Acciona Sa

Good morning, ladies and gentlemen, and welcome to the presentation of Accionas and Accion Energias' first half results of 2025. I will begin with a brief overview of our performance in our renewable energy subsidiary, Accionergia, and then move on to the rest of the businesses and the consolidated results. As a brief introduction, let me say that despite recent significant opposition, global climate action has finally gained irreversible momentum. Although progress is probably not as fast as it should be, The transformation is underway, and for the first time we're seeing hard evidence that the global emissions curve is starting to bend. If current trends hold, 2025 may be remembered as the first year of decline in global greenhouse emissions, mostly driven by major economies like Europe. and China implementing structural emission reductions through the growth of clean energy mainly. Renewable energy is not only the cleanest, but the cheapest, about 30 to 60 percent cheaper, most flexible, most scalable, most independent, and quickest option to implement. In fact, in the past year, 90% of global capacity installed came from renewable sources. But more so, this transformation could be exponentially accelerated by a surge of new cheap battery storage capacity. Admittedly, in the short term, the uncertainty and volatility triggered by import tariffs imposed by the U.S. administration led Acción Energía to temporarily put on hold some of its near-term growth plans in the U.S., which namely were the construction of two storage projects in Texas. As challenges arise, They demand flexibility and the ability to adapt. We are being particularly prudent in the current environment with respect to short-term CAPEX commitments, although remain upbeat about the outlook for the renewable energy market and our ability to grow profitably while extracting value from asset rotations. With respect to the financial performance during the first half of 2025, Acciona Energia posted results broadly aligned with our full year expectations, albeit with a different mix of prices and output relative to our initial forecasts. We reaffirm our guidance of approximately 1 billion 2025 EBITDA from operations and 500 to 750 million EBITDA from asset rotation, as communicated to the market at the end of February. In terms of new capacity, we will add about 600 new megawatts once we adjust for the postponement of the mentioned Texas battery project. This is consistent with our flexible approach to growth and our strategy of reducing leverage during 2025, following two years of peak levels of capacity additions close to 2 gigawatts a year. Another crucial element of our strategy is asset rotation. Since the launch of this strategy last year, market appetite has been strong and despite our ambitious targets, around 3 billion in total proceeds for the period 2024-25, with about two-thirds of the objective already completed or secured, we are confident that we will meet our goals. We are pleased with the progress so far in terms of volume of transactions completed or signed. which about $2 billion and capital gains of about $0.9 billion, driven by asset valuation significantly above those implicit in ACCIONA's share price. We have an additional set of asset rotation transactions in advanced stage of negotiations worldwide. of which we would only need to execute a portion to meet our targets. This allows us to be selective. We remain confident in being able to deliver additional transactions for a value of $750 to up to $1 billion before the end of the year. Turning to the non-energy-related group results, we are pleased to report a strong performance in all businesses in the first half of the year, particularly in infrastructure and Nordics. Infrastructure growth remains anchored in concession scale-up. and complex project leadership delivering an outstanding set of half results mostly driven by strong performance across our core markets. We secure major transmission line projects including Central West Orana in Australia and APM3 in Peru. In the United States, we continue to make solid progress on key projects such as the I-10 or the SR-400 highways. Similarly, in Line 6 in Sao Paulo, the Sao Paulo Metro, we are progressing adequately and successfully. In the water sector, we strengthened our presence in Australia with the collaborative contract of the Airy Peninsula Designation Plant. In Brazil, we signed – always in water – we signed a concession contract where we were awarded two wastewater public-private partnership contracts, further reinforcing our position in the region. Additionally, we entered the UK market through a collaborative contract for the upgrade and renovation of the Copper Mills Water Treatment Works in London, which is its main potable water supply facility. Nordex consolidates its momentum, progressing across service and margin recovery, retaining its position as the second largest non-Chinese player in the world. First half of the year, delivered a total of 4.5 gigawatts of new orders, mainly from Germany, Turkey, and Finland, and stable pricing continued. reflecting the strength of the business model and the strategic direction taken. Full-year targets were also confirmed. Bestenberg delivered a 7% year-on-year growth in assets under management and continued delivering on the alternative asset portfolio with the closing and listing of the real estate fund reaching its target of $150 million. In summary, we are making solid progress across our various infrastructure solutions, reinforcing our global platform that now comprises about 15 gigawatts of renewable assets. 1.9 billion of gross asset value in real estate assets, 19 billion in construction backlog, and a growing portfolio of concessions in transport, water, and grids, with about 3 billion of equity invested or committed. Let me now hand over to the rest of the team for more details. Thank you. Arantxa Espeleta, CEO of Accionergia.

