Good morning, and welcome to our investors' conference of Grupo Nutresa. We're very happy to share with you the results of our fourth quarter and our full-year results.

The closing quarter of the year marked a period of positive performance characterized by significant growth across key international markets and core product categories. This strong finish emphasizes the effectiveness of our strategic initiatives, market positioning, and brand equities.

A cornerstone of the year's success was the substantial improvement in operational efficiency driven by our transformation efforts and proactive hedging strategies. This synergy resulted in a 410 basis points expansion in the adjusted gross margin during the fourth quarter of 2025 compared to the same period last year, demonstrating improvements in operational leverage and disciplined cost management.

The year culminated with the achievement of record profitability results and metrics for our organization. The adjusted EBITDA margin reached 19.3% during the fourth quarter; it is the highest ever achieved result of our company.

This milestone is particularly relevant as it validates our profitability timeline and our strategic execution. In terms of our full year for 2025 the results, the company achieved double-digit top-line growth with revenue reaching a 10.7% increase for the period.

It is important to note that the Colombian peso revalued 14.8% during 2025 against the US dollar, and 40% of our revenues come from outside of Colombia. Double-digit revenue growth was complemented by significant operational efficiency improvements, evidenced by the adjusted EBITDA growth of 45% year-on-year.

This increase in profitability resulted on an EBITDA margin of 16.8%, representing a 400 basis point increase compared to the previous year. The 24-month transformation requires quarterly analysis to scale structural profitability.

As mentioned, the full-year adjusted EBITDA margin was 16.8%, but the adjusted EBITDA margin for the fourth quarter reached a 19.3% number. Due to the accelerated transformation execution in our fourth quarter, we fully accounted for the external advisor fees and internal employees' special incentives related to the project during this quarter.

In total, 2025 financial statements include 534 billion Colombian pesos in one-time charges, covering employee severances, restructuring costs, and the aforementioned advisor and incentive payments. The positive momentum flowed directly to the bottom line, with adjusted net profit increasing by 126.6% compared to 2025.

From a balance sheet perspective, the company has also demonstrated accelerated deleveraging. The trailing 12-months (TTM) net leverage stood at 3.73 times, while the fourth quarter run rate net leverage stood at 3.16 times when accounting for debt, principal, financial leasing, mark-to-market hedging, and adjusted EBITDA.

This compared to a leverage ratio of 5.29 times in March 2025 when the initial bridge loan of $2 billion was obtained. I will now turn on to Cathy and Andrés to discuss in detail the rest of the presentation, and I will be back at the end to deliver our expectations for the year ahead.

Thank you, Jaime. On slide four, we report total sales for the quarter of 5.3 trillion pesos with a 3.8% increase versus the same period last year.

As highlighted earlier, it is important to note the revaluation of our local currency against the dollar and that 40% of our revenues originate outside of Colombia. In dollars, quarter sales translated to $1.4 billion with a 21.8% increase.

These results are leveraged by the coffee business, which contributed with a double-digit growth of 17.7%, and the ice cream division with a significant growth of close to 30%. Now moving on to slide number five, we have the detail of the quarter's results by local and international sales.

In Colombia, sales reached 3.3 trillion pesos with an 8.9% 8.9% year-over-year growth. In dollars, reported sales were $867.2 million with a 27.8% growth.

Colombian business unit performance was led by the coffee, ice cream, and biscuits businesses, all reporting double-digit growth for the term. For its part, the chocolates and pasta divisions had a more challenging competitive environment during the quarter.

Channel performance was led by the traditional channel with a 16.6% increase, followed by the modern channel with a 12% increase, and the restaurant chains with a 9.5% increase. International sales for the fourth quarter reached $534 million with an increase of 13.2% over the same period in 2024.

In Colombian pesos, total sales amounted to 2 trillion, a decrease of 3.5% impacted by a 14.8% revaluation of the local currency. International business unit performance was driven by coffee, chocolates, and biscuits, all three reporting double-digit growth, followed by retail food, pasta, and Tresmontes Lucchetti with a mid- to high-single-digit variation.

In terms of geographies, the US continued with its positive trend with a 10.5% growth in dollars. On the next slide, we're going to detail the total sales for the year in which the company achieved 12.6 trillion pesos with a 10.7% growth compared to the previous year.

In terms of sector performance, coffee reported the most significant expansion with a 31% growth driven by successful premiumization strategies and market penetration in key international regions. Chocolate sales grew 17.8%, fueled by innovation across the portfolio, increased B2B dynamics in the US, and the strengthening of core categories throughout the year.

Our ice cream segment continued its upward trajectory with a strong 12.4% growth attributable to new and more efficient go-to-market strategies and the successful launch of new high-margin product flavors. In terms of strategic drivers for this growth, we can highlight select pricing improvements across the portfolio, which were a proactive measure taken especially during the first semester of the year with the aim of covering the substantial rise in input costs.

