Good afternoon, and thank you very much for attending this call for covering the results of Q1 2026. Firstly, this morning we held our AGM during which our CEO, Mikel Barandiaran, has reviewed the progress made in 2025 and has also reviewed how things stand in relation to the strategic plan now that there are a few months left before this finishes.

Apart from approving the results of the 2025 fiscal year, the AGM has approved the distribution of a supplementary dividend totaling €0.052931 per share, maximum to be paid out €8 million gross. The distribution will be carried out on July the 9th.

During the AGM, there was another milestone. We have reached our 10th year of being listed on the stock exchange.

That was on April the 27th, and in these last 10 years, we have also spoken about our solid growth, solid and constant growth at a fundamental level, and how we have delivered value to our shareholders by increasing the value of our securities and by paying out dividends, buyback, buying shares. It's been a long day, I'll try to be brief so that we leave enough time for your questions.

Starting off with the context, the geopolitical instability and the increase of energy prices, they have created a scenario that is applying pressure on interest rates and has increased uncertainty in international trade. We all know that this situation, and especially instability in the Gulf, is affecting the confidence of companies and global investment decisions.

This has an indirect impact on our project segment and potentially more direct in terms of our GDE activities in the region. We'll be talking about these impacts later on when we review the activities in each segment.

As regards the numbers of Q1, we are facing an especially active quarter despite the international uncertainty, with growth in all connectors. In order to correctly interpret our accounts, we have to bear in mind that divestments and acquisitions of companies carried out over the last few months have affected the figures of the first quarter.

Let's go through this very quickly. On the one hand, we've had divestment activities.

We've sold industrial activity in France as of December 2025. On the other hand, we have the virtual mobile operators, TTB, its provider was progressively transferred as from the first quarter 2025.

Finally, the chain of MásOrange shops in January 2026. These divestments are included within the simplification process covered by our 23-26 strategic plan so that we can focus on activities that are much more profitable, taxonomical, and with growth.

On the other hand, we have investments. Because in 2025, we bought the Aurum Gestión company dedicated to circular economy in Spain and TTR, the decarbonization business in Germany, which in both cases were integrated during Q3 of 2025.

This is why on the presentation we've included a column with the data of Q3 of 2025 and adjusted the effect of these divestments. This means this impact, €35 million in terms of turnover, €3.2 million in terms of EBITDA, and €1.9 million in terms of net profit.

This has the same perimeter than the current one with which we are going to compare the results obtained in the first quarter of 2026. Therefore, Dominion has closed the first quarter of the year with a business figure of €247.2 million.

This figure, as mentioned before, has a significant inorganic impact. It's 9.5% and a negative impact on the exchange rate of 2.2%.

If we were to isolate these two effects, we have grown organically at a constant currency by 5.3%. Therefore, we comply with our strategic guidance and ratify the resilience of a business model that is diversified and is recurrent and is able to maintain growth under scenarios of uncertainty.

The contribution margin stands at €39.8 million, and EBITDA reached €33 million, which represents an organic growth without Forex of 2.5% compared to Q1 in 2025. We have a profitability over sales which is 13.4% in this quarter, and a slight decline compared to the same period as last year.

This is explained by a lower weight of the GDT project segment, which as it's the segment that has the largest margin. On the other hand, the weight of recurrent segments and its good margins means that this margin over sales remains over the level of 13%, and these are record figures in our business.

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 margin, of course. That's logical, but we are building a more profitable company, and 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 relevant to point out that there has been a reduction of financial expenses that are still maintaining a down trend. In particular, these costs were reduced by nearly 27% year-on-year, and now stand at €8 million as compared to the Q1 2026 vis-à-vis the €11 million reported in the same period of the previous year.

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

Now let's move on to the evolution of each of the businesses. Let's kick off with Global Dominion Environment, with a turnover of nearly €107 million in these first months of the year.

This represents an organic growth of 4.3%. This is the segment that has the biggest currency impact, because Forex subtracted 5.3%, which explains the slight retrocession or regression of 1%.

As regards profitability, the business is still gaining operational efficiency, and the contribution margin has reached €15 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.

This improvement can be explained by the good behavior of the circular economy activities in Spain, which are precisely the ones that have higher margins in these activities of Global Dominion Environment. This segment is the only one that has direct operations in the Gulf area, and this is why we have mentioned the impacts that this could have.

In the last month, we saw a certain degree of affectation, and we'll have to wait until to see what happens with the conflict. In any case, the maximum volume that could be affected is something like €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 margin.

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, which reached a high level of recurrence both in Spain and abroad. We've also maintained a solid input for decarbonization activities, with awards related to energy efficiency services in America and Europe.

Let's move on now to Global Dominion Technology, an area that embraces energy and digital transitions, which is divided into GDT Services and GDT Projects. On one hand, GDT Services closes the first three months of the year with a business figure of €106 million, which means that there has been a growth in turnover of +17% compared to the same period of the previous year.

