Welcome to Dia Group full year 2023 results presentation. The management of Dia Group will run you through the presentation, which will be followed by a Q&A session. If you wish to ask a question, please use the red question button that you can see on the webcast screen. Martín Tolcachir, Global CEO of Dia Group, and Guillaume Gras, CFO of Dia Group, will be presenting this conference. I now give the floor to Mr. Martín Tolcachir. Good morning. Welcome to Dia Group's 2023 results presentation. I am Martín Tolcachir, Global CEO, and I am joined by our Chief Financial Officer, Guillaume Gras, for his first presentation of the group's results. Thank you for joining us for this event. We will start the presentation with a strategic update, and we will review the company's operational and financial performance in 2023. To conclude, we will discuss the outlook for the current financial year. After this, we will open a Q&A session to answer any questions that may arise. Please feel free to submit your questions via the chat so that we can address them at the end of the session. 2023 has been a key year for the future of Grupo Dia. The good performance of the business underpins the trust of our customers and confirms the success of our strategy focused on proximity. This year, we have focused on three key pillars for the future of the business. One: Finalizing the turnaround process in Spain and Argentina. In the last year, we have focused our efforts on completing the rollout of the new value proposition in Spain and Argentina. In addition to the 523 renovations and 112 openings in both countries, we have closely sounded out the consumer to continue introducing improvements in our service and Dia product range that will allow us to be always close and responsive to their expectations. This has meant taking a further step forward in Dia's commitment to omnichannel services with the launch of the new dia.es website and Dia app in Spain and the new Dia app in Argentina. Expanding delivery services to be where and when the customer needs them, and strengthening the reach of Dia Group as the savings tool for households that is particularly relevant in contexts such as the current one. Second: Simplifying our portfolio to focus our strategy on core business. In 2023, we announced two significant transactions for the company's store perimeter: the agreement to sell the business in Portugal and the agreement to sell Clarel. In addition, in the first half of the year, we closed the sale of a group of large-format stores in Spain, announced in August 2022. These were appropriate decisions to simplify the company's perimeter and to focus our efforts on the markets where we have the potential to grow under one single banner: Dia. Third: Achieving improved financial results. We have achieved a 3.3% increase in like-for-like sales at group level, led by Spain, whose comparable sales grew 10.7% in the year. Adjusted EBITDA in Spain improved by 32% compared to 2022, and it has doubled compared to 2021. In Spain, we also achieved a positive net profit for the year of EUR 122 million compared to a loss of EUR 42 million this year. At group level, Dia improved net income by EUR 94 million, reducing the total loss to EUR 30 million. This result was negatively affected by the impairment of assets in Brazil for EUR 60 million. We have also managed to generate positive cash flow at group level, led by Spain with EUR 111 million. Finally, the reduction of the net financial debt, EUR 120 million lower than the previous year, also reducing the leverage ratio to 1.96x. As you can see, we have achieved major milestones in each of these areas, and the results are already tangible and confirm that we are on the right track. And this has been possible thanks to the exceptional work and commitment shown every day by each and every one of the people who make up the Dia team in the store, warehouse, and office. Our franchisees and their teams, and our suppliers. Thanks to all of them and to our shareholders for the trust they have placed in us. As I said earlier, 2023 has allowed us to complete the turnaround process in Spain and Argentina that we started in 2021. At the end of the year, we had 2,318 stores in Spain, 86% of them operating under the new model. The result is a consolidated network that shows great performance and has enabled us to gain market share on a like-for-like basis throughout the year. In Argentina, meanwhile, we have 1,048 stores with 82% in the new model. We are also very satisfied with the investment effort made here because it is allowing us to successfully overcome a complex macroeconomic scenario, consolidating Dia's leadership position in proximity. We are now entering a phase of consolidation of organic growth in which we will complete store renovations and selective openings in line with our proximity strategy. Another key part of our value proposition is Dia branded products. Dia offers a complete and varied assortment with a balanced presence between manufacturer brands and the strength of a known brand that has been part of households for 40 years in Spain and more than 25 years in Argentina. In the last three years, we have strived to improve the quality and modernize the presentation of our products so that our customers can find the best value for money and products that are in line with current trends and needs. 