We will start. Good morning, everyone, and thank you for joining us today on Falabella 2024 Investor Day. My name is Raimundo Monge. I'm the Head of IR of Falabella. Before we begin, let me run through some operational details of the session. We have prepared a set of presentations that last two hours. I will show this, okay? And with a 10-minute break after Falabella Retail presentation. And afterward, we will begin the Q&A session, as shown in this slide. We will be taking questions for both in-person participants and participants on the webcast as well. For the webcast audience, please note that you can ask questions at any time and submit them via the interface of the platform. For those attending in person, in the slide is the Wi-Fi network and password. One slide. I would like to remind you that during the presentation, management may make forward-looking statements relating to our company, its results, operations, expenses, strategy, potential restructuring, and other matters alike. This will be characterized by the use of terms such as plan, pretend, expect, anticipate, estimate, hope, and seek. Such statements are based on assumptions and expectations of future events that are uncertain and contain some risk. Therefore, and for further information of this matter, I kindly refer to the disclaimer on the forward-looking statement that is displayed on the screen. We will start with a short video, and then I will turn the floor over to Enrique Ostale, our Chairman. Every second in the Andean region, 25 transactions are made using our payment methods. One out of two packages purchased online is picked up at our collection points. Every day, the equivalent of 24 packed national stadiums in Chile visit our shopping centers. One out of every four adults in Chile owns one of our cards. At Grupo Falabella, we are more connected than ever, with millions of lives. For more than 135 years, we have redefined expectations and transformed the lives of generations. We are part of the history of Chile and Latin America, and we continue to innovate to make life simpler and more enjoyable. We power our facilities with 73% renewable electricity. This is equivalent to the energy consumption of 48,000 homes. Our commitment is with sustainable growth. Our experience today is omnichannel, driven by our strong network of physical stores, digital banking, and shopping malls, supported by cutting-edge technology and top-tier logistics. We connect people, anticipate their needs, and elevate every customer's experience. 35 million customers interact with us at some point of our ecosystem. This year marks a new chapter: four consecutive quarters of positive results. Our solid recovery prepares us to face the future with confidence. Today, Grupo Falabella is ready to keep moving forward. We innovate, lead, and create value for millions of people across Latin America. We invite you to be part of this story. Hi, good morning. Thank you for those attending today in this room and also those that are through the streaming. It's an honor for me to welcome you today to our Investor Day here in Santiago. Thank you for joining us to explore the journey that we have undertaken and the opportunities that lie ahead. So without a doubt, the last two years since our last Investor Day have been one of the most challenging in the history of the company. Of course, as you know, we face a highly complex macroeconomic environment while navigating an ambitious transformation process in Falabella. It was a period that tested our resilience and demanded extraordinary adaptability. In a world defined by ever-increasing complexity, our response has been to embrace simplicity. This philosophy underpins our strategy, empowering us to navigate challenges with clarity, focus, consistency, and agility. The recovery and turnaround are a testament to the dedication and determination of more than our 85,000 employees who put all their best effort into three key objectives. First, improving our customer experience, restoring profitability, and strengthening our balance sheet. Their commitment and effectiveness, as you can see in the results of the company, have been the cornerstone of our success, of our Falabella's success. As a board of directors, we are truly enthusiastic, to be honest, about the potential of our ecosystem built around this growth of around five growth engines that operate across the countries where we are present, and we still have many growth options in front of us. These engines are proactively offering increasing value to our customers, fostering collaboration and synergies, and positioning us to capture sustainable growth in dynamic and diverse markets. Finally, I would like to thank you for your continued trust and partnership. Today we look forward to sharing more about our progress, our strategy, and why we are confident in the bright future that lies ahead for our company and all of you as our valued stakeholders. Thank you again. Now I would like to leave you with Alejandro González, our CEO. Thank you. Hello, everyone. Good morning. Thank you for being here. Oh, Tomás. [Foreign language]. Last time we met was two years ago, as Enrique was mentioning. Two years ago, the highlight of the presentation we made was not all the capabilities that we were building, and we will share with you later on, but it was an operational leverage plan that we had, so the mood was totally different, and as Enrique was mentioning, we're coming from two of the most volatile years in which not only things were not as you market expected from Falabella, but also the performance that we had was worse than what we were expecting, and it's relevant because at the end of the day, the mood in which we are today is different. The outlook we see to the future is different. This is one of the main highlights I would like you to get from here. Falabella today, you know where we are, is still a very relevant company in the markets in which we operate. With few exceptions, we lead the main units in which we are: home improvement, fashion, electric products, food, financial services, digital banking, shopping malls. The one point that I would like to make is that we're still a company that's preferred by our customers. The highlight for this meeting is going to be the CEOs of the units that are driving growth moving forward for Falabella. Following what Enrique was mentioning, we did some twists in the strategy that we had. We say that we have these four main pillars that we'll elaborate in a few minutes. It's important that we highlight five business engines. The value that we're willing to create, the sustainable value that we're willing to create, is coming from these five engines, the five different divisions. The other thing is the focus on our digital strategy, driving a more effective organization, and finally, a tight, more efficient capital allocation process. I will elaborate on this later on. The five engines, I know that you've met this, you know this. But I'd like to highlight something that's so relevant for us. This is what we call the retail units, home improvement, Falabella. Francisco is going to give you some detail on the evolution that we're having there and Tottus, the supermarket, shopping malls, and digital banking, financial services. These are the same businesses that we had since 1990. And I mention this because the sources of growth that we had from now on are not only coming from what we do here, but some adjacent capabilities that we've been able to create with some strategic enablers that we have: the loyalty program, home-delivery talent, the people that we have, not only the amount of the talent density that we have, but also having an efficient organization of finally technology and data. And with that, it's impossible to go through this without tackling ESG as a relevant part of us. 20% reduction on Scope 1 and 2 emissions since 2021, 73% of our energy from renewable sources. By the way, 73% because we have some stores and some units that are in places that do not have access to renewable energy. But the commitment that we have is to go as much as we can. More than 100,000 boys and girls have been educated in the educational institutions that we have sponsored by Falabella. Why this is relevant? Because we're thinking the company has been in business for 135 years. Our aim is to go for the very long run, sustainable growth for us. This is a glimpse of what you're going to see later on, but keep in mind that part of the process that took us on a very hard moment, given the macroenvironment, was also the fact that we were building capabilities that when the pandemic came, we didn't have. Now we have those capabilities. Benoit will get further detail on that. So now we're in the moment in which we are leveraging on that. There are several sources of income that we have today that were not even close to being a reality pre-pandemic. As an example of the capabilities that we built, this is the e-commerce. What you see on the right part of the slide, right for me, right for you, is what we had until a year and a half ago: marketplace, three retail units. We twist that. We changed that in order to have a more specialized marketplace, but also a very specialized approach when it comes to home improvement and food. Why did we do this? Among other things, because the customer also was very clear saying that the same person, all of you, don't forget that the retail industry is the most democratic one. Everyone in the world buys or sells something. Everyone, either informal or formal. And I don't know you, but when I'm buying tools, the expectation, the attitude, the experience that I want to have is totally different than the one that I'm expecting when I'm buying, I don't know, maybe a perfume, a shirt, or food for lunch. That's what drives this, also partnering with the best brands and the best products that we've always had, and with some cross-functional enablers that we have today, not only product, as I said, home delivery unit, and also the digital capabilities that we've been able to build. Going to the more simple and focused structure and the way we work, there are some things that may sound very simple, but as Enrique was mentioning, when you become a company with more than 85,000 people, this is key. It's important to have empowerment, to have ownership. Those are the things that we're promoting this year: alignment, incentives, very well established in order to make sure that everyone has the same objective that you are expecting for a company like Falabella. So that's why we're having a leaner structure, a simpler organization, making sure that most of the effort is basically to face the concepts that we have. Another thing that we mentioned about our strategy is capital allocation. And in this sense, be very efficient. A year ago, we lost our investment grade, but we've always been a company that has taken care of cash. We had $700 million when we were downgraded. We are close to $600 million today. We're taking care of that. And it's important not only to take care of that, but also capital allocation, make sure that it goes in line to long-term value creation. Very simple things, things that we didn't do before, but continuously monitoring the value of the investments that we have. If there's an investment that's not performing as we are expecting, we either set a path to the performance that we are expecting, or we might as well find a way to get rid of it. As I said before, we didn't meet the expectations that you had, but we learned lots of things. The first one, the one that I was mentioning about focusing where growth will come, be very tight in holding that. Second one, an agile organization, fail fast. We showed some examples of that last year. At some point, we had an on-demand application called Fazil, gone. The wallet that we had, gone. So we are leveraging, and we are allocating our resources where things can create further value in this ecosystem that we already built. The third one, from the retail units, enhance inventory management. Francisco will get into that one, shorten the cycles, make sure that working capital requirements are lower, or the most optimizations that went, and third one, data-driven decisions. Today, the level of information that we have is more than ever, and that's what we are using to supply and to bring personalized experience to our customers. This is a glimpse of what the team will share with you in further detail, just for you to get it. I'm not going to get into too much detail, just to make sure that you are clear that what each of these five business units needs to do is very clear, it's in the hands of everyone. But as I said before, you're going to get more detail of that, but there's a lot of opportunities of growth within what we have today. It's not the growth that Falabella will have from going to a new business or a new region. These are clear examples of the main objectives that we have today. Before I end, I'd like to share with you some trends that we're seeing in the industry. These are the trends that we're taking into account in order to see what the next steps of Falabella will do. The first one, a lot of discussion when the pandemic ended, if customers will be online or physically. There are some things that are not challengeable today, are undeniable. The customer is, can, and will be omnichannel. Most of you, in some cases, interact with the retailer, with the app, sometimes physically. The right to being omnichannel is in the customer, and they have the power to that. The second, I remember when I joined the company 18 years ago, the product was king. Well, today, product and experience are one thing. Sometimes the reason why you end up buying something is because the experience is better. Sometimes it's the product. So today, it's something that you cannot divide. And that's relevant for you to be aware. And it's part of the things that we're seeing today. The third one, in this world, given the empowerment and the information the customers have, loyalty is a thing really hard to keep unless you have a very strong loyalty program. And it's important to be a program. And we're going to see some part of that right after I end. And the fourth one, something I was sharing with you before. Francisco will get into further detail, but five years ago, there were so many sources of value within the core of what we do that we didn't have value-added services, fulfillment services. Those are things in which we're leveraging towards the future to see the numbers and the growth that we're expecting to have. And with that, I would like to leave you with Andrea, the best of Falabella. Thank you. Thank you, Alejandro. Good morning, everyone. It's really nice to see so many familiar faces and some new ones, and good morning to everyone who is listening on the webcast as well. CMR Puntos was first launched as a way to reward our best cardholder customers, but in 2017, we took a really bold decision. We opened the program to the whole Falabella ecosystem. This means that you can earn points by spending with your credit card, but also buying in any of our 454 stores in Chile, Peru, and Colombia, as well as in our e-commerce. With this, the program grew, and it became a value creation catalyst for the group. So today, in Chile, we have the preferred loyalty program, and it's second in Colombia and in Peru. This relies on a proposition that our customers love. We offer varied rewards, as you can redeem your points on our ecosystem, but also on a network of partners of more than 100 corners, which we have special events to reward our best customers, such as trips, and we also offer flexibility. In 2023, we launched a new functionality, and with that, you can use your points as dollars