Welcome to the Davivienda Group's second quarter of 2026 earnings conference call. I am Karen, and I will be your operator for today's call. Today's presentation is for investors and analysts only. Therefore, questions from the media will not be addressed. Today, Mr. Javier Suárez, Chief Executive Officer, and Mr. Pedro Bohórquez, VP of Strategic Risk and Financial Planning, will join us to discuss the quarterly results that have been released. If you have not yet received a copy of the earnings report and presentation, please visit daviviendagroup.com's investor kit or the financial information section. All participants are in a listen-only mode at this time. Please note that this conference is being recorded. Afterwards, management will be available for a question and answer session. Before proceeding, let me mention that any forward-looking statements are being made under the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Actual performance could differ materially from that anticipated in any forward-looking statements due to macroeconomic conditions, market risks, and other factors beyond our control. For the Q&A session, please remember the following instructions. If you are over the phone and have a question, please follow these instructions once the management presentation has come to an end. Press the star button and the number five to access the Q&A feature. If you use a speakerphone, you may need to pick up your handset before pressing the numbers. For webcast participants who wish to send questions through chat, click the button with the question mark at the bottom of the webcast screen. If you have multiple questions, we recommend sending a single message with all your questions. I am now pleased to turn the call over to Mr. Javier Suárez, Chief Executive Officer. Mr. Suárez, the floor is yours. Good morning, everyone, and thank you for joining us today for Davivienda Group's second quarter 2026 earnings conference call. During the second quarter, we delivered a significant improvement in profitability supported by resilient margins, controlled credit risk, and disciplined management of our funding and operating expenses. This performance is particularly meaningful in a challenging macroeconomic environment characterized by persistent inflationary pressures and elevated interest rates. Today, we will walk you through the key drivers behind the quarter's results and the progress made on our integration roadmap. Please turn to slide four, where I will begin with an overview of the macroeconomic environment in Colombia. Economic activity gained momentum during the second quarter. The economic activity indicator grew by an average of 3.6% year-over-year in April and May, mainly supported by services, while primary and secondary activities remain more moderate. Annual inflation increased from 5.56% in March to 6.14% in June, with pressures concentrated in food, regulated prices, and services. Although the appreciation of the Colombian peso has helped contain imported inflation, convergence toward the central bank's target is expected to be gradual. Against this backdrop, the central bank increased the policy rate by a cumulative 275 basis points during the year, reaching 12% in June and maintaining it at that level in July. The Colombian peso appreciated by 6% during the quarter and 15.5% year-over-year. This performance was supported by improved local sentiment and lower country risk premiums, the cancellation of the government's total return swap, and the interest rate differential between Colombia and international markets. For Davivienda Group, this movement has a relevant translation effect. As approximately 28% of our assets are located in Central America, the appreciation reduces the value in Colombian pesos of our international balances and related results. While this creates a translation drag on our reported figure in Colombian pesos, the underlying organic growth of our Central American franchises remains healthy. Given recent macroeconomic developments, we have revised upwards our year-end inflation expectation to between 6.7% and 6.8%, and our policy rate assumption to 12.5%. Our GDP growth forecast remains around 2.2%. In the short term, these conditions may translate into a more moderate pace of activity. Looking ahead, however, we expect that progress on fiscal consolidation and increased support to different industries will help strengthen confidence and investment, supporting a more sustainable economic expansion in the mid-term. From a margin perspective, we expect the impact of increasing interest rates to be limited given our fairly neutral balance sheet position to interest rate shocks. From a credit risk perspective, we may see some additional pressure in PDLs. However, at this stage, we are not anticipating material impacts that would prompt a change in our guidance. Please move on to slide five, where we will review the latest trends in the Colombian financial system. Interest rates continue to adjust to a more restrictive monetary policy environment. During the quarter, average lending rates increased across all segments. Deposit rates also remain elevated, particularly at longer maturities. Against this backdrop, credit growth remained positive during the second quarter. As of May, the system's gross loan portfolio grew 9% year-over-year. Consumer loans accelerated to 9.6%, supported by a stronger household demand. In contrast, mortgage and commercial loans showed a more moderate pace. Asset quality remains sound. The system's total 90-day past due loan ratio stood at 2.81% in May and continued to decline below the levels observed in 2018. Going forward, the main factors to monitor at the system level will be the pace of consumer loan growth and the evolution of household leverage. Moving on to slide six. Central America continued to show resilient economic activity during the first half of the year. El Salvador and Honduras accelerated compared with the final quarter of 2025, with first quarter GDP growth reaching 4.8% and 3.8%, respectively. Panama maintained a strong pace of 4.8%, while Costa Rica moderated slightly but continued to expand at a healthy 4.1%. Sovereign credit developments were also broadly stable to positive. Moody's revised El Salvador's outlook to positive, while Standard & Poor's improved Honduras' outlook from negative to stable. Fitch maintained a positive outlook on Costa Rica, and Panama's rating remained unchanged, with fiscal consolidation continuing to be the main variable monitored by the agencies. Inflation increased across the region, mainly reflecting higher international oil and fuel prices. A relevant development during the semester was the continued appreciation of the Costa Rican colón, which strengthened by approximately 9% year-to-date. This movement was supported by sustained foreign currency inflows from foreign direct investment, tourism, and payroll payments, among others. As we have shared with you before, while this effect protects our capital and solvency ratios through our hedging strategy, it generates a negative impact on our P&L, temporarily affecting Central America's reported profits. Looking ahead, we expect the region to maintain positive growth close to the decades' average, supported by domestic demand, investment, and services. Inflation should remain relatively contained, although international fuel prices will be a factor to monitor. Further progress in fiscal consolidation should also contribute to stronger sovereign profiles and greater macroeconomic stability. Please move on to slide seven, where we present Davivienda Group's main financial results for the second quarter. Our gross loan portfolio closed at COP 201.1 trillion, decreasing 