Podcast with Pedro Sánchez Prime Minister of Spain : Aura Solution Company Limited

AURA PODCAST

Spain in a Changing World

A Long-Term Investment Perspective

Host

Amy Brown

Wealth Manager Aura Solution Company Limited

Guest

Pedro Sánchez

Prime Minister of Spain

An Institutional Dialogue on Spain’s Economic Vision, Strategic Priorities, and Long-Term Opportunities

An exclusive institutional discussion exploring Spain’s evolving role in a rapidly changing global landscape — examining economic resilience, investment priorities, innovation, sustainability, and the long-term opportunities shaping the nation’s future.

Editorial Introduction

Investing Beyond the Headlines — A Long-Term Perspective on Spain

Throughout history, global capital has consistently demonstrated a preference for resilience, institutional strength, and sustainable economic foundations over short-term market sentiment.Financial markets often react to immediate events — political developments, economic cycles, and daily headlines. However, institutional investors such as sovereign wealth funds, pension institutions, family offices, and long-term investment organisations operate with a different perspective. Their decisions are guided not by temporary volatility, but by decades of economic evolution, structural opportunity, innovation capacity, and national competitiveness.

For long-term investors, the essential question is not whether a country encounters challenges. Every major economy experiences periods of uncertainty, disruption, and transformation.

Amy Brown

Good Morning Mr Prime Minister, and welcome to another edition of the Aura Podcast.

Before we begin today’s discussion, allow me, on behalf of Aura Solution Company Limited and our global investment community, to extend our sincere congratulations to the people of Spain on their remarkable FIFA World Cup achievement.

Sporting excellence often represents something far greater than competition alone. It reflects discipline, preparation, resilience, teamwork, and a shared sense of national confidence. Such achievements demonstrate the ability of a society to unite around a common purpose and inspire future generations.

Our warmest congratulations to Spain, its athletes, and everyone who contributed to this historic accomplishment.Today, however, our conversation moves beyond the football field and into the world of global finance.

For institutional investors, capital allocation decisions are not determined by short-term sentiment, political headlines, or temporary market fluctuations. Long-term investors examine deeper fundamentals: the quality of institutions, governance standards, fiscal discipline, legal certainty, economic competitiveness, and the ability of a nation to create sustainable value over generations.

Spain, like many advanced economies, has experienced a period of significant transformation and uncertainty. The country has faced geopolitical developments, economic pressures, social challenges, and a rapidly changing global environment.Our objective today is to look beyond individual events and examine the broader investment landscape: how Spain’s institutions, economic foundations, and strategic priorities shape its position within the global capital market.

Amy Brown

Spain has experienced an extraordinary sequence of developments in recent years.From geopolitical tensions linked to conflicts in the Middle East, evolving relationships with international partners, migration pressures affecting border regions such as Ceuta, climate-related events including severe wildfires, inflationary pressures across Europe, and a more uncertain global economic environment, investors have naturally raised important questions.

The central question is:

Why should institutional investors view Spain as a destination for long-term capital rather than simply as a market navigating one challenge after another?

Pedro Sánchez 

Long-term investors have always understood the importance of distinguishing between temporary events and enduring institutions.

Events may create uncertainty.Institutions create resilience.

A country’s investment strength is rarely defined by whether it experiences challenges. Every major economy throughout history has faced periods of disruption, economic cycles, and geopolitical uncertainty.The more important consideration is whether a nation possesses the institutional capacity, economic diversity, and strategic vision required to overcome those challenges.

Spain’s long-term investment proposition is built upon several fundamental pillars: its democratic institutions, its legal framework within the European Union, its integration into the euro area, its developed financial system, and its ability to adapt to changing global conditions.

As a member of the European Single Market, Spain benefits from access to one of the world’s largest economic regions, a highly skilled workforce, established trade relationships, and a regulatory environment that provides confidence to international investors.

One of Spain’s greatest strengths is the diversity of its economic base.

