Hola. Muy buenos días a todos los que estáis conectados y en línea.

Soy Miguel Coronel, el director de Mercados del Grupo FCC. Bienvenidos a la presentación de resultados que remitimos ayer a la Comisión Nacional del Mercado de Valores.

Tenéis ya también en la página web toda la documentación asociada con los estados financieros auditados, como es habitual, el informe de gestión y toda la información asociada, ¿no? Recordaros, antes que nada, ya es algo que se ha visto a lo largo del ejercicio, pero quiero por última vez volver a repetirlo, que estos resultados, aparte de elementos que tengan excepcionales, tienen un hecho muy singular, que no los hacen comparables de forma inevitable, que es, como sabéis, la escisión financiera parcial que se produjo a finales del año 2024, que supuso la escisión, la creación de Inmo-Cemento de las actividades cementera e inmobiliaria, y que por razones contables, pues tuvimos que incorporar hasta ese mes en el ejercicio 2024.

Esto, para el conjunto ya del año 2025 versus el 2024, supone que por la línea de resultados de actividades continuadas, de entrada, hay 136 millones de euros menos en el 2025 que en el 2024, ¿no? Ya, por supuesto, el próximo año ya será todo más comparable.

Es verdad, y ahora lo detallaré también, que hay otros elementos que han impactado en el conjunto del resultado neto del ejercicio, como son provisiones que hemos realizado. Algunas ya estaban vistas en los trimestres anteriores, el efecto del tipo de cambio, etcétera, que ha tenido un impacto pues negativo en el ejercicio, ¿no?

Con todo, luego también lo volveré a destacar, me gustaría resaltar que tanto la posición financiera como, sobre todo, la visibilidad de cartera de ingresos ha tenido muy buena evolución en el ejercicio, que para nosotros es, desde luego, esencial. Bueno, dicho a modo de introducción estos comentarios, en términos de lo que es la cuenta de resultados consolidada del grupo, en el año 2025 los ingresos avanzaron un 6.9%, llegamos a los 9,700 millones de euros.

La verdad es que es una evolución que sigue manteniendo pues la tendencia de los trimestres anteriores. Hemos seguido viendo la contribución ya a año completo de las adquisiciones que por un lado hicimos, las más destacadas, de medio ambiente en mercados como Francia, Reino Unido o Estados Unidos, y también una tímida todavía contribución que también ha habido en algunos de estos mercados por las que hemos ejecutado especialmente entre junio y octubre de este año, ¿no?

Pero, en general, ha habido una contribución de crecimiento... In general, there have been a series of problems, organic and inorganic growth in different areas, and the most important ones are concessions and then others.

We have seen water, a very stable performance. At the level of EBITDA, there has been a slight reduction in EBITDA with respect to net income, and this is concentrated in some adjustments we have made in the area of construction in the last quarter of the year.

I will speak about this later on. Now, if we speak about the P&L, the results of the parent company went down.

We had a contraction of €267 million, and as I was saying, the several elements I also mentioned, €166 million, that have to do with this. Another factor that has contributed has been the exchange rate, which, as you can see, the strength of the euro as a consolidated currency left about €53 million of a negative impact in terms of financial results.

In addition, we had in doubt some provisions. They're just one-off provisions for water treatment to some of the assets that we have, specifically in the UK, and which amounted to €96 million for the whole year.

As compared with the EBITDA we had, this was similar to 2024 considering these three types of effects, and these have resulted in the €164.4 million I mentioned before. Having said all this, if we consider the balance sheet and the joint financial structure, the group evolved in a very positive way in 2025.

We closed with a net financial debt of just €2.3 billion.

This was a reduction of 23% of our net financial debt in spite of the fact that, again, a very significant effort was made, as we did in 2024 in terms of investments. We made net investments for €1.2 billion, and this is really noteworthy in terms of revenues if we compare the CapEx revenues ratio.

It's 12%, which is a substantial figure if you compare it with levels of amortization, endowment, and revenues. This is a significant figure in spite of the effort we made.

