Organizacion Sorianab-b Aktie

Good afternoon, everyone. Welcome to Organización Soriana's First Quarter 2026 Earnings Conference Call. With us today are Mr. Rodrigo Benet Cordova, CFO of Organización Soriana; and Ms. Claudia González Romero, Head of Investor Relations for Organización Soriana. Together, they will be discussing the financial performance for the first quarter of 2026 and providing a summary of the latest news on the company. [Operator Instructions] Please note that the conference call may be recorded.

I will now turn the conference over to Mr. Rodrigo Benet Cordova, CFO of Organización Soriana. Please go ahead.

Good morning, everyone. Thank you for joining us on this conference call, where we will discuss the results of the first quarter of the year. Starting with the total revenue, the company generated MXN 40.4 billion during the quarter, representing a 2.4% decrease year-over-year. We ended the quarter with [ 800 ] stores in operation, followed by the closure of 8 units as part of our company-wide efficiency and profitable plan. In respect of the performance of our store formats across the country, we would like to highlight the strong performance of Super format, which is characterized by a more focused SKU assortment and a reduced general merchandise offering, which aligns well to the current consumption trends. The strong sales performance for this format was recorded mainly in the state of Quintana Roo, Jalisco, Sonora, Nayarit and [ Tabasco ].

Regarding our digital channels, during the quarter, we achieved a 23% growth in digital sales, along with a [ 22% ] increase in the number of orders, reflecting continued customer adoption and engagement across our online platform.

Moving on to our real estate business that is an important part of the income. We closed the quarter with an occupancy rate of [ 90.5% ], representing a 6% increase year-over-year and total revenue and we achieved a total revenue of [ MXN 816 million ]. These results were driven by commercial synergies with fast-growing national brands across multiple sectors such as games, coffee shops, restaurants and apparel retail. Through these partnerships, we were able to accelerate occupancy by successfully renegotiating lease terms and strengthening the commercial collaboration with key strategic partners in a nationwide -- in all the stores.

We're also very proud to report the continued progress in the consolidation of our private label strategy. We remain focused on delivering -- developing new products and expanding shelf space for both domestic and imported brands. This initiative has shown a consistent growth year-over-year and currently represent [ 14% ] of the total sales, almost 1 point more than last year. Brands such as Quality Day and Valley Foods continue to deliver double-digit sales growth and significantly outperformed the national brands. This trend has a positive impact not only in the customer per tier and loyalty, but also in the gross margin expansion of the company.

Also as a very important part of the strategy and in terms of the customer engagement, our loyalty program, Soriana Ya, now accounts for a little more than 50% of the sales from valued customers. These client purchase 70% more items per ticket and have an average ticket size of 60% higher than [indiscernible] in the entire customers. These results clearly demonstrate the value of the exclusive products and promotion offers to our loyalty program that day by day is getting more important as part of the strategy of the company.

Profit for the quarter. This line reached MXN 9.9 billion, representing a 24.7% gross margin with a 7% increase compared to the same quarter of the previous year, mainly driven among other factors by a nonrecurring income such as land sales, insurance recovery, but also very important because improvements in the [ operational ], both in stores and in distribution centers, and also because the progress in commercial negotiation increases the membership and also the increases of the membership sales in our format, City Club.

In this regard, the increase in gross margin partially offset the 17% increase in the operating expense versus last year, which results in MXN 7.6 billion, representing 18.8% of the revenues compared to 15.7% in last year, mainly this increase reflects the double-digit minimum wage increase in all the countries and that is something that is happening for several years in a consecutive row with a growth in the revenue in the same comparable rate. As a result of all these changes, the EBITDA for the first quarter reached MXN 2.8 billion, representing a 7.1% margin and a 1.7% increase year-over-year. Also, the net financial cost for the quarter amount to MXN 502 million, representing a 24.6% year-over-year decrease, mainly derived from the improvement in the average debt balance, which results in a [ 52% ] decrease in the financial expense.

Mainly with this, the net income for the quarter reached MXN 834 million, representing 2.1% of the sales and a 19.4% year-over-year increase. Also -- and turning to our [ associated company ], we are pleased to report that our financial services partnership with Falabella closed the quarter with almost 1 million active cards, [ service ] models and a loan portfolio that surpassed [ MXN 6.5 billion ]. On the other hand, Sodimac continues to perform favorably with [ 15 ] stores in operation and a solid positioning across the country.

Regarding the CapEx, during the first quarter, we invested MXN 578 million, primarily focused on maintenance and equipment replacement to enhance the customer [ account ]. This investment supports improvements in store navigation, safety, self-checkout equipment and also very important, continue with the remodeling program of the stores.

Lastly, we are pleased to share that we have now completed 11 months of operation with our strategic partner, FAZT, an alliance aimed to build the most important ultra-fast electric vehicle charging network in Mexico. This initiative displays a strong growth potential in the electric vehicle market while also reinforce our commitment to environment responsibility. Currently, we operate 23 stations across major cities in the state of Nuevo León, Morelos, Mexico City and the State of Mexico. Hoping that this information provided will be useful.

Basically, we conclude our intervention, and we can go to the Q&A session. Thank you very much.

[Operator Instructions] The first question is from Ms. Irma Sgarz from Goldman Sachs.

And I have two different questions, if I may. If you -- firstly, if you could just talk a little bit about how you're thinking about the outlook for the remainder of the year. Obviously, a tough start to the beginning of the year in terms of same-store sales, and generally still seeing a soft environment. Just wondering sort of when you think about the FIFA World Cup in the second quarter and perhaps some easier compares along the year, sort of how do you think and how you reposition or how do you position in terms of pricing and inventory for the coming months and quarters?

And then secondly, on the gross margin, you obviously had a good improvement. And I know there's a couple of different drivers of that. But if you could also talk a little bit about sustainability of gross margin and the opportunities or the potential headwinds that you could see to that?

And maybe -- sorry, if I'm extending myself, but maybe a third question, just in terms of labor costs, obviously a continued pressure. So maybe help us just think about what you can do to mitigate those pressures, especially like in the context of reduced work weeks and continued minimum wage increases. Obviously, there's some efforts on the self-checkout side that you talked about. But just if you can talk about sort of the different initiatives that you have and where it could potentially limit the labor cost increases to? Is that sort of still high single digit for the remainder of the year or potentially higher? Yes, I think those are the three questions.