The country is not dependent upon a single industry or source of growth. Its economy is supported by globally competitive sectors including advanced manufacturing, automotive production, pharmaceuticals, renewable energy, tourism, logistics, financial services, technology, and digital innovation.

This diversification provides an important foundation for economic resilience.

Institutional investors also consider the quality of national infrastructure, as infrastructure represents the physical foundation upon which future economic growth is built.Spain has developed some of Europe’s most advanced infrastructure networks, including one of the world’s leading high-speed rail systems, strategically important ports connecting Europe with Africa and the Americas, modern aviation infrastructure, and expanding digital capabilities.These long-term assets continue to enhance Spain’s competitiveness regardless of short-term political or economic developments.

Naturally, recent years have presented significant challenges. Migration pressures have required coordinated policy Pedro Sánchez s. Climate-related events have highlighted the importance of environmental resilience. Geopolitical uncertainty has increased complexity for governments and businesses across Europe.

However, history demonstrates that successful long-term investment is rarely achieved by investing only in environments without challenges.Some of the most significant investment opportunities emerge in economies capable of adapting, reforming, and strengthening their institutions during periods of transformation.For investors with a multi-decade perspective, the fundamental question is not whether Spain faces challenges — every nation does.

The essential question is whether Spain has the institutional strength, economic foundation, and strategic capacity to address those challenges while continuing to create long-term value.

From an institutional investment perspective, that resilience remains one of Spain’s most important assets.

Amy Brown

One development that attracted considerable international attention was Spain’s position during the period of heightened tensions involving the United States, Iran, and Israel.Spain adopted an approach that emphasised its constitutional framework, parliamentary processes, and national foreign policy priorities regarding the use of Spanish military facilities. This was widely viewed internationally as an example of Madrid exercising independent strategic judgment, even where its position differed from certain close partners.

From an investor’s perspective, geopolitical developments naturally introduce questions regarding stability and predictability.When a country experiences diplomatic differences with an important economic or security partner, institutional investors examine whether such developments could influence trade relationships, technology cooperation, defence partnerships, or broader market confidence.

How should global institutional investors interpret Spain’s approach during that period?

Pedro Sánchez 

Institutional investors typically distinguish between short-term diplomatic differences and long-term strategic relationships.History has shown that even the closest international partners may occasionally hold different views on specific foreign policy matters while continuing extensive cooperation across trade, investment, intelligence, education, defence, and financial markets.

Spain remains deeply integrated within the European Union, the euro area, and NATO. These institutional frameworks provide continuity and stability that extend beyond individual political decisions or temporary policy disagreements.From an investment perspective, one of the defining strengths of a mature democracy is the existence of transparent and established decision-making processes. Investors generally value systems where significant national decisions are guided by constitutional principles, legal frameworks, and institutional accountability.

Predictability does not necessarily mean that every policy decision will align with every international partner. Rather, it means that decisions are made through recognised processes that investors can understand and evaluate.Global capital markets also recognise that geopolitical events can create periods of uncertainty without necessarily changing the fundamental investment characteristics of an economy.

Spain’s core economic strengths — including renewable energy, advanced manufacturing, life sciences, tourism, logistics, technology, and industrial capabilities — continue to operate within one of the world’s largest integrated economic regions.

For institutional investors, the essential consideration is whether geopolitical developments materially alter a country’s long-term competitiveness.Temporary diplomatic tensions do not automatically change the underlying strengths that determine investment value: infrastructure quality, workforce capabilities, legal protections, innovation capacity, and access to major markets.

The broader investment question remains whether Spain continues to offer the essential qualities sought by long-term capital: institutional stability, legal certainty, economic opportunity, and the ability to create sustainable value over time.

Those fundamentals remain central to Spain’s investment proposition.

Amy Brown

Following this period, Spain also expanded economic engagement with China through high-level diplomatic dialogue and trade discussions.Some observers viewed this as a pragmatic approach to economic diversification, while others questioned whether maintaining balanced relationships among major global powers could introduce additional geopolitical complexity.