on our e-commerce in Chile, in Falabella, in Sodimac, and also in Sodimac in Colombia. So the program has grown dramatically in the last five years. We have tripled the number of participants, we have doubled the number of redeemers, and we have almost tripled the number of redemptions every year. We put focus on this basically because, as Alejandro already mentioned, the program is a key enabler of the ecosystem, and it serves basically two strategic objectives. On the one hand, through the program, we get access to data in a way which is transparent with our customers, and that is safe. And on the other hand, it's a very relevant tool in boosting the customer lifecycle. Clients who engage in our program engage better with all of our ecosystem. So through the program, we get access to the data of more than 33 million customers. This is relevant because no single business unit on its own would have access to such a rich database. It also allows us to reach customers in a cost-effective way, sometimes even before they transact with us. How we have used this data is constantly evolving and will continue to evolve. We use it in multiple uses across the business cycle. Basically, we use it on our customer journey for customer acquisition. I think a really good example is what we do at the bank that Juan Manuel will share with more color shortly. For cross-selling, this year, for example, we have driven traffic to our Mallplaza malls by offering free parking to our elite customers and for retention. Whenever we see that our customers have been inactive for a while, we offer them personalized coupons to invite the customer back to the ecosystem. But I would say that most importantly is that we are using this data to fulfill new business objectives for risk assessment that Juan Manuel will also share shortly, and for marketing savings and monetization. So this year, we started building audiences. This is very simple, but basically, through our own algorithms, we are able to segment our customer base in very specific segments. We can then use, for example, to find, I don't know, it might be a good example, I want to have a segment of sports enthusiasts. And that database is then used for performance marketing. With that, we lower our performance marketing costs, but also we are able to share it with third parties. When we compare the databases built in Falabella compared to those that might be offered by Meta or Google, our own databases have performed 30% better. So there's still value to unlock in monetizing this data. Let me share a very simple example, but that I think it's very illustrative of how we use this data with our customers. This is the bank's app. And why this is relevant? It's basically because this is our most frequent-used digital channel. So very recently, we started offering on the home of our bank, of our app, transactional offers. We did this for our own ecosystem. We have personalized these offers, and we have very relevant results. We had a 30% incremental sales on those offers. But also, we have done that with third parties, and sales doubled. So here, we have a space on our app that we can further monetize as well. The program, as I mentioned, also fulfills a second objective, which is related to our customer lifecycle. I would say that any successful loyalty program offers benefits to the clients which have a higher perceived value than the actual cost of providing them, and we do this with our own ecosystem. You might earn points spending with our credit card outside the ecosystem. You earn points on our own ecosystem, but 80% of the points are redeemed internally. With that, we drive traffic back, so we generate a positive loop, but also we recover almost 20% of the spend in gross margin, but I would say that the most important or the most relevant thing of our loyalty program is how the behavior of our customers changes once it becomes a redeemer, so for any given customer with the same characteristics, I would say that redeemers, once they see the benefit of the program, spend 40% more, transact 50% more, and have a lower churn. So in summary, I would say that in the last five years, we managed to triple the number of participants in other ways. We tripled the number of customers we know better and that we can leverage their data on. And we doubled the number of redeemers. So in other words, we doubled the number of customers who spend more, transact more, and are more loyal to our own ecosystem. Provided with continuing growing our loyalty program, we will continue giving more value to the whole Falabella proposition. Now, I would like to invite Benoit, who will share some insights on home delivery and technology. Good morning, everyone, and thank you for being with us today. So after loyalty, I want to talk to you about two other enablers: technology and home delivery. So first of all, in technology, for us, technology is key, and it's part of the transformation that we're doing. And it's key because it's a key differentiator for our customer experience, and it will also allow us to unlock new revenue streams. We knew that retail is an evolving industry, and we need to be on top of the new trends in technology. So first of all, how are we organized in terms of technology? We work across four different technological platforms. First of all, supply chain, where we leverage our group capabilities in terms of the synergies we can capture through our logistics network and our warehouses, for example, in order to improve delivery times. Second, digital commerce, for which we have developed common capabilities to allow us to be more agile and to be more scalable, but with tailored solutions, as Alejandro mentioned, for our specialized e-commerce value proposition in home improvement, supermarkets, and specialty stores, as Francisco will mention in a moment. Third, stores and merchandising, because we recognize that omnichannel is now the reality. Customers like to shop in physical stores, but also in e-commerce, in our e-commerce solutions. So for example, we've been working on self-checkout in stores, omnichannel solutions in order to leverage our unique stores and e-commerce solutions. And fourth, banking and insurance to keep accelerating our digital banking capabilities. But as Alejandro mentioned, we've been evolving, and that's something really important for us to mention to you today because we really have been evolving through different phases in terms of the deployment of our technology in the last five years. Between 2018 and 2022, we built mainly in our digital banking capabilities, but also in e-commerce and marketplace. We built those capabilities, and now we've been able since last year to deploy these capabilities. This has allowed us, for example, to relaunch the Tottus and Sodimac standalone stores, as Alejandro mentioned. We've been accelerating our 3P sales. We've been deploying our logistics managed network, and I will share with you in a moment what are the results of those deployments. We've been launching new in-store functionalities. We are accelerating in the way we are capturing and creating new value streams for retail media and value-added services, for example, and also the way we are now deploying artificial intelligence solutions in back-office processes, but also in customer-facing solutions such as, for example, chatbot with our customers and fraud management. So in a few words, we have been deploying our technology, and this has brought us some very good results. In our logistics solution, what we call home delivery, we consider logistics to be another enabler on which we are investing a lot and accelerating since, together with the catalog depth and the competitiveness of prices, delivery times are a critical success factor for e-commerce. Therefore, from 2018, we have evolved from first using mainly third-party logistics players to develop our own facilities and leverage our supply centers, but also creating cross-hubs and regional transfer centers. In 2022, we are accelerating in the deployment of our last-mile-owned managed network that I will share with you in a moment. Now is fully deployed. Now we are starting to sell fulfillment and also logistics services to, for example, third-party sellers. Again, this has been an evolution in the past years, and now we can say that we are developing and deploying those solutions, and those solutions are becoming to their full capabilities and capacities. What we do in order to leverage our unique capabilities for first-party products, the products from our retailers, but also third-party products, the products for the more than 20,000 sellers that operate with us, we leverage our distribution centers. We leverage the cross-docking hubs and the transfer centers, regional transfer centers that we've developed across the region. We have now a dedicated fleet of transports of trucks, but we also have unique agreements with third-party logistics players, and this allowed us to deliver more than 35 million packages per year across our stores, but also with a network of more than 1,000 click-and-collect points and obviously to the homes of our customers, leveraging cost efficiency, speed, and very good customer service. One good example is click-and-collect. Now, more than 53% of our customers choose to pick up their products in our stores. We have a network of more than 500 stores, but also more than 1,000 points of delivery points with third-party logistics, so as you can see, this is a screenshot of the checkout of one of our e-commerce, and the customer can pick between delivery time, same day, 24 hours, 48 hours, and also pick a date. And they can also choose if they want to receive that at home or at one of our stores or one of our partner networks. So as a summary, we are accelerating in the deployment of our solution. More than 84% of the orders are delivered by now, our managed network, and we are still improving, especially with the third-party players. 71% of our customers receive the orders in less than 48 hours. 61% of our customers receive their products within 24 hours. And maybe you've seen also that we are doing, especially in those times before Christmas, we are doing same-day delivery and accelerating in same-day delivery. We have a customer service level of more than 95%, and we've been able to reduce our last-mile cost by more than 30%. Thank you very much. I will leave you now with Juan Pablo Harrison, our CFO. Hello everyone. Thank you for joining us today. In this section of the presentation, I will show you how the strategic adjustments that Alejandro just mentioned have been translated into our financial position and results. First, I would like to start saying that we are very happy to report that when we see our operations, all of our business units have shown significant improvements compared with last year's results. Those are very good news for us, but we think we recognize that we still have opportunities for further improvements across all of our business units. To talk more in detail about that in the next sections of the presentation, our CEOs will share the strategy and the specific actions that they are following in their respective business units. Looking at our performance progress since our last investor day in October 2022, when we launched our efficiency plan, we can see that the trajectory regarding profitability and financial positioning has been improving significantly. Regarding the profitability, when we see the numbers of the third quarter, we reach an 11.6% EBITDA margin. This number has been achieved through the implementation of various initiatives in the context of our efficiency plan, being the most relevant ones the drastic reduction in our inventory levels, the more optimized marketing activities, our logistic management enhancement, and finally, we streamline our corporate structures. As a summary, the implementation of our efficiency plan allows us to save approximately $400 million in SG&A, compared with the very favorable $250 million that we originally announced. When it comes to leverage, it's important to notice that almost 90% of the positive trend that we have seen since June last year is a direct consequence of the improvement on the profitability that I already mentioned. However, this positive effect has been complemented this year with a very selective CapEx plan and with the successful implementation of our non-core assets monetization plan, which already achieved approximately $700 million. Here, I would have to highlight, I would like to highlight that all the initiatives that we include in this plan have been executed at very attractive conditions and valuations for Falabella. Finally, when we're looking forward, we set a target between 2.5 times and 3 times in our long-term leverage. We think that with this level of leverage, we will have the flexibility that we need for the future for capitalizing on any growth opportunity that our business unit could offer across the region. Here in Falabella, we are committed to maximizing the value for our shareholders. And in that line, we see three key financial priorities. First, continuous strengthening of our financial position, aiming to capture any growth opportunity that could appear in the future. Second, focusing our investment plan and capital allocation strategy to enhance and boost the organic growth in our business units. And finally, continue improving the profitability levels in the company. Regarding our financial position and debt, first, it's important to mention that from a corporate point of view, we have allocated our debt in two companies. 