Aena S.M.E., S.A. (BME:AENA)

AGM 2026

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Apr 16, 2026

Dear shareholders, welcome to the annual general shareholders meeting of Aena SME SA. I hope that you have enjoyed the video we have just displayed, which provides a clear view of the huge scope achieved by Aena, one of the Spanish leading international companies and the largest airport company in the world. In starting out this GSM, I would like to hand the floor to Elena Roldán, the secretary of this general meeting. She is the Secretary of the Board of Directors of Aena, who will inform the shareholders about the proceedings of the meeting and the manner in which they may exercise their right to speak, should they wish to do so. Thank you, Mr. Chairman. Good morning. Dear shareholders, the notice of call for this GSM of Aena was published on the website of the Spanish National Securities Market Commission and on the company's website on March 3, 2026, and on the following day, March 4, 2026, in the newspaper Expansión. The notice of call includes the agenda for this meeting, which is deemed to be reproduced herein for the sake of efficiency. As stated in the notice of call, this GSM is being held in a mixed format. That is to say, with in-person attendance by shareholders present in the room and remote participation by shareholders who have availed themselves of the provisions under Article 15.8 of the company's bylaws and Article 11.6 of the GSM regulations. I would like to inform you that this meeting is being recorded and broadcast live through the company's corporate website. The recording will remain publicly available on the website. Information regarding the applicable legal considerations relating to such recording, as well as instructions and terms for exercising the relevant rights, is available in the notice of call for the meeting. I would also like to inform you that in order to ensure shareholder participation, the company has made all necessary arrangements to enable shareholders to validly grant proxy representation, cast their votes in advance, or attend the meeting remotely, together with the possibility of speaking, submitting comments and proposals, and voting by telematic means. Let me also remind you that shareholders attending in person who wish to speak or request clarifications on any item on the agenda must have identified themselves and registered upon entry. Likewise, they must submit the written text of their statement at the shareholder office located next to the notary if they wish it to be recorded, verbatim in the notarial minutes. Shareholder remarks or questions submitted by those attending remotely, let me inform you that no requests have been made through telematic means. In this respect, as you know, we have made available to shareholders on the registered office and corporate website all the documentation required for this GSM, including the notice of call, the proposed resolutions, the board reports, and the documentation relating to the annual financial statements. As indicated in the notice of call, the board of directors' expectation was that the meeting would be held on first call, as is indeed the case. I now hand the floor to the Chairman. Thank you very much, Mrs. Secretary. I would like to inform you that in accordance with the provisions of the Spanish Companies Act and the Commercial Registry Regulations, the board of directors has resolved to convene a Notary Public that you can see sitting on the left-hand side at the back of the room in order to draw up the minutes of this GSM. To this end, the Notary Public of Madrid, Mr. Fernando Sánchez-Arjona Bonilla, is attending in person, to whom I now give the floor so that he may inform the meeting of this procedure. Good morning. The notarized deed, dated March eleventh, twenty twenty-six, bearing number 814 in my registry, sets forth a request made by the Secretary of the Board, Ms. Elena Roldán Centeno, in exercising the powers conferred upon her by the board of directors. Such request was made so that in accordance with the provisions of Article 2 or 3 of the Spanish Companies Act, I may attend this GSM and draw up the minutes thereof. In accordance with Article 11 of the Commercial Registry Regulations, I hereby declare that I have deemed the requesting party's capacity sufficient and that I have verified that this meeting has been duly convened in compliance with the applicable legal and bylaw requirements. Thank you very much. Thank you very much, Fernando. I now give the floor back to the Secretary, who will inform you about the constitution of this meeting and the provisional quorum. Thank you, Mr. Chairman. In accordance with the provisions of the company's bylaws and the GSM regulations, this meeting is being chaired by Mr. Mauricio Lucena Betriu, Chairman of the Board of Directors and CEO. I, Elena Roldán Centeno, serve as secretary of the meeting in my capacity as board secretary. Likewise, the other members of the board of directors who are currently present form part of the meeting's presiding panel. Except Juan Río Cortés, who is not present, all the other members are attending in person. Accordingly, this meeting is hereby declared duly convened. I will now inform you that the company's share capital amounts as of today to EUR 1.5 billion, divided into 1.5 billion shares with a par value of EUR 1 each, fully subscribed and paid up, all of the same class and series. I will now proceed to report on the provisional quorum for attendance at the meeting. Elaborada la lista de. The list of attendees has been drawn up, and the provisional quorum of attendance is as follows. Present at the GSM, there are 207 shareholders, holders of 771 million, 213,438 shares, equivalent to 551.4142% of share capital. There are represented by proxy at this GSM, 358 shareholders, holders of 550 million, 173,580 shares, equivalent to 36.6783% of share capital. Of the shareholders present, 192 are holders of 771 million, 205,321 shares have exercised their right to vote remotely. The share capital present or represented by proxy with the right to vote is EUR 1,321,387,018, represented by 565 shareholders, holders of 1,321,387,018 shares, equivalent to 88.0925% of share capital. Therefore, the attendance quorum surpasses 50% of share capital subscribed by the right to vote required by Article 22 of bylaws for the meeting to be declared quorum, right at first call. I'll give the floor to the chairman. Yes. Thank you, Mrs. Secretary. Based on the information provided by the secretary, and given that there is a sufficient provisional quorum for the meeting as required by law and the company's bylaws, I hereby declare the general shareholders' meeting of Aena SME SA to be validly convened on first call, inasmuch as applicable legal and bylaw requirements have been met. I now give the floor to the secretary to read out the rules governing the meeting as established by the board of directors in accordance with the GSM regulations. Thank you, Mr. Chairman. I will now proceed to read out the rules governing this meeting, a copy of which has been provided to the notary to be included in the minutes thereof. Shareholders attending in person who may wish to speak at the general shareholders meeting and, where appropriate, request information or clarifications regarding any of the items on the agenda or other matters legally permitted or submit proposals may do so at this time. To this end, they must identify themselves at the shareholder office located next to the notary, stating their first name and last name, and where applicable, the corporate name of the legal entity shareholder they represent, as well as the number of shares they hold or represent. If any shareholder wishes to have their remarks or questions recorded verbatim in the minutes of the meeting, they must submit them in writing to the shareholder office so that they may be forwarded to the notary for verification of the time of the remarks. In the event of shareholder remarks, or questions will be answered by the chairman, the directors, or any person from the company designated by the chairman, provided that the information is available at that time. All remaining questions will be answered in writing within seven days following the date of this general meeting. I would also like to inform you that the notary has had access to the recordings of these remarks in order to include in the minutes the remarks made by those shareholders who have requested it. I will now provide a brief summary of the resolutions proposed by the Board of Directors, which will be put to a vote. First, the proposed resolutions included on the agenda will be put to a vote, and then if any of the proposals made during the course of the meeting will be voted on. Once a proposed resolution is adopted, all other proposals relating to the same matter that are incompatible with the adopted resolution shall automatically lapse. We would also like to remind you that shareholders attending by telematic means who have registered in accordance with the procedure set forth in the notice of meeting and who have logged in to the meeting via the annual shareholders meeting section, telematic attendance of the website between 10 and 11:05 A.M. today may cast their vote via the remote attendance platform using the corresponding voting form. From the moment they join and throughout the general shareholders meeting until the conclusion of the reading of each item on the agenda by clicking the button under the heading Vote. Shareholders who attend the GSM remotely and cast their vote remotely in accordance with the terms set out in the notice of meeting will be considered present for the purposes of establishing a quorum. Consequently, any proxy or advanced vote they may have cast prior to the GSM will be deemed revoked. We hope you found this summary helpful. I thus conclude my remarks by giving the floor to the chairman so that he may present his report to the GSM. Thank you, Ms. Secretary, for the clarity of the explanation concerning the proceedings governing this GSM. I shall now present a report which I hope you will find interesting, my Aena members of officers of this company and the GSM attendees. Today, it's a very important day because we are trying to explain from a legal perspective and in a pedagogical manner what the company did during 2025. We are also bound to explaining to you our outlook for the near future. Maybe this speech at this GSM is going to be more lengthy than usual. Perhaps I'm going to read this speech literally. There's an explanation for that. Aena has become a huge company that has a footprint in Spain, Brazil, and the U.K., also in Mexico and Jamaica. It is true that over the past few months, many things have happened and others that may trigger some concern amongst our shareholders. I would like to take this opportunity to touch upon all such concerns, because I believe that this is the perfect forum to do so. Ladies and gentlemen, shareholders, on behalf of myself and the Board of Directors of Aena, I welcome you to our company's general shareholders meeting for 2025. I would like to extend a special greeting to the authorities attending this meeting today who represent the company's majority shareholder, particularly Enrique Maurer, the head of ENAIRE, and I'm sincerely grateful for your presence here at this annual general shareholders meeting. I would also like to thank