Day and thank you for standing by. Welcome to the Neinor Homes Guidance Update and Webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session by phone, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Alternatively, you may submit your questions via the webcast. Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, José Cravo, head of Capital Markets and Investor Relations. Please go ahead. Thank you. Hi, good evening, everyone. My name is José Cravo, and I'm the head of Investor Relations at Neinor Homes. As communicated to the market regulator today, we are presenting a financial guidance update for the years 2026 to 2028. As usual, we are here with Jordi Argemí, our CEO, and Mario Lapiedra, our CIO and Deputy CEO. Jordi will start the presentation with the key highlights. Then on section two, Mario will explain the highlights of our asset rotation strategy and how we are recycling equity into Neinor Asset Management. Then on section three, Jordi will go into detail on the new guidance, and on section four, we'll finish with key takeaways. After the presentation, there'll be a Q&A session to answer any questions you may have. Now I hand over the presentation to our CEO, Jordi Argemí. Thank you, Jose, and good evening, everyone. In April, at our AGM, we gave you our guidance for the years 2026 and 2027. It was the first month of the conflict in the Middle East, and we were in the beginning of Aedas integration. We set those targets knowing that the backdrop would be complex, and it has been. Energy, inflation, interest rates, and geopolitical noise. In the meantime, Spanish residential has remained resilient. Demand held, prices held, the shortage is still there. Six months later, here is the result with this presentation. Let me announce four big messages. First, faster asset rotation. EUR 260 million signed year-to-date, 17% above GAV, which basically means our valuation is conservative. The last and new deal is the EUR 110 million sold to a new joint venture with Orion. It includes the land that we didn't need until 2028 to 2030. We take the value today, keep a stake, and earn the fees. It's clearly accretive. Second message, a smart capital allocation. We don't sit on land. More than EUR 100 million is already back at work in Neinor Asset Management business line. And with it, we have secured more than EUR 60 million in fees. Third message, a quality upgrade until 2028. We reiterate 2026, we lift 2027 towards the high end, and for the first time, we give you visibility on the 2028. All this while delivering a return on equity of close to 20% in both years, 2027 and 2028. We don't like to talk about future upsides. We execute, and we come to the market with results. Fourth and last message, accelerated shareholder remuneration. EUR 555 million in distribution over the past four years, and the same figure, EUR 555 million, for the next two years. That represents more than 30% of current market cap, while we are deleveraging the company at the same time. Mario will now take you through the investment strategy update, the assets we sold, how we are recycling the equity, and how that impacts the returns. Mario, please. Thank you, Jordi. Jordi gave you the headlines. Let me give you the how and why. What you see on page five is our asset rotation plan. But bear one thing in mind, the value on this page was not made when we rotate. It was made when we bought. In this business, the alpha is in the investment decision. In the regions where we operate, a plot of land is not good or bad. The price you paid for it is what makes it a great investment or a bad one. Buy well, and risk profitability and capital allocation become a matter of execution. Buy badly, and things start to be more complicated. Read this slide as proof of our investment track record and discipline. This year, we have signed EUR 260 million of asset rotation at a 17% premium to a five sell and a 42% gross margin. But why are we rotating assets? First, because we have more value embedded in our land bank than at any point in this company's history, and we are long in land. Six years of land bank is more than we need. We are taking it to four. Second, because these transactions are extremely accretive to the business plan. We generate the same profits we had in our business plan assumptions, and we get them two to three years ahead. We rotate the land at 1.5 x cash on cash today. Then we reinvest the equity, earn the management fees, and keep part of the upside risk of the development profits. Three bites of the same apple. And third, it ticks every box of the company's wider strategy. We de-risk the coming years, we accelerate shareholder returns, we deleverage the company at the same time. Faster turnover, higher return on equity, better capital allocation. Now follow me to the next slide because the story doesn't end here. The previous slide was about asset rotation. This one is the investment activity. And they are the same story because we are starting the circle again. At the same time, we are rotating assets through JVs and increasing the asset management business, we are investing in new cherry-picking opportunities in our different living verticals. At Neinor, capital never stops. In Build-to-Sell, we have closed JV agreements for nearly 2,000 homes, Orion, Stoneshield, Ameris, and a number of Spanish family offices. And on our own balance sheet, 1,000 homes have been acquired with our disciplined granular investment strategy. Here we have created a franchise. The business repeats, the partners return, and it keeps growing. In affordable and flex living, tremendous growth potential, and we are only scratching the surface. New this year in affordable, agreement with Ares to build more than 500 social