This deliberate strategy, which also included SKU rationalization and a focus on higher-margin segments, resulted in a slight decrease in sales volumes. Management views the slight volume contraction as part of our efforts to reorient the portfolio into higher-growth and higher-margin categories.

On slide seven, we report our yearly sales evolution in detail. Local revenue reached 12.3 trillion pesos with a 9.9% increase.

Complementing local execution, international sales reached $2.1 billion with a 31% growth. All international business units reported positive sales dynamics during the year.

Lastly for this slide, total exports from Colombia were $561 million, up 31% year-on-year. Moving on to slide eight, we share our regional geographic footprint for the year.

Colombia sales continue to be relevant, representing 59.6% of total, followed by the US with a 14.7% and Central America with 18%. Lastly on my end, on slide nine, we have our GNCI monitor, which follows the market behavior of our different commodities in dollars.

Year-over-year, Grupo Nutresa's Commodities Index increased 19% driven mainly by higher coffee prices during the year in which the commodity increased 57%. Despite these increases, the revaluation of the local currency, especially during the last months of the year, helped with margin expansion since a large percentage of our inputs are either imported or dollarized.

Also, our hedging policies have remained in place, which has allowed for better predictability of our margins throughout the cycle. During the fourth quarter, the index was relatively stable with a 1% quarter-over-quarter increase.

I now leave you with Andrés Bernal, who will detail margins and leverage.

Thank you very much, Kathy. On page 10, you can see that we achieve a 16.8% adjusted EBITDA for the full year 2025 and a 19.3% during fourth quarter, above our initial estimates.

During 2025, the financial statement reflects 534 billion pesos of non-recurring expenses, which include restructuring charges, employee severances, payment for external advisors, and internal incentives, specifically related to the execution of the transformation program. EBITDA: during the fourth quarter, adjusted EBITDA, excluding non-recurring expenses, reflects an improvement in gross margin together with a decrease in SG&A.

Adjusted EBITDA for the quarter reached 1.01 trillion pesos, while reported EBITDA stood at 588.4 billion pesos. This EBITDA includes the one-off costs associated with the transformation program, which explains the difference between this figure and the structural result.

Growth on adjusted EBITDA was +74.4%, and then adjusted EBITDA margin reached 19.3%. Our top-performing business for the quarter include the retail food and ice cream, both with adjusted EBITDA margins of 27%, followed by chocolates with a 23.6% margin.

It is important to note the structural EBITDA increase with all businesses reporting double-digit growth. On the lower part of the slide, we detail the reported EBITDA for the period.

On page 11, we can see the adjusted EBITDA. It shows a strong growth supported by commercial momentum and operational cost efficiency.

Growth was +45.2% year-over-year. The adjusted EBITDA was 3.45 trillion pesos, and the adjusted EBITDA margin was 16.8%.

Our top-performing units in terms of adjusted margins were retail food, ice cream, chocolates, and biscuits. On slide 12, we detail the net leverage progression that we have had over the past year from a net debt to adjusted EBITDA ratio of 5.29 times in March, that is post bridge loan, to a progressive 3.16 times for the fourth quarter annualized.

On a TTM basis, the net debt to EBITDA stands at 3.73 times, and we close the year with a COP 3.2 trillion, roughly $840 million, in cash. On slide 13, we have the maturity of our debt structure with an average duration of 6.1 years.

During quarter fourth 2025, and in anticipation of the election cycle in Colombia, we decided to take preventive measures and drew some available credit lines to have additional cash at hand for the expected volatility. We maintain a hedging strategy focused on principal only, POS swaps, with rolling maturities of 6 to 12 months.

Although these hedges do not include margin calls, we have proactively secured the necessary cash reserves to cover these maturities and ensure the continuity of our hedging approach.

Thank you, Andrés, and thank you, Cathy, for a thorough presentation. I would like to give the outlook for the current year of 2026.

We expect high-single to double-digit growth, increase market share penetration in Colombia, and continue to grow in the international markets. Our gross margin, we expect it to be around 40% plus or minus 100 basis points through continued supplier negotiations, proactive hedging decisions, productivity in production facilities, and supply chain enhancements.

Continued EBITDA margin expansion, targeting a goal of 20% plus or minus 100 basis points for 2026. CapEx is expected to be between 2.5 and 3% of total revenue, with a focus on maintenance, capacity expansion, and increased productivity.

Increased cash flow generation, targeting 10 to 12% of our total revenues. With these assumptions, we expect an adjusted EBITDA margin to be in the range of $1.15 to $1.25 US billion for the fiscal year end of 2026.

Thank you very much for listening to our presentation, and now we can have your questions.

Thank you, Jaime. We are now moving to our Q&A section.

