I will now turn the call over to Mr. Matías Gaivironsky, CFO. Thank you, Santi. Good morning, everyone, and thank you for joining us today. This was a special year with very different moments. The first one was from July to December, with a very high levels of consumption and acceleration of the inflation. The second, since Milei took office, with a radical change in all the government policies, where we saw this acceleration of consumption. Although the volatility of the year, we were able to achieve very good numbers. Basically, in our rental adjusted EBITDA, we reached a level of ARS 171 billion. That is, was 8.8% above the same numbers of the previous year. Regarding our net income, we posted a loss of ARS 23 billion, that I will explain later. It's mainly related to the exposure of the fair value of our investment properties. It's a non-cash effect that the change in the macroeconomic generated the volatility and losses in that line. We saw the year with very good levels of occupancy in both in offices, malls, and hotels. There was a strong activity in real estate projects and transactions during the year, where we sold some projects, and we acquire and launch new projects that Jorge will explain later. During the year, we were very aggressive distributing dividends and buying back shares. We paid ARS 119 billion in two tranches. The first tranche represented a yield of 13%, and the second one, a dividend yield of 7%. Also during the year, we bought shares for 4% of the total outstanding shares. Now, let me introduce Santiago Donato, our IRO, to follow the presentation. Thank you, Matias. Well, here we can see some figures, some indicators for the shopping malls during the last year and an evolution of our tenant real sales and occupancy as well. Well, fiscal year 2024 ended slightly below 2023. This is in local currency, adjusted by inflation, just 4.5% below, mainly due to a first half of consumption growth, followed by a second half of contraction due to the acceleration of inflation and its impact on real wages and economic activity. This was driven by the change of government in the middle of the fiscal year in December. We are closing a good year. When last year was a record in sales, remember that there was a boost. Well, inflation generates an acceleration of consumption as well. 2023 was record, and we are almost in the same levels, adjusted by inflation. The year ended very well, and we are start to see some signs of slight recovery in recent months, in August mainly. We hope in 2025, we can keep growing in terms of sales in shoppings, capturing inflation and maintaining occupancy and also growing in terms of flow of visitors. 98% occupancy is our historical record levels, so we could even in these 6 months of this acceleration or contraction of consumption in Argentina, we kept the shoppings with all the brands and full occupied. Moving to offices. Well, we kept selling some additional assets during the last fiscal year, as we have been doing in the last four, since 2020. This year, we sold Suipacha building. This was in the 1st quarter of the year. And 3 floors of 200 Della Paolera. We currently manage almost 59,000 square meters. We sold 15,000 square meters during the period, and we consolidate in mostly in the A+ and A category. Occupancy increased to almost 96% in the premium buildings above the average of the sector in Buenos Aires. While the average rent of the portfolio remained quite stable at levels of $25 per square meter per month. In the case of the hotels, we maintain good rates per room and occupancy levels during the year, during fiscal 2024. Although we have seen in the last quarter a decline in international tourism, mainly due to lower FX competitiveness in Argentina. That is a challenge for the next year, to keep maintaining these levels of occupancy and rates. But the hotel Llao Llao has been very, has been a major attraction for the high-income segment in Argentina. The two hotels in Buenos Aires, Libertador and Intercontinental, Working to give new proposals and also waiting for the full recovery of the corporate event segments that it still has margin to fully recover to pre-pandemic levels. Occupancy remains stable at levels of 64% average of the year. Rates increased to $243 from $217 per room. This is mainly because of the increase in Llao Llao. It's charging approximately $450 per room. Here we are adding some other assets or other investments that IRSA owns. This is the entertainment exposure. We have an indirect stake in La Rural and the convention centers, Buenos Aires and Punta del Este, of approximately 35%. This is a sector that it took more time to recover from the pandemic. You can see in 2020 that it was fully closed the whole year. It took, like, two or three years to recover to historical levels of occupants in the case of La Rural, where we have fair and events activity. This year, La Rural could maintain the fair calendar and the number of visitors, but there was a reduced investment from exhibitors and a contraction in public consumption in stands and services due to the disacceleration of the activity, mainly in the second