Good morning. We welcome you to the Mota-Engil first half 2026 results conference call. During the presentation, all participants will be on a listen-only mode. There will be an opportunity to ask questions after the presentation. If you wish to ask a question during the Q&A session, you may do so by pressing the star key, followed by five on your telephone keypad. If you are experiencing any difficulty in hearing the conference at any time, please make sure you have your headset fully plugged in, or alternatively, please try calling from a different device. I will now hand the conference over to Mr. Pedro Arrais, the Head of IR of Mota-Engil. Please go ahead, sir. Thank you. Thank you very much. Good afternoon to all. Thank you for attending this call, where we will present the first half 2026 results, the first half year results after our first capital markets day, where we will present our new strategic plan for the next five years. With me, I have here Mr. Carlos Mota Santos, the Chairman and CEO of the company, and also, as usual, Mr. José Carlos Nogueira, board member and CFO of the company. Please, Carlos. Thank you, Pedro. Welcome to the first half of 2026 results from Mota-Engil. It is good to be here. It is good to have this call with you. Starting by slide number four, in which we have the highlights for the first semester. I would like to stress the turnover in which we reached around EUR 2 billion. That is an increase of 6% when compared with the same period of last year. But more important than that was the growth that we had in terms of profitability. Not only in terms of EBITDA, in which we grew year-on-year 10%, reached an EBITDA margin of 17%. We are maintaining the 17% that we reached in the end of 2025 with almost EUR 500 million. But as important as the EBITDA, the net profit after minorities, in which we reached EUR 74 million. That is an increase of 24% when compared with the first half of 2025. And we achieve with this 2.6% margin in the goal of the 3% that we established in the previous business plan for the year of 2026. Concerning the backlog, I want to stress that we reached, by the end of June, a very solid backlog of almost EUR 18 billion of backlog. That represents an increase year-on-year of 10%, and represents also more than three times annual turnover, at least the turnover of last 12 months. I also want to stress two things. One about the backlog, that this backlog does not account with several contracts that, in the meantime, have been signed between the end of the first half of the year and today. And if we did account with that new contract signed, our backlog would overpass the EUR 20 billion. I think it's achieving mark that we reach in terms of backlog. Also, in terms of the net profit, I would like to stress that these net profits of this first half of the year is 2.5 x bigger than the same net profit that we present in the first half of 2023. This is a growth of over 2.5 x in just three years. I think it illustrates the effort and the commitment that the company has been made in achieving bigger margins in terms of profitability. Not only in terms of operational profitability, but also in terms of net profits. Looking into the financial figures, we can see that we reach a net debt of EUR 1.99 billion, complying with the net debt over EBITDA that we have the commitment to comply with to be below 2x. If we compare with last year, we can see that net debt increased from the end of 2025 to the end of the first half of 2026 in EUR 20 million. The increase was on EUR 20 million. Also, if we exclude the debt that comes from the investments in concessions, we would have a decrease of EUR 61 million. The increase that we have of EUR 20 million were mainly due to the investment that we did in terms of concessions and that we are going to look in detail in the next slide. Also, I would like to stress that we also comply with our goal in terms of growth debt to be below four times, in terms of growth debt over EBITDA. I would also like to stress that, as promised in the last calls, our CapEx is decreasing when compared with the same period of last year, and we are below what we established as the limit to be 7% of the turnover. We reach a CapEx of 6.4% of the turnover. As we are going to look ahead, the CapEx is mainly driven of the African unit. I would also like to highlight that we reached a free cash flow of EUR 159 million in this period. That is 33% of free cash flow to EBITDA. Reminding that our goal in 2030, that we established in our Focus 2030 strategic plan, was to be around 25% of free cash flow to EBITDA. In terms of equity, we are above the EUR 1 billion of equity that allows us to reach a financial autonomy of 11%, bearing in mind that in the first half of the year, we did the payment of the dividends to the shareholders. Moving to slide number five, sorry. Just to remind, the main events that we reached since the beginning of 2026, and looking into the split of the business that we established in the new strategic plan, we can see in terms of engineering construction, several contracts that have been awarded. I would like to stress the contracts here in Portugal, but also new contracts in our main markets, namely in Mexico, in Peru, and also an extension of our biggest contract in Nigeria. As well as in concessions, in which we finally signed the contract of the Centro Tunnel in Brazil, but also a very important contract that we signed just yesterday