Good morning, everyone, and thank you for joining us today to discuss our second quarter results. My name is Carolina Velásquez, I am Cementos Argos' Investor Relations Officer, and I will be hosting today's call.

On the call today, we have Tomás Restrepo, our Executive Vice President; Natalia Ochoa, our CFO; María Isabel Echeverri, our VP of Legal Affairs; Carlos Yusty, CEO of Argos Latam; and Jason Teter, CEO of Argos Materials. First, I would like to ask you to carefully read the legal disclaimer that is currently being projected on the screen, which is also available in the presentation posted on our website.

Please note that all discussions on the financial and operational results during the call will be based on adjusted figures, excluding nonrecurring and noncore operations. For a detailed reconciliation of the adjustments, please refer to the annexes of our presentation.

Today, after the initial remarks, there will be a Q&A session. If you have a question, please raise your hand by pressing the icon at the bottom of your screen at any time during the conference.

We will record this session and upload it to our web page. It is now my pleasure to turn the call over to Tomás.

Good morning, everyone, and thank you for joining us today. During the second quarter, our businesses delivered solid performance, supported by strong results in Colombia and constructive demand dynamics across most of our markets.

We have made decisive progress in building the two focused operating platforms that will shape the next chapter of Cementos Argos: Argos Materials and Argos Latam. I want to reaffirm why this separation is central to our long-term strategy.

This is not a change in direction, it is a natural step in the path we have built throughout our history. We understand the power of focused platforms because we have lived it.

The combination of Argos USA and Summit Materials and posterior monetization of our stake stands as proof of our ability to create and capture exceptional shareholder value. Today, we are applying that same logic with greater experience and stronger financial capacity.

Our objective is not simply to separate a company, but to build two focused platforms with the strategic clarity, capital flexibility, and capabilities to realize their full value creation potential. For each platform, that means focused growth.

In the US, our ambition is to build a leading position in aggregates, leveraging our Dominican Republic asset alongside the development of a domestic network of distribution and production assets. In Latam, we are pursuing disciplined and profitable growth across the region, while advancing opportunities in key markets, such as Venezuela and Guatemala.

During the quarter, we advanced simultaneously in the construction of both platforms. On a strategic level, we are actively assessing the value creation potential of each platform and the paths to capture value for our shareholders.

The corporate center is focused on the overall strategy, capital allocation, and the design of the architecture that will allow both platforms to maximize this value creation. On a more tactical level, we made progress in defining their organizational structures, governance models, and leadership teams, allowing each business to operate with greater focus and agility.

This is one of the most important transformations in our history. We are undertaking it from a position of strength and with the conviction that it can unlock a new chapter of value creation for Cementos Argos and its shareholders.

With that context, I would like to invite Natalia to provide an update on SPRINT and present the second quarter's consolidated results.

Thank you, Tomás, and good morning, everyone. SPRINT continues to be the framework that keeps shareholder value generation at the center of strategic decisions.

Since the launch of SPRINT, total shareholder return has reached 750% in dollars and 25% so far this year. Additionally, trading volumes have increased approximately 8 times versus pre-SPRINT levels, reflecting the momentum this program has created.

Let me walk you through our progress across the pillars. On our first pillar, operational and financial results, our year-to-date EBITDA margin stood at 21.7%, and we remain committed to our full-year guidance range of 24 to 26%.

Our ROCE reached 16.5% on a last-12-month basis, above our target of more than 16%. On distributions to shareholders between dividends and share buybacks, we have returned more than 530 billion pesos in 2026, reaching 63% of the 707 billion pesos in dividends approved for the year, and being the most active issuer in terms of buybacks in the Colombian market.

On our fourth pillar, share liquidity, our double market maker structure is fully active, reducing friction to execute transactions and strengthening the liquidity of our share, supporting our objective to be included in the major global indices. Regarding our fifth pillar, growth, we achieved important milestones in Argos Materials, which Jason will detail shortly.

In Venezuela, this quarter we exceeded our target of 5,000 tons per month in exports, and we continue working on initiatives to deepen our presence in the country alongside progress on our longstanding legal claim. Now, let me walk you through our consolidated results for the second quarter.

