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Good morning. I'm Pedro Siguenza, Chief Executive Officer of SACIR. Joining me today is Carlos Mijangos, our Chief Financial Officer. Thank you all for joining us for SACIR's earnings call for the first month of fiscal year 2026. Before we begin... On behalf of SACIR, I would like to extend our deepest condolences to the families of those who lost their lives in last week's tragic rail accident. We wish a speedy recovery to those who remain hospitalized, and we join in recognizing the outstanding work everyone involved in the rescue and relief efforts. Today's presentation is divided into three sections. The key highlights of the period, our operating and financial performance and a review of our business divisions. As always, we shall conclude with a Q&A session. Thank you very much. A beta rose 9% to 1.111 billion with a margin of 29.4%. Operating cash flow reached 913 million euros, up 21% year-on-year after excluding the contribution from our Colombian assets in 2025. This growth demonstrates that our new concessions are not only replacing the cash flows from divested assets but also driving further growth in cash generation. Net profit attributable to the parent increased a significant 87% to €116 million reflecting the group's improved operating performance and the strength of our platform. and we have kept our records net debt ratio below one times, thus meeting our financial commitment while preserving our ability to pursue new growth opportunities. These figures represent more than earnings growth. They show that our strategy is working. We are growing, generating more cash, maintaining financial discipline Andres, Marta Gil de la Hoz Thank you very much. Marta Gil de la Hoz I would like to spend a moment on Route 57, our second new concession this year. Route 57 is a 116-kilometer yellowfield project connecting Santiago with the Los Libertadores border crossing, and we will begin operating it this coming January. It is the main corridor between the South Atlantic and Pacific ports, carrying approximately 50 percent of the freight entering Chile by land. The concession has a 20-year term, will require an investment of 800 million euros and adds 2.8 billion euros to the company's backlog. This project strengthens our leading position in Chile, where we began our concession business 30 years ago, and we celebrated that anniversary in Santiago last week. Chile remains one of our strategic markets. Thank you very much. The I-77 Managed Lanes Project in North Carolina, for which we have been shortlisted through pre-qualification, has been reactivated and we expect the request for proposals to be issued in the final quarter of this year. In Canada, we have been pre-qualified and we will compete against one other consortium for the Windsor Hospital concession handed by the Infrastructure of Ontario, the Social Infrastructure Project, Thank you very much. And several other integrated water cycle contracts in Spain. In Australia, we submitted bids for the Adelaide Desalination Plant and the Wirelawn Water Treatment Plant in Brisbane. In each project, we are competing against one other bidder. And in Latin America, we are assessing opportunities in Chile and Brazil, respectively. Thank you very much. Thank you very much. Thank you, Pedro. Thank you very much. As for the key financials of the company, revenue reached 3.777 billion euros, up 11% from the same period last year. EBITDA came in at 1.111 billion euros, an increase of 9%, while maintaining a strong margin of 29.4%. Thank you very much. 87% operating cash flow totaled $930 million on a like-for-like basis, excluding the cash generated in 2025 by the assets divested in Colombia. It increased 21%. Thank you very much. Andres, Marta Gil de la Hoz This economic value, however, goes beyond the life of the concessions contract that will reach more than 19.9 billion euros, providing strong visibility into future cash generation. This combination of present value and future distributions is one of SASEER's key differentiators. It enables us to finance growth, deliver shareholder returns, and maintain a balanced financial structure without passing up new investment opportunities, which are the three core pillars underpinning our strategic plan. This quarter... This quarter we reached a major milestone. That is S&P Global Ratings assigned succeed a triple B minus corporate credit rating which is investment grade with a stable outlook. With this recognition we now have two global investment grade ratings, one from S&P and the other from Morningstar's DBRS. Marta Gil de la Hoz Thank you very much. As for shareholder remuneration and treasury shares, we continue to implement our treasury share transaction strategy through forward contracts. In August, we entered into a new contract averaging 10 million shares, bringing the total number of shares under contract to 40 million at an average reference price of 3.59 euros per share. This shows that we intend to revalue our... Our value creation also benefits shareholders. In July, we paid a cash dividend of €10 per share, compared with €4.5 in July 2025, which represents, therefore, an increase of 122%. All these measures reflect our confidence in sincere value and allow us to combine direct cash returns to shareholders with efficient capital management. And we're doing all this while preserving our investment capacity and staying on track with our financial discipline targets. As for consolidating net debt for the first months of 2026, it stood at $6.972 billion compared with $6.359 billion at the end of 2025. This $613 million increase was mainly driven by net investment in concession projects and progress on the construction work associated with this backlog. During the first nine months, EBITDA contributed 1.111 billion euros and together with changes in working capital and other adjustments generated 930 million euros in funds from operations. And this cash generation offsets a significant portion of the period's investment and financing costs. Thank you very much. Progress on our projects and the future cash distributions these assets will generate once they become operational. Turning to recourse net debt during this Q3, we ended September at €322 million compared to €64 million in June, an increase of €58 million. Funds from operations for the quarter total €81 million, fully covering the cash dividend, which was also €81 million. As we mentioned in the prior slide, those €10 million Thank you very much. I now hand it back to our CEO to discuss the performance of our business divisions. Thank you very much, Carlos. I will now review the performance of our three business divisions. Revenue in our concessions division reached 1.536 billion euros, up 21% compared with the first net months of 2025. Operating revenue rose 11% to 981 million euros thanks to contributions from Chilean assets such as Route 68 and Ruta de Litata, which more than offset the removal of the Colombian assets from our consolidation perimeter. Construction revenue rose 45% to $555 million, driven by progress in projects including Ruta del Elqui and Buen Paine Hospital in Chile, the Buca Buenaventura Highway in Colombia, Cardiff Hospital in the UK, and the start of the construction on the Ontario