homes in Alcobendas, north of Madrid. In flex living, our platform with Santander Alternative Investments keeps growing. We are working together in an asset in Valencia for another 460 units, taking the portfolio to 1,000. Let's not forget what this already delivers. More than 4,000 homes under the Plan Vive vehicle in Madrid, 1,700 in Barcelona HMB vehicle at different stages of development, with the first projects already delivered. On the for-sale side, nearly 3,000 homes delivered between affordable and social housing. Add it up and you get close to 8,000 homes. Neinor is, by a distance, the company that has delivered the most social and affordable housing in this country, and we have done it profitably. This is just the beginning. With the right framework, the right capital structure, and the right investors, we see room to do much more. Now let's translate the activity into economics for Neinor. The first box is the equity invested, EUR 100 million. The second box, the net profit we expect, another EUR 100 million. This represents a 2x net multiple from development profits and management fees. Put it in context. We do 1.5x profit on the land we rotate and then 2x on the equity we recycle. That is compounding by definition. Money that money makes more money. Four conclusions. One, the second reinvestment cycle has already started. Performance has been solid and our co-investors want to deploy more. Two, we are diversifying into the fastest-growing segments, affordable and flex, largely untapped, and the addressable market is very significant. Three, origination capacity. We are the leaders in a highly fragmented market, and we are known for sourcing the best deals. Four, speed. We rotate capital fast. In less than 12 months, we are able to rotate capital and reinvest it. This is what we mean when we say capital never stops in Neinor. To conclude this section, please follow me to the next slide. Let's zoom out now. Two slides ago, we rotate assets. On the previous slide, we reinvested the equity. This slide is the engine behind both Neinor Asset Management. Four years ago, we created. It was EUR 50 million and a good idea. Today, it is more than EUR 1.5 billion of investment alongside our partners. In the strategic plan, we committed to EUR 500 million. We have done 3x that. When we said EUR 500 million, some of you called us ambitious. Next time, we will try to be less conservative. Look at who came in. AXA, Orion, Bain Capital, Santander, Ares, King Street, Stoneshield, new names every year. Old names coming back. This is why we call it a franchise. It is multi-vertical, Build-to-Sell, affordable, flex, and luxury, different products, different capital, one platform. Today, Neinor is the only gateway for institutional investors who want exposure to Spanish residential, one of the most attractive allocations out there. This is industrial scale, more than 13,000 homes in the land bank under management. Soon, Neinor Asset Management will be the second-largest home builder in the country, second only to Neinor Homes' fully owned land business, a home builder inside a home builder, and the financials reflect that exponential growth. This year alone, we are booking EUR 40 million of revenues in the P&L, while we contracted up to EUR 70 million more. This is a business that makes 40%-50% EBITDA margins. More than EUR 150 million in fees are already contracted for the coming years. On top of the fees, nearly EUR 200 million of our own equity is invested in these vehicles. Fees plus profits. Paid twice, risk once. This is a runway for growth. As you saw in the previous slide, activity in this part of the business has been extremely high, and we think more will come. It is just the beginning. With that, back to Jordi for the guidance. Thank you, Mario. In my view, guidance is about trust. You trust the numbers because you trust the people who deliver it. Before going into the numbers, let me tell you why you can trust this team. A team that has delivered on every single metric for the last seven years, and will continue to do so. There is uncertainty out there. Yes, there is. In the first half results, you were concerned about affordability, cost inflation, and margins. We have answered the three of them with proof points, not promises. We have a record forward sales position for the years 2026 and 2027, but also we come here with good visibility for the year 2028. On cost inflation, we have turnkey contracts on more than 70% of 2028 deliveries. Costs are locked. Our interest rate risk is hedged above 3%. Also, we have been able to accelerate the asset rotation target of EUR 400 million. I would say that today we have ticks on all the boxes. We also know that Neinor just went through the biggest integration in our history. The operational size of this company has multiplied by 2.5x in a single year. The reality is that the integration is going faster than promised. Until now, I have commented the concepts. Now, let me go into numbers and details. First one, guidance for 2026 is confirmed. The closing of this portfolio gives us the visibility to confirm targets regardless of Río Real. Second, guidance for 2027 is raised. We now expect EBITDA ranging EUR 260 million and EUR 280 million, which means an increase of EUR 20 million. Still, this increase doesn't flow directly to net income, as we also have to consider slightly higher financial cost due to the Euribor increase from 2%- 3%. From this level onwards, as commented before, it's completely hedged. As a result, today we expect to be on the higher part of the range between EUR 160 million and EUR 170 million of net income. Important to put this in perspective. Last year, net income was EUR 70 million. This year it will range EUR 120 