in Congo, that is the extension of Lobito Corridor, now in D.R.C. That is the following infrastructure that connects to our infrastructure that we have 50% stake of the concessions of the Lobito Corridor in Angola. In terms of natural resources, to stress oil and gas contract that we have been awarded and we signed in Brazil for Petrobras, an important client of ours. The extension of our contract in Ethiopia for Allied Gold, and also the incorporation, the setup of a new company that is ME Mining Services, that is aligned with our intentions that were established in the Focus 2030 strategic plan. In terms of circularity, I'd like to stress the $100 million agreement we did with Trafigura. That is a 40-year sustainability and carbon credits framework in which we are going to produce and to sell under this agreement, the production of credits carbons in our projects in Malawi, and also several operations, several investments that we are making here in Portugal for biomethane facilities that are starting the operations in the last quarter of this year. In terms of our dimension in financing corporates, some of the main contracts and the main facilities that we signed during the first half, I'd like to stress the continuous partnership that we established already in last year with the IFC from the World Bank. Of course, the financial close, we reached the financial close with the IFC in the Lobito Corridor in the stretch of Angola. Also in terms of ESG, we continue to be recognized in terms of excellence of our operations, and this has been achieved with the branding and the recognition of several institutions like TotalEnergies and like Vulcan, one important player of ours, and others. Now, I'll pass again the presentation to Pedro Arrais, in which we'll detail the results overview, and I'll come back for the final remarks and also for the guidance of 2026 before we can answer some questions that you might have. Thank you. Thank you, Carlos. We will move now to slide seven, and here you can see what we achieved in the first half of 2026, the very successful period when we achieved a record level of the turnover and EBITDA, and showing also an improvement in the net financials with the reduction of debt in this first semester of the year. Also, a positive evolution in associated. That combined allow us to achieve an improvement of 24% year-on-year in the net profit of the company. As Carlos said, we want to go even higher in the liquid margin, in the net margin, to achieve during the first half of 2026 and in the full-year of 2026, a net margin of 3%. Moving to slide eight and detailing the performance here by each business unit. We can highlight the resilient margin in Europe, despite the reduction of activity, the positive growth in Africa with 11% year-on-year impacted by two positive factors, a better efficiency in the EC business, and the continued increase of the contribution in the industrial engineering, leading the EBITDA margin in Africa to 25%, a very impressive margin in the region. Looking to LATAM, the performance is mainly explained by a positive contribution from Mexico and with Brazil more than double the contribution for the turnover, sustaining the operational margins in line with historical performance in the region. Finally, with the positive performance of the environmental businesses, especially with improvement of the EBITDA margin in the business of 2% year-on-year. Moving to slide nine. Here we can see the backlog of the company. Not only the evolution, but the detailed information by geographies and also by segments of the EC backlog. The first highlight that I would like to mention is the increase of the backlog by EUR 4.1 billion, an achievement that represents the most successful semester in new awards in our company. Something that allows Mota-Engil to achieve a new record level of EUR 17.7 billion. Also important to consider that in this 17.7 is not included the EUR 2.5 billion of new contracts signed after June. As you can see here in this slide, we maintain our commercial strategy focused on the core markets that represents nowadays 75% of the total of EC backlog. In this sense, we are guaranteeing visible and positive outlook for the next three to four years, and preparing the future to accomplish the targets that the company presented last March in the strategic plan. Move to slide 10. We will not elaborate on that. We can see here the major contracts of EC projects, and we listed only the contracts above EUR 200 million. We can see that the commercial strategy allow us to be awarded in markets very important for the company like Mexico, Angola, Nigeria, and Brazil as the most relevant in this list. Moving to slide 11. We can see here the evolution of the CapEx. In the first half of 2026, Mota-Engil made an investment of EUR 185 million, representing less than 7% of the turnover, and allowing the company to promote growth with a very selective criteria for the new investment, and focused in the segments of higher margins such as the industrial engineering as the most relevant example. Representing here 63% of the total CapEx allocated during the first half of 2026. Moving to slide 12. We can see here regarding the financial CapEx, so dedicated to the concessions as Carlos mentioned before. We invested EUR 81 million and balanced in several projects with the majority in concessional assets in Mexico, in which the company expect to promote the assets rotation in the