Good morning, everyone, and thank you for joining us today to discuss our second quarter results. My name is Carolina Velásquez. I am Cementos Argos' Investor Relations Officer, and I will be hosting today's call. On the call today, we have Tomás Restrepo, our Executive Vice President, Natalia Ochoa, our CFO, María Isabel Echeverri, our VP of Legal Affairs, Carlos Yusty, CEO of Argos Latam, and Jason Teter, CEO of Argos Materials. First, I would like to ask you to carefully read the legal disclaimer that is currently being projected on the screen, which is also available in the presentation posted on our website. Please note that all discussions on the financial and operational results during the call will be based on adjusted figures, excluding non-recurring and non-core operations. For a detailed reconciliation of the adjustments, please refer to the annexes of our presentation. 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 session and upload it to our webpage. It is now my pleasure to turn the call over to Tomás. Good morning, everyone, and thank you for joining us today. During the second quarter, our businesses delivered solid performance, supported by strong results in Colombia and constructive demand dynamics across most of our markets. We have made decisive progress in building the two focused operating platforms that will shape the next chapter of Cementos Argos: Argos Materials and Argos Latam. I want to reaffirm why this separation is central to our long-term strategy. This is not a change in direction. It is the natural step in the path we have built throughout our history. We understand the power of focused platforms because we have lived it. The combination of Argos USA and Summit Materials, and posterior monetization of our stake stands as proof of our ability to create and capture exceptional shareholder value. Today, we are applying that same logic with greater experience and stronger financial capacity. Our objective is not simply to separate a company, but to build two focused platforms with the strategic clarity, capital flexibility, and capabilities to realize their full value creation potential. For each platform, that means focused growth. In the U.S., our ambition is to build a leading position in aggregates, leveraging our Dominican Republic asset alongside the development of a domestic network of distribution and production assets. In Latam, we are pursuing disciplined and profitable growth across the region, while advancing opportunities in key markets such as Venezuela and Guatemala. During the quarter, we advanced simultaneously in the construction of both platforms. On a strategic level, we are actively assessing the value creation potential of each platform and the paths to capture value for our shareholders. The corporate center is focused on the overall strategy, capital allocation, and the design of the architecture that will allow both platforms to maximize this value creation. On a more tactical level, we made progress in defining their organizational structures, governance models, and leadership teams, allowing each business to operate with greater focus and agility. This is one of the most important transformations in our history. We are undertaking it from a position of strength and with the conviction that it can unlock a new chapter of value creation for Cementos Argos and its shareholders. With that context, I would like to invite Natalia to provide an update on SPRINT and present the second quarter's consolidated results. Thank you, Tomas, and good morning, everyone. SPRINT continues to be the framework that keeps shareholder value generation at the center of strategic decisions. Since the launch of SPRINT, total shareholder return has reached 750% in dollars and 25% so far this year. Additionally, trading volumes have increased approximately eight times versus pre-SPRINT levels, reflecting the momentum this program has created. Let me walk you through our progress across the pillars. On our first pillar, operational and financial results, our year-to-date EBITDA margin stood at 21.7%, and we remain committed to our full-year guidance range of 24%-26%. Our ROCE reached 16.5% on a last 12-month basis, above our target of more than 16%. On distributions to shareholders, between dividends and share buybacks, we have returned more than COP 530 billion in 2026, reaching 63% of the COP 707 billion in dividends approved for the year and being the most active issuer in terms of buybacks in the Colombian market. On our fourth pillar, share liquidity, our double market maker structure is fully active, reducing friction to execute transactions and strengthening the liquidity of our share, supporting our objective to be included in the major global indices. Regarding our fifth pillar, growth, we achieved important milestones in Argos Materials, which Jason will detail shortly. In Venezuela, this quarter, we exceeded our target of 5,000 tons per month in exports, and we continue working on initiatives to deepen our presence in the country alongside progress on our long-standing legal claim. Now, let me walk you through our consolidated results for the second quarter. Cement volumes were 7% lower year-over-year, impacted by exports