Good afternoon, thank you very much for attending this call or covering the results of Q1 2026. Firstly, this morning we held our AGM, during which our CEO, Mikel Barandiaran, has reviewed the progress made in 2025 and has also reviewed how things stand in relation to the strategic plan. There are a few months left for it to finish. Apart from approving the results of the 2025 fiscal year, the AGM has approved the distribution of a supplementary dividend totaling EUR 0.052931 per share and a maximum to be paid out, EUR 8 million gross. The distribution will be carried out on July 9th. During the AGM, there is another milestone. We have reached our 10th year of being listed on the stock exchange, of course, on April 27th.
In these 9, 10 years, we have also spoken about our solid growth, solid and constant growth at a fundamental level, how we have delivered value to our shareholders by increasing the value of our securities and by paying out dividends and by amortizing shares. It's been a long day, so I'll try to be brief so that we have enough time for your questions. Starting with the context that is geopolitical instability and increased energy prices, they have created a scenario that is applying pressure on interest rates and has increased uncertainty in international trade. We all know that this situation, and especially instability in the Gulf, is affecting the confidence of companies and global investment decisions. This has an indirect impact on our project segment and potentially more direct in terms of our GDE activities in the region.
We'll be talking about these impacts later on when we review the activities in each segment. As regards to the numbers of Q1, we are facing an especially active quarter, in spite of the international uncertainty, with growth in organic terms. In order to correctly interpret our accounts, we have to bear in mind that divestments and acquisitions of companies carried out in the last few months have affected the figures of the quarter. Let's go through this very quickly. On the one hand, we've had divestment activities. We've sold our industrial activity in France as of December 2025. On the other hand, we have the virtual mobile operator, TTB. Its portfolio progressively transferred as from the first quarter of 2025, and finally, the chain of MasOrange shops in January 2026.
These divestments are included within the simplification process covered by our 2023-2026 strategic plan so that we can focus on activities that are much more profitable, taxonomic, and growth. On the other hand, we have investments, because in 2025, we bought the Ecogestión company and dedicated to circular economy in Spain, and ZCR, a decarbonization business in Germany, which in both cases were integrated during Q3 of 2025. This is why in the presentation, we've included a column with the data of Q3 of 2025 and adapting the divestments. This means there's been this impact, EUR 25 million in terms of turnover, EUR 3.2 million in terms of EBITDA, EUR 1.9 million in terms of net profit. This has the same perimeter than the current one, with which we are going to compare the results obtained in the first quarter of 2026.
Dominion has closed the first quarter of the year with a business figure of EUR 247.2 million. This figure, as I mentioned before, has a significant inorganic impact. It's 9.5% and a negative impact on the exchange rate of 2.2%. If we were to isolate these two effects, we have grown organically at a constant currency by 5.3%. We are complying with our strategic guidance and have ratified the resilience of a business model that is diversified and is recurrent and is able to maintain growth under scenarios of uncertainty. The contribution margin stands at EUR 39.8 million, and EBITDA reached EUR 33 million, which represents an organic growth without ForEx of 2.5% compared to Q1 in 2024. We have a profitability of sales, which is 13.4% this quarter, and a slight decline compared to the same period of last year.
This is explained by a lower weight of the GDT Projects segment, which, as you know, it's the segment that has the highest margins. On the other hand, the weight of recurrent segments and its good margins mean that this margin over sales stands above this level of 13%, and these are record figures in our business. Today during the AGM, we have spoken about this, the fact that the simplification of the company means that we have lower levels of turnover and less margins, of course. It's logical that we are building a more profitable company.
Our percentage over sales is much higher than what would have happened if we would have maintained these businesses. Amortizations maintain the levels reported in previous quarters. It's relevant to point out that there has been a reduction of financial expenses that are still maintaining a downward trend. In particular, these costs were reduced by nearly 27% year-on-year and now stand at EUR 80 million on the closing date of Q1 of 2026 vis-à-vis the EUR 11 million reported in the same period of the previous year. With the reduction of the gross debt, we also have the positive contribution made by exchange rate differences. This has produced a net attributable result of EUR 7 million, which is in line with the net result of the same period of the previous fiscal year, which shows that our performance is stable in this context.
