We're going to start with the presentation. We have Mikel Barandiarán, the CEO of Dominion, and Roberto Tobillas, the Director General, and Patricia Berjón, who's the Director for Corporate Development.

Good morning, everybody, and many thanks for attending this call for 2025. Many thanks for being so patient, too, because we are starting somewhat later because of a technical issue.

Many thanks for waiting. Before talking about the figures of the year and to understand how this evolution has been in the different business areas, I think that what we should do is mention how the year 2025 has evolved and also refer to the many events that have happened at a global level that have had a direct impact on the company's evolution.

I think that compared to previous years, geopolitics has now become an ingredient that we have to take into account, because we are facing a context where what is improbable has become something possible. This global paradigmatic shift also includes other things like elections in those countries in which we have a significant presence like in Chile, and the [paralyses?]

still exist in France where it's difficult to carry out structural reforms. As regards macroeconomic events, the most relevant ones have focused on the tariff war that was kicked off in April by the North American government and the effect that this has had for global trade.

Although this has not affected the company directly, it has done so indirectly, because it has affected the decision-making of some of our customers or different economic agents. Another relevant consequence is the strong depreciation of the North American dollar, which has produced significant exchange rate differences and conversion differences in the figures of this year.

What we've already observed since we presented our current strategic plan, or our most recent plan, and it shows that there's more uncertainty, which is not disappearing, it's only increasing. As regards to the strategic plan, this fiscal year of 2025 has been a year in which we have consolidated the transformation that we initiated in the previous fiscal years, and we materialized many of the objectives that we had set ourselves within the pillars of recurrence, simplification, and sustainability, which are the three fundamental pillars of the plan.

In the year 2025, we initiated the new reporting where the businesses and environmental activities for the industry have their own strategic area structured under Global Dominion Environment. The creation of these two major areas, Global Dominion Environment and the rest of the businesses under Global Dominion Tech Energy, want to simplify and regroup the activities in such a way that it's easier to understand the company and also be able to value its elements.

This also means that we can work on different options to develop the strategic area of GDE, where the company has put its focus on organic and inorganic growth, which is the end result of the potential that we can see nowadays where the build-up opportunities are numerous and where the atomization of markets by geographies and activities is a fact. This process has already been addressed in the second part of 2025 with several acquisitions of companies and infrastructures, and we hope that we will add more in the short and medium term, and at the same time that we are developing greenfields in different strategic locations like the case of Tarragona and the United Arab Emirates.

Finally, and as regards the simplification process, we already made the most relevant divestitures of activities in previous fiscal years, and in the month of July, we carried out the divestment of the PV fertilities [facilities?] we had in the Dominican Republic that has improved the balance sheet, and we also divested our activities in France where the possibilities of growth were below our objectives.

This divestment doesn't have any impact on the year's figures, because this was as of December the 31st, but in any case, it's going to change things in 2026. Apart from the qualitative improvements, if we were to have to underscore the figures of the year, well, we are growing organically by 4%, and we are doing so because both GDE as well as GDT Services, in other words, the recurrent areas of the company, are growing above the guidance.

They're growing at levels of 6%. This means that this year, the projects have not contributed as much as in other previous years.

We also have to underscore that the simplification of non-strategic activities is improving our profitability. It's growing, and our EBITDA over sales margin is 13.7%, which is a maximum figure for the company, historic maximum figure.

Thirdly, the depreciation of the dollar affects the balance sheet as well as our net profits. This has a one-off effect because of the correction of the divested assets in the Dominican Republic, and this one-off is €18.5 million, and without that correction, our net profits would have been 10% higher compared to the figure reported in 2024.

An important thing is a strong reduction in the net financial debt, which at the end of the fiscal year is €137 million, and this is 25% lower than the figure reported in '24, and 35—no, sorry, and 34% lower than the figure we saw in the first half of the year. That means that the leverage ratio is 0.9 times EBITDA.

Before talking about the figures in detail, I would like to remind you that the figures for 2024 have been pro-formed to be able to compare identical perimeters, because the divestitures are significant, and we have applied a pro-forma formula. In other words, these divestments, it's €134 million and €7.5 million in EBITDA and €5.2 million in net profits.

We are going to compare this with this pro-forma figure that gives us a real snapshot of what this looks like. We've closed the year with a business figure of €1,045 million, which means that with an organic growth of sales of 4%, with lots of inorganic growth and also growth of forex, because forex has taken off 2% and inorganic growth 11%.