99% of the Dia brand assortment in Spain and 79% in Argentina have already been renewed, and the success of our proposition is reflected in our customers' shopping baskets. In Spain, Dia branded products have gained almost 6 percentage points in two years. In Argentina, a market where our own brand account for less than 10% of the basket on average, Dia products make up 29.3% of the basket. For us, it is a great pride and responsibility to be chosen in so many thousands of households every day. I would also like to emphasize that in a complex context such as the current one, we have put all our efforts into fulfilling Dia's 45-year historical commitment to households to offer high quality at affordable prices. In return, we can proudly state that we are growing in the number of customers and customer loyalty, and satisfaction continues its positive trend with record levels of NPS in Spain and improvement in the other geographies. We are committed to offering a first-class shopping experience with a modern proximity store, an online channel that offers services adapted to the customer's needs. Our assortment allows you to make a complete, easy, and quick purchase with the highest quality and a price within everyone's reach. For this reason, we have closed 2023 as leaders in proximity at the national level in Argentina and gaining market share at a comparable store area in Spain. Focusing again on our online channel, I would like to highlight the great progress made in 2023 in terms of digital customers, increased coverage, successful delivery service, and increased sales of fresh produce through this channel. The new dia.es website and Dia app in Spain form an omnichannel platform that improves the shopping experience in a differential way and allows us to make progress in personalization, a key axis for customer loyalty. This year, we have also made progress in the deployment of alliances with third parties, offering Dia Group customers additional promotions and discounts with companies in other sectors such as energy, insurance, or travel, adding value to a loyalty club. dia.es now reaches 84% of the population in Spain. In addition, in order to add delivery options that facilitate and speed up the service, we have added new last-mile partners. In Argentina, the arrival of the Dia One app has been a milestone for the supermarket sector. The Dia assortment, the club benefits, and the delivery and pickup options make the shopping experience easy and convenient, increasing the level of coverage to 80% of the national population. As a result of this work, digital customers have grown 8 percentage points in Spain and 7 in Argentina compared to 2022, and satisfaction has advanced 5 and 7 points, respectively, in both countries. In 2023, we have taken major steps to simplify the company's perimeter and focus our efforts on markets where we are relevant and have the potential to lead in proximity to our Dia brand. More specifically, on December 5th, 2023, it was announced that Grupo Dia had reached an agreement with Grupo Trinity for the sale of Clarel, the personal and home care business unit. The transaction has already been authorized by the CNMC and is expected to be completed in the first half of 2024. Also, on August 3rd, 2023, the company announced that an agreement had been reached with Auchan, subject to the fulfillment of certain conditions precedent for the sale of its business in Portugal. This agreement is pending approval by the Portuguese competition authorities. The company estimates that the closing of this agreement and the transfer of the operation to Auchan will take place during the first half of 2024. These operations, together with the sale of large-format stores to Alcampo in Spain, which we closed in the first half of 2023, result in a reduction of 1,722 fewer stores. In return, we expect to receive a total cash flow of EUR 312 million-EUR 337 million, depending on the guarantees of the operation in Portugal, as well as a working capital reimbursement of EUR 18 million. The proceeds will be used to continue the group's deleveraging strategy, allowing us to focus on debt refinancing. I now give the floor to Guillaume, who will give a detailed overview of the operational evolution of each business unit. Thank you, Martín. Good morning to all participants in this presentation of results. The success of our group-wide transformation has been reflected in improved financial results in our key markets. Starting with Spain, progress in network consolidation enabled Dia to continue to gain market share on a like-for-like basis. The good performance was reflected both in like-for-like sales, which increased by 10.7%, 2.4 points more than in 2022, and in gross sales, which grew from 2021 to 2023 in spite of the reduction in the number of stores, 420 fewer stores today than in 2021. The strong commercial performance fed through to adjusted EBITDA, which has doubled since 2021 to EUR 184 million, with profitability growing by more than 2 points to 4.4% on net sales. At the same time, the net result in Spain was positive in 2023, reaching EUR 122 million, a growth of EUR 164 million versus 2022. Cash generation was also positive at EUR 111 million, with a significant reduction in CapEx following the