and trading, though demand conditions were solid across our operations. Ready-mix volumes were up 15%, driven by an outstanding performance in Colombia. Consolidated revenues increased 2.4% year-over-year. EBITDA reached COP 280 billion, down 5%, in line with our expectations for a first semester with a higher concentration of plant maintenance in our cement operations. EBITDA margin stood at 21.2%, 175 basis points below last year. Given the significant revaluation of the Colombian peso this year and its impact on EBITDA conversion, the company holds put options with quarterly payoffs acquired toward the end of 2025 at a strike price of COP 3,850. These have already generated payouts of $3.6 million and will continue to provide hedging protection throughout the rest of the year. Adjusted net income closed at COP 154 billion as net interest income was approximately COP 17 billion lower year-over-year, driven by a lower cash balance following initial Argos Materials investments, debt repayment, and shareholder distributions, though partially offset by a lower interest expense. We recorded a positive foreign exchange difference of COP 35 billion, driven by a 7% appreciation of the Colombian peso during the quarter. As the peso strengthened, the peso equivalent value of our dollar-denominated debt declined. Because this debt was largely unhedged or covered under hedges for peso appreciation scenarios, the revaluation translated directly into a foreign exchange gain. Finally, I'd like to note a provision of COP 64 billion we recorded in connection with a foreseen adjustment to the Summit transaction, with settlement expected in November 2026. Consistent with our standard practice of excluding non-operation one-off items, this provision is not reflected in our adjusted net income figure. I will now turn it over to Jason to discuss the progress in Argos Materials. Thank you, Natalia. Good morning, everyone. This quarter, we made great progress in continuing to build the Argos Materials leadership team by bringing on board executives with deep experience in aggregates and building materials, who have scaled businesses and led at senior levels, and who share our conviction in the growth opportunity ahead. Kendall Gregory joined as CFO, bringing extensive financial leadership across building materials, industrial solutions, and manufacturing. Juan Camilo Martinez joined as Country Manager for the Dominican Republic, bringing deep knowledge of Cementos Argos, having previously led the company strategy team and played a central role in shaping Argos Materials, ensuring strong continuity between the vision behind this platform and its execution on the ground. We also welcome Chad Weems as Vice President of Operations, bringing deep expertise in operations and engineering within the aggregates industry. Together, this team reflects the top-notch talent that recognizes the potential of Argos Materials and is committed to realizing it. Turning to our operational progress this quarter, our third test shipment successfully arrived in Tampa and met the optimal material quality we were targeting, marking another important step forward in our validation process and confirming both the consistency of our product and the reliability of our logistics chain into the U.S. market. We also continue to advance in engineering and permitting activities in both the Dominican Republic and Tampa, expanding quarry capacity in the Dominican Republic, relocating outbound logistics to a facility significantly closer to the quarry, and securing the investments needed to guarantee port capacity. In Tampa, all three initiatives are moving forward on schedule as we build the infrastructure to become a competitive aggregates exporter in the U.S. market. Finally, on M&A, deal flow continues to grow, and our pipeline of opportunities is building. We are evaluating these opportunities with patience and discipline, targeting assets that add strategic and financial value to the platform. We remain confident in the fundamentals of our target markets, supported by strong demand from data center and infrastructure construction. These milestones achieved during the quarter reflect our focus on the execution of Argos Materials' growth strategy. The team, the products, and the capital discipline are coming together as planned, and we look forward to continuing to share our progress with the market. Thank you, Jason. I will now turn it over to Carlos, who will walk us through the performance of our Latam operations. Hello, everyone. As Tomas mentioned, Argos Latam is entering this new stage as a more focused platform with a clear strategy to expand profitability and pursue disciplined growth across the region. Let me share how we intend to execute that strategy. Our aspiration is to be the leading cement company in sustainable value creation in Latin America, generating value for shareholders while contributing to the economic, social, and environmental development of the territories where we operate. This aspiration is supported by a business model we have already proven as a path to profitability in Colombia, where over the past five years, it allowed us to increase ROCE from 8% to 15%. We are now extending this