Hello, everyone. Thank you for participating in this conference call today, where we will discuss the financial results results of the fourth quarter and the full year close of 2025.

In order to better understand these results, I will begin by highlighting the most significant impacts we had on the operations during the year that just ended. 2025 was a very challenging year for the retail sector in Mexico, operating in a context marked by localized inflationary pressures that directly affect consumption.

The double-digit increase in the minimum wage, also interest rates that, although they have fallen, are still high, and amid an environment of international uncertainty, increasingly cautious consumption in Mexican households, and customers who are increasingly sensitive to price and value received. These macroeconomic factors had a direct impact on our quarterly and annual performance, influencing, therefore, the pace of our sales, generating changes in our customers' consumption patterns, and, as a result, forcing us to be more disciplined in managing expenses, controlling inventory, improving commercial margins, and optimizing logistics costs, implementing improvements to the shrinkage process in stores and distributing distribution centers, as well as implementing a plan to address austerity measures were implemented in this first quarter of the year, which was was crucial to demonstrate operative resilience and focus on efficiency.

Regarding the sales performance by format, it is worth highlighting supermarkets, which outperformed all the other formats, showing better results mainly in edible groceries, fresh produce, and general merchandise. On the contrary, low-price formats like Market and Express have been the most affected in sales, mainly in general merchandise, clothing, and groceries.

Likewise, if we take a geographical look and observe performance by state, we see that Baja California, Nayarit, Jalisco, Sinaloa, Zacatecas, Chihuahua, and Sonora are the states with the best sales results during the year. However, we continue to identify opportunities in terms of price perception in various areas of the country, for which we have leveraged other commercial tools such as our private label, where in 2025, we had 364 additional launches on the sales floor.

As a result, our brand saw an increase in sales of 6.3% compared to last year and currently has a 13% market share with a substantially better margin than the commercial brand, which allows for focus on achieving acceptance and preference over commercial brands due to its excellent price-quality ratio. During 2026, we will continue to develop suppliers to meet the high sales potential of our products in the Mexican market.

Moving on to the performance of the real estate business, we closed with an 8.8% increase in net income, reaching 3.235 billion pesos, growth that was driven by active management of profitable spaces, seeking to improve the mix of commercial activities, incorporating institutional brands, strengthening alliances, and promoting new brand launches nationwide, which allowed us to close with a commercial space occupancy rate of 91%. The digital business, on the other hand, showed a increase in revenue of 20% and a 6% increase in the number of orders, where almost two years after the launch of the City Club format, it accounts for 10% of the total sales through digital channels.

Regarding the loyalty program, Soriana Ya, we are pleased to report that we currently have 8.1 million active cards with a share of sales to identified customers of close to 50%, as well as 70% more items per ticket and an average ticket that is 65% higher than the unidentified customers. This reaffirms our customers' acceptance and active participation in the program, giving the exclusive advantages that we offer.

As a result of the above, in the fourth quarter of 2025, the total revenue amounted to 47,590 million pesos, representing a decrease of 2.9% compared to the revenue obtained in the fourth quarter of 2024, consisting of a -2.6% in same-store sales, as well as the unfavorable comparative effect of extraordinary items that were recognized in 2024. On an annual basis, the total revenue amounted to 177,515 million pesos, representing a decrease in total revenue of 0.9% compared to previous year.

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

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

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

On an annual basis, the figure reached was 31,032 billion pesos, representing a 3.5% increase, a figure that was very similar to inflation, even considering the increase in personal personnel costs of 7.8%, which added strong pressure to expenses. As a result, EBITDA for Q4 in 2025 reached 3,538 billion pesos, representing a margin of 7.4% and a decrease of 9.4.

On an annual basis, it reached 11,894 billion, representing a decrease of 6.4%. Net financial costs reached 533 million pesos in this quarter, showing a decrease of 25% due mainly to lower debt balance.

On an annual basis, the net financial cost reached 2,546 billion pesos, a decrease of 15.8% compared to the previous year due to a debt reduction as well as a substantial improvement in working capital of 3 billion pesos, especially in the last quarter, which generated higher cash levels and, as a result, a 53% increase in financial income. As a result of the above, net income for the quarter reached 1,308 billion, equivalent to 2.8% of sales.

On an annual basis, the net income was 3,334 billion pesos, representing a 1.9%. Moving on to the company's investments, in 2025, we invested 3,089 billion pesos in CapEx used for three openings: two in the Market format in the states of Chiapas and Quintana Roo, which was a City Club, as well as four major renovations—three in Guadalajara, one in Acapulco—and investment in operational continuity for all of our formats and systems.

