Good morning, everyone, and welcome you to our first Capital Markets Day. It is important milestone for the company, and my first words would, I would like to thank you, the people that are here in person and joining virtually. I would like to say that the growing interest for the company is very explicit when we have almost 200 participants, both, as I mentioned, in person and virtually. The session, as you know, will be dedicated to the new strategic plan, 2026-2030. The investor community kno ws that we achieved one year or two years ahead of the schedule, the main targets of the strategic plan, the previous strategic plan that we called Building '26 at that time. The company considers that it is a very important opportunity to renovate priorities, reinforcing ambitions, and that's indeed deep in our culture to renovate ambitions and targets. We will see today this, our first Capital Markets Day. As speakers today, the Chairman and CEO of the company, Mr. Carlos Mota Santos, the Vice President and Deputy CEO, Manuel Mota, and the Board Member and CFO, José Carlos Nogueira. To see in more detail the presentation, the agenda for today, we will have first with Carlos Mota Santos the long-term vision, I would say, the roots that support the design of the strategic plan with the factors, the drivers that we consider that distinguish the company. After that, in the second point, we will have the strategic pillars, the concept of the strategy that we'll present in more detail after the coffee break in the third point, where we will have here Manuel Mota presenting the first of the four high impact businesses, starting by the core business of engineering construction. After that, with Carlos Mota Santos presenting the concessions. Again, with Manuel Mota presenting the natural resources that includes the contract mining and also the oil and gas services. At the end of this point, Carlos Mota Santos will present the concept of circularity that includes not only the environmental business, but also the energy and nature recovery. Presented the strategic pillars and the detail for each business unit, we will have the presentation of the CEO with the strategy numbers that we will present the priorities of our financial strategy and of course, the main targets for 2030 to be achieved. At the end, we will have from Carlos Mota Santos the closing remarks, and with all the three members of the executive committee, answering all the questions that you may have. We will start with the investors that are here in Lisbon, and after that, with all the questions that the investors should present in our platform to be presented of the investors virtually. Very honored to be here. Carlos, the floor is yours. Good morning. Welcome to everyone. We have gathered here for our first Capital Markets Day, more or less 100 people. Also online, we also have around 100 attending this presentation. Our community, shareholders, investors, analysts, financial partners, also media. It's very important for us to have you attending this meeting because it's not only the first time that we are going to have this kind of conversation explaining the business that compose Mota-Engil, but also we have the opportunity to explain what will be our next five years, now that we are disclosing the new strategic cycle and the targets for 2030. What differentiates Mota-Engil? Today, we are a global infrastructure group engaged with increased complex infrastructure projects. Last year, 2025, we reached a turnover of EUR 2.5 billion. That represented a growth between 2021 and 2025 of 20% year-on-year, so we doubled the size of the company in terms of revenues. We reached 2025 with a record EBITDA of 18% and also a record backlog of EUR 16 billion. Not only were we able to grow two times between this period, but we were able not only to maintain but to increase the profitability of the business at operational level, but also in terms of net income after minorities. Today, we are a worldwide group composed with more than 50,000 people across all the 23 markets that we operate. Why investing in Mota-Engil? We are a company with 80 years track record. This year, 2026, we do our 18th anniversary. Throughout our history, we've been engaged in the execution of large infrastructure complex projects. We have been a high-growth player along this last cycle, and today we can say that we are a reference. We are one of the best in class that is translated in a EUR 16 billion backlog that was presented in the end of the year. We are a global company working across three continents, 23 different countries, but we are seen as well as a local company because our strategy is for long term. That's why our clients, our partners see us not as a foreign company, as an European company, but as a local company. That is also because we like to engage. It's part of our DNA. It's part of our strategy. We like to engage into long-term local partnerships. Local partnerships that could be equity partnerships in the market, but also could be partnerships for different projects, but engaging with the local subcontractors, with the local suppliers, and more important, having local talent. Today, we are a platform with value-driven capital that was deployed in order to have a long-term strategy for projects that will attract returns throughout the several business. We've been investing in the future. We've been investing in different projects that can allow us differentiated margins that can allow us to grow and to be even more competitive in all the markets that we've been working in. The top priorities that we have for this new cycle is financial discipline. We need to reach 2030 with a more robust and sound balance sheet. Therefore, the cash generation and the strengthening of balance sheets are the top priorities in which we want to assure a solvency ratio by 2030 above 18% and a free cash flow to EBITDA conversion over 25%. Our history. Mota-Engil is one of a kind. You won't find any company like Mota-Engil with our track record, with our history, and the presence that we have across different continents, across several countries. The company was founded in 1946 by my grandfather, and since day one, it started to work in Africa. We can say that we are an international company from day one. Along the years, the company has been evolving, but now that we reached 80 years, we can say that at half of our lifetime, we've been a public company. We are listed. We've been listed back in 1987, so almost 40 years ago, in Lisbon Stock Exchange. Even though we are a family-owned company, we are a public company. I think this is one of a kind, the capacity that we have to maintain the tradition, the family value-driven company, but also be engaged into the requirements of being a listed company and to work with all of you. The evolution along these years was done through continuous growth, diversification, innovation. Today, this is the beginning of a new cycle that will pave the road until 2046, the year that we'll become a centenary group. We are local leaders in every market. We have a balanced portfolio of revenues across the three continents. We are working 23 countries. In Europe, we are number 11 in ranking. We grew from the position 13 in 2021 to 11 in the end of 2025. We are number one in Portugal. We are number two in Latin America. Against number seven in 2021. We are number six in Africa in as infrastructure group, being that we are the first non-Chinese company. There's no other company coming out from Europe or from the American continent or from any Asian country that is not China that has a bigger operation than Mota-Engil has today in Africa. During this cycle, the last cycle, Building '26, we grew a lot. We executed a very strong backlog that allow us not only to double our revenues, but allow us to increase our capacity and to increase the backlog that we have today. We delivered strong growth while improving the profitability. The revenues, as I said, grew to EUR 5 billion, over EUR 5 billion, EUR 5.3 billion in 2025. The EBITDA grew 24% aggregate between the period of 2021 and 2025, reaching a record high of 18% by the end of last year. At the same time, we also increased the net profit. Today, we delivered 3% net profit in 2025. It was one of the goals that we have established for 2026, but we were able to deliver it one year before. Growth of over 100%, improving profitability. We strengthened our market positioning with a backlog of sound quality. We were able, during this time, to execute several flagship projects that allow us to engage commercially in two other and demanding and compl ex projects. As an example, Tren Maya. Today, we are not only recognized by the ranking that I already explained, but the sign, the evidence that is translated into our EUR 16 billion backlog is the fact that we gained the confidence of the clients. Today, there is no doubt of the capability that Mota-Engil has in delivering on time, on budget, with quality, high infrastructure and complex projects. With this, during these years, we built the foundations for new platforms for the future to grow. We prepared the base of synergetic business to diversify our portfolio of activities. As an example, during these years, we became a consolidated player on the contract mining. Also we started to explore new opportunities in the oil and gas sector, and also in circularity, environmental, energy, natural recovery. That we'll talk a little bit more later on. Also, we invested in our resources. Today, Mota is a completely different company, more modernized with digital processes that allow us to enhance the operational efficiency that also contributed to the increase of the profitability of the company. At the same time, we invested in what is today the most scarce resource that we have. That is people. As of today, in three different countries, three different markets, Peru, Nigeria, and Portugal, more than 80% of our people finds that Mota is considered a great place to work. Our aim towards 2030 is to expand this question to all the universe of our people and also to reach a goal over 80%. At the same time, within this context of growth, we have the capability, we had the capability of supporting that growth and financing that growth. Increase of turnover, increase of profitability, but also having strict concerns with financial stability. We were able to reduce our net debt ratio, net debt over EBITDA ratio between 2021 and 2025. We are below two times. We increased our financial autonomy that we delivered 12% in the end of 2025 through organic growth of equity and a very strict management of the assets. More and more cash is king within the company. Today, we have a philosophy of managing the operations in which cash is the one that rules. With all of you, we improved our equity story. We did an effort to have a better communication with the market by explaining better in a better way our business, our strategy, so that you could understand what we're doing, what was our strategy, what was our commercial policy. It was important not only this transparency of communication between ourselves, but also to start communicate on a quarter basis with the figures of the company. That allow us to increase almost five times the market cap of Mota-Engil between 2021 and 2025. Today, we are structurally stronger, we have value-driven foundations, and we are ready for the next cycle for Focus. The world is always evolving. The world is more and more unpredictable. Infrastructure market, infrastructure sector, the business that we work in are crucial today, but will be even more crucial in the future. We engage into large infrastructure projects that were expanding new projects all across our markets, namely by the end of the COVID. When COVID has ended, there was an explosion in terms of infrastructure, I would say, in every country, in every market that we operate. These projects were done through different models, pure public works, PPP concessions, tailored financing solutions. We were able not only to be there commercially to respond, to execute, but also to be a solution provider for our clients in terms of financing. With competitive holistic solutions we have today and we had in the recent years an edge, a competitive edge that allow us not only to execute, but to increase our backlog. The backlog that we are talking about is backlog with contract signed and fully financed. They were fully financed or through the more classical model of public works or through tailor-made solutions in which we design and work towards the solutions to finance the client. This was the work that we've done in the last five years in project type, our strategic role, and also acting as a financial solution provider. Back in 2021, we had a turnover of EUR 2.6 billion. Last year, EUR 5.3 billion, so a growth of over 100%. While we increase our EBITDA margin from 16%-18%, while we increase our EBIT margin from 7%-12%, and while we increase our net profit after minorities from 1%-3%. This was done through disciplined project selection, our selective commercial policy, our execution capacity that allow us to deliver the projects and allow us to leverage new opportunities, and with operational excellence that also helped us to improve the profitability of the execution of our projects. We are a modest company, very modest, but I need to say here that we are one of the best in the industry. Only Mota-Engil, a company that is based in a small peripheral country like Portugal, could achieve what we have achieved in the last years. Today, not only to be ranked like we saw, but today be above the peers when it comes to the growth of the revenues, the EBITDA margins, and the EBIT margins. We are the best in class. We are a Portuguese company. During these years, the recent years, we started to work on the foundations for our synergetic business. We were starting to work on the foundations for the future beyond the core of our activity, our core activity, engineering construction. We combined growth through engineering construction in which we designed, delivered, executed, tailored complex large-scale infrastructure projects across Africa, Europe, Latin America, ports, airports, roads, railway. Today, we are the biggest railway contractor, western railway contractor of nowadays. There's no other company with the number of kilometers performed, executed in the last years and in backlog as Mota. In this dimension of growth engineering construction, we delivered by 2025 EUR 3.4 billion of revenues with EUR 450 million of EBIT. The growth engine. The long-term value creation concessions. During the last years, we developed, operated, executed the construction of long-term infrastructure concessions across several markets that we operate across our E&C core markets. That allow us in the end of 2025 to have over EUR 1 billion of book value in these kinds of projects in our balance sheet with a 13-16 average IRR expectation, and to launch the foundations to a new cycle in concessions. The high margin contracts. Natural resources. We invested and grew significantly in contract mining. Today, we are the first operator in this area in Africa through 11 contracts in which we operate in open pit mines in extraction, drill and blast extraction, and material handling for the processing of the mineral. Also at the same time, we started to develop our industrial unit through maintenance and decommissioning contracts in Brazil, namely in oil and gas, namely to Petrobras, while we start to do an expansion to Africa in order to have a future triangle of operations between Africa and Latin America. At the same time, we started to perform EPC contracts, industrial EPC contracts in Mexico, leveraging on the nearshoring that is happening in that market. In this area last year, we had EUR 900 million of turnover with an EBIT of EUR 120 million. Almost EUR 1 billion coming out from this dimension. Also a recurring cash flow dimension through circularity in which we have a historic business, environmental, in which we are by far the leaders in Portugal in waste collection, but also waste treatment with operations throughout five more countries. Also we did a recent expansion into energy, namely into waste-to-power or waste-to-energy projects and renewable power. Lastly, or finally, to the new launched process in nature recovery, that is a new area that we developed in Africa that I'll explain later, but is levering forest assets in Africa and also looking into the future in term of business. This area of recurring cash flows of circularity were responsible for EUR 800 million of revenues last year and almost EUR 200 million of EBIT. In the last five years, we have chosen to grow. We needed to grow in order to go into a different division of the company, the market. Today, we are what we are because we decided to grow. We needed to invest. To become what we are today, we did significant CapEx and financial investments, as you can see here. Not only to be today the champion infrastructure player that we are today, but also to have the basis, the portfolio of long-term contracts and concessions that in the future will deliver predictable and recurring revenue streams of cash flow. As you know, myself, I'm a shareholder of the company. My family is the biggest shareholder of the company. It's