Hello, and welcome to today's fourth quarter 2025 results conference call and webcast. My name is Leslie, and I will be your event specialist today. All lines have been placed on mute to prevent any background noise. Please note that today's conference call and webcast are being recorded. During the presentation, we will have a question and answer session. To follow the conference online, please visit https://consorcioara.transmision.com.mx. The word transmission is with one S only. If you would like to view the presentation in a full-screen view, please click the full screen button in the upper left-hand corner of your screen. Press the same button to return to your original view. It is now my pleasure to turn today's program over to Alicia Enríquez, Administrative and Financial Director. Please go ahead. Thank you, Leslie. Good morning, and a warm welcome to our conference call on the fourth quarter, 2025 results of Consorcio Ara. This call will be also transmitted by a webcast, accompanied by a slide show for visual support. With me on the call to discuss the results are Luis Felipe Ahumada Russek, Vice Chairman of the Board, Miguel Lozano, Chief Executive Officer, and Felipe Loera, Chief Financial Officer. I want to alert everyone that certain statements and comments made during the course of this call will be considered forward-looking statements as defined by the Securities Litigation Reform Act of 1995. Consorcio Ara believes that such statements are based on reasonable assumptions, but there are no assurances that current outcomes will not be substantially different from those discussed today. All forward-looking statements are based on information available to the company on the date of this call. The company is under no obligation to publicly update or revise any forward-looking statements as a result of new information that may become available in the future. As usual, at the end of our prepared remarks, there will be time for Q&A. We'll wait until then to open the queue for questions. Results for the fourth quarter of 2025 compared to the fourth quarter of 2024. The solid financial and operating results we achieved in the fourth quarter of 2025 reflect the positive momentum of the three preceding quarters and round out a year in which results were the best of the past half decade. Total revenues, which are the sum of housing revenues plus revenues from other real estate projects, came to MXN 2.33 billion in the fourth quarter of 2025, with an outstanding double-digit growth of 3.5% over the same period of the preceding year. Housing revenues reached MXN 2.23 billion, 31.4% higher than in the fourth quarter of 2024. This came from the sale of 1,782 homes, a 25.8% increase, at an average price of MXN 1,249,900, 4.4% above the average in the same period of the previous year. Housing revenue growth was driven by the middle-income and residential sales. Middle-income homes totaled MXN 1.08 billion, a brisk 67.8% advance, and residential sales reached MXN 548.91 million, an outstanding 45.8% expansion. Sales of affordable entry-level homes in the quarter sank 11.3% to MXN 600.9 million, due primarily to the completion of our developments in Tijuana. As I mentioned in our previous conference call, this year, we will already begin entering revenues from a new development in that city. Looking at the revenues from homes delivered under the deal with Infonavit Loan or Line Three program, between October and December 2025, the total came to MXN 41 million. The vast majority of these homes were in the affordable entry-level segment. Revenues from other real estate projects, mainly from the sale of land and shopping center leases, totaled MXN 99.9 million, mainly due to higher revenues from land sales. As for the mix of revenues in the fourth quarter of 2025, sales of affordable entry-level homes accounted for 25.9%, middle-income homes 46.3%, and residential homes 23.5%, while the remaining 4.3% came from other real estate projects. Operating income in the fourth quarter of 2025 came to MXN 220 million, rising 23.1% over the same quarter of 2024. EBITDA was MXN 377.2 million, 25.8% higher, and net income was MXN 354.9 million, a 93.3% growth, largely due to a credit from deferred income tax. Our operating margin in the fourth quarter of 2025 was 9.5%, and the EBITDA margin was 13.2%. Both of them, 50 basis points lower than the same period of last year due to higher overhead costs. The net margin for the quarter was 15.2%, an expansion of 490 basis points, attributable basically to the favorable effect of deferred tax. In the last quarter of 2025, we generated positive free cash flow to the firm, totaling MXN 58.6 million. Results for the year 2025 compared to 2024. As