ACS, Actividades de Construcción y Servicios, S.A.

Good afternoon, everyone, and thank you for joining us in the 2025 first half results call of ACS Group. This is Javier Crespo, Head of Investor Relations. As usual, the call will be led by our CEO, Juan Santamaria, who is joined here by our Corporate General Manager, Ángel García Tozano, our CFO, Emilio Grande, and the rest of the management team. After the presentation, we will hold the usual Q&A session and look forward to hearing your questions. Juan, the floor is yours. Thank you, Javier.

Good afternoon, all, and thank you for being with us today. The group has performed strongly in the first half of the year with solid growth in sales, backlog, and net profit, backed by a strong cash flow generation. Moreover, we're making solid progress in executing our strategy, increasingly leveraging our global footprint and engineering expertise to drive sustainable growth. We're actively capturing high-potential equity investment opportunities across both traditional and next-generation markets, consistently creating long-term value for all our stakeholders. Let me give you another view of a few key highlights for the period. Ordinary net profit of €392 million shows an increase of 17% or 19.4% effects adjusted On a reported basis, net profits stood at 450 million. Sales and EBITDA were up by 28.6% and 23.9% respectively, driven by robust momentum across segments. Operating margins evolved positively across the board. Net operating cash flow, adjusted for factoring variations, reached 1.8 billion euros in the last 12 months. €265 million year-on-year and represents a CAGR of 45.8% for the past four years. As a result of this strong cash flow generation, the Group's net debt position as of the end of June was €2.2 billion. This is after allocating €1.1 billion to strategic investments and shareholder remuneration in the first half. These strategic investments included €436 million acquisition of Dornan, and 476 million in net equity investments and other M&A, mostly including the investment of 315 million in data center projects. Meanwhile, shareholder remuneration amounted to 148 million. New orders during the first half reached 31.7 billion euros, up 18.1% if it's adjusted, translating into a healthy book-to-bill ratio of 1.2 times. The order backlog grew by 12% if I suggested, reaching 89.3 billion euros, equivalent to approximately two years of work, supported by sustained demand in data centers, by pharma, and defense. Looking ahead, we remain highly confident in the group's outlook and reiterate our ordinary net profit growth target of up to 17% for 2045, underpinning by strong fundamentals. Let's take a closer look at the group's consolidated performance for the period. Sales rose by 28.6%, reaching 24.1 billion euros, driven by the exceptional performance of Turner, which achieved 34.1% organic growth, 36.7% effects adjusted, and particularly driven by digital infrastructure in biopharma projects. This momentum was further supported by the integration of Dornan, in the full consolidation of this since Q2 2024. EBITDA increased by 23.9% to 1.4 billion euros with margin expansion across all segments stable on an overall basis due to businesses mixed effects. Profit before tax amounted to 708 million euros at 25.4% and was particularly fueled by Turner's outperformance and the solid contribution We deliver strong net profit growth of 17% year-on-year on a comparable basis to 392 million euros, in line with the top end of our full-year guidance for EMPATH growth. Turning now to the ordinary net profit split, I would like to underline the following. Turner delivered an outstanding performance, with its contribution rating 64% to 227 million euros. driven by strong growth in high-tech markets and biopharmacology. CIMIC delivered 101 million euros supported by strong growth in data centers and impacted by FX effects. Engineering and construction shows a very strong result, growing at 21.4% year-on-year, reflecting a higher contribution of flat-iron drogados and solid results in co-active Europe. Infrastructure had a resilient operational performance in the period, despite non-operational impacts and avertives and ramp-up effects at the readings. During the period, the group implemented efficiency measures that involved €16 million in restructuring costs aimed at streamlining operations and unlocking synergies that will enhance performance in the coming years. Slide five highlights the group's strong and consistent cash flow generation. Last 12 months, net operating cash flow after adjusting for factor variations amounted to 1.8 billion euros, up 265 million and supported by the strong momentum of Turner. Over the past four years, last 12 months net operating operational cash flow refactoring has grown consistently at a CAGR of 45.8% driven by EBITDA growth, sustained cash conversion and extra diversification into cash generative businesses. On a half year basis, cash flow reflects the typical first quarter seasonality. The group's cash generation remains solid and we anticipate a seasonal rebound as usual along the second half of the year driven by strong operational performance. Our net debt position as of June 2025 stood at 2.2 billion showing an increase of approximately 600 million since June 2024. This variation is primarily the result of extra capital allocation initiatives and foreign exchange effects, and benefits from the group's strong net operating cash flow, slightly impacted by the lower use of factories. The current position reflects the following key uses of capital in the last 12 months. 