Cement volumes were 7% lower year over year, impacted by exports and trading, though demand conditions were solid across our operations. Ready-mix volumes were up 15%, driven by an outstanding performance in Colombia.

Consolidated revenues increased 2.4% year over year. EBITDA reached 280 billion pesos, down 5%, in line with our expectations for a first semester with a higher concentration of plant maintenance in our cement operations.

EBITDA margin stood at 21.2%, 175 basis points below last year. Given the significant revaluation of the Colombian peso this year and its impact on EBITDA conversion, the company holds put options with quarterly payoffs acquired toward the end of 2025 at a strike price of 3,850 pesos.

These have already generated payouts of $3.6 million and will continue to provide hedging protection throughout the rest of the year. Adjusted net income closed at 154 billion pesos as net interest income was approximately 17 billion pesos lower year over year, driven by a lower cash balance following initial Argos Materials investments, debt repayment, and shareholder distributions, though partially offset by a lower interest expense.

We recorded a positive foreign exchange difference of 25 billion pesos, driven by a 7% appreciation of the Colombian peso during the quarter. As the peso strengthened, the peso equivalent value of our dollar-denominated debt declined.

Because this debt was largely unhedged, or covered under hedges for peso appreciation scenarios, the revaluation translated directly into a foreign exchange gain. Finally, I'd like to note a provision of 64 billion pesos was recorded in connection with a foreseen adjustment to the Summit transaction with settlement expected in November 2026.

Consistent with our standard practice of excluding non-operation, one-off items, this provision is not reflected in our adjusted net income figure. I will now turn it over to Jason to discuss the progress in Argos Materials.

Thank you, Natalia. Good morning, everyone.

This quarter, we made great progress in continuing to build the Argos Materials leadership team by bringing on board executives with deep experience in aggregates and building materials, who have scaled businesses and led at senior levels, and who share our conviction in the growth opportunity ahead. Kendall Gregory joined as CFO, bringing extensive financial leadership across building materials, industrial solutions, and manufacturing.

Juan Camilo Martinez joined as Country Manager for the Dominican Republic, bringing deep knowledge of Cementos Argos, having previously led the company's strategy team and played a central role in shaping Argos Materials, ensuring strong continuity between the vision behind this platform and its execution on the ground. We also welcomed Chad Weems as Vice President of Operations, bringing deep expertise in operations and engineering within the aggregates industry.

Together, this team reflects the top-notch talent that recognizes the potential of Argos Materials and is committed to realizing it. Turning to our operational progress this quarter, our third test shipment successfully arrived in Tampa and met the optimal material quality we were targeting, marking another important step forward in our validation process and confirming both the consistency of our product and the reliability of our logistics chain into the US market.

We also continued to advance in engineering and permitting activities in both the Dominican Republic and Tampa, expanding quarry capacity in the Dominican Republic, relocating outbound logistics to a facility significantly closer to the quarry, and securing the investments needed to guarantee port capacity. In Tampa, all three initiatives are moving forward on schedule as we build the infrastructure to become a competitive aggregates exporter in the US market.

Finally, on M&A, deal flow continues to grow and our pipeline of opportunities is building. We're evaluating these opportunities with patience and discipline, targeting assets that add strategic and financial value to the platform.

We remain confident in the fundamentals of our target markets, supported by strong demand from data center and infrastructure construction. These milestones achieved during the quarter reflect our focus on the execution of Argos Materials' growth strategy.

The team, the projects, and the capital discipline are coming together as planned, and we look forward to continuing to share our progress with the market.

Thank you, Jason. I will now turn it over to Carlos, who will walk us through the performance of our Latam operations.

Hello, everyone. As Tomás mentioned, Argos Latam is entering this new stage as a more focused platform with a clear strategy to expand profitability and pursue disciplined growth across the region.

Let me share how we intend to execute that strategy. Our aspiration is to be the leading cement company in sustainable value creation in Latin America, generating value for shareholders while contributing to the economic, social, and environmental development of the territories where we operate.

This aspiration is supported by a business model we've already proven as a path to profitability in Colombia, where over the past 5 years it allowed us to increase ROCE from 8 to 15%. We are now extending this model across Argos Latam, built on two pillars: De la Mina al Mercado, our operating model focused on reliability, network optimization, and digital transformation; and Luz Verde, our commercial model built on brand trust, technical advisory, and digital self-service through Argos One.