million and EUR 140 million. Next year, EUR 160 million and EUR 170 million. Basically, we are more than doubling net income in only two years. Third message, we are already committing to targets for 2028. Ahead of our usual cycle, we expect margins to remain steady, and 2028 should be broadly similar to 2027. We can do this because our visibility is strong. This is not a simple forecast. It is a portfolio with good level of pre-sales and most is already with cranes. I would actually say that we are currently managing upside risks. Now, let's shift the focus to the uplift on our shareholder remuneration policy. in 2026, we have increased the distributions by 12% through the inclusion of the share buyback program. All remuneration has already been executed, except for the last payment of EUR 80 million that will be paid on this December. In 2027, the faster asset rotation and visibility allows us to anticipate EUR 140 million during the first semester. It will be paid through two payments of EUR 70 million each, one expected by February and another one in the second quarter. This combined implies an anticipation of 60% the annual target of EUR 250 million committed for next year, 2027. Finally, in 2028, we are expecting to distribute a similar dividend between EUR 200 million and EUR 250 million. But here, remember that the key word is flexibility, as we always prioritize compounding growth opportunities. Now on the balance sheet. Net debt of 2026 is unchanged, ranging EUR 1 billion and EUR 1.1 billion, after absorbing a EUR 50 million buyback program that was not in the AGM guidance. Remember that it considers the EUR 250 million of cash outflows in dividends, more than what the sell side was assuming. In 2027, we now expect a narrower range of EUR 800 million and EUR 850 million, which compares with almost EUR 900 million in the consensus. For the year 2028, we are announcing a target of EUR 550 million -EUR 650 million, which implies a very significant decrease on the net debt and also clearly below the consensus that was above EUR 700 million. With these levels of debt, it means that the net debt of the company will be again at 2 x or 2.5 x EBITDA multiple, a value that is completely in line with the levels prior to Aedas acquisition. As you can see, this represents a quality guidance upgrade. My final comment on this slide is that with the business plan de-risked, we are now working on the upsides. As always, first we execute, then we communicate. Now follow me to the next slide. Our shareholder remuneration strategy is a clear demonstration of our cash flow generation capacity. Track record first. Since March 2023, distribution plus share price appreciation have delivered a 34% annual total shareholder return. In those three point five years, we have distributed EUR 555 million. Now we reload. Over the next two years, we will distribute the same, EUR 555 million. That means a EUR 5.71 per share, a 35% yield on today's price. As I commented before, the next distributions are EUR 80 million this December, EUR 70 million in February, and EUR 70 million in the second quarter. Now follow me to the next slide for the key takeaways from today. Let me close with four takeaways. The first two are about what is still coming. The third is about the future mindset, and the fourth is about why all this matters. As you can see in the presentation, the first one is that the asset rotation is not finished. It is halfway through. EUR 260 million is signed. That is 65% of the EUR 400 million target. All this in only nine months. The rest is not a hope. Up to EUR 100 million is already being worked. The second takeaway is that the same applies for the Neinor Asset Management business line. We see more potential coming. As I have said many times throughout the presentation, first we execute, then we communicate. The third one, a change in the focus. For the last six months, most of our conversations with you were about risk. Pre-sales, cost inflation, leverage, integration. Today, we believe those risks are well covered and the business plan is de-risked until 2028. This should allow us to spend more time on the upside risk. That means further asset rotation, new joint ventures, margin expansion, structure or financial cost. Our focus is shifting from managing risk to managing the upside. The fourth and last one, the long term of this company. Spain needs to build 1 million homes, and we are part of the solution. Our model is proven every single year above, despite cost inflation, increase in the interest rates, or the biggest integration in our history. Our capital allocation also works. Since 2023, less equity per euro of growth, partners alongside us, and fees on top. As Mario said, a franchise. That is Neinor. A proven model, a capital allocation that works, and a structural growth with a purpose. Thank you very much for your attention. Now we will take your questions. Thank you. To ask a question over the phone, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, you can press star one and one again. If you wish to ask a question via the webcast, please type it into the box and click submit. We will begin with questions from the phone lines. The first question is from Maksym Mishyn from JB Capital. Please go ahead. Your line is open. Good afternoon. Thanks very much for the presentation. Two questions from me, please. The first one is on 2028 EBITDA guidance. I was wondering if you could give us some more detail on your assumptions for deliveries, average sales price, and margins. That would be super useful. The second question on shareholder remuneration, how should we think of cash dividends versus share buybacks in the case of Neinor? Thank you. Regarding the 2028 guidance, regarding