Good morning to all, and welcome to Grupo Nutresa's half-year 2025 results. Joining me today is Jaime Gilinski, CEO of Grupo Nutresa, and Andrés Bernal, CFO and Chief Strategy Officer. My name is Catherine Chacón, Corporate Finance Director and Investor Relations Officer. For today, Jaime is going to share some key messages and the outlook for the rest of the year, and then Andrés and I will proceed with the rest of the presentation. Finally, we will open the floor for Q&A. To post your questions, please refer to the Q&A box on your screen and remember to state your name and the institution you represent. In order to allow for the highest number of participants, similar questions will be grouped together. Thank you for joining us, and I will hand it over to Jaime. Thank you, Catherine, and a warm welcome to all who are joining today's webcast. For the first half of the year, Grupo Nutresa continues to deliver substantial consolidated growth, recording double-digit increases across our geographies and our core categories. In spite of a challenging and volatile commodity environment, with coffee and cocoa prices ranging at all-time highs, the organization continues to prove its financial resilience. Our ongoing transformation program continues to yield structural results, increasing EBITDA, driving margin expansion, and improving working capital. Initiatives are focused on cost and spend optimization, which includes ROI maximization, acceleration, and expansion of digital tools, logistical synergies across business units, among others. In line with corporate governance practices for minority shareholders, we launched and executed a two-series share buyback program by purchasing 1.1 million shares, equivalent to approximately 0.25% of our total shares. Looking ahead, the implementation of additional initiatives during the second half of the year will continue to increase structural EBITDA. Sales in the coming months will continue to grow, enabling the organization to achieve its sales objective for the year. Additionally, commodity input costs are expected to ease, allowing for our gross margin to improve. Free cash flow originating from increased EBITDA and working capital release will be primarily used to accelerate our deleveraging goals. We anticipate that during this quarter, we will bring down financial obligations by approximately $100 million. I will now hand over the presentation to Catherine and to Andrés. Thank you, Jaime. On slide four, we report total sales for the quarter with the contribution of COP 5.2 trillion and a 15.8% increase. In dollars, these sales translate to $1.2 billion. Growth was broad-based among our different geographies and categories and was led by pricing improvements. As all of you can see, these results are leveraged by high double-digit growth in coffee and chocolates, both with above-average performances in Colombia and internationally. Moving on to slide five, we will detail these results by business unit. In Colombia, sales reached close to COP 3 trillion, reporting high single-digit growth. In dollars, these sales translate to $708 million. These results were mainly driven by year-on-year pricing initiatives, portfolio mix, and commercial strategies to procure affordability within a sustained inflationary environment. Eight of our nine businesses report growth with positive variations in all of our channels. Turning into the detail by business. In cold cuts, we report sales of close to COP 700 billion, with 2% improvements. Coffee, which is our highest-growing business for the term, reports 30% increases driven primarily by price improvements. Our core branded portfolios in roasted and instant coffee performed well. The others category, which consolidates third-party products through our direct sales and food service channels, reached COP 106 billion, with a 12% increase. In chocolates, sales also grew 12%, driven by price increases and supported by the performance of core categories such as hot chocolates, B2B, and chocolate confectionery. Biscuits reported a 5.9% sales increase, supported mainly by the crackers and flavor portfolios. Retail food was up 10%, primarily driven by a rise in average ticket, complemented by strategic entry-level pricing and affordable options for non-peak hours. Ice cream achieved a 7.4% growth, reversing the downward trend observed in previous months. The positive performance is attributed by the implementation of initiatives focused on expanding the customer base and increasing sales volume in key clients. Lastly, pasta reported a decrease of 6%. This category has been affected by competitive dynamics and high promotional activity. In the international front, sales reached $523 million, with