International Consolidated Airlines Group S.A. (IAG) Earnings Call Transcript & Summary

[Foreign Language] Ladies and gentlemen, good morning to you all. I would like to thank you for attending the shareholders' meeting of International Consolidated Airlines Group S.A. I also wish to thank the members of the Board of Directors who are here today for their presence. Let us begin the meeting. I would like to inform all the attendees that the Board of Directors has requested the presence of the notary, Ms. Anna Fernandez-Tresguerres Garcia, who is seated at the table on the side of the auditorium to take the minutes of the meeting. I also remind you that any shareholders who wish to participate must have first identified themselves and registered on entry to the auditorium and must have handed over a written account of their comments. If they wish them to be recorded verbatim in the minutes drawn out by the notary. Shareholders attending remotely that wish to participate, must have sent them using the online platform as it was indicated in the call notice. Finally, I inform you that the period for voting via the online platform for those shareholders attending remotely will remain open until the end of the shareholders' meeting. I give the floor to the Secretary.

Good morning, comply with the legal formalities, it is placed on record that in Madrid at the auditorial epoCat deal Calvo 398 with the possibility of attending remotely at 12 noon on the 18th of June 2026, a shareholders' meeting of the International Consolidated Airlines Group S.A. is held on second call, having been called pursuant to the Board resolution of the 7th of May 2026. The call notice was duly published on the 11th of May 2026 in the newspaper, Larson on the website of the Spanish National Securities Market Commission by means of another regulated and corporate information announcement on the corporate website where it has appeared without interruption since then and is therefore deemed to have been read for all purposes. This shareholders' meeting is chaired by Mr. Javier Ferran as Chairman of the Board of Directors and the Board Secretary, Alvaro Lopez-Jorrin, Access Meeting Secretary of such. The governing panel is therefore composed of those 2 individuals and the directors attending A list of attendees has been drawn up, according to which there is sufficient quorum to validly constitute the shareholders' meeting on second call and to transact all the business on the agenda. Detailed information on the quorum will be provided once the list of attendees has been closed and prior to the shareholder speeches. Briefly, the agenda for the meeting contains the following items: one, approval of the 2025 financial statements and management reports of the company and of its consolidated group. Two, approval of the consolidated nonfinancial information statement and sustainability information report for financial year 2025. Three, approval of the management of the Board of Directors during the 2025 financial year. Four, reelection of the KPMG audit Auditores SL as auditor of the company and of its consolidated group for financial year 2026 and delegation of powers. Five approval of the proposal for the allocation of 2025 results. Six, 2025 final dividend approval. Seven, approval of a reduction in share capital by means of the cancellation of up to 461,166,953 million shares 10% of the share capital and delegation of powers for the implementation thereof. Eight, reelection for the 1-year terms stipulated in the bylaws of Mr. Javier Ferran, Mr. Luis Gallego, Ms. Eva Casto, Ms. Margaret Young; Mr. Morris Lan, Mr. Bruno Mattio, Ms. Heather and Merian, Mr. Robin Phillips and Mr. Pavi recon and the appointment for the 1-year terms stipulated in the bylaws of Mr. Daniel Pinto. Nine, consultative vote on the 2025 annual report on directors' remuneration. Ten, authorization for the derivative acquisition of the company's own shares by the company itself and/or by its subsidiaries. Eleven, authorization to the Board of Directors with the Express powers a substitution to increase the share capital pursuant to the provisions of Article 297.1B of the Companies Act. 12, authorization to the Board of Directors with the express powers of substitution to issue securities, including warrants, convertible into and/or exchangeable for shares of the company. establishment of the criteria for the determining the basis for and terms and conditions applicable to the conversion or exchange. 13, authorization to the Board of Directors with the express powers of substitution to exclude preemptive rights in connection with the capital increases and the issuances of convertible or exchangeable securities that the Board of Directors may approve under the authorities given under Resolutions 11 and 12, a, up to 10% of the share capital on an unrestricted basis and b, up to an additional 10% of the share capital in relation to an acquisition or a specified capital investment. 14, delegation of powers to formalize and execute all resolutions adopted by the shareholders' meeting. The proposed resolutions prepared by the Board of Directors on the above items and the relevant reports have been available on the corporate website from the date of publication of the call notice and are therefore also deemed to have been read for all purposes.