heavy investment in the transformation. Argentina is our second core business and a very valuable market for Grupo Dia. After more than 25 years of operation, we can proudly say that we are the favorite supermarket of millions of Argentinians who trust our value proposition every day. With this strength, we have successfully faced a complex macroeconomic year, 2023, in which we observed a good performance at the operational level, weighed down by the effect of the devaluation of the peso. As in Spain, progress was made in consolidating the network, refurbishing existing stores, and with a new drive in openings. This investment effort, together with the good work of our franchise stores and the renewal of Dia brand products, enabled us to maintain market share despite the 1.2% fall in comparable sales measured in units. The good operational performance was compromised by the devaluation of the peso, causing a 30.6% drop in net sales in hard currency to EUR 946 million. However, in local currency, growth was 227% above inflation. Adjusted EBITDA, like Spain, doubled versus 2021 to EUR 59 million, with a margin of 6.3%, which equates to a sustained year-on-year profitability improvement. The strong position of Dia Argentina has allowed us to successfully close a period of strong uncertainty in the country, in which the effect of the devaluation of the peso has also had an impact on the net results. Despite all this, Argentina closed 2023 with a positive net result of EUR 6 million. During the year, efforts were made to protect cash by reducing the CapEx volume and reversing the 2022 losses to reach EUR 34 million. Brazil has suffered a deterioration of its financial results, with adjusted EBITDA and net income in negative territory and falling compared to 2022, affected by a highly competitive market context, which has led to large promotional investments. Consequently, cash generation has also remained in negative territory, despite an improvement compared to previous years. Given Brazil's financial performance, we are analyzing various strategic alternatives with the objective of making a decision in 2024. On a consolidated level, we clearly see that this has been a very relevant year for Dia's business, thanks to the strong commercial performance. Grupo Dia's gross sales have grown by 14% since 2021, despite the strong devaluation of the Argentine peso mentioned before and the reduction of the store perimeter, mainly in Spain. The good sales performance is reflected in a growth of almost 9% in like-for-like sales in the last two years, a performance that reflects customers' confidence in Dia in uncertain times. In this way, we have achieved that all countries, except for Brazil, will increase their adjusted EBITDA in 2023, with Spain and Argentina achieving a doubling of their figure from 2021. It is worth noting that Brazil has suffered a strong deterioration in 2023, partly due to the lack of tax credits that were not as significant as in 2021 and 2022. The group's net profit has been improving steadily since the implementation of the strategic plan in 2021, driven mainly by the improved results in Spain. As a result, losses are reduced from EUR 257 million in 2021 to EUR 124 million in 2022 and EUR 30 million in 2023, demonstrating the solidity of the transformation carried out. The decline in Brazil, partly affected by the EUR 60 million impairment done to the business in 2023, had a negative impact on the group's consolidated figures this year. The group's cash generation was positive in 2023, due on the one hand to the business, which generated EUR 348 million, led by Spain with EUR 247 million. On the other hand, we have considerably reduced CapEx after two years of investing heavily in transformation. Both factors have resulted in a cash generation of EUR 119 million compared to the last two years of cash consumption. The EUR 119 million mentioned before can be broken down into EUR 187 million of operating cash flow plus EUR 161 million of working capital, offset by EUR 229 million of CapEx. Taking all flows together, the total change amounted to EUR 120 million, where the gains from the sale of large-format stores in Spain were used to offset exchange rate effects and financing costs. Net financial debt was reduced to EUR 422 million, EUR 120 million lower than in 2022, and improving the leverage ratio to below 2x adjusted EBITDA. Gross debt was also reduced by EUR 176 million compared to 2022, reflecting the improved results and the deleveraging efforts made. Thank you, Guillaume. Now, to talk about our progress in sustainability, I would like to underline the Dia Group's purpose: to be closer every day in order to offer high quality within everyone's reach. That is the engine that drives us individually and collectively to make decisions that create value for our customers, our team, our franchisees, our suppliers, our investors, and of course, the communities of which we are part. In parallel to the active lines of work, in 2023 we have achieved an important milestone to build the company we want to be: the Strategic Sustainability Plan 2024-2025, Cada Día Cuenta. It is a realistic roadmap, aware of our resources and strengths, and which focuses on the key axes of our business, with long lights towards 2030 for Dia to successfully face the