ACS, Actividades de Construcción y Servicios, S.A. (ACS) Earnings Call Transcript & Summary

Good morning, everyone. And thank you for being with us today. Everyone that is physically here and everyone that is connected, we appreciate your time today and share this presentation directly or through our broadcast. We're very excited to have a combined session today, starting with the Q3 and 9 months presentation, and then we will move forward with our Investor Day. So we'll start with a review of our performance for the first 9 months, followed by our usual quarterly Q&A session. And for this, I'm accompanied here with our Corporate General Manager, Angel Garcia Altozano; and our Chief Financial Officer, Emilio Grande. And then at noon, Central Time, and after a short break, we'll move into our Investor Day focused on the group's data center strategy. For this part of the event, I will also be joined by Peter Davoren, Chief Executive Officer of Turner that will be joined by video. Vicente Marana, Chief Executive Officer for ACS Digital Energy; Mike Kuntz, Executive Vice President of Turner; Jim Brownrigg, Managing Director of Turner Europe; and Bernd Halwick, Managing Director of HOCHTIEF BP Solutions. We also wanted to take the opportunity to provide a recap on where we are in our strategic journey, highlighting key areas of growth and other investment initiatives. In addition, we'll reflect on what we have achieved since our full Capital Markets Day in April last year 2024. To conclude, we'll open the floor again for questions on our strategy and of course, the transaction we just announced this morning with GIP BlackRock for our data center platform. For those of you joining remotely, please submit your questions online, and they will be read out here in the room. Starting with the first slide. ACS Group has achieved an outstanding performance during the first 9 months of 2025 with solid growth in sales, backlog and net profit backed by strong cash flow generation. Let me give you an overview of a few key highlights for the period. We have reported strong profit growth of 19.5% or 23.8% FX adjusted at ordinary net profit level, reaching EUR 585 million. On a reported basis, net profit stood at EUR 655 million. Sales saw a very significant increase of 23.7% over 28% FX adjusted, driven in particular by strong growth in our strategic markets. An EBITDA growth was even higher at 32% or 38% FX adjusted, reflecting operating margin expansion across our businesses. Net operating cash flow grew by EUR 154 million year-on-year to EUR 2 billion in the last 12 months, which is a EUR 318 million increase adjusted for factoring variations. As a result of this strong cash flow generation, the group's net debt position as at the end of September was EUR 2.2 billion. And this is after allocating EUR 1.4 billion to strategic investments and shareholder remuneration during the first 9 months of the year. Strategic investments include a EUR 436 million acquisition of Dornan and EUR 555 million in net equity investments and other M&A, mostly including an investment of EUR 345 million in data centers projects. Additionally, shareholder remuneration amounted to EUR 422 million. New orders during the first 9 months of 2025 of EUR 43.9 billion were 12.6% higher FX adjusted driven by 55% of awards in high-growth segments. The order backlog grew by 8.9% FX adjusted, reaching EUR 89.3 billion equivalent to approximately 2 years of work, supported by strong demand in data centers, biopharma and defense. We are raising our ordinary net profit guidance for '25 to a range between EUR 820 million and EUR 855 million, an increase of up to 25% versus last year's figure. This compares with the previous top end of the guidance of up to 17% growth. Let's take a closer look at the group's consolidated performance for the period. Sales rose by 28.3% FX adjusted reaching EUR 36.8 billion, driven by the exceptional performance of Turner, which achieved 36% organic growth FX adjusted. This momentum was further supported by the integration of Dornan and the full consolidation of this since Q2 '24. EBITDA increased by 32% to EUR 2.2 billion with margin expansions across all segments. Profit before tax amounted to over EUR 1.1 billion, up 28.3% on a comparable ordinary basis and was particularly fueled by Turner's outperformance and the solid contribution from FlatironDragados. We delivered a strong ordinary net profit growth of 19.5% year-on-year to EUR 585 million. Turning now to the ordinary net profit by segment in Page 4. I'd like to underline the following: Turner delivered an outstanding performance once again with its contribution rising 64.6% to EUR 363 million, driven by strong growth in digital, infrastructure and biopharma, health care and education projects. CIMIC delivered EUR 151 million, up 8.2% FX adjusted, supported by strong growth in high-tech projects and impacted by the FX. Engineering & Construction showed a very strong result, growing at 32.5%, reflecting a higher contribution of Dragados and solid results in HOCHTIEF Europe. And Abertis had a resilient operational performance in the period with comparable EBITDA growing at 7% with a net profit contribution impacted by the tax regulation in France. During the period, the group implemented efficiency initiatives that involve EUR 29 million in restructuring costs aimed at streamlining operations and unlocking synergies that will enhance performance in the coming years. In terms of cash flow generation, the group continued to show an excellent performance. Last 12 months net operating cash flow of EUR 2 billion was up by EUR 154 million and was supported by the strong momentum of Turner. That 12 months net operating cash flow pre-factoring increased by EUR 318 million, driven by EBITDA growth, sustained cash conversion and this strategic diversification into cash-generative businesses. The group's cash generation remains solid and we expect a strong cash conversion level for '25 with characteristically strong Q4 performance. Our net debt position as of September 25 stood at EUR 2.2 billion, showing a decrease of EUR 173 million since September '24. This variation is explained by a strong net operating cash flow, although slightly impacted by the lower use of factoring and is net of strategic capital allocation initiatives, shareholder remuneration and foreign exchange effects. Adjusting for these nonoperational effects, the net debt would have been reduced to only EUR 426 million. Our capital allocation over the last 12 months include EUR 1.2 billion in net equity investments and M&A corresponding to the acquisition of Dornan for EUR 436 million, 446 million investments in data center projects and other net equity investments that include about EUR 240 million in social infrastructure, energy and transport concessions. And also EUR 451 million in shareholder remuneration. Our disciplined approach to capital deployment supports our long-term growth strategy while maintaining a solid financial position. Moving on to Slide 7. Our order backlog stands at EUR 89.3 billion as of September '25, representing a year-on-year increase of 8.9% FX adjusted. This growth was underpinned by a very strong order intake of EUR 43.9 billion, up 12.6% FX adjusted, circa 55% of our new orders are in high-growth segments. This very positive performance reflects the group's continued success in securing high-quality projects across our strategic growth markets, particularly in data centers, defense and biopharma. It is worth highlighting that digital infrastructure now accounts for 16% of the group's total backlog, driven by the exceptional momentum in data centers. We're also seeing a strong traction in Germany. Over the past 3 years, our German order book was nearly doubled to EUR 5.2 billion. The EUR 500 billion German infrastructure fund approved this year will see its first full year deployment in '26 with federal investment rising to a record of EUR 127 billion, approximately comparing with EUR 75 billion back in 2024 and further visibility for sustained high levels. We are very well positioned, thanks to its scalable model and expertise in bridges, tunnels and rails. On the following slide, you can see a selection of recent project awards. It is worth putting these projects in the broader context of the ACS Group strategy, which, in any case, we'll have the opportunity to discuss in more depth during our Investor Day later today. Let's start with the digital infrastructure and advanced tech sector that we command a leading position. After the surge of the past 2 years, global data center growth remains very, very strong, driven by cloud and artificial intelligence demand. Data center in compute CapEx is expected to hit $600 billion in '25, double than in '23, while annual AI infrastructure spend could reach $3 billion to $4 trillion by decade end. Across regions, demand is high., S,chedules are tightening and clients rely on us to deliver complex projects quickly and at scale. The group has been awarded several new large scale data center projects during the period, more than doubling the value of new orders secured in the first 9 months of '25, including in July, when the AI hyperscaler CoreWeave announced its intent to commit more than EUR 6 billion to equip a new state-of-the-art data center in Pennsylvania, purpose-built to power the most cutting edge AI use cases. The initial 100-megawatt data center with potential to expand to 300 megawatts will be delivered by a Turner joint venture. Last week, OpenAI, Oracle and Vantage as part of the USD 500 billion Stargate program announced a USD 15 billion centers complex in Wisconsin which Turner is 1 of the selected construction managers. The Alcala data center started construction. It is a joint collaboration by Dragados, Iridium, Turner and SourceBlue in the context of their data center platform. The group is also advancing in the semiconductors area as strong demand for artificial intelligence and increased digitalization drive investment levels with double-digit growth expectations going forward. We have obtained several new orders in the semiconductor sectors in the U.S., Germany, Ireland and Malaysia, such as the expansion of an assembly and test facility for chip lithography machines in the U.S. Energy-related infrastructure is another strategic growth market for us with substantially rising demand driven by the global energy and supply security needs. ACS is strategically focused on building infrastructure for a low-carbon future from generation and storage to transmission and advanced technology. With decades of experience designing and building nuclear power plants and facilities across the world for global energy companies like RWE, we deliver end-to-end services and are well positioned to support the deployment of best-in-class small modular reactor technologies. Leveraging global engineering capabilities for new build, SMRs, storage and dismantling, we target an industry projected to exceed EUR 500 billion in European investment by 2050. In October, we secured a major nuclear and civil works framework contract worth up to EUR 685 million as part of the infrastructure delivery partnership at the U.K. Sellafield site. The alliance style contract lasting up to 15 years, involved design, engineering and delivery of civil infrastructure works in support of nuclear operations and decommissioning in collaboration with Sellafield and its partners. This strategic long-term partnership reinforces our unbroken legacy in the nuclear sector since 1950s as a trusted partner in engineering and construction for some of the world's most critical nuclear programs. If we turn back to renewables, we represent an ever more important energy source. Battery energy storage systems are becoming a crucial element to balance electricity networks. Global battery energy storage systems, capacity is expected to rise by 6.7 -- sorry, 67% in '25 to 617 gigawatt hours and to 10-fold by 2035. In Australia, for example, CIMIC and UGL was again selected by Neoen, a world-leading producer of exclusively renewable energy and Tesla to construct another battery project of 164 megawatts in Perth. Let me turn now to Critical Minerals and Natural Resources, where global demand for is set to increase significantly as a consequence of the exponential growth of clean energy technologies. Digital infrastructure and defense investments. The group has developed a unique position in critical minerals globally, primarily through Sedgman, which specializes in integrated minerals processing solutions and [indiscernible]. During the period, Sedgman, which has over 100 critical mineral engineering projects globally started work on an innovative pricing plant in Queensland for vanadium and other rare-earth metals as well as a 5-year gold project contract extension in Western Australia. Last month, Leighton Asia secured a 3-year extension to an asset integrity contract Indonesia for critical production assets to extract nickel, and we're also carrying out the process design and project implementation for a copper zinc plant in Western Australia. We're also expanding our European footprint in critical minerals. In Germany, we've been working with Vulcan Energy on the EPC and validation of what will be Europe's largest lithium extraction plant. The company's integrated lithium and renewable energy project will allow it to deliver a local source of sustainable lithium for European EV battery industry enough for initial 500,000 electric vehicles per annum. The awarding of the European Union Strategic project status under the Critical Raw Materials Act highlights its transformative potential for Europe's clean energy future in lithium independence. And Sedgman has also won a contract to provide a feasibility study in front end engineering design work for a major lithium project in France. And we're also currently working or have worked or a number of other lithium projects and studies this year in Portugal, Brazil, Australia and Canada. Global lithium demand growth is expected to fivefold by the end of the decade, pushing the market into deficit by 2030. Next, let's address defense, where infrastructure investment is expected to substantially increase globally. ACS sees this sector as strategically attractive due to the synergies with the group's leading position in civil works, it's engineering capabilities and its sector presence in Europe, the U.S. and Australia. We delivered projects for Ministries of Defense, police agencies and border authorities across our geographical footprint. And at the end of the third quarter, the group had a defense order book of over EUR 2.6 billion, and we expect to increase significantly. In addition to the large Pearl Harbor dry dock replacement project in Hawaii, we've been selected for a 10-year global construction services for the U.S. Air Force. In September, semi company civil contractors began building works for Royal Australian Air Force base in Queensland as well as a defense infrastructure upgrades in South Australia. And in Europe, major multiyear defense investment plans, including in Germany, present substantial opportunities in defense, related capital works and potentially via the PPP model. An example is the Liberec armament storage reconstruction project in the Czech Republic, which illustrates this growing defense investment momentum. Now in biopharma, health and social, we were awarded the new Huntington Bank Field, Cleveland Browns new NFL stadium, a visionary project in Ohio U.S. During the quarter, Turner began work on the 46 story, 343 Madison Avenue office tower in Midtown Manhattan, New York, including an underground transit entrance serving Grand Central Terminal. Our major project security in this sector include the Metropolitan Maseum of Art expansion in New York and the AdventHealth - Avista New Hospital project, a significant expansion of capacity with a new 5-story building in Louisville, Colorado, USA. The group has also been a global leader in transport infrastructure and sustainable mobility for several decades. And the outlook is very positive due to several infrastructure stimulus packages. We were selected to deliver Queensland Gateway to Bruce Upgrade, a transformative infrastructure project to improve safety, connectivity and resilience across the Gateway Motorway and Bruce Highway corridors in Australia. And recently, we announced that Turner joint venture has been awarded a $700 million modernization project for Memphis International Airport. In Germany, we secured a major rail infrastructure contract to refurbish a 42-kilometer double-track section for Deutsche Bahn. These wide selection of projects is representative of the strength and brief of our group's growth strategy on our group companies. Turner, for example, was again named in our top U.S. general contractor holding leading positions across 13 segments, including health care, aviation and data centers. FlatironDragados is also experiencing a strong momentum in defense and transport projects, including high-speed rail. While our companies in Europe are also building up momentum on the back of increased infrastructure spending. Let us now have a look at the performance by segments. On Slide 10, we begin with Turner, which is delivering exceptional results, consolidating its leadership in strategic sectors. Sales grew by 38.1%, reaching EUR 18.8 billion, driven primarily by strong organic growth in data centers and biopharma projects. This study performance was further supported by the contribution from Dornan, performing even better than anticipated. Profit before tax amounted to EUR 625 million, representing an outstanding increase of almost 60%. This was accompanied by continued margin expansion of 44 basis points to 3.3% reflect internal successful strategy focus on advanced technology projects. Turner's strong growth trajectory is demonstrated by its new orders of EUR 23.4 billion in the first 9 months of the year, an increase of 21.3% year-on-year or 25.3%, FX adjusted, driving the order backlog to EUR 34.4 billion. Moving on to our operations in the Asia Pacific region. We turn to CIMIC. Sales were up 20.2% FX adjusted, supported by solid increase in strategic areas such as advanced technology, health care and defense and the full consolidation of this with a stable underlying performance overall. Ordinary profit before tax increased by 20% year-on-year to EUR 351 million after adjusting the 9 months of '24 for the one-off noncash gain net of provisions. Our NPAT grew by 8.2% FX adjust year-on-year to EUR 188 million. CIMIC's order backlog was solid, reaching EUR 23 billion, driven by solid growth across all segments, particularly in data centers and defense. New orders increased 4.1% year-on-year FX adjusted. Turning now to Engineering & Construction segment on Slide 12. We can see solid growth with consolidated sales increasing 11.2% year-on-year to over EUR 7.8 billion, driven by the strong performance in North America and robust contributions from both Dragados and HOCHTIEF engineering and construction, particularly in high-speed transportation and defense. EBITDA margin increased by 47 basis points to 5.6% supported by a significant contribution from FlatironDragados. And profit before tax grew significantly by 50% to EUR 224 million. The engineering and construction backlog rose 1.6% FX adjusted to EUR 28.9 billion, reflecting a strong order intake of EUR 9.7 billion with notable momentum in sustainable mobility and transportation infrastructure. Looking forward, the outlook remains very positive. And as I highlighted, we are particularly well positioned to benefit from the infrastructure investment plan in Germany and sustained growth in civil infrastructure investment in the USA. Continuing now with the Infrastructure segment on Slide 13. Iridium increased its sales by 58.8%, thanks to the additional contribution of the A13, the financial close of SR-400 and a general positive performance across operating companies. Abertis meanwhile, had a resilient operating performance. The contribution to NPAT was impacted by changes in the tax regulation of concessions in France and FX movements. On the next slide, we take a more detailed look at the Abertis numbers. Traffic has grown at 2.3%, supported by the strong performance of heavy vehicle traffic and we saw strong results, particularly in Spain, Chile, Brazil and France. On a like-for-like basis, the company delivered strong revenue growth of 6% and EBITDA growth of 10% underpinned by the geographical diversification of the portfolio and inflation-linked targets. Regarding Abertis' portfolio development, as you know, Abertis acquired a 51.2% stake in the A-63 toll road in France, which is now fully consolidated since the first of June. In Chile, Santiago-Los Vilos is fully consolidated from the first of April. In Brazil, Abertis just signed Fluminense's new contract until 2047 strengthening Abertis leadership in Brazil. The 21-year extension includes a tariff adjustment with minimal traffic risk and is expected to deliver EUR 110 million in EBITDA by 2030. Abertis has improved its liquidity and financial strength with our net debt set at EUR 22.9 billion and ample group liquidity of EUR 7 billion. On Slide 15, we show the breakdown of key figures for country, for Abertis portfolio. To finish up, let me briefly summarize these strong set of results and the key achievements of the group. We have delivered a strong operational performance with sales reaching EUR 36.8 billion, up 23.7% year-on-year, an ordinary net profit of $585 million, up $19 million or 23.8% FX adjusted. Our cash generation remains robust with last 12 months operating cash flow of EUR 2 billion, up EUR 318 million adjusting for factoring variations. And our order backlog stands at EUR 89.3 billion, up 12.6% FX adjusted, supported by EUR 43.9 billion in new orders. We remain optimistic about the future and confident in our ability to deliver on our strategy. The strong performance in the first 9 months of the year, combined with our expectation of further acceleration in the last quarter has led us to raise our ordinary net profit guidance for the year to EUR 220 million to EUR 255 million, an increase of up to 25% versus last year's figure compared to the previous top end of the guidance of up to 17% growth. Shortly, during the Investor Day presentation, we'll provide a strategic recap of some of the key growth verticals driving our future, align our investment priorities and review capital allocation. And of course, a major focus will be the booming data center sector where we'll take a deep dive into our positioning at developers, investors and constructors highlighting recent wins, our global delivery capabilities and how we are leveraging technology and partnerships to capture this unprecedented wave of demand. But first, we welcome your questions on this third quarter results. Thank you so much. So if you're okay, let's move into the Q&A.