60% of our debt is allocated at the holding company level in Falabella S.A., and 30% is allocated in Mallplaza, which today has a very strong financial position. When we take a look into our maturity, today we feel pretty comfortable with the maturity profile that we have for the future. However, I would like to explain more in detail three relevant obligations that we are going to face during the next years. First, we have a club deal signed with three international banks that is going to have a maturity in November 2026 for $300 million. And second, we have the remaining balance of two international bonds, the first one with maturity in January 2025 for $200 million, and the other in November 2027 for $300 million. Here, I would like to highlight that we already have in cash in our balances the full amount of money that we are going to need for the payment of the January 2025 maturity. Regarding our investment priorities here, we are presenting our CapEx plan for 2025. It will totalize $650 million, representing a significant growth of 30% compared with this year. It's important to highlight that with this kind of CapEx plan, Falabella is recovering the historical level that we invested in previous years. Talking about the composition of the plan, it's important to notice that we are allocated more than $450 million to open, expand, and transform our stores and shopping malls. With this amount of investment, we are looking for boosting the organic growth across all of our business units. Regarding the growth, we are aiming to open 15 new stores during the next year, focusing on Sodimac stores in Mexico and supermarket stores in Peru, most of them under the brand of Precio Uno, which is the discounter format that we manage in this country. Regarding the expanding and transformation of our footprint, I would highlight two items. First, the plan that Mallplaza has for enhancing the assets in Peru and transforming three shopping malls in Chile. Regarding our stores, we have allocated a significant amount of CapEx for remodeling our stores, aiming to adapt them to our current strategy and, of course, enhance our customers' experience in the stores. In the next section, Alejandro, Renato, and Fernando will explain in more detail their expansion strategy. In terms of the profitability, we think that with this CapEx plan, combined with a gradual recovery in the consumption levels, we will be very well positioned for continuing to expand our margins for the next years. This will be supported by a mid to high single-digit growth in the top line, the recovery in Sodimac operations, continued growing in our digital bank business, and better economics from our e-commerce operations, which, by the way, we expect to reach the break-even by 2026. All of this will be supported by our focus in keeping stable our SG&A expenses in real terms. In this line, we have set a target of expanding our margins between 200 and 300 basis points by the end of 2026. Finally, as key takeaways, first of all, reinforce that we already have the funds for covering the January 25th international bond maturity. Second, that we expect to reach break-even in our e-commerce operation by 2026. And finally, and the most relevant one, I would say, is that we are in the middle of a process of recovering our investments, and we think that we are very well positioned for continuing to expand our margins and for reaching our profitability targets. From a financial point of view, here in Falabella, we are focusing on recovering growth, profitability, and our investment levels to achieve a balanced and successful digital and physical future. Thank you very much, and I leave you with Alejandro, which is going to give some insights in Sodimac strategy. Good morning. My name is Alejandro Arze, and I'm going to talk to you about the home improvement business that we run here. Sodimac is today present in seven countries. We have more than $5.7 billion in revenues. We serve more than 20 million customers with more than 260 stores, and we are number one in market share in Chile, Uruguay, Peru, and Colombia. We have been facing a global slowdown in the construction industry in the last couple of years. It has been very tough for the industry, but we see that the interest rates are starting to go down, that will accelerate the sales of homes, and that will foster the construction business. As a matter of fact, the official projections for the main countries we operate are starting to go better, and we see how the sales of new homes and the construction GDP is projected to grow next year. With that, we are projecting that our sales are going to recover in the second semester of next year. During this period, we have been working on our margins, and we have been reducing our SG&A so that we feel that that would leave us in a lot better position to capture that growth of the market. So we are prepared to grow and recover profitability. We have a winning strategy for our three customer segments: the consumers, the professionals, and the business-to-business. Our value proposition is to offer all products and services at the best price and in the right quantity. The right quantity is very important for the professionals. They need to have job lot quantity. All of this in one place with a seamless omnichannel experience. Our strategy has resulted in a strong brand awareness. In our main countries, we have more than 90% brand awareness in Chile, Peru, and Colombia, and more than 60% top-of-mind awareness in Chile and Colombia. To lead the home improvement market in the main countries we operate, our strategy is focused on four pillars. We're focusing on the pro. We're focusing on our private labels, the growth in omnichannel, and also the product and expert experience innovation. The professional customer is very important for us. He has a lot larger frequency than our regular customers and a bigger ticket. So we are building the relationship with them through a loyalty program, a specific loyalty program for the pro that is called the CES, that is aimed to build that relationship, giving them the right product at the right price, at the speed they need the products to be on their job site and with the proper financing. We're also improving the experience that our professionals are having with us. One example is we set up a new app. When you subscribe yourself in our loyalty program and you log into your regular app, that app will automatically lead you to a customized professional app that has your professional products, has your loyalty scheme details, has customized discounts, and we are also building every day more capabilities for the customer. This is something that we did with some of the capabilities that Benoit mentioned that we built. We were able to launch this in a very short period of time. We're also improving the service that we give to the customers within their experience at the store. We are personalizing services for our best loyalty scheme customers at the store. We assign one salesman that the customer can call. He can ask the salesman for quotations. He can ask that salesman to pick up the items so he can just go to the store, pay, collect them, and go to the job site. And we can even deliver those to the job site right away without the customer not even going to the store. We also set up some co-work spaces at our stores where our professional customers can go, can quote for their customers, and then purchase their products and go directly to the job site. We have already done this in 95 out of our 260 stores. Our second pillar is private labels. Private labels are very important for us. They already account for around 30% of our sales. And they're very important because they give us some important things. They allow us to differentiate from the markets. When you have a private brand, it's a brand that no one else in the market can have, so we differentiate from our competitors. It's very important for us in terms of profitability, just for you to know, and the all-in margin of our private brands are around 10% higher than the regular brands that we run. It also gives us the possibility to have product authority. When you develop your own products, considering the needs of our customers, that we know of them at the stores, you can have products that are specially designed for them and give you product authority within the different categories, and finally, when you have strong private brands, they also give you a stronger supplier negotiation or more negotiation power. When you have a power brand in a certain category, you can have better negotiations with the other suppliers of that category. The third pillar is to grow in omnichannel. And we are doing that to become a specialty superstore in home improvement, basically leveraging five strategic axes. The first one is assortment dominance. As we have mentioned before, we are planning to increase our 3P offering through 3P sellers, and that will allow us to have all the long tail and become key players in different categories. All of that with frictionless purchasing experience. We are working on improving our after-sale services. We are differentiating the pro client functionalities, as I already mentioned two slides ago, and increasing the profitability mainly through Sodimac Media and also through the selling value-added services. I want to share with you that at the end of the last semester, we relaunched Sodimac.com to position ourselves as the home improvement leaders in Latin America. With that, we were able to strengthen the brand, improve our value proposition through a more specialized home improvement website, and we also have benefited from the research online effect that has on offline purchases. As an example, our GMV in the third quarter grew 30%, and our monthly active users grew 84%. The fourth pillar is that we are strengthening the in-store exhibitions to improve our customer experience. I'm going to share with you three examples of what we are doing. The first one is that we are moving from, in some categories, to have inventory, to have exhibition, to get more showrooming. One example is in flooring. We used to have in the flooring department the exhibition and the inventory all in the same place. Given the size restrictions that we have, we were able to show only a certain amount of SKUs. With the capabilities that we have developed for the home delivery, what we did is we put all the inventory in a centralized warehouse. We used the space at the store instead of having inventory for those items to use them as a showroom, so we increased the amount of tiles, for example, that we showed to the customers, improving their experience. In every single store where we did that, the sales of flooring increased in more than 30%. Another thing that we are doing is in the last year, we have been transforming some Maestro stores in Peru to Sodimac stores. We just transformed four stores, and in each one of those stores, once we finished the transformation, we grew 50% in each one of them. The third initiative that I want to share with you is we are developing a compact format. With this format, we're aiming to target either small cities or urban areas where you cannot find the proper lot to install a big store. So we already opened three of those, and we base this format on the experience that we have in our smaller stores in Brazil. We already opened three stores, two in Mexico in urban areas, and one in [Foreign language] in Colombia, which is a small store. With all this, we are well positioned to capture growth in our main markets. In Chile, our objective is to maintain our leadership position. We have a strategy that is defined category by category to recover growth, margins, and profitability, maintaining strict expense control without affecting the consumer experience. In Colombia, we're aiming to expand the footprint in new cities, maintaining the operational efficiency, and we have also some potential areas of growth, improving our value proposition in the business-to-business market, and in Peru, we're going to continue with the transformation of some Maestro stores to Sodimac. This year, we plan to transform between nine and ten new Maestro stores to Sodimac, enhancing the customer experience and innovating via showrooming. Mexico is the highest growth potential for Sodimac. We have been here already six years. We have 15 stores in seven cities. We're selling more than $200 million, and 36% of our customers are professional customers. Most of them are already enrolled in our loyalty program. In Mexico, we have been optimizing and standardizing our stores that allow us to capture efficiencies and improve profitability and also allow us to grow faster and open new stores in a better way. We have been enhancing also our loyalty program in Mexico, and we are looking for the benefit of scales with new stores in relevant cities. With that, I will move to my takeaways. We are going to keep developing the professional value proposition in order to increase that segment's loyalty. We are going to improve our assortment to become an omnichannel home improvement superstore. We are prepared to resume growth and increase profitability in our main countries, and we will continue expanding our footprint in Mexico. With that, I'll leave you with Francisco Irarrázaval. Well, thanks, Alejandro. Hello, everybody. Thanks for coming. Today, I'll be talking to you about one single idea, but I think it's a very powerful idea. It's this idea of how we are going to become or how we are becoming an omnichannel multi-specialist, how we're undertaking this journey, and why we think we can actually win there, and how we're going to partner with our best brands, and how we're going to provide our customers with an omnichannel partnership that is going to be super hard to replicate. So first, we're very proud to tell you that we are number one in market share in the three countries where we operate. We have the number one brand measured by Kantar as a brand index. Last year, we had 20 million clients, and those clients bought us on average four times each, which is a very high number for our format. Out of those 20 million clients, 55% of them belong to our loyalty program. So that provides us with a very powerful base to do more and more businesses with them. As you may know, we used to have more square meters. Today, we are a little below 700 square meters. We believe we are okay in that number. We've been closing stores. Yes, we've been reducing stores. Yes, but we think that today we are in the right places with the right sizes. Nevertheless, of course, we're always measuring performance, so you cannot be sure, but we're about okay. So overall, we have 105 stores under Falabella brand. We have 74 stores under third-party brands as Aldo, Mango, MAC, or other best brands that we carry. And of course, our three e-commerce websites, which account for about 40% of our sales and most of our growth. So as you may know, we've been pushing a lot this idea of e-commerce. We are really focusing on making the e-commerce bigger and bigger. And these are some figures that I think will help to tell the story. Last 12 months, we sold $2 billion online. That's roughly 40% of what we sell. And that is a very high number for this format. We had 1.6 billion visits. That is 4.4 million visits per day. So that is, I believe, the most visited web page in the region. And out of what we sell, we deliver 38% of our, sorry, 60% of our items in less than 48 hours. And this is important because, as you may have bought in Falabella, you know that you can choose a date in the future. And actually, between 10% or 15% of our clients will be choosing a date in the future. So for us, the roof here is not 100. It's more like 80 or 85. Then we have Click & Collect, growing very fast, and we expect it to grow even more. As Benoit mentioned, we are between 65% and 70% today. That is last 12 months. And we're growing on the 3P at 15% rate on the last 12 months. And this is something that is very fascinating for us because we are shifting a little bit from a more generalist marketplace into what we call a more curated marketplace. And in this process, we are partnering up with the best brands. And those are the brands with whom we have a long-term relationship. And those are the brands that actually are willing to have the same services that we will provide them as omnichannel services. Those are the brands that care about the brand, care about the story, care about the experience, care about the point of sales. So those are the things that we will be able to provide to them. And those are very hard to replicate services. So last 12 months, for instance, 1.6% of our sales became a Falabella Retail Media income. And as you may know, there's merchandise cost there, so it's straight to the profit. We're running today's five standalone websites. So if you enter Crateand Barrel.cl, Carters.cl, or Aldo.cl, and some in Peru, those pages are run by Falabella. It's our technology, and we are starting to provide those services as full commerce sort of services. We have fulfillment services running today. 20% of our sales are fulfilled. 