Good morning, everyone, and thank you for joining nuam first quarter 2026 earnings conference call. My name is José González, Head of Investor Relations at nuam.

Today, I'm joined by Juan Pablo Córdoba, CEO, and Patricio Rojas, CFO, who will present our main results and highlights for the first quarter 2026. All participants are in listening-only mode.

As a reminder, today's call is being recorded. We will hold a Q&A session at the end of the presentation, and instructions will be provided at that time.

A recording and transcript will be available on our Investor Relations website. You may also enable live translation using the captions button.

With that, I will now turn the call over to Juan Pablo. Thanks for joining us today.

Good morning to all, and thank you very much for joining our first quarter results call. You have already seen the results of the first quarter, I'd like to stress and highlight that, of course, we're very satisfied with the results, very good results for the quarter.

I think the good news is that this is a demonstration that the business model that we have is the right one, and that as we can, let's say, limit the growth in costs after the peak investment that we had in '24/'25, all the additional revenues that you obtain from the growth in the markets and growth in the different business lines make a significant contribution to the bottom line. That explains not only the first quarter results, but I think this is a good indication of what to expect moving forward in the following quarters and years.

If we move to the next slide, just the main highlights, you saw 17% growth in Chilean pesos in operating revenues, top line 17%, very good news. Basically, all of the business lines are growing double digits, except for information, but all of the business lines are growing double digits, and this is, I think, very, very good news.

As I mentioned, as revenues grow and we managed to keep costs relatively contained, the EBITDA margin then increased significantly from 43% to 49% EBITDA margin. We're very close to the target of 50% for the following years, for the coming years.

At 49% in the first quarter is a very positive result. Of course, we'll discuss later the outlook for the year and probably the next few years.

Net profit also very significantly increased at 47% growth, and this has been reflected throughout the year and especially after the presentation of the first quarter results in the price of the stock. The price of the stock closed the quarter at 5,149.

Today's early trading slightly over that, 5,250 or 5,300. Very good performance in the stock as well.

Also liquidity, I think still liquidity is a big objective, that we need to increase the liquidity in the stock, but it is gradually improving. Something that is very important to note is also that the bid-offer spread in the stock has also declined.

All of this then, very good results for the quarter. In addition to that, I would say that the markets have performed very well in 2025 and the start of the year.

Overall profitability in the indices in the three countries is performing fairly well, and the currencies, and in general, the local assets have been appreciating, and that, of course, helps our results and, of course, the performance in the market. More importantly, in terms of the strategic advancement of the integrated market, we have two very significant events.

One was the go-live in Colombia at the end of March, we now have the new trading engine operating fully in Colombia, and in late April, we also deployed the platform in Peru. Today we have two of the three countries operating in the new platform that will be the platform for the integrated market.

I think this is a very significant advance in the strategy of creating the integrated market, and we are very happy with that. We expect that Chile will go live at the end of June.

In the next coming weeks, we will have completed the first stage of the integrated market, which is the trading side. If you look at the market performance, all of the numbers are also very positive.

Market cap vis-à-vis last year is up 43%, very significant growth in market cap. Equity volumes are up 75%, fixed income volumes 29%, derivatives 21%, FX 7%, lower volatility and appreciation of the currency, but still very positive.

Clearing and settlement volumes 29%, and assets under custody 39%. As you see, all of the numbers in the market are very, very, very significant, and that, of course, explains the very positive results that we have presented to you for the first quarter.

Bottom line, net profit, 9.7 billion Chilean pesos, or slightly over $10 million in net profit, 47% growth over last year, with an EBITDA of 19.85 billion pesos, which is close to $22 million in EBITDA margin. Of course, if we maintain the performance of the first quarter for the rest of the year, I think the results are going to be very, very good.

I'll pass it on to Patricio, who will go over the individual business lines, and then we'll take questions from you. Thank you very much.

