Good morning, everyone, and welcome to Alsea's 2nd quarter 2021 earnings webcast. Today, our management team will be presenting an overview of Alsea's results of the 2nd quarter of the year. Presenting today, we will have our Executive President, Alberto Torrado, Fernando González, our Deputy CEO, our Chief Digital Officer, Darío Okrent, and our CFO, Rafael Contreras. I will now hand over to Alberto for initial comments. Alberto, please go ahead. Salvador, good morning to everybody. As you've seen, we're changing the way we want to communicate with you guys, so I hope you like it. Welcome to Alsea's second quarter 2021 earnings video conference. We will discuss the most significant events from the second quarter of the year, our strategy going forward. We'll be then open, like always, to questions. I'm pleased to report excellent results for the second quarter. As many of our key geographies, especially Mexico and much of Europe, reduced most of their restriction after more than a year of strict lockdowns, and our different commercial strategies paid off. As a result, we posted strong sales, positive EBITDA margin of 22.8%, and healthy operating cash generation in our main regions. After a turbulent year and a half caused by pandemic-related lockdowns, Alsea is back at what it does best, serving customers from our restaurants and coffee shops and products and services they want, and generating sustainable value for all our different stakeholders while we do so. The easing of restrictions has driven improvement in sales. When comparing year-over-year basis versus 2019, sales in January 2021 were down by 29%, where our sales in June 2021 were only down by 12%. We also seen a positive month-by-month tendency during the quarter, with sales increasing from MXN 3.7 billion in April to MXN 4.3 billion in May and MXN 4.4 billion in June. We are very pleased with these results in view of the broader economic context. We are currently on track to continue this progress in July, as the first couple of weeks' sales reached approximately 95% of the sales reported during the same period of 2019. While we are keeping a close eye on recent increase in COVID-19 in some of our geographies, the evidence so far suggests the impact will be far lower than the last year due to the vaccination significantly weakening the link between infections and hospitalizations. With Colombia, Chile, and Argentina still impacted by lockdowns in second quarter and more limited restrictions still in place in Mexico and Europe, we should expect further sales improvement as the pandemic restrictions are reduced in line with vaccination rollouts. Our businesses will benefit not just from the full reopening of our outlets, but improved consumer confidence, higher employment, and return to the corporate offices, and other trends likely related to the easing of the pandemic as tourism. Notwithstanding risks related to the emergence of the new contagious Delta variant, we are optimistic that with the successful rollout of vaccination programs, economies will return to normal before too long. As they do, we expect to see a continued return to on-premise dining. The positive month-to-month sales strength during the quarter is encouraging as it hit continuous strong performance of delivery and pickup. In terms of brands, Domino's, Starbucks, and Burger King continue to lead the way and perform well, with a higher increase in sales coming from Spain, with a growth of 592% in Starbucks, 169% in Burger King, and 70% in Domino's Pizza compared to the second quarter of 2020. Compared to the same quarter of 2019, Domino's Mexico reported a 14% growth, as well as Starbucks Mexico, up 13%, and 12% in Burger King Chile. During the second quarter, we also began to see improvement in the family dining sector, with Vips reporting positive figures reaching close to 70% of the sales reported in June of 2019. During the first semester of 2021, we have reached more than MXN 1.5 billion in sales and EBITDA breakeven. We have made some changes to our strategy for Vips and expected to see continued improvements in profitability for the chain. There are various branches to these strategies improvements, including changes to the menu and product innovation, like our new burger and Pepitos campaign. We are also working on improving the portions and designs of our dishes, which certainly will enhance our customer experience. Also, we are investing a lot of money in the refurbishing of our restaurants to make sure that they are in the best conditions for our customers. We will launch our new strategy marketing campaign and special offers to drive footfall and while targeting a younger client base. With respect to geographies, Alsea Mexico saw increase by 134% year-over-year and reached 96% of the sales figure reported in the second quarter of 2019. Despite the current situation, Alsea Mexico EBITDA of MXN 1.7 billion was only 4.3% shy of 2019 for the same quarter, and reported a margin expansion of 160 basis points versus the second quarter of 2019. Sales in Alsea Europe increased by 160% from a very low base of the second quarter of 2020, and EBITDA was MXN 875 million. Sales in Alsea South America increased by 121% compared to the same quarter in 2020, and EBITDA was MXN 226 million. We have continued to control costs in response to the sustained disruption to operations, and believe that many of the cost efficiencies we have implemented over the past year will continue to bear fruit in the near future. During