Good morning. Welcome everyone to the Cemex third quarter 2025 conference call and webcast. My name is Becky, and I'll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. If at any time you require operator assistance, please press star followed by zero, and we will be happy to assist you. I will now turn the conference over to Lucy Rodriguez, Chief Communications Officer. Please proceed. Good morning, and thank you for joining us for our third quarter 2025 conference call and webcast. We hope this call finds you well. I'm joined today by Jaime Muguiro, our CEO, and by Maher Al-Haffar, our CFO. We will start our call with an update on the progress made so far on our strategic plan, followed by a review of our business and outlook for the remainder of the year, and then we will be happy to take your questions. Please note that although the sale of our business in Panama was successfully completed on October 6, these operations were reclassified as discontinued as of the end of the third quarter and have been excluded from our results for both 2025 and 2024. As communicated previously, we retained our Admixtures business in Panama, which we will continue to operate. In the case of Couch Aggregates, after increasing our holdings to a majority stake, we are fully consolidating these assets and their results in our U.S. business effective September 1st. Now I will hand the call over to Jaime. Thanks, Lucy, and good day to everyone. Six months ago, I outlined our vision for Cemex with two core objectives: attaining best-in-class operational excellence and delivering industry-leading shareholder returns. I also presented our strategic framework and the guiding principles to drive our company's transformation. These levers aim to enhance profitability, increase free cash flow conversion, improve asset efficiency, and generate returns that comfortably exceed our cost of capital. Since then, we have worked relentlessly, bringing together and aligning our entire organization with these principles. This has required sustained commitment and a willingness to embrace change at all levels. By engaging our teams and fostering a shared vision, we are ensuring that everyone at Cemex is dedicated and empowered to deliver on our strategic plan. Today, I am pleased to share with you that while we still have much work to do, we are making important progress on our key priorities. As anticipated in our full-year guidance, which assumed a significant year-over-year recovery in the second half, we're now seeing an improved performance in the third quarter. Consolidated EBITDA rose sharply, increasing at a double-digit rate, with solid growth across our portfolio. Substantive margin gains in every region were largely driven by cost savings under Project Cutting Edge and higher prices. In the quarter, we made significant headway in the implementation of Project Cutting Edge, with a realization of approximately $90 million in EBITDA savings. This keeps us on track to reach our 2025 full-year goal of $200 million in savings. We continued executing on our portfolio rebalancing and growth strategy by divesting our operations in Panama while investing in targeted businesses in the U.S., with the consolidation of Couch Aggregates, strengthening our position in the Southeast. Our operations in Europe remain at the forefront of our decarbonization agenda and point to our climate leadership, with net CO2 emissions on a per ton of cement equivalent basis ahead of the European Cement Association's 2030 target. All of these achievements serve as important stepping stones, strengthening our resolve to continue working towards our long-term goals. Third quarter results surpassed our recovery expectations for the back half of the year. Consolidated net sales are growing for the first time since the first quarter of 2024, on the back of a stable volume backdrop and higher prices. Demand conditions in Mexico, while still soft, are showing signs of improvement, and Europe continues with its volume growth trend. The increase in consolidated EBITDA was supported by all regions, with EMEA, Mexico, and South Central America and the Caribbean region recording double-digit growth. EBITDA margin expanded by 2.5 percentage points, reaching its highest level for a third quarter since 2020. The U.S. and Europe reached record third-quarter margins, while Mexico and our South Central America and the Caribbean region posted multi-year margin highs. Net income performance in the quarter was largely explained by the prior year's one-off gain from asset divestments. Adjusting for discontinued operations, net income is growing by 8% in the quarter and by 3% year to date. Free cash flow from operations benefited from higher EBITDA, lower interest costs, and cash taxes. Importantly, the free cash flow from operations conversion rate, a key operating metric for our strategic plan, reached 41% on a trailing 12-month basis, despite severance payments of $135 million. I expect free cash flow generation and the conversion rate to continue improving as we make additional progress on our strategic priorities. Consolidated volumes in the quarter were stable, with growth in EMEA compensating for dynamics in other markets. While demand conditions are still soft in Mexico, we saw the first signs of improvement in the quarter. In the U.S., while year-over-year volume performance improved versus the first half of the year, we attribute this change primarily to an easier prior