Global Dominion Access Stock

Good morning, and welcome to the presentation results of Dominion. [Operator Instructions]

Before starting, I would like to remind you that once the presentation is over, and as usual, we will move on to the Q&A session. [Operator Instructions]

So we're going to kick off the presentation. We have Mikel Barandiaran; Roberto Tobillas, who is the Director General; and Patricia Berjon, who is the Director for Corporate Development.

Good morning, everybody, and many thanks for attending this call for the first half of the year 2026. And yesterday, when the market closed, we published the documentation with all the information on what the 6 months have been like. And where several conclusions can be drawn that I would like to underscore just to kick off with this presentation.

Well, for us, let's say that as a summary of these first 6 months, one of the most important things is that quarter after quarter, we're seeing how recurrent businesses, in other words, GDE and GD Services are growing organically, and they're doing so above the guidance.

And this means that the company is growing organically on the whole, although as we pointed out in Q1, the project segment is still affected by the current economic situation.

In other words, we can see that the core segments, those that really have a weight in excess of 85% of our business that are growing in a sustained manner and with high single digit.

And the second important thing is that we're still advancing a lot in the simplification of the company, which is one of the pillars of our current strategic plan. Let's say that as a landmark for this quarter, we have initiated the sale process of the renewable infrastructure in Argentina. And this is also added on to the different divestitures activities and infrastructures that we initiated in 2023.

And it's obvious that this means that we have lower levels of turnover and less results. But in any case, it's a necessary process that was to achieve more returns in the future. In other words, this comparative snapshot that is perhaps a little bit more ugly because it has to explain what is the price that we have to pay in the short term because we want to build the company in the long term.

And this strategic plan is going to finish, and we're going to be moving on to the '27-2029 strategic plan. So in other words, with a much more simplified and much more focused company, we will focus more on growth that is produced by the tailwinds of the energy transition, the digital industrial transitions. And with these 3 ideas, we're going to be looking into the details of these different elements.

As I pointed out before, and in order to analyze the figures in the segments, we have to bear in mind this simplification process. In other words, the strategic divestments that we are carrying out together with the process for the sale of biomass in Argentina as well as the acquisitions of companies in our buildup process in the area of the environment.

But let's just review them. As regards to divestments, we have mainly the sale in December 2025 of the industrial activities in France. That is the virtual mobile operator, TTB, a portfolio that has been transferred progressively since the first quarter of 2025.

And then we have the Masorange connection shops, which started in January 2026. As regards to acquisitions, you know that we've made several acquisitions in the environmental area.

And we -- in Q3 of 2025, we integrated the decarbonization business in Germany. And in the month of June, the Spanish company ,a circular economy in Spain has diversified our capacities in terms of industrial waste.

And as regards to the classification of the biomass plant or what they call activities for sale, this for the financial statements means that we are subtracting EUR 5.9 million in turnover, EUR 2.6 million in EBITDA or the contribution margin, if we take into account the different segments, which means that we have an interruption here along these lines.

And this impact is linear. So that you can make your forecast for the next few quarters. But in order to cover these effects and in order to correctly interpret the financial statement with the results we're presenting here, what we've done is reexpressed the accounts for this quarter so that we can include the same period that we're talking about right now.

So therefore, let's now talk about the first half of the year.

Well, we've closed with a business figure of EUR 497.2 million, which means that we've had positive organic growth of plus 0.05% at a constant currency compared to the first quarter or the first half of 2025.

And what we've done is discounted the inorganic effect that subtracts 7.5% and the exchange rate effect that has a negative impact of minus 1.1%. In other words, we've had positive organic growth even in a very complex macro context. As regards to profitability, the semester EBITDA stands at EUR 63.2 million, which means that the EBITDA margin is 12.8% over sales.

And here, there's been a slight slump compared to the comparable period that can be explained by the reduction in weight of the GDT projects in the mix, which is the segment that has the largest margins.

Now moving on to -- so we have this part that has to do with projects that have an influence on the business mix, and we also have the fact that biomass that also has high margins above the average figure is now covered by interrupted activities in the financial.

And then we have the recurrent businesses, GDE and GDT services are still behaving in a solid manner, which confirms the better quality of the business mix that has been reached in recent years and reinforced our capacity to generate cash even in environments where there's less growth.

And the central structure is overhead, it's 2.6% of sales without major variations throughout the quarters, which shows that the group has operational leverage and amortizations do show a slight increase as we saw in previous quarters.

And in order to move on to the last line of result, we have a very positive aspect of the half year as regards to financial results, which is about 50% compared -- that is reduced, sorry, by 50% compared to the same period of the previous year and now stands at minus EUR 15.1 million. And this improvement has improved our financial expenses.

There have also been improvements in the rates of exchange and a relative correction in the photovoltaic assets of the Dominican Republic. So that means that the net results increased from EUR 2.2 million to EUR 7.1 million. And this profit nearly reaches EUR 11 million if we exclude the renewables infrastructures that are for sale.

So in other words, the end result once we have divested these infrastructure is going on carrying on.

So let's take a look at each of the segments. But let's start off with Global Dominion Environment, our environmental business, which closes this semester with a business figure of EUR 221.5 million, which means that it's a growth of 9.8% of organic growth.

It is the segment that has grown most than the 1 that had also concentrated most of the divestments because of the sale of B2C businesses that are not strategic. The contribution margin reached to 17.5% of the sales for the first 6 months of the year, which shows that we have more operational profitability of most of the activities and services represents 45% of the total sales and 51% of the group's contribution margin.

And in Q2 in this segment, we have carried on reinforcing our position in the sector of electric grids, boosted by the electrification process, which means that we've signed new contracts with good margins.

And as I mentioned, would have to be made about the extension and improvement of the agreement with Endesa in Spain for another 6 years.

And finally, we have GDT project. That closes the first half of the -- with a business figure of EUR 51.4 million with a contribution margin of EUR 10.3 million. And as we pointed out at the beginning, this geopolitical instability has reduced the trust of businesses and means that people are more cautious in terms of global investments. And this explains the lower level of activity in this segment compared to the previous year.

And we also have to compare the projects with 2025, which was a very strong period. As you know, the projects are not linear, but rather they are based on turnover milestones. So we could not really find significant data if we only focus on specific or short periods of time.

So therefore, the snapshot for 9 months will not have such a sharp impact. Although what is relevant is that we have maintained the solidity of our portfolio with a backlog of EUR 369 million. And once again, without any cancellations of projects to date. And mention has to be made of the signing of an agreement for the new project of the Puerto Cortés Hospital in Honduras that could kick off at the end of this year or perhaps in 2027.

So let's move on now to the balance sheet. Let's say that the balance sheet for this half year has the effect of the perimeter changes because we've consolidated the assets or the acquisitions that the company has carried out during this first half of the year and also because we've made available for sale biomass in Argentina.

So as a consequence of this, we have deconsolidated its assets as well as its liabilities that can be seen in the accounts whose net value is of EUR 22.9 million. and the net financial debt remains practically stable. And when we closed in 2025, we ended up at EUR 135.9 million. And the main movements in this figure when apart from biomass are also related to M&A operations that is current operations and operations that took place in the past.

So we'd be talking about something like EUR 11 million in disbursements and with the seasonality of the circulating capital, the working capital. Well, there's been a variation in working capital of EUR 39.3 million, which is the end result of the inclusion of the net assets of the biomass plant in Argentina. And because of the conversion differences into [Finnish].

As regards to our equity, we've incorporated the benefit to the profits of this half year, EUR 7.1 million, and the dividend that is -- that was paid in July -- on July 9, EUR 8 million, and the payment of the dividend to minority shareholders.

And as a conclusion, well, there's been a positive evolution because there's been organic growth above the guidance in our recurrent sectors that is GDE and GDT services, which shows that the strategy is completely valid. And secondly, this project segment is still affected by the situation, the current macroeconomic situation, although there could be an activation at the end of the year. And then in this quarter, well, we've carried out another of the simplification stages with the sale process of biomass in Argentina.

So in other words, we're going to be facing the last part of the year with more visibility in recurrent activities, and we believe that there could be a certain amount of reactivation in these projects so that we can go back to the lines of execution that are much more in line with what we've done in the past.

So this is where the analysis ends, and we're going to be moving on now to your questions. So thank you very much for your attention.

[Operator Instructions]

Firstly, we have Carlos Treviño from Banco Santander.

I have a couple of questions. The first one, in Q1, you were talking about EBITDA of about EUR 150 million. So do you still think that you're going to remain at those levels? And then I'm surprised to see looking at the backlog, I'm surprised to see the weakness of new orders because according to my ratio has only been EUR 3 million in Q2 and EUR 4 million in the first quarter of the year.

So if you take a look at the pipeline, do you think that this is going to speed up? Or do you think that the current context is going to penalize us still? And I understand that in these figures that have not been included in the backlog, the hospital in Honduras, you signed the agreement, but I suppose that there's no firm order.

Well, as regards to EBITDA. Well, as you know, this is an estimate because I think that -- I think that in Q1, what we said is that at this point in time, and bearing in mind that it's the last year of the strategic plan, we were significantly increasing, but apart from the recurrent EBITDA of the company, which we think is about EUR 155 million, which were fully guaranteed. Although there could be difficulties that we are all familiar with, and that there were EUR 25 million that depended on the project area.

So this is dependent on how we executed this project portfolio. And as you can see in the backlog, they are available and what we have to do is carry all of these things out. And it's very difficult to forecast to know what is going to happen in the future because, yes, we know that there are going to be positive things once the summer is over, but I cannot guarantee everything, of course.

But in any case, I think that we are very close to achieving our goals. But as regard to the project portfolio, yes.

Yes, we've incorporated very few new projects. We haven't included 1 of the projects that was included by mentioned by Patricia, but we're not going to do so until we sign the loan agreement so that we have an absolute guarantee that we are going to be paid.

And which would happen at the end of this year. And if not, it would be -- if we move on to the following year. And as regards to renewables, we have not included projects in our backlog on our pipeline until we have total guarantees from the company that is buying our projects so that they can be executed and that's where we stand. Any more questions?

No, that was it.

Well, let's say that in our pipeline, we only reflect those things where there is a commitment. And we are being much more conservative when we deal with our pipeline. It doesn't mean that we have got a much more extensive pipeline. And we have the example of Puerto Cortés, even though the agreement has been signed, we have not included it until in our pipeline until the execution has agreed to.