1.2 billion euros in net equity investments and M&A, including the acquisition of Dorna, an additional stake in Coctif, and targeted investments primarily in data centers. 652 million in shareholder remuneration, 317 million related to FX movements and other effects. Our disciplined approach to capital deployment supports our long-term growth strategy while maintaining solid financial position. Moving on to slide 7, our order backlog stands at 89.3 billion euros as of June 25, representing a year-on-year increase of around 12% if it's adjusted. This growth was underpinned by a very strong order intake of 31.7 billion euros, up 15.3% or 18.1% if it's adjusted, resulting in a healthy first half book-to-bill ratio of 1.2 times. This very positive performance reflects the group's continued success in securing high-quality projects across everyday growth markets, particularly in data centers, defense, and biopharma. Notably, digital infrastructure now accounts for 14% of our total backlog, driven by the exceptional momentum in data centers, which have grown at a CAGR of 98% over the past two years. We're also seeing a strong traction in Germany, where our positioning allows us to benefit from the country's increased focus on infrastructure investments. New awards in Germany grew by approximately 40% year-on-year in the first half, reinforcing our ability to capture opportunities in this key market. In the following slide, we can see a selection of recent awards. Some key projects to highlight would be in digital and advanced technology, as you know, We will be building a large data center for MetaLuciana as part of the largest campus to date from the company that will have a total value of $10 billion. We also will be building a high-density liquid cooling-ready data center in Malaysia. And very recently, we announced that we will lead the construction of a state-of-the-art data center in Pennsylvania for CoreWeave. The artificial intelligence hyperscaler as part of a $6 billion investment to support cutting-edge AI workloads. In the energy sector, we have been appointed for a Darwin LNG life extension ensuring continued gas processing and marine loading service in Northern Territory Australia. In Germany, we secure the planning contract for four advanced onshore convert stations, part of a high-voltage line that will carry wind power from the north to the Rio region. In Bio-Pharma Health and Social Infrastructure, we were awarded the new Dunedin Hospital in New Zealand, our largest hospital project to date. We also won two major building contracts in Germany, a research center for the University of Duisburg-Essen, and the conversion of a historic boiler house in Krefeld into a modern event venue. And as recent as today, we announced that Turner Joint Venture has been awarded a $700 million modernization project for Memphis International Airport. In transport infrastructure and sustainable mobility, we were awarded the Long Bridge North Rail Project in Washington, D.C. In Germany, we secured two major rail infrastructure contracts, one for refurbishing the 42-kilometer double track section for Deutsche Bahn, and are for building the second main line of Munich's S-Bahn network, connecting Osbandhof and Marienhof stations. In critical metals and natural resources, Setschmann is leading the design and construction of the Queensland Resources Common User Facility in Downsville, a government-backed initiative to accelerate vanadium and other critical minerals processing. We also received the award of a five-year extension at the Karla-Winda gold mine in Western Australia. In defense, in addition to the large Royal Harbour Dry Dock Replacement project in Hawaii we're working on, it is worth mentioning that we're leading the States to upgrade of maintenance, logistics, and airfield infrastructure at the RAAF-based downfield in Queensland, Australia. Let us now have a look at the performance-based segments. On slide 10, we begin with Dorna, which is delivering exceptional results, consolidating its leadership in its strategic sectors. Sales grew by 41.2%, reaching 12.2 billion euros, driven primarily by strong organic growth in digital infrastructure and biofarm projects. The solid performance was further supported by the contribution from Dorna, performing even better than anticipated. Profit before tax amounted to 392 million euros, representing an outstanding increase of almost 60%. This was accompanied by continued margin expansion of 36 basis points to 3.2%, reflecting Turner's successful strategy focus on advanced technology projects. Net operating cash flow increased in close to 400 million euros. Net cash as of June 2025 was 2.7 billion, up almost 300 million euros even after the acquisition of Turner. Turner's commercial strength is demonstrated by its new orders of 16 billion euros in the first half of the year, an increase of 22.7% year-on-year, or 25.1% if it's adjusted, driving order backlog to 