half. In the case of the convention center, Buenos Aires increased its occupancy to a level of 36%, but it's still in the process of fully recovering this segment. It's not still fully recovered. We hope Argentina can be a good place for this for international and local congresses and corporate events, now that we are in a change of economic cycle, more opening to the world, for the upcoming years. Something important is that this year, La Rural, we obtained the extension of the concession. This is a concession until 2037, with an option to extend it for 4 years more until 2041. Good news for this investment, which is generating very good EBITDA this year and in the last year as well. Regarding ESG, we have advanced this year in the three lines in environmental, social, and governance matters. We were included once again in the sustainability index of Buenos Aires stock market of BYMA. That highlights the 20 best-performing listed Argentine companies in terms of ESG. We obtained this year the LEED Gold Core and Shell certification of 200 Della Paolera, our latest development. Many companies, tenants are certifying its interiors as well. This adds to Zetta Building that had obtained this certification in 2019. 72% of our premium buildings are LEED certified. We are working with a, with a seal, a green seal that it's for waste management practices in our shoppings in Buenos Aires City. This is a program from BACity. We have already obtained the green seal for Alto Palermo, Patio Bullrich, and Alcorta. On the social side, we have done many volunteer programs and social activities in our malls and in our offices. A lot of people pass through our shopping malls in a year, more than 100 million visitors. They are a very good place to set these type of activities and actions. We invested around ARS 500 million in different activities in our assets. Something important is that last year, it was our anniversary of 75 years listed in Buenos Aires. This year, by December, we are gonna celebrate the 30th anniversary in New York Stock Exchange. The company continue working with high standards of corporate governance and is listed in the two markets, Buenos Aires and New York. This is our investment in APSA. We have almost full, almost 99% stake here in APSA. This is our loyalty app that enhance the shopping experience of our visitors, offering discounts, benefits linked to their preferences. We can see the figures is growing in terms of registered users, in terms of accumulated transactions. We will keep complementing the plan of APSA, and the idea is to keep complementing the physical retail with the digitalization in order to offer all the solutions to visitors in our shopping malls through this app. That is the app of Argentina that is connecting this retail both virtually and physically. Now, we will give the word to Jorge Cruces, our CIO, for the real estate activity and projects for the upcoming years. Well, good morning, everybody. It's been a, it's been an intensive year regarding acquisitions and swaps and sales. On July 24th, we sold the Maple Building, which was vacant at the time. It's a Class B building acquired by IRSA in 1991, seven office floors and 62 parking spaces with a gross leasable area of around 11,500 square meters. The price was $6.75 million. $3 million were paid in cash and $750,000 in office units in a building nearby on Córdoba Avenue, right in front of our hotel, El Libertador. Gross leasable area of what we received is around 150 square meters. On August 31st, we sold our 50% of our shareholding in Quality Invest. Quality Invest owns a property located in the city of San Martín, which was formerly the site of British American Tobacco, the industrial plant. It has a total area of 159,000-160,000 square meters and a current built-up area of around 80,000 square meters. The transaction amount was $22.9 million, of which $21.5 million was collected upon the transfer of shares, and the balance of $1.4 million will be paid in 3 years. We had acquired a land in Ezpeleta when we sold the República Building. We acquired that land for $60 million, now we made a barter agreement for $16.4 million with the people who had developed Quilmes, Nuevo or Nuevo Quilmes, now it's gonna be Nuevo Quilmes dos or two. Through this barter, we are receiving 125 single-family lots and 40% of the multifamily lots. The construction works have started. The trust has sold most of its single-family lots, so we are starting to sell family lots next October. The Plata building, well, we were part of the investors who are part of the trust. Most investors are firms close by to IRSA. We made this trust, and we acquired the building that belonged to the Banco Hipotecario. We did it through a barter also. Banco Hipotecario is receiving 28.5 square of the selling meters of the building. We are gonna be the developers of the trust. We're not the trustees, but we are the developers. Well, it's waiting. It's in downtown, only a block away from the Obelisk. It's next to the theaters. It's a great location. It's the whole city block. Regarding acquisitions, we made a great acquisition lately in Alto Avellaneda, right