Thank you, José Manuel, and good morning, everyone. At the beginning of 2025, we set ourselves several priorities, given the ongoing changes in the renewable energy landscape, the need to protect our credit ratings in the context of unprecedented levels of capacity additions in CAPEX in the recent years, and the growing divergence between private and public market valuations, with renewable energy stocks significantly out of favor in the stock markets. The priorities we set were consistent with the early abandonment of fixed annual growth targets in favour of a more flexible and selective growth model and a new asset rotation strategy that we see as an efficient source of capital to fund our growth. With respect to CAPEX, we wanted to bend the curve further. In 2025, there is still significant inertia and we moved some of the committed investment from 2024 to 2025. Our initial capex estimate for the year was 1.5 billion euros, and we are now implementing several actions to cut our capex further. In terms of work-in-progress reduction, last year we added around 2 gigawatts of capacity, and this year we need to connect these megawatts so that they start generating EVDA, and we cut the large amount of work-in-progress that we have been accumulating in the last few years as our growth accelerated. During the first half of the year, we have put in service around half of our target, and although some projects like McIntyre are slower to come through, we're making progress and confident of achieving our year-end targets. Our current work in progress amounts to around €2.3 billion, with McIntyre representing just over €1 billion. We expect that by year-end, total work in progress will fall to around €0.9 billion. Moving to asset rotation, as José Manuel said, we have secured 2 billion worth of disposal since the start of our asset rotation strategy last year. Our objectives for 2025 were very ambitious with 1.5 to 1.7 billion incremental transactions. Over and above the 1 billion deal with Endesa announced last year and closed in February this year. We have two additional transactions since then, which I will cover in some detail further down in the presentation. These transactions secure close to half of our target for the year and deliver good value to our shareholders. In Peru, we recycle capital as we are constructing a new project and considering another development project. In Spain, we are balancing out our footprint in favor of lower concentration. In terms of CAPEX, we are being particularly careful with additional CAPEX commitments for 2026. In today's volatile global context, we prefer to retain ample financial flexibility with only €0.3 billion or so strictly committed currently. All in all, I think we are making good progress towards our €3.5 billion debt goal at the year-end and preparing the company for the next phase. Let me get into a little bit more detail on some of the key topics. Our asset disposal program for the period 24-25 aimed at generating proceed and debt reduction in the order of 3 billion, roughly offsetting the investment during the period that marks the tail end of the peak CAPEX phase. For that, we have been working on potential transactions that represented up to four gigawatts of capacity across different geographies and technologies. As you know, today we have completed the disposal on two portfolios of hydro assets in Spain worth 1.3 billion at multiples of around 1.6 million euros per megawatt. The deal announced yesterday, together with the recently agreed disposal of the 136 MW San Juan de Marcona wind farm in Peru, brings additional debt reduction to the tune of 750 million euros and brings total crystallized ore secure proceeds to 2 billion euros in total since we started the new strategy last year. The transaction in Peru implies multiples of around 1.7 million euros per megawatt and will generate a moderate capital gain for this brand new plant. We are selling to Lu Del Sur, a Peruvian utility, subsidiary of China Free Coaches. The deal announced yesterday involves the agreement with OPD Energy for the sale of a Spanish wind portfolio amounting to 440 MW for a total consideration of approximately 530 million euros. This disposal is subject to competition and foreign direct investment approval and is expected to close in the second half of the year. We estimate a result of around 190 million euros, which together with the 443 million euros of EBITDA front rotation in the first half of the year, brings us within our 500 to 750 million euros target range for the year. The wind portfolio has an average of eight of 15 years and estimated output of one terawatt hour per annum. We have additional transactions of significance in relatively advanced states of negotiation and expect more activity in coming months. We are confident in the delivery of our targets for the year. In a slide A, we show the capacity additions to the first half of the year. We have installed close to 450 MW related to projects that go from Yuna PV in India, Aldoga PV in Australia, 40 Mile Wind Farm in Canada, the Logrosan Biomass Plant, and the Taidea Wind Farm Repowering in Spain. During the second half of 2025, we expect to complete the construction of Yuna and the Taibilia repowering and start adding capacity in Calayan 2 wind farm in the Philippines and in the Pedro Corto PV plant in the Dominican Republic, reaching a total of 600 MW of new capacity during the year, evidencing the moderation in new installations relative to the previous two years of around 1.8 year-wards on average. Our initial target was to install around one gigawatt of capacity in 2025, but we decided to put on hold the start of construction of two battery storage projects in the U.S., as we will see in a moment. The year is even busier in terms of bringing up to speed more than two gigawatts of capacity recently installed or acquired. We have placed in service around half of our target, including portions of Aldoga, Yuna, and McIntyre. The energy contributed by these new projects in its ramp-up phase is lower than planned due to some delays, technical incidents and bad weather, but we are expecting limited incremental deviations in the second half, with Aldoga, which is running significantly ahead of schedule, broadly offsetting shortfalls in the rest of the new portfolio. With respect to the McIntyre complex, our largest wind farm project ever with 923 megawatts, we are running a few months behind the schedule in terms of energisation, but we have an action plan in place with the objective to reach full commercial operation by year end. The McIntyre energisation was always going to be challenging given the size of the project and the tough grid compliance requirements in Australia. We are pleased that the wind farm has successfully completed the first two out of six hole points, with the project receiving the go-ahead to initiate the hole point number three, which includes starting to generate with Mackintosh South. We have currently 81 turbines of 5.7 megawatts each generating electricity. Hole point three tests have already started, and the process is likely to take around two months. Once it is completed, we expect the following hole points to be faster. In slide 9, I wanted to put into perspective our efforts to moderate new capacity additions in 2025 and 2026, following the extraordinary growth in 2023 and 2024. Following the decision to put on pause the two US storage projects, our expectation is to install around 600 megawatts in it of 2025 and 2026. In 2026, we will be at incapacity in the Philippines, Peru, South Africa, Croatia, and marginally in Spain. Our CAPEX expectation for next year on a very preliminary estimate stands around 700 million euros, and we are being particularly careful about undertaking further CAPEX commitments and retaining as much financial flexibility as possible. We will continue to maintain and enhance our pipeline to fuel profitable growth opportunities beyond 2026 to the tune of 1.25 to 1.5 gigawatts per annum. We currently estimate our medium term balance sheet capacity consistent with investment grade ratings at around 700 megawatts. So the plan is to maximize growth in projects that meet our return objectives with asset rotation in a systematic basis. With respect to the U.S. market, we wanted to comment on recent developments. On the one hand, the ongoing trade wars make it hard to make investment decisions in the U.S. in the short term, and this is precisely why we had to halt our battery projects that were expected to be fully constructed by year end. Even the steep fall in battery storage container prices, our projects have the capacity to absorb higher tariffs, but with this volatility, it's impossible to know where you stand. Moreover, complex new rules on tax credit eligibility of the renewable energy projects that make significant use of Chinese equipment models the picture even further. With respect to the Treasury's one big beautiful bill act, The picture is clearer now. Tax credits for wind and solar are being phased out over the next 12 months or so. But on the positive side, tax credit for our safe hardware projects with start construction by end of 2024 are unaffected. The sprays will need to be put in service by the end of 2028, as it was the case before. There is also the opportunity to safe harbor additional wind and solar projects to meet the start of construction requirements by 4 July 2026. Tax credit transferability, which has proven to be a useful alternative to tax equity structures, also remains in place. Finally, battery projects come out better, with full tax credit eligibility if construction starts before the year end of 2033, and there is a phase-out schedule in the following years. Some uncertainty remains, however, about the beginning of construction milestones, as the Treasury has been asked to issue new and revised guidance. When we combine the trade wars with the one big beautiful deal, our conclusions are firstly that there is going to be an increase in the cost of capital and the cost of new oil for the new oil energy place in the US. All of these tariffs and uncertainties on the value chain from procurement, permitting, safe harbouring and use of Chinese equipment rules will take its toll on safe harbour projects and new projects. We expect a rush to get projects under construction by July 2026 to benefit from safe harbor. And for projects beyond that, the picture remains unclear. There is a need for new-build generation in the U.S., driven by trends such as reshoring of industrial production and artificial intelligence, and thermal generation is unlikely to come in time to meet that demand. New nuclear appears to have limited prospects before 2030 as well. All in all, existing operating capacity may benefit from lower levels of new build and higher prices. As for our U.S. growth plans, we retain 1.2 years worth of safe harbor projects and we'll be looking to crystallize that value, whether by constructing and operating ourselves or monetizing the developments as visibility improves and the market readjusts to the new landscape. Thank you. And now over to José Ángel Tejero.