model across Argos Latam, built on two pillars: De la Mina al Mercado, our operating model focused on reliability, network optimization, and digital transformation; and Luz Verde, our commercial model built on brand trust, technical advisory, and digital self-service through Argos ONE. In the coming quarters, we will share details on how this model translates into specific actions, milestones, and expected results across the region. Before diving into the regional results, I would like to share that the aggregated EBITDA of our Latin operations stands at COP 296 billion. Please note that this figure is a temporal reference while the separation advances, as it does not include any expenses allocated from the corporate center. Now, I will go over the region by region performance, starting with Colombia. Colombia delivered a strong quarter as industry demand has been driven by a recovery in the retail segment over the past year. During the quarter, we continued to perform better than the industry with 10.5% growth in local cement and 15.9% in ready-mix volumes, which continued to stand out, supported by a solid project pipeline including Túnel de Oriente, Metro de la 80, Quora, and others. This strong domestic performance was partially offset by lower exports as a result of softer demand in the U.S. market. Revenue rose 4% and EBITDA reached COP 201 billion, growing 13% year-over-year, driven by a strong top line and disciplined cost and SG&A management. On a year-to-date basis, the margin came in at 26.2%, slightly higher than versus 2025, reflecting a higher concentration of scheduled maintenances of our cement plants. With this now behind us, we expect margin improvements for the second semester. The strong operational results are supported by a key milestone reached in our operation model De la mina al mercado. The consistent increase in reliability of our cement operations led to an OEE over 80% in 2026, a world-class result that drives cost control and optimizes output. Looking ahead, we are confident about the rest of the year, as the presidential transition brings renewed expectation for a stronger pipeline of projects in infrastructure and housing, which we see a meaningful opportunity for the industry. Central America exhibited positive demand dynamics across the region, leading to an expansion of 20.8% in cement volume and a revenue increase of the same magnitude during the quarter. EBITDA reached USD 14 million, as was 19% lower than last year, primarily due to a planned major maintenance in Honduras carried out in April, while in 2025, it was done in the first quarter. On a year-to-date basis, which evens out this effect, revenues grew 13% and EBITDA increased 12% with EBITDA margin broadly in line with the same period of 2025. Panama demand continues to recover, supported by housing and infrastructure, with the market expanding high single digit year to date, and in Guatemala, volumes tripled versus the second quarter of 2025, reflecting our successful expansion strategy in the country. In Honduras, after a rough start for the industry amid the government transition, we saw early signs of demand recovery. Going forward, we anticipate further recovery as economic activity normalizes. Additionally, we are proud to announce that we signed an agreement to install a second solar farm in our Comayagua plant. By 2027, the plant will be fully supplied with renewable energy, reducing 19,000 tons of CO2 emissions per year while optimizing cost and reliability of the energy supply amid the high-risk environment that the country faces. We are confident that the positive results will continue across the region with a more balanced competitive landscape in Honduras, Panama's continued recovery, and our determined growth strategy in Guatemala pays off. In the Caribbean, cement volumes were flat and revenues grew 2.1%. EBITDA was USD 16 million, 2.5% below last year. As a portion of the cost associated with the first quarter operational disruption in the Dominican Republic were recognized this quarter. The operation fully recovered during the quarter, reaching its highest dispatched volume on record for any June, reaffirming the strength of the demand in that market. Given that we operate at full capacity in this operation and on the back of our strong insurance program, we have been working closely with our insurance partners on a business interruption claim, from which we have already recovered $1 million and expected to recover $3.5 million more during the second semester. In the rest of the Caribbean, we had a solid performance with Puerto Rico and French Guiana posted double-digit growth in both revenues and EBITDA. For the second semester, we expect the EBITDA impact from the Dominican Republic disruption to be fully recovered and the constructive industry dynamics to remain, supported a stronger performance for the region. In Argos Latam, we have a positive outlook for the rest of 2026 and remain confident in our ability to keep enhancing profitability. Our continued focus on operational performance and value creation is reflected in a best-in-class free cash flow conversion of 77% of EBITDA this quarter, which is a solid base to keep executing at the highest