Ferrovial N.V. (FER) Q2 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.114 Good afternoon, everybody. This is Silvia Ruiz speaking, and I would like to thank you 00:00:04.114 -- 00:00:08.157 and welcome you to For Real's conference call to discuss the company's financial results 00:00:08.157 -- 00:00:13.982 for the first half of 2026. I am joined here today by our CEO, Ignacio Madridejos, 00:00:13.982 -- 00:00:19.046 and our CFO, Ernesto Lopez Mozo. Just as a reminder, both the results report and 00:00:19.046 -- 00:00:23.209 presentation were made available on our website yesterday evening after the U.S. 00:00:23.209 -- 00:00:28.278 market was closed. At the end of the presentation today, there will be a Q&A session. 00:00:28.278 -- 00:00:32.342 As in previous calls, you will have the opportunity to ask questions live. 00:00:32.342 -- 00:00:36.646 In order to do so, you will need to join the call through the conference call channel 00:00:36.646 -- 00:00:41.871 and press star 5 on your phone keypad. If you prefer, you can send questions to the forum 00:00:41.871 -- 00:00:47.236 including the webcast and I will be reading them out loud at the end of the Q&A session. 00:00:47.236 -- 00:00:51.623 Before starting... Please take a moment to look at the safe harbor statement included 00:00:51.623 -- 00:00:55.664 in the presentation, and please bear in mind that the presentation contains forward-looking 00:00:55.664 -- 00:01:00.785 statements and expectations that are subject to certain risks and uncertainties, so actual 00:01:00.785 -- 00:01:06.067 figures may differ. During this call, we will discuss non-IFRS financial measures, 00:01:06.067 -- 00:01:10.488 which are defined and reconciled to the most comparable IFRS measures in our results 00:01:10.488 -- 00:01:15.870 report and in our website. With all this, ...