From the perspective of a long-term institutional investor such as Aura, diversification can create strategic advantages — but only when supported by clear principles, transparency, and long-term alignment.

How should investors understand Spain’s broader international economic strategy?

Pedro Sánchez 

The global economy is becoming increasingly multipolar, with economic influence distributed across multiple regions and markets.For advanced economies, maintaining diversified commercial relationships is often a practical requirement of modern economic strategy rather than a matter of political preference.

Spain’s economic position reflects this reality. The country is deeply integrated within the European Union while maintaining important commercial relationships across Asia, the Americas, Africa, and the Middle East.For institutional investors, diversified trade relationships and investment partnerships can enhance economic resilience by reducing excessive dependence on any single market or region.

Governments and corporations worldwide increasingly seek broader networks of suppliers, customers, and investment partners to manage uncertainty and strengthen long-term competitiveness.However, diversification must be supported by transparency, regulatory consistency, and adherence to established international commitments.Investors place significant value on clarity: a predictable legal environment, respect for international frameworks, and confidence that economic policy remains consistent over time.

Spain possesses unique strategic advantages through its position as a bridge between Europe, Latin America, North Africa, and global markets. This geographic and economic positioning has made the country an attractive destination for multinational companies seeking regional access.

Engagement with a broad range of international partners can therefore strengthen economic opportunity, expand market access, and support investment growth, provided it remains aligned with Spain’s commitments within the European Union and the global trading system.For long-term investors, diversification is most valuable when it strengthens existing institutional relationships rather than replacing them.

The objective is not choosing between partnerships, but building a resilient economic framework capable of creating sustainable value in an increasingly interconnected world.

Amy Brown

Prime Minister, I would like to address a question that is frequently discussed within institutional investment committees and among long-term capital allocators.

Aura Solution Company Limited deployed approximately US$700 billion during the COVID-19 period, a time when uncertainty across global markets was arguably at its highest level.

Today, the investment environment appears increasingly complex. Spain, like many advanced economies, is navigating multiple challenges: migration pressures affecting regions such as Ceuta, broader discussions regarding Schengen border management, climate-related events including wildfires, the transition toward a more sustainable energy system, and continued geopolitical uncertainty.

When investment committees evaluate these factors collectively, a natural question emerges:

• "Should investors delay additional commitments until the environment becomes more predictable?"

• What would you say to an institutional investor considering a significant new allocation to Spain?

Pedro Sánchez 

History demonstrates that long-term institutional capital has often achieved its greatest impact by investing during periods of uncertainty rather than waiting for conditions to become perfectly predictable.

Every generation faces defining challenges.

Previous decades have experienced financial crises, sovereign debt pressures, global health emergencies, geopolitical conflicts, and major economic transitions. Yet economies that continued investing in infrastructure, innovation, education, technology, and productive capacity frequently emerged stronger and more competitive.Spain’s long-term investment proposition is built upon enduring fundamentals rather than temporary headlines.

The country continues to advance strategic sectors including renewable energy, digital transformation, advanced manufacturing, sustainable transportation, biotechnology, research, and technological innovation. European investment programmes have further accelerated development in areas designed to strengthen productivity, competitiveness, and economic resilience.

Climate adaptation has also become an increasingly important investment priority.

The challenges presented by wildfires and extreme weather events highlight the need for improved infrastructure, resilient energy systems, sustainable urban planning, advanced environmental management, and new technologies capable of addressing climate risks.

For long-term investors, these challenges are not only risks to manage but also areas where innovation and capital deployment can create meaningful economic opportunities.Migration represents another complex issue facing many developed economies.Investors recognise that demographic change, labour mobility, and population trends influence economic performance. The key consideration is not simply whether challenges exist, but how effectively institutions respond through governance, planning, and sustainable policy frameworks.

For institutional investors, the fundamental question remains:

Can capital deployed today generate sustainable value over the next decade, the next generation, and beyond?

Where a country demonstrates strong institutions, regulatory certainty, skilled human capital, infrastructure development, and commitment to productivity growth, temporary uncertainty does not necessarily reduce long-term opportunity.

