2026 results conference call. First of all, I would like to remind you that a reply 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 risk and uncertainties, and actual results may differ materially. Please refer to the detailed notes 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 finishing our balance sheet of fiscal year 2026, and, we have a very good result during this campaign. We are finishing our record campaign in size, in rain and cattle production. We are seeing some good effects in own and lease farms of our properties, and the conditions overall were very good. some regions—some in Brazil—affected last year, but in this 2026, really, the conditions are almost very good and in everywhere. from other side, we saw rising commodity prices recently. The last month and a half, we saw an increased price of soybeans and corn mainly, but not only. We are beginning to see some rebound in the prices of ethanol in Brazil too, and sugar. So, some effects are coming to the sector these days. in case of Argentina, we had a very strong crop production, a higher—highest in the history. In size and yields, so we are going to share you a little later. the weather conditions were good almost in the whole country, and the main region that was reflecting that good condition was the north, where Cresud has a lot of properties. So we are seeing a very productive year for Cresud in Argentina mainly. Related to Brasilagro, last year, 2025, affected a lot the case of sugar cane and cotton, and in this balance sheet, we are reflecting some of those effects, but talking about the campaign of 2026, the majority of the activities are in good shape. from grains to sugar cane for 2026, and cattle, so we are seeing a very good moment for the agriculture in the region. Related to livestock, we had this year, record cattle prices in the whole world, and in the region, we saw margins that we never see in our lives. We are going to share you later, and production too. We saw the situation of lack of stock in the world, and there was a big rebound on prices, and we have—we had the chance of having very good productivity yields and prices, so highest margin of the history of Cresud. Related to real estate, this was, not very active year. We have today something to talk about the first sale of productive—productive lots in Los Pozos in Argentina. What does it mean? In the past few years ago, we were selling land reserves, not developed. This is the first case. We had the chance of selling 3.5,000 total area, from those 28,000 hectares are developed, and for 6.1 million dollars. This is not recognized in this balance sheet, the—there is a—an execution of this deal in the future. I will explain deeper later, but this is, almost all gain because this is a farm that we bought a long time ago, and a small CAPEX, and it's not reflected now. The only farm that is reflected in this balance sheet is a small portion of the farm of—of the Paraguay that Brasilagro owns, called Moroti, a small sale that we are going to talk later. But this sale of Los Pozos, that I will talk more in details later, is the first time we sell developed areas and not land bank. related to some capital market, we did a lot of transactions through local—local capital market, 256 million notes, and we paid last year 93 billion pesos. That was close—close to 8% dividend yield. We can see here the evolution of our planted area, and how, with the combination of the four countries, with the own and the leased, having Argentina the biggest, we achieved last year the biggest size. We grew year to year close to 5%. We expected—and we keep growing—developing leasing and buying, and with the combination of the three having 50% of soybeans, 28% of corn, 9% of sugar cane, we saw an increase of planted area last year, and when we see what happened with that planted area, combining with the rebound on prices that we began to see from 2024 up to now, 2026, we began to see some increase in—in the two cases, in the soybean price and in the corn price, the last year price increase in soybean was 24, in the case of corn was 22. So that rebound, being very cheap prices, if we compare the prices of soybeans and the corn, adjusted by inflation, we are still—still at very low prices comparing to the past. But this region, South America, with these prices, is very—very—is very benefited, and let's see in next page what happened to our margins. in Argentina, we almost finished all. Today, this is numbers of—of June and July. Today, 100% of the two are finished, and in Bolivia, Brazil, and Paraguay, so the harvest is done. So our summer crop finished very recently, I would say the first date of September, and we had very favorable weather conditions, and that made a very record wheat production in Argentina. Strong soybean and corn yields, so all the portfolio of grains in Argentina was very benefited. In the case of Brasilagro, there were some things affecting the sugar cane of last year, fires, and some frozen, but this campaign, I would say that what it's finished, and it's going to be finished between the cotton and the sugar cane, are almost at budget. So good year for Brasilagro too. Some of those is going to be reflected in the first semester of 2026. So today we are beginning to forecast El Niño, El Niño is something that will affect the region, the whole region, and the whole world, and for Argentina reach the Niño means very good rain comparing to average, much more than average, so much more benefit to the humid pampas, more stable to the north, and to Brazil, much rain, more rain to Mato Grosso, and some doubts about the northern regions. So—but this Niño is under the radar, everyone is speaking about that