Good morning, and thank you for taking the time to connect to the Parque Arauco Third Quarter 2025 Earnings Call. I'm Lauren Brown, Head of Investor Relations, and I am joined by Eduardo Pérez, CEO of Parque Arauco, and Francisco Moyano, CFO of Parque Arauco. I would like to mention a few things before we get started. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. Please note that this call is being recorded, and the recording will be used for internal purposes. To start off today's conversation, I'm going to pass the call over to our CFO, Francisco Moyano. Thanks, Lauren, and good morning to everyone. I would like to start with the executive summary. We have had a very positive quarter, and that is reflected in the strong growth we are seeing across every one of our main financial indicators. Occupancy closed at 95.6%. Sales of our tenants are growing 20.2% compared with the third quarter of 2024. Our revenues are growing 24.9%. The EBITDA is increasing an important 26.1%. The FFO, 14.8%, and the net profit for shareholders is growing also 28.2%. This is a result of a very positive scenario for the company and the reflection of our strategy that works both in the organic and the inorganic side. First, regarding the operational side, Chile and Colombia are showing impressive figures for both same-store sales and same-store rents, with double-digit growth for a relevant part of our portfolio, compensated in part by the decreases in sales and revenues in Peru, where the implementation of master plans in important assets as MegaPlaza Independencia and MegaPlaza Ica are impacting the quarter figures. At the same time, we're laying the foundations and preparing the company for even greater growth in the coming years. Second, these great results are pushed by new acquisitions and expansions that are generating huge value. That is the case of the incorporation of Parque Arauco Kennedy East building in the portfolio in Chile and Minka in Peru. Each of these assets are adding around $1 million in EBITDA on a monthly basis. Besides that, the recent opening of the multifamily in Calle 72 in Colombia and the continuation of the expansion in Parque Arauco Kennedy West building, which already opened 8,000 sq m and is well-positioned to fully open the retail expansion by the end of this year. This is a compressed summary of the quarter, and since you have the earnings report with all the figures of the quarter, I would like to highlight four elements that I think are the most important ones. First, if we can pass to page 21, I'd like to highlight the adjusted EBITDA margins. As you know, we have the EBITDA margin in the account. The accounting figure is 72.4%, but we calculated the adjusted EBITDA margin, not considering the simplified rent that we are charging in Chile, which is reaching 76.1%. This figure, the 76.1%, is in the same method of, it's a figure that you can compare with the history of Parque Arauco. In that sense, I'd like to highlight that this level is the highest level of EBITDA margin that we have seen in the recent years in Parque Arauco. This is the result of the important review that we are doing in every account of cost, with a zero-based budget and several other opportunities and plans reviewing costs across the company. At the same time, is a result of increases in revenues, where we are seeing a decent spread above inflation and the economies of a scale that the company is having with the M&A processes and the growth that we have been experienced in this period. The second point that I would like to highlight is the cap rate. We added in the report a special page where we lay down all the calculation of the cap rate. We have been seeing in the market there are several calculation of what is the cap rate of the company, and we think that the cap rate is one of the key ratios that are important in this industry. With that in mind, we are proposing our calculation for the cap rate of the company, where we use the figures that are in our financial statements. Not only using the calculation that is coming from the market and the number of shares and the price, but also making some adjustments that we think are required to have the correct implied coverage for the company. With that in mind, we are adding as part of the assets, we make some adjustments of assets that are not generating EBITDA at the land bank, land, and ongoing projects and other assets that are in our assets in the balance sheet. At the same time, we are adding the proportion of the value of Marina, which is- Which we don't consolidate in our figures, but we think it's important to adjust by that factor, the coverage. With that, the implied coverage of the company is in the third quarter of 2025 7.8%. That when we compare with the treasury in Chile, we can see that the yield, the spread over this treasury has been around 500 basis points-600 basis points, which is a level of a spread that is much bigger than the one that we saw in the history of Parque Arauco. It's important also to mention that the figures for the EBITDA that we are using is last 12 months, not only the third quarter of 2025. Related with that, if we can pass to the page of the FFO. In this quarter, the FFO is growing 14.8% as a result of the EBITDA growing 26% and the financial expenses, and the work that we have been doing in financial expense and our financial income. The adjusted FFO