Nuam S.A. ($NUAM)

Thank you. Good morning, everyone, and thank you for joining Nuam First Quarter 2026 Earnings Conference Call. My name is Jose Gonzalez, Head of Investor Relations at Nuam. Today, I'm joined by Juan Pablo Cordoba, CEO; and Patricio Rojas, CFO, who will present our main results and highlights for the first quarter 2026. [Operator Instructions] As a reminder, today's call is being recorded. [Operator Instructions] A recording and transcript will be available on our Investor Relations website. You may also enable 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. So I would like to stress and highlight that, of course, we're very satisfied with the results, very good results for the quarter. And 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 obtained from the growth in the markets and growth in the different business lines make a significant contribution to the bottom line. So 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. So if you move to the next slide, just the main highlights. You saw 17% growth in Chilean pesos in operating revenue, so 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 the revenues grow, we managed to keep costs relatively contained, the EBITDA margin then increased significantly from 43% to 49% EBITDA margin. So 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 positively 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 CLP 5,149. Today, it started trading slightly over that CLP 5,250 or CLP 5,300. So very good performance in the stock as well and 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 and 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 3 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. And more importantly, in terms of the strategic advancement of our -- of the integrated market, we have 2 very significant events. One was the go-live in Colombia at the end of March. So we now have the new trading engine operating fully in Colombia. And in late April, we also deployed the platform in Peru. So today, we have 2 of the 3 countries operating in the new platform that will be the platform for the integrated -- for the integrated market. So this is a very significant advance in the strategy of creating the integrated market, and we are very happy with that. And we expect that Chile will go live at the end of June. So 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 the numbers are also very positive. Market cap vis-a-vis last year, is up 43%, very significant growth in market cap. Equity volumes are up 75%; fixed income volumes, 29%, [ the reality ] is 21%; FX, 7%, lower volatility and appreciation of the currency, but still very positive. Clearing and settlement volumes, 29% and assets under custody 39%. So 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 CLP 9.7 billion, so slightly over $10 million in net profit, 47% growth over last year, with an EBITDA of CLP 19.85 billion, which is close to $22 million in EBITDA margin. So 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. Okay. Operating performance remained very strong during the quarter with a clear acceleration in profitability relative to revenue drop. 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 CLP 34.8 billion to CLP 40.7 billion, equivalent to an absolute increase of CLP 5.9 billion. 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 CLP 1.8 billion of incremental revenues, the largest absolute increase among all segments. Clearing also showed strong performance growing 26% and adding CLP 1.2 billion. Custody remained the largest revenue line, increasing 13% year-over-year and contributing CLP 1.4 billion, reflecting its continued relevance within the revenue mix. Value-added services grew 15%, adding CLP 0.6 billion, while Listing and Issuer Services increased 12%, contributing CLP 0.5 billion. Information revenues grew at a more moderate pace of 7%, adding CLP 0.3 billion. 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 CLP 4.84 billion 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 USD 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 3 events compared to the prior year, suggesting that growth was primarily driven by larger transaction sizes rather than volume. Also, total issuance 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 CLP 7.39 billion, increasing 33% year-over-year and 42% quarter-over-quarter. This sequential growth reinforces the acceleration observed in recent 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 USD 610 billion, up 27% year-over-year. By asset class, the strongest momentum was seen in equities, which increased 75% to USD 26 billion; fixed income, which grew 29% to USD 341 billion; followed by derivatives, which rose 21% to USD 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 USD 432 million, growing 75% year-over-year, consistent with the strong increase of [indiscernible] 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 CLP 12.82 billion, 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%, insurance 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 USD 387 billion, up 39% year-over-year. This growth was consistent across key markets. DECEVAL in Colombia recorded USD 244 billion, plus 44% year-over-year, while CAVALI in Peru reached USD 143 billion, plus 31% year-over-year. By asset class, both equities and fixed income contributed to growth. In Colombia, equities grew and fixed income, 19%, while in Peru, equities increased 41% and fixed income 16%, indicating broad-based expansion across custodian portfolio. 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. The clearing business delivered a solid performance during the quarter, with revenues reaching CLP 5.92 billion, 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 USD 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 USD 4.5 billion in revenues, plus 29% year-over-year while CCLV in Chile reached USD 1.4 billion, plus 14% year-over-year, showing growth across both geographies. Additionally, the cash collateral management business grew 42%, reaching USD 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 CLP 5.01 billion, 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, [ Intesa ] 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 strong 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 CLP 2.49 billion, 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 1 client year-over-year. Despite the overall annual growth, performance across solutions showed uneven dynamic. 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 pressure, 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 CLP 1.88 billion, 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% in transactions [indiscernible] 94% year-over-year, indicating higher market liquidity and deeper use of the platform. In the case of negotiable invoices, volumes reached USD 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 value. 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 CLP 24.5 billion to CLP 25.5 billion, indicating that cost growth remains under control. The main increase comes from personnel plus CLP 0.6 billion explained by salary adjustments and structural normalization as highlighted in the slide. At the same time, other expansions remained broadly stable minus CLP 0.1 billion, showing that discipline in general and administrative expenses helped offset higher operating costs. The increase in depreciation and amortization plus CLP 0.5 billion 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. So now I will give the word again to Juan Pablo. Juan Pablo, go ahead, please.

