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Ladies and gentlemen, welcome to the Hoogh Teeth 9 Months 2025 Results Conference Call. I'm Sergan, the Chorus Call Operator. I would like to remind you that all participants will be in listen-only mode and the conference being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and then 1 on your telephone. For operator assistance, please press star and 0. The conference must start to be called for publication or broadcast. At this time, it's my pleasure to turn it over to Mike Hinkley. Please go ahead.

Thanks very much, operator. Good afternoon, everyone, and thank you for joining this Hawk Teeth nine-month 2025 results call. I'm Mike Hinkley, head of capital market strategy, and I'm here with our CEO, Juan Santamaria, and our CFO, Chris D'Andreschi, as well as our head of IR, Tobias Loskamp, and other colleagues from our senior management team. We're looking forward to taking your questions, but to start with, our CEO is going to run us through the details of another strong set of HawkTeeth numbers, a guidance increase, and provide you with an update on the group strategy. Juan, all yours. Thank you, Mike, and thank you, everyone.

And welcome to everyone joining us for this results call. HawkTeeth has achieved an outstanding performance during the first nine months of 2025. Its successful implementations of our growth strategy is reflected in the group's strong and sustainable financial performance. We are delivering significant sales growth, rising margins, and a positive evolution of the group's due risks operational profile as the proportion of advanced tech projects continues to increase. Due to our expectations of a Q4 acceleration, we're raising HoCTI's operational net profit guidance for 2025 to 750 to 780 million euros versus the 680 to 730 million previously. The new range implies a year-on-year increase of 20 to 25% compared with 625 million euros in 2024 and versus the previous indication of an increase of up to a 17% year-on-year. The higher net profit expectations for the group are driven mainly by the outperformance of Turner, where we now anticipate an operational PVT of 850 to 900 million in 2025, compared with the previous guidance of 660 to 750 million euros. In addition to achieving a strong financial performance during the first nine months of the year, we have made further important advances on this strategic front. We are increasingly harnessing our geographic footprint and engineering know-how on a group-wide basis to access additional growth and value creation opportunities. Before providing you with an update on the strategic front, let me give you an overview of the key numbers. Group sales during the first nine months of the year increased by 24% if it's adjusted to 28.1 billion euros. during in particular by the group's focus on its strategic growth markets. Actives operational net profit rose by 19% to 537 million euros, or plus 26% FX adjusted, above the top end of the 2025 guidance range we provided at the start of the year. Nominal net profit stood at 656 million euros. Operating cash flow last 12 months of 2.1 billion shows a strong performance up 400 million year-on-year pre-factoring, driven by a sustained high level of cash conversion and supported by firm revenue growth and margin expansion. The first nine months of the year incorporate a characteristic impact of seasonality during the first quarter, but show a 163 million increase in net operating cash flow year-on-year adjusted for factoring. Adjusting for capital allocation effects, net cash would show a strong 1 billion plus year-on-year increase. The movement in the group's net debt position since December 2024 has been driven by strategic investment decisions and their consolidation effects, as well as seasonal factors. The new orders level of 36.6 billion euros represents a significant rise of 19% year-on-year, adjusted for FX effects with all operating segments reporting increases. New work includes important project wins in Australia's growth markets, such as advanced technology, critical metals, energy, and sustainable infrastructure. On a last 12-month basis, new orders represented 1.2 times work done, giving you a sense of the continued growth trajectory. At the end of September 2025, the group's order book stood at €70 billion, up by 12% year-on-year FX adjusted. Now, let's take a brief look at our performance at the second level. Turner delivered an outstanding performance during the first nine months of 2025. Sales increased by 38% year-on-year to $18.8 billion, driven by very strong growth in data centers, as well as high revenues in healthcare and education. The acquisition of Dora Engineering, the rapidly growing advanced tech mechanical and electrical business, included in the consolidated figure since January 25th further enhance growth. Turner deliveries from operational PVT reaching 629 million euros, an increase of 60% supported by a further increase in the operational PVT margin to 3.4% up 50 basis points year on year and driven by Turner's successful advanced tech focused strategy. Turner's new orders in a period of 23.4 billion euros billion showed a very significant increase of 21% year-on-year, with particularly strong growth in data center