Fomento Construcciones Sa (FMOCF) Q4 2025 Earnings Call

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Recording in progress. Recording in progress. to the National Commission of the Market of Values. You also have on the website all the associated documentation with the financial states, audited, as usual, the management report and all the associated information. Remember, first of all, it is something that has been seen throughout the exercise, but I want to repeat it for the last time, that these results, apart from elements that are exceptional, have a very singular fact that does not make them comparable. in an inevitable way, which is, as you know, the partial financial excision that occurred at the end of the year 24, which meant the excision, the creation of a cement of the real estate cement activities, and that for accounting reasons we had to incorporate until that month in exercise 24. This, for the set of the year 25 versus 24, assumes that by the line of results of continuous entry activities, there are 136 million euros less in 2025 than in 2024. Next year everything will be more comparable. It is true, and I will also detail it, that there are other elements that have impacted the overall net result of the exercise, such as provisions that we have carried out, Some were already seen in previous semesters, the effect of the type of change, etc., which has had a negative impact on the exercise. However, I would also like to highlight that both the financial position and above all the visibility of the portfolio of income has had a very good evolution in the exercise, which for us is, of course, essential. Well, as an introduction, these comments, in terms of what is the count of results consolidated by the group, In the year 25, the revenues increased by 6.9%. We reached 9,700 million euros. It is an evolution that continues to maintain the trend of prev...