beside our shopping mall. We acquired most of the property beside it. There's only a little part that we didn't acquire yet. We're trying to acquire that. Regarding the acquisition, the price was $12.2 million. We paid $9.2 million, the $3 million will be canceled with the transfer of the deed, which is still pending. The transfer includes an existing lease contracts until the original term, we will be renting to the supermarket for the next 3 years. The supermarket actually were the ones who sold the property, that's like a sell and leaseback regarding the supermarket. The total square area is almost 87,000 square meters, we acquired more than 32,000 built square meters. I think this is a great acquisition, well, this is this allows us to make decisions regarding the parking. This allows us in the future to build unique to unify both lots and make a lot of development because both lots have a lot of squares more squares to be developed, square meters. Regarding Ramblas, well, actually, there's been an event in the Hilton where we renamed what used to be had another name, and now we're calling it Ramblas del Plata. Ramblas del Plata today we have the notarial deeds where we have the notarial deeds already signed, transferring ownership to the city of 4 plots of the land, 3 lots along Avenida España, and creating the 61 lots for IRSA to sell. With this act, we fulfilled the process of creating the land registrations in the cadastral database of the city, we're sharing the titles of ownership and enable IRSA to transfer the plots. Environmental public hearing is starting today. It will last 3 days in a row because there's 128 registered speakers. As soon as we get green light through the environmental permits, we will be breaking ground. As I said before, today it's called Ramblas de Plata. It used to be called Costa Urbana. We have a lot of residential projects to launch in the near future. One, as I said before, is the Plata Propiedades. Through the trust, we have a development of 720 apartments. There's gonna be an event in October that's called Casa Foa. Through Casa Foa, we will be launching the brand, I mean, the apartments, through the exhibition. Next product, the project is located between the Dot Shopping Center and the Zetta Building. The program includes two towers with five levels of housing, two levels of office space, and a commercial esplanade that links the shopping Dot with the Zetta Building. It's gonna have 700,000 of houses square meters to sell. We talked about the project in La Plata. There's gonna be a mall in La Plata, but there's also gonna be 15 lots to be sold. The block is located in a large block of about 8 hectares in the most important supplies center of the city of La Plata. In the area, there's two large supermarkets and a home center. The program is of the block, was subdivided in 18 lots, of which two of them will be public squares, the largest for the shopping center, and the rest of the 15 lots will have 78,000 square meters to be developed. It should be mostly residential, also it allows hotels, office buildings, and medical centers. We also have Manzana 035. Manzana Treinta y Cinco are three towers. They're gonna be 500 apartments, which are 31,500 selling square meters. We completed the concrete of the tower called tower number three, and we're continuing with construction. I'm gonna give the floor back to our CFO, Mr. Matias Gaivironsky. Thank you, Jorge. Regarding our investment in Banco Hipotecario, remember that we control 29% of the shares, and we have a very good year. The results that Banco Hipotecario generated two years, reached almost ARS 30 billion compared with ARS 11 billion last year. We saw a very good evolution of the shares in the market from ARS 46.9 last September to the current ARS 407. The market cap or the market value of Banco Hipotecario two years, today is around $138 million. Recovered significantly since last year. Also, the bank distributed dividends for first time in the last several years. We received for levels of years, we received ARS 13.6 billion. Banco Hipotecario distributed a total amount of ARS 45.6 billion. The bank is in very good shape, very good numbers, reaching good levels of return on equity or return on assets. The liquidity levels are in very good levels. The non-performing losses also are in very low numbers. We are very happy with the evolution of the operations of Banco Hipotecario. Also there's something that was a game changer for real estate this year, that was the launching of new mortgages, mortgage loans to the public. Banco Hipotecario was the first bank to launch lines of new lines of credit. Around most of the banks in Argentina also followed Banco Hipotecario and started to announce new lines. Is started to happen. There's still some process, and it's not so fast, but there are many banks that today are offering mortgages to the public that we believe that together with the fiscal amnesty that the government is implementing, that can boost real estate definitely. If you go to the next page, we can see regarding our financial results that always we started to see what happened