the second quarter, we were still able to maintain some agreements in terms of rent expenses and some other operational costs, as well as making efficiencies in our workflows and still benefiting from some government support, especially in Europe, thereby reducing labor costs. There has been an increase in the cost of some commodities, but this has not affected Alsea so far, while we continue to source high-quality ingredients for our customers in all our restaurants. Moving to ESG. As of the end of the second quarter, with our Va por mi Cuenta initiative, we have served more than 385,000 meals, benefiting approximately 5,200 people through our 14 dine-ins and the support of nine institutions. Also, through our Integra program, which aims to develop young talent in Mexico by providing scholarships, we have been able to help more than 4,700 students collaborating with 18 different institutions. It is important to point out that we are conducting a compliance diagnosis in Alsea along with a group of experts specialized in the implementation of ESG indicators, which will allow us to measure tangibly our current position in our geographies and identify areas of opportunity and improvement. We'll establish the benchmarks with a view to systematically strengthen our compliance framework and establishing ESG goals and objectives until 2030. Finally, as you know, Fernando González joined in the quarter as Deputy CEO before taking over from me as a CEO after a transition period. Fernando has been focused on our Mexico operations in this initial period. I am pleased to report an excellent integration with our existing team and lots of new ideas and initiatives that we are working on. When Fernando takes over as CEO, I will remain fully committed to Alsea as Executive President, focused on the long-term strategy of the firm and ensuring effective execution. I will now hand over to Fernando so he can introduce himself. Thank you very much. Good morning to everyone. Thank you very much, Alberto, and all Alsea families for a warm welcome. It's a pleasure for me to be part of this call and, of course, to answer all the questions that you may have. As you know, in the last two months, I have been quite focused in well-known Alsea with the help of our colleagues and, of course, focused in Mexico that, as you know, is one of the main part of our business. I have been doing a deep dive about the strategies in the company, the strategies in digital, in processes, of course, in our brands, and mainly in the resource optimization. Okay. I'm quite impressed about the commitment about the customers and the result orientation of Alsea. I hope to be part of the company and to help the company in order to maintain and enlarge the leadership in all the geographies where we are working today. Thank you very much. Now Darío is going to present to us our strategy in digital, which we have been talking in our previous calls. Darío, please. Hello, everybody, it's a pleasure to talk with you here. Let me talk you about the digital strategy and how we are looking at this quarter that is very strong. The sales in Mexico, in particular, compared with the last year, because for the digital area, 2020 was a great year due to the COVID-19 situation, was 39% and in sales and 31% in orders. We reach around $135 million sales and 12.2 million order sales this year in the first six months, especially, we got really strong performance in this area. Going to Spain, we grow up 72% in terms of sales, and 67% in terms of orders. That is around $ 77 million in sales and 3.43 million orders. That is really, really strong. Finally, because we are operating in 11 countries, we reach around EUR 260 million sales in the first six months of this year. That is a 55% growth versus 2020. We reach 21 million orders in this first six months. That is 37% growth regardless the last year. We are very happy with these results in the digital area, because instead of now the restaurants are open, the increasing of sales in the digital area is really strong, and we are having the same numbers in July, too. Going to the KPIs, in particular in Mexico, about our digital platform that is called WOW+. Remember that last quarter, we were talking about the relaunching of WOW+ as our backbone of the digital strategy. In this year, we have sold around $32 million. That is this MXN 673 million. We made more than 3 million orders year to date, this year, with a tender of MXN 6.33, growing regardless last year. We have around 800,000 customers this year. That is a very strong performance versus last year. The ARPU this year is around MXN 813. That is also a good result, because remember that last year by this time, we were closed. Our performance in our digital platform is really strong, and of course, we have to continue in this path. While we are delivering this kind of results also, we are building the new digital strategy for the coming years. Talking about our digital platforms, we have these six platforms in Mexico and Spain. In Starbucks Mexico, we have 2.3 million users, with 25% of usage of the platform in Mexico. In Domino's, we have 6.8 million users with an average usage of 24%. In WOW+, we have 2.5 million users with 28% of average usage. In Spain, we have, in Club Vips, 2.5 million users with a 77% average usage. Fost erianos, with 1.7 million users with a 70% of average usage, and Domino's Pizza with 8.3 million users with 21% of average usage. As our digital highlights this year, we have, as I told