I mentioned at the start of the call, 2025 marked our best performance of the past five years. Total revenues, which are the sum of housing revenues plus revenues from other real estate projects, came to MXN 8.25 billion in 2025, a 16% growth compared to 2024. Another highlight of the 2025 results was a 113-day reduction in our working capital cycle, which supported positive generation of free cash flow to the firm, totaling MXN 400.9 million, 35% more than in 2024, and MXN 98.2 million after interest payments. Housing revenues in 2025 totaled MXN 7.86 billion, a growth of 15.4% over 2024. These revenues came from the sale of 6,313 homes at an average price of MXN 1.26 million, a 6.7% increase over the average price for 2024. Breaking down our revenues for 2025 by housing segment, the affordable entry-level segment generated MXN 2.29 billion, 6.6% lower, mainly because of the completion of a development in the city of Tijuana and the second stage of a development in Mexico State. As I said earlier, this year, we will already be reporting revenues from a new development in the city of Tijuana, and since last year's fourth quarter, we are also booking revenues from the third stage of the development in Mexico State. Middle-income homes totaled MXN 3.66 billion, a 29.7% increase, and residential income came to MXN 1.91 billion, a year-over-year growth of 24.1%. Revenues from other real estate projects in 2025 amounted to MXN 395.4 million, mainly due to higher revenues from the sale of land and from shopping center leasing. As for the mix of revenues in 2025, the affordable entry-level segment accounted for 27.7%. The middle-income segment, 44.4%, the residential segment, 23.1%, and other real estate projects, the remaining 4.8%. Operating income in 2025 totaled MXN 996.0 million, 7.2% higher than in 2024. EBITDA was MXN 1.16 billion, rising 11%, and net income came to MXN 906.2 million, up 31.9%, due to the reduction in deferred income tax. Our operating income in 2025 was 9.6%, down 80 basis points from last year, and EBITDA margin came in at 14% and 60 basis point decline. These reductions were chiefly the result of higher general expenses. Despite this, the net margin was 11%, an expansion of 103 basis points due to the reduction in deferred income tax. Financial position as of December 31, 2025. The balance of cash and cash equivalents closed 2025 at MXN 2.10 billion, 10.2% lower than the close of the previous year. As of December 31, 2025, the balance of accounts receivable stood at MXN 709.7 million and rose 27.5% over its level on December 31, 2024. The accounts receivable turnover was 31 days. Total inventories as of December 31, 2025, amounted to MXN 19.37 billion, 7% higher than at the close of the previous year. At the close of the fourth quarter of 2025, Consorcio debt came to MXN 2.66 billion, remaining basically stable compared to the close of 2024. Short-term maturities, meaning debt coming due in the next 15 months, made up 61.8% of total basic debt, and long-term debt, 38.2%. I should mention that we will be refinancing the ARA 23X note for MXN 1.2 billion, which comes due on November 25th of this year. At the end of 2025, 63.8% of our cost bearing debt was in the form of the ARA 23X and ARA 21-2X notes. 14.1% were simple and secure bank loans without real estate collateral. 11.9% were simple, secure loans for our shopping centers, and the remaining 10.2% were lease liabilities. Net debt at the close of last year was positive by MXN 557.5 million. Other positive results were accompanied by healthy leverage indicators. As of December 31, 2025, Consorcio debt to EBITDA was 2.3 times, the net debt to EBITDA ratio was just 0.48 times, and the interest coverage ratio was 3.65 times. And if we base this ratio on coverage of net interest, meaning interest expense less interest income, it could be 7.85 times. On October 13, HR Ratings issued a favorable opinion on the ARA 21-2X and ARA 23X sustainable issues. In recognition of the sustainable solution we offer, as the proceeds were used to finance various developments. These developments incorporate homes built with eco technologies for water and energy efficiency and promote sustainable urbanization. The opinion also recognizes the congruence of our sustainability strategy, its clarity, and alignment with the reference framework. The full report can be viewed on our corporate website. Housing industry performance. According to Mexico's National Institute for Statistics and Geography, or INEGI, industrial activity in general grew by 1.5% in 2025 compared to the previous year. Construction industry expansion was 6.8%, and the buildings subsector, which includes housing and industrial base, increased by 