is also growing at 31%. Related with the coverage, we have also the evolution of the price to FFO multiple, which is 11.4%. The inverse calculation of this price of FFO give us a ratio of 8.8%. A little bit higher than the coverage, but it's also another ratio that we think that is important for this industry and for Parque Arauco. If we compare the multiple of 11.4% with the history of this ratio, we can see that we also are today with a lot of space to grow in this ratio. Finally, I'd like to highlight the reorganization process that we implemented at the end of the third quarter. We are implementing a new operating model in Parque Arauco because we saw that we need to make some adjustments in our organization in order to improve the way that we work, how we work in the company and face the new challenges and growth that we are expecting for Parque Arauco. With that, we try to, we work in three objectives that are showed in this slide. First, we organize in a better way the support functions that are more centralized in the corporate team. We had some of these support functions in the divisions in Chile, Peru and Colombia, and we saw the opportunity to centralize those support functions in order to be more efficient. Besides that, we moved the organization toward a more simpler and agile decision-making process. We made some adjustments in our own organization in order to be more agile and to face growth that we are seeing in all three countries in a better way. Finally, we created a new department of strategy and value in order to improve the way how we achieve the value of all the opportunities that we are working within the company. We are strengthening the technology and digital transformation department because we think this is one of the pillar of the growth and the experience that we want to have in our malls. We strengthen this department in order to achieve those objectives. With that, I would like to pass the call to Lauren to review other details of the presentation. Thank you very much, Francisco. Now, let's turn to the performance of our retail assets in Chile and in Peru and in Colombia of the third quarter of 2025. Starting off with Chile, Parque Arauco Kennedy West, the west and original building of the asset, showed solid growth in sales by 10%, revenues by over 19% and EBITDA by over 28%, reflecting the price optimization strategy and the high productivity of the asset. Throughout the third quarter, 8,000 sq m of the new Cerro Colorado retail sector opened. Of this new GLA, 6,700 sq m has signed contracts with tenants, and many of these stores are already open and operating, including the Lego Store, Lindt Chocolate, KIKO Milano, Dr. Martens, and others. The addition of the new GLA resulted in a 4.1% drop in overall occupancy of the west building. The new G-GLA of the Cerro Colorado sector drove the increase in revenues alongside the higher minimum rents of the connecting Rosario sector. Rents increased at the stores in this Rosario sector now that the construction is almost finished of the Cerro Colorado sector, allowing for complete connectivity to the rest of the mall. Also noteworthy is the increase in visitor traffic, which translates into a 10% increase in our sales for our tenants. The steady flow of tourists continues to be a factor in sales at Kennedy, although the dynamism of local shopping remains a determining factor. In turn, the opening of new spaces and changes in the commercial mix have had a positive effect. For example, MacOnline saw sales that were over 80% higher than the same quarter of the previous year, and Falabella sales were over 25% higher. The new Lego Store, which opened in the Cerro Colorado sector, has seen noteworthy sales since opening. The Parque Arauco Kennedy asset, including the East and the West buildings, also saw an increase in parking revenue of 30% and a decrease in cost of cleaning, security, and marketing due to synergies. Our outlet portfolio are still performing very strongly and generated an increase of over 28% in EBITDA. This EBITDA growth was primarily concentrated in Outlet Buenaventura, which increased over 36%, and Outlet San Pedro de la Paz, which increased over 29%. During this quarter, Outlet Buenaventura improved its occupancy by 2.1%, reaching 96.6%. Sales at this outlet also grew by over 30%. Increases in minimum rents and variable rents helped drive the 24.5% increase in revenues during this quarter. The outlet also experienced savings in net costs and expenses, partially explained by lower bad debt provisions. The performance of the outlet sector during Q3 2025 is particularly noteworthy because we already had the tourism effect in Q3 2024, resulting in a high comparison base. Arauco Quilicura experienced strong performance during third quarter of 2025, with sales increasing by 23%, revenues by over 15%, and EBITDA by over 25%. This growth can be partially attributed to the consolidation of the shopping center's expansion, which included the addition of a Líder Express supermarket. Higher occupancy of 97.9% of the GLA as well, and an increase in minimum rents. Additionally, the asset experienced a decrease in cost, which can be attributed to lower bad debt provisions. Now let's move on to Peru. As Francisco mentioned, Peru has been recovering from various factors that have affected its performance at some assets. Outlet Arauco Sauces saw a 30% drop in