Thank you, and welcome, everyone. On today's call are Juan Marco Sparvieri, chief executive officer Antonio Zamora Galland, chief financial officer.

Before we get started, I would like to remind you that the remarks today will include forward-looking statements such as the company's financial guidance and expectations, including long term objectives and forecasts, as well as expectations regarding Genomma's business, products, strategies, demand, and markets. These statements are subject to risks and uncertainties that could cause actual results to differ materially.

They are also based on assumptions as of today and the company undertakes no obligation to update them as a result of new information or future events. Now, let me-- let me turn the call over to Mr.

Juan Marco Sparvieri. Please go ahead.

Thank you, Christianne, and thank you, everyone, for joining our second quarter 26 earnings call. Let me open with the quarter highlights.

First, the quarter came in line with our expectations. Our growth initiatives are gaining traction.

Mexico delivered a sequential sales improvement as we maintained or grew market share across all our business units. Despite full market category contraction.

The consumption environment remains challenging. Full market category contractions in Mexico continue to weigh on the company's sellout.

The United States remains pressured by Hispanic retail disruption. And a weak cough and cold category.

We are executing targeted actions on each front, and we expect a continued gradual recovery during the second half of 26. Second, productivity remains a significant buffer against operational deleverage and increased operational expenses.

Our gross margin increased during the quarter, while SG&A expenses remained flat All in all, EBITDA came in line with our expectations. And lastly, I would like to highlight that we remain confident in our strategy and in the path we are on so we are beginning to see clear signs of recovery in the Mexican market.

I want to thank our investment community for your continued trust. Turning to Mexico, Selling declined -4.4% a sequential improvement from -8.6% in the first quarter of 26.

And -22% in the fourth quarter of 25. Sell out declined -4% also a sequential improvement.

While the sell in to sell out gap narrowed to 43 basis points, a sign that channel health is improving. Last quarter, we told you momentum would be rebuild.

This slide shows it is happening. With both curves converging, our reported sales now reflect real consumer demand, not inventory movements though additional adjustments may be required if market weakness persists.

This view shows the sellout recovery path across Mexican monitored retailers. Reflecting the most demanding channel behavior for the company from -15.7% in April to -10% in May and -6.8% in June.

We delivered a 9 point improvement within the quarter. And in the first 2 weeks of July, monitored sellout turned positive at +2.4%.

Back to growth and 21 points above the low point of Q2 25. This is not 1 good data point.

It is a consistent month by month recovery showing through our most demanding channels. At the leading retailer, our largest client in Mexico, the recovery is ahead of the curve.

Sell out growth went from -7% in April to +4% in May and +5.2% in June. And accelerated to +15.3% in the first 2 weeks of July.

That is a 34-point recovery from the low point of Q2 25. This matters because it is a leading indicator not only does it show the recovery in our largest client in Mexico, It also shows we can replicate this performance across our other clients as we execute the same strategy with each of them.

A key driver behind the acceleration is Suerox. This graph shows Suerox growing in a sustained double digit at the leading retailer in the last month.

Supported by our growth strategies and specific to this client. We will continue to support momentum through the second half of 26.

The shared data confirms it. Suerox share at the leading retailer climbed to 12.2% in the second week of July.

As an historic high level, up 3.6 percentage points versus the first quarter of 26. These are early weeks at a single retailer.

So we remain measured but the trajectory tells us that our strategy is pulling the brand up. Let me go deeper on Swerock's economics, because they show our model is working.

We moved pricing from 25 to 22 Mexican pesos to stay competitive. We fully absorbed Mexico's new 1-peso per bottle tax on noncaloric sweetened beverages.

And we held market share at 6.9% at the full Mexican market level. And yet, SWEROX Mexico gross margin grew 11.7 percentage points, 8 points year over year during Q2 26.

And is 2.8 points above pre discount levels, a testament to the impact of our productivity initiatives and manufacturing capabilities. Suerox is 1 example of many productivity initiatives across the company that are funding our competitiveness without sacrificing profitability.