In the coming quarters, we will share details on how this model translates into specific actions, milestones, and expected results across the region. Before diving into the regional results, I'd like to share that the aggregated EBITDA of our Latam operations stands at 286 billion pesos.

Please note that this figure is a temporal reference while the separation advances, as it does not include any expenses allocated from the corporate center. Now, I'll go over the region-by-region performance, starting with Colombia.

Colombia delivered a strong quarter as industry demand has been driven by a recovery in the retail segment over the past year. During the quarter, we continued to perform better than the industry, with 10.5% growth in local cement and 15.9% in ready-mix volumes, which continue to stand out, supported by a solid project pipeline, including Túnel de Oriente, Metro de la 80, Cuora, and others.

This strong domestic performance was partially offset by lower exports as a result of softer demand in the US market. Revenue rose 4%, and EBITDA reached 201 billion pesos, growing 13% year over year, driven by a strong top line and disciplined cost and SG&A management.

On a year-to-date basis, the margin came in at 26.2%, slightly higher than versus 2025, reflecting a higher concentration of scheduled maintenances of our cement plants. With this now behind us, we expect margin improvements for the second semester.

The strong operational results are supported by a key milestone reached in our operating model, De la Mina al Mercado. The consistent increase in reliability of our cement operations led to an OEE over 80% in 2026, a world-class result that drives cost control and optimizes output.

Looking ahead, we are confident about the rest of the year as the presidential transition brings renewed expectation for a stronger pipeline of project in infrastructure and housing, which we see a meaningful opportunity for the industry. Central America exhibited positive demanding dynamics across the region, leading to an expansion of 20.8% in cement volume and a revenue increase of the same magnitude during the quarter.

EBITDA reached $14 million, as was 19% lower than last year, primarily due to a planned major maintenance in Honduras, carried out in April, while in 2025 it was done in the first quarter. On a year-to-date basis, which evens out this effect, revenues grew 13% and EBITDA increased 12%, with EBITDA margin broadly in line with the same period of 2025.

Panama demand continues to recover, supported by housing and infrastructure, with the market expanding high single-digit year-to-date, and in Guatemala volumes tripled versus the second quarter of 2025, reflecting our successful expansion strategy in the country. In Honduras, after a rough start for the industry amid the government transition, we saw early signs of demand recovery.

Going forward, we anticipate further recovery as economic activity normalizes. Additionally, we are proud to announce that we signed an agreement to install a second solar farm in our Piedras Azules plant.

By 2027, the plant will be fully supplied with renewable energy, reducing 19,000 tons of CO2 emissions per year, while optimizing costs and reliability of the energy supply amid the high-risk environment that the countries faces. We are confident that the positive results will continue across the region with a more balanced competitive landscape in Honduras, Panama's continued recovery, and our determined growth strategy in Guatemala pays off.

In the Caribbean, cement volumes were flat and revenues grew 2.1%. EBITDA was $16 million, 2.5% below last year, as a portion of the costs associated with the first quarter operational disruptions in the Dominican Republic were recognized this quarter.

The operation fully recovered during the quarter, reaching its highest dispatch volume on record for any June, reaffirming the strength of the demand in that market. Given that we operate at full capacity in this operation and on the back of our strong insurance program, we have been working closely with our insurance partners on a business interruption claim, from which we have already recovered $1 million and expect to recover $3.5 million more during the second semester.

In the rest of the Caribbean, we had a solid performance, with Puerto Rico and French Guiana posted double-digit growth in both revenues and EBITDA. For the second semester, we expect the EBITDA impact from the Dominican Republic disruption to be fully recovered and the constructive industry dynamics to remain, supported a stronger performance for the region.

In Argos Latam, we have a positive outlook for the rest of 2026 and remain confident in our ability to keep enhancing profitability. Our continued focus on operational performance and value creation is reflected in a best-in-class free cash flow conversion of 77% of EBITDA this quarter, which is a solid base to keep executing at the highest level.

Thank you, Carlos. As you have heard from Jason and Carlos, both platforms are advancing with clear strategic priorities and strong execution under a common objective of maximizing long-term shareholder value.