For anyone interested in posting a question, please refer to the Q&A box on your screen for the operator to transfer your question. Please remember that you must state your name and the company you represent.

The first question we have on queue comes from Miguel Ospina from Vinci Compass: "Should we expect a cleaner quarter for the first quarter of 2026 without additional one-offs?"

Good morning, Miguel. This is Andrés Bernal.

Yes, we do expect some, but smaller than the previous quarter. We continue undergoing projects and on those will incur in some non-recurring expenses.

As I said, very significantly lower than the one we just had the previous quarter.

Thank you, Andrés. The next question from Miguel as well is: "Can you elaborate on why CapEx was relatively high in the fourth quarter of 2025?

Was it related to the [Yupi?] acquisition?"

No, Miguel, it's not related. The amount we spent on the fourth quarter is between the range that we have defined for CapEx, and all those projects were approved during the year.

It's just a matter of a coincidence that the number was higher than the previous quarters. We believe this year we're going to be between 2.5 to 3% of total sales and investing in very attractive projects that either generate additional sales or more efficiency on our products.

Thank you, Andrés. The next question is from Malcolm, and it says: "Hi, I understand that the coffee segment growth was strong in the US due to a better tariff regime compared to your Brazilian competitors.

Does the recent striking down of tariffs by the US Supreme Court affect this?"

Okay. In coffee, we have two lines.

One is business-to-business and the other one is business-to-consumer. On the once we have B2B, the prices and arrangements are already in place, they shouldn't be changed due to new tariffs or changes on that issue.

On the business-to-consumer, we continually see how the prices are performing compared to competitors, and we'll adjust accordingly.

Thank you, Andrés. The next question comes from Nicole from MetLife: "Can you please elaborate on the strategic rationale behind the approval of the preferred share issuance to Erton Holding?

Is it primarily related to restructuring of ownership, organizational structure, or is it aimed to inject additional cash into the company with what purpose?" I'll take that one.

I will take that one, Cathy.

Okay.

I think that on that one, the capital increase proposal, we are not bringing any new shareholder. I think that as has been disclosed in the assembly of shareholders, the investor will be an entity related 100% to me, to Jaime Gilinski.

Then Cathy now will explain to you the details of the preferred uses.

Sure, Jaime. Yes, I'm here.

Sure, thank you. Just to give everyone just how it went through, the capitalization proposal was shared at the shareholder meeting and it was approved by 99.99% of the shares represented.

Now, I'm going to rephrase the actual approval for everyone to understand the use of funds what was approved, which is currently under the approval of the local regulator. The funds obtained as a result of the capitalization will be used to strengthen the company's equity and financial structure, and may be used, in whole or in part, to make direct or indirect capital investments in subsidiaries, affiliates, and/or related companies of the company domiciled in Colombia and/or abroad, or to provide financing or any kind to said companies located in Colombia and/or abroad.

Furthermore, as Jaime mentioned, Erton Holding is a company controlled by our majority shareholder. Thank you, Nicole, for your question.

The next question says: "A lot of competition in packaged goods sector in the US. How is this impacting the business?"

You're right. There is a strong competition in prices during the previous months.

We, as I mentioned before, keep controlling and checking prices on our competitors and will be moving accordingly. It is important to note that the price of commodities have been going down and consumption previous years went down as well in the United States, it's a matter of time to accommodate both pressures.

Just just to complement just

to complement what Andrés is saying, we have spent a lot of time during the year analyzing all of our SKUs in the different markets, both in Colombia and international, and we are becoming much more efficient in terms of providing consumers, sizes and and prices that are more affordable. I think that that the strategy has proven to be very successful this year, and we expect last year, and we expect this year to allow us to start gaining market share in the different markets where we participate.

Thank you, Jaime. The next question states: "Thank you for your presentation.

Could you share your financial policy in terms of dividends and leverage target?" I'll take that one.

As we mentioned during 2025, for the first year after our issuance, there were no dividends distributed, and from 2026 going forward, the policy is to distribute between 20 and 30% of EBITDA on dividends. Now in terms of long-term targets for leverage, just to share with everyone, as of December of 2025, we've practically reached our initial goal with a net leverage to EBITDA ratio of 3.16 on a 4Q run rate.

Now for the long term, as many of you well know, we are in continuous conversations with the rating agencies, as we have been for the last year, to guarantee the best possible rating outcome for this company. For the long term, we expect a net debt to EBITDA indicator ranging between 3 and 4 times, and that could be up or down in certain periods, but that would be a long-term indicator for the leverage.

Just one point to clarify on Kathy's information: we continue forecasting between 20 to 30% of EBITDA as dividend, but keep in mind that here in Colombia, you can either pay dividends or buy back shares. The company has decided to buy back shares, and we did so during the month of January.

Thank you, Andrés. The next question comes from Brandon: "Can you please help us understand what unadjusted EBITDA growth looks like in 2026 and when we can expect adjusted EBITDA and unadjusted EBITDA to be closer together?