Yes. We will start with online questions. We have several regarding the recent transaction announced this morning with GIP, but I will just select the ones related to the business. There's [ Javier Carlos Gutierrez ] is asking about Turner revenues continue to grow rapidly driven data center, which is obvious, as you have shown. And he asks about 2 questions. What is -- how long can you sustain this growth above the market? Probably, you will increase the information in the data centers Investors Day. But what about the other segment's performance in the U.S.? How they are looking for the future and how they are looking right now in 2025?

Okay. So well, we -- first of all, I mean, Turner continues delivering outstanding performance and growing and has been outperforming the market, not just for the last 3 years, but has been consistently outperforming the market for several years. If we look specifically about the different sectors of Turner, putting aside for now the data center market, we have seen in the last 9 months of the year, growth in commercial, around 5.1%; aviation, around 16.3%; we've seen biopharma growing at incredible 390% and data center 140%, right, which is the big one. Now we're also seeing a decrease in other sectors like hotels, which were decreasing like 11.7%. Justice, which I think now we're decreasing 34.5% even if it's not very material in our backlog, and health care, which has decreased like 51%, but we expect it to increase significantly because I think that the U.S. in health care from '25 to '30 is forecasting an increase of 44%, which is around a 7.5% CAGR per year. And I do think that that's going to reflect in Turner. So the other intake in the last 9 months have grown for Turner 25%. 16% revenues across all segments, except data centers and more than 150% in data centers. Now let's talk a little bit about the market and then we'll talk about Turner for the future, right? If you look at the market itself, there are a few areas where U.S. is projecting, forecasting growth, starting with education, anywhere from 25% to 30%, they believe can increase by 29% and that's like a 5% CAGR. Health care, as I said before, the 44% to 45% increase, that's the 7.5% CAGR. Aviation, 48%, and that's like 8% in CAGR and sports 10%. Other ones like residential, office, et cetera, they are going down. How can we translate that into Turner, right? Because this is the market, these are the figures. And I know that Turner is -- has increased the guidance. It's looking at euros at the 58% increase that we did announce a couple of weeks ago in U.S. dollars at 100%, that represent like [ $1.04 billion ] PBT for 2025, right? That if they reach the top end of the guidance announced, that's what it would mean at 100% in U.S. dollars. For '26, we're expecting up to 30% growth of the PBT and EBITDA. So that shows the extreme growth that we're expecting at Turner. And most likely next year, we'll be announcing what it means for the following years. So we are not seeing any deceleration in data centers. We're not seeing any deceleration in the other sectors, and we are forecasting and outperformance of Turner in the years to come. So the other thing that I would like to say is in order to understand Turner performance or outperformance, we need to understand what is Turner, right? Because we can't speak any more about data centers market or hospital health care, aviation. It's not the same, talking about commercial building in the small scale than the big ones. It's not the same talking about the complex projects that require multi-disciplined approaches with energy, with huge logistics, high-tech, civil, general building knowledge versus the small ones, right? In the area where Turner moves, the growth continues being strong. So this is very important. Why Turner is able to capture most of that market? First, because of our presence globally in the U.S., 47 states, average of 20 offices per state, number one. Number two, the brand is able to bring plenty of talent and retain talent. The power of the Turner brand in the U.S. and international is very strong and that's very important. Turner has extremely good logistics capability when it comes to supply chain, but also to potential manufacturing in critical elements for their clients. They have the power to continue transitioning into modular construction and all of that creates a very strong brand that outperforms not only itself every year, but the market. So we're extremely comfortable not just with Turner performance, but we are very, very confident in the performance that Turner have in '26 and after.

Yes. There's another 2 questions online regarding market performance outside of the data centers and so on. One is you have talked about the defense industry. which is expected to grow significantly in the coming years, especially in Europe, where the demanding of strong investment for the coming years is great. What is ACS' exposure to this segment? And how you see the growth potential in the coming years?

We're going to spend a lot of time talking about the strategy in the -- afterwards. So I prefer not to spend a lot of time. Today, the Investor Day is mainly about data centers, but we're going to give a hint of how we're performing in the rest of the areas. Data center is the strategy that we've been very much focused for 3 years, but there's other strategies, short term, midterm and long term that we keep consolidating, right? And that will be reflected in the years. Right now, you see the performance in '25, you see a clear weight of data centers and digital infrastructure. You will be seeing more weight in addition to those moving forward as we move. One of them obviously defense. And in defense, right now, we have a backlog of around EUR 2.6 billion. We see strong growth everywhere, especially in Germany and around Germany. In Germany, as you know, there's an infrastructure final allocation of EUR 500 billion plus EUR 300 billion. We start seeing allocation of that fund. As I said in my speech, EUR 127 billion for 2026 is already allocated versus EUR 74 billion in '24. So there's a big increase. And then on top of that, there's still the allocation of the 3.5% versus GDP that German has announced. And we start seeing mix to the projects allocated into that increase. So not just we have increased or doubled the backlog in recent years of Germany, but we expect to be able to double very, very soon as well. And that's one of the areas that we expect higher growth. We see a lot of defense activity going on right now in Australia. You saw the awards this year. And we're also seeing an increase in used infrastructure. I'm not going to expand more in defense because I will spend a little bit more time in a few minutes. But certainly, we see a lot of growth in Germany defense and other sectors that I will explain very soon.

And then a specific question about in Abertis, we have announced the new extension in Brazil, the Fluminense motorway. Can you give us some highlights of the impact of this extension in Abertis financial figures for the future? What is the strategic impact as well?

Well, I think I mentioned, right, Fluminense, which is an extension of 21 years of our previous concession. It will require EUR 500 million in CapEx for the first 7 years, but it's going to give us around EUR 110 million additional EBITDA by 2030. But more importantly, what Fluminense is giving us is EUR 4.4 billion EBITDA backlog moving forward. And that's one of plenty of other concessions that we're renegotiating in Brazil. When you look at Abertis, and I think we've been touching on Abertis several times, what we see is that we've been increasing from 2018 to now EUR 2 billion EBITDA per year. And more importantly, we've gone from a ratio of approximately 6.6x net debt EBITDA to 5.2x that we are currently. And that's very significant. And if you look in terms of EBITDA backlog versus net debt, the fear would be we have increased from 3.4x in 2018 to 5.9x right now. How is this possible, right? Because we are not injecting equity. The Fluminense transaction in Brazil doesn't require equity, but neither the rest of the renegotiations were following in Brazil, but we have incorporated Santiago-Los Vilos in Chile. We have increased as well the A-63. So we continue to increase the EBITDA. We are very, very confident in Abertis, and we're very, very confident that very soon, we will be able through M&A, through renegotiations and through other operational efficiencies to get to a point that we get back to the ratios of 9 FFO versus net debt versus the 13, 14, and that will be a consequence of having a very robust Abertis, increasing the concession life. Right now, we're at 12.5% versus the 8% that we were a few years ago. We continue to increase, but we are looking forward to increase significantly to have not just EUR 600 million dividends per year, but to increase that over time on a perpetual basis. So there's a few additional things that we need to work, but I'm very, very comfortable that we will be able to deliver good news in Abertis in the next year.

Let's let the people attending if they have any other question.

José Manuel Arroyas from Santander. I have 2 questions on disclosure. If I may. First one is on Abertis. Speaking of Fluminense, are you planning to increase the disclosures you provide today on a regular basis asset by asset. I mean revenues, EBITDA, CapEx by toll road operator that would help us put value on extension of concessions going forward? And the second question on disclosure. If you can share with us the value of the contingent orders that are not yet in Turner's backlog, but that may join the backlog soon and by when that could be? And lastly, on asset disposals, could you provide an update on Clece and on the other assets held for sale?

Thank you, José Manuel. So let me start with Abertis. So yes, the short answer is yes. We started making some progress for the previous Capital Markets Day, not 100% there, but we'll continue increasing our level of this closure in Abertis and in general through all our asset base. So that's something that we continue working. The share value of contingent orders, that's a very good question. One of the good things that we have right now is that we do have much more visibility towards what's coming. And that's why we're able to forecast better our guidance, our projections, et cetera, versus the past. Why? Because as we enhance and we increase our high-tech value, and engineering knowledge, a procurement, management, et cetera, we are able to increase our backlog of collaborative EPCMs, et cetera. And those projects, as you rightly said, as when they are awarded to us, we do not reflect in our backlog. Right now, there's like around USD 14 billion of projects at Turner not reflected in the work in hand and around EUR 7.5 billion at Dragados level, the HOCHTIEF level could be around EUR 2 billion. And the Asia Pacific one, I would need to check, but could be around EUR 4 billion in backlog terms. So that's the other -- the other good thing is that they are low-risk contracts versus the design-build lump sum projects that we used to have. And then when it comes to asset disposals, in the Capital Markets Day, April '24, we announced from EUR 2 billion to EUR 3 billion. Since then, what we've done is EUR 500 million of the derivatives operation that we did sign some time ago. There were EUR 500 million coming from the 288 as well. We are looking at additional -- well, we have the data center platform that we're going to be talking significantly later today, so I don't need to go through it. We also have the VINCI settlement, and that's a little bit of everything because that covers plenty of things, EUR 380 million. And then we are following up in the industrial assets that we have for sale. And when it comes to Clece, we're analyzing all the options, right, with Clece. We're still studying different possibilities. So we will continue in our process. But the most important thing, although we continue with divestments, the most important message that you will see after is that with our net operating cash flow within the next 5 years, we're going to be able to accomplish our investment plans throughout the different assets, right? So we rely less. In our Capital Markets Day, there was a reliance -- an important reliance in the monetizing assets. We are not having that reliance anymore.

Thanks for the presentation. I mean we'll discuss more about Turner later, I guess. So I'll focus just on the Q3 results. For Dragados, if I understood correctly, the Q3 results were pretty good in terms of revenue. Order intake instead was much lower than in H1, I mean, Q1 and Q2. Why? Do you see some weakness maybe because of the U.S. government shutdown or anything else going on there? And did that affect actually cash flow and working capital during the quarter? For Abertis, as you mentioned, like-for-like growth of 7% or 8% revenue and EBITDA level, but headline is flattish. So what explains that difference? You mentioned FX, but it's quite a large difference, I mean, 7%, 8%. Then still about Abertis, as you mentioned, things are improving. For instance in Brazil, you reached this deal, which is good. It suggests more deals may come, means you're dealing well with the government. Is there a possibility that maybe you dispose of Abertis in the next few years? And then the fourth last question around lithium. You stressed the importance of lithium going forward. Can you explain to us a bit the revenue structure and the upside for ACS? Like how would you benefit if the lithium price goes up or volume goes up? And are these contracts like a fixed revenue? Or is there upside for ACS?

