Good afternoon everyone, and welcome to our Q1 2026 results presentation. This is Carlos Gallego speaking, Head of IR.

It's a pleasure to be with you today. Our CFO, Ignacio Castejón, will host the call together with me.

We are going to cover some of the main topics explained in the results presentation that is already available in the CNMC website, and will finish with a Q&A session. As usual, to ensure that we remain on schedule, we kindly ask you to limit yourself to one question per participant.

Without further ado, I give the floor to Ignacio Castejón. Thank you.

Thank you very much, Carlos. Hello everyone, good afternoon, and thank you for joining us today with our Q1 2026 results presentation.

I will start commenting some highlights, and afterwards, I'll give the floor to Carlos. We'll have a Q&A session at the end at the end of the call.

Let me start on slide four with some comments on on traffic trends. As as you can see, traffic increase for the group 3.8% year on year, up to 81.3 million passengers.

If we look at the Spanish network, the annual increase was 3.2%, and we reach almost 65.6 million passengers, slightly ahead of our forecast for for this quarter. Please note that the the traffic performance for for this quarter has been positively affected by the timing of the Easter break.

Last year, the Easter break took place in in April, and this year has been has happened between between March and April. We have also experienced some positive shift from rail to air transport, I would say took place on on extraordinary basis.

If we look at the short term from a traffic standpoint, what what I can share with you at this moment in time is that April so so far is is is performing is performing well. Let's have a look at the financial performance.

2026 Q1 total revenues for for the group accounted for €1,479.9 million. That's an increase of €154.3 million.

EBITDA reached €661 million, increasing by €17.4 million. If we look at net profit, profit after taxes, that was circa €330 €330 million, an increase of 9.3%, circa of an increase of €30 million €30 million.

The growth in revenues was driven by traffic performance, traffic evolution, the increase in the aero charges from March, from March the 1st, the improvement in commercial activity, and the performance of our international assets. Please let me highlight that when we look at the performance on the international assets, even the increase in on the construction services, now looking at slide six, they explain they they mostly explain that that increase.

The construction services amounted to €84.3 million in the first quarter of 2026, compared with only €8 million in the first quarter of 2025. Basically, this reflects the the progress that the that we are having in the Congonhas portfolio with the progress in that specific airport in the all the construction activities.

If we exclude this IFRIC 12 construction revenues, the underlying consolidated revenue growth for the group was 6% in this quarter. Let's have a look at the performance by business lines.

Aero revenues, they grow by 5.2%. Commercial revenues, 5.5%.

Revenues from real estate, a very positive and high increase with a 16.8%. International revenues increased by 57.7%, largely driven, as I was explaining earlier, by the construction revenues recognized under IFRIC 12.

If we exclude this effect, the revenue grew growth, sorry, of our international revenues would have been 8%. Let's have a look in more detail to aero and commercial.

Aero, just a couple of comments. As as as as you I'm sure have seen in in the papers we have shared with the market, dilution in this quarter has been €28.7 million.

That's that's much higher than that dilution that we had last year, and the main reason is the increase in tariff. Last year, tariff was flat for the first quarter, and in this in this specific year, the tariff has been flat for the first two months, has increased in the third month, and we are taking into account the in the final tariff for the whole year in order to calculate dilution.

That's the rationale for the main rationale behind the €28 million of dilution that are not part of the revenues at this moment in time in this quarter, but will be revenues for the group in a couple of years through through the dilution factor, through the K factor. If we look at the commercial revenues, just a few a few comments.

Sales keep going keep keep increasing, circa 5% in the first quarter of 2026, and also a very important growth in all our the activities that we manage in-house. I'm referring to VIP services and parking.

VIP services keep delivering growth rates higher than 30%, and parking revenues also performed very very strongly. When we look at retail activities, I would like to share with you that we have an excellent results in the awards of the contracts in F&B and specialty shops, as you can see in the information provided to the market.

For example, in F&B, MAGs increased by 30% when comparing MAGs for 2026, and if we look at specialty shops, MAGs increased by 45% when we compare the MAGs in 2026 to 2025. Very very good results from all the contracts award for retailing activities in this in this quarter.