year comparison base. We are pleased with the positive trend in our operations in Europe. Cement volume growth was driven by higher activity throughout Eastern Europe and Spain, with relatively stable performance in Germany and the U.K. Overall, while we have faced challenging volume conditions in two key markets this year, we remain optimistic on fundamentals going forward. With our renewed focus on operational efficiency, we're well positioned to capitalize on the strong operating leverage in our business once volumes improve. Consolidated prices were stable on a sequential basis, reflecting the customary annual first-half price increases that generally prevail in our industry. On a year-over-year basis, consolidated prices are up low single digits, in line with our pricing strategy for at least covering input cost inflation. In Mexico, despite the volume backdrop, prices remained resilient, with cement, ready-mix, and aggregates prices increasing by a mid-single-digit rate since December. In the U.S., adjusting for product mix, aggregates prices are up 5% since the beginning of the year. In EMEA, rising cement prices in the Middle East and Africa more than offset performance in Europe. EBITDA growth was largely driven by our self-help measures and higher prices. Costs across the various categories declined by close to $80 million, accounting for approximately 2/3 of the like-to-like increase in EBITDA. Consolidated margin expanded by 2.5 percentage points, with all of our regions, as well as our three core products, recording relevant margin gains. After a year of FX headwinds, we're benefiting this quarter from stronger currencies versus the dollar. In our urbanization solutions portfolio, better results in admixtures are partially compensating for still challenging conditions in other businesses. Going forward, our urbanization solutions business will primarily focus on admixtures, mortars, and concrete products, which we believe offer strong synergies with our traditional core business, as well as high margins. Under Project Cutting Edge, we have committed to an annualized recurring EBITDA savings of $400 million by 2027, with half related to overhead reduction. Importantly, with most of the actions required to achieve the overhead savings already done, we anticipate this effort to deliver about $75 million in the second half of 2025 and $125 million in 2026. We achieved about 40% of the 2025 overhead savings in the third quarter. We're also making progress on the implementation of the operating initiatives, including fuel efficiency, optimization of fuel mix, improvements in logistics and supply chain, among others. As a result of these efforts, both cost of goods sold and operating expenses as a percentage of sales are declining throughout all regions, leading to an expansion in EBITDA margin. With total EBITDA savings captured in the third quarter of $90 million, we remain on track to reach our full-year 2025 target of $200 million. As we go into 2026, we expect additional progress on Project Cutting Edge to further support margins. Complementing Project Cutting Edge, our ongoing business performance reviews should provide more visible improvements in EBITDA, profitability, and free cash flow during 2026 and beyond. I am confident that by working with a clear focus on our key priorities of operational excellence, free cash flow conversion, and return on capital, we will continue to identify opportunities to further optimize our operations. We're also advancing on our portfolio rebalancing efforts, creating shareholder value through disciplined capital allocation. As our growth strategy shifts towards prioritizing small to mid-size acquisitions, we will reallocate capital to opportunities that are immediately acquisitive. We will continue seeking potential divestments in non-core markets to strengthen our position in the U.S., with a clear focus on aggregates and building solutions such as admixtures and mortars, which strongly complement our cement and Ready-Mix businesses. Allow me to emphasize that we will be disciplined when evaluating potential growth opportunities, following our return criteria and protecting our investment-grade capital structure. A clear example of this value creation approach is the recently announced transactions in Panama and Couch Aggregates in the U.S. We completed the divestment of our operations in Panama at an attractive multiple of about 12x. At the same time, we allocated part of the proceeds to acquire a majority stake in Couch Aggregates, a leading player in the aggregates materials industry across the Southeastern U.S., with an implied valuation of a high single-digit multiple after synergies. We expect that in the short term, this investment will offset the loss of EBITDA from the sale of our operations in Panama. This transaction is strengthening our aggregates footprint in the U.S., providing significant synergies and allowing us to better serve customers with a more complete offering. I am highly encouraged by our achievements in the quarter, which confirm that we're moving in the right direction, setting a strong foundation to position Cemex as a more focused, agile, and high-performing company. Now, back to you, Lucy. Thank you, Jaime. We are encouraged by our third-quarter performance in Mexico. EBITDA grew 11%, marking the expected inflection point in quarterly performance underlying our annual guidance. A leaner cost base and higher prices drove