We showed a significantly robust financial performance. Also, at the end of last year, we collected the money corresponding to an additional percentage of minority stake we had in FCC Environment, which is devoted to environmental activities where we had a revenue of €1 billion.

The net assets grew by over 26%. We now stand above €4.7 billion.

As I was saying, together with investments, another variable which for us is very important to mention is the portfolio for future revenues. At the end of last year, we closed with a portfolio of over €51 billion.

If you look at the calculations in the group and the activities of the four different areas we have, as I was saying, the growth was over 11%, specifically 11.4%, and the main driver, although the different activities performed very well, water and the environment, but the star was construction, where in the management report we provide details of the most significant contracts that makes this growth possible. In the case of construction, the growth was notable.

Right. Far for the P&L and the balance sheet now and the financial situation, but let's look area by area.

The first area is the environment, which is the most significant area in terms of its contribution. Our broad activity for waste management is included here.

Revenues grew by 9.1% to €4.74 billion. Here, the growth was well-balanced.

We had a good performance across the urban waste collection, and street cleaning activities. I would like to mention the organic growth in France and Spain, as well as the acquisitions we made in the United States and in the UK.

In the United States, they were more focused on waste processing. Now, in terms of geographical areas, the four platforms that we operate with and our brand is FCC Medio Ambiente.

Revenues amounted to €420 million, a significant growth with respect to the previous period's figures. Here, we had a very good performance in terms of new contracts where we didn't have the management previously.

We have grown by 20%, we are quite satisfied. There is an activity which is minor, but by no means irrelevant, which is the industrial waste activity also performed very satisfactorily.

We also moved forward in terms of our investments, particularly in waste processing, our different plants, and we are now enlarging some of our plants. Although these enlargements are not yet contributing anything to the EBITDA.

Now, in terms of the platform that we call the Atlantic platform, France, Spain, Portugal, well, the increase was quite significant, €150 million. Here, as I was saying, we are growing organically in terms of our contracts through our brand in France, ESG.

In Portugal, we also had a very solid activity, and a very stable one. The second platform of FCC Medio Ambiente in the UK had an increase in revenues which was quite significant.

We had a slight negative effect from the sterling, but we need to mention the whole year contribution of UK Urbaser, which combined this newly acquired platform with waste collection activities, and we also made a few acquisitions, which was a company called Cumbria Waste Management in the northwest of the country. What we have seen is a lower level of processing activity, particularly in landfills, but this has been compensated for by an effect of higher activity levels in recovery and recycling.

In Central Europe, in the European market, increases of 3.9%, 300 €660 million. In general, there are seven markets here.

We have significant presence in the top five. What we have observed, it's a certain weakness in the price of secondary raw materials, which had rallied very significantly in the last few years, but now they have stabilized, and they have gone down a little, but the compensation has been very strong because this is a highly granular business.

There have been some adjustments in markets like Slovakia or Austria, but there have been growth in the Czech Republic and Poland, and so the performance overall was satisfactory. The last platform I want to mention in FCC Medio Ambiente is the United States.

Here, the improvement was of over 22%, €470 million. This is a platform that is already quite significant.

It is close to the volumes of Central Europe. Here, there was a good evolution in some new organic contracts in waste collection and street cleaning, and here in general, we are using a highly competitive technology.

I also want to mention the acquisition we made because we are for the first time entering the recovery activity. We already have experience in the UK, but in the United States, this is something new for us.

We made an acquisition that we formalized in the second quarter in the south of Florida of a waste recovery plant, and thanks to that, we managed to secure an operation and maintenance contract that was new. This is two very important plants because they have over 1 million tons of capacity for waste processing, it is really very significant plants.

The combination between organic and inorganic activities resulted in very significant growth, two digits, 22%. The EBITDA increased quite in a similar way given the improvements in revenues, €789.8 million, in line with our forecasts, and the gross margin stayed at very similar level, 15.7%, without very significant differences with respect to the previous period.