20% of 3P sales are fulfilled by Falabella. As Benoit also mentioned, 80% of the deliveries are under our own delivery network, so we offer a Click & Collect network for free for everyone. This is new. This is F.plus+. F.plus+ is like a loyalty program for the best brands. The more you sell, the better we'll treat you; the faster you deliver, the faster we will pay you to really align our interests with the best brands in our e-commerce. Now, what is this concept of becoming an omnichannel multi-specialist and how we are transforming ourselves from a more generalist store into what we call an omnichannel multi-specialist? We do not want to be a specialist in everything. We want to be specialists in apparel, beauty, footwear, home, and technology. For the next minutes, I'll be talking about each category, what's the strategy, and how we're planning to become a specialist or how we have become a specialist. First, this is the framework we're going to use, brand strategy. So there's three corners there. Any brand you can think of as an exclusive brand, that is a brand that we buy the items already designed and manufactured, but those brands can only be we are going to be the sole buyers of it, right? So we're going to be the only ones selling that item in our countries. Private labels, those are brands that we design, we manufacture, we own it, and we sell in our channels. And local brands are brands that we can buy locally. Usually, you have less inventory. Usually, you have actually negative capital there. So what does a specialist do? Usually, a specialist will be here, right? They will own the brand, they will manufacture, and they will control the experience. And this is something we think we have already achieved. But of course, the challenge here is that specialists are very fast. They're super fast at manufacturing items, and the time it passes from the idea to the item at the store is very short. That is what we have been doing lately with a lot of success. We have increased a lot the margins on our private labels. We have increased a lot the buying cycle. So we are being able to keep up with the trends, and we have been able to have [Foreign language] in Falabella. And this is very important because about 80% of what we sell in apparel can only be bought in Falabella. It's nowhere else you can buy it. It might be the case that it's a similar brand, yes, but it's not the best brand. It's not the same quality. And in terms of channel strategy, this is going to be a lot offline. It's going to be a lot about experience. It's going to be a lot about profitability. So where's the growth going to come from? We believe 3P here has a super high potential because we are actually being able to sell every style for every brand, for every color, for every size at virtually no marginal cost. And that is growing, as mentioned in the previous slide, 78%. So this is what we do. We have brands. We're trying to cover all the space at different price labels, at different lifestyles. And there are some white spaces there still that we're planning to go after them. One recent example was Active Woman, which we launched September this last year. It's like a yoga lifestyle for females who want to do exercise or would like to do exercise, and it's been super, super successful. Beauty is totally different. Beauty is a lot about global brands, but still, if those are global brands, it's still the case that you can have exclusive items, exclusive launch. And in the last 12 months, 35% of our sales were items from brands that were only being sold in Falabella. Channel-wise, this is going to be much, much more online and much more 3P. We have 50% market share here, and this is a market that is growing 10% per year. So this is a huge opportunity to keep that market share and benefit from the growth. This is very interesting because there are other brands there, more trendy small brands that are actually not present in the country. And in the last 12 months, we doubled the number, the amount sold through the international marketplace. So those brands are only available in Falabella through the 3P international cross-border process. And for instance, The Ordinary, which is a very successful one, since it's been successful, next year, we're going to bring it over to our stores exclusively again. So this is becoming like a lab to look for trends and to capture the brands before they become someone else's. Footwear, a lot alike beauty, but much more omnichannel. Here, we do plan to become about 50% online. And this is very important because specialists on footwear, what they really offer to you is every single size, every single color, all the brands in the same place. That's what the clients want. So it's very, very compatible with the online and with the stores. So here, the opportunity is huge because we are including every single brand, exclusive or not, in our web page with all the assortment, with all the sizes. And even some brands as Nike who have different segmentation for channels, we're going to create a specific channel for those brands for the more urban kind of lifestyle. So this is a huge opportunity that we're also going to go after. Home, as you may know, is a lot about local brands. It's a lot about furniture and mattresses. It's a lot about online. That's going to be there. But we do see an opportunity on the more soft goods on the offline. So this is the concept. This concept we launched this year, which is a very inspirational space, very aspirational at a very, very low price, like very entry price, and we're going to provide this experience through our own brands, and last but not least, technology. As you may know, technology is not about private labels. We don't want to compete with Amazon. Sorry, with Amazon, yes, but not with Samsung or Apple, so here is a lot about the online. It's going to be a lot about 3P, and it's going to be a lot about financial services, right? This is the thing we do very good. As Juan Manuel is going to tell you, we have this huge, huge user base, and with Sodimac together, we have like 42% of market share here, so this is a very, very big opportunity. We're going to keep doing that. But in the stores, we aim to move them into what we call a more experiential technology store. So you're going to start seeing more emerging technologies, more peripheral products, and less core products. So to wrap up, we have a specific strategy for each product category. All of them will be different. Even the web page is going to feel different if you're buying something from apparel or you're buying something from shoes. We do want to become a specialist in each category. And the role of the channel won't be the same. The role of the private label won't be the same. So we do want to behave as five different specialty stores. So that's what we call the omnichannel multi-specialist retailer. And three ideas for you to take home. So you can forget all the rest and just remember this. We're going to be putting a lot of focus on the omnichannel e-commerce, both 1P and 3P, and that is going to be very hard to replicate. We're going to leverage our relationship, our long-term relationship with the best brands in each country because we believe those brands have the interest aligned with us because those brands care about the same things that we care, and finally, since Falabella has this super powerful, high attribute, high-quality attribute brand, we're going to keep growing and building small niches for private labels wherever we find a white space, and as the Active Woman example that I mentioned, we're going to have some more in the next months, so that's the end. Thank you. Now we will have 10-minute breaks, so we will meet again at 11:25 A.M. Thanks. It's a human sign when things go wrong, when the scent of her languor's intent isn't strong. Cold, cold heart, heart done by you. Some things look better, baby, just pass it through. And I think it's going to be a long, long time till touchdown brings me round again to find I'm not the man they think I am at home. Oh, no, no, no. And this is what I should have said. Well, I thought it, but I kept it in. Cold, cold heart, heart done by you. Some things look better, baby, just pass it through. And I think it's going to be a long, long time till touchdown brings me round again to find I'm not the man they think I am at home. Oh, no, no, no. And this is what I should have said. Well, I thought it, but I kept it in. Cold, cold heart, heart done by you. Some things look better, baby, just pass it through. And I think it's going to be a long, long time till touchdown brings me round again to find I'm not the man they think I am at home. Oh, no, no, no. And this is what I should have said. Well, I thought it, but I kept it in. Oh, no, no, no. Come on, Harry. We want to say goodnight to you. Holding me back. Gravity's holding me back. I want you to hold that palm of your hand. Why don't we leave it at that? Nothing to say. When everything gets in the way, it seems you cannot be replaced. And I'm the one who will stay. Oh, in this world, it's just us. You know it's not the same as it was. In this world, it's just us. You know it's not the same as it was, as it was, as it was. You know it's not the same. Answer the phone. Harry, you're no good alone. Why are you sitting at home on the floor? What kind of pills are you on? Ringing the bell, and nobody's coming to help. Your daddy lives by himself. He just wants to know that you're well. Oh, in this world, it's just us. You know it's not the same as it was. In this world, it's just us. You know it's not the same as it was, as it was, as it was. You know it's not the same. Home, home get ahead. Buying speed internet. I don't want to talk about the way that it was. Leave America. Two kids, fatherhood. I don't want to talk about us doing it first. As it was. You know it's not the same as it was, as it was, as it was. Tastes like strawberries on a summer evening, and it sounds just like a song. I want more berries and that summer feeling. It's so wonderful and warm. Breathe me in, breathe me out. I don't know if I could ever go without. I'm just thinking out loud. I don't know if I could ever go without. Watermelon sugar high. Watermelon sugar high. Watermelon sugar high. Watermelon sugar high. Watermelon sugar high, watermelon sugar high. Strawberries on a summer evening. Baby, you're the end of June. I want your belly and that summer feeling. Getting washed away in you. Breathe me in, breathe me out. I don't know if I could ever go without. Watermelon sugar high. Watermelon sugar high. Watermelon sugar high. Watermelon sugar high. Watermelon sugar high, watermelon sugar high. Watermelon sugar high, watermelon sugar high. I just want to taste it. I just want to taste it. Watermelon sugar high. Tastes like strawberries on a summer evening, and it sounds just like a song. I want your belly and that summer feeling. I don't know if I could ever go without. Watermelon sugar high. Watermelon sugar high. Watermelon sugar high. Watermelon sugar high. Watermelon sugar high, watermelon sugar high, watermelon sugar high, watermelon sugar high. I just want to taste it. I just want to taste it. Watermelon sugar high. I just want to taste it. I just want to taste it. Watermelon sugar high, watermelon sugar. I've known you very well. Seen you growing every day. I never really looked before, but now you take my breath away. Suddenly you're in my life, part of everything. I feel you got me working day and night, just trying to keep a hold on you. Here in your arms, I found my paradise. I only care for happiness, and if I lose you now, I think I'll die. Oh, so you'll always be my baby. We can take a shot. We can take forever just a minute at a time. More than a woman, more than a woman to me. More than a woman, more than a woman to me. There are stories only true, people so in love like you and me, and I can't see myself. Let history repeat itself. I'm collecting how I feel for you, thinking back those people, and I know that in a thousand years, I'd fall in love with you again. This is the only way that we should fly. This is the only way to go. If I lose your love, I know I would die. Oh, so you'll always be my baby. We can take a shot. We can take forever just a minute at a time. More than a woman, more than a woman to me. More than a woman, more than a woman to me. More than a woman, more than a woman to me. More than a woman, more than a woman to me. More than a woman, more than a woman to me. More than a woman, more than a woman to me. More than a woman, more than a woman to me. Feeling my way through the darkness, guided by a beating heart. I can't tell where the journey will end, but I know where to start. They tell me I'm too young to understand. They say I'm caught up in a dream. Well, life will pass me by if I don't open up my eyes. That's fine by me. Wake me up when it's all over, when I'm wiser and I'm older. All this time I was finding myself, and I didn't know I was lost. Wake me up when it's all over, when I'm wiser and I'm older. All this time I was finding myself, and I didn't know I was lost. I tried carrying the weight of the world, but I only have two hands. I hope I get the chance to travel the world, but I don't have any plans. I wish that I could stay forever this young, not afraid to close my eyes. Life's a game made for everyone, and love is the prize. Wake me up when it's all over, when I'm wiser and I'm older. All this time I was finding myself, and I didn't know I was lost. So wake me up when it's all over, when I'm wiser and I'm older. All this time I was finding myself, and I didn't know I was lost. I didn't know I was lost. I didn't know I was lost. I didn't know I was lost. I didn't know. I try to discover a little something to make me sweeter. Oh, baby, refrain from breaking my heart. I'm so in love with you. I'll be forever blue. That you give me no reason why you make me work so hard. That you give me no, that you give me no, that you give me no, that you give me no soul. I hear you calling, oh, baby. Give a little respect to me. And if I should fall, would you open your arms out to me? We can make love not war. Okay. Hi, good morning. Let's keep going forward. Let's talk about the food retail. Okay, for whom doesn't know me, my name is Renato Giarola. I've been working in food retail more than 20 years. I'm Brazilian. I used to work for Carrefour, Dia, a Spanish discount format, GPA with Premium supermarkets, hypermarkets, proximity, premium, proximity. 