visitors following the opening of the new airport in Lima. This decline in traffic has led to a decline in sales at the asset. Larcomar has been recovering since its closure in June. Although the mall was completely open and operating as of July second, customer traffic did not bounce back immediately. Lower traffic resulted in 6.5% lower sales for the quarter. Additionally, as a result of the closure, Larcomar did not collect parking fees during the month of July, which also negatively impacted the asset's revenue, which declined by 1.7%. During the fourth quarter, Peru is expected to recover Larcomar sales and improve sales performance with the end-of-year festivities. The expansions and reconversions of MegaPlaza Ica and MegaPlaza Independencia have also affected sales at these assets, decreasing by 3.8% and 7.3% respectively. At MegaPlaza Ica, the banking sector has been closed, and at MegaPlaza Independencia, a Ripley entrance has been closed, contributing to the decline of sales at the department stores. During the quarter, revenues decreased at MegaPlaza Ica and MegaPlaza Independencia by 13% and 8.4% respectively as part of these expansions. Despite this stunted performance at the previously mentioned assets, revenues in Peru grew 16.7% in local currency compared to the same quarter last year, driven by the incorporation of Minka and Parque La Molina, which reached an occupancy of 93.9%. Moving on to results in Colombia. Titán Plaza stands out in the quarter as the asset with the highest sales growth, with over a 27% increase. This is largely explained by a significant increase in occupancy of over 13%, reaching 99.1% in third quarter of 2025. Among the new tenants, we highlight the addition of Coach, Pink Lily, and Skechers. Sales at Titán increased by over 60% in the apparel category, over 20% in the restaurant category, and 13% in the sports and outdoor category. During the quarter, Titán Plaza generated an 11% increase in net revenues due to increased minimum rents compared to the same quarter of the previous year. The asset's NOI also increased by 34% compared to third quarter of 2024, mainly due to the decrease in bad debt provision. Parque Alegra also experienced high sales, revenue and NOI growth in Q3 2025 compared to Q3 2024. In the third quarter of 2025, the occupancy reached 85.2%, explained by the departure of Kenzo, Smart Toys, and other small businesses, but were offset by the opening of new stores, including Natura, Juliao, El Castillo del Bebé, and others. Sales at the asset increased by over 20%, driven by an increase of over 100% at home and furniture stores, 60% at health and beauty stores, and 28% increase at department stores. The stores that stand out are El Gigante del Hogar, Falabella, El Castillo del Bebé, and others. At Parque Alegra, revenues increased by over 16% during the period, while NOI increased by over 21%, favored by strong tenant sales performance, increased minimum rent, active commercial management and renewal processes. Now let's move on to development. On page 25, I would like to highlight our CapEx table, where you can see we are following through with the development of the projects that we announced to the market. The CapEx table includes the recent acquisition of Parque Arauco East, Minka Shopping Center, and the recently announced Arauco Premium Outlet Buin. On the top right-hand side of the slide, you can see a pie chart showing the breakdown of our total CapEx investments by type of project. As you can see in the table, some of these projects were already incorporated in 2024, while others will be incorporated between now and 2028. By the time all of these projects are completed, we will have expanded our total GLA to over 260,000 sq m with a total investment of $758 million. While page 25 highlights the total CapEx, on page 26, we take a look at the remaining CapEx. You can see the breakdown by type of project of the remaining $163 million in the pie chart on the left-hand side of the slide. On the right-hand side of the slide, you can see the investment distribution by project. Our investment pipeline totaling $750 million is an historic figure for the company, representing almost a quarter of the total value of investment properties. Additionally, the excellent performance of the portfolio has allowed us to close the net financial debt to EBITDA leverage indicator at 5.6 times, despite the recent acquisitions. This balance sheet strength gives us room to continue executing our growth pillar and announcing new projects for the upcoming year. On the following page, you can see how the projects yet to be incorporated represent an 8% increase in the company's GLA. If you have not been by Parque Arauco Kennedy recently, I recommend that you come to explore the new Cerro Colorado phase. This phase included the demolition of the old Falabella store, construction of parking lots, and will incorporate an additional 12,000 sq m of retail space and an attractive new main entrance that faces Parque Araucano. The retail area, which is already opening store by store, is over 80% leased. This figure is above normal for an expansion, but to be expected for such an iconic asset. During the third quarter of 2025, 8,000 sq m opened, over 6,700 of which are occupied, and many of these stores are already open to the public, including the Lego Store, Lindt Chocolate, KIKO Milano, and Dr. Martens, among others. We are expecting to inaugurate the new main entrance during the fourth quarter and open more GLA throughout the quarter. Now, moving over to Peru, I would like to highlight our opening of Minka. Minka was incorporated into our portfolio during July and completed its first quarter with the company, becoming the 22nd asset in Peru, the second most important asset in terms of GLA after MegaPlaza Independencia, and the third most important asset in terms of revenues after MegaPlaza Independencia and Larcomar. Minka adds 53,500 sq m of commercial space. 