Against that backdrop, it is important to size the market we are operating in. At the full market level, Per NovoLog and Nielsen data, through May every category where we compete in Mexico is contracting.

Isotonic beverage, is down -6.6%, OTC -6.3%, and personal care, -1.4%. And infant nutrition -1.1% year to date.

This is a full market headwind, and it continues to wait directly on our sellout. Within that contracting market, we maintained or increased year to date market share across all business units versus 2025.

Year end levels. Isotonic beverages, OTC, and personal care remained stable, while infant nutrition stepped up from 4.2% to 5.2 up a full percentage point.

These moves are modest but they confirm our initiatives are working where it counts. And defending market share today is what protects the company's value tomorrow.

Turning to our consolidated results, like for like sales declined -3.6% and net sales declined -6%, reflecting the ongoing recovery in Mexico, continued softness in the US Hispanic market, and a 10.8% appreciation of the Mexican peso during the quarter. Gross margin expanded 106 basis points to 64.6%.

Driven by productivity gains, partially offset by higher promotional investment EBITDA margin declined -200 basis points to 21.8% on operational deleverage with SG&A flat as productivity offset higher OpEx and inflation. And net margin expanded 93 basis points to 8.5%, driven by lower financial expenses and reduced foreign exchange losses.

Let me be direct about the margin implications. Last quarter, we guided to EBITDA pressure over 3 to 6 months.

As we prioritize market share this quarter landed within that window. The choice to invest remains deliberate, and we expect operational deleverage to improve as sales recover gradually in the second half of 26.

This view shows the geographic picture in gross sellout. And local currency.

LATAM ex Argentina 30% of the mix, grew +5.6% driven by Central America and the Andean region. With OTC and beverage market shares gains in key markets.

and to traditional channel expansion. Argentina, 15% of the mix, grew 37.7%, outpacing inflation by 4.5 percentage points.

The United States, 8% of the mix, declined -7.9% in local currency pressured by Hispanic retail disruption and a cough and cold category weak weakness, by 2 consecutive milder seasons. We are realigning our commercial footprint and distribution model to stabilize performance.

With share up, sell-out growing double digit and e commerce expanding. All in all, LATAM is compensating, but the recovery will sit squarely on Mexico and the United States.

Before I close, let me leave you with 4 messages that summarize how we see the path forward. First, Mexico performed in line with our expectations.

A sequential sales improvement and monitored sell out back to growth in early July. Second, we defended market share across our business units Despite full market category contraction, which is the foundation every recovery is built on.

Third, margins behaved as we guided. Productivity expanded, gross margin and held SG&A flat, while EBITDA contracted on operational deleverage within the window we communicated.

Fourth, we expect a continued gradual recovery towards the second half of 26, supported by 4 commercial levers. Stronger in store execution, competitive pricing, expanded digital and TV communication and e commerce growth.

Reinforced by our innovation pipelines of OTC launches and Suerox ramp up. To close, the quarter confirmed we are on the right path towards sales recovery.

Momentum is rebuilding Our initiatives are gaining traction, and our fundamentals position us to emerge stronger as the consumption cycle recovers. I want to thank our team for their disciplined execution and our investors for your continued trust.

Antonio, go ahead.

Thank you, Marco. And good morning, everyone.

The second quarter showed the underlying dynamics we have been pointing to all year. Mexico is turning the corner as our growth initiatives gain traction.

Latin America continues to compound solid growth and the organization is converting discipline into margin. Even as the operating environment in Mexico and the US remained difficult.

Productivity once again drove gross margin expansion absorbing both higher promotional investment and the full quarter impact of Mexico's new EAPS tax on non caloric sweetened beverages. Lower financial expenses and reduced FX losses supported net income growth and we closed the quarter with a solid balance sheet and ample liquidity.

Let me take you through the numbers. Net sales were 4.397 billion, down 6% year-on-year.