Also, can you please let us know cash restructuring expense for 2026?"

Yes, I think that on adjusted, what we did last year was a tremendous transformation effort, and that's what reflected such a large expense. During 2026, we continue the transformation plan.

As we said at the beginning of last year, our transformation plan was a 24-month program. We expect, in order to achieve the guidance that we gave, to continue to find some savings both in costs and also improvement in margins during 2026.

The reported should be between $1.15 and $1.25 billion, and the adjustments will be much smaller than last year to answer specifically your question.

Thank you, Jaime. The next question comes from Nicholas, and he states: "How have your exports been affected with the local currency devaluation?"

Our exports

during 2025 continued to grow. We didn't experience a decay, but as you saw before, we grew.

I think that in the second part of the year, the growth was less than during the first part of the year and especially to the US. We continue to experience growth.

During 2026, on our plans, we expect to continue growing our exports, especially to the United States.

Thank you, Jaime. The next question comes from Bibi Vera from Goldman Sachs: "Can you share some color on potential from sales to Venezuela?"

He actually has three questions, I'm going to read one by one. Andrés, can you share something on that one?

Yes. We have been working really hard since January 3rd, as Maduro was out of power in Venezuela, looking for opportunities.

Last year, sales to Venezuela accounted for only $14 million. We have sent our teams.

We have been talking with different players locally in order to find ways to export as much as possible. We have plants very close, nearby to Venezuela borders, that we can export from there.

At this point in time, it is impossible to forecast any amount, but we're confident that within the next 3 to 5 years, Venezuela will go back to previous GDP per capita that they had 15, 20 years ago, and thus will become a very important partner of Grupo Nutresa. At one time in the past, sales to Venezuela accounted for 20 to 30% of Nutresa sales.

We're looking forward for those changes to be implemented in the country, and we're moving as fast as possible to be there since moment one.

Thank you, Andrés. The second question is: "What is the go-forward strategy on debt reduction versus equity distributions?"

I think that on that, as was previously said, equity distributions, we still have the approximately 30% of our EBITDA that we will consider once we reach lower levels. I think that in terms of debt reduction, we are continuously reducing debt.

Depending on opportunities, we have to increase it during some periods of the year. I think we will stay within the 3 to 4 times ratio, as was mentioned by Kathy.

Thank you, Jaime. "Details on cash pledge for non-consolidated subsidiaries?

What are these subsidiaries and possible release of these pledges?"

Okay. As that was made 1 year ago, we explained the strategy on that situation.

We issued the bonds for $2 billion, and at the same time, we opened CDs for those same $2 billion, same tenor, same interest rate. Those funds are based on a company that belongs to Grupo Nutresa in Costa Rica, and they are pledged until the experience of the bonds, that is, in 5 years from issuance and 10 years from issuance.

We do not foresee any changes on that in a short period of time.

Thank you, Andrés. The next question comes from Gustavo, and he's asking about M&A for this year: "Are we going to execute M&A?

In which sectors and which countries?"

I'll take that one. Basically, what we're doing is we spent last year all of our effort making the improvements in efficiencies that have been mentioned.

We started with a 12% EBITDA margin at the beginning of the year from the previous year, and we finished on a run rate at 19%, 19.3% in the month of December in the last quarter. It has been a tremendous effort to achieve those efficiencies, and that has been most of what we have done.

Heading on M&A for 2026, we constantly are looking at opportunities, but we are being very careful, very selective, and we don't want to increase our leverage. We want to be sure that any acquisition it fits our strategy, but we don't have in our plans for 2026 any major acquisition.

We will hopefully finalize the Mimos acquisition that it's subject to approval during this quarter. At the moment, we'll be selectively looking at opportunities both in the countries where we participate and probably in Venezuela, which might become a market for growth for us in the next 2 to 5 years.

In addition to that, it has been accretive, and we will most likely see bolt-on acquisitions with clear synergies.

Thank you, Jaime. Next question from Bibi Vera from Goldman Sachs: "Is there a goal internally to get back to IG rating?"

I think the answer is yes. We are working on it.

We have been with the agencies constantly reviewing, one of the agencies maintains the IG rating, the other one it's in the process of analyzing it. I think that we have achieved more than what we were supposed to do.

I think that the results of 2025 have been better than we initially expected, and I think that the trend for 2026 we are very positive, as you saw from our guidance. We expect that to improve and gives the second rating.

I think it's really up to the agencies and how they see it going forward.

Thank you, Jaime. We don't have any more questions for this section.

Thank you, everyone, for joining today's conference. Any further detail or any additional questions, of course, we can answer them via the investor relations office.

Thank you again, and have a good week.

Thank you very much, and we look forward for our next conference call and to report our first quarter reports, and thank you for joining us today.