipline in all that matters related with the investment. In this sense, the company shows in only four years an improvement of the solvency ratio from 8% to 12%. The company will continue to focus to improve this relevant indicator, putting a higher target for this year, as we can see in the end of the presentation. Moving to slide 17, you can see here the waterfall graphic. Here I'll, I must highlight the relevant increase of 27% year-over-year of the operating cash flow to EUR 924 million. When you look to the graphic, you can see the usual corporate tax of 35%, a positive evolution in the working capital. At the right of the operating cash flow continuities, we have, as we mentioned last year, an amount of EUR 41 million that is designated as milestone-based impact related with the Kano-Maradi railway project in Nigeria, which is a cost invoiced in the last days of 2025 in a milestone contract that was only possible to issue our invoices and being paid after December, and in this sense, already monitored. The CapEx was already detailed in line with we mentioned in the guidance of the beginning of the year and related with the 7% ratio of by CapEx by sales. The net financials reflecting the average cost of debt, by the end, the dividends paid in 2025. At the end, we can see the investments made in concessions, EUR 357 million, partially financed with the cash flow generated from the operations in a strategy focused on the long-term value creation in different regions, and with the quality of the assets being the main factor of decision to invest or not, and increasing the long-term, also the long-term projects. Without these investments, you can see in the slide that we reduced the debt, but the decision this year, looking and identifying new opportunities was to assure these new opportunities for the company. In slide 18, in looking in more detail, despite the increase of nominal debt related with investments made during the year, the company was able to accomplish the well-known targets related with debt ratios, with net debt EBITDA below 2x and the gross debt EBITDA also below 4x and in line with the targets established in the strategic plans. Moving to slide 19. Here you can see the liquid position, a very strong position, EUR 1.6 billion. That surpass the non-revolving financial installments due over the next two years. It is important to mention the, not only the comfortable position and also, the increase of the debt maturities. When you look to the, to the debt with maturities with less than one year, the company already has the agreements to refinance, 45% of the total amount to be refinanced in all the year of 2026. Worth to mention, the 60 basis points reduction of the average cost of debt from 7.7% in December of 2024 to 7.1% in December of 2025. Achieving also an important target of the financial strategy that is increasing the debt maturity to 2.8 years, only possible with the relevant increase of the relation with solids and recognized financial institutions with strategic vision to support reliable partners to reinforce investments in the markets with the recognized potential as we have in the investments that we made during this year of 2025. Moving to slide 21, 23, sorry. Moving to slide 23, in a brief overview and outlook from each business unit, and starting by the European division. In EC, we can see here that the company was able to sustain the 8% EBITDA margin, with a backlog that almost double comparing to 1 year ago, impacted, of course, with the award of the first stretch of the high-speed train in Portugal and other private projects. Considering that the market was in a positive trend regarding the dynamic that we expect in the market for the next years, despite some delays that we explained in the beginning of the presentation. In conclusion, looking to the Portuguese market, we are optimistic with the Portuguese market considering the strategic projects that are in pipeline to be launched during this year. Moving to slide 25 and looking to Africa. We can see here the increase of 22% in turnover and 25% in EBITDA. With Nigeria being the biggest market for Mota-Engil in Africa, surpassing Angola and achieving more than EUR 500 million of turnover this year of 2025. With the full pace, the full production of the ongoing railway project of Kano-Maradi in Nigeria. To achieve the best margin ever in Africa, it's important to mention the higher contribution from the industrial engineering, a positive evolution that puts Mota-Engil nowadays in a leading position in this very interesting segment like the contract mining. In the future, we see a very relevant project to be executed in Africa, a continent, as you know, that the company knows very well. We are expecting to resume the LNG project in Mozambique in the next quarters, in a very relevant project for the development of the country. Some other projects to be announced in the upcoming quarters that we have in pipeline. For last, and also important to comment, the recent, recently signed contracts with some of the most reputable multilaterals in Africa. That is showing to the recognition of Mota-Engil and allow us to have a more competitive conditions in pricing for the new contracts and a positive sign about, as I mentioned before, the recognition of the credibility from locals and foreign investors. In slide 26, we can see in detail the mining contracts listed as we made it in the last quarters. In which we can, which I would say, I would like to highlight the contract in Armenia that we will start in the second half of 2026. It's important here in a segment that the investors are with an increasing interest about the company and the evolution of this segment. It's important to show the positive evolution regarding the added value of these strategic investments that puts nowadays Mota-Engil as