Thank you. Thank you very much.

Good afternoon to all. Thank you for attending this call where we'll we will present the first half 2026 results, the first half-year results after the our first Capital Markets Day where where we'll present our new strategic plan for the next 5 years.

With me, I have here Mr. Carlos Mota dos Santos, the chairman and CEO of the company, and also, as usual, Mr.

José Carlos Nogueira, board member and CFO of the company. Please, Carlos.

Thank you, Pedro. Welcome to the first half of 2026 results from Mota-Engil.

It's good to be here. It's good to to have this call with you.

Starting by the slide number 4, in which we have the highlights for the first semester, I'd like to to to stress the the the turnover, in which we reached around €2.0 billion. That's an increase of 6% when compared with the same period of last year.

More important than that was the growth that we had in terms of of profitability. Not only in terms of EBITDA, in which we grew, year on year, 10%, reached an EBITDA margin of 17%.

We are maintaining the 17% that we reached in the end of 2025 with almost €500 million, but as important as the EBITDA, the net profit after minorities, in which we reached €74 million. That is an increase of 24% when compared with the first half of 2025, and that reaches we achieved with this 2.6% margin in order in the goal of the 3% that we establish in the previous business plan of 2026 for the year of 2026.

Concerning the the backlog, I want to stress that we reached by the end of June a very solid backlog of almost €18 billion of backlog. That represents an increase year on year of 10% with a and represents also more than three times annual turnover annual turnover, at least the turnover of the last 12 months.

I also want to stress two things: one, about the the backlog, that this backlog does not account with several contracts that, in the meantime, had been signed between the end of the first half of the year and today. If we did account with that new contracts signed, our backlog would overpass the €20 billion.

I think it's a achieving mark that we reached in terms of backlog. Also in terms of the net profit, I'd like to stress that this net profit of this first half of the year is 2.5 times bigger than the same net profit that we present in the first half of 2023.

This is a a growth of over 2.5 times in just 3 years. I think it illustrates the effort and commitment that the company has been made in achieving bigger margins in terms of profitability, not only in terms of operational profitability, but also in terms of net profit.

Looking into the the financial figures, looking at the debt, we can see that we reach a net debt of €1.199 billion, complying with the the net debt over EBITDA that we have the the the commitment to comply with to be below two times. If we compare with last year, we can see that net debt increased year on year increased from from the end of of 2025 to the to the end of the first half of the 2026 in €20 million.

The increase was on €20 million. Also, if we exclude the the debt that comes from the investments in concessions, we would have a decrease of €61 million.

The increase that we have of €20 million were mainly due to the investment that we did in terms of concessions, and that we are going to look in details in the in next slide. Also, I'd like to stress that we also comply with our goal in terms of gross debt to be below four times in terms of gross debt over EBITDA.

Also like to stress that, as promised in the last in the last calls, our capex is decreasing when compared with the the the same period of last year. We are below what we established as the limit to be 7% of the turnover.

We reached a capex of 6.4% of the turnover, and as we are going to look ahead, the capex is mainly driven of the African unit. I'll also like to highlight that we reached a free cash flow of €159 million in the this period, that is 33% of free cash flow to EBITDA, reminding that our goal in 2030 that we established in our FOCUS 2030 strategic plan was to be around 25% of free cash flow to EBITDA.

In terms of equity, we are above the €1 billion of equity, that allow us to reach a financial autonomy of 11%, bearing in mind that in the first half of the year, we did the payment of the dividends to the shareholders. Moving to the second slide, or to slide number 5, sorry.

Just to remind the main events that we reached since the beginning of 2026 and looking into the split of the business that we established in the new strategic plan, we can look we can see in terms of engineering and construction several several contracts that been awarded. I would like to stress the contracts here in Portugal, but also new contracts in our main markets, namely in Mexico, in Peru, and also an extension of our biggest contracts in Nigeria.

As well as in concessions, in which we finally signed the contract of the Santos tunnel in Brazil, but also a very important contract that we signed just yesterday in Congo, that is the the extension of Lobito corridor, now in DRC, that is the following infrastructure that connects to our infrastructure that we have 50% stake of the concessions of the Lobito corridor in Angola. In terms of natural resources, to stress a oil and gas contract that we been awarded and we signed in Brazil for Petrobras, an important client of ours; the extension of our contract in Ethiopia for for Allied Gold; and also the the incorporation, the the set-up of a new company that is Mota-Engil Mining Services, that is aligned with our intentions that were established in the in the FOCUS 2030 strategic plan.