0.6% during the quarter, mainly due to the appreciation of the Colombian peso. Excluding foreign exchange effects, loans grew 1% quarterly, supported by positive underlying dynamics in consumer and mortgage lending. The portfolio has grown 4% year-to-date when excluding FX. Quarterly NIM, including derivatives, increased by 49 basis points to 6.16%. This improvement reflected higher loan income and a strong contribution from our investment portfolio, supported by larger positions in Colombian government securities and favorable movements in sovereign yield curves. This performance also reflects the Group's interest rate profile following the integration. The complementary positions of Banco Davivienda and DaviBank result in a broadly neutral position for Davivienda Group, reducing our short-term exposure to a single direction in interest rates. Three elements contribute to this position. First, we've increased the variable rate portion of our loan book. Second, low and mid cost demand deposits have been increasing as a share of our total liabilities, providing a more stable funding base that does not immediately reprice with changes in market rates. Third, we have carefully managed the duration of liabilities, particularly term deposits, which allows us to manage renewals progressively and adjust pricing, providing greater flexibility to manage costs as macroeconomic conditions evolve. Cost of risk remained stable at 2.14%, underscoring controlled provision requirements and sound credit risk management despite the challenging macroeconomic environment. Operating expenses also declined during the quarter, primarily because the wealth tax was fully recognized in the first quarter, complemented by continued discipline in personnel and other operating expenses. These dynamics resulted in COP 830 billion of profit for the quarter and COP 1.13 trillion for the first half of the year. However, a significant portion of this quarter's profit was driven by market conditions benefiting our investment portfolio alongside the PPA accounting impacts stemming from the fair value recognition of the acquired assets and liabilities. When excluding the wealth tax, accounting and non-recurring impacts, our core performance ROAE would have been 13.62% for the quarter and 11.14% for the first half of the year. Our capital position also remains sound. Banco Davivienda's CET1 ratio reached 12.13%, providing an adequate capital buffer to support growth and the integration process. Therefore, as we look past these accounting and non-recurring dynamics, the key message I want to emphasize is the structural progress of our franchise. Our core underlying trends, stable asset quality, widening net interest margins, and disciplined expense management confirm the continued recovery of the Group's core financial fundamentals. We're building a highly resilient integrated operation, and this quarter's results confirm we are executing on that vision. Please move on to slide eight, where I would like to share the latest developments in Daviplata. Daviplata continued to strengthen its role as a source of low-cost funding, a highly transactional platform, and a growing contributor to the Group's revenues. Average low amount deposits reached 1.29 trillion Colombian pesos, increasing 4% during the quarter and 31% year-over-year. Transactionality also remained strong, with monetized transactions growing 13% during the quarter and purchases increasing 8%, reflecting greater recurrence and engagement across the platform. This activity translated into stronger monetization. Quarterly income increased by 15% sequentially, while accumulated income rose 58% year-over-year. Growth was supported by transactional revenues, the increasing contribution from lending, and the income generated from the funding provided to Banco Davivienda. The credit portfolio reached 145 billion Colombian pesos, increasing 2% in the quarter and almost four times compared with a year ago. Although disbursements moderated sequentially as we continue refining our origination models, they remain 74% above last year's level. Looking ahead, we expect credit origination to regain momentum progressively while preserving disciplined risk management under a high rate and inflation environment. Our growth strategy is based on the information generated within the Daviplata ecosystem, which allows us to identify customers with recurring cash flows and transactional behavior and offer them products aligned with their payment capacity. This quarter also marked an important milestone in Daviplata's evolution as a neobank with the launch of a fully digital credit card, whose origination and management journey takes place directly within the Daviplata app. During its first month, we received more than 32,000 applications, opened over 7,600 cards, and generated 3.2 billion Colombian pesos in purchases. Going forward, our focus will be on increasing activation and usage, expanding product functionality, and strengthening cross-selling opportunities with Davivienda. Together, these developments reinforce Daviplata's value proposition across deposits, payments, and credit, while supporting greater recurrence, deeper customer relationships, and sustainable income generation. Turning to slide nine, I'd like to share an update on how we are advancing in our integration roadmap. In Colombia, shareholders approved the transfer of assets and liabilities from Davivienda to Banco Davivienda. To summarize the mechanics of this operation, Banco Davivienda will integrate Davivienda's core banking assets and liabilities. In exchange, Banco Davivienda will transfer up to 30% of its shares in Holding Davivienda Internacional to Davivienda. The final exchange ratio will be determined by an independent third-party valuation based on market values at the effective date of the transfer. The roadmap ahead consists of securing the required regulatory approvals to execute the legal, operational, and technological integration. While internally, we've been advancing in the preparation process, the timeline is ultimately tied to receiving these authorizations, which we expect to obtain later this year or in early 2027. As we have shared before, 2026 remains primarily an investment and transition year, while the net contribution is expected to become increasingly visible as the integration progresses. Year to date, we have realized close to 6% of the expected synergies and incurred around 27% of the expected costs. Our mid-term expectations remain unchanged, with total one-time integration costs of between 600 billion and 700 billion Colombian pesos and annual operating expense efficiencies of between 900 billion and 1.2 trillion Colombian pesos, with full capture beginning in 2028. These benefits are expected to support a cost-to-income ratio between 43% and 45%, and an ROAE between 14% and 16% by 2028-2029. In general terms, this process is advancing according to plan. We are highly focused on preparing our operations and platforms to guarantee the best possible execution, setting the groundwork to ensure a seamless transition for our clients while unlocking the full long-term value of this combined franchise. With that, I will now hand the call over to Pedro to walk you through our financial results and updated guidance. Pedro, please go ahead. Thank you, Javier. Please move on to slide 10, where we review the evolution of our credit portfolio. Overall, the quarter shows positive underlying loan growth when excluding the effect of a stronger peso. The total loan book grew by 1%, supported by a 2.4% expansion of the consumer loan book and a 1.7% growth in the mortgage portfolio. Growth remained concentrated in segments and customers where we see attractive