Thank you, Patricio. And 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 turns growth into profitability. You can see it in net profit growing 47% to CLP 9.7 billion and EBITDA margins at 49% at CLP 19.85 billion. So 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 continue -- 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, so very strong performance there. And 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 3 countries, really because we're now working with the Chilean brokers, but Peru and Colombia went pretty well. And 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 2 benefits. One, of course, is creating more liquidity, more growth, more visibility and more activity in the market, which in itself is very, very good but also an integrated operation implies that we can start to capture the synergies as a company. So that's, I think, a very important event for Nuam and for our strategy. And given that, we shall begin July 1, the deployment of Phase I, which is the introduction of the new clearing technology, risk model and operational rules in the 3 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 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. So things are moving along. So we will focus second semester in Colombia for the clearing platform. And in the first quarter of next year, we'll deploy the gearing platform in Chile. And then when Peru is ready, we will then deploy it in Peru. But that puts us in a very, I think, strong position to be able to have the integrated market operating sometime in 2027. So this is good news, making strong progress. and, of course, very satisfied with the results of the first quarter. So thank you very much, and we'll open it for questions.

Okay. Thank you, Patricio, and thank you, Juan Pablo. Now we will open the floor for questions from the audience. [Operator Instructions] Okay. So the first questions come from Ignacio Janos 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 [indiscernible] that could affect the results.

Thank you, Ignacio. And yes, indeed, first Q results are very strong and EBITDA margins are significantly higher than what we had budgeted. But 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. And 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. So as we contain expenditures, all revenue growth should increase profitability. So I think this is good news. And you're right, this is a good signal moving forward. I would say there's a lot of what increased 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. So the big transaction, a tender offering in Colombia which is -- you can see it in the issuers services. But aside from that, we don't have really any other seasonal event. And 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 question comes from Carlos Alcaraz.

This is Carlos Alcaraz from Apalache Research. First of all, congratulations on the results. I have 3 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. Will you prioritize this cash for technological investments? Or are you evaluating share buybacks? And finally, if I understand correctly. Can you confirm if clearing segment for the entire region will be ready during the first half of the next year.

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

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

Okay. Thank you, Carlos. I think we presented, we have a CapEx of $18 million for this year, maybe, Patricio will correct me in the numbers, of which $6 million or $7 million is associated to the integration project, and then the rest is more of the business-as-usual investment. But I think Jose and Patricio can pinpoint that better. But we budgeted in 2024, $28 million, $24 million in '25 and $18 million in '26. So 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 million to $14 million in CapEx. So 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 payout. This is something that was raised at the shareholders' meeting in April. If we were going to increase the payout, we've said that, yes, so 70% payout has been approved for this year. But moving forward, we can definitely see a scenario where we increase the payout for our shareholders and the discussion will be, if we do buybacks or if we do dividends. So that's something that the Board will look into and that, again, was raised at the shareholders meeting, but I think it's good news. And we need to strengthen the cash position at the holding level, which has been part of the objective. As you know, 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. So 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. So once we have the enabling regulation, the rest of the project will be under our control. But 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 will 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 a better sense of the timing. Now if the process begins at the end June, as the authority stated, we do see that as a possible scenario. But 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. So 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. But as things look today, again, Chile and Colombia, for sure, and Peru is still viable. If the time line for the enabling regulation is, let's say, complies with what we expect at this point.

So the next question comes from [indiscernible] Investment Partners.

Congrats to you and the team on strong cost controls during the quarter. Just hoping you can 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. And then maybe a follow-up to that. Just with strong execution, could we realize more than $7 million in cost synergies.

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?

Okay. So yes, sorry, I'm a bit confused on the question. But yes, on cost synergies, there's nothing right now that would allow us to say that, yes, we will execute more. So I would stick with the $7 million, and 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. So that process will begin, and we are finalizing plans for the data center -- the data centers that we need to migrate in '27 and '28. So I would say that it's a safe number, the $7 million. But surely, as things progress, we can probably fine-tune those numbers better. So that's on that part. And the first part of the question was what, sorry, for the confusion.

I'm trying to understand earlier this year, we talked about or 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?

Yes. No, as I said, I mean, from that part, Bear in mind, again, it's '26, '28 and more heavy loaded in '27?'28. So we're -- 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 will 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 that, of course, we will be striving for improving profitability, not just from the synergies of the deployment of these new platforms, but all along the operational process. So as we really, let's say, move deeper into an integrated operation of the 3 markets, for sure, we will be looking for additional synergies. For sure, beyond the $7 million.