you before, a very strong plan. In terms of WOW+ in Mexico, we just launched our omni-channel platform where now you can not only order, but also accumulate and redeem WOW+ points in the same platform with a new app. We have a new CRM and loyalty platform integrated in this new app. We changed our CRM to SessionM. That is a very powerful tool now owned by Mastercard, that is a great partner for us. We had the record sales of this year, this quarter, with almost 250,000 orders and more than $ 2.7 million in sales. That was the week of the Mother's Day, the May 10th. In Starbucks, we are making around 90,000 orders per week with our record sales in the same week than WOW+, with 167,000 orders and more than $ 1 million in sales. In Domino's, one interesting data is that 27% of digital buyers are WOW+ customers that are using the program. Also in this quarter, we had the record sale of the year with more than 239,000 orders and $2.79 million in sales. Regardless to Spain, in this year, we integrate the digital orders in all the brands. Now, it's very easy for our operation to take the orders integrated in the POS. If you think that we are processing around one order per second in the digital channel, it's really useful. In Chile, we launched the MOP, the Mobile Order and Pay in Burger King. We have also integrated the digital orders in the casual brands with aggregators. That is really helpful for the same reason than in Spain. In Mexico, we have this integrated since last year. Basically, it's what I have to say, and now we continue with Rafael Contreras. Thank you, Darío. This is Alberto again. I wanted to make sure that we share with you this information. Obviously, Darío can answer any questions later. As you know, we've been talking a lot about digital. We think it's a competitive advantage for Alsea, that the competition will not be able to get, at least in the short term, especially because of the synergy and the critical mass of Alsea. We'll talk about that if there's any questions later. I pass to Rafael to give you the details on the financials. Thank you, Alberto. To begin, I want to clarify that, as in the previous quarter, all the explanations and notes reported in our earnings release include the effect from the statements related to the hyperinflation in Argentina, as well as IFRS 16. These two factors are also included in the financial statements issued to the corresponding authorities. We also made a reclassification on the cost line by reducing all the logistics expenses of the Alsea Mexico operation that previously were reported in operating expenses, which now will be reported in the cost line. This is the reason why the consolidated cost as a percentage of sales for the second quarter 2020 increased to 37.1% versus 1% of last year, or 33.9%. The impact of IFRS 16 on our financial results for the quarter are as follows: MXN 1.3 billion EBITDA increase and a positive impact of MXN 35 million on net income. In the last weeks of June, we reached a sales in some weeks of more than MXN 1 billion, a figure similar to those reported at the beginning of 2020 in the weeks prior to the start of the pandemic. In some of these weeks, we reach a delivery participation of up to 25%, which contributed to the reaching, as Darío mentioned before, close to MXN 3 billion in sales through delivery in the second quarter. We have been able to increase the number of units in operation, and with this, it is important to mention that we reached 60.3 million total orders in Alsea during the second quarter of 2021. In Mexico, same store sales are only 2.5% below the second quarter of 2019 figures, with brands like Domino's Pizza and Starbucks presenting mid-double digit growth. The amount of sales missed due to unit closures represented about MXN 730 million in the second quarter. We have been able to achieve a reduction in inventories of 16% versus 2019 as a result of the different agreements with suppliers, increasing in average 40 days payment terms. In line with what has been achieved in last year, we continue to focus on labor productivity, agreements with landlords, and directing spending to what generates value to increase sales and improve the customer experience. Given this strategy, we managed to have positive EBITDA in all geographies, highlighting that in Mexico, it is already at 96% versus the EBITDA presented in 2019, reporting a consolidated EBITDA of MXN 2.8 billion with a margin of 22.8%, reaching 93% of the EBITDA generated in the second quarter of 2019, and finally, achieving a positive net profit after five difficult quarters. As we mentioned last quarter, we successfully negotiated the extension of our covenant waivers until June 3rd, 2022. This put us in a strong position to continue managing our operation as we move through the different stages of the pandemic. We continue to comply with all of the requirements, including the minimum levels of independence, liquidity, stockholders' equity, and CapEx, as set out in the agreement. Our net debt to EBITDA ratio decreased to 5x at the end of the second quarter. As EBITDA increased, yet debt levels remain high following pandemic-related losses. Nonetheless, the agreements with our main banks regarding waivers to our current covenants have given us the financial flexibility we need for the rest of the year. The debt structure at the end of the quarter was 78% long-term, with 59% in Mexican pesos, 41% in euros, and less than 1% in Chilean pesos. In the financial statement reported, the