challenges and opportunities offered by the construction of a more sustainable future. The plan focuses on four areas of work that give continuity to the materialities addressed in the previous plan and identifies two major priorities on which we will work with special emphasis: the development of the local economy and the promotion of a diverse and inclusive culture, because we know that creating value for the communities in which we operate, for the people we work with, means strengthening the pillars of a solid business that looks to the future. The deployment of this plan will allow us to make progress on key commitments in our sector in line with regulatory requirements, while at the same time strengthening what makes us stand out and provides us with leadership. We will always strive to strike a balance between profitability, impact, and risk. While thanking the teams in each business unit for their hard work in preparing this new plan, I would like to highlight several important ESG milestones achieved in 2023: launch of Comer Mejor Cada Día, our program to help mitigate food barriers and make it easier for anyone to adopt and maintain healthy eating habits. With a three-pronged strategy—accessibility, knowledge, and habits—we are determined to provide access to healthy food no matter where a person lives or their budget. Because we know that eating well is important for physical and emotional well-being, at Dia we make it easy: launch of the group's diversity strategy and tangibilization in a policy, with the aim of building an environment based on respect for differences and individualities, achieving an effective coexistence oriented towards the well-being of all the people who make up the Dia team. It is a strategy focused on the groups where we can contribute the most value: gender diversity and socioeconomic diversity. In future updates, we will continue to report on achievements in these areas of work, committed to realizing our purpose and being a driver of value for neighborhoods and communities. Looking ahead, we face 2024 with our sights set on the cusp, continuing to build value for all our stakeholders. To achieve this, our efforts will focus on: first, focusing on organic growth in Spain and Argentina. Our goal is to maintain an optimized and profitable store network, to move forward with pending renovations and the necessary upgrades to our logistics network to provide excellent service to our stores and therefore to our customers. In parallel to these, we will move forward with improvements that will allow us to increase sales density through the development of the digital ecosystem with innovations for our online channel, advances in coverage, and alliances with third parties that allow us to continue with win digital customers. Strengthening Club Dia to offer a personalized, agile, and useful experience to our customers and earn their loyalty. Improving our assortment, extending the range of fresh products, and introducing new references with a view to innovation and offering the best quality at affordable prices every day. Secondly, we will complete the process of repositioning the core business by closing the announced sales transactions. Third, we will achieve a sustained improvement in financial performance. To achieve these, we are focused on improving profitability, increasing cash generation, as well as making progress on deleveraging and preparing the refinancing process of the debt maturing in two years' time. And finally, as I underlined before, we continue to work to create a positive impact on neighborhoods through the implementation of our sustainability plan, generating value in the local economy and promoting a diverse and inclusive culture. We want to be our customers' favorite neighborhood and online store. The savings ally as is Dia's longstanding commitment. To achieve this, we will focus on mitigating the effect of inflation on the shopping basket by working closely with a value chain, while adding new initiatives to our digital ecosystem and enhancing the Club Dia proposition. We are aware that there is work ahead, but we are proud to know that every day we are the favorite store of more and more customers, thanks to a differentiating value proposition and a team committed to delivering a first-class customer experience. From here, we would like to reiterate our thanks to our team, franchisees, suppliers, and shareholders because their effort, commitment, and trust is key to ensure a first-class experience for our customers. That is all from our side. We will now open question time to address any questions you may have. Ladies and gentlemen, the Q&A session starts now. If you wish to ask a question, please use the red question button that you can see on the webcast screen. Now, regarding the questions we have received from Brazil, what's the opinion of the management of the strategic options for the business? Well, clearly, our performance in Brazil is not in line with our expectations. In a market that is particularly challenging, which has suffered the impact of a reduction in volumes and an increase in the commercial aggressiveness, which has forced us to make efforts regarding the investments, and this has led us to an outcome that is far away from our expectations. Now, taking into account the trajectory of all