Q2 2026 Obrascon Huarte Lain SA Earnings Call

August 13, 2026

Pedro Arellano: Welcome to the OHLA earnings presentation. We will be addressing the major milestones. We will then give way to questions and answers. If you wish to pose a question, please click the blue button on the upper right-hand button on your screens. I am happy to give the floor now to Tomás Ruiz, who will begin to address the issues.

Speaker #1: Welcome to the OHL earnings presentation. We will be addressing the major milestones, and then we will give way to questions and answers. If you wish to pose a question, please click the blue button on the upper right-hand side of your screen.

Speaker #1: I'm happy to give the floor now to Tomás Ruiz, who will begin to address the issues. Good morning, all, and thank you so very much for being with us today.

Tomás Ruiz: Good morning, all, and thank you so very much for being with us today. This is the H1 2026 earnings call. I am Tomás Ruiz, CEO of the OHLA Group. With us today is our CFO, Víctor Pastor, and Pedro Arellano, who is lead for investor relations and capital markets. I would like to begin this call with a general vision of the group's evolution over the first 6 months of the year 2026.

Tomás Ruiz: Good morning, all, and thank you so very much for being with us today. This is the H1 2026 earnings call. I am Tomás Ruiz, CEO of the OHLA Group. With us today is our CFO, Víctor Pastor, and Pedro Arellano, who is lead for Investor Relations and Capital Markets. I would like to begin this call with a general vision of the group's evolution over the first six months of the year 2026.

Speaker #1: This is the first half 2026 earnings call. I'm Tomás Ruiz, CEO of the OLA Group. With us today are our CFO, Víctor Pastor, and Pedro Arellano, who is lead for Investor Relations and Capital Markets.

Speaker #1: I'd like to begin this call with a general vision of the group's evolution over the first six months of the year 2026. OLA has completed the first half of 2026, consolidating the positive trend of its operating margins and its profitability indicators, which continue to improve.

Tomás Ruiz: OHLA has completed the H1 2026, consolidating the positive trend of its operating margins and its profitability indicators, which continue to improve both as regards the Q1 as well as vis-à-vis previous fiscal years. This evolution reflects the strength of our portfolio, our capacity to execute, and the sustained progress of the company's transformation. The numbers we share today, which you will find in the report that has been published a few hours ago, together with a limited review of the accounts to June, are the direct result of a strategy which has been executed in a disciplined manner, abiding by financial accountability measures and long-term vision. Over this period of time, we have continued to progress with the objectives that we had set forth for ourselves, reaffirming our operational solidity and our capacity to compete, grow, and create value for our shareholders.

Tomás Ruiz: OHLA has completed the H1 of 2026, consolidating the positive trend of its operating margins and its profitability indicators, which continue to improve both as regards the Q1 as well as vis-à-vis previous fiscal years. This evolution reflects the strength of our portfolio, our capacity to execute, and the sustained progress of the company's transformation. The numbers we share today, which you will find in the report that has been published a few hours ago, together with a limited review of the accounts to June, are the direct result of a strategy which has been executed in a disciplined manner, abiding by financial accountability measures and long-term vision. Over this period of time, we have continued to progress with the objectives that we had set forth for ourselves, reaffirming our operational solidity and our capacity to compete, grow, and create value for our shareholders.

Speaker #1: Both regarding the first quarter, as well as vis-à-vis previous fiscal years, this evolution reflects the strength of our portfolio, our capacity to execute, and the sustained progress of the company's transformation.

Speaker #1: The numbers we share today—which you will find in the report that has been published a few hours ago, together with a limited review of the accounts to June—are the direct result of a strategy which has been executed in a disciplined manner.

Speaker #1: Abiding by financial accountability measures and long-term vision, over this period of time we have continued to progress with the objectives that we had set forth for ourselves, reaffirming our operational solidity and our capacity to compete, grow, and create value for our shareholders.

Speaker #1: On the basis of this evolution, we reiterate the objectives that we announced to the market for the year 2026. Over the first half of the year, we have continued to reduce—to do away with—some of the leading historical uncertainties of the company.