Thank you, Juan Pablo, and good morning, everyone. Let's talk now about the second chapter, the business performance.

Next slide, please. Operating performance remained very strong during the quarter, with a clear acceleration in profitability relative to revenue growth.

Revenues increased 17% year-over-year, reflecting solid underlying business activity. However, the most relevant dynamic is the widening gap between top-line growth and earnings performance.

EBITDA grew 38%, and net income 47%, both significantly outpacing revenue expansion. This progressive acceleration from revenues to EBITDA and ultimately to net income highlights a strong expansion in operating margins.

It indicates that incremental revenues are being converted into earnings at an increasing rate, demonstrating a high degree of operating efficiency. Overall, margin expansion was not only meaningful, but also consistent across profitability levels, confirming the scalability of the business model.

The company is not just growing, but doing so in a way that enhances efficiency and strengthens its earnings profile as activity increases. Next slide, please.

Operating revenues showed strong and diversified growth during the quarter, increasing 17% year-over-year from 34.8 billion Chilean pesos to 40.7 billion Chilean pesos, equivalent to an absolute increase of 5.9 billion Chilean pesos. Growth was broad-based across nearly all business lines, with positive contributions in every core segment.

Trading delivered a strong growth during the quarter, up 33% year-over-year, contributing 1.8 billion Chilean pesos of incremental revenues, the largest absolute increase among all segments. Clearing also showed strong performance, growing 26% and adding 1.2 billion Chilean pesos.

Custody remained the largest revenue line, increasing 13% year-over-year and contributing 1.4 billion Chilean pesos, reflecting its continued relevance within the revenue mix. Value-added services grew 15%, adding 0.6 billion Chilean pesos, while listing and issuer services increased 12%, contributing 0.5 billion Chilean pesos.

Information revenues grew at a more moderate pace of 7%, adding 0.3 billion Chilean pesos. Overall, the revenue profile reflects a well-diversified structure, with growth supported by both transactional businesses, such as trading and clearing, and more recurring or stable revenue streams like custody, listing, and value-added services.

The combination of strong double-digit growth across most business lines and meaningful contributions from multiple segments explains the overall increase in operating revenues during the period. Please move to the next slide.

Listing and issuer services generated 4.84 billion Chilean pesos in revenue during the first quarter of 2026, representing a 12% year-over-year increase, although declining 11% compared to the previous quarter. In terms of activity, listing and issuances volumes reached $3 billion, up 5% year-over-year, confirming a moderate expansion in issuance levels.

However, the number of corporate events totaled 59, a decrease of three events compared to the prior year, suggesting that growth was primarily driven by larger transaction sizes rather than volume. Also, total issuers reached 1,792, representing a 3% year-over-year increase.

Next slide, please. The trading business delivered a particularly strong performance during the quarter, with revenues reaching 7.39 billion Chilean pesos, increasing 33% year-over-year and 42% quarter-over-quarter.

This sequential growth reinforces the acceleration observed in this activity. Trading accounts for 18% of total operating revenues with a diversified structure.

Revenue growth was supported by a significant increase in trading volumes, which reached $610 billion, up 27% year-over-year. By asset class, the strongest momentum was seen in equities, which increased 75% to $26 billion; fixed income, which grew 29% to $341 billion; followed by derivatives, which rose 21% to $243 billion.

This activity is also reflected in the number of transactions, which reached 6.3 million, growing 42% year-over-year. By market, Chile accounts for the highest activity, with 4.9 million trades, followed by Colombia with 1.3 million.

Average daily equity trading volume reached $432 million, growing 75% year-over-year, consistent with the strong increase observed in equity trading volumes. Overall, the data reflects solid growth in the trading business, driven by higher volumes, increased transaction activity, and expansion across multiple asset classes.

Next slide, please. The custody business delivered solid and sustained growth during the quarter, with revenues reaching 12.82 billion Chilean pesos, increasing 12.8% year-over-year and 4% quarter-over-quarter, indicating both annual and sequential expansion.