The headline decline is largely a currency story. The 10.8% appreciation of the Mexican peso against the US dollar created a significant translation headwind in our international operation.

Stripping that out, like for like sales declined 3.6% as the ongoing recovery in Mexico and 3.9% like for like growth in Latin America led by the Andean region and Central America were not enough to fully offset continued disruption in the US Hispanic retail channel. Gross margin expanded to 64.6%.

Productivity gains once again more than offset both higher promotional spend and the fully absorbed impacts of the YEPS tax. A clear signal that our productivity program is structural.

Rather than a 1-quarter effect. EBITDA totaled $959 million with a margin of 21.8% down 200 basis points year over year.

The decline was driven primarily by operating deleverage on lower volumes not by a loss of cost control. SG&A was essentially flat as productivity savings offset both higher operating expenses and inflation.

Net income increased 5.5% to $375 million with a net margin expanding to 8.5%. Lower financial expenses and reduced FX losses more than offset a lower EBITDA margin and a higher inflationary loss on our monetary position in our hyperinflationary subsidiary.

Going to Mexico, net sales declined 4.5%, continued to improve sequentially as growth in beverages and infant nutrition partially offset continued softness in OTC and personal care. We maintained or grew year to date market share across every business unit despite broad category contraction in the market.

Gaining share in a shrinking market is the clearest evidence our initiatives are working. Sellout also improved sequentially.

And the sell-in/sell-out gap narrowed to only 43 basis points reflecting healthier trade inventories. We were encouraged to see monitored retailer sell out increase 2.4% during the first 2 weeks of July.

An early signal that the recovery is carrying into the third quarter. The 10.8% appreciation of the Mexican peso created an FX headwind when we consolidated U.

S. Results into Mexican pesos.

Local currency sales in the States declined 21.3%, reflecting ongoing disruption in the Hispanic retail landscape and continued pressure in cough and cold following a milder season compounded at the reported level by the 10.8% peso appreciation on consolidation as we described earlier. Even so, Suerox continued to grow at a double digit rate and our ecommerce channel kept expanding as we advance our commercial realignment strategy in that country.

Going into LatAm, generalized FX depreciation against the Mexican peso also created a severe translation headwind for the region. As you can see in this chart.

Like for like sales grew 3.9% in Latin America led by strong performance in the Andean region and Central America. Continued share gains in OTC and beverages, and expansion in the traditional channel despite a generalized, forex depreciation against the Mexican peso, as described earlier.

Regional EBITDA margin improved 41 basis points to reach 25.1%, a direct result of our productivity initiatives in that region as well. Our cash conversion cycle reached 129 days, a 10-day increase versus the first quarter reflecting a 4-day increase in receivables.

3-day increase in inventories and a 3-day decrease in payables. This was a deliberate build.

We invested in inventory to support new product rollouts, and innovation initiatives in Mexico during the launch phase. Trailing 12 months free cash flow totaled $1.259 billion.

Down 53% versus the prior year, reflecting lower operating income and higher working capital requirements. We expect working capital to normalize as the innovation and product launches mature.

We paid our 16th consecutive quarterly dividend of $0.20 per common share totaling MXN 200 million, a reflection of our consistent cash generation cash and our continued commitment to returning capital to shareholders. We remain committed to maintaining quarterly dividend payments in the future.

CapEx totaled MXN 120 million, including MXN 102 million in a manufacturing plant and distribution center. Again, CapEx is required to drive the productivity programs that are driving these savings.

Our balance sheet remains solid with net debt to EBITDA of just 1.38x and a debt service coverage ratio of 5.2x Yesterday, after the quarter end, we further strengthened our capital structure by securing an MXN 1.5 billion amortizing term loan with a 10-year maturity. Allowing us to refinance existing debt on more favorable terms and reinforcing our financial flexibility going forward.

In summary, while market conditions remain challenging, we are encouraged by the sequential improvement in Mexico that Marco described earlier, and by the continued strength of our productivity agenda in offsetting a difficult top line. We remain focused on executing our growth strategy investing behind innovation and commercial execution, improving working capital, as recent launches mature, and preserving the financial discipline and underpins a strong balance sheet and long term value creation.