level. Thank you, Carlos. As you have heard from Jason and Carlos, both platforms are advancing with clear strategic priorities and strong execution under a common objective of maximizing long-term shareholder value. Our role at the corporate level is to ensure that we allocate capital to the highest return opportunities, strengthen the capabilities of each platform, and design the structure that allows both businesses to realize their full potential. Turning now to our balance sheet, our net debt to EBITDA ratio stood at -4.4 times for the second quarter, reflecting the strong cash position we continue to carry from the Summit transaction. While we continue evaluating opportunities to deploy these resources, these funds have already generated $148 million in interest income, with an average yield of SOFR plus 26 basis points. Looking ahead, we remain firmly committed to our full-year guidance, supported by positive market dynamics across our operations and the continued execution of our efficiency and profitability initiatives. Carolina, we can proceed now with the Q&A section. Thank you, Tomas. 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 Gordon Lee from BTG Pactual. Hi. Good morning. Thank you very much for the call. Two questions. The first is, looking at your guidance for the EBITDA margin for the year, which you expect to close above 24%, that suggests a pretty important rebound in the second half of the year, and I was wondering whether it is a fair assumption to think that most of that rebound will happen via the normalization of the margin in CCA, or should we also expect a pickup in Colombia? That is one question. The second question, just on the accounting treatment of both the business continuity insurance in the Dominican Republic and the payouts for the FX options, just to confirm that those are not being reflected in EBITDA, that we are seeing that accounted for below the operating line. Thank you. Thank you, Gordon. Thanks for your questions. The first question regarding the margin pickup for the remainder of the year, you have to take into account that the first semester was very heavy in kiln maintenances. It is expected to come both, as Carlos said, from Colombia going forward in the second half and Central America as well. We do remain committed to that guidance that we give you of about 24% margin. Now, regarding the accounting treatment of the two one-off operations, both as you mentioned, I will turn it over to Natalia to explain to you a little bit more on that. Thank you, Gordon, for your question, and thank you, Tomas, for handing over the question to me. On the first question regarding the insurance payout for the Dominican Republic operation, it is indeed recorded in the EBITDA. Regarding the hedges, a significant portion of the hedges are also recorded in EBITDA under higher revenues because we are hedging our export volumes, which have been a little bit lower than what we have expected, as we have mentioned. The portion that has been lower than the budget is being recorded as financial income, but the portion that meets the hedging accounting rules is reflected as higher EBITDA via higher revenues. Let me know if this clarifies your question. That is super helpful. Thank you. Do you have a sense, I think I read in the release that the business continuity insurance, the payout so far was $1 million. Could you just let us know, or let me know, for each of those items, how much was reflected in EBITDA in the first half of this year? The full $1 million is reflected in EBITDA, and we are expecting that we can get a couple of more million for the second half of the year. The full Dominican Republic insurance payout is reflected already in EBITDA. Regarding the hedges, about $2.25 million are reflected as higher revenues. $1.1 million are reflected as higher financial income. Perfect. That is super helpful. Thank you. Sure. Thank you, Gordon. Next question comes from Simón Londoño from Grupo Cibest. Good morning, everyone. Thanks for the presentation and for taking my questions. My first question is about your expectation for the second half of the year compared to the first half. What are your expectation for growth, and what key factors underpin that view? My second one relates to Venezuela. What condition need to be placed for the company to consider re-entering the country, and what will be the expected capital exposure associated with that decision? If you could give us some information about that. Thank you. Simon, thanks a lot for the question. I will just introduce a little bit, and then Carlos can give you a lot more color. The second half expectations are, we are very bullish in Colombia, as Carlos said, and Honduras in particular is also having a very good constructive dynamics as well as Panama picking up. Carlos will give you a little bit more detail on that. In Venezuela, again, we have a phased approach of going back into the country. As for now, we are exporting via land shipments. Second phase would be an import all the way from Cartagena. Then third phase, as we recover our investment there, we will, in time when the market is solid enough, be ready to invest. It is a pretty de-risked, phased operation or phased project