Grupo Carso, S.A.B. de C.V. ($GCARSOA1)

Good morning, everyone, and welcome to this webinar to discuss Grupo Carso's results for the first quarter of 2026. Before we begin, I would like to remind you that this event is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, and actual results may differ materially. Hosting today's conference are Mr. Arturo Spinola, Chief Financial Officer of Grupo Carso; and I, Rogelio Barradas, from Investor Relations. We will first provide a brief overview of the first quarter financial results, where all figures are expressed in Mexican peso, and then proceed to the Q&A session. Consolidated sales of Grupo Carso totaled MXN 44.1 billion, remaining broadly in line with the first Q '25. Grupo Sanborns was the division with the largest positive impact in revenues, increasing MXN 574 million. Consolidated operating income reached MXN 2.95 billion compared to the MXN 3.43 billion in the same period of last year. This reduction was explained by the conclusion of major infrastructure projects, the impact of a stronger peso, the implementation of new IT project platforms in the commercial division and inflationary pressures on wages and salaries. EBITDA for Grupo Carso totaled MXN 4.86 billion compared to the MXN 5.45 billion reported in the first quarter of '25. Controlling net income totaled MXN 1.52 billion, slightly lower than the MXN 1.63 billion in the same period last year due to the aforementioned reasons. Regarding the performance by divisions, Grupo Sanborns revenues reached MXN 16.76 billion, increasing 3.5%, supported by higher commercial activity. Operating income totaled MXN 336 million compared to the MXN 521 million a year ago, while EBITDA reached MXN 898 million. For Grupo Condumex, sales declined mainly due to the 14% average Q-over-Q appreciation of the peso, while local costs were impacted by inflationary pressures. Operating income and EBITDA were primarily affected by the stronger peso. Controlling net income totaled MXN 1.07 billion compared to the MXN 1.34 billion in the prior year. Grupo Carso Infrastructure and Construction, sales totaled MXN 6.16 billion, reflecting the completion of major projects and the early execution phase of new ones, including the Saltillo-Monterrey Train. The Pipelines division continued to grow, contributing approximately 67% of revenues. Operating income and EBITDA were affected by expenses related to offshore platform maintenance, which are currently in the process of being brought into operation. The controlling net result was a loss of MXN 69 million. The backlog reached MXN 68.5 billion compared to the MXN 20.2 billion in the same period last year. For Elementia and Fortaleza, sales amounted to MXN 6.49 billion, decreasing 8.6%, mainly due to lower activity in the U.S. market and translation effects from peso appreciation. This was partially offset by higher volumes in Latin America and solid performance for Fortaleza Materiales, our cement division. Operating income totaled MXN 933 million, while EBITDA reached MXN 1.32 billion. At quarter end, Fortaleza reported no financial debt following the full payment of its obligations. For Carso Energy, revenues reached MXN 689 million, decreasing 13.5%, mainly due to the foreign exchange effects and lower electricity sales in Panama related to the dry season. Operating income and EBITDA totaled MXN 465 million and MXN 557 million, respectively. For Zamajal, revenues increased to MXN 2.84 billion compared to MXN 570 million in the first Q of '25, driven mainly by Ixachi project. Ichalkil & Pokoch production will improve as we incorporate 100% of Fieldwood. Operating income improved to a loss of MXN 53 million compared to a loss of MXN 417 million last year, while EBITDA turned positive at MXN 325 million, contributing 7% to consolidated EBITDA. During the quarter, Grupo Carso continued strengthening its strategic positioning in hydrocarbons and materials segments. Through Zamajal and following the corresponding corporate and regulatory approvals, the group completed the acquisition of an additional stake in the Zama field and entered into a binding agreement to acquire 100% of Fieldwood Mexico, the operator and holder of the remaining 50% interest in the Ichalkil & Pokoch fields. In the Materials segment, we also entered into a binding agreement to sell part of our U.S. cement business for approximately USD 310 million, with closing expected during the second quarter of 2026. With this, we conclude our remarks. Thank you for your attention. We will now proceed to the Q&A session.

We will switch to Spanish for greater clarity in the responses. [Operator Instructions] The first question comes from [indiscernible].

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