total debt classified as short-term according to IFRS accounting regulation is presented since the current waiver is valid until June 30, 2022, and the report is in July. In terms of liquidity, at the end of the fourth quarter, we had MXN 3.8 billion in cash, above the agreed MXN 3 billion minimum liquidity level required by the new waiver terms. Regarding CapEx, we are still prioritizing maintenance and remodelings and needed investments, especially in digitalization. We have also been focusing on unit openings with high projected returns, having opened 25 units during the year. Total CapEx in the quarter reached MXN 503 million with the following breakdown: 30% for unit openings, 55% for maintenance, and the remaining 50% for strategic projects, always complying with the covenant cap of not exceeding MXN 800 million per quarter. Thank you. We would like to open the call to Q&A. Thank you, Rafael. We will now start the Q&A session. If you have a question, please press the question button in the browser. The first question is from Alvaro. Please go ahead. Hi, gentlemen. How are you? Great new format, by the way. So far, so good on my end, at least. Good morning. I have two questions. The first one is for Fernando, actually. It's very nice to meet you. I was wondering if you could discuss what you think your initial agenda might look like, and on that front, whether your focus is on the top line and growth and getting back to growth, or if it's really just looking at, I'd say as cost base today and driving down efficiencies given your history at D1. That'd be my first question. Okay. Thank you very much for your question. In order to try to answer quite fast, I consider that in the short term, my focus has to be the brands in Mexico, the normal evolution of our business in Mexico, and of course, the digital transformation, the digital plan in the company that I consider that is key for the future, as explained Alberto before. I think that the plans in the company has to be short times, bit a bit, and the most important for me is, as I explained to you, the brands and the digital transformation. Wonderful. My second question, and I've asked this in the past and just thinking out loud on Vips. Alberto, when you guys bought that asset, one of the big plans was to pass price, and without passing price, really improving the mix, desserts, more alcohol. Vips, no. My question, and yeah, I'm referring to Vips. My question is whether or not emerging from the crisis, emerging from COVID, whether or not you rethink that, just thinking out loud here, and go low cost is something that's worked here for the likes of Denny's and other players here in the U.S., but really just focusing a lot more on traffic and getting utilization up. You're still at 70 index relative to last year. Maybe if that's part of the strategic thinking as you emerge into next year. Thank you, Alvaro. First of all, in Vips, what we are doing, and it's paying very good results, is going back to the basics. Especially making sure that the products that characterize Vips and the reason why for the customers to go, like the caldo tlalpeño, las enchiladas, los frijoles, our core products are the best products. We have changed our frijoles, we have changed our tortillas, we have changed our portions. What we are really doing, Alvaro, is focusing on the basic, which is let's make sure we have those iconic products that people love, including the club sandwich, the best. We're changing all of them in these six months. We just tested a couple of weeks ago, our new sandwiches, which is amazing, and the bread is great. Another thing that we are doing, making sure that the restaurants, you guys know that we were not able to refurbish all the restaurants at time. Last year, we really left that behind because we didn't have the money to do that or restrictions in our cash flow. We're putting a lot of money, and Rafael just explained to you the CapEx. We're making sure that the restaurants are looking good. We're making sure that all our team members have what they need, and we're making sure that we offer the best product to the consumers. We're also doing some campaigns that you guys have seen probably, which is bringing the people heart into Vips. Vips is a brand that has been in this market for 52 years. People love the brand. Everybody love the brand. It's true that the brand was or is used by a lot of older people. That older people were in their houses, and they were not being able to go to our restaurants. We can see now after the vaccination, how people are going back to the restaurants, and the results are there. I was very concerned about Vips, and I was openly telling you guys because we were not able to bring it to the level of sales that I believe it should be compared to the other brands. Today, I will tell you that I'm very positive that what we have done have paid, and I'm sure that you will see next quarter Vips sales close to 80% or probably, hopefully 90% of what we were doing in 2019. I'm quite positive, Alvaro. We are not doing alcohol. We are not doing those things. We tried them, they didn't work, and that's why we're going back to basics, where we know we are the leaders in the segment. Very clear. Thank you very much. Thank you very much for your question. As a reminder, if you have a question, please press the Question button in the browser. Our next question is from Antonio Hernandez from Barclays. Please go ahead. Hi, good morning. Congrats on your results, and