next years, beginning in 2027, and considering the life cycle of each project. Moving to slide 13. In first hand, we can see here the net debt broadly stable with a EUR 20 million increase. As Carlos mentioned, we were focused in investing in new opportunities in concessions. If we exclude the financial CapEx, we reduce the EUR 61 million. But as you can see here in the balance sheet in our left, the financial investments evolution reflects the buildup stage in the concessions portfolio and the asset maturation phase that will deliver in the future capital gains as we delivered in the recent years, mainly in Mexico. Moving to slide 14. We can see here the waterfall graphic, and you can see in this slide the positive evolution in terms of the free cash flow. I would like to highlight here the ratio of free cash flow over EBITDA of 33%. That represents three times more than the average of free cash flow that we deliver during the period of 2021 to 2025. You can see here that the company are very focused, not only in generating more higher operational profitability, but converting EBITDA cash conversion. This first half of 2026 is a very good example on that. Moving to slide 15. As Carlos mentioned very briefly, a slight improvement on the ratios of net debt to EBITDA and gross debt to EBITDA in line with our strategic plan, very disciplined, and in line with what will be the targets for the next five years. That is below 2x net debt to EBITDA and 4x the gross debt to EBITDA. Moving to slide 16. Here, I would like to highlight the very comfortable figure in terms of the liquidity position of EUR 1.4 billion when we compare to the EUR 895 million that we presented in the first half of 2025. With maturities with less than one year, the company is having here surpassing the non-revolving financial installments over the next three years, and with debt maturity to 2.8 years. Important to highlight here the work done by our financial team when we reduce the average cost that improved from 7.6% in the first half of 2025 to 7.1% in the first half of 2026. This figure reflects the mix of local currency debt, nowadays with roughly 13% of the total debt denominated in soft currency. As you know, this currency, of course, has always higher rates comparing to Europe. Moving to slide 20, when we can see here the information regarding the business units and starting by the European division of engineering construction. You can see here the negative, in fact, is mainly related with the delays of the project consignations that we are considering to begin an execution this year. But even with this impact, the company maintain the capacity to be aligned with historical margins of 8%. Looking to the future, and you can see here the last bullet of this slide, we expect new tenders in the Portuguese markets, considering the public announcements in the recent months. That creates a pipeline of EUR 60 billion in projects with the dimension that fits with Mota-Engil. Moving to slide 22, moving to Africa. As I mentioned before, with the growth of 11% year-on-year in turnover and 12% in EBITDA. Here, it is important to mention the positive, very solid performance in core markets like Nigeria and Angola as the most relevant markets for the positive performance in this first half of 2026 in Africa, and also with the industrial engineering showing a very important contribution, namely the sustainable margin of 29% in EBITDA margin that allow the region as an all to achieve an impressive margin of 25%. Also important to mention, the recent contract signed, namely the extension of the Kano-Maradi in Nigeria, $655 million, and the contract signed yesterday by our Vice-Chairman of the Executive Committee, Manuel Mota, to operate PPP for 30 years, the extension of the Lobito Corridor in DRC, a very relevant milestone to operate the most important logistic corridor in the continent. For last, also important to comment the recognition of several financial institutions, being the U.S. International Development Finance Corporation as the most recent example, supporting the financial close to such an important project in the Sub-Saharan region, that is the Lobito Corridor. In slide 23, we can see, moving to a slide dedicated to the contract mining, we can see here the list of the 10 contracts that are at full capacity with a recent renovation in Ethiopia, guaranteeing the expected growth in this specific area that will have, in this third quarter of 2026, the starting production of the contract in Armenia. And of course, with a higher and visible figure of the turnover in 2027 with the contribution from the contract with Amulsar in Armenia. Moving to slide 25 in LATAM. We can see here an increase of turnover in 7% year-on-year, impacted, as I mentioned, with the positive performance in Mexico and the increase of 89% year-on-year of the other markets in the South American region, highlighting the performance in Brazil that more than doubled the turnover in a market where Mota-Engil Group expect to build relevant markets with dimension supported in the EUR 2 billion of recent contracts awarded in this market, and with local partnerships to consider new opportunities regarding the huge potential of PPP in the market. In this sense, the strategy is simple: continue to identify new opportunities in the Mexican markets that have been the most important markets in the region and for the group in the last three years in engineering construction, but