**Gonzalo Pedro Urquijo de Araoz
CEO & Executive Director**
Thank you, Javier, and good morning to all. Welcome to the call once more.
Just as a reminder, in the third quarter, as we did in the first quarter, we only present financial results down to EBITDA, and we do not present the balance sheet.
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**Safety Update**
Firstly, I’ll start with safety. Our accident frequency rate is 5.54, which is an improvement compared to the previous quarter. The severity rate has also made progress. We are making significant efforts in this area, which is very important, especially when it comes to working with our subcontractors. Overall, we are seeing positive results.
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**Executive Summary**
Moving on to the executive summary, on the following page, we will discuss the extraordinary shareholders meeting and our current situation regarding the change in shareholdership.
The financial new transaction we are presenting has three main points, all of which will be submitted to the General Shareholders’ Meeting scheduled for December 12th.
At the core of this General Shareholders’ Meeting is the capital increase, which has been completed and fully subscribed by… [content to be continued].
https://seekingalpha.com/article/4844167-talgo-s-a-tllgf-q3-2025-earnings-call-transcript?source=feed_all_articles