This is the segment that most grew organically, and its characteristic is recurrence, although this gives us lots of visibility in terms of future turnover. It's in this segment where we have most of the recent divestments carried out, and especially are 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 used to operate for MásOrange.

This is why the adjustment is carried out, is very relevant to show a comparison of what this is all about. On the other hand, the contribution margin has also grown compared to the same period of the previous year, +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 multi-annual contracts of recurring character in Spain and Latin America, as for example, 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. Finally, GDT Projects closes Q1 with a business figure of €29.3 million, which represents a slump in our turnover of -17% compared to the same period of the previous year, whilst the contribution margin is not affected.

It stands at 21, 21.5%. That means that we're not talking about an impairment of operations, but rather by a lower level of execution resulting from this global uncertainty.

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 €380 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 16% of the contribution margin for the company in this first quarter.

Finally, very quickly now, the possible balance sheet movements, although we have not presented a detailed balance sheet nor the position of the net financial debt. In any case, it has to be pointed out that during this first quarter of 2026, there have been no relevant operations that have impacted cash generation.

There have been no expenditures associated with investments or funding or with extraordinary concepts like dividends. In this quarter, we've only generated operating cash flow, and all we have the disbursements that have to do with some of the earnouts that have been previously agreed to, which have reached a total of €8 million.

After this review, I would like to thank you for your attention and move on now to questions, we'll be delighted to answer and clarify your doubts. Thank you very much.

Hello, Luis. I think you're muted.

Can you hear me now? Wonderful.

Thank you very much. I have several questions, perhaps you can help me.

Firstly, I would like to understand, 2026 was the 23-26 strategic plan would finish, and in theory, 2025 was the year for simplification adjustments, etc., but what I can see is that in 2026, that simplification process is still on and running. The idea would be to know what kind of timing we can expect.

In other words, do we have several more simplification quarters ahead of us, or are we close to the end? In other words, I'd like to know what the situation's going to be like from the point of view of this process.

That's number one. Number two, how would the evolution of EBITDA and cash flow for the guidance tally with sales?

Because, well, you've spoken about sales, but there are no references, as far as I can see, in terms of guidance on EBITDA or cash flow, and I think that this has not been covered. Then I would like to know something else.

Is there going to be a recovery in the area of projects? Finally, your divestments in assets, what you're currently working on, that's all from me.

Thank you very much.

Luis, I'll start off with the simplification. The simplification is one of fundamental pillars of the strategic plan that runs from '23 to '26.

We can't expect we should expect still possible simplification in 2026. What does simplification mean?

It means that we have to restructure certain activities, and above all, we have to divest, which is, in other words, divest in activities and infrastructures. Then your last question, that had to do with infrastructures, all this forms part of the simplification, and it can happen in 2026.

In any case, when we talk about adjustments in our financial statements in Q1 compared to the rest 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, and what we are trying to help you is to make a comparison, because if not, in this first quarter in 2026, there are a number of activities less activities than we had last year because we have divested in 2025.

As regards if we can we expect during the year in the next quarters there will be inorganic adjustments, yes, the rest of the quarters of the year there will be adjustments, because some of the divestments did occur at the end of the year, France, the chain of shops, etc., and this is to adjust throughout the year. It is true that the biggest adjustment we had in Q1, our biggest divestment occurred in the first part of the year.

This adjustment will be one of the biggest that will be in all four quarters of the year, but there will be more adjustments in upcoming quarters. You were also asking about the recovery of the project segment.

The end of 2025, the end of 2025, projects were weak in Q3 and Q4, especially in Q3, and this in Q1, there's a slight recovery compared to the end of the year. We don't think that the current situation that this, well, we think that the current level, with the current scenario, things will continue as they are.

If the snow 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 for me to know when or at what point in the year that could happen. The final question that has to do with divestments in assets, I suppose that you're referring to Cerritos.

As we mentioned on previous occasions, the Cerritos farm in Mexico is now for sale, and in this process, well, this is already underway, and in the sales process, what we have what we have been doing is looking for, we want a PPA to be signed so that we can sell energy, which increases the value of, let's say, supports the value of this asset, and we believe that it's a fundamental element so that we can carry out this divestment in full.

Yes, you were talking about the divestment of assets, and it's true that the CEO was talking about this this morning, and with regard the upcoming strategic plan, we were talking about businesses where we consider have a high value and a high level of return, we're talking about margins of 20%. 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 that return, the interest rates at levels 10 or 12%, and this could represent a cost of opportunity in capitalization.

This simplification strategy is here to provide us with a starting point that will allow us to look towards the future with ambition and also focus on businesses, as was mentioned this morning, in the world of grids and renewable projects. If there's any possibility of concluding in 2026 or finalizing this adaptation of assets, and repatriating or bring this money back to Spain for our projects, be it.

