Holding Bursátil Regional S.A. (NUAM) Q4 FY2025 Earnings Call Transcript & Summary

Okay. Hello, everyone, and thank you for joining NUAM's Fourth Quarter 2025 Investor Conference Call. I am Jose Gonzalez, Head of the Investor Relations team at NUAM. Today, we are very pleased to be joined by Juan Pablo Garces, CEO of NUAM; and Patricio Rojas, CFO of NUAM, who will present the main highlights and results of 2025. [Operator Instructions] As a reminder, today's call is being recorded. [Operator Instructions] The recording and full transcript of today's call will be available on our Investor Relations website. And also, we have introduced a new lead translation feature, which you can enable through the captions button in the translation option. To begin with this presentation, I will pass the word to Juan Pablo. Thank you all for joining us today.

Okay. So thank you very much, Jose. Good morning to everyone. Thank you very much for joining us in our annual 2025 earnings conference call. As you all know, this is our second full year as NUAM, and we are very excited with the results and with the progress that we made during 2025. I would say that although financially, the results look very similar to 2024, which is good news in the sense that they are very strong financial results. From a strategic point of view, we believe we've made tremendous progress in 2025. To begin with, as you all know, we had regulatory approval in the 3 countries for the unified trading platform back in July, which enables us to deploy the same trading engine for the 3 countries. So this was a very important let's say, landmark in the integration process. Unfortunately, we were not able to deploy the trading engine in any of the 3 countries during 2025, which was expected in Colombia by the end of the year, basically due to client readiness and testing. The clients have requested additional testing and additional fine-tuning of their own internal systems. And it's been a continuous dialogue in the sense that we want to have a successful launch and not have any risks in the process or mitigate the risks in the process. So while we did not have a go-live in any of the 3 countries with the trading engine, I would say that in 2025, we completed the trading engine project. So all of the technology has been deployed and almost all of those expenses or investment has been completed. We also completed from a technical point of view, we completed the clearing platform as well. While it was not planned for the clearing platform to be deployed in 2025, but in 2026, rather, the technical part was completed. So we received the final version from our developers in December, and we are in the phase of doing the acceptance testing. So once we go live with the trading, we are ready to begin the deployment of the clearing as well. So there is a, let's say, changed schedule. So we're planning on having Colombia go live before the end of this quarter and Peru and Chile in the second quarter of this year. We're finalizing those details at this very instance, but we're moving along with the deployment of that technology. Also from a regulatory point of view, I would say that we had a very significant development at the beginning of this year in January and February because, as you know, the integration has 3 stages. The first stage was the trading, the second is the clearing. And then the third stage is the mutual recognition and the ability for brokers to cross-trade between the 3 countries. We had the regulators in both Colombia and Chile published 4 comments to the market, the rules that would enable the cross-trading. So this is a very significant development because this is the final stage that enables our integrated market once the technology is deployed, which we continue to have an objective for 2026. So from a strategic point of view, I think that both the technology for trading and clearing are in the process of being completed and being deployed. And from a regulatory point of view, we have the trading and the clearing pretty much approved at this stage. And the third phase is already in conversations in early stages of this 2026. So I think we're in a good position. So if we go to the