contracts, as well as increases in areas such as biopharma, aviation, and commercial. As a consequence, the period and order backlog of 34.3 billion euros was 20% higher in local currency terms compared to September 24. Due to Turner's strong growth momentum, we now expect an operational PBT of 850 to 900 million 25 compared with the previous guidance of 667 million. The new profit range represents a year-on-year increase of between 49% and 58% compared with 2024. Moving on to CIMIC, CIMIC delivered steady performance in the nine months period. On a comparable basis, sales were stable year-on-year with operational PBT of 351 million euros, up 3%, or 10% effects adjusted. CIMIC solid order backlog of 23 billion euros was up by 3% effects adjusted, with growth across several segments, including data centers, defense, and sustainable mobility, with a 4% increase of new orders in aussie dollars. We expect CIMIC to achieve an operational profit before tax 425 in the range of approximately 480 to 510 million euros. Let's take a look at our engineering construction activities, which continue their positive momentum during the first nine months of the year. Sales of 1.2 billion increased by 13% year-on-year, and operational PPT grew by 14% to 61 million, both on a comparable basis. In the January to September 25 period, engineering and construction secured new orders of 3.9 billion euros, 21% higher year-on-year, and this strong development supported a further increase in the order backlog, which showed a solid rise of 10% to €12.2 billion. For 2025, we continue to expect an operational profit before tax of €85 million to €95 million from the basis. Next, we have Abertis, which achieved solid operational performance in the first nine months of 2025. Average daily traffic at the toll road company increased by 2% year-on-year with revenues and EBITDA on a comparable basis up 6% and 7% respectively, reflecting a solid underlying business performance. The operational net profit pre-BPA amounted to €543 million, with a year-on-year variation including adverse tax effects in France. The profit contribution increased from our 20% stake in Abertis after PPA, amounted to 48 million euros. Let me now give you an update on HoCTIV's strategic development. As a global leader in end-to-end advanced tech infrastructure projects, HoCTIV is in a unique position to benefit from multi-year demand for infrastructure investments driven by the megatrends of digitalization, demographics, defense, deglobalization in demand for energy. Active Strategy is focused on capitalizing on the very attractive opportunities in its strategic growth markets, as well as increasing its share in the value chain by investing equity, applying its O&M capabilities, and enhancing its engineering value proposition to drive margins and at-risk financial profile. Furthermore, the group is combining its global footprint with its local presence and technological know-how to maximize its delivery capabilities By leveraging short digital platforms, procurement networks, and design engineering capabilities across Turner, CIMIC, and Hoctiv Europe, the group is delivering global scale with local excellence. Turning towards Friday growth markets, Hoctiv has taken important strides to further strengthen and expand its leading presence. We command a strong competitive position in the digital infrastructure and advanced tech sector. After the exponential surge we've seen over the last two years, growth in the global data center market remains very strong driven by soaring demand for cloud services and artificial intelligence. Data centers and compute gap in 2025 is expected to reach $600 billion, double the 2023 level. Industry observers suggest annualized global AI infrastructure spend could reach 3 to 4 trillion US dollars by the end of the decade. North America remains the largest data center CapEx market in the world, and we expect it to continue expanding at a 15 to 20% annual rate over the next several years. Turner's strong position with the leading hyperscalers give us outstanding visibility. with major contracts already identified for 26 and 27, driving revenue growth through at least 28. Europe is entering a period of acceleration. We're seeing opportunities that will convert into new orders in 26, fueling revenue growth in the following years. Asia Pacific is poised to be the fastest growing region. We're seeing a sharp rise in investment driven by the rapid adoption of AI-powered technologies and the continued expansion of digital infrastructure across Southern and Southeast Asia. Across all regions, the story is the same. Demand remains high. Schedules are tightening. And clients are turning to us because we can deliver more complex projects rapidly and at scale. Octif has the capacity to address the strong sector demand growth through a global scale and ability to mobilize resources. This is complemented our global sourcing capability through SourceBlue, and the use of modularization to deliver construction products more quickly, safely, and with enhanced quality. The group has been awarded several new large-scale data center projects in the year, more than doubling the value of new orders secured in the first nine months of 2025, underscoring the group's