having a more balanced contribution from each market in the region, starting with a new cycle of development in Brazil. Moving to slide 27, moving to the environmental business, we can see here that the performance is aligned with the expectations, with the EBITDA margin increasing 2% - 21%, accumulated the first six months of the year, and impacted by the positive performance in all the segments between waste collection treatment and also the international companies. Important to mention that in this area, the waste-to-value strategy will start to have the first visible activity with the beginning of the biomethane production in Portugal already in 2026. For last, moving to slide 29, we can see here the contribution from Mota-Engil Capital and MEXT. Beginning from the turnover, we have here a flat evolution year-on-year and with the stable margins executing the backlog of each company here in the energy, mobility, real estate. Important to highlight here that the most relevant impact and positive impact in these areas should start in the medium term, considering the execution stage where we are at this moment with the construction of the new Lisbon hospital and the beginning in the second half of 2026 with the works of the first stretch of the high-speed train in Portugal. In pipeline, as you can see here, and considering the recent announcements in Portugal, Mota-Engil will be, as usual, very active in the markets and in all major PPP projects that will be launched in Portugal in the upcoming years. Now, finally, moving to the final remarks and guidance, please, Carlos. Thank you, Pedro. Looking to slide number 31 for the final remarks. As already mentioned, we announced our new strategic plan, Focus 2030, back in March of this year that established the path towards the year 2030 and the goals that we want to reach there. We established in that strategic plan three main pillars to sustain our strategy. The first pillar, that is growth, and we can see that in terms of this first half of the year, we had a profitable growth in this period. Our turnover increased 6%. Our EBITDA margin increased 10%, maintaining same level of 17% that we reached in the end of last year. As important as that, we grew our net profit after minorities almost 25% when compared with the same period of last year. We achieved a record backlog of EUR 17.7 billion. We are today supported in a very robust, very sound, very profitable backlog that give us the visibility for next years and the capacity to execute the plan that we established, our strategic plan, according with our best expectations. At the same time, and as the contracts that we signed these last two months, we are leaving a very strong commercial momentum. Not only here in Portugal, as Pedro has mentioned, but I would say in every market that we operate. Not only in Africa, not only in Latin America, but we are leaving this in terms of infrastructure, in terms of engineering construction, in terms of circularity, in terms of natural resources. We are leaving today and studying several opportunities that will further enhance our backlog, but always with the same commercial policy and the same commercial strategy. Long-term contracts with higher margins, with the profile in terms of generational cash flow according with our intentions. The second pillar is diversification. The second strategic pillar aims at the industrial engineering. That is one of our main focus. In terms of contract mining, we are aiming to stabilize our operation in terms of volume. Last year, we almost reached EUR 800 million of turnover. This first half of the year, we overpassed EUR 400 million. We are going to stabilize with our portfolio of contracts, 11 contracts. Our focus is to improve even more the efficiency of the contracts so that we increase the profitability. At the same time, we want to give more visibility to this activity, and therefore, the creation of ME Mining Services that we already mentioned. Concessions are increasingly reinforcing the group's long-term value creation. This is one of the key highlights in our strategic plan so that we are more and more focusing several concessions in our main markets, in our strategic markets, Latin America, Mexico, and Brazil mainly, here in Portugal, of course, but also in Africa. The example of the signing of Lobito Corridor stretch in DRC yesterday is the best example that we could give. At the same time, we are investing in new circularity investments, namely the biomethane, and that was mentioned by Pedro in our waste-to-value strategy, but also in our agroforestry projects in Africa that will further broaden our portfolio of long-term cash generation activities. Last but not the least, in terms of the strategic pillars, the financial discipline in which we establish very concrete and very sound objectives in 2030, in which we will maintain our leverage discipline, complying with the net debt over EBITDA ratio of being below two times the gross debt over EBITDA ratio below four times, and always supported by active debt portfolio management, focusing on increasing the maturities and reducing the financial costs. Our free cash flow of almost EUR 160 million that we generated during the first six months of the year represented 33% of the EBITDA. It demonstrates the strong underlying cash generation that is underneath our operations, and also is important to stress that is three times higher than the average of the last five