my obligation, it's our obligation not only to manage the company towards value creation, but also to have the capacity, the obligation to explain our business, our strategy. So that market can understand our business, our strategies, and perceive the true value of the company. The work is not yet finalized, is ongoing as well as always, but I think we did a good job in the last five years, not only because our market cap grew five times and we were the ones that grew the most, not only in the Portuguese Stock Exchange market, we were number two, but also among the peers, the European peers, that we also were the second one to grow as much. Looking to the future. The future starts in our backlog. We have a unique position to continue to grow in the next journey because we are leveraged in a sound and profitable backlog of EUR 16 billion. That backlog was built in a very selective commercial policy. That backlog is composed with bigger maturity contracts, with bigger dimension, with better margins, and with the cash flow profile that we want to achieve. This selective commercial policy was based on value-centric selections, so very selective in the bidding, in working on the projects and putting our differentiated engineering in to become a more competitive project, a more competitive solution. Focused on the cash generation, so projects with a profile that fits our strategy. Public contracts ensure financing, finance contracts, being ourselves most of the times the one that are the solution providers for the solution, for financing the client. Always with our currency protection, so prioritizing contracts with our currencies and in markets in which we can easily repatriate, the capital. This is just a small example of seven projects that we've recently been awarded in the several markets. Querétaro Train. After the completion of Maya Train, the several projects of Maya Train, last year we've been awarded EUR 1 billion of railway in the new public investment program for railway in Mexico. Due to the capacity that we performed and shown in Maya Train, we are continuing to be the top operator, the top player in the market in railway constructions. This within the framework of the nearshoring. Lobito Corridor. Lobito Corridor is the best asset that we have. Everyone talks about Lobito Corridor. There's a Portuguese company that owns 50% of the concessions. We've been operating the corridor. We've been working on the rehabilitation of the corridor, and we are already foreseeing the continuation of the corridor towards RDC. Corimba Waterfront Project is almost EUR 300 million contract, public work in Angola that is under the Portuguese financing line of the Portuguese convention line between Portugal and Angola. The contract's in euros, paid here in Portugal, fully financed towards the Angolan state. The first mine that we started to operate outside of Africa. Sorry, in Ethiopia. I was thinking of Armenia. Kurmuk Gold Project, that is in Ethiopia. That is one of the contracts that we awarded in 2024 that we start to operate in 2025. The Hospital de Lisboa Oriental or Hospital de Todos-os-Santos, that is a project. I don't know if you are aware, this project is the oldest project that exists in Portuguese history because it was planned to be constructed in 1755 by Marquês de Pombal because the old Hospital de Todos-os-Santos that was in, that was here in the center of Lisbon was destroyed by the earthquake of 1755 and was temporarily moved to other hospitals like Santa Marta, São José, et cetera. It has been to be reconstructed since 1755 in the same location. Finally this is under construction. The biggest project that we have, Kano-Maradi, an infrastructure of over EUR 2 billion, $2 billion of value, is the most significant infrastructure project being built in Nigeria. Also an example of a project that we awarded last year, Algás Loop in Brazil. In our oil and gas sector, that is one of the areas that we've been developing in the last few years. Our legacy, our history, our track record are the foundations towards the future, are the foundations for Focus 2030. From this point onwards, we look ahead towards our 100th anniversary 20 years from now in order to carry the group forward. This is going to be the next cycle. 80 years built on solid values. Values that empower us to turn vision into impact. Values that connect communities, drive development, and build a brighter future on a global scale. Ranked among the best, trusted worldwide. This is what sets us apart. Innovation in every challenge. Long-term vision in every decision. Continuous ambition in every step forward. Leadership across strategic sectors. One purpose, one commitment to make a difference for people, for the planet, for progress. Mota-Engil, a world of inspiration. Focus 2030, that is the name of our new strategic plan. Why Focus? Because it's imperative for us to deliver the 2030 goals that we are going to see later. That will be the foundation for the future, for us to become a sound and profitable group when we reach 100 years old. That's why we need to be focused. We have built focus in three different strategic priorities: growth, diversification, and financial discipline. Growth by consolidating the leadership in our engineering construction markets, selective bidding for attractive projects, engage with local partners, equity partnerships, JV partners, local suppliers, local subcontractors, excelling in execution, our track history, our track record, and maintain the high profitability that we've been delivering over the last years. Diversification. We need to maximize value from our synergies business so that we can unlock the next growth, next cycle growth through these synergetic platforms with always disciplined capital allocations that need to be aligned with the strategy that we have for our financial dimension. Also within the markets, capture cross-selling between business and operational efficiencies within the company. Financial discipline by enhancing, boosting cash conversion and strengthen our balance sheet. We need to focus on cash generation to preserve our liquidity, to improve our equity position, not only through a disciplined debt management, because we are going to grow the equity of the company, of the group organically, but also by strategic partnerships in business, in projects that allow us to have a more intelligent equity policy. Of course, to deliver attractive shareholder returns across the cycle. All of these three dimensions will be built on different key enablers: people, technology, operational efficiency and innovation, always within or involved with sustainability across all of our operations. By 2030, we'll deliver a revenue of EUR 9 billion, a growth of 11% year-on-year. Maintaining, preserving the profitability in EBITDA, increasing EBIT to 13%. That will project us in 2030 to an EBITDA of over EUR 1.5 billion. We are building a more diversified but also a more resilient earnings model in which engineering construction will continue to be growth, our growth and cash generation engine, strengthening our engineering construction as the core of the company, as the core of our activity throughout high-value projects, leveraging in our core markets in Europe, Latin America, in Africa. In concessions, we want to build a recurring revenue platform. We want to build regional infrastructure concession platforms in our core markets based in our E&C core markets, so that we can have in the future a growth recurrent revenue stream. Natural resources, high margin services, scale and unlock value from our mining services, leveraging our base of top clients, top-tier clients, and industrial sector to build a competitive regional player for oil and gas, focus on the triangle between Africa and Latin America across the Atlantic. Circularity, a long-term growth platform for the future in which we have environmental leverage in the future, next five years in the new investment plan that is expected to be taking place here in Portugal in our waste management concessions. Energy to continue to build across our markets a waste to value and renewables energy platform, and also in natural recovery to grow as a credible developer and operator of large-scale nature-based forests, recovery forest maintenance across Africa. As explained, strategic drivers based on key enablers of the company. Our business is founded in these key enablers. People. Attract, retain people, talent. We need talent, not only for this cycle, but foreseeing the 100th anniversary. For that, we not only have to be below a voluntary turnover of 10%, to retain the talent that we create within the company, but also we need to be more and more local. More and more local. We need to have more than 80% of the management in each of the markets to be local. At that same time, to enhance the gender equality within the company, by 2030, more than 30% of the top management of the company has to be women. Second key enabler, technology. Several actions like 80% of our EPC contracts over EUR 100 million has to be managed through BIM. We need to scale digital tools and to continue the investment that we are doing in AI adoption within our internal processes. It has to be used not only for efficiency, but also to increase the profitability. Innovation, fourth key enabler. Innovation has been part of our DNA since the very beginning. Not only through seeking new solutions, new construction processes, new technologies, but also as an incubator for internal initiatives within the company that foster our innovation mindset and finds how to make it better with less costs. Innovation needs always to be applied with a disciplined governance, with a capital allocation, so that we can ensure that all the innovation initiatives that we have are translated into measurable, strategic, and financial impact. In the end of the day, it has to impact on the bottom line. Finally, the fourth key enabler, operational excellence. This is one of the many things that differentiate us from the competition. Not only by our methods, the One Method, the way to operate Mota-Engil way through project execution, through tight cost control and scalable performance, but also by a selective commercial policy and bidding, managing the costs and continuing to invest in our global procurement platform and the supply chain that we'll be building and it is part of the leverage that we've been having for the operational excellence. All of this done with sustainability at the core of our strategy. We have seven strategic objectives within the three dimensions of the environmental, social, and governance. We established certain KPIs in these several objectives and dimensions in order to deliver them by 2030. This is not only important because it's the way that we perform, but also is important because it's an important commercial tool and an important financial tool, not only to secure finance, but also as a tool to seek new investors. Thank you for this first two presentations or two parts of the presentations. We'll now have a coffee break, 15 minutes, right? Afterwards, we'll start with the business with Manuel Mota with the presentation of engineering construction. Thank you. Okay. Good morning, everyone. It's a pleasure to be here with all of you. We're gonna speak a little bit of our, Four core business impact businesses. How's been the performance and the way forward? We're gonna start with engineering and construction, which is the genesis, the basis of the group, the origins. Over the last four years, as you can see, we delivered more than 11% growth. From within engineering and construction, it also originated two new businesses within the natural resources sector. I think this has been an astonishing performance. EBITDA margin is at record levels. A good balance between Africa and Latin America, and then a headquarter basis here which allows us to develop human resources, capabilities for us to be able to engage in our external markets, of which probably most of them are home markets for us. As you know, we are one of the most relevant player in the markets that we are. I think across, I would say 80%-90% of the markets we are, if we are not leader, we are one of the top five companies in these markets. We work very closely with local authorities. We work very closely with local communities so that we can ensure the excellence in execution and operation in the companies. What we see today, maybe even more, with the last few developments worldwide, we have huge growth potential in Latin America. Very strong investment in logistics and transport infrastructure, not only because of nearshoring in Mexico, soft commodities and commodities in Brazil, commodities across any of these countries in the Pacific side, which are developing their own resources to be able to meet demand. In Africa, it's the fastest-growing population globally. Huge need for infrastructure, huge gap to be fulfilled, which is every year it increases its needs, and there's demand across all sectors in the engineering and construction market. In Europe, there's a very strong wave of infra in Portugal, inclusively with rail, airport, sports, urban projects in terms of mobility and logistics hubs to be able to sustain the needs of the country. We are in three continents, 2.8 billion people, which will grow to 3.1 by 2030. EUR 38 billion of infrastructure is predicted until 2020 in these continents, okay? Per continent in many factors. We are potentially this, in this region for a EUR 41 trillion GDP, which is expected to grow to EUR 50 trillion. What have we done? We have been reinforcing our competitive edge. We developed a process called One Method, which is a proprietary technology, what we've been developing with with an AI startup for the last 3.5 years. Main focus of this in the first part is the data science of all our database in terms of engineering and construction. We're collecting the data from origin, from our equipment, from our ongoing construction. In the end, once we have all that process concluded, all our sites integrated into one unique system of production control, production effectiveness, we will be able then in a much more stronger and effective way to be able to apply AI technology into this, which we are developing simultaneously to the One Method. This helps us control production. It helps us streamline our revenue, because if you look into a simple reality that we produce from the day one to the day 30, then we have to go to the client, approve that production. We're talking probably another 15, 20 days, then invoice. With this reality, what we aim to achieve in the long term is that we are able actually to effectively show to the client what we have produced every day. Of course, this is a long-term process. It starts with the basics, which is data science, data collection, processing of that data, which in One Method, and in the future, to be able to streamline all of this to be even more effective in terms of production, in terms of cost control, in terms of procurement and needs, also allowing us to put the supplies on site in due time. It's all integrated into one process will allow for a much stronger risk management and effective decision-making. In Europe today, we are number one in Portugal, eleventh in the continent. Very focused on the large infrastructure opportunities in Portugal, high return opportunities in adjacent markets. Big investments are occurring here in Portugal. As you know, there's EUR 60 billion of investments over the next 10 years in roads, ports, subways, airports, railways, data centers. As you know, you are aware, we have won the first section of the high-speed train. I think we are in a good position, based on that experience, to be able to target the second section. There's the airport coming up. There's a lot of mobility projects in urban areas. When we look into what's coming on the market in Portugal, this is our core where we are very strong, not only in Portugal, but due to the lack of these investments maybe over the last years, we are very strong in Africa and Latin America in this very specific area, ports, airports, subways, railways, very strong. I think we have a competitive edge. We have capabilities. We have people and resources to be able to deliver these projects. We have implemented these projects across the continent. I think there is here a natural advantage also because of size. For Europe 2040, we are targeting to secure our leadership while pursuing growth in Portugal. We will be looking at the selected opportunities across other markets also to be able to develop focus on the effectiveness of production, cost control, operational efficiency, which was already a bit covered on the One Method slide. In reality, we are in Portugal the only player with a deep local presence with proven delivering high-value infrastructure projects. If you look into the reality of what we did in railway, for example, we did bigger projects simultaneously than all the high-speed train. The combined value of the high-speed train projects in Portugal is less than what we've delivered in the last few years across several continents just by ourselves. There is a natural competitive edge, and we are very focused in delivering these projects. In Africa today, we are number six contractor. The