In terms of circularity, I'd like to stress the $100 million agreement we did with Trafigura, that is a 40 years sustainability and carbons credits framework, in which we are going to produce and to sell under this agreement the the production of creating carbons in our projects in Malawi; and also several operations several investments that we are making here in Portugal for biomethane facilities that are starting the operations in the last quarter of this year. In terms of our dimension in in in financing corporates, some of the the main the main contracts and the main facilities that we re- signed during the first half, I'd like to stress the the continuous partnership that we established already in the last year with the IFC from the World Bank and, of course, the financial close.

We reached the financial close with DFC in the Lobito corridor in the stretch of Angola. Also, in terms of ESG, we are continue to be recognized as an excellence in terms of excellence of our operations, and this has been achieved with the with the branding and the the the recognition of several institutions like Total and like Vulcan, one [implying?]

important client of ours, and others. Now I pass again I will pass again the the presentation to Pedro Arrais, in which will detail the results overview, and I'll come back for the final remarks and also for the guidance of 2026 before we can answer some questions that you might have.

Thank you.

Thank you, Carlos. We will move now to the to slide 7, and here you can see that we achieved in the first half of '26 a very successful period when we achieved a record level of the turnover and EBITDA, and showing also an improvement with in the net financials, with reduction of debt in this first semester of the year.

Also, a positive evolution in associated that combined allow us to achieved an improve of 24% year on year in the net profit of the company. As Carlos said, we want to go even higher in the liquid margin, in the net margin, to to achieve during the first half of '26, and in the full year of of '26, a net margin of 3%.

Moving to slide 8, and detailing the performance here by each business units, we can highlight the resilient margin in Europe, despite the reduction of activity, the positive growth of in Africa with 11% year on year, impacted by two positive factors: the a better efficiency in the EC business and the continue increase of the contribution in the industrial engineering, leading the EBITDA margin in Africa to 25%, a very impressive margin in the region. Also, looking to to LatAm and the the the performance is mainly explained by a positive contribution from Mexico, and with Brazil more than double the contribution for the turnover, sustaining the operational margins in line historical performance in the region.

Finally, with the positive performance of environmental businesses, specially with the improvement of the EBITDA margin in the business of 2% year on year. Moving to slide 9, here you can see the the backlog of of the company, not only the evolution, but the detailed information by geographies, and also by segments of the EC backlog, and the first highlight that I would like to mention is the the increase of the backlog by €4.1 billion, an achievement that represents the most successful semester in new awards in our company, something that allows Mota-Engil to achieve that a new record level of €17.7 billion.

Also important to consider that in these 17.7 is not included the €2.5 billion of new contracts signed after June. Where As you can see here in this slide, we maintain our commercial strategy focused on the core markets that represents nowadays 75% of the total of EC backlog, and in this sense, we are guaranteeing a visible and positive outlook for the next 3 to 4 years and preparing the future to accomplish the targets that the company presented last March in the strategic plan.

Move to slide 10, we will not elaborate on that, where you can see here the the major contracts of EC projects, and we listed only the contracts above €200 million. We can see that the commercial strategy allow us to be awarded in markets very important for the company, like Mexico, Angola, Nigeria, and Brazil as the most relevant in this list.

Moving to slide 11, we can see here the evolution of the capex, and in the first half of '26, Mota-Engil made an investment of €185 million, representing less than 7% of the turnover and allowing the company to promote growth with a very selective criteria for the new investments and focused in the segments of higher margins like such as the industrial engineering as the most relevant example, representing here 63% of the total capex allocated during the first half of '26. Moving to slide 12, and we can see here regarding the the financial capex, so, dedicated to the concessions, as Carlos mentioned before, we invested 8- 8- €81 €81 million, and balanced in several projects, with the majority in concessional assets in Mexico, in which the company expect to promote the asset rotation in the next years, beginning in 2027, and considering the life cycle of each project.