the shareholders who are here with us in person, the shareholders who are following us remotely, i.e., not in person, and of course, all those people who are non-shareholders who are present in this room. They are in this room, but as I say, I'd like to thank them very sincerely for their presence here today, many of whom are top directors or executives in the company, and therefore are those people who are particularly responsible for the good results and the wonderful forecasts that I'm going to try and sum up. As I do every year, I would like to start my speech to this GSM by discussing the main aspects of the company's activities throughout 2025, a year in which fortunately, we were again able to break records for 3 consecutive years of records, which, it's all very well saying so, but it's much more difficult to achieve this, particularly, as I will insist on several occasions, with very high levels of quality in our airport services. I will begin my remarks at this GSM by discussing the performance of our various business lines, where I include the aeronautical business, the regulated business, where we have the commercial area and the consolidation of Aena as the biggest airport company in the world. The international side of Aena has reached a great scope, and this is particularly important for us to underline at this GSM so that we can consolidate the perception that Aena is a multinational company with obviously a historic base camp of great size, which is Spain, but also with a significant presence in Brazil, with almost 30% of airport traffic and also in the United Kingdom. I will continue with the main results of the Climate Action Plan results for 2025. We do this every year. I was hesitating in what to say, because if you'll allow me, what I will actually do in terms of the economic financial results is simply go through these very briefly because you're very familiar with them, and we will propose that these be approved by this GSM. I must tread carefully because on the 29th of April, we will be presenting the results of the first quarter of the year 2026. I will also highlight, and this is probably the part of my presentation that will cause my presentation to go on versus the average from previous years. I'd like to highlight the work done to defend the interests of our shareholders, and as the British would say, would be called the advocacy work that we have carried out in the last few years. In 2025, we gave an unequivocal response as a company through the highest governmental bodies. On the one hand, to the demands from certain autonomous regions for an impossible co-management of airports. Secondly, to the airlines' demands for a bottomless reduction, endless reduction of our airport fees outside, therefore, of the regulatory framework. These are two essential issues. Allow me to be clear, these could pose significant risks for the Spanish airport system, for Aena, and finally, for its shareholders. Looking ahead, I will outline, on the one hand, the main lines of action for coming years with the special focus on the airport regulation document, DORA III. We'll set forth the investments in our airports for between 2027-2031. It will describe what we will be doing in Spain over the next 10 years or 5 years. I will be looking at the strategic plan that we will be presenting after the final approval of DORA III by the Council of Ministers of the Spanish Government. As is common, I will be briefly reviewing the agreements that will be formally be put to the vote at this GSM. I will begin with the balance sheet of our activities. The first block is the aeronautical activities. As I mentioned before, it is great satisfaction for us to be able to underline that in 2025, we once again achieved 3 years of record traffic, and as we will see later, of financial economic production. Something that is of great importance, and I mentioned this before, is that we have done so without notable operational incidents and improving the quality of airport services, which is a significant achievement. It's very difficult to operate airports which year after year beat our records of volume and also improve the quality of airport services without incidents or disruptions of significant incidents in our airport operations. Traffic for the Aena group, 17 Aena Brazil airports and Luton, London Luton reached 384.8 million passengers, 4.2% more than in 2024. I'll say so in simpler terms. If we were to calculate this in terms of the relative size of countries, this would mean the 3rd most populous nation on the planet, trailing only India and China. In Spain in 2025, Aena's airports surpassed their previous records for passengers, operations, and cargo. More than 321.6 million travelers passed through our facilities in Spain, a 3.9% increase versus 2024. In addition, this is important, 23 airports out of the 46 Spanish Aena airports reached their highest ever levels, including all of the largest ones. If we look at some of the details of what this traffic is made up of, I'd like to underline that compared to 2024, growth in Spain of what we could call domestic traffic, national traffic, was virtually flat. Whilst the international traffic, which represents the main amount of all traffic, 70% of the total, because of the importance of tourism in Spain, grew by almost 6%. Outside Europe, there was good performance of traffic in Spain and Aena airports to Latin America with the U.S. and China. In China, partly as a result of a shooting that was deferred after the pandemic, the growth versus 2024 was a spectacular 41% in terms of passengers. Regarding the quality of airport services, the Airports Council International, ACI, recently awarded 15 prizes to 10 Aena airports. Since I joined the company in 2018, and this is the only reason because I'm using this as a benchmark, we added to these distinctions to the more than 120 obtained since that year, 2018. Similarly, the quality perceived by our passengers has been very highly rated, above 4 on a scale of 1 to 5, i.e., more than an 8 in our classical way of determining these things, from 1 to 10. This tendency of improvement each year shows a trend of improvement each year on a steady basis, as the British would say, in Spain, Brazil, and the United Kingdom. All of this is, so to speak, a feat that few airport companies in the world can boast of the management, the simultaneous management of ever-increasing annual traffic volumes and a high operational quality. I believe that the professionals, particularly those of a more technical nature in Aena that make up our company, know better than anyone that this operational excellence that we have achieved simultaneously to record numbers, figures of traffic, represents a major technical and organizational challenge. Congratulations to everybody. With regards to forecasts now. The world of forecasts in this, geopolitical, difficult moment in time, macroeconomic terms too, is a complicated world now in terms of forecasts. For various reasons that we have explained in depth, it is evident that air traffic in Spain is not going to be able to continue growing at the same pace as in recent years. It's common sense. There was an overshooting that was deferred, shooting in China on a deferred basis, very much linked to the end of the pandemic, where that, well, Spanish air traffic benefited from. Of course, there are other reasons too. It is to be expected that there will be more moderate growth in the next few years. Beyond the macroeconomic conditions and the dangerous international context that I referred to, there are, and we have reiterated this in our public announcements, there are certain capacity constraints in some of Aena's infrastructure that could impact the growth of air traffic in Spain, even if only slightly. If you have any doubts, particular doubts with regards to these constraints, the Planning Director, Carlos, will be able to explain this to you with a great deal of technical details. I will continue talking about traffic. In any case, as you well know, we announced a couple of months ago that the public forecast for Aena in terms of traffic increase in Spain is of 1.3% in terms of passengers, up, reaching 326 million passengers by the end of the year in the Spanish network of airports. I would like to point out very clearly that it wouldn't be surprising that once the thick cloud of geopolitical and economic uncertainty lifts, we will need to reassess that forecast. Don't think that we are an exception in this case. Almost all companies of a certain size are finding themselves in this very same situation, it makes every sense that we should wait at least a couple of weeks with a view to the panorama clarifying itself so that we can fine-tune our forecast, as I say, just as other Spanish companies will need to do. Currently, the direct impact of the war in Iran and the Middle East on air transport in Spain is small. In my opinion, and I have said this publicly, the potential impairment or deterioration of the macroeconomic outlook resulting from the conflict in the form of more inflation, more public debt, disruptions in energy supply, a drop in consumer and business confidence, that is the true risk, especially if hostilities were to drag on or, and/or intensify. I'd like to focus on two events of an extraordinary nature. I continue looking at the operational side of things. These caused a certain degree of anguish. Fortunately, Aena was very effective in resolving these matters. First of all, I'm referring to the power outage of the 28th of April 2025, which was quite unheard of. That outage eclipsed Spain that day for many hours. Thanks to the contingency systems that kicked in as soon as the connection to the power grid was lost, all Spanish airports remained fully operational to the extent that 93% of scheduled flights operating that day were operational. I want to be very clear on that, and I'm looking at the general manager for ENAIRE because all parts of Spanish transport played an important role here. In the case of Spanish airports, I must point out that this was quite an impressive response, particularly if we remember that a couple of weeks beforehand, one of the main European airports, for a much lesser important problem, there was a disruption in operations that lasted hours. As I say, technically speaking, they were only facing up to a minor technical challenge in comparison. This isn't so much a criticism in terms of that airport, but rather I'm praising the effective response that our company showed in this case and also the airlines, air controllers, handling staff, et cetera. In addition, last year, we had to face up to the effects of adverse climate situations. None was as destructive as the terrible DANA that affected the Levante area in 2024. In March 2025, specifically, and in February 2026, the flooding of the Guadalete and Guadalquivir rivers damaged areas essential to airport operations at our facilities in Jerez and Córdoba. For this reason, Aena updated its resilience plan. I remember when the Director General of Airports, Elena Mayoral, presented at the steering committee that updated plan in order to adapt ourselves to the climate situation, thanks to the excess CO2 in the atmosphere, and to mitigate physical risks at all of our airports, and to identify investments and technical measures to reinforce our infrastructures. Now I'm going to move on to the commercial activity in real