risk-adjusted returns consistent with our disciplined approach to origination and capital allocation. The consumer loan book was supported by positive dynamics in both Colombia and Central America. Banco Davivienda remained the main contributor in Colombia, while Davivienda also recorded positive growth. In Central America, performance was supported particularly by Costa Rica and El Salvador. Mortgage loan growth reflects continued demand in Banco Davivienda Colombia and positive dynamics in our international operations, especially in Costa Rica. When looking specifically at the commercial portfolio, we observe a slight contraction after excluding effects, mainly due to deliberate downsizing decisions to prioritize adequate margin generation aligned with target profitability. By operation, Colombia grew 0.9% excluding effects, while Central America expanded 1.0% in USD terms, led by consumer and mortgage lending, with Costa Rica and El Salvador showing the strongest performance. Please move on to slide 11, where we will review the evolution of past due loans and coverage levels. The group's 90-day PDL ratio remains stable at 3.64%, reflecting selective origination and proactive collection management to contain deterioration amidst higher inflation and interest rates. By segment, commercial PDLs improved by 8 basis points to 3.69%, supported by the stabilization of previously identified exposures and continued case-by-case management. Consumer PDLs increased moderately by 6 basis points to 3.03%. This remains a control level and is consistent with our expectations under the current macro environment. We will delve deeper into this portfolio's performance on the next slide. In mortgages, both the 90-day and 120-day PDL ratios increased modestly, reaching 4.11% and 3.51%, respectively. This movement mainly reflects the expansion of the portfolio and the seasoning of recent originations. To a lesser extent, we have also observed a slight increase in risk among recent vintages as higher interest rates begin to affect customers' debt service capacity. While we may observe some additional pressure over the coming quarters, we expect mortgage asset quality to remain broadly stable, supported by strict origination standards, proactive collection strategies, and close monitoring of recent vintages. Coverage levels continue to strengthen. Total coverage increased to 107.5%, while the ratio including collaterals reached 161.3%. The improvement was broad-based, in line with our efforts to reinforce the group's capacity to absorb potential credit losses, especially in the consumer and commercial segments. Going forward, our expectation for the total PDL ratio is to close the year within the 3.3% to 3.8% range, which signals relative stability compared to current levels. Please move on to slide 12, where we will take a closer look at the consumer portfolio and the quality of our recent originations. The quarter's consumer growth is supported by optimized origination policies and solid performance of credit risk metrics. Please note that disbursement volumes over the last three quarters reflect Davivienda's added consumer franchise. Our current exposure remains aligned with our risk appetite, as growth is concentrated in customers with stronger payment capacity and supported by dynamic origination policies and continuous monitoring of recent vintages. This disciplined portfolio construction supports controlled growth as macroeconomic conditions evolve. Credit cards remained an important contributor to quarterly disbursements. However, approximately 40% to 45% of credit card volume corresponds to single installment purchases. These transactions do not necessarily translate into higher credit exposure, but rather reflect the product usage as a payment method. Moving to portfolio behavior, the formation of new past due loans before write-offs is stable at 1.9% quarter-over-quarter. At the same time, quarterly write-offs to total loans stand at 1.8% at the group level, indicating lower portfolio cleanup requirements and realized losses. The vintage analysis also remains encouraging. Recent originations continue to perform below the historical reference value, confirming that portfolio growth is being accompanied by controlled early delinquency. Finally, net provision expenses remain contained, consistent with stable new PDL formation, low write-offs, and the healthy performance of recent vintages. Overall, our current exposure to consumer lending demonstrates a structural resilience to support gradual expansion while preserving rigorous underwriting and credit risk management. Please continue to slide 13, where we present the portfolio distribution by stages, coverage levels, and provision expenses. The portfolio composition remained stable during the quarter. Approximately 91% of total loans remained in stage one, while stage two represented close to 5% and stage three around 4%. This reflects limited migration to our higher-risk categories. Coverage levels increased across the higher-risk stages, reflecting the continued strengthening of provisions. Quarterly cost of risk remains stable at 2.14%, while the ratio for the first half of the year stood at 2.15%, within our full-year guidance range of 2.1% to 2.3%. Overall, stable stage migration and controlled provision requirements confirm that portfolio growth continues without compromising asset quality. Please move on to slide 14, where we review the evolution of our funding sources and liquidity position. Our funding structure remained stable during the quarter, supported by a diversified mix of deposits, bonds, and institutional funding. As part of our strategy, we continue prioritizing transactional deposits and funding relationships that strengthen the stability and efficiency of our liability structure. Low and mid-cost deposits remained an important component of the mix, although balances moderated during the quarter as market rates remained elevated. At the same time, we continue to optimize the composition of our funding. Banco Davivienda completed a series of local bond issuances by COP 1.6 trillion during the quarter. This represents a deliberate recomposition of the mix rather than an increase in overall funding needs. Other funding sources declined as these issuances were used to manage maturities, diversify counterparties, and improve the duration of their liability structure. Liquidity remains sound across the group. Banco Davivienda and Davivienda continue to operate comfortably above their short and long-term liquidity requirements. Overall, our funding strategy continues to balance cost, duration, diversification, and stability while preserving the flexibility required to support growth. Please move on to slide 15, where we review the group's capital structure and the solvency position of Banco Davivienda. Davivienda Group's total equity increased by 1.8% during the quarter, supported by earning generation. This performance was partially offset by the FX translation effect on our Central American operations. At the holding company level, the tangible equity ratio improved to 7.5%, reflecting the continued strengthening of the group's capital base. Double leverage increased moderately to 102.9%, mainly due to Davivienda Group's investment in debt issued by DaviBank as part of our funding and capital management strategy. The indicator remains at a level consistent with the group's financial framework. At Banco Davivienda, the consolidated CET1 ratio reached 12.13%, increasing by 18 basis points during the quarter and 75 basis points year -over -year, supported by stronger earnings generation. The groups and the bank's own capital positions provide a comfortable stance to leverage organic