Irma, nice to hear you again. Well, first of all, in terms of the same-store sales of the year, basically, we are not changing the guidance that we said the last part of the 2025. Basically, we are really conservative. We are expecting something around 4%, obviously, and this first quarter was not the result that we want. But in general, as you mentioned, we see some specific events that could help us to accelerated same-store sales. Obviously, the comparative base in our case is easy. We also have a very good performance in same-store sales last year. So we are expecting that we can accelerate the rate on that.

Basically, the soccer tournament for Soriana, it will be double important, because it's also at the same time that Julio Regalado, that is the most important commercial campaign that we have and it's something that all of you know that. So we are preparing something special in order to combine Julio Regalado with the World Cup. We believe that we are much better prepared for this Julio Regalado than last year, particularly in terms not only of the promotional aggressiveness, but also in terms of efficiency in logistics and working capital, probably something that you have seen in the last -- particularly in the last 6 months is that the company had important improvements in the working capital, much better management of the working capital cycle. And it's something that we expect that we can continue Julio Regalado that obviously have an important benefit in the free cash flow. So we are expecting to have a much better summer season in this year.

In terms of the gross margin, as you mentioned, Irma, we have specific [indiscernible] events like the sales of some part of the reserve land of the company and some recoveries from insurance. We also have recurrent items that is helping the gross margin like the reduction in the shrinkage important to mention is across all the logistics chain of the company, not only in the stores, but also in the sales, but also even in the shrinkage that we received, something that we call high shrinkage that we received from the suppliers.

So the company have invested very hard in -- have much better logistics process since [ receiving ] of the product in the sales -- from the suppliers to the delivery in the stores, and we are seeing positive results. We still see space to continue reducing the shrinkage. It's not in the goal that we internally set. So you can expect that we can continue with a little -- a couple of points -- basis points more improvement in the gross margin, because we believe is that we have to invest part of that expansion in the gross margin to the sales, to accelerate sales, no matter that.

Mathematically speaking, we feel comfortable with the competitiveness of the company. The perception of the client is still very far away from the point that we want. So we have to continue investing in price, but also in [ initiative ], but also in perception in order to gain that market recognition that is right now something that we doesn't have. So yes, we believe that we can maintain the gross margin level, but something that, for sure, we will do is continue investment in price. Obviously, the market is not easy.

We have seen important reduction in terms of macroeconomical factors along the country. In some regions, we are seeing a decrease the foreign investment. In some regions, we are seeing a decrease of the generation of new employees. Particularly in some regions, we are seeing a decrease even in the tourist activity. So we -- for sure, we have to maintain the competitiveness of the company as one of the main pillars of the strategy.

And finally, going to your third question about the expense and the labor cost. Yes, we are really worried. We have several years -- the first year that we have a double the minimum salary. That obviously does not only affect in that position that have minimum salary it affects the whole company because it creates [ factor ] that increased the -- or put some pressure to increase the salaries in all the levels, not only in the basic level.

It's very hard for the company [ level ] an increase in the labor cost of double digits. Remember that basically labor cost is the most important expense of the company, almost account for 80% of the expenses. So for sure, it's something that is really hard to us to leverage with growth in the gross margin and expense so important like the labor. And to be completely honest, the feedback that we have for the federal government is that at least in the period of the President Claudia Sheinbaum, the increases will continue. Obviously, we believe that it is something positive for the country, for the population to have an increase in the minimum salary.

An important part of that minimum salary is supposed to come back again to sales in basic products, and we are a company that we are in a very basic market, very basic products. But in the short term, it creates pressure. What we are doing apart from the -- all the strategy that we already talked about, the self-checkouts that basically right now we are in the way to implement around 600 more self-checkouts in the company that have an important savings in terms of personnel.

We are also developing some efficiency in the service, again, in all the logistic process in which we are increasing the use of technology to decrease the use of personnel, particularly to make all the audits and all the safety checks to measure the shrinkage to measure the accuracy of the products to measure the accuracy of the packages that we send to the stores. All of that is moving to more technological approach, that is also helping us to reduce personnel.

I think that last quarter, I also talked about some efficiencies that we have planned in the human resources department. Like an example, in the past, we used to have around 40 people here in the headquarters that were in charge to make all the [ register ] of the personnel. Remember that we are a company with more than 8,000 people with a [ churn ] higher than 50%. So we have to hire a lot of people every month, and that requires a lot of administrative process. In the past, all of that process were [ done centrally ] by equipment of 40 people. And right now, basically, everything is done by artificial intelligence with 2 people. We had an important reduction of [ people ] just in that process.

Just to give you an example. And also in the stores, it's not only the self-checkout, we are also implementing something that we call multifunctional personnel in which the same people can develop different duties or task along the day, probably in the morning, he is receiving the package of the store and in the afternoon he's in the cash line. Obviously, that sounds like something very easy, but even there are legal aspects that you have to take care before doing that or something -- some issues that we have to figure with the unions because at the end of the day, that personnel belongs to some unions and they are hired for a specific task.

So I mean, just to give you a sense of all the things that we have to change in order to found and to implement efficiency in order to reduce the impact of the labor cost. But yes, it's something that at least we see that the following 3 years, we will continue with that, and we have to find ways to be more efficient. I don't know if I'm clear enough with the answer.

I don't know if I can maybe just add in the other income line, if you could just clarify, as you mentioned earlier, there was a land sale. Was that capital gains or was that associated with land sale or with insurance?

Yes, it's in other income line and we sell -- obviously, the register that we make is only the profit, not the sale of the land. It's just the profit that we have for the land. The major part is coming from efficiency in the gross margin, but also we have some nonrecurring items like that one and the recovery of insurance.

Our next question is from [ Mr. Ricardo ] from GBM.

I had two questions that they were already tackled. One of them regarding the income statement of MXN 509 million recurring under other income and also on the gross margin expansion. So already pretty clear.

Thank you for joining to the conference, Ricardo. Thank you very much. And anyway, if you need some other information, just send us an e-mail and it will be a pleasure. Thank you.

Our next question is from Mr. Héctor Maya from Scotiabank.

Could you please share an update on private label penetration if possible by store format? And also just a follow-up on gross margin expansion. Out of the initiatives that you are implementing so far, just to understand, which out of those would be the most promising for you this year?

Sure. We are really happy with the performance of the private label. As I mentioned, total company already represent like 14%. It is still far away from the objective, Particularly, we have specific targets for some formats, like an example for Mercado and Express, we are aiming to achieve close to 20% in the medium term, I mean in 3 years, 4 years period. So still we are far away. Right now, like an example, in Mercado already accounts for almost 16.5%, 16.6% the private brand. So in the low-income sector, the private brands have a higher penetration still with plenty of room to continue growing.