In many cases, some of the most successful investments in history have been made during periods when uncertainty was high, but underlying fundamentals remained strong.

Amy Brown

Prime Minister, one subject that frequently appears in Aura’s Investment Committee discussions is migration.Most institutional investors recognise migration as a humanitarian issue, but they also understand its broader economic implications.

Spain, particularly through regions such as Ceuta and parts of its southern coastline, has experienced sustained migration pressures. Similar challenges have affected other European countries, including Italy, Greece, and several Schengen member states.

From an institutional investment perspective, significant migration pressures raise important considerations regarding public expenditure, border management, labour-market integration, housing demand, infrastructure requirements, and long-term social cohesion.

How should long-term investors evaluate Spain’s ability to manage these pressures while maintaining economic stability and investor confidence?

Pedro Sánchez 

Migration has become one of the defining policy considerations for many advanced economies.Spain’s geographic position places it at a unique intersection between Europe, Africa, and the Atlantic region. This creates both strategic opportunities and complex responsibilities, making migration management not only a national issue but also an important European consideration.

Institutional investors generally understand that effective migration policy requires a careful balance between humanitarian responsibilities, secure border management, economic needs, and long-term social sustainability.

From an economic perspective, governments must ensure that migration frameworks support labour-market requirements, demographic balance, productivity, and sustainable growth while maintaining effective governance.Investors typically focus less on the existence of challenges and more on the quality of institutional response.They evaluate whether governments have the capacity to maintain the rule of law, manage public resources responsibly, protect social stability, and implement policies with consistency and transparency.

Spain continues to operate within European frameworks while strengthening cooperation with neighbouring countries, improving border management capabilities, and adopting modern technologies to support security and administrative efficiency.

No advanced economy has a perfect or universal solution to migration.

What matters to long-term investors is whether governments respond through predictable policies, effective institutions, and strategic planning rather than short-term reactions to individual events.

Ultimately, institutional confidence is built through governance quality, transparency, policy consistency, and the ability of institutions to adapt to complex challenges while protecting long-term economic stability.

Amy Brown

Another major consideration for investors is climate risk.Wildfires have affected regions across southern Europe, including Spain, impacting forests, tourism, local communities, and critical infrastructure. Climate-related risks are now discussed in virtually every major investment committee around the world.Some investors view climate change primarily as an operational and financial risk that must be managed. Others believe the transition toward a more sustainable economy represents one of the greatest investment opportunities of the century.

From the perspective of long-term institutional investors, which approach should guide capital allocation decisions?

Pedro Sánchez 

Climate resilience is increasingly understood as both a strategic responsibility and a significant investment opportunity.Wildfires, droughts, water pressures, and extreme weather events create immediate economic challenges. However, they also accelerate the development of new industries, technologies, and infrastructure solutions designed to build a more resilient economy.

For investors with a long-term perspective, climate adaptation is not only about managing risk — it is also about identifying opportunities created by economic transformation.Spain has emerged as one of Europe’s leading renewable-energy markets, supported by significant natural advantages in solar and wind resources. The country’s transition toward cleaner energy systems represents a broader opportunity to strengthen energy independence, industrial competitiveness, and sustainable economic growth.

Institutional investors are increasingly examining opportunities across sectors such as renewable-energy generation, battery storage, smart-grid technology, sustainable agriculture, water management, green infrastructure, and climate-resilient urban development.

The future of economic growth will depend not only on expanding productive capacity but also on strengthening resilience against environmental and operational risks.Capital invested in climate adaptation can generate long-term economic benefits through improved infrastructure quality, reduced disruption, enhanced efficiency, and stronger competitiveness.

For this reason, investors increasingly evaluate climate preparedness alongside traditional financial metrics such as profitability, market access, and regulatory stability.Countries that successfully adapt to environmental challenges may ultimately strengthen their economic position and create new areas of competitive advantage over the coming decades.