Finally, we made capital contributions to the joint ventures with Falabella, and I am pleased to share that in 2025, the Falabella card has begun to operate with positive cash flow with around 900,000 customers and a credit portfolio close to 7 billion pesos. Sodimac already has 15 stores nationwide with 132,000 square meters of retail space, and plans to expand with four more stores by 2026 in Mexico City, Pachuca, and Aguascalientes.

Finally, I'd like to add details on the progress of the alliance with FAST, aimed at building the most extensive network of ultrafast charging stations, which has already demonstrated high potential in the country due to the significant growth of the electric vehicle market in Mexico and social responsibility towards the environment, starting in 2025 with 10 stores in the main cities of Nuevo León, Mexico City, and the State of Mexico, and Jalisco. This concludes the presentation for now.

We thank you for listening, your time, and your participation. We'll now open the floor for questions, where we will happily answer all of your concerns.

Hello, good afternoon. Thank you for this presentation.

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

Thank you, Miguel, for that question. We are still seeing a contracted market.

However, since the first quarter of last year, we started adding very well-directed strategies in all of our markets directed to specific types of consumers. I believe that this year, we are much more prepared to face these challenges.

We are carrying out important actions in the commercial strategy, particularly as it relates to help customers with lower income, starting with our own brand products and also adding a more robust catalog to our stores, as well as products that are more adequate in terms of size, weight, and basic consumption products. In a way, what we are aiming for there is to increase volume and adjust the margin a little bit, but looking for the pesos that are on the table there.

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

Thank you, Martín. In that sense, what are the type of results that you are expecting?

Hello, Miguel. What we are aiming to do is to have a growth in same-level stores of 3% to 5%.

Even though, as Ricardo is saying, that we see a consumer that is quite pressed or pressured in their possibility to spend, we believe that this is achievable. This will also be paired with a CapEx of 4 billion pesos, similar to last year.

We will be capturing all of the benefits of everything that was worked on 2025. I think that's something that should be helpful as well in terms of the results is that we implemented a shock plan that has provided good results in 2025.

We have implemented the multifunctional collaborators plan looking for operational efficiency. In 2026, we will have those synergies running for 12 months, so that should also do some good to the results we're expecting.

Thank you very much to Rodrigo and to everyone.

Hello, good afternoon. Thank you for this call.

I would like to ask a little bit about the Sodimac issue. What are the perspectives therefore stores?

My second question would be that I know that restructures have happened at the level of stores in the corporate office. However, the cost of labor has increased quite a bit of what we saw in previous years inside the stores.

What are the perspectives and the dynamics that you are foreseeing in terms of cost of labor in Mexico?

Thank you for that question, Alvaro. Regarding Sodimac, we are still seeing growth.

The logistical plan that we started eight years ago, we aimed for discipline and control of cost in physical items, particularly trying to push those areas in the country that are more dynamic. In that sense, the format is moving along correctly.

Likewise, we are complementing the value proposition that we have. We have been incorporating more suppliers and more vendors, which for some reason had their doors closed to us in the past due to pressures of other stakeholders, and we have been seeing improvements in that regard.

It's been a little late for that, but we are seeing substantial improvements. In terms of brand, there's a need to continue working in certain cities around brand perception and also the type of business model that we have.

However, market studies show that it is being well accepted in terms of the great variety of offer that we have and the model in general. We still need to cover and to find a critical mass.

In certain areas, we hope that this year and mid-2027, we should be in a different place in that specific type of format in the country. Also, the long-term plans are still strong.

This is a market that is not very well cared for in Mexico. It is a market that is filled with other concepts, not with the full offer that we can provide to go towards people, for example, in construction or housewives.

This is something that we are still trying to push forward. Regarding the second question regarding the restructuring of the cost of labor, we had to implement a very important adjustment in terms of renewing internal processes in the stores so that the restructure does not or would not affect the service that we provide.

We have also been implementing technology for better service at the payment points, also having self-service in certain stores, which has allowed for efficiencies to cut the cost of labor using technology, and that is something that is working well. We have been implementing this plan for more than eight months now, and we are ready to face the 40-hour work week, and we are implementing proactive measures there based much more on productivity and trying to implement more effective types of processes.

Thank you very much for your response.

I would just like to thank you all for your attention. Of course, we are here to respond any further questions you might have.

Please don't hesitate to contact us here at the office. Have a great day.

This concludes today's call. You may now disconnect.

Thank you for your participation.