into Venezuela. Carlos, please give us a little bit more color on expectation and Venezuela. Hi, Simon. I think that starting with Venezuela, really, we are currently exporting by the border, specifically by Cúcuta. We are growing month by month. Really, this is not an easy logistic exportation, but I think that we can grow by the end of the year, probably finish ending the year probably in a rate of 5,000 tons per month. We are really making the assessment of what is the best way to enter in with a real operation in Venezuela. When I say with a real operation, it is not with a real operation of a cement plant in Venezuela, with a real big export probably from Cartagena. We are measuring if there are some port facilities, or if we can make more soft the export by land through Cúcuta or through Paraguaná in La Guaira. We are very optimistic about the market in Venezuela because the market in Venezuela right now is about 1.7 million tons of cement per year, which is, like you can probably heard, is 10% of the capacity that Venezuela has in cement production. Really, Venezuela is turning to be a more, how we can say? A more normal country, but it takes time. Like Tomás said, we are analyzing what is the best way to enter in Venezuela. If we enter with a ready-mix plant, probably in next year, but increasing our exports out to Venezuela. I think that we have a very good opportunity to increase the volume of export in that country. About the first question, historically, the second half of the year in cement and in our operations in LatAm are better than the first half of the year. The second half of the year is, in most of the countries that we operate in LatAm, the first half is rainy season, the second half is more summer. The cement usually has this pattern. The second half is better than the first half. In the case of Central America, Honduras, like we expressed now in the script, really Honduras is growing month by month. In the case of Honduras, Colombia is doing well all the year, and we expect that the second half of the year is still doing the position well, the market. I do not know, Simon, if that is good for you. Yes. Thank you very much. Super clear. Thanks for the question, Simón. Next question comes from Pablo Ricalde from Itaú. Sorry. Hi, good morning, Cementos Argos team. I have one follow-up question on the cement volumes performance in Colombia for the second half. I do not know if you can provide more details on which segment do you think will drive growth. I know given the earthquake, maybe now visibility, it is more limited, but which demand trends are you seeing, like housing, maybe Casas Milagro helping a little bit at the end of the year? But which sectors or segments do you think will drive cement volumes for the second half? Pablo, thanks for the question and for bringing up this hardship situation that the country is living with the earthquake. I just want to mention about that we are helping our communities and our employees, particularly in the southeast and central west zone of the country to assess the damages and cope with this. As for the drivers of demand, Carlos will give you more color on what he is seeing for Colombia. Thank you. Hi, Pablo. Mainly from the retail segment. The retail segment, this is growing in double digit this year, and we are seeing that for the rest of the year, it continues. Because the new government are thinking how to structure some infrastructure projects, but probably we can see that in 2027 and 2028. Okay. Thank you, Pablo. Next question comes from Santiago Villanueva from Davivienda Corredores. Hi, good morning, and thank you for taking my question. I just have two questions. During this quarter, you mentioned exports to Venezuela totaling 5,000 metric tons per month and three times the volume in Guatemala. I would like to know what your one-year volume target is in those countries, and what the business model will be for Guatemala. Do you plan to continue exporting from Honduras, or are you planning to have plants in the country? My second question is, could you provide more information about the provision related to the cash of Summit? Thank you. Santiago, thanks a lot. I will start with the second question. The COP 64 billion accrual, which is equivalent to $17.5 million, was registered in connection to a specific indemnity obligation that we retained with Summit Materials after the transaction of January 2024. It is a specific indemnity obligation for that, and which is related to a previously disclosed class action on a legacy asset that we also in time acquired in Southeast U.S. As this class action is expected to close by the end of this year, we proceeded and registered this accrual, the COP 64 billion, in our discontinued operations line of the P&L. As it is the usual practice, we exclude the one-off non-recurring operations from our net profit and this is the explanation about all of that. Now about exports into Venezuela and Guatemala, Carlos will give you more color on that. I just wanted to tell you that the Guatemala venture has been a very successful one in growing volumes, and we do have plans to transform that into another type of business model that will free up volumes from Honduras and