With that, I will hand the call back to the operator for questions.

Hi, Marco. Antonio, can you hear me?

Yes. Awesome.

Thanks for the space for your questions. I have a couple questions.

1 on accounts receivable. Mexico.

I know you mentioned sort of new product rollouts, Dono, in your prepared remarks in Mexico. Specifically.

But feels a little bit more aggressive than usual, I suppose. But, yeah, any color on accounts receivable?

Would be helpful. And my second 1 on LATAM ex Argentina.

Seems you are seeing sort of a pocket of your portfolio still seeing decent growth. Especially in the sellout chart you showed there.

Sort of what products are you seeing the best results in, or what categories that would be helpful to get some color on. Thank you.

Yes. Thank you, Alvaro.

I mean, in general, regarding to accounts receivables, the way I would put it is as we said, in the last 2 calls, we are moving into a phase of actually being more aggressive with our customers. Playing harder in the seasons, and be stronger with the execution of our new initiatives.

This past quarter, we launched as you know, Suerox Mineral, which is a core initiative for the company, which is actually now driving the growth of the brand. So, you know, it is proving, to be very successful.

We are now seeing a very strong growth, of Suerox across the market. Where we launched SUROX MINERAL But in general, I mean, we are putting more product out there because we wanna have larger displays at the stores We wanna have more presence than our competitors.

We are playing harder in the seasons. We are being extremely aggressive commercially with the launch of Suerox Mineral, which launched at the end of the of the quarter and represented a very large portion of their receivables that we are showing.

But we were expecting this. it is it is it is it is a choice.

We are making, and, and I think it is working out for us because we are growing share in many brands. We are, you know, maintaining share and especially on innovation.

The results are very, very strong, very strong. I appreciate that.

that is the candid answer there. And then on LATAM ex Argentina, there is several brands and actually segments that are driving the growth.

Would say, you know, we have 2 brands in Andean and Central America, which are X-ray and Nixon that are performing extraordinary well. The whole expansion of our footprint in the traditional channel in the Central America and Colombia.

Is working really well as well. In the case of Brazil, we continue to see a strong performance of Tio Nacho And Chile, we are seeing a very strong performance of OTC in general.

While we are also we are also starting to see a an improvement in personal care, which was a problem in the past. So let me think And then Suerox continues to perform extraordinarily well across the board.

We have markets like Chile, for example, where we are almost reaching a 20% market share in that market. Argentina, we launched 2 years ago, and we are approaching almost 10 points of market share.

We are at 9 plus. Right now, In Brazil, sort of continues to perform well.

So I think that is kind of, like, the 80% move. No.

that is helpful. that is helpful.

Circle back. Let other people ask questions.

Thank you. Thank you, Alwar.

Thank you.

Ola, Marcos, Antonio, Christianne, thank you for the space for questions. I have 2 quick ones, if I may.

The first 1 in Mexico, Marco, I want to see if maybe you can elaborate a little bit how have you seen competition the OTC segment under this tougher consumer environment? And the second 1, and thank you for all of the detailed sellout explanation.

I thought that was very, very interesting. Wanted to see wanted to ask you, Marco, maybe, where are you more excited about for the second half of the year in terms of innovation, what is driving this know, sellout improvement, you know, at these retailers, what part of the portfolio you think has more runway to recover faster?

If you can elaborate a little bit more on your expectations? Thank you.

Yeah. Absolutely.

Well, I mean, this is not the first time we are going through a period of category contractions In my case, not only my 12 years in this company, but also my almost 20 years at P and G. And when this things happen, so when you are competing in categories that are declining, it is a really tough environment.

So in terms of behaviors, what you normally see and what we are seeing today across the board, not just in OTC, but in every single category, is that competitors are trying to protect or gain market share And the way they do that is with very heavy promotional activities. Okay?

