Morning, everyone. I'm Santiago Donato, investor relations officer of Cresud, and I welcome you to the first quarter 2025 results conference call. First of all, I would like to remind you that every play of this webinar, the presentation, and the earnings release will be available on our website at www.cresud.com.ar. After management remarks, there will be a question and answer session for analysts and investors. If you want to make a question, please use the chat. Before we begin, I would like to remind you that this call 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. Please refer to the detailed note in the Company's earnings release regarding forward looking statements. I will now turn the call over to Mr. Alejandro Elsztain, CEO. Good morning, everybody. We are beginning our first quarter 2025 results. This year, the regional campaign is showing us an increase in planted area comparing last year numbers, and the one that is mainly explaining that is Argentina in the growing, in the leasing areas in the country. We are beginning the campaign. The conditions are good. Not so good in the case of the winter crops in Argentina, but for the rest, and mainly summer crops, soybean, corn. With a much more stable commodity prices comparing last year's, where there was a big drop, and some slight input cost reduction that we are seeing, so recovering some of the margins of the activity. Related to wheat, the wheat was 100% planted, and now we are close to be harvested in November, December. With some drought areas in Argentina decreasing some of the results, but still early to speak. In the case of soybean in Brazil, 45% it's been sown, planted in Brazil, is a normal campaign. A little delay, two weeks later in Brazil, but after the rain, the conditions are recovering. There were two transactions related to real estate in the quarter. One is in Los Pozos farm and developed land, and other one is in Alto Taquari in Brazil. I will show you later. We received many dividends from the companies, and the total dividend we received in Cresud was close to $53 million. Brasil Algro gave us close to $10 million, and IRSA, $43 million. With the two, we're distributing dividends these days for investors, close to 7% dividend yield. The company is in a very good shape today and doing this activity the first quarter. Saying that, I will now introduce Diego Chillado Thanks, Alejandro. Morning, everyone. In this page, we can see the planted area evolution. Cresud this year is increasing the number of hectares under sowing, under planted area. We are expecting to plant 303,000 hectares in the four countries where we operate, in Argentina, Brazil, Bolivia, and Paraguay. This is a 9% increase comparing to the last year, to the previous campaign. Mainly, we are expanding our surface in leased farms in Argentina, but also, some in owned farms. Regarding our breakdown, we keep having a diversified mix of crops, but mainly soybean and corn, and we do some sugarcane in Brazil and Bolivia as well. Next page, number four. Here we have the commodity prices and the cost. In this page, we can see the evolution of the commodity prices. The 2024 campaign was marked by the down pressure on international commodity prices, as Alejandro said, and this new campaign maintained the low prices level, far the peak which after the pandemic and the war, Ukraine and Russia. Regarding input costs, they are adjusting a little bit but are still high levels compared to the commodity prices, affecting, of course, part of the agricultural margins. The good part of that is the inputs are starting to correct a little bit. Next page, number five. In this page, we can see the regional weather condition in the region and the sowing progress. After 2024 campaign, we experienced the lower yields in Argentina and Brazil both, due to the lack of rains. This 2023 campaign is present with the good weather condition. In the last weeks, we received good rains mainly in Argentina. With that, regarding the sowing progress, we have planting as Alejandro said, 100% of the wheat in Argentina and the rest of the crops. The total region for soybean is 27% for soybean and 10% for corn. Now, Alejandro. Talking about our real estate activity, we closed this quarter, the second portion, second fraction sold. Here we see on the map. Last year, we sold the first fraction. This year we are selling the second. This second is 3,600 hectares undeveloped, totally undeveloped. The sale price of this fraction was $2.2 million, $614 per hectare. Comparing to the acquisition and the CapEx invested in the last 30 years, close to 30 years, that was 15. A profit of 41 times the price acquisition. The accounting gain is almost all $2.1 million. We have still a remaining surface of 231,000 hectares in the farm. This shows the big gain the company's having in the developed and in the undeveloped regions of the farms we bought a long time ago. The other big fraction sold in the quarter was done in next page in Brazil, Alto Taquari, that was mentioned before, but was implemented this quarter. This was 3,700 hectares sold area, and this is of 2,700 totally sold hectare, but this smaller fraction that was done this quarter was 1,100 hectares. The remaining part, selling price of BRL 190 million, a big gain, close to BRL 100 million of gain. This in a developed area where we did a lot of sugar cane and the big transaction in internal rate of return. We bought that for $5,000 and we were selling later for $25,000 or more in Brazil, in the Mato Grosso area. Saying that, we had the first quarter some activity in undeveloped and developed area and we expect to have this in the next quarters the same. Saying that, we can move now to page number eight and see the evolution of our service company, agricultural commercial service company called FyO. FyO that began 25 years ago, and this last week we had the party for 25 years, became the biggest broker of the country in inputs, outputs, commercial services. Here we see the evolution on volume on tons, we achieved last year 6.83 million tons, representing close to 6.1% of the market share of Argentine grain total market. This is a very strong evolution and the EBITDA, we are seeing $25 million or $30 million last year, showing a very strong company at just pure servicing farmers using the volume of Cresud, not only Cresud represents today close to 4% of the volume of FyO and became not only very relevant in Argentina, now re-launching the story in