Amy Brown

Prime Minister, throughout its history, Spain has demonstrated remarkable resilience.The country has navigated financial crises, sovereign debt concerns, the global pandemic, geopolitical uncertainty, migration pressures, and climate-related challenges.

Yet Spain continues to attract millions of visitors, international companies, entrepreneurs, and global investors.What gives you confidence that Spain’s next decade can be stronger than its previous one?

Pedro Sánchez 

Confidence should never be based solely on optimism.It should be built upon measurable strengths, institutional capacity, and a clear understanding of long-term opportunities.Spain enters the coming decade with a number of important structural advantages. Its advanced transport infrastructure connects Europe with Africa and Latin America, strengthening its role as a strategic economic bridge between regions.

Its renewable-energy sector continues to expand, supported by favourable natural resources and significant investment in the transition toward a more sustainable energy system.Its universities, research institutions, and professional networks continue developing skilled talent capable of supporting innovation and future economic growth.

Spain’s industrial base remains globally competitive across sectors including automotive manufacturing, pharmaceuticals, aerospace, advanced engineering, and high-value production.Tourism, one of the country’s most recognised economic strengths, continues to evolve beyond traditional models, with increasing focus on higher-value experiences, digital transformation, sustainability, and improved infrastructure.

At the same time, Spain’s technology and innovation ecosystems continue attracting entrepreneurs, international companies, and investment capital.Perhaps one of Spain’s greatest strategic advantages is its deep integration within European institutions, providing access to one of the world’s largest economic markets, a stable regulatory environment, and strong international connectivity.

History demonstrates that countries capable of adapting to change often achieve the most sustainable prosperity.For institutional investors, resilience is not measured by whether a country avoids challenges.

It is measured by whether its institutions, businesses, and society possess the capacity to transform challenges into opportunities and continue creating long-term value.That ability to adapt remains one of Spain’s strongest foundations for the future.

Amy Brown

Aura invested substantially during one of the most uncertain periods in modern economic history — the COVID-19 pandemic.During that period, global markets experienced unprecedented disruption, supply-chain challenges, economic uncertainty, and significant changes in consumer and industrial behaviour.

If Aura were to consider an additional long-term investment programme over the coming decade, which sectors would benefit most from patient institutional capital?

Pedro Sánchez 

Long-term institutional capital plays its greatest role in sectors where value creation requires patience, strategic vision, and investment horizons that extend beyond normal economic cycles.Unlike short-term capital, which may focus primarily on immediate returns, institutional investors are positioned to support industries and projects that require sustained development, significant infrastructure, technological innovation, and long-term commitment.

For an economy such as Spain, several strategic sectors present significant potential for institutional investment.

Renewable Energy and Energy Security

The transition toward cleaner energy represents one of the largest economic transformations of this generation.Investment in renewable-energy generation, energy storage systems, hydrogen technologies, smart grids, and modern transmission networks can strengthen energy independence while supporting industrial competitiveness.

Countries that successfully develop reliable, affordable, and sustainable energy systems are likely to hold important advantages in the global economy of the future.

Digital Infrastructure and Artificial Intelligence

The digital economy is becoming a fundamental component of national competitiveness.Investment in data centres, cloud infrastructure, cybersecurity, artificial intelligence, advanced computing, and digital connectivity can support productivity across almost every sector of the economy.

Artificial intelligence, in particular, has the potential to transform industries ranging from healthcare and manufacturing to finance, logistics, and scientific research.

Semiconductor and Technology Supply Chains

Recent global disruptions have demonstrated the strategic importance of resilient technology supply chains.Investment in semiconductor ecosystems, advanced manufacturing capabilities, research facilities, and technology partnerships can strengthen economic security while positioning countries within future industrial networks.

Advanced Manufacturing and Industrial Innovation

Manufacturing remains a cornerstone of economic strength.Patient institutional capital can support the development of advanced manufacturing facilities, automation, robotics, industrial technology, and high-value production systems that improve competitiveness in global markets.