Our role at the corporate level is to ensure that we allocate capital to the highest-return opportunities, strengthen the capabilities of each platform, and design the structure that allows both businesses to realize their full potential. Turning now to our balance sheet, our net-debt-to-EBITDA ratio stood at -4.4 times for the second quarter, reflecting the strong cash position we continue to carry from the Summit transaction.

While we continue evaluating opportunities to deploy these resources, these funds have already generated $148 million in interest income with an average yield of SOFR plus 26 basis points. Looking ahead, we remain firmly committed to our full-year guidance, supported by positive market dynamics across our operations and the continued execution of our efficiency and profitability initiatives.

Carolina, we can proceed now with the Q&A section.

Thank you, Tomás. We will proceed now with the Q&A session.

Please remember that in order to ask a question, you need to raise your hand using the icon that is at the bottom of your screen. I will say your name and company and will enable your microphone.

Take into account that you need to unmute your microphone before you speak. First question comes from Gordon Lee from BTG Pactual.

Hi, good morning. Thank you very much for the call.

Two questions. The first is looking at your guidance for the EBITDA margin for the year, which you expect to close above 24%, that suggests a pretty important rebound in the second half of the year.

I was wondering whether it's a fair assumption to think that most of that rebound will happen via the normalization of the margin in CCA, or should we also expect a pick up in Colombia? That's one question.

Then the second question, just on the accounting treatment of both the business continuity insurance in the Dominican Republic and the payouts for the FX options, just to confirm that those are not being reflected in EBITDA, that we're seeing that accounted for below the operating line. Thank you.

Thank you, Gordon. Thanks for your questions.

The first question regarding the margin pick up for the remainder of the year, you have to take into account that the first semester was very heavy in kiln maintenances. It is expected to come both, as Carlos said, from Colombia going forward in the second half and Central America as well.

We do remain committed to that guidance that we give you of about 24% margin. Now regarding the accounting treatment of the two one-off operations, both as you mentioned, I will turn it over to Natalia to explain you a little bit more on that.

Thank you, Gordon, for your question, and thank you, Tomás, for handing over the question to me. On the first question regarding the insurance payout for the Dominican Republic operation, it is indeed recorded in the EBITDA.

Regarding the hedges, a significant portion of the hedges are also recorded in EBITDA under higher revenues because we are hedging our exports volumes, which have been a little bit lower than what we have expected, as we have mentioned. The portion that has been lower than the budget is being recorded as financial income, but the portion that meets the hedging accounting rules is recorded in EBITDA, is reflected as higher EBITDA via higher revenues.

Let me know if this clarifies your question.

That's super helpful. Thank you.

Do you have a sense, I think I think I read in the release that the business continuity insurance, the payouts so far was was $1 million. Could you just let us know, or let me know what for each of those items, how much was reflected in EBITDA in the first half of this year?

The full million dollars is reflected in EBITDA, and we are expecting that we can get a couple of more million for the second quarter, for the second half of the year. The full Dominican Republic, like, insurance payout is reflected already in EBITDA.

Regarding the the hedges, about $2.25 million are reflected as higher revenues, and $1.1 million are reflected as higher financial income.

Perfect. That's super helpful.

Thank you.

Sure.

Thank you, Gordon. Next question comes from Simón Londoño from Grupo Cibest.

Good morning, everyone. Thanks for the presentation and for taking my questions.

My first question is about your expectation for the second half of the year compared to the first half. What are your expectation for growth and what key factors underpin that view?

My second one relates to Venezuela. What condition need to be placed for the company to consider re-entering the country, and what will be the capital exposure associated with that decision if you could give us some information about that?

Thank you.

Simón, thanks a lot for the questions. I will just introduce a little bit, and then Carlos can give you a lot more color.

The second-half expectations are, we're very bullish in Colombia, as Carlos said, and Honduras in particular is also having a very good, constructive dynamics, as well as Panama picking up. Carlos will give you a little bit more detail on that.

In Venezuela, again, we have a phased approach of going back into the country. As for now, we're exporting via land shipments.

Second phase would be an import all the way from Cartagena, and then third phase, as we recover our investment there, we will in time, when the market is solid enough, be ready to invest. It's a pretty kind of de-risked phased operation or phased project into Venezuela.