1.99, it's a dollar store, Brazilian dollar stores. After that, supermarkets, Brazilian supermarkets, and I joined the Falabella group last year. It's one year now. It's been one year that I'm working in Tottus. It's been a very interesting challenge, and we are doing, we are achieving some very good results this year. Let's talk a little bit about Tottus. We have only two countries, nine stores in Peru. It's 32 hard discount stores, Precio Uno hard discount stores, and 58 Tottus, and 73 Tottus in Chile. We are the second in the market in Peru. We are the fourth in Chile, and we achieved $2.6 billion in revenues. When we compare to Falabella and when we compare to Sodimac, it seems lower than it seems smaller then, but when we compare $2.6 billion in Brazil, it's the 60th chain in Brazil. It's quite a huge company also. The revenues, okay, we started, we have accumulated this year around 5% in increase, but the last quarter, it's 7% in Chile and 8% in Peru because of all the leverages we are implementing in the whole year in the transformation. We are still implementing in the projects and also the project that we have forward for 2025. The EBITDA, we reached two points more, more two points in reaching 7.1% this year, improving with sales, promotions, margin, negotiations with suppliers, and efficiency. All the time implementing projects with efficiency, better efficiency to deliver the foods. Foods, it's interesting because it's basic. It's very stable and essential demands. If we see the households' spending in Chile, it's 21%. When we see low classes, it's 31.6% of the spend. And in Peru, it's even more. It's 42.5%. When you see the lower classes, it's 53%. It's half of the households' spending in Peru. It's with foods. And another thing, another characteristic, very interesting in the supermarkets, it's the frequency. We have 1.6 more, around 1.5 more frequency when we compare to another business. We have the clients every week or twice a month in our stores. This is we can engage these clients with all the leverages we are implementing. And also the first one leverage that we are implementing and reinforcing is perishables to bring the clients every week in our stores. The new Tottus, why the new Tottus? We started the year looking over the value proposed and understand the Chilean clients, the Peruvian clients, and what are their needs and their expectations also. We are doing this transformation. We define the value proposed in the first semester. We started to implement in the second semester, and we have the whole next year to finish all the implementation that we define in the first semester. A better client's price experience equation. Why this? We are supermarkets. We are not discounter. Precio Uno is another thing. We are a supermarket. We need, we should deliver a better experience all the time. Perishables, a very good perishables category. Prices also. It's a basic need. It's a basic client needs. We need to lower prices all the time with efficiency and better negotiations with the suppliers. We have three pillars: experience with low price perception. We're going to talk forward, customer engagement and differentiation, and operational excellence. About the price, we started the year doing new negotiations with the suppliers and getting closer with the suppliers, changing the way Tottus uses to negotiate with the suppliers. We call the structured negotiations. It's a model. It's a methodology that brings more from the supplier and works closer with the supplier. Aggressive pricing model. We dropped down 5% of our prices here in Chile and also in Peru. A dynamic promotional model. This is, it's the clients of foods. They are all the time seeking promotion. And we started in May to increase the promotional in the stores, and we started to increase much more the sales. When we talk about differentiation, we have some leverages that we are preparing and we are implementing the portfolio. We have 15% more SKUs this year comparing the last year, 2023. Perishables. Perishables, we are working on butchery. We are working on bakery, fruits, and vegetables, and bringing the best quality we can offer for the clients. This is foods. Every time we try to sell very cheap products, we know that the clients don't want this. The client wants all the time quality, quality, quality, and quality. Loyalty program. Let's talk about the private label. Private label, we are reevaluating all the private label we have, and we are going to launch in the next year another private label with a more modern attitude and with a lot of differentiation and high quality. We hired some people from Europe, some people from Brazil to help us to do this. It should put the private label on another level with cost benefit, better cost benefit, and to be one of the best loyalty leverages that we have, and also the corporate loyalty program, because of the frequency that we have with the clients in our stores. It's a strength that we have, and we are going to go on with this. Also, experience. We launched last week a new store in Peru, in Punta Hermosa, with a total different experience when we talk about the store, when we talk about the layout, when we talk about the perishables, when we talk about the services. And these stores got 15 percentage points more in participation in perishables, and the NPS also five points more. It's inspiration in some formats, European formats and Brazilian formats also, and it's working very well. Next week, the last week in December, we're going to launch a store here in Chile, in Chile also, with the same model, with much more perishables. This kind of stores, the participation of perishables, it's around 35%. Also, the internet, the e-commerce, it's very important for us, but the most important for food is this. Nine minutes to deliver for the clients, and we have a very good structure. We are improving all our application, and we are relaunching our web with a standalone web with a better SEO and marketing. Also we are going to start to monetize and do the retail and sell the retail in both channels, web and also the application. Our promise in 19 minutes and 24 hours and 48 hours for non-foods, we are completing around about 85%, 87%. We are delivering in a very fast way. It's working very well. When we talk about Peru, we have a discount format. This discount format, we got a transformation this year, turning to a food discount format with a very low price, and it's working well. It's growing around 15% and 20% since July when we start to implement a very strong format in this. It's a food format. It's very cheap, 10% less than the market, with a lot of rotation and basic goods all the time, basic goods, rice, oil, and promotions and communication also. In Tottus, we are continuing to enhance the profitability, efficiency, and a better store, better experience, and better prices also. In Precio Uno, next year, we are going to start to expand again. Okay, fast growing demand because we have 17% of the market in Peru. It's a traditional market, and we know that we can get delivery, a better offer for the clients with better prices and better quality also. Lower prices, 10% less comparing with the market, even with the cash and carries, and even with the traditional markets, we can deliver them with 10% less in prices. We have now five stores to open in 2025, but we are seeking to open more stores next year. Okay. The key takeaways. Next year, we have a lot of projects that we need to deliver for the clients to implement in the stores. Here are some highlights. The new private label brand Attitude with a more modern way to do private label and to bring this loyalty, the client's loyalty. Transforming store experience. We are going to change the layouts and bring much more food and much more perishables to the entrance of the store and to be a real food retail. We are expanding, as I said, five, six stores in the next year, but we are sourcing and looking for new sites to open stores in Peru, in the whole Peru, in Lima, in countryside. Our format is working well because we have a discount format also for low density. When we talk about our competitors with very small stores like Mass, like in Colombia D1, like Mexico, 3B Mexico, they have small stores only for high density. We have stores that come from 800 square meters to 2,500 square meters, and then we usually do very well in low density also, and drive operational excellence all the time, cutting costs and seeking for new methodologies. We have a huge team from Europe and Brazil working with us to change all the logistics that we have, all the operational in stores, methodology in commercial area also, and seeking all the time operational excellence. Okay, that's it. Thank you very much. Now let's talk about Mallplaza, Fernando de Peña. Thank you, Renato. Good morning, everybody. I'm going to talk about the three strategic pillars of Mallplaza. One is the value we deliver to our customers or visitors. Second is the value we get from our omnichannel proposal. And third, growth, growth, and growth. First, I want to make two statements. Mallplaza is the best platform for investors to invest in the Andean region because of the quality of the assets and because of the quality that the markets we serve. Second, Mallplaza is the best gateway to the global brands to get into the Andes region or to expand in the Andes region. We are the largest operator in the Andes region with a unique portfolio of top-tier assets. We have 2.3 million square meters, and our market cap in the U.S. is $3.7 billion. We have 20 assets that deliver 60% of the company EBITDA. We have presence in three countries, Colombia, Peru, and Chile, with 37 shopping centers in 23 cities. What is a Tier A asset? A Tier A asset is a shopping mall that leads a big market, a market with a high potential of growth, and it leads in terms of sales and visitors. For example, in Chile, the 10 best assets or shopping malls, six of them are Mallplaza malls. We have 350 million visitors per year. We have almost 5,000 stores, and 47% of GLA is focused in experience and convenience. What is this? Convenience delivers us daily use, so it brings people every day to our projects, and experience, it's how people socialize in our projects. Saying that, we are the gateway in the region, in the Andean region, for global brands and for investing. Let's see a video with our 10 Tier A assets. Play the video, please. We are Mallplaza, the main shopping center platform in South America. Our portfolio includes assets that are leaders in their respective markets, 10 of which are Tier A. They represent over 60% of the company's EBITDA, generating a high return on investment with high visitor flows, growth potential, and highly productive leasable area. All of them are in densely populated areas and are well connected and easily accessible by public or private transport, making them strategic points within the city. Seven of our Tier A assets are in Chile, with a presence in the country's main regions. Mallplaza Vespucio, Oeste, Norte, and Egaña are in the metropolitan region and satisfy the multiple visiting purposes of the inhabitants of La Florida, Cerrillos, Huechuraba, and La Reina, respectively. Mallplaza Antofagasta, in the region by the same name in the northern part of the country, is part of the city's port complex, thanks to a public-private partnership. Meanwhile, Mallplaza La Serena in the Coquimbo region has a renewed value proposition leveraged on high-traffic international brands. For its part, Mallplaza Trébol in the city of Talcahuano, Bio Bío region, offers a powerful commercial mix of services and entertainment that makes it a leader in its area of influence. Our Tier A asset in Peru is Mallplaza Trujillo, which has strengthened its retail offering by incorporating new formats and brands that attract foot traffic. Meanwhile, we have two Tier A urban centers in Colombia. Mallplaza Buenav ista in the city of Barranquilla was inaugurated in 2019 and is where our successful El Mercado Food and Beverage model, which we have replicated with very good results at different urban centers in three countries, was created, and Mallplaza NQS in Bogotá, the capital of Colombia. This urban center, acquired in 2020, was our first M&A operation in the country. Today, it is a must-visit destination within the city, serving multiple purposes for visitors. Thus, Mallplaza has one of the best asset portfolios in the region, with a varied and customer-focused value proposition. We continue to work to strengthen our assets through organic growth with a plan that considers adding 225,000 square meters in Chile and Peru over the next five years. In this way, our shopping centers will continue to be capable of providing multiple and powerful reasons for visiting with new brands, services, and categories to consolidate our leadership in the region. I will say that there's no company in Latin America that has such an amount of Tier A projects. Okay, in terms of our first strategic pillar, it's the value that we deliver to our visitors. This 2.3 million square meters, 28% is convenience. Convenience is supermarket, hypermarket, cash and carry, home improvement, public services, private services, gym, etc. That gives us a daily visit to our projects. Then we have fashion. Fashion is 43%. Half is department stores and half is specialty retailers. In terms of department stores in the last five years, we lowered up this percentage, this 22%, and we are increasing specialty stores percentage, mainly with international brands. We are the most important operator in Latin America with H&M, Decathlon. We are growing a lot with Inditex Group, mainly with Zara and other brands, and also with regional brands like Casaideas. So we are rebalancing the mix between specialty retail and department stores. Then we have a 15% in entertainment and F&B. Since the COVID, we pushed very hard this percentage from 10%-11% to 15%. Today, the U.S. market has a 10%, and they're willing to have a 15% in the next five years. What is this? This is social destination. This is where people really meet people, see people, connect with people. Really, it was people connect with people. This is very important because human beings, we are social animals, so people, whatever. Then we have 10% of mixed use, mainly in healthcare and education. That is the same role that the convenience. They bring us people every day to our projects. So at the end, we have 38% of proposals to bring people, and then we have 4% of mainly automotive. I will say that 15% of the new cars in Chile, they are sold in Mallplaza. Our value proposition is very diversified, but also it has very strong reason to visit our places. In terms of the value that we get from our omnichannel proposition, I will say that we have two drivers. First, omnichannel services, and then new revenue streams. In terms of omnichannel services, we have 19 Click & Collect. This Click & Collect generates digital flow to our shopping malls. But these Click & Collect, they are absolutely agnostic. They are not only for the stores that are present in the mall. They are for every retailer, every marketplace, and every last-mile company. Because at 10 minutes of each of our malls live too many people. We are in really very dense locations. So then the mall, it's a hub to consolidate packages, and people can come to the mall to get them and visit the mall. But also, we are increasing our sales in ship from store with the same idea, not only the stores that are present in the mall. So we have some dark stores so we can deliver packages for stores that we are present in the mall and other retailers that are not in the mall. So people can come to the mall, or we can send them packages to their house. All this generates us a lot of data, and data that we really have a better understanding of our customers, and we can give value also to the stores that are present with us. I will say that up to date, we have 560,000 contacted clients, and there are 330 stores that they are using all this to have a better transaction and conversion in the store with a huge amount of people that visit us. On the other hand, we have these new revenue streams. The first is on and off-site marketing media services. I will say that today, we have 1.5% of our revenue comes from here. If we see Brazil, for example, it's 6% of the revenue. So we have a very big ramp-up over there. We are working on that. We are really in a kind of exponential ramp-up. So we think that we will be in 6% and 7% of the revenue with our BIS proposals. And then frictionless parking. We digitize all our parkings in the three countries. Today, we have 25% of our clients, they have free flow. So our NPS increased a lot, but we have a check-in. So each time you get by car into our projects, we know that. And as we know you, we can deliver you the best experience you want. So we are working very hard on that. And in terms of growth, we will have two drivers of growth: brownfield and M&A. In terms of brownfield, we will grow in Chile about 135,000 square meters in the next five years, and in Peru, at least 100,000 square meters in the next five years. I will say that brownfield has been very, very strong in the history of this company. Today, this 2.3 million square meters, 50% of that comes from brownfield. So we really, really know how to do brownfield. Brownfield is faster and low-risk execution. It's cost-attractive because there's a lot of investment that the mall has already done. It's marginal and improves the market share of that particular mall because we have better reason to visit our mall. But also, we have a lot of amount of available land in almost all our Tier A malls. We have the capability to continue doing brownfield in the time. In terms of M&A, today, we