the leading operator in contract mining in all the African continents. Moving to slide 28. Here you can see the activity in Latam. As I mentioned before, the conclusion of some of the relevant contracts in Mexico, a political transition in the year of 25, impacted in the activity of the company. Nevertheless, the positive signs with the recent tenders in Mexico, with the NAFTA agreement to be signed and the new showing that we believe that will be a very important opportunity to continue to consider Mexico as a very important market for the next years in Mota-Engil, where we expect to already elevate the activity in Mexico in the near future, beginning in 26. Another important driver for the business development in the region is Brazil. Here, after the announcement of Mota-Engil as awarded company to execute a very important project such as the Santos-Guarujá Tunnel. We are competing even more in a high level of competition in the Brazilian market, where we understand that could be the next very relevant market in the future for Mota-Engil. Something that is a relevant achievement to reduce the height of Mexico in the region and having two very important markets in the region beginning in next years. Moving to slide 30. In the environment, the turnover increased 15% year-over-year, driven by the solid performance across all activities, with the international operations growing 20% year-over-year and now representing 26% of total revenues. Important to mention that the investment plan that Portugal, as an European state member of the EU, has to execute until 2035 a very demanding and challenging investment plan to guarantee the maximum of 10% in landfill deposit. Something that EGF and the companies of Mota-Engil is prepared to execute and to be leading this important project for the country, and where we need investment innovation to transform the existing scenario of waste treatment. Moving to slide 32. At the end with Mota-Engil Capital and Mota-Engil Next. We have here, you can see a stable turnover of EUR 141 million with an increase of EBITDA margin to 11% with usual activities related with development of concessions, industrial and maintenance and real estate projects. As Carlos mentioned before, with the projects in the early stage like the Lisbon Hospital, the first stretch of the high-speed train in Portugal, in contributing as we expect in the next years, for only for the EC business, is expected that Mota-Engil Capital will be focusing on business development operations, identifying new opportunities, not only in Portugal, like the second and third stretch of the high-speed train, but also other synergetic projects like the recently awarded in Peru, Puerto Maldonado, related with the wastewater plant in a concession scheme that will promote partnership between the companies of Mota-Engil related with the EC business and also the concessionaire. In a very good example of total collaboration that could be replicated in the future. Now moving to slide 34, with Carlos Mota Santos to present the final remarks and the guidance for 2026. Thank you, Pedro. Before we go to the Q&A, our final remarks concerning the 2025. We have delivered the performance according with the goals that we established, reaching records backlog, as I mentioned, of EUR 16.2 billion. This backlog does not account with several contracts that, in the meantime, were awarded and signed from the beginning of the year until now. That give us the capability and the position to continue to be very selective in terms of our commercial policy to ensure good and healthy backlog according with our strategies for the next years. Also to, once again, we achieved a record EBITDA of 18%, that with a very strong second half of the year, especially on the fourth quarter. That allow us to reach the almost the 3% net result after minorities due to this very strong performance in this, in the end of 2025. We have been very disciplined regarding our capital allocation, managing a CapEx of around 7% of turnover. This CapEx was very focused on the investments that we needed to make in industrial engineering. As mentioned before, we reached a record in terms of activity of almost EUR 800 million of turnover, maintaining the same level of EBITDA. Also we had a very controlled maintenance spend concerning the CapEx for this issue. A very strong operation in terms of cash generation from, coming from the operations and a positive free cash flow this year that supports the strategic investments while we continue to preserve and the balance sheet and to strengthen our balance sheet. We have a very interesting leverage and liquidity in terms of material profile of our financing lines. Continue to ensure the flexibility that we need to have towards our operations, but having a very controlled refinancing risk. In terms of our long-term investments that already mentioned, they are strategic, they are building up our activity, our portfolio of operations for next year, and therefore, not only leveraging our engineering construction segment, but also creating a value pro-portfolio that is expected to be converted in the next strategic cycle. The group today is positioned with higher margins, with value-driven backlogs and very disciplined capital allocation, with a very strong financial position that will allow us not only to accomplish the goal that we are going to establish for 2026, but also will give us a very strong and interesting positioning towards the strategic cycle that now begins. To end this slide, the board of directors is going to propose a shareholder dividend of EUR 0.17 per share. Moving on to the slide number 35 concerning the guidance for 2026. We are going to grow in terms of double digits once again. Not only recovering the decrease that we had in 2025 due to reasons that I explained, but enhancing a growth