Science Centre in Canada. The division's EBITDA increased 9% to $611 million, Marta Gil de la Hoz We have been pre-qualified for the I-77 managed lanes project in North Carolina. We expect the request for proposals before the end of 2026. In our engineering and infrastructure division, revenue increased 10% to €2,419 billion, while pure construction revenue rose 13% to €1,896 billion. Beta grew 7% to €434 million. The construction margin remains stable at 5%. The division's backlog reached €12.801 billion, 3% from December. Of that amount, 76% relates to our own concessions division, limiting, as we have repeatedly said, our exposure to the risks inherent in construction activities. Thank you very much. Andres, Marta Gil de la Hoz Andres, Marta Gil de la Hoz Thank you for joining us. In the U.S., the first phase of a facility-led proposal to strengthen Arizona's long-term water supply has been approved, confirming that our technical capabilities in water allow us to participate in large-scale strategic solutions in North America. To conclude today's presentation, I would like to leave you with five key takeaways. First, cash generation issues. Thank you for joining us. and we carrying cash flows second net profit increased 87 reflecting the strength of our business which is becoming increasingly robust larger and more profitable third we continue to build future growth through new concessions including the ontario science center and route 57 and through major opportunities in the U.S., Canada, Italy and Australia where we are bidding with the same investment selectivity that has brought us this far. Fourth, our financial discipline has been recognized with two investment ratings from Standard & Poor's and Morningstar. These give us greater visibility among international investors, diversify our business Thank you for your questions. Good morning, everybody, and thank you very much for joining us today at this earnings call for the first nine months of 2026. We're going to start with questions coming through the telephone, and then we're going to continue with the questions that we have received through the webcast. The first question comes from Luis Prieto. Thank you very much, Alberto. And thank you very much for taking my questions this morning. I have two questions. The winning tenders for the managed lanes, I believe that this has changed the scope and dimension of the projects at hand. So what about new opportunities in the pipeline? What do you think about this? And do you think that this will lead to readjustments in new tenders going forward? Alberto? And which assets are included in the pipeline in this case? Okay, we're going to answer shortly. Thank you. Luis, buenos dias. Good morning, Luis. As I mentioned during my presentation, SACIR has shown its capacity to tender at the best level, submitting rigorous, competitive, and profitable proposals. We are certain that sooner than later, we will be awarded a significant project of this kind. And as for asset rotation, This is your second question. There are some assets that were included in the Boreantes scope, such as the Colombian assets. They have been removed from the company's perimeter. We always perform a recurrent activity. We obtain funds in order to Thank you very much, Luis. Thank you for taking my question. I have two questions for you. The first question is concerned with holding and the adjustments you mentioned. So could you give us more color on the EBITDA and the changes this quarter? Thank you very much. Should we expect any impact coming from interest rate hikes? Can this be somehow offset by the new investment rate here? So could you please give us more color on that? Thank you. We are going to answer shortly. Miguel. Okay, let me answer. As for holding and other adjustments from an EBITDA perspective, Thank you very much. By year end, we believe that it's going to stand more or less at the same level because we have already factored in most expenditure and the cash and store EBITDA. And as for interest rate hikes, you have answered the question yourself. First of all, we have to take into account that we have more than 70% set at fixed rate, whether we talk about projects or the holdings debt. However, as I mentioned during the presentation, we are now making new arrangements and we have reduced the spread of a great portion of our corporate debt due to our investment grade rating. Mariano from Alantra asks the following. Good morning. Concerning PD Montana, could you please give us an update about rebalancing? How are negotiations going and when do you think that a final decision will be made? We are going to answer Mariano in just a moment. Mariano, as for the Works Management Division has submitted to the Co-Work Committee A list of the settlement concerning all the works that were carried out as a result of the concession. This committee is comprised of officials from the Minister of Transportation and they have to issue a certificate including all the investments that were eventually made. This is work in progress as we speak. The next question is by Alvaro Navarro from Westinburg. He has three questions. Good morning. The first question is the following. As for the managed lanes, the two managed lanes that have been awarded, you were second. Now, what implications would that have? What happens if the I-24 award does not finally get through? Or what happens if the terms and conditions of the bidding terms are not complied with? Thank you very much. And the third question is the following. Well, Álvaro, we are going to get back to you concerning EBITDA and revenue, concerning Pedro Montano and other projects, but actually investor relations will come back to you with an answer about that. Alvaro, as for I-24, I'm not going to actually tell you what will happen if there is no shortlisting. As I said to Luis, we have proven our capacity to submit rigorous proposals that are large and profitable. So we are convinced that sooner or later we are going to be awarded a project of this kind. As for equity and distribution, our guidance in terms of equity contributions for the year was 137 million euros and as for distribution, it was almost 180. It is true that this year There are some smaller distributions for five or six years. We have been distributing 220 million approximately, but this is due to the awards during 2024 and 2025 and the projects which have already been sold, such as the Colombian incense that contributed more than 40 million. Therefore, that's the figure. On the one hand, Andres, Marta Gil de la Hoz Luis de Toledo, Odoo Good afternoon. I would like to ask you about progress made in terms of profitability across concession business in terms of concession water, which are growing in terms of EBITDA. Do you think that this is due to backlog changes or can this be attributed to more cost efficiency among other factors? Luis, we are going to answer shortly. Thank you. Luis, this margin increase can be boiled down to the strength of our concession business. As I said before, this business is increasingly more robust and diversified. It's larger and more profitable. Thank you very much for joining us and for your interest. We look forward to speaking with you again next time. Thank you very much and have a nice afternoon.