33.1 billion euros. Moving on to operations in the Asia-Pacific region, we turn to CIMIC. Sales raised their strong growth in strategic areas such as advanced technology, healthcare, and defense, and were 26.3% higher, supported by the full consolidation of this with a stable underlying performance overall. EBITDA margins remained stable, underpinned by strong contributions from high-tech jobs across both UGL and Light and Asia. Ordinary profit before tax increased by 20.3% year-on-year to €232 million after adjusting the first half of 2024 for the one of non-cash gain net of provisions. On a comparable basis, adjusting for this consolidation, ordinary PVT grew by 4%. Achievable net profit grew by 7.2% effects adjusted year on year. Comparable net operating cash flow before factoring remains stable. While the reported figure was impacted by the global consolidation of this and lower factoring levels. Our order backlog was solid, reaching 23.2 billion euros, up 5% if it's adjusted, driven by solid growth across all segments, particularly in data centers in defense. Turning now to engineering and construction segment on slide 12, we can see solid growth with consolidated sales increasing 11.5% year-on-year to over 5.2 billion euros. driven by strong performance in North America and robust contributions from both Dragados and Hochtief Engineering and Construction. EBITDA margin increased by 53 basis points to 5.7%, supported by a significant contribution from Flatiron Dragados. Ordinary Profit Before Tax grew significantly by 45.6% to 136 million euros, supported by a positive financial performance. Net operating cash flow level was impacted by the lower use of factoring and a high comparison base due to strong collections recorded in the first half of 2024. The engineering construction backlog rose 8.2% effects adjusted to 30 billion euros, reflecting a strong order intake of 7.9 billion euros, with notable momentum in sustainable mobility and transportation infrastructure. Importantly, our book-to-bill ratio remains strong at about 1.2 times. Looking forward, the algorithm remains very positive, and it would highlight that we are particularly well positioned to benefit from the infrastructure investment plan in Germany. Continuing now with the infrastructure segment, on slide 13, Abertis has had a strong operating performance. The contribution to NPAT was impacted by the changes in the tax regulation of concessions in France and FX movements. Apertis distributed a dividend of approximately 600 million euros in the Q2 2025. It even, meanwhile, increased its sales by 26.9%, thanks to the additional contribution of the A13 and a general positive performance across operating entities. On the next slide, we'll take a more detailed look at the Apertis numbers. Traffic has grown at 2.6%, supported by strong performance of heavy vehicle traffic. We saw strong results, particularly in Spain, France, Brazil, and Chile. On a like-for-like basis, the company delivers strong revenues and EBITDA growth at 6%, underpinned by the geographical diversification of the portfolio and inflation-linked tariffs. Regarding Abertis's portfolio development, as you know, Abertis acquired a 51.2% stake in the A63 toll road in France, which is now fully consolidated since 1st of June. with full impact in balance sheet, but one month in P&L. In Chile, the Santiago de los Vilos concession has begun its operational management and full consolidation from the 1st of April, further strengthening our presence in Latin America. Avertis has improved its liquidity and financial strength with our net debt set at 23.4 billion euros, an ample group liquidity of 6.9 billion euros. On the slide 15, we saw the breakdown of key figures by country for advertises profile. To conclude our review of the first half results, let me highlight the key achievements of the group. We have delivered a strong operational performance with sales reaching 24.1 billion euros up 28.6% year-on-year and ordinary net profit of 392 million up 17% or 19.4% as suggested. aligned with the upper end of our guidance. Our cash generation remains robust, with last 12 months net trading cash flow adjusting for factoring variations was 1.8 billion euros, growing at a giga 45.8% over the past four years. Our order backlog stands at 89.3 billion euros, up circa 12% if it's adjusted, supported by 31.7 billion in new orders. Looking ahead, we remain focused on our strategic growth markets and disciplined capital allocation. We see significant greenfield investment opportunities, particularly in advanced technology infrastructure and managed lanes, and continue to pursue bold on acquisitions to strengthen our engineering capabilities. Through avertives, we're also advancing brownfield investments in core infrastructure assets. Our strategy is to build a diversified business model and a global footprint. which enable us to respond effectively to evolving market dynamics. We saw its fundamentals, strong momentum across key markets, and a clear focus on long-term value creation, where we're positioned to navigate the current macroeconomic environment and continue delivering sustainable growth and attractive shareholder returns. Thank you once again for joining us today. I now look forward to your questions.

