Chief Financial Officer
CFO
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Fomento Construcciones Sa (FMOCF) Q4 2025 Earnings Call
Fomento Construcciones Sa (OTC: FMOCF) Q4 2025 earnings conference call, held 2026-02-27. Replay captured from the company's public earnings webcast.
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WEBVTT 00:00:00.031 -- 00:00:02.696 Recording in progress. 00:00:02.696 -- 00:00:04.696 Recording 00:00:14.459 -- 00:00:17.341 in progress. 00:00:21.428 -- 00:00:23.995 to the National Commission of the Market of Values. 00:00:23.995 -- 00:00:29.108 You also have on the website all the associated documentation with the 00:00:29.108 -- 00:00:35.619 financial states, audited, as usual, the management report and all the associated information. 00:00:36.110 -- 00:00:37.634 Remember, 00:00:37.634 -- 00:00:43.107 first of all, it is something that has been seen throughout the exercise, but I 00:00:43.107 -- 00:00:48.119 want to repeat it for the last time, that these results, apart from elements that are 00:00:48.119 -- 00:00:51.989 exceptional, have a very singular fact that does not make them comparable. 00:00:51.989 -- 00:00:57.094 in an inevitable way, which is, as you know, the partial financial excision 00:00:57.094 -- 00:01:02.038 that occurred at the end of the year 24, which meant the excision, the creation of a 00:01:02.038 -- 00:01:07.082 cement of the real estate cement activities, and that for accounting reasons we had to 00:01:07.082 -- 00:01:11.506 incorporate until that month in exercise 24. 00:01:11.506 -- 00:01:13.788 This, for the 00:01:13.788 -- 00:01:15.430 set of 00:01:15.430 -- 00:01:20.654 the year 25 versus 24, assumes that by the line of results of continuous 00:01:20.654 -- 00:01:26.866 entry activities, there are 136 million euros less in 2025 than in 2024. 00:01:26.866 -- 00:01:30.713 Next year everything will be more comparable. 00:01:30.713 -- 00:01:36.444 It is true, and I will also detail it, that there are other elements that have impacted 00:01:36.444 -- 00:01:41.514 the overall net result of the exercise, such as provisions that we 00:01...