Brazil through [beyongee]. This service company is expanding its operation in the rest of Latin American region. Saying that, I will now introduce Matías Gaivironsky. Thank you, Alejandro. Good morning, everybody. Moving to page nine we can see the evolution of our investment in IRSA. Remember that we have 55.9% of the shares of IRSA. It was a good quarter with an adjusted EBITDA in shopping malls that was the same than the previous year. We have some slowdown in hotel industry because of the effects competitiveness and also in offices, some reduction because the disposal that IRSA did during the year, that sold some floors of the portfolio. Regarding the tenant sales, we can see a slight recovery against the previous quarter, the fourth quarter of 2004. When we compare this quarter with the same quarter of the previous year, still some reduction of 12% below the last year. Regarding occupancy of offices, we reached 98%, in malls, 97%. We keep with good levels of occupancy. Real estate activity, we acquired a new plot of land close to Alto Avellaneda shopping mall for a future expansion. It was a good acquisition. As Alejandro mentioned, IRSA paid during the year good dividends with an 8% dividend yield and also distributed 3.6% of the shares that has in their own portfolio. When we see the evolution of the last 12 months, EBITDA, we can see it remain stable against the previous fiscal year and fiscal year 2023, but very positive when we compare with pre-pandemic level in fiscal year 2019. About the financial results, first to understand some impacts, what happened with the effects and inflation during the quarter. We saw during this year an appreciation of the peso, so the inflation was higher than the devaluation. At the official exchange rate, that effect is 5%. At the blue chip swap was 20%. If we compare with the dollar MEP at the end of fiscal year 2024, that number re-expressed at the current numbers is $2.1 thousand. Sorry, ARS 2,100 pesos per dollar, and that number today is ARS 1,200 pesos per dollar. That will have an impact when we analyze our results that I will explain in the following pages. Regarding the operating results, during the quarter, we see positive numbers, mainly because of the farmland sales that we were more active during this quarter than the previous quarter. That is an important jump. When we analyze the quarter, it's not the most representative quarter for the agribusiness because it's the starting of the campaign for grains. In sugarcane, we have positive numbers when we measure that in reais, but when we convert those into pesos at the current numbers, that is a negative effect. It's just an accounting treatment now to re-express the first quarter 2024 adjusted by inflation. In cattle, we see positive numbers. We have higher numbers in production, higher prices, above inflation, that is generating positive numbers for the cattle activity. When we move to page 13, here we have the most important effect during the quarter that generated losses for IRSA and also for Cresud. When we consolidate all the numbers, we will see a net income that is negative. The main reason is an accounting effect. It's non-cash. That is to value the investment properties of IRSA at fair value. So since the dollar is the peso is appreciating, that means that goes below inflation, we see negative numbers. If when we see the numbers in dollar terms are positive, shopping malls increase valuation and offices and the land bank remain stable. When we re-express those numbers into pesos, that is the negative effect that we can see here. The last year was very positive, ARS 311 billion, and this or this quarter, negative by ARS 222 billion. On page 14, you can see the other important effect that is in the line of net financial results that we see a positive number, ARS 7.1 billion compared with ARS 5.8 billion last year. Here we have a couple of effects. The first effect is on the current the exchange rate, that the appreciation of the peso generate positive results because we have to re-express our dollar-denominated debt into pesos. So that is positive. Also the fair value of the financial assets that generate also positive numbers. With all those effect, we finish the quarter with a negative number on the net income of ARS 72.3 billion attributable to our controlling interest, ARS 39.5 billion, and the rest is the non-controlling interest. About our debt, we see a reduction in our net debt evolution from $421 million in fiscal year 2021 to $310 million currently. The net amortization schedule, we see some amortizations during this fiscal year that we announced it last week that we will issue a new bond to pay down and to refinance that amortization. We are in the market issuing a new bond for four years, with maturity in 2028. We will close that next Wednesday. As Alejandro mentioned, the dividends, we paid a dividend yield of 7% that we already distributed that in Argentina. For our ADR holders, will happen in the next probably 15 days, the payment, or 20 days. We don't anticipate any further delay like other years. If we see the evolution, we have been paying good dividends for the last three years. Well, this year will be at the blue chip swap around $38.8 million. Finally, about the repurchase of shares, we announced a new buyback program for ARS 6.5 billion with a maximum amount of $12 per ADR or ARS 1,500 per share. We haven't started yet the acquisitions of shares, so we will start executing this program in the coming days. With this, we finish the formal presentation. Now we open the line for the Q&A session. Well, we start with the Q&A session. If you have a question, please use the chat. We will take them in the order we receive them. Here we have the first question. Given the administration's push for deregulation, particularly in the agricultural sector, do you see any specific opportunities emerging for Cresud? Could you discuss how the liberalization of agricultural export controls, land permitting, and elimination of export taxes might benefit Cresud operations? For sure, this government is speaking from the very beginning about how to support the very relevant agriculture sector. The president went to the [Foreign language] Field. Field, I think, exposition, I don't remember the name in English, but where he was speaking to the farmers and asking for some patience. He said that, first of all, the reduction of the gap between the $2 would benefit dramatically, I agree with him, that