an increase of 17.5%. In Colombian pesos, these sales translate to COP 2.2 trillion. By region, this growth was led by the U.S., up 51%, with strong performance in the B2B segment. Our other geographies reported mid to high single-digit increases. Our top four businesses register sales over $100 million each. In detail, the biscuits unit recorded a 5% growth, leveraged by positive dynamics in Central America, especially across the traditional channel. Both coffee and chocolates delivered high double-digit growth, with sales increases of 55% each. The primary driver of these results was the expansion within the U.S., particularly due to increased engagement with institutional clients in the B2B segment. Tresmontes Lucchetti reported an 8% decrease due to its portfolio rationalization strategy, which focuses on profit-driven products and go-to-market optimization. Retail food recorded an increase of 4.6%, driven by positive results in the Dominican Republic, while facing consumption challenges in Central America due to adverse weather conditions impacting ice cream sales. In the others chapter, we report a 13% decrease, mainly due to Balena's sales mix transition to focus on its branded portfolio, which is benefiting margins. Lastly, for this term, COLCAS contributed with a 9.5% growth, driven by Colombian exports to Central America and pasta, with a 14.4% growth. On slide six, we report sales for the first half of the year, reaching COP 10 trillion, with a 14.5% growth. These sales translate to $2.4 billion, with our top four businesses reaching more than $400 million in sales each. These results are mainly driven by price improvements, with a 1.9% decline in volumes due to elasticity on certain categories. Just as a final note on this slide, these consolidated results are above our initial expectations for the term. On slide seven, we have the detail of our accumulated sales. In Colombia, results are driven primarily by pricing and product mix strategies, which are focused on product rotation, profitability, and consumer affordability. By category, coffee, chocolates, the others chapter, and the retail food business are the largest contributors. Outside of Colombia, revenues in dollars reach $1 billion, up 14%. In Colombian pesos, these sales translate to COP 4.2 trillion. The exchange rate during the term depreciated 7%. Finally, for this slide, total exports from Colombia were $291 million, up 55% year-on-year. On slide eight, and moving on to our regional sales distribution, Colombia's sales represented 58% of total, followed by the U.S., which now represents 16%. After the U.S., the largest growth contributors were the Dominican Republic, up 20%, Peru, up 16%, and Central America, up 9% for the term. On slide nine, we report Grupo Nutresa's commodities index for the period. Now, on a year-to-date basis, the index in dollars increased by 33%, driven primarily by coffee, up 81%, and cacao, up 22% in global markets. For the second quarter, however, the index moderates its upward trend, reaching an 18% year-on-year increase. This growth is primarily driven by coffee, up 65%, but with a downward curve when compared to the first quarter of this year. Additional commodities that are undergoing corrections include cacao, down 3%, wheat, down 7%, and pork, down 13%. I will now turn to Andrés Bernal, who is going to detail margins, financial statements, and leverage. Andrés. Thank you very much, Catherine. Now we're going to see EBITDA for second quarter 2025. As we're on recurring expenses, it reached COP 791 billion, with an increase of 40%, equivaling to $188 million. That EBITDA margin is 15.3%. On a normal basis, the reported numbers are COP 748 billion, which means an increase of 32.4% compared to last year. If we see by line of business, chocolates grew 17%, reached a 17.4% margin, growing 204%. Biscuits, 16.5% EBITDA margin, increasing 37%. The COLCAS line of business reached a 13.3% EBITDA margin, decreasing 6%. Retail food, we reached 22% EBITDA margin, growing 32%. In coffee, as it was explained before, due to the cost, the EBITDA margin was just 8.3%, decreasing 18%. Tresmontes Lucchetti, 17.5% EBITDA margin, growing 18.5%. Others, a nice growth of 88%, reaching almost 12% EBITDA margin. Finally, ice cream and pasta, small business, 13.2% and 12.3% on each of them, EBITDA margin and growth of - 1.4% and - 4.1%. On slide number 11, we can see EBITDA for 2025 first half. The number, excluding non-recurring expenses for EBITDA, reached COP 1.53 billion, growing 29%. That equates to $265 million. On a percentage basis, that is 15.3%. Looking at the reported numbers, the EBITDA reached COP 1.47 billion, growing 24.4%. That is $352 million and remains