estate. Both these things, commercial activity, which is far greater in relative terms, but also real estate activity, have both contributed to Aena's excellent results in 2025, showing a clear upward trend. That confirms the success of our strategy, something that the company has been doing for the last 15 years, working towards diversification in more classical terms than what airport activities were originally seen as. I will explain this in other terms. For the first time, commercial and real estate revenue of the Aena Group exceeded EUR 2 billion, which is a significant figure and represents 46.2% of the EBITDA of Aena Group's and reflects the strength of Aena's diversification model that the company has been focusing on in the last two decades, and that has led for quite a few years now, being led by the commercial director, María José Cuenda Chamorro, very successfully, I believe, and it's obvious to everybody. Thanks to this sales dynamic, this is not something exogenous, but rather this sales activity can not only be explained by the growth increase in traffic, and neither is it just by chance. To a certain extent, it is also the result of a business strategy that has been carefully drawn up to improve the experience of our users with, on the one hand, the complete renewal of retail areas, duty-free, catering, and specialized stores. Secondly, the opening up of new spaces and concepts. Thirdly, the excellent performance of new brands and products added to the retail offering. Fourthly, the surging demand for VIP airport services. Well, it's quite amazing to see how the VIP airport services are performing. Marian Rubio is in charge of this at the airport. In reality, clearly, in the last 30 years, we are seeing a huge generation of prosperity in the world that cannot be compared to any past times in history, which is becoming more and more generalized. There's a great deal of symmetry in this prosperity. The global demographics are pushing this forward. This explains that airports all over the world, including Spanish airports, are seeing an increasing number of customers who are prepared to pay prices that are quite high for VIP services to facilitate their transit through airports. At the same time, real estate services also posted very strong results with an yearly increase of revenues of 10.5%, driven by air cargo activity and a significant rise in real estate operations or transactions. Regarding the development of airport cities, as I announced at last year's GSM in 2025 was a pivotal year. We congratulate the hotel projects at the airports, Adolfo Suárez Madrid-Barajas, and the Josep Tarradellas Airport, Barcelona-El Prat. As we announced, these will mean the awarding of a 75-year service rights year lease, and this was very much welcomed by the market, and we hope that this will materialize over the next few years. From an internal point of view now, we continue to make progress on Aena's new corporate headquarters, which will be located on the grounds of Madrid-Barajas Airport, west of Terminal 4 on a 2-hectare plot. With regards to real estate, now to conclude here, these good results can only exist thanks to the fact that they're based on aeronautical activity. I'm not talking just about regulated activities. Therefore, often there are debates that take place that are of great interest between the two areas, because at the end of the day, they're led by our Executive Vice Chairman, Javier Marín, because we need to ensure that there is an efficient use of airports, and this has to go hand in hand with an improvement of customer experience, where obviously commercial activity is of great importance, of VIP services, parking, cars for hire, et cetera. Now I'm going to dive into the international area. We're very satisfied with the results achieved. I'm not talking about new acquisitions that I will refer to shortly, but with regards to the results obtained in Brazil and the U.K. I'd like to say this very clearly, I believe it is of great importance because I hope that this will honestly contribute to clarifying doubts that have historically been expressed by the investors of Aena and analysts with regards to the profitability of Aena's international expansion. In other words, I believe that because Aena's airports are doing very well outside of Spain, I think it's becoming clear that what the company focused on that may have been questionable at the time of the acquisitions and mergers and auctions, I believe that the results are proving that if nothing goes wrong, I believe that actually things will improve, that the actual profitability of these projects, the accumulated profitability that can be very precisely calculated, I don't want to go into debates that I'd probably lose because of our Vice Chairman, who is a professor in this area. However you do the calculations, I think that the profitability of those international projects will be extremely good. I think they will confirm, therefore, the trust that shareholders placed in the decisions taken by our company. To sum up, we find ourselves in a time of international expansion that I would define as being prudent and very hopeful with a view to the results that I have referred to. In 2025, international activity represented more than 10% of the global consolidated EBITDA of the company, 1 point ahead of last year or the previous year. As you know, we currently operate 17 airports in Brazil with a very significant airport, the second biggest in the country, Congonhas Airport in São Paulo, and one of the most important airports in the U.K., the London Luton Airport. These Aena subsidiaries in Brazil and in the U.K. operated or served more than 63 million passengers in 2025, more than 63 million passengers, and that is ahead of Newcastle, Leeds, and Rio de Janeiro. In December 2025, we secured financing to expand and modernize the 11 airports in our second concession in Brazil, led by the mentioned Congonhas Airport, the financing is structured through a debenture issue worth BRL 5.3 billion, underwritten by Brazil's BNDES and Banco Santander, the Santander Bank. I'd like to say once again that this is the biggest issuance in history for an airport project in Brazil. I'm talking about the emission of debt. If in addition to Brazil and the United Kingdom, we expand the figures to include Aena's minority stakes in the 12 airports in Mexico and 2 in Jamaica, the total number of passengers handled by Aena exceeded 448 million in 2025. Now I'm going to do an exercise to try to convince you, at least partially, on how right we were of choosing the geographic areas where Aena have carried out its activities. Recently, the Association for Airports published its forecast for global air traffic for the next 30 years, and these seem to confirm, as I said, Aena's success in selecting geographic areas for our international expansion. Specifically, Spain, Brazil, and the United Kingdom rank among the 10 countries with the highest air traffic in the world, occupying sixth, eighth, and the ninth places respectively by 2054. In terms of new acquisitions, I'll just remind you of these briefly. At the end of last year, we announced the acquisition of 51% stake in a new holding company that owns and operates 100% of Leeds Bradford Airport and 49% of Newcastle Airport, both airports situated in the north of England. This transaction allows us. It's very positive right now because the price was very good, but also because it allows us to move forward in the creation of a true airport network in the United Kingdom, just as we have done in Brazil and just as we have been doing for quite a few decades in Spain too. This is perhaps the biggest strength that the company has in operational terms and both in economic and financial sense too. For this reason, we're attempting to export this as soon as possible abroad. In Brazil, we have recently achieved another milestone, the award of the 13-year concession for Rio de Janeiro Galeão International Airport, Brazil's 3rd busiest airport. This incorporation strengthens our position in the market and adds 18 airports and a total of 62 million passengers, adding Rio de Janeiro, of course. This leads us to what I mentioned before, almost 30% of total air traffic in Brazil in airport terms. Our objective, and I say this always and will repeat this again, on the international level, is the selective addition of new international assets based on, firstly, the intrinsic quality of the opportunities we analyze, and secondly, the prices set by the market, in other words. In other words, we only carry out international activities with expected financial returns that are adequate, that fit clearly into our strategic framework, and the recent acquisitions in the U.K. and Brazil prove this. I'm now going to move on to sustainability matters, and I've said this on numerous occasions, but I think that the importance of this matter merits me repeating this. Combating and adapting to climate change are humanity's most significant challenges in the 21st century. For years, Aena, as you well know, has been committed to providing an annual report on its climate action plan. The 2025 sustainability initiatives will be put to a vote as the 11th item on the agenda of this GSM, and detailed information is available from which I will simply highlight the key points. Aena remains listed on the Dow Jones Sustainability World and Europe Indices, has once again been included in the Sustainability Yearbook 2025 and 2026. In 2025, we reduced our own emissions, greenhouse emissions by more than 74% compared to 2019, which allowed us to avoid offsetting emissions to meet our targets. With regards to the photovoltaic plan, it is a great satisfaction to be able to announce the completion of construction and commissioning in the near future of the photovoltaic plant at the Adolfo Suárez Madrid Barajas Airport, with an installed capacity of 142 megawatts. 