growth opportunity that may emerge under a changing cycle in Colombia. Please move on to slide 16, where we review the evolution of our financial margin. Overall, the quarter demonstrates the benefits of disciplined funding management and a more neutral sensitivity profile. It also reflects strong, although market-dependent, treasury contribution, partly offset by the accounting effects of the instruments used to manage the group's interest rate funding and foreign exchange exposures. The main takeaway from the quarter is the resilience of our margin in a higher interest rate environment, with repricing reflecting favorable transmission of rates into new originations and variable rate loans, together with active management of our deposit mix and funding maturities. Investment and interbank income made a particularly strong contribution during the quarter, driven by a higher valuation of our exposure to Colombian government securities as well as increased income. Part of the valuation gains on these securities should be assessed together with the market to market effects recognized on the derivatives positions used to manage their interest rate exposure. After incorporating our foreign exchange and derivative strategy, the quarterly NIM closed at 6.16%, while the six-month annualized ratio reached 5.93%, within our updated full-year guidance range of 5.8% to 6.1%. Please move on to slide 17, where we review the evolution of non-financial income and operating expenses. Non-financial income increased by 6.7%. Fee income grew 2.4%, supported by positive performance in cards, collections, cash management, insurance, and acquiring activities across our main operations. Other net income increased by 28.2%, mainly driven by the PPA accounting effects mentioned above. Operating expenses declined 11.1% during the quarter. Part of this variation reflects the first quarter wealth tax baseline. Excluding this effect, expenses also benefited from lower personal costs, mainly due to performance-related payments recognized in the previous quarter that did not recur at the same level. To provide a comparable view of efficiency, we recognize this tax impact proportionally throughout the year. On this basis, the six-month cost to income ratio stood at 54.7%. Fully excluding it, the six-month pro forma cost to income ratio was 52.9%, highlighting the underlying improvement in our operating efficiency. Overall, diversified revenue generation and disciplined expense management continue to support the group's efficiency and profitability. Please move on to slide 18, where we summarize the evolution of profitability. Net profits reached COP 830 billion during the quarter and COP 1.13 trillion for the first half of the year. On a comparable basis, amortizing the first quarter wealth tax throughout the year, quarterly ROE reached 13.88%, while the six-month ratio stood at 11.11%. When excluding the non-recurring impacts to better observe the underlying performance of our business, ROE for the quarter stood at 13.62%. Please move on to slide 19, where we present our updated expectations for 2026. Based on our performance during the first half of the year and the current macroeconomic environment, we have updated selected guidance ranges. We now expect total loan growth between 4% to 6%. By segment, commercial and mortgage loans are expected to grow between 4% and 6%, while consumer loans are expected to expand between 3% and 5%. These revisions mainly reflect FX translation effects and our continued focus on prioritizing risk-adjusted profitability overall. When excluding the FX impact, expected low growth for the year will be the 8% to 10% previously guided. Our expectation for credit risk ratio remained unchanged. We continue to expect the 90-day PDL ratio between 3.3% and 3.8%, while cost of risk is expected to remain between 2.1% and 2.3%. Current performance remains consistent with both ranges. We increased our NIM guidance, including foreign exchange and derivatives, to between 5.8% and 6.1%. This revision reflects investment gains during the first half of the year. We also increased our non-financial income growth expectation to between 10% and 12%. This revision is primarily driven by the PPAs. At the same time, we improve our cost-to-income ratio expectation to around 54%, reflecting higher margin and continued discipline in OPEX. As a result, we are updating our full year ROE guidance to a 10% to 11% range. Thank you. We can now move on to the Q&A session. More than 180 deaths have been reported so far, as well as thousands of injured. This is definitely something that we are looking at with our hearts. That part of the country has suffered the impacts of the earthquake, and not only on losses of life, which of course, are the most important ones, but also in disruption in their economic activities. Airports in the regions are closed. Roads that communicate the main cities in the region are also closed, and that has had an impact on our operation. We have close to 102 branches in the area. Of those, a little less than half of them are closed due to the revisions that are being made to the structural soundness of these offices. So far, we've been able to reopen some of those operations. There are still some small towns, around 8 small towns in the area where our only office is closed. The most affected areas in Pereira, which is one of the large cities in the region, we've been having difficulties opening our branches. We've moved some of our mobile branch offices into the area. We are now resuming service in some of these branch offices. At the same time, our digital channels have been operating normally. Our ATMs are operating normally. Some of them are down, but are being recovered as we speak. We expect the operational issues to be solved in a few days. Some of them will take longer, especially in the small towns, but we expect to keep continuing with the service. So far, we've been able to serve our customers through our digital channels. That operation is working well, and we are focusing on restoring service in the coming days. In terms of the economic impacts of the earthquake, it's still very early to tell. We have a mortgage operation in the area that is significant. We're very confident with the insurance coverage that we have for those loans and for that portfolio. Our sister company, Seguros Bolívar, is already doing a fantastic job in terms of assessing what's happening in the area and the current status of those facilities. We expect the impact due to losses in the mortgage portfolio to be very contained due to the very good quality of the insurance program that we have behind those portfolios. We will have some other impacts in terms of business interruption in some of our customers, and so we're looking at solutions for those customers that are facing some issues. It's still too early to tell. We're not incorporating any of those numbers into our guidance, but we expect to have some impact due to the earthquake, and we will be sharing that information as we get a more solid base of information to share with you all. Of course, our hearts are with the people of this area of the country. We're very committed to be a significant part of the solution. Our teams are working hard on not only restoring service, but also being there for our customers and for the population in general. We've been working with the authorities also to make sure that we are part of the solution in this problem. Of course, we are looking at this as something of a full commitment from our organization to help these areas of the country come back to their normal status. We can move on now to questions, please. Thank you very much. With that, we will begin the question