Good morning. My name is Indira Diaz, Cementos Argos IRO, and I welcome you to our fourth quarter results release. On the call today are Juan Esteban Calle, our CEO, Felipe Aristizabal, our CFO, Maria Isabel Echeverri, the VP of Legal Affairs, Bill Wagner, the VP of the U.S. Division, Carlos Yuste, the VP of the Colombia Division, and Camilo Restrepo, the VP of the Caribbean and Central America Division. Please note that certain forward-looking statements and information during the call or in the reports and presentation uploaded at www.argos.co/ir are related to Cementos Argos S.A. and its subsidiaries, which are based on the knowledge of current facts, expectations, circumstances, and assumptions of future events. Various factors may cause Argos future results, performance, or accomplishments to differ from those expressed herein. The forward-looking statements are made to date, and Argos does not assume any obligation to update said statements in the future as a result of new information, future events, or any other factors. Today, after the initial remarks, there will be a Q&A session. If you have a question, please raise your hand by pressing the icon at the bottom of your screen at any time during the conference. We will record this Q&A session and upload it in our web page. It is now my pleasure to turn the call over to Mr. Calle. Thank you, Indira, and good morning, everyone. The year 2021 marks a milestone in the history of Cementos Argos with a full year adjusted EBITDA of around COP 2 trillion, the highest figure ever displayed by our company and an adjusted EBITDA margin of 20.2%, a record since 2005 when the internalization of Cementos Argos began. These strong results allow us to significantly decrease the leverage ratio of the company from 4.5 times net debt to EBITDA plus dividends at the beginning of 2021 to below 3 times by the end of the year. I am extremely proud of these achievements, which are the result of a disciplined strategy of expansion, efficiencies, and customer centricity that has been carried out based on a long-term vision of sustainability, growth, and profitability, aiming and delivering increasing value to our shareholders. I would also like to highlight the fact that Fitch Ratings has recently announced its decision to improve the outlook of our long-term local rating from neutral to positive based on these outstanding results and the expectations of future cash flow generation arising from the positive performance of the markets where we operate. Now, referring to our consolidated results, I will start by mentioning that all the reference made to EBITDA, ready-mix and cement volumes, and their percentage evolution versus last year are made on a comparable basis, excluding the adjustments that are explained in more detail in the presentation that is currently being displayed and in the report that is available on our IR website. Cement dispatches reached 4.2 million tons during the quarter, with a year-over-year increase of 9.5% on a like-for-like basis, while ready-mix dispatches stood at 1.9 million cubic meters with a comparable year-over-year increase of 9.9%. Good market conditions in most of our markets, together with a more aggressive commercial strategy in Colombia and good weather conditions in the U.S. were the main contributors of this positive performance. On a full year basis, cement and ready-mix dispatches accounted for 17.1 million tons and 7.8 million cubic meters respectively, increasing 18.3% in cement and 2.7% in ready-mix versus 2020 on a comparable basis. Revenues accounted for COP 2.5 trillion during the quarter, posting an increase of 9.3% versus last year. Full-year revenues stood at COP 9.8 trillion during 2021, growing 9.1% versus 2020 and achieving a record high in Cementos Argos history. To start with our results in each region, I would like to invite Bill to provide more context about the performance of the U.S. region and our view for the market. Thank you, Juan, and good morning, everyone. I'd like to start by highlighting the fact that the U.S. region achieved during 2021 a full year adjusted EBITDA of $274 million and an adjusted EBITDA margin of 18.9%, representing the highest figures in the entire history of Argos. These results reinforce the importance of the strategy that Argos has deployed in the U.S. since 2005, including the acquisitions and the recent optimization of the ready-mix operation with the purpose of improving profitability and achieving a better use of capital for our investors. Quarterly figures also represent an all-time high for our company. EBITDA reached $84 million, and EBITDA margin stood at 23.5% during the fourth quarter of 2021. The year-over-year EBITDA growth of 36.2%, together with the margin expansion of 10.5%, are the result of a positive evolution in volumes for both cement and ready-mix, as well as the favorable pricing dynamics of the market. Volumes exhibited a year-over-year increase of 9.3% in cement and 6.2% in ready-mix during the quarter on a comparable basis due to strong market conditions in Florida and the Carolinas, which posted double-digit growth in cement and high single-digit growth in ready-mix. Good weather conditions in the fourth quarter, together with strong market fundamentals, were the main catalyst for these results. Volumes for the full year reached 6.1 million tons of cement and 5.2 million cubic