have a 31% of market share in Chile, 21% of market share in Peru after the OPA that we finished last week, and 4% in Colombia. We plan to continue increasing our market share in Peru and Colombia. We have two stories about this. First is Mallplaza NQS. Mallplaza NQS, we bought this mall that's called Calima in a very good market, in a very good location in Bogotá, but was mainly convenience. We bought it in 2020. We simplified the navigation of the mall. We add fashion. We add entertainment. We add F&B. We add socialization. Today, we have 1.3 million visitors per month. When we bought it, there was, or before the pandemic, there was 300,000 visitors per month. The value that we create there is enormous. Today, NQS is one of the three best malls in Bogotá. As I told you, next week, we finished the OPA, and in Peru, we bought 66% of Mallplaza Peru and 100% of Mallplaza Peru. It's more or less the same history as NQS in the sense that there's a lot of projects in very good markets with very good locations. We will deliver a better experience. How? First, we will simplify the navigation. We will add on top a very good convenience proposal: fashion, entertainment, F&B, socialization. We plan that in the next five years in Peru, we will go from one Tier A in Trujillo to four Tier As in Peru. In Peru, we will deliver this opportunity in the next years with a very, very strong value that we will get from that. I will say that Mallplaza is really a very strong platform of Tier A. But also, in middle markets like Calima, like Iquique, etc., Los Ángeles, we are the leaders of those mid-markets. We have a very strong Tier A proposal, but also in mid-markets, we are leading mainly all of our middle market. Now, I will give you with Juan Manuel. Thank you very much, Fernando, and thank you all for giving us the opportunity to present our digital banking strategy. We are extremely excited about our digital banking strategy. We feel that our value proposition is really gaining traction with our customers, and we really think that we have done a lot of progress in the implementation of this strategy. Consequently, we are also very optimistic in the future, and I will try to show you why. First, our aspiration is to become the number one digital bank in the countries we operate. Today, we process $23.5 billion in our credit card purchases per year. We have a $6.5 billion consumer loan book portfolio, and we have 7.8 million customers. 76% of them are active monthly users in our app. Chile is the leading country in our digital strategy implementation. As you will see, in Chile, our strategy has clearly outperformed the market and will continue to do so. For example, we are already number one in credit cards in the country. We are also number one in current accounts in the country. We have been able to increase in credit card purchases as more and more customers choose CMR as their preferred and main credit card. In terms of current accounts, during the last five years, we have multiplied by five times the number of current accounts that our customers have in the bank. And the good news is that we have also multiplied by five the debit card purchases that these customers do. So we are able to open and attract customers, but we are also able to make these customers transact with our cards. In terms of consumer loans, we have remained stable all through this period. That was given our prudent approach to credit risk in a challenging credit risk market. But the good news is that during the last few months, we were able to start growing again our consumer loan book, which will drive top-line increase for the bank. We were able to accomplish this given our digital strategy, a strategy that allows us to reduce our number of branches by half during these last five years. As I mentioned, our strategy is gaining traction with our customers, and we think that we are suited to deliver profitable growth going forward. I will quickly go through the main five pillars of our strategy, being the first, a mobile-first experience to our customer with a strong presence in our high-traffic retail stores of the Falabella ecosystem. We also offer a reduced portfolio of very simple and intuitive products, which are enhanced by benefits that only the Falabella ecosystem can provide. Third, we have accurate risk prediction and personalized offers that we can do leveraging the ecosystem data and also our AI models. In terms of technology and in terms of organization, we have been working during the last, I would say, 10 years in achieving a decoupled modular and API-oriented IT architecture combined with an agile organization for shorter time to impact. These days, we are benefiting from the benefits of the job done through all of these years, and we believe that we'll be able to actually put in the hands of the customers more products, better services more quickly, and all of this is complemented with a low-spending discipline. Now, let me provide a little bit more color on each of these pillars. During the last five years, we have been working hard in the digitalization of our sales and service model. We have been adding a wide range of features to our app. Maybe there are a couple that are worth commenting on. The first one is the instant credit card and account opening journey that we have. We are able to actually open a credit card for a customer who is in Falabella.com, for example, looking for a TV, offer the customer the credit card, allowing the customer to open the credit card in a few minutes and purchasing a few minutes after with also a discount, a benefit that helps us have the highest activation level on our opening of products. Lately, we have been adding debt payment alerts and refinancing products within our app. This has shown a very high impact in improving our credit risk management capabilities. All of these that I have been telling you have driven a significant increase in the number of active app users that we have. We were able to multiply by 2.4 x the number of active monthly users in our app, reaching to 5.9 million. Going forward, we think that we can even boost our service proposal to our customer by the adoption of Gen AI solutions in our service model. We have been using AI for 10 years now, but we have recently implemented Gen AI not only in our back office, but also we are leveraging on AI to improve the quality of service we provide. What you're seeing here is an example of using AI in our bot for transaction disputes. Transaction disputes is one of the most required services that customers have in a digital bank. And we were able to actually accomplish three things at the same time. We are today more accurate in fraud prevention, fraud detection through this tool, but we are also able to improve satisfaction of our customers with this adoption and also to accomplish more efficiency given the adoption of this technology. Now, we are going to start rolling out Gen AI solutions as we have been creating the basis through this use case to actually adopt new use cases. I already mentioned that our value proposition is gaining traction. And I think that that's the result of two things. The first one that I already told you about, that is a digital, simple, intuitive offer. But this offer is complemented by all of the benefits that only the Falabella ecosystem can provide to customers. First, we offer promotions within our ecosystem. We give what we call Oportunidades Únicas. Customers can acquire products with a discount for our cardholders. Second, we also provide promotions with business partners which prefer us in all of the countries that we operate, given the large customer base we have. Whenever a partner joins us, the impact in their sales, it's massive given the quantity of customers that we actually provide to the partnership. And finally, we complement these Oportunidades Únicas or discounts with the best loyalty program in the region, CMR Puntos that Andrea has already told you about. The good news here is that as a consequence of these benefits, we have been accomplishing a very, very challenging objective for Banco Falabella. We were born as the credit card of our retailers. So in our origin, our customers just used our credit card whenever they wanted to go to Falabella, Sodimac, or Tottus. And with these benefits and with these proposals, we are actually increasing the card purchases. We more than doubled the card purchases during these last five years, and we almost doubled the number of purchases that customers do with our credit card, mainly through an expanded use of our products outside of the ecosystem in the day-to-day life of the customers. More and more customers are adopting our cards as their main cards, and that will continue to provide growth for us. Being a part of the Falabella ecosystem has lots of benefits. One of those is the possibility to leverage the data that this ecosystem has. Of course, we use the data of our customers' banking products, their loans, their assets, etc. We also, and of course, we use the transactional data of their credit card, of their debit card, but we complement that data with the purchases that customers of the ecosystem do in Falabella, in Tottus, in Sodimac. So we can actually know the purchases that customers do at an SKU level. We know the specific product, and that allows us to really learn and understand the customer. Being a part of CMR Puntos also gives us the consent of the customer to use this data for several purposes. We complement all of the ecosystem data with external sources, and we process this data with the AI models that we have been developing for the last 10 years. Today, we use more than 15,000 different variables because in some cases, we have some information from one customer. In other cases, we have other information, but these models actually give us a lot of value in several things. The first one is superior credit risk assessment. The second one, solid fraud management capabilities. It also allows us to have a low customer acquisition cost and also to present personalized offers. This last part is something that we have been working on in the recent past and that we are really excited that we can actually take to the next level. Now, let me show some figures of that impact. There are some things that are extremely important in banking. One in consumer banking, one is risk management. Given all of the data that I just showed to you, we see that in almost all of the countries, we have NPL levels lower than our peers. That's what you see on your right side of the chart. Okay. Another thing that is very important in consumer banking is customer acquisition cost. Being part of the ecosystem with the data, with the traffic that Falabella, Sodimac, or Tottus stores have, and the traffic that Falabella.com have, we are able to actually get customer acquisition costs that are one-third of our competitors, and finally, and in the center, there is something really very important for our e-commerce that is processing payments in the e-commerce. There, the challenge is to accomplish two things. One, to have a low fraud index, but also high acceptance rates of the purchases. As you see here, we are outperforming the market by far, and that's because of the data we have. Another consequence of our digital model has been to actually increase productivity. We have achieved much higher productivity per employee, and also, in the recent past, we were able to stabilize our IT spending given how advanced we are in the implementation of our new architecture. Why do I think that we are really very well positioned for the future? We have been going through really very challenging times during the last five years. We face social unrest, we face pandemic, we face post-pandemic inflation, and now we see that these are industry data that risk levels are starting to go down. That will allow us to actually start to grow again in consumer loans. In Chile, we believe that we will be able to grow given more and more customers choosing us as the primary bank and also, as I mentioned, to increase the loan portfolio. In Peru, this year, we were able to gain profitability, to recover profitability, and given structural changes that we have done in the business. In Colombia, we faced last year changes in regulation, especially in the cap of the interest rates, and we have actually rethought our business model to generate more fee income and actually downside our structure again to regain profitability. In Mexico, we think that we will be able to keep on acquiring new customers and making these customers transact, and we are also adding new products such as personal loans that we are adding in the next following months, but also we're changing the legal entity in Mexico to a SOFIPO that will allow us to hold customer deposits. In brief, the key takeaways I would like you to take home are first, our value proposition has traction among customers. Second, our customer base benefits and ecosystem data generate a competitive advantage for us. Third, we see a more stable or normal credit risk context that will allow us to accelerate growth. So that's why we think that we are really very well positioned for the future. Thank you very much. I will leave you with Alejandro again for his closing remarks before the Q&A. Yeah, well, I don't have any slides. It's basically just a couple of things before we start the Q&A. Oh, you're right. We had a slide. There's some degree of improvisation here, but a couple of things I would like to share with you before we get into the Q&A. The first one, I'd like to thank the team. We just shared eight very thoughtful and very, I would say, relevant presentations of the Falabella that you see moving forward. You saw not only the enablers at the beginning, you also saw the five different business lines. Those are not concepts. Those are actionable pathways of recovering first value and then turning back to growth. And I think that's key. We also saw in the first part all the different capabilities that we've been able to build during this, I would say, three and a half years or so. That's key. That's key because that's the base that will allow us to face this customer. We have an omnichannel customer, then we have to have an omnichannel response for that. And the complementary sources of value that we also share with Benoit are a big part of the profit recovery. We know, as I said before, 30, 40 years ago, we were selling products, apparel. We've added new categories. We were lending money from 1980. Then we got into shopping mall business. But for four decades almost, we've been doing something relatively similar. We've added new channels. That's part of the point I'm trying to make. We're going to generate a lot of value from complementary sources of what we have. That's key for what's coming in Falabella. The other thing is that we came, as Enrique mentioned, and I emphasized after that, we're coming from two very, I would say, volatile years. It was a roller coaster in a way, but we're back. We're back strong, as you saw in the presentation we had. We're going to make sure that we tackle all the opportunities the market's going to be presenting to us. This is just this region. We're going to be the leading company in the Andean region. We're going to take it from that. With that, I'd like to Q&A. I'd like to invite the team. Please, boys. Andrea. [Foreign language]. [Foreign language]. So before we turn to the Q&A, I wanted to comment that in-person attendees have received a paper sheet with a survey for your feedback of today's events. We would be very grateful if you can complete this for us, and we will be collecting after we finish the Q&A. For those who are joining us today in the webcast, the service is available under the research