leading presence in these radically critical markets. In July, for example, the artificial intelligence hyperscaler CoreWeave announced its intent to commit more than $6 billion to equip a new state-of-the-art data center in Pennsylvania, purpose-built to power the most cutting-edge AI use cases. The initial 100-megawatt data center, with potential to expand to 300 megawatts, will be delivered by a Turner JV. Earlier this week, OpenAI Oracle Advantage, as part of the $500 billion US Stargate program, announced a $15 billion data center complex in Wisconsin, where Turner is one of the selected construction managers. In Asia Pacific, we have been awarded projects in Malaysia and Singapore, adding to Leighton's Asia expanding portfolio of data center developments in the region, where it is also working on or has completed work in Hong Kong, in Venetia, Thailand, the Philippines, and India. The group is also advancing in the semiconductors area, As a strong demand for AI and increasing digitalization drive investment levels with double-digit growth expectations going forward. Together with the reshoring trend, this is producing rapid increase in semiconductor-related opportunities. As part of this strategy to expand the groups present in the entire AI ecosystem, Hoctiv aims to establish a pan-European network of sustainable edge data centers. In September, we announced the inauguration, near-essen, of the first GEXA-branded edge data center developed, owned, and operated by Hoctiv, a major milestone for the group's data center strategy. The previously created joint venture, Horizon, will operate Octave's edge data center network with innovative cloud computing solutions that support digital sovereignty. Another four edge data centers are currently being developed in Germany with several further sites identified. Furthermore, Octave is looking to expand the business into other European countries, including Austria, Switzerland, and the UK. Energy-related infrastructure is another strategic growth market for Hoctiv, with substantially rising demand driven by the global energy and supply security needs. Hoctiv is radically focused on building the infrastructure that underpins a low-carbon future, from electricity generation and storage to transmission and advanced technology. The company is embarked in projects such as high-voltage transmission upgrades, regional electricity fortification, and the delivery of firming assets that strengthen the grid. In October, Hocty secured a major nuclear and civil works framework contract worth up to 685 million euros as part of the infrastructure delivery partnership at the UK Sellafield site. The alliance-style contract lasting up to 15 years involved design engineering and delivery of civil infrastructure works in support of nuclear operations and decommissioning in collaboration with Sellafield and its partners. This is what takes long-term partnerships reinforces Hochtief's unbroken legacy in the nuclear sector since the 1950s as a trusted partner in engineering and construction for some of the world's most critical nuclear programs. Hochtief has several decades of experience designing and building nuclear power plants and facilities across the world for renowned global energy companies like RWE. We deliver end-to-end services across the nuclear market, and we are well positioned to support the deployment of best-in-class small modular reactor technologies. As these technologies evolve and emerge, we are leveraging our global project engineering capabilities for new build, SMRs, storage, and dismantling in an industry which could see over 500 billion investments in Europe by 2050. If we turn to renewables, we represent an ever more important energy source. Battery energy storage systems are becoming a crucial element to balance electricity networks. Global best capacity is expected to rise by 67% in 2025 to 617 gigawatt-hours and to tenfold by 2035. In Australia, for example, Simicab Sierra UGL was again selected by Neon, a world-leading producer of exclusively renewable energy, and Tesla, a global leader in battery storage and sustainable energy solutions, to construct another battery project of 164 megawatt-year-per-hour. The battery is Neon's first six-hour long-duration storage asset and will be equipped to support the region's energy reliability and a greater penetration of renewables into the energy mix. Investment in transmission and distribution networks is set to grow strongly in coming years as renewable power supplies an increasing proportion of electricity generation. Overall energy demand is being boosted by the exponential growth in data centers, electric vehicle usage, and other megatrends. The group is strongly positioned in Australia, where CIMIC-JV is delivering the 148-kilometer Hume-Link-West project, which will be formed the backbone of the power transmission network from South Australia through to northern Queensland. In the UK, EHOC-TJV is currently completing a 32-kilometer power supply tunnel for the energy supply of London, as well as a power supply project in Wales, and we are also very well placed in other markets such as Germany, which is seeing substantially higher grid investments. Global demand for critical minerals and natural resources is set to