enhance the profitability locally. Carlos, please give us a little bit more color on exports to Venezuela and Guatemala as well. No, I feel that Guatemala, like you mentioned. Hi, Santiago. Like you mentioned, Tomas, we are analyzing what we are exporting. It is very important to say that, like you mentioned, Honduras, the market is growing, and the capacity is limited. For that reason, we are thinking how to increase not just the volume, but where is how increase the profitability that we are making in Guatemala. That is very important for us, remember the profitability of our operations. In the case of how we are exporting to Venezuela, we are selling in the I do not know if the question is how we are selling. We are selling in the border. Right in the border. The model so far is not selling in Venezuela, directly into the Venezuela territories. Yes, but I said that we are expecting to export 5,000 tons per month by the end of the year. Really, we are not in that volume. We are very close to that volume. Probably for 2027 is how to increase from 5,000 per month to 7,000 or 8,000 per month. It has to be not in the right mode, in the mode that we have right now. We have to convert or to improve the model. What about the targets of Guatemala? Do you have specific targets of volume in that country? Yes. In the Guatemala, our target is to be in a range of 20, 25 tons to 35,000 tons per month. Okay. Very clear. Thank you. Okay. Thank you, Santiago. Next question comes from David Gómez Goyeneche from Diario La República. Hi. Thanks a lot for the space. I have two questions real quick. The first one is for Mr. Carlos about, first, the growth of volumes in Colombia, and it is inevitable to talk about the emergency about the earthquake. So just want to know if about this emergency, do you see any kind of a big increase of volumes in Colombia for the second half of the year? Hi, David. Starting with the first question, really the market that is growing, as mentioned, is the retail market. There are some projects starting as well because the confidence on the new government. There are some projects like the new campaign in Bogotá. That is very close to you. The new campaign, I think that they were waiting what would be the new government, with the Abelardo government, probably they are accelerating the start of the project, and really that is a big project. Probably the consumption in the case of ready-mix could be about 350,000 cubic yards of concrete, which is a really important project, and to be constructed in a short period of time. There are some projects like that that are being accelerated for the second half. Some projects as well in the local governments, the Antioquia State or Antioquia Department is starting with a lot of construction of a lot of roads across the region. Talking about the second point, like you said, which is inevitable to touch, like Tomas said, really we are now very supporting our people, the communities close to our operations because the situation in a big part of Colombia is really terrible. Obviously, in the future, the consumption increase in those regions because the people will need cement and ready-mix and other construction materials in order to rebuild their houses, in order to reinforce some buildings. Right now, we prefer to think in how to help during these hours that are really terrible for many people are suffering right now. Really, thanks, Mr. Carlos. I only have another question. It is about Argos Materials. I just want to know if you have any expectations about if you think, if you figure how Argos Materials will close for these years in terms of revenue and material volume in all this region of Argos Materials. Really, thanks. David, thanks a lot for the question. Argos Materials, and Jason will give us more color on this, but Argos Materials is now on a structuring stage where we are growing and building capabilities both at the origin in Dominican Republic and also logistic capabilities in getting the materials imported into the U.S., and also looking at M&A opportunities. Jason, please give us more color on what you see more on the strategic level for this year. Yeah. No, thanks, Tomas. Thanks for the question. I think that Tomas answered the question very well. We are in a structuring stage. We have just gotten to the point where we have built our team. We are working on building our M&A pipeline, which is going well, being very selective there and disciplined there as well. We are working on getting the Dominican Republic up and running. I think our revenue this year, or I know our revenue this year will be relatively minimal, but that is to be expected in really a startup organization and just building a business. Okay, thanks a lot. Thank you, David. Next question comes from Gabriel Pérez from Credicorp Capital. Hi, guys. Thank you for taking my question. I wanted to know, with the new information posted by Grupo Argos about their new value creation program, we saw that Cementos Argos is targeting an organic EBITDA growth of over $75 million in Argos Latam. We wanted to know what will be the levers for this growth, and also, in terms of Colombia, what amount of growth or what percentage of this growth will be from