when compared with 2024. This is going to be driven by our record backlog that once again, large scale projects, multi-year and long cycles. The EBITDA margin that we're going to deliver by the end of this year will remain at 2025 levels, so around 18%, equal or above 18%. In terms of net net margin also at level of 2025, so around 30% after minorities. We expect a strong cash generation coming from the operations, while we'll maintain our commitment to be below 2x in terms of net debt over EBITDA and in terms of growth debt over the EBITDA below the 4 x. Our CapEx will be maintained around 7% of the turnover, as it was in 2025. We'll continue our efficient concession portfolio management, promoting and accelerating the rotation of the more mature assets so that we can maximize our value creation on the long term, as well as enhancing the recurring earnings visibility. We can say that we started this year of 2026 with a record backlog, with structural higher margins that will allow us to have this positive overview for the end of this year and also for the years to come. Thank you very much for your attention. Now we can move on to the Q&A session. Thank you. Ladies and gentlemen, the Q&A session starts now. As a reminder, if you wish to ask a question, please press star followed by 5 on your telephone keypad. Our first question comes from Miguel González Toquero from JB Capital. Now your line is open. Yes. Hi, thank you for the presentation and for taking my question. I got three. First on CapEx, maybe two different questions. First you register EUR 244 million CapEx, related to industrial engineering in Africa. I guess this is related to the ramp up of some mining projects. I just want to understand how we should think on this CapEx in the next two, three years, whether we should see a significant decline in CapEx below 7% of sales as you advance in these projects, so we could start to see some positive free cash flow generation. Second question on CapEx is just whether you could provide the equity injection in concession last year and for 2026, maybe you could guide us on what's your step in terms of completion CapEx and also the equity committed. Finally on working capital, I believe what you ended the year within close. So I wonder whether you could explain how prepayments and factoring evolved this year. Actually, if you could provide the split between leasing, factoring and complement, will be helpful. Thank you. Miguel, thank you. Thank you for your questions. Concerning the first question that I understand that is related with the contract mining CapEx that we performed this year of EUR 253. As we've been saying in the last presentations, our intention in the last years was to grow in the contract mining. The guidance that we gave to the market was that in 2025/2026 we would be around EUR 800 million of turnover, our portfolio of contracts that today, as you know, are 11 contracts, 10 of them are already in operation. The biggest one that is in Armenia is in a ramp-up period. This, as we grew significantly and therefore we needed to make a quite big amount of CapEx in order to ramp up these projects. What can we expect for 2026? We are going to stabilize, of course, that we are going to grow a little bit more in terms of contract mining because as you saw, the mine in Armenia is going to enter into operation in second half of this year. When concerning to CapEx, we can expect that the CapEx will not be bigger than the one that was in 2025, and also around the one that we did in 2024. We are not going to grow much more this year in terms of this activity, because we are going to be focused on operating and executing the current contracts and extracting profitability out of them. This is concerning the first question. Concerning second question that you asked about the equity that we have committed for 2026 and what can we expect of figures, net figures in terms of investments in concessions, and also the last question about the working capital that you mentioned, I'm going to give the possibility of our CFO, José Carlos Nogueira, can answer both of the questions. Thank you. Thank you very much. Thank you for all to be here. This is José Carlos. Regarding the questions that Miguel put it here, I will respond to the answer to the number 2 and number 3. Regarding the equity related to the concessions, namely in 2026, this is a path in truth that we've been doing since 2023, 2024. It was not different in 2025, with a little bit more related to strategic assets that we've been investing during the last year. We can expect for 2026 around EUR 200 million of investments in concessions. Miguel, more than that, and it's the same related when with regards to the CapEx in contract mining, it's the discipline that we always may have regarding the framework and the weights on the turnovers. If on the CapEx, with regards to the contract mining, it has to be included on the 7% over the turnover. It's not different with regards to the equity concessions or long-term assets with the long returns. I would tell you, share with you a guidance of around 3%-5% of the turnover for 2026. Regarding the working capital, it's important to highlight that our policy, and our rail good guards, it's always they have a cap of 15%. It's around 50% that we, with a mix of our activities in the three regions, must achieve always and to discipline the follow. I would say that this is our main guidance, between 10% to maximum 15%. On top of that, regarding the contribution or the effect from the prepayments or advanced payments, I would say that it was roughly net devolution, the net devolution between the advanced payments from the clients and the advanced payments to the supplier. It had in fact an impact of around EUR 7 million during the year 2025. With regards to the details of leasing, factoring, and