Okay. Thank you so much. Let me start with Dragados. So no weakness. In fact, it's purely temporary. The good thing about Dragados is we're quite comfortable with the transition we've made from traditional design build into the new projects were mainly collaborative. As I said before, Dragados has EUR 7.5 billion awarded, not in their books. The only thing we need to make sure is that Dragados secures that backlog and that will continue to increase because the pipeline is huge. There's a pipeline right now, addressable market in collaborative of more than EUR 11 billion in addressable for -- just for Dragados. And in the near term, we're not talking about pipeline in the years to come. So it's pure temporary. We expect that to be unwound last quarter. Obviously, there's always an FX adjustment that is driving part of it. But subject to that, it would be increasing significantly from now at the end of the year. We expect a good result subject to FX adjustment. When it comes to Abertis, naturally, the question is about EBITDA because EBITDA continues growing, the performance is very good. The only thing when you look at Abertis how it converts into ACS numbers, you need to take a few things in right? The first thing is there's a clear change in perimeter. First, because the 288 is not anymore with us. Rutas del Pacífico is not anymore with us. However, A-63 has come in, Santiago-Los Vilos is coming in. There's another effect for the France tax that we have to take into account. I think that it was EUR 17 million for this year. There's obviously an FX component. There's a PPA component. And there's a small effect in the increase of the average cost of debt for the hybrid bonds that they issue, right? So all of that combined is what -- when it comes to ACS, you see on a PBT basis, the difference versus the underlying operational performance of Abertis, which in our opinion, has been very good. However, from an ACS perspective, when it comes to Abertis, we're looking at dividends. We're not looking at PBT. We're looking at dividends. And that's where we are focused, right? We are focused in increasing the dividend perpetual, not just EUR 600 million, but to follow and to grow in the following years. That's our main focus when it comes to Abertis. Are we analyzing a disposal? Not at this stage. At this stage, what we want to make sure is we have a great Abertis that provides us with stable cash flows, solid performance and stability and certainty of dividends for us, right? That's our #1 priority. That's why -- and you look afterwards, not -- I mean we have 2 pillars in our strategy. The first one is making sure that our engineering construction business becomes solid, stable, certain, low-risk and with significant growth and having long-term stable EBITDA through our assets, right? So we cannot -- we don't want to move away from that strategy at this stage. The other question was Brazil. Yes, more transactions to come. And the lithium. We can speak about lithium, but it's more important to speak about critical metals in general, right? Because what is clear is the natural resources and critical metals are key in the future and is going to go through exponential growth. Obviously, there's going to be a lot of variations in prices of lithium, and we all know what the market says and the prospects. We know the price of nickel, vanadium, rare earth, copper, gold, uranium, there's plenty of indexes. But when you look at all of them together, that's when we realize the potential of that market. As I said in my presentation, we are developing or executing more than 100 projects. Actually, if you take into account the everything, right, prospects, engineering, construction, et cetera, there's more than 400 projects. We think Sedgman. Sedgman on its own as engineering or Sedgman with the rest of CIMIC with Dragados with HOCHTIEF with Flatiron, et cetera. Now the question about -- the other thing is can we project a streamline of revenues out of that? When we look -- let's get back to the example of data centers. The growth in data centers, and we will see very clearly in the presentation comes from the growth of revenues associated with our projects and delivery of data centers and the growth of the assets, right? The same thing will apply to critical metals, but it's very early stage. Before the full boom on critical metals, we're going to see the boom in defense, for example. But when it comes, there will be EPCM associated with the 400 projects I mentioned, and that will be driving revenues. And some of them will be driving a good opportunities. Today, we're not going -- we will give examples of what we're doing. We will give examples of the projects, very, very -- I mean, it would be just a very quick slide that I'll show because today it's not so much about it. But I would like to show how we are positioning ourselves in the near future about that high-growth area. And eventually, one of the ideas is to start as we evolve in those areas in the same way that we are going to take everyone through a data center strategy, we will be taking to what we're doing critical metals. We will be taking to what we're doing in defense, what we're doing in nuclear what we're doing in the rest of the areas, right? So there will be specific Investor Days as we consolidate our position, and we have predictability of cash flows and revenues. And I think that was all.

We don't have more time. We can do the following after the Data Center's Investors Day continue with the Q&A. Just 5 minutes break, please. [Break]

Good morning again, everyone. Thank you so much for joining to our ACS Investor event. Today is a very important day. This comes as a follow-up of our Capital Markets Day last year, April 2024. And we would like you to get out of this presentation with a few messages. The first one is the recap from the Capital Markets Day. What we said versus what we've done. And everyone will realize that we've been working hard, not just to meet all our commitments in the last Capital Markets Day, but also to increase our targets and outperform our own objectives. The second message, equally important, is about the entire strategy. We are going to focus in data centers. Today is about data centers. But as I said in our Q3 presentation, I would like to explain all different verticals and where we are in the development of each one of them. And why? Because all of them will be high-growth areas in the same way that data center is today a high-growth area for us. And you look in our numbers in 2025 and you realize the relevance of our digital strategy in today's performance. But equally important will be the impact of the other vertical areas in our future. It's very important for us to focus on two things. First one, our firepower or capital allocation, so we'll spend significant time talking about it. As I said in my Q3 presentation, we're very comfortable with our net operational cash flow performance and how much firepower it's going to give us during the next years. And yes, there's potential divestments that we're following, but we're not relying any more on them as we used to rely when we explained our Capital Markets Day. But also, is the valuation. The valuation of their additional revenues we will generate in the business through data centers, but also from the assets that we are going to be creating at the platform that we announced today and we'll explain and describe the platform, also the platform that we announced in Germany through the edge data centers a few months ago, and then in the rest of the business. So we'll try to give an overview of where we believe that ACS will be over the next years, from now to 2030 and beyond. So let me start with the strategy recap. The first one, the top line growth, right? We were talking about different verticals, how we are going to focus on them back in April '25 (sic) [ '24 ]. We explained that we wanted to be in a lot of different areas in infrastructure. And that's why because we believe that the entire infrastructure in the world has to be reset. But we also believe that each one of the different verticals when it comes to infrastructure, digital, energy, artificial intelligence, defense, et cetera, they are connected. Nowadays, it's very difficult to build a data center without understanding the energy component, but also understanding that energy in 5 to 10 years from now will mean nuclear. And every time we qualify in a defense project, they ask us about our experience in digital, AI, nuclear, civil, general building, our supply chain and systems. And the same thing when it comes to critical metals. So all the different verticals are related. If you really want to be an engineering and construction firm in the future, you need to make sure that you are a leader in each one of these areas. You will see as well the efforts that we're doing in modular construction because it's part of the future. We are taking a lot of our modular workshops from the past, where we used to do our ring segments for tunnels or girders, beams, et cetera, and we're really converting them into modular workshops for a lot of infrastructure of the future. So thanks to all of this. Now we can say that we have improved in 20% the backlog that we had back at the beginning of '24 from the EUR 74 billion to the EUR 89 billion that we're right now. So this is a consequence that the strategy that we put together at that point was the right one, embracing the future and embracing in the high-growth areas. The other thing that we said is that not only we wanted to increase revenues, but we wanted to increase our margins. And we went from the 5.3% EBITDA margin that we had back at the beginning of '24 to 6% that we have right now. We expect to continue increasing that margin as we enhance our engineering capabilities, we continue delivering more value, as we embrace the projects in the future, but also as we continue becoming more and more lean operational, which takes me to the next point. We've been simplifying our structure in two ways. The first one, you've seen the merger of Flatiron and Dragados in North America, some acquisitions, how we are removing layers. But also functionally, we've been transitioning into a more high-tech organization, which means that certain components have to be centralized. That means supply chain, engineering, systems strategy. For us, centralization doesn't mean that we're putting additional layers on top, it means that some of our companies become champions on certain projects. And you will see the role that Turner is having in our global digital strategy and artificial intelligence as well, including semiconductors, but also the role that Sedgman is having critical metals, HOCHTIEF in nuclear, et cetera. We're having champions in each one of the areas. And we are centralizing the approach to make sure that we work as one group, one team. One group, one team is much more than one slogan. It's a way of living within ACS, where we all feel part of the same objective in the future. As we do so, and we embrace artificial intelligence, we've been able to get through the integration of the operations, EUR 70 million of additional value per year in the reduction of our structure. And we will be continue increasing that amount significantly as we move forward. You are not seeing that amount yet in our figures, obviously, because of the cost of redundancies and that offsets part of that. But our intention is that, that will start being reflected in our numbers in the future. Net operating cash flow, if you recall, our CMD back in April '24, we were announcing an average of EUR 1.1 billion to EUR 1.3 billion net operating cash flow for the future. Clearly, we have outperformed that figure, and we're above the EUR 1.5 billion. And finally, the long-term value that we have created and we expect to continue creating for our shareholders of more than 60% return to date, if you take into consideration revaluation, plus the EUR 3.5 per share since April '24 in the 1.5-year period. We expect that if we continue this trajectory, we will be able to increase dividends in the group. Continuing with our CMD and more specifically focusing on some of the areas, right? And starting with integrated solutions, where Turner has been a real champion in their performance and in the way they are approaching the future. We announced for Turner a margin of 3.5% EBITDA by 2026. You will realize that in 2025, we will be achieving that 3.5% average with a strong Q4 that they will go close -- I mean, above the 3.7%. Turner EBITDA is expected to grow in '26. If you consider the increasing guidance that we have announced for Turner with 58% in euros, and you look at the performance of 80% growth, FX adjusted in U.S. dollars at 100%, just looking at the 30% additional increase in EBITDA for 2026 realizes the strong performance and the future of Turner. Turner has right now like a 40% advanced tech portion of their projects in their backlog and data centers represent around EUR 12 billion. And the data centers and the advanced technology projects, we expect them to continue growing in their balance sheet as we move into the future. An important part of this presentation will be infrastructure. As I always say and as I said before, our strategy had always three pillars: the first one, reducing risk. We want sustainable cash flows. We want certainty of cash flows. We don't want to start fighting for lump sum design build where the risk is uncertain, and there's always one project that goes wrong and jeopardizes the entire strategy. So decreasing risk is a very important part of our strategy. The second one was to make sure that we were embracing all the verticals of the high-growth areas in the future as traditional civil and traditional general building is expected to continue growing, depending on the country between 4% and 8%, but it's still low to what we want to achieve. That's why we embrace the high-growth areas, and that's why we are achieving the levels of growth that we're achieving. But the third part was to make sure that we were generating stable EBITDAs coming from our assets. That's where it was very important, our greenfield strategy of managed lanes in North America. We announced that we're going to invest in those projects, we won Georgia 400 last year. We are prequalified in four price right now, about to be prequalified on a fifth one. And we will be spending some time on those jobs. And then on the brownfield side of things, the figures of Abertis that I gave during the Q3 presentation, EUR 4.4 billion EBITDA by 2025, and more importantly, post-Sanef in 2033, a EUR 4.4 billion to EUR 4.7 billion as we are projecting today without further M&A and without further additional projects, which, of course, we are working on them. And of course, we are looking forward to continue to deliver. From engineering and construction, as I said before, the important thing was to increase the percentage of low-risk projects above the 85%, which we have accomplished and then making sure that they were also jumping into the growth areas where right now they have an order intake above the 55%. And the more they get into those jobs, the more engineering, the more collaboration and the better risk profile of projects they can achieve. A few numbers also looking at the recap from the Capital Markets Day in '24, starting with revenues. We said we would achieve EUR 48 billion by '26, we are achieving by '25. We said that we're going to achieve ordinary net profit by '26 of EUR 850 million to EUR 1 billion, we are achieving in '25. And the net operating cash flow, we said that we would have from EUR 1.1 billion to EUR 1.3 billion average from '24 to '26, we are achieving in '24, EUR 1.5 billion, and we're comfortable and confident on the level we will achieve in 20 -- sorry, in '24 and the level will achieve in '25. And then our ACS backlog mix that represents and shows our shift into high-growth areas, as I just explained. No need to spend a lot of time in these figures. These represent the value that we have given our shareholders of more than 60% since our Capital Markets Day. The share in April '24 was at EUR 38.66. We are, as per [indiscernible] at EUR 77.8 plus the EUR 3.5 per share that we gave that brings a total of 60%. But more importantly, we're looking into the future to continue delivering high returns. And this is just a recap of what I just said, making sure that we have an end-to-end solutions provider role and solutions for the world, in other verticals, making sure that we invest in infrastructure, in assets that provide a sustainable EBITDA and then achieving that through three different levers. The first one, operational integration, very important, the one group, one team philosophy that I touched before. Second, talent. This is potentially one of the most challenging things in the world right now, how to attract talent, how to train talent, how to retain talent. And I think this is one of our advantages at the same time. Why? Because the value of our brands, because of our granular presence everywhere in the world in all those jurisdictions where we work, North America, we have 47 -- we have presence in 47 states in the U.S. We have presence in all provinces in Canada. We have presence in Europe. We have assets in South America. We work in Asia Pacific from India to Hong Kong, and we have significant presence in Australia and New Zealand, all the places that represent a lot of high-growth areas in the future. And then a very disciplined capital allocation, which, as you can imagine, will be an important focus today. So let's start with the first one, our role as a leading end-to-end provider. And these are the different areas. Our core infra; our digital and tech strategy, today's focus; defense; energy, including nuclear and critical minerals. Let's touch a little bit in each one of them. So we're already leaders in data centers, but we do have the capabilities and we are working a lot to make sure that we become leaders in each one of those areas. And this is the chart, this is the timing of when we expect some of those areas to thrive. Data centers is clear a sector that has being very strong in '25 and '24 results that the company has been able to perform in that area, and we'll continue performing and we'll focus, but we believe that defense is another area where we will be showing good performance in the following years, and we will be experiencing a big growth. Then see semiconductor space, I'll show you some of the examples that we're doing. There's a few big fabs subject to funding, subject to geopolitical decisions, but we are very well positioned on those. We will have the critical minerals strategy outlined afterwards. I answered a question in the Q3 about it, and I will show a slide showing our experience. And then nuclear, which is a very long-term strategy, but we believe that the best way to approach it is starting today due to the complexity. So let's start with the core infra. The most important thing is the growth, sustainable growth in the market that we're seeing. We see that transportation and sustainable mobility will continue growing at 5% CAGR until 2030; 3% in the case of biopharma, health care, education, social and sustainable infra, 3% and 4% general building. And below, you will see the strong local capabilities and the backlog. This is a very important slide. And it's very important because every time we talk about our main core business, People think about boring, traditional and slow growth. However, 85% of an infrastructure globally is traditional core infrastructure. Every time you do a data center, 85% is traditional. When you do a nuclear plant, 85% is traditional. It's the walls, it's concrete, it's [indiscernible], it's civil works, right? The same thing applies to semiconductor fabs. The same thing applies to defense, to each 1 of the military bases, even for mining. And this is key, because we were able to learn the 15% on engineering, on systems, et cetera, as we are, then we have the capability of the 85%, not just subcontracting but performing and having the people to deliver. And this is being key in our success in the high-growth areas. This slide represents the artificial intelligence ecosystem. The future is about AI and energy, and this is AI. Starting with a lower layer, which the semiconductor fabs, the chips, the semiconductors. And I will show a slide now about our experience and what we're doing to position because it's very important if you really want to be someone in the AI chain, you need to try to be in as many layers as possible because they are all interrelated. Data centers, second layer, starting from the bottom. It's clear our experience, what we're showing, we are global leaders right now in the construction and we want to be global leaders in the development. The third one, the cloud infra services. We're jumping into cloud services, cybersecurity, et cetera, through our platform in Germany, the edge data centers, where we are providing the end-to-end solution for the colocation and serving clients as public authorities, defense, et cetera. The models, we are not positioning ourselves so far, that where OpenAI is, that's where Gemini AI is, that where Claude is, DeepSeek, et cetera. That's not a layer that obviously is natural for us, and we're not looking to have a role in that. However, we see ourselves with a role in the applications when it comes to infrastructure of AI. And then the next part is robotics. We have agreements with different robotics and smart hardware companies to develop and influence the construction of the future. Starting with semiconductors. We've been working in more than 20 top-tier projects so far. You will see some examples on the screen. I won't go through all of them, but we do have a pipeline of more than $15 billion that we are currently pursuing. And this is what we have already done. Some of them are semiconductor fabs, some of them are biopharma projects, in some cases with higher standards than the semiconductor fabs when it comes to clean rooms. You will see on the left the market, we expect the market to reach $900 billion by '29 at 6% annual growth. The market, when it comes to semiconductor fabs is very unstable or uncertain because sometime slowdowns and then accelerates very, very fast. So the investment is very predictable, what is not predictable is the timing. That why so far, we cannot project what's going to be the revenues moving forward in a clear way as we are doing with data centers, but we will. Eventually once we understand and once all those projects get the appropriate financing. But the important thing is that we have experience, the important thing is that we're working on them, look at the footprint that we are generating in the last years and the kind of projects that we are currently working globally. Then we move into data centers. Obviously, a lot to say today, and we will spend a lot of time going through out this. As a summary, first engineering contractor globally with more than 9 gigawatts commissioned as per today in data centers. EUR 14.3 billion currently in our backlog. We expect to develop 3 gigawatts by 2030, 2033, but we do have -- and that's as a developer, and we do have a pipeline of 11 gigawatts. When it comes to Asia Pacific, we're top 5 contractor. But again, we expect to be increasing that as we go. And this is a very interesting slide because this shows what we're doing when it comes to artificial intelligence. I'm of the opinion that 10 years from now, only technology companies will exist. Technology companies doing health care, doing education, technology companies doing banking, technology companies doing construction. So we are transitioning in becoming a technology company. These are all the systems, all the applications that we are developing in-house in the end-to-end engineering and construction world using AI capabilities, right? I won't explain each one of those names, but all of them are internal products, we're expecting to commercialize eventually most of them. So we are embracing AI to the point that we're developing our own systems to perform our projects. How are we being able to achieve this? Because the most important thing when it comes to AI is to have the ecosystem. And we have the largest ecosystem globally not just in terms of geographical diversification, but also in terms of different verticals. So we're using that ecosystem to develop the products. Of course, we're basing a lot of our products in third-party algorithms when it comes to generative and third-party algorithms when it comes to neuro analytics. What we are doing and focusing is the application itself, not the model for obvious reasons. Defense. We've been working in more than 60 projects in the last years, representing more than [ EUR 8 billion ] executed. Some of the examples are on screen, you're aware of them. The military bases we're doing in Australia, the fuel logistics in Australia, the military bases in Eastern countries in Europe, some of the projects in Germany, Pearl Harbor submarine dry dock that we are currently working on, the missile transport bridge in Vandenberg, California, and it's a market that we expect to grow 5% and to reach EUR 1.7 trillion by 2035. Obviously, most of it is not addressable by us because we are currently focusing on what we call Defense 1.0, which is infrastructure, and we will see opportunities when it comes to Defense 2.0. But there's an EUR 80 billion addressable market in infrastructure by us by 2030. Critical Minerals. More than 140 critical mineral projects since 2022. Some of the examples on the screen. Most of them are very small in nature because they are pure engineering projects. How have we been able to achieve it for all the bolt-on acquisitions that we've been announcing for the last 3 years, Novopro, Prudentia, PYBAR, MinSol, Mintrex, et cetera. So this, as a result of those acquisitions, we've been able to grow in the engineering space. Some of these projects will be converted in EPCMs. Some of them will not. Some $1 million engineering project could potentially be turning into a $2.7 billion EPCM very soon. Our intention is to try to convert as many as possible. And by the same token, some of them will offer equity opportunities that we will be analyzing one by one without being the main part of our strategy. We will be analyzing ad-hoc, individually and we'll give some figures very, very soon. They are not gigantic because we want to be careful with this market. It's not our natural market, yet the infrastructure associated to it, the equity we will need to obviously analyze with the right level of care. And then nuclear. So let me go back to our experience in nuclear. HOCHTIEF nuclear built 13 nuclear plants from the '50s to the '70s. Since then, HOCHTIEF has been maintaining and dismantling most of them. But in 2022, we started revitalizing HOCHTIEF nuclear, and we've been working more than 80 projects since then, some of them decommissioning or dismantling. As a consequence, the Sellafield project that we announced a few weeks ago, came to us, EUR 685 million revenues for HOCHTIEF. Now there's other projects that have nothing to do with dismantling, that have to do with design of some of the components of the balance of plant of the reactors. And we are growing significantly in those areas. Why? Because we want to generate capabilities in engineering when it comes to nuclear. We're qualifying again the entire group globally, nuclear, and we are including engineering capabilities, supply chain, modular capabilities. In the short term, this is very useful because allow us to continue being successful in our data centers, especially the ones above 1 gigawatt that every client expects at some point to be connected or at least to have the possibility to be connected to nuclear, but also when it comes to some of the big fabs we're currently working, whether it's semiconductors, batteries, et cetera. So it's not just a long-term strategy. It's part allow us to be successful in some of the things we're currently doing. And then comes our role as developers. And although I'm not going to start getting into a lot of details on the evaluations of data centers because that's a big part of the presentation today, and I will allow the team, and then I will come back for some closing remarks. This is a very important slide. Let's go through it. The first one is our transport strategy. That's basically managed lanes in North America. We have been requalified in the 285 project in Georgia the I-24 project in Tennessee, I-77 in North Carolina, and we're looking forward to the 495 project in Virginia. Five managed lanes, we already won Georgia. We are assuming we can get from one to two projects. That means that we will inject, and these figures are comparing the 2024 Capital Markets Day versus today, from now to 2030, we are thinking that we will inject EUR 1.5 billion compared to the EUR 1.2 billion to EUR 1.8 billion we said in the CMD, Capital Markets Day. The EUR 1.5 billion a project and a half more or less. But that's because we are putting the threshold in 2030. If we were going to 2033, that obviously amount would be increased, right, as we will see later. The equity value that we're thinking, and we need to go to market consensus, and I'm going to open up our emphasis. Every figure we're giving when it comes to valuation of managed lanes or data centers are market-tested figures. It's market consensus. We are taking the lower end of the latest market transactions. So every time we speak about the managed lanes post-construction, every time we speak about data center, when it's ready to build a data center, when the lease has been signed, a data center when it's full in operations, we are taking the ratios from the market. What we know is what we're going to be giving the market at any given time. And we're applying the market figures to those valuations, right? So we're not coming up with any number. When it comes to the valuation in the case of managed lanes, we know that the lower end of the market nowadays for a project that is mature post-construction is about 6x equity. In some cases in the past, we have achieved up to 10 such is the case of 288 or some other projects from the competition. Anything below or anything before the market or the asset gets mature, then we need to start playing with discount rates and it's a little more subjective. That's when -- and that's why we're going to be showing the 2030 threshold and the 2033 because that represents when the market -- our assets are mature versus our approach to them. But we're expecting an equity value by 2030, EUR 3.6 billion. Obviously, if we're injecting EUR 3 billion to EUR 4 billion, EUR 3 billion multiply by 6 would be EUR 18 billion, EUR 4 billion would be EUR 24 billion. But that would be once the assets are mature. And that won't happen in 2030, will happen more probably by 2032, 2033. Then we move into digital tech. We're expecting -- in the Capital Markets Day, we said we would inject EUR 1 billion to EUR 2 billion. We're expecting to be -- to inject EUR 2.2 billion from now to 2030. We said that the valuation of equity would be at EUR 3 billion to EUR 5 billion. We're expecting EUR 11.5 billion equity value by 2030 to be increased afterwards as we will show. The edge data center was not included in our Capital Markets Day, but we know that we're expecting to inject EUR 200 million with an equity value by 2030 of EUR 1.4 billion. And then we have our energy projects. And the energy projects, because we have been focusing data centers and transport, we have decreased the amounts that we were thinking to invest back in the Capital Markets Day. In the case of the energy demand, we've gone from EUR 1 billion to EUR 1.5 billion, all the way down to EUR 300 million. Therefore, the equity value that we're expecting on that has decreased as well. When it comes to next-generation mobility, we keep the same numbers. They are going very well. Skyports has been a very good investment. As you've been hearing the news, we got not just the Emirates vertiports but also the ones in France, U.K., New York. So it's growing significantly. We continue being optimistic on the strategy. And then critical minerals is very early stage. That's what we said back in the Capital Markets Day, that's -- we keep saying that right now. We need more visibility. We need to understand our capabilities and where we are going in the future. The total, keep this number because we are going to discuss a lot during this Capital Markets Day or this Investor Day on how we value the EUR 18 billion of our assets by 2030. At the same time, we will be talking about the valuation of our underlying revenue and EBITDA business associated to our strategy. So I spoke before about the three levers, but I would like to right now turn over to our Chief Financial Officer, Emilio Grande, so he will take you through our financial position and the capital allocation strategy.