thanks for taking my question and congrats on this new format as well. Very well appreciated. My question is regarding, of course, net openings, that's not a priority right now. We can see it from a CapEx standpoint. That's very reasonable because of what we are facing. What can we expect maybe going forward in terms of maybe an acceleration of QSRs, and maybe, of course, some full closures of casual dining, maybe family dining. Of course, you also have the brands that you might be willing to sell as well, that might have not been working throughout the last couple of years. How should we see the next couple of years in terms of openings and closures? Thanks. Thank you, Antonio. First of all, it is a priority. Obviously, opening stores, it's the business where we are. I will say probably now, because of what we've seen in the market, we think that Alsea can gain market share, not only at the stores that we operate, but also in new stores in different markets. We also believe that there's opportunity to get very good real estate that was not available before, and at conditions that were not available either before. What we decided to do, seeing that things are looking good, and I am personally very positive that they will continue like this, understanding our restriction of CapEx, is we are creating a pipeline of growth from July 2021 to December 2022. Because if we don't create a pipeline to openings, we will not want to be able to achieve the number of openings for 2022. I have personally, and quote me if you want, around 150 stores by 2022. Things, time will tell. We need to finish the year. We need to see our cash flow. What we are making sure is that we are not letting any opportunity go. As Rafael said, we spend 29% of our CapEx, MXN 236 million in openings. I do believe that if we create the pipeline for 2022, and we continue having enough cash flow, we will have a very good year of openings in 2022. Thanks. In terms of which brands, sorry, you asked that question. We will focus in the big ones. We will focus in Domino's, we will focus in Starbucks, we will focus in Burger King in some geographies, and we will focus probably also in the main contributors of margins in the casual dining. Mainly you will see the three big brands growing, which has been that in the past, but now more than ever. Perfect. Thanks a lot, and have a nice day. Thank you. Thank you very much for your question. Our next question is from Hector Maya from Santander. Please go ahead. Hi, Alberto, Fernando, and Rafael. Thank you very much for taking my questions, congratulations on the results. I wanted to say that I'm loving the format. This is the first company that I see that leaves behind the outdated phone conference. Very happy about this. This is innovation. Two questions. The first one is, how are you going to refinance your long-term debt, in which currencies could be? Would it happen as soon as in September? The second one would be, considering the acquisition of Domino's by Burger King in Brazil, what do you think about the multiple of that transaction? Does it make sense to you listing Domino's separately to pay down some of the debt you have and getting even a larger re-rating for Alsea? Thank you. Do you want to answer that question? I'll answer. You'll answer the second one. Right. We are working to refinance our short and long-term credits. Right now, we are working to be with the rating agencies. We think at the end of September, first week of October, we can issue a high yield bond in the U.S. market. Between $300 million-$500 million. Prepaid all the short-term and part of the long-term credits. Also we are working to refinance the long-term credit that we couldn't prepay with this U.S. bond. We are trying to push the amortization to 2026. Right now we are talking with banks, trying to do this refinance of all of our short and long-term credits. I think at the end of October, we're going to have these new amortizations of our credits. Hector, regarding the other question, I obviously saw the purchase of Domino's Pizza in Brazil. Remember that we used to own that business long time ago. I think it's good news for the brand, and I also believe it's good news for the system itself. I also saw, I don't know if you guys have seen, this morning there was an announcement about the deal, which we knew already about it, of Burger King in Spain, where it has been bought by a firm, and obviously also the multiples are very good. No, we don't plan today to sell anything. I think our balance sheet will be very strong after what Rafael just said, and if the numbers keep looking as they are today. We expect to close the year, correct me, Rafael, here, around 5x net that EBITDA, if everything continue like we are. Pre-IFRS 16. Pre-IFRS 16. Coming from where we were and taking in consideration the big acquisitions that we did in 2018, 2019, and with these two years, I think we are in a very good position. If we are able to launch, which I think we will, and the banks think the same, our bond before the end of the year, I think we'll be in a good condition to grow organically, very strongly in 2022. Obviously, if there's any inorganic opportunity in the future, we will need to find other ways of financing. Thank you. Very clear. The last one. In this transaction, Domino's, I think they said that they considered themselves a technology company that happens to sell pizzas. Would you say something similar to that, or what would be missing for you to say something like