and answer session. We will first take the questions from the phone call and then read the webcast questions. If you are over the phone line and have a question, please press the star button and number five to access the Q&A feature. If you use a speakerphone, you may need to pick up your handset before pressing the numbers. Once again, if you have any questions, please press the star button and then press number five to access the Q&A feature. For webcast participants who wish to send questions through chat, click the button with the question mark at the bottom of the webcast screen. If you have more than one question, we recommend sending a single message with all your questions. Right now, we are standing by for questions. Once again, if you are over the phone line and have a question, please press the star button and number five to access the Q&A feature. If you use a speakerphone, you may need to pick up your handset before pressing the numbers. Once again, if you have any questions, please press the star button and then press number five to access the Q&A feature on the phone line. For those webcast participants who wish to send questions through chat, please click the button with the question mark at the bottom of the webcast screen. If you have more than one question, we recommend sending a single message with all your questions. Right now, we are standing by for questions. We will start reading our questions from our webcast channel. The first question comes from Mr. Brian Flores from Citi. He says, "You upgraded ROE guidance while reducing loan growth expectations. Beyond normalization of the first quarter 2026 results, what gives you confidence that profitability can continue improving even in a lower volume environment? Thank you. Brian, good morning. Thank you for your question. We have upgraded our ROE based on some changes on some factors of our ROE, which are margins. Margins are actually improving. We are seeing an improvement in our NIM. That is something that we are seeing because of higher interest rates, although we are almost neutral in terms of interest rate. We are all benefiting from low-income deposits. So our margins are actually being higher than what we had previously anticipated. At the same time, we are focusing on transactional deposits, transactional solutions, fee income, and that part of our strategy is working. With that, as well as with expense management in the operating expenses lines, we are actually having good results. That explains our expectations on higher ROEs. With lower loan growth expectations, you have to consider also that those are impacted by the FX impact of the international operations that when translated to Colombian pesos, we see a lower growth in the loan portfolio. If you exclude that effect, the growth of the portfolio has been very much in line with our initial expectations. So what we're seeing is a profitability that improves because the growth, excluding FX, is basically stable. Some of the fundamentals that impact our ROE are slightly improving. If you put that all into the equation, we get an improved ROE guidance. Thank you, Brian Flores, for your question. Thank you very much. We have now one question coming from our phone line. Our first question through the phone line comes from Mr. Ernesto Gabilondo from Bank of America. Mr. Gabilondo, the floor is yours. Once again, we have one question coming from our phone line, coming from Mr. Ernesto Gabilondo. Mr. Ernesto, come from- Thank you. comes from Bank of America. Please go ahead. Yeah. Thank you. Hi, good morning, Javier, Pedro, and Paula. Congrats on your results, and thanks for the opportunity to ask questions. I have a couple of questions from my side. The first one is in terms of loan growth. As you pointed out, you moderate your loan growth expectations for 2026. You said that if we exclude the FX, it's coming roughly in line with your previous expectations. But considering that you have currently high inflation, higher rates, the new government is just taking place, and you just have the recent impact of the earthquake, hope all your families are well. I do not know if the new guidance is also reflecting all this, to be more prudent considering these macro conditions. Also, when looking into 2027, how are you expecting the trends by segment overall? My second question is on your OpEx growth trends. I think you have one-time restructuring costs, but at the same time, you'll have saving costs. Just wondering what should be the net impact? How should we think about the OpEx trending during 2026 to 2028? I do not know in the next years could be flat or could be declining in one year. Just to have the trend on how should we think about this net impact of this one-time restructuring costs and saving costs or synergies. Thank you. Ernesto, thank you for your question. In terms of loan growth, the moderation for 2026 is based on the fact that the FX has had an impact, as I already mentioned. That's probably the most important reason why we are moderating our growth expectations more than the macro conditions. In terms of the Colombian book, what we're seeing is some reduction on the size of the commercial portfolio in the Davivienda operations. That's something that we had anticipated. There are some loans in the portfolio that are not within our margin appetite, so we're actually reducing that part of the portfolio. But that's being compensated by a very strong dynamic on the Davivienda side. When you look at it in the combined numbers, in the commercial portfolio, we're within our range. We believe that there could be an upside there in terms of growth for the commercial portfolio. In consumer, if you look at disbursements are growing at a very healthy rate as compared to last year. We are very actively managing the effects on the provisioning due to new macroeconomic conditions. So we're actually adjusting our underwriting policies for credit risk very actively. So we open and close some segments of the market. That's impeding a higher growth on the consumer portfolio, but we're still growing, and we believe that with new technologies that were implemented in risk management, in artificial intelligence, we will be able to grow at a higher rate. In the mortgage portfolio, what we're seeing is a healthy growth for the first half of the year. Eventually, we will slow down because of the lack of subsidies in the social housing program from the previous government that impacted the new projects initiation last year. Those projects that were not initiated last year will not be delivered during the second half of this year and the early parts of next year. We will see probably a slower rate of growth for the mortgage portfolio. But we expect that trend to change as we have expectations of this new government actually retaking an active policy on social housing. We are seeing more confidence in the market, so we are expecting a boost in investment from the private sector. But at the same time, there will be a strong management of expenses from the government side. There are a lot of conditions that are happening at the same time. Add to that the earthquake, so it is hard to assess how the growth will be for next year. Our best estimate is a trend very similar to what we have this year. Eventually, it could be higher if the market conditions improve, and we have that as one of our scenarios, is improvement in the market conditions due to improved confidence in the market. We are basically guiding with a prudent guidance based on what is being incorporated into the macro assumptions, but we see some upside there also in terms of higher growth than what we are guiding as something that could come when conditions are changing. In