first five are five Chinese contractors. I think this is a big achievement. We cannot forget that we have our origins in Angola, okay? I think being larger than Orascom in the continent, which operates in the largest economy, in one of largest economies in Africa, when in reality we are working in Sub-Saharan Africa, I think this is a huge, huge achievement. We cover only the central part of the continent if you look into it. EUR 1.4 billion revenues for EUR 439 million EBIT in 2025. This is excluding the contract mining which we have now, in a more obvious way separated from here. Key projects that we have delivered, Kano Railway, Bugesera Airport of the Luanda Bay, but we will cover also the Lobito Corridor. When we speak about these projects, the Kano Railway and the Bugesera International Airport and the Lobito Corridor, I think this shows a bit of what we are as a company and what we structure as a company. Because these projects, and we have here a few more, and I will cover these three projects after. These projects have something in common to many of the challenges here, okay? Beyond the day-to-day opportunity that the government tenders programs, we have seen and we have selected across the continent a series of projects which have been stalled for many years. The airports in Rwanda, before we grabbed the project ourselves, Fraport was there. A series of other, TAV was there trying to structure and find the reasoning behind the project. Sometimes it's not only about your technical capabilities. It has to do with the understanding and the reality of where the economies are going to go, where the economies are going to be driven. This is something that our 80 years in the continent give us a competitive edge to help design these projects with the government in ways that become financially sustainable. This has been proven in the airport where Qatar Investment Authority later came into the project. This has been proven in the Kano-Maradi Railway Project, which is fully financed with multilateral agencies. It has been proven in the Lobito Corridor that after 20 years we have structured and we have brought the U.S. International Development Finance Corporation and Development Bank of Southern Africa as partners in the funding of this process, which gives credibility in a sense and the confirmation of what we saw in the project and what we structure them in a more sustainable way. How we explain to governments that sometimes it's not about building a 50 million passenger airport from scratch. It has to. There's a process. There is under EUR 50 billion through Global Gateway for Africa. Extension of this program, African Development Bank. There's a lot of Afreximbank, Africa Finance Corporation. All of these funds, the Trade and Development Bank, in many of the projects in developing these projects. There's a huge pipeline across the continent. In Mozambique, speaking a little bit about our main projects, the LNG, I think it was already moving. I think with today's reality, we'll move much faster, okay? This is a huge opportunity for us. Also in the port area with the Maputo Port and Beira Port, Nacala Port, all these projects with the reality of the country and the development of infrastructure to support the economic growth will be huge opportunities. In Nigeria, there's huge investments in the metro lines, railway lines, which we are continuing to study and making suggestions to the government to work in many projects. Also in the port side, there will be significant investments in Nigeria. These are sectors where we have a known expertise. There's obviously the Lagos-Abidjan Corridor, okay, which we are involved in a few sections under discussions with the government in PPPs. Angola, huge investments, very focused, and this will be an opportunity also on the development of their mining resources. A lot of big players in Angola currently looking into natural resources, and this plays a little bit into our expertise beyond the oil and gas sector, which we are now also becoming a player. There is a few projects, railway projects across the continent. The Lobito Corridor, you are acquainted with it. There's the Zambia section which is being developed with Africa Finance Corporation. It's publicly known that we are targeting the Congolese section on this. All these railways connect into the heart of African minerals which then will also there's a few projects being developed and studied by governments to then connect Zambia to Mozambique through Zimbabwe, then south to the South African ports and to Botswana and Namibia. There's a lot of opportunities here. I think the target for us is to be able to identify the right ones and to move forward on that. There's a strong investment agenda case. I think this generates a serious potential for us. By Nigeria case study, it's a fast-growing economy, a huge potential market. Huge, huge. We have a very strong established footprint. If you look into the reality of the market, the only big project that's been actually moving fast on the infrastructure side with the financing structure was our project. Most of the other sections are stalled in the financing process. It also brings a lot of importance that the credibility and the experience of the contractor helps on the financing process. It's not the same thing to work with established players with a brand recognition or with smaller and unknown local companies. This gives us an advantage which we have. There's an annual spending which is growing significantly in Nigeria and will almost double over the next few years. A lot of PPPs also in the market. Seaports, as I spoke, AfDB has committed almost $3 billion to support development of projects in Nigeria. We have a very well positioned to capture these opportunities and with the knowledge and activities that we have of the markets and what is needed to be able to financially structure and organize a project to be able to deliver. Case study Lobito Corridor, I think the know-how to operate and to mobilize financing solutions in Africa. I think this is a key part of the backbone of our structure and our operations in Africa, which is finding projects not only in the markets where we are but across the region, key strategic projects. I think we are today one of the main players in the independent if we are specifically in that market or if we are not. This is a tendency to look. This is a key target beyond the internal development and the fact that we have local companies in all of the markets that we are or in the majority of the markets that we are. We do target critical projects across the continent, as it was with the Kano-Maradi and the one that we were not in those markets in the relevant place. There is more as we are trying, as it is publicly known, secure the project also in DRC. We proactively identify the infrastructure gaps. We identify if they're fit to us, leverage our capacity to raise money and to attract investment and integrate it with multilateral financing, ECA financing. We are able to create complete packages from greenfield development of the projects in many cases. We fund through those studies. We take them to governments to final contract stage, sign concessions, sign EPC contracts, bring the finance, structure the finance, and deliver the construction and operate some of these projects long term. We've been an orchestrated interested partner for players across and stakeholders across different groups from markets. In the Lobito, I think this is a big example, and I think it's a project that today is hugely popular. I think when we started it, maybe not many people were seeing this reality about the Lobito Corridor and understand that this we signed this, tendered this in 2021. The world was a little bit different back then. It also brings a lot of credibility. When you look at this project, it brings two things, which is our capacity to be a structural player and to deliver projects both with Europeans, both with Americans, and at the same time with Chinese. This is a reality I don't think you see in many companies, specifically in this world. I think this is a structure where we have been able, at least on the corridor, to be able to align interests across several different vectors of the geopolitical game. I think this is a very important factor. Also in that note, independent of the positioning, we have a joint venture between U.S. International Development Finance Corporation and Development Bank of Southern Africa to finance this project, which in a less smaller geopolitical situation is also very interesting how we've been able to deliver that and get all the parts to work together in delivering this project. It's a very interesting project. It fast-tracks the process. We are removing 25 days from the logistics between DRC and any point in Africa, okay? By moving to between 25 days by train, seven at the moment, five in DRC, two in Angola. If we are able to deliver the other parts, it's gonna improve. We are removing 20-25 days with fast-track process of export, of customs that we have established between the two countries, so that we are able to do the customs process on the trains on the departure point in DRC, which our trains are already operating in that sector and go straight to the port in Angola. We have established also operational streamline to be able to even deliver faster. In Africa, our will is to be the partner of choice for across the infrastructure landscape in the continent. Very focused in the Sub-Saharan Africa, as you know. Key markets, Angola, Mozambique, and Nigeria as anchors. We have an investment-ready platform with already several concession assets, which Carlos will speak a little bit later on. Trying to deliver, which I think we are, top-tier returns with efficient capital structures and with partners, very strong partners in many of these projects or in all of these projects across the continent. Sorry. In Latin America, we are number two contractor in the continent just after Vinci. I think this is a huge achievement, if we consider that we started to operate in this continent in 2008, 2009. In most markets, with the exception of Peru, which we've been there from 1994, but all the other markets are more recent. We've been invested in also several critical projects, the Tren Maya, Port of Callao expansion, Las Bambas. We've been there for many years now. This is the origin of our mining connection and expertise here in the construction infrastructure side where we're doing tailings dams. Have achieved 2025, EUR 1.6 billion of revenues, EUR 200 million of EBITDA, which is a very strong EBITDA in the continent. We have a strong presence which is anchored by Mexico, our main market. It's our key market alongside Brazil and Peru. There is multiple infrastructure projects. If you look into this, you will see two realities here versus probably the remaining part of the continent, which is the economic dimension of Brazil and Mexico. In reality, when we speak about their GDPs in comparison to all the other, the GDPs of the markets that we are. There is and there will be a very strong push in Brazil. I think you've been seeing that in the last 18 months, 24 months. Very strong focus in Brazil to be able to grow our base there and to invest. Mexico, our home in the region, huge investments also, which will sustain our revenues and allow us to grow further in Mexico. There was a political cycle change, which is a normal restructuring of priority projects, with a change of presidency, but same party. This will fast-track, and there's huge investments both in Mexico and Brazil. Then supported by Colombia, Peru, and Panama. This is led by Peru, which will allow us to look into the Andean region. Also many opportunities in the countries in the region on the Pacific side, also on the Caribbean, where we will look into a little bit like in Africa to participate in key structural projects. Okay. Case study. I think this is a huge project for us. A lot of study went down into this project over the last 24 months to be able to prepare. We had to combine our in-house expertise with the best in class international expertise in this area. We were able to reach to a very competitive solution and also integrate all the regulators, financiers into this process. We're currently in the part of the executive design stage. I think we have a nine-month, one-year process here until start of construction with all the approvals, environmental, everything. It's a key project in the region. I think if you look and probably a lot of people do not understand the economic impact of this project. It's not only about connecting two sides, it's also about freeing the future expansion of the port. I think a lot of you saw on the news that some of the boats that are transporting people want to crash into container boats. There's a lot of restrictions in the navigation of the Santos port, which is already the largest port in Latin America, but is restricted on its growth, and that will be freed. In a little bit of a sense, I tend to say that this has an economic impact in terms of exports to Brazil and being a huge area and port a huge. A little bit like the Panama Canal, the Panama Canal for Panama. The strategic importance of this project is huge. It's a milestone. It's the first submerged tunnel in Latin America. And it's a huge process. We finalize this, we will be one of the few companies to have to be able to deliver this technology and with the references in this technology, so which allows for then future projects and to compete in other places in this project, in this sector. In LatAm, to solidify our position with a consistent backlog in Mexico, we will be growing a little bit there also. Revamp the position which we already start in Brazil. Be very focused projects where we have a competitive edge. Using the oil and gas expansion here, we will cover it a little bit into the triangle which Carlos already spoke, and I will explain in the natural resource part. From Brazil, work North and South of Brazil in these areas. There's huge opportunities in Guyana, Suriname, Venezuela probably coming up again on the radar very soon. With Peru, we unlock the potential of all the Andean region in key projects, strategic projects across multiple markets. Huge opportunities. I know it's not a very popular market, but on the mining sector in Argentina for Rio Tinto, Glencore, Lundin Group, all of this present, they are developing multi-billion-dollar projects. A lot of opportunities with the opening up of many of these markets and which we are looking into many of those. Carlos. Yes. Moving on to the concessions part. Being a concession group or being into the concession business is not from this previous cycle that we now ended. We cannot forget our history, our track record. We were the first infrastructure company or infrastructure contractor here in Portugal to engage into concessions back in the '90s. We had several flagship projects like the bridges here in Lisbon, Lusoponte. We built and we were the biggest shareholder of the second-largest concession company here in Portugal, Ascendi, that we sold back in 2012. Today we have evolved, and we have diversified our portfolio of concessions or participation in concessions. Roads, of course, but also airports, energy, railway across the three continents in our main markets. Today we have reached, in 2025, in the end of 2025, EUR 1 billion of net book in our balance sheet. With almost EUR 300 million deployed in investments only in 2025. What have we today? More and more we are becoming a concession group with a diversified portfolio across our main markets, supported by our engineering construction operations. We have airports in Mexico. Just recently we awarded the concession of a wastewater treatment plant in Peru. The Todos Santos Hospital that we already spoke here in Portugal. The high-speed train. Lusoponte, the two bridges aiming for the third and fourth crossing. Let's not forget that the fourth crossing will be a submerged tunnel, and by then we'll have the experience of being the EPC contract of Santos-Guarujá's tunnel. It will be the corridor. Also in Mozambique, we have a huge concession, road concession. These are only a few examples, but today we have EUR 1 billion of book value within our balance sheet with an average expected IRR between 13%-16%. 