And so we are seeing you know, promotions across the board in every channel. We are seeing competitors that, you know, are being extremely aggressive in terms of pricing, in terms of value packs, in terms of, you know, fighting for shelf space, it is really tough.

And in this kind of environments, you have to be tougher. Than competitors.

You know, and we have not seen a lot of you know, very significant innovation. We are things we are seeing things here and there, but nothing very relevant except for a few.

But it is it is it is been tough. I mean, it is you know, everybody wants a piece of share in a market that is declining.

So pricing is very predominant. Shelf displays you know, shipping volume into the stores to have more presence So that is that is the kind of behaviors that we are seeing.

In our case, we are as we said, we are defending and fighting back, really hard which is working. But also, we are betting very strongly on innovation.

We have this quarter, we just launched Suerox Mineral, that is working extremely well As you just saw in the presentation, the results of Suerox are outstanding, and we continue we could as we expand the initiative, we continue to see very strong results in the retailers And we have 5 new launches that we are planning for the second half. Of 26, which in which we are you know, betting everything as well.

So to your second question on what am I excited about for the second half, I am right now cautiously optimistic, but in reality, optimistic. About what is coming I think the full expansion of the launch of Suerox Mineral is going to be a hit, big time.

And then we are also starting To Expand Or Planning The Expansion Of Suerox Mineral To Other Markets. I think that is going to be huge.

I think that the preparation And The Plans That We Have For The Winter Season, In Our Cough And Cold. Categories Here In Mexico and honestly, across the board, but mostly in Mexico.

I am, you know, very, very confident because we have already discussed our plans with the retailers, with customers. We have already sold many of these plants and you know, everything looks extremely encouraging and then the innovation.

So if I have to put it in 3 bullet points, would say Suerox Mineral, number 1, the execution of the winter season across the board. And then third, the execution on the 5 initiatives that we have for the second half.

And I think and that is it. Yeah.

So those are the 3, I would say. Okay, Jose and Marco.

Thank you.

Antonio, Christianne. Thank you for the space for questions.

Marco, would you describe the third quarter to be a turning point for sales and margins in Mexico? And what would need to happen for the third quarter to be the turning point?

And second question would be, how do you see inventory levels for the isotonic segment for you and for competition into the second half? And I am asking this question because I guess there was a lot of excitement around the World Cup and probably many people flooded the channels with extra inventory, and I do not see that the expected demand was actually there.

Is there a risk that we see another episode of inventory of high inventory in the channels given the more depressed demand and the seasonality not coming as strong as expected? Thank you.

No. Thank you for the questions, Good to hear from you.

The third quarter, I will divide the discussion into 3 or 4 points Number 1 is sell out. In terms of sell out, I have a very high level of confidence that our sellout in Mexico, I am talking all of all of what I am going to talk is right now Mexico, and then I will give you the highlights for overall.

But for the third quarter, I feel highly confident that all the plans that we are putting in place in terms of sellout and execution. Will pay out.

So I do believe that we will see positive numbers in terms of sellout. And we are already seeing, as I shared in the in the slides, we come from a you know, a situation where we are declining We narrowed that gap and now in July, we are actually seeing our sellout growing.

Okay? So that is that is very positive.

In terms of sell in, I would like to be a little bit more cautious there because you know, as you mentioned, we loaded the channels especially in isotonic beverages. To play really hard during the World Cup and the summer season.

And as I shared, the categories as a whole you know, did not react very strongly or as strong as we expected. So inventories are high.

Or decently high in the trade. But and by the way, it was a choice.

I mean, as I said, a few quarters ago, we are we are, you know, playing tougher at the stores and so on. So it is it is a choice that we made.

But there might be an inventory adjustment going forward. Not nothing to be worried about, but sell out, I think, is the most important measure, and I feel very confident on that In terms of margins, as I said in the call last quarter, we are making the choice of reducing a little bit our guidance in terms of margin, and that we expect to last at least throughout 2026 In 2027, I am confident that we will see a gradual recuperation of our margin levels that were in the range of 23% to 24%.

