Good morning, everyone, and thank you for joining Nuam's second quarter 2026 earnings conference call. My name is Jose Gonzalez, Head of Investor Relations at Nuam. Today, I am joined by Juan Pablo Córdoba, CEO, and Patricio Rojas, CFO, who will present our main results and highlights for the second quarter 2026. All participants are in listen-only mode. As a reminder, today's call is being recorded. We will hold a Q&A session at the end of the presentation, and instructions will be provided at that time. A recording and transcript will be available on our investor relations website. You may also enable live translation using the captions button. With that, I will now turn the call over to Juan Pablo. Thanks for joining us today. Good morning, everyone, and thank you very much for joining. We are very happy to be here in our second quarter results conference call. As you pretty much know by now, the results so far this year have been tremendous, and we are very satisfied with the results. I would like to highlight a couple of messages. One is that the results, we believe, are not part of luck or a sheer one-off event, but the product of, I think, a well-set-out strategy and the ability of the company to deliver. You will see a slide to that effect later in the presentation. The other main message that I would like to say is that the year so far has been pretty robust, but not just in the financial results. I think we have very good dynamics in many aspects that support our business and, of course, our vision. One is markets in the three countries have been performing fairly well since last year and continue to do so. Even politics has performed very well in the three countries, and we are now with two new governments in Colombia and Peru that are more market-friendly and have already given signs of supporting our business case and supporting the markets and supporting capital markets. This is also something that is very positive and that supports our business moving forward. From an IT perspective, we have had tremendous results this year. We will go into that, but of course, being live with the same trading engine in the three countries is one of the main highlights, not just of the year, but of course of the integration project. Lastly, but also very important, is also in regulation. We have had tremendous advances. Now we have, of course, the same regulation for the same rule book for trading in the three countries. We also had a good advance in terms of the new regulation that we need for the clearing side of the business in the three countries. So we are really excited in that respect. I think in all aspects, the business is going very well, and we are moving along in executing our strategy with discipline and commitment. If we go to the slides more into the financial numbers, we have here first a snapshot of the year- to- date, so the first six months. All the numbers are pretty satisfactory with top line growing 19% to CLP 84.4 billion. Our EBITDA is up 32% as a result of course, growth in revenue and containment in expenditures. EBITDA at CLP 41 billion, up 32%, and net profit similarly up 43% at CLP 22 billion. This is year- to- date. We are going to present from the next slide on and for your benefit, all of the numbers on a quarterly basis. The next slide is the snapshot of the quarter. The quarter in itself was also a very good quarter with the EBITDA margin maintaining at 48% operating revenues quarter, I mean, second quarter of 2026, vis-a-vis second quarter of 2025 up 20% and net profit up 40%. The second quarter is very similar to the first quarter in the sense that revenues continued to perform very well and our net margins, both in EBITDA and net profit, are increasing, thanks to, again, cost containment and revenue growth. Also, in terms of share price performance, we've had a very good performance after the first quarter results were published last month. An average at the end of the semester or at the end of the quarter, just over CLP 6,000 per share. Today, it's more like CLP 6,900 after our results of the second quarter were published. Things continue to move in the right direction. Also to highlight, all of the revenue lines grew significantly in the last quarter, and namely, I would like to highlight 40% growth in the clearing revenue. From a markets perspective, as I mentioned, all three countries are performing very well in a year-on-year performance in the indices of the three countries is tremendous, 68%, 36%, 31% in each individual country. If you look at the last three years. Actually, Chile, Peru, and Colombia are one of the better-performing markets around the world, so we need to be cognizant of that. Also on the index front, just yesterday we completed the migration to the MSCI indices. We now have the three countries. Our index provider is now MSCI, so we finalized the transition, a smooth transition of the index conversion in the three countries. Of course, we have our Nuam index with MSCI. Now all of the family of indices are now under the MSCI