Thank you, Arantxa. Moving to our infrastructure business, concessions have become a cornerstone of our growth model. This slide captures the scale and momentum that we have built in this area. Starting with the backlog, we have reached an all-time of $58 billion, representing a 7% increase versus December 2024. If we include projects where we are preferred bidder, such as the SL400 that will be signed in the coming weeks, this figure rises to $126 billion. In the last five years, we have secured 25 new concession contracts, reinforcing our leadership in this space, and reflecting not only our strong execution capabilities, but also the trust placed in us by public and private partners globally. Looking ahead to 2032, we are targeting 3 billion in equity invested in concessions, and what is particularly compelling is the weighted average life of these assets, which are 52 years, which provides long-term visibility and stability of our cash flows. Over the life of these projects, we will generate $58 billion in dividends and cash distributions for Acciona. Finally, our approach remains flexible with regards to asset rotation. We will evaluate asset sales opportunities to optimize capital allocation and unlock value, while maintaining a robust pipeline of high-quality, long-duration infrastructure assets. Moving to Nordex, it stands as a key strategic asset in our portfolio. It is not just growing in volume, it is evolving into a more profitable, resilient and strategically integrated company within the Acciona Group. In the first half of 2025, Nordex recorded 4.5 gigawatts of order intake, representing a 33.8% year-on-year increase. This is a clear signal of market confidence in our technology, execution capabilities and the growing demand for clean energy solutions. Nordex backlog now stands at 14.3 billion, up 12.1% since December 2024, providing strong visibility and stability for future revenues. Within this backlog, services have a strong 5.5 billion, a 10% increase year-on-year, reinforcing the strength of our long-term customer relationships and recurring revenue streams. In terms of profitability, Nordex has reported a 5.7% EBITDA margin this semester and is making a solid progress towards the 8% strategic EBITDA margin target. Operational efficiencies, discipline, cost control, and a more favorable product mix are all contributing to this trajectory. Therefore, we believe that Nordics is exceptionally well positioned to capture the next wave of growth in the global energy transition. I'd like to highlight two key areas of strategic focus beyond our core infrastructure and energy operations, which are best in bear and living. Starting with best in bear, our asset management arm, we are actively leveraging our action origination and development capabilities to scale up our alternative investment funds. This is a deliberate move to diversify our portfolio and enhance long-term value creation. Our goal is to significantly increase the share of alternative assets under management from the current 10% to around 20% in the coming years. And at the same time, we remain fully committed to continuing delivering high and consistent long-term returns through our traditional funds. And turning to living, our property development business, we are optimizing our land bank by investing all their stock that does not have a short-term development potential. This allows us to focus our capital and resources on high-margin, high-impact projects. Our strategy is centered on margin maximization, driven by the strength of ACCIONA's unique product and our exceptional development team. We are also making strategic investments in singular income-generating properties that align with our long-term vision. Together, these initiatives reflect our broader commitment to sustainable growth, capital efficiency and value creation across all businesses. And now let me hand it over to José to present the financial results of the group.

Thank you, José Ángel. Good morning, everyone. Let me present Accena's financial results for the first half of the year. Starting with the key financial highlights, revenue grew by 5% to €9.2 billion and EBITDA increased by 57% to €1.6 billion. of which 1.1 came from operations and 443 million from asset rotation, showing that we are on track to achieving our EPTA target for the year. We have achieved a strong operating performance in our non-energy businesses, particularly in infrastructure and Nordics. We have also made major progress this semester on our asset rotation strategy, having closed the sale of 626 megawatts of hydro assets in Spain for approximately 1 billion euros, and having reached an agreement for the sale of 136 wind assets in Peru for 253 million US dollars. This is a transaction that will be closed before the end of the year, we expect. In addition, yesterday, as the Chairman and Arantxa have explained, we signed an agreement with OPD Energy for the sale of a portfolio of 440 MW of wind assets in Spain for approximately €530 million, generating an estimated capital gain of close to €190 million. Profit before taxes reached €715 million, that is a 251% increase year on year, while net attributable profit amounted to €526 million, more than four times the figure reported a year ago. Net investment cash flow was 716 million euros, which corresponds to 1.2 billion of capex and proceeds for the sale of the hydro assets in February of 599 million euros net of debt held for sale. Net debt at June 30th was 7.7 billion euros. That is an increase of approximately 600 million euros versus December 2024. Reflecting the level of net investment during the period. In terms of our credit rating, both DVRS and JCR, that is Japan's credit rating agency, have confirmed their investment grade rating status in their most recent reviews. On the next slide, you can find our ESG key metrics for the first half. Let me highlight that there has been an increase of 5.1% in our total workforce, mainly driven by Spain and across the water and construction businesses. Taxonomy aligned CapEx stands at 98%, largely flat compared to last year and well above our 90% target. Greenhouse gas emissions have increased by 29% due to the commissioning of high-emission construction projects in Chile and the Waste to Energy Queen Anna project in Australia. In terms of financing-related KPIs, 80% of the company's gross corporate debt is either green or sustainability-linked debt, reaching an amount of total sustainable finance issuances of €12.4 billion. On the next slide, we provide details of the investments made in the first half that totaled a net amount of 716 million euros. Aquifil Energía invested 935, mostly in the 40 mile project in Canada, green pastures in the U.S. and the Taivilla repowering and LogroSan biomass. The sale of hydroacids in Spain is reflected as a divestment of 599 million euros, net of 350 million approximately of debt that was classified as held for sale. In terms of net debt evolution, you can see the main cash flow items that explain the evolution of net debt during the first six months of the year. The most important moving part has been 716 million of net investment, which I just commented on. Working capital outflow amounted to 296 million euros in the first half of the year, which is significantly lower than in the first half of 24. which was 570 million euros and includes 67 million in energy, 124 million in Nordics compared to 216 million last year and 106 million in the rest of the group compared to 291 million last year. As a result, we finished the first half of 25 with 7.7 billion of net debt, including 823 million from IFRS 16. It is important to highlight that 3.1 billion of the total net debt figure corresponds to debt associated to work in progress, of which 2.2 billion are related to ad fina energia and 862 million to real estate assets that will contribute EBTA once they are finished. With that, and before providing further details on the rest of the group, let me hand over to Raimundo, who will review Acciona Energía's financial results in more detail.

