Aena Sme S.A Unsp/Adr

Hello and thank you for standing by. My name is John and I will be your conference operator today. At this time, I would like to welcome everyone to the INA third quarter 2025 resource presentation. All lines have been placed in mute to prevent any background noise. After the speaker remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And to withdraw your question, simply press star one again. I would now like to turn the conference over to Carlos Gallegos, Head of Investor Relations. Please go ahead.

Good afternoon, everyone, and welcome to our nine-month 2025 resource presentation. This is Carlos Gallegos speaking, Head of IR. It's a real pleasure being with all of you today. Our Chairman and CEO, Mauricio Lucena, will host the call, together with Ignacio Castejón, CFO, and myself. As usual, we are going to cover the main topics explained in the resource presentation, and we will finish with a Q&A session. To stay on schedule, please limit each speaker to one question. Without further ado, I give the floor to Mauricio Lucena. Thank you.

Thank you very much, Carlos. Good afternoon, everybody, and thank you for joining us to our nine-month 2025 results presentation. As usual, I will try to go through the key highlights of the period. Then I'll give the floor to our CFO, Ignacio Castejón, Nacho Castejón, And as always, we will conclude the conference call with a Q&A session. I will start with traffic, as usual. As you can see in the information we have conveyed this morning to the market, traffic volume across the AENA group grew by 4.1% year-on-year. In Spain, the increase was 3.9%. And I would like to stress clearly that we do confirm our 2025 traffic guidance of 3.4% year-on-year. So this increase in the first nine months of the current year has confirmed our guidance, in other words. And if I jump to our international activity, In Luton, the increase in the nine first months of the year was 4.8%. In Brazil, in the BOAP, as we call it in Spanish, concession the increase was 5.5% and in ANB the increase was 5.3% in traffic volume. If I move to our financial performance Total revenue in the first nine months of 2025 reached almost 4.8 billion euros, EBITDA 2.9 billion euros, and the EBITDA margin stood at 60.2%. If we exclude the impact of the IFRIC-12, the EBITDA margin would be 61.9%. And net profit reached almost 1.6 billion euros. And in this sense I would like to highlight that the commercial activity really performed very well. Sales grew by 8.7%. And I would like to remind you that the tenders awarded in the first nine months of the current year in specialty shops, they guaranteed minimum annual guaranteed rents in 2025 and 2026 that are 33% and 40% higher than in 2024. And in the case of food and beverage, the growth rates are 19% and 20% respectively. You know as well that AENA has launched the tender for 98% of the food and beverage business in Barcelona. And I would like to say that we are very optimistic on the results, on the eventual results of this tender. And I now move to the real estate business. Total revenue grew by 13.7%. And as you well know, we have launched simultaneously the tender process for the first hotel developments in Madrid and Barcelona airports. And we are also optimistic on the results. And finally, the contribution of the international EBITDA to the consolidated figure was, in these first nine months, €307 million, which represents an increase of 23.3%. However, you know that I don't usually join you for the financial results presentation of the first nine months of the year. And actually, the reason why I have joined you today is because I wanted to be crystal clear on three elements that are very important for AENA and for our organization. financial results presentation and our important messages that I would like to convey to our shareholders, to analysts and in general to investors. So I would like to make a few comments firstly on the ownership of Aena's assets, of Aena's airports. Secondly, on DORA3 and what we expect in principle of DORA3. And thirdly, on dividends and the way forward, let's say. So I will start with... ownership and you know that in the last months there have been too many I would say statements made by some political representatives from some regions in Spain regarding airports owned by AENA we were convinced a few weeks ago that the moment had come to issue a I think it was a very clear communication to the market through La Comisión Nacional de Mercados de Valores, the CNMV. And within this communication, we stated that AENA has been undertaking a very intense advocacy activity, at least since the summer of 2024. I'm completely convinced that the current legal and constitutional framework and, because this is also very important, AENA's shareholder structure, the combination of private and state-owned shareholder structure, both this constitutional framework and our shareholder structure provide a very strong protection to the airport system and specifically to AENA, to our company. And I think that this preservation of the current model is especially important when we have announced, as you know, a very strong volume or very high volume of investment in the coming years. You know that we are going to embark on a period of major investments contained within DORA 3, and you know that this investment that we announced a few weeks ago will culminate in the modernization and the expansion of many Spanish airports, which, aside from AENA, are essential to Spain's economic development in the coming decades. So that's why we are so convinced that this investment is good, both for AENA and both for our country or the country where AENA was born and where AENA has its main activity. So, in other words, I would like to paraphrase a very well-known central banker, And I would like to state that AENA is ready to do whatever it takes to preserve its model and its net asset value. And believe me, the combination of the constitutional framework, our shareholder structure, and our determination will be enough. This is my conviction and I would like to convey it very clearly to the market. Now I move to the second important point, DORA3. You know that on September 18th we announced Our CAPEX proposal for the third DORA, for DORA 3, with a total amount of almost 13 billion euros, of which almost 10 billion euros corresponds to the regulated activity. You know that the aim of the investment related to DORA3 in Spain is to add significant capacity, deliver better service, and comply with regulatory requirements in Spain. And again, I would like to say very clearly that the top management team of AENA that I lead since 2018, I think that deserves credit. very much credit when I say clearly that we expect a technically reasonable WAC for DORA3. In other words, I think that the investment proposed by AENA will be technically reasonable. very well or not very well, reasonably remunerated. This is what I would like to stress in this message because I've read many things and at present I'm completely convinced that that the WACC will be reasonable. We don't ask for anything else than reasonability in the building of the WACC for DORA3 investment by AENA. And thirdly and finally, concerning dividends, you know that our Current payout is 80% of the net profit. And again, I would like to be crystal clear. At this moment, when I look to the future, at this moment in time, and with the information that I have in front of me, I don't see reasons to change our current dividend policy. This is the end of my brief presentation. I now will give the floor to our CFO, to Nacho Castejón. And of course, I am at your disposal to answer any questions at the Q&A session. Thank you very much.