Now let's move on to the evolution of each one of the businesses. Let's kick off with Global Dominion Environment with a turnover of nearly EUR 107 million in these first months of the year. This represents an organic growth of 4.3%. This is the segment that has the biggest currency impact because Forex has subtracts minus 3.3%, which explains the slight retrocession or regression of 1.3%. We can observe that, as regard profitability, the business it's still gaining in operational efficiency, and the contribution margin has reached EUR 15 million, which means that the margin over sales is 13.4%. It's a very important figure that means that margins have expanded compared to Q1 of the previous year.
This improvement can be explained by the good behavior of the circular economy activities in this quarter, which are those that have larger or higher margins in these activities of Global Dominion Environment. This segment is the only one that has direct operations in the Gulf area, and this is why what we have mentioned the impacts that this could have. In the last months, we saw a certain degree of affectation, and we'll have to wait until to see what happens with the conflict. In any case, the maximum volume that could be affected was something like EUR 4 million of EBITDA, bearing in mind that during most of this quarter, we have operated with normality, and we've already added up turnover and margins.
Even so, at a global level, the activity of the area in this quarter has been influenced by the consolidation of the circular economy activity. We've reached a high level of recurrence both in Spain as well as abroad. We've also maintained a solid impulse for decarbonization activities with awards related to energy efficiency services in America and Europe. Let's move on now to Global Dominion Tech-Energy, an area that progresses the energy and digital transitions, which is divided into GDT Services and GDT Projects. On the one hand, GDT Services closes the first 3 months of the year with a business figure of EUR 106 million, which means that there's been a growth in turnover of +17% compared to the same period of the previous year.
This is the segment that most has grown organically, and its characteristic is recurrence. This gives us lots of visibility in terms of future turnover. It's in this segment where we have the most of the recent divestments carried out, especially done in order to carry out the transformation of the former activities of B2C and B2B, where we have divested in the virtual mobile operator and in the shop chain we operate with MasOrange. This is why the adjustment is carried out is very relevant to show a comparison of what this is all about. On the other hand, the margin of contribution, the contribution margin has also grown compared to the same period of the previous year, plus 8%, and reached a percentage over sales of 17.4%.
The growth of GDT Services is supported mainly by the acceleration of the electrification process and smart grids with more multi-annual contracts of a recurring character in Spain and Latin America. For instance, we have the renewal and extension for the contract with Enel in Colombia for 5 years, where we are now gonna be covering a new urban area. Finally, GDT Projects will close Q1 with a business figure of EUR 29.3 million, which represents a slump in our turnover of -17% compared to the same period of the previous year. Where whilst the contribution margin is not affected, it stands at 21.5%. That means that we're not talking about an impairment of operations, but rather about a lower level of execution resulting from this global uncertainty.
Although this has reduced the trust in this business and has made people cautious in terms of global investments, we have maintained the solidity of our portfolio with a backlog of EUR 308 million, which does incorporate many new contracts, but it doesn't really include any project cancellations. At aggregate level, GDT Projects accounts for 12% of our total sales and 60% of the contribution margin for the company in this first quarter. Finally, very quickly now, the possible balance sheet movements, although we have not presented the detailed balance sheet nor the positions of the net financial debt. In any case, it has to be pointed out that during this first quarter of 2026, there have been no relevant operations that have impacted cash generation.
There have been no expenditures associated with investments or funding or with extraordinary concepts like dividends. In this quarter, we've only generated operating cash flow and, well, we have the disbursements that have to do with some of the earn-out that had been previously agreed to, which have reached a total of EUR 8 million. After this review, I would like to thank you for your attention and move on now to the questions. We will be delighted to answer and clarify your doubts. Thank you very much.