Moving to slide 13, and in first hand, we can see here the net debt broadly stable with a €20 million increase, as Carlos mentioned, we we we were focused in investing in new opportunities in concessions. If we exclude the the financial capex, we reduced the €61 million.

As you can see here in the in the balance sheet in our left, the financial investments evolution reflects the build-up stage in the concessions portfolio and the asset maturation phase that will deliver in the future capital gains as were delivered in the recent years, mainly in Mexico. Moving to slide 14, we can see here the waterfall graphic where you can see in this slide the the positive evolution in terms of the free cash flow.

I would like to to highlight here the the ratio of free cash flow over EBITDA of 33% that represents a three times more than the average of free cash flow that we deliver during the period of 2021 to 2025. Here, you can see here that the company are very focused, not only in generating more a higher operational profitability, but converting EBITDA cash conversion and this first half of '26 is a very good example on that.

Moving to slide 15, as Carlos mentioned very briefly, a slight improvement on the ratios of net debt to EBITDA and gross debt to EBITDA, in line with our strategic plan, very discipline, and in line with what will be the targets for the next 5 years, that is below two times the net debt to EBITDA and four times the gross debt EBITDA. Moving to slide 16, here, I would like to highlight the very comfortable figure in terms of the liquidity position of €1.4 billion when we compare to the €895 million that we presented in the first half of '25, with maturities with less than 1 year, the company is having here surpassing the non-revolving financial installments over the next 3 years, and with a debt maturity to 2.8 years.

Of course, important to highlight here the the work done by our financial team when we reduce the average cost that improved from 7.6% in the first half of '25 to 7.1 in the first half of '26. This figure reflects the mix of local currency debt nowadays with roughly 13% of the total debt denominated in soft currency.

As these currency, of course, has always higher rates comparing to Europe. Moving to slide 20, when we can see here the information regarding the business units, and starting by the European division of engineering and construction, you can see here the negative impact is mainly related with with the delays of the project consignations that we are considering to begin in its execution this year.

Even with this impact, the company maintain the capacity to be aligned with the historical margins of 8%. Looking to the looking to the future, when you can see here the the last bullet of this slide, we expect new tenders in the the Portuguese market considering the public announcements in the recent months that creates a pipeline of €60 billion in projects with the dimension that fits with Mota-Engil.

Moving to slide 22, moving to Africa, and as I mentioned with the before, with the the growth of 11% year on year in turnover and 12% in EBITDA. Here is important to to mention the the the positive and very solid performance in core markets like Nigeria and Angola as the most relevant markets for the positive performance in this first half of '26 in Africa, and also with the industrial engineering showing a a very important contribution, namely the the sustainable margin of 29% in EBITDA margin that allow the region, as an all, to achieve an impressive margin of 25%.

Also important to mention the recent contracts signed, namely the the extension of the Kano-Maradi in Nigeria, $655 million, and the contract signed yesterday by our vice president and deputy CEO, Manuel Mota, to operate a PPP for 30 years, the extension of the Lobito corridor in DRC, a very relevant milestone to operate the most important logistic corridor in the continent. For last, also important to comment the recognition of several financial institutions, being the North American DFC as the most recent example supporting the financial close to such an important project in the sub-Saharan region that is the Lobito corridor.

In slide 23, we can see, and moving to the to a slide dedicated to the contract mining, we can see here the list of the 10 contracts that are at full capacity, with a recent renovation in Ethiopia, guaranteeing the expected growth in this specific area that will have, in this third quarter of '26, the starting production of the the contract in Armenia and, of course, with a higher and visible figure of the turnover in 2027 with the contribution from the the contract with Amulsar in in Armenia. Moving to slide 25, in LatAm, we can see here an increase of turnover in 7% year on year, impacted, as I mentioned, with with a positive performance in Mexico, and the increased of 89% year on year of the other markets in the South American region, highlighting the performance in Brazil that more than double the turnover in a market where Mota-Engil Group expect to build a relevant market with dimension, supported in the €2 billion of recent contracts awarded in this market, and with local partnerships to consider new opportunities regarding the huge potential of PPP in the market.

In this sense, the strategy is simple: continue to identify new opportunities in the Mexican market that has been the most important market in the region and for the group in the last 3 years in engineering and construction, but having a more balanced contribution from each market in the region, starting with a new cycle of development in Brazil. Moving to slide 27, moving to the environmental business, we can see here that the performance is aligned with the expectations, with the EBITDA margin increasing 2% to 21% accumulated in the first 6 months of the year, and impacted by the positive performance in all the segments between waste collection, treatment, and also the the international companies.