[Interpreted] Dear shareholders, it's a pleasure to welcome you once again to IAG's Annual General Meeting. We must, today, after a year in which our group executed its strategy with discipline and ambition strengthening our position as 1 of the global leaders in the aviation sector and remaining true to our purpose of connecting people, businesses and countries. Before going into detail, I would like to begin by acknowledging on behalf of the Board, the hard work, dedication and commitment of everyone at IAG. Your efforts have been essential in navigating a complex environment, accelerating our transformation and continuing to deliver solid results. And I would also like to thank all of you, our shareholders, for your trust and ongoing support. In the acknowledgments section, I would also like to recognize the work of our Director, Nicolas Shore, who is leaving our Board after 9 years of service to the group. In 2025, once again, we demonstrated our ability to translate strong demand into consistent results, supported by rigorous management, continuous efficiency improvements and an increasingly competitive operational base in a highly demanding environment. Our purpose is not just a statement. It is a guide for decision-making and a real foundation for long-term value creation. When we speak of connecting people, businesses and countries, we are also speaking of contributing to the economic and social development of the markets and communities in which we operate of facilitating opportunities and fostering relationships that generate shared prosperity. In 2025, we allocated EUR 3.4 billion to strengthen the group's capabilities and prepare for the next stage of growth. This investment effort encompasses both the introduction of more efficient aircraft and improvements in products, technology and key infrastructure to enhance the customer experience and strengthen our operational performance. The group's performance in 2025 allowed us to continue generating value for shareholders. In this context, we announced in February a share buyback program of EUR 1.5 billion, of which EUR 500 million has already been completed, and the second tranche of another EUR 500 million is underway. Our priorities, as outlined in our strategy are to achieve sustainable growth, industry-leading margins and maximize returns for shareholders. We are well positioned to do that, thanks to our strong balance sheet and liquidity, which allows us to keep delivering on our strategy and build confidence in IAG for the long term. We continue to embed sustainability in our business. And this commitment is reflected in the modernization of our fleet, in the search for efficiencies in the push towards sustainable fuels and other initiatives to reduce our climate footprint through alliances and innovation. This advance should go hand-in-hand with the framework that allows Europe to reduce its emissions without undermining its connectivity or its competitiveness. That is why the transition needs to be orderly and pragmatic built on measures that are effective and achievable. -- governments and businesses need to work together so that sustainability strengthens rather than constrained a strong and competitive aviation sector. While our results are strong, we remain very focused on the external pressures facing our sector. Aviation continues to operate in a highly complex environment shaped by geopolitical tensions, airspace restrictions, supply chain challenges and an evolving regulatory landscape. However, we are navigating this environment from a position of strength. The diversity of our airlines and businesses gives us flexibility and our strong financial position provides resilience. Together, this allows us to respond with agility, manage the uncertainty and continue delivering our strategy. Ultimately, our success depends on our people. Our colleagues are the ones who deliver our results every day. Their experience, dedication and professionalism are what drives excellence across our operations and the service we provide to customers around the world. One of our greatest strengths is the diversity of our workforce. We bring together more than 120 nationalities with different -- with different backgrounds, perspectives and experiences. Diversity makes us better. It strengthens our decision-making, fuels innovation and helps us build a more resilient organization that is better prepared for the future. In terms of corporate governance, we remain committed to the highest standards of good governance and transparency. In 2025, we continued to comply with the Spanish and U.K. corporate governance codes, reflecting a disciplined management framework and a strong culture of accountability that we consider essential to sustaining the group's long-term success. So far in 2026, we have seen solid operational performance and resilient demand across our key markets. As we look ahead to the second half of the year, we remain cautious. There are clear opportunities but also ongoing challenges from cost volatility to geopolitical uncertainty such as the conflict in the Middle East and a more demanding economic backdrop. In this environment, we will continue to rely on the strength of our brands, the diversity of the group and our financial discipline to deliver our strategy. While ensuring our purpose, connecting people, businesses and countries remains at the heart of everything we do. It is something we can all take pride in the role we play in supporting people enabling growth and contributing to the societies we serve. Thank you to all of you for your continued support. The CEO has the floor.

