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Good morning, everyone, and welcome to this webinar to discuss Grupo Carso's results for the first quarter of 2026.

Before we begin, I would like to remind you that this event is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, and actual results may differ materially. Hosting today's conference are Mr. Arturo Spinola, Chief Financial Officer of Grupo Carso; and I, Rogelio Barradas, from Investor Relations.

We will first provide a brief overview of the first quarter financial results, where all figures are expressed in Mexican peso, and then proceed to the Q&A session. Consolidated sales of Grupo Carso totaled MXN 44.1 billion, remaining broadly in line with the first Q '25. Grupo Sanborns was the division with the largest positive impact in revenues, increasing MXN 574 million. Consolidated operating income reached MXN 2.95 billion compared to the MXN 3.43 billion in the same period of last year. This reduction was explained by the conclusion of major infrastructure projects, the impact of a stronger peso, the implementation of new IT project platforms in the commercial division and inflationary pressures on wages and salaries.

EBITDA for Grupo Carso totaled MXN 4.86 billion compared to the MXN 5.45 billion reported in the first quarter of '25. Controlling net income totaled MXN 1.52 billion, slightly lower than the MXN 1.63 billion in the same period last year due to the aforementioned reasons. Regarding the performance by divisions, Grupo Sanborns revenues reached MXN 16.76 billion, increasing 3.5%, supported by higher commercial activity. Operating income totaled MXN 336 million compared to the MXN 521 million a year ago, while EBITDA reached MXN 898 million.

For Grupo Condumex, sales declined mainly due to the 14% average Q-over-Q appreciation of the peso, while local costs were impacted by inflationary pressures. Operating income and EBITDA were primarily affected by the stronger peso. Controlling net income totaled MXN 1.07 billion compared to the MXN 1.34 billion in the prior year.

Grupo Carso Infrastructure and Construction, sales totaled MXN 6.16 billion, reflecting the completion of major projects and the early execution phase of new ones, including the Saltillo-Monterrey Train. The Pipelines division continued to grow, contributing approximately 67% of revenues.

Operating income and EBITDA were affected by expenses related to offshore platform maintenance, which are currently in the process of being brought into operation. The controlling net result was a loss of MXN 69 million. The backlog reached MXN 68.5 billion compared to the MXN 20.2 billion in the same period last year. For Elementia and Fortaleza, sales amounted to MXN 6.49 billion, decreasing 8.6%, mainly due to lower activity in the U.S. market and translation effects from peso appreciation.

This was partially offset by higher volumes in Latin America and solid performance for Fortaleza Materiales, our cement division. Operating income totaled MXN 933 million, while EBITDA reached MXN 1.32 billion. At quarter end, Fortaleza reported no financial debt following the full payment of its obligations. For Carso Energy, revenues reached MXN 689 million, decreasing 13.5%, mainly due to the foreign exchange effects and lower electricity sales in Panama related to the dry season. Operating income and EBITDA totaled MXN 465 million and MXN 557 million, respectively.

For Zamajal, revenues increased to MXN 2.84 billion compared to MXN 570 million in the first Q of '25, driven mainly by Ixachi project. Ichalkil & Pokoch production will improve as we incorporate 100% of Fieldwood. Operating income improved to a loss of MXN 53 million compared to a loss of MXN 417 million last year, while EBITDA turned positive at MXN 325 million, contributing 7% to consolidated EBITDA.

During the quarter, Grupo Carso continued strengthening its strategic positioning in hydrocarbons and materials segments. Through Zamajal and following the corresponding corporate and regulatory approvals, the group completed the acquisition of an additional stake in the Zama field and entered into a binding agreement to acquire 100% of Fieldwood Mexico, the operator and holder of the remaining 50% interest in the Ichalkil & Pokoch fields.

In the Materials segment, we also entered into a binding agreement to sell part of our U.S. cement business for approximately USD 310 million, with closing expected during the second quarter of 2026.

With this, we conclude our remarks. Thank you for your attention. We will now proceed to the Q&A session.

We will switch to Spanish for greater clarity in the responses. [Operator Instructions]

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Good morning, everyone, and welcome to this webinar to discuss Grupo Carso's results for the fourth quarter of 2025. Before we begin, I would like to remind you that this event is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, and actual results may differ materially.

Hosting today's conference are Mr. Arturo Spinola, Chief Financial Official of Grupo Carso; and I, Rogelio Barradas from Investor Relations. We will first provide a brief overview of the fourth quarter financial results and then proceed to the Q&A questions -- Q&A session. I'm sorry.

Consolidated sales of Grupo Carso totaled MXN 54.9 billion, decreasing 4.7% compared to 4Q of '24, mainly explained by lower sales across divisions due to the appreciation of Mexican peso. Grupo Sanborns was the division with the largest positive impact in revenues, driven by better seasonal sales.

