Aena S.M.E., S.A. ($AENA)

Hello, everyone, and thank you for joining us today for the Aena Q1 2026 Results Presentation. My name is Sami and I'll be coordinating your call today. [Operator Instructions]. I'll now hand over to your host, Carlos, Head of IR, to begin. Please go ahead, Carlos.

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 Castejon, 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 CNMV website, and we'll finish with a Q&A session. [Operator Instructions]. Without further ado, I give the floor to Ignacio Castejon. 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 will give the floor to Carlos, who will have a Q&A session at the end of the call. Let me start on Slide 4 with some comments on traffic trends. As you can see, traffic increased 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 reached almost 65.6 million passengers, slightly ahead of our forecast for this quarter. Please note that the traffic performance for this quarter has been positively affected by the timing of the Easter break. Last year, the Easter break took place in April, and this year has been -- has happened between March and April, and we have also experienced some positive shift from [indiscernible] to air transport, I would say, took place on an extraordinary basis. If we look at the short term, from a traffic standpoint, what I can say with you at this moment in time is that April so far is performing well. Let's have a look at the financial performance. 2026 Q1 total revenues for the group, accounted for EUR 1,479.9 million. That's an increase of EUR 154.3 million. EBITDA reached EUR 661 million, increasing by EUR 17.4 million. And as we look at net profit, profit after taxes, that was circa EUR 330 million, an increase of 9.3% circa an increase of EUR 30 million. The growth in revenues was driven by traffic performance, traffic evolution. The increase in the aero charges from March 1, 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, given the increase in the Construction Services and now looking at Slide 6, they explain -- they most explain that increase. The Construction Services amounted to EUR 84.3 million in the first quarter of 2026 compared with only EUR 8 million in the first quarter of 2025. Basically, this reflects the progress that we are having in the Congonhas portfolio with the progress in that specific airport in 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 grew by 5.2%, Commercial revenues, 5.5%. Revenues from Real Estate, a very positive and high increase with 16.8%, and International revenues increased by 57.7%, largely driven, as I was explaining earlier, by the Construction revenues recognized on the IFRIC 12, if we exclude this effect, the revenue 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 you know, as you I'm sure have seen in the papers, we have said with the market dilution in this quarter has been EUR 28.7 million, that's much higher than the dilution that we had last year. And the main reason is the increase in tariffs. Last year, tariff was flat for the first quarter, and in this specific year, the tariff has been flat for the first 2 months, has increased in the third month, and we are taking into account the final tariff for the whole year in order to calculate dilution. That's the rationale for the main rationale behind the EUR 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 a couple of years through the dilution factors to the K-factor. If we look at the Commercial revenues, just a few comments. Sales keep going -- keep increasing, circa 5% in the first quarter of 2026 and also an important growth in all our 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 strongly. When we look at the 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 [indiscernible], as you can see in the information provided to the market. For example, in F&B, [ MAX ] increased by 30% and when comparing [ MAX ] for 2026. And if we look at the specialty shops, MAX increased by 45% when we compare the MAX in 2026 to 2025. So very good resource from all the contracts award or retaining activities in this quarter. And 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 the company had in through COVID because traffic losses. This is as a result of these agreements, company will have a cash inflow in the next months and also income that you will be seeing in the next quarter, when we see 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 EUR 30 million as part of our commercial income mainly. Let's have a look at cost, so I would move into Slide 7. I've seen a number of [indiscernible] on costs and operating costs this morning from many of your notes. Basically, let me share some information, and we can exchange this later on the Q&A. With respect to information, operating expenses, so that