Ladies and gentlemen, the Q&A session starts now. If you wish to ask a question, please press star 5 on your telephone keypad. Thank you. The first question comes from Luis Prieto from Kepler-Chevreux. Please go ahead with your question.

Good afternoon. Hello, everyone. Thanks a lot for taking our questions. I have two detailed questions. Apologies for that. The first one is when I look at the headquarter costs, the EBITDA, the headquarter EBITDA, therefore inclusive of costs, I see a 41 million euro positive impact in the first half of last year, whereas I see a minus 20 million at present. So I'd like to know if you can provide a bit more detail on why that big swing is there. And the second question is you highlight in the results report 14.14 million euro worth of Hockney share purchases, I assume in H1. And what I would like to know is if I should assume or where has that taken place? Is it Q1, Q2? And should I assume that there will be no more share purchases at these share price levels for Hogpeat going forward? Thank you.

Thank you so much, Luis. Starting with the headquarter cost EBITDA. So the €41 million that you see is the unwinding of the revaluation of a data center land plot in Australia, which we had to unwind at ACS level, and that was included in the headquarter cost. On the €14 million that you saw, that was back in April 2025. Whether we are going to continue or not, it will be opportunistic. I mean, I cannot really say anything at this stage, but we're not, we don't have any plans at this stage to increase or not to increase.

All right. Thank you very much, Juan.

We now move on to the next question, coming from Dario Maggiore from BNP Paribas. Please, go ahead with your question.

Hi, good afternoon. Two questions for me. One, you mentioned in H1 he has spent €315 million in data center projects. Can you maybe elaborate on what this is, maybe new land or developing the existing land? And then the second question is around the U.S. So here, if we exclude data centers, Just looking at the market, the non-residential construction market seems to be flat to small down year on year in Q2, yet TARNA is still growing significantly, even when we exclude the data centers, both in terms of revenue and order intake. So my question is, how is this possible, and is this outperformance sustainable in the next quarters? Thanks.

Thank you, Dario. Starting with 350 million in data centers spent. So far, we have probably spent between 24 and 25, 500 million euros in data centers. It's a mix between new land, development, energy, fiber, permitting. So there's a mix. But all this is part of the 2.1 gigawatt development that we are working on. and eventually we'll get more details about the status of the 2.1 gigawatt, the additional pipeline that we have always spoken about, additional six gigawatts, and right now we're looking at 11 gigawatts, so that's growing significantly, and how we are managing all of that in terms of investments and the future business case. When it comes to the US, so let me, yes, data centers, has grown significantly. So, I mean, that's a fact in plenty of projects. However, we're seeing a positive momentum in most of the areas. So if you look, for example, starting in the outlook for Turner in the US, we see sports education with an expected growth of 37% from 25 to 29. We see data centers continue this pace of growth within the following years. Batteries, for example, have been impacted in the short term in the last three years because of changes in technology, questions on demand of EV vehicles. So we saw a lot of unwinding in that sense. However, that's going to catch up and ramp up again. but it's not certainly that has affected Turner's revenues within the last two, three years, but we expect that to come back. Semiconductors, I mean, that's a very positive trend. We believe that there will be around $260 billion investment through 2030. We are in several... tender processes around semiconductors globally, and we expect and we hope that that market will start ramping up very soon with positive news for us. Healthcare, we're expecting that to grow 32%, and that's basically based on population growth, and industrial manufacturing, both in the U.S. and everywhere else, that's going to continue growing. And that's in terms of the future. When you look at the current impact in internal backlog, we see huge growth in data centers, huge growth in biopharma. And biopharma from previous year, I mean, year on year has grown 64.5%. And we see significantly growth back in commercial and social infrastructure, sports, et cetera. So we see growth in that area as well. And where we see somehow steady, potentially in a slowdown, in the backlog was semiconductors and batteries, which in our opinion, and always after data centers, which will continue to be the big trend, semiconductors and batteries will be the two new horses in the race of growth.

Next one.

We now move on to a new question coming from Philip Leitch from CaixaBank. Please, go ahead.

Hello, everyone. I have two questions. The first one is actually a follow-up on the holding cost question because dividing it between first and second quarter of this year, second quarter, the contribution of holding was minus 22 million when in first quarter it was a 2 million positive. Can you elaborate on this big swing and how we can see or assume this minus 22 million on a quarterly basis for the upcoming quarters? And second question is related with tax. And you can also elaborate on the reasons for such low tax or tax rate this quarter. And perhaps related with that, also, if you can explain the footnote where you announced a one-off result in headquarters. related with recognition of tax position. So if you can explain this also, thank you.