brand. As you know well, we completed in July the go-live in Chile. It's not strictly the second quarter, but we were ready for that go-live and we are now with that go-live complete. Chile, Peru, and Colombia share the same technology in the three countries. In terms of markets, volumes in markets, again, all of the markets performing fairly well. The main numbers not only growing at double digits, but significantly so. Market cap 38% up, equity trading 36% up, fixed income trading 37% up, FX trading 19% up, and clearing and settlement volumes 20% higher, and custody 40% higher. All of those lines are performing fairly well. Derivatives not so, and it has to do with OTC derivatives, particularly volatility in Colombia in the exchange rate has reduced NDFs. But volumes are still very strong at 200 billion. Finally, on this first section, we have this slide that is a summarized way of presenting our progress towards the goal of building the regional market or the integrated market. The first two lines have to do with the trading aspect. As I mentioned, by now in July, we are now completed with the trading aspect of the initiative. Both the trading rules in the three countries are in place, and they are the same trading rules. The trading platform is now in place in the three countries with the same technology, with the Nasdaq technology in place. We are now then fully focused on the clearing aspect, which has to do with the next couple of lines in this slide. Of course, the clearing platform is underway. We have already received the platform. It has already been tested, and we are now testing vis-a-vis our clients. Clients need to test and make sure that all of their systems are compatible with the new clearing engine, but the clearing engine has been received and is today in the production environment. We have not put a check there because it is not live in any of the three countries, but our objective is to have the platform live in Colombia by the end of the year. In Colombia as well, we received approval by the government of the interoperability rules for the clearing aspect, which is very important for the integrated market. We have already gone over that hurdle. In Chile, something that is a little bit further down the line, but it is already approved in Chile. We got approval from the regulator in terms of enabling direct access by foreign brokers into the Chilean market. Very significant progress from a regulatory point of view also in Chile and in Peru. I am sorry, and in Colombia. In Peru as well, we already have finally the draft regulation for the clearing house in Peru. Very good progress also on the regulatory front that is now preparing the terrain, let us say, for the next stage of the integration project, which has to do with the clearing aspect of the initiative. All in all, I would say very good results both for the quarter and for the year as a whole. I would argue this is not just a lock or a one-off. It is a very consistent evolution of all of our business lines and the effort that we are making in all of the business lines. Also from a regulatory, IT, and project implementation aspects, I think we have had a very good year so far, and we will continue to work as hard to finalize delivery of the integrated market. I will pass on to Patricio for the detailed slides on revenues and financials. Thank you, Juan Pablo, and good afternoon, everyone. Operating performance was very strong during the quarter with a clear acceleration in profitability relative to revenue growth. Revenues increased 20% year-over-year to CLP 43.7 billion, while operating expenses rose 14%, lifting the EBITDA margin to 48.3% from 45.7%. The most relevant dynamic is the widening gap between top-line growth and earnings performance. EBITDA grew 27% and net income 40%, both significantly outpacing revenue expansion. This progressive acceleration from revenues to EBITDA, and ultimately to net income, highlights a strong expansion in operating margins. Net margin reached 28.4% compared to 24.3% in the second quarter of 2025. Overall, margin expansion was not only meaningful but also consistent across profitability levels, confirming the scalability of the business model while the integration is still underway. Next slide, please. Operating revenues showed strong and diversified growth during the quarter, increasing 20% year-over-year from CLP 36.4 billion-CLP 43.7 billion. Growth was broadly based across all core business lines. Both trade led the expansion. Clearing grew 40% year-over-year, contributing CLP 2.0 billion of incremental revenues, while custody grew 17%, adding CLP 2.1 billion. Custody remained the largest revenue line at CLP 14 billion, reflecting its continued relevance within the revenue mix. Non-trading revenues grew 19% year-over-year and represent 84% of total revenues. Overall, the revenue profile reflects a well-diversified structure with growth supported by both transactional businesses, such as trading and clearing, and more recurring or stable revenue streams like