Something that is important also to mention is that our private label strategy is not only for the entry level of private brands, we also have a strategy for commercial brand level and also even for premium private brands. In general, in this point, if you ask me which is the one with the major success or the highest performance, Valley Foods is not Precissimo is the private label that we use for entry-level products and Valley Food is more for commercial level or even Valley Foods brand that is the luxury private brand.

In general, this medium class or commercial level and premium level private brands are the ones with best performance. It's obviously something that takes time because we are trying to find the better suppliers all around the world. Actually, important part of our sourcing is not from Mexico, it's coming from other countries. The chocolate is coming from Canada. The pizzas is coming from Greece, all the -- a lot of sauce is coming from Spain, from Portugal. That obviously helps us to show to the client the very high quality and the aspirational factors to our clients that is helping us and is helping to position [ Organización Soriana ] in medium classes and high-income classes. But obviously, something for the long term. It's part of the strategy. It's a key -- not only but it's a key part of the strategy, and we will continue trying to increase the participation of the private brands.

And about the efficiencies in the gross margin, right now, we can say that there is 3 important or 4 important things that is helping us to increase the gross margin. First of all, the most simple thing to explain is the nonrecurring items that I already talked about that, but that is something exceptional that happened once.

The second most -- the second thing that to talk about that is the improvement in the shrinkage, again, in the distribution center, but also in the stores. Number three, obviously, the private brand. Every time that we increase the private brand, we gain not only loyalty, we gain also margin. Remember that in general, our private brands have something between 15% to 25% more gross margin than the commercial brand. So it increased and this acceleration in the sales of the private brand is helping us also in the gross margin of the company. And obviously, not also very important, the negotiations and all the improvements in our commercial relationship with the suppliers is helping us and start to deliver results not only in the gross margin, but even also in the working capital. So I think that in general, still we are far away from the objective, but we are on the right track to change the performance of the company.

Very clear. And about being far away from the objective, what would be the time line of that objective, medium term, much more of a longer term?

Well, particularly as an example, for the private brands our -- the objective is a 5 years objective. So medium term -- medium, long-term.

And in terms of efficiencies and improving the gross margin?

Well, the improvement of the gross margin is already there. Just this quarter, we have more than 200 basis points increase in the gross margin. What is the most important thing that is lag -- we have a lag in the results is to convert that into higher sales.

To be completely clear, I think that the most important issue in our P&L is the sales and we have to talk about sales per square meter and the performance against our competitors, and that is also related with the perception of prices, the perception of quality that I talked in the beginning of this conference, is not only to have the right price, we also have to have the right perception and that is something that you cannot achieve in just 1 year of good prices. You have to -- working through several years in order to gain that perception and it's something that right now Soriana doesn't have, and we have to continue on that.

In the other hand, like an example, in terms of quality, these private brand is helping us to deliver to the clients a better image of quality in our products, but it's not something that will happen in 6 months. So all of these strategy that we already start to see some improvements reflected in the numbers in the P&L. In order to see an important change, it will take years, not only months.

Our next question is from Ms. [ Gabriela Leme ] from Goldman Sachs.

Our next question is from Mr. Miguel Ulloa from BBVA.

Just three questions. If you could provide some color on the store closures and what do you expect going forward? The second one would be regarding depreciation. I see a slight decrease. Is this something that we should look into the coming quarters as well? And the final question would be the land sales. Is this something that you are expecting to continue in the near future?

Well, going to the first question about the store closure, we already do [ 8 close ] as part of the efficiency plan of the company for this year, we are planning to close 12 more -- so for the full year, it will be 20. In addition of that, we have implemented a reduction in the sales area of around 60 stores for this year, particularly hypermarkets that as you know, Miguel, in the past, we used to open very big hypermarkets of around 10,000, 9,000 square meter sales area. Right now, we open a new hypermarket, probably the average is 5,000, 6,000 square meters of sales area. So we have plenty of stores that are very big to the condition and to requirements of the client nowadays.

So what we are doing is in one side, make this store closure program, in the other side, the reduction of sales area. And that area that we obtain from the reduction is converted into the real estate business that is very profitable and is growing in the company and actually even complement the value proposition for the client and create extra traffic to the stores. So in general, we see this traffic as a very helpful strategic plan for the company, and we will continue with this along the year.

Going about depreciation, yes, in general terms, we are seeing particularly related with investments systems and other assets. We believe that the period of amortization and depreciation of that assets are the right one. We made some changes on that. And we are not seeing an important change on that. So basically, what you are seeing right now is what you can expect going into the future. Finally, and the last question about -- I don't remember, Miguel, the last question was about...

Land sales.

Land sales. Well, we are -- this was like a little special because it was the sales of a whole store that we have been closed probably 7 years ago. and that is not something frequent. What is a little more frequent, Miguel, is spaces that we are not using in the total land of the store, something that we call -- sorry, for the term [Foreign Language], that in some cases, we doesn't seem like a very attractive real estate -- attractive in that part of the land because it's not in the front of the street, it's not even the face to the main highway, the main corridor. So we are willing to sell. That kind of things, we will continue with that, but it's not very important. It's just small spaces of the total land of the store.

In general, we are not seeing this as a recurring thing. Actually, right now, the land portfolio of the company, the land we serve amounts for approximated 45, 50 stores that we already have the land. And the idea is to use that land reserve to the following years opening plan.

Our next question is from Ms. Irma Sgarz from Goldman Sachs.

Sorry to come back on the line. I just wanted to clarify, you had mentioned earlier the one-off effects of land sale, the capital gains on the land sale as well as the insurance payments. And I was wondering, when I look at your press release and the income statement specifically there on the P&L, there is a line under other income and expenses, and we see a positive MXN 509 million that obviously helped the EBITDA margin this quarter. Is that what reflects those 2 effects? Or initially from your initial remarks, it sounded like it helped the gross margin. So I was wondering what it is that we're seeing reflected in that MXN 509 million.

No, no. Basically, the land -- the sales -- the profit from the land sales is around [ MXN 18 million ]. And you see in the other income just below the sales in the top line, Irma. The amount that you are seeing that is basically below the operating income is more related for operative and accounting issues that are not part of the day-by-day operation, particularly this amount that you are seeing is related with the cancellation of a liability of the personnel -- [Foreign Language] liability of personnel.