Important to mention that in this area, the waste-to-value strategy will start to have the first visible activity with the beginning of the biomethane production in Portugal already in 2026. For last, and moving to the slide 29, we can see here the contribution from Mota-Engil Capital and Next.

Beginning for the from the the turnover, we have here a flat evolution year on year, and with a stable margins, executing the backlog of each company here in the energy, mobility, real estate. Important to highlight here that the most relevant impact and positive impact in this areas should start in the medium term, considering the execution stage where we are at this moment with the construction of the new Lisbon Hospital, and the beginning, in the second half of '26, with the works of the first stretch of the high-speed train in Portugal.

In pipeline, as you can see here, and considering the recent announcements in Portugal, Mota-Engil will be, as usual, very active in the market, and in all major PPP projects that will be launched in Portugal in the upcoming years. Now, finally, moving to the final remarks and guidance, please, Carlos.

Thank you, Pedro. Looking to the slide number 31 for the final remarks, as as already mentioned, we announced our new strategic plan, FOCUS 2030, back in March of this year that establish the path towards the year 2030 and the goals that we want to reach there.

We established in that strategic plan three main pillars to sustain our strategy: the first pillar, that is growth, and we can see that in terms of this first half of the year, we had a profitable growth in this in this period. With our turnover increased 6%, our EBITDA margin increased 10%, maintaining same level of 17% that we reached in the end of last year, and as important of that as that, we grew our our net profit after minorities almost 25% when compared with same period of last year.

We achieved a record backlog of €17.7 billion. We are, today, supported in a very robust, very sound, very profitable backlog that gives us the the the visibility for next years and the capacity to to execute the plan that we establish, our strategic plan, according with the our best expectations.

At the same time, and as as as saw saw as the the new contracts that we sign in this last 2 months, we are living a very strong commercial momentum. Not only here in Portugal, as Pedro was mentioned, but I would say in every market that we operate: not only in Africa, not only in Latin America, but we are living this in terms of infrastructure, in terms of engineering and construction, in terms of circularity, in terms of natural resources.

We are living, today, and studying several opportunities that will will further enhance the the our backlog, but always with the same commercial policy and the same commercial strategy: long-term contracts with high profitable with high with higher margins, with the profile in terms of generation or cash flow according with our intentions. The second pillar is diversification.

The second strategic pillar is aims at the industrial engineering, that is one of our main focus. Now, in terms of contract mining, we are aiming to establish stabilize our operation in terms of volume.

We, last year, will almost reached €800 million of turnover. This first half of year, we overpassed the €400 million, we are going to stabilize with our pipeline with our portfolio of contracts, 11 contracts.

Now, our focus is to improve even more the efficiency of the contracts so that we increase the profitability. At the same time, you want we want to give more visibility to this activity, and therefore, the creation of Mota-Engil Mining Services that we already mentioned.

Concessions are increasingly reinforcing the group's long-term value creation. This is one of the the the key highlights in our strategic plan so that we are more and more focus in several concessions in our main markets, in our strategic markets: Latin America, Mexico and Brazil mainly, here in Portugal, of course, but also in Africa.

That the example of the signing of Lobito corridor stretch in DRC yesterday is is the best example that we could give. At the same time, we are investing in new circularity investments, namely the biomethane and that was mentioned by Pedro in our waste-to-value strategy, but also in our agroforestry projects in Africa that will further broaden broaden our portfolio of long-term cash generation activities.

Last, but not the least, in terms of the strategic pillars, the financial discipline, in which we establish very concrete and very very sound objectives in 2030, in which we will maintain our leverage discipline, complying with the net debt over EBITDA ratio of being below two times, the gross debt over EBITDA ratio below four times, and always supported by an active debt portfolio management, focusing on increasing the maturities and reducing the financial costs. Our free cash flow of almost €160 million that we generated during the first 6 months of the year represented 33% of the EBITDA, and it demonstrates the strong underlying cash generation that is underneath our operations.