Now, let's talk about water, the water cycle, Aqualia. Here, the turnover increased by 6.9%, €1.7 billion.

To be honest, water is a highly stable business, 100% predictable, and with very satisfactory performance. We know that we have two important areas, and the most important one is the so-called water cycle, the integrated cycle for water management, our water consumption, and to a lesser extent, technology and networks, which also gives us some competitive capacity to do with infrastructures.

Both of them grew quite well. Technology and networks grew a little bit more because it is linked to projects or developments in different concessions, BOT or comprehensive concessions or integrated concessions.

Technology and networks grew by almost 19%. Having said that, this figure changes every year, but geography by geography, Spain still contributes over half of the share, and revenues increased by 10.2% in Spain.

Things have normalized, particularly after the drought we had last year, in terms of consumption and in terms of the evolution of tariffs. Things are a lot more predictable now.

Also, the work done in technology and networks also experienced significant growth, and this led us to a double-digit revenue increase. In countries like Georgia and the Czech Republic, these are proprietary assets.

Here, there's no concession activity, and we grew by 8% to €269 million. Here, there was a little bit of a foreign currency effect.

The strength of the euro played a very important role, but the evolution was highly positive, and we're still making investments in Georgia to improve our efficiency and to improve the way in which we invoice our customers, and all of these things were highly positive. Now, the rest of Europe, we have activities in Portugal, in Italy, and also in France, and revenues increased by 1.4%, €113 million.

Here, we must mention a lower level of activity in technology and networks, and we should also mention that in the Portuguese market, there was an effect of the drought all along 2025, which obviously we're clear that in 2026 this is not going to happen again because, I'm sure you're well aware, that this year really started with a lot of rain from the month of January. In the Americas, you know that we are now focused on Texas, and the turnover was also positive, 9.8% up, €215 million revenues.

We have kept generating new contracts in our concessions of different districts in the American market, MDS, for example, which is the company that we used to carry out our operations, and this has been accompanied by our activities in Colombia, where the evolution was also very good. The latter basically focused on the integrated cycle.

Now, in MENA, Northern Africa, well, in Northern Africa, we managed our BOT contracts without any meaningful events. There have been some changes in the tariff that those changes affected us negatively, and this is because of the strength of the euro.

Also in the Persian Gulf, Saudi Arabia, Oman, Qatar, and the Arab Emirates, the activity has been highly stable with our combined contracts for advisory and we're still very positive in terms of the opportunities that await us in the future for new investments that we could make or requests from public customers. Now, with this improvement of revenues of 6.9% for water, EBITDA also grew, €450 million up.

The only small difference in terms of margin and EBITDA is due to the heavier weight of technology and networks, which operates with margins that are lower than those of managing water cycle. That's why the final figure was 25 as compared with 25.4 last year.

Now, construction, which is basically developing various projects, revenues increased by 3.4%, over €3 billion more. It is true that although Spain hasn't been the dominant market in terms of portfolio, since these are shorter-lived contracts.

Here, there was quite a significant contribution. We have kept contracting services, and so this allowed us to compensate for a fall resulting from the way in which our projects are closed abroad and in our industrial division, but on the whole, Spain played a very important role in this advancement.

The Spanish construction market was 15% 15% up in 2025. Now, if you look at the different sites we have in the UK, in the Netherlands, in Norway, in Romania, our revenues were quite stable, €880 million, very similar to 2024, and we had a very important project in the UK for the sister company of FCC, which is now fully operational, and this was partially compensated for by projects that we had in the Netherlands or Norway that I mentioned before.

The picture is very stable. Another market that was very important together with Spain was that of the Americas.

The turnover was almost €11 million, 4.9% up. Here you can see the importance of some of the projects that we have in Canada and the United States, particularly in railways on the East Coast of the United States and in the area of metropolitan Toronto.