Although there's been a slowdown of projects whose causes that I will be describing later on in the information divided by segments. As I said, we are growing at a very good speed especially in the recurrent activities of GDE and GDT Services, and margins are growing, and EBITDA has reached the maximum figure of 13.7% of sales, which shows that this simplification has been very handy, with the divestitures of those activities that had lower margins, and we've focused much more on activities and businesses that have much more profitability that related to the environmental world.

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

Interrupted operations, and well, we have the relative figures for the Cerritos wind farm, and losses have been reduced by €3 million compared to 2024. This reduction is mainly due to a reduction of financial expenses associated with the funding of the wind farm and with the commissioning of it, which would generate income.

This commissioning of the wind farm was one of the necessary conditions to carry out the divestment in the infrastructure, which started in the second half of 2025. Right now, we are working on the negotiation of a PPA with different companies so that we can maximize the value of this infrastructure.

Finally, this correction that has been brought about by the depreciation of the North American dollar in the assets of the Dominican Republic represents an extraordinary effect of €18.5 million. The attributable net profit is €10.2 million without taking into account that one-off of €18.5 million, the figure would be €28.7 million, which compared to 2024, it's recurrent profit that is 10% higher.

Let's review each one of the business segments, starting off with Global Dominion Environment. This segment has a turnover of €472 million in the fiscal year, which is equivalent to an organic growth of 5.9%, which is nearly 6% that we mentioned before, a percentage that stands above the guidance of the strategic plan.

To this, we have to add positive inorganic growth totaling 1.1% as a consequence of these acquisitions that we announced in Q3. In other words, we're talking about Ecogestión de Residuos, and Urak, which is a recovery unit for water in Cartagena, which is in the area of circular economy, and the German company ZCR that operates in the area of decarbonization.

Sales have had a negative impact on forex of about -3%. This area has reached a contribution margin of 10.3% over sales, which is somewhat higher compared to the figure reported in the previous fiscal year.

As mentioned on other occasions, within this area, there are different activities with very different margins. We have those margins of circular economy that are higher than the rest.

Right now, the circular economy represents 25% in the area of GDE. As the weight of circular economy grows, the objective would be that, well, this should reach something like 50/50, and then the margins will carry on growing.

Regarding the total figures of the company, this segment, GDE, accounts for 45% of our turnover and 28% of the total margin of the company. In relation to what we've already said about the strategy of the company in this area, we are working on a relevant pipeline with lots of acquisition possibilities, and we're looking for new capacities, new capabilities, and a new position so that GDE can become a European reference in terms of environmental services and infrastructures.

Not only that, we also have the organic development of this area, which is very significant. I have to underscore that as regards the circular economy, we're signing new contracts for the recovery of hydrocarbons and both in Spain and Latin America, but especially in Chile and Peru, where this automatic cleaning activity is a new development, and it's something that only we do, and where we are consolidating our presence, and this is becoming a recurrent activity.

As regards decarbonization, we're still signing new contracts with existing and new customers, and we've signed the first thermal optimization contract in the United States. We're opening up this market to this activity, and this has an enormous potential.

Let's move on now to Global Dominion Tech Energy, and here we explain the two segments: GDT Services and GDT Projects. On the one hand, GDT Services closes the fiscal year with a business figure of €460 million, which is organic growth of 5.8%.

The divestments are focused on this segment, and they subtract 23% of the turnover, and we have to add that forex is subtracting 2%. This year, anything that is related to this area is affecting us in other areas, too.

The GDT Services segment accounts for 44% of the total sales. If we were to add this segment to GDE, we'd be talking about, well, 90% of the company's turnover.

This segment are recurrent, as I said before. Therefore, we have achieved this recurrency objective in the plan that is exceeding 60% of our turnover and also 60% of the contribution margin related to recurrent activities.

These recurrent activities are the ones that have grown organically above the guidance, this gives us lots of visibility in terms of turnover and in terms of future cash flow generation. We have the contribution margin in the segment that reaches 19.7% over sales.

As regards the total figure of the company, GDT Services accounts for 53% of the company's contribution margin. Finally, GDT Proyectos closes the fiscal year with a figure of €113 million, which is 14% lower than what we reported a year ago.

As mentioned, not only in this period of time, but this behavior has to do with the temporary slowdown in the execution of projects, and this is the consequence of the situation of geopolitical uncertainty that we're facing, and also because there's been a change of strategies in renewable projects where we do not execute anything until we incorporate a financial partner, we want to have a greater financial discipline. This slower rhythm of execution does not represent the loss of any projects or the collapse of any projects.

Our pipeline is still strong and will eventually become income for us. On the closing date of the fiscal year, the pipeline is €413 million, which I think is, well, more than 2 years of project execution.