Also is important to stress that is three times higher than the the average of the last 5 years. If we compare '21 to 20 to '22 to '25, you'll see that the generation of free cash flow is three times lower than the one that we presented in the first half of this years.

Always with a robust liquidity, you as you could seen in the previous slide, we have today a a very sound and a very secure position in terms of liquidity that will provide us the financial flexibility and support our growth strategy and the future investment requirements that we have in order to fulfill that strategy. Always with the same disciplined capital allocation that we've been delivering in the last quarters, in the last years, in which our capex will be always below 7% of the turnover in order to fulfill the FOCUS 2030 target that we establish.

Moving to the last slide before we can go to the Q&A session, the guidance for the end of this year. What can we expect for the end of 2026?

As we we as we said in the the the presentation of the year of 2025, we are going to have a growth this year, unlike 2025 that we didn't grew. In 2026, we will have a double-digit growth, we'll expect to grow above 20 10%, supported by the backlog that I just mentioned.

The EBITDA levels will remain at 17% level, the we we establish a a goal to comply to be equal or above 17% in terms of EBITDA margins, but in terms of net profit, we will increase when compared with 2025. We will will be around 3%, that, as a remain a reminder, it was the the goal that we establish in the previous strategic plan, Building '26, to reach 3% of net profit by the end of this year of 2026.

Always with this this strong operation cash generation and the discipline in terms of finance and the leverage of of our our debt, and as well as a discipline and return-driven capital allocation, with the capex below 7% that was mainly done, the capex this this first half of the year, in this last mine of Armenia, like like was mentioned previously. At the same time, to finalize, we'll continue to have an active management of our concession portfolio.

It is part of our strategy to continue to to to have the rotation of our concession portfolio, at the same time that we start to build a new long-term platform for the future. For this is important some of the projects that today are in a commercial stage.

Thank you for your attention, and we are now ready for your questions. Thank you.

Yes. Uh hi, good afternoon.

Thank you for the presentation and for taking my questions. Uh three on my side, please.

Uh first of all, uh on your newly-incorporated mining division, uh my my my question here is now that uh it's established and it seems all the mines are reaching their ramp-up period, uh whether you could consider to spin off this division or bring a a minority partner. Uh also, you mentioned uh the renewal of Kurmuk uh gold mine.

I believe you had three mining contracts expiring uh between this year and next, maybe you can add some visibility on how uh negotiations are evolving. Uh secondly, on BAMIN project in Brazil, uh it seems you are closer to reaching an agreement, uh so maybe you could provide some some visibility also on this and how these negotiations are going, uh whether you are bidding for the whole project or or you could bring any other partner in board, and maybe your expectations on on how you you will finance all these works.

Lastly, on your guidance for the year, uh sales grew by only 6% in the first half, uh implying that to reach your growth guidance, sales would increase by at least 15% in the second half. Uh maybe you could elaborate a little bit on this, uh in which geographies or activities uh we should see such an acceleration, and how likely is that you reach the top end of this guidance, and whether achieving this depends on the on the reactivation of works in in Portugal?

Thank you.

Thank you very much for your questions. Let me, first of all, starting by the the guidance for 2026, I was making a I had a I was saying a mistake because we are going to reach the end of 2026 with 18 at least 18% EBITDA margin.

We reached 17% in the first half. Last year in the end of 2025 was 18% and we'll maintain or overpass the 18%.

Concerning your question, yes, it's true that we only grew 6% year on year on the second half on the first half of 2026, we can expect a very strong second half of 20 of this year that is sustained in the backlog that we we we presented. We re- reinforce our expectations for the the end of this year in terms of growth above the 10% that is expressed here in the in our guidance.

Concerning the questions that you you did about the mining activity and starting by BAMIN, let me very be very clear with BAMIN because a lot of people make questions about about BAMIN. BAMIN, alongside with several projects that we are looking and studying in our pipeline, it's just one more project.

Of course, that is a very big project, and is yes, it's true that we are studying the project because it's it's public that we had meetings with with the authorities, is it doesn't it is we need to say what is true, and the truth is that we are study studying to the the project. Of course, this is a big project, and therefore, we are looking in a very disciplined way to the project, studying the engineering of the project, the the the investment that needs to be make in the project, and the the the the feasibility of the project.