Those labor liabilities, yes.

Exactly.

Thank you very much. That was the last question. We will now hand over to Mr. Rodrigo Benet Cordova for final comments.

Well, thank you very much for your questions for joining us to this conference call. Again, if you have any other questions or requirements for information, please send us an e-mail or a call to Claudia or to me, and it will be a pleasure to respond as soon as possible. And have a very good weekend. Thank you very much.

Organización Soriana would like to thank you for participating in today's conference call. You may now disconnect. Good afternoon.

Good morning, everyone. Welcome to this conference call where we will discuss the financial results of the fourth quarter and the full year of 2025 of Soriana Organizacion. Today, we have Ricardo Martin Bringas, General Director of Soriana Organizacion; Rodrigo Benet Cordova, Financial Director of Soriana. They will discuss together the financial performance of the organization, and they will provide a summary of the last news regarding the company. [Operator Instructions] At the end of this presentation, we will have questions-and-answers session to address any questions you may have.

This conference call is being broadcasted simultaneously in English and Spanish. During the Q&A session, we will answer first the questions in Spanish, and then we will answer questions in English. We will provide instructions as to how to participate in today's conference call. [Operator Instructions] Please be aware that this conference may be recorded. I will now pass the floor to Mr. Ricardo Martin Bringas. Please go ahead.

Hello, everyone. Thank you for participating in this conference call today, where we will discuss the financial results of the fourth quarter and the full year close of 2025. In order to better understand these results, I will begin by highlighting the most significant impact we had on the operations during the year that just ended. 2025 was a very challenging year for the retail sector in Mexico, operating in a context marked by localized inflationary pressures that directly affect consumption. The double-digit increase in the minimum wage also interest rates that, although they have fallen, are still high and amid an environment of international uncertainty, increasingly cautious consumption in Mexican households and customers who are increasingly sensitive to price and value received.

These macroeconomic factors had a direct impact on our quarterly and annual performance influencing, therefore, the pace of our sales, generating changes in our customers' consumption patterns and as a result, forcing us to be more disciplined in managing expenses, controlling inventory, improving commercial margins and optimizing logistics costs, implementing improvements to the shrinkage process in stores and distribution centers as well as implementing a plan to address austerity measures were implemented in this first quarter of the year, which was crucial to demonstrate operative resilience and focus on efficiency.

Regarding the sales performance by format, it is worth highlighting supermarkets, which outperformed all the other formats, showing better results mainly in edible groceries, fresh produce and general merchandise. On the contrary, low-price formats like Market and Express have been the most affected in sales, mainly in general merchandise, clothing and groceries. Likewise, if we take a geographical look and observe performance by state, we see that Baja California, Nayarit, Jalisco, Sinaloa, Zacatecas, Chihuahua and Sonora are the states with the best sales results during the year. However, we continue to identify opportunities in terms of price perception in various areas of the country, for which we have leveraged other commercial tools such as our private label where in 2025, we had 364 additional launches on the sales floor.

As a result, our brand saw an increase in sales of 6.3% compared to last year and currently has a 13% market share with a substantially better margin than the commercial brand, which allows for focus on achieving acceptance and preference over commercial brands due to its excellent price quality ratio. During 2026, we will continue to develop suppliers to meet the high sales potential of our products in the Mexican market. Moving on to the performance of the real estate business. We closed with an 8.8% increase in net income, reaching MXN 3.235 billion, growth that was driven by active management of profitable spaces, seeking to improve the mix of commercial activities, incorporating institutional brands, strengthening alliances and promoting new brand launches nationwide, which allowed us to close with a commercial space occupancy rate of 91%.

The digital business, on the other hand, showed an increase in revenue of 20% and a 6% increase in the number of orders. We're almost 2 years after the launch of the City Club format, it accounts for 10% of the total sales through digital channels.

Regarding the loyalty program, Soriana YA!, we are pleased to report that we currently have 8.1 million active cards with a share of sales to identified customers of close to 50% as well as 70% more items per ticket and an average ticket that is 65% higher than the unidentified customers. This reaffirms our customers' acceptance and active participation in the program, given the exclusive advantages that we offer. As a result of the above, in the fourth quarter of 2025, the total revenue amounted to MXN 47.59 million (sic) [ MXN 47.59 billion ] representing a decrease of 2.9% compared to the revenue obtained in the fourth quarter of 2024. Consisting of a minus 2.6% in same-store sales as well as the unfavorable comparative effect of extraordinary items that were recognized in 2024.

On an annual basis, the total revenue amounted to MXN 177,515 million, representing a decrease in total revenue of 0.9% compared to previous year. And as already mentioned, this is due in large part to the extraordinary revenue that we had in 2024, which make this comparison complex as well as the net effect of 3 openings, the increase in revenue from financial and real estate services and the decrease in same-store sales of 2.7% compared to same period last year. Continuing with the next line of the income statement, we have the gross profit for the quarter, which reached MXN 11.7 billion, representing 24.8% of sales compared to 23.8% in the fourth quarter of 2024, showing an expansion of 100 basis points derived from improved commercial conditions, promotion management and improved shrinkage results, which provides an increase of the quarter of 1.1%.

On an annual basis, the gross profit reached MXN 42,764 million, representing 24.1% of sales compared to 23.7% in 2024, showing an expansion of 40 basis points and an increase of 0.8%. Moving on to expenses. In the fourth quarter, we reached MXN 8,432 billion (sic) [ MXN 8,432 million ], which is an increase of 6.9%, which, as I mentioned, was due to a strong control plan implemented since the end of the first quarter under the assumption that the increase of the minimum wage would have a significant impact on us.

And after maintaining control throughout the rest of the year, we achieved a decrease in most of our expense accounts offsetting the most significant increase in the company's expense which is the personnel costs. Going forward, we will continue to implement strategies in 2026 to maintain spending levels and leverage increases in areas that are not 100% under the control of the company.

On an annual basis, this figure reached was MXN 31,032 billion (sic) [ MXN 31,032 million ], representing a 3.5% increase figure that was very similar to inflation, even considering the increase in personnel costs of 7.8% which added strong pressure to expenses. As a result, EBITDA for Q4 in 2025 reached MXN 3,538 billion (sic) [ MXN 3,538 million ], representing a margin of 7.4% and a decrease of 9.4%. On an annual basis, it reached MXN 11,894 billion (sic) [ MXN 11,894 million ] representing a decrease of 6.4%. Net financial costs reached MXN 533 million in this quarter, showing a decrease of 25% due mainly to lower debt balance. On an annual basis, the net financial cost reached MXN 2,546 billion (sic) [ MXN 2,546 million ], a decrease of 15.8% compared to the previous year due to a debt reduction as well as a substantial improvement in working capital of MXN 3 billion, especially in the last quarter, which generated higher cash levels and as a result, a 53% increase in financial income.