with the main variables on the macro side. It was a very volatile year with an acceleration of inflation and devaluation. You can see on the left part that the nominal effects, there was a devaluation of 255% with an inflation in the center that was 272%. That means that the real effects appreciated 4% during the year. 5% last year, but the, that, the evolution during the quarters was completely different. That generate volatility in our results, and that we can see later. Also regarding the blue chip swap, the dollar MEP, also there was a devaluation of 179% compared with the inflation of 272%. That means that was an appreciation also of 25% in the this year compared with the previous year, 10%. If we go to the next page. We can see on the on the adjusted EBITDA side, as I mentioned, very positive numbers, surpassing last year by 8.8% on the rental EBITDA, 4.6% was our shopping malls, 4.1% our offices, and 52% our hotels. Hotels are significantly compared with the offices. Used to be our 3rd segment, today is our 2nd segment in terms of cash generation. We can see an improvement in margins, reaching shopping malls 76.4%, offices 81.7%, and hotels 34.4%. Well, the operating income also improved significantly by 97%. When we see the main driver of the losses this year is the line of the change in the fair value of the investment properties. This is a non-cash line that you know that under IFRS, we would recognize the fair value of our investment properties. For shopping malls, we are using a DCF model since there are no comparables in the market, there are no transactions of shopping malls in the market, we use a DCF model. For offices and the land bank, we are using comparables since we can see comparable transactions for the kind of assets that we have. That since we value that in pesos at the blue chip swap, and we saw in the last slide that was an appreciation in real terms, that generate losses. If we see the numbers in dollar terms, the number is probably the same than the previous year. There are no appreciation or impairments in our offices and land bank. When we convert that in real pesos, we see a significant loss. Regarding our shopping malls, when we see the evolution, there was an appreciation in dollar terms compared with March and with June last year. That is basically related to a better performance in pesos terms and lower exchange rate going forward. That means that we are generating more dollars and that improve the DCF model and improve the value of our assets. Again, it's a non-cash effect that we will post every quarter according to the evolution of the inflation and the valuation. Regarding our net financial results, we are posting a gain of ARS 93 billion compared with ARS 57.7 billion last year. As you see the table below, the fair value of financial assets and liability, we are posting an important gain. This is related to the liquidity, our cash liquidity that we invested in securities and improved significantly valuation. We are posting an important gain. Net interest, we are seeing a reduction. There we have some accounting effects. If we see the evolution of the net debt, net debt is similar than the year ago. Interest payments are slightly below, so we are having some reduction on interest. When we see the comparison with the last year of 41.1 against this 5.4 is related more with the evolution of the interest rates and the inflation that generate that we are paying less interest payments, or less coupons in than inflation, and that generate gains in the accounting treatment. The net FX results is positive because our dollar-denominated debt, we are converting that into pesos and the pesos suffer an appreciation during the year, so that generate gains. That is the other important effect. Regarding the income tax line, here we have, again, some non-cash effects. Last year, according some ruling of the Supreme Court that allow some of the companies in Argentina to adjust tax credits by inflation. Last year, that generated an important gain that was a one-shot effect. This year, the gain is more related to the fair value of our investment properties that every time that we post losses, we post a gain on deferred taxes, and that is the ARS 57 billion is related to that. We are paying income taxes in some of our subsidiaries, but still at IRSA level this year, we haven't paid income taxes. We have tax credits. Well, with all of that we finished the year with a net result that posted losses of ARS 23 billion attributable to our controlling interest is ARS 18.4 billion net. We see the evolution in dollar terms of our rental EBITDA. We see that we are in very good levels, $163 million of cash generation. You see the year what happened that we were very aggressive in dividend payments and buybacks. We have a very conservative debt structure with very low leverage, and it's still generating very good levels of cash. During the year we haven't been aggressive on CapEx plan on new projects, so the CapEx was very limited. That was almost all free cash flow for the company. About the net debt evolution, we have been talking about this. When we compare the last year with