[Foreign Language] Good afternoon, and thank you very much for attending this Annual General Meeting. I would like to begin by highlighting a key point. 2025 was another very strong year for IAG. We continue to execute our strategy with discipline supported by our transformation program. And that resulted in record financial results, a stronger balance sheet and a greater ability to continue investing in the future of our group. As the Chairman already pointed out, AIG has a responsibility and a significant presence wherever we operate. Connecting people, business and countries is not just operating sides, this supports businesses, tourism trade and investment between countries. And what really matters is how we turn that strength into lasting value, profitability, customer service, commitment to our employees and a relationship of truth with all our stakeholders. As mentioned earlier, 2025 was again a year of solid results. We increased our revenue by 3.5% and boosted operating profit before exceptional items by 13.1% and raised adjusted earnings per share by 22.4%. Behind these figures, there are 3 factors that I would like to highlight. The first is that we continue to see resilient travel demand. The second is the quality of our brands in key markets. And the third is the value of having a device of a group capable of drawing on different geographies, segments and brands to sustain performance in a more balanced way. Throughout the financial year, we saw generally solid demand and although there were signs of softness in some markets during the summer, the overall picture for the year was clearly positive. We closed 2025 with an operating margin of 15.1% at a group level, surpassing our target range of 12%, 15% over the cycle. Iberia and Bridge average achieved margins of 16.2% and 15.2%, respectively. These margins reflect the positive impact of our transformation, operational discipline and improvements to our customer offering. All of this is complemented by an investment of EUR 3.4 billion in our fleet technology infrastructure to strengthen our future performance. All of this is complemented by investment in our fleet, as I said, this before is also reflected in our ability to reward shareholders. The Board an interim dividend of EUR 228 million, bringing the total distribution for 2025 to EUR 448 million, an increase of 8.9% per share compared to the previous year. Added to this is additional excess cash return program worth EUR 1.5 billion, of which EUR 500 million has already been completed, and the second tranche of a further EUR 500 million is underway. This brings total excess cash returns announced over the last 3 years to EUR 2.85 billion. Our business model and strategy are designed to generate sustainable profit growth in the medium term. The first pillar of the strategy is to strengthen the core of the business. This means continuing to drive our portfolio of leading positions and strengthening our brands in markets where we see attractive growth opportunities. In the coming years, we plan to increase our capacity in line with the mix of growth we are seeing in our markets and with planned aircraft deliveries. We expect this growth to continue to be supported by tight global supply dynamics. Both delays in aircraft deliveries and the fact that a proportion of these aircraft are being used for replacement rather than growth are the main reasons for this dynamic. We take to the first pillar of our strategy. One of the best examples of the strength of our positions is the North Atlantic, where we remain leaders alongside our partners. It is a key market for the group and performed well throughout 2025, particularly in the premium segments. In this context, the entry into service of the Airbus 321 XLR by Aer Lingus and Iberia has opened up new opportunities for efficient growth, offering greater feasibility to develop roots, increase frequencies and flytdestinations with highly attractive demand profile. We also hold a distinctive position in Latin America, which remains strategic due to its potential for structural growth. Iberia with our long-standing strength in this market continued to strengthen its presence with more frequencies and new development opportunities. In the short haul, inter European market, we have seen a mixed picture. Spain has continued to show dynamism while other parts of the content and the environment has been more challenging due to the weak demand and cost pressures. Outside these markets, we continue to apply a highly selective approach to capacity deployment with positive results in several regions, particularly in Asia Pacific. We are continuously investing in the offerings of all our airlines to improve the customer experience, operational resilience, efficiency and sustainability. Our 2 most important nonfinancial metrics on-time performance and the NPS improved in 2025. The group point rarity rose by 4.6% to 82.4% with a particularly notable improvement in British advertiser with -- while Iberia and Wolin continue to deliver benchmark levels within the industry. Iberia Express was the most punch airline in Europe, while Iberia ranked among the most pant in the world. When operations well more smoothly, customer perception also improves. This progress has been reinforced by investments in customer service, lounges, the in-flight experience and digital tools. In the same way, the introduction of high-speed line connectivity across the group airlines through the agreement we signed with StarLink, it's further evidence how we aim to