Lastly, I don't want to forget MENA, which is also an area where we have had quite a significant presence for some time, and here there's been a fall because of the close of certain projects that we are very satisfied about, such as that in Saudi Arabia, and the closing of these projects resulted in a 41% fall in this area. We closed at €152 million, but as we already said in the events and contracts report, you can see that we do have a significant presence and quite a significant visibility in the Middle East for the future.

The EBITDA here went down 49.9%, €85.8 million. Of course, the gross margin was also influenced by this.

It was not really within the range that we normally are. We closed at 2.8%, and this was due to the fact that in the last quarter, we had to provide for a series of projects and a series of things, such as the end of certain projects, because we believe it is good to act preventively.

A stitch in time saves nine, as they say, this resulted in a fall in EBITDA and in the gross margin of our construction activity. Now, let's talk about concessions.

Concessions closed at €112 million. This was a significant advancement.

Here you may have observed in previous quarters, especially in the third quarter, the figure was lower. Now we are in a development phase.

We are executing different projects, a lot of CapEx, especially in a railway concession in the north of Spain in the region of Aragon, itinerary 8. There were two other effects which are not negligible.

One of them was we have taken full management control of the Ibiza-Sant Antoni highway, and the evolution of traffic, both road traffic and tramway traffic, in our concessions, well, has fluctuated throughout the year. IMD and passengers, between 2.2 and 2.9%.

All of this has been highly positive, and it has resulted in that 45.5% increase. Now, market by market for FCC Concesiones, well, even if we have huge external growth perspectives, the majority of the growth took place in Spain for the reasons I mentioned before.

I want to mention that internationally, nowadays revenues are still supported by our concession in Coatzacoalcos on the east coast of Mexico, and there's also the fact that here there was a concession in [Moosa?] , Portugal, that was closed in 2024, and this led to a small fall, it's not very important, but this explains this international fall that we've had internationally in concessions, but this is just a one-off effect that will have no impact on the future.

EBITDA reached €60.4 million, 10.8% up, more moderate than the increase in revenues, but here this shows the powerful evolution of the business. Of course, the gross margin of concession projects has a lower contribution, but even so, the growth is of two digits, which is really very significant.

I've reviewed the four areas we have in our business, which are the ones that contributes to the description of the P&L. Now, I will now review the more financial aspects, the interpretation of all of this in more monetary terms.

In terms of cash flow, in exploitation, we reached €1.2 billion. Here, I would like to mention the operational current capital, which contributed by over €27 million, which is quite differential because last year, in 2024, there was some consumption, which is not really strange.

The greatest contributor was the construction area, and you can see this in the information we have distributed. Other exploitation flows had also very significant effects, and this was because of the carve-out, which is really an element that distorts any comparisons we would like to make.

This effect will disappear from next year, but 2026, if you compare it with 2025, it is quite noticeable, and it should be underscored. The investment cash flow, as I was saying, had a very significant investment activity.

We invested a total of €1.23 billion gross, and here we focus on environmental activities. The environment captured over €900 million in investments, both the recovery plants in the United States, in Florida, and the reinforcement of the integration we made of our activities in the UK to combine it with our presence in processing plants.

The second investment was made in water, in €205 million last year, but more homogeneously distributed into enlargement and maintenance and renewal of our existing assets. Now, divestitures Well, we have made very few divestitures.

We sold off assets in one of the businesses we have in Spain for waste recovery and resale of recyclable materials, basically cardboard. This was a €40 million divestiture, which was the most significant one.

Net investments exceed €1.2 billion. The financing cash flow, here there was a combination both of the money we collected from the additional sale of a minority stake of the environmental parent company, €1 billion, together with some other effects, such as the payment of interest and minorities, but there was a net revenue of €800 million.

Now, with respect to movements of financial liabilities, let me remind you that last year, we refinanced most of our debt of our water subsidiary, and we already informed you about this, and this explains the movements happening here. In these three sections, well, the treasury had very good performance over an increase of over €800 million.

The final figure was over €2.2 billion. With this, our financial debt closed at €5.3 billion without significant variations with respect to our positioning.