Thank you very much, Juan. Thank you very much, everyone, for joining us today. I'm going to -- before I hand over to our DC, data center business colleagues to explain the most interesting part of the -- or the most focused part of the Investor Day, let me just give you a quick financial update of where we're sitting and a bit of a road map with particular focus on the capital allocation and our investment strategy, which Juan has outlined already at a high level. But let me get in a little bit more detail. I think the first big message from my side and the more important one is we're sitting in an excellent position to move forward with all the plans and opportunities we've got ahead of us, right? And I look at it from two perspectives. First, from a cash flow generation, Juan has touched on this. But if you look at the growth on our net operating cash flow over the period since last time we met in the Capital Markets Day early 2024. You can see that 23% CAGR growth, adjusted for working capital. I'll touch on that in a minute, right? But this is sustainable long term, and it will get higher, as Juan has indicated, but this is sustainable growth of cash flow because it's based on top line growth and margin expansion, which, by the way, we expect to continue in the future, right? So I'll touch on how we own the firepower based on this and the critical messages, but the focus is to continue to grow this in terms of top line growth and manage working capital, which goes to the risk and business mix profile that Juan has touched on. Our current balance sheet position, that's another asset at this point that puts us in an excellent position to move forward from a financial perspective and deliver on all our ambitions in terms of investment and growth. This is the numbers we just released for Q3, EUR 2.2 billion of debt in the balance sheet with a EUR 3 billion EBITDA last 12 months, that's 0.7x leverage. Obviously, we're going to improve these numbers by year-end. As you know, we've got seasonality in Q4. We've got some financial transactions going on. So we will improve these numbers. So that's going to put us in an excellent position from December, which is our starting point for all the capital allocation numbers I'm going to provide in a minute. And then in terms of road map ahead from a financial perspective, obviously, focus continues to be on the net operating cash flow generation going forward, focus on the fundamentals in terms of working capital management as well but promote growth and margin expansion and do the right management of our cash at the project level and throughout the organization. So that's a key part of our financial road map as it has always been. But obviously, we need to continue to deliver and focus on that strongly. Operational integration as Juan has touched on that. It's very relevant. I'm going to focus more on the efficiencies plan. We have already delivered today EUR 70 million savings, annualized savings realized to date. That's a combination of Dragados -- FlatironDragados, CIMIC and other parts of the group. But this is just the tip of the iceberg. We are working on a broader plan across the group, and we will provide further update on that, but it's -- I mean, it will be significant. This is just a report of what we've done to date, which we expect to show in the P&L and in the cash flow generation as well in the coming years. And I'll jump now to obviously the more important point in terms of capital allocation and how we plan to address that. Let me touch first very quickly on some more detailed numbers on what Juan has outlined. In the Capital Markets Day in 2024, we talked about investing between EUR 3.5 billion and EUR 5.5 billion into greenfield infrastructure, right? What have we done to date? We've already invested EUR 0.7 billion between '24 and '25 to date. And we are saying we're going to continue to invest EUR 4.5 billion. So that puts us in an overall number of EUR 5.2 billion in the period from 2030 and EUR 4.5 billion from, say, January to 2026 to the end of 2030, which Juan has provided already a breakdown, and we'll hear more about in the data center space. In terms of value-accretive M&A, well, you've been following the announcements that we've spent around just over EUR 700 million as well in terms of different acquisitions, mainly in the mech-and-elec space, engineering, delivery capacity to expand our capabilities in Europe, for example, through Dornan or through other companies, Maverick, Fleischmann, et cetera, and is promoting growth, obviously, in the business. The acquisition in the -- several bolt-on acquisitions in the critical minerals space, and the acquisition of Thiess, which we still have a 40% remaining, coming back to us soon, right? But this is above EUR 700 million. All the companies follow the same strategic direction we provided in the CMD, highly synergetic, they are all performing. They are all growing and providing growth to the overall group once inserted in the group ecosystem. And in terms of brownfield acquisitions, EUR 850 million invested and committed into Abertis in the period, which we will be disbursing for the A63 in the last quarter of the year, the EUR 200 million. So this is the picture of what we said, what we've done and what we're looking to do going forward. Let's look now on how we are going to deliver the EUR 4.5 billion investment in greenfield. You can see on the left-hand side of the screen and M&A and other brownfield investments. The key message here, I think Juan has advanced it, but here you can see the numbers, where -- given the extraordinary growth we are experiencing, and I showed that graph before where we had at 9 months, EUR 1.6 billion already. If we assume a generation of just over EUR 1.5 billion of net operating cash flow per year, and we deduct shareholder remuneration, that means EUR 900 million per annum, which gives us EUR 4.5 billion to invest, right? Okay. Let me keep going then before we hopefully not lose it again, but just in case. So I was talking about the EUR 0.9 billion we're expecting to generate after shareholder remuneration per annum, which gives us ample firepower to deal with the investment plan we've got ahead of us. When we did the Capital Markets Day 1.5 years ago, we were expecting around EUR 600 million. So we've got additional EUR 300 million per annum to invest based on current performance of the business. And that EUR 1.5 billion is obviously an average for the period. We expect growth. So it's a reasonable conservative number for the period. Then we've -- Juan has touched on the Q3 presentation on the divestments in the Q&A session. We've already done to date. Obviously, we still have potential for further divestments that would add to this firepower position for our plans. The bottom line of this is we've got EUR 5.5 billion to EUR 6 billion of firepower without increasing our leverage position and without monetizing the new investments. This is going to give us headroom in the rating position going forward because, obviously, maintaining the debt levels with the expected increase in cash flow generation, FFOs and EBITDA, that will give us headroom. We're not planning to use. It's just additional firepower lever that has always been there, and we will accumulate more. But also, we've got the possibility to monetize assets, as we said as well in the Capital Markets Day, which we will see through the data center session, that's, in particular, an asset with a high turnover and high value and liquidity position in the short term. We will see that -- how that accumulates very quickly. So we are sitting in a very comfortable position, highly visible operational cash flow by the business to invest in all these initiatives through a capital allocation process as we've been doing to date, where, as I said before, we've done around EUR 2.3 billion since last Capital Markets Day between the EUR 700 million in infra, the EUR 700 million M&A and the EUR 850 million in Abertis. And we are sitting in a comfortable balance sheet position. So we've been balancing out to date, and we plan to continue to do that going forward through our capital allocation process. So with this, I'll hand over to the data center colleagues. Thank you very much, everyone.

We are in the midst of a generational transformation, one driven by the extraordinary demand for data center capacity. Across the ACS Group, we are uniquely positioned to meet that demand. Together, we deliver integrated end-to-end solutions at scale with speed and with certainty. In North America, Turner is a builder of choice for the world's leading hyperscalers. In Europe, the pace is accelerating. And in Asia Pacific, investment is growing as companies rapidly scale their digital infrastructure in the region. Across every region, the story is the same. Clients turn to us to build faster, smarter and at greater scale. And they choose us because we deliver. We bring deep experience and technical strength to every phase of the data center life cycle. Driving this growth is a race to build the infrastructure that will power the next generation of artificial intelligence. The projects beginning today will bring critical capacity online by 2026. That capacity will be absorbed and will fuel the next wave of digital innovation. To meet this demand, we are scaling up. We're growing our teams, expanding our global reach and strengthening our engineering and technical capabilities. This will enable us to continue to deliver the most complex facilities with precision and speed. This is a time of extraordinary opportunity. And together across the ACS Group, we are ready to deliver globally.