Tomás Ruiz: On the basis of this evolution, we reiterate the objectives that we announced to the market for the year 2026. Over the H1, we have continued to reduce, to do away with some of the leading historical uncertainties of the companies. The final decision regarding Flaggers, which was announced to the market on 24 June, allows us to do away with a relevant contingency in our accounts and puts an end to the uncertainty associated to the case. Although the ruling has, of course, represented an extraordinary temporal and non-recurrent impact, it is an effect which is completely foreign to our performance and business, which does not affect the operational evolution of the company, which is a positive one. Furthermore, we foresee we will be offsetting its impact on cash over the H2 of the fiscal year.

Tomás Ruiz: On the basis of this evolution, we reiterate the objectives that we announced to the market for the year 2026. Over the H1 of the year, we have continued to reduce, to do away with some of the leading historical uncertainties of the companies. The final decision regarding Flaggers, which was announced to the market on 24 June, allows us to do away with a relevant contingency in our accounts and puts an end to the uncertainty associated to the case. Although the ruling has, of course, represented an extraordinary temporal and non-recurrent impact, it is an effect which is completely foreign to our performance and business, which does not affect the operational evolution of the company, which is a positive one. Furthermore, we foresee we will be offsetting its impact on cash over the H2 of the fiscal year.

Speaker #1: So, the final decision regarding flaggers, which was announced to the market on June 24, allows us to do away with a relevant contingency in our accounts and puts an end to the uncertainty associated with the case.

Speaker #1: Although the ruling has, of course, represented an extraordinary, temporal, and non-recurrent impact, it is an effect which is completely foreign to our performance and business, and does not affect the operational evolution of the company, which is a positive one.

Speaker #1: Furthermore, we foresee that we will be offsetting its impact on cash over the second half of the fiscal year. This progress with regards to risk and contingencies management is an add-on to the favorable ruling which we learned of some weeks ago regarding the M12, and continues with the advances reached in 2025 with regards to the CEDRA Hospital and the Doha subway, which, as we know, represented a materially positive impact for the company OHL.

Tomás Ruiz: This progress with regards risk and contingencies management is an add-on to the favorable ruling, which we knew of some weeks ago regarding the M-12 Motorway and continues with the advances reached in 2025 with regards the Sidra Hospital and the Doha Metro, which, as we know, represented a material positive impact for the company, OHLA. Together, these milestones allow us to continue to leave behind relevant uncertainties, and they allow us also to advance in the achievement of our business plan. We are a company that is more solid, foreseeable, one that clearly focuses on growth and value creation. The improvement of operational profitability is clearly reflected in the EBITDA recurrent for the group.

Speaker #1: Together, these milestones allow us to continue to leave behind relevant uncertainties, and they also allow us to advance in the achievement of our business plan.

Speaker #1: We are a company that is more solid and foreseeable, one that clearly focuses on growth and value creation. The improvement of operational profitability is clearly reflected in the recurrent EBITDA for the group.

Speaker #1: As you can see in the chart that was published and included in the report, within the title group performance, excluding the extraordinary non-recurrent impact of flaggers, which we discussed, the EBITDA of ongoing activities had reached €116.9 million. This represents a growth of 39% with regard to the same period of time in 2025 and an EBITDA margin of 6.7%.

Tomás Ruiz: As you can see in the chart that was published and included in the report within the title Group Performance, excluding the extraordinary non-recurrent impact of Flaggers, which we discussed, the EBITDA of ongoing activities had reached EUR 116.9 million, which represents a growth of 39% with regards the same period of time in 2025, and an EBITDA margin of 6.7%. Recurrent EBIT amounted to EUR 78.7 million, which is 770.3 more than over the same period of time in 2025, the margin being 4.5%. Now, if to the above, we add the results of the Servicios or Services division, which is classified as activities for sale, OHLA sales amounted to EUR 2.035 billion, which is 3.4% more than over the same timeline in 2025. EBITDA, as reported, amounts to EUR 103.6 million, the growth being of 20.3% and the margin 5.1%. The group continues to advance with its structural cost savings plan.

Speaker #1: Recurrent EBIT amounted to €78.7 million, which is €77.3 million more than over the same period of time in 2025, the margin being 4.5%. Now, if to the above we add the results of the Servicios – or Services – division, which is classified as activities for sale, OLA sales amounted to €2.035 billion, which is 3.4% more than over the same timeline in 2025.