custody, listing, information, and value-added services. Next slide, please. Listing and issuer services generated CLP 4.71 billion in revenue, representing a 6.5% year-over-year increase, although declining 2.6% compared to the previous quarter. This business accounts for 11% of total revenues. Total issuers reached 1,803, representing a 3% year-over-year increase. In terms of activity, listing and issuance volumes reached $4.2 billion, up 45% year-over-year through 81 corporate events, confirming a strong expansion in issuance levels. Growth was driven primarily by debt issuance, which rose 176% year-over-year. Tender offers also increased 137% year-over-year, while follow-ons declined 84% and stock buybacks fell 73%, reflecting the lumpy nature of these transactions. Next slide, please. The trading business delivered a strong performance during the quarter, with revenues reaching CLP 7 billion, increasing 26.7% year-over-year, although declining 4.9% quarter-over-quarter after a particularly strong first quarter. Trading accounts for 16% of total operating revenues, with a diversified structure. Revenue growth was supported by a significant increase in trading volumes, which reached $612 billion, up 21% year-over-year. By asset class, the strongest momentum was seen in fixed income, up 37% to $411 billion, followed by equities, up 36% to $22 billion. Derivatives volumes declined 3% to $201 billion. This activity is also reflected in the number of transactions, which reached 5.6 million, growing 42% year-over-year. By market, Chile accounts for the highest activity with 4.3 million trades, followed by Colombia with 1.2 million, and Peru with 108,000. Average daily equity trading volumes reached $360 million, growing 36% year-over-year, consistent with the strong increase observed in equity trading volumes. Overall, the data reflects solid growth in the trading business, driven by higher volumes, increased transaction activity, and expansion in equities and fixed income. Next slide, please. The custody business delivered solid and sustained growth during the quarter, with revenues reaching CLP 14 billion, increasing 17.3% year-over-year and 9.6% quarter-over-quarter, indicating both annual and sequential expansion. Custody represents 32% of total operating revenues and remains our largest revenue line. Growth was supported by a strong expansion in assets under custody, which reached $414 billion, up 40% year-over-year. This growth was consistent across key markets. Deceval in Colombia recorded $265 billion, up 46% year-over-year, while Cavali in Peru reached $149 billion, up 30%. By asset class, both equities and fixed income contributed to growth. In Colombia, equities grew 69% to $152 billion, and fixed income 23% to $113 billion. While in Peru, equities increased 42% to $98 billion, and fixed income 11% to $51 billion. As a result, equities now represent 60% of assets under custody, up from 54% in the second quarter of 2025. Operational activity also showed strong momentum, with delivery versus payment and Free of Payment transactions increasing 50% year-over-year to 1.8 million transactions. Overall, the data reflects a custody business with consistent growth, primarily driven by the increase in assets under custody and higher activity levels, supported by a diversified revenue base and a significant contribution to the company's total results. Next slide, please. The clearing business delivered an outstanding performance during the quarter, with revenues reaching CLP 7.11 billion, growing 40% year-over-year and 20% growth quarter-over-quarter. This was the fastest-growing business line in the quarter. Clearing represents 16% of total operating revenues. Growth was supported by an increase in clearing volumes, which reached $555 billion, up 20% year-over-year. By asset class, fixed income grew 29%, equities rose 36%, FX increased 17%, and derivatives grew 13%. OTC derivatives declined 18%, and open interest rose 11%, indicating higher activity in outstanding positions. By market, CRCC in Colombia reached CLP 5.7 billion in revenues, up 52% year-over-year, while CCLV in Chile reached CLP 1.4 billion, up 4%. Additionally, the cash collateral management business grew 103%, reaching $233 million in volumes in a context where the average interest rate stood at 10%, up 1.7 percentage points year-over-year. Overall, the data reflects very strong growth in the clearing business, driven by higher volumes, expansion across most asset classes, and a significant contribution from Colombia. Next slide, please. The information business showed steady growth during the quarter, with revenues of CLP 5.12 billion increasing 6.5% year-over-year and 2.1% quarter-over-quarter. This business represents 12% of total revenues. Operationally, the number of vendor terminals in the region reached 8,126, growing 7% year-over-year. Peru led growth at 27%, followed by Chile at 4%, while Colombia remained broadly flat at -1%. Index clients increased from 11- 16, driven primarily by MSCI in Colombia, and 49 brokers are now