increase significantly as a consequence of the exponential growth of clean energy technologies, digital infrastructure, and defense investments. Hoctiv has developed a unique position in critical minerals globally, primarily through SETSMA, Integrated Minerals Processing Solutions, and TEAS, global mining services, and is growing its geographical footprint and scale. During the period, SESMEN, which has over 100 critical minerals engineering projects globally, started work on an innovative critical minerals processing project in Queensland for vanadium and other rare earth metals, as well as a five-year gold project contract extension in Western Australia. Last month, Light and Ice has secured a three-year extension to an asset integrity contract in Indonesia for critical production assets to extract nickel, a key component in battery technologies and high-performance materials. alloys. Furthermore, we're also carrying out the process, design, and project implementation for a copper sink plant in Western Australia, a three-year nickel and copper full-service mining project in Ontario, and a four-year contract to deliver on the ground services at a copper mine in Queensland. Octis Roussetman is also expanding its European footprint in critical minerals. We'll be working in Germany with Vulcan Energy on the EPCM validation of what will be the Europe's largest lithium extraction plant. The company's integrated lithium renewable energy project will allow it to deliver a local source of sustainable lithium for the European EV battery industry. Enough for an initial 500,000 electric vehicles per annum. The awarding of European Unispratig project status under the Critical Raw Materials Act highlights its transformative potential for Europe's clean energy future and lithium independence. And Setsman has also won a contract to provide a feasibility study and front-end engineering design work for a major lithium project in France. And we're also currently working on or have worked on a number of other lithium projects and studies this year in Portugal, Brazil, Australia, and Canada. Global lithium demand growth is expected to five-fold by the end of the decade, pushing the market into deficit by the 2030s. And our natural resources company, TEEZ, has been awarded a contract extension for mining and asset management works at a magnetite mine in Western Australia. The project is a key part of Australia's iron ore export profile, introducing magnetite, a premium product line with lower inherent emissions. And with supports, our ongoing strategy to diversify our commodities portfolio. Investment in defense infrastructure is expected to substantially increase globally. HoCTIV sees this sector as strategically attractive due to the synergies with the group's leading position in civil works, its engineering capabilities, and its sector presence in Europe, the U.S., and Australia. Furthermore, and supported by our key security credentials, the visibility afforded by multi-year public investment plans supports the group's long-term study of sustainable value creation. We deliver projects for ministries of defense, policy agencies, and border authorities across our geographical footprint. At the end of the third quarter, the group had a defense order book of our own to build. In September, for example, semi-company CBB contractors began building works for a Royal Australian Air Force Base in Queensland and defense infrastructure upgrades in South Australia. These contracts continue the longstanding partnership between the groups and the Australian Department of Defense and support the objectives of the country's defense strategy review. Australia plans $765 billion in defense spending over the next decade, increasing by $70 billion in the upcoming years. In the U.S., a flotillion drug advisory venture is leading the construction of the Dry Dock at Pearl Harbor, the brightest part of the U.S. Navy's shipyard infrastructure optimization program, which is modernizing government-owned unoperated public shipyards. Furthermore, Turner's Offwood Air Force Base flood recovery program in Nebraska is progressing strongly. In Europe, major multi-year defense investment plans, including in Germany, present substantial opportunities in defense-related capital works and potentially via the PV model. In October, for example, the German defense minister announced plans to quickly construct 270 new barracks for the armed force starting in 27, based on a modular construction concept. order to accommodate a significantly growing active force in reserve octis more mature core infrastructure business remains a solid foundation underpinning the group's growth strategy turner was again named enr's top u.s general contractor holding leading position across 13 segments including healthcare aviation and data centers during the quarter Turner began work on the 46-story 343 Madison Avenue Tower in New York and was selected alongside Acom Hunt to deliver the $2.4 billion Cleveland Brown Stadium. Other major projects for the group include the Metropolitan Museum of Art expansion and aviation upgrades at LA and Memphis airports, underscoring our continued leadership in high-complexity, sustainable projects. The group has been a global leader in transport