an EBITDA of 14.7%. By line of business, very positive numbers. The main one in size is biscuits, COP 294 billion, is growing 33% and EBITDA margin of 16.5%. The second largest, chocolate, EBITDA margin 16.3%, growing 123%. COLCAS, positive growth of 0.7% and EBITDA margin of 15%. Retail food, EBITDA margin of 23.4%, growing 27.7%. Coffee, again affected by the commodity prices, margin of 8.9%, decreasing 21%. Tresmontes Lucchetti, nice EBITDA, 17.5%, growing 21%. Other businesses, EBITDA margin of 10.5%, growing 87%. The small ones, ice cream, EBITDA margin of 14.8%, decreasing 18%. Finally, pasta, EBITDA margin of 12.1%, decreasing 10.7%. On this slide, we present the EBITDA, excluding non-recurring expenses, in Colombian pesos. How we reached those numbers. The stated EBITDA is COP 748 billion, which is a 14.5%. We have incurred in some non-recurring expenses. Gross margin, equivaling to 0.1%, and initiative expenses that equival to 0.4%, and sales at 0.3%. The EBITDA margin, excluding non-recurring expenses, goes up to COP 791 billion, reaching 15.3%. That is for the quarter. If we see the first half of the year, first semester, it goes from COP 1.48 billion, sorry, that is 14.7% margin, to 15.3%, totaling COP 1.53 billion. Again, gross margin 0.1%, initiative 0.3%, and sales 0.2%. On the next slide, we see the income statement for second quarter 2025 in Colombian pesos. The revenue reached COP 5.16 billion. That is an increase of 15.8%. Cost of goods sold had an increase, so the gross profit margin reached 37.9% compared to. 39.8%, explaining mainly for the commodities increasing cost that we explained before. That reaches a gross profit of COP 1.96 billion. Then we have the administrative expenses, sale expenses, and other operating revenues and expenses. We have been working really hard in decreasing these ones. Admin expenses, as today, have an increase of just 8.9% below the sales growth. The same for sale expenses, just growing 0.5%. Those efforts have given us the opportunity to get operating profit of COP 643 billion, which is 51.2% growth. On the third column, you can see the non-recurrent expenses. It is very important because, as I was explaining before, we have some of them in cost of goods sold, admin expenses, sale expenses. Once you add those, the number will be COP 686 billion for the operating profit, which is 61% better than the previous year. In the third block of information, financial income, financial expenses, and dividends, the main difference is mainly to the bonds that we issue and as well the CDs that we carry. We have both the interest income and the interest expense. On our income is the net result of some divestitures we made during the first half of the year in the second quarter and the decisions that we made as well. The income before tax for the second quarter is $642 billion, which is 142% above last year. If we subtract non-recurring expenses, in this case, revenue, that is the profit on the sale of those divestitures we made on minority stakeholders we had, the result will have been COP 505 billion, which still is 90% above previous year. Finally, we have the taxes and the discontinued operation, which is an important number, COP 36 billion. The net profit, standalone, is COP 475 billion. That is 195% above last year. If we take into account the non-recurring expenses and as well revenue, the number will have been COP 374 billion, which is 132% growth compared to last year. The same goes for EBITDA, as explained before. The stated base is COP 748 billion, which is 32% higher than last year. Once we take into account the non-recurring expenses or revenues, the number will have been COP 791 billion, which is a 40% growth compared to last year. On slide 14, we have the income statement for the first half of the year. Very quickly, revenue COP 10 billion, growing 14.5%. Operating profit COP 1.24 billion, growing 35.8%. If we take into account non-recurring expenses, the number will have been COP 1.3 billion, growing 41.7%. All the way down to net profit, COP 712 billion, growing 94%. If we take into account expenses and so on and revenues, the number will have been COP 680 billion, growing 86%. Finally, EBITDA for the first half of the year, COP 1.47 billion. Adding the non-recurring expenses, will have been COP 1.53 billion, growing 29%. On this slide, number 15, we can see the consolidated net debt. As of December 2024, the total gross debt was COP 5.5 billion, minus cash, net debt COP 4.4 billion, net debt to EBITDA 1.86. Once we issued the bonds and not taking into account the CDs that we opened with those, the net debt as of March 2025 reached COP 13.2 billion, and the net debt to EBITDA went up to 5.32 times. If you