Custody represents 31% of total operating revenues. Its revenue composition is distributed mainly between custody, 34%; issuance depository, 33%; corporate events, 17%; and clearing and settlement, 13%, reflecting a diversified business base.

Growth was supported by a strong expansion in assets under custody, which reached $387 billion, up 39% year-over-year. This growth was consistent across key markets.

Deceval in Colombia recorded $244 billion, plus 44% year-over-year, while Cavali in Peru reached $143 billion, plus 31% year-over-year. By asset class, both equities and fixed income contributed to growth.

In Colombia, equities grew 70% and fixed income 19%, while in Peru, equities increased 41% and fixed income 16%, indicating broad-based expansion across custodied portfolios. Operational activity also showed strong momentum, with a significant increase in delivery versus payment and free of payment transactions, plus 86%, reaching 1.9 million transactions, alongside strong growth in international custody revenues, plus 82%.

Overall, the data reflects a custody business with consistent growth, primarily driven by the increase in assets under custody and higher activity levels, supported by a diversified revenue base and a significant contribution to the company's total results. Next slide, please.

The clearing business delivered a solid performance during the quarter, with revenues reaching 5.92 billion Chilean pesos, growing 26% year-over-year and 14% quarter-over-quarter. This both annual and sequential growth reflects a consistent improvement in activity levels.

Growth was supported by a significant increase in clearing volumes, which reached $521 billion, up 29% year-over-year. By asset class, the strongest momentum was seen in equities, plus 68%, and derivatives, plus 61%, followed by fixed income, plus 41%, while FX grew 9% and on-exchange derivatives increased 4%.

Open interest also rose 12%, indicating higher activity in outstanding positions. By market, CRCC in Colombia reached $4.5 billion in revenues, plus 29% year-over-year, while CCLV in Chile reached $1.4 billion, plus 14% year-over-year, showing growth across both geographies.

Additionally, the cash collateral management business grew 42%, reaching $130 million in volumes, in a context where the average interest rate stood at 8.33%, decreasing by 17 basis points year-to-date. Overall, the data reflects solid growth in the clearing business, driven by higher volumes, expansion across multiple asset classes, particularly equities and derivatives, and increased overall market activity.

Next slide, please. The information business showed moderate growth during the quarter, with revenues of 5.01 billion Chilean pesos, increasing 7% year-over-year, although declining 5% quarter-over-quarter.

Operationally, the number of terminals in the region reached 10,777, growing 6% year-over-year. This growth was mainly driven by Colombia.

However, performance was partially impacted by currency effects, as appreciation, particularly of the Peruvian sol, reduced reported revenues in dollars. By business line, indices revenues grew 108% year-over-year, showing very strong growth, while valuation price services increased 6%, reflecting more moderate expansion.

Overall, the data reflects an information business with positive year-over-year growth, driven by new client acquisition and stronger performance in specific segments, although facing short-term pressures from currency effects and softer sequential dynamics. Next slide, please.

The value-added services business infrastructure segment showed moderate growth on an annual basis, with revenues of 2.49 billion Chilean pesos, increasing 11% year-over-year. This business represents 6% of total revenues, making it one of the smallest segments within the mix.

At an operational level, 11 brokers were connected, with an increase of one client year-over-year. Despite the overall annual growth, performance across solutions showed uneven dynamics.

Fintree grew 22%, while Sebra increased 13% year-over-year. In contrast, Optimus declined, mainly due to the nature of its revenue recognition, which is tied to project milestones.

During the current period, fewer milestones were invoiced compared to the same period last year, resulting in lower revenues. Additionally, last year included sporadic payments that were not repeated, contributing to the decline.

This reflects a mixed performance across business lines. Overall, the data reflects a segment with positive year-over-year growth, but facing short-term pressures, suggesting a more volatile performance profile compared to other segments.