meters of ready-mix. In terms of pricing, the average prices for the last quarter of the year fully captured the second increase carried out during the third quarter, increasing 5.3% in the ready-mix segment and 2% in the cement segment when compared to the average prices at the same period last year. In that same line, variable costs associated to both cement and ready-mix production exhibited important increases versus the same quarter of 2020. In the ready-mix segment, we estimate an impact of $6.6 million for the quarter, mainly due to higher aggregates and fuel cost. In the cement segment, the main cost headwinds were associated to energy costs, electric energy, raw materials, and distribution costs for an estimated $15 million, of which approximately 70% was offset by better cost dilution resulting from higher production and efficiencies in fixed cost. The process of assets and inventories cleanup was finalized in December 2021. As anticipated on the last earnings call, the final net non-recurring income of $10 million was registered in the fourth quarter of the year, resulting mainly from land appraisals. For the full year, the net effect of this process was a net income of $3.8 million, which includes assets and inventory write-offs, as well as land appraisals. As part of our sustainable and innovation product portfolio, we launched a new Super UHPC, a cutting-edge ultra-high performance concrete. This product is composed of a series of special cementitious materials and fibers, providing outstanding characteristics in terms of mechanical and durability properties, all making it suitable for a wide range of applications. We are currently working with the Florida Department of Transportation on two bridge joint projects with UHPC, aiming at contributing to the rehabilitation of thousands of deteriorated bridges and roads, and the construction of new, highly durable and resilient infrastructure. Regarding market dynamics, the residential segment remained as the main growth driver during the last quarter of 2021. Both building permits and housing starts continued to exhibit the upward trend that started during the pandemic, with month-over-month increases in December equivalent to 9.1% and 1.4% respectively. Our growth expectations for 2022 are mostly based on the continuation of this positive trend in the residential market, with demand far exceeding supply. Additionally, the commercial segment, as well as the infrastructure segment, will likely play an important role during the current year, but in our opinion, will not exhibit significant increases versus 2021. We continue to be optimistic about the infrastructure bill and its potential impact on the country's cement consumption, derived directly from the projects funded by the bill and indirectly from the overall growth of the economy. We firmly believe that this initiative, together with the macro fundamentals development, will leave us ample room for growth in the future. Thank you, Bill. These solid results for the U.S. business reinforce our belief in its potential and importance within our footprint. Now moving to Colombia, I would like to highlight the excellent performance of the Colombian market, which achieved a record high of 13 million tons of cement dispatched during 2021, and the relevant performance of our volumes in this country, which increased 23.1% in cement and 18.3% in ready-mix versus 2020. Carlos will now provide additional color on this region. Thank you, Juan, and good morning. Over the last three months of 2021, demand conditions in the country remained strong, supported by the solid performance of the retail segment and acceleration in infrastructure projects, leading to record quarterly cement dispatches for the industry. As a result of the strong market environment and the successful deployment of our commercial initiatives throughout the year, cement dispatches grew 8.3% versus the same period of 2020 and reached the highest level since 2018, allowing us to reach a 39% market share in December, 3.2% higher than the same month of last year. Similarly, on the ready-mix business, volumes grew 17% year over year due to a stronger demand in formal residential construction and infrastructure projects. Prices in the cement and ready-mix business were relatively flat compared to the third quarter of 2021, increasing 0.2% and 0.4% respectively. During the quarter, inflationary pressures continued, with an estimated impact of COP 19 billion in variable costs, arising mainly from the high cost of the energetics, which were partially mitigated with a strict control over both fixed and variable costs. Despite the persistence of inflationary pressures on flat prices, the solid volume performance in both segments led to an EBITDA growth of 9.7% year-over-year in the fourth quarter. EBITDA margin stood at 22% with a slight decrease of 20 basis points versus last year. For the full year, EBITDA margin reached 21.7%, 147 basis points higher than 2020. Regarding market dynamics, I would like to highlight the residential segment in Colombia, in which social and non-social housing sales grew 30% and 24% respectively year-over-year, reaching an all-time high during 2021. In the same direction, the past year, housing starts achieved the highest level in 7 years as a direct result of the strong housing sales that have been observed in the market since the reopening of