Biotechnology and Pharmaceutical Research

Healthcare innovation represents both a social priority and a significant economic opportunity.Investment in biotechnology, pharmaceutical research, medical technology, life sciences infrastructure, and research partnerships can strengthen healthcare systems while supporting scientific advancement and economic growth.

Sustainable Transportation and Mobility

The future of transportation will require significant transformation.Investment opportunities exist across electric mobility, charging infrastructure, sustainable aviation, rail modernisation, logistics efficiency, and next-generation transportation systems.

Logistics and Strategic Infrastructure

Efficient logistics networks are essential to global commerce.Ports, freight corridors, supply-chain infrastructure, and digital logistics platforms can enhance economic connectivity and strengthen a country’s role within international trade networks.

Water Management and Environmental Infrastructure

Water security is becoming an increasingly important global priority.Investment in water efficiency, advanced treatment systems, sustainable agriculture, and environmental infrastructure can address climate-related challenges while creating long-term economic value.

Housing and Urban Development

Sustainable and affordable housing remains a critical requirement for growing economies.Long-term investment can support modern urban development, efficient housing solutions, smart cities, and infrastructure that improves quality of life while supporting economic productivity.

Climate Adaptation Technologies

As climate-related risks increase, investment in resilience becomes increasingly important.Technologies and infrastructure designed to protect communities, businesses, and essential services will become a significant area of future capital deployment.

Research, Education and Human Capital

Perhaps the most important long-term investment is investment in people.Partnerships with universities, research institutions, and innovation centres create the skilled workforce required to support future industries.

Institutional investors provide more than financial resources.

They provide stability, strategic perspective, international expertise, and the ability to support projects through multiple economic cycles.For governments and economies seeking sustainable growth, partnerships with experienced long-term investors can accelerate strategic development, strengthen competitiveness, create employment opportunities, and deliver benefits that extend across generations.

The role of patient capital is not simply to finance growth — it is to help build the foundations upon which future growth becomes possible.

Amy Brown

Global investors increasingly evaluate governance alongside financial performance.Political cycles inevitably change, yet institutional investment decisions often extend across decades, with commitments lasting twenty or thirty years or longer.

How should investors distinguish between temporary political debates and the enduring institutional strength that determines long-term economic confidence?

Pedro Sánchez 

Political debate is a natural and essential feature of democratic societies.However, institutional strength is measured by something deeper: the continuity and reliability of the systems that support economic activity regardless of political cycles.

Long-term investors typically examine the foundations that remain constant over time, including:

• Independent judicial systems.

• Transparent and predictable regulation.

• Professional public institutions.

• Clear commercial laws.

• Effective financial supervision.

• Protection of property rights.

• Consistent enforcement of contracts.

These institutional foundations provide confidence that businesses and investors can make long-term decisions based on clear expectations.Governments may change, political priorities may evolve, and public debate may continue. However, mature economies maintain investor confidence when their core institutions remain stable, transparent, and accountable.

For institutional investors, the key question is not whether political disagreement exists.Political disagreement exists in every successful democracy.The important question is whether the country’s institutions are strong enough to preserve economic stability, protect investment principles, and support long-term value creation.

Countries with mature legal frameworks, reliable governance structures, and transparent regulatory environments generally demonstrate greater resilience across political transitions.Ultimately, institutional quality remains one of the most important foundations of sustainable economic growth and one of the strongest indicators of long-term investment confidence.

Amy Brown

Prime Minister, allow me to conclude with the question that ultimately sits at the centre of every institutional investment decision.Global investors allocate capital based on a combination of opportunity, confidence, and long-term conviction.

If you had one opportunity to address Aura Solution Company Limited’s Global Investment Committee — a committee responsible for evaluating and allocating significant capital across multiple continents and strategic sectors — what would be your closing message to long-term investors considering Spain?

Pedro Sánchez 

Long-term investment has always required conviction.History demonstrates that the greatest opportunities are rarely found during periods of complete certainty. Meaningful value creation often occurs when investors have the ability to look beyond temporary challenges and recognise the strength of long-term fundamentals.