Carlos, please give us a little bit more color on expectations and Venezuela. Hi,

hi Simón. I think that starting with Venezuela, really we are currently exporting by by the border, specifically by Cúcuta.

We are growing month by month, yes? Really, this is not an easy logistic exportation, but I think that we can grow by the end of the year, probably finish, ending the year, probably in a in a rate of 5,000 tons per per month.

We we are really making the the assessment, how is the best way to enter in with a real operation in Venezuela. When when I say a real operation is not with a real operation of cement plant in Venezuela, with a real export, a big export probably from Cartagena.

We are measuring if there are some port facilities or if we if we can make more make more soft the export by land through Cúcuta or through Paraguachón in La Guajira. We are very optimistic about the about the market in Venezuela, because the market in Venezuela right now is about 1.7 million tons of cement per year, which is, like, you can probably heard, is the 10% of the capacity that Venezuela has in in in cement production.

Really, Venezuela is turning to to be a more a more how how we can say? A a more normal country, but it it takes time.

Like Tomás said, we are analyzing what is the best way to enter in Venezuela. If we enter with a ready-mix plant probably in next year, but increasing our exports of to Venezuela.

I think that we have a very good opportunity to increase the volume of export in that country. About the first question, historically, the second half of the year in cement and in our operations in Latam are better than the first half of the year.

The the second half of the year is is a in in this country, in the most of the countries that we operate in Latam, are the first half is rainy season, the second half is more is is more is more summer, and the the cement usually has this this this patrón. The the second half is is better than the first half.

In the case in the case of in the case of in the case of Central America, Honduras, like we like we express in the in the now in the script, really Honduras is growing month by month. In the case of Honduras, Colombia, what is Colombia is doing well all the year, and we expect that the the the second the second half of the year is still doing the is doing well the the market.

I don't know, Simón, if that is good for you.

Yes, thank you. Very much clear.

Thanks for the questions, Simón. Next question comes from Pablo Ricalde from Itaú.

Hi, and good morning, Cementos Argos team. I have one follow-up question on the cement volumes performance in Colombia for the second half.

I don't know if you can provide more details on which segment do you think will drive growth. I know, given the earthquake, maybe now visibility it's more limited, but which demand trends are you seeing?

Like housing, maybe Casas Milagro helping a little bit at the end of the year. Which sectors or segments do you think will drive cement volumes for the second half?

Pablo, thanks for the question and for bringing up this hardship situation that the country is living with the earthquake. I just want to mention about that we're helping our communities and our employees particularly in the southeast and central-west zone of the country to assess the damages and cope with this.

As for the drivers of demand, Carlos will give you more color on what he's seeing for Colombia. Thank you.

Oh,

hi, Pablo. Mainly from the retail segment.

The retail segment is growing in double-digit this year, and we are seeing that for the rest of the year it continues. Because the new government are thinking how to structure some infrastructure projects, but probably we can see that in the '27 and '27, 2028.

Okay.

Thank you, Pablo. Next question comes from Santiago Villanueva from Corredores Davivienda.

Hi, good morning, and thank you for taking my question. I just have two.

During this quarter, you mentioned exports to Venezuela totaling 5,000 metric tons per month and three times the volume in Guatemala. I'd like to know what your one-year volume target is in those countries, and what the business model will be for Guatemala.

Do you plan to continue exporting from Honduras, or are you planning to have plants in the country? My second question is, could you provide more information about the provision related to the cash of Summit?

Thank you.

Santiago, thanks a lot. I will start with the second question.

The 64 billion pesos accrual, which is equivalent to $17.5 million, was registered in connection to a specific indemnity obligation that we retained with Summit Materials after the transaction of January 2024. It is a specific indemnity obligation for that, and which is related to a previously disclosed class action on a legacy asset that we also in time acquired in southeast USA.

As this class action is expected to close by the end of this year, we proceeded and registered this accrual, the 64 billion pesos, in our discontinued operations line of the P&L. As it is the usual practice, we exclude the one-off, nonrecurring operations from our net profit, and this is the explanation about all of that.