because it's—it's bringing different conditions to climate, and for Argentina, it's very beneficial. When we talk about what we achieved, we grew close to 5% in surface, but when we see the crop production in total, between the four countries, we passed the million tons. So that was part of our dreams, to surpass that million tons of own production, combining the four countries, mainly corn and soybeans, these are the two, and we see that when we see in the crop yields, in the graph, we see that Argentina grew year to year 22% from 2.3 to 2.8 tons per hectare, Brazil grew 6%, Bolivia 63%, and Paraguay this year had a normal 2.4 tons per hectare, 155%. The whole region did 15% in soybeans, and in corn, Argentina comparing to last year did 13% better; Brazil 1% lower, Paraguay 22%, so the combination 7% higher to last year yields. So much norm—much more normal yields to the region. If you enter—if we enter to the cattle business, that is another important mainly in Argentina, we can see the evolution of prices, there was a big rebound in the whole region, but Argentina coming from the lowest level in 2020, began to be at the highest level of prices, in the international steer prices on the left, top left, and today with Uruguay, at the highest price, remembering that Argentina is one of the largest stocks of the world, Brazil 230 hertz, US close to 90, Argentina close to 50, Australia close to 30, and Uruguay and Paraguay to the 30-12. And we see that Argentina our stock evolution, we increase a little, but we increase a lot in production, last year we had 9.4 million kilograms, this year we had 10.64 million kilograms, increasing 3% of our hertz, but we double our margins in Cresud. What this means, the combination of good prices, good yields, and a lot of using a lot of feedlot in the company level, we enter a lot of animals to the feedlot, making gains of 200, 300, or 400 dollars per head, made us a very profitable year in the cattle business. I would say, more comparable in the past, cattle was much smaller; I would say it was a 4 million to the 20 million, like a 2080, this year was a 16 to 26 comparing to the margins of agriculture, so it was like a 40-60, so it was a big rebound on the cattle business, was this year. Having a big little bigger stock, much more grain, being given to the animals, so we had a very good result in cattle business too. And talking about the other tools, legs of Cresud, as you always remember, we have the production part, a combination of production of all crops, and cattle, the real estate, and this balance sheet, we didn't reflect many gains, there is a small fraction of a small part of the Paraguayan farm that I explained before, we sold only 372 of our range sale of bigger little bigger that it's going to be reflected next year, so there is only small gain of 900,000, 600,000 dollars gain with a 1.5 million sales, so small comparing to the past, but we are expecting a much bigger for next 26, 27, because there are a lot of closed things that are going to come to Brazil, and the Argentinian new situation, and the Los Pozos, I will take more details on what we did, is not reflected in balance sheet because before 30 of June, we only received 5 or 10%, we received recently at a 10%, so 20% in total, but we are going to give possession of these farm in June of 28, and that time, we are going to be receiving 60% of the price, at that time we're going to give possession to the, and we're going to reflect the sale, but this sale is a small fraction, this is 3.5 thousand hectares total, from those 2.8 productive areas, the rest is reserved, it's agreed in 6.1 million dollars to pay in installments, and it's a, today this is not going to be reflected, but using the dollar of today and the price of today, would be a 13.3% internal rate of return, for 34 years. And we move to next page, and here we see, we bought this farm in '95 for 10 dollars, we were developing for cattle and for grain for 250 or 650 dollars per hectare of capex, doing roads, productive infrastructure, pastures, preparing for grain, and we sold for 2000 and 3000 dollars the cattle area and the crop area, and a neighbor who bought it, so confirming the theory of this land being very productive, very effective, and the neighbor bought this because he loved what Cresud did in the past, and this is the first sale of productive lots at Los Pozos Farm. That it's a big piece, remember this is a 240,000 farm, that Cresud owns, for more than 60,000 are developed, so this reflects the gain that Cresud has in its balance sheet, it's not reflecting the day we reflect, it's the only day we sell it. So this is, we received 20% of the payment, and the 30 of June we are going to receive the other mini installments, up to 60, and there we give possession, and from that day we have two installments more. So we are very happy of this new, still not reflected, but will be reflecting on the future. We did a note on the balance sheet to explain this. And next page, talking about our commercial service performance, FIO, FIO, this is the coming by far the largest broker of the country, we are expecting for the 30 of September, where we close our balance sheet, to be at 8, or surpassing the 8 million tons, this represents close to 6% of market share of Argentina, the second broker of Argentina makes half of that, so it really this is the one in the country doing this job, and here we don't only do selling grains, the 8 million are the main grains, soybean, corn, and wheat, but we do trading, we do capital, we do credits, we do advisory, we do food that is specialties, and we have beyond it, that it's our branch in Brazil, copying what FIO did in Argentina, and this year