infrastructure and sustainability mobility for several decades. The outlook for the sector is very positive due to several infrastructure stimulus packages in key geographies. In Germany, for instance, in Germany, a 500 billion euros infrastructure fund approved by the Bundestag parliament this year will see its first full year deployment in 26 when federal investments are budgeted to rise to a record level of 127 billion euros. Steep increase compared to around 75 billion level in 24. Furthermore, the current coalition has provided visibility for this record investment level to be sustainable over the coming years. HOCTIV is well positioned to benefit due to scalability of its business model and its core expertise in bridges, tunnels, and rail, as illustrated by the 170 million rail infrastructure contract win to modernize a section for Deutsche Bahn as part of the integrated plan to upgrade the country's rail network. A HOCTIV joint venture, was also recently awarded a major contract for the construction of the second main line of the S-Bahn rail network in Munich. Overall, during the last three years, our order book for German price has almost doubled to 5.2 billion, and we expect it to continue to rise. Let me turn now briefly to capital allocation, where shareholder remuneration continues to be a key priority for Octave. We regularly assess and predict M&A opportunities with our capital deployment focus on growth markets such as digital infrastructure, energy transition assets, and concessions. HOCTIV's solid balance sheet from cash flow generation and increasing revenue profile supports the group's strategy expansion in these high-return areas. Earlier this year, HOCTIV closed approximately 400 million euros for the acquisition of Dorna, marking a major milestone, which will enable the group to accelerate their North European expansion strategy. The start of the year, also saw the completion of the flat iron drug house transaction, creating the second largest civil engineering and construction play in North America, with an unparalleled track record in the delivery of large infrastructure projects. Cocteau holds a 38.2% with the consolidated stake in the new business. And in October, a 400 million euros capital injection was approved for Abertis, with Cocteau subscribing its 80 million contribution to support the growth of the international toll road operator. In addition to M&A, we also continue to develop and invest equity in greenfield infrastructure projects in strategic growth areas, where we see significant value creation opportunities. In Australia, for example, we're further leveraging the group's capability and leadership position in data centers after the acquisition last year of a site to develop a facility with a 200 megawatt capacity. SIMC also is investing in and developing renewable assets, transmission lines, grid-enabling infrastructure, and battery energy storage systems. In Europe, we're investing in a network of edge data centers, as I mentioned earlier, and we continue investing in other core infrastructure via PAPs. Another increasingly important pillar of the group is the adoption of AI at scale across the group, which is allowing us to enhance the value we offer for our clients, whilst also improving productivity and safety. Focused on optimizing our core tech platforms and systems, as well as supporting our talent management, AI and digital systems are transforming how we work. For example, autonomous drones and AI-powered image analysis now enhance site safety and planning. Digital tracking platforms streamline workflows and provide real-time transparency to progress and resources. And custom GPTs are simplifying daily operations while our production control system standardizes delivery and reduces operational stress. The group's focus on environmental, social, and governance priorities remain on track. On this front, it is notable that Cocteau was awarded prime status for its ESG performance and achievements by ISS, the International ESG Consultant and Rating Agency. So let me wrap up. The Cocteau numbers published today show an outstanding performance with a 19% increase in operational net profit to €538 million backed by strong cash conversions. New orders have strong increase, up 19% of facts adjusted to over 36 billion euros with a period and order book of 70 billion, which is 12% higher year-on-year, and with over 85% of this backlog, lower risk in nature. Octave's growth trajectory is a consequence of our strategy to first reinforce and expand our presence in key growth markets such as digital advanced tech energy, defense, and critical minerals, which will provide long-term cash flow visibility for the group. Two, harness our geographic footprint and engineering know-how group-wide. And third, further leverage our competitive expertise. We will continue to deliver on our strategy under PIMBAR's solid balance sheet and the risk order book. And as indicated earlier, we're raising Cocteau's operational net profit guidance for $25 to $750 to $780 million, implying a year-on-year increase of 20% to 25% versus the previous indication of an increase of up 17% year-on-year. Thanks everyone for listening and happy now to take questions. We're ready for questions, operator. Thank you.