tab. And thank you very much. And with that, let's turn the question first with the in-person, and then we can move to the webcast. Thank you. Alonso Aramburu from BTG Pactual, actually. First of all, thank you very much for providing guidance for the next couple of years. Very helpful. I wanted to ask about the culture of Falabella. Enrique started the presentations talking about the transformation and embracing simplicity at the company. I'm just wondering how ingrained has all this become in Falabella, and has the culture needed to change for this to happen, for this to be sustainable over the long term? No, [Foreign language] was supposed to be here, but he's the head of HR, but it doesn't matter. I don't think the culture needs to change. I think we need to embrace what has always been the culture of Falabella. Every business has its different flavors, but there are some common things that we all share. Part of that is, I would say, this entrepreneurial spirit that we have. And I think that's what we, I would say, I wouldn't say recovery, but at some point, just to be very open with you guys, four quarters of negative results was something that, as I said before, you didn't expect, we didn't expect. And I think based on that lack of expectation, probably the reaction was not the one that you would have expected with that. But now we realize what we had to do, and now it's basically going back to action. We used to have several, I would say, sentences that would reflect the culture of Falabella. One of those was making things happen. And I think that's key. But then again, I wouldn't say this is a cultural change. Maybe if you want to say at some point during these four quarters we had, we were a bit, I don't know, knocked down. Maybe we were probably surprised with this belief. But it's basically going back to that, which is the spirit that I see in the company today, by the way. Hello. Hi. Go ahead. Great. Thanks. Andrew Rubin at Morgan Stanley. Thanks very much for the presentations and all the detail. I'd like to dig in with a couple of follow-ups on the guidance, if I may. When thinking about the 12.5%-13.5% target, I'm curious how you think about a breakdown between gross margin and SG&A, and within the context of you've had SG&A control over the years, you're talking about flat in real terms while also increasing the investment plan. So I'm interested how to bridge those figures. And then second would be within the low end to the high end of the range, what do you see as some of the swing factors to get between those two? Thank you again. Thank you, Andrew. Regarding the improvement, the expanding of our margins, I would say this is a combination of effects. First, on the revenue side, we are expecting to reach mid- to- high single-digit growth for the next years. This is going to be mostly a consequence of the improvement in Sodimac operations and revenues and the better results and growth in our e-commerce business. Okay? So this is on the revenue side. On the SG&A expenses, as Alejandro mentioned in his presentation, we are pretty focused on transforming Falabella into a very, very effective company. So although we don't have any additional efficiency plan, we expect to keep our SG&A expenses growing below the inflation. So if we can make our revenues growth over the inflation, which, in the countries we operate, is around 4%, it will mean that we are going to improve, expand margins for the next years. This is mostly the explanation. If I can complement Juan Pablo, when he says e-commerce is part of what we've been discussing here about this, let's say, adjacent sources of income, like value-added services, fulfillment services, those are things that we're starting to do. They're gaining traction. Those are things that we didn't have five years ago. But it's part of that. And that's part of the, as he mentioned, of the objective that we have to make this breakeven because we're getting some other source of more than just saying that we're going into different pathways of income. Hi everyone. Felipe Ballevona from Santander. I have two questions. First one for Juan Manuel. You mentioned that, I mean, the question is, how do you expect the bank's profitability to behave with a growing loan portfolio? And my second question is for Alejandro. Sodimac Alejandro, sorry. And it's about you mentioned that you expect revenue to start recovering the second half of next year. So my question is, if you could give us a little bit of more color, and it should be the beginning of the second half, later second half, and what are the specific drivers for this? What happened in order for us to start seeing recovery in Sodimac? Also, by the way, thank you for the presentations. Very helpful call. We think that is going to begin at the beginning of the second half of the year. We are already seeing some trends of recovering, so we think it's going to be at the beginning of the second half of the year. I didn't hear the second part of your question, sorry. Your question had two parts. What are the drivers that you have to see or we should see in order for what are the drivers? Basically, how fast is it going to start the home market selling and also the recovering of the construction in the country? But we are seeing some of those trends already happening. You already see a? A little bit. Yeah. A little bit? Yeah. Okay. Thank you. Regarding the banking business, let me split it in parts. First, in Chile, I'm guessing that you're asking specifically about Chile. In Chile, what we see going forward is an increase in top line. As I mentioned, we believe that we're going to recover our consumer loan portfolio growth. We are already doing that, so we're going to increase top line, and also we are going to see an increase in the cost of risk, and that's because in 2024, we actually improved significantly the health of our portfolio. That means we are expecting some growth in net profit. In terms of the banking business outside of Chile, we're very optimistic. In the case of Mexico, 2024 was the first year in which we had profits, and we are expecting those profits to grow significantly given operational leverage. We already achieved the volume that is going to actually create this operational leverage. In the case of Peru and Colombia, as I mentioned, 2024 was a year of a lot of rethinking in Peru, coming back to profitability, and we expect an important profitability growth in 2025 and so on. In the case of Colombia, we are going to go back to profitability, or we expect our plans are to go back to profitability in 2025. You have two questions from online. Okay. Hello? Okay. Now it's working. So one question is from Héctor Maya from Scotiabank. Considering the lessons learned from the past few years, what would have you done differently in e-commerce? And could you give more details on what do you mean by becoming a more curated marketplace? And the second one is Ted Maa from Goldman Sachs. How should we think about the trajectory of GMV growth from here? Feels like a lot of pieces are now in place. Or is there anything specific that you feel can trigger this? Also, within this, how do we think about the mix between 1P and 3P going forward? Let me take the first part because we've done a lot of, I would say, self-analysis and things we did that worked, things we did that didn't work, and I guess the most relevant part probably would have been to keep the specialist sites from Sodimac and Tottus. So I think that's probably the one thing that we did that really didn't click with the customer as we were expecting, and therefore, the improvement that we're seeing this year also reflects that there was a lot of value there. The rest, a big part of it was investments that we didn't have, and let's just say that when the pandemic came, it did change the competitive environment big time. The capabilities that we had at that point, which, by the way, were way better than the so-called competitors we had at that time. The reality after the pandemic was totally different. We were facing and competing with top world players. That's the one thing that I would have done. I think, Francisco, if you can get all the marketplace part. Well, thanks for the question. I think sometimes we use a word that means something for us, but it's not necessarily clear. Curator is a guy who sits in the museum and determines what can enter the museum or what cannot enter a museum. That's not really what we mean by curated marketplace. What we mean is that the Falabella brand stands for quality, stands for authenticity, stands for long-lasting remembrance, and those things we do want to care more in some categories. So, for instance, in makeup, we are really going to, we are thinking on a very by-invitation-only sort of marketplace because we don't want to have or take any risks there. Whereas other areas as computer accessories or cables, we are definitely going to be much, much open in that regard. Actually, one year ago, we had 20,000 sellers, and we still have 20,000 sellers, but they are not the same sellers. So we are in this process of refining what's being sold with much more care about the quality in some categories and more flexible, if you want, in other ones. And how we envision the penetration of 3P in the future, we see a huge opportunity here. Most of the e-commerces in the world are half and half. We think we're going to get there. We've been growing twice or three times faster in 3P than in 1P. So that's a trend we do want to keep. But then again, it will vary from category to category. There are some categories that we are pushing very aggressively towards 3P because it's more profitable, it's more flexible. Best example would be furniture. And there are other categories where we're not really pushing that too much. Best example may be perfumes. So there's no one single answer for that question. Hello. Felipe Molina here from Scotiabank. Thank you for the invitation. I have a question regarding the bank. Would it be fair to assume that you have an attractive opportunity to grow consumer loans? Would this be part of the focus of your strategy of the bank? If so, how would you leverage your digital capabilities to drive growth in consumer loans? Do you believe Banco Falabella could potentially become one of the top three players in this field in Chile? Thank you, Felipe, for the question. I think that during these very challenging credit risk years, what we have done is to actually acquire more customers and actually to deepen our relationship with these customers. That's been reflected in the number of purchases, the volume of purchases, the penetration levels. I think that now what we will do is to leverage that customer base, that bigger customer base and more loyal customers in order to grow in consumer loans. That is something that we can clearly do through our digital capabilities. Most of our consumer loans are actually contracted by the customers in our apps, in our web. As you have well seen, we increase also the number of customers actually interacting with our web and in our app. So we believe that we are going to grow in consumer loans and we are going to leverage on our digital capabilities. Hi, thank you. A follow-up on the bank. There are different levels of profitability, very different between Chile and Peru and Colombia. When you think on a consolidated basis, which is how you reported in the financial statements, what do you think is the sustainable level of ROE for the consolidated banking operation? Do you have a target for that? And when do you think you can achieve that? There I'm going to look to Raimundo to see what I can say and I can't say. But let me tell you the following. In the case of Chile, we are expecting basically to increase somehow or increase a little bit the ROE that we have achieved during the last months. In the case of Peru and Colombia, we believe that we are going to be able to significantly increase ROEs in those countries and the same in Mexico. And I think that you can actually look at the trajectory that we have been having in Colombia. Actually, I think that it shows clearly that we are in the way to do so. The same happens in the case of Peru. And in the case of Mexico, as I mentioned, I think that we have been showing an increase of the top line with no need to increase significantly our SG&A and our operational costs. I would say that ROE in a consolidated view will be favored by an improvement in the ROEs of our businesses outside of Chile. Okay. And just also following up on that, how replicable do you think is the strategy that you have implemented in Chile becoming more of a digital bank in Peru and in Colombia? And another question separate from that, there was very little talk about Brazil. If you can make some comments about where Brazil stands in the strategic focus of the company for the next five years. In terms of how replicable, I believe, or we believe that there are things that are very much replicable, and those are two main things. One, the digital value proposition. And we are organized to actually do so. We have a digital factory that works for Chile, Peru, Colombia, and Mexico, and we have the same IT architecture in all of the countries, and that's something that we thought several years in the past to be able to develop a customer journey and be able to replicate that digital customer journey in the four geographies, so I think that that is something valued by the customer in all of the markets we operate in, and also, we are organized and we have the IT architecture that will enable to do that. Second replicable thing are benefits. We have been pioneers in providing a lot of benefits, both from the ecosystem, from outside the ecosystem with a loyalty program in all of the geographies, and we believe that that's really distinctive from our strategy and very valuable by customers, so those things we believe that are replicable. Then our business is a very much regulated business. So whenever we go to a country, we are going to see differences maybe in our revenue model given those regulations in terms of interchange fees, in terms of maximum interest rates. So what we are really very conscious of, and I think that that's a lesson learned. You asked about lesson learned in the previous question, is that we do think that our customers value digital. Our customers value benefits, but we need to be very conscious of the different regulations in our banking businesses in the different markets and adapt our model to those situations. Then there was a question about Brazil, right? Regarding Brazil, our main objective is to recover profitability. We're not going to do more investments until we do that. So in the next years, we don't forecast that. So it's that simple. That's why we didn't go through in depth. Hi, everyone. Thank you for hosting the Investor Day and for taking my question. Javier from Itaú Asset Management here. Again, on the banking business, when you look at the EBITDA margin evolution, the one of the business units that is pretty far from pre-pandemic levels is the bank. So I just want to understand where should we expect EBITDA margin levels to behave during the next couple of years and if there is any possibility to see those levels of 28%-29% again in the future. Thank you. Okay. I think that maybe Raimundo, you can provide exact guidance on numbers, but I can elaborate a little bit on trends. Okay. As I mentioned, I think that there are differences country by country. In Chile, there are maybe three factors to consider. One is the evolution of our consumer loan portfolio. As you have seen, our consumer loan portfolio has been pretty stable through these years, and that is something that is going to change. Our consumer loan portfolio, we expect it to