2,000 kilometers of road. Estimations of 3.5 million passengers per year in the two concessions in Mexico. An average of over 250,000 vehicles average daily traffic. More than 1,300 kilometers of railways. In Lobito Corridor, we'll manage only in the Angolan stretch because we are aiming to expand to the DRC plan by Manuel, 3.7 million tons per year of cargo. A case study. Just recently, as you know, we've been awarded in 2024, the first stretch of the high-speed train here in Portugal. We signed the contract and did the financial close last year. We just recently been awarded by PFI Awards as the PPP Deal of the Year for this first stretch. It's a EUR 2.2 billion financing project that is a highlight of our capability, of our leadership in structuring diversified financing sources towards complex projects. This is only one of the examples. This is one project that is very, it's a flagship project here in Portugal. It's a structural part of our investment plan for the near future here in Portugal. Just like we plan, we won the first one because we invested a lot in terms of engineering, in terms of different and diversified solutions, competitive solutions. That is why we won, because we were the most competitive bidder. That is going to happen again, and again, and again, because truly, we are best in class. There's a lot of opportunities, a huge pipeline for next few years across our markets. This will leverage our EPC contracts and will allow us to grow our portfolio of recurrent stream of revenues and cash inflow for the future. In Mexico, several opportunities, not only in railways, highways, but also related with the nearshoring, energy, port infrastructure. In Peru, a huge pipeline of water and sanitation projects. We just recently won the first one, Puerto Maldonado. Several projects, roads, but also railway. There's a huge project to connect the Atlantic Ocean to the Pacific Ocean through railway, connecting Brazil to Peru. It's expected for next cycle a huge amount of investment in this kind of projects. Brazil, every week or almost every week, there's a new tender, a new bid for a concession. There's expected 44 until the end of 2028. Panama, geostrategically fundamental with several opportunities in terms of concessions. In Africa, the expansion of Lobito Corridor, looking to the Nacala Port expansion in Mozambique. Several potential investments throughout the next years, almost EUR 200 billion in PPPs. In Nigeria will be a big part of it. Of course, here in Portugal, not only the plan that was presented some months ago by the government of ports, of the expansion of ports, of 15 new concessions until 2035. We are very much engaged into that. Don't forget that we were, in the past, the biggest port operator here in Portugal. So it's strategic for us to take leverage in these new opportunities to become again a port operator. The several bids or tenders for the high-speed train, at least for the near future, two new hospitals in Barcelos and in Algarve at the same model that we have in Lisbon here in Todos-os-Santos. Also looking to other opportunities here in Europe. Portugal is too small for Europe, or Europe is too small for Portugal. We need to look ahead to other opportunities across Europe, Spain, Ireland, Central Europe, in this segment, concessions, that will leverage EPC contracts. What was our strategy until now, and what will be our strategy in this new cycle? We were focused in long-term, greenfield, and building regional portfolios. We used concessions very selectively as a, for one, a value creation tool to leverage contracts or EPC contracts, but with a strategic approach in which when we finalize the construction, most of the times, we would recycle the equity that we invested in a very early stage. We were very selective, commercially speaking, and very focused in some EPC contracts or EPC projects that were leveraged through concessions in our core markets. Usually we use or invest through minority stakes in the concession, and then we monetize the equity primarily through early exit when the asset started the operation, so in the end of construction. We limited a long-term exposure or long-term capital exposure. We are going to increase in the future to be more focused on long-term portfolios so that we can grow to build a recurrent revenue stream and recurrent generation of cash flow. We will continue. We are not going to change our commercial policy. We continue to be very selective in the projects that we want to study. We'll continue to partner strategically with equity partners project by project, market by market. We will continue to rotate operational assets selectively in order to, for one, crystallize value, but also to release capital, to recycle capital. We will retain a limited number of strategic assets where long-term ownership will maximize our value and a cash flow stability. We want to ensure that we keep the value that we are creating and not to exit so fast in the beginning and losing the edge or the maximum valuation that each asset can achieve. At the same time, as a holistic approach, we want to leverage all the life cycle of the assets since the design, construction, of course, also during the operation and maintenance. These are all areas that we do execute design, construction, operations, and maintenance. For 2030, we want to reach EUR 1.5 billion - EUR 2 billion of net book value by that year. To increase 50%-100% when compared with the net book value that we have in 2025. For that, we'll continue to build long-term regional portfolios of transport infrastructure, but leverage not only on the growing client demand for these kind of projects, but reinforcing our competitiveness to be competitive, to be differentiated with strong equity partners so that we can leverage our position, at the same time protect our balance sheet. That we can aim to establish a platform where recurrent cash flow streams can take place in the future. At the same time, we are going to continue to do strategic asset rotation to capture from one side the capital gains, but also to recycle some of the equity that we've been investing in these projects. Moving on again to Manuel Mota for the natural resources. Very well. Natural resources. New strategic sector we've been developing over the last few years, originating from the engineering and construction and with a little bit of a surprise in the middle for you guys. Contract mining and mining operations. This was the first area we developed within the engineering and construction. First few projects in 2016, 2017. Started with a target of one contract per year. We are a little bit ahead of that objective. Leading contract mining company, and I will explain exactly what contract mining is. Today we recently started to explore mining sites end-to-end, managing fleets production, on-site operations through life of mine, with some direct investments in this sector which I will cover just after. Oil and gas services. We started the maintenance and then decommissioning. Today we are in a more wide area of this already with getting involved also on J-lay, S-lay of piping and cable underwater. On the offshore side, we are quite experienced already in Brazil, which we aim to expand, and then also moving into other areas of the offshore. The industrial part of the EPCs, which we are involved in a few projects in Mexico, Brazil, also in other regions we are looking into this and trying to deliver. This area. EUR 274 million when this Exem takeover and the operational transition we had. We are consolidating our position as a key player in the contract mining. We are one of the largest in the world in this area already. This is exclusively contract mining part, not the construction part within the mine. When we talk about what we're doing for Rio Tinto in Guinea or what we're doing in Las Bambas, this is not consolidated into this part. We're talking about contract mining as a services. Proven track record, we are working for some of the largest clients in the continent, 25% EBITDA, and we achieved EUR 933 million of revenues between these two areas in 2025. We have the experience. We work in the most remote areas in this sector. Logistics is a high priority in these projects, not only on the delivery of the fleet, but also on its management also because of the supply chain for spare parts, everything. This comes a lot from our expertise of doing remote construction projects, so most of the mines are far away from any port or from any seaport and very interesting projects. EUR 732 million of revenue, EUR 216 million of EBITDA with a 30% margin. We are operating 11 contracts, including tin and zinc, lead, tin, zinc in Gamsberg. A majority of them gold projects, a few other resources. This is the little surprise for you. We actually own already seven licenses across Africa, which we started investing in 2021. We're developing these projects calmly. I think this is not for 2030. This is a process which is ongoing for the next few years, but we are invested in some projects. We tend to spin them off. I think an example for that is Chilwa Minerals, which is a heavy mineral sands and rare earth project in Malawi, which is listed in the Australian Securities Exchange, and we are the largest shareholder in that vehicle and which comes from this business. It started with us. We found the resource. We developed the project, and it's still in exploration phase, and we are moving through this vehicle listed in Australia. The management is pushing this project forward to come into construction in the next five, six, seven years. A strong expertise. This came from our capacity to move earthworks. We went into mining and then as a service provider and a little bit trying to test other sectors in years to move on the value chain and bring more value to all the shareholders and stakeholders. Africa, huge mineral reserves. It plays a crucial role in energy transition. A lot of not only in Africa but also in Brazil, a lot of this of heavy mineral sands, rare earths minerals are coming as an alternative. The biggest deposits outside of China are in this, in these countries. Huge opportunities for cobalt, nickel, copper, aluminum, zinc. We are targeting this in a very structured approach in terms of the service provider, which is our priority. We work with top tier to mid-cap companies. In some cases, depending who are the investors backing it, we do work with junior miners from the start, okay? We help them develop and study these projects. A lot of these projects end up being backed by companies like Rio Tinto, by companies like Lundin family, Glencore. For example, project that probably come over the next years, which is Sovereign Metals, which we also have a very small equity position on that. It's a project that we started with a junior miner helping them study the project in terms of operation services so that we can be the contractor when we get to that stage, which is still a few years. Now that project, Rio Tinto is the largest investor into that project, and we continue to help them and we are involved on the contract mining from a very early stage to help define all the mining plan with the clients. This comes to explain where this is contract mining. It comes after construction. This production phase tends to be. Most of the mines have seven+ years, typically less than 10-15 years. Not many investors pick up mines. Not all the contracts. We are the original contract mining companies. A lot of clients do owner-operated, okay? But this is our specialty in this area, the extraction material handling. We drill and blast. We excavate the earth. We do load and hauling to the processing plant, and our work ends up in the processing plant. This comes with a lot of expertise which we are trying to leverage now to go to the exploration phase, the construction. We are already involved in that phase, as you know, in many of the projects. We're trying to leverage that because this comes with a mining plan. Every day we have to discuss with the client a mining plan a year ahead, two years ahead, three years ahead. That brings a lot of expertise. Also, in terms of the geological part, we have our own geologists working side by side with the clients to bring the most effective mining plan to them to increase their value and revenues and the most efficient way to get to the exact resource. If you look into this, there's always ore and waste. In gold, which is where we work, well, we have one ton of ore for two, threee, four, five of waste, but then in that ton of ore, we only have one gram of gold, two grams, three grams. There are some projects that have more. It's a very meticulous work in terms of planning that we do with the clients to help also them manage, and that's been the success of our contract mining business. Here we are working with private mining, top-tier operators. This is a very predictable and attractive stream of revenues because we're going in for five years. If we do a good job, we are there for 15 years, 20 years. The first time we come, we have to buy a new fleet. When we renew, we don't need to buy a new fleet. We are overhauling, we are extending, and we are complementing that fleet as equipment. The tendency of this business as it gets to maturity, and that is what you see today, we are entering in the very early start of that maturity phase. We only have one project in that, which is we've been there for nine years, which is 10 years, which is the Mozambique one, where we permanently extending a contract for another two years, another three years. For any company to substitute us, they need to invest EUR 200 million in equipment. For us to renovate that contract, we need to invest maybe EUR 20 million in equipment and EUR 20-EUR 30 million, EUR 40 million in overhaul. That's a huge competitive edge. For that, you need to perform because as with the oil and gas sector and the mining, one day of no production, you'll never recover that day because financial models are not gonna do an IRR over 30 years, over 20 years. You're gonna do an IRR over seven, 10, 15-year period. If the life of mine is longer than that's not accountable. Every day you lose, it's not accountable in the financial model. Clients very demanding. Fundamental for us, this is a self-sustainable CapEx. What do we mean by a self-sustainable CapEx? Whenever a fleet, it's paid by itself in a sense first. It's fully amortized during the period of the execution of the contract, 100%. Every time we overhaul, we have an investment there, and that's amortized or depreciated over the next two years or three years of the contract. The huge demand for equipment. There's no real risk for suppliers in the sense that our financiers, which is traditional, we work a lot with development banks also on this but also with Cat Financial, Komatsu Finance. All of them very keen to finance because there is always a residual value that's not accounted for. Even though we are the owners of the equipment and we are financing, we are getting the finance for the equipment. For a client, that can happen at some times. We had a few years ago in Mali with Firefinch, which the client stalled operations. That fleet was not only fully transferred to another contract, but the ones that were not necessary were sold at a value higher to the investors because the market was a lot of demand. This is a self-sustainable CapEx in the sense that the risk of this investment is residual or almost zero, okay? Today, we have delay times for equipment, delivery times for equipment, six to 12 months. Probably it's gonna increase a little bit again with a lot of demand with the situation. When we program, why we started with the clients in a very early stage. When a client awards a contract, there's a one-year ramp-up period because of the equipment fleet. We do not buy used equipment and fleets that we do not know. The big advantage of the mining is that over a lifetime of an equipment, there is one driver, one operator, two to three because there is cycles, but it's always the same people in the same machine. That brings a lot of money saving than having equipment in a construction site for a year, then moving to another year, and that goes over the hands of 50 drivers of a lifetime. We have a lot of issues. I tend to explain to some of the clients it's almost like when you go home and your car is broken, you pick your wife's car. It's not the same thing. Even the car can be the same. When your wife drives your, then the gearbox, it doesn't work the same way. You also have that feeling in your car. It's the same thing. This is why a very important, and these clients do understand this, that over the life cycle of that equipment fleet, having the same drivers teach the same way 'cause that saves a lot of money in terms of gearboxes, everything in terms of management of the fleet. It has a very strong EBIT and EBIT margins. We have a mature portfolio. Most of the contracts, going over years. I would say 90% of these clients have 10 more years in each of their mines. If we deliver, we will renew between five to 10 years in terms of expansion. We continue targeting further clients on this area. The two new contracts which we have won last year coming into production this year with Kurmuk in Ethiopia and with Amulsar mine in Armenia, which is a very interesting project because it's on the start. It's probably one of the biggest gold reserves in the world at the moment. It will become one of the biggest gold reserves in the world. This is gonna be a very interesting project for us, and we have a lot of follow-on clients. We have a lot of strategic clients here, which then bring us, and that's how we come to Armenia in this sector. The client asked us to come, not we went after Armenia. This is happening in a lot of projects in terms of opportunity. Follow this. That's why in Argentina, I mentioned before, huge investments in copper, cobalt and manganese. A little bit following the Andean region, which the Argentine side is not developed but has the same potential as the Chilean and the Peruvian. A lot of these clients asking us, we're participating in the feasibility studies to give them estimated prices, what will be the logistics, a lot of this. Here it's to consolidate our position as Africa's leading