The contribution margin now reaches 28.5% over sales in the year, and in Q4, the percentage has been higher, much higher than the average, and this can be explained by the reversal of some provisions because of costs that we have not incurred in a project that has already finished. We made an adjustment, and the adjustment was positive, and it's the transmission line or transport lines in Angola.

As regards the total figures of the company, GDT Projects accounts for 11% over sales and 30% of the contribution margin. Now that we've taken a look at the P&L, both globally and by segments, let's move on now to the main movements of the balance sheet.

As regards fixed assets, they have remained in line, because this has coincided with the amortization of the CapEx of the year and also with the changes of perimeter. There have been changes in the infrastructural assets, where this reduction of nearly €62 million comes from divesting in the photovoltaic assets in the Dominican Republic.

The variation of the operational net circulating capital, working capital, represents a net investment of €250 million, and there's also variation in the rate of exchange and elimination of the debt positions associated to renewable assets in the Dominican Republic. As regards the financial debt, well, it's now stands at €136.6 million, which means that it's a reduction of 25% compared to December of 2024 and 34% compared to the last debt figure reported in June 2025.

This reduction has been brought about by the generation of operating cash flow in the year and also because we've collected €70.3 million, because this operation was signed in dollars, and in euros, it means that we'll be collecting €70.3 million for the divestment of the wind farms in the Dominican Republic. That means that the leverage of the company is equivalent to 0.9 times EBITDA.

In other words, it's 9—0.9x for this fiscal year. This generation of operating cash flow was €71.7 million, so that means 5.4% higher compared to the operating cash flow that we generated in 2024.

Of course, in 2024, we generated €76 million in cash flow, but we have to discount a number of activities. The figure for comparative purposes is €68 million.

Cash generation has been used to pay an earn-out totaling €1.2 million that corresponds to the acquisition of the Gesthidro company in 2023, and also for dividends to the shareholders, well, €15 million in July as well as the minority shareholders, €1.9 million, and the investment for CNO related to the divestment in the Dominican Republic, and €6.3 million that correspond to interrupted operations. In terms of CapEx, it has to be underscored that in addition to the €20.1 million of maintenance CapEx, which is a figure that remains stable year-on-year, and we've even managed to optimize our levels, we have destined €37 million to the expansion of different activities, among which we have the renting business for mobile devices, the development of renewable infrastructures, and greenfields in the area of circular economy in Fujairah and in Tarragona.

As a conclusion of these results, in this year, we have achieved the targets established for the fiscal year. This is thanks to the transformation we've carried out with a very positive evolution, and we have materialized many actions that were geared towards the simplification exercise established in the plan, and we've done so within a context that is pretty turbulent, too, with lots of complications.

Therefore, we have reached this final year of the strategic plan with most of the changes made and decisions taken in order to carry on progressing in our focus on the environmental world through Global Dominion Environment. We also confirm that in 2026, we will be presenting a new strategic plan where we will lay down the foundations of Dominion of the future and where each strategic area will play a very important role.

Before finishing, I would like to remind you that the dividend policy establishes a payment of one-third of the attributable net profit, but even so, the board is going to suggest or propose to the AGM that we pay a much higher figure, much more than the €3 million that would result from applying that policy. This is so that we can preserve the remuneration to the shareholder.

We will suggest a dividend of €8 million in 2026, which is equivalent to about 50% of the net profit of the continued activities, in other words, without taking into account those activities that were interrupted. I would also like to remind you about another operation in the area of our shareholder composition, which was done about 1 month ago, with the departure of Mahindra.

Mahindra owned 4.16% of our shares, and the relevant thing in this case is that this figure, 4.16%, has been acquired by the main company shareholders, that is by the biggest shareholder we have as well as by the chairman and the CEO by the company, therefore increasing their possibilities. I would like to thank you for your attention, and we can now move on to your questions.

You can either write them in or you can either raise your hand on the Zoom screen. Thank you very much for your attention.

Let's start off with the questions then. If you want, you can write in through the Zoom section, Q&A, or if not, raise your hand.

Let's start off with the Q&A session and give the floor to the people that have raised their hand. Please make sure that your microphone is not muted.

Firstly, we have Carlos Treviño from Grupo Santander. Good morning.

Hello, Carlos. I've got a couple of questions.

Could you please give us an indication of the levels of growth that you expect for 2026? Could you perhaps give us some reference divided by businesses?

I would be very grateful. The second question is, when do you think that growth in project can be reactivated?

Because the two quarters have been pretty weak, and I would like to ask you specifically about the situation of the construction of the wind farms in Italy. When you signed an agreement in January last year, you spoke about two wind farms that would be built towards the middle of the year, and I want to ask you about that.