slides, in terms of financial results, Jose, please, the next slide. our results, remember, we are presenting results in Chilean pesos. So this is CLP 148.7 billion, which means a 7% growth over 2024. So strong revenue performance last year. Of course, markets had a tremendous performance last year in terms of volumes and valuations. We will discuss that a little bit further. There are some issues in our fee structure that don't allow those revenues to go directly into the top line, but solid results of 7% growth in the top line in revenues. Our EBITDA 5% higher than last year at CLP 64 billion with an EBITDA margin of 43%, very similar to last year. And net profit similarly at CLP 34.9 billion, which is also very similar to last year. So overall, financially, the results look very similar to the previous year, which are very strong and solid results before we start getting the benefits of the integrated market operation. If we go to the next slide, so as I mentioned, in terms of highlights, very strong volume growth and performance last year. Overall markets at [ CLP 10.9 billion ] traded daily, which is a 14% growth over the previous year. And as I mentioned, the indices, the valuations of the equity markets were really, really strong last year with the MSCI NUAM, which is our new index, which we launched in partnership with MSCI, up 68%; the IPSA in Chile, up 56%; the MSCI Colombia, 50% and the MSCI Peru up 46%. Remember, we also launched in 2025 the MSCI partnership in Peru. So we're -- we already have the partnership in Colombia. Now we have the partnership in Peru, and it's also going to replace the IPSA index with the MSCI methodology in 2026. So we are advancing in that process of harmonizing our -- having a single index provider and harmonizing the methodologies for the indices. But very strong performance in the indices in the 3 countries, so very good for the markets. Volumes were also up more than 40% in the 3 countries. So very strong equity performance in the 3 countries. In terms of our shares, also good performance in the last quarter, we closed at CLP 4,848 per share, which is an increase from the previous posting of the previous quarter. And liquidity keeps moving up, still not where we want it to be. We're close to $200,000 a day of daily trading on average and bursatility is over 50%, which is critical for us to be able to go into the indices. So that's one of our objectives is to continue to move up in the weights of the indices. In projects, as I already mentioned, I think we've made good progress, solid progress in terms of the technology deployment in 3 countries, investment -- the bulk of the investment was made in 2024 and 2025 as we had anticipated. That investment is completed. The systems are ready now for deployment in the market, which should happen in this first half of 2026. So good, solid progress. In the following slide, we have some of the results for the market, the market cap with those valuations, as I saw -- as you saw, increased on average 57%, so a very significant increase in our market cap, also in volumes, 50% on total volumes trading in the equity market. Fixed income markets also up 17%. FX and derivatives more towards the flat side, less volatility and the appreciation of the currency. And in terms of the clearing and settlement activity was up 4%. So even though the equity market was very, very dynamic in terms of derivatives and repos, the growth of the clearing side was not that strong, but still very, very strong, similar to the previous year, which you recall was a very, very solid year for our clearing business. And finally, for the custody business with the appreciation of the equity market, which represents a little bit over 50% of assets under custody, our custody assets under custody are up 44% between 2024 and 2025. So as you can see, both the market and financial results are strong, and we are making significant progress towards our objective of the integrated market with our technology and regulatory approach. So I will pass on to Patricio so that he can present the individual results for each of the business lines, and we'll go and see you in the Q&A session. Thank you. And Patricio, all yours.