Let me finish on commercial business with another topic. We have managed to reach agreement with a number of tenants in relation to all the losses that that the company had in the through through COVID because traffic losses.

This is, as a result of these agreements, the company will have a cash inflow in the next months and also an an income that you will be you will be seeing in the next quarter when we present the results for the first half of the year. The income that will come to that you will be able to see that at that moment in time will be circa €30 million as part of our commercial income mainly.

Let's have a look at cost. I would move into slide seven.

I've seen a number of notes on cost and operating cost this morning from many of your of of your notes. Basically, let me let me share some information and and we can we can exchange views later on on the Q&A.

With respect to information, operating expenses, so that's include supplies, staff costs, and other operating expenses for the group, if you look and compare year to year, the increase is 17.8%, total of €815 million. Please know that that increase is taking into account IFRIC 12.

If we remove from that from that item the IFRIC 12 impact, the increase in cost in opex would be circa 7 7% for the whole group, for the consolidated group. We we have been from for a number of years, and especially in the last two calls that we have had with all of you, we we we have been anticipating that we are seeing a trend with respect to our opex in which that trend is is is provoking that the the opex figures of the company go go north.

We have also tried to be very transparent about the reasons of that of that change, of that increase, that is mainly explained by more FTEs, higher traffic, regulation, quality levels, inflation. Happy to provide more insight later, and I'm sure Carlos will will spend some time explaining the other operating expenses later on, but that's what we are seeing.

When we look at the Spanish network, the total opex figure has increased by 7.9%, reaching €644.3 million, with an increase in staff costs of 12.4% that that and and also a significant increase in other operating expenses. Let's have half a look at EBITDA.

I'm referring to slide eight. Reported EBITDA for the first quarter of 2026 amounted to €661.1 million.

That's a growth of 2.4 2.7% year on year, and the reported EBITDA margin for the quarter was 44.7%. These figures on EBITDA, growth, margin, and number, are impacted when we compare those figures with the previous with the figures of the previous year or the quarter the first quarter of the previous year.

The the main impacts are basically explained by the Luton situation in relation to the fire, that the parking and the reconstruction of that parking after the fire and insurance compensation, but also IFRIC 12 impacting on the margin. If we remove the impact, the extraordinary revenues that we had in the first quarter of 2025 related to to the fire compensation for the reconstruction of the parking, the increase in the EBITDA of the group would have been higher than 5%, 5.1%, amounting to an increase of €32.1 million.

If we remove from the margin calculations this this compensation, but also the IFRIC 12, the margin of the of the group would stand this quarter 2026 at 47.4%, compared with a margin also in 2025 of 47.7%. A decrease, but a very slight decrease, I would say a flattening of EBITDA margins when we remove all these extraordinary extraordinary items.

Let's have a look at the net profit that is also in that slide. Net profit amounted to €329 million in the first quarter of 2026.

That's an increase of 9.3% year on year. That's a very strong growth that is explained by, of course, the the business growth that we have been explaining earlier, but also by the lower depreciation and amortization in this quarter compared to the quarter of 2025 because of the adjustments in the useful lives that we that we explained last year, but also because of the lower net financial expenses that were reduced by 20 by €20 million when we compare quarter to quarter, basically explained by the compensation of all the cash that we have in in in Brazil that that we have in order to be able to pay for the capex in the in the following months, and the the applicable exchange rates for this for this quarter.

Let me finish with some comments on EBITDA. With respect to EBITDA, moving to slide nine by business segments, the EBITDA growth in the real estate activities has amounted to 60 sorry.

Sorry, the the the just give me a minute because I cannot see properly. Yeah, 31%, sorry.

That was right. The the EBITDA for the real estate business increased by 32%, mainly explained by the increase in revenues that I was discussing earlier, 16%, but also by the the cost control in that in that specific business segment.

With respect to international activities, you will see in this slide nine a decline of 3.5%, but is also explained by all those extraordinary effects, mainly related to to the reconstruction of the parking facility and the insurance compensation related to that reconstruction. If we were removing that impact, EBITDA for the international activity would be going up by circa 16% in this in this quarter, confirming the very strong underlying performance of all our assets in Brazil and and and and the UK, as Carlos will explain further.