Luis Padrón has the floor now, please. From GVC Gaesco.

Good. Wonderful. I've got several questions because do you -- do you know when it is you're going to be presenting the update of the strategic plan? This is 1 of the questions I had.

And the second question has to do with the sale of assets. In other words, the issue of Cerritos. And perhaps could you give me a timing as regards to the possible sale of biomass in the -- in Argentina, the biomass plant. And then as regard to projects, and bearing in mind the results of Q2. As far as trends are concerned, have you seen any kind of changes or do you have problems with the funding or I don't know? Or could you please be a little bit more specific about how projects are evolving. And that's all for me. Thank you very much.

Well, thank you very much, Luis. As regards to the strategic plan and its presentation, we've not yet confirmed a date. So let's say that we are still focusing on the logistics. But in case, we'll be talking about, I don't know, the second week of November, for instance. And that is our intention, but we'll let you know as soon as we possibly can. .

And as regard to projects, we are currently looking into, as I said previously. We want to achieve levels of execution that perhaps will not be reflected in Q1, but perhaps they will appear in Q4, which would be very similar to what we've done in the past, too.

Yes. this is Robert. As regards to the other 2 questions. In other words, where what is the situation like in terms of projects? .

Well, I think there are 2 issues. One of them is clearly that countries like Nicaragua and the situations in Chile with concessions and co-funding or countries like Honduras are much more related to macro variables than to the conditions that make it possible to get funding.

And it's true that in this complexity or this instability of macro variables that we've experienced, you know that certain approval processes have been slowed down because I think that there's more than pipeline, there are commercial agreements that have been preagreed upon and we are still waiting for things to be activated and for these financial agreements to be closed.

And as regards to renewables, I would just underscore, and this perhaps has to do more with Latin America with the signing of PPA in the Dominican Republic. We've had some auctions. And the funding arrives as a consequence of signing PPAs.

In the case of Ecuador, we have to receive a recognition of the index for PPA that we have signed. And until that index has a significant impact, you can't do anything. And this has to be closed and approved by the government with the Ministry of Finance. And as Patricia pointed out before, we are being very rigorous in the execution stages because we prefer not to start certain projects and not start them until we feel completely safe.

So I'd say that these are the 2 variables that are affecting us as regards to the sale of assets. I would also like to answer, Mikel, because we've reduced our interruptive activities and biomass, for instance, we believe that this coincides with our accounting value. And we hardly expect any differences, and we think that the prices are perfectly suitable and these are the prices that we will be able to achieve.

Or in this value, we've included the possibility of negotiating debt in a better manner that could improve our equity. This as regards biomass in Argentina. And as regards Cerritos,I would just like to say that, well, it's somewhat terrible because of the Mexican bureaucracy.

I read yesterday in the newspapers in the Mexican press that the Secretary of State for Energy was going to facilitate the migration process for all of these old projects, and we've already charged for the power that we've delivered, and we are very close to the commercial operating date. And even so, we estimate that this could take place towards the month of October, according to the most recent meetings we've held with the Mexican institutions and authorities.

And in this regard, we are still working so that with the situation in other COT situation and with a couple of long-term purchase and sale agreements we have for PPA plus all of the situation or the candidates that say that they are interested in this, we expect that as from the month of October, we will be able to produce a much more 2-way negotiation so that the situation by the end of the year can be improved or perhaps next year.

And I think that the important thing, as Patricia pointed out before is that in a way, what we have done is we've reduced these discontinued activities in the 2 renewable infrastructure assets that represented the end of the IPP strategy that we decided to abandon a couple of years ago.

And as you know, I think that this means that the KPI, as was pointed out during the AGM that we're going to be talking about most as RONA and these assets were giving us a profitability of 11% or 12%, which does not agree with the ambition or the expectations that this company has in its strategic plan as regards to RONA terms for businesses of recurrent execution we have for the plan.

And this is the answer. But I think that I've answered. We've answered the question from [Ignacio Andrea] from [indiscernible], if I'm not mistaken.

[indiscernible] from the [indiscernible] asking by the chat. If we can give more data, are there any divestments that are to be carried out in the future?

No. I think that what we did in June is discontinue those activities that we consider non-core. And you know that there could be some activities within Dominion in the simplification process. Well, things that are much more geared towards commercial marketing or things that have to do with some issues that we have in the joint venture with companies that are more related to the IT world, but which don't have a very relevant impact.

And I think that basically, what we are doing now with these actions, we are simplifying things at both the balance sheet as well as the Dominion business, and we're getting ready to launch this new strategic plan.

But in any case, perhaps what I could also say that this question that comes from [Artur] is very relevant because we are really focusing a lot on our core activities. .

So therefore, it is relevant to ask questions as regards to how much this represents in terms of our turnover, et cetera. But this will be in the next strategic plan. We'll be talking about the activities that had to be divested, so that we can have a clear-cut picture where the focus of the company is and to see these activities are going to grow, which are the core activities as regards to what we're seeing here because there's -- in a transformation process, you know that this makes comparisons a little bit more difficult because what we have to do is we'll clean those activities that we're divesting and see what can be done in the future.

Okay. There's also another question, Luis.

Well, the timing for the biomass for the sale of biomass.

Well, I think that we have several alternatives for this. But I think that we have a short-term vision. We have a de facto situation. in which we can transfer biomass. And I think that, well, it should take place sometime this year, perhaps in Q4, perhaps this is something that could happen in Q4 because you know that this is being considered and things are in motion.

So we're talking about Argentina, which does pose certain difficulties, of course with the summer in the middle. But in any case, we are involved in the negotiation process right now.

And [Diego Martinez] says, do you think that the BPA for Q2 is going to be similar to the one reported for Q1?

This was mentioned by Mikel before, I think that we are at a level of activity in the first half of the year. that shows a low range of this EBITDA of EUR 125 million that should be our floor. And you know that we are a company in which operational leverage of contribution margins and structures as well as the balance sheet, this makes us think to the extent that we stand above that EBITDA, we should have a BPA that is higher in relative terms compared to the figure reported for the first half of the year.

So if you have any additional questions, so this would be the right time to go ahead with them either via the chat or by raising your hand.

Well, as there are no further questions, we will close the presentation here. Thank you all very much for attending today. Thank you very much, and I hope that you enjoy your summer holidays. Thank you very much. Goodbye.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

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has declined compared to the same period of last year. And this is explained by a lower weight of the GDT project segment, which, as you know, it's the segment that has the largest margins. But on the other hand, the weight of a recurrent segment and its good margins means that this margin over sales spans over this level of 30%. And these are record figures in our business. And today, during the AGM, we have spoken about this, the fact that the simplification of the company means that we have lower levels of turnover and less margins, of course.

But that's logical. But we are building a more profitable company. Our percentage over sales is much higher than what would have happened if we would have maintained these businesses.

Amortizations maintain the levels reported in previous quarters. And it's relevant to point out that there has been a reduction of financial expenses that are still maintaining a downward trend. And in particular, these costs were reduced by nearly 27% year-on-year and now stand at EUR 8 million on the closing date of Q1 of 2026 vis-a-vis the EUR 11 million reported in the same period of the previous year.

And with the reduction of the gross debt, we also have the positive contribution made by exchange rate differences. And this has produced a net attributable result of EUR 7 million, which is in line with the net result of the same period of the previous fiscal year, which shows that our performance is stable in this context.

So now let's move on to the evolution of each one of the businesses. Let's kick off with the Global Dominion Environment with a turnover of nearly EUR 107 million in these first months of the year, and this represents an organic growth of 4.3%. And this is the segment that has the biggest currency impact because ForEx subtracts minus 5.3%, which explains the slight retrocession or regression of 1% we can observe at a global level.

As regards profitability, the business is still gaining an operational efficiency and the contribution margin has reached EUR 50 million, which means that the margin over sales is 13.4%, an important figure -- a very important figure. That means that margins have expanded compared to Q1 of the previous year.

And this improvement can be explained by the good behavior of the circular economy activities in this quarter, which are those that have larger or higher margins in these activities of Global Dominion Environment. And this segment is the only one that has direct operations in the Gulf area. And this is why -- well, we have mentioned the impacts that this could have.

And in the last months, we saw a certain degree of affectation and we'll have to wait until -- to see what happens with the conflict. But in any case, the maximum volume that could be affected is something like EUR 4 million of EBITDA, bearing in mind that during most of this quarter, we have operated with normality. And we've already added up turnover and margins.

Even so at a global level, the activity of the area in this quarter has been influenced by the consolidation of the circular economy activity. We've reached a high level of recurrence, both in Spain as well as abroad. And we've also maintained a solid impulse for decarbonization activities with awards related to energy efficiency services in America and Europe.

Let's move on now to Global Dominion Tech-Energy, an area that addresses the energy and digital transitions, which is divided into GDT Services and GDE Projects. On the one hand, GDT Services closes the first 3 months of the year with a business figure of EUR 106 million, which means that there's been a growth in turnover of plus 17% compared to the same period of the previous year.

And this is a segment that most has grown organically and its characteristic is recurrence, although this gives us lots of visibility in terms of future turnover. And it's in this segment where we have most of the recent divestments carried out. And especially done in order to carry out the transformation of the former activities of B2C and B2B, where we have divested in the virtual mobile operator and in the shop chain. We were operating with MasOrange. And this is why the relevant we've carried out -- the adjustment that is carriedout is very relevant to show a comparison of what this is all about.

And on the other hand, the margin of contribution -- of contribution margin has also grown compared to the same period of the previous year, plus 8%, and reached a percentage over sales of 17.4%. The growth of GDT Services is supported mainly by the acceleration of the electrification process and smart grids with more multi-annual contracts of a recurrent character in Spain and Latin America. For instance, we have the renewal and extension of the contract with Enel in Colombia for 5 years, where we are now going to be covering a new urban area.

And finally, GDT Projects will close Q1 with a business figure of EUR 29.3 million, which represents a slump in our turnover of minus 17% compared to the same period of the previous year, whilst the contribution margin is not affected. It stands at 21.5%. That means that we're not talking about an impairment of operations, but rather about a lower level of execution resulting from this global uncertainty.