The most important thing is that in net terms, given the cash position with which we close the year, this was all very solid. Our financial leverage went down by 23%, our net financial debt was at €2.3 billion.

As the differential elements, apart from the good performance of the operational cash flow, I would like to mention the evolution of our current working capital and the effect of the sale we made of our stake in FCC Medio Ambiente. That's about all I had to share with you.

I just wanted to review the most important highlights of our 2025 financial year. I would just like to mention three elements which are extremely important for the medium and long term for the evolution of the group.

Our investment efforts, which was really very significant given the size and the activity that the group is having. Number two, we have strengthened the financial position of the group.

We closed at €2.3 billion with an EBITDA which evolved to over €1.4 billion. Lastly, our portfolio.

It is essential for us. We are a group that we basically work on the basis of projects and contracts, having a visibility of over 11.4% growth year on year is really essential for us.

We believe that it gives our company a very significant level of robustness. That's about all I had to share with you, and now we can open the floor for questions from you.

Thank you. Primera pregunta.

First question. What is the level of one-offs and total provisions in the environmental division?

Are these out of the cash operations? Because can you reach €400 million in 2026?

I don't know whether the question is related to the level of provisions that we endowed in the environmental activity or not or to the balance sheet. With respect to the balance sheet in environment, we have two kinds of provisions: general provisions of the business and specific environmental provisions related to the different assets where we have an environmental import, like discharge centers, etc.

As far as those provisions are concerned, we always try and calculate what our future payment obligations are. Although there may be years where there may be jumps, the fact that there's more applications than endowments, well, these applications are normally payments, right?

There's quite a good balance between them. Having said that, I mentioned that in 2025, we had to apply provisions, environmental provisions, due to, well, for about 90 €90 million, which have been provided for throughout the year.

Probably this year, there will be a higher volume of endowments, but in general, endowments and applications are normally well-balanced mutually. Now, in terms of the level of EBIT, as I was saying, the endowment we made of provisions for the P&L can be seen in other operational results between EBITDA and EBIT had an impact in 2025.

Of course, we expect a significant recovery in 2026. Taking into account the adjustment of that €90 million, I think that it is quite feasible.

Siguiente pregunta. Next question.

In the construction activities, what is the level of operational EBITDA adjustment for this quarter? Now, sales, can they grow at two digits?

The 5.7% margin of 2024, is it really sustainable? Is there going to be an improvement in working capital because of advancement of certain projects?

The level of operational one-offs of EBITDA for the fourth quarter, if you looked at the sequence of results in our construction activity until the third quarter, accumulated third quarter, we have followed a very stable tendency. Of course, it is true that in the fourth quarter, there was some situations in certain projects, certain international projects, several projects, and so we decided to make a few adjustments.

What is the magnitude of those adjustments? We don't normally comment on these things because these are projects that are underway, it wouldn't benefit us to make comments.

Because these are not claims made by a specific customer or a specific supplier. There's no litigation or anything like that in that respect.

It is projects underway, but we want to be prudent, and that is why we made those provisions. Is there going to be any cash outlays as a result of that?

As provisions are part of a continuous game. You make an endowment, and then It may be applied or not.

They are endowed at the level of EBITDA, and they are applied at the level of the cash flow. We try and use a few of the provisions we make as possible.

For us, and to connect with your question as regards the 5% margin of 2024, well, in a project-based activity like construction and like water or the environment, it is very difficult to say that we are going to be able to keep those levels stable. Our recurrent, stable margin in an average cycle normally stands at 5% 5% above.

Yes, we think we can go back to that. Obviously, when you look at this in detail, there are effects that may go in one direction or another.

Now, with respect to what you're asking about the working capital, In spite of the growth in revenues, part of the contribution of construction to the working capital have been some prepayments, because whenever we can, we work with a positive cash flow in our project, so as not to resort to financing. This is what happens.

Of course, we will be applying that working capital in the future as we develop with different projects. Now, is this going to happen again in 2026?