the economy. On the short- and mid-term, expectation for the market continued to be strong based on the record level of cement dispatches in the industry for 2021, plus the robust macro fundamentals of the country and pipeline of projects in formal construction for both residential and infrastructure. We are particularly positive regarding the announcements from the government related to their willingness to accelerate the finalization of 14 4G projects during 2022, as well as the tender offers for the 5G projects and the initiative comprised in the infrastructure package that has been named Compromiso por Colombia, which should support future demand growth once the 4G projects are completed. We are confident that the strong market conditions evidenced in the second semester of 2021 will carry on to 2022 with the residential and infrastructure segments as pillars of the continuation of economic recovery in the country. Additionally, we expect a better pricing dynamic for the year ahead based on cost inflation and higher import parity prices arising from higher freight rates and global economic cement trading dynamics. Thank you, Carlos. Moving on to the Caribbean and Central America region, I would like to highlight the historical figures achieved during the year in terms of volumes. Camilo will provide additional information on this subject. Thank you, Juan, and good morning, everyone. During the fourth quarter of 2021, the CCA region exhibited a continuation of solid commercial dynamics in most of our markets, derived from the economic reactivation evidenced throughout the year. For the full year, cement volumes reached 6 million tons, a historic record for the region. During the fourth quarter, cement dispatches increased 10.9% compared to the same period of last year, mainly influenced by a strong performance in Honduras, Dominican Republic, and the export and trading volumes. Honduras continued exhibiting positive market conditions in both pricing and volumes, partially due to the constructive dynamics surrounding the presidential elections held in November, a significant improvement versus the social unrest experienced in the past in these type of situations. Cement dispatches in the country grew 16% versus the same quarter of last year and closed 2021 on an all-time high level. Dominican Republic continued its steady growth trend evidenced in 2021 in prices and volumes, which grew 7% year-over-year. There is a positive outlook for demand conditions in the country as the market continues to exhibit positive commercial dynamics, and there have been announcements from the government that indicate investments for more than $800 million in road infrastructure construction. Panama experienced a mid-single-digit volume decrease compared to the same quarter of last year. The industry has faced challenges associated to high housing inventories and the lack of infrastructure projects in construction phase, which has affected the pricing environment. Over the last months, there has been advances on some of the major infrastructure projects, such as the third line of the Panama Metro, which together with the expectation of economic growth above the LATAM average for 2022, provides a better outlook for the market dynamics in the country during the current year. Our operations in Haiti continued to exhibit improving prices during the quarter, with cement dispatches remaining at low levels due to political and social instability, in addition to fuel shortages in the country, which generated technical challenges in the plant and in the distribution of cement market. In Puerto Rico, prices also maintained their positive trend, while cement volumes decreased 7.8% year-over-year due to a tough comparison base that included the pent-up demand of the economic reopening from the second half of 2020, as well as the disruptions in the supply chain from other construction materials affecting housing construction in the island. As a result of the strong demand conditions in the region, trading volumes increased 86% during the quarter as shipments to Dominican Republic, Puerto Rico, and third parties improved significantly compared to the same period of 2020. When analyzing the full year, trading volumes doubled when compared to 2020 due to the strong demand evidenced in most countries of the CCA region and the U.S. Pricing dynamics in the region were flat sequentially in cement and remain at the highest level since 2018, resulting from the economic recovery and the increase in import parity prices over the last months, derived from higher freights and production costs. Cost inflation also impacted the CCA region during the fourth quarter of the year. The increase in variable cost had an estimated impact of $1.7 million in our main operations. In Honduras, we experienced higher solid fuel prices as well as an increase in the cost of electrical energy of more than 30%, ratifying our strategy of moving to solar-generated energy and reaching a fuel substitution rate of 12% by 2030, in order to reduce CO₂ emissions and fuel costs. Costs in the region were also impacted by higher cost of imported cement and clinker in Dominican Republic and Puerto Rico. This cost increase was completely offset with a combination of higher volumes and prices, resulting in a total EBITDA of $29 million during the fourth quarter and an improvement of 2.9% year-over-year. Year