Okay, so let's start with the one-off, right? So, and this is on the holding cost. So there's, I mean, as we say in the report, basically there's an elimination of the fair value chain gain of investment property And this is a data center in Melbourne, Australia under CIMIC. So at CIMIC, I mean, it's land that we were developing a data center and we accounted for it using the fair value methodology and the revaluation reflects the substantial progress in the development phase. While at Octiv, it's a cost model applied, right? To investment properties of this type. So as such, at the CMIC level is, I mean, a collective level, we eliminate in the first half 2025 results. So that's basically the thing, and this will apply in the second quarter of 2025. Now, the second one was about the tax gain of the one-off and the credit. And these were basically, I mean, revaluations of the tax credit position at holding levels.

Unfortunately, we are having some technical issues. Please, hold the line. Please hold the line. We'll be back in a minute. We're having some technical glitches. Thank you.

Sorry, hello, can you hear us back?

Yes, we can. Please go ahead.

Okay, so sorry, not sure. Let me go again to the second one because I'm not sure where I left it. But basically, from PBT to NPAT is just evaluation of the tax position and some resolutions from the DAC that we got. So there's nothing abnormal or extraordinary.

All right. We move on then to the next question coming from Marcin Wojtal from Bank of America. Please, go ahead.

Yes, hello. So some couple of questions here. Do you have any update for us on your plan to introduce a financial partner into your data center business? And also, are you still planning to host a presentation explaining your strategy in data centers in the second half of the year? Be my first question. And my second question is actually on your order backlog recognition policy. Could you just remind us how do you treat these very large contracts that you have been receiving on data centers? For example, 10 billion at the end of last year for Meta in Louisiana. Is all of that, or the share of Turner, all of that already in the backlog, or you are recognizing that progressively over several years? Thank you.

Okay, so Martin, starting with the first one. So we are well advanced on the platform, and it's going in the right direction. I would prefer to give all the details around the data center platform, the future, and the business plan for the capital markets data we're planning in October, and we will announce the date very, very soon. Regarding the order backlog, for Louisiana, the latest projects, we haven't, so let me start with the policy in general. As we have been moving into some of these projects that require a lot of engineering, the reality is that long-term projects, So we do have a lot of the announcements that we've been doing, such as the one you're asking for, out of our backlog. Because right now we have very, very, very minimal engineering cost in our backlog, which is only the first part. So that's not in our backlog. And the same happens with a lot of our projects. So our backlog is not reflecting the number of projects awarded or even the number of projects that we're working on in which we are preferred leaders. because they are very long-term in the making with a lot of engineering costs associated to these projects. And that's why we have a significant amount of backlog, real backlog, not reflected in the presentation yet.

Could you maybe quantify what that amount is?

Yes, of course.

So in the case of Turner, give me just one second, let me take the paper. So in the case of Pennsylvania, we have nothing in our backlog yet. In the case of Louisiana, we have so far out of 3.3 billion, 800 million.

Okay, well, it's very clear. Thank you.

Next question, Graham Hunt from Jefferies. Please go ahead.

Yeah, thanks very much for the questions. I've got three, if that's okay. I just wondered, Juan, if you could speak to your thoughts, and I appreciate you have a partner in this business, but in terms of where you see the midterm for the Abertus business and where it develops to from here, is it just a case of bolstering the portfolio, extending duration, and maybe the odd capital injection from the parent, or is there some more to the story that might become evident in the next few years that will bring it closer to the market. Second question, just on some of your assets that you have held for sale, just wanted an update there, Cleto as well, just a quick update on where you stand on those assets would be helpful. And then maybe just the last question, we've seen some positive signals from the U.S. administration around AI and acceleration development, particularly related to the construction sector in recent weeks. Just if you had any thoughts on that and how it supports the business in the U.S.