9.6%. Information from the Unified Housing Registry, RUV, indicates that in 2025, 310,518 homes were registered, a significant 73.9% increase compared to 2024. And 138,631 homes were produced, 8.2% higher than in 2024. Based on data from the Ministry of Agrarian, Territorial, and Urban Development, or SEDATU, between January and November of 2024, INFONAVIT granted 161,546 loans for the acquisitions of new homes, an 8.4% increase over the same period of the previous year. These loans required an investment of MXN 123.2 billion, 19.3% higher. The average size of a home loan in the first eleven months of 2025 was MXN 763,000, a year-over-year growth of 10.1%. FOVISSSTE, for its part, granted 12,339 loans for new homes between January and November of 2025, a 13.1% decline from the same period of 2024, and the investment in this total, MXN 13.7 billion, 6.2% higher. The average size of a loan granted in the first 11 months of 2025 was MXN 1.11 million, a 22.3% advance over the same period of the year before. As for commercial banks' home financing, between January and October 2025, 76,608 mortgages were granted for the acquisition of new and existing homes, a 5.8% reduction compared to the same period of last year. Investment in this total MXN 187.8 billion, 1.2% lower. The average size of our loan granted in the first 10 months of 2025 was MXN 2.45 million, a 4.8% growth over the same period of the previous year. In 2025, 63.3% of our revenues came from home finance by INFONAVIT, eleven from FOVISSSTE, eleven percent from FOVISSSTE, and the remaining 25.7% from commercial banks and home purchases without financing. Shopping, shopping centers. In line with the housing division results, the shopping center division also posted this double-digit growth in its numbers. In the fourth quarter of 2025, revenues totaled MXN 146.9 million, 15.8% higher over the same period of last year, while net operating income was MXN 104.5 million, a solid 23.4% growth. In 2025, revenues totaled MXN 546.6 million, a 10.9% increase over 2024, while net operating income was MXN 379.9 million, an expansion of 10.8%. These results correspond to shopping centers that are 100% owned by Ara and are consolidated into financial statements, as well as 50% of Centro Las Américas, San Pablo Ventura, according to our stake in those properties, which are entered under the equity method. Total gross leasable area in our chief shopping centers and in union mini shopping centers is 212,003 square meters, and the occupancy as of December 31, 2025, was 94.8%, a very competitive level. Dividends. Consorcio Ara has a policy of paying out dividends equivalent to up to 50% of its net income, subject to the following conditions: one, a sufficient balance in the net tax income account, and two, positive free cash flow generation. Yesterday, the board of directors proposed a dividend payment of MXN 200 million for this year, equivalent to 22.1% of net income in 2025. This would be a dividend yield of 4.4%, based on the share price as of December 31, 2025, which was MXN 3.74. As always, shareholders will be asked to vote on this proposed dividend in the next general ordinary annual meeting of Consorcio Ara to be held in April. Note also that the dividend will be paid out of the net fiscal earnings account as of December 31, 2014, which means it's not subject to income tax. Conclusions. For the current year, INFONAVIT projects a total of MXN 362.2 billion in loans for new and existing homes, while FOVISSSTE expects to distribute MXN 33.6 billion. We don't have a formal estimate for the commercial banks, but we believe they will keep up a robust pace of mortgage lending. Encouraged by this strong outlook on mortgage lending in 2025, the expected stability of the macroeconomic climate and a brisk demand for housing, our expectations for this year are positive, and we will be looking to replicate the revenue growth reported for 2025. Thank you, and we will now move on the question and answer. We will now start the Q&A session. We would like to take any questions you might have for us today. If you would like to ask a question over the audio lines, please enter star eight on your telephone keypad. In case your question has been answered, you may cancel it by pressing star eight again. If you have been listening to the webcast and would like to ask a question, you may type your question using the chat area located on the right-hand side of your screen and click Submit. We will begin by answering questions from the audio lines, followed by those we received from the webcast. The first question from the audio lines is from Mr. Alejandro Gallostra from BBVA. Please go ahead. Hi, good morning, everyone. First of all, my first question is