includes supplies, staff costs and other operating expenses for the group, if you look and compare year-to-year, the increase is 17.8%, a total of EUR 850 million. Please note that, that increase is taking into account the IFRIC 12. So if we remove from that item, the IFRIC 12 impact, the increase in cost in OpEx would be circa 7% for the whole group for the consolidated group. We have been from -- for a number of years, and especially in the last 2 calls that we have had with all of you, we have been anticipating that we are seeing a trend with respect to our OpEx in which that trend is provoking that the OpEx figures of the company go north. We have also tried to be very transparent about the reasons of that change of that increase. that is mainly explained by more FTEs, higher traffic, regulation, quality levels, inflation. So happy to provide more insight later and I'm sure Carlos will spend some time explaining the other operating expenses later on, but that's what we are seeing. So when we look at the Spanish network, the total OpEx figure has increased by 7.9%, reaching EUR 644.3 million, with an increase in staff cost of 12.4% that -- and also a significant increase in other operating expenses. Let's have a look at EBITDA. So I'm referring to Slide 8. Reported EBITDA for the first quarter of 2026 amounted to EUR 666.1 million. That's a growth of 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 -- first quarter of the previous year. And 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 [indiscernible] compensation, but also IFRIC 12 impacting on the margin. So if we remove the impact, the extraordinary revenues that we had in the first quarter of 2025 related to the fire compensation for the reconstruction of the parking. The increase in EBITDA of the group would have been higher than 5%, 5.1% amounting to an increase of EUR 32.1 million. If we remove from the margin calculations in this compensation, but also the IFRIC 12, the margin of the group would start this quarter, 2026 at 47.4% compared with a margin also in 2025 of 47.7%. So a decrease but a very slight decrease I would say, a flattening EBITDA margins when we remove all these extraordinary items. Let's have a look at the net profit. That is also in that slide. Net profit amounted to EUR 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 business growth that we have been explaining earlier, but also by the lower depreciation and amortization this quarter compared to the quarter of 2025 because of the adjustments in the [ useful lives ] that we explained last year, but also because of the lower net financial expenses that were reduced by EUR 20 million when we compare quarter-to-quarter. Basically explained by the compensation of all the cash that we have in Brazil, that we have in order to be able to pay for the CapEx in the following months and the applicable exchange rates for this quarter. Let me finish with some comments on EBITDA. With respect to EBITDA, moving to Slide 9 by business segments. The EBITDA growth in the Real Estate activities has amounted to 6 -- sorry, just give me a minute because I cannot see properly. Yes, 31%, sorry, that was right. 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 cost control in that -- in that specific business segment. And with respect to International activities, you will see in this slide a decline of 3.5%, but is also explained by all those extraordinary effects mainly related to the reconstruction of the parking facility and the insurance compensation related to that reconstruction. If we were removing that impact EBITDA for international activity would be going up by circa 16% in this quarter, confirming the very strong underlying performance of all our assets in Brazil and the U.K. 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 stake in a new holding company that we'll be owning 100% of Leads [indiscernible] for Airport and also New Castle Airport we anticipated before year-end. And with respect to the announced transaction related to Rio de Janeiro, Galeão– National Airport, a few weeks ago, the initial steps in order to achieve financial growth of that transaction are happening as we were expecting. On regulatory and corporate matters. As you know, the company made their proposal for DORA last February, thus progressing according to our plans, and the AGM that took place in mid-April, approved all the resolutions proposed to our shareholders and therefore, the distribution of the dividend approved at the AGM took place this week on Monday, in which [ EUR 1.09 ] per share was paid to all our shareholders and incredible dividend for all our shareholders. And that was all for me. I will let Carlos to go into further detail in a number of topics for today's presentation. Thank you very much, Carlos.