enhance the quality of the product we offer using the latest available technology. Alongside our airline business, we continue to develop activities that broaden our revenue streams and drive growth with lower capital intensity. In this area, IAG loyalty once again performed very well supported by growth in active customers, increased Avios generation and the renewal of strategic agreements with key financial partners such as American Express. The holiday business also continued to perform well and contribute to the group as a whole through the British Airways holidays. We're also continuing to develop other less capital-intensive businesses such as our alliances with other airlines. These remain an essential part of the group's long-term strategy as they expand our customers' access to a global network of destinations and frequencies. And of course, our maintenance business in Spain, which serves both internal and external customers. Noteworthy here is the recent signing of the agreement with CFM for the maintenance of LEAP engines which will be carried out at munis as well as the creation of new company IG and Gentech to provide the service. Transformation remains 1 of the group's key drivers for improvement. Thanks to this, we have gained efficiency, strengthened our ability to adapt and create a more solid foundation to sustain competitive margins across different scenarios. The key point is that this work is not yet complete. We continue to see concrete opportunities to streamline processes, boost productivity and improve execution across various businesses. [Foreign Language] Component in this transformation is our focus on innovation, digitalization and investment discipline. We continue to invest in our fleet, technology and products with the aim of strengthening the differentiation of our brands, improving operational efficiency and advanced sustainability in we placed orders for 71 new generation, more fuel-efficient long-haul aircraft with options for further 23 sent supports both fleet renewal and future growth within our value creation framework. During 2025, we made progress on field renewal -- fleet renewal increased the use of sustainable fuel and continue to work on operational improvements that reduce our footprint. At the same time, we maintain our clear stance in the regulatory debate as the Chairman has pointed out. The transition will only be effective if it's underpinned by workable rules, appropriate incentives and a framework that does not disproportionately penalize the European industry compared to a global competitors. As we work forward, none of this none of what we achieved will be possible without 75,786 employees. Throughout 2025, we continue to support the professional development at every stage of their careers. We do this through graduate and apprentice programs, our pilot academies and a firm commitment to an inclusive, diverse and leadership-oriented working environment. We also continue to make progress on initiatives enabling employees to share in the business success such as share purchase schemes. In terms of the challenges, 2025 presented significant external challenges. The air traffic control situation in Europe continues -- remains complex, affected by unexpect closures, staffing issues and weather-related disruptions. Although 2025 was slightly better than 2024, it remains a significant obstacle for our customers and the sectors efficiency. Added to this are delays in aircraft deliveries and supply chain challenges, factors that push us to be disciplined to protect our customers and preserve our operational reliability. We're also monitoring the various proposals for the expansion of the airports where we operate such as Heathrow, Mibra and at. As you are well aware, we support growth and infrastructure improvements but such growth must be accompanied by a cost competitive model and improved service standards. Added to these challenges is a geopolitical uncertainty we are experiencing this year, stemming from the war in the Middle East and its impact on fuel prices. Fortunately, the U.S. and Iran seem to have a sort of agreement. But since the conflict broke out, our prices have doubled. And given that fuel accounts for around 1/4 of our cost base, this poses a significant challenge. Today, we're facing this situation for a much more -- much stronger position with a stronger balance sheet a lower leverage ratio and a robust cash position. There's greater resilience driven by transformation we are undertaking across the group enables us to weather volatile situations, such as the current one more effectively, better absorb cost pressures and continue to manage the business with flexibility and long-term confidence. We have faced difficult conditions before. We firmly believe in the fundamentals of our business model, in the execution of our strategy, and our resilience and in our continuing and continue to deliver value to our shareholders. Ultimately, a model of and strategy do not deliver results in their own it is the people who make them happen. I would like -- I would therefore like to conclude by reiterating my sincere thanks to our employees for their hard work, their professionalism and commitment to maintaining the high standards in very difficult conditions. To our customers, for the trust they continue to place in our brands and to you, our shareholders, for your constant apart. It is thanks to this collective effort that we will overcome the current challenges and be prepared for those that lie ahead. Thank you very much.