Next slide, please. The value-added services alternative financing market segment delivered a positive performance during the quarter, with revenues of 1.88 billion Chilean pesos, growing 22% year-over-year and 2% quarter-over-quarter.

This reflects solid annual growth, accompanied by stability in the short term. This business represents 5% of total operating revenues, making it one of the smallest segments.

Growth was primarily supported by activity in promissory notes, with issuances increasing by 31% and transactions soaring 94% year-over-year, indicating higher market liquidity and deeper use of the platform. In the case of negotiable invoices, volumes reached $3.9 billion, increasing 23% year-over-year.

This volume growth was accompanied by an increase in the number of documents, which reached 566,000 invoices, plus 9% year-over-year, suggesting expansion both in transaction count and volume. Overall, the data reflects an expanding segment, driven primarily by growth in negotiable invoices, with a smaller but positive contribution from other business lines.

Now let's move to the next slide to review the expense evolution. The behavior of expenses during the first quarter reinforces the message of operational discipline.

Operating expenses, including depreciation and amortization, show a contained increase, rising from 24.5 billion Chilean pesos to 25.5 billion Chilean pesos, indicating that cost growth remains under control. The main increase comes from personnel, plus 0.6 billion Chilean pesos, explained by salary adjustments and structural normalization, as highlighted in the slide.

At the same time, other expenses remained broadly stable, minus 0.1 billion Chilean pesos, showing that discipline in general and administrative expenses helped offset higher operating costs. The increase in depreciation and amortization, plus 0.5 billion Chilean pesos, is directly linked to the technology investment cycle.

Overall, the data shows that expense growth is well controlled and driven by specific factors, which is consistent with disciplined management and the improvement observed in margins. Now I will give the word again to Juan Pablo.

Juan Pablo, go ahead, please.

Thank you, Patricio. Just to wrap it up, a few points to close this part of the call.

I would say the main message here is that disciplined execution turned growth into profitability. You can see it in net profit growing 47% to 9.7 billion Chilean pesos, and EBITDA margins at 49% at Chilean 19.85 billion pesos.

Overall, very good results for the quarter. Also, strong performance in the regional markets.

This performance continues. We had a very strong 2025, and that has continued into 2026.

We have all revenue lines growing strongly, with notable performance in trading, clearing, and custody, with trading at 33%, clearing 26%, custody 13%, which combined make the core of our business, very strong performance there. In terms of the progress towards the integrated market and an integrated operation, I think we need to underscore the relevance of the go-lives in Peru and Colombia, which went very, very well, and we are very satisfied both with the results and the commitment by market participants in the three countries really, because we're now working with the Chilean brokers, but Peru and Colombia went pretty well.

We should go live at the end of the month with Chile, which will complete the first phase of the integration process, namely the trading phase. This is, I think, a very important landmark in the strategy of the company and, of course, of the creation of the integrated market.

Remember that the integration has two benefits. One, of course, is creating more liquidity, more growth, more visibility, and more activity in the market, which in itself is pretty good, but also an integrated operation implies that we can start to capture the synergies as a company.

That's, I think, a very important event for nuam and for our strategy. Given that, we should begin July 1st the deployment of phase two, which is the introduction of the new clearing technology, risk model, and operational rules in the three countries.

Of course, we will begin with Colombia and then Chile, and we will leave Peru for last, given that we still don't have the approval for the creation of the CCP in Peru, but we have good news from the regulators that they should finalize the rules at the end of this month, and that should begin the formal approval process. Things are moving along, we will focus second semester in Colombia for the clearing platform, and in the first quarter of next year, we'll deploy the clearing platform in Chile, and then when Peru is ready, we will then deploy it in Peru.

That puts us in a very I think, strong position to be able to have the integrated market operating sometime in 2027. This is good news, making strong progress, and, of course, very satisfied with the results of the first quarter.

Thank you very much, and we'll open it for questions.

Thank you, Patricio, and thank you, Juan Pablo. Now, we will open the floor for questions from the audience.