But for now, for the balance of the year, I am not planning to report higher margins than what we are today. So I talked sell out.

I talked sell in. Inventories.

Margin and the inventories-- Okay. Yeah.

So Thank you, Marco. If I can just follow-up Sure.

On the list of strategic projects that you were pushing, obviously, Suerox Mineral is 1 of them. It was a big list of projects with different percentage of probability and different let's say, sales uplift, etcetera, given the way the consumer has behaved and your expectations of overall demand this year and probably next, have you shortened that list?

Are you focusing on something much more specific? Are some of those projects out already or, let's say, do not make sense to pursue at this point given the consumer backdrop.

Yeah. The areas where we are focusing right now and I think maybe a few of them dropped off the list.

But the most important ones are innovation, number 1, As I said, I mean, we have 5 very strong innovations coming in the second half. We have Suerox Mineral that we just launched, and I think the potential is immense.

So innovation is 1. ECommerce is the second, and we are executing that exactly in line with the plan, and it is paying out really nicely.

Number 3, it is the in store execution We revamped, several of our execution platforms. To make sure that everything that we designed here in the office is executed with excellence at the stores, and that is working nicely.

We continue to focus on the expansion of our distribution routes in the traditional market, and we will continue to do so. We are we will continue to focus on productivity we are going to need more space or more room in the P&L to continue to invest in the business.

We are continuing to focus on increasing and improving our communication model with digital I would say that, you know, we said that we are going to be 50% digital, 50% TV. If you look at the past quarter, I would say that we are more kind of, like, in 65% or 70% digital.

And the rest out of home and TV. So we will continue to push that.

And I think I am sorry. And then the other piece is we talk about hard discounters.

In that list, and we are making very nice project progress with several key hard discounters throughout Mexico and Latin America. And that is it.

Perfect. Thank you so much, Marco.

Yeah. Thank you.

Hi. Good morning.

Thanks for taking my question. Just a quick 1 regarding internal inflation.

I mean, you already mentioned productivity initiatives and then, of course, is reflected in the gross margin. But overall, how do you see internal inflation or overall raw materials inflation going forward?

Any expectations? Thanks.

Raw materials and inflation is a reality. Especially after all the mess in with Iran.

So I had high hopes of seeing The US reaching a peace agreement with Iran and then the oil prices coming down. I think that you know, there is a lot of uncertainty there.

So as long as the oil prices remain high, we will continue to see pressure on raw materials because of transportation cost, because of, like, you know, everything you know. And if that is corrected in the in the short term, I think that pressure is going to ease Nevertheless, we have both scenarios model going forward, and we are aggressively working on productivity to offset most of the impact.

As we have been doing over the past few years successfully, Okay. Perfect.

Thanks a lot. Thank you.

Hi. Good morning.

Thank you for taking my questions. I have 2 on leverage.

1 is, you know, following the long term liability refinancing that you did what are the expected annual interest expense savings, and what impact could that have, you know, over the next 12 months for interest? And also, what are your expectations on free cash flow generation for second half of the year?

And what leverage could we expect for year end? Thank you.

Thank you, Regina. This is Antonio.

Regarding the refinancing that we did, know, it is a 10-year term bilateral loan. So that obviously expands a maturity profile of our debt, and that is something that we are working on.

there is going to be more transactions like this that we are working on. And, basically, what we are doing is we are optimizing the maturity profile.

Okay? In terms of interest savings, yeah, I think that Genomma has very competitive interest spreads.

In the different instruments that we use. As you know, we finance with commercial paper, with Cebures, also with multilateral loans from entities like the IFC, the I IADV, These recent facility that we got from VACOMEX.

And we also have significant lines of credit with some of the most important banks in Mexico. So we want to diversify the sources of financing so that we lower the refinancing risk for the company.