Then could you please explain the reclassification that you've done with GDT Services and what kind of contracts have you got there? Could you please explain the nature of what's happened there?

Thank you very much. Yes, as regards the gross guidance for 2026, we are continuing with the current strategic plan, and therefore, we have to be over and above that figure of 5%, and that's what we have in our forecast, too.

We have to grow above that figure of 5%. Then you were asking us about the issue of wind farms in Italy.

The first four projects that we had, we had an agreement with a partner. These are already underway, and we're now seeing what kind of new project we could do.

We think that it could be another four or five projects that could be incorporated once again with this partner, with IPPT. Or we'd carry out another search.

In any case, so that we can build these projects based on the fact that we have already identified the majority buyer from 70% to 80%, up to 100% even, and this is what we have in Italy. Then as regards the reclassification issue, well, that's a very minor issue.

Yes, let's say that this has to do with the quarterly aspect, because this is something that I think that you know perfectly well, because we have an activity in which we provide logistics services, and these logistics services have to be recognized as an income based on added value, and this doesn't have to do with the logistic movements, but it has to do with the added value associated with our logistics services. In this regard, we've had some accounting entries that came from previous quarters that we've had to reclassify and adjust.

In any case, this is an accounting system. As you can see, the figure for the year is the same one, but it's basically focused between the third and the fourth quarters.

Thank you very much. When do you think that project growth can be reactivated, and when do you think you will be going back to normal rates again, normal rates of growth?

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

Yes, I would say in the Dominican Republic, where we've identified the partner, and it's basically the two main pension plans of the company of the country, and we have the right partner, we have the projects. The that was 7 or 10 days ago, there was a PV tendering process with storage, and the we expected this for August or September last year, but this has been postponed 5 or 6 months.

The process, well, towards the end of April, that's when we'll know what's going on. I think that the prospects are very good, and we will have a very significant reactivation as from the second or third quarter in relation to Dominican projects.

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

Thank you very much. Let's give the floor to David López from JB Capital.

Hello, good morning, and thanks for the presentation. I have a question on the growth CapEx, because this year, you've invested €37 million in expansion CapEx, but could you please give me some more details on what activities are involved and especially the level of recurrence?

What level of investment or expansion should we consider for 2026? Because the levels for this year were very similar compared to what we saw in 2024.

Thank you. Yes, in that growth figure, or CapEx figure, we have the CapEx that is related to the renting of mobile devices, and that would be, well, just over one-third, one-third of that total CapEx of €37 million.

Then we have the developments taking place in the area of renewables. We have developments in Italy, in the Dominican Republic, and which, as we've invested part in that development so that we can then allow our partners to join and then carry out the conversion of the EPC where you allocate much more capital.

We do this in a minority manner by, well, by the arrival of the partner, we've recovered most of what we spent on developments. Then we have what we have invested in the greenfields in the GDE greenfields in the area of circular economy, and we'd be talking right now about something like, well, in Tarragona, where we've invested in the purchase of land, and Fujairah, where we are also going to create a MARPOL plant, in other words, a circular economy facility.

Whatever is for MARPOL, it's has to do with sea pollution. This is going to focus on the circular economy applicable to polluted water, seawater.

These are the three chapters, that is devices, renewables, and GDE. Thank you.

What about 2026? What level of CapEx in expansion should we consider?

Oh, yes, sorry. I think that lower as regards the development of renewables, because they are much more mature, and then what we are starting to see now are greenfields that have been better identified in the case of GDE.

I don't know. I think that perhaps with a different kind of distribution, we'd be able to reach those levels, although it's very difficult to forecast anything like that straight off the cuff.

Yes, but as Roberto said, it will be a different kind of distribution where GDE would be more present. Thank you very much.

We're now going to review the questions that have to be answered from the chat, and if you want to send in any more questions, this would be the time to do so before finishing. Let's start off with Luis Padrón.

He's already asked several things, but anyway. When do we expect to present the new strategic plan?

That would be the first one. Why are we reducing the dividend when there's a significant improvement of our debt?

The final one is that would you be considering a buyback of shares, and that's why the dividend has been reduced? As regards the presentation of the strategic plan in the second half of the year, well, after the summer, after the summer, we'll give you the specific date, because we'd like to present that on the Capital Markets Day, which is when we'll be able to analyze the different issues in greater depth.

Then as regards the dividend, as you point out quite rightly, I think that there's an issue here, like Patricia pointed out, that has to do with net profits. Without bearing in mind the interrupted operations, we've increased this up to 50%, and compared to previous year previous years, cash generation has been significant, and the levels of net debt have been reduced, and we're comfortable underneath 1 times EBITDA.