142 megawatts, I repeat, of a new PV plant at the airport in Madrid, which makes it the largest solar plant installed at a European airport. I would say that it is an eloquent and powerful symbol of our commitment towards the decarbonization of Aena's air transport. We currently have 11 plants with access and connection points at 9 airports, and another 3 self-consumption plants of which are off-grid at the following airports. By 2029, Aena's photovoltaic plan and its deployment will produce renewable energy equivalent to 51% of Aena's 2019 energy consumption. To be honest, 2 years ago, we said that we would have wanted that the rhythm growth would be greater. If we think about the causes as to why we were not able to reach this higher rhythm, external to the company, they have to do with the same difficulties that many companies have come across in Spain when it comes to deploying PV power. Finally, for the first time, or finally, we have obtained the Airport Carbon Accreditation certification at 19 airports in Spain, 10 of them for the first time. The financial results that I will just briefly outline. The financial results in 2025 were outstanding, as you well know. Net profit shattered the previous all-time high and the group's revenue became more diversified. I said before, I will focus solely on 2025, that was 5th fiscal year, and ask you for patience because we will be publishing the first quarter results on the 29th of April. With regards to 2025, I'll say that the total consolidated revenue amounted to EUR 6,379.2 million. Operating expenses reached EUR 2.615 billion, which is significant. It's an 11% increase versus 2024, driven by personnel, services, and procurement costs. The EBITDA for 2025 was EUR 3.785 billion, and the consolidated EBITDA margin, not the standalone margin, was 59.3%. Cash flow generated by the company's operating activities stood at around EUR 2,787.5 million. Something of great importance is the net financial debt to EBITDA ratio, discounting cash flow of the company for Aena SME SA decreased to 1.31 times in 2025. Why is this so important? Well, firstly, because it shows that the company is in a very healthy financial position, but also it's an optimum starting point for the new investment cycle that the company will start next year. The net profit, as I said, was a record high, amounting to almost EUR 2,136.7 million, 10.5% higher than in 2024. Rating agencies, and I believe that this should be the case, consider Aena a highly creditworthy borrower, backed first by a strong market position, secondly, a demanding yet balanced regulatory framework, thirdly, a diversified range of airline clients, and fourthly, highly competitive airport fees. All of this therefore strengthening our sound financial profile that I've already mentioned. Barring any unforeseen circumstances, I am confident that in the coming years, Aena will be able to, without any issues, firstly, carry out its ambitious investment plan with a very competitive debt servicing. Secondly, and I know that this is very important for our dear shareholders, maintain the current payout ratio of 80% of net income. We hope to be able to confirm this in the strategic plan that we will present before the end of the year. With regards to our shares and dividends. Shares. I'm not talking in cinema terms, I'm talking about the shares of the company. Our investors' confidence and the company's outstanding performance in 2025 have cemented our position as one of the leading listed companies on the Spanish Stock Exchange, as a leading Spanish company. Setting aside the fluctuations associated with geopolitical turmoil, economic trends, and the ever unpredictable Keynesian animal spirits, the data shows a notable upward trend in Aena's share price. I think that this is good news. The share price fluctuated in 2025 on a post-split basis between a low of EUR 19.55 and a high of EUR 25.71, closing 2025 at EUR 23.82, with an annual revaluation or increase of almost 21%. During the first months of 2026, our share price rose to an all-time high of EUR 28.81 per share on the 17th of February, specifically. At the closing of the markets yesterday, the share price was at EUR 26.5, and Aena's market capitalization was almost EUR 40 billion, ranking the company yesterday as the 8th on the IBEX 35 by market capitalization, which isn't at all bad. With regards to the payout or dividend, with a payout of 80% of Aena's net profit, the board of directors has proposed to this GSM for its validation, the distribution of a growth dividend of EUR 1.09 growth per share against 2025 earnings, 11.7% more than last year. If this GSM were to approve the dividend proposed, the payment would be carried out on the 27th of April of this year. In this manner, Aena's largest shareholder, the Spanish government, and thus all Spanish citizens, will receive revenues of almost EUR 834 million against the accounts of last year. Since Aena's initial public offering in 2015, the growth in gross dividend per share, without taking into account the revaluation of the share, only the dividend, as I was saying, the performance of this has been quite extraordinary, with a like for like increase of over 300%, rising from EUR 0.271 in 2015 to EUR 1.09 in 2025, and which we propose approving today. I'm going to move on to 2 very important matters from the last few months, which we could call the defense of the interests of shareholders. I will explain all of this in compliance with the fiduciary duty under mercantile law in all developed countries. One of the concerns of the governance bodies and the top management of the company in the last year has been the defense or protection of Aena's corporate interests and, at the end of the day, a sound defense of Aena's shareholders in order to formulate a clear, honest, and forceful response to two issues with significant media and political resonance, which could become existential risks to, on the one hand, Aena's business model and to the current Spanish airport system, which is led by Aena through its business model. The fiduciary duty of Aena's directors and executives, and I want to make this very clear, is a serious legal obligation, the breach of which could entail tragic personal, financial, and legal consequences. I am referring to what risks? On the one hand, to requests from some autonomous regions to participate in the management or transfer of Aena's airports and, on the other hand, to the persistent and somewhat frivolous insistence of certain sectors, particularly numerous airlines, on an unlimited reduction in airport fees, disregarding the legal provisions of the airport regulatory framework. The Aena Board of Directors and I are fully aware that these two issues are causing concern among Aena shareholders who have invested their money in the company. I believe that the actions of the board of directors and the management team and our public statements and formal statements made to the market through the Securities Commission have contributed to mitigating those concerns on behalf of shareholders, which in any case are expressed quite regularly. Setting aside other substantive considerations, I have the bitter impression that a self-evident reality that's often ignored. In other case, I think it ignores something that's self-evident reality, and I'll clarify this in the next few minutes, and it is fundamental to a liberal democracy and in a market economy. What am I referring to here? Firstly, that 49% of Spanish airports, i.e., their runways, terminals, land, et cetera, belong to private shareholders. I repeat, there's 49% of Spanish airports with all of their physical infrastructure, its know-how, all of its professionals belong to private shareholders, many of whom are also the owners of most of the large Spanish companies listed on the stock market. The second reality that I wanted to underline is that the right to property is clearly enshrined in Article 33 of the Spanish Constitution. I repeat, I think that unfortunately in public debate, it might seem that this reality is being ignored. I don't know whether in reality or in a feigned manner, but I would like to repeat this. Aena's airports work very well. I don't think there are many doubts about that, and they are the exclusive property of Aena. At the same time, 49% of Aena and its airport infrastructures, regardless of where they're geographically located, are or belong to private shareholders, and they paid an important significant consideration for this property at the time, and whose total economic value today amounts to EUR 20 billion. The total equity of the company is valued by the market at EUR 40 billion, therefore EUR 20 billion of this equity belongs to private shareholders. I'm going to refer in the next few minutes now to the request for co-management and the transfer of airports. Almost every day, and today is not an exception, we read or hear requests from political parties and regional governments of different parties proposing to the state and the government of Spain different formulae for participation in the management of airports owned by Aena and its shareholders. In all cases, the arguments put forward are similar and legitimate, and they for the improvement or improving the management of airport infrastructure to expand air connectivity and boost the economic and social development of their regions through the participation of the autonomous regions. In addition to the traditional requests for co-governance or the transfer of airports on behalf of Catalan, Basque, and Canarian nationalist political parties now for many years or decades, Basque, Catalan, and Canary national political parties, now there are new requests that have emerged over the past year from the Balearic Islands, Andalusia, Galicia, and Navarre. I would like to take this opportunity at the GSM from Aena to, first of all, reassure our shareholders and secondly, reiterate Aena's firm stance on this matter, backed by the robust regulatory, that, i.e., legal framework that protects the current Spanish airport system and consequently the business model and the ownership and management structure of Aena's airports. In this context, I would like to emphasize, firstly, the strengths and advantages of the current Spanish airport system, which is admired worldwide. What the big airport companies are doing in the world, which aren't as big as Aena, is attempt to replicate on an international level the network. Why? This has always happened in the history of business because they have realized just through observation that the airport network has huge advantages in operating terms and efficiency terms and also profitability terms. Everything is linked. Secondly, the importance of Aena's integrated management of the Spanish airport network, which is essential to the smooth functioning of tourism and the Spanish economy. The legal rights enjoyed by Aena's shareholders, public and private, and above all, this is the fourth aspect that I wanted to underline, the special and robust protection that the current legal and the hybrid shareholder structure of Aena provide to the Spanish airport system and to our company, which in any case must be legally respected. Now, let me take this step by step just so that this is less boring. Spanish airports, which are of general interest, notably the network of airports owned by Aena, are subject to a specific legal framework, primarily established by Law 18/2014, which, by the way, was approved by a parliamentary majority by the Popular Party. I have to recognize this fact because it was very positive and greatly explains why Spanish airports have been able to accommodate itself to the whole boom in air traffic in the last 10 years. This Law 18/2014, with further amendments at a later date, is also protected by the Spanish Constitution. In particular, which am I referring to or what am I referring to? Firstly, those that declare the airports belonging exclusively to the state and secondly, those things that protect the right to property and thirdly, constitutional matters that proclaim freedom in business. We shouldn't understand this in festive terms, but rather as the right of companies to manage themselves as they see fit for their shareholders, and this is what freedom of business actually means. First, the exclusive competence of the state in airport matters that is set out in the Constitution, and this means that regulation and supervision of Aena's airports corresponds exclusively to the state and never to autonomous regions. These powers are exercised by the Ministry of Transport and Sustainable Mobility through the DG of Civil Aviation, the so-called DGAC, as well as by the competition authorities and the State Aviation Safety Agency, AESA. You mustn't think that this is an extravagant structure, because in most developed countries in the world, this is the case. The exclusive competences of airport corresponds to the state, and in most