beyond it, it's achieving passing more than 400,000 tons, still a small comparing to Argentina, but the 30% or more growth comparing to last year, going to positive, and entering to a market that more than doubles Argentine size. Brazil comparing to Argentina is more than double in this main crops, so this company is growing, and probably copying the model of what we did in Argentina, and this company had a very high net income, paid 5 million dollars of dividends, and did 28 million dollars of notes in capital market, so this is the real estate, the operational, and the services are the main three legs. Saying that, I will introduce now Santiago Donato, our investor relations manager. sorry, I have a chapter talking about the technology, that I forgot and here we are going to show why this year had so good yield, and a lot of things that Cresud and Brasil Agro are advancing. We did some small examples of what the agriculture is spending time, and what Cresud and Brasil Agro are doing, and we divided in six. The first one is precision agriculture, in here what we are doing, we are changing variable rate seeding and fertilization, adjusting inputs, that it's reducing cost for the whole region, making variable adjustment, in the past the lots were I would say geographical, today they are environments, meaning the best part of the lot is receiving the best quantity and quality of inputs, and you lower when you reduce the quality of the farm, the seeds and the fertilizer and the variable herbicides, to exactly use and avoid the cost they are not needing. So you are yielding maps, you are site specific management, making that every field maximize its productivity and efficiency. The second subject during no, in this page please, the second connected operations, that was more in real time data, what this means, we are putting a lot of field specific information, we are putting some Brazilian technology in Brazil and Argentina, meaning today irrigation the rain that comes from the sky, we can measure not like in the past in few places, we are doing every 500 or 1000 hectares and we have a lot of this information about wind, humidity, and rain through each farm, and with those we are expanding connectivity, meaning that every farm is going to be really on time, meaning that every machine that moves you can track it when it's seeding, spraying, or harvesting, improving efficiency and controlling, so the expanding connectivity and climate condition is going to improve the efficiency of the farming industry, and in the future probably we are going to see a lot of automatization, because of so many automatized machines coming to the farm. The third, it's data integration, and digital management, this meaning the data we are going to combine all these sources, and we are going to using from the machinery, the weather, and the field operation, and SIP, because all is connected and Agrobit, that it's our operation application, we are turning data into actionable insights, and monitoring crops, pests, and operation directly in the field, so this is much more efficiency, and we go into the 320, this year growing, and going to probably more to the 400,000 hectares, we are going to see part of this results because efficiency is coming to the industry. Next page please. The other three are generating long-term value in sustainable practice, what this means, we are taking satellite imagery drones and remote sensing, with that we are monitoring crops and fields and cattle, the cattle is coming to Argentina to monitor each animal, in the identification and underperforming areas, and helping to put on those pastures or recovery of the land that is not very productive, and putting information to more efficient use of inputs and selective vegetative, what this mean, you put the satellite image to your sprayer, and open and close, the sprayer related to where the wheat is, so you can avoid a lot of your inputs, because now you are seeing with cameras, or with images, and you avoid to put in a 100% of the lot, as would be uniform. And related to your biodiversity, monitoring natural environments, across our fields. Related to water, using much more weather data to satellite information, with the weather data that we bring with the machines that we brought, to optimize irrigation, and to avoid to put water that is not needing, optimizing the day to irrigate, and using this data to improve the use for long-term productivity. And related to sustainable production practices, Argentina because of lack of many things in the past, is doing the no-till farming and crop rotation, preserving the soil, cover crops, integrated pests and weed management, and in the efficient use of natural resources. What I mean with all of these practices, the operational business, South America, in the size of South America, is going to be running farms in big scale, as the small case of this past. So we are going to achieve the productivity that few could have in the past, because of so many tools coming to the center. Saying that, I will now introduce Santiago Donato. Thank you, Alejandro. Moving to next page, here we have our ESG program for progress for the year, sustainability remains integrated into the way we operate our business, during the 2016 campaign, Cresud continue expanding our TRS certifications in our farms in Argentina, today we have 12 certified farms, including 4 owned, in own farms, and 8 lease farms, so we reach like 39,000 tons of soybean certificated, this is 21% of our soybean production in Argentina, and 58,000 in corn, that accounts for 22% of our total corn production, in the country. So it's really important, we have been growing in the last 3, 4 years, into this