grow, and that's going to actually increase the interest generated. Second, there's the cost of funds. Interest rates in the country have been decreasing. The central bank rates have been decreasing, and that is a trend that would probably continue. Okay. So those two factors, increase in the volumes and also decrease in the cost of funds, will actually drive an increase in net interest margin. Okay. In terms of risk, what we expect is to improve slightly the health of our portfolio. That is something that we have accomplished during the last year, but now we think that that is going to remain pretty stable. When there are changes in the health of the portfolio, that can actually increase risk provisions or actually decrease risk provisions. So that's why I think that going forward or this coming year, our cost of risk can actually go up. Okay. But adding all of that, we expect a slight increase in net profits. That's Chile. In the case of Peru, we see room for risk to go down. There's still room for that. I think that the economy there or maybe the market, the consumer credit market, is in an earlier stage, so there's still room for risk to go down, and that is something that we expect to benefit from. In the case of Colombia, again, I think it's more like Chile. We expect volumes to start growing, but a little bit more into the future. Interest rates there will probably go down too. I mean, the cost of funds will go down. So those are the trends that we are seeing going forward. So I have two questions from the online audience. One is from Nicolás Larraín from J.P. Morgan. He wanted to get some comments on competitive environment in Chile, particularly in the online form from other marketplaces and also in the home improvement stores. And the second question that is related with the home improvement in Chile from Héctor Maya. You talk about the strategy and focus on the professional client segment, but could you also share what your strategy is with the general retail consumers that represent 50% of the sales? And is there space for improvement on the margins from a more favorable mix or with your loyalty? Do you want me to start? Well, definitely the final consumer is very important for us. In the presentation, I highlight more the professional customers since we think that their frequency and ticket purchase is very important and it's very high, and they also influence a lot some of the customers that were doing a project, and also because in the last couple of years, the sector has been more impacted in the construction segment is the construction done by professionals or business to business, so that's why we expect that the recovery is going to be higher on that segment than in the other, but we also expect a growth in the final consumer sales for the next years, and in terms of margins, we're also expecting a recovering margin to the levels that we had before the pandemic or close to that, and an important factor in the recovery of those margins are our private brands, as I mentioned. During all the pandemic period and a little bit after, we weren't able to import all our products from our private brands, so we had to rely on suppliers, and that affected the overall margin that we had. But now that we are importing back as we used to do it before, you can see if you visit our stores that we have more innovation, you have more new products, more special buys, and that will foster the consumption that our final customers do at our stores. Regarding competitiveness in retail, I think, well, retail is a super, super competitive industry, right? We compete with every best brand in the world. We compete with every channel. We compete with local marketplace, international marketplace. We compete basically with everyone because goods won't ask for permission to cross a border. They just come in. But this has always been like that. I think Falabella is very used to competition. We have been immersed in this competitive environment for a long time. It's always been the case that we have competitors. And I do think that in that scenario, it's important to know what are you very good at and what are the gaps that you need to fill. We are very confident that we are very good on omnichannel. We're very good on having the best brands and providing an omnichannel branded lifestyle-oriented sort of user experiences. That is something that is actually very, very hard to replicate. And I think we're going to partner very strongly with the best brands because they do want the same. So that's one thing. Now, the gaps, I think we're really filling the gaps in terms of services, in terms of speed, in terms of post-sales. Home delivery team here led by Benoit has been super fantastic in that sense. So we're really filling the gaps, and we're very aware of those gaps, and we're confident that we're going to be able to close them. And on the international side, we're placing a lot of focus on bringing high-end brands internationally only. So our international marketplace is oriented mainly for big, super well-known brands coming from the outside that are not available here. We're not going to compete with cheap generic items. Nothing is out of our scope. I'm not really afraid of that. Now, maybe just to complement, we're seeing how our strategy is gaining traction through our specialty value proposition through Tottus and Sodimac on one side, and for the more general value proposition through Falabella, right? And this is gaining traction online, but it is also gaining traction with the omnichannel value proposition. The ratios of research online purchase offline that we see are showing us that the strategy is the right one, we believe. Hi, can you hear me? Yes. So Joaquín Ley from Itaú BBA. I have a question regarding CapEx. You mentioned a lot about CapEx regarding the offline part of the business. I just want to understand if, and you also mentioned that you guys have done a lot of things during the 2018 to 2022 period. I just want to understand in the IT part of the business and the logistics part of the business, is there anything else that you need to complete what you are expecting of the strategy going forward in terms of logistics, IT, anything that maybe are still pending going forward? And my second question is regarding the guidance. It's heavily dependent on sales and fixed cost dilution. I just want to understand how flexible the company and the strategy are if that strategy is not met, if that, for example, the macro conditions are not good enough to meet the increase in sales. How flexible you guys are to adapt and change that? Because you also mentioned that you don't have any other synergies going forward. Just quick on that. Okay. Thanks for the question. You asked a very specific question about CapEx in technology and logistics. What I can say is that we've done some CapEx in those areas in the previous years, and we've announced those investments in the previous years. But today, this is done mainly through OpEx, right? Because the developments have been done, and therefore what you see in the new CapEx for next year, for example, in technology and logistics is mainly through OpEx. And the reason is that we are deploying, right, technology, right? And we are able now to capture new deployments in the warehouses management, last mile management, and also in digital commerce, as I mentioned, omnichannel stores and merchandising and digital banking, right? And the second part of your question, if I may respond, at least at the dilution of fixed costs, this is what's also happening in the e-commerce part where through growth, we are diluting very quickly the fixed costs. And that's the reason why we are putting that target of reaching break-even by the end of 2026. But since we are capturing those synergies across the business unit because we do have those different platforms, but customer-facing different platforms, but at the back end, it's all the same, we may be able even to reach that break-even before. If you allow me to complement Benoit, mid-single digits is not, I would describe as a way to heavily depend on increasing sales. It's more in line to what we're saying because actually in 2025, we're expecting probably 2026 should be more of a normalized year, but 2025, I mean, you see any projection of any economies, it's not going to be a booming year in any of the main markets that we have. So it's more of a kind of recovering things, keeping efficiency costs at some point, SG&A taking care of them and growing less at inflation. And it's more of a continue basically doing what we have. And some of these incremental sources of revenue that we have are like value-added services, which are relatively high margin compared to the other products that we have. Hi, Felipe again here from Scotia. I wanted to know if there is an update that you can share regarding the conversations with the rating agency considering the leverage target that you're aiming for of 2.5x-3x net debt to EBITDA. Thanks. Thank you, Felipe. Our rating agencies are already here, so I have to be careful. No, no, no. As always, I would say, we have maintained our very close relationships with them, having meetings, I would say, every month, no Andrea, and sharing our projections, defining certain commitments. And I would say today we are pretty focused in achieving the goals that we commit with them. I would say that this is the center of our attention today in the relationship with them to guarantee ability to demonstrate them that we are capable to achieve what we are projecting. Yeah, if you allow me to comment, we're willing to give them our word. So we're going to go back to numbers consistent with investment grade as soon as we can, and then it's their sovereign decision. I have another question here from the online audience. Raimundo from Itaú. It's for Mallplaza. It's regarding what do you think are the growth opportunities in the Chilean real estate sector? Is Mallplaza aiming to expand its footprint in the country, both organic or inorganic opportunities? Thank you for the question. We see growth in Chile, mainly by brownfield and mainly in Tier A malls. The reason is that retailers, they want to have the best proposal in Tier A malls because of the size of the market and because of the capacity of attraction people of these Tier A malls. We just opened two weeks ago in Mallplaza Vespucio, 20,000 square meters of lifestyle. And there we have a site of 4,000 square meters, an H&M of 3,500 square meters, a Casaideas of 1,500 square meters. So that's the trend. And that trend will be mainly in Tier A malls. The good news for Mallplaza is that we have a big amount of Tier A malls in Chile. On the other hand, in Tier B malls, that there are malls that lead mid-market, we have almost all of them. So there we also are seeing a lot of demand. So then we think that we will have growth, brownfield growth. The good news for Mallplaza is that we have land available in almost all of our Tier A malls. So we think that this trend will happen in Chile in all the Tier A malls, not only Mallplaza malls, but other malls that are Tier A, of course. Saying that, we don't see too much growth in greenfield. For sure, we don't see a Tier A mall by greenfield, but maybe there will be specific growth with greenfield, and that could happen or will happen. By the same way, in Tier A permissions, they are very, very complicated. There are two or three cases that we know by the press that they have a lot of conflict. One, six years of conflict, another one, two years of conflict. So then it's so complicated to do greenfield, and the market, it's so well served that we don't see too much greenfield in Chile, but maybe some specific projects for sure. I don't know if there are any other questions here in the audience. Lunch? I don't have anything. [Foreign language]. It's more like an open question for Alejandro. I think one of the messages that I took of the presentation is that you are well prepared to grow again, but you're making an assumption that growth always comes with profitability. It's not easy to grow with profitability. So why not to put this investment plan with also an efficiency plan, being more, let's say, specific on this issue, more than saying that just SG&A will not grow in real terms? That's the question. Yeah, please don't get the feeling that, I mean, two years ago we announced a plan that we were supposed to go. Juan Pablo explained $250 million. We ended up getting $400 million, and it was slightly $400 million with these effects. It was slightly more than that. But don't get the feeling that we're not looking for that. I think the message is that we're not going to do something that dramatic. At that point, by the way, we ended up reducing the FTEs by 15%, the whole company. That was a lot of pain. The message is we're going to probably be more tactical. There are several things that we're going to be simplifying the organization. And I guess it's part of our DNA to be continuously looking for savings reduction. Point is. And I'm not going to look at the rating agencies, but two years ago, a year and a half ago, we were not able to comply with what we were saying to the markets. We were surprised with the performance we were having. So now we're going to play on what we know we can rely on, but I'm pretty sure the aim for us is certainly to go down in SG&A. But it's going to be something that's going to be a function also of eventually new business roads that we can get. That's why I was mentioning all this. For example, fulfillment service is something that we're starting to do, and it's something in which we already have the assets there, so we can monetize that. Same thing, value-added service, not only in the sites, in the shopping malls. We're witnessing opportunities that go beyond what we can do. And that's why we are confident with the numbers that we had. But rest assured that, I mean, by the way, keeping SG&A flat with inflation, assuming that you're growing in sales, that also implies a reduction for us. Don't forget that most of our salespeople, they do have a variable payment. People in the store, they get a variable payment based on performance. So there's going to be more than that. The point is we're not going to do something dramatic. You're not going to see another 15% of the company going down. Because among other things, the majority of the people that work at Falabella are in the stores. And please don't get it wrong. That, I would say, channel has always been performing. I mean, the Falabella stores, they've always been profitable. Francisco said, well, there were some stores that were underperforming. We took them off, which, by the way, there may be someone, some other store in the future, but what we're seeing is that when you spice up the experience and this more specialist approach, we've done some pilots on that, and the performance has been, I mean, two, three weeks ago, we did Ropero Paula here in Parque Arauco. It was crazy. And those are things that we're starting to basically put some effort. And that's why if you see in the investment, there's a lot about experience. Same thing in what Fernando was mentioning about the shopping malls. But that said, I'm always getting ready to, I mean, don't forget that I used to be the guy running the ops in this company. So I look for savings everywhere in SG&A. But the point is that you're not going to see something that dramatic like the $400 million that we saw. Unless we bring some technology thing that we are, as Juan Manuel was mentioning, we're getting to this to see if we can get savings, but nothing that I would be able to comply or to commit with the investment community. Lunch? Thanks a lot, everyone, and see you in two years or hopefully in one. Bye.