As a result of the above, net income for the quarter reached MXN 1,308 billion (sic) [ 1,308 million ], equivalent to 2.8% of sales. On an annual basis, the net income was MXN 3,334 billion (sic) [ MXN 3,334 million ], representing a 1.9%. Moving on to the company's investments. In 2025, we invested MXN 3,089 billion (sic) [ 3,089 million ] in CapEx used for 3 openings through in the market format in the states of Chiapas and Quintana Roo, which was a City Club as well as 4 major renovations. Three in Guadalajara, 1 in Acapulco and investment in operational continuity for all of our formats and systems. Finally, we made capital contributions to the joint ventures with Falabella and I am pleased to share that in 2025, the Falabella card has begun to operate with positive cash flow with around 900,000 customers and a credit portfolio close to MXN 7 billion.

Sodimac already has 15 stores nationwide with 132,000 square meters of retail space and plans to expand with 4 more stores by 2026 in Mexico City, Pachuca and [indiscernible]. Finally, I'd like to add details on the progress of the alliance with FAZT aimed at building the most extensive network of ultrafast charging stations, which has already demonstrated high potential in the country due to the significant growth of the electric vehicle market in Mexico and social responsibility towards the environment, starting in 2025 with 10 stores in the main cities of Nuevo Leon, Mexico City and the state of Mexico Jalisco. This concludes the presentation for now. We thank you for listening your time and your participation. We'll now open the floor for questions where we will happily answer all of your concerns.

[Operator Instructions] The first question comes from Miguel Ulloa from BBVA.

Hello, good afternoon. My question is, what can we expect for 2026? What are the conditions that you are foreseeing in terms of Soriana's operation and how to recover market share?

Thank you, Miguel, for that question. We are still seeing a contracted market. However, since the first quarter of last year, we started adding very well directed strategies in all of our markets directed to specific types of consumers. And I believe that this year, we are much more prepared to face these challenges. We are carrying out important actions in the commercial strategy, particularly as it relates to customers with lower income, starting with our own brand products and also adding a more robust catalog to our stores as well as products that are more adequate in terms of size, weight and basic consumption products. And in a way, what we are aiming for there is to increase volume and adjust the margin a little bit, but looking for the pesos that are on the table there.

So we started with the strategy for people with lower income. And in the case of the supermarket and hyper supermarket, we are also implementing the high-low strategy being much more aggressive in that market with a very different competitivity landscape than we saw in 2025. So I believe that in that way, we will be able to face the economic challenges in the country.

And in that sense, what are the type of results that you are expecting?

Hello, Miguel. So what we are aiming to do is to have a growth in same level stores of 3% to 5%. Even though Ricardo is saying that we see a consumer that is quite pressed or pressured in their possibility to spend. We believe that this is achievable and this will also be paired with a CapEx of MXN 4 billion similar to last year. And we will be capturing all of the benefits of everything that was worked on 2025. And I think that's something that should be helpful as well in terms of the results is that we implemented a shock plan that has provided good results in 2025. We have implemented the multifunctional collaborators plan looking for operational efficiency. In 2026, we will have those synergies running for 12 months. So that should also do some good to the results we're expecting.

[Operator Instructions] The next question comes from Alvaro Garcia from BTG Pactual. Please go ahead.

Thank you for this call. I would like to ask a little bit about the Sodimac issue. What are the perspective there for stores? And my second question would be that I know that restructures have happened at the level of stores and the corporate office. However, the labor -- the cost of labor has increased quite a bit of what we saw in previous years inside the stores. So what are the perspectives and the dynamics that you're foreseeing in terms of cost of labor in Mexico?

Thank you for the question, Alvaro. So regarding Sodimac, we are still seeing growth. The logistical plan that we started 8 years ago, we aimed for discipline and control of costs in physical items, particularly trying to push those areas in the country that are more dynamic. In that sense, the format is moving along correctly. Likewise, we are complementing the value proposition that we have, we have been incorporating more suppliers and more vendors which for some reason have their doors closed to us in the past due to pressures of other stakeholders, and we have been seeing improvement in that regard. So it's been a little late for that, but we are seeing substantial improvement.

And in terms of the brand, there is some -- there's a need to continue working in certain cities around brand perception and also the type of business model that we have. However, market studies show that it is being well accepted in terms of the great variety of offer that we have and the model in general. We still need to cover and to find a critical math in certain areas. We hope that this year and mid-2027, we should be in a different place in that specific type of format in the country. And also the long-term plans are still strong. This is a market that is not very well cared for in Mexico. It is a market that is filled with other concepts, not with the full offer that we can provide to go towards people, for example, in construction or housewives.

So this is something that we are still trying to push forward. And regarding the second question regarding the restructuring of the cost of labor, we had to implement a very important adjustment in terms of renewing internal processes in the stores so that the restructure does not or would not affect the service that we provide. We have also been implementing technology for better service in the payment points also having self-service in certain stores, which has allowed for efficiencies to cut the cost of labor using technology and that is something that is working well. We have been implementing this plan for more than 8 months now, and we are ready to face the 40-hour work week. And we are implementing proactive measures there based more -- much more on productivity and trying to implement more effective types of processes.

That was the last question. This ends the Q&A session for today. I will now pass the floor to Mr. Ricardo Martin Bringas for final comments and wrap up. Thank you.

Yes. I would just like to thank you all for your attention. And of course, we are here to respond to any further questions you might have, please don't hesitate to contact us here at the office. Have a great day.

All conference hosts have hung up. This conference is over. Thank you.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good afternoon, everyone. Welcome to Organización Soriana's Second Quarter 2025 Earnings Conference Call. With us today are Mr. Rodrigo Benet Cordova, CFO of Organización Soriana; and Ms. Claudia Gonzalez Romero, Head of Investor Relations for Organización Soriana. Together, they will be discussing the financial performance for the second quarter of 2025 and providing a summary of the latest news on the company. [Operator Instructions]

Please note that the conference call may be recorded. I will now turn the conference over to Mr. Rodrigo Benet Cordova, CFO of Organización Soriana. Please go ahead.