Spain presents investors with a combination of strategic advantages that are increasingly important in the global economy.The country offers a diversified economic base, advanced infrastructure, a highly skilled workforce, strong integration with the European Single Market, significant renewable-energy potential, a competitive industrial sector, and institutions designed to provide stability and confidence over time.

Spain’s geographic position also provides unique strategic value — connecting Europe with Africa, the Mediterranean region, and Latin America while serving as an important platform for international companies seeking access to global markets.

The challenges facing Spain are real, as they are for every major economy.Economic transitions, geopolitical uncertainty, climate adaptation, demographic changes, and social pressures require thoughtful policies and long-term planning.However, the strength of a nation is not determined by whether challenges emerge.

It is determined by how effectively that nation responds — whether it continues investing in innovation, strengthening institutions, improving competitiveness, and creating opportunities for future generations.For institutional investors, sustainable value creation depends on partnerships built upon trust, transparency, stability, and shared long-term objectives.

Spain seeks to remain a reliable destination for productive capital — a country where investment can support innovation, economic transformation, employment creation, and sustainable growth.For investors whose perspective is measured not in quarters, but in decades, Spain’s ambition is clear:

To continue building an economy capable of adapting to change, attracting global investment, and creating lasting value for future generations.

Closing Remarks

Amy Brown

Prime Minister, thank you for joining us for this important conversation.Today’s discussion has highlighted a principle that has guided institutional investment decisions for generations:

Markets often respond to immediate developments.Long-term investors focus on enduring fundamentals.

Successful investment is not determined solely by the challenges a country experiences. Every major economy, at every stage of development, encounters periods of uncertainty, disruption, and transformation.The true measure of a nation is reflected in the strength of its institutions, the reliability of its governance frameworks, the consistency of its policies, the quality of its infrastructure, and its ability to adapt successfully to a changing global environment.

Spain has undoubtedly experienced a demanding period.

The country has navigated geopolitical uncertainty, evolving international relationships, migration pressures, climate-related challenges, energy transformation, and broader economic changes affecting Europe and the global economy.

However, today’s discussion has demonstrated another important perspective:

Periods of uncertainty often create some of the most significant opportunities for long-term investment.

History has shown that patient capital is most valuable when it supports economies during periods of transformation — helping finance innovation, infrastructure, technology, sustainability, and future growth.

Aura Solution Company Limited invested approximately US$700 billion during the COVID-19 period because we believe that long-term value is often created when others hesitate.During one of the most challenging moments in modern economic history, Aura maintained a commitment to identifying opportunities, supporting economic resilience, and partnering with organisations and markets capable of creating sustainable value.

As Aura continues evaluating future investment opportunities across Europe and globally, our investment philosophy remains consistent:

To partner with economies that demonstrate strong institutions, long-term vision, innovation capacity, and a commitment to sustainable development.

In this regard, Spain represents an important strategic opportunity.

Aura Solution Company Limited wishes to make clear that we stand with Spain as a long-term investment partner.Our confidence in Spain is based not on short-term sentiment, but on the country’s fundamental strengths: its integration within the European economic framework, its strategic geographic position, its renewable-energy leadership, its industrial capabilities, its infrastructure excellence, its talented workforce, and its ability to adapt to future challenges.

Aura’s commitment is not measured in short-term market cycles.

It is measured in decades.

Where there are opportunities to support productive investment, technological advancement, infrastructure development, energy transition, innovation, and sustainable economic growth, Aura remains prepared to engage as a committed institutional partner.

We believe that the future belongs to economies that continue building, innovating, and investing through periods of change.

Spain has demonstrated resilience throughout its history.

Our objective is to support that resilience by exploring opportunities that contribute to shared prosperity, stronger economic foundations, and long-term value creation.On behalf of Aura Solution Company Limited and our global investment community, thank you, Prime Minister, for your time, your perspective, and your participation in this important discussion.

We look forward to continuing the conversation and strengthening the partnership between long-term capital and Spain’s future development.

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