Tomás Ruiz: Recurrent EBIT amounted to EUR 78.7 million, which is 770.3 more than over the same period of time in 2025, the margin being 4.5%. Now, if to the above, we add the results of the Servicios or Services division, which is classified as activities for sale, OHLA sales amounted to EUR 2.035 billion, which is 3.4% more than over the same timeline in 2025. EBITDA, as reported, amounts to EUR 103.6 million, the growth being of 20.3% and the margin 5.1%. The group continues to advance with its structural cost savings plan.

Speaker #1: EBITDA, as reported, amounts to €103.6 million, with growth of 20.3%, and a margin of 5.1%. The Group continues to advance with its structural cost savings plan.

Speaker #1: The relative weight of these costs is already now at 3.7% of sales, and we foresee, as we said the last time we addressed earnings, we expect, as I say, to reach 85% of total savings as announced at the end of this year, 2026, and this will doubtless continue to contribute to improving margins and efficiency of the organization in general.

Tomás Ruiz: The relative weight of these costs is already now at 3.7% of sales, and we foresee, as we said the last time we addressed earnings, we expect, as I say, to reach 85% of total savings as announced at the end of this year 2026, and this will doubtless continue to contribute to improving margins and efficiency of the organization in general. Attributable net results amounted to EUR 0.5 million, as I said, after being affected by the extraordinary impact of Flaggers. Excluding this effect, the number would have been EUR 27.1 million. This, of course, compares very favorably with the losses that were registered in the H1 of 2025 and also represent an improvement vis-à-vis results reached the Q1 of 2026. We must underscore with a capital U, that we have closed the H1 of 2026 with a total liquidity position of EUR 711.3 million.

Speaker #1: Attributable net results amounted to €0.5 million, as I said, after being affected by the extraordinary impact of flaggers. Excluding this effect, the number would have been €27.1 million, and this, of course, compares very favorably with the losses that were registered in the first half of 2025 and also represents an improvement vis-à-vis results reached in the first quarter of 2026.

Speaker #1: We must underscore we must underscore with a capital U that we have closed the first half of 2026 with a total liquidity position of 711.3 million euros, remember it was 613 million euros, that we registered at the end of the first quarter.

Tomás Ruiz: Remember, it was EUR 613 million that we registered at the end of the Q1. Over the Q2 of the year, the group has registered a cash generation of EUR 96.4 million, and this, of course, taking into account the seasonal consumption of cash in the first 3 months of the fiscal year. Now, payment associated to the Flaggers case was carried out in July 2026, and therefore after the end of the half year. This outlay, of course, resulted from Judlau in the United States of America, and it was dealt with own resources, not affecting the parent company. It's interesting to keep this data in mind, in perspective, contextualizing, because it consolidates a positive trend sustained over time and makes manifest the solid nature of our business model. The company continues to prove its mettle.

Speaker #1: Over the second quarter of the year, the group has registered cash generation of €96.4 million—this, of course, taking into account the seasonal consumption of cash in the first three months of the fiscal year.

Speaker #1: Now, payment associated with the flaggers case was carried out in July 2026, and therefore after the end of the half year. This outlay, of course, resulted from JUDLAO in the United States of America, and it was dealt with using own resources, not affecting the parent company.

Speaker #1: It's interesting to keep these data in mind and in perspective, contextualizing them, because they consolidate a positive trend sustained over time and make manifest the solid nature of our business model.

Speaker #1: The company continues to prove its mettle. It defends its margins and its profitability levels, which are competitive vis-à-vis our peers in a very demanding setting, at the same time as it strengthens trust in the achievement of our business plan and objectives committed to for 2026.

Tomás Ruiz: It defends its margins, it defends its profitability levels, which are competitive vis-à-vis our peers in a very demanding setting, at the same time as it strengthens trust in the achievement of our business plan and objectives committed to for 2026. Booking for the group amounts to EUR 1.8383 billion, which is a book-to-bill ratio of 0.9 in this period of time. Now, the diversification is appropriate in geographical terms, in terms of size, in terms of types. All of the projects currently under execution do not amount to EUR 400 million each. This explains that the total portfolio, which includes the services activity, amounts to EUR 9.6 billion, which is 2.6% more than the number we saw in June 2025.

Speaker #1: Booking for the group amounts to €1,838.3 million, which is a book-to-bill ratio of 0.9 in this period of time. Now, the diversification is appropriate in geographical terms, in terms of size, and in terms of types. All of the projects currently under execution do not amount to €400 million each.