Thank you. Good afternoon, everyone, and thank you for joining us in this conference call. Today with me, as you already hear, is Claudia Gonzalez, Head of Financial Planning, and together, we will be through the results of some important information of what has happened during this period.

Regarding the financial results of the second quarter, it's important to highlight that the Mexican retail has shown moderate resilience adapting to both global and domestic channels. Consumer confidence has played a key role in retail performance with a mixed trend during the quarter as well as the effect of the remittance reduction comparing with the same quarter of 2024. As a result, we were facing cautious spending patterns, particularly in durable goods and discretionary spending in all of our store formats.

In the second quarter, the top line of the income statement closed in MXN 45.8 billion with a nominal increase of 1.7%. This derived from the net effect of the opening of 3 new stores, the 2 stores that we have to close and a large number of rented premises and other income mainly coming from onetime concepts like insurance recovery.

On the last week of May this quarter, we started with our emblematic promotional campaign, Julio Regalado, including several categories within the supermarkets, complete basket, private label, innovation. And we incorporate also different categories in general merchandise and other kind of products, trying to offer to our clients a very complete value proposition in order to increase the sales of the company.

We also had a greater offer of products with the lowest market price under our promotional campaign, relocos, precios relocos. Also, we added VAT refunds to some of the general merchandise categories and we were very focused in pushing the sale of our private label as we already mentioned. But at this day, we have renovated hundreds of SKUs with our renewed design and quality for all divisions. In this regard, private brand products have been very well accepted and in fact, increased the loyalty of these products due to the highly quality and variety that we can offer. As of today, the total sales of the private brand have an increase of 9.3%, and the participation is almost 13% in Soriana format. And in City Club, we can say that the number is a double-digit growth.

In addition, the loyalty program of Soriana Ya at the second quarter closed with 8.1 million active clients where the average ticket is 62% higher than the non-registered clients. Reason why we are confident and we'll continue pushing very hard to accelerate the affiliation of our clients to be able to enjoy multiple benefits they have at the moment that they take the Soriana Ya card.

Also, I'm talking about the performance by region. We can outstand the performance in the states of Baja California Norte, Zacatecas and Jalisco, particularly for the hypermarket format. In the case of the supermarket format, basically, we have a better performance also in the north part of Mexico, Baja California Norte, Chihuahua and also good performance in Tamaulipas.

Going to the performance of our digital business. This line had an increase of 19% in the total sales, another important increase in the number of total orders of 44% compared with the same quarter of last year.

Finally, and to end with the top line of the P&L. Regarding the real estate business, the total income reached a figure of more than [ MXN 5 billion, ] showing an increase of 12% due to new rent premises and the attraction of more institutional brands at our national level. Right now, the occupancy rate is practically 90%.

Going down in the P&L. The gross profit reached MXN 10.9 billion in this quarter, which represents a gross margin of 23.9%, an increase of 4.6% against same period of last year as a result of better negotiations with suppliers regarding Julio Regalado campaign, and a very good performance in the shrink reduction.

Also, regarding the operating expenses line, there was an increase of 8% versus last year, reaching MXN 7.9 million, which represents almost 17% over sales. This increase in the operational expense is basically attributable the cost of personnel delivered from an improving the coverage of vacancies and increasing the salaries. And also the net effect of the new stores that we opened in the last 12 months.

As a consequence of the variations just mentioned, the company's EBITDA for the quarter reached MXN 3 billion, which represents 6.6% over the same and represent a decrease of 3.7% compared with the same quarter of 2024.

Going down regarding the financial items. Net financial cost closed at MXN 694 million, showing a decrease of 11%, basically to the net effect of the financial products, the increase of more than 120% due to a higher cash balance and the reduction of 7.6% in the cost of the average -- in the cost of the debt of the company, also with a reduction in the balances of the debt.

Finally, the net income of the quarter reached MXN 743 million, which represents 1.6% over the sales. That is basically a percentage very similar to the one that we obtained last year.

Moving to talk about the progress of the business that we have with our partner, Falabella. I'm pleased to inform you that Sodimac already have 15 stores operating with very good performance, and we are planning to open 1 more store still in 2025 with very important plans to accelerate the growth for next year.

On the other hand, I'm talking about the financial business, the portfolio of the credit card that we have with Falabella is continue growing in a very important pace. Right now, we have more than 980,000 active card holders. We are operating with physical malls in more than 100 stores. And basically, we have digital version of the credit card in all the chain of the company, in all the other formats of Soriana. Right now, the credit portfolio closed in MXN 6.1 billion, which actually represents an increase of more than 30% compared to the portfolio that we used to have in the second quarter of last year. We are very pleased with the performance of Falabella and it turns to be every day a more important commercial tool to attract clients and to give more benefits to the clients of Soriana.

Finally, and as an update of the expansion plan and investment, the program or the CapEx for the company. In the last 12 months, we have invested close to MXN 3 billion, mainly in store remodeling, maintenance. And as you already hear, the opening of the [indiscernible] stores in the last 12 months.

And finally, I would like to share with you that the recent alliance that we have with FAZT has been a total success. Right now, we have 3 charging stations already working in Ramos Arizpe, in Valle de Bravo and also here in Monterrey. This alliance is intended to build the biggest network of ultra-fast charging stations in Mexico, which shows a very high potential growth in the electric vehicle market and as well as our -- is also an important part of our social responsibility strategy. The main goal of this initiative is the installation of more than 1,000 charging stations by the year 2030. And we are very confident that everything is going very well. The performance of this FAZT station has been very, very positive.

Basically, we already sent the results and the information to the Bolsa. So with this, we can end with my intervention. And please, if anyone have any other questions, we can go to the Q&A session in order to try to answer all the doubts that you can have. Thank you very much for joining us.

[Operator Instructions] The first question is from Mr. Bob Ford from Bank of America.

Can you expand a little bit on the plans to accelerate the growth in Sodimac. And I'm just curious what you've seen in terms of the evolution of 4-wall returns, your ability to maybe begin to fund or more than fund all the central administrative functions, the scale that you're beginning to enjoy, maybe how the maturation periods are evolving. And when you think about growth. How do you think about the -- maybe the magnitude of the operation within Mexico and then your ability to really leverage the real estate that you currently hold to facilitate that expansion?

Sorry, Bob. We have a misunderstanding in the communication. Can you repeat the question, please? Sorry.