terms of trends by segment, that is basically what I have just mentioned. In terms of OpEx, what we are seeing is this year is a year in which we are seeing a net effect of approximately zero in terms of the additional expenses due to integration. When you offset those with the synergies that are being captured, it is actually slightly negative. We are actually spending a little bit more than what we are capturing from the synergy side because of the timing differences. In terms of our operation, the Davivienda operation, without considering the integration, we are growing at a slower rate, and we have some leverages that we are pulling to keep that low rate of growth for expenses. For 2026, 2027, and 2028, we will have an improvement in the operating expenses for the operation, as well as the synergies that we will be capturing. That is factoring into that 43% to 45% guidance that we are giving to the market for the cost-to-income ratio for 2028-2029. Thank you, Ernesto, for your question. No, thank you. This is very helpful, Javier. Just to follow up in terms of the OpEx. Now, I really understand this important improvement that you can achieve in terms of the cost-to-income ratio. I think it is more tangible maybe in 2028. But for example, looking to next year, how should we think about the OpEx? Should we be relatively stable? Should we be declining? Or the important decline could be more in 2028? Just to have an idea on how should we model that in our estimates. Yeah. The important decline will be in 2028, but we will see some decline in 2027. In terms of the integration process, we are actually expecting the authorizations, as we mentioned in the initial remarks. We are expecting the authorizations to integrate the operations into one bank in Colombia, and that should happen before the end of the year. For early next year, we should be going through a similar process in Costa Rica. Once we go through that milestone, we could accelerate on capturing some of the synergies, and that should be happening along 2027. So 2027 will be a year in which we are expecting a downward trend in the cost-to-income. Most of the benefit will be at the second half of the year, but definitely 2027 should be a year in which some of those impacts should be captured. Excellent. Thank you very much, Javier. Thank you, Ernesto. Thanks a lot. With that, we are going to move on to one of our webcast questions. This question comes from Mr. Brian Flores from Citi. He says: "Only a small portion of the targeted synergy capture appears reflected in earnings today, yet profitability is already approaching medium-term targets. How much of the remaining synergy opportunity do you expect to flow through the bottom line versus reinvested into growth, technology, and Daviplata monetization initiatives? Thank you. Brian, thank you for your question. It is a very good question. We are still in the middle of the integration process. There is a lot of integration cost to come yet. So in order for us to get to a 14% to 16% ROE that we are guiding for 2028, 2029, there is a lot of work to do in terms of synergies and improvement on the cost side. That is what it is more visible in terms of the roadmap. But we are definitely looking at this transaction, at the integration of the Scotiabank operations as a play on growth also. What we are doing in the integration is, of course, making sure that we have a smooth transition in terms of service to our customers, as the main one. The main objective that we are following is to have as frictionless as possible a transition for the customers. And of course, cost synergies are there. But we are definitely working on making sure that the combined platform is a platform that is ready for growth in terms of more digital capabilities, better service for our customers, Daviplata monetization initiatives, as you mentioned. We have been through a process of moving Daviplata from a wallet to a digital bank with the numbers that I mentioned in the previous remarks. So definitely there will be a significant portion of the savings that will be put back into the operation, in terms of new capabilities to grow in some segments of the market in which we still see opportunities to improve our market share. So it is a very good question, and I would say the short answer is we are looking at reinvesting part of those synergies into the business because we see growth opportunities. Thank you very much. Our next question comes from Mr. Hugo Beltran from Acciones y Valores. His question is: "In the process of holding integration, what are the chances of delisting the stock of Banco Davivienda? Do you foresee an imminent delisting offering for stock? Thank you. Hugo, thank you for your question. That is also a good question. As you all know, last year we listed the Davivienda Group shares. We were strong advocates to our shareholders to move to the Davivienda Group shares, as we have seen during this year. We are seeing the benefits of being at the Davivienda Group level with the consolidation. The liquidity on the Banco Davivienda stock is of course lower because there was a very small fraction of the shares that were not moved to the Davivienda Group shares. We have not made any decision on that, but that is a very good question, and I wouldn't rule out the delisting in the near future. Thank you, Hugo, for your question. Thank you very much. Our next question comes from Mariel Abreu from T. Rowe Price. Her question is: "What asset exposure do you have to the areas that were affected to the earthquake? Would you expect cost of risk to increase? Thank you. Thank you, Mariel, for your question. As I mentioned before, it's still early to have definite numbers, but we of course know the exposure that we have to the region. In general terms, the region represents approximately 6% of the consolidated loan portfolio. That's around COP 13.2 trillion, including both Davivienda and DaviBank operation. It's important to know that this is the total regional exposure. Some of our clients will suffer no material impact to their properties. That's something that we're assessing. As I mentioned before, in terms of the mortgage portfolio, we're definitely very confident with the insurance program that we have. We have situations like this many years before in the past, and actually the insurance program performed as expected. Of course, there will be disruption. We still don't have an accurate estimate of any impact on cost of risk. The most significant losses that will come from the mortgage portfolio will be, if not all of them, in a very high proportion will be covered by the insurance program. Thank you, Mariel, for your question. Thank you very much. Our next question comes from Daniel Mora from Credicorp Capital. His questions are: "What should be considered one-off or not sustainable in the current NIM figure of 6.1, including FX and derivatives?" Second question. Considering the current interest rates, do you expect to maintain NIM at current levels, or do you expect to, at some point, higher pressures from funding costs? Thank you. Daniel, thank you for your questions. With respect to the one-offs on the NIM, what we're seeing is we had a boost from the portfolio results for the second quarter that's related to the performance of the market during the second quarter. It has the new government coming in and the market expectations on prudent fiscal situation of the country being managed in a different way. That had a positive impact on our portfolio. If you look at the numbers for the second quarter, they are better than expected. If you look at the first quarter of this year, the opposite is true. When you combine the first and the second quarters, our portfolio