Thanks, Jose, and good morning. Starting with the financial results of Acciona Energía, revenues increased by 10% to 1.469 billion. Generation revenues grew by 2% to 764, with consolidated production and average capture prices both increasing by around 1%. Production was weaker than expected, but capture prices came stronger. The production figures also flourished on a like-for-like basis, that is, without the impact of new capacity and asset rotation. Wind resource was weak in Spain, while the international business saw improvement, particularly in Mexico and the U.S., and that was despite the weaker overall resource in Chile. The contribution of new capacity upset the loss of production from the sale of the hydro portfolios in Spain. And Sarancha said we had new capacity with a slower ramp up than expected and that's not expected to increase in the second half. Power prices were stronger despite the roll-off of Spanish hedges that last year still reflected energy crisis levels, and Spanish capture prices were strong and also uplifted by the recalculation of past banding mechanism adjustments. International prices were lower on average as expected. EBITDA from operations increased by 11% to 464 million, and EBITDA from rotation amounted to 443 million. Basically, the result of the hydro disposal completed in February, less a small capital loss on a handful of U.S. development projects that were discarded. Total EBITDA, therefore, amounts to $908 million, more than doubling year on year. Earnings before tax reached $482 million. Between EBITDA and earnings before tax, I would highlight the movement in the mark-to-market of long-term hedges and PPAs that go through the P&L. which have an impact of 30 million in the first half, and that's a delta of 70 million relative to the previous year. Additionally, last year we had a net positive impact of impairments of 44 million related to the reversal of impairments in the first hydro disposal, net of the impairment of the Tavilla wind farm repowering. This year we have 9.6 million of impairments, mostly related to the abandonment of projects in Brazil. And then the bottom line, net profit for the period stands at 455 million relative to 65 the previous year. Net investment cash flow amounted to 337 million, which corresponds to 935 million of CAPEX, partially offset by the net proceeds from the sale of the hydro assets in February that amounted to 599 million. And net financial debt increases to 4.1 billion at December, to close to just over 4.2 billion, and the increase in debt reflects also the investment during the period and the payment of the annual dividend in June. Moving to the ESG results, we would highlight the environmental side, 100% of our cap is still taxonomy aligned. Thirst of emissions, scope one and two emissions increased by 7% due to higher scope two emissions, with higher electricity consuming our US battery project, and as McIntosh tends to ramp up, and we will neutralize these emissions at year end by acquiring renewable energy attributes. On the social side, our average workforce fell by 6%, driven by asset rotation, and our frequency, our accident frequency index fell to 0.46%, sorry, 0.46. In slide 43 on the cash flow, just briefly, operating cash flow amounted to 162, including negative working capital of 67. That reflects the unwinding of the abandoning mechanism and also movements in generation and supply payables and receivables. Net investment 337, net of the disposal of the hydro assets in February. And with respect to the financing and other cash flows, payment of dividend in June, and a net positive mostly related to depreciation of currencies, of debt in currencies that has a positive impact on the net debt at the end of the period, and the movement of interest rate directives, which also had the mark-to-market a positive impact. On the operating results in slide 24... You can find more detail that has been partly already commented. Revenue is up 10% and DVTA from operations increasing by 11% to 464. Spain driving DVTA. Improvement due to higher prices. International flat on a like-for-like basis. And the net effect of new capacity and asset rotations having a net negative impact. On the Spanish revenue drivers, on slide 25, on the bottom right-hand table, the average capture price increased by 26% to 80.9 euros per megawatt hour, and that's relative to 64.4% the year before. The achieved market price of 67 euros per megawatt hour is higher than the previous year, which was affected by unusually low prices in the spring. And this price is also higher than the average full price of 62 euros per megawatt hour during the first half of 2025. The impact of hedging and contracting is relatively neutral, as opposed to the year before, where we still had high contracted prices, which were around 95 euros per megawatt hour, and this is still lagging the normalization of power prices post-energy crisis. The average price of our short-term hedges has now converged substantially with that of our long-term bilateral contracts and also the prevailing level of full prices. So in H1, the average price of short-term hedges was 67 euros per megawatt hour, and bilateral contracts, 57 euros per megawatt hour, resulting in an average contracted price of 63. The unhedged part of our volume during the first half achieved very high prices, particularly during Q1, and with the hydro assets achieving high prices at the time. I would also highlight the positive impact of the banding mechanism, which is uplifting the average price by around 10 euros per megawatt hour. This is partly the normal banding mechanism and unwinding of previous year's assets and liabilities, but also there's a component that is extraordinary and is also helping the price. For the full year, we are expecting the average Spanish capture price in the 70 to 75 euro per megawatt hour range, a little bit higher than what we expected at the beginning of the year. On the Spanish operating results in slide 26, so we saw the drivers and the EBITDA grew by 16 percent to 186 million, mostly on the higher achieved prices and despite the lower like-for-like output and the loss of contribution from the asset sold. The supply business underperformed, as already mentioned, due to the higher cost of technical restrictions that cannot be passed through to customers, and this is partly related to the blackout we suffered a few months ago. EVTA from operations increased 50 percent to 176 million, and adding the EVTA from asset rotation of 450 from the hydro disposal takes us to 626. On slide 27 on the international energy drivers, you can see that volumes increased by 25 percent, reflecting improved energy resource and the contribution from new assets. Like-for-like output increased by 8.5 percent, which is a bit lower than planned. I would highlight improvement in Mexico on a like-for-like basis and the weaker output in Chile. North America and Australia see the positive impact of new capacity. And in terms of prices, the average price fell by 13 percent to 55.3 euros per megawatt hour, with lower prices, particularly in North America and Australia, which were landing from very high prices in some of these assets last year. Prices in Chile are flattish, with strong underlying improvement in supply margins and injection prices. Last year, for comparison, reflected the recovery of past tariff revenues on the PEC retail customer protection mechanism. And then international operating results in slide 28, EVTA from operations grew by 8.7 percent to $288 million, and total EVTA increased by 6.3 percent to $282 million, with EVTA from rotation of minus 6, arising from the U.S. projects that we already mentioned. EVTA increases thanks to better output and contribution from new assets, and despite the lower prices and movements in effects. EVTA improves in North America with new capacity online, and despite lower capture prices. In Mexico, as we said, output normalizes after a week last year, 2024, and that's despite slightly lower prices. Chile falls, but it's an underlying reasonably good result despite lower output. As we said last year, it contains a PEG income for approximately €22 million. Australia is relatively flat with higher output but lower prices, and the contribution of McIntyre with a slower ramp-up but making progress.