to date, EBITDA accounted for $146 million, with an increase of 25.3% when compared to 2020 in a fully recovered versus pre-pandemic levels. For this year, we are expecting the continuation of both inflationary pressure on costs and solid market conditions across all countries, which should lead to positive results in the following quarters. Thank you, Camilo. Now referring to our balance sheet, I would like to highlight one more time our net debt to EBITDA plus dividends ratio, which as of December 2021 is slightly below 3x, in line with our year-end expectations. For the current year, we expect this ratio to maintain its downward trend, given by the continuation of the favorable market dynamics in all three regions. That will translate into further price improvements that will be partially offset by cost pressures derived from the economic reactivation. In line with this evolution, we expect our full year operational EBITDA to be above 2 trillion COP for 2022. In terms of CapEx, we will make investments during the current year of approximately $200 million. This amount includes around 45% of profitability CapEx, a similar amount of maintenance CapEx, and about 10% strategic CapEx. The profitability CapEx will be mainly dedicated to renewal of the logistics network of the U.S., including ports and ready-mix trucks, the increase of export capacity in Colombia, the capacity increase in Honduras, and the continuation of our CO₂ reduction roadmap across the regions. Regarding the dividend payment, in line with the excellent financial results of 2021 and the positive outlook for the current year, the company will propose to a general shareholders meeting a substantial increase on the dividend of the company, returning to pre-pandemic levels and implying an increase of 40% compared to last year's payment. Before finishing my intervention, I would like to thank each one of our stakeholders for their full support and commitment that made possible the historic results shipped last year. We are fully committed to exceeding this performance in the current year. Thank you all for your attention. Indira, we can now proceed with the Q&A section. Thank you, Juan. We will proceed now with the Q&A session. Please remember that in order to ask a question, you need to raise your hand using the icon that is at the bottom of your screen. I will say your name and company, and will enable your microphone. Take into account that you need to unmute your microphone before you speak. First question comes from Alejandra Obregon from Morgan Stanley. Hi. Good morning, Cementos Argos team. Congratulations on the numbers, and thank you for taking my question. I actually have two. The first one is related to the potential U.S. listing. If you can comment on how is the process advancing and where in the process are you at the moment. The second question is on the cost side, particularly in the U.S. There is a big improvement in the region, so I was wondering if you can comment on what's driving this and elaborate a little bit more on the energy side for the quarter. Whether it's a reasonable assumption to think of these profitability levels, especially for the cement division in the U.S. for 2022. Thank you. Thank you, Alejandra, for your questions. I mean, about the first one, the U.S. listing, given U.S. Securities law restrictions at this point in time, we cannot comment any further. Regarding your second question, price inflation is a challenge, I mean, not only in the U.S. but in all of our markets. We are confident that we will continue with the expansion of margins, not only in the U.S. regions, but across all of our markets in 2022. The most challenging quarter last year was the fourth. Our cost increased close to $10 per ton in the U.S. in the last quarter. With the price increases that we have in place and the ones that we will do in 2022, we are fully confident that we will continue with the expansion of margins across all of our markets. Thank you. If I may follow up on that last answer, if you can comment on what type of price increases are you thinking in the different regions, especially in the U.S., for your full year guidance. That'd be very helpful. Yes, Alejandra. I mean, we are not very specific about price increases, but the only thing that I can tell you is that we are planning price increases in all of our markets offsetting cost inflation. Thank you. If I may have an additional follow-up. In the U.S., can you comment whether the price increases are being done in January or April in the different regions where you operate, please? Bill will give you a little bit more color about specific states in the U.S. Thank you. Yeah. Thanks for the question, Alejandra. I mean, as Juan said, you know, we can't be very specific there, but we did have price increase announcements in all of our markets in January. At this point, I think we're okay in both the ready-mix side and the cement side. Thank you. That was very clear. Congratulations again. Thanks. Thank you. Next question comes from Yassine Touhari from On Field Investment Research. Yes, can you hear me? Yes, we can. Yes. I understand that most of your competitors in the US have announced price increases of approximately $10 per ton, which would actually be very close to the cost increase of $10 per ton that you're experiencing in Q4. Is it fair to assume that you will just offset the cost