46,000 of which is retail and 7,000 of which is a traditional market, which is the heart of this asset. The asset is located in Callao, Lima, near the entrance of the new airport with access to key roads. It is more than 540 stores, an occupancy rate of 97%, and attracts more than 18 million visitors per year. Its offers include anchors such as Metro, Vega, Maestro, a cinema, a Smart Fit, and outlet stores such as H&M, Skechers, Puma, Nike, Adidas, and Prüne. This acquisition, added to that of Parque Arauco Kennedy East building in April, marks a record year for the company in terms of acquisitions. This is a milestone for Parque Arauco, not only because of the size of these acquisitions, but also because they are the result of intense and systematic work to seek out opportunities that add value for shareholders, which is a characteristic of our growth strategy. Moving over to page 36. In September 2025, Parque Arauco successfully issued its first green bond and the first green bond in Latin America in our sector. Parque Arauco has established a sustainable financing framework with the aim of connecting its financial strategy with its sustainability commitments. This aims to reinforce our healthy and competitive financial structure in line with our mission to increase the profitability of our portfolio. Through this framework, we will issue financing instruments such as green, social or sustainable bonds and loans to support projects that not only promote sustainability and reduce environmental impact, but also contribute to the wellbeing of communities. The green bond represents a culmination of uniting our sustainability strategy with our financial strategy. I invite you to take a look at our case study on page 36 and page 37 of our earnings release, where you can find more details about this green bond. Now we will move over to the question and answer part of the call. If you are joining our call using the link, you can ask the question by clicking the button, Ask a voice question or by submitting a written question. Please write your question in English and in a way that can be read out loud. If you are joining by phone, you can ask a question by pressing star two. When you are invited to speak, I will unmute you so that you can ask your question. Now to start off today's discussion, I will pass the call over to our CEO, Eduardo Pérez. And, I will open up our questions with Antonio from BTG. Antonio, you are now unmuted, and I saw you had your hand up a long time. Hello, guys. Hello, Lauren, Eduardo and Francisco. Thanks for the opportunity here. I just wanted to ask two questions for you guys. On the operational side in Colombia, how do you see these numbers going forward? Do you think we can see stabilization or more growth? Also in Peru, most of the results seem to come from big GLA- Are you there? I think you cut out. Antonio, we couldn't hear your second question. Okay. I will answer the first one and try to guess the second one then. Regarding Colombia, Antonio, we had a very strong quarter, and we believe it's related to the quality of the portfolio we have in that country. We always highlight the quality of the portfolio we have in Colombia with really high quality assets that are very dominant in each of the geographic places where they are located. We expect going forward the growth to continue. I would say I would split that in sales and rents. Regarding sales, we believe that we will have a strong closing of the year during this fourth quarter. Regarding rents, we saw an increased vacancy in Colombia, and some of that vacancy is related to good news. It's investing for the future. In some cases, the vacancy happens because of decisions that the tenant takes, and in some other cases it's related to decisions that Parque Arauco takes. In some cases, having three, four months without rents with vacancy, but afterwards having a higher rent is a good investment for the company. I believe that altogether Colombia should have a strong quarter this last quarter of the year. Regarding Peru, we had a challenging quarter, I would say. It's mainly related to the fact that we are also investing for the future because our two of our three main assets in Peru, which are MegaPlaza Independencia and MegaPlaza Ica, are having very important interventions in the expansion process of both assets. To be more specific, in both assets, we are working in the main square of the asset. In the case of Ica, we are changing parking at ground level for a main square in the heart of the asset. That of course is affecting the customer experience, but we believe that in few months we will be harvesting what we invested here. Regarding MegaPlaza, we expect to have a challenging 2026 because it's a much larger project. Remember there that we are moving the food court from the first floor just in