So that's it. Thanks, and over to Jose. Thank you, Raimundo. Moving to infrastructure, on this slide you can see the main H1 results for the division. Construction, concessions, and water all grew revenues in EBDA year on year, while in terms of regions, Australia and Southeast Asia remain as our main market, accounting for 36 of our infrastructure revenues. In terms of backlog, you can see the aggregate backlog remains at historically high levels, reaching €57.9 billion at June 2025, including the equity-accounted projects. In the first half of the year, new awards amounted to €5.7 billion, including some very relevant contracts, such as the Central West Orana transmission line in Australia and the Sadia desalination plant in the UAE, both of which include both construction and concession contracts. In addition, we have pre-awards at 30 June 2025 for around €4 billion, which includes the SR400 express lane in Atlanta. We expect to reach financial close on this project in the next few weeks, which will add around €2 billion of construction works to our backlog and around €64 billion to our aggregate backlog once Accionis' proportionate income from the concession is included. Moving to concessions, our order book is well diversified in terms of geographies, with 82% coming from OECD countries. Among the most relevant contracts that we have today in our backlog and under construction, let me highlight the Western Harbor Tunnel in Sydney, Line 6 of the Sao Paulo Metro in Brazil, the I-10 Highway in Louisiana, and the Central West Toronto Transmission Line in Australia, as well as the Lima Peripheral Ring Road in Peru. Moving to construction, revenues grew by 6.1% and EBITDA margin remains above 7%, reflecting the quality of the backlog secured in previous years and the strong activity in large capital-intensive projects such as the Western Harbour Tunnel in Australia and Line 6 in Brazil. Construction backlog stands at $16.7 billion at June 2025. That is a 5.5% decrease versus December 2024, mainly due to the impact of the exchange rate, mainly the weaker Australian dollar. Looking ahead, we are comfortable with our backlog as of June 2025, not only because it implies more than 2.5 years of sales, but because approximately 77% of it has protection clauses, including 25% of collaborative contracts and 28% of contracts related to our own concessions. In concessions, we continue to make significant progress in this business, which is a key area of growth and focus for the group. EBDA grew by 32.5% to 55 million euros, driven by the execution of Line 6 and the contribution of new projects, mostly classified as financial assets, such as the Aitain Highway in Louisiana and transmission lines in Peru, as well as the Central Western Transmission Line in Australia. Line 6 in Sao Paulo is 70% complete and we expect to open the traffic a first segment at the end of next year. As we have already explained, our portfolio is young, geographically diversified and balanced, with 60% of projects with demand risk and 40% with availability payments. Looking ahead, we have enormous growth opportunities with an identified pipeline of more than 50 greenfield projects with around 109 billion euros of related investment to be tendered in the coming years across our key geographies. We expect to add between two to four new projects per year with a geographical focus in Australia, the US, Brazil, Chile, Peru, and the UK, consolidating our presence in the transmission line sector and continue to grow in managed lanes. Moving to the water business, revenues in EBDA increased by 18.4% and 12.3% respectively compared to the previous year. These strong growth figures were driven primarily by the solid progress of the desalination works in Alkimos in Australia, Casablanca in Morocco, Coyahuasi in Chile, and Ras Laffranc II in Qatar. EBDA margins stood at 7.2% versus 7.6% a year ago due to the greater weight of the DNC, the design and construction activities, given the early phase of construction works at the projects that I have just mentioned. Backlog stood at 8.3 billion, that is plus 19% compared to December 2024. And relevant awards so far this year include the Sanibato Water Treatment and Sewage Network Project in Brazil for around 640 million euros, and the Sadiat Island Desalination Plant in the UAE, which combined both DNC and O&M contracts for a total of 583 million euros. Additional contracts awarded but pending financial close include the Fessano Water Treatment Project and Sewage Networks Project in Brazil for an amount of €541 million. Let me now walk you through our equity commitments and investment outlook in concession assets through to 2032. As you can see on this slide, we have a well-structured and evenly distributed investment plan from 2025 to 2031. We have committed approximately €2.3 billion of additional investment, with a total equity investment expected to reach €3 billion by the end of 2032. Importantly, the investment profile is well spread over the years, avoiding concentration in any single period and allowing us to manage capital allocation efficiently while maintaining flexibility. On the right-hand side of the slide, we present the breakdown by sector as well as the status of our portfolio. It is worth highlighting that 84% of our portfolio is currently under construction. Therefore, the contribution of this portfolio to group results today is relatively small, but will increase naturally as the projects mature. In terms of timeline, our 14 key concession projects, you can see that all of them are currently under construction. We expect to begin operations on the first section of Line 6 in Brazil by the end of next year, and this will be a major milestone. At the same time, some of our most significant projects, such as the SR-400 or the I-10 in the US, are scheduled to begin operations significantly later, in 2031 and 2032, respectively. This phased timeline allows us to manage resources efficiently and ensures a steady ramp-up of operational assets over the next decade. Turning now to Nordex, the company continues to deliver on its strategic priorities with a clear focus on profitability. Management presented H1 results yesterday, so I will be brief. Nordex reported an EBITDA of $188 million, a 59% increase compared to the first half of 2024, with a 5.7% EBITDA margin compared to 3.4% last year. The company is therefore well on track to meeting its margin guidance for the full year. The contribution of Nordex to ACCIONA's EBITDA was €273 million, which includes an €86 million provision reversal identified under the purchase price allocation exercise done by ACCIONA at the time of consolidating Nordex's results into our financial accounts. The reversal of this provision follows progress on Nordics' quality improvement program and the specific recording of provision related to the same items on Nordics' books, which justifies the reversal in Acciona's accounts. In terms of operating data, order intake for turbines rose sharply to 4.5 gigawatts and the average selling price increased by 3.3% to 0.92 million per megawatt. The total backlog grew from $12.8 billion at year-end 2024 to $14.3 billion now, providing strong visibility for future revenues. Moving to other activities, property development had a strong performance in the first half of 2025 with a positive EBDA of 5 million euros compared to minus 8 million in the first half of 2024, driven by the delivery of a student residence in Terrassa and the sale of non-strategic land plots and the implementation of operational efficiencies. For the full year, we plan to deliver 1,200 units approximately, mostly in the back end of the year. Vestimber had a good semester with a 12% increase in revenues and 10% growth in EBDA, driven by a 9% increase in average AUM. As of June 30th, the total assets under management stood at €6.9 billion and a €160 million increase compared to December 2024. Overall, Vestimber continues to deliver consistent performance with healthy revenue and EBDA growth, strong asset inflows and a resilient margin previously, driven mainly by higher capture prices in Spain. With regards to asset rotation, we also maintain our guidance of 1.5 to 1.7 billion euros of additional proceeds to the hydro sale announced or closed in February of 2025. of which we have already signed transactions worth €750 million, and €500 to €750 million of EBITDA for master's rotation, which we have already met, having delivered around €640 million approximately of capital gains, considering or assuming that the transaction announced yesterday with OPD will close during this financial year, which we expect to be the case. In terms of net investment cash flow, we keep our expectation unchanged at 2.8 billion euros. That is 1.3 billion in Actina Energía and 1.5 billion in the rest of the group, while net debt is expected to be below 3.5 times EBITDA and below 3.5 billion euros for Actina Energía. With that, let me thank you for your attention and hand the floor back to José Manuel for the Q&A session.