Thank you. Ignacio. Let me go 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. So I'll give a quick overview of the traffic data for our International assets as disclosed in the press release published on April 13. Luton Airport 103.7 million [ pags ], that's an increase of 2.9% compared to Q1 2025. In our Brazilian assets, AMB managed circa 4.7 million passengers, plus 11.5% year-on-year, and BOAB 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, the forementioned 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 the 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. [indiscernible] increased passenger volumes by 4.3% with a market share of 16% and finally, Iberia increased passenger volumes by 0.9%, representing a market share of 8.2%. Let's analyze in more detail the commercial performance. So let's move to Slide 14 and 15. Total sales increased by 4.9%, higher on the traffic growth, and on a per passenger basis, the growth has been 1.3%. Revenue from fixed and variable rents in [indiscernible] in the period increased by 8.3% compared to Q1 2025. Excluding the multiyear [indiscernible] in other adjustments, Commercial and Real Estate revenue grew by 7.9% to about EUR 488 million and the revenue on a per passenger basis grew by 3.0%, reaching EUR 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 increased by 16.4% reflecting continued strength in air cargo activity, and 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 on 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 stops, 3% and in the case of F&B, 7%. Total revenue duty-free decreased 0.7% compared to Q1 2025, reaching EUR 131 million. But if we analyze duty free revenue, excluding [indiscernible] and other adjustments and consider business revenue as the sum of both the variable revenue [indiscernible] in the period and the [ MAX ], revenue has grown by 2.8%, which is virtually in line with traffic growth. In addition, in the first quarter of 2025, the Canary Island lot was the only one that exceeded the minimum [indiscernible] guarantee rents. Total revenue in food and beverage grew year-on-year by 3.5% to EUR 86 million and specialty shops grew by 9.3%, reaching more than EUR 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 service. Revenue from Mobility Services, including car parks and car rentals, has grown by 6.2% to nearly EUR 110 million. Car park revenue grew well above domestic traffic, 9.1% to EUR 52 million, while domestic traffic decreased by 1.4%. The main drivers behind the revenue growth are the optimization of the [indiscernible] parking spaces and the pricing policy which has posted the average ticket by 5.8%. Car rental sales grew by 1% and totaling by 3.7% to EUR 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 continued to grow during the quarter, plus 31.5% year-on-year in Q1 2026 to EUR 55 million, with an income per passenger of EUR 0.84 plus 27% compared to Q1 2025. Within this business line, VIP lunches is the main one, representing circa 88% of the revenue. Its revenue grew by 25% and 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 Spain, both in million euros and on a per passenger basis. Other operating expenses in the Spanish network rose to 7.1%, reaching EUR 442 million. This increase was driven by the increase in maintenance, 20% security plus 5.5% [indiscernible] plus 23.5%, professional services plus 17.3% and the VIP lunches 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 EUR 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 1.46x at year-end 2025 to 1.32x 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 EUR 300 million. Most of this investment focus 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 234% in 2025. I will now -- of commenting of international assets, starting with Luton on Slide 18. In local currency, revenue at London Luton Airport rose 8.3% to EUR 84.2 million. EBITDA reached GBP 32.1 million, minus 15.4%, and the EBITDA margin was 38.2%, 48.8% in the first quarter of 2025. The contribution of the group's EBITDA amounted to EUR 37 million. Excluding all the items recorded in the first quarter of 2025, resulting from the car park fire, insurance compensation for the reconstruction, loss, profit and expenses arising from the car park fire, EBITDA for the first quarter of 2025 will be GBP 27 million, and the year-on-year change will reflect an increase of 18.9% and plus GBP 5.1 million. The EBITDA margin would be 35.7% in the first quarter on 2025. Let's move to the Brazilian assets, Slides 19 and 20. I would like to highlight the traffic growth, plus 11.5% in AMB and 5.7% in BOAB and the very limited CapEx in AMB and the mandatory CapEx we've already started to deploy in BOAB. As you know, EBITDA margins are affected by the accounting standard IFRIC 12. Excluding this impact, the EBITDA margin on AMB stands at 65.7%, 65.0% in Q1 2025 and in BOAB, up 65.0%, 63.3% in 2025. The contribution of the Brazilian assets to the group EBITDA amounted to EUR 50 million. That will be the end of my presentation. So Sami, 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 it 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.