front of the main square of the asset to a second floor. We are bringing new brands, high quality brands to this main square. Also, we are improving the circulations of the second floor in order to have terrace views from the second floor to the main square, and we are improving a lot the main square. We want this main square to be one of the main green areas in the northern corner of Lima. This is also one of the main features where we differentiate from competitors since our competitors have closed assets without this open air square, and we believe to further strengthen this differentiation to competitors. Again, there in Ica, I would expect few months from now with weak results. In the case of MegaPlaza Independencia, I would expect a weaker 2026, but after that, a very strong performance. Again, we're investing for the future. Finally, let me say that these expansions of these main assets are not the only reason of the weak performance in Peru. It's also related to the fact that the anchor stores had a weak performance in Peru this last quarter. We don't see a clear reason why this should continue in the future. I would expect this negative performance in sales related to anchor stores not to continue in the next quarters in a central scenario. Antonio, if you're- That's perfect. Thank you very much, guys. Okay, great. Thank you so much. Okay, our next question is from Alejandra from Morgan Stanley. Alejandra, you are now unmuted. Hi. Good morning, Eduardo, Francisco, Lauren. Thank you for taking my question, and congratulations on the numbers. My first question is on Kennedy. If you can walk us through the status of the project, of course, including Cerro Colorado, Kennedy East and all the mixed use. How is that evolving in terms of construction, tenanting, CapEx, everything, and what are sort of the next milestones for the coming quarters here? I can perhaps expand on the prior one. I mean, as you put everything together, if you can assess how you think of 2026 rents, if you can add your comments on Chile as well here. Where do you see more room when you see sales performance and occupancy costs and your schedule of renewals? Where do you think there things look a little bit more stretched? Those are my questions. Thank you. Mm-hmm. Thank you. Thank you, Alejandra, for these questions and for participating. Regarding Kennedy, we are very optimistic about the future in Kennedy. We have been working for several years in this expansion that is about to happen. As Lauren was saying, starting to happen, because of the first opening of these minor stores. We are one month away from the inauguration of this 10% expansion in our most important and most productive asset in the portfolio. It's a very important milestone for Parque Arauco. We have been working very hard to achieve this. And I'm happy to tell you that this is already higher than 90% commercialized. We are bringing new brands for the asset. It's a high quality of retail with a very low density of pillars. For the brands, it's a great place to make the brands shine. I invite you to visit the asset. We haven't opened the main entrance yet, but we are about to open the entrance in one more month. Again, we should have a very strong Christmas here. Let me complement that with the office. We are still working in the process of building the office tower on top of this retail expansion. We are now on floor 18, and we are on track in order to inaugurate this office tower during the last quarter of next year. That will also contribute an important EBITDA to the company. All together, the project is going forward in time and in budget. Finally, let me tell you that we are starting the multi-family project in the other corner of Kennedy and Rosario. We expect to inaugurate that during 2028. We are starting that project. It's also an important project for the company because it's the first multi-family inside the portfolio. It's also by far the largest multi-family that we will have in the portfolio. It will be an iconic multi-family project for Parque Arauco also in terms of the quality of the assets. We have been working very hard also there to have one iconic multi-family project for the city of Santiago. All together, we are the only asset in Chile where you can work, live, shop, and play in the same place. Parque Arauco is becoming a very important mixed use in the city of Santiago. We are working also finally to integrate the assets to the recent acquisition of Parque Arauco East, the former Open Plaza in Chile. We are in the process of designing and getting the permits for building a bridge there in order to connect both assets. Working also on capturing some synergies, both on the cost side and the revenue side related to that decision. Regarding your second questions about sales and rents, we have been having very strong performances in the last quarters in Chile, and because of that, I would expect good terms in renewals. The leasing spread of the contract we have signed in the last several quarters is around inflation plus two. Let me highlight there that is a compound annual growth rate. It's not the new rent compared to the older rent, but it's a compound annual growth rate of the new rent compared to the old rent. It will grow annually, inflation plus 2%, okay? It's not a 2% jump and then flat. It's a 2% annual growth for the next years for that new contract signed. All