inflation with the price increase and that any EBITDA growth will have to come from volume? I would have a question as well about, did you see, you know, before this price increase, some client pre-buying? Do you see any impact on the volume at the beginning of the year? Because what we've seen, for example in Europe, is that some purchasers of cement, they bought a lot of cement in December ahead of the price increase, and they stopped buying in January. Are you seeing any decline in volume in the U.S. or in any of your other markets in January, or is the beginning of the year good? Oh, thank you for your question. Even though, I mean, the highest inflation pressure that we felt was in the fourth quarter in the U.S., for the whole 2021, I mean, the increasing cost because of inflation was more between $2-$4 per ton. $10 was only in the fourth quarter. We are seeing that with the increasing volumes that we are foreseeing for 2022 in the U.S., plus the price increases that we are planning to take into the market, we will be able to more than offset the inflation pressure that we are feeling in 2022. So we are expecting an expansion in the margins for the business in the U.S. for both cement and ready-mix. January and the first two weeks of February, I mean, the reality is that we started very strong. We have not seen, like, any change in the positive fundamentals in any of our markets. Maybe two follow-up questions. One, we see you know many everywhere in the world, we see because of the energy cost and because of the pandemic, we see a lot of cost inflation. Labor cost is going up a lot. The cost of actually building is going to be substantially higher in 2022 than it was a couple of years ago. Do you see a risk that some project might be delayed or that it might impact demand in the long term? Like let's say for example, if households in the U.S. don't have an increase in salary, they might not be able to pay for a new house. Maybe it could impact the number of projects that the government can carry out. Do you see any risk that the inflation on the construction this week would impact demand? Second question, which is more on the U.S. Could you give us an update on the limestone cement and the cement with additives? Have you seen any developments in terms of regulation or have you any developments in terms of marketing new products with blended cement with your client? Yes. I mean, inflation is a challenge not only in the U.S. but in all of our markets. The governments are taking measures to control inflation. I mean that is from a macroeconomic standpoint, one of the top priorities of all the governments. Up to now, we haven't seen like any change in the positive fundamentals, nor in the dynamics of the construction in any of our markets. Regarding the evolution of limestone cement in the U.S., I would like Bill to give you more color. Sure. Yes. Thank you very much for the question. I don't know, I'm sure you're aware that as PLC has kinda transitioned in the U.S. and is now accepted in all of the states where Argos operates, that's a pretty positive trend in our opinion. You know, given the tight production being at almost full capacity or at full capacity in most all of our plants, you know, we've made some pretty strategic moves to move to a higher level of PLC. Our ambition this year is gonna end around somewhere between 25%-30% of our total production for the cement volume, which I think is a good indication. We just announced that our Roberta operation, we have a plan there to be 100% PLC by the middle of this year. If that actually takes place, and we're pretty optimistic about that, those percentages could be on the higher end of the number that I just provided. That's pretty exciting for our team. In terms of, if we look at the PLC, what is the clinker factor of the PLC versus the same one? Is it the 5%-10% reduction in clinker factor? It's 10%. It means that essentially, if you add the Roberta cement plant, you would have an effective 10% increase in capacity for- Yes, sir. For a modest investment. Is it fair to- Yes, that is correct. Is it fair to assume that the cost of producing one ton of blended cement is not substantially different to the cost of producing one ton of cement? Yeah, no, maybe for Roberta, we are adding 170,000 tons of cement with that switch to PLC. It is, I mean, the cost of producing 1 ton of PLC is lower than the cost of producing regular cement. It is a positive from a sustainability standpoint, from an increasing capacity standpoint, and from a cost perspective. We are extremely happy with the evolution of the penetration of PLC cement in the U.S. Is it one of the reasons why you're confident to be able to maintain or increase margin even after considering the steep increase in costs? Yes. Among other things, yes. That's very clear. Thank you very much for your very helpful answers. Thank you, Justin. Next question comes from Gordon Lee, from BTG. Hi, good morning. Thank you very much for the call, and congratulations on the results. Two quick questions. The first on the U.S. business. I was wondering if it'd be possible maybe to give us a sense of how much of the strong performance in the quarter, especially in Florida and the Carolinas, was from a catch up on the back of good weather, and how much was sort of underlying growth and demand. Then in Colombia, I was, you know, obviously 2021 