Consolidated operating income reached MXN 4.1 million, a 40.9% decrease versus the same period last year. This reduction came from lower profitability in several divisions attributable to the conclusion of major infrastructure projects, the impact of a stronger peso, the implementation of new IT platforms in the commercial division, and inflationary pressures on salaries and expenses. EBITDA for Grupo Carso totaled MXN 6.3 billion, decreasing 31.7% versus MXN 9.2 billion in 4Q '24 . Controlling net income totaled MXN 3.1 billion, decreasing 18.9%, mainly due to lower operating results and foreign exchange impacts.

Regarding the performance by division, Grupo Sanborns revenues reached MXN 25.8 billion, increasing 2.3%, supported by solid seasonal sales. Operating income totaled MXN 2.3 billion compared to MXN 2.5 billion a year ago. EBITDA reached MXN 2.91 billion.

For Grupo Condumex, sales totaled MXN 12.1 billion, decreasing 5.5% mainly due to lower demand in auto parts sector and a stronger peso. Operating income and EBITDA amounted to MXN 987 million and MXN 1.1 billion, respectively. Regarding Carso Infraestructura y Construcción, sales reached MXN 7 billion, a decrease of 35.9%, explained by the conclusion of large infrastructure projects.

The revenues of Ixachi project are included in Zamajal. Operating loss and negative EBITDA were MXN 446 million and MXN 205 million, affected by costs related to offshore platform maintenance and FX losses, primarily linked to the Pemex collection completed at year-end.

Current projects include the construction and design of the Saltillo-Nuevo Laredo passenger train, segments 13 and 14, Saltillo-Santa Catarina. Different buildings for hospitals, residences and malls, telecommunications installation services and onshore drilling service for up to 32 Pemex wells. Total backlog reached MXN 68.6 billion, up from MXN 23.9 billion a year ago, of which around 43% will be executed during 2026.

For the case of Elementia Fortaleza Materiales, sales amounted to MXN 7.1 billion, decreasing 2.8%, mainly driven by the peso appreciation, considering that a significant portion of revenues are generated abroad. The cement division posted a resilient quarter and offset part of the decline in Elementia Materiales. Operating income totaled MXN 54 million, and 95.6% decrease, while EBITDA reached MXN 1.25 billion, decreasing 23.6%.

For Carso Energy, revenues reached MXN 840 million, decreasing 11.8%, mainly due to the lower average exchange rate as 100% of the division's revenues are U.S. denominated and lower electricity sales in Panama to dry season effects. Operating income and EBITDA totaled MXN 649 million and MXN 753 million, respectively.

Lastly, for Zamajal, revenues totaled MXN 2.06 billion, mainly driven by the Pemex contracts for finance drilling services at Ixachi and higher production at Ixachi and -- sorry, and Pokoch regarding reaching 16,599 barrels of oil equivalent on average daily versus the 11,113 barrels in the last year.

Operating income showed a loss of MXN 10 million, improving significantly versus MXN 311 million, loss last year. EBITDA resulted in a negative MXN 233 million, reflecting depreciation impacts and early-stage investments. Zamajal has currently stood out with the group, driven by several strategic milestones that has stated the outlook of our hydrocarbons platforms.

The binding agreement to acquire Fieldwood Mexico, the signing of the mixed contract with Pemex for the development of the Macavil oil field and the recent designation of Harbour Energy as the operator of Zama field collectively enhanced operational clarity, alignment and long-term strategy positioning. These developments reinforce the relevance of the hydrocarbons division within Grupo Carso and provide a solid foundation for continued operational progress.

Before closing, we would like to highlight 3 relevant items for the quarter. First, we recognized a 7% discount on outstanding payments received from Pemex, which strengthened our cash position at year-end. Second, following the shutdown of the Vallejo plant of Nacional de Cobre’, we recorded a onetime charge of MXN 600 million. And third, the aforementioned appreciation of the Mexican peso during the quarter compared to the same period of last year generated foreign exchange effects that reduced sales by approximately MXN 1.2 million in those subsidiaries where revenues are largely dollar-denominated.

With this, we conclude our remarks. We will now proceed to the Q&A session. We will switch to Spanish for greater clarity in responses. If anyone requires instant translation, we kindly ask you to activate it from the menu, select more, then language and voice, then show captions. And in the gear down on the screen, choose the language of your preference.

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The first question comes from [ Miguel Ochoa ].

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[Audio Gap] consolidated sales of Grupo Carso totaled MXN 45.5 billion, decreasing 5.8% in the quarter. Grupo Sanborns and Grupo Condumex increased its revenues by 1.9% and 1.2%, respectively, related to summer promotional activities and higher volumes of industrial products.