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Okay, if you're connected by Zoom, you can send in your questions in writing, or you can just raise your hand at the bottom of the screen.
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Well, firstly, we have a question from Luis Padrón from FTSE.
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Please remember to switch on your microphone.
Hola, Luis.
Hello, Luis.
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I think you're muted.
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Can you hear me now?
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Can you hear me now?
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Wonderful. Okay, thank you very much.
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Please. I have several questions that perhaps you can help me with.
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How will the evolution of EBITDA and cash flow coincide or tally with sales? Well, you spoke about EBITDA sales, but there are no references as far as I can see in terms of guidance on EBITDA or cash flow. I think that this has not been reached, it's not been covered. I would like to know something else. Is there going to be a recovery in the area of projects? Finally, your divestments in assets, which you're currently working on. That's all from me. Thank you very much.
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Luis, I'll start off with the simplification thing.
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[Foreign language]Sí, creo que has hablado, bueno, de.[/Foreign language]
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[Foreign language] Bueno, para seguir con las personas que tienen la mano levantada, vamos a pasar este caso a Carlos Treviño, de Banco de Santander. Acuérdate del micrófono, Carlos.
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Hola, Carlos.
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Exacto. Se está refiriendo a la guía que dimos a final de año de, [/Foreign language]
[Foreign language] Los ajustes, digamos, que lleva la tabla.
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Perfecto.
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Álvaro, el total.
Álvaro,
Potencial presupuesto o facturación que podría haber en el Golfo.
Total, the potential budget for the-
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That could be related to that area, but we never think that that's going to happen, though.
Cristian.
Sí.
Lee la pregunta.
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The offerers are there, and I think that we will try to give it a go and close it before the end of the year.
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Rubén Alonso is asking about the new strategic plan and more in particular about the opportunities that we can develop in terms of data centers, electrification and grids.
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Well, I think that the new strategic plan.
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I think it's going to talk a lot.
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opportunities in relation to GDE, that is environmental thing. The rest of the transitions are also going to play an outstanding role, especially the digital transition, where the data centers are. This is just another infrastructure, one of the infrastructures that are required to digitize the economy. We're working on this, and this will form part of the plan. Above all, electrification and grids. Well, especially in the case of electric grids, this is going to be fundamental for the new strategic plan, because obviously the energy transition that we are experiencing is creating lots of infrastructural needs where we have lots of experience. Our historic business has to do with telecommunications, and we have plenty of experience. We know what we're talking about in terms of electric or grids.
I don't want to make any disclosures, but let's just make people excited about this until we present and expand. I think that it's important to underscore that we have a GDT that only has services and projects, that is, grid services or energy grids, as Patricia has just pointed out, as infrastructure projects that are also related to renewables and to the telecommunications technology or hospital technologies or renewable farms. GDE, which is where we have put our stakes on decarbonization and circular economy. We have the only one company, and we are concentrating all of our investment capacities there for the purpose of becoming leaders, European leader in terms of environmental systems and infrastructures.
A su vez, Rubén nos menciona lo siguiente, que Cerritos.
Rubén also points out the following, and that Cerritos-
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Is costing about EUR 900 million and EUR 3.6 million per year. He's asking us: "Could you please confirm how much interest we're paying on the Cerritos debt?
Well, as you point out quite rightly, at Cerritos, the activities have been interrupted, and it's been EUR 900,000 for this quarter, which is what we expect for the year. Unless there are other things that we have to take into account. Well, it would be something like EUR 3 million or EUR 4 million because of interrupted activities. This covers the expenses of the activities and the operating expenses of the farms, as well as financial expenses. We don't really have any financial expenses associated with Cerritos.
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I would like to remind you that if you want to ask any more questions, this is the time to do so. Should there be no more questions, we will finalize the session here and close it down.
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Okay. Well, let's finish the call here. Thank you very much for having connected to the presentation.
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Good afternoon, everybody. Thank you very much. Bye-bye.