And although this has reduced the trust in this business and has made people cautious in terms of global investments, we have maintained the solidity of our portfolio with a backlog of EUR 308 million, which doesn't incorporate many new contracts, but it doesn't really include any project cancellations. At an aggregate level, GDT Projects accounts for 12% of our total sales and 60% of the contribution margin for the company in this first quarter.

And finally, very quickly now, the possible balance sheet movements, although we have not presented the detailed balance sheet nor the position of the net financial debt. But in any case, it has to be pointed out that during this first quarter of 2026, there have been no red on operations that have impacted cash generation. There have been no expenditures associated with investments or funding or with extraordinary concepts like dividends.

And in this quarter, we've only generated operating cash flow and -- well, we have the disbursements that have to do with some of the earn-outs that had been previously agreed to, which have reached a total of EUR 8 million.

And after this review, I would like to thank you for your attention and move on now to the questions. So we are delighted to answer and clarify your doubts. Thank you very much.

[Operator Instructions] So firstly, we have a question from Luis Padron from GVC.

Hello, Luis. I think you are muted.

Can you hear me now? Can you hear me now? Wonderful. Cheers. I have several questions. Perhaps you can help me with them. Well, firstly, I would like to understand -- well, 2026 -- it's in 2026 when the '23-'26 strategic plan will finish. And in theory, at least as far as I know, 2025 was the year for simplification adjustments, et cetera. But what I can see is that in 2026, this simplification process is still up and running. So the idea would be to -- what kind of timing can be expected? So in other words, we have -- do we have several more simplification quarters ahead of us? Or are we closer to the end? So in other words, I'd like to know what the situation is going to be like from the point of view of this process. That's number one.

And then number two, how would the evolution of EBITDA and cash flow coincide or tally with sales? Because, well, you've spoken about improved sales, but there are no references as far as I can see in terms of guidance or EBITDA or cash flow. And I think that this has not been reached. It has not been covered. And then I would like to know something else. Is there going to be a recovery in the area of projects? And finally, your divestments in assets, which is what you're currently working on. That's all for me.

Luis, I'll start off with the simplification thing. The simplification is one of the fundamental pillars of the strategic plan that runs from '23 to '26. So we can't really still expect there to be a simplification in 2026. And what does simplification mean? Well, it means that we have to restructure certain activities, and above all, we have to divest, which, in other words, divest in activities and infrastructures.

And then your last question that had to do with infrastructures, well, this forms part of the simplification and it could happen in 2026. But in any case, when we're talking about adjustments in our financial statements in Q1 compared to the rest of the quarters in 2026, we're talking about the simplification processes that we carried out in 2025 and how they impact our figures. They have an impact. What we are trying to help you is to make a comparison, because if not, in this first quarter of 2026, there are a number of activities that are less numerous than we had last year because we have divested, and this is the reason.

And as regards if we -- can we expect that during the year, in the next quarters, there will be inorganic adjustments. Yes. And in the rest of the quarters, there will be inorganic adjustments because some of the divestments did occur at the end of the year. For instance, France and the MasOrange shops, and this is going to be adjusted throughout the year. Although it is true that the biggest adjustment that we have in Q1 -- well, because the third divestment occurred in the first part of the year. So this adjustment of Q1 is the biggest that we'll be seeing in the 4 quarters of the year, but there will be more adjustments in the upcoming quarters.

And then you were also asking about the recovery of the project segment. Well, the end of 2025 -- at the end of 2025, projects looked weak in Q3 and Q4, especially in 3. And this -- in Q1, there's been a slight recovery compared to the end of the year. But we don't think that with the current situation that this -- well, we think that the current level -- with the current scenario things will continue as they are. But if there's no changes and if the conflict in the Gulf stops, and if the problem disappears, that will obviously help us to help our customers to take decisions. And therefore, this means that the project could recover. But it's very difficult right now to know when or at what point in the year that could happen.

And then the final project -- question, sorry, that has to do with divestments in assets. I suppose that you're referring to Cerritos. As we mentioned on previous occasions, the Cerrito farm in Mexico is now for sale. And in this process -- well, this is already underway. And in the sale process, what we have -- what we have been doing is we're looking for -- we want a PPA to be signed so that we can sell energy, which increases the value or, let's say, supports the value of that asset. And we believe that it's a fundamental element so that we can carry out this divestment in full.

Well, yes, you've spoken about the divestment of assets. And it's true that the CEO was talking about this, this morning. And then as regards the upcoming strategic plan, we were talking about businesses that we consider to have a high value and a high level of return. So that's why we're talking about bonus of 20%. And I think that all of the things that we have sold from the Dominican portfolio and Cerritos, which is wind power, we still have a couple of small assets. We have some biomass. And at the end of the day, all of that return is interesting, but it's at levels of 10% or 12%. And this could represent a cost opportunity in capital allocation.

The simplification strategy is here to provide us with a starting point that would allow us to look towards the future with an ambition and also focus on businesses, as was mentioned this morning, in the world of grids, in the world of environmental things. And if there's any possibility of concluding in 2026 or finalizing this adaptation of assets and repatriate or bring this money back to strengthen our progress, so be it.

But as regards to the recovery of projects, as Patricia pointed out, I think that behavior has to do with a bit of a trough in this quarter. But in any case, there are a number of countries like Chile or the Dominican Republic or Honduras and Nicaragua where there are a number of projects that are practically ready or nearly ready to go ahead. And perhaps -- well, we will be able to have a much more recurrent visibility in terms of the contribution margin.

And I think that the CEO also mentioned this morning that in the end the guidance that you were asking us about should try to focus much more on these commitments to achieve an EBITDA after the simplification at those levels of EUR 150 million. But this part that has to do with projects is there. If it were a situation that -- as it unfolds, we will be able to crystallize things.

So as Mikel pointed out this morning -- well, the only thing you can see if the guidance is talking about an EBITDA of EUR 150 million. What I meant to say -- or what I said this morning, of those EUR 150 million, EUR 125 million are recurrent. So the recurrent accounts of the company are practically insured. And we have EUR 25 million that depend on the project area, and this depends on how this macroeconomic situation evolves and the strategic issues. This is not going to affect the EUR 25 million, although we have seen these indications in Q1, although we all know that the situation will be solved. And one way or another, we will be able to carry out our projects.

Okay. We were just reading through one of the questions here we have on the chat. And it runs along the lines of the first question from Luis. And 2026, do you think that's going to be the year of normalization? Or do we have to wait until 2027 to see a more stable level of profit per share?

And yes, what we are doing in this '23-'26 plan focused on transformation, we're transforming the company so it can become a solid company with a solid base so that we can move on to the '27-'29 plan that uses that base to grow. And it's 2027 when we should see things becoming a little bit more normal.

Okay. Well, now to continue with the people that have their hands raised, we're going to give the floor to Carlos Trevino from Banco Santander. Please switch on your mic, Carlos.

Can you hear me?

Yes.

A couple of questions. One has to do with what Luis was asking. Could you quantify the effect of divestments of Q2, Q3 and Q4? And the second question is that you said something generic about projects and the geopolitical context, and Robert has spoken about projects in LatAm. But what about projects in renewables? What is the situation? And do you think that the -- some of these relevant projects can be commissioned by the end of the year?

Carlos, well, quantifying potential divestments with asset rotation in Q2, Q3 and Q4 seems to be a little bit too ambitious. And according to what I said before, you know that if there is an opportunity, I think that this asset rotation would be worthwhile, although we are looking into different situations and we will give you all the information as things unfold as soon as we have something binding.

And then -- no, I'm referring to those that have already been done, those 3 divestments that have such a big impact on your financial statement. What kind of inorganic -- is it minus EUR 25 million? But what kind of impact do you think there's going to be for Q2, Q3 and Q4? But what divestments are you referring to?

Well, these are the adjustments of the shops and TBE and France. Well, these adjustments are something like EUR 10 million, just over EUR 10 million, with certain variations in turnover, of course.

And then you were saying...

Well, renewables.

In?

In LatAm, Latin America.

Well, I would talk about the projects we have ready to build and that are pending PPAs in order to be able to decide and to do this 360 concept. We have these projects in the Dominican Republic and Ecuador. There's going to be an auction there. And we are still pending -- well, we want to reach an agreement, sign an agreement with the government. And that's how we can evaluate profitabilities and possible partners.

And we will then be able to meet up with colleagues or buyers who can allow us to carry out these projects. And I think that we're going to have much more visibility towards the end of the year, in particular, especially in the Dominican Republic with the combination projects and also in Ecuador.

What about Europe?

In Europe -- well, we are still in Italy and I think that we -- it's about 80 megawatts per year which are now ready to be, and that's where we do have profitability. And we also have a number of preselected partners so that we can carry out these projects. So I think that everything is more or less underway.

And finally, in Spain, we have some old developments with the new regulations, from 2 to 5 kilometers. They are small projects that could be grouped up and they could generate quite a lot of value. And we also see that we have travel companions or we have buyers, potential buyers, to see what could be done in this new model of renewables to see if we can get things done and ready to be with construction contract included in the formula.

Okay. We're going to read the questions that you've sent to the chat. We have one from [ Alvaro Aristegui ], where he says that EBITDA because of the Gulf conflict could reach EUR 4 million. What is this? EBITDA? Or is it turnover?

Alvaro, the total -- the potential budget for the Gulf or the Gulf plus Israel, that area that is affected by the conflict, we're talking about EUR 40 million in turnover and EUR 5 million in EBITDA per year. And I was saying that it's EUR 4 million potentially that could be affected because we've already invoiced over EUR 1 million -- no, sorry, not invoiced. Because we have registered more than EUR 1 million in EBITDA in that area that I'm talking about. The fact that, that would be in an absolutely maximum -- sorry, of not doing anything in the year in that area, which we think is not going to happen. So therefore, I'm talking about the maximum level of EBITDA that could be related to that area. But we never think that that's going to happen, though.

Alvaro was also asking if the -- if there's been an increase in cash flow for the company after selling the shops.

Well, this -- well, these are shops open to the general public, and it's the last thing that remained of a B2C situation, and there was only one customer. And the effect is EUR 2.5 million or EUR 3 million to recover the value of the assets. So yes, there has been cash, but it's not very relevant and it doesn't really have a very big impact either.

Okay. We'll continue with the questions from the chat. And it's [ Ignacio Andre ], who says the following, that Cerritos is somewhat late as regards to its divestments. And what is this due to, this delay of several quarters?