operating via FIX, up 20% year-over-year. ETF assets under management tracking our indices rose 76% year-over-year to $3.21 billion, with Colombia at $2.92 billion, up 86%, and Chile at $294 million, up 90%. By business line, indices revenues grew 148% year-over-year, driven by MSCI COLCAP, while valuation price services increased 14%, supported by Precia. Overall, the data reflects an information business with steady growth driven by new client acquisition, index licensing, and stronger demand for market data across the region. Next slide, please. The value-added services business infrastructure segment delivered solid growth during the quarter, with revenues of CLP 2.84 billion increasing 10.3% year-over-year and 13.9% quarter-over-quarter. The business represents 7% of total revenues. At an operational level, 15 brokers were connected, an increase of one client year-over-year. Performance was led by back-office services in Chile and pricing services in Colombia. Sebra generated CLP 1.99 billion, up 16% year-over-year, while Fintree contributed CLP 424 million, up 12%, and Precia in Colombia reached CLP 205 million, up 60%. Optimus declined 32% to CLP 239 million, mainly due to the nature of its revenue recognition, which is tied to project milestone. Fewer milestones were invoiced in the quarter compared to the same period last year. Overall, the data reflects a segment with solid year-over-year growth supported by recurring back office and pricing services, with volatility concentrated in project-based revenues. Next slide, please. The value-added services alternative financing market segment delivered an outstanding performance during the quarter, with revenues of CLP 2.47 billion, growing 50.6% year-over-year and 31.14% quarter-over-quarter. This was the fastest-growing unit in the quarter. Growth was supported by strong activity in promissory notes, with new issuances reaching 3.2 million, up 60% year-over-year. The increase in promissory note issuance reflects the plan to normalize the guarantee signing of credit cards issued before their integration into the Nubank Colombia system, together with higher issuance volumes from our main clients. In the case of negotiable invoices, volumes reached $4.1 billion, increasing 19% year-over-year, accompanied by 588,000 invoices, up 7% year-over-year, suggesting expansion both in transaction count and value. Overall, the data reflects a rapidly expanding segment driven primarily by promissory notes and negotiable invoices. Now, let's move to the next slide to review the expense evolution. Turning to expenses, the quarter shows cost growth well below revenue growth. Operating expenses reached CLP 27 billion, up 14% year-over-year, while revenues rose 20%, a gap that translated directly into wider operating margins. Staff costs increased CLP 1.4 billion, mainly driven by the recognition of employee bonus compensation accrued during the quarter, which accounts for CLP 0.5 billion and an FX effect of CLP 0.4 billion. More broadly, cost dynamics were influenced by inflation and by FX, which had a two-sided effect. While the currency translation supported revenue growth, it also drove a higher expense base as a significant portion of our cost structure is denominated in foreign currency. Other expenses reflected higher software license costs of about CLP 0.4 billion following the production go live of the new technology platform, together with higher operating expenses related to tax treatment in Colombia for CLP 0.3 billion and a further CLP 0.3 billion for custody services. Overall, expenses grew 14% against 20% revenue growth, confirming positive operating leverage while we continue to absorb the costs of the regional integration. Next slide, please. Before moving to the key takeaways, I would like to place this quarter in a longer-term perspective because the story here is not about a single quarter. It is about sustained delivery. Since 2023, total revenues have grown on a compound annual growth rate of 16%. This growth has been broad-based across the portfolio. Trading has compounded at 20%, post-trade and value-added services at 19%, listing at 13%, and information at 9% annually. More importantly, this growth has been accompanied by a structural improvement in profitability. EBITDA, on a last 12 months basis, grown to CLP 74 billion, meaningfully faster than revenues, while the EBITDA margin expanded from 38% in 2023 to 46% in 2026 on a last 12 months basis. At the bottom line, net profit has grown from CLP 26 billion- CLP 41.6 billion on a last 12 months basis. The message is straightforward. Revenues are compounding, margins are expanding, and earnings are growing faster than the top line. This is a consistent multi-year trend, not a one-off quarter, and it is happening while we invest in and execute the regional integration. To conclude, we will now move on to the key takeaways. First, we successfully delivered the most significant integration milestone to date. Chile joined Colombia and Peru on the new regional trading platform, completing