That being said, of course that if we go ahead with the project, that is a decision still to be made because we are in the middle of the the studying process. A lot lot of things has to be done until we reach a conclusion.

If we conclude, of course that that conclusion, if positive, has to have several dimensions fulfilled, namely in terms of the quality of the project; secondly, in terms of the profitability of the project; third, in terms of the generation of the cash flow of the project; and and fourth, and probably the most important, the feasibility of financing the project. Therefore, to finance that project with such in a dimension, of course that we need to have partnerships: partnerships in terms of financing, partnerships in terms of equity, and partnerships in terms of suppliers, and also the visibility of having the the clients for the product.

This is a very complex project, it's true. It's a very big project, it's true, but also is a very interesting project because it it reaches several of the activities that we are best-in-class, namely, engineering and construction, infrastructure development, infrastructure maintenance and operation, and of course, contract mining.

This is a a very complete project in which we are studying very carefully, with a lot of interest, but that being said, we are in a very early stage. I hope that I was completely clear on BAMIN.

Concerning the the two other questions, the mining division. The mining division is the the I would say the first step that we the creation of the mining division or the mining company is the first step of the spin-off of our of our mining activity that is actually expressed in our in our strategic plan, in FOCUS 2030.

The first reason that we want to do that is to be to to give more visibility to to our mining contract mining activity so that the investors and the markets can understand even better what is our strategy, but most important, what is our performance. Concerning your question if we are going to open or not the capital, that is is a possibility.

I I cannot tell you that we are going to do or not because we are still finalizing the first step that is the spin-off of the activities and and the creation of of this new company. The second question that you you made me, I I I have to be I have to ask you to to repeat again because I'm not really sure if I understand correctly about Kurmuk.

Yeah. Thank you.

It was very clear. I was just uh wanted to know, I believe you had three different mining contracts expiring uh one this year and two next year, I believe.

Maybe you can add some visibility on how negotiations are. No.

No. About

Kurmuk

Kurmuk

Kurmuk, that is the the the the the last contract, we we already started the operations. The the last one that is in Armenia, the operation has already been started, it will be in full ramp-up by the end of 2026.

I hope that that answers your doubts.

All right, thank you.

I

I believe uh there were uh two different uh mining contracts. One was called Moatize mine and TRA as well, gold mines, I believe.

They were expiring this year and next year. I don't know if uh if you are starting negotiating uh renovation of this contract.

No no none of the contracts is going to to end this year, all the contracts will be uh will continue to to the following years. All of them are being renovated.

Understood. Very clear.

Thank you.

Yes, hi. Hello, everyone.

I have three questions on my side. First one is related with the contract that you announced yesterday in Congo with a €1.8 billion total investment.

If you can share with us the expected execution of this €1.8 billion investment, if it will be made mainly during the first years, 3, 4, 5 years of construction period, or if it will be deployed during the the 30 years of concession? From this, what is the equity commitment from your side, and when you you will have to deploy this this equity?

Second question on Brazil and and if you can confirm the news that you are in negotiations for the acquisition of a minority stake in Odebrecht? If yes, why would you acquire a minority stake in in a contracting company in a country where is Brazil is already top three region on on your backlog?

Third is a clarification on cash flow of this this first half, just to understand if you already collect the the $50 million from from Mamaland, the carbon credit agreement that you that you made, and when you will receive the remaining $50 million to complete, I believe, it's a close to $100 million initial payment?

Thank you, Filipe. Thank you for your questions.

Starting by the the the second question that I think is the the the one that is more sounding, about Odebrecht, let me be clear on that. We have been partnering with Odebrecht in several projects.

Actually, as you as you as is public, we've been awarded a concession in a consortium with Odebrecht, and we recognize that Odebrecht is, I would say, the the the top, or one of the best contracting companies in in Brazil, so, for us, it's very interesting to partner with them. That being said, we are studying several possibilities, but one thing is clear: Mota-Engil does not make investments, equity investments, in companies if it's not to be consolidated their activities, because that isn't part of our rational.

We are not going to make any financial investment in any company, namely a con- a construction company. Nevertheless, we are partnering with Odebrecht, yes, it's true, not only in Brazil, but also in some other markets.