increases in prices or in volumes, or also in Colombia, what will be the levers to have this increase in the next two years? Thank you, Gabriel. Yes, Grupo Argos's announcement of the ACE program is a very solid one, and we are very excited about it. The $75 million incremental EBITDA is based on all of those levers, on pricing, volumes, recovering market share in some of the markets, and particularly synergies. This is, again, a very important part of the separation that we announced, is that Carlos and his team will be fully taking over all of the Latin American operations and taking from the mine to the market, the De la mina al mercado model everywhere. Carlos, if you want to bring more color on that, in particular in Colombia, which is a big driver of all of that. I say, hello, Gabriel. I think that is not just Colombia, starting with that. Really, Colombia is a very important part of our operation. It's you know very well that it accounts for 60-something percent of the revenue, the EBITDA, et cetera. But really, we are working all across Latam. Like we have said many different times, it's very important for us, the De la mina al mercado, in terms of reliability. Reliability for us is the base of our competence. Really, it's very important. There is not just one line, not just the price, not just the volume, not just the variable cost or fixed cost. No, really the idea is to take a gap, a positive gap in the case of the volume price, and a negative gap in the case of the increasing cost, in the variable cost or fixed cost. Putting all together into our recipe from De la mina al mercado and Luz Verde in how we serve our customers. I think the idea is to capture more value, really, from our operations, from De la mina and to the market. I think that we are working across all the value chain of our operations in order to get more value of each part of it. Okay. Very clear. Thank you, guys. Okay, Gabriel. Next question comes from Francisco Suarez from Scotiabank. Thank you so much for the call. My question relates with your overall capabilities for growth on the two platforms, given, one, the potential differences in the cost of capital between the Latin American platform and the U.S. operation. It is fair to say that probably the Latam platform might struggle a little bit more because the confounding cost in your region may be higher compared to the U.S. On that front as well, we have seen a kind of a de-rating of Cementos Argos companies in the U.S. Do you think that that may enable you to acquire assets in the United States at the lower end of the range that you have indicated? Thank you. Francisco, thanks a lot for your questions. First is that Argos Latam is a very strong cash generator on its own, with a cash flow conversion of more than 70%. It does have a very strong engine for growth on its own. We do see, as Carlos Yusty was saying, all of this EBITDA incoming in the next years as another growth for that- For that growth, engine for that growth. In LATAM, we are more focused on organic growth, as we have mentioned, and building this platform, adding those $75 million. In the U.S., on the contrary, we have this war chest, as you all know, that is targeted for growth, both organic in the D.R. and the ports with a sizable investment in logistics assets and operational assets. We are indeed seeing that there might be a window for different types of M&A. We have two strategies that can be complementing on their own. One is the typical string of pearl strategy, which Jason Teter just touched on. We are building a very comprehensive pipeline of M&A opportunities, both in operating companies and eventually some greenfields as well that we are looking in detail. We plan to have this deployment of capital there, and at the same time, we are always on the look for public assets that might be derated, as you mentioned, Paco Suarez. This is the way we are looking at the market right now. This is very helpful. Thank you so much. Thank you, Paco. Thank you, Paco. We have a follow-up question from Gordon Lee. Yes, hi. Thank you very much for taking my follow-up. Just a question, Carlos, on Venezuela. You mentioned that there's 11.7 million tons of installed capacity, and I was just curious, how much do you think of that is operational today, and how much do you think is unrecoverable, just given what I would assume is a very bad state of the assets themselves? Thank you. Hi, Gordon. Venezuela is operating at full capacity. It sounds really strange, but according with our assessment, the total feasible capacity that Venezuela has right now is 1.7 million tons of cement. For that reason, if they like to increase, probably they need to import cement. And probably by making these investments, we do not know how much could cost. They can improve from 1.7 to 5 to 6 million tons. Okay. The rest is really difficult to recover. Basically, about half of what would have been operating 20 years ago is unrecoverable then, basically. Yes. Okay, super. Thank you very much. Okay, Gordon. Thank you all. Tomas, there are no more questions. We are very grateful for all of your questions and your attention. Thanks a lot, and see you next time with more results and more good news. Thank you.