Let me finish with some further notes. Hopefully, in the next weeks of this quarter, we we will achieve the financial close of the acquisition of a of a stake in the new holding company that will be owning 100% of Leeds Bradford Airport and also Newcastle Airport, as we anticipated before year-end.

With respect to the announced transaction related to Rio de Janeiro Galeão International Airport a few weeks a few weeks ago, the initial steps in order to achieve financial close of that transaction are happening as as we as we were expecting. On regulatory and corporate matters, as the company made the proposal for DORA last February.

That's progressing according to to our plans. The AGM that took place in mid in mid-April approved all the resolutions proposed to our shareholders, and therefore the distribution of the dividend approved at that at that at that AGM took place this week, on on Monday, in which €1.09 per share was paid to to all our shareholders, an an incredible an incredible dividend for for all our shareholders.

That was all from me. I will let Carlos to go into further detail in a number of topics for for today's presentation.

Thank you very much, Carlos. Thank you.

Thank you, Ignacio. Let me walk you through some additional details with respect to traffic, as summarized on slide 12.

On traffic, Ignacio already covered traffic performance at the group level and in Spain, I'll give a quick overview of the traffic data for our international assets, as disclosed in the press release published on April 13th. Luton Airport handled 3.7 million pax.

That's an increase of 2.9% compared to Q1 2025. In our Brazilian assets, ANB managed circa 4.7 million passengers, plus 11.5% year on year.

BOEB recorded 7.2 million passengers, 5.0% higher than the same period of 2025. Within the Spanish network, domestic traffic declined by 1.4% year on year, while international traffic increased by 5.5%.

This reflects a combination of supply and demand factors impacting the domestic market. On slide 13, traffic by regions.

Europe, excluding Spain, grew by 4.9%, LatAm by 8.3%, North America by 9.5%, Africa by 14.9%, and Asia by 36.8%, while the Middle East, minus 13.4%, and Spain, aforementioned minus 1.4%, were the only regions where traffic declined. By countries, traffic with the United Kingdom increased by 4.9%, Germany declined by 1.2%, and Italy increased by 5.3%.

At airport level, Alicante recorded passenger growth of 6.6%, Malaga grew by 6.3%, Madrid increased by 4.3%, and Barcelona increased by 4.1%. By airline, Ryanair reduced passenger volumes by 3.4% year on year, with a market share of 19.6% of total traffic.

Vueling increased passenger volumes by 4.3%, with a market share of 16%. Finally, Iberia increased passenger volumes by 0.9%, representing a market share of 8.2%.

Let's analyze in more detail the commercial performance, let's move to slides 14 and 15. Total sales increased by 4.9%, higher than the traffic growth, and on a per-passenger basis, the growth has been 1.7%.

Revenue from fixed and variable rents invoiced in the period increased by 8.3% compared to Q1 2025. Excluding the multi-year straight-lining and other adjustments, commercial and real estate revenue grew by 7.9% to about €488 million, and the revenue on a per-passenger basis grew by 3.0%, reaching €7.6 per passenger.

As Ignacio mentioned earlier, total revenues from real estate services increased by 16.7% year on year. This growth was mainly driven by two components.

On the one hand, cargo business revenues increases by 16.4%, reflecting continuous strength in air cargo activity. On the other hand, revenues from real estate operations increased by 32.1%, driven by higher income from leased assets and surface rights linked to logistic and commercial developments.

I think it's worth analyzing the information along commercial business line to comment on specific details. On slide 15, I would like to start by stating that the sales of our tenants in our core retail activities, duty-free, specialty shops, and food and beverage, grew in line or above traffic.

In the case of duty-free, growth was 8%. In the case of specialty shops, 3%, and in the case of F&B, 7%.

Total revenue in duty-free decreased 0.7% compared to Q1 2025, reaching €131 million. If we analyze duty-free revenue excluding straight-lining and other adjustments, and consider business revenue as the sum of both the variable revenue invoiced in the period and the MAGs, revenue has grown by 2.8%, which is virtually in line with traffic growth.

In addition, in the first quarter of 2025, the Canary Islands lot was the only one that exceeded the minimum annual guaranteed rents. Total revenue in food and beverage grew year on year by 3.5% to €86 million, and specialty shops grew by 9.3%, reaching more than €32 million.