that main gap of the 100% or more than in the past, comparing to today or 10% or 15% to the blend that the farmers are receiving, is the bigger benefit for the farmers for sure. The second will be coming from taxes on exports that the government still didn't do almost nothing. He did some small percentage in some categories in cattle, but really nothing relevant. The government is waiting for the recovery on the taxes before giving taxes to farmers. The farming industry, the farmers are waiting for that with patience, I think, because they show everything that the government is showing is in favor of farmers for Argentina. Reducing the taxes for imports, that is affecting the input costs. The combination of factors is a nd something that the government is speaking about, the foreigners buying more land that they were permitted, that it's coming too. All this thing is bringing liquidity to the land, and that liquidity to the land brings a big opportunity to farmers because Argentina was close to be disconnected to prices of the world at times that in U.S. when the prices were going to the 17 or 18, the farms of U.S., Brazil, and all developed countries were going to peaks, but Argentina was not receiving that benefit. Today, after the relation that the government and the official activities of the government are going to farmers, this is probably to be reduced, the gap of price of the land that Argentina was disconnected. It's going to bring more liquidity to farm, new players to buy new farms because are going to allow in bigger size. It's reducing the gap. The reduction of gap brings you more dollars in your pocket. Before you were doing a lot of official dollars, but when you make the calculation of what they were in blue chips, really was half or less. Farmers are benefit and are going to be more benefit with the new measures that we are not waiting for short term, but I would say in a year period, I would expect some of that coming to the agriculture industry. Thank you, Alejandro. I have another question regarding capital allocation. Which is the optimal allocation between buybacks and dividends, and how do current market conditions influence this analysis regarding buybacks and dividend payments? What we did in the last years was to give priority to payments in cash, so dividends instead of buybacks. We did, in terms of size, we did buybacks in the last three years for both for years and for Cresud, we give more priority for the cash payments. There is some restrictions from the CVM, is that we can't use all the money to buy back shares because there is certain restriction that we can buy up to 25% of the volume of the shares. That, in a certain way, limits the size of the buyback programs in our case. We prefer to give the money to our shareholders and they can buy back shares as well if they believe that the shares are cheap. That we do. We think that there is a very good opportunity to keep buying shares. If we have the liquidity, we will keep doing that. Thank you, Matías. I have another question here regarding our stake in Brasil Algro. What is the advantage, disadvantage of owning this stake in Brasil Algro versus the whole company? As you probably know, we did this company in the Bovespa market. The Bovespa, that is probably the more regulated and advanced market in Brazil, give us authorization to buy up to 42%, no more than that. Today, Cresud owning 35, it's close to that. We are not thinking of owning 100%. This is a story that was done from the very beginning, and that was a blank check. We did that company through raising capital without having any employee, any farm, any notebook. That was a public company from the origin, and Cresud began with 7% and went to 40 some, in some moments. Today, we have in the 35 level, and we are happy with that strategy. Land, the company, Brasil Algro, it's in admission, and as you probably know, the last three or four years, Brasil Algro was benefiting through the selling of the assets we were buying 10 or 15 years before, that they had a very important appreciation. Were sales of more than $350 million in the last three and a half years benefiting with that and having a positive cash flow. This company have a net debt positive because of a lot of sales done in installments. Today, that company is intending to buy again when the opportunities are going to come, and we are expecting that some companies forced to sell because of the interest rate going higher in Brazil. That company is waiting for that moment. Related to Cresud, this ownership is enough good for us. Another question regarding Brazil, that, there is reporting a major drought in northern Brazil. If we had some impact to date? As I know, the only impact was the delay on planting comparing to last year, and that will affect some of the second crop. Probably we'll have some less safrinha of milo, of corn for the plantations in Brazil. This drought that delayed whole Brazil made probably the soybean plantation to be later. When you have that, you will have less corn of second crop in that region of Brazil. Really nothing very material for our results. We are expecting a much better result in BrasilAgro this year. Sugar cane is in a much better position. There are not decreases on the price of the soybean and the corn related to our budget. The costs were lower to last year, so we are expecting a better than last year results related to the operation. The real estate, that the 1st quarter we showed a sale, and we are expecting for the next three quarters, some more sales for the Co. Okay, we'll give some minutes more for any additional question that you may have. Please use the chat. Okay, there are no more questions. We conclude the presentation and the Q&A. I will turn back to Alejandro Elsztain for his closing remarks. As you know, first quarter is not so relevant for us. It's just the beginning of the plantation. Having sold two farms, one i n Argentina, one in Brazil, and expecting more in the quarters, plus the operation will be normalized through climate and the higher size that we are achieving. In the beef cattle too, producing, we are expecting to be in very high production in beef in Argentina. We are optimistic in the operational and real estate and the service for the year. We are optimistic in this business and mainly to Cresud that can be taking the opportunities where majority is not. We are very optimistic of the year. Just to thank you very much and have a very good day.