together, considering the inflation plus 2% in rents, considering what we are working in new revenues different than rents, such as parking and retail media, and considering the cost efforts we're doing in the company, several efforts, I would expect a healthy growth also in 2026. It's important to highlight that in this last quarter, when you take out the exchange rates related evolution of the EBITDA, barely half of the growth comes from the same surface, from the same GLA, let's say same area EBITDA growth, and half of the growth of the EBITDA comes from the new GLA we are adding because of the Parque La Molina in Peru, and the acquisition of Minka in Peru, and the acquisition of Parque Arauco East in Chile, among others. I just want to highlight how important is in the results we are reporting today, the higher productivity of the same area that we had one year ago and before. Thank you. That was very clear. All right. Now I'm going to unmute Jarel from Goldman Sachs. Jarel, can you hear us? Yeah, you're on. Yes. Can you hear me? Yes. Wonderful. Thank you for giving me the time for our questions. The first one, I wanna talk a little bit more about the SG&A portion of your income statement. Earlier you've been commenting about efficiencies that you've seen or that you've actually realized, and I just wanted to get a sense of how much more could we see and what sort of efficiencies are we talking about. Is it based on procurement? Is it based on headcounts? And within that, how much more could it help drive margins? The other is around the performance in Chile. It remains robust on a same-store sales basis, but it did give a little bit of a deceleration if you compare it either year-on-year or quarter-on-quarter. I wanted to get a sense of how you see same-store sales going forward. There's been an impact from visitors, as I understand it, particularly from Argentina, in helping drive sales. Is that going to continue being a driver going forward? Do you have a view on the sustainability of those same-store sales given macro, given perhaps a consolidation of market share from your malls? Basically just to get to it, how do you see same-store sales going forward and what will be the key drivers? Thank you. Hello, Jarel. Thank you. Thank you for your questions. Regarding SG&A, we have done several efforts in the last years regarding controlling costs and expenses in the company. Let me mention a few of them. One is related to a zero-based budgeting initiative that took us three years. Because in each of these three years, we work with approximately one third of the cost and expense items in the company. There's a strategic review behind where you ask whether it make sense to continue to do same things as you are doing it or if it makes sense to change. That I would say was a successful initiative in order to control costs. A second one is related to lean ops. We have been working also for several years in the company in order to have an efficiency, a high efficiency, mainly in the costs related to maintenance, security, and cleaning. There's a lot there that explains the good performance we have had. Also finally, there's some impact of technology inside the company, and how when you incorporate technology in security, in cleaning, in the administration in general, in the back office in the company, that help us be more efficient. All together in the last years, the last four years, we have had approximately 100 basis points of higher adjusted EBITDA margin in each of the years. I highlight the adjusted EBITDA margin because as you know, we are also working in this simplified contract that is also decreasing the EBITDA margin without changing the absolute EBITDA. We have explained this in other calls in the past. This is why we started to communicate this adjusted EBITDA margin. Considering that figure, again, we are increasing approximately 100 basis points a year. Let's talk about the future now. I would say some of the efforts we have done related to zero-based budgeting and related to lean ops. We still have room for capturing more opportunities there. Also let me mention that some months ago, and this is something that I'm telling for the first time, we have been working in a procurement project that centralizes the most important parts of the procurement effort in the company. We're basically changing from having approximately half of the procurement efforts in a centralized way to 80% plus. We are also incorporating a robust technology platform that will help us make sure that our suppliers are competing in a fair way. That is something that we have been working for some months now, and I would expect efficiencies to come from there. Also let me highlight that we recently did a reorganization that will imply a high single digits saving cost in personnel. As Francisco explained, we are both centralizing the support functions such as legal, the finance function that was not centralized, and also people. We did some other changes that make the company a little bit more efficient. We are also strengthening two teams, the technology team and the strategy and value assurance. In order to capture the impact that we design. All together it's a high single digit saving in the cost, the personnel cost account. That is the most important cost in the company. Jarel. Going forward, I would expect the efficiency to continue for the next few