developed countries, there is a single DG for civil aviation, which is technically in charge of protecting and deploying regulations and the airport supervision. Well, obviously, with the help of the competition authorities and AESA. Second, it means that ownership, the right to ownership, the right, the ownership of airports is exclusively in the hands of Aena and ultimately its shareholders. I would emphasize the fact that one of the leading liberals, first liberals, Locke, many centuries ago underlined the importance of respect towards the right to ownership of property in democracies and liberal regimes. Thirdly, the third matter in the Constitution has to do with the freedom in business and the management of Aena's airports, which is a state-owned commercial company in which 49% of the share capital is held by private shareholders, is the responsibility exclusively of its governing bodies, namely its General Shareholders Meeting that has been convened today. Secondly, its board of directors elected by the general, the GSM, and thirdly, the management team. In other words, companies must organize the governance and management of their operations as their shareholders deem best, always in defense of the corporate interests and not in accordance with decisions made by parties external to the company. I think that what I've said is fairly clear. This legal and constitutional framework that I've just summed up is, in my opinion, clearly incompatible with the claims made by some autonomous, not all, but some autonomous regions, insofar as that they may entail, 1, the exercise of powers regarding airports of general interest, which is the exclusive competence of the State, as is recognized by most of the autonomous bylaws. Secondly, a transfer or assignment of Aena's assets outside of the legal and constitutional framework, and this is not compatible either with what I've just said, and neither is a role in the management of Aena's airports compatible, well, a management function that belongs solely to the company as the owner of such assets. I think that Aena's position that I am explaining can be better understood if we imagine what it would mean for similar requests from the autonomous regions that were made in the case of other large Spanish companies with private shareholders in the fields of energy, financial institutions, technology sectors, textile areas. Legally and from a business perspective, it would be exactly the same. Nothing changes just because we are called Aena and that our main assets are airports. That said, and this is the optimistic side of things, a collaboration with various public administrations operating in those regions where Aena's airports are located that respect the legal and constitutional limits will be welcomed by Aena if it contributes to aviation and Aena's activities. I honestly believe that there are legally established channels to facilitate this participation and therefore for there to be enhanced cooperation with between Aena and the autonomous regions, because this is perfectly feasible. Given the clear constitutional and legal limits mentioned in fulfillment of our fiduciary duty, Aena's administrators and executives have been acting, I believe, firmly with all due diligence and loyalty towards the company and to you, the shareholders. I repeat this because the fiduciary duty, which may not be very well known outside of the economic and business fields, is a key duty, which is potentially serious. I insist on this because it's an existential matter. I emphasize this because it's a crucial issue within the current constitutional and legal framework. There may be room to deepen coordination, participation in institutional dialogue with the autonomous regions and local governments, but it is not legally feasible to change the essence of Aena's airport ownership and management model by transferring powers such as, 1, regulation, 2, planning, or 3, supervision, which are exclusive to the state or by interfering in Aena's management. The Minister of Transport and Sustainable Mobility, Óscar Puente, and the Secretary of State for Transport, José Antonio Santano, have repeatedly spoken out publicly in unequivocal defense of Aena's current model, explaining that no agreement exists with any autonomous region in this regard. The most recent incident was yesterday, Wednesday, with a response from Minister Puente during the governmental Q&A session in Parliament and answering a question. I'll move on now briefly to talk about the agreement that was announced on the 27th of March of this year within the framework of the Bilateral Cooperation Commission between the Spanish government and the Basque Country. An agreement that was announced between the Government of Spain and the Basque Government to create a joint bilateral airport body to strengthen collaboration, cooperation, and dialogue between the two governments, with the aim of improving the management of airports of general interest in this autonomous region. The Ministries of Transport and Sustainable Mobility and of Territorial Policy and Democratic Memory, in a joint press release, clarified that the decisions of this body will be adopted by consensus among the parties and will not be binding as it has no executive powers. In other words, and this is important for shareholders in Aena to be aware of this bilateral body is an instrument of enhanced cooperation and welcome in these terms, in airport matters that is strictly consultative and not a decision-making authority. Furthermore, the aforementioned note emphasizes that its creation, when this happens, of this bilateral body, in no way alters the legal framework governing operations and the airport network structure or Aena's managerial autonomy as provided for in Law 18/2014, nor consequently the procedure for approving or as Aena as the owner and manager of the infrastructures referred to. In addition, I would like to take the opportunity of this GSM in order to clarify another possible misunderstanding because quite a few members of regional governments and politicians with nationalist leanings have publicly stated that the Spanish government can do whatever it wants in Aena because the state owns 51% of the company. I'm going to say this very clearly, this is a serious conceptual and legal error. Let's see if we resort to an analogy of the political philosophy Alexis de Tocqueville. I can make it more understandable because not everybody may be aware of mercantile legislation here. In the same way as Alexis de Tocqueville and John Stuart Mill warned in the 19th century of the need to establish political mechanisms to counteract the toxicity of what they call the tyranny of the majority in a democracy, in all liberal democracies and market economies around the world, such as Spain. There are in all market economies around the world, such as in Spain, a commercial legislation. In Spain, the Capital Companies Act that protects the interests of minority shareholders in all companies. When I say minority, I'm referring to those who don't have the majority at the GSM. Neither do they have this in the governing bodies of the board of directors. Legally, the state in Aena would not be able to ever impose its 51% over the 49% of private shareholders to approve decisions that objectively harm the company's corporate interests and damage its shareholders, such as the transfer of airports to third parties or the cession of management rights for Aena's airports as a result of political agreements. Aena's private investors, among which there is the largest investment fund in the world, the world's largest sovereign wealth fund, and the hedge fund with historic profits that are the greatest in the world. These are very relevant shareholders in the company. Private investors in the company have shares for a total value of EUR 20 billion at market prices today, and they would exercise their legal rights. They have said so publicly and privately with all every legal means at their disposal if there were any doubt about the risk that I've referred to. Therefore, in my opinion, this would create harmful economic and financial repercussions extending far beyond Aena's scope. I conclude this section by extending my sincere thanks to Minister Óscar Puente, Secretary of State José Antonio Santano, and more broadly to all members of the Spanish government for their understanding of Aena's regulatory framework and the educational efforts they have undertaken in the last few months, and above all, for their defense of the current Spanish airport system and Aena's business model. I'm now going to move on to the other concern that I have referred to, the defense of Aena's regulatory and tariff framework in response to the request to lower airport fees. Over the past year, as I mentioned, Aena has also intensified its efforts to defend the regulatory framework of the Spanish airport system and to the legal certainty that must underpin all of Aena's actions, including investments, future, present and future, and its shareholders, and the legal certainty of all its shareholders. The Spanish airport regulatory framework, which, as is normal, expresses itself in specific areas against Aena's arguments and proposals. Every year, Aena makes proposals that are rejected because of the competition authorities and the civil aviation organization. This is always the case, we believe that an advantage of the Spanish regulatory framework in Spain, which was founded in 2014 with the parliamentary majority of the Popular Party, has the advantage of defining the calculation of the fees charged for the services rendered to airline companies. What have we been most concerned about recently? We, the company, shareholders, analysts that follow us. The inclusion a few months ago of an amendment in the proceedings of the Sustainable Mobility Bill that sought to arbitrarily freeze airport fees during the next regulatory period, DORA III, 2027 to 2031. The second thing that concerned us was the irresponsible pressure backed by spurious arguments being exerted by certain airline associations, IATA and ALA in particular, and some individual airlines to reduce through their pressures, airport fees indefinitely until going underground, almost to the point of hitting rock bottom. The pressure has increased considerably following Aena's DORA II, which the Council of Ministers approved and communicated to the market last February. Let's look at some figures now. In 2025, airport fees, those corresponding to Aena, expressed as the adjusted maximum annual revenue per passenger, the IMAAJ, average EUR 10.35 on average in 2025. This is an average. Despite what a famous airline company has said, these tariffs in average to small size airports were much lower, significantly lower. The important thing I wanted to underline is that this EUR 10.35 in 2025, and take note of the figures, are under the EUR 11.11 in 2015. I.e., in 11 years, the airport tariffs of Aena have gone down 7% in nominal terms and in real terms, which is how things have to be measured in the economy, the airport fees have dropped by an impressive 37%. I'd say that this is truly astonishing data. A 37% drop in airport fees in 11 years in real terms. I would ask the leading deputy chairman to remain silent until the end. It's obvious that there is no positive statistical correlation between airport fees which have been frozen and airfare prices which have increased