Thank you, Juan Pablo, and good morning to all. We will now move to NUAM's business performance. On a full year basis, performance was clearly positive Operating revenues increased 7% year-over-year, reaching CLP 148.7 billion, confirming sustained growth throughout 2025. EBITDA expanded 5% year-over-year to CLP 64 billion, maintaining a strong 43% margin, which demonstrates operational discipline despite higher investment levels. Overall, despite a slight 3% decline in net profit year-over-year, the company delivered resilient profitability and maintained healthy margins. Next slide, please. Year-over-year, all major business lines showed improvements. To mention just a few of the main lines of business, trading revenues increased 8% year-over-year. Custody revenues grew 7%, supported by strong growth in assets under custody. Information Services increased 11%, reflecting steady demand on market data and vendor services and value-added services expanded 19%, maintaining double-digit growth driven by invoice registry and digital solutions. Next slide, please. Listing and Issuer Services showed a solid performance in the fourth quarter with revenues up 17% quarter-over-quarter and 6% year-over-year, reaching CLP 18.2 billion. Total issuance reached 252 corporate events, up 19% year-over-year for a value of USD 14 billion, a 24% increase year-over-year. Growth was driven mainly by debt issuance, which increased 30% and follow-ons, which rose 79%, reflecting stronger capital market activity in the region. While tender offers normalized compared to last year's high base, overall issuance dynamics confirm renewed momentum in primary markets. This line remains closely linked to capital market debt and financing activity and 2025 shows a healthier and more diversified issuance environment. Next slide, please. Trading revenues increased 8% to CLP 23.2 billion with a 2% sequential improvement in the quarter. Performance was driven primarily by equities, where volumes grew 50% year-over-year to USD 69 billion, supported by strong index performance and improved liquidity across the 3 countries. Fixed income volumes increased 17%, reinforcing solid institutional participation and derivatives declined slightly. Overall, on-exchange volumes increased 44%, signaling strong market dynamism. Trading continues to benefit directly from improved liquidity conditions and deeper market integration. Next slide, please. Clearing and settlement revenues declined 2% year-over-year, but remained stable to CLP 25.4 billion. In the fourth quarter, clearing volumes reached USD 1.9 billion, up 4% year-over-year, showing recovering activity. Growth was supported by equities, up 32% and fixed income, up 7%. Open interest increased 13%. Collateral management volumes grew 18%, partially offset by lower average interest rates. Overall, post-trade infrastructure remains stable with volumae growth supporting medium-term revenue expansion. Next slide, please. Custody revenues increased 7% year-over-year to CLP 43.2 billion. Assets under custody expanded 44% to USD 365 billion, reflecting both asset appreciation and stronger equity activity. Equity holdings grew 66%, while fixed income holdings increased 23%. Delivery versus payment and free of payment transactions rose 72% and distribution processing volumes increased 10%, highlighting higher operational activity. Custody remains one of the most structurally resilient businesses, supported by recurring revenue linked to assets under custody. Next slide, please. Revenue from information services increased 11% year-over-year to CLP 20.4 billion, reflecting steady demand across all service lines. Growth was broad-based. Market data increased 8.5%, supported by stronger client demand and vendor activity. Market access grew 6.9%, driven by higher connectivity usage and stable institutional demand. Price vendor services showed the strongest expansion, up 15%, reflecting greater adoption of valuation and pricing solutions. Overall, the information unit continues to strengthen as a scalable and recurring revenue stream with consistent momentum. Next slide, please. Value-added services continued to deliver strong double-digit growth with revenues up 19% year-over-year to CLP 16.3 billion. Growth was driven by back-office platforms such as Sebra and Optimus as well as digital promissory notes and invoice registry services. Sebra increased operational usage by 40% and Optimus by 10%, reflecting strong client adoption. Digital promissory note issuance grew 43%, while registered invoices increased 17%. This unit continues to strengthen as a scalable technology-driven revenue stream with high growth potential and increasing regional integration opportunities. Next slide, please. Moving to expenses. Total operating expenses increased 7.3% year-over-year, reaching CLP 101.2 billion. While other expenses and depreciation grew only 1% year-over-year, both below inflation, reflecting normal project activity and stable depreciation trends, the largest driver of the increase was staff costs, which rose 16% year-over-year. This reflects 3 main factors: a 4.3% consumer price index adjustment; a 4% increase associated with the internalization of teams as part of the integration process; and an 8% increase in headcount to support strategic projects and integration-related needs. Overall, 2025 reflects a deliberate investment phase focused on strengthening our technological and operational platform, positioning the group for improved efficiency and future synergy capture. Next slide, please. Let me summarize our 2025 key takeaways. First, our operating structure is now consistently delivering results, maintaining a solid 43% EBITDA margin despite ongoing strategic investment. Second, growth is increasingly supported by scalable and recurring businesses. Information grew 11%, value-added services 19% and assets under custody expanded 44% year-over-year. This strengthens our revenue mix and reduces dependency on purely transactional volumes. Third, market dynamism played a key role. Equity volumes increased 50% and MSCI NUAM rose 68%, supporting trading momentum. And finally, shareholder value remains central. We generated USD 35 million in net income, while current dividend policy is increasing dividend payout from 50% to 70%. Overall, 2025 confirms that we are executing integration with financial discipline while building a stronger and more diversified regional market infrastructure. Thank you all for your attention. Now I hand it over to Jose for the Q&A session.