Zamajal hydrocarbons operation, which started consolidating in the second quarter of last year and is in developing process contributed with additional MXN 546 million, growing 27%. On the other hand, Elementia/Fortaleza, Carso Energy and Carso Infraestructura y Construcción decreased its sales 1.1%, 3.2% and 34.2%, respectively. This last division due to the conclusion of major infrastructure projects.

Consolidated operating income totaled MXN 3.1 billion versus MXN 5.3 billion in the third quarter 2024. This 39.7% fall reflected lower exchange rate, higher salaries, wages and inflation in general. Grupo Sanborns additionally is implementing a new IT platform and Zamajal started depreciating major investments. Consolidated EBITDA for Grupo Carso from July to September 2025 decreased 20.4%, reaching MXN 5.6 billion compared to MXN 7 billion a year ago. The EBITDA margin decreased from 14.6% to 12.3%.

Consolidated controlling net income decreased 78.4%, totaling MXN 651 million, lower than MXN 3 billion last year, reflecting lower operating results and a foreign exchange loss compared to a foreign exchange gain last year. Regarding the performance by division, Grupo Sanborns recorded higher sales with a 1.9% increase related to promotions carried out in the month of August and September.

Operating income totaled MXN 443 million compared to MXN 535 million a year ago. This reduction in profitability was explained by an increase of 8.3% in expenses related to higher wages and salaries and the investment in different IT platforms to improve customer experience. EBITDA went down 6.8% with an EBITDA margin of 6.2%, while net income dropped 9.3%.

In the Industrial Division, Grupo Condumex sales increased 2.2%, reaching MXN 13.2 billion versus MXN 13 billion in the same quarter of last year. This improvement was obtained by higher volumes of fiber optic cables for the CFE and automotive cables. Regarding operating income and EBITDA, these items reached MXN 967 million and MXN 1.2 billion, respectively, recording lower profitability compared to MXN 1.4 billion and MXN 1.6 billion a year ago.

Carso Infraestructura y Construcción's sales totaled MXN 7 billion with the best performance coming from pipelines, where the construction of the Centauro del Norte gas pipeline started in the north of the country. Manufacturing and services for the oil and chemical industry had lower drilling activity and infrastructure concluded large projects. It is important to mention that currently new replacement projects are being recorded in the backlog due to recent bids, one such as the contract for the construction of the passenger train in Saltillo and new finance drilling services for oil wells.

The operating income and EBITDA in Carso Infraestructura went down 95.5% and 78.9%, respectively. The controlling net result was a loss of MXN 629 million compared to a net income of MXN 649 million a year ago. The projects currently in place are the construction of shopping centers such as Pavilion Polanco, Star Medica Hospital, Plaza Carso 3-apartment building, telecom installation services and the construction of the Centauro del Norte gas pipeline.

The backlog totaled MXN 70.4 billion compared to MXN 21.6 billion a year ago growing 267.9% since new projects were allocated such as the construction and design of 111 kilometers of the Saltillo-Nuevo Laredo passenger train segments for 13 and 14, Saltillo to Santa Catarina and the onshore and offshore drilling services of up to 32 wells for Pemex.

The sales of Elementia/Fortaleza decreased 1.1% from MXN 7.7 billion in the third quarter 2024 to MXN 7.6 billion in the third quarter 2025. This was related to the exchange rate with a relevant part of revenues generated outside of Mexico, either from exports or from companies abroad. On the other hand, cement was affected by adverse weather conditions with heavy rains and hurricanes in some regions, which affected construction and cement demand. Therefore, operating income decreased from MXN 1.3 billion to MXN 1 billion and EBITDA decreased 14.9% due to the same reasons.

Carso Energy's performance in the third quarter reduced 3.4% with total sales of MXN 867 million. This was attributable mainly to the exchange rate. The operating income and EBITDA of Carso Energy were MXN 659 million and MXN 773 million, decreasing 5.5% and 3.3%, respectively. The net result totaled MXN 371 million with a 10.8% reduction.

Lastly, beginning in the second quarter, the oil operations to explore and exploit the Ichalkil and Pokoch fields on the Campeche Coast are being recorded and consolidated within the Carso numbers, where additional MXN 546 million were recorded in revenues at the Zamajal division. The operating result was a loss of MXN 439 million, while EBITDA totaled MXN 59 million.

Zamajal continues its activities in the Ichalkil and Pokoch shallow water fields, increasing production and reducing operating costs and expenses. However, there were impacts of around MXN 250 million recorded in depreciation this quarter coming from significant capitalizations.

With this, I finish my general comments to proceed to the Q&A session. We will make [Foreign Language] in Espaneol. But I want to remind you that the financial media can stay, but cannot make questions. The questions for the media will be addressed by Renato Flores Cartas from AMX, which help us with the media inquiries.

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