The Secretary will now take the floor to report on the definitive quorum now that this of attorneys has been closed.

[Foreign Language] The share capital amount to EUR 461 million, EUR 166,952.070 and is represented by 4,611,669,527 ordinary shares, each with a par value of EUR 0.010 belonging to a single class and series. In accordance with the provisions of Article 28 of the bylaws and Article 23 of the Shareholders' Meeting Regulations, a list of attendees has been drawn up, according to which there are 182 shareholders attending personal by electronic means. Owners of 152,377,151 shares that represent a nominal of EUR 15,237,715.1, which is a 3.3% of the share capital and there are 383 shareholders attending by proxy owners of 2,923,790,175 shares that represent a nominal EUR 292,379,017.2, which is an equivalent of 63.4% of the share capital. From the shareholders attending in person, 132 shareholders, owners of 150,944,040 shares have exercised their right to vote through remote means. Therefore, there are 565 shareholders in person or by proxy in the general shareholders' meeting owners of 376,167,323 shares that represent a nominal of EUR 307,616,732.3, which is a 66.7% of the share capital. It is placed on record that the stock treasury of the company, that is 250,522,152 shares, which represents 5.43% of share capital. It has been taken into account to calculate the percentages necessary for the constitution of this general meeting. But according to the law, the exercise of the voting rights corresponding to these shares is suspended.

[Foreign Language] Via the data provided by the Secretary in accordance with the provisions of Articles 193 in full the company's law, Article 28 of the bylaws and Articles 22 and 23 of the Shareholders' Meeting Regulations, it is confirmed that the necessary requirements for the value constitution of the shareholders' meeting on the second call and to transact the business on the agenda have been met. The notary will now take the floor.

In compliance with the provisions of the Spanish corporate legislation, I must ask the meeting whether there are any reservations or protests concerning the statements of the Chairman and the Secretary with respect to the number of shareholders in attendance and the capital present in person and by proxy. Shareholders attending remotely, wishing to lodge reservations and protests. In this regard, may do so using the section of the online platform provided for this purpose so that they may be recorded in the minutes. There are no -- there being no objections of value constitution of the shareholders' meeting on second call to transact on all the business on agenda is hereby confirmed. I give the floor now to the Secretary to organize flow speeches.

[Foreign Language] In accordance to the provisions of the shareholders' meetings, regulations, -- the floor is now open to speeches by the attendees who have so requested. Speakers are asked to ensure that their speeches do not run over 5 minutes established in the regulations to facilitate the conduct of the meeting. Once all the speeches are being finalized, the appropriate information or clarification requested will be provided where possible. Ms. Atemi Ferrer has the floor.