Thank you very much. These results reflect what we are on the right track to capture immense opportunity that lies ahead. We have the platform, the teams, the pipeline, and the ability to execute complex infrastructures that are aligned with evolving trends and increasingly demanded by society. Clean electricity needs to triple to meet growing demand from both conventional and emerging markets. and sectors such as electric mobility, electrification, industrial electrification, or digital infrastructure. 25 alone, global investment in clean energy technologies, networks, and electrification is expected to exceed 2.2 trillion, more than double the amount directed to fossil fuels. Yet this only covers part of the challenge. When factoring in infrastructure needed to address climate change, sanitation, waste management, urbanization, transport, housing or water, the total investment gap raises to an estimated of 6 to 8 trillion per year through 2030. Infrastructure investment is attracting record levels of interest driven by improving long-term regulatory clarity, public support, and attractive risk-adjusted returns. In our four current markets, Europe, Australia, Brazil, and North America, the pipeline of infrastructure projects expected to reach the tender stage in the next two years exceeds 100 billion. So the opportunity is very clear. Financial markets, however, need projects to mature from early stage greenfield into brownfield or de-risked development stages. That is where experienced greenfield to brownfield developers like us play a central role. In summary, demand for infrastructure and investor appetite is guaranteed. and only a few companies in the world are experienced, technically capable, and recognized in the field in order to address it. Acciona is one of the few global companies that can deliver such a broad portfolio of sustainable solutions, meaningful not only to our shareholders, but also to the communities and the environment where we operate. Thank you very much. With that, let's open the Q&A session. Okay, the first question we have is addressed by a number of institutions, Santander, Caixa, Sabadell, Morgan Stanley, many. So it's on asset rotation and the question is what lays ahead in the short term. We do not see any concern, we do not have any concern, any significant concern in the appetite for asset rotation in the market. We are managing a portfolio of approximately 2.4 gigawatts of transactions, of which one gigawatt is very advanced. and the remaining 1.4 gigawatts will be, will take, will consolidate, the process will consolidate in the second half. These include U.S. assets, Australian assets, South Africa, and Latin America, mostly Mexico. The strategy is to execute those transactions and maximize value creation with the best possible deals being put ahead. We have not seen, the main question was whether we see any disruption. We do not see any disruption and the projected 500 to 700 in proceeds will, we believe, will take place. Going forward in next years, we expect, as a program, we'll expect to sell 600, approximately 600 megawatts a year, but it is entirely dependent on the strength of our balance sheet, which in turn is affected by the CAPEX that we implement. The CAPEX that we implement in turn is dependent on the opportunities we find. So it's all connected elements with the overriding factor of balance sheet strength mostly determining the rest of the variables. The next question is on growth, and it's basically can we expect less growth in 2026? Let me introduce the answer and then I'll pass on to Arantxa. It also asks what can we expect in terms of profitability. As I said, the overriding factor is balance sheet strength and we are in a deleveraging mood. So we are being very selective in terms of new capex in 26. So please, I don't see anyone to expand.

Yes, thank you, José Manuel. As José Manuel was mentioning, our priority for this year is to deliver rates and focus on our strong asset rotation program and a modest level of investment to strengthen the balance sheet and reach leverage levels with which we feel comfortable. Once that is stable and on a purely indicative basis, we can see that our balance sheet could allow us to grow in gross capacity around 1.2 to 1.5 megawatts per year. And after us, a rotation that will result in around a net increased capacity of 700 megawatts per year. But as we have mentioned before, we are not setting any capacity targets or investment decisions will be driven by quality over quantity. And in terms of profitability, which was the second part of the question, our strategy is to continue focusing on those opportunities in which we get at least a minimum threshold of 200 basis points on top of the EWAC.

Thank you. Question number three, why has our capex been reduced in 2025 to 1.3 billion? Is it only because of the battery storage in the U.S.? ?

Okay. On the CAPEX side, we have been making an effort to find efficiencies in CAPEX to try to minimize it. That has included finding more efficiencies, for example, in development cost, in the investments we're doing in other businesses, also adjusting the timing of the projects and the payments related to it to try to function it as soon as possible. As well, the pause of the battery projects in the U.S. has also contributed to us finding that reduction potential.

Okay, thank you. Now, question number four is on the sale announced yesterday, whether the 440 megawatts already accounted as held for sale And what's the impact on net debt? Can you detail the spread of the proceeds for the wind and solar PV assets and detail the EBITDA generated by the assets?

Thanks for the moment. Okay, so these assets have debt held for sale for approximately $362 million, excluding IFRS, and $374 million including IFRS. On the second part of the question, which is the spread of proceeds of the wind and solar PV assets, our estimate is that the majority of the value is reflecting the value of the, of course, the operating wind assets, and probably the hybridization potential of this portfolio, it probably reflects less than 3% of the total consideration. And in terms of the EBTA generated by these assets, these are assets that are generating in the order of 45 to 50 million euros of EBTA at current market prices. You have to take into account that around 250 out of the 440 megawatts of the portfolio are effectively regulated. They are vintages that will obtain regulatory income in the future, and they are subject to a banning mechanism, and the rest of the assets These are 15-year-old assets, as you know.

Thank you. Question number five is from the USA. What is our current situation and what are our growth expectations in this market?