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The first questions come from Ignacio Llanos from Empresa Spenta. I will read it out loud.

In fourth quarter of 2025, we indicated that in 2026, we should maintain an EBITDA margin similar to 2025, if the synergies will happen mainly from 2027. Despite that, in first quarter of 2026, the EBITDA margin increased up to around 49%.

How much of this increase is a structural increase by cost reductions, and how much is affected by volumes, mix, currencies, or any other seasonality that could affect the results?

Thank you, Ignacio. Yes, indeed, first Q results are very strong, and the EBITDA margin is significantly higher than what we had budgeted.

It is a combination of things. I would say that there is a structural improvement for sure, which has to do with cost containment, not so much synergies, but we've been able to contain costs, particularly associated to personnel.

That we mentioned in the last call that during the last part of last year, we had an acceleration of expenses associated with the technology deployment. We had some extra efforts done at the end of the year that increased our personnel bill at the end of the year, which has been contained for this year.

As we contain expenditures, all revenue growth should increase profitability. I think this is good news, and you're right, this is a good signal moving forward.

I would say a lot of what increased the EBITDA margin is structural as long as revenues continue to perform strongly. There is slightly some seasonal revenues associated to special events in Colombia, particularly in the first quarter, there's a transaction, a tender offer in Colombia, you can see it in the issuer services.

Aside from that, we don't have really any other seasonal event. Yes, currencies did help, but still volumes and real business revenues are growing double digit in any event.

Thank you, Juan Pablo, for the answer. Now, the next questions come from Carlos Alcaraz.

Carlos, please go ahead.

Hello, good morning, everyone. This is Carlos Alcaraz from Apoyo & Alcaraz.

Congratulations on the results. I have three quick questions.

First, what is the remaining CapEx budget for this year allocated to the technological unification of the exchanges? Second, cash grew 45% this year.

Would you prioritize this cash for technological investments, or are you evaluating share buybacks? Finally, if I understood correctly, can you confirm if clearing segment for the entire region will be ready during the first half of the next year?

Thank you.

Sorry, can you repeat, please, the last question?

Sure. Can you confirm if the clearing segment for the entire region will be ready during the first half of the next year?

Thank you, Carlos. I think we have a CapEx of $18 million for this year.

Maybe Patricio will correct me in the numbers, of which six or seven is associated to the integration project, and then the rest is more of the business-as-usual investment. I think José and Patricio can pinpoint that better.

We've budgeted in 2024 $28 million, $24 million in '25, and $18 million in '26. You're seeing already the decline in the concentration of the CapEx, and probably towards '27, we will be more close to our, let's say, steady-state level of $12 to $14 million in CapEx.

That's the CapEx story. In terms of cash use, of course, this is good news.

As we accumulate more cash, particularly at the holding level, we can improve the payouts. This is something that was raised at the shareholders meeting in April, if we're going to increase the payout.

We've said that yes, a 70% payout has been approved for this year. Moving forward, we can definitely see a scenario where we increase the payout for our shareholders.

The discussion will be if we do buybacks or if we do dividends. That's something that the board will look into, and that, again, was raised at the shareholders meeting.

I think it's good news. We need to strengthen the cash position at the holding level, which has been part of the objective, as the bulk of the investments for the integration have been done at the holding company level, and that has put some stress on cash at the holding level.

The growth in cash is definitely welcome development. In terms of the clearing segment, I can say with a lot of confidence that Chile and Colombia, for sure, we will be in a position to be ready first half of 2027, for sure.

The issue with Peru is a little bit trickier, in the sense that we still don't have the enabling regulation. Once we have the enabling regulation, the rest of the project will be under our control.

Without the enabling regulation, making a commitment is a little bit tougher. Now, again, we are confident.

The authorities here have stated that they will initiate the process at the end of this month to get the approval of the enabling regulation, and with that, we'll have more certainty in that component. Now, we've left Peru then for the end, so that whenever the rules are fully in place, we will have better sense of the timing.