that we've explained in our presentation, we are considering different strategic options with the goal of making a decision this very year. Regarding Spain, questions on the transformation, saying that it is almost complete. Now, regarding the future, will you invest in openings, or will you reduce CapEx on the basis of refinancing? Well, we have made a very important investment in the last three years regarding the transformation. Now, for future years, we will focus on growing in a more organic way. We will focus on sales density through the levers that Martin has introduced, which are: one, the Club Dia; two, fresh products to work on the frequency of the purchase; three, innovation to give value to our own brand; and four, e-commerce. Now, the forecast CapEx for the year is EUR 120 million to underpin this growth. We continue now with Spain. Do you think that the EBITDA margin will be increased for 2024 in the light of the good results for the second term? Yes. Actually, through 2024, we have seen an improvement of our margins throughout the year. As you probably know, there is a seasonal component that explains part of this, but it is equally true that part of the initiatives that have been implemented in the year has allowed us to consolidate improvements which we think are key to achieve specific results in the future. Therefore, we are foreseeing improvements in the annual margin for Spain in 2024. Now, regarding Argentina, which are the consumption focuses for 2024, and which are the expansion plans in the country? The situation in Argentina is also a challenging situation. The measures and the guidance of the new government that we start to see the results of that on the market. For the year, we expect to see a reduction in consumption. Actually, we're starting to witness that since December 2023 and also in these first weeks of 2024. Now, in this context, we are also identifying the strength of Dia in the country. Dia, a standout brand that has been chosen by Argentinians as the brand with the most accessible prices. As a result of this, we are having a performance that is well above that of the market and well above competitors. Therefore, in a context where we think that it is a challenging context and with a reduction in volumes, we believe that the performance of Dia Argentina will be above the market and will gain market share. Now, in this context, as a result of all this, what we have defined is that we need to be more prudent when it comes to the investments. We will not speed up the expansion. We will be very selective when it comes to good opportunities arising, and we will navigate these months cautiously and mainly focusing on the cash. What's the current status of the corporate sales operations, and do you expect additional operations for 2024? Thank you for the question. It's worth noting that these recent operations were made to reposition Dia Group in the format of proximity, the proximity format. As a result of this, we have exited big formats in Spain by selling our big stores. This operation has been closed. Today, we've received EUR 240 million in cash. Now, vis-à-vis Clarel, the antitrust authority authorized the operation. Hopefully, we will close this operation in the first term of the year. The cash we expect to receive is EUR 12 million this year plus EUR 15 million for 2029. And in Portugal, at last, we are still waiting for the approval of the antitrust authorities, and hopefully, we will close this transaction in the first term of the year. As for the rest of the group, there's no other additional corporate operation as we are speaking. What's the current level of debt at the moment, and how do you expect this to evolve in future years? Well, the gross debt in 2023 was EUR 590 million, EUR 176 million lower than for the previous year as a result of the disinvestments made. The net debt at the closing of 2023 was EUR 422 million, which has resulted in a leverage ratio of 1.96 x that of adjusted EBITDA, which we believe it's an adequate level. Have you started with the rollout process of the debt refinancing, and when do you expect to close that? Is there any relevant information you can share with us now? The maturity of the syndicated debt is December 31st, 2025. That means almost two years down the line. Now, the company is continuously in conversations with the financial partners, and we are holding constructive conversations. We work together to guarantee the best capital structure for the future. Today, we are not seeing specific problems for this refinancing. What's your take on the situation of the share price and which measures have been suggested to generate more value for shareholders? Now, throughout the stage of restructuring and recovery, the share was slightly abandoned by investors because they were waiting for more specific results of the plan. That also generated a lack of liquidity, which explains the volatility of our share. Now that that turnaround became a reality, we are retaking the meetings with the investors so that precisely communicate our results and also to submit our strategy with the growth leverages. That's all. Thank you very much for your time. Please do not hesitate to contact our investor relations team for any additional question you may have. Thank you very much, and have a nice day.