Yes, thanks, José Manuel. So our exposure in the U.S. remains limited, and the recent policy changes do not impact our operational assets. However, given the current volatile environment, we have already mentioned the two battery projects that were supposed to be under construction this year. And we are reassessing our development pipeline over the next couple of years. So there is still uncertainty in the sector regarding the tariffs, and we will need to see and wait how if there is more clarity in the next coming months. And the last big, beautiful bill act that has been approved recently accelerates and gives more clarity and accelerates the phase-out of tax credits, particularly for wind and solar. and narrowing the window for projects that are beyond 2027. Battery storage is affected, though to a lesser extent as the phase-out measures start after 2033. We currently have 1.2 gigawatts of VESA and PV projects that are already safe harbored and another 2 gigawatts of projects under development which could be potentially safe harbored as well and will depend on future investment decisions and further development in the regulation. So, in terms of the growth outlook, will depend on the evolution of the regulatory and policy framework, and we are closely monitoring this development to take the decisions and understand the impact on the value chain.

Blue question, thank you, Alain. Number six, what is our status on the storage pipeline? And considering the recent U.S. bill and regarding Spain, what is our strategy for battery storage? Is it mostly through hybridization with solar, or do we also expect to develop standalone? Let me answer this generically because it's a very generic question, so let me give you a generic answer. There's two main factors in the U.S. to analyze viability of storage projects. One has been pretty much clarified at least for the next two years which is the The other one is tariffs. So until we clarify the tariff scenario environment, we cannot clarify the viability of the storage projects in the U.S. So at this stage, they're on standby. In Spain, we see opportunities, but the truth is that given BOP costs, capacity factors, the numbers don't work out alone, so there needs to be subsidies for the battery as where we stand now for the battery industry to develop. But we do see in markets with a higher resource like, for example, Chile or the Dominican Republic or Australia where we have relevant pipeline. we do see some opportunities, of course, on a case-by-case basis. Question number seven, production and prices for the second half. What is our production and price expectation for the second half of the year? Regarding the weakness of the production in the first half, what were the main reasons and is that reversible?

Yes, so we have updated our outlook for the year, revising both production and price expectations. On pricing, we have lowered our forecast for the Spanish pull price to 65 to 70 euros per megawatt hour versus the initial 75 euros per megawatt hour. We have also slightly increased our expectation for the capture price in Spain to 70 to 75 euros per megawatt hour versus the 65 to 70 euros that were initially given, driven the higher than expected capture prices and due mainly to some regulatory adjustments. As per the production, we have adjusted our annual forecast downwards from 27 terawatt hours to 26 terawatt hours, reflecting the shortfall observed in the first half of the year. This shortfall is mainly due to the lower pace on some projects that are on their ramp up to get to their full production, mainly McIntyre, as we have explained, 40 Mile, Juna in India, and Green Pastures. They will get into full production either between second half of the year and first months of next year, 2026. We have already mentioned that McIntyre is on its way to get to its full production. We are currently undertaking hold point number three. This is a very important one. And after that, we think that the remaining three hold points will be delivered faster. And on the positive side, we have the Aldoga PV project plant in Australia, where it is well ahead of schedule.

Thank you, Arantxa. Question number eight. Can you please detail the EBITDA contribution of new assets put in service in 24 and 25? This is very specific, but maybe give it a shot.

So if we look at DELTAs, so that is assets that were commissioned or partly... Sorry, microphone. So we look at DELTAs, so when we look at the pool of assets that were partly operational or commissioned in 24 and now fully operational in 25, and then what is being commissioned this year partly, We're looking at an increase in EBTA from new assets in 24 of 120 million, roughly. And this year, we expect that delta, that marginal increase in EBTA from all of these assets to be another 100, 105 million or so. When we look at the absolute levels of EBTA from this pool of assets that, as I said, partly last year, partly this year, We're talking about 80 million roughly going to 180, and that's where this 100 million delta comes in 2025.

Thank you. Question number nine on dividend policy. As I mentioned, we will prioritize balance sheet strength, which means that the dividend policy will depend on that variable, and that variable in turn depends on rotation and capex mainly. And of course EBITDA, but the volatility of EBITDA is less than that of capex and the variability more than volatility of capex and EBITDA. and rotation. If all other variables remain equal, so in normal circumstances, we do maintain our payout policy of 25 to 50%. Question number 10 on the tax rate. Why is our tax rate so low? What can we expect from fiscal year 25? Raimundo, can you develop on that, please?

Okay, so yeah, the underlying tax rate or effective tax rate that we expect ex-capital gains or EBITDA from asset rotations is around 27%, so this is what you should expect for the full year and is more or less reflected in the first half. The capital gains that are generated within the Spanish tax group are exempt of taxes for 95% of their capital gains, so basically they're paying 1.25% on those. So when you look at the first half results, their substantial income from EVDA, from operations, from asset rotation, that is not going to pay taxes, so it's going to pay limited taxes, but we're going to pay 27 on the rest.

Thank you. Question number 11, regarding the flexibility we have on net debt to EBITDA ratio if asset sales at the end of 2025 would fall short of targets. As you can imagine, we have a number of contingency plans. Not that it looks likely that they are going to be needed, but we always try to plan for unexpected situations. So if I were to name the various very simply, and in general, basically the most evident is capex reduction. The second is of course, the dividend policy, and then there is, of course, the emission of hybrids associated to assets which account as equity. I don't know if you want to develop anything over that.

I would say that I think we are doing well in terms of the plans that we have set ourselves, so with the commitments with the rating agencies that disposals are going to happen. And there's a pipeline also of projects being developed for 2026 in terms of M&A. And we think that if we're making good progress by year end, even if we haven't exactly achieved the targets, and with 2026, which is going to be lighter in terms of capex, we're keeping all of that flexibility that Jose Manuel and Arantz have spoken about. I think we have room to maneuver, plus the options that you talked about.

Thank you. And then last question on the energy front. The asset rotation multiples. What capital gain per megawatt is implied in the target of selling 600 to 800 megawatt per year? Given that the proceeds and capital gains differ significantly between wind and solar assets, what benchmark is being used? But it's difficult. question because we build the 600 on specific so it's a bottom-up analysis 600 to 800 we know which assets probably although we keep our our optionality is open. The factor, the reality is that it depends on the technology, it depends on the country, it depends on the age of the assets, so it's difficult to generalize, or if you generalize, in fact, what you're doing is you're putting different numbers together and you're obtaining

an average which doesn't mean much but nonetheless if you want to give a number remondo if you have one go ahead the the kind of figures that we've uh we've we've used when we're looking ahead and and since embedded in in the capital gains target that we we announced last year a couple hundred to 300 million per annum we're talking about 0.3 uh 0.4 per per megawatt but that will depend on as José Manuel says, on the specific realized blend of assets rotated.