The performance in both business lines can be explained by the new brands and tenants, the improvement of the commercial mix, and additional commercial surface. Revenue from mobility services, including car parks and car rentals, has grown by 6.2% to nearly €110 million.

Car park revenue grew well above domestic traffic, 9.1% to €52 million, while domestic traffic decreased by 1.4%. The main drivers behind the revenue growth are the optimization of the available parking spaces and the pricing policy, which is pushed the average ticket by 5.8%.

Car rental sales grew by 1% and total revenue by 3.7% to €58 million. This growth is primarily due to a strong performance at major airports and 1.2% increase in contracts, partially offset by the strong competition among the car rental providers.

Finally, as Ignacio mentioned earlier, VIP services revenues continue to grow during the quarter, plus 31.5% year on year in Q1 2026 to €55 million, with an income per passenger of €0.84, plus 27% compared to Q1 2025. Within this business line, VIP lounges is the main one, representing circa 88% of the revenue.

Its revenue grew by 25% because of the higher number of users, plus 15%, and higher average price, 9%. Slide 16 shows a high detail of the main items of the other operating expenses for the network in Spain, both in million euros and in a per-passenger basis.

Other operating expenses in the Spanish network rose to 7.1%, reaching €442 million. This increase was driven by the increase in maintenance, 20%, security, plus 8.5%, PRM, plus 23.5%, professional services, plus 17.3%, and VIP lounges, plus 35%, partially offset by electricity, minus 7.7%, and taxes, minus 2.2%.

Although opex growth was higher than traffic growth, Aena clearly retains the leadership in the opex-per-passenger metric. On slide 17, net cash generated by operating activities amounted to circa €909 million in the first quarter of 2026, representing an increase of 10.7% year on year.

Because of this cash generation and overall financial management, net financial debt to EBITDA improved from 1.46 times at year-end 2025 to 1.32 times at the end of the first quarter of 2026, reflecting a continuous strengthening of the balance sheet. Capex paid in the first quarter amounted to circa €300 million.

Most of these investments focused on safety and security and improving the airport facilities. Fixed rate debt stood at 83% of our total debt, compared to 82% in 2025, and the average cost of our debt increased to 2.51%, compared to 2.34% in 2025.

I will now end off commenting on international assets, starting with Luton on slide 18. In local currency, revenue at London Luton Airport rose 8.3% to £84.2 million, sorry, million pounds.

EBITDA reached £32.1 million, minus 15.4%, and EBITDA margin was 38.2%, 48.8% in the first quarter of 2025. The contribution of the group's EBITDA amounted to €37 million.

Excluding all the items recorded in the first quarter of 2025 resulting from the car park fire, insurance compensation for the reconstruction, lost profits, and expenses arising from the car park fire, EBITDA for the first quarter of 2025 would be £27 million, and the year-on-year change would reflect an increase of 18.9% and plus £5.1 million. The EBITDA margin would be 35.7% in the first quarter of 2025.

Let's move to the Brazilian assets, slides 19 and 20. I would like to highlight the traffic growth, plus 11.5% in ANB and 5.0% in BOEB, and the very limited capex in ANB, and the mandatory capex we have already started to deploy in BOEB.

As EBITDA margins are affected by the accounting standard IFRIC 12. Excluding this impact, the EBITDA margin in ANB stands at 65.7%, 65.0% in Q1 2025, and in BOEB at 65.0%, 63.3% in Q1 2025.

The contribution of the Brazilian assets to the group EBITDA amounted to €50 million. That will be the end of my presentation.

Sammy, if that's okay for you, we are ready to move to the Q&A session. I can see that there are many of you who would like to clear up some doubts about this presentation, and to give everyone a chance to speak and to keep within the time limit of this presentation, I will be grateful if you could limit your comments to a single question.

As always, the investor relations team is available to answer any further questions you may have. Thank you.

Good afternoon. Thanks for taking our questions.

I'm going to limit myself to one, and it's not going to be in the obvious opex front. It's going to be more traffic oriented.

What I would like to come back to is the AGM statement by the Chairman that you would be reassessing traffic performance in due course. I don't exactly know what reassessing means, but what forces and tensions are you seeing in short-term traffic performance at the moment?