see the June 2025 last 12 months, the total net debt is COP 12.96 billion, which gives us a net debt to EBITDA ratio of 4.87 times. However, if we take the same amount of debt, but we see the first semester on a round rate basis, that is multiplying the first semester by two, the net debt to EBITDA would have been 4.23 times. Even better, if we take the second quarter round rate, that is the second quarter times four, and the debt, the same debt, the ratio would have been 4.1 times. In fact, we have gone down from 5.32 times to roughly 4.1 times in just three months on a round rate basis. Finally, on slide 16, we have the consolidated debt and principal maturity. I will not go over all these numbers, but it is very important to emphasize that as of today, the payments of capital for 2025 are less than COP 30 billion, and the following years are very steady and very low. We are working on a prepayment as we speak. Probably the numbers for 2026 are very close to zero, and 2027 as well will be very, very low. We have been working to prepay debt as much as we can for these past few months. Also, talking with the banks, we have been able to change the tenors of the debts, getting additional years on the payments. The important ones, 2030 and 2035, which are the bonds, and the remaining part is the banking debt. That is the end of the presentation. Thank you very much. Now we are open for questions. Thank you, Andrés. We are ready to begin our Q&A session. In fact, we have already received some questions, and I'm going to start reading them as we have received them. The first question, Andrés, would be, please discuss cash flow liquidity for 2025. Cash balance decrease Q on Q. Okay. Regarding cash flow. The company has been generated through EBITDA and better working capital on a monthly basis. As you probably saw from the first quarter, we began working really hard in decreasing inventories and getting better terms for payment. This has allowed us to prepay some debt and we expect to keep doing so. Also, we have been working in getting all the excess cash from different geographies into a single one account, thus allowing us to use those excess cash in a more efficient way and prepay debt as well. The reason for cash balance decrease quarter by quarter was exactly that. It's just working capital. Thank you, Andrés. The next question has to do with the company's guidance for the remainder of the year. Additionally, they're wondering whether management is considering divesting any parts of the business. I'll answer that one. Go for it. Okay. I'll answer that one. At the moment, we are not considering to sell any parts of the business during the next quarter. Our guidance at the moment is to be around COP 3.3 billion of EBITDA for 2025. After the non-recurring expenses. Thank you, Jaime. Our next question is how you see coffee revenues and EBITDA for the second half of 2025. Not sure how Starbucks impacted results versus commodity price pressure. Coffee has been affected, as we stated on the presentation, by the commodity prices. However, for the last month, and we expect the trend to keep going on, they have been decreasing. Thus, the gross margin will expand on a monthly basis to back to normal. Starbucks is a significant client of us. We keep selling them as we did in the past. However, probably the question remains open for the Colombian part. We were shareholders of Starbucks in Colombia, 30%. We sold that ownership, but it does not affect at all the relationship we have in selling them products and ingredients. Thank you, Andrés. I'm going to bundle up two questions regarding EBITDA expansion for the second half of 2025. Particularly, they're asking us about more color on the commodities price trends that we're seeing and how that will improve gross margin for 2025 for the second half. I think that on the second half of 2025, we expect some of the commodity prices to start decreasing. Most of our effort will continue being on reducing costs and expenses. Our project of restructuring and reducing expenses has continued very strongly. We expect in this third quarter a much better result than the second quarter, and same in the fourth quarter of the year. Our concentration will be to continue to make the income statement and the EBITDA of the company higher by reducing costs and seeing some improvements in gross margins once commodity prices start to improve, especially in the case of coffee in the second semester. Thank you, Jaime. The next question has to do with providing a little bit more color on EBITDA expansion on second quarter. Was it primarily pricing? No, I think second quarter is a combination of many activities. If you look carefully, we have been