this double-digit growth, despite lower volumes. After a challenging first half, volume trends suggest an improvement in demand conditions. Average daily cement sales volume outperformed historical sequential seasonality patterns in the quarter, despite heavy rains in August and September. In bag cement, we benefited from a gradual rollout in rural road projects, as well as other social programs. While demand in the formal sector remains soft, there are promising signs of recovery in the near term. In infrastructure, contracted volumes in our ready-mix backlog have increased in each of the last four months, with several rail projects expected to commence construction soon. We are seeing incremental activity in projects related to the 2026 World Cup in Mexico City, Monterrey, and Guadalajara, with investments in roads, metro lines, airport terminals, stadium renovations, and hotels. The social housing program, which was recently expanded to a goal of 1.8 million units during the administration's six-year term, is accelerating. We are already participating in the construction phase of several projects, which represent about 26,000 units, with a similar amount in the planning phase. Prices for cement continue their positive trajectory, with a sequential increase of 1%. Over the first nine months of the year, cement, ready-mix, and aggregate prices are up by mid-single digits, working to offset input cost inflation. We recently announced a mid-single-digit price increase in bag cement. Project Cutting Edge initiatives are already delivering relevant operational improvements, reflected in the five percentage points of margin expansion in the quarter. We believe we have additional opportunities to further drive margins in 2026. Importantly, the 33.1% EBITDA margin achieved in the quarter is the highest level for our Mexican business since 2021. Going forward into 2026, as the government enters its second year in office, we expect to see the customary pickup in infrastructure spending, as well as potential benefits from the upcoming renegotiation of the USMCA trade agreement. As demand conditions improve, operating leverage should continue supporting profitability in Mexico. Our operations in the U.S. reached a record third-quarter EBITDA and EBITDA margin, driven by increased cost efficiencies and higher prices. While year-over-year volume performance improved in the third quarter, this was largely due to an easy comparison base resulting from adverse weather conditions in the prior year. Adjusting for Ready-Mix asset sales and the consolidation of Couch Aggregates, volumes for our three core products declined by 1%. Demand continues to reflect strengths in infrastructure, offset by persistent softness in the residential sector. With three consecutive years of volume declines, we have seen increased competitive pressure in select markets within our footprint, explaining the slight decline in sequential cement prices. In Aggregates, we continue to experience robust pricing, with prices adjusting for product mix rising 5% since December. Our efforts to improve cement kiln efficiency continue to pay off in the U.S., with domestic production replacing lower margin imports, leading to relevant EBITDA gains. In our Aggregates business, which is responsible for about 40% of EBITDA within the U.S., we continue to focus on initiatives to make our operations more efficient, as well as expand our production. The recent upgrade of our Balcones Quarry in Texas, one of the largest quarries in the United States, is optimizing our cost structure and contributing to higher margins. The recent consolidation of Couch Aggregates, along with other expansion projects in Florida and Arizona, are expected to increase our aggregate production capacity by about 10% in 2026. Going forward, we expect infrastructure to continue driving demand as IIJA transportation projects continue to roll out. About 50% of funds under IIJA have been spent, with peak spending levels expected during 2026. We remain optimistic about the outlook for the industrial and commercial sector, which continues gaining momentum, with healthcare projects, data centers, and chip manufacturing facilities being planned in our markets, as well as relevant works in Cape Canaveral. While there is continued weakness on single-family residential, we see strong potential over the medium term as mortgage rates decline and market sentiment improves. It is important to highlight that, as in the case of Mexico, operational leverage should result in additional benefits once volumes recover. Our EMEA region continued with its strong performance, reaching new records in EBITDA and margins in both Europe and the Middle East and Africa. In Europe, high single-digit growth in cement volumes was mostly driven by infrastructure throughout Eastern Europe, with housing activity also boosting demand in Spain. In the U.K. and Germany, volumes are stabilizing. Infrastructure activity driven by EU funding, along with a gradual recovery of residential, should continue supporting construction in the region. In the Middle East and Africa, ready-mix and aggregate volumes expanded by 13% and 1% respectively. The slight decline in cement volumes is explained by a temporary regulatory impact in Egypt, with demand already improving on strong market fundamentals. Higher cement prices in the Middle East and Africa more than offset dynamics in Europe. While price performance in Europe is largely explained