performed pretty much roughly in line with the expectations that we have for the third quarter and fourth quarter. What was a positive one-off in the portfolio in the second quarter is actually offsetting a negative one-off for the portfolio in the first quarter. There are also the PPA accounting elements that were incorporated into our operation, which are basically the difference between the accounting and market valuation of some of the bank assets. There was a one-off in the second quarter that's around 150 basis points for the second quarter. But if you look at the full year, that's not exactly a one-off. It will be a recurring item in which we expect that to explain about 100 basis points of our ROE for the following quarter. So it's partially a one-off, but we will see part of that going forward. In terms, of course, the wealth tax that's already incorporated in the first quarter, that one won't be around for the second, third, and fourth quarter. In terms of NIM, if you exclude those items, we expect the NIM to be sustainable. We expect our NIM to be in the midpoint of the range of NIMs that we've been guiding. Which is part of the second question in terms of maintaining NIM at current levels. We see our balance sheet position to be neutral. It's actually a little bit benefiting from higher interest rate as opposed to the structure that we had a few years ago when interest rate went up after the pandemic. What we're seeing is the more lower cost funding base that we generate through transaction businesses, the better the margin will be, and that's part of our clear strategy. In summary, we're expecting our margin to be sustainable for the coming quarters. Thank you, Daniel, for your question. Thank you very much. Our next question comes from Mr. Santiago Petri from Franklin Templeton. He says, "Hello. Thanks for the presentation. Can you give us your assessment of the new [audio distortion] administration? What government measures do you expect that will have an improving business environment? Thank you. Santiago, thank you for your question. What we are seeing is a government that is entering into the administration with the intention of improving the fiscal situation. They are very aware of the difficult fiscal situation of the country. There are already some remarks from the finance minister in terms of being very disciplined in looking into the fiscal situation and cutting excess costs in the government spending. This is a government that is also attracting investments, generating confidence in the investors in the private sector. We are seeing that sentiment across our customers. We are definitely seeing a government that has the intention to be a pro-market, growth-oriented government. Of course, in the short term, we will have the secondary effects of government spending cuts and some issues that will eventually have some impact in the short term. Definitely, the trend that we are seeing with the new government is a trend that is very positive for a healthy economy. What we are seeing is opportunities for the coming years. We are highly positive in terms of what this government could bring to the economy. Thank you, Santiago, for your question. Thank you very much. Our next question comes from Mr. Marcelo Téllez from Eternal Capital. He says: There have been discussions between Asobancaria and the new government around reforming the usury rate cap. Can you give us a sense of how those conversations are progressing and how receptive the new government seems to changing the framework? How meaningful could that be for consumer loan growth? There is another question. His second question is, what percentage of your loan book is at the maximum capacity? Thank you. Thank you, Marcelo, for your question. In terms of the discussions, that is a topic that has been discussed with the new government. We are firm believers that a very strict interest rate cap actually leaves out of the formal market many Colombians that have to go to a market that is unregulated, informal market with very high rates, and some other issues that are very inconvenient for those customers. Having a higher cap rate is actually beneficial for the economy and for the users all around the country. These comments are being well-received by the government. We still don't have a formal response from the government in terms of their views, but we see them as understanding of the issues and willing to open that discussion and look into some form of reform to the current system that could improve the current status, opening higher interest rates so that we could actually accommodate a larger percentage of the Colombian population. It's still too early, but we'll see in the coming weeks the formal position of the government. I am positive in terms of the possibilities of changing or adjusting, reforming the system. At this time, around 7% of our consolidated portfolio is with a cap rate. That's, of course, taking into consideration that does not apply to a portfolio that we have in our other jurisdictions. It's just part of the consumer portfolio in the Colombian operation. That, of course, that 10% could be actually impacted in a very positive way with this change. Thank you, Marcelo, for your question. Thank you very much. Our next question comes from Mr. Juan Soto from Bancolombia. He says: "In an environment where interest rates are expected to remain elevated in Colombia, could future ROE expansion come primarily from efficient gains, revenue diversification, or synergies, rather than from high risk-taking or balance sheet leverage?" Thank you. Juan, thank you for your question. I guess the answer is in your question. We would definitely be looking for ROE expansion for efficiency. What we're doing both in the synergies that we are expecting from the integration with the Scotiabank operations, but also with internal efficiencies through improving our processes, usage of artificial intelligence. There's a lot of opportunities on that side. Revenue diversification, of course, that's part of what we're doing. That's connected to a previous question on whether we see this as a growth opportunity. Definitely, we see this as a growth opportunity in terms of entering into some segments of the market in which we're underrepresented in terms of market share. We're definitely seeing that from the increases in ROE from a sustainable view. We're not looking at ROE improvements based on increasing our balance sheet leverage. Although we have space, our CET1 is a healthy CET1, so we could improve our leverage, but that is not our view. Our view is that we have the capacity to improve ROEs through basically efficiency, revenue, new revenue sources, synergies, more than on high-risk taking, as you mentioned. I guess you already have had the answer, Juan. Thank you for your question. Thanks a lot. Our next question comes from Mr. Nicolás Riva from Bank of America. He says, "Hi. Can you please remind us, following the integration of Davivienda and Scotiabank in Colombia, the bond issuer, Banco Davivienda, will include Davivienda and Scotiabank? What about the Central America assets from Davivienda and Scotia? Will any of these assets be consolidated by the bank rather than by the group?" Thank you. Thank you, Nicolás, for your question. Basically, what we are doing is with the integration is Banco Davivienda will receive the banking business of Scotiabank, nowadays DaviBank Colombia. Basically, the loans and deposits of the banking operation in Colombia, those assets will be transferred to Banco Davivienda Colombia in exchange for some of the shares that Banco Davivienda has on the Central American operations of Holding Davivienda Internacional, which is the holding that we