Speaker #1: This explains that the total portfolio, which includes the services activity, amounts to €9.6 billion, which is 2.6% more than the number we saw in June 2025.

Speaker #1: Among the more important projects that have been awarded to our group, we would underscore our stake in the construction of the new Malaga hospital and works in the station for Line 7 in the Santiago de Chile metro or subway.

Tomás Ruiz: Among the more important projects that have been awarded to our group, we would underscore our stake in the construction of the new Málaga Hospital and works in station for Line 7 in the Santiago Metro. In the short term, we would be talking about a coverage of activity of 25.4 months. That is an improvement. If we think of June 2025, that number there was 24.3. By divisions now, Construction has grown its number to 4%, and now we would talk of EUR 1.651 billion with an EBITDA of EUR 120 million over this period of time, which represents a margin of 7.3%. Very similar to fiscal year 2025 and the highest for the years that go between 2017 and H1 2026. These data compare very favorably with a EUR 109 million EBITDA in H1 2025. The margin there was 6.8%.

Speaker #1: In the short term, we would be talking about a coverage of activity of 25.4 months. That's an improvement—if we think of June 2025, that number was 24.3.

Speaker #1: By divisions now, Construction has grown its number to 4%, and now we would talk of €1.651 billion with an EBITDA of €120 million over this period of time, which represents a margin of 7.3%.

Speaker #1: Very similar to fiscal year 2025, and the highest for the years that go between 2017 and the first half of 2026. These data compare very favorably with a €109 million EBITDA in the first half of 2025.

Speaker #1: The margin there was 6.8%. This improvement reflects the combined effect of cost savings in structural terms and the progressive improvement of the portfolio.

Tomás Ruiz: This improvement reflects the combined effect of cost savings in structural terms and the progressive improvement of the portfolio. Booking over the same period of time has been of EUR 1.529 billion. Therefore, our construction portfolio is at EUR 7.9 billion, or 28.3 months of sales at current levels. This is important if we compare with the 26.8 months of sales, which was the number in June 2025. I repeat, it is well nigh two and a half years of sales. As to the Industrial division, I would just comment that the sales have been of EUR 78 million in H1. EBITDA amounts to EUR 5.9 million, with an EBITDA margin of 7.5%, which compares very favorably with the negative EBITDA of EUR 13.13 million for the same period but back in 2025.

Speaker #1: Now, bookings over the same period of time have been €1.5 to €9 billion; therefore, our construction portfolio is at €7.9 billion, or 28.3 months of sales at current levels.

Speaker #1: And this is important if we compare with the 26.8 months of sales, which was the number in June 2025. I repeat, it's well nigh two and a half years of sales.

Speaker #1: Now, as to the industrial division, I would just comment that the sales have been of 78 million euros in the first half, EBITDA amounts to 5.9 million euros, with an EBITDA margin of 7.5%, which compares very favorably with the negative EBITDA of 13.13 million euros for the same period, but back in 2025.

Speaker #1: This evolution is due to the putting into production of the contracts awarded in 2025 and the end of litigation, which adversely affected the numbers for the previous fiscal year, as we have informed.

Tomás Ruiz: This evolution is due to the putting into production of the contracts awarded in 2025 and the end of litigation, which adversely affected the numbers for the previous fiscal year, as we have informed. The orders portfolio for the division amounts to EUR 109 million, which represents 11.6 months sales. Finally, allow me to address now the non-quantitative part, a very important part in terms of milestones and progress achieved by the group in its sum total. As you know, in 2025, we cleared away some longstanding uncertainties that affected the company with the rulings regarding the Sidra Hospital and the Doha Metro, which together represented a material impact, both in reputational terms as well as in the contingency mitigation activities for the group.

Speaker #1: The orders portfolio for the division amounts to €109 million, which represents 11.6 months' sales. And finally, allow me to address now the non-quantitative part, but very important part in terms of milestones and progress achieved by the group in its sum total.

Speaker #1: As you know, in 2025 we cleared away some long-standing uncertainties that affected the company with the rulings regarding the SIDRA hospital and the Doha subway, which together represented a material impact both in reputational terms as well as in the contingency mitigation activities for the group.

Speaker #1: In the first half of 2026, we have continued to abide by our management policies to mitigate risks. In legal terms, we have achieved major rulings that do away with material contingencies for the company.