this year, almost the same, but having paying around $117 million of dividends. We used most of the cash to pay dividends, and the debt are in very low levels. Regarding the debt amortization schedule going forward, we have some debt during the year, $184 million. We feel very comfortable with our existing cash levels and liquidity and also with the low leverage and access for credit. IRSA has plenty of credit lines to date available in the local market, and also good news that we start to see some activity in the international market for some of the major companies of Argentina. We feel very comfortable to manage the debt situation going forward. During the year we issued some bonds in the local market. In June, we issued $42 million in two tranches, one in pesos, one in dollars at very convenient interest rate of 6%. We will be active also in the market going forward. As I mentioned, the dividend payments. The last year during fiscal year 2023, we paid $64 million. This is at the blue chip swap. This year was $117 million. Dividend yield of 12% at the beginning of the year, and 7% in May. We will announce the dividend proposal to our shareholders meeting probably next week. We expect to keep paying dividends. Next week we will announce the amount that we will suggest to our shareholders meeting that will be on October. About, finally, about our share repurchase programs. During the year we launched three different programs. Altogether we bought 4% of our shares that represent an investment of $38 million at the official exchange rate, $23 million at the blue chip swap. The average purchase price so far was 8.88 per GDS. We are very happy to allocate part of our liquidity to keep buying back shares. With this, we finish the formal presentation. Now we open the line to receive your questions. Thank you very much. Santiago, you are on mute. Sorry. Here, 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 some questions in the chat. The first one from Marina Mocorrea of Latam Securities. The Urban Planning Code in the city of Buenos Aires is currently being reviewed. How do you think this situation will develop, and what impact could it have on your projects? I think this is for you, Jorge. The mayor, when he was during the election, he talked a lot about this. I believe there should be some changes in the future. The changes he mentioned during the election and the changes we're seeing in the drafts are certain parts of the city that we don't have projects or it shouldn't be a problem for us. Not only that, I don't think that's gonna affect us, but most of our projects are already approved. These are for new projects. The changes are gonna be for the new projects, and most of our projects are already approved. It shouldn't be a problem for us. I do believe there's gonna be a new city plan program. Good. Here we have another question regarding Costa Urbana. If IRSA will join in national investors or foreign investors, or IRSA will look for financing for development alone or? No, first of all, we have to change the name. No, we are confusing a little investors. We used to call Costa Urbana, and today is Ramblas. Ramblas del Plata is the final commercial name of the project. We are very happy to announce the name and start the commercialization. As we always mention, this is a huge project. No, it's not today a single project. Today is like as Jorge mentioned, 61 plot of lands, different plot of land that we can do different transactions. We can develop ourself, or we can do swap transactions, or we can sell units, or we can pre-sell units from final clients. There are many different sources of financing. Probably the most likely that you will see in the coming weeks or months is that IRSA will try to start doing some swap transactions with developers. In that regards, IRSA has not obliged or we don't have to put money because the developers will do the investment, and we will receive units as part of the payment. So it's like we will swap the land for final units. We don't think that we will finance these as a project finance. It's much more likely that we will finance each plot of land if we need the resources. Definitely, we will invest in the infrastructure of the project. At the beginning, we committed to the city to deploy around $40 million in infrastructure and that we need to start commercializing the different plot of lands. I imagine that the financing will be at IRSA level and not at the project level, at least at the beginning. As I mentioned, we are not thinking in a high exposure in the... at the beginning of the project since developers will do the work. I don't know, Jorge, if you want to add something else. Well, in a commercial point of view, at the Expo Real Estate at the Hilton, when we launched the project, it was very successful. People were very interested, mostly local developers. We are talking with most of the Argentinian developers at the moment for this first stage, and we are very confident that this first stage is gonna be very successful. Some regional investors are also starting to get interest. I believe regarding the question, if we're gonna be foreign