Thanks. Thank you, Ron. So starting with Abertis. So in Abertis, as you rightly say, there's more to the story that will evolve during the next month here. We are Yes, I mean, we'll continue working on our base case, which is optimizing gap exotics and continue. There's a few renegotiations in progress to extend the life of current assets, number one. And number two, we have identified opportunities that, like the A63, could come to avert this in the near future. And we're working on that. And let me reemphasize that I mean, first, I mean, Abertis continues to be our highest priority. I mean, from 2018 to 2024, we got an EBITDA increase by $1.8 billion, right, which there's $1 billion organic growth. But we have also strengthened the backlog to net debt ratio from 5.5 times in 2023 to 6.1 times in 2024. And the net debt EBITDA ratio has been leveraged from 6.6 times to 5.4 times, right? So from 24 to 2033, we're planning to continue the EBITDA replacement. So in the capital markets day, we announced EBITDA for 2024 of 4.3 billion and 4 billion for 2033. And right now, after the latest acquisitions and renegotiations, Our EBITDA for 2024 has grown from 4.3 to 4.4. And our prospects for 2033 from the capital markets day have grown from 4 billion to 4.75, right? So this is without what I just explained that we are planning to do additional and bring additional opportunities to divert this. But our objective continues being to have perpetual long-term assets extending significantly the life of the assets in Abertis and making sure that the 600 million dividend that Abertis is delivering at 100% level, that continues growing significantly. Now, in terms of the asset for sales that you were talking about, so what we said in the capital market today is two things in terms of the sources and uses of funds. One is the net operational cash flow. We're generating 700, 750 million, and this is going in line. And then there was the monetization of up to 3 billion. Of the 3 billion, we already secured 1 billion last year, and that was 288 and the realities. And we believe that we can get another 2 billion, including what you just said. For example, if not real assets, then we have assets for sales. So that's part of it. Another non-core assets that we have in the business. So that continues being part of the plan. And the third question that has to do with the US administration. So in the US, I'm putting aside all what we're seeing in digital, in the current data center plans. we see additional funding and additional initiatives both in the US and in Europe about AI. And that has to do, in the case of Europe, with the factories. In the case of the US, additional injections for AI training and AI development. So the demand is astronomical. And we're working on that, first, through the engineering construction, and second, with the two development platforms that we will announce in October. One, for the big ones, the other one for AI processes. So we will give a lot of details around that, but certainly in the US, there's a huge plan for AI investments. And we are very well positioned to capture it. On top of that in the US, between the one big beautiful bill announced with significant tax cuts in the country, between all the investment that they want to continue doing in the civil space, with all the additional investment in defense, in critical metals, et cetera, we believe that there's going to be a lot of growth besides AI. Thanks.

That's a very helpful one. Thanks.

Thank you for your question. And now we move on to Nicholas Mora from Morgan Stanley. Please, go ahead.

Yes, good afternoon, guys. Just a couple of questions. First one on the performance of Daragado, so flat-iron Daragado, especially in the U.S. What did you see in the first half? Do you continue to – I mean, the auto intake has been a little bit volatile, Q1, Q2. But overall, how do you assess basically the health of the pipeline, of the tender process? That would be the first question. The second question, just going back on – On net debt and the free cash flow networking capital, there was a little bit of a drawdown in the second quarter in your core business, X-factoring. Would you say the payment cycle is maybe a little bit less positive, at least in terms of payment from customers? It's on in Q2, especially in the U.S., or this is just basically the normal seasonality? Thank you.

First, whether we refer to the business or to cash flow, it's pure seasonality because the growth is there. There's a lot of collaborative contracts that we're working on, and they are very slow in the making. So hopefully, I mean, it depends by when we secure some of those projects that a lot of them were announced, but they are not even in our backlog because they they are very slow in the making. It's all negotiations, going to design, negotiating contracts, et cetera. So that's why it's very seasonal. And all of a sudden they can come through at once. And sometimes on a certain quarter, we're not seeing some of those, right? So it's not like the traditional design bill where every quarter we tender so many and we have a success ratio and then we continue winning, right? Having said that, And that's on the backlog perspective. From a business perspective, we believe that the business is going very well. I mean, there's 19% increase on EBITDA in the Jogada's quarterly performance versus last year in comparable terms. And EBITDA margin improvements was up 66 basis points, up to 5.6%. So, I mean, that includes one of restructuring cost in the first half increased by 6% up to 35 million. When it comes to operating gas, the net operating gas flow in comparable terms increased by 83 million in the key to 25, right? And this is year on year. So it's not bad. Having said that, we expect the second half with a much better performance than this first half.

Thank you for your question. Apparently, there are no further questions. Therefore, I give back the floor to the management of ACS. Please go ahead.

You have to say thank you, everyone, for your attendance today and for following the presentation. Please, as always, if you have any further questions, feel free to contact us anytime. Thank you.