Good morning, Chair and Board members and shareholders. It would seem that IAG's shareholders found enough Kerosene to increase, which is good news for all of our shareholders, but also for you, the Board members and our company as a whole. Last year, I trusted a return of price at around EUR 7 per share, but it seems that, that objective is closer now. At the moment, we've surpassed the barrier of EUR 5 per share, which places IAG's share and the takeoff ramp 2 levels post pandemic. Last year, I asked you 3 specific questions with regards to the capital reduction policy and the reduction in value of the share. And with all due respect, I must say that your answers were too generic in nature, without hardly any information apart from some general thoughts. So I would like to share a thought process with you all with regards to the lack of specificities and details given something which is becoming a common practice amongst management teams and listed companies. And I'm thinking here about the CEO of Repsol, Mr. Jose Janimat, who seems to be a Avis in the way he answers the questions. And believe me, this is a clear example to be followed. So Chair and shareholders, when somebody has done 900 kilometers there and back to attend in person, a general shareholders meeting and has taken the trouble to prepare a speech, we're not only ungrateful for the management talks you do, but also you create -- doubts about the future. I think it's not very respectful on your behalf towards that shareholder, but also towards all shareholders as a whole to not take the trouble to developing details the answers given to the questions asked by the shareholder. And I consider that when a person has a responsibility to manage a prestigious companies such as this, should show full will to give full transparency and especially because of the interest shown by the shareholder in terms of the company. And the shareholders may not -- may only represent a small part of the capital, but we feel closer to the company than many of those big shareholders whose stake is measured in more than 5% rates of share capital. So this is just a constructive criticism. Thanks to the free float and the small shareholders. This is why companies can list on the IBEX-35, because 1 of the criteria to be included there is that the turnover should be wide in scope and that the free float should have an insignificant amount. And you must not kid ourselves. It is the shareholders that place you at the head of these companies. But those who really feel the heartbeat of the companies we invest in are the small shareholders, not the big shareholders. And like myself, we put our net worth risk in the companies that we trust in. Many of us are your customers in addition to being your shareholders. And so therefore, Chair, with all due respect towards you and the Board of Directors at the helm this company. I trust that you'll be able to give me more specific details in the answers you give me. In September of 2020, there was a capital reduction of EUR 996 million, EUR 663. And the number of shares remained constant at EUR 0.5 to EUR 0.10 shares per share. After a capital increase in October of 2020, and there were a number of shares at 4 million and the capital at EUR 496 million. And -- the capital has been reduced by 7.23% through 2 amortizations of shares, 1 in September '25, the other in March 2026. The number of shares in circulation is still over EUR 4,600 million, 2,300 time those that existed before the pandemic. Whilst the current capital is 46% what existed in 2020. So the nominal value is just a fifth and the true value in terms of capital is approximately half of what it was worth then. So it's reasonable to suggest that a counter split at 2:1, although it's a neutral transaction in terms of capital would be worth going into to increase the intrinsic value of the share, making it more appealing for shareholders and less volatile therefore, I would like to ask a question I asked last year again. Are you considering the possibility of doing a counter split to reduce the number of shares in circulation and to strengthen IAG in the markets? And through purchase of shares, that's beginning to give the results to recover the value of shares and make it more appealing for shareholders. My second question is after the program of EUR 500 million in execution now, will you consider to reduce capital through repurchase? And what percentage of the share capital would you consider should be reduced in reasonable terms. And I'd like to convey to you my congratulations to you all because of the rhythm in reducing net debt in the company, as we've seen from the last quarterly results, the fact that the share profits has increased as well as the reduction of 30% in the net debt of the company, we can only describe this as being a total success continue along these lines because with a net debt ratio of 0.5x, we can say that we are one of the airline groups that is strongest in the world with good creditworthiness. I hope that the answers you give me will ensure that I still want to do that long journey from Asturias to come to this general shareholders meeting, and maybe I'll come by plane next time. That's also a possibility. Thank you very much.

Thank you. Mr. Carlos Fernando has Alvarez Essential has the floor.

[Foreign Language] My question is actually a very short question for you. I'd like to know whether there are any programs or events to celebrate the 100th year of Iberia in 2027, that's it.