We've received offers in Q1, but what we can see is that what really makes sense is, as we said before, is that we need to have a complete package that includes TPAs. And we also know that Mexican bureaucracy means that the COD has been delayed. And we're really thinking about June to have everything ready on the paperwork front and the migration as well as the commercial operating date.

So in the meantime, the effect that Cerritos has is only -- well, some financial expenses. As you've seen, the results have been interrupted. And what we want to do, and this is very clear, is that we're adding on all of the value elements to the asset so that the sale could be suitable and proper. So the offers are there. And I think that we will try to give it a go and close it before the end of the year.

And [ Robin Alonso ] is asking about the new strategic plan and more in particular about the opportunities that we can develop in terms of data centers, electrification and grids.

Well, I think that the new strategic plan, I think it's going to talk a lot about opportunities in relation to GDE. That is an environmental thing. But what is -- but the rest of the transitions are also going to play an outstanding role, especially the digital transition, where the data centers are. And this is just another infrastructure within the infrastructures that are required to digitize the economy. And we're working on this and this will form part of the plan.

But above all, electrification and grids, well, especially in the case of electric grids, this is going to be fundamental for the new strategic plan, because, obviously, the energy transition that we are experiencing is creating lots of infrastructural needs, where we have lots of experience. Our historic business has to do with telecommunications and we have plenty of experience. And we know what we're talking about in terms of electrical grids.

Well, I don't want to make any disclosures, but let's just make people excited about this until we present the next plan. But I think that it's important to underscore that we have a GDT that only has services and projects that is grid services or energy grids, as Patricia has just pointed out, as well as infrastructure projects that are also related to renewables and to the telecommunications technology or hospital technologies or renewable farms.

And GDE, which is where we have put our stakes on decarbonization and circular economy, will be only one company, and we are concentrating all of our investment capacities there for the purpose of becoming leaders, European leader, in terms of environmental systems and infrastructures.

And [ Rouven ] also points out the following, and that Cerritos is costing about EUR 900 million and EUR 3.6 million per year. And he's asking us, could we please confirm how much interest we're paying on the Cerritos debt?

Well, as you point out quite rightly, at Cerritos, the activities have been interrupted, and it's been EUR 900,000 in this quarter, which is what we expect for the year unless there are other things that we have to take into account. Well, it would be something like EUR 3 million or EUR 4 million because of interrupted activities. And this covers the expenses of the activities and the operating expenses of the farm as well as financial expenses. But we don't really have any financial expenses associated with Cerritos.

I would like to remind you that if you want to ask any more questions, this is the time to do so. And should there be no more questions, we will finalize the session here and close it down.

Okay. Well, let's finish the call here. And thank you very much for having connected to our presentation. Good afternoon, everybody. Thank you very much. Bye-bye.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good morning, and welcome to the disclosures. Before starting, I would like to remind you that once the presentation is over, and as usual, we will move on to the Q&A session. [Operator Instructions]

So we're going to start with the presentation. We have Mikel Barandiaran, the CEO of Dominion; and Roberto Tobillas, the Director General; and Patricia Berjon, who's the Director for Corporate Development.

Well, good morning, everybody, and many thanks for attending this call for 2025, and many thanks for being so patient, too, because we are starting somewhat later because of a technical issue. So many, many thanks, many thanks for waiting. But before talking about the figures of the year and to understand how this evolution has been in the different business areas, I think that what we should do is mention how the year 2025 has evolved and also refer to the many events that have happened at the global level that have had a direct impact on the company's evolution.

And I think that compared to previous years, geopolitics has now become an ingredient that we have to take into account because we are facing a context where what is improbable has become something possible. And this global paradigmatic shift also includes other things like elections in those countries in which we have a significant presence like in Chile and the paradox that still exists in France where it's difficult to carry out structural reforms. But as regards to macroeconomic events, the most relevant ones have focused on the tariff war that was kicked off in April by the North American government and the effect that this has had for global trade.

But although this has not affected the company directly, it has done so indirectly because it has affected the decision-making of some of our customers or different economic agents. And another consequence, another relevant consequence is the strong depreciation of the North American dollar, which has produced significant exchange rate differences and conversion differences in the figures of this year. And what this proves what we already observed since we presented our current strategic plan or our most recent plan, and it shows that there's more uncertainty, which is not disappearing. It's only increasing.

But as regards to the strategic plan, this fiscal year of 2025 has been a year in which we have consolidated the transformation that we initiated in the previous fiscal years, and we materialized many of the objectives that we had set ourselves within the pillars of recurrence, simplification and sustainability, which are the 3 fundamental pillars of the plan. So in the year 2025, we initiated the new reporting where the businesses and environmental activities for the industry have their own strategic area structure on the Global Dominion environment.

And the creation of these 2 major areas, Global Dominion Environment and the rest of the businesses under Global Dominion Tech Energy want to simplify and regroup the activities in such a way that it's easier to understand the company and also be able to value its elements. And this also means that we can work on different options to develop the strategic area of GDE, where the company has put its focus on organic and inorganic growth, which is the end result of the potential that we can see nowadays where the buildup opportunities are numerous and where the optimization of markets by geographies and activities is a fact.

This process has already been addressed in the second part of 2025 with several acquisitions of companies and infrastructures, and we hope that we will add more in the short and medium term. And at the same time that we are developing greenfields in different strategic locations like the case of Tarragona and the United Arab Emirates. And finally, and as regards to the simplification process, we already made the most relevant divestitures of activities in previous fiscal years. And in the month of July, we carried out the divestment of the PV facilities we had in the Dominican Republic that has improved the balance sheet.

And we also divested our activities in France where the possibilities of growth were below our objectives. And this divestment doesn't have any impact on the year's figures because this was as of December 31, but in any case, it's going to change things in 2026. But apart from the qualitative improvements, if we were to have to underscore the figures of the year, well, we are growing organically by 4% and we are doing so because both GDE as well as GDP services, in other words, the recurrent areas of the company are growing above the guidance. They're growing at levels of 6%.

And this means that this year, the projects have not contributed as much as in other previous years. And we also have to underscore that the simplification of nonstrategic activities is improving our profitability. It's growing and our EBITDA over sales margin is 13.7%, which is a maximum figure for the company, a historic maximum figure. Thirdly, the depreciation of the dollar affects the balance sheet as well as our net profits and this has a one-off effect because of the correction of the divested assets in the Dominican Republic.

And this one-off is EUR 18.5 million. And without that correction, our net profits would have been 10% higher compared to the figure reported in 2024. But an important thing is a strong reduction in the net financial debt, which at the end of the fiscal year is EUR 137 million, and this is 25% lower than the figure reported in '24 and 35% -- sorry, and 34% lower than the figure we saw in the first half of the year. So that means that the leverage ratio is 0.9x EBITDA.

But before talking about the figures in detail, I would like to remind you that the figures for 2024 have been pro forma to be able to compare identical parameters because the divestitures are significant. And we have applied a pro forma formula. So in other words, these divestments, it's EUR 134 million and EUR 7.5 million in and EUR 5.2 million in net profits. So we are going to compare this with this figure with this pro forma figure that gives us a real snapshot of what this looks like.

We've closed the year with a business figure of EUR 1,045 million, which means that an organic growth of sales of 4% with lots of inorganic growth and also growth of ForEx because ForEx has taken off 2% and inorganic growth, 11%. And although there's been a slowdown of projects whose causes that I will be describing later on in the information divided by segments. And as I said, we are growing at a very good speed over in -- especially in activities, the recurrence of GDE and GDT services and the margins are growing and EBITDA has reached a maximum figure of 13.7% of the sales, which shows that this simplification has been very handy with the divestitures of those activities that had lower margins, and we focused much more on activities and businesses that have much more profitability than are related to the environmental world.

And the results of 2025, some of them stand below EBITDA, and it's important to detail this and the most important things would be a progressive reduction of financial expenses that finishes with a reduction of 8%, another EUR 2.5 million less in absolute terms. And this reduction came from the reduction of interest rates, which we expect will continue in the next quarters, motivated by 2 factors because there's been a reduction of the financial debt in our balance sheet and the normalization of the interest rates, especially in the United States, where the company also has debt denominated in dollars, interrupted operations.

And well, we have the relative figures for the Cerritos wind farm and losses have been reduced by EUR 3 million compared to 2024. And this reduction is mainly due to a reduction of financial expenses associated with the funding of the wind farm and with the commissioning of it, which would generate income. And this commissioning of the wind farm was one of the necessary conditions to carry out the divestment in the infrastructure, which started in the second half of 2025. And right now, we are working on the negotiation of a PPA with different companies so that we can maximize the value of this infrastructure.

And finally, this correction that has been brought about by the depreciation of the North American dollar in the assets of the Dominican Republic represent an extraordinary effect of EUR 18.5 million. So the attributable net profit is EUR 10.2 million without taking into account that one-off of EUR 18.5 million. So the figure would be EUR 28.7 million, which compared to 2024, it's a recurrent profit that is 10% higher. But let's now review -- let's review each one of the segments, each one of the business segments, starting off with Global Dominion Environment.

And this segment has a turnover of EUR 472 million in the fiscal year, which is equivalent to an organic growth of 5.9%, which is nearly 6% that we mentioned before, a percentage that stands above the guidance of the strategic plan. And so this, we have to add positive in organic growth totaling 1.1% as a consequence of these acquisitions that we announced in Q3. In other words, we're talking about Ecogestion de Residuos and UREC, which is a recovery unit for water in Cartagena, which is in the area of circular economy and the German company, ZCR that operates in the area of decarbonization.

But sales have had a negative impact on ForEx of about minus 3% and this area has reached a contribution margin of 10.3% of sales, which is somewhat higher compared to the figure reported in the previous fiscal year. And as mentioned on other occasions, within this area, there are different activities with very different margins. And we have those margins of circular economy that are higher than the rest. And right now, the circular economy represents 25% in the area of GDE. So as the weight of circular economy grows, the objective would be that this should reach something like 50-50, and then the margins will carry on growing.

Regarding the total figures of the company, this segment, GDE accounts for 45% of our turnover and 28% of the total margin of the company. So -- and in relation to what we've already said about the strategy of the company in this area, we are working on a relevant pipeline with lots of acquisition possibilities, and we're looking for new capacities, new capabilities and a new position so that GDE can become a European reference in terms of environmental services and infrastructures. And not only that, we also have the organic development of this area, which is very significant.