regarding volumes. Can you please explain what has been driving the significant increase in sales volumes from the middle income and residential segments, together with a relatively small increase in the average sales price? Is my first question. Thank you. I really apologize, Alejandro, but I don't know if it's the line, but it's very hard to understand the question. I don't know if it's the line. Can you hear me better now, Alicia? Yes, Alejandro, now I listen to you better. Okay, excellent. So my first question was saying is, regarding volumes. I'd like to know what has been, the driver behind the significant increase in volumes from the middle-income and residential segments, together with a significantly lower increase in the average sales price this quarter? Yes, exactly. Well, well, Alejandro, as I mentioned, the middle income and residential segments had a very good performance in the fourth quarter and also in the whole year. And it has to be with new projects and also there was an increase, for example, in the middle-income segment, an increase in the average price. In the residential, it is a little different because we have another mix of projects. For example, in the past, we have a Paraíso Country Club that has an average price of around MXN 6 million-MXN 8 million. And in the fourth quarter of 2025, we didn't recognize any revenues from this project, but we have other projects with a lower average price. So that, that's why, the price, the average price was different, Alejandro. Okay, thank you. Okay, so basically, you think that this is explained by new projects with different price points, rather than perhaps applying some discounts to sales this quarter? Because I'm also surprised to see that the revenue mix is better, but profitability has not increased though. So I was just wondering if you applied some discounts this quarter? Okay, yes. Well, in some projects, yes, we have some discounts, but in general sense, we were able to transfer the increases in the cost to the price. So there are some projects that, yes, we have some discounts in the price, in the sales price, but on general, we increase the prices in our projects. We could do it. Okay. Thank you, Alicia. My second question, second question is regarding your accounts payable. I was just wondering how you managed to increase the accounts payable days from your suppliers for two consecutive quarters. I was wondering if this is sustainable or not. Yes, it's sustainable. Our target is to have a 90 days, and I think we mentioned in the previous conference call that we have a factoring program in place for our suppliers. In the past, it used to apply to certain types of work, but in 2025, are putting in place across all areas, all our suppliers. In the past, it was just our construction suppliers, but now all our suppliers, doesn't matter if it's the supplier of our area, administration area or commercial area, whatever area, all the suppliers are in this factoring program. And yes, as I mentioned, our target is to maintain 90 days, Alejandro, so it's sustainable. Okay, excellent, Alicia. Thank you. Another question, if you may, is regarding your long-term strategy. Can you please repeat what are your medium- and long-term goals for the company? And also mention what are your leverage goals, since your balance sheet is still very strong, but leverage has been increasing recently. And also if you could also comment about your working capital requirements, since this has been improving, and if it is reflection of a changing strategy or not? Thank you very much. Yes, thank you, Alejandro. Well, talking about our working capital cycle, obviously, our objective is to reduce. In fact, as we mentioned last year, we reduced by 113 days, and for this year also, we are expecting to have the same kind of reduction. Obviously, we are going to do it through increasing our revenues. So it's our main strategy to have to grow in our revenues and monetize our inventories. It, it's the main strategy, Alejandro, but definitely for the short and long term, we are going to be focused on that, on that, to reduce the working cycle, working capital cycle. And I don't know if you asked something else, Alejandro, because sorry- Yes, I was also wondering about the overall long-term strategy, and also, if you have any, any goals, when it comes to, to your balance sheet leverage, since even though you have a very strong balance sheet, but it's been increasing recently. Yes, well, as you know, we are going to follow that strategy to manage in a prudent way, or yes, I could say prudently, our debt. So we can grow, but also in a sustainable way with our debt. So, the metrics that you saw at the end of 2025, we are planning to