more the operational guidance, you can see that we have a similar level that we are projecting for 2027. Basically, that means units ranging 5,000-7,000 units. An EBITDA that implies EUR 260 million-EUR 280 million. We have got EUR 20 million now above the target that we set in 2027. Regarding net income, exactly what we are promising for next year, 2027. That is ranging EUR 160 million-EUR 170 million, that, in other words, implies the higher part of the range that we gave when we did the Aedas transaction. Regarding the remuneration policy, you know that we go with dividends to the market. But, as we have demonstrated in the last months, if we see that the stock price go down for reasons that we don't see fundamentals. That there are no fundamental reasons behind on the micro, macro of Spain or specifically, of Neinor, you know that we jump and we do some share buyback program. We will monitor in the near future all this, but in principle, it's cash distributed. But we take care always on the share price. Thank you very much. Thank you. We will now take the next question. This is from Mariano Miguel from Alantra. Please go ahead. Hi, everyone, and thanks for the presentation. Three questions on our side. First, looking at your 2028 targets and comparing them with 2027, we see that you expect a flattish evolution in net income with a similar level of EBITDA in both years. But in 2028, you have more than EUR 200 million of lower net debt. Could you explain us why we might be missing here not to see a higher net profit guidance, or is it simply that you are being conservative in your assumptions? Second, with regards to the bond with Apollo, could you give us an update on the current status and which is the potential path forward in terms of amortizations in the coming quarters? And third and last one, on the EUR 100 million of potential land sales under negotiation, we were wondering if it is coming from the Aedas portfolio, and secondly, if you expect to follow a similar strategy to the one announced today, retaining a minority stake in the project so you can have exposure to that potential uplift in equity profits. Thank you, Mariano, and good afternoon. Regarding your first question on the net income, the answer is we are conservative. You are right. As per the assumption, you know that we will decrease the net debt, you know we should have less financial cost, and as a result, more potential on the net income. But I do believe that today, having two years ahead, we need to demonstrate that what we are putting on the table is something that is understood from the markets and that we have upside risk. That's why during my presentation, I have said probably two or three or four times, you know that we are more on the upside risk on that year than the downside risk. Okay? Second, on the Apollo, you know that we raised EUR 765 million for this transaction. In July, we communicated in our first semester results that we repay in advance EUR 100 million. So as of today, while we speak now, we have EUR 650 million, more or less. Okay? And our projection now is that we should close this year of Q1 of 2027. We should be close to EUR 500 million of facility. And for the end of 2027, December, or Q1 of 2028, depending on the cash, on the payments, and so on, we should be ranging EUR 300 million and EUR 400 million of Apollo's one. Okay? Our business plan assumes that typical repayment and accelerating, obviously, that we keep the Apollo facility. We are not considering other alternatives that at some point in time now may make sense in the company. And regarding the third concept, we don't like to say land sales because what we are doing is co-investment. Actually, what we are analyzing, and I do not know if Mario wants to add and complement my comment, but it will be through co-investments. We want to keep a stake and we want to keep fees in the short, medium term. Yes. I will only add that the main focus of the deals that we are doing in this EUR 100 million are affordable. I think it is a good opportunity to keep growing on that segment that we, as commented before, see as one of the strategic growth verticals. Regarding the company, that it was another question from you, Mariano. We consider Neinor and subsidiaries as our landmark. It does not matter if we have a 97% or 100% or 80%, we control it. Okay. Thank you very much. Thank you. No further questions from the phone lines at the moment, but as a reminder, it is star one and one on your keypad. Or you can submit your questions via the webcast. I will hand over to the speakers to check for any questions on the web. Thank you, operator. I think we have here one question on the webcast, from an investor that is asking if this level of dividends that we are paying today can be sustainable in the medium term. Well, I think that this question has been raised at least in the last two years, and I think that we are demonstrating to the market that we are there, that we can distribute the dividend. Actually, we are adding one year additional, which is 2028. As far as we get further visibility, we will come here and distribute this level of dividend or similar to it. Thank you. No further questions on the webcast platform. No further questions on the phone line. I would now hand back to the speakers for any closing comments. Thank you. Just to remind you that this week we will be in London in roadshow on Wednesday and Thursday. If you would like to meet, please get in touch. The following week in New York, Tuesday and Wednesday. Okay? With this, we will finish the conference call today, and we remain available to answer any questions you may have. Thank you. Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect. Speakers, please stand by.