Now, if the process begins at end June, as the authorities stated, we do see that as a possible scenario. Colombia and Chile, for sure.

The idea is to have Colombia towards the end of this year, beginning of this next year Chile, and that will have a significant impact in the accomplishment of the project. Now, bear in mind also that it's not just regulation and technology, but also client readiness.

We have to work with our clients to make sure that they are also ready for the process, and we have to do this in tandem with them. The experience last year was that we had some problems in client readiness for the go-live of the trading engine, and that delayed some of the time frame.

As things look today, again, Chile and Colombia, for sure, and Peru is still viable if the timeline for the enabling regulation, let's say, complies with what we expect at this point.

Thank you, Juan Pablo.

Thank you,

Carlos. The next question comes from Newell Yusef from Copiu Investment Partners.

Please go ahead.

Hi there. Thanks for taking my question.

Congrats to you and the team on strong cost controls in the quarter. Just hoping you could give us an update on your expectations regarding timing and magnitude of cost synergies over the next 12 to 18 months versus maybe your initial expectations to start the year.

Then maybe a follow-up to that, just with strong execution, could we realize more than $7 million in cost synergies? Thank you.

Thank you, and hi. Hold on 1 second.

Please, Newell, can you repeat the second part of the question?

The follow-up is just, with strong execution, could we realize more than $7 million in cost synergies in 12 to 18 months post the platform migration?

Sorry, I'm a bit confused on the question. On cost synergies, there's nothing right now that would allow us to say that, yes, we will execute more.

I would stick with the $7 million. That's throughout '26 through '28.

Now, the good news with completing the first phase, which is the trading component, is that we will start to deploy or to decommission, let's say, the existing platforms in 2026. That process will begin, and we are finalizing plans for the data centers that we need to migrate in '27 and '28.

I would say that it's a safe number, the $7 million. Surely, as things progress, we can probably fine-tune those numbers better.

That's on that part. The first part of the question was what?

Sorry for the confusion.

Just trying to understand, earlier this year you kind of shared $7 million was the expectation. I was just curious, now that we're 6 months in, and the trading is getting close to wrapped up, if the $7 million could potentially be higher, just given some of the things you would have seen since the last update.

No, as I said, from that part, bear in mind again, it's a '26/'28, and more heavy loaded in '27/'28. Really the '26 number will not change, because we still have to deploy a few things.

There's some residual things like repos, for example, that are still on the old trading platform that need to be migrated. So, '26 for sure, I would say, I would not venture into saying that there's additional, but the good news is we are beginning to decommission.

Now, '27/'28, again, it's a bit early for that, but bear in mind the point, and, of course, we will be striving for improving profitability not just from the synergies of the deployment of this new platform, but all along the operational process. As we really, let's say, move deeper into an integrated operation of the three markets, for sure we will be looking for additional synergies, for sure, beyond the $7 million.

Thank you, Juan Pablo. I think that we have two more questions from Ignacio Llanos.

I will read it out loud. We mentioned that savings or synergies will be around $7 million by lower software license and data centers.

Is this number still up to date? Or how much we have captured during first quarter of 2026?

How much we expect to capture in '26? How much remain will be for 2027 and 2028?

Which should be the normalized CapEx post integration as a percentage of revenues?

Again again on the on the synergies, first quarter, zero, because this I guess, a point to make is that this is not an automatic process that you switch in switch on one system, and automatically I can switch off the other systems, because they're connected to other services that are not necessarily the core trading. It's not an automatic process.

First quarter, there's no synergies captured yet, because no systems have been disconnected. We're working in, let's say, complementary processes both in Colombia and in Peru to be able to begin that process, and we will definitely towards the end of '26, you will really see the savings is in 2027.