certification that is highly valorated by the market, and requires in a 5-year period, annual audits. On the social front, we kept investing, and working very closely with our communities, where our farms operate, this year we invested, together with Fundación IRSA, that works since 1996, and this is a it's a milestone for the company, because we reached 30 years anniversary, for Fundación IRSA, we invested in different social initiatives, more than 2 million dollars, which is a very important number, and very high in historical historically, doing different type of action, social actions, volunteers, initiatives, with more than 80 NGOs in the country, so and also we have at the school, our own school, Mario Julio Elstein, in this farm, Los Pozos, that was created by the company in 2005, as part of the development of this farm, and last year, by the end of 2025, we also celebrated 20 years anniversary. So really glad on that action, of Cresud. Related to governance, well, this year we are also celebrating 90 years of corporate history, this company, Cresud, was born in 1936, the current management to control in 1994, so last year we also celebrated 30 years of current management, and next year we are celebrating 30 years anniversary on NASDAQ, that was listed in 1997. Cresud was the first agricultural company in Argentina to be listed both in Argentina in BIMA, and in New York, in this case, in NASDAQ, so proud of that, proud of doing responsible production, to help and accompany our communities, and build on transparency and responsibility. I will give the word now to Matías, our CFO, for the financial chapter. 40 years at first, the investment of Cresud in IRSA. Thank you, Santi. Good morning, everybody. So if we move to page 14, our investment in IRSA, remember that we control 55% of IRSA, IRSA has very positive numbers during the year, was a very active year in terms of developments and acquisition, IRSA posted that net gain of 420.9 billion pesos during the year, with a record high EBITDA in the rental segment, reaching almost 200 million dollars, the acquisition of two shopping malls during the year, the Los Gallegos and Aloeste shopping mall, and also the launching of a new mall in La Plata, reaching 100% occupancy in the office portfolio, and also launching a new building in Polo Dot, there was very positive news about Ramblas del Plata, with the commercialization up to now of almost 20 lots, and the development progress that is on time. You can see on the right side of the graph, the evolution of our adjusted EBITDA, in the rental segment, grew by 1.4%, shopping malls in line with the previous year, despite of weaker consumption environment in Argentina, IRSA was able to maintain revenues at the same pace that inflation, and also surpassing in offices and hotels. If we move to next page, I will try to explain results of Cresud, that unfortunately, our activities in dollar terms, basically all the agriculture is in dollar terms, but when we measure this in pesos, adjusted by inflation, generates a lot of distortions. As you can see in the graph, inflation during the year was higher than the devaluation, that means that when we adjust all the numbers in pesos terms, appear as higher numbers, where our revenues are in dollars, and are not reflecting the same pace, that will generate some results that I will explain in next page, you can see that the net income for the year we are closing with 372.2 billion pesos, compared with 299.6 last year, attributable to our controlling interest, 177 against 128, so positive numbers, here we have some important effects, and first in line 6, the change in the fair value of the investment properties, these are more related to IRSA investment, and the properties of shopping malls, offices, and the Land Bank, that were positive during the year, let's move to the next page, about the operating income, of Cresud, we can see here a drop, mainly attributable to the farmland sales first, as Alejandro mentioned, during the last year we closed important transactions, this year we are closing some transactions that are not reflected yet in the balance sheet, so we are not posting gains up to now, and about the farming activity, here we have a decrease, compared with the previous year, in grain, in fact we see a loss during the year, if we separate this between Argentina and Brazil, Argentina still positive, Brazil generate negative results, but this is basically related to what I mentioned, the adjustment by inflation, to give you an idea, if we generate 100 dollars last year, 100 dollars this year, this year we will show 10% lower result than the previous year, when we express this in pesos, and also all the seeding activity, when we invest in the campaign, that numbers, when we adjust by inflation, appears to be much bigger than then when we compare with the revenue, became negative, but when we see the numbers in dollar terms, as Alejandro mentioned, we are showing probably record high numbers in production, basic mainly in Argentina, in Brazil we have some effects of the previous campaign, that we are reflecting in this campaign, basically related to the cotton activity, and in sugarcane, the same, we have the impact of some estimations that we did last year, and since we have some climate events and fire in one of the farms, that generate a negative numbers, the cattle activity also as Alejandro showed, was very positive when we measure in dollar terms, when we measure in pesos, part of those pesos are in the line of inflation adjustment, that is in the financial line, and not here, so for that reason it seems much lower than or lower than previous year. As I mentioned, the change in the fair value, that