years. If we compare 2021 to 2025, you will see that the generation of free cash flow is 3x lower than the one that we presented in the first half of this year. Always with a robust liquidity. As you could see in the previous slide, we have today a very sound and very secure position in terms of liquidity that will provide us the financial flexibility and support our growth strategy and the future investment requirements that we have in order to fulfill that strategy. Always with the same disciplined capital allocation that we have been delivering in the last quarters, in the last years, in which our Capex will be always below 7% of the turnover in order to fulfill the Focus 2030 targets that we established. Moving to the last slide before we can go to the Q&A session, the guidance for the end of this year. So what can we expect for the end of 2026? As we said in the presentation of the year of 2025, we are going to have a growth this year, unlike 2025 that we didn't grow. In 2026, we'll have a double-digit growth, so we'll expect to grow above 10%, supported by the backlog that I just mentioned. The EBITDA levels will remain at 17% level. So we establish a goal to comply to be equal or above 17% in terms of EBITDA margins. But in terms of net profit, we will increase when compared with 2025. So we will be around 3%. That, as a reminder, it was the goal that we established in the previous strategic plan, Building 2026, to reach 3% of net profit by the end of this year of 2026. Always with this strong operation cash generation and the discipline in terms of finance and the leverage of our debt, as well as a disciplined and return-driven capital allocation with the CapEx below 7%. That was mainly done, the CapEx, this first half of the year in this last mine of Armenia, like was mentioned previously. At the same time, to finalize, we'll continue to have an active management of our concession portfolio. It is part of our strategy to continue to have the rotation of our concession portfolio at the same time that we start to build a new long-term platform for the future. And for this is important some of the projects that today are in the commercial stage. Thank you for your attention, and we are now ready for your questions. Thank you. Ladies and gentlemen, the Q&A session starts now. As a reminder, if you wish to ask a question, please press star followed by five on your telephone keypad. Our first question comes from Miguel González Toquero from JB Capital. Please go ahead. Yes. Hi, good afternoon. Thank you for the presentation and for taking my questions. Three on my side, please. First of all, on your newly incorporated mining division, my question here is now that it's established, and it seems all the mines are reaching their ramp-up period, whether you could consider to spin off this division or bring a minority partner. Also, you mentioned the renewal of Kurmuk Gold Mine. I believe you have three mining contracts expiring between this year and next, so maybe you can add some visibility on how negotiations are evolving. Secondly, on Bahia Mineração project in Brazil, it seems you are closer to reaching an agreement. So maybe you could provide some visibility also on this and how these negotiations are going, whether you are bidding for the whole project, or you could bring any other partnering board, and maybe your expectations on how you will finance all these works. Lastly, on your guidance for the year, sales grew by only 6% in the first half, implying that to reach your growth guidance, sales will increase by at least 15% in the second half. Maybe you could elaborate a little bit on this, in which geographies or activities we should see such an acceleration, and how likely is that you reach the top end of this guidance, and whether achieving this depends on the reactivation of works in Portugal. Thank you. So thank you very much for your questions. Let me, first of all, starting by the guidance for 2026. I was saying a mistake because we are going to reach the end of 2026 with at least 18% EBITDA margin. So we reached 17% in the first half. Last year, in the end of 2025, was 18%, and we will maintain all over past 18%. Concerning your question, yes, it is true that we only grew 6% year-on-year on the first half of 2026. So we can expect a very strong second half of this year that is sustained in the backlog that we presented, and we have reinforced our expectations for the end of this year in terms of growth above the 10% that is expressed here in our guidance. Concerning the questions that you did about the mining activity and starting by Bahia Mineração. Let me be very clear with Bahia Mineração, because a lot of people make questions about Bahia Mineração. Bahia Mineração, alongside with several projects that we are looking and studying in our pipeline, it is just one more project. Of course, that is a very big project, and yes, it is true that we are studying the project because it is public that we had meetings with the authorities, so we need to say what is true, and the truth is that we are studying the project. Of course, this is a big project, and therefore, we are looking in a very disciplined way to the project, studying the engineering of the project, the investment that needs to be made in the project, and the feasibility of the project. That being said, of course, that if we go ahead with the project, that is a decision still to be made because we are in the middle of the studying