investors or developers, I do believe, but maybe in the near future. In the meantime, we're mostly speaking with local developers, and we're very happy regarding how the real estate expo worked out. We have a lot of expectations, and we think that in our next webcast, we can be starting to give good news regarding this project. There were some additional questions regarding Ramblas del Plata here. If you could repeat the amount of investment of infrastructure in the short term. I think Mati mentioned that. Forty. Four. $40 million. Dollars. It's not. It's $40 million total investment. It's not in the short term because we have, like, 3 big stages of the development. $40 is for all 3 stages. It's not only for the 1st one. It's not in the short term. Okay? Here there is a question from George Boorman that what kind of total development capital is needed for the whole Rambla del Plata project and the time involved? Difficult to answer, but. It's very difficult to answer, cost in Argentina, and construction has changed a lot lately, so we don't know. It's gonna be a project that's gonna take more than 15 years, probably. The investment in infrastructure is gonna take, it's gonna be in those three stages. We're gonna have developers. As master developers, we're gonna have developers developing buildings in our, on our land, and we're gonna be doing developments of ourselves. I think that number is very difficult to say at the moment because we don't know exactly how many developments or we're gonna do by ourselves. We're gonna have a lot of partners. As Matias said before, we're gonna be have different interests in the different buildings... Interesting With different partners and. We can't answer that question at the moment. I don't know if Matias, if you have anything more intelligent to say than what I answered. To give you some sort of size, this 900,000 sq meters cost of construction today, it's hard to say because it's not just a photo. It's a picture when you start, when you finish. Roughly today in Argentina, we are talking about $1,500 per sq meter of construction. That give you a sense of the total size of the project. As we mentioned, we won't invest all the money. It will be a combination of different players, but roughly it's a project of more than $1.3 billion-$1.4 billion. One more questions regarding projects. Manzana Treinta y Cinco, when do you expect to initiate, to begin the construction works? Construction? It's already... We As I said before, we already finished the concrete of tower number three. Well, actually, we started with tower number three, but that's the way it's in the, it's in the plans of the city plans, it's called number three. We already started. We already finished the concrete, and we're continuing with tower number three. The three. Number one and two, we didn't start yet. We're continuing with that construction. Perfect. There is a question related to sales, if the company intends to continue selling down the office portfolio. A question if we plan to hold Banco Hipotecario stake as well. I think that's mixed answer. Regarding the office buildings, actually one of the projects that we have that I said, it's mostly residential. We're planning in building office buildings, continuing in Cinta. We're gonna have more office buildings in Cinta. We're gonna be construction, doing new constructions. Maybe in La Plata, we're gonna have some office buildings also. We have only three floors in Intercontinental Plaza, so we're willing to sell those three floors. We still have floors here in Catalinas, I don't think it makes sense to have only four floors. We should be selling the floors we have in these two buildings. We don't have the intention in the meantime, on the short-term, to be selling Cinta. We have the whole building. I would say that selling office space should be what we have left in Intercontinental and right here in Catalinas. Regarding Banco Hipotecario, Matias, I don't know if you wanna answer that question. Can you repeat the question, Sandy? If we expect to keep that investment, the stake in Banco Hipotecario. Yes. Yes, we have it since 1997. Yes. Yeah. About the late nineties. Good. There are some questions coming from an anonymous attendee. I would ask for the future if you can register so we have your name to be able to answer. They all are around or related to capital allocation. Perhaps Matias can give you some color on what the company expects in terms of future dividends, the leverage, buyback programs. How do you think to allocate that? I think that summarize all these questions. Okay. I believe that the last 3 years were very extraordinary years in terms of the capital allocation. If you analyze, we haven't launched new projects during those years. We haven't started any significant development. The last one was in 2020, we finished in 2020, that was the Catalinas project. Since then, we were buying some opportunities in the market. We bought some projects, but at very opportunistic prices, but we haven't launched a new project that need CapEx or capital allocation. The last 3 years, we were very focused on our own capital