And I have to underscore that as regards to the circular economy, we're signing new contracts for the recovery of hydrocarbons and both in Spain and Latin America, but especially in Chile and Peru, where this activity -- where this automatic cleaning activity is a new development, and it's something that only we do and where we are consolidating our presence, and this is becoming a recurrent activity. As regards to decarbonization, we're still signing new contracts with existing and new customers. And we've signed the first thermal optimization contract in the United States. So we're opening up this market to this activity, and this has an enormous potential.

Let's move on now to Global Dominion Tech Energy. And here, we explain the 2 segments, GDT Services and GDT projects. On the one hand, GDT Services closes the fiscal year with a business figure of EUR 460 million, which is organic growth of 5.8%. And this segment is what actually has the divestitures -- the divestments are focused on this segment, and they subtract 23% of the turnover, and we have to add that ForEx is subtracting 2%. So this year, anything that is related to this area is affecting us in other areas, too.

And the GDT Services segment accounts for 44% of the total sales. But if we were to add this segment to GDE, we'd be talking about 90% of the company's turnover. And these segments are recurrent, as I said before. So therefore, we have achieved this objective, this recurrency objective in the plan that is exceeding 60% of our total and also 60% of the contribution margin related to recurrent activities. And these recurrent activities are the ones that have grown organically above the guidance. So this gives us lots of visibility in terms of turnover and in terms of future cash flow generation.

So we have the margin -- the contribution margin in the segment that reached 19.7% over sales. And as regards to the total figure of the company, GDT Services accounts for 53% of the company's contribution margin. Finally, GDT Projects closes the fiscal year with a figure of EUR 113 million, which is 14% lower than what we reported a year ago. And as mentioned, not only in this period of time, but this behavior has to do with the temporary slowdown in the execution of projects. And this is a consequence of the situation of geopolitical uncertainty that we're facing and also because there's been a change.

There's been a change of strategies in renewable projects where we do not execute anything until we incorporate a financial partner. So we want to have a greater financial discipline. So this slower rhythm of execution does not represent the loss of any projects or the collapse of any projects. So our pipeline is still strong and will eventually become income for us. And on the closing date of the fiscal year, the pipeline is EUR 413 million, which I think is well more than 2 years of project execution. The contribution margin now reaches 28.5% of sales in the year.

And in Q4, the percentage has been higher, much higher than the average, and this can be explained by the reversal of some provisions because of costs that we have not incurred in a project that has already finished. So we made an adjustment and the adjustment was positive, and it's the transmission line or transport lines in Angola. As regards to the total figures of the company, GDT projects accounts for 11% over sales and 30% of the contribution margin.

So once -- now that we've taken a look at the P&L, both globally and by segments, let's move on now to the main movements of the balance sheet. With regard to fixed assets, we have -- they have remained in line because this has coincided with the amortization of the CapEx of the year and also with the changes of perimeter. And there have been changes in the infrastructural assets where this reduction of nearly EUR 62 million comes from divesting in the photovoltaic assets in the Dominican Republic. The variation of the operational net circulating capital -- working capital is -- represents a net investment of EUR 250 million and there's also variation in the rate of exchange and elimination of the debt positions associated to renewable assets in the Dominican Republic.

With regards to financial debt, well, it now stands at EUR 136.6 million, which means that it's a reduction of 25% compared to December of 2024 and 34% compared to the last debt figure reported in June 2025. And this reduction has been brought about by the generation of operating cash flow in the year and also because we've collected EUR 70.3 million because this operation was signed in dollars and in euros, it means that we'll be collecting EUR 70.3 million for the divestment of the wind farms in the Dominican Republic.

So that means that the leverage of the company is equivalent to 0.9x EBITDA. So in other words, it's 0.9x for this fiscal year. So this generation of operating cash flow was EUR 71.7 million. So that means 5.4% higher compared to the operating cash flow that we generated in 2024. And of course, in 2024, we generated EUR 76 million in cash flow, but we have to discount a number of activities. So the figure for comparative purposes is EUR 78 million.

Cash generation has been used to pay an earn-out totaling EUR 1.2 million that corresponds to the acquisition of the Gesthidro company in 2023 and also for the payment of dividends to the shareholders were EUR 50 million in July as well as the minority shareholders, EUR 1.9 million and the investment of C&O related to the divestment in the Dominican Republic and EUR 6.3 million that correspond to interrupted operations.

In terms of CapEx, it has to be underscored that in addition to the EUR 20.1 million of maintenance CapEx, which is a figure that remains stable year-on-year, and we've even managed to optimize our levels, we have destined EUR 37 million to the expansion of different activities, among which we have the renting business for mobile devices, the development of renewable infrastructures and greenfields in the area of circular economy in Fujairah and in Tarragona.

So as a conclusion of these results in this year, we have achieved the targets established for the fiscal year. So this is thanks to the transformation we've carried out with a very positive evolution, and we have materialized many actions that were geared towards the simplification exercise established in the plan. And we've done so within the context that is pretty turbulent too, with lots of complications. So therefore, we have reached this final year of the strategic plan with most of the changes made and decisions taken in order to carry on progressing in our focus on the environmental world through Global Dominion environment.

And we also confirm that in 2026, we will be presenting a new strategic plan where we will lay down the foundations of Dominion of the future and where each strategic area will play a very important role. And before finishing, I would like to remind you that the dividend policy establishes a payment of 1/3 of the attributable net profit. But even so, the Board is going to suggest or propose to the AGM that we pay a much higher figure, much more than the EUR 3 million that would result from applying that policy.

And this is so that we can preserve the remuneration to the shareholders. So we will suggest a dividend of EUR 8 million in 2026, which is equivalent to about 50% of the net profit of the continued activities, in other words, without taking into account those activities that were interrupted. And I would also like to remind you about another operation in the area of our shareholder composition, which was done about 1 month ago with the departure of Mahindra. Mahindra owned 4.16% of our shares. And the relevant thing in this case is that this figure, 4.16% has been acquired by the main company shareholders that is by the biggest shareholder we have as well as by the Chairman and the CEO by the company, therefore, increasing their possibilities. So I would like to thank you for your attention, and we can now move on to your questions. So you can either write them in or you can raise your hand on the screen -- zoom screen. Thank you very much for your attention.

Okay. Well, let's start off with the questions then. [Operator Instructions] So let's start off with the Q&A session and give the floor to the people that have raised their hand. And please make sure that microphone is muted. Firstly, we have Carlos Javier Trevino from Group of Santander.

I've got a couple of questions. Could you please give us an indication of the levels of growth that you expect for 2026? And could you perhaps give us some reference divided by businesses? That would be very grateful. And the second question is when do you think that growth in project can be reactivated because the 2 quarters have been pretty weak. And I would like to ask you specifically about the situation of the construction of the wind farms in Italy.

When you signed an agreement in January last year, you spoke about 2 wind farms that would be built towards the middle of the year. And I want to ask you about that. And then could you please explain the reclassification that you've done with GDT services? And what kind of contracts have you got there? Could you please explain the nature of what's happened there?

Yes, as regards to the growth guidance for 2026, we are continuing with the current strategic plan. And therefore, we have to be over and above that figure of 5%. And that's what we have in our forecast, too. So we have to grow above that figure of 5%. And then you were asking about the issue of wind farms in Italy. Well, the first 4 projects that we had, we had an agreement with the partner. Well, these are already underway. And we're now seeing what kind of new project we could do.

We think that it could be another 4 or 5 projects that could be incorporated once again with this partner with IPT. We'd carry out another search. But in any case, so that we can build these projects based on the fact that we have already identified the majority buyer from 70% to 80% up to 100% even, and this is what we have in Italy. And then -- as regards to the reclassification issue, well, that's a very minor issue.

Well, yes, it's -- let's say, that this has to do with the quarterly aspect because this is something that I think that you do perfectly well because we have an activity in which we provide logistics services and these logistics services have to be recognized as an income based on added value. And this doesn't have to do with the logistics business, but it has to do with the added value associated with our logistics services. And in this regard, we've had some accounting entries that came from previous quarters that we've had to reclassify and adjust. But in any case, this is an accounting system. Well, as you can see, the figure for the year is the same one, but it's basically a focus between the third and the fourth quarters.

And when do you think that project growth can be reactivated? And when do you think you'll be going back to normal rates again, normal rates of growth?

Well, Carlos, the truth is it's very difficult to forecast anything because they are currently involved in public tenders. And you know that these projects are binary. But this year, we have good expectations. And I think that we'll be carrying out a project in Chile. And I think that green after divesting in the Dominican Republic will produce the development of new projects in Latin America.

Yes, I would say, in the Dominican Republic, where we've identified the partner, and it's basically the 2 main pension plans of the company -- of the country, and we have the right partner. We have the projects. So well, the -- there was -- 7 or 10 days ago, there was a PV tendering process with storage and we expected this for August or September last year, but this has been postponed 5 or 6 months. And the process -- well, towards the end of April, that's when we'll know what's going on. I think that the prospects are very good, and we will have a very significant reactivation as from the second or third quarter in relation to Dominican projects.

We -- in Italy, as I say, business as usual. And in Spain, we have some differences that to the extent that they can become self-consumption things, we could have a minor pipeline too to construct and to execute.

Let's give the floor to David Lopez from [ JB ] Capital.

I have a question on the growth CapEx because this year, you've invested EUR 37 million in expansion CapEx. But could you please give me some more details on what activities are involved? And especially the level of recurrence, what level of investment or expansion should we consider for 2026 because the levels for this year, the levels were very similar compared to what we saw in 2024.

Well, yes, in that growth figure or CapEx figure, we have the CapEx that is related to the renting of mobile devices, and that would be well just over 1/3 of that total CapEx of EUR 37 million. And then we have the developments that are taking place in the area of renewables. We have developments in Italy, in the Dominican Republic and which, as you know, we've invested part in that development so that we can then allow our partners to join and then carry out the conversion of the EPC where you allocate much more capital.