Thanks.

Thank you very much, Luis, for your question. This is Nacho speaking.

I think what the Chairman referred at that moment in time at the AGM, I think is the comment that all of us are making to ourselves. When the number for the traffic forecast, for the traffic guidance of this year was internally elaborated and built, the information, the inputs that Aena had were completely different to the information that we have in front of us at this moment in time.

We are seeing positive and negative trends impacting the traffic performance. The trends are so different to the ones that were used at that moment in time.

That's why we as a company, we wanted to be transparent about the situation. I think confirming a number or putting a number at this moment in time, when we are seeing news every single minute changing the situation, not only of the geopolitics, but also in particular the one impacting our industry, is something that all of us are watching.

That could impact short term, medium term, and long term from many different fronts. All that is what we would like to convey to all of you.

I think I've seen some notes, Luis, this morning, Aena is confirming, Aena is not confirming the 1.3% what we are not confirming, or we are not changing. What we are saying is that all the information that was put together in order to estimate the 1.3 is being materially impacted, and it's reasonable to expect that the traffic forecast for this year will change.

We are seeing, Luis, things that are impacting positively and negatively. The ones that are impacting negatively could be things that could materially impact the whole industry.

We are talking about jet fuel, we are seeing news about flights being cancelled, airlines confirming flight tickets going up. We are seeing many a trend of negative news that is huge in that regard.

It's too early to put a number given that the uncertainty is in my opinion at the highest levels that I have seen in my career. What we are trying to gain is some more visibility before putting a number in front of all of you.

That's what we are, Luis, being totally transparent.

Yeah. Absolutely clear, as always.

Thank you.

Hello. Thank you for taking my question.

I want to ask a question on opex, and I was wondering if you can help us square the O that stands for opex. I appreciate that excluding IFRIC 12, opex only grew by 8% year over year.

I would like to focus on maintenance and security because those are the two cost elements that you had elaborated on in your DORA 3 proposal as well. When I take the 20% growth in Q1 year over year for maintenance and then I sort of add this up, sort of apply that same growth rate over the next couple of quarters, I get to 311 in 2026, and you had stated maintenance costs of 300 in 2027.

This is just an example, I don't want to sort of pinpoint necessarily just on that. Does that mean opex growth for the rest of the year will be slower than in Q1?

Is that something you can sort of elaborate on a little bit?

Thank you. Thank you very much for for your question.

I think with respect to the general trend on on on opex, and and we can discuss some of the items or the items that you that you have asked on maintenance or or or security or PRM, I think the the general trend that that you will see in opex for for for this year is is the one that we have been explaining to to the market for for a while. Increases increases that are that are comparable to the increases that you have seen this quarter, the last quarter of 2025, the third quarter of of 2025, because the largest items on the other operating expenses of this company, I'm referring to maintenance, security, PRM, are being are being impacted in many in many fronts.

We are renewing some of our contracts, and in those contracts, because of scope getting larger, because of regulation, because of more activities, because of assets that that their warranties are are terminating, and therefore we have to pay for the maintenance of those assets. Because of many reasons, those all those costs are going up.

As you were referring to maintenance, that I think in this quarter, the the figure is is 20%. I'm not expecting a 20% through through the whole year of of growth, but it's not going to be it's not going to be materially materially different to the maintenance increases to the increases that you have seen in the maintenance items in the in the previous years.

This quarter perhaps is is is a bit higher than than than other quarters, and therefore you should expect a potential reduction. It's not going to be a reduction that changed the trend that that we have been explaining to to everyone in in our calls in our calls.

You have referred to security. Security, there is not a new contract.

The contract was signed a couple of years ago, a year and a half a year and a half ago. What you are seeing is an increase in the cost of security related to CPIs, more activity, that is part of the contract that that we have for for security.

That's and that's the result of that of that number. Don't expect a material change with respect to to the performance of that item compared to the one that that you are seeing in in this in this quarter.

There could be some some slight reduction, because in this quarter, you will remember that in the middle of 2025, we increased the cost in security in order to have more security guards in our terminals. That's a that's an impact that took place around the second half of of this year of of 2025.