Tomás Ruiz: In this H1 2026, we have continued to abide by our management politics, mitigating risks, and in legal terms, we have achieved major rulings to do away with material contingencies for the company. I have already given information regarding the ruling related to the Judlau Contracting or flaggers in the United States of America. The final decision allows us to do away with a contingency and puts an end to uncertainties generated over a number of fiscal years, thus bolstering the visibility of the business for the OHLA Group. Payment was completed in July 2026 after the end of H1, and as we said before, the amounts were paid for from our subsidiary and there was no impact borne by the parent company.

Speaker #1: I have already given information regarding the ruling related to the JUDLAO contracting or flaggers in the United States of America. The final decision allows us to do away with a contingency and puts an end to uncertainties generated over a number of fiscal years, thus bolstering the visibility of the business for the OLA as a group.

Speaker #1: Payment was completed in July 2026, after the end of the first half. As we said before, the amounts were paid from our subsidiary, and there was no impact borne by the parent company.

Speaker #1: Furthermore, after the end of that first half, the Civil Chamber of the Supreme Court dismissed the appeals against OHL in their entirety, as presented by a number of securitization funds.

Tomás Ruiz: Furthermore, after the end of H1, the civil chamber of the Supreme Court dismissed the appeals against OHLA in their entirety as presented by a number of securitization funds. This had to do with a construction cost deviation in relation with the M-12 Motorway that accesses the Madrid Adolfo Suárez Madrid Barajas Airport. This ruling puts an end favorably to the claims against our company, amounting to EUR 212 million plus EUR 71 million in interest. Finally, as you know, we agreed to segregate the assets of Centro Canalejas Madrid, whereby OHLA achieved full independence in management and control of Galería Canalejas and the main parking area thereof.

Speaker #1: And this had to do with a construction cost deviation in relation to the highway M12 that accesses the Madrid Adolfo Suárez Madrid-Barajas Airport. This ruling puts an end, favorably, to the claims against our company amounting to €212 million plus €71 million in interest.

Speaker #1: And finally, as you know, we agreed to segregate the assets of Centro Canalejas Madrid, whereby OHL achieved full independence in management and control of Galería Canalejas and the main parking area thereof.

Speaker #1: So, as a conclusion, allow me to complete this call by underscoring that this first half 2026 reflects again a tangible improvement in terms of profitability, operational efficiency, and margins, as well as a notable recovery in the arena of cash generation in the second quarter.

Tomás Ruiz: As a conclusion, allow me to complete this call by underscoring that this H1 2026 reflects, again, a tangible improvement in terms of profitability, operational efficiency, and margins, as well as a notable recovery in the arena of cash generation in Q2. These numbers consolidate a positive trend which is sustainable over time and make evident the fact that our business model is solid. We continue to prove our robustness in a very demanding setting. We continue to progress in our cost-cutting plan, cost savings plan. The weight is already up 3.7% of sales. We have continued to provide solution to the leading uncertainties and historical contingencies of the company. Flaggers and the favorable ruling for the M-12 case, I think, are the clearest cases.

Speaker #1: These numbers consolidate a positive trend, which is sustainable over time, and make evident the fact that our business model is solid. We continue to prove our robustness in a very demanding setting.

Speaker #1: We continue to progress in our cost-cutting plan, cost-savings plan. The weight is already at 3.7% of sales. We have continued to provide solutions to the leading uncertainties and historical contingencies of the company—flaggers and the favorable ruling for the M12 case, I think, are the clearest cases.

Speaker #1: We reiterate that we are certain we will achieve our business plan and the objectives we have committed to vis-à-vis the market for the year 2026.

Pedro Arellano: We reiterate that we are certain that we will achieve our business plan and the objectives we have committed to vis-à-vis the market for the year 2026. Once again, we have proven that we are able to make good on our promises, and we can advance thanks to our disciplined and prudent approach, which will allow us to continue to grow to a solid and foreseeable company. Thank you very much for your attention, and we now proceed to questions. Good morning again. We are beginning our Q&A. If you wish to pose a question, please click the blue button, which is up on the right-hand of your screen. Thank you. Question number one is one that has to do with the Flaggers case. What has the impact been? What are the amounts that the company believes it will recover and when? There is a number of questions, Tomás.

Tomás Ruiz: We reiterate that we are certain that we will achieve our business plan and the objectives we have committed to vis-à-vis the market for the year 2026. Once again, we have proven that we are able to make good on our promises, and we can advance thanks to our disciplined and prudent approach, which will allow us to continue to grow to a solid and foreseeable company. Thank you very much for your attention, and we now proceed to questions.