I think as regards the project, as Patricia already mentioned, I think the behavior has to do with a bit of a trough in this quarter. In any case, there are a number of countries like Chile or the Dominican Republic or Honduras, Nicaragua, where there are a number of projects that are practically ready or nearly ready to go ahead, and perhaps we hope they ought to have a much more recurrent visibility in terms of the contribution margin.

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... in the EBITDA, after this simplification, is above €150 million.

This part that has to do with projects is a situation that as it unfolds, we will be able to crystallize things. As Mikel talked about this morning...

Clearly, you can see the guidance is talking about getting EBITDA of €150 million. What I said this morning is that there's €150 million, €125 are recurrent, the recurrent accounts for the company are practically ensured, and we have €25 million that depend on the project area.

This depends on how this macroeconomic situation evolves and the strategic issues. This is not going to affect the 25, 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.

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 it'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?

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

Can you hear me? Good afternoon.

A couple of questions. One has to do with what Luis was asking.

Could you quantify the effect of divestments of Q2, Q3, Q4? The second question is that you said something generic about projects and the geopolitical context, and Robert has spoken about projects in LatAm.

What about projects in renewables? What is the situation?

Do you think that some of these relevant projects can be commissioned by the end of the year? Thank you very much.

Hello, Carlos. Quantifying potential divestments with asset rotation Q2, Q3, Q4 seems a little bit too ambitious.

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 keep you with all the information as things unfold, as soon as we start having things binding. And...

No, I'm referring to those that have already been done. There are three divestments that have such a big impact on your financial statements.

What kind of inorganic has it? Is it -€35 million?

What kind of impact do you think that there's going to be for Q2, Q3, Q4? What divestments are you referring to?

These are the adjustments. The adjustments of the shops and TTB and France, these adjustments are something like €10 million, just over €10 million, with certain variations in turnover, of course.

Thank you.

You were saying... renewables in LatAm, Latin America.

I would talk about the projects which are 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 Dominican Republic and Ecuador, there's going to be an auction there, and we want to reach an agreement with the government, and that's how we can evaluate profitabilities and possible partners.

We will then be able to meet up with colleagues or buyers who can allow us to carry out these projects. I think that we're going to have much more visibility towards the end of the year, particularly in 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 are at about 80 MW per year, which are now in ready to build, and that's where we do have profitability, and we also have a number of pre-selected partners so that we can carry out these projects. I think that everything is more or less underway.

Finally, in Spain, we have some old developments that with new regulations from 2 to 5 km, they are small projects that could be grouped up, and they could generate quite a lot of value. We also see that we have travel companions or we have potential buyers, to see what could happen for this new model, to see if we can get things ready to build with construction contract included and the former.

Thank you very much.

Álvaro, the total potential budget for the Gulf, Gulf plus Israel, a bit of that whole area that is affected by the conflict, we're talking about €14 million in turnover and €5 million in EBITDA. I was saying that it's €4 million potential that could be affected because we've already invoiced €1 million, sorry, not invoiced, because we have registered more than €1 million in EBITDA in that part.

Of course, that I'm talking about that would be in an absolutely maximum scenario of not doing anything in the year in that area, which we think is not going to happen. 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.

These are shops open to the general public, and it's the last thing that remained of B2C situation, a mono-client, and the effect is €2.5 or €3 million to recover the value of the assets. Yes, there has been cash, but it's not very relevant and doesn't really have a very big impact either.

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 have a complete package that includes PPAs. 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, on the migration as well as the commercial operating dates.

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 will be suitable and proper. 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.

I think that the new strategic plan, I think it's going to talk a lot about opportunities in relation to GDE, that is environmental, but the rest of the transitions are also going to play an outstanding role, especially the digital transition, and this is just another infrastructure within the infrastructure that are required to digitize the economy, and we're working on this, and this will form part of the plan. Above all, electrification and grids, well, especially electric grids, this is going to be fundamental for the new strategic plan, because obviously the electrification 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. We know and we talk about...

I don't want to make any disclosures, but that's just make people excited about this until we present this plan. I think that it's important to understand that we have a GDT that not only has services and projects, but is grids, services, energy, grids, as Patricia has just pointed out, and infrastructure or projects, renewables, and telecommunications technology, hospital technologies, or parks, renewables, and GDE, which is what we have put our stake on decarbonization and circular economy, which is the only one company, and we are concentrating all of our investment capacities there for the purpose of becoming a European leader in terms of environmental systems and infrastructures.

As you point out quite rightly, Cerritos, the activities have been interrupted, and it's been €900,000 in this quarter, which is what we expect for the year. If there are other things that we have to take into account, it will be €3 or €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.

Good afternoon, everybody. Thank you very much.

Bye-bye.