Now about exports into Venezuela and Guatemala, Carlos will give you more color on that. Just wanted to tell you that the Guatemala venture has been a very successful one in growing volumes, and we do have plans to transform that into another type of business model that will free up volumes from Honduras and enhance the profitability locally.

Carlos, please give us a little bit more color on exports to Venezuela and Guatemala as well.

Hi, Santiago. Like you mentioned, Tomás, we are analyzing where we are exporting, but it's very important to say as well that like I mentioned, Honduras, the market is growing and the capacity is limited.

For that reason as well, we are thinking how to increase not just the volume, as well is how to increase the profitability that we are making in Guatemala. That is very important for us, remember, the profitability of our operations.

In the case of how we are exporting to Venezuela, but I don't know if the question is how we are selling. We are selling in the border, right in the border, and the model so far is not selling directly into the Venezuela territories, yes.

I said that we are expecting to export 5,000 tons per month by the end of the year. Really, we are not in that volume.

We are very close to that volume. Probably for the 2027 is how to increase from 5,000 per month to 7,000 or 8,000 per month.

It has to be not in the right model, in the mode that we have right now. We have to improve the model.

What about the targets of Guatemala? Do you have specific targets of volume in that country?

Yes, in Guatemala, our target is to be in a range of 20, 25 tons to 30, 20 to 35 thousand tons per month.

Very clear. Thank you.

Okay.

Thank you, Santiago. Next question comes from David Goyeneche from Diario La República.

Hi. Thanks a lot for the space.

I have two questions real quick. The first one is for Mr.

Carlos about the growth of volumes in Colombia. It's inevitable to talk about the emergency about the earthquake.

Just want to know if about this emergency, do you see any kind of a big increase of volumes in Colombia for the second half of the year?

Hi, David. Starting with the first question, really the market who is growing, like I mentioned, is the retail market.

I think there are some projects starting as well because the confident on the new government. There are some projects like the new Campín in Bogotá, that is very close to you.

The new Campín, I think that they were waiting what would be the new government. With the [Avilardos?

/ Galán's?] government, probably they are accelerating the start of the project.

Really, that is a big project. Probably the consumption, in the case of ready-mix, could be about 350,000 350,000 cubic yards of concrete, which is a really important project and to be constructed in a short period of time.

There are some projects like that have been accelerated for the second half, some projects as well in the local governments. The Antioquia department is starting with a lot of construction of a lot of roads across the region.

Talking about the second point, like you said, which is inevitable to touch, but like Tomás said, really we are now very supporting our people, the communities close to our operations, because the situation in a big part of Colombia is really, really terrible. Obviously, in the future, there will be a consumption increase in those regions, because the people will need cement and ready-mix and other construction materials in order to rebuild their houses, in order to reinforce some buildings.

Right now, we prefer to think in how to help during these hours that are really terrible for many, many people are suffering right now.

Really, thanks, Mr. Carlos.

I I only have another question. It's about Argos Materials.

I'm just want to know if you have any expectations about if you think if your figures how Argos Materials will close for this year in terms of revenue and material volume in all this region of of Argos Materials? Really, thanks.

David, thanks a lot for the question. Argos Materials and Jason will give us more color on this, but Argos Materials is now on a on on a structuring stage, where we are growing and building capabilities both at the origin in Dominican Republic and also logistic capabilities in in getting, the materials imported into the US, and also looking at M&A opportunities.

Jason, please give us give us more color on on on what you see more on the strategic level for this year.

No, thanks, Tomás. I think that, and thanks for the question.

I think that Tomás answered the question very well. We are in a structuring stage.

We have just gotten to the point where we've built our team. We're working on building our M&A pipeline, which is going well, being very selective there and and disciplined there as well.

We're working on getting the Dominican Republic up and running. I think our revenue this year, or I know our revenue this year will be relatively minimal, but that's to be expected and and and really a startup organization and just building a business.

Thanks a lot.

Thank you, David. Next question comes from Gabriel Pérez from Credicorp Capital.

Hi, guys. Thank you for taking my question.

I wanted to know with the new information posted by Grupo Argos about their new value creation program, we saw that Cementos Argos is targeting an organic EBITDA growth of over $75 million in Argos Latam. We wanted to know what would be the levers for this growth, and also in terms of Colombia, what amount of growth or what percentage of this growth will be from increases in prices or in volumes, or also in Colombia, what will be the levers to have this increase in the next 2 years?