Speaker #1: Once again, we have proven that we are able to make good on our promises, and we can advance thanks to our disciplined and prudent approach, which will allow us to continue to grow into a solid and foreseeable company.

Speaker #1: Thank you very much for your attention, and we will now proceed to questions. Good morning again. We are beginning our Q&A. If you wish to pose a question, please click the blue button, which is in the upper right-hand corner of your screens.

Pedro Arellano: Good morning again. We are beginning our Q&A. If you wish to pose a question, please click the blue button, which is up on the right-hand of your screen. Thank you. Question number one is one that has to do with the Flaggers case. What has the impact been? What are the amounts that the company believes it will recover and when? There is a number of questions, Tomás.

Speaker #1: Thank you. Question number one is related to the Flaggers case. What has the impact been, and what are the amounts that the company believes it will recover, and when?

Speaker #1: There are a number of questions, Tomás. The flaggers case has represented a temporary and extraordinary impact. The payment of €45.2 million was made in July using the company's own financial resources. It was the subsidiary, JUDLAO, and did not impact the parent company.

Tomás Ruiz: The Flaggers case has represented a temporal and extraordinary impact. Temporary and extraordinary. The payment is USD 45.2 million, was paid in July using the company's own financial resources. It was the subsidiary, Judlau, and did not impact the parent company. In accordance with the criteria of prudence, which we abide by, we have registered cohesively in June the accounting impact, which was EUR 20.8 million. This was the ruling affecting us at an EBITDA level and the rest in financials under EBITDA. The end of the case spells for the company, the end of one of the more important legal contingencies, which was open and which dates from years back. Parallel to all of this, let me underscore this, OHLA continues to advance.

Speaker #1: In accordance with the criteria of prudence, which we abide by, we have registered cohesively in June the accounting impact, which was €20.8 million. This was the ruling affecting us at an EBITDA level, and the rest in financials under EBITDA.

Speaker #1: The end of the case spells for the company the end of one of the more important legal contingencies which was open and which dates back years.

Speaker #1: And parallel to all of this—let me underscore this—OHL continues to advance. It has launched legal actions and hopes to recover in a period of time that will last between 6 and 12 months.

Tomás Ruiz: It has launched legal actions and hopes to recover in a period of time that will last between 6 and 12 months, the total amount of monies involved. There are more questions coming in now. One is, what plans does the company have to refinance the bonds? Well, OHLA, at this point, is working on a number of alternatives with the aim of finding the best possible window to refinance the bonds between the end of 2026 and the H1 of 2027. Looking, as I say, for the best possible window. The market shall be brought up to date, of course. There is another question, which is posed by a number of persons, and it has to do with what state is the one affecting our asset rotation reality. Well, let me say, Centro Canalejas Madrid.

Speaker #1: The total amount of monies involved. There are more questions coming in now. One is: what plans does the company have to refinance the bonds?

Speaker #1: Well, OLA at this point is working on a number of alternatives, with the aim of finding the best possible window to refinance the bonds between the end of 2026 and the first half of 2027.

Speaker #1: Looking, as I say, for the best possible window. The market shall be brought up to date, of course. And there's another question, another question which is posed by a number of persons, and it has to do with: what state is the one affecting our asset rotation reality?

Speaker #1: Well, let me say, Centro Canalejas Madrid, after the segregation of that asset—Centro Canalejas Madrid—we, OHL, are independent, fully independent. We can manage and control the Galería Canalejas proper and the main parking lot.

Pedro Arellano: After the segregation of that asset, Centro Canalejas Madrid, we, OHLA, are independent, fully independent. We can manage and control the Galería Canalejas proper and the main parking lot. At this point, the asset is at a ramp-up phase. As you know, it opened after the pandemic, and this affected the beginning. Now it is advancing smoothly, and the company forecasts that it will initiate a possible disinvestment towards the end of 2026 or perhaps the H1 of 2027. From an accounting point of view, assets and liabilities associated to Proyecto Canalejas continue to be classified as kept for sale. At this point, regarding division of Servicios, disinvestment of Ingesan has been launched and potential buyers are working. There is information that is being shared, and the market, of course, shall be brought up to date if there are any news to share. Thank you, Tomás.