Good afternoon. Peter mentioned a couple of things that really should resonate with all of us today. He mentioned extraordinary opportunity, extraordinary demand. And he mentioned a generational transformation that's happening. There hasn't been a revolution like this in the world since the Industrial Revolution in the early 1900s. I would argue that even that can't compare to what's going on or what is going on and what will come. And this is still in its infancy. The digital revolution is just starting. He talked about extraordinary demand. Does anyone imagine that the demand for data capacity will go down in the next 10 years? You can't imagine it. You can't imagine living without your phone, without your computer. It won't go down. The opportunity, and as Peter said, it's an extraordinary opportunity is how we meet that challenge. And I think the ACS group, I know the ACS Group is uniquely positioned to meet that extraordinary challenge as we move through. So what's driving the industry? What are the trends? What do we see as a dominant builder of data centers moving to development. What do we see out there? We see the AI growth. That's the easy one, right? You hear about it every day. Think of this, $3 trillion to $4 trillion (sic) [ EUR 3 trillion to EUR 4 trillion ] of AI infrastructure investment by 2030, $3.4 trillion (sic) [ EUR 3 trillion to EUR 4 trillion ]. Data sovereignty, as the data volume grows, so does our need and our desire to protect that data. It affects the market. It's a trend we see every day. Accelerated construction techniques, 10 years ago, 5 years ago, we were expected to build a 50-megawatt data center in 18 to 22 months. Today, that expectation, the same data center will be completed in 9 to 11, and it's not fast enough yet. It has to be 6 to 7 to 8. So you see the advent of rapid deployment techniques. In Des Moines, Iowa last year, we built a 38-megawatt data center in 3 months and a temporary structure. Rapid deployment will really drive the market from an accelerated construction standpoint over the next Millennium probably. The other thing that's accelerated construction is the use of modularization in the construction and engineering of a data center. We now design data centers to do the modular. We used to design a data center and build a data center and then figure out what we could modularize. But DFMA techniques tell us design it for modularization upfront and then the building becomes faster, and it becomes easier. And we're making great strides in developing that modularization. Strong public and private investment, capital from all sources. Public is getting involved. The recent announcement of the five EU gigafactories to support AI across the European Union, the public funding and capital influx in the United States and in Asia Pacific. And finally, the private equity, as we'll talk about today, involved and grabbing the share of the market and bringing that capital influx to it. It's all -- and lastly, hyperscalers self-fund. These are trillion-dollar companies. They really don't need an influx of capital, they bring the capital to the table. Last trend we see is the rapid increase of edge computing, and Bernd will talk about that later. Through our product, YEXIO, that we've developed and are constructing and executing through HOCHTIEF in Germany, this brings computing power to the edge, to the end user. If you're going to have smart mobility in cities, you need computing power at the source. This market alone is projected to increase by 20% annually over the next 5 years. So those are the trends. Let's dig into it a little bit more. What are the numbers? I'm not going to read everything, right? But 16% annual growth in our data centers, demand for data capacity over the next 5 years annually is a pretty big number, 16% growth in any market is pretty big. Data center demand will continue to grow and three factors drive demand. First and foremost, AI, of course, 15% -- or 15x increase in data center demand due to AI and generational AI (sic) [ generative AI. ] Cloud migration. Everyone thinks the cloud is -- it's has-been, we're all talking about AI. That's the past. It's really probably the fastest-growing sector. 20% of the data volume now is in the cloud. By 2030, 70% of the data volume will be in the cloud. A greater proportion of our data center work today is still building cloud computing facilities. Probably 65% of it is still building data or cloud facilities to handle that volume. And lastly, just the sheer amount of volume, sheer amount of data that is demanded and consumed and implemented is driving the market. We have three strategic pillars in the ACS Group. First and foremost, it started with a great foundation, and that's on the engineering and construction side. Dominant position globally as a world leader in data center construction. We are parlaying that expertise and that knowledge into the investment and development side for data centers. The third pillar is being a cloud provider through providers like our Yorizon product linked to the YEXIO edge computing in Germany. Three pillars, three ways to get there, and we'll talk about all of them today. Our addressable market, the strategy enables to do this. Right now, we can address as builders and engineers and constructors 100% of the market. We can build edge. We can build hyperscale. We can build colo. We can address 100% of the market. Our move into investment and development of data centers allows us to address 60% of that market. Our target is to build for hyperscalers, hyperscalers and even second-tier hyperscaler clients through giant colos. So we can address another 60% of the market. And it's not additive. We're not going to do 190% of the market, but a 60% more addressable and available for us through the investment and development. And finally, we can address 30% of the market by being a cloud GPU provider. So we're going to move through the different pillars. Jim Brownrigg is going to take us through the EPM side.

Thank you, Mike. Yes. As Mike mentioned, if we stop and look at the pillars that is part of our strategy, looking first at engineering and construction, right? Engineering and construction, if we look at the available market, right, looking across the regions that we work in, first in the United States or in Americas, the market is going to grow from 42 gigawatts to 137, over 100%. Again, in Europe, again, over 100%, right? And again, in APAC, over 100%, right, growing by that much IT capacity, which is easily transferable into investment in infrastructure and into the data center, right? More importantly, if you look at some of the hot markets or the markets that are growing and expanding quickly like Ohio, Virginia and Texas, those are markets that we work in today that we have expertise and capabilities, that we have resources, that have relationships in the supply chain, that we have relationships with the local governments and authorities having jurisdiction, right, that we can deploy readily and easily in those hot markets. Similarly, in Europe, we're similarly active and working in Spain, in the Nordics and in Eastern Europe. And again, the same items in the markets with the expertise, with the resources, with the experience in the supply chain and with the experience of the local authorities having jurisdiction. And then again, in APAC, very similar, again, growing 100% and our -- Asia group being active in Malaysia, Thailand and Indonesia, having, again, resources, experience, expertise, relationships in the supply chain and relationships with authorities having jurisdiction. Now if we take a look at each of those individual regions, if you will, or those individual markets, let's talk about the Americas first, right? If you take a look at what we're doing today in 2025, we'll do about $8 billion in revenue that will grow to well over $20 billion by 2030, right, a significant growth rate, capturing all of the addressable market that Mike spoke about, right? All the addressable market, those -- 100%, if you will, of those markets that we pursue, right? If you look at our backlog today in the Americas, it's about $13 billion. By the end of this year, that backlog will be $17 billion. So backlog is growing significantly year-over-year, right? We're the #1 builder of data centers in the Americas. We take a look at Europe, right, expanding in Europe. Again, a market that we're active in, a market that we're growing in all the addressable markets. If we look at our expansion from -- in 2025, obviously, with the acquisition of Dornan and their work in the data center market, our expansion of Turner into Europe and, of course, working with Dragados and HOCHTIEF, really growing that market from $1 billion in revenue this year to well over -- nearly $3 billion by 2030, right? We have a pipeline of over $13 billion (sic) [ EUR 13 billion ] worth of work in Europe and again, working at all of the addressable markets. Now looking at APAC, right? $3 billion of work completed or under development in data centers, a pipeline of $16.5 billion and a top 5 contractor, again, working at all of the addressable markets, again, with a growth rate that will get us to well over $2 billion by 2030. If we look at our end-to-end -- or excuse me, our engineering and construction services, it really goes chronologically through the work, right? It's design and engineering, it's supply chain and operations. It's site and civil and execution, core and assembly and execution, modular construction, which Mike spoke about, and I'll go a little bit deeper momentarily, and MEP assembly and commissioning, right? Where we have experience today and we're working. More importantly, where are we going, right? Where are we going? Where are we expanding, right? We're expanding because we've reinforced our ability in design and engineering with the acquisitions of Dornan and Fleischmann and Maverick, right? We're reinforcing our ability in supply chain by expanding SourceBlue globally to serve all of the areas in which we work, right? What are we doing in execution? We're reinforcing and expanding our expertise, partnering across the company firms to work on projects in Europe, partnering across the company firms to work in APAC. In modular construction, really deepening not only our expertise, but our ability to deliver, our ability to deliver faster, our ability to deliver more effectively and ability to deliver where resources are more limited. And then, of course, in MEP assembly and commissioning, again, with our acquisition of Dornan and Fleischmann, our ability to have that deep expertise and really a captive set of expertise in mechanical electrical, which is critical in the data center market. Let's talk a little bit about why is modular? Why are we talking about modular? Why are we talking about DFMA, right? What are the challenges we face today in the data center market? Number one, speed to market. Getting to market faster is revenue faster, right, is serving -- as a technology company serving your clients faster. So speed to market, number one. Number two, resources, skilled trade labor continuing to be a challenge in most markets. So how do we deal with that challenge? How do we deal with the lack of resources? We need to do it through modular. We need to do it through prefabrication. So modular design. That means DFMA, design for manufacturing and assembly. That means designing around modular, not taking a design and trying to modularize it, but designing around modular. So designing around modular, productizing a kit of parts or assemblies that come together. Vertically integrating that supply chain becomes incredibly important. You have to vertically integrate your planning of components and subcomponents and assemblies to arrive on the job site at the right time or just in time in order to assemble that building. So vertical integration of the supply chain. And again, last-mile approach to both logistics and the client needs. Our client needs are evolving very quickly, right? They're evolving into expanded water cooled or expanded hybrid water and air cooled. They're expanding into different types of floor loading, right, to accommodate bigger racks or more dense racks, requiring more fiber entries, right? So how are we going -- how do we adapt to that in modular? Well, we leave that last mile out, if you will, of configuring the data hall around actually how they're going to use it, what servers they're going to put in, what racks they're going to put in and how they're going to cool it. A traditional data center. If you think about building a traditional data center, if you start with a pad, right, earthwork is done, you have a pad built, if you will. You got to do the foundations, right? Then we got to pour the slab on grade. We got to go vertical with structure, right? We got to go vertical with enclosing the building, getting the roof on. We got to go inside and finish out the interiors, put the partitions in, move the equipment in, right, make all the MEP connections, start up the equipment, commission the equipment, right? A very end-to-end sequential process because we're stick-building the data center. So what does the future look like? The future looks like a modular data center. Let me show you an example, right? We start with this kit of parts. The kit of parts are a kit of modules that will come together at the job site with the generator to begin with. Next, with the fan wall and HVAC equipment, right? Most data centers still today use a fan wall, but now we modularize that entire fan wall and that gallery. The CDU equipment that's coming into the data center to feed the water-cooled servers. The internal plenum module, right, the plenum module, the hot aisle containment that's going up into the plenum. The integrated mechanical and electrical that's coming in to feed everything above the plenum, right? That's getting everything to the racks or to the servers, if you will. Of course, then the electrical equipment modules, right? These are modules that we're putting the switchgear in, the UPSs in, the STSs in, if you will. As we finish getting in the electrical modules, we then come in with a hot aisle containment that's going sit underneath the plenum. The hot aisle containment today comes already with all the busway -- or bus bar, if you will, on it, already comes with the lighting on it, comes with the cable tray or the cable rack on it, comes with the structure to support it, comes with the hot aisle containment, fully enclosed. Modular air-cooled chiller platform. So no longer are we just lifting a chiller to the roof, we're lifting the chiller plus the access platform plus the connections so that we can quickly connect it and commission it. So if you look at a traditional data center that Mike spoke about or that I spoke about earlier with being stick-built, if you will, and Mike talking about typically from pad ready, if we were really good, we'd get it done in 10 months. If we're a little slower, maybe 13 or 14 months in the U.S. If you look at it today, we're able to deliver this in the 6- to 9-month time frame, right? But now we have to build out our ability to design, our ability to vertically integrate the supply chain, integrate design with construction, integrate our ability to commission and install this modular. That's where we're going. And to some degree, we're very much already there. So what does this all mean, right? By 2030, right, we expect to be doing $20 billion to $25 billion (sic) [ EUR 20 billion to EUR 25 billion ] in engineering and construction data center revenue, right? You saw the projections, low end EUR 20 billion, should be easily EUR 25 billion. An EBITDA margin of 5% to 6% means we increase the EBITDA by 2030 in data centers to EUR 1.2 billion to EUR 1.3 billion. What does that equate to? It equates to an ACS equity valuation of EUR 13 billion to EUR 15 billion, right? We grow the revenue at good margins, right, to great EBITDA and then, of course, translates to equity value of ACS in 2030.

Thank you, Jim. Good morning, everyone. One strategy, three pillars. We're going to focus on the second one, which is our strategy for large-scale colocation data centers for hyperscalers. We started with our strategy more than 2 years ago when we realized that in the face of the amount of data center capacity that was required by the market, there was an enormous opportunity for the ACS Group to become a data center developer. If only we could align and activate all the experience within the ACS Group in developing, investing and building infrastructure. If we could capitalize on pre-existing relationships with hyperscalers through our construction business and if we could take advantage of our local presence in key strategic markets for data center development, we should become the developer that builds and develops faster and better than anyone else. And improving that to hyperscalers, our vision is we will become the partner of choice to deliver the critical physical infrastructure that they require to meet their own business targets. Ours is a very unique value proposition in the market. As of today, there isn't any other development platform of this scale with such global presence and that is industrial in nature. I think it's been clear through the presentation from Jim that engineering, construction and supply chain management are within our DNA. And that makes us unique. That sets us apart from any other competitor in the market. We have announced this morning an incredible partnership with GIP BlackRock, who's going to be joining us in delivering this vision. So what is our vision? Our platform is a stand-alone organization where we have assembled all the knowledge and all the skill set to deliver end-to-end services to our future customers. These skill sets and this knowledge will allow us to move and transform our investments in land and energy and transform them into fully stabilized and operational data centers. The experience and the skill set includes land development, energy development, engineering, construction, project finance, operational capabilities, et cetera, et cetera. When required, a data center platform will reach out to different companies of the ACS Group around the world to complement these services. Growth is very important to us, and we have set a target to have a portfolio for ACS of 3 gigawatts of data center capacity, utility power, 3 gigawatts by 2030. 1.7 gigawatts of that data center capacity is already part of our portfolio and is under active development and in some instances, under construction. To complement the [ different to ] 3, ACS is monitoring the market and is currently assessing opportunities of up to 11 gigawatts in the different geographies where we focus in Europe, North America, APAC, and we're also contemplating opportunities in Chile. For the 1.7 gigawatts, we will be counting on the partnership for GIP. And this initial portfolio is constituted by seven sites. We focused primarily on Tier 1 markets adjacent to Tier 1 locations or in the -- and in some of the fastest-growing markets around the world. We have two assets in the U.S. in the Fort Worth, Dallas area, in Ruther Glen, Virginia, Melbourne, Australia and four assets in Spain, two in the region of Madrid, two in Zaragoza. Texas and Virginia, I forgot to mention, are some of the most important data center clusters in the U.S. I'm going to let Jim give us an update of where we are in development in all of our assets of the initial portfolio.