able to reduce costs. SG&A has come down from last year and also from the first quarter in an important way with the cost reduction plans that we have implemented. Some of the improvement also has come in from some volume increases in some of the categories. We expect that trend to continue in this third quarter and also in the fourth quarter of the year. Thank you, Jaime. The next question has to do with, can you discuss the strategy on dividends and share buybacks going forward? How will you prioritize between debt reduction and share buybacks? No, I think that our strategy has been that we will continue to reduce debt and that we have said that during this quarter, we expect to reduce $100 million of debt to go below the $4 billion number that we have shown in the charts. In terms of dividends and share repurchases, as you know, the assembly of shareholders approved a program of share repurchases, which we have continued to do, and we will do that between now and the end of the year. We do not expect at the moment to be giving dividends this year for sure. We will review at the end of the year for the assembly of shareholders next year what is going to be the strategy for repurchase of shares and/or dividends. Our goal is to go to the three-times leverage, which we have expressed already for the last three months since we issued the bond. Thank you, Jaime. Next question has to do with debt repayment and whether we are considering tapping the bonds again to do so. I think that we will continue doing the debt repayment, as I mentioned, with the improvement of working capital and also with the EBITDA that we are receiving this quarter. We expect that number to be $100 million in the third quarter. I think that any other decisions we will review depending on timing, but at the moment, we will concentrate on the $100 million reduction during this quarter. If the conditions of the market are good, we can always review that in the short or medium term. Thank you, Jaime. Next question has to do with the results obtained thus far. Do we see possible to reach the established goal of EBITDA margin? Just to clarify for those who are connected here, we have established a goal of EBITDA margin for 2026 between 18% and 20%. I'm sure the question refers to that goal. Maybe, Jaime, do you want to answer that question? Sure. I think that we continue. On that guidance. We expect at the end of 2026 to reach that 18% goal that we have. That will be achieved by the continuation of the expense reductions and implementation of the transformation program that we started at the beginning of this year, and also an improvement in gross margin with the commodities becoming more stable during 2026. Yes, we still have the 18% goal for 2026. Perfect. Thank you. Next question is, would the labor reform in Colombia impact during the second half of the year? We are evaluating the impact of the reform. We do not have that much clarity at the moment, but we do not expect that to affect us in a big way. We have been able to do a lot of our transformation during the first part of the year. We do not expect that. Our salaries, in the case of Grupo Nutresa, are above the market averages and the minimum salaries. Perfect, Jaime. Thank you. Last question that we have so far is how much of the EBITDA margin improvement is recurring? I think that, as has been mentioned, we expect the numbers that we have shown for the first semester, the COP 1.531 billion number after the non-recurring, we expect that to be recurring. When we talked about the end of the year, COP 3.3 billion number, we expect that to be a recurring number. A lot of the improvements are going to be seen in the second semester. As you know, we only started this program at the beginning of the year. It took us the first quarter to organize ourselves. We have worked very, very close with McKinsey and with all our management teams in all the companies and in all the geographies to make sure that these improvements are achieved during 2025. We are already working on our plans to get our 2026 guidance numbers improved. Thank you, Jaime. That was the last question that we had on cue. We can finalize now the webcast for the first half of the year results. Thank you all for joining. If you have any other questions, of course, please refer to the investor relations office. I want to thank. Thank you, everyone. I want to thank everybody for joining us and for your confidence and trust in Grupo Nutresa. We will continue on this third quarter, the improvements that you have seen in our second quarter. We look forward to our next call at the end of the month of October. Thank you, Jaime. Have a great day, and we will see you next time. Thank you.