process. A lot of things have to be done until we reach a conclusion. But if we conclude, of course, that conclusion, if positive, has to have several dimensions fulfilled, namely, in terms of the quality of the project. Secondly, in terms of the profitability of the project. Third, in terms of the generation of the cash flow of the project. Fourth, and probably the most important, the feasibility of financing the project. Therefore, to finance that project to such a dimension, of course, that we need to have partnerships. Partnerships in terms of financing, partnerships in terms of equity, and partnerships in terms of suppliers, and also the visibility of having the clients for the project. This is a very complex project, it's true. It's a very big project, it's true, but also it's a very interesting project because it reaches several of the activities that we are best in class, namely engineering construction, infrastructure development, infrastructure maintenance and operation, and of course, contract mining. This is a very complete project in which we are studying very carefully with a lot of interest. That being said, we are in a very early stage. I hope that I was completely clear on Bahia Mineração. Concerning the two other questions, the mining division. The mining division is, I would say, the first step that we, the creation of the mining division or the mining company, is the first step of the spin-off of our mining activity. That is actually expressed in our strategic plan in Focus 2030. The first reason that we want to do that is to give more visibility to our contract mining activities so that the investors and the markets can understand even better what is our strategies, but most important, what is our performance. Concerning your question, if we are going to open or not the capital, that is a possibility. I cannot tell you that we are going to do or not, because we are still finalizing the first step, that is the spin-off of the activities and the creation of this new company. The second question that you made me, I have to ask you to repeat again because I'm not really sure if I understand correctly about Kurmuk. Yeah. Thank you. It was very clear. I just wanted to know, I believe you have three different mining contracts expiring, one this year and two next year, I believe. Maybe you can add some visibility on how negotiations are. Kurmuk- Yeah Kurmuk, that is the last contract. We already started the operations. The last one that is in Armenia, the operation's already being started, so it will be in full ramp-up by the end of 2026. All right. Thank you. Your thoughts. Yeah. I believe there were two different mining contracts. One was called Moatize Mine and TRA as well, gold mines. I believe they were expiring this year and next year. I do not know if you are starting negotiating renovation of this contract. Yeah. None of the contracts is going to end this year. All the contracts will continue to the following years. All of them are being renovated. Understood. Very clear. Thank you. Our next question comes from Filipe Leite from CaixaBank BPI. Please go ahead. Yes. Hi. Hello, everyone. I have three questions on my side. First one is related with the contract that you announced yesterday in Congo with a EUR 1.8 billion total investment. If you can share with us the expected execution of this EUR 1.8 billion investment, if it will be made mainly during the first year, three, four, five years of construction period, or if it will be deployed during the 30 years of concession. From this, what is the equity commitment from your side, and when you will have to deploy this equity? Second question on Brazil, and if you can confirm the news that you are in negotiation for the acquisition of a minority stake in Odebrecht. If yes, why will you acquire a minority stake in a contracting company in a country where Brazil is already top three region on your backlog? Third is a clarification on cash flow of this first half. Just to understand if you already collect the $50 million from Mamaland, the carbon credit agreement that you made, and when you will receive the remaining $50 million to complete, I believe it is close to $100 million initial payment. Thank you, Filipe. Thank you for your question. Starting by the second question that I think is the one that is more sounding about Odebrecht. Let me be clear on that. We have been partnering with Odebrecht in several projects. Actually, as is public, we have been awarded a concession in a consortium with Odebrecht. We recognize that Odebrecht is, I would say, the top or one of the best contracting companies in Brazil. For us, it is very interesting to partner with them. That being said, we are studying several possibilities, but one thing is clear. Mota-Engil does not make equity investments in companies if it is not to be consolidated their activities, because that is not part of our rationale. We are not going to make any financial investments in any company, namely a construction company. Nevertheless, we are partnering with Odebrecht. Yes, it is true, not only in Brazil but also in some other markets. That is what I have to say about the Odebrecht issue. Concerning the first question that you asked about Congo. The EUR 1.8 billion of the concession contract that we signed yesterday, that is the extension of the Lobito Corridor. We are going to make the CapEx or execute the CapEx, the construction contract, and the rehabilitation