Great. Thanks, Vicente. So looking at each of these individual assets and kind of where we are and where we are with capacity. So starting with Madrid 1 in Alcala, right, our first data center, we're well underway. I'll show you a few pictures here shortly. It will finish in three phases with 140 megawatts of utility. It's in construction, right? We'll be in COD by the end of '26, right? COD basically means commercially available to the customer and getting ready for RFS, right? The next one that will come online is in Texas, in DFW's area. DFW, which Vicente mentioned is a very hot area, right? Market that's expanding, a market that clients are coming to us for, hyperscalers are coming to us asking us for capacity, if you will, in Dallas-Fort Worth, right? 335 megawatts. We're already starting early works. Virginia, Ruther Glen, if you will, just in that kind of just south of Northern Virginia, the biggest data center market in the world, 300 megawatts. We're just starting early works there, basically are pushing dirt this week, if you will. In Melbourne, right, 240 megawatts. We're just starting early works as well with the earthwork, if you will, in building the pad for the utility substation. Next -- excuse me, Madrid 2, which will come online in 2028, again, with 137 megawatts, which is expansion of just about 11, 12 kilometers up the road from Alcala, which is our first data center campus, if you will. And next is Zaragoza 1, right? Any of you that have been reading about the data center market in Zaragoza, huge expansion, expansion by a couple of the hyperscalers. They're making significant investments in Zaragoza. We have 300 megawatts there. We're in design and zoning ongoing. Our team has done a fantastic job to get through zoning very, very quickly, a fantastic achievement. And again, coming up with COD in 2028. And then lastly, Zaragoza 2, really a land bank with access to power of 400 megawatts where urban planning is ongoing. What's really important to this is that power access is secured in most of these sites. We still have a little bit of work to do, but power is what's important, right? When we sit with a tenant or a client, it's about power, it's about land, and then it's about our ability to integrate and deliver in a very fast fashion, a low-risk and integrated form. So Madrid 1, I mentioned Alcala, right? Where are we at today? Some of our team members that are here today, walked the project this morning. The building is -- all the underground is in. The building is enclosed. We've started -- interior partitions are in, mechanical, electrical systems or conveyance, if you will, of those systems are in. And now we're moving equipment in. We're moving electrical equipment in. We're moving generators in. We'll start moving fan walls in, right? So we're getting very close. And we're going to hit a COD, if you will, by fourth quarter of 2026. This is what our data center will look like with roughly 15 megawatts of IT ready and available to our tenants to move in. So also looking at leveraging our integrated approach, which I mentioned earlier, what differentiates us in the market. What differentiates us is that we're able to provide an integrated offering. Everything from site selection, access to power, access to design and construction, supply chain, commissioning and turnover. We leverage all of the ACS companies that have expertise to do that. We can integrate, we can start sooner, we can go faster, we can make better decisions, right? Supply chain and procurement, I mentioned, our ability to leverage the SourceBlue supply chain for a global OFCI program, leveraging that spend across the 1.7 gigawatts Vicente mentioned, leveraging that spend to not only get the best pricing in the market but to really control the supply chain. Critical path on these jobs is largely the M&E equipment. So leveraging that volume, if you will, or that aggregation gives us preferred manufacturing slots. Leveraging our construction expertise. I mentioned earlier that we're active in all these markets, right? We have resources. We have data center expertise. We have supply chain relationships. Relationships with the with local government and understanding how to get through the permitting process, which is really critical on this. We also are able to leverage GMP collaborative open book contracts. What does that mean? That means it allows us to mitigate and manage the risk from end to end. So being able to integrate at design, at supply chain, at construction, at commissioning we're able to deliver it in a mitigated risk fashion because we're collaborating, and we're collaborating day 1 as we start the project. Lastly, operations and maintenance, right? Many of our companies have worked across operations and maintenance, leveraging that expertise, whether it be Clece, whether that be Dornan, whether that be Turner, right, whether that be UGL, how do we leverage that expertise, if you will, to enhance our operational and maintenance ability.

Thank you so much, Jim. So all of our sites that are able to deliver data center capacity for customers by 2026 and 2027 are already under active commercialization. In fact, we are targeting to sign our first lease, no later than the first half of 2026. Having the construction capabilities sitting at the table when we negotiate with hyperscalers has been instrumental to get traction within our commercialization efforts. Why? Because that provides our customers certainty, credibility, and we are able to react faster than anyone else to the first signals of commercialization and ensure that the construction resources are available to us and are mobilized on time, where other competitors may have to start reaching to third parties to get those resources ready. In terms of commercial terms, we're focusing on leases of more than 10 years. We contemplated two type of leases, a full colo lease that includes all the operational services. Important to note that what we do is operations and maintenance of the physical infrastructure, facilities management, but it doesn't include any maintenance services of the hardware or the IT component of the data center because that belongs to our clients, and those are inside of the data halls that we rent to them. We're also contemplating triple net leases where all those operational services of the physical infrastructure are performed by the clients themselves. When operational services are included, these contracts are based on service level agreements that define very high levels of performance standards that include high levels of redundancy as well as response times whenever there are incidents in the facility to minimize the impact on the operations of our clients. Data centers have very strong barriers to exit for our future customers because for every single dollar that we invest in physical infrastructure, our plan, invest $2, $3 or more in investments of the hardware and IT component of the data centers. That in itself create an actual barrier to exit for our clients. And together with the comfort that we take from operational experience, we're getting very comfortable negotiating the clauses around early termination in these contracts. One of the things we are more proud about is the enormous amount of talent that we recruited from the industry. We -- sorry, can I just continue, please.

So we've been able to effectively go to the market to the organizations and companies that work in each of those elements, in design and construction in -- excuse me, in design or in engineering, in construction, in operations, in equipment manufacturers, if you will, other colo developers, if you will, right? So this is a smattering of the companies that we've recruited our team from, a fantastic group of people with deep expertise in each of their sectors, if you will, at each of their disciplines, but equally important, expertise that brings a broad group of relationships, relationships with manufacturers, relationships with operators, relationships with hyperscalers, our tenants. So very proud of the group of people we've assembled from the industry to help deliver on this mission of being a developer and data center operator. So looking at an overview of how do we shape our platform, right? So as Vicente had mentioned...

I can take these. Okay. Thank you so much. Apologies for that. I can take these. Thank you so much. Apologies for that. I think at a [indiscernible] like issue. But I'll try to continue. So a few words about our collaboration with GIP BlackRock. First of all, it will be a joint venture, 50-50. Co-controlled by both partners with the initial portfolio of 1.7 gigawatts will be transferred. In terms of the platform structure, there will be a distinct entity that will be dealing with investment and another one that will be dealing with the services. The investments will be done through project-specific entities that were allowed to raise project finance, stand-alone finance separated one project from the other. Separating investment from services will allow us to continue providing services to our clients even in those instances where we would contemplate opportunities for equity recycling, investing from stabilized assets. Finally, the regional portfolio will be transferred for our original initial consideration of EUR 1 billion. And ACS will receive also a number of payments in total EUR 1.2 billion as we hit different commercial and business targets, that includes EUR 200 million in the case that new projects are added into our platform. This implies a total valuation, sorry, Mike, of our platform, initial portfolio of EUR 2.2 billion contemplating both the initial consideration and the earnouts. So how do we create value through the life cycle of our assets? There are fundamentally three important milestones for value creation as we derisk the project from land and power into operational assets. The first opportunity is at ready-to-build. What happens are ready-to-build? We have managed to unlock everything that needs to be sorted for us to be able to develop a data center in one of our sites, which basically means having secure fully the power and having the zoning for data center activity in that side. We feel very comfortable with this stage. And in fact, we've managed to prove in Australia, in Spain and the U.S. that we are able to move to this stage faster than anyone else. Commercialization is the next big milestone in value creation. That's where we sign a lease for our customers. We are able to raise finance against the future revenues and we're able to start vertical construction of our data centers. Up to this point, we would have had to invest in everything that is required for us to come to a window of opportunity of 18 to 24 months to ensure that the data center is delivered to our clients in this time frame. This time frame, as Jim has explained before, is becoming shorter and shorter, and therefore, having the construction capabilities as well as the modular solution for the rapid deployment of infrastructure is becoming more and more critical. Finally, as the data centers become operational, that is the greatest opportunity for value creation. At current market multiples based on recent transactions, our portfolio could reach valuation of $20 million to EUR 25 million per megawatt of enterprise value and EUR 12 million to EUR 15 million megawatt per IT for equity value. So based on these multiples, we have applied these multiples, both to our initial portfolio of 1.7 gigawatts and the additional projects that ACS will be incorporating to reach the 3 gigawatts by 2030. Applying the multiples that we've seen in the previous slide, we are proving that we set to reach a total equity valuation of EUR 11 billion by 2030 and EUR 14 billion by 2033. 2033 is when we expect that the 3 gigawatts will be fully operational. We have run a similar analysis based on DCF to prove that both analysis converge and the valuation, both for 2033 and 2030 is similar in both cases. In order to achieve this, we will have to inject net equity injections of EUR 2.2 billion, which we have calculated netting off the gross equity needs for the entire portfolio of almost EUR 5 billion, we've netted off the moneys from the initial contribution of our initial portfolio, the earn-outs, the equity already injected by the ACS Group as well as distributions and opportunities for early monetization of some of the additional assets that will be included into the portfolio. But we don't need to wait until 2030. What we're trying to prove in this slide is that there's going to be a ramp-up between 2025 and 2030, and that by 2028, our equity value would have already reached at least EUR 7 billion. And this happens as our projects, both in initial portfolio and additional projects continue to mature, more leases are signed and more gigawatts become operational. Important to note that the numbers in these slides reflect ACS 50% stake in all the projects in the portfolio and that is based on ACS' own estimates. Just to recap, there are a number of factors that we wanted to highlight for you as we finish this part of the presentation. First of all, signals of growing demand in the market that data center capacity will be required by hyperscalers and other AI players in the next years and decades. Secondly, our unique value proposition to the market, our industrial nature and the backup from all the companies of the ACS Group. Third, our derisked approach to investments. We continue to focus on well-established markets where the data center capacity is fungible and with projects that have largely secured the power in order to enable this data center capacity. That, in addition to the new partnership announced with GIP BlackRock, set up strong foundations to be successful and to deliver the equity value projections that we presented to you today. Thank you so much.

So coming back to our vision to be a reference player in the data center market and delivering end-to-end services solutions to our clients. I want to now after we first heard about our great capabilities in engineering and construction being a leading EPCM contractor. And in addition, you heard about the large data center market. I want to take you now with me to the edge, where another growth area is, the growth is driven by low latency need. So the low latency need develops further applications. So we allow our clients to bring new tech into the industry, like, for example, IoT, for example, Edge AI or in the future robotics. So at this stage, low latency matters, and it's not just low latency. It's as well the client wants us to deliver a sovereign, a very resilient solution, which is totally different to other applications. So having said this, we want to deliver these services as well in the course of defense, in the course of banking to government that needs sovereign solutions. And in addition, when we have here the cloud services we want to provide, we can reach the end users positioning ACS as a player in the cloud services market and as well in the AI inference market and later on, someone who enables robotics and other services. So how did we do this? So we thought it's a need to develop an own product. So that's where we started to look at the layers of a data center value chain you see here. And we started really from scratch like 4, 5, 6 years ago, looking what is the need of the end user. The end user is interested in compute, the end user is interested in storage. And nowadays, he is interested in having an end-to-end solution in AI. So we started to look at the value chain, and we saw we are already placed in the lower layer 1 to 3, where normal PPPs take place and where we do life cycle optimization. So we start in infrastructure layer looking for sites, permits. We enable fiber and grid. We do the construction and operation and maintenance, and we secure power cooling and sensors in order to operate such a data center. So having this in mind, we always optimize the life cycle in order to find efficiency gains here. And it was a natural step to look into the other layers. So in the platform layer where server network distribution is relevant and at the infrastructure layer where virtual services and hosting is relevant. So if you want to really do a life cycle optimization and look at the whole thing and vertically integrate, you find a lot of efficiencies. And that's where we started to develop a very sustainable reference sustainable data center product for the edge. So the data center itself is a direct liquid cooling now with a closed water system. It finally ended up as a data center, not just having a facade and a green facade from the outside, it is fully built in laminated timber and it's capable of capturing CO2 already in the construction phase. And it's not just about that. With the direct liquid cooling and the all over optimization, we are now able to have a top-notch energy efficiency we can bring here. So you have to imagine, we come along with the power usage effectiveness of 1.1, which you have to think about like that. If you want to have one power for a computer, you need 1.1. So you need a 10% more energy to bring this compute power into action. The reference on the market currently or the average is at 1.4, 1.5, which means others have to pay 3, 4x the energy in order to bring the same compute into action. So as a natural step, we built as well as a commercialization layer, Horizon, cloud elevators that deliver the service to the end user. So which end user does want to bother about a site, a permit, about who does the construction, operation, and maintenance and who does the all over facility management here, what is the right network and what are the right service. So that's what we brought together and optimized to this cutting-edge solution. With that came a faster time to deployment as we build this modular approach with 2, 5 and 10-megawatt blocks that are set up in a manner like a factory. So we can easily, quickly fulfill demand on the market with our own supply. With that, we enable and the cloud layer is something where we position ourselves. We enable clients quickly to move on and develop themselves in the market. So this is supported by a pipeline we established with first financing. And when we started, we had like secured a framework with 5 data centers in Germany, but we already, during the first data center execution extended up to 15 and now to 25 data centers all over Europe with a partner Palladio that is a 50% partner into our data centers. We start in Germany and extend our operations into Austria, Switzerland and the Benelux. That's our go-to-market idea for this part. So the platform we built here will be the foundation of the ACS Edge platform where we extend until 2032 up to 60 data centers. And the beauty here is we are capable in delivering these data centers, these Edge data centers close to the cities, close to the client as we are so distributed over Europe and can really deliver close to the clients. So you really have to have the capabilities to integrate infrastructure into the local ecosystem. So the data center has to look differently and somebody said, look, this looks like a spa or a nice hotel. And it has to be quiet. So you have to really apply to what is necessary in order to build near to the city infrastructure. So having said this, our go-to-market strategy starts in Germany in a very dense area. So we are close to potential clients, and we have already visibility on the first contracts in our Horizon Cloud. Then we will roll it out. You see here our first data center is already in operation mid of 2026. The second one goes into operation, and then we ramp up with our platform as this is made to scale quickly exponentially. We ramp up to above 30 data centers in 2030. And from there on, the exponential curve will go on. We see the Horizon, so the cloud layer scaling faster than the physical layer, which allows us every time we have some demand that we can put some data centers into action here. So the modular approach and the way we fit out the data centers is optimized over the life cycle. So we optimize financing and we optimize the whole structure in order to have the best value out of it. So we put equity value of approximately EUR 400 million up to EUR 800 million into the platform and -- sorry, EUR 200 million into the platform come out with an equity value of 400 -- EUR 400 million to EUR 800 million. But the very thrilling thing is being now more diversified and having access as well to other layers where we offer cloud. And the cloud is not that asset intense as this comes with different margins and it comes with a different multiple we see in the future for this platform. So I would say, conservatively, we valued this with EUR 1 billion in 2030, but we see as well room for improvement on that side. So many things. Just 2 words. Resilience and sovereignty, we heard a lot. So when you talk about data centers and you have here a mesh of these central edge data centers, you can imagine that government and public entities are very interested in that today. So if you take out one of these data centers, the others take over, you can imagine it like a mesh of a wireless LAN that you have at home. So this is our contribution as well to resilience here.

Thank you, Bernd. And just to finalize a final slide where we can see the contribution to the value of the data center business by 2030, per the 3 fundamental pillars of the strategy, engineering and construction, large data center colocation and edge data center and cloud services, reaching more than $25 billion by 2030. Thank you so much for your attention, and we look forward to providing further updates in the future as we reach successfully our business targets. Thanks a lot.

