0H4K Q2 FY2026 Earnings Call

Good morning, ladies and gentlemen, and welcome to the first half 2026 results presentation for Acciona and Acciona Energía. Before turning into the numbers and specific data on the company, let me frame them within the force shaping our industry today, the infrastructure investment cycle, and within it, energy, one of its greatest exponents. Infrastructure is being redefined. Beyond power and transport, it now encompasses the digital and industrial ecosystems that underpin global productivity. It has become a…

Thank you, José Manuel. Good morning, everyone. The first half of the year has been a positive period with meaningful progress delivered across the key priorities we established at the beginning of the year, despite a challenging operating environment. The geopolitical backdrop has continued to worsen, in particular following the escalation of the conflict in the Middle East. So far, this has had no material impact on our operations. Debt reduction has been a key priority this year. We have made substantial…

Thank you, Arantza. Good morning, everyone. Let me now walk you through Acciona and Acciona Energía's financial results for the first half. Consolidated revenues reached EUR 10,142 million in the first half, representing a 10% year-on-year increase. Our EBITDA for the first half stood at EUR 1,153 million. That is 26% lower than the first half of last year, primarily driven by the profile of asset rotation gains, which are expected to materialize in the second half. EBITDA from operations, however, grew by around…