considerably over the same period. To give you an example, not 2015 to 2015, but a closer example, 2019 to 2025. According to data published a couple of weeks ago by IATA, one of the big airline associations, the European airlines revenue per passenger for each one of us during this timeframe increased by almost 27%, i.e., EUR 40 per person. That's equivalent in the price of airline tickets, which has more than doubled, the airline's net profit, the airline companies over the same period. Well, that's great. These are facts, the devaluation of Aena's prices and the increase in airline tickets. Misleading statements will not change the undeniable reality of the data. Fortunately, the world's best airlines fly to Spain, and Aena's day-to-day working relationship with them is excellent. On a daily basis, people here have a relationship with them, and the working relationship with them is excellent. Why don't we all agree to move beyond the petty and somewhat narrow-minded debate over the endless lowering of airport fees? A move that, if implemented, would ultimately harm the airlines themselves in the long run. Spanish airports, if they were eternally to drop prices, and believe me, and I'll give you an international example soon, would end up having a worse performance, and this would affect all of us. I could ask in other terms, why don't airlines more fairly appreciate Aena's outstanding infrastructure in a fairer manner, which makes it possible for Spain to be the country with the most flights in Europe at very low airport fees? I mean, perhaps a way of focusing on this problem is to think, look, I'm an airline company. Wow, what airport infrastructures Spain has that work very well, that never let us down, and in addition, if we look at things on average, are the cheapest in Europe. Well, I think that it's worth considering that question. Quite sincerely, I cannot understand how we have rationally reached this point, having this tension with airline companies. I think that the answer can only be found in the realm of Shakespearean unconfessable passions. We can't look for rational answers to this. Let's now look at the Spanish fee system, which is clearly defined in Spanish law, specifically Law 18/2014, and its implementing regulations, and is based on sound microeconomic terms or principles. It's clearly a law that has been drawn up by leading economists that know about microeconomy, and too have done microeconomic analysis on an international level of the legal frameworks in other countries. Consequently, any change in fees based on a whim of Aena or due to undue pressure from any airline would be quite simply illegal in this legal framework. Aena's regulatory framework is a combination of, first, expected traffic; 2, the investment required for airports to function properly; and 3, the setting of fees that adequately finance and well, operating costs for airports to work well, and that finances investments, CapEx, and that finances the remuneration of these investments, reasonable remuneration, as happens in all regulated areas in developed countries. Therefore, none of these elements can be modified without affecting all the others, which would lead, at the end of the day, to a proposal of the DORA. The regulatory framework is very demanding on the airport operator, Aena. If it were not, it would be impossible for Aena's airport fees to be, on average, the lowest in Europe. If, if they were not demanding, it would be impossible for, as I say, Aena's airport fees to be on average the lowest in Europe. Secondly, I would like to point out that unlike other regulated sectors of the Spanish economy, Aena bears the so-called traffic risk, as evidenced by the fact that for 2017 to 2025 period, i.e., DORA I and the part of DORA II that has elapsed, this hasn't been completed yet, the tariff deficit shortfall in revenue accumulated by Aena exceeds EUR 550 million. There was a pandemic, and there was no economic compensation for the huge drop in traffic. This tariff deficit, which is a fact and can be consulted via Google, is EUR 550 million and not other figures, another figure, whatever the IATA association and its general manager claims. As a result of the boom in air traffic over the past decade in Spain and the excellence of all the companies involved in air transport, that is, as a result of their success, the airline companies, handling companies, suppliers, maintenance of the airports, we have been able to place Spain as the European country with most air traffic. This has happened before policymakers, well, in 2014 on the one hand, and successive governments foresaw, and this was reflected in the DORAs. We are still in time to have a surge in investment, to have enough capacity to respond to future air traffic in the next 30 years. Therefore, the imminent wave of investments in Spanish airports requires a slight increase in airport fees. I think it's pure common sense after 11 years of a drop or of a 37% decline in real terms. You know, I'll mention this later, that our proposal is quite sincerely quite modest. Now to do an international comparative analysis. It has been publicly stated that the airport in Europe with most traffic in the last few years has directors or executives that have said in the last few years that this airport has made a huge mistake because for 10 years, there was an obsession with reducing airport fees with an efficiency that I'm not going to qualify. They said this publicly, this has brought about a huge amount of underinvestment. For the airport, we'll need to do a catch-up of more than EUR 10 billion in a single airport over the next 10 years. This is the opposite of doing things properly, doing things wrong leads to this type of situation. This isn't just Aena's case. Looking ahead towards the future, you dear shareholders know that in the next 5 years, the two main challenges of Aena are the implementation of the third airport regulation document, DORA III, 2027 to 2031, once it's finally approved by the Spanish government, and the development and implementation of Aena's new strategic plan for this same period, which will chart the company's course, not only aeronautical course, which is defined by DORA III, but also the commercial, technological, human resources, and a long et cetera. In terms of DORA III, our proposal was approved in the board of directors in accordance with Law 18/2014. It was approved by the board and was communicated to the market as a long technical and economic analysis by the very competent professionals in Aena. The Council of Ministers has until the 30th of September to approve the final DORA III, which probably will undergo some modifications, as has always happened in terms of versus the original proposal made by Aena. The guiding principles of DORA III's proposal are as follows: expanding the capacity of numerous airports to accommodate the traffic forecast for the coming decades, as I said, and strengthening security or enhancing security, which is fundamental. The improvement of the passenger experience and airline operations with highly efficient airport services, the decarbonization of airport operations, and promoting innovation and technology in airport services. In terms of the investment plan, in the 2 previous regulatory periods, DORA I and II, aviation investment was legally limited and focused primarily on regulatory replacement and maintenance activities. There have been exceptions. We've expanded the capacity of some investments, but it hasn't been the core investments of Aena. Contrary to this, the proposal of DORA III is based on 2 premises. On the one hand, air transport infrastructure must not hinder citizens' mobility in Spain or the creation of prosperity. Second premise, actions of DORA III must ensure the highest standards of safety and maintenance. 2, high levels of service quality. 3, environmental sustainability. 4, efficiency, which is one of Aena's hallmarks. Aena has proposed, as you know, for the next five years, a total investment of nearly EUR 13 billion. A total investment which includes the commercial and real estate premises of almost, in total that is, plus EUR 3 billion, 10 plus 3, almost EUR 13 billion in total, which is an annual average in the case of regulated investment of the EUR 10 billion, of EUR 2 billion a year. That is 4.4 times the current legal maximum investment of DORA I and DORA II, which is about to be completed. As a result, Aena's regulated asset base. It will be necessary to increase the infrastructure in terminals, not in the air side of things. In the air side of things, there may be investments in terms of maintenance. I'm talking about DORA III, not DORA four. On land, it's investments in terminals. There will be great increases in capacity at the Adolfo Suárez Madrid-Barajas Airport, Saint George's, Tarragona, and Tenerife South and North, Lanzarote, Alicante, Málaga, Ibiza, Menorca, Valencia, Bilbao, and Melilla. They will see the most significant increases in capacity. Very few companies in the next 5 years in Spain will undertake a similar volume of investment over the coming years as considered by Aena. We have to say this clearly because this represents a huge business and economic opportunity for engineering firms, sorry, the construction sector, and technology companies in our country. The transformation of Spanish airports over the next 10 years, DORA III and 4, will serve travelers over the next 30 years, and this represents a major technical and business challenge for the company. Believe me, the company will be successful. In terms of traffic estimates, I'll try to go a little faster now. Aena, as you well know, has forecasts and proposed in DORA III a forecast of 1.69 billion passengers in Spanish airports by 2031. This is an estimate in the increase in traffic, which is in line with the forecasts from international organizations such as ACI or Eurocontrol. The thing is that these estimates from these international bodies are filtered by certain one-off restrictions that we know may arise in Spanish airports as a result of future congestion in activities. In terms of operating expenses, a proposal of DORA III proposes an increase of OPEX of 3.8% per year, reaching EUR 2.311 billion in 2031. We know that this is an increase in OPEX that is significant, but quite honestly, we believe that it is the best proposal we could make because we have a great deal of responsibility to guarantee the good operations in Spanish airports. Why do we need that OPEX? We need more human resources for the new investment cycle. Secondly, we need to respond to the increase in air traffic that we foresee, even if moderately. Thirdly, the gradual commissioning of new facilities as and when the works that we are fostering are completed. Fourthly, because it's necessary to enhance the quality of airport services during the always bothersome works in the fields of information, cleaning. When I say information, because I'm talking about signaling here, cleaning the PRMs, et cetera. Finally, because there are future regulatory requirements in the areas of safety and maintenance, and in all airports all over the world, it will mean that airports will have to spend more, and we will do so gladly. As proposed, weighted average cost of capital in DORA III, well, this is the average, the weighted average cost of capital and debt, which is technically called the WACC. Aena proposes a 9%. This reflects many