Okay. Hopefully, you found all very interesting. I'm going to recap and give some closing remarks. The first one is what's our objective, which is to become an end-to-end provider and to accelerate our plans in the new verticals. As I said before, they are all related. Our game, our play is in the infrastructure space, right? And the future infrastructure needs to be reset, and it's all interrelated. This is very important to understand what's coming in the future. All vertical growth come together. You cannot separate one from the other. That's why it's so important to grow all of them at the same time, obviously, subject to timing in the market. The second thing is we want to keep our leadership in the traditional core business because 85% of all what we're looking at in data centers, but also in the future vertical growth, it's related with traditional. And it's very important to have the ability to have a granular exposure to each one of the regional markets. So we can mobilize people and we can be very close to obtain the permits, obtain the energy, obtain the knowledge and the network with the subcontractors, the supply chain and the cell performance capabilities, very, very important. You cannot do all of this without the core traditional capabilities. And then obviously, the scale up on our AI, because AI, artificial intelligence is relevant not just to understand what we're facing, but also to embed internally for operational efficiencies when delivering these jobs. Then our role as a developer is very important. I will move to the slide right now how we're seeing the equity that Emilio was explaining in terms of capital allocation, in terms of firepower and the potential growth of that. Hopefully, through the presentation, you realize that there's 2 variables when it comes to managed lanes. The first one is out of the 5 managed lanes to come, how many able of them we will secure. How many of them we will be able to win? We are assuming 2 out of 5. That would come on top of the Georgia 400. There's plenty other managed lanes coming in the future as well. So it would be a matter of timing. The second one is when it comes to data centers, we know the 1.7 gigawatts where we are with that. And both Jim and Vicente explained very well the status from a construction perspective of all those jobs, all of them with the energy. We're just starting under construction or we are far advanced in the construction, but also the different milestones when it comes to that data center, securing power, which in our case, all of them have the power secured to having it ready to build. At that stage, we're talking about $2 million per megawatt valuation. This is market standard. Then we get to a lease price goes up to $4 million per megawatt, then the next milestone is once everything is under operation. At that stage, we're talking about $22 million more or less per megawatt enterprise value between 12 to 14, around 13 million megawatt equity value. So this is a market number. Of course, it's subject to change. It's subject to evolve through the years. What is important on our side is not so much to focus on that is to focus on the delivery to focus on making sure that we have the right level of megawatts per year in each one of the stages. And we will be communicating transparently every time we achieve another milestone, so you can have a much proper analysis of the valuation of that portfolio. Then we get specifically about the data center. We believe we can get by 2033 to 60. Those are the small ones, and you will realize the value of the cloud services associated to it. That's quite relevant. And then obviously, specifically, which was the main purpose of today's Investor Day, our leading position in data center, which in the short, medium term, it's going to be very, very, very important for us. With all of this, this is where we see or equity valuation from a development perspective, from an equity perspective through our investments. Let's focus on the one on the right because this is when -- where we believe we will be in 2033 because by 2033, we will have at least 3 managed lines under operations, which means applying the ratio I mentioned before, 6x, we're talking about EUR 18 billion with EUR 3 billion invested accumulated investments by 2033. If we go to data centers, you saw the evolution of the value. Again, this is looking at each one of the sites, each one of the megawatts available under operations, under lease, et cetera, and we will be incorporating -- based on what I just explained, we're assuming that our large data center platform will be valued at $8.3 billion by 2033. Our small one or the additional 1.3 gigawatt that it's advanced would add EUR 6 billion and then the small ones, EUR 2.5 billion. And then the Energy Industrial and Natural Resources. So that's on 2033, right? That's a EUR 35 billion, EUR 40 billion negative value. Now let's move into the 2030 because then not everything will be under operations. That's when we need to start getting into this kind of cash flows where it is. We have all the right information, and we have all that information available for any one of you that wants to go to the detail of each one of the analysis we are putting here on the screen, right? So we are fully available not just to answer any question, but to provide all the information on the analysis so you can get comfortable with the conclusions. In 2030, managed lanes, more complex, because there won't be in operation. So that's when we need to do an estimate. It's more subjective. And we are coming to a conclusion of EUR 3.6 billion by 2030 of the EUR 1.5 billion invested. Those projects will not be in operations at that point. So it's more challenging to put a number to it. When it comes to data center, in theory, it's much more objective, subject to the ratios I said, if the market didn't change. So the question is, is the market going to change when it comes to assumptions? What we know is how much we're going to have at each stage in our data center platform. That's when we come to the EUR 7 billion conclusion of equity value for large-scale data centers and to the 4.5, the additional of 1.3 gigawatts and the small one, the 1.4, which Bernd explained before. Energy, we're assuming 1.5 versus EUR 700 million, not material at this stage. I think that we -- as I said in my presentation at the beginning, this will be more ad hoc and we'll be analyzing. We need more information before we start injecting a lot of money in our projects in their verticals. And this is how we come to the EUR 18 billion valuation by 2030 of our assets, EUR 35 billion to EUR 40 billion. This is ACS share, right? This is attributable to ACS. We have taken our percentage of the 1/3 in the managed links or the 50% in the platform. So this is our share, okay? Again, all this information is available for scrutiny for everyone that would like to have a follow-up. This does not include Abertis, okay? Abertis, we're working separately, and we will continue providing information as we go. And this is the bridge if we add the EBITDA valuation coming out of the Engineering and Construction business of data centers, but just data centers. So the first part that you see on the left is how we are more or less dividing the current market cap into different stages. How much of that is the infra investment equity value? How much of that is the end-to-end offering equity value and how much is the data center. So it's a little bit subjective, right, as you can imagine, because it's not so easy for us to understand the consensus of the market for each one of the areas. But let's just focus on the additional value, right, not so much how we divide the initial market cap, but the additional value. So the first one is the EUR 13 billion, EUR 15 billion data center, engineering and construction equity value. But we believe that EUR 9 billion increase versus the valuation today is coming from what Jim was explaining before. The additional revenues, additional EBITDA that we are going to incorporate into the business at a ratio, I mean, more or less of 5% to 6% EBITDA versus revenues. We take the additional revenues that most of it, we have already frameworks in place, plus we have the visibility of our own projects. So there's a lot of certainty on this amount. The question is at what multiply you evaluate that EBITDA. We're assuming 12% to 14%. And so that's where we come to this valuation. Then the equity value increase for the infrastructure investments. This is the EUR 15 billion to EUR 20 billion generated before. This is the EUR 18 billion that I was showing in the previous slide. This comes from development, from equity, from managed lanes, from data centers, the 3 gigawatts plus [indiscernible] and a little bit on the industrial side. All of that comes to a valuation of EUR 45 billion to EUR 50 billion versus the EUR 20 billion market cap today. And this does not quantify the EBITDA and the rest of our business. So this is not quantifying engineering construction or the other verticals. This is just pure additional value coming from data centers and the infrastructure equity investments we've been describing, okay? So we leave everything else that we're not quantifying at this stage from growth in our more mature core business or defense or Germany, nuclear, et cetera, right? 2026 is going to be a year of multiple news because obviously, 3 out of 5 months will be awarded in '26. So it will be important for all the reasons that I explained. We believe that it will be an important year for Abertis because of the extensions, because some of the negotiations ongoing right now that will be announced and because of potential M&A. It will be an important year because we will be communicating transparently the stage of each one of our assets when it comes to data centers. And of course, I hope to continue giving very good news when it comes to all the verticals. So I'm going to stop here because I think that it's very important, and it's the time to get into the Q&A. So I would love to have all my colleagues to join me on stage to answer all your questions.

Amal Patel from UBS. Four questions, primarily focused on the data center development. So number one, we spoke about some of the pricing mechanisms for construction to ensure there's a maximum price, which is paid. Two parts to that. What about the risks of delays in terms of timing, so not the cost? And also following construction, if you have, for whatever reason, delays to the lease implementation, is this -- is this just lost revenues for gone for ACS? Or do the clients which you lease the space to, do they then receive compensation for this lost time? So that's the first question. Secondly, you spoke about the sites being power ready for ACS. I know I'm aware of a few sites, I believe, in California, which are power ready, not from ACS, but more broadly data center sites, but the infrastructure is essentially sitting idle because the grid infrastructure is not actually sufficient to carry the electricity supply to those data centers. So in the locations where you are building data centers, what gives you confidence that power can be supplied to those areas? And are there any measures you're taking to ensure that, that will be in place once the data centers are operationally ready? And then the third one, can you just help us get a better understanding of the costs associated with the maintenance of the data centers, the different moving parts, which of these are fixed, variable? Just trying to get a better feel for the margins that this business can generate. And then a fourth one, if I may. Just on the difference in sort of the data center demand environment in Europe and the U.S. A few of your competitors have flagged a bit more softness in Europe relative to the U.S. So I just wanted to understand the trends there.

Jim, do you want to start with the construction ones and then...

Yes. The first question regarding the growth of the market.

GMP.

Sorry, GMP. So GMP. So a guaranteed maximum price contract is effectively a collaborative open book contract, right, that allows us to work collectively from inception, if you will, all the way through design, through construction and through implementation. So it allows us to integrate all the offerings or all the individual functions as well as each of the companies such that we can mitigate and manage the risk together, right? So our outcomes of GMP contracts are very, very reliable as opposed to a traditional lump sum or design build lump sum. So the outcomes are incredibly reliable. It's the most common delivery method of data centers in the U.S. for sure, because the risks are so dynamic and you need to move very quickly, right? Speed to market is so very, very important. So a GMP contract is good for everyone. It's good for an owner, from a developer standpoint because the risks are mitigated and shared and collaborated versus being at risk -- excuse me, an adversarial relationship where the risk is one or the others, right? There is risk transfer throughout the design and then the construction, but it's transferred at the time that's able to be mitigated and managed. So it ultimately becomes a guaranteed maximum price or a fixed number, if you will. But it happens over time where you can collaborate and therefore, have a more predictable outcome or really a cost certain project.

I can take that one -- that's absolutely right. That's what we leave as developers. Sometimes the energy has been sort of promised, but the utility company is unable to deliver it because they haven't undertaken the infrastructure upgrades required to deliver that power. So how we manage that risk is we would never go ahead purchasing a site where the power is not halfway through that moment of being available at the site, and we wouldn't make any commitment to future customers or start investing capital in vertical infrastructure until there is certainty that the power can physically be delivered into the site.

I would add a couple of things to what [indiscernible] was explaining. We go through a very, very thorough due diligence when it comes to the projects. And the due diligence is not so much about the ability to get the energy or the permit because that's basically a big risk, and we're trying, especially as we begin, maybe in the future, we change and we take a little more risk. But right now, we are very much risk adverse. If we are -- we have been jumping into some of these sites because the energy is ready. Having said that, you're right, energy is not just having the permit. It's making sure that you are able to do all the extensions. But the same token, throughout the diligence, we made sure that there was not going to be any problem with any additional extension in distribution line, any additional extension in substation. We didn't want -- especially at the beginning because we need to make sure that we show success. We cannot just take the risk. So we've been very, very clear in the first 1.7 gigawatt, and we will continue being very, very clear in not taking risk when it comes to the potential additional substation or distribution, right, at least with the first package. The other thing that you asked for is the risk, what happens with the lease. Typically, hyperscalers and some of the big clients, they want -- by the time they really start getting the negotiations, they want a 12 months visibility. At that point, any potential risk that could cause a delay, it's gone. Then you rely on yourself. At that stage, it's about finishing the main building and making sure that you install the GPUs and the connections, right? So the risk is quite limited at that point. Yes, there are penalties under the lease agreement if you do not finish on time. But by the time you sign the lease, you are very clear about what you have to do and you are very well advanced with everything in place. If we were signing the lease at the very beginning, obviously, the risk could be higher, and we avoid that.

It's Graham Hunt from Jefferies. I'll just ask 2 questions. Firstly, I wondered if you could give a little bit more detail around the lease agreements that you'll be signing for these data centers, just in terms of duration, energy hedging, risk around renewals and changes to the terms of those lease agreements. So just additional color there would be helpful. And second question, you talked a lot about equity value creation out to 2030. But how should we think about this in terms of cash being returned to shareholders? So when do these assets start becoming cash generative? And what's your thinking around shareholder distributions as these assets ramp up?

So the leases -- obviously, the leases that we're negotiating at the moment, and we've already exchanged legal documentation with a number of potential customers are under confidentiality provisions. As we explained in the presentation, we're trying to target leases that are more than 10 years of duration with potential extensions of that lease. And we think that, that is pretty standard within the industry, whether that is a full colo lease or a triple net lease as we explained. The rest of the provisions, I think you made reference to early termination. Is that -- was that the question? So early termination, as I tried to explain earlier, we find those type of provisions in the leases. And the way we take comfort is from a number of things. We take comfort from the payment that you will receive at that point if there is an early termination. And obviously, there is early termination for convenience or early termination because of a cost. But we take comfort from the natural barrier that I was trying to explain earlier. Like we don't know any precedent of an early termination of a lease in the markets where we operate, first of all. Secondly, there is a natural barrier to exit for those hyperscalers given the amount of investment that they do when they come to our data centers as host. Third, we take comfort from our operational experience, having decades of experience of operating infrastructure assets that are more complicated than a data center. So we have a lot of confidence in our ability to deliver to those standards. And thirdly, as I said, then we negotiate under which conditions a tenant might be able to exercise the right of an early termination.

And in terms of the cash flow generation from these assets, obviously, you've got 2 very different types. You've got the data center asset, high or fast completion to operations. So plus the operations income coming in, the cash yield is pretty stable after that once it's in operation, and it can take since inception of development to completion it can be around 3 years. Construction could be anything below 3 years. So it's quite fast evolving in terms of delivering cash. The managed lanes, obviously, is a longer wait and it's more backed on the value generation but as soon as it's coming in operations is the same thing. The point I would add is in terms of our capital allocation strategy, what we're doing is doing this with equity. So we are not relying on that to fund all this investment and because we are conscious that this is -- these are assets that will start generating cash in some time.

And adding to what Emilio is explaining. At the end of the day, and we started explaining 3 years ago to the market that ACS, it's a very good company for those that are looking for yield, but it's also a very good company for those that are looking for growth. And it's a very good balance. Putting aside once all those assets become mature, we will continue increasing revenues, EBITDA and dividends. And actually, I announced before that most likely we're going to start increasing our dividends. We are building. We are creating revenues and EBITDA from the start because we are not just the developers, we are the companies building all our projects. So you will see, in addition to the work we do for third parties, you will start seeing an increase in our revenues and EBITDA, right? All of that will hopefully increase profits and therefore, will increase dividends. Then you have the long-term assets once those recurrent EBITDA start coming in. We are not considering our base case any recycling of equity. The data centers nowadays are very liquid and managed lanes are very liquid once they are in operations, right? At this stage, they are not our base case. But eventually, we could consider a recycling part of our managed lanes on Abertis outside, but also recycling part. Our agreement in the platform already considers potentially recycling part of the equity into a yieldco, and that's embedded in the current agreement with BlackRock GIP. Whether we do it or not, to be discussed, but there's other instances where we could start anticipating part of that value.

Alvaro Lenze from Alantra. The first question is on Turner. You've provided quite staggering numbers of the total investment in the data center industry. And it seems that your estimates is that Turner will be, of course, the leader, but it's still a small portion of it. So I was just trying to understand how do you see things playing out? I don't know if this is that you think that there is no sufficient capacity for all those big numbers of investments to actually get done? Or if you think there will be -- there's a large number of players providing the supply to build all that capacity and there will be maybe some consolidation. And also for Turner to achieve those numbers, just to understand how are you planning to upscale capacity or if that will cannibalize some of the capacity you have for other sectors? So just that on Turner. My second question would be on the greenfield ventures on data centers. In some parts of the presentation, I think you were talking about power megawatts and others on IT megawatts. If you could make the distinction clear so that we know how much of the megawatts actually are for IT? And then last question would be on management incentive plans and if you plan to change the current long-term incentive plans of the management team to align with the targets you provided for 2030 or 2035?