And we do this in the minority manner by -- well, by the arrival of the partner, we've recovered most of what we spent on developments. And then we have what we have invested in the greenfields in the GDE greenfield in the area of circular economy. And we'd be talking right now about something like, well, in Tarragona, where we've invested in the purchase of land in Fujairah, where we are also going to create a MARPOL plant. In other words, a circular economy facility, whatever is for MARPOL. It has to do with sea pollution. So this is going to focus on the circular economy applicable to polluted water, seawater. And these are the 3 chapters that is devices, renewables and GDE.

And what about 2026? What level of CapEx and expansion should we consider?

Well, I think that lower as regards to the development of renewables because they are much more mature. And then what we are starting to see now are greenfields that have been better identified in the case of GDE. So I don't know. I think that perhaps and perhaps with a different kind of distribution, we'd be able to reach those levels, although it's very difficult to forecast anything like that straight of the cup. So yes, but as Robert said, it will be a different kind of distribution where GDE would be more present.

Okay. We're now going to review the questions that have to be answered from the chat. And if you want to send in any more questions, it would be the time to do so before finishing. Let's start off with Luis Padron. He's already asked several things. But anyway, when do we expect to present the new strategic plan? That would be the first one. Why are we reducing the dividend when there's a significant improvement of our debt? And the final one is that would you be considering a buyback of shares. And that's why the dividend has been reduced.

Well, as regards to the presentation of the strategic plan in the second half of the year, well, after the summer, we'll give you the specific date, we would like to present that on the Capital Markets Day, which is when we'll be able to analyze the different issues in greater depth. And then as regards to the dividend, as you point out quite rightly, I think that there's an issue here, like Patricia pointed out, that has to do with net profits without bearing in mind the interrupted operations, we've increased this up to 50%.

And compared to previous year, previous years, cash generation has been significant and the levels of net debt have been reduced, and we're comfortable underneath 1x EBITDA. But I think that on our road map, we have attractive investment ideas. And as Patricia pointed out, we've tried to compensate things. And we've tried to be adequately reasonable in our remuneration to the shareholder, although we know that there are internal projects that will generate value -- more value for the shareholder.

Yes. Well, this is linked to an aggressive investment plan. And then we have the issue of the buyback, the buyback of shares. Well, this is also something that is being dropped into. It's an issue that we would analyze under the new strategic plan as from this year.

Let's move on to the questions from David [indiscernible] from Scotiabank. And both of them are asking us about GDE. So there are questions on Q4 in 2025 with a business figure of EUR 140 million and contribution margin of EUR 8.9 million, which represents 6.4%, which is much lower than previously reported figures. And why has there been this slump in the margin over sales?

Well, this always happens to us in the most individualized part of GDE and Q2, Q3, well, these are much more powerful in the Central Europe or East Europe. But this is part of the company that we are individualizing and which -- what happens is that in December, when they achieve 100% of what they've committed to, we become a little bit more relaxed, but this doesn't really mean anything else. There's no really no significant element here to be considered.

There are several questions here on Cerritos. So we're going to group them up. Okay. [ David ] from [ Destino Fortunato ] is asking if the situation in Mexico is affecting the negotiations for the sale of Cerritos. And then Diego Martinez and [ Ignacio Joaquin Andreu ] are asking us about our forecast for the net debt once Cerritos has been sold.

Well, I'd say this is something that we mentioned with Cerritos. And Cerritos 2, 3 years ago became a problem because of the policies that were in place. It's no longer an issue. Now I don't know if this is going to be done on April 1 or May 1. But as you know, this is a project that is rated as an operation available for sale. So the value is about $100 million with a debt of about $85 million or $90 million because this is in euros.

And we believe that the net asset value is properly reflected, and we're also actively working to round off the value of the project and defend its worth with an interesting PPA, something bankable, something that can be much more attractive for sale purposes and the sale for it to be operational. We -- well, we are going to -- we're now talking about 3 or 4 main leaders with whom we are negotiating things. and 3 or 4 bidders.

And I think that this is a project that will become liquid. It's going to become liquidity, and we're now focusing a little bit on the details of if we can or cannot recover the accounting value or the book value, and that's what we're really focusing on. And I can't really say much more about Cerritos.

Let's move on to the last questions from Ruben Alonso. But I would like to remind you if you have any further questions, this will be the time to send them in before we finish.

Okay. Ruben, we've got 3 or 4 extensive questions. And the net asset value, well, we reaffirm what we have in our books because I think that there's an amount there for infrastructure that we will recover in the next 2 or 3 years. In other words, 20% of the Dominican Republic, we expect to recover this in 3 years. And we are also looking into if we have to perform any operations, as you point out, with the rest of renewable assets, because the idea is to focus completely on this rotation strategy that we initiated in the year '23. So this is what we can see.

Although, obviously, together with the operating cash flow and according to the amount we would obtain in these recent divestments, I think that what we would really focus on is a company with 0 debt or 0 cash. And of course, it's very difficult because we're working on a new strategic plan, which I think is what Patricia mentioned and what the CEO said too. And we are focusing a lot on the greenfields and organic growth in the area of the environment where we have a number of interesting ideas that have to be carried out in the next few months, and it's very difficult right now to give you a debt and generation guidance.

But we feel comfortable with 1x EBITDA. And I think we said that in the call of the third quarter, we said that we had an EBITDA of 1x. And I think what I'm missing is the debt that we had committed. But in any case, the important thing is that we have the basic elements to relaunch in this simplification strategy, the Dominion that we want to see in the future. Yes. And I think that I've answered practically everything with that comment.

We have one final question from Luis Padron from GVC. What profitability do you expect from the aggressive investment plan of GDE? Is it possible to have a buyback of shares?

Well, yes, of course, because we have an ambitious plan, and we have the right people, the right team for that. And we are now -- well, it's like when we were listed in 2017 and the segment -- the sector was highly segmented. And we wanted to achieve a lot of growth inorganic and organic growth. But as regards to this part of the plan, we are going to be aggressive. So in other words, the GDE figures of the last 3 years have multiplied EBITDA by 2, and the EBIT is 2.7x.

We think that there are lots of very interesting opportunities on the table. And this is where we believe that it's worthwhile getting something done. So we will obviously remunerate the shareholder, but we think that here that there is -- I don't know, there is the possibility of generating a significant amount of value. Well, yes. And considering that we are in the year 10 since we were listed, we were first listed in 2016, and we reached the market -- we reached the market with a promise of EUR 43 million in EBITDA. It was EUR 150 million plus the green through.

And all of that capital expansion via dividend and buyback has gone back to the shareholder. In others, we've given back to the shareholder much more than we initially predicted in 2016. But now we have another plan, which is a very aggressive plan, as Robert has just put it out in GDT, we will have lots of organic growth and very good performance. It's a very good business that we dominate and we are doing things even better, and it's very diversified, too. And the truth is that we're very happy with it. And GDE is a very ambitious project, and we expect to receive some very important news in the next few years. And that's what we're currently working on, and this is what our strategic plan is also focusing on, too.

There are no more questions. So we will close the presentation here. Thank you all for listening. Thank you.

Thank you very much. Goodbye.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good afternoon, and welcome to the disclosure of Dominion.

Before starting, I would like to remind you that once we finish the presentation, as usual, we will open the floor for your questions. [Operator Instructions]

And we're going to start with [indiscernible], who's the Director General and Patricia Berjon, who is the Director of Corporate Development.

Good afternoon, everybody, and many thanks for attending this results disclosure of Q3 in 2025. We are facing a quarter without major changes relative to what we've already seen in the rest of the year. In other words, business as usual with positive evolution in spite of the context and in spite of the geopolitical situation where uncertainty is the dominating factor.

We are fully aware of the fact. And although we don't have many direct impacts, I'd say that the main effects for us are, on the one hand, the strong depreciation of the dollar during the year and on the other, the slowing down of the project segment, which is fully compensated by the recurrent businesses of GDE and services.

And as a summary of what we're going to be looking into for the first 9 months of the year, we can underscore that we've had organic growth of sales that is far above the guidance and reaches 9% in constant currency. And we believe that we shouldn't forget that we have carried out significant divestments that have eliminated more than EUR 110 million from our invoicing.

And this simplification process is continuing together with the divestment in the Dominican Republic, and it can be seen in the increase in consolidation of our profitability above 13% and reaching our EBITDA margin over sales of 13.3%.

But to this -- together with this transformation process, we're also boosting our strategic area of the global Dominion environment with acquisitions. That is 3 companies in the quarter, 2 of them in Spain and 1 in Germany in order to gain a position in the different industrial poles and increase our infrastructure and capabilities in this kind of activity.

And finally, as we've already mentioned, the net profits have been strongly affected by the depreciation of the dollar, which has produced a correction of the divested assets in the Dominican Republic. Without this correction, the net profit would be 40% higher compared to the figure of 2024.

But now I'm going to move on to the details. But before doing so, I would like to remind you once again that the figures for 2024 were pro forma to be able to compare identical parameters after divestments of -- to 2024, and which mainly refer to the sale of industrial maintenance services to Serveo.

And let's say that this pro forma has an impact on divested activities of about EUR 140 million in terms of invoicing or turnover, EUR 5.6 million in EBITDA and EUR 4.3 million in terms of net profit. And it's with this pro forma figure that has the same perimeter with which we're going to compare the results for these 9 months.

And the business figure reaches EUR 800 million and represents organic growth at constant currency of plus 9%, in line with what we said in the previous quarter and practically doubling the commitment established in the strategic plan, and you know that it's 5%. And this growth has been boosted by new contracts throughout the year, mainly in services that are recurrent and therefore, have been maintained month-after-month and give us visibility and also have provided good future growth possibilities. But the inorganic growth has subtracted 13% and the ForEx effect has been negative by minus 2%.

Margins, we've already mentioned at the beginning of the presentation are consolidated above 13%. This shows the end result of the simplification strategy covered by the plan. And we've also focused on activities and businesses that are more profitable, that are associated with the environment, and which increase the potential expansion of margins, which we expect will progressively increase in the future.

And with it, in these 9 months, we have an EBITDA of 13.3% over sales, and that is a growth of 6% in absolute terms. But below EBITDA, it's important to mention several things. On the one hand, the reduction of financial expenses continues as we already saw in previous quarters. And this is the end result of the reduction of interest rates by different central banks.