Okay. Thank you, Patricio. Thank you, Juan Pablo. We will now open the floor for questions from the audience. [Operator Instructions] So we have now a question from Sigal. Please Sigal, go ahead.

It looks like left the call, I believe he lowered his hand.

Okay. So Félix García, we have a question from your side from Appalachia Research.

Do you hear me?

Yes, we can hear you.

Perfect. I have 3 of them. First, for 2026, will revenue growth come mainly from higher volumes or from higher prices? And my second question is on CapEx. Could you share your CapEx estimate for 2026? And what portion will go to technology? And my third and last question is on profitability. What operating margin should we assume for 2026? And what could drive it up or down?

Should I take it, Patricio? Thank you for your question. So 2026, I think we discussed this in the previous call. We still have pretty much the same revenue structure. So there's a few adjustments in pricing, but not significant to be the main driver of revenue growth in 2026. So still volumes are going to be important. Nonetheless, we have changed some of the fee structures in the clearing side in Chile, in particular, very, very important for the fixed income market. So as we get the final regulatory approval, which we hope would be for the second quarter of this year, we will start seeing incremental revenues in clearing because of new revenue structure in Chile. And also marginally in Peru, we did some fee changes in Peru at the beginning of this year. So there will be a slight increase due to those price changes in Peru are already in place and Chile should be in place in Q2. So that should affect. But the big driver will continue to be volumes in the pre-existing, let's say, businesses. We will -- as we deploy the new technology and the new market operational model, engage in different fee structures. But I think that at this stage, that will be more a conversation for a full 2027 and really 2026, but we will start those, let's say, introducing some of those changes this year. In terms of CapEx, I'm going to refer that to Patricio for the exact numbers, but we are reducing CapEx for this year to around $18 million, which still have like $6 million of integration projects that are -- that continue, particularly on the custody side and the issuer systems.

Okay. Just to complement Juan Pablo, I would like to say that our investment plan for the integration process is $45 million in approximately 3 years. We have already used $35 million of those $45 million. For 2026, we have a plan of $18 million of investment of CapEx, where $7 million of them are related to the integration regional process. And most of those $18 million of CapEx this year will be related to technology. So I think with that, we are complementing the second question.

Thank you, Patricio. And for profitability, I don't -- what was the question exactly in terms of EBITDA margins for this year? Is that the question?

EBITDA margin, what did they say?

This year, we should maintain the margin, the EBITDA margin because we -- once we finish our process of platform integration development, then we will be able to obtain synergies, especially technological and operational synergies during the next first 3 years. So in general, 2026 should be similar in terms of margin of EBITDA.

Okay. Thank you Félix and thank you for your question. So next, we have a question from José Carlos Callo from Credicorp.

Can you please confirm if you can hear me?

Yes, we can hear you well. Very good.

Well, I have 2 questions. For my first question, can you give us some color on what is driving the decline in the EBITDA margin?

Jose sorry, can you repeat the question, please?

Yes. So can you give us some color or some information on what is driving the decline in the EBITDA margin?

Do you have another one? Or that is the only question that you have.

And my follow-up question is, can you give us some more information on how the systems integration is coming along so far?

Okay. Thank you, José Carlos. In general terms, the EBITDA margin is quite similar to the margin we had last year. The decrease is very marginal, I would say. And -- and in general terms, we are not increasing our margin because of our expenses that are, as we said during the presentation, influenced by the process of developing the new platforms where we are needing a number of personnel, which, of course, is higher than the quantity of people we will need once the implementations are finished. So that's what I could say in terms of the margin, the EBITDA margin. And probably, Juan Pablo, maybe you would like to tell about the integration process?

Yes. No, I guess, I mean, on this issue of the EBITDA margin, given that we are creating a new technology and we still have to run the existing markets with the existing technology for a period of time, which we anticipate to be short, but of course, with the new schedule for deployment of technology, it has increased a little bit. So we have -- in some respect, we have duplicated expenses, some duplicated expenses. So those duplicated expenses are, I guess, the main element that impedes improvements in the EBITDA margin at this stage with the increased revenues because we're also having increased expenditures tied to this new -- to the new technology. But as Patricio mentioned, once the technology is deployed, which should be deployed this year, it will allow us to capture the $7 million that we have shared with you that we expect would be reductions in licenses, systems, data centers, et cetera, that can allow us to capture those synergies over the next 3 years. The sooner, the better. But again, as I said, the first deployment will be in the first half of 2026. So we will just start capturing some of that probably towards the end of the year. So really, it will be full year 2027 when we start seeing that, and it will be a gradual process because not all systems will be able to be disconnected at the same time, nor will they happen all at end 2026. So it will be a gradual process between '26 and '27. But that should allow us to increase our revenue -- sorry, our EBITDA margins, and we have a target by 2030 to reach roughly 50% EBITDA margin. So we should be in that trend starting next year for sure and hopefully to some extent this year.

Thank you, Juan Pablo for your answer. So I will go with next question. Next question is from Antonio Acha from ISCOR. I will read your question. So -- can you share a Gantt chart to understand the coming specific milestones in terms of integration? Can you update the CapEx deployed and the CapEx program expected for the coming years? Colombia reinstated a wealth tax under law 2277 2022. Can you comment on how much this can impact net income and dividends?