[Operator Instructions] Our first question comes from Luis Prieto from Kepler Cheuvreux.

I'm going to limit myself to one, and it's not going to be in the obvious OpEx front. There's going to be more traffic oriented. So 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 know exactly know what reassessing means. But what forces intentions are you seeing in short-term traffic performance at the moment?

Thank you very much, Luis, for your question. This is Ignacio speaking. I think what the Chairman referred at that moment in time at the AGM, I think it's the comment that all of us are making to ourselves. When the number for a 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. And we are seeing positive and negative trends impacting impacting the traffic performance and the trends are so different to the ones that were used at that moment in time. That's why we, as a company, we were -- 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 a lot of us are watching and that could impact shorten, medium term and long term from many different fronts. So 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 -- we are not confirming or we have 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 the traffic projects forecast for this year will faint. But we are seeing things that are impacting positively and negatively. And the ones that are impacting negatively could be things that could materially impact the whole industry. And we are talking about jet fuel, we are seeing news about flights being canceled. Airlines confirming flight tickets going up. So 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. And what we are trying to gain some more visibility before putting a number in front of all of you, and that's what we are [indiscernible] being totally transparent.

Our next question comes from Tobias [indiscernible] from Bernstein.

I will ask a question on OpEx, and I was wondering if you could help us square the [indiscernible] that stands for OpEx. I appreciate that excluding IFRIC 12, OpEx only grew by 8-ish year-over-year. But I would like to focus on maintenance and security because those are the two cost elements that you had elaborated on in your DORA III 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 EUR 311 million in 2026 and you had stated maintenance cost of EUR 300 million in 2027. I'm just -- just the next -- I don't want to sort of pinpoint necessarily just on that. But 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 very much for your question. I think with respect to the general trend on OpEx, and we can discuss some of the items or the items that you have as maintenance or security or PRM. I think that the general trend that you will see in OpEx for this year is the one that we have been explaining to the market for a while, increases -- increases that are comparable to increases that you have seen this quarter, the last quarter of 2025, the third quarter of 2025 because the largest items on the other operating expenses of this company, I'm referring to maintenance, security of PRM are being impacted in many fronts. And we are renewing some of our contracts. I mean those contracts because of scope getting larger because of regulation because of more activities because of our assets that the warranties are terminated and therefore, we have to pay for the maintenance of those assets because of many reasons, all those costs are going up. You were referring to maintenance that I think in this quarter, the figure is 20%. I'm not expecting a 20% through the whole year of growth, but 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 previous year. This quarter perhaps is a bit higher than other quarters, and therefore, you should expect a potential reduction. But it's not going to be a reduction of that change trend that we have been explaining to everyone in our calls. You have referred to security. Security -- there is not a new contract. The contract was signed, I would say a couple of years ago, 1.5 years, 1.5 years ago. And what you are seeing is an increase in the cost of security related to CPIs more activity. That is part of the contract that we have for security. And that's a result of that number. I don't expect a material change with respect to the performance of that item compared to the one that you are seeing in this quarter. There could be 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. And that's an impact that took place around the second half of this year of 2025. So those cost increases that are impacting the comparison with -- in the first half because we have those, but we didn't have those costs in the first half of 2025. But through the year, given that we start incurring those increases in 2025 in June, July, you will get some normalization, but is a very small part of the cost item of security.

Okay. Great. Maybe just a very, very quick follow-up on the numbers that you have in your DORA III proposal, those are still valid and then this quarter has not changed anything regarding your assumptions?

Of course, those numbers are actually valid. What I would like to highlight is that all of us are seeing the consequences of the inflation that everyone is anticipating related to the increases in the [indiscernible] and inflation is going to be another important topic in OpEx for the next months because it will depend on how all the cost increases in oil will be translated or passed through to the economy. And that's something that we didn't have at the moment in time that we put together the numbers for DORA.

Our next question comes from Graham Hunt from Jefferies.

Maybe I'll stick on OpEx and just ask the sort of similar question on staff costs, specifically within Spain, but you're growing 12.5% in Q1. What's going into that number? And is that something we should be carrying through for the rest of the year? Or is that some one-off impacts in there? Just -- and then as we think beyond, is that giving you capacity that means that outer year is a little bit slower. Just wondering what's driving such a high increase in staff costs for this quarter?

Thank you very much. I'm happy to try to address your question. If I am not wrong, -- the increase in staff cost for this quarter has been 12.5%. That's around EUR 17.6 million. If we -- if we look at the breakdown behind that increase would have increased in social security costs, and that's around EUR 4 million, increases in head count we have been adding people. And if you compare the head count numbers of this quarter with the quarter of '25, there is an increase of around 400 people that is between EUR 3 million and EUR 4 million of increase. We have some impacts coming because of the collective bargain -- the new collective agreement that Aena signed last year, adjustment in relation to the [indiscernible] remuneration changes coming from the collective agreement. There's a couple of million euros, [indiscernible] review for 2026. That is 2% that's public. So 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 can -- I have just shared -- I have just shared with you. I wouldn't be surprised, Graham, if the cost of staff cost, the increase to the year is double digit, and it's not far from the one that you have seen this quarter. So that's what I can share with you at this moment in time.

Our next question comes from Christian Nedelcu from UBS.