that? They were mentioning that they are a technology company. Oh, yeah. Happens to sell pizzas. Yeah. Well, that doesn't come from Brazil, that comes from Rich in the U.S. He has always said that they are a technology company, which I think they are, and now more than ever. That's why, for me, that was important to bring Darío to the conference today because we did 10 billion orders in this quarter. Just imagine, we said in our last call that 12% of the orders in delivery in Mexico was done by Alsea. I think we are a very strong player. I think taking Domino's technology, Starbucks technology, and all the other brands' technology altogether, again, as I said, it's a competitive advantage that is going to be very hard for the competition to get. That's one of the beauties of Alsea's model, having this variety of brands and being able to take the best of all when it takes it is for the customer experience. That's exactly what Darío and the team is doing, and you just saw the numbers of how well we are doing that, and you just heard Fernando, that one of his focus will be the digital strategy in Alsea. Excellent. Thank you very much. Congratulations. Thank you. Thank you very much. I would like to say, if you don't mind, I really don't think we are a technology company. I think we're a restaurant company. I think what the customer wants for us is great products for them to consume. Definitely, we need to use technology to be the leaders in the segment and to take advantage of all this convenience that was before, but with the pandemic has become so exponential. Thank you very much for your question. Our next question is from Rodrigo Alcantara from UBS. Please go ahead. Hi. Good afternoon. Can you hear me well? Yes. Yeah, sure. Thanks for taking my question, Alberto. Just my question would be regarding your initial remarks on Alsea's competitive advantage on the delivery platform. If you can elaborate a bit there. Were you referring competition, talking about the aggregators per se, or competition, talking about different restaurants? About your plans on WOW+, correct me if I'm wrong, but right now, Domino's Pizza is not inside WOW+. Is this a plan for the long term to include Domino's Pizza inside WOW+? That would be my question for you, Alberto. Yes. As I mentioned before, when I mean competitive advantage against competition, it's other restaurant companies. For us, aggregators are strategic partners. They do delivery millions of orders of Alsea's restaurants. We plan to use them and work with them as much as we can, with all of them. That's why we don't have exclusives. That's why we are making sure that we are the top of the list every time you want to ask for a product in every aggregator. We understand our consumers would like to use Rappi, Uber, DiDi, whatever they want. We're going to be there for them whenever they want. We want to make sure if they use them, they buy Domino's, they buy Starbucks, they buy Burger King. That's exactly what we're doing. We are doing very good deals with them. We are taking the size of Alsea to get good conditions to be there for them. They need us, we need them, and the customer wants the service. We don't see them as a threat. We see them as business partners. That's exactly how we are working with them. You guys saw, and Rafael just showed you a graph to see how big delivery is now for the company, not only Domino's. We also use aggregators in Domino's today. You can order your pizzas, and you can see in the TV, Rappi is right now announcing Domino's Pizza in the TV. You can order through them. We will deliver the pizzas to you through our own delivery team, but you can place the orders through them. Now WOW see it is used in Domino's Pizza. Okay. Very quickly, my question for Rafa, if you can give us an update on the Zena option. Any update there on the expiration? It's negotiating a potential pushing ahead the expiration. Any update regarding that would be helpful, Rafa. That would be all. Thank you. The option, we extend the option until June 2022. We are working to see if a new investor can buy part of that option or if banks allow us to buy back that 21% before June 2022. We are working right now on that. Right now, the amount is EUR 110 million, the 21% of the Zena option. Okay, just to make sure I understand. Such options, buy back that stake or look for another investor, right? Well, we are working on both parts. Looking for a new investor to buy part of that 21% and trying to bank allow us in some parts buy back also part of that participation. We are working on that. That's great. Thanks, Alberto. Rafa. Rodrigo, just to add some things regardless to the delivery question. As Alberto said, we work with all the aggregators, doing that not only we have local but global agreements, that's key for us. From the digital area, what we are looking is to do global agreements in terms of Latin America with aggregators like Rappi, global agreements with aggregators like Uber. We work with all of the aggregators. In Domino's, you can pay with WOW points. If you are enrolled in WOW, you can pay with points, also you can choose pay with points and money and split the account instead of the money that you have in the account. This is the first part of the, of course, digital transformation and the omnichannel experience. In the coming months, we are going to launch many interesting things. As Alberto said, we are 12% of delivery in Mexico, 10.7% in Spain, of the total delivery of the country. We are a