the rollout of our equities trading platform across all three markets. Second, this was a record quarter with growth across every business line. Revenues reached CLP 43.7 billion, up 20% year-over-year and 8% quarter-over-quarter, our highest quarter on record. Growth was led by alternative financing markets at 51%, clearing at 40%, and trading at 27%, with non-trading revenues presenting 84% of the total. Third, this is sustained delivery, not a one-off quarter. Revenues have compounded at a 16% annual rate since 2023 and net profit at 16%, while the EBITDA margin expanded from 38%- 46% on a last 12 months basis. Finally, we delivered positive operating leverage with costs contained. Expenses rose 14% year-over-year to CLP 57.3 billion, mostly integration-related against 20% revenue growth, lifting the EBITDA margin to 48%. We expect cost growth to remain contained through year-end. Overall, the results show a business that is not only growing, but also improving profitability, diversification, and scalability at a regional level while executing the integration. Thank you all for your attention. Now I'll hand it over to Jose for the Q&A session. Thank you, Patricio. First, this presentation is now available in our investor relations website. Now we will open the floor for questions from the audience. If you would like to participate, please keep in mind the following instructions. For all participants, please press asterisk two to raise your hands and wait for the microphone to be unmuted. For web participants, please select ask via audio located on the upper right-hand corner of the screen and wait for the microphone to be unmuted as well. Questions may be also submitted directly to the Q&A tab on the upper right-hand corner of your screen. First, we have a question from Daniel Meyer from Inversiones San Sebastián. Will there be a broader analyst coverage in the foreseeable future? Well, Daniel, thank you for your question regarding the sell-side coverage. Over the past year, the investor relations team have been executing a visibility strategy. This has included a complete redesign of our investor relations website, local and also international roadshows, and several investor events. Also, we have incorporated some market makers to support the liquidity, and we have significantly enhanced disclosure of our operations through materials that are now available on our investor relations website. Regarding your question, we view this as a gradual progress. We are currently engaging with several brokerage firms towards initiating a coverage, and we understand that this may take some months before launching the full coverage with a financial model and also a target price. We expect to have some new news regarding this topic at, we hopefully expect at the end of the year or at the beginning of the next year. We are committed to broadening our analyst coverage over time and also continue working actively to increase Nuam's visibility in all the investor community. Next questions come from Ignacio Llanos from Empresas Penta. I will read it out loud. My question is about an issue we believe is key for Nuam's valuation, the monetization of Chile within the regional platform. In the first half of 2026, trading revenues grew around 15% in Chile versus 67% in Colombia and 89% in Peru. I understand there may be difference in volumes, mix, or classifications, but today we do not see in the public information a clear bridge between volume growth and revenue growth by country. Could you share how comparable trading volumes and the implied trading take rate evolved in Chile, Colombia, and Peru? If Chile does in fact have a structurally lower take rate due to caps, volume-based scales or discounts? Is there a formal plan to review it and gradually harmonize monetization? I ask because from a market perspective, as long as Chile continues to monetize materially less than Colombia and Peru, it is difficult to capture the full value of the integration in margins, ROIC and valuations multiples. Hi, thanks for the call, Ignacio. This is an issue that we have discussed in the past, and it is an issue that, of course, the Board is cognizant and discusses regularly. It is a challenge that we have in terms of how do we harmonize fees moving forward. Today, as you very well know, the markets are still operating independently, albeit the fact that we are moving forward with harmonizing the operational aspects. We have stated that we see opportunity in the clearing side of the business in Chile, and you will start seeing probably, hopefully next quarter and for sure next year, how we increase the value offering via the clearing side of the business, and how that transfers into additional revenue generation from Chile. You have to bear in mind that in the end, the all-in cost of the whole value chain is what really matters. I mean, how much is trading, how much is clearing is not so relevant as long as you see red top line growing with volume. So we are making significant changes both in the structure and