confirming, leasing it was EUR 340 million, factoring EUR 56 million, and confirming facilities of EUR 275 million. Thank you, Miguel. Thank you. Thank you. The next question come from Filipe Leite from CaixaBank. your line is open. Yes. Hi. Hello, everyone. I have three questions, if I might. First one, is actually a follow-up on the equity investment in concession for this year, 2026, that you mentioned should be around EUR 200 million. This already includes the equity that you have to deploy on Santos-Guarujá Tunnel in Brazil, or if you can give us additional visibility on what will be the equity that you will have to deploy specifically in this project? Second question, regarding the news that Mota-Engil is apparently interested in the acquisition of a mine company in Brazil, the Bamin complex, and if you can confirm the ongoing conversations and if you can give us also some visibility regarding the magnitude of this potential investment? Last one, if you can give us an update on the ongoing investigation by the European Commission regarding the Lisbon Metro, the Violet Line. If you believe that the project is at risk? I think that it was already awarded to Mota-Engil, you can confirm and if with this investigation, if the project is at risk. Thank you. Thank you, Filipe. Thank you for your question. Your three questions. Concerning the first one, that is the EUR 200 million equity investment that is sourcing for this year. Yes, it is already included in this EUR 200 million, the Santos-Guarujá Tunnel Project in equity contribution that is going to be of EUR 40 million. Yes, it's included. Concerning the second question of Bamin. Look, Filipe, we Every Mota-Engil with this turnover with this backlog of EUR 60 billion record that will project us to pipelines to a pipeline that is over EUR 60 billion that we are always studying. Not only we study projects concerning mines, railway infrastructures, port infrastructures in Brazil as well as we do it in several other countries, namely in the markets that are strategic for us. What I can say to you about this Bamin opportunity is that we are looking to some opportunity in Brazil in several of the sectors that we are strategic for us and that will be disclosed these sectors and these area of activities in the next strategic plan. Not the projects, but the sectors that for us are strategic or more strategic in the next five years of our life. Concerning the last question that you made about the European Commission investigation on the violet line on Metro of Lisbon. First of all, the investigation is under secret. I cannot disclose any information that is not public about it. I just want to clarify that We weren't still awarded, the Metro still didn't award the contract, nor the Metro cannot award the contract to anyone because the process, the tender process or the tender procedure is suspended until there's the closing on this investigation coming from the European Commission. This closing, it is foreseen to happen until the end of April. The times can always be suspended according with the European Commission investigation. I cannot disclose any more than this because not only is a secret investigation that's a confidential investigation, but also because I don't have any more information on this. Okay. Thank you. Just to clarify. Just to clarify one thing that not only for Filipe, that I'm sure he knows. The investigation has nothing to do with Mota-Engil. The investigation is only about a possible supplier that was not even part of our consortium. That is the supplier of rolling stock that is CRRC. That's nothing to do with Mota-Engil, nor Mota-Engil, nor any of the other members of the consortium that are two more are being under this procedure of an investigation. Thank you. Just if I may, an additional question on mining activity, because you are no longer operating the two diamond mines in Angola, Luele and Catoca. The mines are no longer operating, or did you not reach an agreement for the extension of the contract with the client? In Catoca we're still operating. The other one is we are phasing out because the concession is on the last phase of the concession. But Catoca we are operating. Okay. Thank you. Okay. As a reminder, if you wish to ask a question, please press star five on your telephone keypad. The last question comes from Filipe Leite from CaixaBank. Now your line is open. Yeah. Hello. Hello again. Thank you for... Just one additional question. It's actually a clarification regarding the contract of Mamaland in Malawi. Just to understand if you already collect the advanced payment that was set in the contract and if you can give us the amount of this advanced payment? Thank you. Sorry. The question is if we already collect the advanced payment then? Yes. The amount of the advanced payment. Okay. We already collected EUR 50 million, already. This year, of the advanced payment with the contract with Trafigura. Okay. Thank you. EUR 50 million out of EUR 150 million. You already collected one-third of the advanced payment. There are no fur- Sorry, Filipe. EUR 50 million out of 100. My mistake. EUR 50 million out of 100. 50%. Okay. There are no further questions at this time. I will hand over to Carlos Mota Santos. Okay. First of all, let me once again thank you for your participation for attending the full year 2025 presentation. Also I would like to invite you, all of you to participate in person or online in our Capital Market Day that we're going to have on the next Wednesday, March 11th in Lisbon. In which we are going to present the new strategic plan from 2026 to 2030. It will be an honor not only to have you there, but also to participate in the session in which we'll present the strategic plan and of course attend and answer all your questions. Thank you very much. See you next week. Thank you.