very significant participation in Argentina and Chile, so where we are, we are the biggest player in the country. Yeah, that's very impressive. Thank you, Darío. Congrats on the development at WOW+. Thank you very much for your question. Our next question is from Rodrigo Echagaray from Scotiabank. Please go ahead. Thank you, good morning, everyone. Fernando, great meeting you. Welcome. A couple of questions from my end. The first one is just a clarification on data points. What would be the penetration of sales if we included aggregators to the mix? Also, I think I saw a different number of users on the presentation from Darío than what's stated in the press release. Just wanted to understand what's the number of users, and then I have a follow-up on that. I leave to you, Darío, to try to answer. Okay, Rodrigo, regardless the penetration of digital users or That's the question. Yeah, just wondering how bigger is the delivery penetration on total sales if we include what's being sold to the aggregators? Yeah. With aggregators at Domino's, we are in around 22, 23% of total sales. The number that you're referring to on the press release at 25% or so. Yeah. The aggregators. Exactly. Okay. Got it. The number of users at WOW Rewards app? The number of users is changing on and on because we have active users and people that have the app installed. We have around 800,000 users and more than 2 million users with the app installed. Got it, 800,000 versus 2 million. Yeah. The active users are 800,000. Exactly. Got it. Then just a quick question on the delivery itself. I understand that when you're doing the delivery, you're doing it with in-house personnel. I'm just curious if you can share whatever color you can share on the differences on the unit economics when you do it that way versus when a sale takes place through the aggregators. I understand you can't go into a lot of detail for obvious reasons, but whatever color you can share in contrasting both delivery strategies would be appreciated. I start for the end. I think that this part is a question for Rafael. With the first part of the question, we are not doing delivery only with our workforce. If you order using WOW+, you can be delivered with Uber Direct, Mensajeros Urbanos, Zubale, our own delivery or other players. We have a kind of marketplace that just developed. Our aim is to deliver with the delivery guy that is closer, with the higher qualification, and it costs less. We have this algorithm running right now, and it's improving on and on. That's very clear. That's great to hear. You're agnostic. Whatever is cheaper. Exactly if it's in-house or a third-party logistics company, whatever is cheaper. Not only cheaper. The point is the quality. The quality. The last mile is key for us, not only the price, the quality. The route optimization algorithms, that's being done in-house? Yeah. It's billable to us. Thank you. Rodrigo, let me mention something. This is Alberto. That's why I say we are not necessarily a technology company. What Darío just said is, we want to make sure that you get delivery the fastest as possible we can. Not the cheapest one, but the fastest, because we do believe that time matters. Time is convenience, but also time in food is important. We are developing packaging, we are developing everything that we can to make sure that experience of the consumer at their houses is good. I don't believe today the consumer has yet understand how high we can take the level of quality food to their houses. That's something that Alsea is trying to do. Because of that critical mass that we have and locations everywhere, I think we can be the leaders taking quality food and quality experience with the convenience of the consumer. Again, this is really challenging because we are processing one order per second, and it is not easy to balance that, but we are developing technology and processes to provide the best experience possible for the customer. Very clear. Thanks, guys. Thank you. Thank you very much for your question. Our next question is from Vanessa Quiroga from Credit Suisse. Please go ahead. Hi, Alberto, Fernando, Rafa. Thanks for the call. Unfortunately, I want to go to less fun topics, talking about margins evolution. I'm curious about how you see especially operating expenses evolving in the coming quarters, given that government support is coming to an end in most markets and also rent concessions. We are seeing the shopping malls improving substantially on their income. For Alsea, it seems that you've been able to keep those expenses very reduced. If you can give us any color to get a better idea of how these margins could evolve, that would be very helpful. I would say that, in terms of margins, this second quarter, we have a better margin because we have some government, how to say? Support in some of our geographies, the ERTE in Spain and something like the ERTE in Argentina that we think we are not going to have it in the future quarters. The agreement that we had with the landlords in the first and second quarter, because we didn't achieve the sales in all of our brands, we have a pretty good expenses or less expenses in terms of rents because of that. We think in the third and fourth quarter, it's going to be more stabilized, the expenses in rent. We don't think that, in terms of margins, we're going to be back to the margin that we used to have, in the previous quarter to the pandemic. At the end of the year, we expect to be, in terms of EBITDA margin, pre IFRS 