contract in the first years of the concession. The goal of these investments is to rehabilitate the existing line, to do the construction of several new stretches in order that we have a more robust infrastructure that could allow us to have a more efficient operation. The construction will be made in the first seven years. Basically, the rehabilitation and the new construction will be made during the first seven years. The equity will be around 25% of the investment. We already have the agreement for the financing with DFC. It is the same entity that financed our project in Angola. In terms of the financial structure, that is already clear, and that is already agreed with DFC. Concerning the last question that you had about the cash flow of our project of Mamaland. We already received the EUR 100 million. I think that was the question. Sorry. We received EUR 50 million of the EUR 100 million. We expect to receive the remaining EUR 50 million next year. Okay, thank you. Just a follow-up on Congo, just to confirm you have 100% of the contract, right? Yes. For the time being, we are the sole shareholder of the concession. Okay, thank you. It is important to stress that the EUR 1.8 billion that we announced is only for the rehabilitation and the construction of new stretches, new infrastructure. The maintenance value along the period of concession, along all the life of the concession is not included in our own point date, and this is operational maintenance that is underneath the concession contract. It is not an EPC contract. Okay. Okay. Just a final question on Congo. When you will have to invest this equity? It is going to be pari-passu with the deployment of the finance along the seven years. Along the first seven years. Okay? Thank you. Thank you. Ladies and gentlemen, please be reminded that in order to ask a question, you must press star five on your telephone keypad. Our next question comes from João Vermelho from Bestinver. Please go ahead. Hi, thank you very much. Good afternoon to everyone. First of all, congratulations on this set of results. I have two questions on Africa, if I may. The first one is, I recall back in the day, margins were in the region of 20%. Now, since then they have been increasing quite steadily. We are now at 25%. Do you think that is sustainable going forward? Is it because of the nature of the contracts that you have, like bigger mining type of projects? Is this the reason? If you could also comment on the competitive landscape in Africa, I would appreciate that. Thank you very much. Hi, João. Nice to hear you. Thank you for your question. Look, in terms of contract mining, we are delivering what we were saying in the last years. Basically, we were going to focus on the increase of profitability, and that is why we also call it industrial engineering, because this is a cyclical activity in which has several resemblance with the industrial activity. Therefore, there is a lot of synergies along with the operations that we can achieve and therefore, convert it into the profitability. So answering in a very straightforward way, the levels of EBITDA that we reach in this activity are sustainable, and we hope even to increase it a little bit in the future. This also has to deal with the level of maturity of the contracts. Along with, as we execute the contract, we are to achieve better profitabilities and to achieve higher synergies in each of the contracts. Concerning the second question that you made about the competitive environment. In terms of contract mining, we are today one of the top three contract miners in the world and probably the biggest one in Africa. We have a very good position, a very strong position. But as important as that, or more important as that, is that our commercial policy in this sector is to be very focused on the clients that we want to work on. First of all, so first-tier clients that will allow us to have high-margin contracts, large-scale contracts, but also with the level of risk that we want to have. So contracts in strong currency and contracts that will not bring us problems in terms of payments. That is the main focus that we have towards the future, as well as extending the maturity of the contracts that we are working on currently. I do not know if I answered your question. Yes, it was very clear. Just last one. Do you think the capital intensity of the business in general, and I know that it is pretty much related to Africa, could decrease a little bit to, let us say, the current 7% CapEx over sales level? Or will it always require a very high CapEx? Our expectation is comply with the level of CapEx that we established, that is to be below 7% of the turnover. Okay. Thank you very much. Ladies and gentlemen, please be reminded that in order to ask a question, you must press the star key followed by five on your telephone keypad. There are no further questions at this time, so I will now hand over the session to Carlos Mota Santos, Chairman and CEO of the Mota-Engil Group. Once again, I would like to thank you, all of you for listening and participating in the first half of 2026 Mota-Engil Group results. I hope to meet you soon. We are very excited for the next semester, in which I think that will be part of our growth story and our story in which we are celebrating this year eight years. For us, we are very proud of it, and we are very committed to continue to have this success story for the future. Thank you all, and see you soon.