company. It's very structured CapEx projects with it gets fully depreciated, amortized in the duration of the contract. Strategic partnerships for the next wave of growth in mining. Little bit what the investment side. There's new opportunity in the mining and value chain. If you look into this, when we speak about synergies across business, all of this connects together because we are on the construction side. From the construction sides, we went into mining and into logistics. We can be in some process in the future on the investment side. In the end, we use our full value chain. Okay? If we look at Angola, we are working on the mining contract side. We are working on the construction, and we are providing services to clients. When we get to client in the mining sector, anywhere in the world, we can give them logistics, the rail, the port. We can build it for them. We can build the mine, and we can operate the mine. This is a huge benefit to be able to deal with one company. Of course, people were not doing billion-dollar project investment. He's not gonna put everything in the hands of a company. But it's an opportunity to consolidate all of this from helping them in the technical side of feasibles to operating the mine for clients to providing the logistics for the clients. When we look at natural resources, in terms of mining, we are in the whole value chain. Okay. The industrial, we have established presence in the Africa-Atlantic triangle, so we already know our presence in Brazil oil and gas sector. You probably heard that we won the privatization of Baia Sul, which is a yard in Angola. We are still in the phase of discussions of this with Angolan government. We have some strategic investments in Nigeria on this side also. Small investment also to be able to have access to a port side. With Brazil, when we look into the oil and gas sites, we have a fully integrated platform, which we can go into the next phase. When we get Baia Sul, we can pass from, which is huge for the decommissioning, for commissioning, for serving the platform, serving oil and gas naval industry. There's a huge importance there, but it also allows us to go into the module fabrication and to look into FPSOs, but just on the fabrication side to be able to complement that. This brings a huge sector, which is decommissioning. If we just look into Angola, there's probably one across all the old fields in reserve accounts for decommissioning, probably around $15 billion-$20 billion just in reserve accounts of money that cannot be touched until the commissioning. All of this needs to be disassembled, which is what we are doing in Brazil. In Nigeria, the same thing. We are still a few years ahead of that. That's why this positioning is very, very important. That is why in Angola we also went for having the main facility to be able to do that. This is only in two African markets we are, and this experience will go over the next few years, and there are not really many players in these markets to do that. Okay. There's no established companies, local companies which are focusing on the decommissioning. There's huge opportunities there over the next decade, two decades on this. Then also in terms of industrial EPCs, we have the fertilizer plant in Mexico for Pemex. We are also doing a revamping and upgrading of a refinery, Duque de Caxias Refinery in Brazil. There is a lot of opportunities here which integrate into what we've been doing. We started also doing this through civil works for many of these clients, earthworks on early stage, concrete work. This is a natural expansion, and it's also a very long-term sustainable contracts where the maintenance platform, three years, four years, five years, all of these projects bring stability to backlog and long-term view. A lot of tailwinds in this industry. In Brazil, there's 12 new FPSOs to be built, a few billion dollars into this. Refineries, offshore maintenance contracts, $109 billion total investment plan, and $300 billion, I think there's an extra zero here, in decommissioning over the next few years in Brazil, which we are already participating on that decommissioning. In Mexico also, huge investments in the oil and gas energy projects to complement diversification in the country. There's a lot of demand for the nearshoring from U.S. leading industrial players. This sector will be also an important sector, as well as the infrastructure. There's huge opportunities there. As we've shown in the Lobito Corridor, we are in a strong position to be a support player in many of these projects. Nigeria still, again, EUR 30 billion in investment in oil and gas for 2030, plus a lot of decommissioning that will need to occur in terms of these fields. In Angola, we have a lot of investment. Again, in Angola, I think a lot of these markets in the region, and then maybe we have the Namibia situation. We also have Guyana, Suriname, and Venezuela coming back. There's a lot of opportunities in this area, and I think with the reality of today, there will be a lot of fast track of these projects and inclusively in Mozambique with the gas projects. We have a scalable portfolio. In this area, we have almost EUR 2 billion of backlog. Objective leading player in the oil and gas services in Brazil, expanding to Africa with a focus in Nigeria and Angola. Mozambique, the second stage is still in the construction phase, but we are involved there on the engineering construction, so we have a natural competitive edge to then come into the maintenance operation of those projects with clients. Very selective in Mexico, also a trusted industrial sector player, complemented, and then scalable and selective projects that allow us to build not only for that moment in that country, but for the moments that are going to come in the other countries and regions where we are. Carlos. Moving to the last section of the business and to circularity. This is a new concept that we recently created, and circularity is composed by three different activities. One is environment, long history that we have with this sector, with this business. Second one is energy, not as long, but we've been in this sector for quite some years. And then the newest or the most recent one is natural recovery. In terms of environment, we have two big areas. One is waste management, in which we do waste, urban waste treatment, mainly here in Portugal. Through EGF, we run 11 concessions that are responsible to do the treatment, to treat two-thirds of the waste that is produced, the urban waste that is produced in our households, every year. These are concessions that are in JVs or companies that we have concessions, municipalities as our shareholder. The second dimension of environment is urban services. We've been in this business for more than 30 years. Basically we are the market leaders here in Portugal for waste collection and several other urban services. Alongside with this company or this activity that is through SUMA, we operate in Angola, we operate in Ivory Coast, we operate in Mozambique, we operate in Oman, and we also operate in Brazil. We've been doing ongoing investments in the energy. Do not forget that we already produce on a yearly basis more than 400 megawatts, namely between the assets that we operate here in Portugal in the waste to value, waste to energy segment, but also the assets that we operate in Mexico through Fénix. But we've been doing ongoing investments so that we can develop a platform, leveraging our footprint, regional footprint, and so that we can have not only renewable energies platform, but also waste to energy, even further develop waste to energy. Most recent business is a nature-based business in which we are operating already two large-scale nature recovery projects, one in Malawi, one in Angola. These projects do not only foresee land restoration, but also the production and the trading of carbon credits. In 2025, we had a turnover in this dimension of almost EUR 850 million, with an improvement in our EBIT margins to 18%. In line with the EBIT margins of the consolidated figures of the group. We are by far the leader here in Portugal through the eleven concessions, through managing two-thirds of the population. We've been investing in a new platform to have in the near term a high value portfolio of energy projects. Oh, sorry. What is the environment today? Environment comprises six markets. A turnover last year of EUR 650 million of revenues and EBIT of 23%. As I said, we are the leading company, not here in Portugal, but one of the top players in several other markets that we operate. Oman, Middle East, Africa, Mozambique, and Angola, also in Ivory Coast in Africa and in Brazil. Looking to the future, we have exciting and demanding targets ahead, and these targets will tailwind our growth for next years and will allow us to perpetuate or endure in time through our concessions here in Portugal concerning the waste collection. Portugal is obliged to comply with the PERSU 2030 program. That is a plan that established several goals in 2035. Don't mistake because plan calls 2030, but actually it established goals to 2035 in which Portugal has to comply. These are European or European Union demands. Basically we need to move from 2023 figures in which we only recycle 15% of the waste that we produce. We need to move into 65% of recycling. A very demanding target, but more demanding or that will oblige us to make several investments is the diminishing of the landfill depositions. Today or in 2023, 55% of the waste that we produce in our houses were delivered in landfills and by 2035 only 10% of that waste will go to landfills. That this will happen. This will happen just because of one reason. There will be no more landfill permits. There is not going to be any landfill permits, we need to find what we need, what we can do with the waste. That's why these big investments. Also, in terms of selective collections, today only half of our collection is selective and we need to increase by three times by 2035. That all summed up, we are talking about an investment in the country that we need to do as a country of EUR 1.8 billion-EUR 1.9 billion, plus the EUR 400 million that is necessary to make as investment, as replacement investment. For us, these investments will be open to strategic partnerships to co-invest alongside with us so that we can protect our balance sheet flexibility and comply what is our goals in terms of financial structure in our balance sheet by 2030. By 2030, to secure our sustainability in this business and boost value, we need to leverage our leadership as a trusted partner, but leverage our leadership here in Portugal, so to be able to execute this massive investment plan and to endure in time in our operations in waste treatment. Also we need to position SUMA, that is our player for urban services, so that they can do an incremental growth related with the activity coming out from waste treatment, but also within intra-group synergies between the two business. For us to comply with the investment plan that we have ahead, we'll need to establish strategic partnerships so that we can preserve the stability and the strength of our balance sheet. We need to increase the profitability of SUMA as an urban service provider, not only here in Portugal, but in every market that we operate. This has to be done by a commercial selective policy, by operational efficiency, and to be very selective in the terms of the market segments that we want to operate. Basically, this is exactly the same job that we've been doing in the last years in the E&C, engineering construction segment, is to improve our internal profitability through the operational excellence that is one of the key enablers, like I explained a little while ago. Energy. The second dimension of circularity. We can say that today we are already an energy player. Energy player, small, it's true, but we are producing, we are distributing, and we are commercializing, we are selling. We want for the future to leverage our footprint, leverage our activity based in the geographical footprint that we have across the three continents, and therefore, to build a new or more robust energy platform. Waste to energy. We already have 120 MW of waste to energy being produced here in Portugal, being the most important one, the incineration plant here in Lisbon. We are to increase our capacity, not only because we believe, no, it's part of the investment plan that we saw a little while ago, EUR 1.8 billion or EUR 1.9 billion, is through the increase of incineration capacity in Portugal. For us to comply with the targets that we have had for 2035 of diminishing to 10% landfill deposition, we need to increase the incineration capacity in the country. Basically, we are talking about the increase of the capacity for a fourth line here in Valorsul Incineration Plant. The capacity of the second incinerator that is in in Porto, in Maia, that is not company from EGF. To have at least three new incineration plants in the country that are all of them within our geographical concessions. One in Algarve, one in the center of the country, more or less between Figueira da Foz or Planalto Beirão, and a third one in the north of the country, namely in Minho. It's absolutely crucial to comply with the plan to have this increase of capacity of this incineration that will increase the capacity of generating energy. If the energy is going to be sold as electricity to the grid or if we can have match with other projects, that is the challenge. I think that here in Portugal, we can match with other projects, namely with data centers and namely with desalination plants. Biomethane. Today, we are not yet producing biomethane, but we are the biggest potential biomethane producer here in Portugal. Why? Because out of the three biggest feedstock for biomethane is agro industry, agricultural, and urban waste or organic waste. We cover 66% of the urban organic waste that is treated here in Portugal. What are we doing? We already have five projects that are under construction here in Portugal in our EGF facilities across several of the concessions that we have. Our goal is not only to get the biogas that is coming out from the treatment of the organic waste. Instead of burning biogas and converting it to electricity, we're going to inject biogas in our plants to purify the biogas, these investments that remain, so that we can purify the biogas and convert it into biomethane or methane. Basically, it's called biomethane because it comes from a greener source, because it's exactly the same composition as the natural gas, methane. This is one of the edges. The second edge is because all of these locations are have the access to the gas, natural gas grid, we are going to inject in the natural gas. Then because we are the owners of the biomethane, we are going to be the ones to sell to the end users. Who are the end users? They are the industries that are hard to abate. Industries that basically are the ones that cannot be electrified and need to find solutions within this renewable necessity of having renewable energies to find other sources of energy. Because hydrogen is still not an option, not only because there's no hydrogen here in Portugal, but also because it's a huge investment to be made in the factories to convert the burners from natural gas to hydrogen. The easy option for them is to engage into biomethane that basically they don't need to do any investments whatsoever. Our target for the biomethane is not only to be a producer, but also to be a commercial to sell to the end users. In a second stage, because we have five units, industrial units spread around the country, is to capture the other feedstocks. We'll move on to capture part of the feedstocks coming out from the agro industry, from the food industry and from the agricultural. Energy to data. Currently, we have three projects in our pipeline. One in Mexico, in which we are studying the possibility with an investor to do the match of a data center with an asset that is called Jorge Luque that is a combined cycle power plant that currently generates 70 MW but can increase to 280 MW. This is one, and two here in Portugal. One related with the incinerator here in Lisbon, and a second one with a project that we are developing that is at 140 MW solar plant in the south bank of the Tagus River. Power generation, I already explained. We are already in power generation, not only in Mexico through Fénix hydropower plants, combined cycle plants that I mentioned, but also here in Portugal, so waste to energy. We are also looking to several other projects across several markets, namely Latin America, in Peru and also in Africa. One of the newest areas is BESS, that is battery and energy storage system. More and more energy has to be kept, has to be stored. We are looking to several opportunities. We already invested in a technological startup in this area. Nevertheless, we want to complement the portfolio of activities, of services that we can provide to our clients with the capacity of managing batteries, so that could be also an added value for their projects. There's an exciting pipeline ahead across the markets. Data centers, I would say all over the world. Mexico, as you know, nearshoring that we already spoke a lot is the re-industrialization or the increase of