things. It reflects the significant change in the monetary policy towards a monetary policy which broke away from the tendency to ultra expansion from previous years, and more specifically from when the DORA II was approved after the pandemic. Interest rates are higher than the public debt of any country in 2026 versus that in 2021. In addition to this, our proposal is based on the analysis of empirical data in the market and precedents in the field of airport regulation, the new financial and risk profile that has increased in associated with the regulated investments under DORA III. What I wanted to say about this is that obviously the financial profile, when one takes on a big investment wave, requires or entails more risk and more money because there's a huge volume of investments, and this is associated to a risk of execution. This is what bothers me or concerns me least, knowing Aena's resilience. There's a significant increase in the company's debt. As a result of this, despite the creditworthiness perceived by the market of Aena, it is obvious that we will be more exposed in the future years to macroeconomic variances and financial deviations during the period during DORA3 versus our static forecast. It is simply forecast. In this regard, I think that the successful issuance of a 10-year Aena bond in European fixed income market for EUR 500 million is promising with an annual coupon, which is the lowest. It's the second bond that we have or issued. We need to feel positive because of a low servicing of the cost of the debt. This shows that the market, the financial markets are perceiving the sounder financial situation of the company, financial solvency and a clear long-term business strategy. As for the fee proposal, I already mentioned this beforehand, more specifically, we propose increasing airport fees for Aena on average by EUR 0.43 per passenger, i.e., EUR 0.43 per passenger and year. Obviously, these fees are adjusted based on the size of the airport, so they will be significantly lower at medium-sized and small airports. Honestly, I think that versus the huge investments that we are considering and that will transform Spanish airports over the next 30 years, I honestly believe that the increase in airport fees that we are proposing is extremely modest. This fee proposal from Aena, like all the elements that make up DORA3, is pending review by the competition authorities and above all by the DGAC and the Council of Ministers and the Spanish government. Finally, I would like to conclude this section of DORA3 by expressing my sincere gratitude to the Board of Directors and to the many Aena professionals who participated in drafting the DORA3 proposal. Probably Sonia Corrochano has led this, Elena Mayoral, Nacho Castejón's team, and in general, the top management. All members of the top management have worked extremely hard on this proposal, and I think they've done an excellent job and the proposal is sound and balanced. In terms of the approval of the Strategic Plan, just very briefly here, you know that in parallel with the DORA3 approval process, Aena is drawing up a new Strategic Plan for that same timeframe and will chart the company's course for the next five years. Not just focus on aeronautical matters, which are, of course, of great importance. DORA is so crucial for a company such as Aena that it is necessary for DORA to overlap in time with our strategic plan. The contrary to this would be inefficient, I believe, and would mean there's less quality. Like this, all Aena's activities will be aligned to the strategic plan. In addition to airport operations, commercial and real estate activities, and international operations, the new strategic plan will address all these things in a cross-cutting manner, and relevant issues such as innovation, artificial intelligence, and environmental sustainability and, of course, human resources. Regarding AI, I get the feeling for the first time, it's just a feeling, premonition, that AI, in the next few years. Well, we all know that in the medium to long term, it's going to provide extraordinary possibilities that are difficult to imagine nowadays. It's the first time that I have the feeling that over the next few years, what might happen is that AI will focus on management of Aena and those areas that can make us more competitive. This is just a thought I'm conveying to you, but I'm very pleased to be able to share this thought with you. Now corporate governance and the ESG criteria and the agreements of the GSM, and I'm coming to the end of my presentation. During 2025, on corporate governance, we approved Aena's second collective bargaining agreement, which includes new measures to, firstly, improve the workforce alignment, secondly, increase flexibility and work schedules and, this is important, and I'm grateful to the People Director, Begoña González, and her team for a good job done. I'd also like to thank the representatives of workers and the main trade unions of Aena for the good attitude that has always been maintained during our conversations and achieved good results. The second equality plan of Aena demonstrates the company commitment to equal opportunities, work-life balance, and flexible working arrangements. Likewise, this is more a technical matter, but I do need to read this literally, over the past few months, the company, Aena, has approved two new regulations, as a result of this, in item nine on the agenda, this GSM, it proposes amending the articles of incorporation, the bylaws, to adopt the wording of the articles governing the audit committee and the sustainability and climate action committee. In addition, at the end of 2025, the percentage of women on the board of directors was 40%, Therefore in line with the minimum quota recommended by good practices of the Securities Commission guidelines. As in previous years, at the end of the fiscal year, Aena complied with the recommendations of the Code of Good Governance for Listed Companies. It complied with all of these and, there may have been the odd exception. These have to do with the remuneration of directors, which are subject to public sector regulations. In terms of ESG criteria, as you well know, and I think that this is obvious, thanks to the decisions that are being made known, the ESG, environmental, social, and governance criteria, are consistently integrated into the deliberations of our board of directors. Aena allocates resources to social and cultural advancement, which therefore underscore our commitment to improving the environment and strengthen the company's corporate reputation, i.e., we try to back through finance and our actions are aim to improve, insofar as possible, the living standards of populations to use our airports. Just to give you an example, in the last few months, the recent launch, which has been a real sensation of the Aena Prize for Latin American Narrative, which last week honored the magnificent book, "El buen mal," "The Good Bad," by Argentinian writer, Samanta Schweblin, therefore strengthening ties between Spain and Latin America through corporate patronage of writing and reading. It was an example of soft power through this business sponsorship of writing and reading. Now I'm going to move on to the resolutions. With regards to the resolutions to be voted on this GSM, the secretary of the GSM and the j-council for Aena will go through them. I just wanted to underline those things relating to the re-election of directors. In one of the items on the agenda, there will be a vote to ratify the appointments of Roberto Angulo and Alicia de Haro, who were appointed by Aena shareholder representatives, proprietary shareholders in October 2025 by co-optation, as well as the reappointment of Manuel de la Campa as a shareholder representative. All three bring professional expertise that is highly valuable to Aena. I'm very pleased. Well, once the GSM approves this, that their mandate may be renewed. Roberto Angulo and Alicia de Haro Acosta, it hasn't been long that we've been working together, but over the last few months, they have proven that their contribution to the deliberations and approval of the main decisions of the company are of great value. Furthermore, given the recent expiration of the term for which I was elected executive director, my election is being proposed at this shareholders meeting. After nearly eight years in the company and many more rewarding moments and difficult ones, the presidency of Aena remains for me the highest professional honor, and therefore I would feel deeply honored and grateful if the company's shareholders were to decide to renew their trust in me at this meeting. The only thing I can pledge to do is to do everything in my power not to betray that trust placed in me. I conclude, Aena had a brilliant 2025 in operational terms, economic, financial, and stock market terms. The achievements of recent years, we shouldn't think the opposite, hold no secrets. They are the results of persistent, high-quality work built on professionalism and management and always built on clear strategic foundations which strengthen the quality of the work of all our professionals. The vast majority of passengers believe that Aena's airports in Spain, Brazil, and the U.K. operate very well. I repeat, passengers who use our infrastructures on a daily basis consider that our airports operate very well, and this is reflected in surveys and the prevailing public perception. The Spanish airport system, and therefore Aena, are admired on an international level for their smooth operation and because they are, it's a mainstay of the Spanish economy's strong performance through tourism, the impact of tourism on the Spanish economy as a whole. Therefore, I want to make a call sincerely for rationality and for not trying to tamper with what works so well. Secondly, to avoid fruitless political proposals. Thirdly, to respect the fundamental pillars of the rule of law, what the British call, as I say, the rule of law, and the respect to the fundamental pillars of the rule and perception of legal certainty among the shareholders and creditors of the world's largest and most prestigious airport company. Fourthly, and finally, to the calm acceptance of the social legal reality that Aena's airports are the exclusive property of Aena and its shareholders, and that only Aena can manage the assets it owns. As Minister Óscar Puente often says, Aena is a compelling example of how the public and private sectors can form a formidable partnership and create a win-win situation in which all parties benefit, including the general interests of Spain and the traditional private players in a market economy. If I may be so bold and go off on an intellectual leg, recalling that 2026 marks the 250th anniversary of the publication of the great work of the foundation of the modern economy, Adam Smith's The Wealth of Nations, I think that it would be an interesting intellectual exercise to have the opportunity, if Adam Smith were alive still, to ask him what he thinks about this such so successful company, which is the case of Aena. Aena is clearly at the peak of its history, and the directors and executives have to do everything possible to preserve our business model and to protect the rights of our shareholders with the sweet conviction that in doing so, we are simultaneously protecting the general interests of Spain and all its territories. DORA III, as I said