maintain those metrics. In terms of- All right, then. Net Debt to EBITDA. Okay, and when it comes to the overall strategy, would you say that you aim to improve profitability, operations, and/or maybe increase the return on capital? Or, do you have any long-term goal you could share with us as part of your long-term strategy? Sorry, Alejandro, could you say it again, please? Yes, I'm going to repeat my question, which is wondering if you could give us additional information about your long-term goals when it comes to your either profitability from operations, achieving a higher profitability from operations, or a higher return on capital, if there's anything that you could share with us regarding those lines. You asked about our goals, if I understood, Alejandro, and I really apologize, but I don't know really if it's the line. I offer to have one-on-one, because I can't understand the question. Sorry, sir, can you hear me better now? Is it possible, Alejandro, to have a one-on-one? Okay, thank you very much. Thanks, Alejandro. I really apologize. I don't know if it's my line. Thank you very much for your question. Our next question is from Mr. Andrés Aguirre from GBM. Please go ahead. Hi, Alicia. Thanks for the call and for sharing the results. I have a quick question regarding costs. We observed a sharp increase in SG&A expenses during the period, mainly attributed to promotion and advertising. Should we consider the expense as a one-off, or should we expect similar, similar levels going forward? Yes, well, Andrés, for this year, we are expecting to have also growth in revenue, similar to the last year. So, we think that we have we can improve our operating margin mainly in the part of wages, because we have the structure to produce that level of revenues. So, we can have more revenues, we can decrease overhead costs as percentage of revenues. So, we think it's not going to be very significant. We are not going to see a dramatic change, but at least we are not going to increase that percentage of general expenses that we saw last year. Okay. Thank you, Alicia. And the second question, if I may, regarding a potential distribution, I'm not sure if you can comment on this at this stage, but do we expect any distribution to be announced, and if so, could you provide some color on the potential amount? Thank you. Do you mean dividends, Andrés? ... Yes, yes, Alicia. Yes. Yesterday our board of directors proposed a dividend payment of MXN 200 million, the same amount that that in the 2020 review. And this means a yield of 4.4%. Yeah, okay. Thank you, Alicia. Thank you, Andrés. Thank you very much for your question. We have finished with the conference call questions, and we'll now continue with the webcast questions. Okay, thank you. Let me read the webcast question. The first one is from Jorge Vargas. "Hi, good morning. Thank you for the call. We continue to see middle-income or residential units gaining share relative to lower-income units. Could you please share your expectations for the sales mix in 2026?" Yes, as I mentioned, we are going to open a new project for affordable entry-level segment. So, for this year, we expect that this segment represents around 30% of our revenues, so we are going to have an increase in the participation. Also, middle income, it could represent around 40-42%, and the rest, the residential segment, 27%. The next question from Aaron from Mindset Capital: "What explains the difference between homes registered and homes actually produced, and why is the gap so much higher from slide 12?" Okay, this is explained by the registry of the program of the government. Around this program is called Wellbeing Housing Program, or it's a government affordable housing program. So since August of 2025, we saw a significant increase in the number of housing registration, and is explained by this program. As probably you know, the government goal is huge, is 1.8 million houses. So in this year and in the following years, we are going to see an increase in this number. So we expect also that in the coming years, we are going also to see, increase in the housing production. And the following question also from Aaron is... Oh, no, it's the same question. "What will be the dividend declared this year?" Well, I already mentioned, MXN 200 million, a yield of 4.4%. And I think there are no more questions. Thank you very much for your interest in Consorcio ARA, and have a great day. Thank you! That was the last question. This concludes the question and answer session for today. Consorcio ARA would like to thank you for participating in today's conference call and webcast. You may now disconnect. All conference hosts have hung up. This conference is over. Thank you.