have for the international operations. So actually, what will happen is Banco Davivienda will consolidate the Colombian banking business of Banco Davivienda, and part of the international operations will be moved to the existing Scotiabank or DaviBank license that we have. That will be an investment vehicle. That will change into an investment vehicle. The issuer of the bonds will be Banco Davivienda, that will, at this time, integrate all the Colombian banking operations. But still, even though some of the shares will be transferred to this other vehicle to the current DaviBank, Banco Davivienda will still consolidate the international operations due to the remaining shares. They still give Banco Davivienda controlling position in the Central American operations. So in summary, the issuer of the bonds will be Banco Davivienda. That will consolidate fully the banking operations in Colombia and will have control, and therefore will consolidate the operations of the Central American countries in which we have presence. Thank you, Nicolás, for your question. Thank you. Our next question comes from Mr. Radu Gheorghiu from RBC BlueBay Asset Management. He has two questions. His first question is: Can you confirm the CET1 capital level of Banco Davivienda Colombian operations is standalone level? His second question is: Was it ever an option to have Holding Davivienda Internacional as a sister company to Banco Davivienda, both owned by newly listed Davivienda Group Holding Company, so as to limit the FX impact on the capital and of the Colombian operations? Thank you. Radu, thank you for your questions, which are very good questions. The first one, the CET1, is at the standalone level of Banco Davivienda is 12.67%. It is a very healthy CET1. That is expected to be reduced by the end of the year with the transaction that I just described to levels around 12%. With the second part of your question on whether the Holding Davivienda Internacional will be a sister company of Banco Davivienda, eventually that could happen. The way the transaction that I just described is structured goes in that direction, the direction of getting out of the balance sheet of Banco Davivienda some of the exposure that it has to the Central American operations and start consolidating some of that investments in vehicles that are outside the scope of Banco Davivienda. So eventually, that should limit the FX impact on the Colombian operation. That is not going to happen in the short term because, as I mentioned before, we will still be consolidating the international operations within Banco Davivienda. But eventually, that is a possibility in the path that these companies are following. The fact that Davivienda Group will be the holding of sister companies is a possibility. Thank you very much. Our next question comes from Mrs. Mariel Abreu from T. Rowe Price. Her question is: Can you please give us some indication of the book exposure to El Niño risk? Geographically, what exposure do you have to areas of Colombia more affected by El Niño event? Thanks. Thank you, Mariela, for your question. In terms of El Niño and our agriculture portfolio, the portfolio that is most directly exposed to El Niño risk, it represents less than 5% of the total loans. Of course, we are monitoring that portfolio carefully. There is also a portfolio in the energy sector that is actually protected because we are focused on generation companies. Our climate impacts on the portfolio are incorporated into the guidance that we went through a few minutes ago. So the cost of risk that we provided includes our estimates on the impact on these portfolios based on El Niño. Of course, agriculture and power are the primary sectors that are being monitored. There could be some other pressures and some other sectors that are energy intensive in manufacturing, food retail, and household disposable income if energy prices go up. We are practically monitoring these sectors, and part of that is incorporated into our guidance. But of course, as El Niño progresses, we will have more information, and we will be updating our guidance accordingly. Thank you, Mariela, for your question. Thank you very much. Our next question comes from Diksha Agrawal from TCW. His question is: Hi. Can you please comment on the methodological change that excluded banking book positions leading to reduction in market risk exposure? Thank you. In terms of the banking book positions leading to reduction in market risk exposure, basically what we have done is being aware that the mortgage portfolio is exposed to interest rates sensitivity. So we have been hedging our exposure so that we reduce capital consumption. But also we improve our market risk exposure due to a hedged position in terms of the loan position that we have with the mortgage portfolio. So that is a process that we have been incorporating into our practice for the last two or three years, and actually that is why we are managing a much more stable solvency numbers as well as interest sensitivity in the portfolio. Thank you for your question. Thank you. Our next question comes from Mr. Nicolás Londoño from IDB Invest. He says, "Can you delve into the impact of carry trades from institutional investors trying to seek higher gains from high local interest rates? How would that impact back when rates start to decrease?" Thank you. Thank you, Nicolas. Well, that's a market question more than the implications on our operations. Definitely, we're seeing a Colombian peso appreciation based partly on institutional investors going through these carry trade operations. It's very difficult to assess the impact of when those operations go in the opposite direction. What we're seeing is interest rates maintaining a high level for the Colombian market for the foreseeable future due to the fiscal situation. We're not seeing that going back anytime soon. Of course, that's a difficult impact to assess. But what we're seeing is a situation in which the Colombian peso is actually appreciating. We'll see how the fiscal situation changes and how the market reacts to interest rates. What we've seen is a reduction in interest rates of around 200 basis points on the long end of the COP. There's an expectation that the fiscal situation will be managed in the coming years. But in the short term, what we're seeing is a central bank that has inflation as an issue, and what we're seeing is a trend for interest rates in the short term to still be at this high level and actually increase a little bit. Thank you very much. At this point, there seems to be no further questions. With this, I would like to turn the call over to Mr. Javier Suárez for any closing remarks. Mr. Suárez, the floor is yours. Thank you very much for being with us this morning with our call. As you can see, we've been progressing on our plans in terms of improving profitability in different areas of our P&L, and we're very satisfied with the progress that we've been going through. We still have a lot of work ahead of us in terms of integration and capture of synergies, but also in terms of maintaining our position, our competitive position in the market, and actually strengthening that position. We're very excited about what is coming out in our product pipeline in digital solutions and in Daviplata and other segments of the market in which we're preparing new product offerings in the near future. We're expecting this to be a very good second half of the year, and we'll expect to share those results in the following call. Thank you very much to all of you for being with us this morning. Thank you. Thank you, ladies and gentlemen. This concludes today's conference call. Thank you for participating. You may now disconnect from the call.