industrial capacity in Mexico for next few years until 2033, one million of new sites or new industrials, one million square meters of new industrial facilities will be constructed in Mexico. For that, not only is necessary infrastructure, but is necessary power capacity, so supplying of energy, but also very big investments in the grids. There's a lot of investment plans ahead in Mexico. Africa, a huge pipeline in several areas, but also in the mining industry, in which there is more and more pressure to decarbonize their operations through renewable energy projects or solutions. Biomethane, I already spoke concerning Portugal, but if we expand to other markets, there's a huge possibility, but we're starting here. Of course, the BESS that is a thing that is small but is very complementary towards our clients. Why do we want to bet on this? Why is strategic for us? The stricter waste regulation that exists today and will grow year by year in the future will boost waste-to-energy projects. I tried to explain to you, incineration is part of the solutions towards the goals that we need to comply to 2035. More and more, there's going to be demand for renewable energy solutions to meet other assets, facilities' necessity of energy. Data centers, mining operations, to decarbonize, desalination and water supply solutions, et cetera. We believe that bearing in mind the geographies that we work in, our expertise, not only in EPC, but also the expertise that we already have in these type of projects and our unique position in the waste sector, this is one of the areas that will be one of the value-driven and growth-driven areas for the next years to come. What we want to do to sustain and to leverage our position in Mexico, taking the opportunity of the wave that is coming from nearshoring. To grow in Portugal waste treatment and valorization sector. Waste to energy, biomethane through and leveraging strategic partnership, as I explained previously, to protect our balance sheet. Develop a pipeline of renewable projects towards these necessities that exist in several new areas, namely in the data centers that will create sustained value for the group. To leverage our group footprint to explore other opportunities in other geographies in all the sectors that are already mentioned. Until now, we have EUR 80 million of equity invested, which we expect from this investment in this progress to have an IRR over 12%. The newest and probably the most sexy area that we have engaged in recent times is natural recovery. This all started from the cradle of Mota. The company was founded 1946, like I said, by our grandfather. Our operations started in Cabinda, an enclave in the north. From that time, we managed 15,000 acres of forest. Our business back then in 1946 started to be timber exploration and transformation. Only after we became contractors. Based on this legacy that we had, we have a project for the future. Today, in Angola and Malawi, we have 2,500 hectares of planted forest. We have 15,000 acres, like I said, in Angola, in Cabinda. 550,000 acres, more than 500,000 acres in Malawi. While we are in this moment negotiating +250,000 acres in Mozambique. We estimate that in the next 40 years, we can produce at least 40 million tons of carbon credits. Just recently, we announced a contract between ourselves, Trafigura, our subsidiary. Between Trafigura and our subsidiary Mamaland for a trade contract for trade and sell carbon credits that are generated in our projects in Malawi in the 550,000 acres with an already paid advance payment of $100 million. Under this contract in Malawi, we will produce between the 14 forests that we are managing more than 30 million tons of high integrity carbon removal credits. If you see what was the price, the average price of carbon credits in February, you can see that was around 70 EUR per ton. It's only doing the math, 70 plus 30 million, and we can have an estimation of the revenues that we'll have under this contract for the next years. We have a one-of-a-kind position to convert value opportunities in Africa in this area, but I would say in several different areas due to our experience and deep knowledge of the continent. Let's not forget that we were born in Africa. Not only the carbon credits market will continue to grow in the future, it's estimated to achieve by 2035 more than $500 billion the size of the market. But also more and more companies are already purchasing carbon credits to offset their carbon emissions, and they will continue to do that in the future. We have a unique position in Malawi, in Angola, in Mozambique. Also besides that, this has a huge community impact because we are not only recovering forests, we are planted new forests, and this also has the upside of continuing to be an African player recognized as an African company that works with the local communities. We want to become leaders, developer and operator in Africa in this sector. In the near term to diversify to the production of biomass so that we can explore other opportunities to generate energy, but also other opportunities across wetlands, mangroves and also coastal dunes preservation. We just finalized the deck from the businesses, and now we'll move on to the numbers with our CFO, José Carlos. Good morning, everyone. Thanks for being here. We heard a lot about growth. We heard a lot about investment, vision, visibility. Let me tell you, there's a lot of discipline as well behind that. I will start by sharing with you our numbers, our financial architecture behind this Focus 2030. Just to start, there's a legacy of almost 80 years of history. There's credibility. We saw it in our numbers. There is visibility. There is sustainability. There is consistency, especially during the last cycle where we evolved a lot, where we grew a lot. It was not just a story of growth. Let me start with what we achieved during the last cycle from a financial standpoint. Between 2021 and 2025, we did not just grew. We expanded the group while significantly strengthening our funding capacity first, and then as a consequence, our liquidity position. We executed a disciplined high investment cycle, but at the same time, we broadened our access to funding through the international institutions, banks, Manuel was talking about some of them. Development finance institutions, very important in our long cycle and our more, I would say, exotic geographies where we are long-term partners, and the capital markets, both institutional and retail, which are historical in our financial profile and our funding profile. It allows us to grow to reach a growth without compromising our financial resilience. Over the period, we maintained an investment discipline, again. We improved our leverage ratios. We preserved an attractive shareholder returns, and we reinforced our liquidity position, as we can see in the figures here. The starting point for this Focus 2030, it's not just a larger group, which is good, but more than that, it is a group with a stronger liquidity, flexibility, and position, and a broader funding toolkit. This financial position, this financial flexibility is already visible in our balance sheet. Over the cycle, we materially improved, I would say, three dimensions that matter most. Our capital base through our solvency ratio, which improved from 4% back in 2019 to 8% in 2021 to 12% in 2025. In terms of the solvency ratio backed by an equity that more than doubled during this period. We improved our leverage ratios, namely the main ones that we've been always sharing with the market, gross debt to EBITDA, gross debt over EBIT and net debt over EBIT. We were able to improve significantly those two leverage ratios. The net debt to EBIT, including this time leasing, factoring, and confirming, it was improved from 2.7 times to two times in 2025. The net debt that we used to share with the market, excluding leasing, factoring, and confirming from 2.7 times to two times, and including net debt, leasing, factoring, and confirming from 4.5 times to 2.7 times. Alongside with the reinforcement of our coverage ratio, our capacity to cover our debt service. In 2021 from 1.5 times to 2.7 times in 2025. This coverage ratio almost doubled during the cycle. The group today is structurally stronger and better positioned for to support the future growth. With regards to the capital allocation, we talked about a lot this morning about investment, about vision, about deploying capital. It's true. We deployed more than EUR 2 billion in CapEx across the last cycle 2021-2025. With more than EUR 700 million in financial investments as well on top of the EUR 2 billion in CapEx. As you can see, with discipline in our capital or CapEx intensity, which came from 8% over the revenues in 2021 to 7% in 2025. More than that, it matters where we invested, where the capital went, as we been seeing during this morning, especially to long-term contracts, the contract mining. Manuel elaborated a lot around this strategic business unit for us. The growth platforms as well, also known as the large-scale contracts that we talked about some of them this morning in Nigeria, Kano-Maradi, Lobito Corridor, Tren Maya in Mexico. Then concessions and recurring cash flow assets always to sustain a long-term view and to protect our scale and our margins in terms of visibility. I would say the outcomes of this investment profile or strategy is quite visible. Our revenues more than doubled during this cycle from EUR 2.6 billion in 2021 to EUR 5.3 billion in 2025. Our EBIT more than doubled as well with a 24% annual growth since 2021. We were able to improve our operational EBITDA margin from 16% in 2021 to 18% in 2025. This is a story of huge but disciplined capital allocation, which is clearly translated into growth, profitability, and a stronger operating platform. That brings us to the next cycle. I would say that we are very well positioned to this ambitious but achievable plan, Focus 2030, because we are entering these periods with at least three main things already in place. The scale, the right scale, the visibility, and the profitability that more than sustained, we were able to improve. Our ambition here is very, very clear. Around EUR 9 billion of revenues turnover by 2030. At least maintaining our record level 18% EBITDA margin, and always backed by visibility that is achieved through a backlog of over revenues of more than 2.5 times. Starting point is quite, I would say, good. We are starting this cycle backed by a huge backlog order book. Here the size matters. The size matters because half of the way is already achieved. Half of the way of this new cycle in terms of profile, in terms of projects ready and in place to be executed, it's granted. We already know them, the clients, the profile, what to do. The procurement started as well. The size matters as well alongside with the quality, with the quality because it will allow us to continue to be strictly selective in choosing new opportunities. We are not starting from scratch. We are strengthening and entering in this new cycle with the right platform, the right backlog, impressive backlog, both in size and quality, and the right financial base to support this ambition. The question here is how we are going to fund this growth. This answer is built in, based on some pillars, and some of them we are sharing here, key pillars. The first, a diversified and robust funding solutions. We are seen as solutions providers. We're not only seen as the contractors. We always are able to bring solutions, financing solutions to support typically financial structures that will be allocated in our clients' balance sheet. This comes out of the deep and long relationships that we were able to develop with top-tier financial institutions. Our ability, expertise, capacity to continue to structure project finance solutions. This comes with our robust financing profile. Second, long-term revenue backed contract. This was one of the main key pillars of our capital deployment strategy during the last cycle. We will further expanding our long-term contracted revenues across concessions, contract mining, industrial services, environment and energy. We saw lots of examples here, lots of opportunities coming, lots of investment on our side, studying carefully each one of them. This gives us revenue visibility. Then a disciplined portfolio management. We invested during the last cycle. It was a high investment cycle, disciplined one, and we will continue to follow a value-driven capital allocation policy, actively managing our portfolio with asset rotation and bringing equity partnerships to maximize our returns. The good news here is that the portfolio is already there. Is achieving its maturity year after year. We already started, as you know, during the last cycle, to rotate some of the assets in order to unlock other opportunities for the future. This must be our capital discipline profile to fund this cycle. These pillars matter because they allow us to grow without putting undue stress on the company balance sheet. Funding growth is only one side of the story. More important than that, I would say absolutely central and critical will be the priority that we started to do with regards to the cash generation and conversion. This next cycle will be defined by strong cash generation discipline, capital allocation, and a structurally stronger balance sheet. There are four levers behind that. A tighter project screening, fundamental to keep our backlog quality, not only in terms of project profile, but client profile as well. Margin discipline. There are minimums that we must follow in order to sustain our profitability profile. A stronger cash flow profile with regards to our projects. Always prioritizing capital light. Second, a strict working capital discipline. Of course, the working capital is going to be better and more disciplined if the contracts are better, the clients are better, and the profiles are more visible. Disciplined CapEx deployment. We invested a lot again during the last cycle, but with an investment CapEx intensity being lower compared with the past. We will grow. We will invest to grow, yes, but always with this disciplined CapEx deployment. Third, increase the share of the pre-financed and long-term contract projects. This is important when dealing with different exchange rates, different currencies, different clients, different risks. It's important for us to continue to reduce those risks. Then internally, our efficiency program, it's going to continue to move forward in order to unlock and to improve our operating efficiency. All of this supports a very clear target, which is a free cash flow over the cycle 2026-2030 of at least 25% over EBITDA. Now a stronger cash generation and conversion does not mean a lower ambition. It means growth, but I would say a high quality growth, a better quality growth. We will continue to invest to grow, but with a controlled capital intensity. Capital intensity or CapEx intensity is expected to decline from the 9% that we have been dealing with during the last cycle, 2021-2025, to 7% over this Focus 2030 cycle. More than the size of the CapEx and its intensity, it's the key areas of our investment. Our CapEx, it's strictly targeted. It's very clear for us where we are going to continue to invest. First, reinforcing our contract mining fleet expansion to support our long-term visibility. The execution of large scale infrastructure contract. It's the stage where we are today within the business. To support, of course, the concession opportunities that the markets are more and more evolving and providing to the long-term investors. To upgrade, like Carlos was saying, a few minutes ago, our waste management infrastructures namely here in Portugal. To continue, very important, like Manuel was saying, with regards to the one tool, one method, common profile of dealing with the operations within the company around the technology and digital tools. The message here is simple. We will keep investing, but in a more selective way, with better contractual support and a lower capital intensity. A very important lever of this new investment cycle is going to be our active portfolio management. Good news again, it's that the assets are there, they are profitable, they are matured, and we are achieving the right spot to start to do those rotations. We will continue to manage the portfolio actively to maximize the value creation. That means rotating concessions at optimal maturity, of course, to capture attractive market value, to generate cash proceeds first for the group and then to have capacity to reinvest some. It also means monetizing non-core assets where that supports our portfolio standards and unlock more and more value. It means attracting equity partnerships to co-fund our growth in the more, I would say, capital intensive businesses. Taken together, this should support a net investment of around EUR 500 million over the cycle 2026-2030, enabled by capital rotation and monetization of non-core assets. This reinforce a key principle of this plan. Growth will not only be reliant on or dependent on debt and retained earnings, it will be also supported by an active capital recycling. Our balance sheet ambition. All of what we've seen today must be translated into a clear balance sheet ambition. We want