I'll take the capacity issue with Turner. Yes, there's a lot of ways to address capacity. We talked about one of them within the industry of modularization, which takes the trade labor constraint and almost doubles or triples it by doing half of that labor if not more in a fabrication facility in our site. So the trade labor I worry about more than Turner's ability to be able to provide capacity to increase our revenue and run these projects. That said, we've done a very good job and we continue to manage redeployment of our resources. We're in 45 different geographic locations in the United States. Not all of those locations are at full capacity right now from a market standpoint, a market goes down, a market goes up. So we redeploy asset, our folks, our best resource to areas geographically and also markets where they can have the greatest impact. So it takes a lot of work, but if we didn't do that, we would stagnate in a geographic location or we would stagnate in a market. Right now, the data center market offers us such a unique opportunity. They're great customers. They're at great margins. So we've done a lot of work to redeploy our assets to be able to meet that capacity.

So you're right that we referred to both instances in the presentation, total power utility and total power IT. And those are related through the PUE, which is a factor of energy efficiency within the data center. And ultimately, the IT power is the amount of power that is left for processing capacity in the data center. So the higher the PUE, the more inefficient the building is, the lower the more efficient is. We're running our calculations at the moment with 1.45, which we think is very conservative. The final PUE, we will know once the design is fully finalized and the facility is completed. We think that is conservative, therefore, in our business plan, there is room for an upside in that sense. More megawatts IT would end up going to our customers that what we represent at the moment in the presentation.

And would you mind to repeat the third one on managed lanes?

My third question was on executive incentives and whether you will change or do you -- does the Board, I don't know, plan to change the incentive plans to align the incentives with the targets provided today for 2030 or 2035?

So we've been working over the last 3 years exactly on changing and align incentive plans with the work, right? And I do think that so far, we've been able -- we need to adjust every year. And so far, I'm not expecting anything different from '25 and '26 when we approve the new one, but we've been already in the last 3 years, changing scorecards, changing STIs, changing LTIs to make sure that we align all of that in each one of the scorecards to the objective of every company or development department, et cetera, and then everyone with the same ACS objective. Even more, the stock options plan that we did publish 3 years ago for the first time was including everyone within ACS, HOCHTIEF, Turner, Flatiron and to make sure that everyone was aligned into the one group, one team culture. So absolutely. The other thing that I would like to mention, when we speak about revenues, right? If the question, which is a very good question is, do you think that the world is going to be able to build trillions of infrastructure in defense, trillions in data centers, trillions? I mean the question is absolutely perfect. I don't know. What I can say is that our revenues that we're showing here, we have the capability because most -- I mean, they cut the threshold, the limit of what we are offering here and showing, it's more based on our capabilities to build, not so much on the potential market. The potential market is infinite, trillions. I wish we were able to do all of that. But we're basing our estimates in what we believe we can do with our resources and the additional resources we believe we can bring into the company. I wish that the entire market was addressable from a resources perspective because then obviously, we could increase. And maybe if our modular strategy continues being successful, as Mike was explaining, and we were able to continue increasing our supply, we will be able to get more of the market because the most of data centers are not talking anymore about 7 megawatts, 10 megawatts, 100 megawatts. We're talking about gigaatts. When you get into the gigawatt threshold, not so many companies -- there's not so many players. So the restriction is in the players more than the market.

So 3 questions, please. First is on the deal with GIP. One is on accounting. Will the vehicle be equity accounted, fully consolidated by SCS? Second, I'm not very clear how much cash is ACS receiving upfront? Is it EUR 1 billion? Is it EUR 500 million? And lastly, on the value uplift from the managed lanes, you mentioned a multiplier of 6x cash-on-cash multiple by 2033, if I recall correctly. And by then, SR400 will have only been in operation 2 years, which is not a lot to prove it's worth. I was wondering if you are baking in any expectation for the sale of this asset by then already? Or if it's just your expectation that you will retain the asset in full by then?

On the transaction structure? Okay. So in terms of the transaction structure, the transaction is valued at EUR 2.2 billion, 100%, all of the assets in the platform, right? We are essentially selling 50%. I mean we do it in a way where the assets are contributed, we contribute our share and the asset receives 100% of the amount, right? So at the end of the day, the full valuation is EUR 2.2 billion, we receive EUR 1 billion, net of what we have to put. However, there's half of that, which is subject to earn-outs, right? So we receive upfront roughly EUR 500 million. We receive another EUR 600 million via earn-outs as a net of all the combination of the transaction. Is that clear? Okay. And from an accounting perspective, it's equity accounted, as Vicente explained, is a stand-alone platform with the full team 50% partnership, no full consolidation by ACS. It's a joint partnership.

Then on the managed lanes, our experience in managed lanes is much better than 6x, right? At the end of the day, you take a managing project with IRRs on day 1 at financial close above 15%, 16%, 17%. You go through all that the construction, which is taking 7 years. You get at the end of the construction, you have 2 years of visibility of cash flows. I mean, 288 was 10x by the time we got to that point. And if you look at some of the competition, it was more than 6x. We're taking the lower of the cases we've seen in the market. The 6x is based just on going from a 16% discount rate to whatever is appropriate when you have stable cash flows and the visibility of the cash flows instead of discounting years in advance. We're not assuming changes in traffic or changes versus the financial model. We're not assuming changes in CapEx. We're not assuming changes in operation maintenance. 288, we invested $360 million in 2015 when we sold in 2022, we're talking about $2.7 billion. When it was removed from us, market value was $4 billion, and that's why TxDOT decided to get it at the close of the contract. So no, we don't believe that it is crazy. We're not trying to bake anything. We're just basing -- it's pure mathematics, right? Of course, there could be mistakes for good or for bad when it comes to traffic projections, CapEx or OpEx. That can happen, right? At this stage, we want to make sure that we keep assets. A very good way to keep assets is to transfer to Abertis. So we retain 50% of the asset, right? Or if Abertis at the point doesn't want to acquire the asset, then we can go to the market, but always with the objective to remain a big part in the asset because we want to generate long-term cash flows. We do not want just to be in the business of recycling equity because then we generate a lot of value in the short term, we increase and we have the peak when we sell, but then that's gone, right? So we want to make sure that we grow in the future with that.

Dario from BNP Paribas. I think ahead, there are lots of exciting opportunities. That's my view. But some people in the market think that ACS is investing at the peak of the market that this is an AI bubble. So I'm just curious from your perspective, how do you see things? I mean, clearly, you're investing in it, so you think it's not a bubble. But just what are the KPIs you're monitoring? What is the feedback you're receiving from clients, for the hyperscalers about the trends in AI and data centers?

So I'll take that one. When you look at the AI market and you look at the figures, we see figures from $5 trillion to $6 trillion, $10 trillion, $15 trillion, and that's only in infrastructure. If you start adding semiconductors, if you start adding models, platforms, et cetera. Is it a bubble or not? And there's a lot -- there's a lot of literature and analysis with different views on that because there's, of course, a lot of different trends in the market that could influence that demand. The first one is timing. To what extent we're going to be by 2040, where we believe we're going to be when it comes to smart hardware, robotics, data, 5G, 6G, satellite connections, et cetera, first thing. How deep in the society, all of that is going to be because right now, everyone is having a view on that. The second one is there's a race to control all of that. And potentially, some companies will get out of the race, and that could influence demand. And then you have the quantum computing, which, of course, has an influence in data centers. So there's a lot of different elements that will define the extent of the battle. But there's 2 important questions on this. The first one is not just the demand, but the supply. I think that the AI race or data centers, specifically, it's going to be more driven by the supply, what can be built and by when more than the needs, right? Coming back to my previous example. So we're talking about trillions. That's infinite. Infinite divided by 2 is infinite. By 10 is infinite. By 20 is infinite. By 100 continues being infinite. So the demand is infinite, no matter how much of a bubble it is. If we were a major semiconductor company like NVIDIA, yes, of course, we would be playing on an infinite world and more or less, of course, would have an impact in my projections. But we are tiny. We're talking about $20 billion production out of a $70 trillion universe. So we are not affected by that. We know that what we have in front of us will be needed by 2030 and by 2033 without a doubt. The question is not so much, this is how can we multiply this by 10, which is what our clients are asking us. So far, we don't know. We're working on it, right? So there's no concern on our side about what we are presenting today. If the question was, what do you think about the $70 trillion universe of AI, then we would be 2 hours talking about it and the potential of a bubble. But that's a different discussion from what we are facing here today.

There are some online questions. Luis Prieto from Kepler is asking about our EUR 1.2 billion, EUR 1.3 billion EBITDA expectation for data center engineering and construction. Is it a base case scenario? Could you elaborate something about what could be the worst and the best scenario about that? And what are the E2E contractors that you have used for the valuation of data centers E&C operations? Why this multiple we have applied? And the second question was related to the recent answer that you have done, which is what are the key risks of the announced development platform? Where could things go wrong?

Jim, do you want to start with the first one?

What's the first one again? Sorry.

Yes. It's about the EBITDA expectations, how we have reached this $1.2 billion, $1.3 billion, who could be the worst scenario on the best scenario as well?

Sure. So on the EBITDA side, right? Yes. So if you look at that valuation from a standpoint of us growing at a minimum to a $20 billion revenue in 2030, right? I think that easily the upward side of that is $25, right? So that range, when you look at the U.S. market continues to stay strong, that's at least $20 billion in climbing, right? So I think that's the correct range, right? Could we be a little bit above that? Yes, right? We've seen substantial growth in the U.S. market, which is substantial, right? Just the growth from 18 -- from $4 billion last year to $8 billion this year and go on. So I think we're in that range, but I think there's some room to grow it.

Yes. The other question was about which are the comparables of peers that we have used for the valuation of this business.

I mean when it comes to -- there's a couple of things when it comes to valuation, specifically about EBITDA and revenues. The first one is we have big visibility on the revenues, and we have big visibility of what's EBITDA we're getting from those revenues when it comes to data centers. At this stage, 2 type of clients, the platform itself, which is very defined when it comes to revenues, third parties very much defined because we have framework agreements. And as we get into a larger data centers, larger framework agreements, larger the visibility. The EBITDA percent that we're applying is the EBITDA we are getting, right? So we have full visibility on our cost and what's EBITDA. The evaluation of the multiplier of the EBITDA is when we need to go to the market, right? And then there's a lot of discussions about Turner, the multiplier of Turner. Is it 13, 14, 15x. Our competition, we're seeing 16, we're seeing 15, we're seeing 17, depending on which one you get in this market. So we're just applying the lower part, which is the 14 multiplied by the EBITDA, right? So lower case when it comes to multiplier with a very certain revenue and EBITDA stream line.

He was asking as well about the risk evolving the development of the platform. How you see the future risk? And who could -- what things could go wrong?

In the platform or in the partnership with GIP. In the platform, I mean, the biggest risk is not being able to place the capacity. That would be the fatal scenario for us. But as Juan was saying, we have no doubt today that the amount of gigawatts that we're developing will be placed in the market, given the reaction that the market is having. As I said, like we have some of our assets that deliver capacity in 2026, 2027. We are already negotiating the leases. Some instances, there is interest from a number of potential tenants, and we're very confident that given where we've chosen to invest in the sites that the capacity will be placed.

Nicolas Mora from Morgan Stanley. Just coming back on the build-out of data centers. I mean you're saying you had $14 billion backlog right now, you will hit $17 billion by the end of the year, $8 billion of revenue. So you basically running at right now, you're starting at $5 billion, $6 billion at the start of the year. So you're running at $9 billion, $10 billion run rate on a quarterly basis? Well, yearly basis, annualizing the quarterly basis. Why don't you see even more growth in the short term? I mean you've grown tremendously in '25. You've got so much in the backlog in '26. I mean why stop at 30% growth at Turner? I mean, I know these numbers are big, but what you already have secured is even bigger than that. So I'm just wondering, you've got your usual caution. Could it just be from 30% to 50%? We've seen a little bit this year? That's the first point. And second point on the JV with GIP. The portfolio is quite -- it's not really skewed to the U.S., quite skewed to -- I mean, lovely Spain. I mean we like it, but it's not super geographically diversified. Why is that? I mean it's not a fair reflection of the state of the market right now, is what I'm trying to say. And again, you've got your roots in Spain, you've secured some great sites and so on. But does the full portfolio show greater skew to the U.S. from here, the 3 giga? Or is it still kind of the same as what you have right now?

Jim, you want to just go to the first one?

Absolutely. So great question. If you look at -- we had significant growth from '24 to '25, right? And you look at the backlog numbers and do a comparison. So at the end of '24, our backlog would have been about $7 billion, right? We transferred that to $8 billion, obviously, which we sell work in the current year that we also put in place. So if you look at next year and the forecast, it's a little bit more to do with the fact that some of these projects are getting bigger. So they're big numbers, but they're stretching out because there are multiple phases. So it used to be we would build 50 megawatts, 100 megawatts. Now we're building a gigawatt or 2 gigawatts, right? So you'll see big chunks of revenue get booked, but then it's going to take a longer to burn it off, right? So yes, we're seeing backlog grow, which is good because our revenue, obviously, as that grows, we're eating the backlog. The reality is these jobs get bigger, and therefore, they're a longer run, right? So do I think there's a higher -- could the number next year be a little bit higher? Sure, it could. But the backlog is less 100-megawatt jobs and more gigawatt jobs, and therefore, the run rate of that revenue is longer.

And to add to that one very, very, very important aspect of the projects we're dealing with is we need to achieve excellence in construction. We cannot fail. Private clients are very, very strict, and we need to make sure we achieve a rate of coming back clients above 80%, 85%, 90%. So every time we communicate, we are basing our communication in our capabilities, capacity and making sure that we achieve excellence. When you look at last year, Turner gave a guidance or we gave a guidance between 17%, 32%, right? And that was beginning of 2025. We are achieving 60%, right? And we pushed the entire guidance above. Why? Because there was a point that we were comfortable that we have the capability and the ability to deliver at the right standard, right? So -- but that's very important. But we cannot -- we need to make sure that we assess that as we go. We cannot just go crazy thinking this is not just revenues and EBITDA. This is the consequence of making sure we achieve a certain level of standard every time we build a job. And that's why we've been outperforming our guidance repeatedly over the last 3 years, right? And people say, why you are so conservative? I'm not conservative, and we're not just trying to play. We want to make sure that what we announced is what we can build, right? And then if it goes better, great. So that's the first one. The second one is, you're right. The first 1.7 gigawatts is a little bit unusual because it has a big weight on Spain. But when you look at the 11 gigawatt pipeline, it's almost the U.S., right? Because that's where the growth is, that's where the AI training is, that's where most of the processing is going to be. So it was a little bit unusual that we started. We did secure a few sites in Spain. We will continue doing a lot in Europe and most likely be -- will increase a little bit on the large ones, but also it's very likely that the small edge will grow into higher megawatts, right? Because Europe is not facing the 1 gigawatt, 2 gigawatts, 3 gigawatts that the U.S. is facing. That's why the 11 gigawatts is mainly in the U.S. So it's an initial, the first 1.7 gigawatts. But more importantly, the platform with GIP is not just for the first 1.7 gigawatts or 1.4 IT, is for more. There's additional -- there's a percentage of projects that were not included in the initial platform, but there's no right of first offer for the platform, which is the 1.3 gigawatts that we're showing on the screen that's out of the platform scope. But certainly, we will discuss with the platform when the time comes. Any other questions? All right then thank you so much. We appreciate your time. Yes. We appreciate your time, the Q&A, the interest, your support. I'm happy to answer any questions in the cafeteria right now. And of course, as I said, we will be available for any follow-up evaluations, modeling, et cetera. Thank you.

Thank you.