Those cost increases that are are impacting the comparison with the in the first half, because we have those but we didn't have those costs in the first half of 2025. Through the year, given that we start incurring those increases in 2025 in June, July 2025, you will get some normalization, but is is a very small part of the of the cost item of of security.

Thank you.

Great. Maybe just a very very quick follow-up.

The numbers that you have in your DORA 3 proposal, those are still valid, and then this quarter has not changed anything regarding your assumptions?

Of course, those numbers are still valid. What I would like to highlight is that all of us are seeing the consequences of inflation that everyone is anticipating related to the increases in jet fuel, and inflation is going to be another important topic in opex for the next months because will depend on how all the cost increases in oil will be translated or passed through to the economy.

That's something that we didn't have at the moment in time that we put together the numbers for DORA. Thank you.

Bye.

Perfect, thank you.

Thanks very much. Maybe I'll stick on opex and just ask a similar question on staff costs, specifically within Spain, growing 12 12.5% in Q1.

What's going into that number? Is that something we should be carrying through for the rest of the year, or is that some one-off impact?

Then as we think beyond, is that giving you capacity that means that out year is a little bit slower? Just wondering what's driving such a high increase in staff costs for this quarter.

Thanks.

Thank you very much, and I'm happy to try to address your question. If I am not wrong, the increase in staff costs for this quarter has been 12.5%.

That's around €17.6 million. If we look at the breakdown behind that increase, we'll have increases in social security costs, that's around €4 million.

Increases in headcount, we have been adding people, and if you compare the headcount numbers of this quarter with the quarter of 2025, there is an increase of around 400 400 people. That's between €3 and €4 million of increase.

We have some impacts coming because of the new collective agreement that Aena signed last year. Adjustment in relation to the variable remuneration.

Changes coming from the collective agreement, that a couple of million euros. Salary review for 2026, that is 2%, that's public.

There are a number of reasons there that I would say are going to happen through the year and are going to be recurrent based on the breakdown and the explanations that I have just shared with you. I wouldn't be surprised, Graham, if the increase through the year is double-digit and is not far from the one that you have seen this quarter.

That's what I can share with you at this moment in time.

Very clear, thank you very much.

Thank you.

Thank you very much. It's a two-part question if I may, and it's all related to kerosene.

I guess the first part is, in the context of potential kerosene shortages, could you describe a little bit more about your supply chain in kerosene and tell us a bit more about that? Also in relation with the higher kerosene prices, we had a French regulator a few weeks ago published a large document acknowledging that the current disruption will be considered in their traffic forecast, in their WACC assumptions, in their inflation assumptions for the next regulatory period in France.

My question here is, do you believe the CNMC and the DGAC will also consider these changes when thinking about DORA 3? How will the mechanism work?

Would you be expected to update your proposal, your DORA 3 proposal, or what does the law say in this situation? Thank you.

Thank you. You completely breached the rule of two questions of one question per speaker, but no problem at all.

I think with respect to your first question, the straightforward answer is that as far as we understand, and there is a group that Aena is part of that is monitoring the supply chain with respect to kerosene, jet fuel, for the following weeks, supply has been confirmed in Spain. That's the information that I can share with you at this moment in time.

Of course, everything is going to depend on the length of the war, on the length of the situation in the Strait of Hormuz. Let's see how things evolve, but the information that I can share is the one that I was summarizing for the following weeks, given all the information that we are receiving.

Supplies is confirmed in Spain. With respect to your second question, Cristian, the honest answer is I don't know what the French regulator stated or proposed about all this.

What I certainly know is that this is confirming the situation, the level of risk of the industry, the level of risk of any traffic forecast, the level of risk now financial risks that airport operators have just looking at the rates. This is confirming that crisis happen, that traffic is impacted, that returns are impacted, and hopefully given all this is known by everyone, given that is in the public domain and all of us are seeing decisions taken by airlines to land planes or how all this situation is impacting market rates, that all that is taken into account by the regulators, because it's information that no one can neglect.

With respect to how it's going to be treated, how it's going to be taken into consideration, I cannot answer you in a specific manner your question, Cristian. As we made our proposal in mid-Feb, and hopefully we should hear back before summer.