to further strengthen our balance sheet so that Mota can continue to capture future growth opportunities and without losing any opportunities or without capacity constraints. The leverage target, it's clear. Net debt, including leasing, factoring, and confirming over EBITDA must be below 2x by 2030. Our solvency ratio must be continuing improving from the 12% as of today in 2025 to at least 18% by 2030. This ambition will be supported by a high-quality debt and funding framework. Diversified long-term funding and competitive pricing, of course. Pre-financed contracts backed by hard currency and top-tier clients. Contracts modeled with resilient cash flow profiles and strong relationships with equity partners to continue to support our ambition in terms of investment. The goal is not just a simple balance sheet in abstract terms. The goal is a balance sheet more robust or robust enough to support growth and flexible enough not to leave opportunities behind. Our financial policy supports as well our shareholder returns. There are three core disciplines behind it. There's the growth disciplined scale and disciplined project selection and execution. Second, the cash generation, active portfolio management, and capital recycling. Third, capital allocation. Cash generation, converting growth cash into convertible cash as a priority of this cycle. Capital allocation, active portfolio management through capital recycling. This framework supports two clear outcomes for the company and for the shareholders. A minimum of 4% group net margin after minorities by 2030 and a 30%-50% payout ratio to our shareholders over the Focus 2030 cycle. Shareholders or the shareholder returns are not an afterthought. On the contrary, they are embedded in our financial design for this plan. Putting all of this together, revenues over EUR 9 billion in 2030, backed by a visibility of at least 2.5 times of backlog over revenues. It's important to highlight and reinforce again that half of the way based on our current backlog is already granted. EBITDA margin, since halfway we already have the visibility, we started the execution, we know the profiles, we all know the cash flow outcomes of that. We foresee maintaining the profile which already exists and EBITDA margin of at least 18%. Then with our capital deployment discipline, with our improved CapEx intensity, we will aim to reach and to improve our EBIT margin from 12% to at least 13% in 2030. This CapEx discipline and intensity improved. The working capital under control although based on the quality of our backlog and our clients' profile will allow us to control better our investments, to control better our working capital intensity, and we will reach a free cash flow over EBITDA, like I was mentioning, of at least 25% with our debt ratios under control, namely the net debt, including leasing, factoring, and confirming of below 2x by 2030. All of this together will generate a group net margin by 2030 of at least 4%, which will play a very important role in the reinforcement of our solvency ratio by at least 18% in 2030. These are demanding but achievable targets for Mota-Engil by 2030. More than that is because they are built in a stronger platform, a more diversified earnings model, a better cash conversion, and a disciplined capital allocation gives us all the visibility and confidence that we are going to achieve those numbers like we've been doing during the last cycle, with the results that we already saw. Let me close with a core message. Focus 2030 combines profitable growth, strong cash generation, and capital discipline backed by strategic drivers. A growth that will be funded through equity partnerships and structured financing. A cash conversion will improve structurally through a tighter working capital control. A disciplined capital allocation supported by active capital recycling. A shareholder remuneration that will continue to be clear and sustainable. This is the financial architecture for our Focus 2030. Mota-Engil is in a strong position not only to grow, but to grow with more resilience, more flexibility, and more value creation for the company and for its shareholders. The numbers for us to retain EUR 9 billion of revenues, more than 18%, at least 18% EBITDA margin, at least 25% of free cash flow over EBITDA over the periods, CapEx intensity of 7%, net debt including leasing, factoring and concessions over EBITDA below 2x, at least 18% of our solvency ratio, a group net margin of at least 4%, and a payout ratio across over the period of 30%-50%. Thank you very much. Once again, and before we go to our Q&A sessions, just to wrap up closing remarks. In this new strategic cycle, we'll continue to grow. We'll continue to execute and to deliver landmark projects. We'll do this execution with the quality that everyone recognizes, but with extreme discipline when it comes to prioritizing margins and to ensure a strong conversion of cash towards the goal that we establish of having free cash flow to EBITDA of over 25% by 2030. In the end of this cycle, this new cycle, Mota-Engil will continue to be a leader with a robust financial capacity, with a sound balance sheet that will be the platform that will allow us to continue our growth and to pave the path that we have ahead of us towards becoming a centenary group. Once again, thank you everyone for attending this first Capital Markets Day of Mota-Engil. I think it will be the first of many. It's our objective, it's our duty to communicate more and more and better and better with all this community. Now we are ready to go to Q&A. In the end of this Q&A sessions, we'll have a light lunch where we can continue to have some conversations. Thank you. Yeah. Thank you. Thank you for the presentation. This is Miguel González from JB Capital. I got three questions. First on mining. Your backlog is around EUR 3.5 billion, sales for mining during these five years. That will make like EUR 1 billion EBITDA. As you mentioned, most of these contracts are already in a mature phase. It's just a ramp-up in Armenia, I guess. So one question here is, what CapEx should we assume for these contracts until the end of these concessions or these contracts? Secondly, as some of them are due for renewal this year, you mentioned that switching costs are quite high in this business. Are you considering the renewal of all these contracts until 2030 in your numbers? The last question is also related to CapEx. You mentioned a net investment of EUR 500 million. Maybe you could provide some color of what is the gross CapEx in this figure and the key divestment or the non-core concessions which are subject to divestment. Miguel, thank you very much. Three questions. Concerning the- Can I do one and two? Hmm? Both of them together. Concerning the first two that is concerning mining, I'll ask Manuel to answer the questions. The one that is the value to capture and also the CapEx until the end of 2030. Manuel. I think, in terms of the maturity, there's two projects that are starting production this year. Amulsar and Kurmuk, so it's Ethiopian and Armenian. Part of that CapEx has already been done, and it's gonna be executed over the next months and like next year also a little bit of it. I think in terms of CapEx, to give you a perception, it depends a little bit on the size of the contract. But if it's a new contract where we come in with a new fleet, I would say that the CapEx represents 20%-25% of the contract value. Okay. Over the duration of the contract value on renewables is significantly less. In terms of ambitions, as I said, 80%-90% of the contracts there will have extensions if we fulfill our delivery, so we are expecting to be able to renew the majority of those contracts moving forward, as well as seeking additional contracts in this area. Very well. Concerning the third question, and that I understand was some call around the EUR 500 million net investment by 2030. José Carlos will address that question. Very well. With regards to the net investments of EUR 500 million, it's important to see it as net, which means there's a growth with regards to the investment that will be over EUR 1.2 billion. Which means that there will be a divestment, a CapEx or capital rotation, assets rotation of around EUR 700 million. As I was saying, apart from our concession portfolio, which as of today is worth more than EUR 1 billion, there are other non-core assets that we still have in our balance sheet. There are amongst financial investments, real estate assets, some other equity stakes in minority businesses. The good news here is that we have a more than sufficient asset basis with regards to these investments that we aim to do in order to sustain our profitability profile, and to enable our capacity to invest during the next cycle. In terms of the new investments, I think it was quite clear the color that we were sharing with you during the morning. With regards to the investments, it's going to be a mix of matured concessions, non-core assets and some equity stakes that we have in our balance sheet. Sorry. Here. Sofia Cordeiro from CaixaBI. I just have very simple question regarding the balance, the mix between business models. I understand you mentioned you wanted to increase concessions and contract mining for the flexibility visibility on revenues. Currently you roughly have two-thirds on construction, one-third concessions and contract mining, I assume, and environment. From your goal to 2030 and 2035, the mix, the balance would be two-thirds, one-third or more towards 50-50 going forward. It will mean different things in EBITDA and recurring revenues. Thank you, Sofia. I think José Carlos is gonna highlight you on this because he just presented the figures. Yes. I was saying, Sofia, that half of the way is already granted. It means that half of the mix that we have today in our backlog is already visible. Based on the figures and based on the ambitions that we have today, I would say that by 2030, our backlog and revenues profile would not be different or significantly different from what we have today. In terms of mix. That's why based on the same profile, increasing the economies of scale, increasing the absolute terms in terms with regards to the turnover and the EBITDA, jointly with our capacity to execute our efficiency program, our One Method way of delivering, we foresee as a minimum of 18% EBIT, which is what we have today in or what we achieved in 2025. It's a minimum because I think there's a lot of value to be unlocked with the economies of scale. Thank you, Sofia. Hello. Hi, Filipe Leite from CaixaBank. I have three questions or three set of questions. First one on mining is actually a clarification from a previous question. On the EUR 9 billion top line that you are targeting for 2030, you are already assuming new concessions or new awards at mining, new contracts at mining. If it's like this or if I understand it wrongly. Also on mining, if the opening of shareholder structure of this unit is a possibility to grow and to comply with this huge CapEx that you talk about. Second question on the investment in concessions, and if the EUR 1.2 billion gross investment include the potential investment on the Bahia Mineração mining complex in Brazil or not. Last one on capital allocation, because you mentioned the goal of create this long-term concession portfolio. You face several opportunities in several different markets and big opportunities. My question is, all these investment effort will be funded by organic cash flow generation? Or if you are seeing any sizable project or group of project that can represent a potential capital increase to fund those projects. Thank you. Okay. Filipe, thank you for the questions. It's a pity you didn't have questions about the station in Gaia. Concerning the two first is mining, both about our fit in mining and the third that is EUR 1.2 billion BAMIN investment in concessions about BAMIN. Manuel will answer the three of them. Let's go to the revenues. We- I think we need to separate the investment into the services, okay? In terms of mining services, mining contractor, we are considering sustained growth in this business, similar to what we've been seeing over the last years. We have not considered adding revenues from the investment division in our business plan. We're talking about greenfield projects that we have in balance. We're considering investment that's on our CapEx. Any revenues arising from that are not included. Regarding opening the capital, it's a possibility. Okay? It's something that we are considering. There have been some approaches on that, so it's something that we are considering. It's not something that is guaranteed. Okay? Regarding BAMIN, I think it's been on the newspapers a lot about this. We are looking at the project. Okay? I think BAMIN comes into a little bit of what we are speaking. On the investment side, what we target is greenfield projects. BAMIN is sort of a brownfield, green to brown. Okay. There are investments there. I think it fits a lot into the synergistic business that we have and what we're looking into. That project, I think, can generate about $4 billion-$5 billion in construction. Generates roads and a port concession which unlocks 60 million tons of grain, okay, from the Matopiba region in Brazil. A lot of mining resources on the railway and the port beyond what is BAMIN in itself. BAMIN becomes interesting because it comes the port and the rail. It's a project that we are looking, we are considering, but- Not included in this plan. Is not included in this plan. Okay. So- In any of the business units. Yeah. Yeah. It's an opportunity that it goes into construction, it goes into rail logistics, it goes into port, and it goes into mining, both as an investor and an operator. We have to look in a certain sense, see what's the opportunity there. Like, I explained last week in the call, it's one of the many projects that we have within our pipeline. It's true, we are looking into it. Understanding in this case, it's not even pipeline. Deep studying. Deep studying. Concerning the last question, if I understand correctly, your question, Philip, is basically if we are going to finance through the cash generation all this investment in concessions or if we are willing to have other options. Yes, part of it is going to be financed through the cash flow generation. Part of it is going to be financed through a very selective asset rotation like I tried to explain. We are not going to give up on the asset rotation strategy that we've been following in the last years. Concerning concessions, what we want is to be much more selective and to keep some of the assets that we think that could be triggers to value creation towards the next years, and also to be sources of revenue streams and sources of streams of cash. On the other hand, yes, we are going to, as we always did, find and look into equity partnerships for these projects. It's not different than the ones that we've been doing all over these projects, high-speed train in Latin America, the famous Lobito Corridor. We have equity partners, as you know. This is the strategy. If you ask me, and I didn't quite understand if we are foresee any capital increase of the company in the next cycle, no, we are not. That is completely out of the question. One thing is for sure, the consolidated equity that we have that will trigger also our financial ratios to 2030 will be made through organic growth of the equity. I think there's a point missing with regards to the contract mining, which is what is considered in this strategic plan. On top of the ramp-up periods that we are now finalizing and will start to deploy its full capacity on those 11 bigger contracts that we have in our portfolio. Our ambition is to put finalizing those ramp-up periods, to put all of them 100% in full capacity, I would say. Like Manuel Mota was saying, our ability, proven ability to continue to extend and to be unsurpassable in at least those eleven. The opportunities are coming every day, like BAMIN, which is a different, of course, business or opportunity. They are coming every day. We've been identified as the first, and more than that, a reliable partner with regards to the contract mining. We can see or we can foresee a couple of them at least to reach a turnover of around EUR 1 billion, contributing to this business plan. With regards to the way of if the opportunities don't stop as we are seeing today, and I think it was part of your question, a way of continue, since the CapEx and that related to that, it's significant. It's that's the way of continue to improve or enlarge our presence in this business and our importance in this business. Of course, bringing the right co-investor on the capital side mainly, as we are the industrial side of the business to continue not to lose the opportunities. Thank you, Filipe. Yes. It's Hannah Ruth Viernes from BPI. Yeah, my question was with regards to the circularity, and you've mentioned that you have a clear strategic advantage versus other players, which is the access to raw material because with regards to biomethane, for example, that's very critical. You've mentioned strategic partnerships as well. My question here is to try to understand how it works, and obviously you can disclose what you can disclose. What’s the plan