years, Jarel. I feel comfortable giving you a guideline for the next two. For the next two at least, I would expect a higher EBITDA margin to continue going forward. Yeah. Maybe to complement that, also another factor that I think is quite important is the economies of scale that Parque Arauco is achieving today. We have this base established in Chile, Peru, and Colombia that allow us to incorporate new assets by adding a small amount of cost in the company. For example, Parque Arauco Kennedy, the East building, we only added one person in the operational team that operated Parque Arauco Kennedy. So we added only EBITDA, only adding a small portion of cost. The same happened in- Minka in Peru. I think it will be also a source of new margin and efficiencies in the future since we have this base in these three countries that where the support teams can have to have a small adjustment in order to incorporate new assets. Mm-hmm. Yeah, that's a very important comment also that Francisco just made. Regarding your second question, Jarel, the answer is I don't know. It's true that a part of the sales in Chile are because of tourists, and more specifically Argentinians. In our calculations, and I clarify here that I have imperfect information, not perfect information, because we don't have the sale. We have information about the visits, we have information from our tenants, but it's not a perfect information. In the best information I have, approximately, the increased sales because of Argentinians is 2%-3% percentage points of total sales. Of course, the evolution of that will depend on the exchange rates in Argentina, and I don't know what will happen there. I do know that for the other 97%, I would say that the situation in Chile is okay, the employment is relatively strong, not great, but relatively strong. I would say also that the salaries are increasing inflation plus 1%-2%. That's according to the information provided by the pension funds association. I would expect a reasonable performance of inflation plus something going forward, Jarel. But I cannot give you an exact number. What I do know is that the same-store rents will increase because of this compound annual growth rate of inflation plus 2% in Chile of contracts that are already signed. What I do know is also that we are about to open a very important expansion in our main asset in Chile, 10% expansion in our main asset in Chile, that will help us our revenues grow importantly. After that, we have the offices, and after that, we have the subway coming to the entrance of the asset, and after that, we have the multifamily. I would expect some good news also going forward regarding rents. One follow-up, if I may. You mentioned that round numbers 3% of your sales came from Argentine tourists. When I think about your same-store sales growth, which has been in the high single digits, what percentage of that same-store sales growth would you attribute to the tourists coming in through Chile? Let me clarify that it's not 3%. The increase is 2%-3%. It was before the start of the pandemic, around 3%-4% of total sales in Chile, and now is 2%-3% above that, okay? We always have shopping coming from tourists. Part of the reason is that Parque Arauco in our main asset is in the heart of the main hotel district in the city of Santiago. I just want to make the point, Jarel, that there's a baseline here of sales that we have had for many years now to tourists. There is some extraordinary shopping coming from Argentinians because of the exchange rate, and that's extraordinary is 2%-3% of the growth explained by that. That's what you could expect to reverse if the exchange rate takes a different direction? It's also important to mention that it's mainly two assets where the Argentinians are important, Parque Arauco generally and the outlet. Again, when you see the big picture here, it's not a very important figure in Chile, and it's also not a very important figure in all the portfolio considering Peru, Colombia. This is something that is relatively small. Mm-hmm. Great. Thank you. Thank you, Jarel. Now we're going to a question from Marcelo from JP Morgan. Hi, Marcelo. Can you? You're on. Can you hear us? Yes. Hi. Thank you. Two quick questions. The first regarding the corporate reorganization. You know, you mentioned about all the cost savings. Just wondering if there was any one-off impact on the expense or cost side, and if this impact was relevant and already flow through the P&L this quarter or if we could see additional impact on the fourth quarter. The second question is more a clarification. I mean, when you mention about- Kennedy parking revenues growing around 30% in the presentation. Just wondering how much flow, how much price, just in case you have this breakdown. Thank you. Okay, Marcelo, good morning. Regarding the first question, yes, there is a one-off of CLP 3 billion, out of which CLP 1 billion is in the accounting of this third quarter of the year, and CLP 2 billion will be in the accounting in the fourth and last quarter of the year. Okay? It's a total of CLP 3K. Regarding the second question, we have been working a lot in how we can improve our parking margin. Part of the efforts are related to define a pricing strategy. We defined there that we wanted to be below average in the second quartile of price, but we also defined how we would charge, clearly defined how we would charge