That's what we would love in order to mitigate as much as possible the length of time in which we are exposed to that decision. Thank you, Cristian.

Thank you very much.

Oh, hi there. Can I just go to a different place of the P&L?

You mentioned a bit in your elaboration about the change in the financial lines. Can you just explain it a bit more slowly, and whether we should expect the improved financial result to continue through the year or not?

Thanks. There, that's one, isn't it?

Thank you, Andrew. I was expecting your question on Luton.

I know. You can tell us about that as well if you want to make it two, since you seem flexible.

Happy to take it later. I think there is a significant part that is explained because of exchange rate movements.

The real has helped a bit with the appreciation. I wouldn't expect that this impact is a structural one through the whole year because of the two following reasons.

The cash position in Brazil will get reduced through the natural capex cycle of investment in Congonhas. That's cash as will be used for that purpose.

Two, there was a financial loss in the first quarter of last year related to the exchange rates that perhaps doesn't happen in the next quarters. Expect a reduction in that positive impact.

Okay. On Luton, we are working hard in order to make progress for the potential agreement on the expansion on the airport and our roll-over.

Hi, just one question for me on the CNMC. One of the parameters that they look at is the opex allowance, the euros per itu of a passenger, let's say.

Any discussion on this point with the CNMC for instance on how to account for opex inflation, how this allowance could move? Thanks.

Dario, I couldn't follow your question completely, but if I understood you well, the answer is there had not been a real discussion, and we haven't received feedback from the CNMC yet on our proposal, I cannot help you with that one, unfortunately.

Okay. Do you maybe have any view on the opex allowance, how it could move in DORA 3 and how likely is that the CNMC and the regulator will allow for some increase compared to DORA 2?

What I can share with you, Dario, is that the proposal that we have put on the table in mid-Feb reflects our views on the opex expected performance of the company for the following years. Talking about allowance or reactions to that figures could be just speculation from my side at this moment in time.

Let's be hopeful that all the information, highly detailed information provided by the company in order to explain the capex performance that we forecast is taken into account and we can operate on those basis. Thank you.

Understood. Thanks very much.

Yes, thank you. Good afternoon.

Just one question. I believe it was reported recently in Spanish press that you are working on a business plan presentation that could happen towards the end of the year.

Could you perhaps comment on that very briefly? Is that indeed the intention, and when could that business plan presentation actually happen?

Thank you.

Thank you very much for the question, Marcin. As you know that we have a current strategic plan that ends in 2026, that we updated 18 months ago, well, 24 months ago.

Therefore, the current strategic plan needs to be reassessed and needs to be replaced by a new one. The company is looking at the next 5-year period in order to put together what we think makes sense in all our businesses, in our international strategy from many different perspectives.

Given this situation that the current one is going to end, what I can share with you is that we are working, of course, in order to be ready for the next 5-year period. The company has always shared with the market, once that exercise has finished, our views for that new strategic period, and that would be our intention.

I cannot confirm, Marcin, to you when, how, but I think based on experience, please assume that will be our approach, and that once we have more information and we are getting close to the end of the year, we are likely to be ready in a position for that move. Thank you.

Thank you.

Thank you. I think you answered my question indirectly earlier, but I wanted to make sure I understood correctly.

Is it reasonable to expect that the DORA 3 will be completed by July this year instead of by September? If this is the right interpretation, when should we expect the report, the non-binding report from the CNMC?

Thank you.

Jose Manuel, thank you for the question. I would love to have a straightforward answer to your question.

What I can share with you is that we have worked hard in order to share our proposal with the regulator in mid-Feb. We are aware that CNMC and the Civil Aviation Authority are also working very hard.

What we believe is that the sooner we have a resolution, the better, in order to reduce uncertainty from many perspectives. That's what we are doing, and has always been our intention in this process.

What I can confirm to you is that the regulators are also working very hard based on all the interactions that we have with them. We would love to have that resolution before summer, but given all the stakeholders that are involved, is something that I cannot confirm to you.

Everyone is working in that direction. Thank you.

Thank you.

Thank you, Sammy. As there are no further questions, we would like to conclude today's call.

The investor relations team remains at your disposal for any additional information or clarification you may require. Thank you very much to all of you, and have a great afternoon.

Thank you.