the product offering at the clearing house so that we can start to capture more revenue from more business and, of course, from larger volumes. So that is the, let's say, short-term strategy that, as I said, hopefully last quarter of this year, you will start seeing some of that, and more certainly next year. Now, the trading fees in Chile are tricky because we do have caps, and that is something that has been around for many, many years. Rather than changing the caps or removing the caps, the discussion we are having, although this is something that has not been decided, is how do we bring in incentive structures that allow us to generate more revenue aligned with the additional volume with specific brokers via market-making schemes and things of the sort. This is definitely something that we are working on. As I said, the clearing side of the value chain will very soon start to show a more aligned dynamic like the one you see in Colombia with the increasing volumes. Not just cash equity trading, but volumes throughout the market as we deepen the relationship with the CCP, with market participant in Chile, we would like to be pegged not just to the equity volumes, but to all the volumes in the market. That is definitely underway, and as I said, the caps on the trading side are tricky. But we are working with the teams to try to have incentive structures that will align better the incentives. It is also important to note that it is customary in all markets to have lower fees per trade as the volumes grow. If you have a market that is four times larger than another one, the per dollar traded intake will, in all circumstances, be lower, right? But you are absolutely right, we still need to improve the alignment between volume growth in general in the market, again, not just cash equities and top line in Chile, but of course, throughout Nuam. Thank you, Juan Pablo Córdoba. Next questions come from [Roberto Segers] from Empresas Penta. You had previously indicated a long-term EBITDA margin target of around 50%, and you are already running at roughly 49%. Do you still see 50% as the sustainable long-term margin, or do you see potential for further upside as integration progress and additional synergies are captured? Yeah. Thank you, [Roberto] for the question. Yes, I would say that the target that we have set for 2030 will probably be met or be close to being met in 2026. We are in the process with the Board of reviewing our mid-term strategy towards 2030, and in all likelihood, both our top-line aspirations and the EBITDA margins will probably be revised upwards. We do not have anything definite right now, but they will probably be revised upwards. Bear in mind, of course, that we are here and we have yet not realized the full potential of the integration. In all likelihood, this is good news for our investors in the sense that we are reaching our financial numbers not only ahead of time, but ahead of the full benefits of the integration process. We do hope to be able to share with you probably towards the end of the year, probably early next year, a sort of revised mid-term expectation. Upwards, of course. Thank you, Juan Pablo. The next questions come from Conrado Teixeira de Freitas from ICM. What payout level could we expect for the next years? How much integration costs are still to be incurred? When are the next integration milestones expected to be concluded? The payout, as was agreed at the shareholders' meeting, is 70%. We are already at a relatively high payout level, and the Board will assess if we increase that 70% or not for next year. In the medium term, we should continue to move more towards the 90% payouts, I would guess, over the medium term. But for next year, I do not have that view right now. The second part of the question was what, sorry? How much integration costs are still to be incurred? Okay. Integration, the overall integration budget will probably be almost completed this year. Will be some- Next year, because in total, it is a plan of $45 million. We have completed $35 million. That was as of December 31st. The remaining $10 million should be completed between 2026 and the first half of 2027. Yeah. What I was going to say is that by the end of 2026, we will be probably mostly done. Of course, there will be some spill-over over 2027, but the bulk of that investment has already been done or will have been done by end of 2026. As I mentioned, we already have the trading platform in place, and we already have the clearing platform delivered. The cost and the investment of the clearing platform has already been, let's say, spent. We are just not in production yet, but the bulk of that expenditure has been undertaken. In terms of milestones, our short-term milestone is to have the clearing platform in Colombia implemented before year-end. We know we're on a tight schedule. Again, as with the trading platform, the challenge, of course, is to have the platform ready, but more importantly, it is to have a safe transition of our clients from the existing clearing processes