Of course, it was a fairly long one. I'll try to do it even short at this time. But my question was about Sodimac. And you commented on accelerating the growth of Sodimac. And I was just curious how it's evolved with the 4-wall returns are, whether or not you're covering all the central administrative expenses at this point? And then how you can really leverage the real estate that you're holding to accelerate the growth? And I'm just curious of adjacencies to existing hypermarkets or maybe reducing the size of some stores or how you're envisioning this growth path.

Sure. Well, first of all, we are very happy with the performance of Sodimac both mainly because we start to see in all the investigation that we have in terms of marketing that the brand starts to be much recognized in Mexico as a good solution for the home improvement sector. And that is something really important for us. At the end of the day, no matter that Sodimac is a very well-known name in South America, in Mexico, it was the first time of the brand in the country with a competitor that have a very important participation in the sector.

So what the main goal was to position the name, not only in front client but also in the name of the suppliers because at the end of the day, it's also something that we have to work and that we have been working in the last years to have an important relation with the key suppliers for the home improvement sector.

Saying that, it is part of the strategy to have a critical mass. The idea, Bob, is to open another -- at least another 5 stores next. And yes, we will take advantage of the real estate platform of Soriana Still, Bob, in Soriana, we have not too much but close to 60 stores of hypermarket that still have a huge sales area, more than 9,000, 10,000 square meters of sales area that makes sense to make a reduction and take probably part of the reserve area or part of the parking lot and try to have a combo of hypermarket with Sodimac or supermarket with Sodimac is something that we already have done, actually, particularly in the offices that we used to have the headquarters of Comercial Mexicana. That is exactly what happened. We put that combo between a Soriana hypermarket with Sodimac.

So yes, then the short answer is yes. We will take advantage of the Sodimac real estate platform. Still, we have a couple of units that we can keep Sodimac in order to accelerate the growth. No matter that, Sodimac has their own real estate strategy, their own real estate structure. Looking for very good locations in order to ensure the growth of the company. How many stores still we see in Mexico, hundreds. I mean, particularly remember that the home improvement sector have a lower penetration than the food retail sector. So I think that still, the opportunity is really, really important. And still, we have very important cities that we don't have a presence of a single store. Guadalajara, Puebla, Aguascalientes. I mean, still, there is a lot of opportunities, or even in Monterrey that we already have stores in particular in Monterrey, very easily we can talk about another 5 to 6 stores just in the metropolitan of Monterrey. So still, there is a lot to do in terms of expansion.

Yes. I guess that's my curiosity, right? Because 5 -- and on a base of 15, it's a big number. But 5, when you're thinking about a market that can hold 100s and you've got adjacencies that can facilitate 60, it seems small. So it gets me back to the beginning of my question, which is how are the returns on the investment evolving? And how should we think about the profitability of the concept?

Well, still there are not the returns on investment capital that we want, mainly I think that particularly the main important goal is to increase still the sales more than the margins. In terms of the gross margin, we feel a little more comfortable with the margin that right now we have. The more important opportunities coming from the sales, but also Bob, it's related with the penetration of the brand and that we have to continue leveraging the structure of the company.

Obviously, the returns on capital as a company, Sodimac is still not in the level that we want. But when you look at our store level, because still, the critical mass that we have is not enough. When you see at the store level, they are not too bad, and there are continuous growing year-by-year. At the end of the day, it makes sense. We need more critical mass in order to start to obtain the returns on investment capital that we want as a company, not at store level.

Our next question is from Mr. Alejandro Fuchs from Itau BBA.

I have 2 quick ones, if I may. The first one, I wanted to see if you can break down same-store sales maybe between average ticket and traffic, that would be very helpful.

And second one, Rodrigo, maybe if you can walk us through a little bit of how is the company thinking about top line same-store sales growth relative to gross margin. We saw another big gross margin improvement this quarter, but maybe a little bit more pressured same-store sales. So how are you guys thinking going forward with that relationship?

Sure. Well, first of all, going up about the breakdown of the ticket, the average ticket and the clients. Unfortunately, I say unfortunately because obviously, it's not what we want. We have an increase in the ticket, in the average ticket and a decrease in the number of clients. That is basically the response for the first question.

I'm talking about the performance in the sales and the relationship with the gross margin. It's something that I repeatedly said in different conference call. We are, right now, protecting the gross margin, trying to be more efficient, in particular, in terms like the reduction of the shrink, better negotiation with suppliers or even in the other income sources like the real estate or the financial business that have been a very important help in the past to increase the gross margin. But at the end of the day, it's very clear that the main lag of the company is in increasing same-store sales and increase the productivity of the sales.

If your question is going in the sense that if we are willing to invest more gross margin to accelerate the sales, the response is yes. But particularly right now, when we see like promotional like Julio Regalado in which we are very aggressive in the prices or the prices that we have for the basket products that actually we show every week to the federal government, the basic basket. In all of that measures, we are competitive.

So it's very clear that obviously, price is very important. It's one of the top values that the client needs in order to take a decision between Soriana or other stores. But it's very clear that it will not be only the reduction of price, the one that will give us more sales. And that is why we are also working to have a more comprehensive value proposition, growing our private brand, the acceptance of the private brand is really, really good. I mean, it's very -- in some sense, it's difficult to see that our private brand sales are growing basically almost at double digit, but the total same-store sales of the company are the lowest of the market.

So obviously, it makes sense that say, okay, we have to increase the value proposition of the private brand and the number of articles that we have with that and the number of categories that we cover with the private brand is also very clear for us that we have to continue investments, making important investments in the mall and in the stores and the appearance of our facilities to the client.

Another kind of thing, obviously, working with the personnel that we have in the stores. Because at the end of the day, there are other important things that for us is very clear that still we have an opportunity and the client is demanding from Soriana. And that is the reason behind the results in which we don't have the same-store sales that we want and that we are very conscious that we have the lowest same-store sales in the market. So we are working on that.

If we see the investment -- making investment of more gross margin into prices will keep that recovery of traffic, we will do it without any doubt. But right now, we believe that we also have to change and invest in other things, not only price. And again, I don't want to say that price is not critical because it is. It's just that right now, we know because we are hearing the clients that we need to work in several other things, not only price. I don't know if I'm clear with the response, Alejandro.

[Operator Instructions] Our next question is from Bob Ford from Bank of America. Mr. Ford, we cannot hear your question.

I think that probably was a mistake.