is basically related to IRSA, that was very positive during the year, this is more related to the shopping mall appraisal, the Land Bank and offices in dollar terms remain stable. As I mentioned, in the net financial result, we have some positive numbers, the opposite, that was just mentioned, the operating side, we have positive numbers by 63.8 billion pesos, the first line, the net effects result, generate 145 billion pesos positive, this is basically to express our dollar denominated debt in pesos terms, since the devaluation was lower than inflation, here we showed a gain, also in the inflation adjustment line, we are showing positive numbers. About our debt, as Alejandro mentioned, there was active year in terms of issuances, in the local market, we issued 256 million dollars during the year, basically to extend the tenor of our debt, so the debt in terms in nominal terms remains stable here, we see some increase, but when we deduct from that our stock of grains, that as of June was 45 million dollars, that number is 328 million dollars, recently we just, during the last two weeks ago, we issued a new bond, at, with amortization in 2030, the idea was to redeem some notes that expire in September next year, with a coupon of 7.25, so we raise it, new debt that ata rate of 6%, so we reduce the rate and also extend the tenor, and also eliminate some refinancing risk in the middle of the electionary year in Argentina, that bond expired in September, so that was the rationale to tap the market now and not to wait. So with this, we finish the formal presentation, now we open the line for the Q&A session. Well, we open the Q&A session, if you have a question, you can ask through the chat, we are going to receive the questions in the order we you're going to say the questions in the order we receive them. So first questions related to next campaign, if we can give some guidance on surface for the next campaign, and on crop results, given the recent recovery on commodity prices. So a little bit of color on the 2028 campaign. Thank you for the call, for the question, we are expanding a little our portfolio of agriculture for next year, I would say 2, 3% more crop area, in a combination of more leasing and some development that came, and so a combination of all, we are talking about 2, 3% increasing in size, for the total surface of agriculture, we were very lucky of being very strict in the moment of renting, so the prices were not at today price, and today with this, we have a very good benefit, because we did in much lower prices than today, so for the next campaign we increase the size, and we did at very low prices of commodities compared to today, so we expect much better margin because of the combination, and some of the weather, we are not sure, but in Argentina humid pampa, we expect that to affect mainly to soybean and corn, so let's see the new campaign is new, really very beginning, the only crop that is planting is the wheat, that we did like 17,000 hectares, the rest is going to cow for summer, and we are optimistic in the growth and the prices. And in the inputs, we were very opportunistic in the purchasing moments, and the moments of a little piece, we bought almost all the fertilizers of the group, so we were able to, and we have today 100% of fertilizers being purchased. Thank you, Alejandro. One more question I have here, related to real estate, are you seeing opportunities to buy new farms in the region, and particularly in Argentina, do you expect to sell more farms in the upcoming quarters? Yes, the company always tries to rotate its portfolio, we think it doesn't deserve to have a land forever, so we expect the two, in Argentina the liquidity is coming back, and the example of Los Pozos is a good example, Argentina changed its macro, changed its mud related to agriculture, it's one of the benefit sectors of Argentina, so much more interest on the business, Argentina and foreigners, the two. In the case of so we're going to see some rotation, we have some farms, for many years, and we'd like to keep selling and buying again, we are trying to buy other new another new farms in Argentina, and mainly in Brazil, in Brazil they are the two, we are close to close many transactions in areas, in Brazil happened something interesting, some areas, areas are very affected, as Mato Grosso is very affected, that was not very good in results, but some others like west of Bahia it's very benefited, and we have a lot of clients, so yes, we would like to be selling the mature part in Brazil too, and to be buying opportunistic and forced sales that they are appearing in Brazil. So yes, to keep having, and I hope next year the real estate portfolio will rotate much more than this year 25, 26. Thank you. Well, let's see, if we have any additional questions. There is one focus, just focusing a little farther on your fertilizer purchases, for how long are you locked in from a price standpoint, and roughly when would you be exposed to a spot prices again? And are your fertilizer needs for the next campaign covered across your portfolio, or only in Argentina? This is a question from PTG Pactual. The first part I didn't understand, could you repeat the first part? Focusing a little farther on your fertilizers purchases, for how long are you locked in from a price standpoint, and roughly when would you be exposed to a spot prices again? I think Argentina is done, Argentina is 100% purchased, so done, Brazil is big majority, not exactly sure, but I think big majority of Brazil was purchased, I think they did have some needs, and so I cannot confirm that, I would have to do to Brazil agro. Good, and the second is, and are your fertilizer needs for