Tomás Ruiz: After the segregation of that asset, Centro Canalejas Madrid, we, OHLA, are independent, fully independent. We can manage and control the Galería Canalejas proper and the main parking lot. At this point, the asset is at a ramp-up phase. As you know, it opened after the pandemic, and this affected the beginning. Now it is advancing smoothly, and the company forecasts that it will initiate a possible disinvestment towards the end of 2026 or perhaps the H1 of 2027. From an accounting point of view, assets and liabilities associated to Proyecto Canalejas continue to be classified as kept for sale. At this point, regarding division of Servicios, disinvestment of Ingesan has been launched and potential buyers are working. There is information that is being shared, and the market, of course, shall be brought up to date if there are any news to share.

Speaker #1: At this point, the asset is at a ramp-up phase, as you know. It opened after the pandemic, and this affected the beginning, but now it is advancing smoothly. The company forecasts that it will initiate a possible disinvestment towards the end of 2026 or perhaps the first half of 2027.

Speaker #1: From an accounting point of view, assets and liabilities associated with Proyecto Canalejas continue to be classified as held for sale. At this point, regarding the Services division, the disinvestment of Intersun has been launched, and potential buyers are working—there's information that is being shared. The market, of course, will be brought up to date if there is any news to share.

Speaker #1: Thank you, Tomás. We have another question which crops up which is, the the pending debt with a group will be your mere what is the status, please?

Pedro Arellano: Thank you, Tomás. We have another question which crops up, which is the pending debt with Grupo Villar Mir. What is the status, please?

Víctor Pastor Fernández: We have another question which crops up, which is the pending debt with Grupo Villar Mir. What is the status, please? Good morning, all. I am Victor Pastor, and thank you very much for joining us this morning. We are talking about H1 of 2026. Our legal department has been working over the past few weeks. We have seen that there has been a consolidation. It has not been successful, and at the end of the summer, come September, we will probably be seeing litigation in order to recover those amounts pending. The case will continue, and we will keep you apprised if there is any news to share. Thank you, Victor. Another question, which is, can we confirm the conditions of collection for the Doha Metro? Yes, Doha was collected in May. EUR 44 million were collected, were received.

Speaker #1: Good morning, all. I'm Victor Pastor, and thank you very much for joining us this morning. We are talking about the first half of 2026. Our legal department has been working over the past few weeks.

Víctor Pastor Fernández: Good morning, all. I am Victor Pastor, and thank you very much for joining us this morning. We are talking about H1 of 2026. Our legal department has been working over the past few weeks. We have seen that there has been a consolidation. It has not been successful, and at the end of the summer, come September, we will probably be seeing litigation in order to recover those amounts pending. The case will continue, and we will keep you apprised if there is any news to share.

Speaker #1: We have seen that there has been a conciliation; it has not been successful, and at the end of the summer, come September, we will probably be seeing litigation in order to recover those amounts pending.

Speaker #1: The case will continue, and we will keep you apprised if there is any news to share. Thank you, Victor. Another question: Can we confirm the conditions of collection for the Doha subway?

Pedro Arellano: Thank you, Victor. Another question, which is, can we confirm the conditions of collection for the Doha Metro?

Speaker #1: Yes, Doha was collected in May. €40 million were collected, were received. That was excellent information because there had been political problems—the conflict in that part of the world—there had been delays. But we, in fact, collected those €44 million in the month of May.

Víctor Pastor Fernández: Yes, Doha was collected in May. EUR 44 million were collected, were received. That was excellent information, because there had been political problems, the conflict in that part of the world, there had been delays, but we in fact collected those EUR 44 million in the month of May.

Pedro Arellano: That was excellent information, because there had been political problems, the conflict in that part of the world, there had been delays, but we in fact collected those EUR 44 million in the month of May. A question from Alantra, Mariano Miguel asks whether we can give guidance for the H2 of this year for 2027, and also are there details about sales? About the sales, I think Tomás has just answered that question. As to 2027, 2028, 2029 for the company, I will call you in a couple of minutes and we can talk about this, but as you know, we only give guidance for the year in course, and earnings, well, the company ratifies its guidance for this year. Furthermore, another question, which again crops up. A number of investors want to know how many cases, what litigation, yes, litigation, is pending.

Pedro Arellano: A question from Alantra, Mariano Miguel asks whether we can give guidance for the H2 of this year for 2027, and also are there details about sales?