here? Would the plan be to have like a broader strategic partnership with, say, one utility player, one energy player to explore this avenue of growth? Or to be the operator itself, you yourself being the operator and finding, getting strategic partnerships with different players for different assets according to what makes more sense in specific assets. What will be one or the other? Okay. Hannah, thank you for the question. Basically, we are talking about two different, let's say, perspectives. Even though it's the same business, we have two different perspectives. One, you were saying the biomethane. The biomethane is an opportunity that arises from the fact that today the electricity price is very low. The contracts that in the past we had contracts of selling PPAs contracts to sell electricity to the grid that were above the market. Today, we don't have that. This is a smart way in order to create value, that is to not use the biogas to convert it into electricity, but use the biogas to convert it into biomethane because there's a demand for these new sources or different sources, renewable energies, namely the biomethane. We have a leading position because we are the potential biggest biomethane producer here in Portugal. Concerning the question that you are making, basically what you're asking me if we are going to open the capital of EGF. What I'm saying is I'm not saying that or we are not saying that. We were saying that within the plan that is to be materialized until 2035 with several investments to comply with the goals, there are several assets that need to be executed, to be developed, namely incineration, that I talked several times before. It's not yet clear if these investments need to be made by the concessions or can be outsourced, okay, through private investors. In that way, private investors, we would be interested not only to be part of the investments to participate in the EPC contract, but also to operate it and to be a service provider to the concession in which we are shareholders. Exactly the same thing or same scheme that we have today with the biomethane, because biomethane are 100% investments done by Mota-Engil. Even though it's in the same location, we are renting the space to the concessionaire, and we are buying the organic waste. Actually, we are buying the biogas that comes out of the treatment of the organic waste. We are paying to the concessionaire to buy the biogas and then converting into biomethane. To address your questions, a plan with this size of investment has to be done with equity partners. It's not possible, it's not sustainable to be fully accountable to Mota-Engil. We are looking to several assets that we're going to develop, namely the incineration power plants, the incineration plants, and of course, they need to be done as an asset with equity partners. I hope that I answered your question. I know that is not the question that you made, but because you asking me if you open the capital to EGF, that's not the, let's say, the way forward. Over here. Yes, I think it's. Is it? Yeah. There it is. Hi, Alejandro Garcia with Fitch Ratings. I had a couple of questions. One is on your fixed debt financing strategy. I mean, you have, I think, three or four outstanding bonds and also a commercial paper program. Wondering if you could shed some light on what your strategy is there on the fixed income side. I had a question on the asset rotation strategy. You've been rotating more or less in the past few years somewhere north of EUR 100 million a year. If you could maybe shed some light as well on what the strategy would be going forward. Would it be in that ballpark or would it be maybe a bit more aggressive? Thank you. I think José Carlos can answer both of the questions. The fixed income and then strategy rotation. Yes. The, regarding the capital markets, the both institutional and retail bonds, I would say that more than the product itself, it is a natural space for Mota-Engil with regards to the retail. More than that, it fulfills at least two main key priorities in our financial strategy. They have a proper maturity. Our scale as of today is completely different from the one that we started the last cycle, for instance, from EUR 2.6 billion turnover to more than EUR 5 billion, consistently more than EUR 5 billion turnover. There's a backlog with larger projects, and larger projects bring larger maturities in terms of execution. We have, and that has been a strong and strict strategy that we've been following during the last cycle to enlarge as well the maturity to fulfill the gap which exists between the backlog maturity and the debt maturity from 1.5 years back in 2021 to almost three years now. With a backlog that was 1.5 years in average maturity back in 2021, and now it's more than four years. Until there's that gap to be fulfilled, we will maintain consistently in a disciplined way the liquidity position that we have in order to assure at least every time three years of non-revolving facilities to be repaid. Yes, the bonds market, and especially the retail bond market, it's very important for us. We are going in this first half of 2026, as we've done back in 2025, to go to the market again. With a minimum ticket, it's not an issue of liquidity like you were able to observe here. It's a question of not to lose the natural pace that we have built during 80 years of history. That's why we are going to go to the market with a minimum ticket again in this first half of 2026. With regards to the. Please remind me. Asset rotation. asset rotation. It's true that our path was of around in average, EUR 100 million per year. We have here an ambition of at least of EUR 700 million to be divested during this five next years. The path is, I would say, the same or comparable with the last cycle. The difference here is not we just don't have concessions to be rotated, concessions that achieved a matured stage and in which with all the calm and serenity we will divest or rotate at a strong market value since they are operating and with a strong cash flow visibility. There are non-core assets as well to complement this strategy and this divestment support in order to unlock opportunities to get new projects and businesses without compromising our liquidity position. Thank you. Hi. Good morning. [uncertain]. My question, it's about looking at your expectations in terms of EBITDA. You expect to generate more than EUR 6 billion next five years, around EUR 6.5 billion if I got the numbers right. 6.5. You are right. 25% free cash flow generation should be more than EUR 1.5 billion of cash flow. To comply with your leverage, you have a margin of EUR half a billion that your debt could increase. We have EUR 2 billion of cash generation or cash available to use. Looking to the presentation, I see EUR half a billion investment in concessions, could be around EUR 300 million in dividends. The other cash, what is missing? The other EUR 1.2 billion or around that, where is this use of cash? What I'm missing? What you are missing is that we are talking about the net investment. It's what we were talking about here and not just an investment of EUR 500 million. What you are missing here is as well the contribution. No, sorry, net investment should be neutral for this, no? Yes, it is. It can be in terms of results. It's not the same in terms of cash flow. It has a different impact because the book value will not represent, as you may understand, the market value expected based on our IRRs in each and every concessions that we have. There's another improvement here that we've been Improving during the last cycle, which is the working capital control as well. There is an improvement here which is based on the gross debt reduction or the intensity reduction during the cycle based on this working capital control and the CapEx intensity control as well. I think that's it. Yeah. Thank you. Miguel has one more question. Thank you. My last question is just a clarification on the previous question. I don't know if I understood correctly, but this 25% EBITDA cash flow conversion is it including investments? Growth CapEx and CapEx on concessions or it's just excluding all of that? It's including everything. Okay. It's a free cash flow after investment in CapEx, investment in working capital. After that, we will be able to generate 25% of free cash flow over EBITDA. Understood. Thank you. Thank you, Miguel. I don't think we have any. There's one there. Okay. There's one there. Hi. A [uncertain] Africa. Two quick questions. The first one is regarding CCCC. Can you say a few words about CCCC? How do you see the future with them and what can they contribute to the group operationally for you? The second question is regarding. You talked a lot about the EBITDA margins regarding the different segments that you have in the company, which is probably the main metrics that you have. Can you say a few words about the return on capital employed and the businesses where you see, I mean, the highest return on capital employed versus probably the ones that you see the lowest ones? Thanks. Okay. Thank you for the question. First, I'll answer the first one. José Carlos will address the second one on return on capital employed. Look, we've been with CCCC as a shareholder since 2021, so basically during all the previous strategic cycle. What we have achieved is also part of the relationship or the investment agreement that exists with CCCC and CCCC becoming our shareholder. What they are bringing to us in the future is the same thing that they brought to us in the past. Basically is from one end was a commercial capacity, increased commercial capacity that I think today is not as important or relevant as it was in the past. Secondly is the capacity to in a financial dimension to find new financial partners. Not only financial partners to finance our operation, but also possibly in the future for equity partnerships. Today we have a relation with several Chinese financial entities like ICBC, Bank of China Exim Bank. A third dimension that is the procurement. The biggest procurement market is in China. We've been using a lot of the procurement for our projects, not only in Africa, but I would say heavily in Latin America and also trying to do the same thing here in Portugal. It's not only in terms of material, but also investment in equipment. This has been an angle that we've been exploring in the past and we'll continue to explore in the future. Actually, it was one of our enablers in the operational excellence is to have this capacity of being a global procurement company with a very efficient procurement worldwide. The company is happy with CCCC as shareholders, and we look forward to the future. Concerning the second question about the return on investment. Capital employed ... capital employed, José Carlos will highlight you on that. It's a good question and you are right. We were talking about long-term investments. We're talking about long-term visibility, long-term capital allocation in a disciplined way. Of course, if EBITDA, it's the first cash proxy, let's say, in our operational profitability index or KPI typically used by the business. Of course, we need to have the care, the consciousness of what the mix of those business units, project profiles and geographies, mitigating the risks that must be reflected in our margins. They are reflected in terms of return on capital employed. In a company with strongly involved in Africa like we've seen during this morning, improving and growing our capacity in Latin America as well, and of course balanced by a resilient Business here in Portugal. The mix which results out of this the return on capital employed that results out of this mix must be at a minimum of 18%, 18%-20%, reflecting the mix of those opportunities and the corresponding risks. We have to jointly aggregate or consolidate the contributions from the engineering & construction typical contracts with the proper EBITDA like everyone knows. Combining with the IRRs that must be delivered in each region where we are. There are minimums as well. In Europe, an IRR must be from 8%-10%. In LATAM, from 14%-17%. In Africa, from 18%-22%. With the portfolio that we have today, it has a mix. It represents a mix of 13%-16% of combined IRR. Thank you for your questions. I think that we have two more questions coming from the Online I'll read the first question and Manuel will answer. With the context in the Middle East with Strait of Hormuz constraints and before with the embargo of gas in Russia, how the company foreseeing investments in oil and gas in markets like Mexico, Brazil, Angola, Nigeria, and Mozambique? I think this goes a bit beyond oil and gas in the sense that if we look, our focus is a lot in Africa and Latin America and a lot in markets with the commodities, not only on the oil and gas sector, but also in mining, copper, cobalt. We're very exposed to these markets. I think when we look into it, the sense of safety in investments, I think, changes a little bit in the world. I don't know how long the situation will last, but I think the impact on physical safety of investments, I think, changes a little bit. In my view, this is a personal opinion, we will have a significant fast track of investments in Mozambique for sure on the gas sector. I think that is key in the current situation. Nigeria, Angola and Mexico, which were maybe three economies which were not developing so much the second stage of assets in the oil and gas. I think these three will probably have a big upside in the returning of investments to look for further resources. Brazil was I think they've been ahead of this for a while because they've kept investing significantly in this, in the deep offshore resources. I think this is gonna generate, yes, a lot of things on the oil and gas, but I think more than that on infrastructure side, on the need for logistics, on the need for infrastructure. I think this will generate certainly a lot of things, but it also depends. I don't know, I'm not geopolitical strategist to say if this is a three-week process, if it's a three-month process, a three-year process. That will have an impact on what will be the real impact for us on this. I think negative for the world, but for us potentially has a positive impact, yes. I think to focus in, that's the potential of something which is a war, it's not the right approach for us to look into, but these markets definitely will benefit from that. Just to complement, so for you to have an idea, but the budget for Angola for this year foresees the state budget a price of oil of $61 per barrel. We are trading, I don't know, today, 90-91, something like that. It's a positive impact in macroeconomic terms speaking. For Angola, it's a positive impact as well as for Nigeria of course and for Mexico. The second question that we have here coming from the online guests. In Portugal, we expect an impressive pipeline with high-speed train, airport, and other relevant projects. When do you expect that the announcements will turn in real tenders? Okay. It was not myself that wrote these. Look, I think that they are already turning into real tenders because actually we've been talking for the high-speed train since 20 years ago or 30 years. The first tender was already awarded. The contract is already signed. We are to begin the works in the second half of the year, so it's a reality. The second tender had some problems last year, but the date to deliver the bid is going to be on 24 May, I think. Things are happening. Things are happening, and we are very confident that this huge portfolio, that this pipeline that exists in Portugal, not only in the high-speed train, the new airport, the plans for the ports and several other investments that in my opinion, in our opinion, will occur in the near term. We cannot forget what happened last month in Portugal with the floods. It's mandatory that the government, the country thinks in a better plan for our hydrological infrastructure, because we cannot forget that our hydrological plan is yet to be concluded. The hydrological plan was also to prevent two things. One thing is the flood that happened in several places like in Coimbra, like in Alcácer do Sal. Second thing is to address a phenomenon that is recurrent every year, that is too much water in the north, dryness in the south. That doesn't make any sense, so we need to balance and manage the water that we have in the country. There's a plan. There's a hydrological plan to do the connections of the water between Douro to Mondego to Tejo to Guadiana. There's no rocket science there. I think it's time for the country to start to think again in a planned way, to think the infrastructures in the long-term view and to execute them. I truly believe that this is going to be an issue in the next months to come because otherwise we'll have fires again in June to September. We'll have floods again next year between January and February. I think there's opportunities here, but things are happening. Once again, let me thank you myself, Manuel, José Carlos. Thank you so much. Your presence, your participation. We are always available to address your questions, your doubts, and thank you very much. This is the first of many other opportunities, and now you are all invited to join us to lunch. Okay? Thank you.