Okay. Related to the Gantt chart, of course, I think we can work on that and to publish that in our website, I guess, Jose, right? And related to the CapEx program, as we said, our main program of investments is the USD 45 million program of 3 years that should be finishing USD 42 million of them this year and the last USD 3 million should be invested by the beginning of next year. The rest of the CapEx program or the usual or historical CapEx program should be around somewhere USD 12 million to USD 13 million every year. But of course, we do not know so far what we are going to invest in the next years, at least related to the integration process. And finally, related to the taxes that are now being discussed in Colombia, it's still something that we understand it's not totally finished the discussion. But in terms of the equity base that probably should be the number where this kind of taxes should be calculated. It's about USD 79 million. That's approximately the equity or the tax equity in Colombia. But we understand that not necessarily that will be applicated during this year. So at least so far, this is what I know about that discussion. I think it's a discussion under progress.

Okay. Thank you, Patricio, for the answer. I will continue with [ Jose Ackerman ] question. I will read it out loud. So could you give us more color on the situation in Peru? Why are we seeing revenue declines? When should we expect to see the realization of synergies across the different countries? What EBITDA margin should we expect for 2026?

Well, the Peruvian market is tied to private investment cycles, particularly in mining, energy and infrastructure. Private investment has been more moderate in recent years, affecting growth and market activity. However, Peru maintains strong fundamentals. So -- and of course, Peru right now is the smallest of the 3 markets that we run. But the integration process is focusing, of course, in putting the Peruvian market in a regional context. So we expect that with the development and the launching of the regional market, the Peruvian market should begin to increase its activity. That's so far what I could comment about the Peruvian market. I don't know if Juan Pablo would like to add something.

Yes. There was a one-off explanation in Peru in 2025 that we went through, I guess, in the first half of last year's call, which is we had in 2024, significant issuer activity in terms of public tenders and those types of transactions, which were one-offs, those took place in 2024. So in 2025, the decline in revenues is associated to that. There was less one-off activity on the revenue side in Peru. But on the other hand, the market had a stronger performance. And precisely some of the fees that we changed for 2026 allows us to capture some of that additional activity that we're seeing in Peru. So I wouldn't be so concerned about the decline in revenues in Peru, which have to do with these one-offs. And the, let's say, secular trend of the market is going in the right direction, and we should be able to capture a little bit of that with the new fee structure that we -- that I mentioned.

Okay. Thank you, Pablo. I will continue with the next question. It comes from [ Ignacio Janos ]. Thank you for your question. I will read it loud. Weeks ago, we have some share buybacks from the management. This scheme -- incentive scheme is long term or short term.

Yes, I can answer that. There's an incentive program in the long term for executives. It's a 3 years long-term incentive program. And it's exactly -- the idea is to relate or to correlate the increase in the price of the share -- of Nuance share with the activity and the performance of the team of executives.

Okay. Thank you, Patricio. I will continue with Arturo Gana question. It would seem that the business model allows to grow revenues without significant growth in expenses and help grow the EBITDA margin. However, we see that revenues grow, but expenses keep growing as well. It seems that there is not an effort to improve margins. What would be the EBITDA margin that you are targeting for 2027?

Yes. Our target is to -- by 2030 to reach a 50% EBITDA margin. And as we have said -- already said, right now, we are expanding more than what we should be expanding in the future once the integration program is finished. So more or less, that's the main explanation for that question.

Okay. Thank you, Patricio, for the answer. So I will continue. Next questions come from Sebastián Fuentes from LarrainVial. With the bulk of integration already executed, what proportion of the current cost base will you consider structural? And how much still offers room for further efficiency gains through operational improvements in the coming periods?

Yes. Just related with the previous question, we should increase our margin by 7%. Also, we mentioned that during the first 3 years after the implementation of the integration is finished, we should gain about USD 7 million during those first 3 years in synergies. So more or less, that's our goal in terms of improving our margins in EBITDA.

Okay. Next comes from [ Melker Samuelsson ]. When do you expect a more meaningful impact from synergies and not carrying duplicated systems to give an uplift to margins? Or maybe more clearly walk through the margin bridge to 2030, it seems of the duplicated cost and extra in-sourcing of integration will lead to duplicated costs and headcount. Even with underlying price inflation, couldn't this decrease or remain stable. Margin target seems low relative to this.

I don't know, Juan Pablo, if you would prefer to answer this question.