by geographic mix, we have also faced some limited competitive pressure in specific markets. For the full EMEA region, cement, ready-mix, and aggregate prices are up low single digits since year-end. Our European operations remain at the forefront of our decarbonization efforts, having already surpassed the European Cement Association's 2030 consolidated net CO2 emissions target, further reinforcing our position as an industry leader. The implementation of the Carbon Border Adjustment Mechanism in 2026, along with a gradual phase-out of the free EU ETS allowances, should be supportive of cement prices next year and beyond. We remain optimistic on the outlook for the region, with a continued positive trend in infrastructure and further recovery in residential. Our South Central America and the Caribbean region posted impressive results, with EBITDA rising by 54% and margin expanding by 6.8 percentage points. This strong performance was driven by several factors: the completion of the debottlenecking project in Jamaica, allowing us to substitute low-margin imports with domestically produced cement; benefits from savings realized under Project Cutting Edge; improved demand conditions in both Colombia and Jamaica; and a more favorable prior-year comparison base. In Colombia, demand is being driven by the informal sector, with a rebound in bag cement volumes and the metro project in Bogotá. In Jamaica, we are seeing tourism-related developments, along with improved bag cement sales supported by remittances. Sequential prices for cement and ready-mix in the region are broadly stable, with variation explained by regional mix. We remain optimistic on the medium-term outlook for the region, where improved consumer sentiment and formal construction are expected to drive demand. I will now pass the call to Maher to review our financial development. Thank you, Lucy, and good day to everyone. We are very pleased with our performance in the quarter. On the back of single-digit growth in our top line, we delivered 19% growth in EBITDA. Free cash flow from operations was close to $540 million, an improvement of more than $350 million versus the third quarter of last year. The year-over-year growth was driven by the initial effects of our cost-cutting efforts, lower maintenance CapEx, interest expense, and taxes. Adjusting for extraordinary items, such as the payment of the Spanish tax fine in 2024, discontinued operations, and severance payments this year, free cash flow for the quarter grew 29% to approximately $600 million. In line with our normal seasonality, we saw a divestment of more than $130 million for working capital during the third quarter, and we expect this favorable trend to continue in the fourth quarter. Our year-to-date average working capital days stood at - 10 days, an improvement of five days versus the same period last year. Our free cash flow conversion rate reached 41% for the trailing 12 months ending in September, versus 35% for the full year 2024. As mentioned earlier, we are seeing the initial benefits from our efforts to optimize our cost base under Project Cutting Edge. During the third quarter, the cost of goods sold as a percentage of sales was 71 basis points lower year- over- year, while operating expenses as a percentage of sales were 164 basis points lower. Energy costs on a per ton of cement basis declined by 14% in the first nine months, driven by lower fuel and power prices and a continued improvement in clinker factor and thermal efficiency. Record net income of $1.3 billion for the first nine months of the year was driven primarily by the sale of our operations in the Dominican Republic, a favorable FX effect, and lower financial expenses. Our leverage ratio under our bank debt agreements stood at 1.88x in September, moderately higher than at the end of last year. We expect our leverage ratio to end 2025 below last year's level. We have fine-tuned our full-year guidance for working capital and now expect a range of $0 to $50 million in incremental investment compared to the prior year. In the case of cash taxes, we now anticipate $350 million in 2025, which is $100 million lower compared to our previous guidance. Now, back to you, Jaime. Thank you, Maher. In light of our year-to-date results and reflecting the progress achieved in Project Cutting Edge, we are maintaining our full-year EBITDA guidance unchanged, expecting a flat performance versus 2024 with potential upside. Based on more visibility, we have made some small adjustments to elements in our free cash flow spend guidance that should positively impact 2025 free cash flow generation. We remain focused on the implementation of our strategic plan, delivering EBITDA savings under Project Cutting Edge, higher free cash flow conversion rate, and returns above cost of capital. We will keep you updated as we continue making progress towards these objectives. Back to you, Lucy. Before we go into our Q&A session, I would like to remind you that any forward-looking statements we make today are based on our current knowledge of the markets in which we operate and could change in the future due to a variety of factors. In addition, unless the context indicates otherwise, all references to pricing initiatives, price increases, or decreases refer to our prices for our products. We will be happy to take your questions. In the interest of time and to give other people an opportunity to participate, we kindly ask that you limit