We'll have to wait and see. It is very good news for 2025, but when you're growing your business, it is not easy to always have working capital that is positive.

That is a very difficult thing. Having said that, and to answer the last of your questions, You said, can your sales grow by two digits?

If revenues are going to grow by two digits, well, The construction portfolio had a very good performance, but these are phased projects. These are important projects, such as the ones we have in the United States and in Canada.

Although they have pushed our projects portfolio up to I think that in 2025, we started at €6.5 billion, and we finished at €9.5, but the maturation period is longer, this allows us to distribute the execution risk and do it chapter by chapter, phase by phase. To answer your question, There will be a growth in construction sales in 2026, but the growth will be more moderate, but we will have a lot more visibility than we had at the end of 2024.

The growth will be more moderate. The revenues are not going to grow at that 50% level as the portfolio grew.

Next question. What projection of dividends can you give as you lower your debt?

That we don't give any guidance in terms of dividends. We know we have this flexible dividend, and last financial year, it was 0.5.

It is set by the board of directors before the general shareholders meeting. It's not that by having lowered the debt, we're going to be able to pay a high dividend, because we always try and we always want to emphasize growth provided that it is profitable and safe.

We believe we do have a potential, but those things are not really directly connected. For example, last year, we ended at €2.3 billion of net financial debt, and just with EBITDA and the elements impacting it, we stand at €1.4 billion.

It's less than two times debt-EBITDA. A significant part of our activities are utilities or proxy utilities, the financial strength of the group, not in 2025, but from much earlier, has been absolute.

I would answer that those things are not directly interrelated, but the profitability dividend ratio, I believe, is highly satisfactory nonetheless. Next question.

Were additional provisions made in environment in the fourth quarter? No.

No, not that I can think of. Let me go back to it.

I think I said it at the beginning, €96 million. There could have been some adjustments, but in the first half, we reported 89.2.

There were small variations, but because of the provisions I mentioned to do with some assets where the value had to be adjusted and some projects related with some risks we had under this discussion. In the fourth quarter, there were no differential provisions.

Next question. Could you quantify the impact of one-off adjustments in construction during the fourth quarter of 2024, both in sales and EBITDA?

Have these adjustments resulted in outlays, or will such outlays materialize in the next few quarters? How do you expect the working capital to perform this year?

Let me go back to the answer I gave to your colleague with respect to the provisions in the construction area. The part of the impact on the EBIT in the fourth quarter resulted from the adjustments we made in some projects, and in some cases, we just readjusted or recalculated the forecast in terms of the completion of the works.

We'll see how it goes. All of this is very much alive, None of these things respond to any payments that have to be made to any particular person.

There's no differential cash flow. There's no difference with respect to the performance of any other project.

It's not due to any litigation or anything. There's nothing special to mention about the outlays.

Now, in terms of the working capital, I already mentioned that the working capital is a very much alive variable, which responds to payments and collections, and until the year doesn't close, it's very difficult to say. We would love to also have a positive workflow evolution in 2026, And we normally work with positive working capital, and this is only logical because we are very strict about the payment and collection conditions.

We're normally stricter than our own customers, but we do our best in this respect. Now, if we still keep increasing our revenues, it is going to be difficult to keep such a positive working capital profile as we have tapped.

Now, what is the net, like-for-like result adjusted by the different one-offs of the year? I would say that we don't have a calculation for that, because in a group such as ours, you can agree on a series of adjustments that we can make.

I think that you have all the documents. You can use the adjustments you prefer.

I mentioned the four blocks which we believe are most significant to understand the full picture, but if I had to make an adjustment, I would look at the evolution in revenues, because the evolution of operational margins with the different things I mentioned for the different areas didn't undergo any variations, so that would come very close to the variation of a net profit, a comparable net profit of the consolidated group. It would come very close to that high figure in terms of the evolution of our P&L.

There's no further questions. Okay.

Thank you very much again for joining. As I'm sure you will be able to peruse our annual accounts in detail.

That we are always available on the usual channels. Thank you very much, and have a good day.