I think that it's in the same direction of what you have mentioned already, and I think it's pretty much the same conversation. I think there's a clear 2030, 50% plus EBITDA margin, which we believe is attainable. We have not seen an increase in EBITDA margins in the first 2 years. And I understand the frustration both from you as investors and analysts and ourselves as management. But the main explanation there has to do with the duplicated expenses. We have -- we're building a new platform while we continue to operate the existing systems and platforms of the 3 individual markets that operate independently. We have mentioned that we expect $7 million of direct savings from the implementation of the new technology once it's in place. Unfortunately, it's not going to be fully capturable in 2026, but more likely starting in 2027, and it will be a roughly 3-year period. So if we -- if you look at 2027 to 2030, you should be seeing increases in EBITDA margins consistently over that period. Of course, the more we can contain expenditures during 2026, the better, and we will continue to work in that direction. But we have to ensure that simultaneously, we complete the investment process and training and testing for our clients so that the transition to the new systems is risk-free. And we also continue to operate the existing platforms without any operational risk. So we have to be cautious of that, and that's why you're seeing probably that duplicated expense and the, let's say, stubborn expenditure line. But moving forward, we do believe that it's going to change significantly and the EBITDA margins will be a result of that.

Thank you, Juan Pablo. We have another question from Antonio Acha. The sale of the building in Chile did not went out from the balance in the fourth quarter. Can you give update on when the operation will be effective and if the P&L of the transaction will be distributed?

Yes. This is a sale that is under a promissory purchase agreement. And we expect that agreement to be finished in about 18 months. That's more or less the process, which is related to regulatory and contractual conditions since it is a special building. It's a monument -- a historic monument that it's under a special regulation in Chile. And related to the -- and related to if it will be distributed, the Santiago Stock Exchange is a market infrastructure entity that follows the recommendations of IOSCO and also the regulation of the CMF. And in that sense, we expect to maintain the capital or the equity that right now has the stock exchange. And in general terms, the value or the accounting value that it's registered in the balance, it's more or less the same value that was agreed in this purchase, in this sale. So we do not expect changes in the balance of the Santiago Stock Exchange. And also, we are not thinking of changing the capital that is requested for regulatory and IOSCO recommendations.

Thank you, Patricio, for your answer. So we have the last question from the call. It comes from Conrado, from ICM. If NUAM continues to generate significant cash and with CapEx now declining, what payout level should we expect going forward in 2026 and beyond?

Well, we are already increasing the payout level from the 50% that we distributed last year going to 70% right now. Also, since we are developing this integration, we may see in the future other initiatives related to the regional businesses. So in that sense, we still don't know if we are going to need more capital for some other initiatives. But of course, if that's the case, we will talk about that and discuss if the 70% distribution payment level should go up or not. But I don't know, Juan Pablo, if you would like to add something to that.

I think that's the message. I think right now, we already increased from 50% to 70%. We take the point that you mentioned as we reduce the CapEx and there will be less requirements for cash. Now you have to understand that the cash is distributed throughout the countries. So we don't have -- we're doing all of the investment from the holding company, and it's in the -- it's not where we have the cash. So there is some reshuffling of the cash that's taking place. But I can see a scenario starting next year, probably where we can discuss increasing the 70% to a higher level. I don't know if we will reach 100% in the near, near future, but these types of companies, once they are in a stable investment environment and generating cash can distribute 90% to 100% of revenue. So it is something that is in the conversation. It's not decided yet, as Patricio mentioned, so we are sticking to 70% right now. But for sure, for next year, once things are more clear and stabilized, we can probably have that conversation again.

Thank you, Juan Pablo. So we will continue with another question that comes from Arturo Gana from Quest Capital related to share repurchase. So would you consider a program to repurchase shares? It seems that the company has cash in excess of what it needs for its operations, not only the reported but also in financial instruments. Would you consider distributing that excess cash?

I think it's absolutely related to last question. So it will -- it will depend, for example, if we change and we increase the payment or the distribution of dividends, of course, we will not be in that case, in conditions to repurchase shares. But I think it's something that still we are not in conditions to answer properly.

Okay. Thank you, Patricio. And also thank you, Juan Pablo, for your answers. So well, thank you very much, everyone, for having joined our conference call. It seems that there are no more questions to answer. We are very glad that you were able to participate. We will upload the presentation today as well as the recording and the transcript in our Investor Relations website. So thank you very much, and have a good afternoon.

We'll now be closing all the lines. Thank you, and have a nice day.

Thank you, Luis.