Thank you, Gabriel. Yes, Grupo Argos' announcement of the ACE program is a very solid one, and we're very excited about it.

The $75 million incremental EBITDA is based on all of those levers, on pricing, volumes, like recovering market share in some of the markets, and particularly synergies. This is again a very important part of the separation that we announced is that Carlos and his team will be fully taking over all of the Latin American operations, and taking the from the mine to the market, De la Mina al Mercado, model everywhere.

Carlos, if you want to bring more color on that, and particularly in Colombia, which is a big driver of all of that. No, no,

I say, hello, Gabriel. I think that is not just Colombia, starting with that.

Really, Colombia is a very important part of our operation. Very well that it accounts for 60-something percent of the revenue, the EBITDA, etc., but really we are working in all across the Latam.

Like we have said many different times, it's very important for us De la Mina al Mercado in terms of reliability. Reliability for us is the base of our competence.

Really, it's very important. There is not just one line, not just the price, not just the volume, not just the variable cost or fixed cost.

No, really The idea is to take a gap, a positive gap in the case of the volume, price, and a negative gap in the case of the increasing cost in the variable cost or fixed cost. Putting all together into our recipe De la Mina al Mercado and Luz Verde in order in how we serve to our customers, I think the idea is to capture more value really from our operations from la mina and to the market.

I think that we are working across all the value chain of our operations in order to get more value of each part of it.

Very clear. Thank you, guys.

Gabriel.

Next question comes from Paco Suarez from Scotiabank.

Thank you so much for the call. My question relates with your overall capabilities for growth on the two platforms, given, one, the potential differences in the cost of capital between the Latin American platform and the US operation.

It is fair to say that probably the Latam platform might struggle a little bit more because the confounding cost in your region might be higher compared to the US. On that front as well, we have seen a derating of cement companies in the US.

Do you think that that may enable you to acquire assets in the United States at the lower end of the range that you have indicated? Thank you.

Francisco, thanks a lot for your questions. First is that Argos Latam is a very strong cash generator on its own, with a cash flow conversion of more than 70%.

It does have a very strong engine for growth on its own. We do see, as Carlos was saying, all of this EBITDA incoming in the next years as another growth for that growth engine.

In Latam, we are more focused on organic growth, as we have mentioned, and building this platform, adding those $75 million. In the US, on the contrary, well, we have this war chest, as you all know, that is targeted for growth, both organic in DR and at the ports with a sizable investment in logistics assets and operational assets.

We are indeed seeing that there might be a window for different types of M&A. We have two strategies that can be complementing on their own.

One is the kind of the typical string-of-pearls strategy, which Jason just touched on. We're building a very comprehensive pipeline of M&A opportunities, both in operating companies and eventually some greenfields as well, that we are looking in detail.

We plan to have this deployment of capital there, and at the same time, we're always on the look for public assets that might be derated as you mentioned, Paco. This is the way we're looking at the market right now.

This is very helpful. Thank you so much.

Thank you, Paco.

Thank you, Paco. We have a follow-up question from Gordon Lee.

Yes, hi. Thank you very much for taking my follow-up.

Just a question, Carlos, on Venezuela. You mentioned that there's 11.7 million tons of installed capacity, and I was just curious, how much do you think of that is operational today?

How much do you think is unrecoverable, just given what I would assume is a very bad state of the assets themselves? Thank you.

Hi, Gordon. Really, the Venezuela is operating at full capacity.

It sounds really strange, but according with our assessment, the total capacity, the total feasible capacity that Venezuela has right now is 1.7 7 million tons of cement. For that reason, if they like to increase, probably they need to import cement.

Probably, but making investments, we don't know how much could cost, they can improve from 1.7 to 5 to 6 million tons. The rest is really difficult to recover.

Basically, about half of what would have been operating 20 years ago is unrecoverable then, basically?

Yes.

Okay. Super.

Thank you very much.

Gordon.

Thank you all. Tomás, there are no more questions.

We are very grateful for all of your questions and your attention. Thanks a lot, and see you next time with more results and more good news.

Thank you.