Speaker #1: A question from Alandra. Mariano de Miguel asks whether we can give guidance for the second half of this year, for 2027, and also if there are details about sales.

Speaker #1: About the sales, I think Tomás has just answered that question now as to 2027, 2028, and 2029 for the company. I'll call you in a couple of minutes and we can talk about this, but as you know, we only give guidance for the year in course and, as well, the company ratifies its guidance for this year.

Víctor Pastor Fernández: About the sales, I think Tomás has just answered that question. As to 2027, 2028, 2029 for the company, I will call you in a couple of minutes and we can talk about this, but as you know, we only give guidance for the year in course, and earnings, well, the company ratifies its guidance for this year. Furthermore, another question, which again crops up. A number of investors want to know how many cases, what litigation, yes, litigation, is pending.

Speaker #1: And furthermore, another question which again crops up: a number of investors want to know, how many cases—what litigation, yes, litigation—is pending?

Speaker #1: Could we provide a summary? Well, let me just say we've just published we've just published for the first half of 2026 the CNMV in Spain and so on in information good for June and there is nothing in our audit no exceptions everything is crystal clear and there is information regarding litigation there as Tomás has said we have done away with two very important contingencies together with the ones that were done away with last year so we have flaggers we have the M12 so I think it's fair to say that the company now is in fact providing a solution to all of these pending cases.

Pedro Arellano: Well, let me just say, we have just published for the H1 2026, the CNMV in Spain and so on, information good for June, and there is nothing in our audit, no exceptions. Everything is crystal clear, and there is information regarding litigation there. As Tomás has said, we have done away with two very important contingencies, together with the ones that were done away with last year. We have Flaggers, we have the M-12. I think it is fair to say that the company now is, in fact, providing a solution to all of these pending cases. I believe now that the questions coming in are very similar to the ones that have been posed already, the Doha Metro and more. Yes, all of that information has been provided. I do not think there is any other different question.

Víctor Pastor Fernández: Well, let me just say, we have just published for the H1 2026, the CNMV in Spain and so on, information good for June, and there is nothing in our audit, no exceptions. Everything is crystal clear, and there is information regarding litigation there. As Tomás has said, we have done away with two very important contingencies, together with the ones that were done away with last year. We have Flaggers, we have the M-12. I think it is fair to say that the company now is, in fact, providing a solution to all of these pending cases. I believe now that the questions coming in are very similar to the ones that have been posed already, the Doha Metro and more. Yes, all of that information has been provided.

Speaker #1: I believe now that the questions coming in are very similar to the ones that have been posed already—the Doha subway and more—so yes, all of that information has been provided. I don't think there's any other different question. Let me take a look and see whether I am leaving any question behind. No, Victor, then questions that may come now, if you will, I think that we can provide answers to from our Investor Relations department.

Pedro Arellano: I do not think there is any other different question. Let me take a look and see whether I am leaving any question behind. No. Victor, then, questions that may come now, if you will. I think that we can provide answers from our investor relations department. I do apologize if I have left any question unpronounced, but I think not. I think that we have provided responses to all of the questions that have been sent on to us. Let me again say thank you very much to all for having joined us. It is the month of August, so special thanks. Thank you for your time, and we are available. The investor relation department is available for further clarification. If there is nothing else, thank you very much. Everybody, please have a good August. Everybody, get plenty of rest, and we will see you soon next time.

Pedro Arellano: Let me take a look and see whether I am leaving any question behind. No. Victor, then, questions that may come now, if you will. I think that we can provide answers from our investor relations department. I do apologize if I have left any question unpronounced, but I think not. I think that we have provided responses to all of the questions that have been sent on to us. Let me again say thank you very much to all for having joined us. It is the month of August, so special thanks. Thank you for your time, and we are available. The investor relation department is available for further clarification. If there is nothing else, thank you very much. Everybody, please have a good August. Everybody, get plenty of rest, and we will see you soon next time.

Speaker #1: I do apologize if I have left any question unanswered, but I think not. I believe that we have provided responses to all of the questions that have been sent to us.

Speaker #1: So let me again say thank you very much to all for having joined us. It is the month of August, so special thanks. Thank you for your time, and we are available—the Investor Relations department is available—for further clarification. If there is nothing else, thank you very much, everybody. Please have a great day.

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