Okay. Well, thank you very much. That does away with the questions as regards Acción Energía. So let's tackle those regarding ACCIONA, the rest of the group. Now, the first question is, we have more than 90% of ACCIONA Energia. Does it make sense to keep Acción Energía trading at such a low free float? Could you consider a take-out of minorities? The recent price of Acción Energía has changed – the performance of the price has changed. Your view, asking – that's a question – your view regarding potential corporate moves? Okay, the answer to that is no different than in the past. All options remain open. And the truth is that we are, despite the price of AccionEnergia improving significantly over the past few months, The value is still there, significant value is still there, and the comparison between underlying asset value and stock value and share value, share price, is significant. very favorable to buying shares. So, on the other hand, the optionality of having a publicly traded company is high should that balance between underlying assets and stock value change. So, as I said, The options are still open and we will continue to monitor the market and decide upon it in the future months. Second question is a couple of questions from analysts. over the news published in the press involving Alcina construction in Spain in some irregularities, and I have to be very strong in my answer to that question. That basically, I mean, notwithstanding that this is a 66,000 people, employees company with 40,000 suppliers and commercial relations around the world, there's always a possibility that someone eluding internal control and property standards may actually succeed in doing so. The facts are that, first of all, it has had no impact on the stock nor on our global business. No, we see any signs of seeing foreseeable impact. Two, our subsidiary Acciona Construccion in Spain is not Under investigation, neither any of ACCIONA employees, nor have we been in the past. We have not identified any irregularities in the awarding of contracts under investigation and of the existence of the payments mentioned in the investigation report. And four, notwithstanding, we have taken... the decisive actions in terms of our commercial relation with the companies under investigations and with the executives with responsibilities in overseeing construction in Spain. Needless to say, we reiterate strongly, bluntly and undoubtedly reiterate our commitment with the highest ethical and compliance standards As has always been the hallmark of our brand and our way of doing business for the past hundred years. As for question number three. What is the expected EBITDA margin? Do we maintain the 6.5 to 7 EBITDA margin target in construction in light of the 7.3 reported in the first half? Jose, why don't you take that one?

Sure. We expect construction EBTA margins to remain stable in the range of between 6.5% to 7%, probably towards the higher end of that range. As we have explained, that largely reflects the fact that around 77% of our construction backlog has price protection clauses, which gives us our results in a more stable and predictable outcome in terms of margin. For example, in Australia, around 60% of our backlog is collaborative in nature. And more generally speaking, we're seeing a trend towards a more balanced risk-return profile in our construction industry. contracts given the equilibrium or the change in the equilibrium between contractors and clients when it comes to delivering complex or large complex infrastructure projects. So that is a general trend that favors more healthy margins and we're seeing that reflected in our results and we expect that to continue over the second half in the coming years.

On question number four, update regarding the different equity swaps done at the ANE and ANA group level regarding the 100 million equity swaps in ACCIONA group. Can we do another one given the good progress on asset rotation? Can you exercise earlier your equity swaps, mainly the ones in ANA, if those shares are needed? Why are you buying ANA shares above consensus target price? Would it be better to buy ANA shares directly? I think I've addressed that on the Axial Energia side, on the ANA front. We believe that the consensus and the stock price at Acciona Group remains under the value that we assign, so the asset versus shares trade-off remains attractive. On the... Can we exercise our equity, mainly the ones in ANA? I believe the answer is yes. So it's a cash settled instrument, so it gives us full flexibility. And yes, the opportunity is open and available, and we do not close any options. Question number five. Can you give us more color on how you're going to finance your CAPEX commitments and returns expected in your concessions portfolio?

Our current portfolio, as we have explained, including the projects that we are preferred leaders, such as the SL400 in Atlanta, requires equity investments of around $2.3 billion between now and 2032. But these investments are well spread throughout the years, and according to our business plans, we have the capability to finance them with cash flow generated by the construction and other businesses, and the dividends that we will start receiving from the concessions that start operations earlier. Always keeping our net EBITDA ratio below 3.5 for the next five years. Maybe you want to complete about the first?

Yes, briefly on returns, it depends obviously on the risk profile and the nature of the project, and we have projects in countries with different risk profiles and different nature of projects, but generally speaking and on average, our current portfolio achieves returns of mid-double-digit returns, and that we expect to be the case for upcoming projects, at which we reflect what we believe is a is an attractive level of return given the profile of these assets.

Thank you. Question number six is on Nordics and what is our strategy there. We know that our stake is valued over two billion, is actually close to two and a half, but we are very happy with our investment. As a matter of fact, we've been hearing this strategy question since the stock was at eight. We continue to see as the management, as Nordics management expressed in their presentation, the market presentation, Yesterday or the day before, I think it was yesterday, yeah, yesterday. The market is strong. The core regions continue to see strong demand, and Nordic's exposition is strong. consolidating and stronger every year. It does also have a strategic interest for us in the development of Acción Energía. of our own capacity internationally, and so we are very happy to see its continued improvement in P&L, and we do see still a very significant improvement in the coming future. Besides, and this is kind of a side comment, Nordics is probably one of the few options of consolidation in the West of non-Chinese OEMs, so that gives it an additional point of upside. Number seven, provision reversals. Could we clarify the criteria for provision reversals that increases nor the accessibility from contribution to the group to ACCIONA from $188 million to $273 million? José, why are you interested in that one?

These provisions were already identified under the purchase price allocation exercise done by ACCIONA in 2023 when we consolidated Nordex. As Nordex makes progress and has made progress over this half in their quality improvement program and these expenses and these provisions have been incorporated into their results, In order to avoid double counting of those provisions, we need to revert them at the ACCIONA level, which is why we have registered the 86 million provision reversal this half.

So that's it. Thank you very much for all your questions and your attending this results presentation. Any questions, additional questions or clarifications you may need, by all means, do address our shareholder services, and we will be happy to clarify and answer. Otherwise, I look forward to seeing you again soon, if not in the full year presentation next January or February. Thank you very much. Have a good summer, all of you who are in the northern hemisphere. A good winter for those who are in the southern hemisphere. Thank you. Bye.