Meliá Hotels International, S.A.

Good morning, everyone, and welcome to Meliá 2025 Full Year and Q&A Conference Call. I'm Stefan Baus, Head of Investor Relations. As you may know, this year we made an update in our approach to our results presentation. Yesterday, together with the release of our results, we made available a webcast presented by our President and Chief Executive Officer, Gabriel Escarrez, and our Chief Operating Officer Andrés Llegondo. It provides an overview of the key operational trends in 2025 and outlines the companies outlook for the year ahead. We hope you have had the opportunity to review and that this has been to your satisfaction. In today's live sessions, we will begin with a brief introduction summarizing the most prevalent points of the year. Afterwards, we will be open the Q&A session. This morning, as usual, on the call with me today are Gabriel Escarrer, our President and Chief Executive Officer, André Llegondo, our Chief Operational Officer, Angel Luis Rodríguez, our Chief Financial Officer, and Juan Ignacio Pardo, our Chief Real Estate and Sustainability Officer. Please note that all participants are currently in listen-only mute. When selected to ask questions, your microphone will be activated automatically as you are introduced. Additionally, we would like to remind you everyone that the discussion from the company may include forward-looking statements. These comments reflect our expectations as of today only. An actual result may differ from those presented or implied. I am pleased to turn the call over to Gabriel.

Thank you Stefan and good morning everyone. Before opening the line for questions, let me briefly summarize our 2025 performance. We deliver solid REF PARC growth with a strong pricing discipline, resilient demand and a well-balanced geographic footprint. We are once again leading the market in REF PARC growth. EBDA, excluding capital gains, increased by plus 2.1% compared to 2024, even with major refurbishment on the way at flagship hotels and the effect of the depreciation of the US dollar versus euros. Net profit exceeded 200 million euros, up 23.6%, supported by operational momentum and lower financing costs. Our increasing free cash flow allows us to fund our investments ending the year with a stable net financial debt to EBITDA ratio in line with our expectations. In February, we signed a new syndicated loan which reinforces our financial discipline and significantly improves our maturity profile without increasing leverage. We also benefit from lower spreads without requiring any collateral guarantees. Looking ahead to 2026, we have a positive on the books position despite a more uncertain environment in late February after some events in Mexico. Our diversified portfolio and upcoming re-openings put us on track for another year of disciplined growth. As a result, we are expecting a red part increase in the low to mid single digit for 2026. And now, let us open the line for the first question.

Thanks, Gabriel. Those interested in asking questions, we have the opportunity to do so now. Please dial star 5 so we can assign you a turn to ask questions. Allow us a brief moment to compile the questions and assign turns. Hi, the first question is for Ricardo Benevides from Santander. Please Ricardo, go ahead.