was a great year in terms of market share gains. Was there anything unique about the year that led to those market share gains that may lead to them being reversed in 2022? Or do you see those as permanent gains in market share? Thank you. Thank you, Gordon. I would like Pete to answer the first question and Carlos, the second one. Sure. No, Gordon, thank you again for the question. I mean, you know, we did have some benefits from the weather in the fourth quarter. You know, I just like to point out, I mean, the demand is still really strong in all of our markets, specifically in Georgia, the Carolinas and Florida. Florida is probably the most significant of the three. I think it's a combination of maybe a little bit better weather patterns, but the demand is still extremely strong. In the second question, Gordon, about Colombia. Now, our goal is to maintain this market share. I think that we have made a lot of movements, very smart movements around Colombia, especially in the center zone of Colombia and in the southwest zone. That is our goal to move around 37% of market share for this year and the next coming years. Great. That's very clear. Thank you very much. Okay, Gordon. Next question comes from Rodrigo Sánchez, from Davivienda Corredores. Yes, good morning, and thank you for taking my questions. The first one is if you could please comment on your expectations on margins regarding your additional export capacity in Cartagena. How different these margins could be compared to the margins achieved by your current operations. The second question is how many percentage points on EBITDA margin have you gained or expect to gain in your U.S. ready-mix operation due to the divestments completed in 2021? Thank you. Thank you, Rodrigo. We already posted a full year in excess of 20% of EBITDA margin. That was like our first goal. The idea is to continue expanding our margins. In the U.S. we finished the year at 19%, but our goal is to increase at least 100 basis points that margin. In Colombia we ended up close to 22%, with the good dynamics that we are seeing in the market and the growing demand and all the execution of the S&R that has been extremely successful in Colombia. We plan that as well, in the near term, to increase those margins at least to 25%. That means that our consolidated margins should continue expanding going forward. In terms of our export capacity, our plan is to export 40% more volume out of Cartagena this year than last year. The reality is that with the new expansion of the Cartagena port terminal, we are extremely excited with the opportunities that the Cartagena plant is going to play in our footprint going forward. Thank you, Juan, and congrats on the results. Next question comes from Vanessa Quiroga from Credit Suisse. Hi. Thank you for taking my questions. I have a couple. The first one is, if the, effect of assets- Inventory cleanup that you mentioned of $10 million on net income, is that the same amount affecting EBITDA? The second question is, if we adjust EBITDA for $10 million, I obtain that quarter-on-quarter total costs and operating expenses actually decreased quarter-on-quarter. I was wondering if you could explain what were the strategies carried out that drove this decline quarter-on-quarter. Thank you. Thank you, Vanessa. Felipe, our CFO, will answer your question. These adjustments that were included in the fourth quarter results both affect EBITDA and net income. These are non-cash charges, both of them. Yeah, they don't have any effect on the actual cash generation of the company. To adjust EBITDA, I can, I just use the same amount, COP 10 million. Correct? That's right, yes. Okay. Yeah, if I adjust EBITDA quarter-on-quarter, it would seem as if costs actually declined in the U.S. in the fourth quarter versus the third quarter. Yeah, I wanted to see if it's possible to get more details on how this was achieved, especially with the current environment of higher energy costs. The actual effect was an increase in costs during the fourth quarter of the year. The net effect attributed to these non-cash charges should not reduce the total cost experienced in the US for the quarter. Okay, thank you. I'll follow up with more details. Thank you. Thank you, Vanessa. Next question comes from Steffania Mosquera from Credicorp Capital. Steffania, I believe you're on mute. Good morning, guys. Can you hear me now? Yes, we can. Okay, perfect. My first question is regarding EBITDA guidance. You mentioned in your presentation that you're expecting COP 2.1 trillion roughly, which is similar to what we saw in 2021. However, I highlight that in 2021 we had some one-off effects that affected EBITDA, such as the sales of assets and the inventory cleanup. Sorry. Are you expecting EBITDA to be recurrent or are you expecting any non-recurrent items in 2022 EBITDA? Thank you, Stefania. I mean, the guidance figure is operational, so it doesn't include like any non-recurrent items. It is an increase over the 1.93295 operational EBITDA that we had in 2021. Great. We're expecting to exceed that operational EBITDA of 2021 in 2022. Great. Thank you very much. My second question is regarding your guidance of CapEx. You mentioned that you would execute some CapEx in expanding the ports in Colombia. Just this week there was a news on the finishing on the expansion of the Cartagena capacity to 3.5 million tons. My question