We'll be decommissioning the main trading engine in in Peru, and in 2027, we will be decommissioning towards the middle of the year the alternative trading engine in Colombia. That that second part will be more captured in '28 than in '27, because the process is a gradual a a gradual process.

I would say first half of this year, zero synergies captured from the migration to the new system, but beginning the second quarter, in the second half, yes, let's say the license for Peru is close to $400,000, so that will be captured, but it will be captured, as I said, mostly in 2027 and partially some of the licenses in Colombia. It will be incremental as we move as we move along.

In terms of CapEx, again, $18 million for this year. We need to finalize the the projects.

As you see as you see, there's going to be some slippage probably from those $18 million to next year. Next year, we'll probably are going to be between $14 and $16 million in CapEx with a residual investment that is not completed this year.

We are in that final stage, because the bulk of the investment has already been made. Again, the the clearing platform is ready, we are finalizing acceptance testing with our vendors.

The software has been developed, and the bulk of the expenditure has been made in the last couple of years. We now have to deploy it in the market.

It's really more from now on is more the interconnection of that system with our own systems and with our clients, and client testing that needs to happen for that to be deployed. If the if the deployment goes in Chile to first quarter of '27 and then Peru, we will probably be executing some of that project in 2027, which means that, again, some of the synergies will probably move to 2028.

I think we are definitely on target. The bulk of the investments have already been made.

It's an issue of putting them to market, to good use, and as we accelerate that process, then, of course, the unified operation will allow us to give you an indication of further synergies beyond the seven the $7 million. The $7 million, I would say, is direct directly associated to system decommissioning.

That's relatively clear what will be decommissioned, and and that's where the savings comes from. The additional savings that can come from an integrated operation are yet to be identified.

Thank you, Juan Pablo. We have two more questions from Ignacio Llanos.

I will read it out loud. How much of the integration cost it is charged to Chile, and how much will be a clean margin of the Chilean operations?

In the past, we have said that the fee structure in Chile, it is not quite the best, and if we could keep moving forward to enhance this fee schemes. The last question from Ignacio, it is, well, and congratulation for the results.

In the past, we aimed to increase the EBITDA margin from 45% to 49% in 2029, in the pace that we should keep moving forward with integration process. We should believe that we should anticipate this final point that we said previously?

I will leave to Patricio the cost distribution between the countries from the investment, and that's a very good point. Because the investment was made from the holding company, as the countries go live, they will start transferring money from the subsidiaries to the holding company.

That distribution, I will leave to Patricio to give you an indication of how that will be. That has already been approved by the boards, both of nuam and the boards of the different companies.

That process already begun in Colombia and in Peru, and should also begin in July in Chile. I don't have the exact distribution of costs, I'll move into that.

In terms of fees, again, it is a challenging element. We have made some progress.

Particularly, one of the things that we have stated that we need to modify in Chile is that the clearing fees are not ad valorem, which is not aligned to international best practice, because the clearing service, let's say, is aligned with the risk that the CCP is assuming, and thus the fee structure needs to be ad valorem. This is a very important and significant change that has already been discussed at the board level.

We will bring it to the CCP meeting in June, and we will set a time schedule for that change to take place, which, of course, has to bear in mind the reality of the market, and do it in tandem with our clients. The good news of this is that you will start seeing then probably no immediate significant revenue impact, but as the markets grow and the volumes that are being cleared increase, then you will see a higher, let's say, correlation between volumes and revenues in clearing.

I think it's a very significant step forward. As I said, the board has already approved that we move forward, and we are finalizing the specific plan to do that.

That's very important. Now, the other elements that are not so related with fees, but with the scope of revenue, as the CCP in Chile is basically a cash equity CCP, while the CCP in Colombia is a multi-market, multi-participant CCP with both on-exchange and OTC products.

We are expanding. Our plan is to expand the services provided to the market and to different market participants in Chile.

We already have made significant progress in that respect. We are bringing counterparty risk management to the cash fixed income market.