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? And also in relation with the higher kerosine 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. So my question here is do you believe the CNMV and the DGAC will also consider these changes when thinking about DORA III? And how will the mechanism work? Would you be expected to update your proposal, your DORA III proposal? Or what is the loss -- what does the loss say in this situation?

Thank you. You completely breached the rule of two questions -- or one question for a speaker. No problem. I think with respect to your first question, the straightforward answer is -- but as far as we understand, and there is a group that Aena is part of that is monitoring the supply chain with respect to kerosine jet fuel. For the following weeks, supply has been confirmed in Spain. So 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 and the length of the situation in the Strait of Hormuz. So let's see how things evolve, but the information that I can say is the one that I was summarizing for the following weeks, given all the information that we are receiving, our supply is confirmed in Spain. With respect to your second question, Christian, I don't know -- the honest answer is I don't know what the French regulator stated or proposed about all this? Or 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 financial risks that airport operators have -- are looking at the rates. So this is confirming that a crisis happen, that traffic is impacted, that returns are impacted. And hopefully, given that is 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 be let, but with respect to how it's going to be treated, how it's going to be taken into consideration. I cannot answer you that in a specific manner, your question, Christian. As you know, we made our proposal in mid-Feb. And hopefully, we should hear back before summer that 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, Christian.

Our next question comes from Andrew Lobbenberg from Barclays.

Can I just go to a different place of the P&L? And you mentioned a bit in your elaboration about the change in the financial lines. Can you just explain this a bit more slowly and whether we should expect the improved financial results to continue through the year or not? That's one isn't it now.

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

No. Well, you can tell us about that as well if you want to make it two. I mean since you seem flexible.

Okay. 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 lot with -- has helped a bit, sorry, with the appreciation. But 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. So that cash will be used for that purpose. And two, there was a loss, a financial loss in the first quarter of last year related to the exchange rate, that perhaps doesn't happen in the next quarters. So expect a reduction in that positive impact. And on Luton, we are working hard in order to make progress for the potential agreement on the expansion on the airport and our role there. .

Our next question comes from Dario Maglione from BNP Paribas.

Just one question for me on the CNMV. So one of the parameters that we look at is the OpEx allowance for the [indiscernible] of the passage, let's say. Any discussion on this point with the CMEC for this also now to account for OpEx inflation, how this allowance could move?

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

Okay. And do you maybe have any view on the OpEx allowance you could move in [indiscernible] how likely is that the CMEC and the regulator will allow for some increase compared to DORA II?

Well, 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. So talking about allowances or reactions to that figure, would be just speculation from my side at this moment in time. So 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 taking into account, and we can operate on those basis.

Our next question comes from Martin Wojtal from Bank of America.

So 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 happened? Thank you.

Thank you very much for for the question, Martin. Yes, you know that we have a current strategic plan that ends in 2026, but 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. So 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 in -- from many different perspectives. So given the situation that the current one is going to end. What I can say with you that we are working, of course, in order to be ready for the next 5-year period. And the company has always shared with the market ones that exercise has since -- our use for that new strategic period, and that would be our intention. I cannot confirm Martin, to you when, how -- but I think based on experience, please assume that, that will be our approach. And 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.

Our next question comes from Jose Arroyas from Santander.

I think you answered my question directly earlier, but I wanted to make sure I understood correctly. Is it reasonable to expect that the DORA III will be completed by July this year instead of by September? And if this is the right intervention, when should we expect the report the nonbinding report from the CNMC.

Jose, thank you for the question. I would love to have a straightforward answer to your question. What I can shared with you is that we have our heart in order to assert our proposal with the regulator in mid-Feb. We are aware on the CNMV and the Civil Aviation Authority are working -- are also working very hard. And what we believe is that the sooner we have a resolution the better in order to reduce uncertainty from many perspectives. And that's what we are doing. And has always been our intention in this process. And what I can confirm to you is that the regulators are working are also working very hard based on all the interactions that we have with them. So that's -- we would love to have that resolution before summer. -- but it's given that all the stakeholders that are involved is something that I cannot confirm to you, but everyone is working in that direction. Thank you.

We currently have no further time for any questions. I'm afraid. So I'd like to hand back to Carlos for some closing remarks.

Thank you, Sami. 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.

This concludes today's call. We thank everyone for joining. You may now disconnect your lines.