is, what are your plans other than this expansion? Thank you, Stefania. Yes, we will expand the capacity of our import terminal in Houston, and we will invest some CapEx into the expansion of our terminals in the U.S. Plus, there is some CapEx related to that port expansion in Cartagena that is going to be recorded in 2022. Mainly we are going to dedicate CapEx to increasing capacity across all of our operations. Great. Thank you. My final question is regarding the U.S. market. You mentioned in your presentation that the share or the mix of infrastructure decreased this year. I would like to understand why is this trend and if you expect the continuation of it going forward. Yes. Bill can answer that question. Sure. I mean, what we see as far as the infrastructure bill is concerned, I mean, I still think there's a lot of motivation around it. I think the timing of it and how the funds actually get allocated through the markets is, you know, a bit slower than expected. You know, we see it had been relatively flat. With some very positive outlook in the future. As far as impacting our operations, we think it's gonna be at the earliest late this year, maybe late fourth quarter. It would have the biggest impact beginning in 2023. I think we have reported before in the past too, our focus in this segment. From two years ago, our plan is to increase our shares. We've done a pretty good job of increasing share in this segment. We feel like we're ready for, you know, this to move forward and take advantage of it in 2023. Okay, thank you. Steffania. Thank you very much. Just a final question, if I may. EBITDA margin dropped quarter-over-quarter in Central America and the Caribbean. Why is this trend? Market was very good in Central America and the Caribbean. It's just that due to seasonality, I mean, the fourth quarter is not as strong as the third one, but Camilo Restrepo will provide you with more color. Camilo. Thank you, Juan. Thank you, Stefania. Yes, that's the reason for it as explained by Juan Esteban quarter-on-quarter. Also, we are starting to see some of the cost inflation that was mentioned during the call. We are working on price increases. We did some at the fourth quarter last year, but we're also doing price increases this year to offset any cost inflation. Great. Thank you very much. Thank you. Next question comes from Juan Camilo Dauder from Bancolombia. Hello, can you hear me? Yes, we can. Okay, thank you very much. Thank you very much for the call and taking our questions. I have two questions. The first is in regards to the guidance you're providing us on margins, on where you expect increases this year. Is that increase apart from the price increases in the overall industry, raw materials? Do you expect any other kind of cost reduction strategy worth mentioning? That's my first question. If you can provide us guidance on the size of the margin you expect for the consolidated numbers. I also have another question regarding volumes, and if you have any kind of anticipated maintenance plan for this year, where you expect to get maintenance and when? Thank you very much. Thank you, Juan Camilo. Margin expansions will be due to volume growth and price increases. All of our operations are at a cost level that we are all quite comfortable after the execution of Best Plan and Reset. We will continue looking to optimize our operations, but in general, the margin expansion will come mainly from volume expansion and price increases in excess of the cost inflation. In terms of the main schedule, I will give the floor to each of the regional VPs just to comment on that. Thank you. Yeah, Juan, from the U.S. perspective, I think that's a good question. Our plan is from a maintenance standpoint to be similar or up a little bit from 2021. I think there was a comment made already about trying to renew our fleet, especially in ready-mix, and I think that's going to, as those trucks come in, will help the maintenance from prior years. We'll probably have neutral to decrease in the ready-mix side. Probably have some increase in the cement side. Overall, it's gonna be similar to 2021. From the Colombia standpoint, Juan Camilo, really the maintenance plan could be very pretty similar to the 2021 because we are expecting some increase in volume. No, nothing incomparable versus the 2021. Incomparable with 2021 versus 2020. For that reason it is pretty similar than the previous year. Okay, thank you. Same situation for Central America and the Caribbean. We're going to have a very similar plan in terms of costs. It's as budgeted and will result in the budgeted or expected earnings and costs. We will have to move some of the maintenance, major maintenance like the kiln in Honduras from the second quarter to the first quarter, as we have gotten some of the materials that we were expecting last year for maintenance that were delayed with the problems that are still in the supply chain, but nothing other than that. Okay, thank you very much. Thank you, Juan Camilo. Thank you everyone. Before we finish, I'd like to invite you all to visit our corporate website. There's a section dedicated to sustainability, and we have published the main indicators for last year there, and there's a special summary for our investors. Juan, we have no more questions. Thank you very much for attending our conference and looking forward to our next one. Have a great day.