the next campaign covered across your portfolio, or only in Argentina, that was answered. Okay, that's perfect. Gordon, just in case there is pending answer, let us know. And I have one more here, what policy developments do you foresee affecting your business over the next years, are there more opportunities for Argentina reforms to help your business? Argentina needs to do a lot of changes, it's not done, they got a good trend, decreasing the taxes on exports, disappearing the gaps on the dollars, some international companies coming because of the new environment, still need to do things on licenses, patents, some a lot of technology needs to come to Argentina, and a lot of tax efficiencies for farmers needs to come, so a lot of still burden on farmers, the law on the foreigners buying land, today they can buy, but with restriction of size, in each province different, so yes, a lot of measures need to be achieved, and address in the agriculture sector in Argentina, the direction is very good, but still,I would say they did a portion of that, but still taxes on soybean are like 23 today, still from 23 to 0 is a $100 per ton that we are not receiving, so yes, still a lot of things to be achieved. And a question on the financial front, Cresud Financial position continues to improve, what are your plans in terms of capital returns? Well, we have to submit the dividend proposal to our shareholders meeting during the next week, so we will announce the proposal soon. The as you know, during the last years, Cresud had been paying dividends steadily, so we will see next week, I can't anticipate what we're going to propose, but will be public next week. There's one more, I think it's the last one, also from BTG, with record grain production in Argentina, and soybean and corn prices up meaningfully, good sustainable how sustainable do you see the current improvement in agricultural margins? If there is still appetite for margins in Argentina, given the current prices and the record grain production last year. Yes, for sure, Argentina needs to address, I said the taxes on exports, some of them disappear, but still some of them exist, soybean is the worst, second is corn, third is wheat, some in the steers, in the cattle business, so taxes on exports is one, that it's going to increase the margin for farmers when they disappear, they take big portion, it comes from revenue, not from gains. The second increasing on yields will come with the new patents, it's going to improve the technology, if you compare Argentina to Brazil, the lack of those best inventions for example the case of seeds, coming from the big companies like the buyers or they don't they don't Marios, they were increasing much higher yields, the soybean, than in Argentina, and the fertilization too, Argentina it's now increasing a lot, its fertilization, its production of fertiles of fertilization of fertilizers in Argentina, urea is under big transformation in the country, what this means is going to be a country that in the past was importing to a country that it's going to be exporting urea, nitrogens for the land, yes, Argentina with the new rules, it's going to expand fertilization, use of technology, seeds, machinery, the machinery entrance to a country is much better today, coming from all the origins, and automatization connectivity, all of these are margins to the farmer, plus the increasing of the price of the land, the land of Argentina in always in general was 20 to 33 times the price of the land, so every time you increase the margin, you are increasing and you are connecting again the price of the land of Argentina, that was always was connected to the corn belt of the US, but in 12 in 2012, after many bad measures of the country, began to be disconnected, so the benefits with logistic, with the if they do the, for example, the port, what they need to do is to try to avoid the load of the port, they do in half, in Rosario, and the rest in Villa Blanca, and this is because of the not well taking the the arena, the sand, of the river, so not taking that, they cannot load whole whole boat, and talking about the the trains, trains coming to Argentina, reducing the cost of transportation, everyone speaks about the efficiency of Argentina, Argentina is not so efficient, it's very close to the ports, it's very it's very very good in the distance, US drives a lot through the rivers and boats and trains in Argentina, it's still a lot in in tra in in trucks, and this it need to be changed to much more efficient through rivers and through trucks efficient, yes, I think margins if this country comes to the normalization, will improve, and probably the land here will travel the price, and the efficiency will be comparable of the efficiencies of US and Brazil. Thank you, Alejandro. Well, there are no more questions, so we we conclude the Q&A session, just turning back the the word for your closing remarks, Alejandro, closing this year. I'm very optimistic, I think we are achieving a much bigger size, in production, and very effective, I think the lesson of Argentina scarcity is helping us, our margins, all the business, and it's spread through the four countries, and in the growth we are doing, so very very quiet and very well thought growth, and El Niño will affect for sure next campaign, expanding the service business through the region and the real estate, we hope to rotate again, and our IRSA is working very good, it's it's really spending very good time in real estate, that Cresud receives as benefit too, so the combination of all, real assets, in South America, well discounting prices, so we are very optimistic for next year. Thank you very much, and have a very good day. Bye bye.