Thank you very much to the shareholders for your questions and for your comments. I'll start with -- last second question. It is a historic year. So thank you very much for that comment. It is for the company, not just to celebrate for celebration, but also to thank and acknowledge the work all those have helped us. This is a key year for us. So it won't be a single one-off event. It will be a number of events in the course of the coming 12 months, which are now being -- currently being comparative, but it is a historical moment and certainly time to celebrate. Thank you very much for your question. As we the comment from a shareholder, Mr. Red I'd like to thank you again for traveling so far to come here for your attendance here today. I make a note, clear note of your comments. I do apologize if where you believe that we have not been follow your expectations or make expectation. Now related to your questions, the third one is not so much a question as a comment. I do agree with what you say, and we very much appreciate your very kind words. But perhaps let me answer them in jointly because there's a certain link of flow between them. Now specifically, no, we're not at present and recognize considering a counter split. The company has a lot more individual shareholders than most listed companies for circa reasons, and a lot of them are, in fact, in Spain because this is the result of the IBERIA partization scheme. We also have about 75,000 employees across the world, whom we welcome and invite to become shareholders. A lot of them for out of effective purposes give 1 share to their children. A lot of them are mines, of course, accounter split would increase the price of the share. It's impacting the financial impact, of course, it's neutral. But we think that for now, it is better to continue with this accessible value in consideration for these personal circumstances, which I just mentioned. We do help the share to go up. And hopefully, normally or symbolically, we can review or get a higher price than what we had in the past. Regarding your second question, we have announced -- we did announce this scheme. And -- and our purpose here is to be disciplined on the use of the company's resources where the priority is the business, its growth and then to remunerate our shareholders through dividends. And if we have additional resources, we invest them in the best possible way. And if we believe that the price of the share is attractive and only the circumstances, then we will consider share repurchase scheme. It is our purpose to stick to this policy and as a result, result, there might be repurchases in the future. And a specific question is, do we have a limit concerning these repurchases? And the answer to your question is no, there is no limit. But let me give you more details. this specifically of what you've asked. What could happen is that if at a given moment, when -- when you repurchase and the product continues to go up, and there's significant repurchase and the price of the share certain level that instead of a counter split, we will do a split to continue to have the attractiveness of the company to the families and shareholders, individual shareholders of the company that is -- I hope I've answered your question. Many thanks to everyone for their contributions. We will now -- will now endeavor to answer the questions. It is -- apologies. It's not time to submit the proposed resolutions prepared by the Board of Directors concerning the items on the call now this agenda to vote. The floor is going to the secretary.

Since shares representing more than 50% of the subscribed voting capital are present in person or by proxy, -- the proposed resolutions will require an absolute majority for the approval of items 7, 11, 12 and 13 on the agenda and a simple majority for the remainder items. Shareholders may vote for, against or abstain from voting in relation to some or all of the proposed resolutions, for which purposes, they must complete and sign the voting card given to them on entry to the auditorium and hand it to the notary's table at the end of the meeting or follow the voting procedure established in the online platform for those attending remotely. If cards are handed in with some of the voting boxes left unchecked, the vote will be deemed cast in favor of the resolutions prepared by the Board of Directors. In contrast, if voting cards are not handed in, the shareholder will be deemed to have abstained from voting on all items put to the vote. I remind the meeting that in accordance with the provisions of Article 32.2 of the Shareholders Meeting resolutions once the Chairman has a record of the existence of sufficient votes in favor, he will declare that the resolutions have been approved without prejudice to any statements made to the notary by the shareholders. Both votes cast using remote means as well as the direction of votes cast on the different proposed resolutions prepared by the Board of Directors in the case of proxies have been duly processed, and the results will be provided to the notary in light of the available data with more than 99.9% of the votes having been counted. It has been verified that all the resolutions proposed by the Board of Directors have received a favorable vote of a number of shares exceeding the majority required by law and the bylaws for their valid approval as explained previously.

Accordingly, I declare that all the proposed resolutions prepared by the Board of Directors have been approved without prejudice to the votes cast at this meeting by the shareholders present, which will be duly counted in the result of the votes. The notary will authorize the minutes of this meeting, adding necessary legal requirements. The shareholders' meeting is therefore adjourned. Many thanks for your attendance.