Thank you, Juan Pablo. So I think that we have the last question -- 2 more questions from [ Ignacio Janice ] I will really read it out loud. So 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. And how much left will or remain will be for 2027 and 2028, which should be the normalized CapEx post integrations as a percentage of revenues.

Okay. Again, on the synergies, first quarter, 0 because this I guess a point to make is that this is not an automatic process that you switch on one system. And automatically, I can switch off the other systems because they are connected to other services that are not necessarily the core trading. So it is not an automatic process. So first quarter, there's no synergies captured yet because no systems have been disconnected. We are 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, so you will really see the savings is in 2027. We'll be decommissioning the main trading engine in Peru. And in 2027, we will be decommissioning towards the middle of the year, the alternative trading engine in Colombia. So that second part will be more captured in '28 than in '27 because the process is a gradual process. So I would say, first half of this year, zero synergies captured from the migration to the new system, but beginning in 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. So it will be incremental as we move along. In terms of CapEx, again, $18 million for this year. We need to finalize the projects, as you see, there's going to be some slippage probably from those $18 million to next year. So next year, we'll probably -- are going to be between $14 million and $16 million in CapEx with the residual investment that is not completed this year. But we are in that final stage because the bulk of the investment has already been made. Again, the clearing platform is ready. So we are finalizing acceptance testing with our vendors. So the software has been developed and the bulk of the expenditure has been made in the last couple of years. So we now have to deploy it in the market. So 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. But if the deployment goes in Chile to the first quarter of '27 and then Peru, we'll probably be executing some of that project in 2027, which means that, again, some of the synergies will probably move to 2028. But 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 $7 million. But the $7 million, I would say, is directly associated to system decommissioning. So that's relatively clear what will be decommissioned 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. So we have 2 more questions from [ Ignacio Janus ]. I will read it out loud. So how much of the integration cost 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 is not quite the best. And if we could keep moving forward to enhance these schemes. And the last question from Ignacio, it is well, congratulations for the results. In the past, we aim to increase the EBITDA margin from 45% to 49% in 2029 in the pace that we should keep moving forward with the integration process. So 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 good -- 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. So that distribution, I would leave to Patricio to give you an indication of how that will be. But that has already been approved by the Board both of Nuam and the Boards of the different companies. So that process already begun in Colombia and in Peru and should also begin in July in Chile, but I don't have the exact distribution of costs. So I'll move into that. In terms of fees, again, we are -- 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 is assuming and thus, the fee structure needs to be ad valorem. So 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'll 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 Chile. So this -- 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. So that's very important. Now the other element that are not so related with fees, but with revenue, with the scope of revenue. As you know, the CCP in Chile is basically a cash equity CCP, while the CCP in Colombia is a multi-market, multi-participant with both on-exchange and OTC products. So we are expanding -- our plan is to expand the services provided to the market and to different market participants in Chile. And we already have made a 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 almost -- I mean 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 deploy this new segment, fully deployed segment in the CCP in Chile and that will bring additional revenues to the CCP. And we have conversations with market participants also to bring in new products into the CCP. So 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. So 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, it's 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. And 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. But definitely, I think that the, let's say, range of, let's say, 42%, 43% EBITDA margin that we had in 2025 will probably move more towards 47%, 50% in the '26, '28 period.

I just wanted to give information about the percentage of the cost of integration that will be charged to the market in Chile and should be 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 the implementation of the platforms of the integration process.

Thank you, Patricio. So we have the last question from Roberto Segers, I will read it out. So we -- 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?

Well, I think that the main message here is that we have to be competitive. 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 our participants the participants and the final clients are facing and experiencing elsewhere. So we have to be competitive as a market. And 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 the -- 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 [ Beck ] 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. So it is a regulatory -- that will be a regulatory, let's say, impediment to make, let's say, unilateral changes. Everything would be -- would need to be coordinated with the regulator and the other exchange. So it's a tricky process. And in Peru, there is no -- 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. So it's tricky. I think that our, let's say, the bet -- a lot of the attention is put on trading fees, but the relevant fees are really the all-in value chain fees. So that's, I think, more important. And 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. And also the other avenue is market data. The idea here is if we enhance liquidity in the local market, we can expect to grow significantly our market data and data and information services. So 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. So 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. But 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. But the big opportunity is really clearing and other aspects.

Thank you, Juan Pablo. And also thank you, Patricio, and thanks, everyone, for having joined our conference call. There are no more questions. We are very glad that you are able to participate. We will upload the presentation as well as the recording and the transcript in our Investor Relations section. So thank you very much, and have a good afternoon.

Thank you all, and have a nice day.