That is the the what I have to say about the Odebrecht issue. Concerning the first question that we you had about Congo, the €1.8 bi- billion of the the contract of the concession contract that we signed yesterday that is the extension of the Lobito corridor, we are going to make the the the capex, or the execute the capex, the the the construction contract and the the rehabilitation contract in the first years of the concession.

The the goal of these investments is to to to to to rehabilitate the existing line to do the construction of several new stretches in order that we have a more robust infrastructure that could allow us to have a more efficient operation. The The the the the construction will be made in the first 7 years, basically the rehabilitation and the new construction will be made during the the the first 7 years, and the equity will be around 25% of the investment.

We already have the the the agreement for the financing with DFC. It's the same entity that financed our our project in Angola.

In terms of the financial the financial structure, that is already clear, and that is already agreed with DFC. Concerning the last question that you had about the the the cash flow of of our project of Mamaland, we already received the €100 million.

I think that was the question.

Sorry,

we received 50% of the, $50 million of the $100 million. We expect to receive the remaining 50 million next year.

Thank you. Just a follow-up on Congo, just to confirm you have 100% of the contract, right?

Yes, for the time being, we are the the the the sole shareholder of the concession.

Thank you.

It's important to stress that the €1.8 bi- billion that we announced is only for the rehabilitation and the construction of new stretches, new infrastructure. The maintenance value along the period of the concession, along all the life of the concession, is not included in 1.8, and this is operational maintenance that is underneath the concession contract.

It's not in EPC contract.

Clear.

Just a final Yeah,

just a final question on on Congo. When you will have to invest this this equity?

It's going to be pari passu with the deployment of the finance along along the 7 years, along the first 7 years. Okay.

Thank you.

Thank you.

Hi, thank you very much. Uh, good afternoon to everyone.

Congratulations uh on this set of results. Um I have two questions on Africa, if I may.

Uh the first one is uh I recall that back in the day uh margins were in the region of 20%. Now, uh they Since then, they have been increasing quite steadily.

We are now at 25%. Do you think that is sustainable going forward?

Is it because of the nature of the contracts that you have, like bigger uh mining type of projects? Is is this the reason?

Uh if you could also comment on the the competitive landscape in in Africa, uh I would appreciate that. Thank you very much.

Hi, João. Nice to hear you.

Thank you for for your question. Look, in terms of contract mining, we are we are delivering what we was saying in last in last years.

Basically, we were going to focus on the increase of profitability, and that's why we also call it industrial engineering, because this is a cycle cyclical activity in which has several resemblance with the industrial activity. Therefore, there's a lot of synergies along with the with the the operations that we can can achieve and, therefore, convert it into the profitability.

Answering very in a very straightforward way, the the levels of EBITDA that we reach in this activity are sustainable, and we hope even to increase it a little bit in the future. This is as also has to to to deal with the level of maturity of the contracts.

Along with as as as we execute the contracts, we we are to achieve better in profitabilities and to achieve higher higher synergies in each of the contracts. Concerning the second question, the second question that you made about the competitive environment.

In terms of contract mining, we are today one of the top three contract miners in the world and probably the the the biggest one in in Africa. We are we have a very very good position and a very strong position.

As important as that, or more important as that, is that our commercial policy in this sector is to be very focus on the clients that we want to work on, first of all. First-tier clients that will allow us to have high-margin contracts, large-scale contracts, but also with the level of risk that we want to have.

Contracts in in in strong currency, and contracts that will not bring us problems in terms of of payments. That is the the the the main focus that we have towards the future, as long as well as extending the the the maturity of the contracts that we we are working on currently.

I don't know if I if I answered your your question.

Yes, it was very clear. Uh just a last one.

Um do you think the capital intensity of the business in general, and I I know that it's uh pretty much related to Africa, uh could decrease a little bit to, let's say, the current 7% capex over sales uh level? Or will it always require a very high capex?

We're going to

Our expectation is comply with with the level of capex that we we established, that is to be below 7% of the turnover.

Okay. Thank you very much.

Once again, I would like to thank you all of you for listening and participating in the the first half of 2026 Mota-Engil Group results. I hope to to meet you soon, and we are very excited for the following the next semester in which I think that will be a part of our growth story and our story of in which we are celebrating this year 8 years.

For us is very we are very proud of it, and we are very committed to continue to to have this success story for the future. Thank you all, and see you soon.