This effect has produced a reduction of 25% of financial expenses, roughly, which is equivalent to something like EUR 7 million in the first 9 months of the year. It's expected that this effect will continue in subsequent quarters, and the company will progressively reduce its net financial debt as a consequence of divesting in renewable infrastructures and interrupted operations.

We've then included the wind farm at Cerritos has also reduced its financial expenses significantly. And the new development in this quarter is that the farm is in operation and is therefore, is producing energy in the test revenues model. And as a consequence, and apart from this income, the park or the wind farm has operating expenses.

And finally, there are several one-off effects that are associated with the divestment in the PV assets in the Dominican Republic with a total of EUR 16 million in 9 months. We have the correction that we mentioned in the semester results, and which is associated with the depreciation of the U.S. dollar, and which doesn't represent any problems in cash flow.

And the attributable net profit reached EUR 6.1 million. And without taking into account those one-off effects, it would be EUR 22 million. In other words, the recurrent net profit is 40% higher compared to the net profit that we reported in the 9 pro forma months of 2024.

But let's now look into how each one of these businesses has evolved to establish these global figures. We will talk about global Dominion environment with a turnover of EUR 332 million and growing organically 8.3% compared to the same period of the previous fiscal year. It's a segment in which we have the biggest impact of the currency because ForEx subtracts 2.8%. And the area has a contribution margin of 11.9%, which means that the margin of the segment is growing at 2 digits vis-a-vis that 8% of growth in turnover, the margin grows by 11%. So GDE accounts for 41% of the total level of turnover and 1/3 of the total margin of the company.

As we've already mentioned, this segment is going to focus on the inorganic growth and expansion CapEx. And during Q3, we validated this strategic approach by announcing the acquisition of 3 companies. We have URAC, that is the water recovery unit of Cartagena. This is a plant for the processing of industrial water and transfer center in the province of Murcia. The operation has brought about the acquisition of assets, and it will be fully operational as from 2026.

And in Spain, we have Ecogestión de Residuos, which is a company that manages and transfers industrial waste, and it's located in the province of Cádiz. Best companies are going to join the businesses of the circular economy, and this allows us to have more geographic presence in the main industrial centers in the South of Spain. And we also have different operational synergies together with the rest of the infrastructure and activities already underway in those areas.

And thirdly, the German company, Züblin Chimney and Refractory specialized in industrial decarbonization, and which was our main competitor in this segment in the country for this company has a very solid client portfolio. And now we have become leaders in the German market, and we have become a reference in the Central European market, and we are also collecting all of the operational synergies after integrating both companies.

We consider that we are facing an atomized market in the area of the environment and that we can achieve a significant buildup in Europe. So that's why we're analyzing operations that can provide Dominion with new capabilities and a solid position and progress is being made in developing several greenfields, both in Spain as well as in the Persian Gulf.

And as regard to organic development, it has to be pointed out that we are continuing with the internationalization of certain circular economy activities in the previous quarter, we spoke about our first recovery and revaluation operation in Latin America. And in Q3, we've extended the radius and now we're starting to work in Chile. And we have also continued with very good actions in terms of decarbonization as we're providing advanced engineering services, optimization and maintenance and integral revamping of different kinds of furnaces and in different locations.

Now Global Dominion Tech-Energy. Well, here, we are addressing the energy and digital transitions, and this has been divided into GDT services and GDT projects. GDT Services closes the first 9 months of the fiscal year with a business figure of EUR 374 million, which means that there's been a growth of 13% in turnover compared to the same period of the previous year.

It's the segment that has grown most and its characteristic recurrence gives us lots of visibility in terms of future turnover, and we can confirm the strength that we've seen during the entire year when more operation and maintenance services were hired for telecommunications infrastructure and electrical infrastructures in Latin America. The contribution margin stands at 17.9% of sales with a growth in absolute terms of 8%. As regards to the total of the company, GDT services accounts for 47% of the total sales and 53% of the contribution margin.

And finally, GDT project or projects closes the first 9 months with a business figure that is practically identical to the one reported 1 year ago. There's a slight reduction of 3%. And this practically flat behavior has its origin and that slowdown that I already mentioned as regards to project execution, which is a consequence of the geopolitical uncertainty we're currently facing.

And it's also the end result of a greater financial discipline imposed on renewable projects where we don't execute anything until we incorporate a financial partner. And in this regard, we have Q2 with more executions, and we were carrying out the Italian projects. And now that this has reached its final stages, we have a third quarter with less turnover.

It's important to say that this slowdown does not represent any losses in terms of projects, but rather temporal delay. So this is why the portfolio now stands at EUR 426 million. And during Q3, we can underscore a new project for technological integration for the National Authority of Infrastructures in Peru. And the project is about engineering, installation, configuration and implementation of weather radars, weather stations and early alarm systems in the regions of Ica and Piura.

And to finish with the project, the contribution margin now reaches 22% of sales. In other words, these are levels that are much higher than the growth that have been established for this segment. And as regards to the company itself, GTD projects accounts for 12% of the total sales and 16% of the contribution margin at the end of these 9 months.

As regards to the balance sheet, although we have not presented the balance sheet in these 9 months. Well, no cash -- there's been no cash consumption in these first 9 months of the year. And in this quarter, we've paid the dividend in the month of July for a total amount of EUR 15 million, and we've also paid an earn-out for about EUR 1 million corresponding to a delayed payment for the Gesthidro company and as regards to the divestment in the Dominican Republic, I would like to remind you that the $102 million of this operation, we've already received $19.4 million when we signed this in July, $62.2 million will be received during the fourth quarter of this year and the other remaining [ 20.5 ] million euros or dollars will be received in 2026.

But to conclude, I would like to underscore that this year, 2025 has been a very relevant year as regard to achieving the objectives of our strategic plan. We are culminating the transformation we set out to do with strategic investments and divestments, and we are advancing in this simplification process, which we hope will produce the disinvestment of Cerritos.

And we also have the strong growth of recurrent activities. We have to strengthen that recurrence, which is one of the 3 pillars of our strategic plan, and which is absolutely fundamental in these contexts in which we are living. And this recurrence also makes us feel calm, so that we can be ambitious with new opportunities like the GDE opportunity.

We -- in our strategic plan, we say that sustainability and reducing the environmental impact of the industry was an opportunity we had to make the most of. And we have configured ourselves and organized ourselves to get it done. Our target in this area is to make use of these tailwinds to become a reference in Europe as regards to environmental solutions for industrial customers. We have the capacity to become a compounder of different players and to grow with fixed and mobile infrastructures in relation to the circular economy and decarbonization services.

And with this, we want to build a reference platform at a European level that offers these environmental solutions to our customers. And that's all from me. I'm going to close here with the analysis of the results. Many thanks for listening. And now we can move on to your questions, if you have any. Thank you.

Carlos Trevino, please.

Can you hear me?

Yes, we can hear you now.

In previous years, you've given us an estimate of where the EBITDA would stand for the total year. Could you give us a reference, please?

And then after that, I have another question, a question on services in the field of energy. Well, this is a double question. You've grown what is it, by 20%. And in the first half of the year, you'd grown 9%. And I want to know if this has to do with the sporadic contracts or this has to do with new recurring contracts. So therefore, are we going to see stronger growth more than what has been reported until now?

And then as regards this and as regards to the contribution margin in Q3, there's only been 5% of growth compared to 20% of growth in sales. But this -- does this have to do with the initial costs of these service contracts? Or is it that there's less profitability attached to this business?

And the third question it has to do with Tech-Energy. So if we take a look at the projects and if we look at Q3, there's been a turnover of EUR 7 million when on average, it's been EUR 35 million under normal conditions. And well, the previous quarter was very good over EUR 50 million. But in the data that you have reported to us; the figure was about EUR 35 million. So it's a drop of nearly 80%.

And I understand your reasons, but perhaps could you explain this a little bit more in greater depth? Could you talk about the nature and the geography of these projects that have come to a standstill?

Thank you, Carlos. If you want, I will start with the questions that have to do with the different segments, GDT. GDT services, you were asking about growth and if it's more recurrent or less recurrent for some sporadic events because it's true that services is growing in a very significant manner, not only in this quarter, but I think that has been growing during the rest of the year, too.

And the answer is that it's recurrent because our service world has that specific characteristics. So this is why in the presentation, I emphasize that this growth also will become very visible in future turnovers. And we've also had some very significant operations in the first part of the year that are now being reflected in our accounts.

And as regards to the margins, they haven't grown as much as turnover has. And yes, that is true. It is true because when new contracts are initiated, there are certain initial costs involved, and then you have the ramp-up of the service contracts that could have a bit of an effect, a bit of an influence on the margins. So it is to be expected that we will maintain a strong growth in our margins and in our turnover in the area of services.

As regards to GDT projects, you were saying that we've had something like EUR 30-something million in turnover every quarter. That is the case. And in the last quarters, although specifically, you can see that we're talking about a much higher figure, about EUR 50 million in the second one. And you know that projects do not have a linearity or do not have that kind of behavior that services have, and we can come across a bigger levels of turnover in one quarter and lower in the next.

Well, we had quite a lot in 2, but we have less in 3 for projects. But in addition to that, and it's something that we've mentioned, the uncertainty that we're experiencing right now means that the turnover of the different projects in which we are involved is slowing down. And not only that there are projects that could have started that have not, but there are some that we are already working on that have produced turnover that is less than we expected it to be.

And then there's another factor, which we've also mentioned sometimes. We have projects in the portfolio for renewables that we could execute, but which we are not going to execute until we don't have financial partners. And if that means that we have less turnover in a temporary manner, this will probably in favor our financial stability, and that is the path that we think we have to follow.

Carlos, I'm Robert. And I'd just like to add that, well, yes, we're talking about 2 specific geographies in renewables and what we are doing, you know that we consolidate the projects, and we want to make progress in things that are -- this would have no impact on the account because there are a couple of projects that are somewhat more stagnant because we're still trying to get all the pieces to the puzzle first. And that's why we've had less production and less turnover in that particular area.

And as far as 2025 is concerned, let's say that there has been an impact there has been less production in Q3 in the area of projects that as Patricia has pointed out, this has been compensated by the most recurrent part of the company. And I would like to say something that 2025 for us, we think that is the year for the definitive strategic transformation. And this is where we have to focus on all of those concepts that we mentioned, recurrence, simplification, et cetera, and what we now expect, or we think that the end of the year will allow us to have a company that is ready to address the new plan that is coming along.