before, will shape, and this is of great importance, Spanish airports for the next 30 years. We are therefore embarking on a very demanding new phase, extraordinarily exciting. This is also the case in Brazil and the U.K. I would like to conclude by expressing my gratitude and that of the board of directors to all shareholders for the trust they have placed in Aena and in particular to the government of Spain, our majority shareholder, for its constant support and for safeguarding the network model, which is one of the company's key assets. Thank you, too, to everyone at Aena whose commitment and dedication allow us to face the future with optimism and determination. Thank you very much for your attention. Very well. Thank you very much. Before we begin the session for shareholders to address the floor after my presentation, let me inform you that as of now, shareholders can no longer request to take the floor. I give the floor to the secretary to inform this GSM about the final quorum. After preparing the attendance list using IT support, we therefore advise that a total of 213 shareholders are attending in-person, holders of 771,225,590 shares, accounting for 51.415% of the share capital. A total of 359 shareholders are attending by proxy, holders of 550,176,580 shares, accounting for 36.6785% of the share capital. Out of those shareholders attending in-person, 192 shareholders, holders of 771,205,321 shares have exercised their voting right remotely. The share capital with voting rights, both present and represented, amounts to 1,321,402,170 shares, represented by a total of 572 shareholders. That is to say 89.0935% of the share capital. Therefore, this attendance quorum exceeds 50% of the share capital with voting rights required by Article 22 of the company bylaws, and therefore, we consider this GSM to be validly convened on first call. I now give the floor back to the chairman. Thank you very much, Ms. Secretary. Therefore, based on the information provided by the secretary, and since we have sufficient quorum for this meeting to be valid in accordance with the law and the company's bylaws, I hereby certify the general shareholders meeting of Aena has been validly convened on first call, inasmuch as the legal and bylaw requirements for this purpose have been met. Likewise, I confirm the existence of a sufficient quorum to discuss and adopt the resolutions included on all matters in the agenda of this meeting. In accordance with the provisions of the Commercial Registry Regulations, I now give the floor to the notary so that he may address the meeting for the purpose of verifying the possible existence of any reservations or objections on the part of any shareholder regarding any previous statements on my side or those of the secretary relating to the number of shareholders attending the meeting, the share capital present and represented, and the valid constitution of this GSM. In accordance with Articles 101 and 102 of the Commercial Registry Regulations, in my capacity as Notary Public for this general meeting, I hereby advise that if any shareholder wishes to express any reservations or objections regarding the statement concerning the number of shareholders present or the capital on record, as well as regarding the valid convening of the GSM, they may do so at this time by clicking the button labeled Register Objection, located on the left side of the screen for those attending remotely, or for shareholders present at this meeting by doing so at this time at this desk so that it may be recorded in the minutes of this GSM. Thank you very much. No shareholder wishes to raise any objections or concerns, I now give the floor to the Chairman. My apologies for having to confirm certain technicalities concerning the proceedings of this GSM. Since no one has requested to speak, we shall proceed directly to the voting on the agenda items, or passed. Prior to that, we would like to share with you this video which pays a tribute to the twentieth anniversary of the Adolfo Suárez Madrid-Barajas Airport Terminal four. We're very excited about this. There are times when everything miraculously comes together and extraordinary things happen. There was a time when this airport was just a dream. How were we capable of doing it? 20 years ago, this terminal represented our future. Since then, it has been our present every day. It's also the future of those to come, who we hope will be many. A project is already underway to expand terminals T4 and T4 satellite and to construct a processing building opposite terminals 1, 2, and 3, which will be merged. Adolfo Suárez Madrid-Barajas Airport will have capacity for 90 million passengers per year. An innovative airport city will serve passengers, businesses, and users. Intermodality will become even more sustainable with the arrival of the AVE and new metro lines. Aena is always ready for current and future travel requirements. T4. More than 20 years as a global airport icon and as a part of our lives. We are already doing our homework on traveling together for many years to come. Aena. Airports for you. Very well then. Since we have received no requests for taking the floor, we shall now proceed to the voting process on the proposed resolutions drafted by the board of directors and submitted for approval by the general meeting. I will now turn the floor over to the secretary for the purposes of organizing the voting procedure. Thank you very much. We shall now vote on each item on the agenda. We hereby inform you that in accordance with the provisions of the GSN's regulations, the proposed resolutions submitted by the board of directors are deemed to have been read for all intents and purposes, as they have been available on the company's website since the notice of the meeting was issued. Notwithstanding the foregoing, for the sake of clarity, I will now provide a brief summary of these resolutions. I hereby inform you that a document containing all the proposed resolutions drafted by the board has been submitted to the notary public for inclusion in the minutes. I furthermore inform you that in accordance with the provisions of the meeting regulations, votes in favor shall be deemed to have been cast by default for all shares both present and represented, after deducting the votes corresponding to shares whose holders have voted against, cast a blank vote, or expressly abstained through the means provided to that end. Shareholders who intend to vote against the proposal, cast a blank vote, or abstain and who have not yet done so are asked to please indicate their vote intention now through the application provided for this purpose if attending remotely, or through the notice desk for shareholders attending in person by handing over the cards provided to them at the entrance checkpoint, on which they must expressly state their vote against, a blank vote, or their abstention regarding each of the proposed resolutions. The notary will record such votes in the minutes. I will now briefly summarize the proposed resolutions being put to a vote following the successive items on the agenda. First, examination and approval, where appropriate, of the individual annual accounts. That is Balance Sheet, Income Statement, a Statement of Changes in Equity, Cash Flows Statement, and Notes to the Annual Accounts, and the Individual Management Report of the company for the fiscal year ended on December 31, 2025. Second, examination and approval where appropriate of the Consolidated Annual Accounts, Balance Sheet, Income Statement of Changes in Equity, Cash Flow Statement, and Notes to the Consolidated Annual Accounts and the Consolidated Management Report of the company and its subsidiaries for the fiscal year ended on December 31, 2025. Third, examination and approval where appropriate of the proposal for the allocation of the company's profit for the fiscal year ended on December 31, 2025. Fourth, examination and approval where appropriate of the Consolidated Statement of Non-Financial Information and Sustainability Report for the fiscal year ended on December 31, 2025. Fifth, examination and approval where appropriate of the corporate management for the fiscal year ended on December 31, 2025. Sixth, appointment of external auditor for the provision of audit services for the fiscal years 2027, 2028, and 2029. Seventh, appointment of assurance service provider of the consolidated statement of non-financial information and sustainability report and sustainability report for the fiscal years 2027, 2028, and 2029. Eighth, composition of the Board of Directors, ratification of appointment by co-optation and re-election of directors. 8.1, ratification of the appointment by co-option and re-election of Mr. Roberto Angulo Revilla with the category of proprietary director. 8.2, ratification of the appointment by co-option and re-election of Miss Alicia de Haro Acosta with the category of proprietary director. 8.3, re-election of Mr. Maurici Lucena Betriu with the category of executive director. 8.4, re-election of Mr. Manuel Delacampagne Crespo with the category of proprietary director. 9th, amendment of the company bylaws. 9.1, amendment of Article 43, Audit Committee. 9.2, amendment of Article 44 bis, Sustainability and Climate Action Committee. 9.3, amendment of Article 47, Director's Compensation. 10th, voting on a consultative basis on the annual report on director's compensation for the fiscal year 2025. 11th, voting on a consultative basis on the updated report on the Climate Action Plan 2025. 12th, delegation of powers to the board of directors for the formalization and execution of all resolutions adopted by the ordinary general shareholders meeting, as well as to replace the powers received from the meeting and to record such resolutions in a notarial instrument, and to interpret, remedy, supplement, implement, and register them. Let me advise you that as of this moment, the voting on the resolutions of this meeting has concluded, and I'll give the floor back to the chairman. Very well. Thank you very much, Ms. Secretary. Dear shareholders, now that the voting period has ended, I have been informed that all of the proposed resolutions have received a number of votes in favor exceeding the threshold required by law or by the company bylaws for the valid adoption thereof. Accordingly, it is hereby declared that all proposed resolutions submitted on all items of the agenda have been approved. Now, let me give the floor back to the chairman. All the results of the presentation of this GSM will be published on the corporate website seven days after this GSM. The notarized, it will also be timely made available, and therefore, it will not be necessary to approve them according to the Spanish Companies Act and the Commercial Registry Regulations. Thank you very much for attending this GSM. Now let me give the floor back to the Chairman. Thank you very much, Mrs. Secretary. Thank you very much for the good job done over this GSM. I would also like to express my gratitude to the Notary Public. Before adjourning this GSM, I would like to express my gratitude on behalf of the Board of Directors of Aena and on my own behalf for attending this General Shareholders Meeting of the company. I would also like to express my gratitude to all those companies that make up the company, especially you, the shareholders, for the trust placed in this great company. Thank you very much. The meeting is adjourned.