and systems to the new clearing systems. Really, client onboarding is the big challenge. Once again, in this next step, we have to migrate 100% of the clients. We cannot just migrate a part of the market and let the other part of the market continue operating in the older system. We will have a unified clearing system, so all of the participants need to migrate at the same time, the same day, with market operations of the same, let's say, day. I would say that between now and the end of the year, the challenge is allowing our clients or making sure our clients are comfortable enough and that their systems are consistent with the new platform so that we can deploy it by year-end. That is the objective. We are working very hard for that, but we are aware that we only have a couple of months to ensure that is the case. The next milestone is clearing in Colombia, and then in the first half of 2027, clearing in Chile. Once we have our clearing in Colombia, the go-live will move to Chile, and we will have Chile and Colombia with the clearing platform. The Peruvian go-live for the clearing side of the business is still a little bit more, let's say, uncertain, given that we don't yet have the enabling regulation to be able to establish the CCP and thus be able to deploy the full technology for market operation in Peru. Probably Peru will be more towards the end of 2027 and not like Chile, first half of 2027. But from a project standpoint, I would say we are reaching the last phase of the project in the sense that we will have the platform ready sometime in October, November for clients to be able to start onboarding. Those are, I would say, the key milestones, clearing in Colombia, clearing in Chile. Then the other element is more a regulatory one, as we have mentioned before, which is the direct access. Direct access that has already been granted in Chile, and we need to have the enabling regulation in Colombia for direct access. We hope to have that also by the end of the year. Thank you, Juan Pablo. Well, I think we have the last question from Ángel Gutiérrez] from Apalachee Research. I will read it out loud. I have two questions. First, about trading fees. Trading volume went up about 10% from last quarter, but trading revenue went down about 5%. Why did revenue not follow the volume, and how should we model this going forward? Second, about investment CapEx. This half was about 11% lower than last year, and the new platforms are already running. Is the investment cycle slowing down, or is there a second wave coming for Post-trade? Thank you. On the second part, as I said, the bulk of the investment has already been done. We do not expect a second wave of large-scale investment. We do hope to be able to continue to invest at the sort of a steady state level, which is roughly CLP 14 million. Between CLP 12 million and CLP 14 million is our, let's say, going rate. The complementary investments will be done under those levels. We do not anticipate a significant or a big burst in CapEx moving forward. On the contrary, what we want to do is to start capturing the synergies from all of the investment that we have done. In terms of trading fees, we would have to look at the breakdown because trading fees are not just secondary market cash equity fees that are reported as trading fees. We, in fees, have many other items, and we would have to do. I guess that will be homework for Jose Gonzalez. We can probably have a post after this call explaining the different items in the trading fee line. I would be certain to say that the per trade cash equities as volumes grow is growing, not at the same rate as the- As the volume grows. ...as the volume grows, but it is definitely with the same sign. There are other things like one-off transactions, buybacks and things like that affect the overall trading revenue that can vary significantly from one quarter to the other because these are large-scale transactions. That is probably what is going on there. The gradient, I guess, which is a recurring question from investors, the gradient in Colombia, in Peru, and in Chile is different. It is significantly lower in Chile. But as I said, we are working towards improving that, not just via the trading fees, but also via the clearing fees. Thank you, Juan Pablo. Just to let you know, Ángel, there is a business driver Excel in our investor relations website where we have the different increase in trading volumes for the quarter and also for the previous year. We could review that, and if you have any further questions, please do not hesitate to write. Thank you. Well, I think that there are no more questions. Thank you very much, everyone, for having joined our conference call, and we are very glad that you were able to participate. We will upload the presentation. It is uploaded, right? And the recording and the transcript, we will upload it this afternoon on our investor relations website. So thank you very much and have a good afternoon. We will now be closing all the lines. Thank you all and have a nice day.