That should begin in July, if the regulation is approved. Our rules need to be approved by the supervisor.

They have been presented after many months of discussions, they were presented like a month ago, or 60 days ago. They should be approved in June, and that allows us to fully deploy this segment in the CCP in Chile, and that will bring additional revenues to the CCP.

We have conversations with market participants also to bring in new products into the CCP. I'm very, let's say, bullish and optimistic about not so much raising the fees on existing services, but on bringing new services with additional fees, particularly to the clearing.

I think the full-year effect for 2027 will be very, very important for the clearing business in Chile. That's very important.

Now, in terms of EBITDA margin, I think again, it will all be dependent on revenue performance, but if things continue this way, definitely the EBITDA margin will be much higher than last year's. I don't know if 49%, but something around 47% is something that is perfectly achievable this year.

Of course, our target of 50%, if things continue this way, will be achieved sooner than we had anticipated, which is also great news. Then we will discuss about what the new target will be, if it's 55% or 60%, but we have to go one step at a time.

Definitely, I think that the, let's say, range of, let's say, 42%, 43% EBITDA margin that we had in '24/'25 would probably move more towards 47%, 50% in the '26/'28 period.

Juan Pablo, I just wanted to give information about the percentage of the costs of integration that will be charged to the market in Chile. It should be a 40% of the total investment.

The other 40% will be charged to the Colombian market, and the rest, the 20%, will be charged to the Peruvian market. That's the distribution of the expenses related to implementation of the platforms of the integration process.

Thank you, Patricio. We have the last question from Roberto Sejer.

I will read it out loud. You understand that some prices are regulated, but what is our capacity to increase prices or fees in different segments, and what is the outlook of this topic?

I think that the main message here is that we have to be competitive. No, I don't think it's an issue of having pricing power, but we need to be cognizant of what the other markets charge and what the participants and the final clients are facing and experiencing elsewhere.

We have to be competitive as a market. It's not just trading fees, but the all-in cost of operating in our markets.

Of course, we want to be very competitive, because we want additional revenues coming into our market, we want more liquidity, and that will be the basis for everything. Now, the regulation is tricky, because each country is different.

In Chile, for example, we have the interconnection between the BEC and the Bolsa, and that creates a limitation not just on the trading fee level, but also we cannot charge the clients that are routing orders from the other exchange. That would be a regulatory, let's say, impediment to make, let's say, unilateral changes.

Everything would need to be coordinated with the regulator and the other exchange. It's a tricky process.

In Peru, let's say, we have an obligation to represent to the supervisor any modification in the fees. It's not that they will need to approve or not if we estimate that some fees need to be increased, but it needs to be very well documented and supported.

It's tricky. I think that a lot of the attention is put on trading fees, but the relevant fees are really the all-in value chain fees.

That's, I think, more important. If we need to enhance revenue, I think there's more opportunity, one, on the clearing side, which is both on fees and products to be incorporated into the clearing.

I think this is a very, very important opportunity for nuam, and we are executing a strategy in that respect, first in Chile, and eventually in Peru as the CCP in Peru comes into production. Also the other avenue is market data.

The idea here is, if we enhance liquidity in the local markets, we can expect to grow significantly our market data and information services. I think there's a lot of focus on trading fees.

Trading fees around the world are very, very competitive. The expectation is that they are relatively low.

Really we need to focus on the all-in cost of the value chain of nuam. We have to be very competitive to attract those volumes.

The revenue growth avenues, I would say, are let's say beyond trading. It doesn't mean that we don't value the trading fees, and, of course, with those competitive fees, if we increase the volume, that will create revenue growth.

The bigger opportunities really in clearing and other aspects.

Thank you, Juan Pablo, and also thank you, Patricio. Thanks everyone for having joined our conference call.

There are no more questions. We are very glad that you were able to participate.

We will upload the presentation, as well as the recording and the transcript, in our Investor Relations section. Thank you very much, and have a good afternoon.