structure, allocating a lot of cash to reduce debt. We saw a huge opportunity to reduce debt since 2020. Today, we think that I think that we are very unlevered. Probably going forward, we will have a little higher level of debt. Regarding dividends and buybacks. The buybacks, we are limited by law that we can buy up to certain level of the liquid in the market. We have been implementing different programs during the year, but having in mind that restriction. We pay dividends to give the opportunity to our shareholders, if they believe that there is a good opportunity to buy shares as well, they combine with the liquidity that we are paying. We feel very comfortable with the level of debt today. The company keep generating very good levels of cash, and the CapEx need are not so significant today. Probably going forward and something that we start to communicate is that the years are probably will start again in a new stage of development. We have plenty of land available and different projects to launch. We are conservative in terms of offer and demand. If we see good demand, we can accelerate, and if we see good results or good deals, we will accelerate. If not, we won't run, and be aggressive on the CapEx if we are not sure about the profitability of the project. If I have to separate, I would say that probably the last 3 years were very exceptional in terms of capital allocation that were 100% allocated to our own capital structure. Going forward, I believe that we will see again years investing in new projects. Keeping paying dividends, we like to pay dividends so every year. If we have the liquidity and the results to do it, we will keep paying. Also the buybacks is something that if we see, like today, we believe that there is a huge discount in our shares against NAV, we will keep buying shares as well. Perfect. Well, here there's a question I think Matthias have already answered from Steven from Balanz, on financing and expansion. Do you plan to tap the global debt market, well, more or less to refinance debt and accelerate your development projects? I don't think that we will tap the international capital market in the near future. We don't need the size of that kind of financing of international capital market. At least you need to issue $300 million of debt. We don't need that. Probably we'll continue in the local market. Our structural debt was always in the international market, so we will see in the future if we, if we see an opportunity. But today we don't need it. We believe that there are lower interest rate in Argentina rather than the international market. Compared with the size of the debt that we need, we don't need, your $300, we need transaction of $30 million-$40 million. We can manage with the banks and the local market that. Having in mind that IRSA has access if we need to the international market. Our bonds in the international market are trading very well. That means that the people like our credit. Yeah. Well, there are some additional. The relationship with Cresud. George Cresud is the controlling shareholder of IRSA. Today has a stake of 55.4%. It's an agribusiness company operating in the region that and the controlling shareholder of IRSA. One, the last one from George Boorman, is related to the political outlook. How do we see or think Milei will he will be able to bring Argentina back to the forefront where Argentina belongs. That's more subjective, but It's more personal opinion than a company opinion. I hope to see good environment in Argentina. I hope to see a new, receiving investment and showing, I don't know, other kind of macroeconomic situation. Last years, the last many years in Argentina were very volatile and very chaotic and taking decisions to invest long-term capital in that environment is very complicated. That is the reason why a company like IRSA is the main real estate company of a country, was conservative launching new projects. We hope to see a good performance of the new administration. They are putting effort trying to order the economy, to put in order the economy, reducing inflation, reducing the deficit. That is a significant news and a significant achievement for the country. Then we hope to see that to continue and have a lot of faith in Milei. That is my personal opinion. Thank you. Thank you, Matthias. Thank you all for joining and for all the questions. We like to be again in the map, in the world and having a lot of questions and participation from investors and analysts. We conclude this fiscal year presentation. We see you next quarter, I will give the word to Matthias again for his last closing remarks. Well, thank you, Roger. Not so many more to add. We are very happy with the results. There was good numbers in all the operations and the real estate transactions, new projects to launch, very healthy in the financial situation, very active executing all kind of financial transactions. We are happy with the performance so far, and we hope to continue in this trend and see Argentina in a good trend as well. Thank you very much again for your participation. I hope to see you soon. Thank you very much. See you all. Bye-bye.