16, close to 11%, 12%. Vanessa, what I can tell you is that, obviously, I rather see sales than any support from the government. I rather see sales than any discount from the landlords. I do believe, and we are doing our job in this term, that we will be able to maintain better margins if sales get to where they were in 2019. Remember that we closed, as you see at Alsea, we closed 180 stores last year. We took most of the stores that were losing money. We still have a lot of stores, we have 50 something stores still in hibernation, what we call in Mexico, that are not yet open because they are mainly in office markets. We still have, important, I will say, number of stores that are not yet in the sales that they will be to be producing positive EBITDA. Every day they are less. My personal opinion, and we'll see the numbers, is that we will be able to get back to better marginalities than what we had in 2019, and that if we get to the sales, of course. We've been able to have less G&A, which will stay like that. We've been able to be better scheduling our people in our stores and staffing our stores, learning from the markets where labor is so expensive, like in Europe. Also we've been doing deals with some of our suppliers in terms of time, our landlords in terms of variation, and the new stores that we are opening, we are being able to negotiate better rents. I am positive that we will not get the margins that we are getting today or the discounts that we were getting before, but we will be out with better margins. Thank you very much. Can you comment just briefly on impact of raw materials, commodities price increases for the future quarters? Yeah. We were seeing this problem for commodities since the beginning of the year, because we buy ahead. We knew the things were coming, and we knew that was going to happen. We were able to buy our most important commodities, like cheese, for example, and negotiated at a quite reasonable price. Also, exchange rate has helped us in those type of commodities. Where we are getting very big pressure is in chicken, for example. Chicken has been growing like crazy, and obviously we're finding the way to try to stop some increase in prices. I do believe that by the third quarter, we're going to have to take some prices in some of the brands that are affected more. As of today, we have not been able to do that, and you can see that in the margins that we are generating. Thank you very much. Very helpful. Thank you very much for your question. Our next question is from Bob Ford from Bank of America. Please go ahead. Thank you. Good day, everybody. Alberto, as your profitability recovers, how are you thinking about an add-on? As, again, as you're making strides in terms of the rebound, is there any appetite among the banks to maybe explore a debt structure that would enable you to continue deferring interest payments? No. No. You know, Bob, I have always been very positive about our situation if things keep recuperating. You know, we've been very openly talking with the banks. They've been very helpful. We have paid them everything we have to. Rafa said, we have not been in any default with them. As I said, I do believe that if we're able to refinance the way we will, the leverage of the company will go down very fast. We have not thought anything about not paying interest. No. I don't think that's something that our banks will accept today, because they are seeing that the company is healthy. They are seeing the improvement in the numbers. You guys can take a look at our financial numbers as of today. The banks, obviously, they have information about not only today, but the future, and they know that Alsea will get out, and with Alsea will get out well. Not a fight. My discussion with the banks right now is to do the bond, to be able to refinance what is 2022 and 2023, because we have some walls there to cover. Then be able to get enough CapEx to continue the growth of the company. If things are, as I said, 5x net debt EBITDA by the end of the year, next year will be at three. We're back where we were before. I don't think that we should do something different, but I'm always happy to hear what you have to say. No, that's helpful. It sounds like you still have expectations of quite a bit of leverage as things recover. Yeah. Great. Thank you. Thank you very much. Thank you, Bob. Thank you very much for your question. As a reminder, if you have a question, please press the question button in the browser. That was the last question. Okay. I will now hand over to Mr. Torrado and Mr. Contreras for final comments. Well, first of all, thank you again. Thank you for always being supporting Alsea. As you've seen in our numbers, we're doing our job, and we are trying to make the best out of the situations that we're facing in the different geographies. We are obviously also taking in consideration what is happening in the different markets with this COVID situation and everything that is coming back. I'm positive that the economy will keep as it is today. I'm glad you like the new format. I think it's important to be innovating not only in the business, but also in the way we communicate with them. Alsea has always been interested in being close to our investors and our analysts. Thank you again. We'll be here, and hopefully, next time we can give you better results than what we have already done today. Thank you all. Thank you, Fernando. Thank you, Rafael. Thank you, Ariel, and thank you all the team. Take care. Bye.