No, no, no. I was in the queue and I was muted. I apologize for that, Rodrigo. But I want to take advantage with just -- with a quick follow-up. And that is, would you -- could you comment a little bit on what you're seeing from a competitive perspective, particularly FEMSA with the emphasis on Bara in the north. And I was just curious in areas where you're beginning to overlap, if you're seeing any impact from Bara whatsoever?

Sure, Bob. Well, as you already know, Bob, you know perfectly that the Mexican market is really competitive in all the regions. Every year, the regional players start to be much more aggressive and start to be more important. If you ask me about the regional players going out from the Chedrauis and the Walmarts and these big names, which are the ones that are making more noise. I will not say Bara particularly. If you ask me, I will say that, particularly in terms of supermarket, Smart is doing a very, very good job in the north part of Mexico, particularly in the area of Juarez and all the areas, I mean the regions where they are coming. But the performance of these guys is really good.

If you ask me to go more to the central part of Mexico, without any doubt, every month starts to be more important to make more noise and starts to appear more in the statistic of [indiscernible]. Guys with this different value proposition. And with this, I'm not saying that Bara is not important, it is an important competitor that we know which companies behind Bara. And we, every month, may take a look to see that, the store manager told us about that. But if you ask me about regional players that are making more noise, I will say these other 2 names, not Bara, Bob.

Understood. And out of curiosity, are you seeing HEB more or less aggressive in Mexico, more or less focused in Mexico?

Well, HEB is not aggressive in terms of price, if you are talking about price. [indiscernible] value proposition. The value proposition of HEB for sure is very aggressive. I think that is one of the players that knows better how to penetrate the middle class and obviously the upper levels, but is very good creating an aspirational consumption to the middle class, even middle low class. The marketing strategies are very good ones. They have presence basically in all the -- even social events, sports events, they are very active on this kind of strategies, and they do it very well and create a very important link, with emotional link with the clients. And obviously, our competitors that is very important here in the north part of Mexico. As you know, they start to go in step by step more to the central part of Mexico, start in Bajio.

And we have information that obviously, they have taken an important look in trying to go to Mexico City. As you know, going to Mexico City in a massive way is very complicated because of the real estate. So it's difficult. I will not say that they will not try to have a couple of stores in Mexico City, but have a bunch of stores in Mexico City is complicated. But for sure, I'm pretty sure that they have in their strategic plan going to the central part of Mexico makes sense, and the stores they have in Queretaro is a very good one. Actually, if you remember, Bob, it's a store that Soriana sell to them.

The next question is from Ms. Irma from Sachs.

Just a follow-up question on maybe if you can expand a little bit on how you're thinking about the macro into the back half and just coming out of the sort of summer promotional period, how are you thinking when you think about back-to-school and seeing like the Buen Fin campaigns, how are you planning for that? And what you're feeling just right now in terms of consumer demand? And then I was also curious how you're thinking about loyalty programs and just sort of collecting more data on your customer and using that to integrate that more into your value proposition? If you can talk a little bit about that.

Sure, Irma. Going about your first question, the macro and the consumer environment. Unfortunately, I'm not very positive about the macro and the consumer environment going forward in the following months, Irma. Particularly, there are a couple of signs that make me think that. Obviously, you see the same-store sales of the company, but also of the market starts to be kind of deceleration, even in campaigns like Julio Regalado that particular probably Soriana have things to improve and to do better. But no matter that, we are seeing the people much more cautious to take volume purchases and high-ticket articles.

So I think particularly that the consumption will be more restrictive forward. If you see other important factors that are relevant to the Mexican economy like the remittances work, in the first 5 months of the year comparing January to May of this year to the last year, we also have a reduction. Obviously, all the things that we hear from the restricted policies of the government of the United States about the immigrants and the Latinos is not something that is helping, and remittances for several Mexican homes is like the salary. So that is not something positive.

Also, Irma, if you see the trend of the creation of formal employees in the last 36 months is basically a decreased trend. Still the rate of unemployment in Mexico, I think that is a very good one. But if you see the creation line, the line of creation of new employees every month is going down. And that trend has at least more than 24 months also is saying something.

In general, I think that it will be tough. Buen Fin, it will be really, really difficult. Particularly, Buen Fin is a seasonal campaign that is not also against the Walmarts and the Chedrauis and the traditional competitors of Soriana is also again, the department stores, the specialty stores. Even the closed stores, the e-commerce.

So I think that it will be really, really tough in terms of prices and promotion, the Buen Fin campaign. I mean just imagine how tough we believe that it will be that from the beginning of the year, we are creating accounting reserve to face up the discount that we will have to do in the Buen Fin.

Your second question about the loyalty program. Yes, remember that inside Soriana, we have a couple of years working with dunnhumby in order to use the information of the loyalty card to be more accurate in the commercial strategy. And right now, even in the financial strategy because it's also information that we use for Falabella, the credit card. We are making important changes. One of the important changes that we have made in the last 6 months is that we make much more easy to the clients to enroll in the loyalty program and also to use it, allowing them to use their cellular phone. I mean, the digital card of the Soriana loyalty program.

Also, we have a couple of probably like 1 month that the people doesn't -- the client doesn't require to present their electronic or physical card. With a number of their mobile phone, we can recognize them and give them the points or they can use the electronic money that they have in order to pay. So we have to do it much more easy to our clients, and we are working also on that.

Right now, we are including another extra benefit to the loyalty program in terms of financial services, in terms of very basic products. Let me give you a couple of examples. Right now with the loyalty program point, you can make a recharge of money for all the cellular phone companies in the country, not only for Soriana Móvil, but also for Telcel, Movistar, you name it. We start to give some benefit in other companies related, like an example, if you go and buy some medicines, we give benefits with the loyalty card in pharmacy, but also we give benefit with laboratories in order to do a laboratory checkups or exams with other companies related with Soriana but not Soriana or third-party in order to create a more comprehensive co-systems or benefits for our clients in the loyalty program. And obviously, in the bottom of all of this is the use of the information and use that data in a more intelligent way, and we are working with dunnhumby on that.

That was the last question. This concludes the Q&A session for today. I will now hand over to Mr. Rodrigo Benet Cordova for final comments.

Well, thank you very much for your questions and your time for joining us in this conference call. No matter if you have any other questions, please just send me an e-mail to me or Claudia, and we will be really glad to answer you as soon as possible. Have a good day. Bye.

Organización Soriana would like to thank you for participating in today's conference call. You may now disconnect.