I think that in on our roadmap, we have attractive investment ideas. As I say, as Patricia pointed out, we've tried to compensate things, and we've tried to be adequately reasonable in our remuneration to the shareholder, although we know that there are internal projects that will generate value, more value for the shareholder.

Yes, well, this is linked to an aggressive investments plan. Oh, then we have the issue of the buyback of shares.

This is also something that is being looked into. It's an issue that we will analyze under the new strategic plan as from this year.

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

This always happens to us in the most individualized part of GDE, and Q2, Q3, well, these are much more powerful in Central Europe or East Europe, but this is part of the company that we are individualizing and what happens is that in December, when they achieve 100% of what they've committed to, we become a little bit more relaxed. This doesn't really mean anything else.

There's really no significant element here to be considered. There are several questions here on Cerritos.

We're going to group them up. David from Destino Fortunato is asking if the situation in Mexico is affecting the negotiations for the sale of Cerritos.

Then Diego Martinez and Ignacio Joaquin Andreu are asking us about our forecast for the net debt once Cerritos has been sold. I'd say this is something that we mentioned with Cerrito.

Cerritos 2, 3 years ago became a problem because of the policies that were in place. It's no longer an issue.

Now, I don't know if this is going to be done on April 1st or May 1st, but as this is a project that is rated as an operation available for sale. The value is about $100 million with a debt of about, well, $85 or $90 million, because this is in euros, and we believe that the net asset value is properly reflected.

We're also actively working to round off the value of the project and defend its worth with an interesting PPA, something bankable, something that can be much more attractive for sale purposes and the sale for it to be operational. We are now talking about three or four main leaders with whom we are negotiating things and three or four bidders.

I think that this is a project that will become liquid. It's going to become liquidity.

We're now focusing a little bit on the details of if we can or cannot recover the accounting value or the book value, and that's what we're really focusing on. I can't really say much more about Cerritos.

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

Rubén, we've got three or four extensive questions, and... The net asset value, well, we reaffirm what we have in our books, because I think that there's an amount there for infrastructures that we will recover in the next 2 or 3 years.

In other words, 20% of the Dominican Republic, we expect to recover this in 3 years. We are also looking into if we have to perform any operations, as you point out, with the rest of renewable assets, because the idea is to, well, focus completely on this rotation strategy that we initiated in the year 2023.

This is what we can see, although obviously, together with operating cash flow and according to the amount we will obtain in these recent divestments, I think that what we would really focus on is a company with zero debt or zero cash. Of course, it's very difficult because we're working on a new strategic plan, which I think is what Patricia mentioned and what the CEO said, too.

We are focusing a lot on the greenfields and organic growth in the area of the environment where we have a number of interesting ideas that have to be carried out in the next few months, and it's very difficult right now, to give you a debt and generation guidance. We feel comfortable with 1 times EBITDA, and I think we said that in the call of the third quarter, we said that we had an EBITDA of 1x.

I think that what I'm missing is the debt that we had committed, but in any case, the important thing is that we have the basic elements to relaunch in this simplification strategy the Dominion that we want to see in the future. Yes, and I think that I've answered practically everything with that comment.

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

Yes, of course, because we have an ambitious plan and we have the right people, the right team for that. We are now, well, it's like when we were listed in 2017, and the sector was highly segmented.

We wanted to achieve lots of growth, inorganic and organic growth, but as regards this part of the plan, we are going to be aggressive. In other words, the GDE figures of the last 3 years have multiplied EBITDA by 2, and the EBIT is 2.7x.

We think that there are lots of very interesting opportunities on the table, and this is where we believe that it's worthwhile getting something done. We will have, of course, remunerated the shareholder, but we think that here there is, I don't know, the possibility of generating a significant amount of value.

Yes. Considering that we are in the year 10 since we were listed, we were first listed in 2016, and we reached the market with a promise of €43 million in EBITDA.

It was a €150 million plus the green shoe, and all of that capital expansion via dividend and buyback has gone back to the shareholder. In other words, we've given back to the shareholder much more than we initially collected in 2016.

Now we have another plan, which is a very aggressive plan, as Robert has just pointed out. In GDT, we will have lots of organic growth and very good performance.

It's a very good business that we dominate, where we are doing things even better, and it's very diversified, too. The truth is that we're very happy with it.

GDE is a very ambitious project, and we expect to receive some very important news in the next few years, and that's what we're currently working on. This is what our strategic plan is also focusing on, too.

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

Thank you. Thank you very much.

Goodbye.