for that. The policy of how many minutes without charging, the policy of from there, you will charge by minute or by half an hour or by hour, the policy of whether we will have a maximum or not. Other pricing policy related, for example, on to renting the parking spots during closing times of the shopping at night, for example, or monthly plans in some specific cases. We work in ordering really our parking strategy. It's also related to identifying some commercial opportunities related to parking. In some assets, the parkings that we have are the parkings that we need by law. We don't have a lot of space available for commercializing some spots. In some other places we have more parking spots than what we need from a legal point of view. And there are some opportunities related to commercializing those spots. And we have also been working very hard in that. Finally, there are some assets that currently do not charge for parking that we would expect to gradually start charging once the assets mature. This is a slow process. Don't expect many assets to charge parking this 2026. It's normally one new asset every year or couple of years. That also helps us increase our parking revenue. Finally, when you do a benchmark regarding parking, in several other countries, parking accounts for two digits of the revenues. In the case of Parque Arauco, we are in the mid-single digits. I believe that here there's room for opportunity. Perfect. Thank you very much. Thank you, Marcelo. Thank you, Marcelo. Moving on to the question from Felipe from Santander. Hi, Felipe. You are unmuted. Felipe, I cannot hear you. Are you speaking? Would you like to text me the question or write it here? How about now? Is it working now? Yes, I can hear you now. Great. My first question is about Colombia. On an asset level, EBITDA margin expanded, but on a country consolidated basis, EBITDA margin contracted. It seems like you had a higher non-mall related loss in this country. Could you give us a little bit of color on what's going on here? My other question is about Peru. EBITDA margin expanded even when it's only in Parque Arauco and La Molina, Minka, despite all the reconversions one-offs and the lower energy revenue you mentioned in the press release. Do you have a rough estimate of how much EBITDA margin would have expanded without all these effects? Also, what's driving the profitability increase in this country? Yes. It was a little hard to hear you. Yes. It was a Yes. It was a little bit hard to hear. I'd ask you to clarify. Like that, I have to, give me a second. Did you get any of the questions? Can you repeat your Colombia question? We hear you. Yeah. About Colombia. Yes. Is that even though like on a national level, your EBITDA margin expanded, but when I look at Colombia as a whole, it looks like EBITDA margin contracted. When I try to see why, it seems like you have a non-asset related loss in this country which increased year over year. Well regarding the margins, in Colombia, we don't have a special effect this quarter regarding margins. I would say that part of the reorganization cost is applied to Colombia and is also affecting the corporate level in Colombia. Yeah. That would be some of the effect that is changing this margin, but we don't have any other in particular affecting this. Yeah. It's important, Felipe, to highlight that because of the reorganization costs that I just explained, the CLP 3,000 and most of the CLP 1,000 that we recognize during this third quarter comes from Colombia because of how we structure the legal part of this restructuring. Most of the remaining CLP 2,000 part will come from Chile in this last quarter of the year. Thank you. Mm-hmm. Our last question is a written question from Macarena, from Credicorp. Cost growth exceeded revenue growth driven by the addition of new assets. Could you share more detail on this? Is this mainly structural or partly due to temporary consolidation-related expansion expenses? How is this expected to normalize over time? Good morning, Macarena. Francisco will take this one. Yes. Yes. It costs in the consolidated P&L, costs are growing very close to revenues. As we have been mentioning, here we have one important effect, which is the incorporation of new assets that comes together with operational costs of those assets. That is one part. The other large part, in fact, this quarter is when we consolidate fees from Peru and Colombia, which, for this quarter, the Peruvian soles is increasing 10% and the Colombian peso is increasing 5%. We have this one time cost of the reorganization process. Without it in the- If we try to compare the cost base in this quarter against 2024 without the effects of new assets, exchange rate and this reorganization process, the costs are actually decreasing in the company. That is coming from all the initiatives that Eduardo was mentioning before in the other question, where we are aiming to decrease and be more efficient in several cost sides. Excellent. Well, thank you everyone for your questions today, and for Eduardo and Francisco for answering our questions today. If you have any additional questions or would like to set up a follow-up call or meeting, please do not hesitate to reach out. Thank you so much for attending our Third Quarter 2025 Conference Call. We will see you in January for our Fourth Quarter 2025 Conference Call. Have a great day, everyone.