And we've already shown the 2 main areas of the company. And I'd even say that more than guidance or commitment, what we are seeing is that what we're going to do -- we're going to have a ratio here of 1x of the net financial debt EBITDA. And if you want to have any more data last year, the pro forma, I think it was EUR 142 million in EBITDA when we closed. I think that we have to stand with that range. I'm not sure it's EUR 140 million, EUR 145 million or a little bit more, but with net debt levels at those levels as a starting point.

And all of this, considering that we still have a part of the company balance sheet, or part of the company's debt that is funding the infrastructures. And this is part of the debt. And our idea is to advance and to eliminate this from the plan little by little. So you can see that in this approach, if we were to isolate that item, we want to go back to the Dominion with low levels of indebtedness. So with the pipeline and with the things that we're looking into right now, certain growth and certain M&A operations can be readily available so that we can generate more value in all areas.

But more specifically, and what Patricia pointed out in this that we have set aside that has to do with the environment and the circular economy and decarbonization and try to focus much more on that. I believe that this would be the approach, or this would be our target, our target to fully focus on the year 2026.

I have another couple of additional questions on figures, but I will give the floor to my colleagues, and I'll raise my hand later on, if I can, of course.

Thank you very much, Carlos.

Let's move on to the questions from the panel. [indiscernible]

A couple of questions. Can the company confirm that after the reduction in interest rates, the deconsolidation of Phone House and the sole of renewables and financial expenses are going to be reduced from EUR 60 million to EUR 30 million by contributing another EUR 30 additional million to the net profit in 2026.

Well, I can't -- we come from a world of 16%, as Patricia pointed out, and we had a pro forma situation. And this year, we would reduce this by 10 or so. But first, we have to see some of the snapshots we have on divestments and net debt, so that we can give you an exact figure.

And obviously, we are now following the path of reduction. We believe that an interest rate at about 2% will allow us to consolidate the reductions that we've already seen this year. But anyway, we haven't really done an exact calculation, nor do we have an absolutely in-depth information, and we can't really give you any figures right now.

And the second question from Ruben.

And if we were saying at the analyst conference, we were talking about EUR 150 million in EBITDA was going to benefit from the reduction in interest rates and the sale of renewables. And this wasn't possible in 2025, but do you think that the results will be felt in 2026?

Well, this is in line with what you said, and that is the sale of the Dominican Republic has got a one-off effect at EUR 16 million. And we're obviously now looking into financial expenses. And you know that at this company, we always set ambitious targets and aggressive targets, too.

And yes, we do believe that we have the right work plan, and we're getting the company ready so that we can apply leverage to our profits and increase them. And we will then inform the market. We will send to the market the guidances and the commitments that we will be approving during the Board, and you will receive all the information.

Yes, we have to submit a new strategic plan. And this new strategic plan, something that we've already given some indications on, but it will possibly be followed by an inorganic growth plan and an investment plan, and this is something that will also have to be reported through the income statement and through the P&L account so that we can further define the upcoming strategic plan.

But in any case, we're already looking into this, and we're seeing how this can be transferred to profits. But first of all, we have to identify all the items correctly and clearly.

Okay. Next question from Luis Padron from GVC.

Two questions. And could you give us an indication on the net financial debt at Q3 2025? And the second is what can we expect for the projects in Q4 in 2025?

As regards debt, you have the data was published. I think we finished with EUR 184 million or EUR 207 million at July -- as from July. And in September, we don't do any disclosures. We have a little bit less debt than what we had as of December, but I think that we've already answered that question.

And I think what we should have is a debt that is 1:1 with the EBITDA we achieve. And that's where I think we could feel comfortable and where we are already heading towards what it is we want to achieve. As regards to Q4, well, it will be better than Q3 without a doubt. But as you know, and as was pointed out by Patricia before, let's say that our projects could be better than we expected or somewhat worse.

But in any case, I have to insist where do we stand because we are not having any kind of gap here, and we are not focusing on the portfolio. The projects are there. We're very calm, we're comfortable. And this is an issue that has to do with the cutoff point in the year and to see how much we can actually execute, although we'll see. We'll see how things turn out in the end.

Well, we have another third question from Luis Padron.

And are we having any difficulties to obtain the funding for renewable projects? And if so, what are the reasons?

No, what I mean to say, I don't see any problems in terms of funding because we have to find an equity partner, and I have to reiterate our strategy. We are enabler of IPPs, and we are not taking any decisions of carrying out certain projects that we already have because one has to find a buyer for that project. You need to have visibility for all the pieces in the puzzle. And that's not only funding because funding but obviously, it would be feasible and could be obtained, but it also depends on the quality. The quality of the funding is going to depend on the PPA that we can get, and it will depend on the quality of the solar or wind resource that the project has.

But what really concerns us more is this business of finding partners as we already have in Italy or in the Dominican Republic and other places. People that are willing to share or cover most of the projects so that we can start to execute them or carry them out.

Next question from Diego Martinez, and he's asking us about 3 things. The first, do you have an estimate of the EBITDA that will be contributed by the 3 companies you've acquired? Are the EBITDA margins similar to those that the company has, 13.3%?

Second, are you going to consider more acquisitions for the rest of the year? And finally, do you have any offers for the Cerritos wind farm? So when do you think you will sell it by?

Well, the companies that we are acquiring do not have a big relevance. I think that on average, there could be about EUR 1 million in EBITDA H1. And the margins are obviously -- well, these are circular economy companies, and I think that they can improve that figure of 13%. So the mix could improve.

And in that respect, there are going to be more operations from now until the end of the year. Well, there are possibilities, but one never knows when one is going to be able to close all of these opportunities. They do exist, and we are analyzing them actively, and we are looking into this.

I think that as regards to Cerritos, yes, the process is already underway. And as Patricia pointed out previously, the project 2 days that we received the documentation with the migration of the project, and all of the trials that we had to perform have been done. So we're waiting for them to perform the definitive tests in Mexico.

And as I say, now that we've migrated the permit, and this means that absolutely all the conditions have been met to formalize a sale operation. The process is underway, and we think -- expect that by December, we'll be receiving proposals, binding proposals so that we can formalize the operation. And I think that being reasonable and realistic, I think that by Q1 next year, and this is what we can see right now.

Although we do know that as from December, well, we know how much the valuations are going to be, where it is we stand, and we also know how we're going to proceed and what decisions have to be taken.

We're going to give the floor to Carlos Trevino from the Banco Santander, who's raised his hand once again.

Can you hear me?

Yes, go ahead, Carlos.

Well, I've got a couple of questions that have to do with figures more than anything else. The first one, you said that the inorganic contribution of these 3 companies has not been significant. But I think that this is something you announced in June, and that is the purchase in Germany, and you spoke about EUR 26 million in turnover. So could you please give me the figure of how much these purchases have contributed in the quarter, or perhaps it is that you didn't close them in July and you closed them somewhat later? That's the first question.

Go ahead, please. No, we announced them in July with the signings. But in the case of Germany, well, we then move on to Q4. And yes, it is true that they had a higher turnover. The others are of circular economy, and this one has a somewhat higher turnover because they were operating in a group that was stopping performing this activity and it was not profitable. But in the case, we can contribute value there.

But as regards to Q3, the contribution made by these 3 companies, I think is 0 or minimal. I think that even in the consolidation processes, we have not taken them into consideration. And as I say, in Q4, this could be, I don't know. I dare say that it could be, I don't know, EUR 0.5 million or so, I dare say, roughly. So it's not going to be relevant.

And the second question has to do with the one-off of the Dominican Republic that's gone up to EUR 16 million in the cumulative figures of 9 months. When in the June results, you spoke about EUR 14 million. So could you please explain that?

Well, I'll explain this, yes, certainly. When we formalized the Dominican operation, we carried -- we formalized a lot book. In other words, the operation was formalized as of January 1. So all these projects were funded with an equity mix or with a capital mix and part of shareholder loan that we were -- where we are accruing interest.

So the -- what we have that figure of 12% in the exchange rate for the dollar produced that effect of about EUR 14 million, which is what we can see in accounts and something else that will also have an impact on our equity because of conversion difficulties.

But what we were doing for the corporation to be homogeneous and pro forma relative to the previous year is that each of the quarters, we were accruing financial income that we are no longer accruing, but it used to be EUR 2 million, approximately. So what I'm saying is that the exchange rate we've closed in September, practically the same as in June. It remains at EUR 14 million, but for there to be a homogeneous comparator, we have to incorporate EUR 2 million that we don't have now in financial income, which is when Patricia said that the financial results have improved by EUR 7 million.

And so with this same exchange rate and with everything stable, the Dominican operation will have an impact that can be compared to the previous year, which is 14 in June, 16 in September and 18 in December, basically. And that is the effect. And this is the explanation. So it's a comparative analysis of the different opportunity costs because -- so we're not accruing that part of financial income that we were doing in the past.

Okay. Let's move on to the next question from Diego Martinez.

And you said in the presentation that financial expenses have been reduced, thanks to the reduction in interest rates. Have you used any of -- anything of what you received from the sale of the Dominican Republic to reduce debt, or is that reduction only -- has -- only it happened because of the reduction in interest rates?

Well, we've collected the first $20 million at the end of June. So we -- obviously, for 2 months, we had those dollars in our pocket. Perhaps we didn't mention that, but we do expect -- well, let's say, we have an impact of the interest rate, but it could be reversible. And those dollars are in cash, and we have them remunerated. Why? Because we believe that in the future, in Latin America and in the Dominican Republic and in Mexico, we're going to have projects that are going to be dollarized, and we're going to need those dollars. And those dollars are on the table for Dominion, so that we can invest and rotate or whatever.

So we -- are we concerned about the rate of exchange? Well, in the very long-term, but we believe that our functional currency in these projects is the dollar. The dollars we've received have not been exchanged. And as I say, we maintain them. So this exposure -- and there is something that is the latent and which we are going to maintain because this is going to be used to generate new contribution margins as a consequence of that rotation.

So I think that the answer would be yes. They have been placed, but we've had financial income for 2 months. It's about -- been about $20 million for 2 months, roughly.

Okay. We're going to close the Q&A section.

Thank you all very much for your questions, and we hope to see you again next quarter.

Thank you very much. Bye-bye. Good afternoon, everybody. Bye.