And while we are doing this, we are optimizing and lowering the total interest expense. But the key the key answer to your question, it is a little bit hard to answer because as you know, most of our debt the vast majority is in Mexican pesos, Almost actually, all of our debt is in variable interest rate So the answer lies with what is your expectation for TA.

And that is a very hard answer. Yeah.

You know? So that will be 1.

And the second question that you have the expectation regarding the cash conversion cycle and free cash flow generation As Marco mentioned in this call and in the previous call, we decided this year that we need to invest in the market to launch innovation to have more presence in the aisle etcetera. So that required some working capital investments.

that is required in an environment like the 1 that we are facing, that everybody's facing. But as the situation normalizes and as innovation matures, and there is there is more volume there, Obviously, the working capital requirements are going to be lower So you will see a better cash flow generation in the future.

But at this moment, I think that the right thing that we need to do is invest in the market And as Marco described, folding market share or even expanding market share it is the most important thing that a company in the consumer goods industry and the pharma industry needs to do at this time. So, yeah, a little bit of more investment right now, fine.

We are confident that this is temporary. that is why we are committed with the dividend payments and they will continue and that is it.

So hopefully, the market will improve in the coming quarters, and we will see more free cash flow, which is something that we are working on. Furthermore, I think that the productivity initiatives that Marco has described, they are really working.

And you know, we have had a lot of questions about inflation regarding raw materials. And as Marco described earlier, we have been able to offset most of those impacts.

So that is also gonna help in terms of cash flow generation for the future. I do not know if we answered your question, Regina.

Yes. Yes, Antonio.

Thank you. And, also, thank you, Marco, for the call.

Sure. Thank you.

Hi, Marco Antonio. Thanks for the call.

Thanks for the for the opportunity to ask a question. 2 questions on my side.

The first 1, I would like you to explore a bit more the data point that you gave on the sellout of July of July. Is this genomic specific or overall the sellout improved throughout the market within on the brands as well, on the all the categories across categories.

Just more color on that. The second 1, regarding margins, a colleague asked a bit about it, but I would like a bit more color on EBITDA margins.

In a possible scenario, that we do not see any recuperation in the second semester, how much more operational deleverage can we see? And then 2027, how much time would it take?

How much growth would be necessary to come back to this 23, 24% EBITDA margins that we showed in the last 2 years. Thanks so much.

Sure. Thank you, Antonio.

Nice to meet you. On the sellout no.

that is that is our sellout. So, the data that I shared in which we saw our sell-out growing 14% at well, the biggest customer we have in Mexico.

it is Genomis. it is not the category.

I think the category is as far as I know, from the last data we have, they continue to be in a negative territory. But we are starting to grow our business, which means growing share as we also saw that in the chart that I shared on Suerox that we almost doubled the share in that retailer.

Yeah. So that is the sellout.

On margins, I do not know how to answer the question because there is a lot of uncertainty out there. But the way I would put it is the priority is to protect our market shares I think that the plans we have and what we are investing right now in the market in Mexico specifically will achieve that.

And you know, I think that as the business starts to recuperate, which I expect that to happen in the following quarters, at least from a consumption point of view, which the most important thing. I think that we will be able to ease a little bit on the amount of money that we are pouring into the business.

That will help the margins to come back to the 23% to 24% range that we were before. This whole situation.

Now I cannot assure if what you know, if the scenario that I am seeing today is actually going to happen. What I can assure you and everybody is that the priority of this company is to protect our brands, our market shares.

Second priority will be to deliver on the margin targets. that is the way I would put it.

But for now, I mean, if you ask me right now, I do believe that you know, after 2026, the third and fourth quarter, we will begin to see a gradual increase of the margins In 2027 to go back to that levels. that is our plan today.

Now I do not know. Okay.

Okay. that is clear.

that is clear. Okay.

Thank you. I was just afraid on further operational deleverage.

Given maybe this scenario does not improve in the second semester. But I think it is it is clear.

Thank you. Yeah.

No. Thank you, Antonio, and great meeting you.