yourself to only one question. If you wish to ask a question, please press star followed by one on your touchstone telephone. If your question has already been answered or you wish to withdraw your question, press star followed by two. Press star one to begin. First question comes from Carlos Peyrelongue from Bank of America. Carlos? Thank you, Lucy. Congratulations, Jaime, Maher, and Lucy on the strong results. My question is related to cash conversion in improved material in the last 12 months. What should we expect for next year and 2027 besides the cost cutting that you mentioned as part of Project Cutting Edge? What else could drive higher cash conversion in the next two years? Thank you. Good morning, Carlos. Thanks. In 2026, I'm targeting around 45% free cash flow conversion from operations, and you do expect further improvement beyond 2026. We should be targeting around 50% free cash flow conversion from operations. What is driving and will drive this improved performance is basically a reduction in strategic CapEx and optimization in platform CapEx. We will continue reducing interest expenses for the most part. That's how we're going to do it, and I feel pretty comfortable about 2026, 45% free cash flow conversion. Great. Thank you, Jaime. Thank you. Thanks, Carlos. The next question comes from Adrian Huerta from JPMorgan. Adrian. Thank you, Lucy. Good morning, Jaime and team, and congrats on the results. You touched base a little bit on my question, which is regarding Mexico, especially for 2026. You mentioned the increased bottlenecks in the last four months on the infra side. We're seeing different actions happening but not being advertised on the infra side. In prior presidential changes, we saw volumes recovering 30%, 50% of the volumes lost in the prior year. It seems like this year volumes are going to be down high single digits, as you're expecting. Given what you're seeing so far, can we say that we could potentially at least see that type of recoveries, closer to half of the volumes lost this year? If you can give us additional colors on what else you're seeing that gives you confidence on that. Good morning, Adrian. Thanks for your question. First of all, I don't think I would be crazy if I told you that the demand volumes in Mexico next year should grow by no less than 2.5%- 3%. When demand volumes grow, some of it driven by infrastructure, Cemex tends to do very well because we do have an extensive technical and operating capability to serve complex infrastructure projects, both highways and rail. This means that most probably we would be gaining some market share next year in the infrastructure sector as it gets back on track, potentially one percentage point market share, which is what we normally lose when infrastructure becomes weaker. We're ready to see that unfolding next year, supported by infrastructure. To give you a little bit more of examples, right now we're executing projects such as Escolleras, Dos Bocas, Terminal de Carga in Quintana Roo, Camino Real, [Colima], Sistema Vial A vastos in Coahuila, [Cayada] La Primavera in Sinaloa. We do have an extensive number of projects in the pipeline: Ampliación de Casetas Atlac omulco, [Foreign language], [Xangari], so on and so forth. Definitely, we see a better outlook for Mexico for next year. To what extent? You know, I'm comfortable saying that demand would grow by at least 2.5%, close to 3%. Please also note that we do see already the social housing unfolding. As Lucy highlighted, we are supplying already projects. When I talk to our partners, customers, they are becoming more excited about the social housing program. I don't know what you think, Adrian, but if interest rates in Mexico continue dropping a bit, that should be supportive of a very resilient formal housing sector, which has been surprisingly good so far this year. I hope I have answered your question, Adrian. I agree, Jaime, and that was very good color. Thank you. Thanks, Adrian. If I could just complement, we, of course, will continue fine-tuning our thoughts on next year, and we'll give guidance on Mexican volumes in early February. We are quite positive. The next question comes from Francisco Suarez from Scotiabank. [Paco]? Good morning, Lucy, Jaime, Maher. Congrats on the wonderful execution. Exciting times, for sure. My question relates with the massive EBITDA margin expansion in Mexico in the quarter. Can you give us a little bit of color on the breakdown roughly of the 500 basis points improvements between, say, Project Cutting Edge? How much of that was also driven by lower petcoke prices? How much was by thermal substitution? Perhaps prices or any other thing that you can give us a little bit more color? Thank you. Francisco, good morning. Thanks for your question. Yes, we had a solid 5 percentage points expansion. It explains basically around the following. Number one, prices, close to 4 percentage points. Very pleased with our SG&A and corporate reductions that contributed with around 0.8 percentage points improvement. Variable cost, 0.9 percentage points. Fixed cost, around 0.3 percentage points. When you look at variable cost, energy continues to be a tailwind, both electricity, although there, I must acknowledge that last year we had a one-off, but it still is a tailwind as we take advantage of the wholesale electricity market, right? Positive contribution of fuels, around 1.1 percentage points. That was also encouraging with a minus 18% increase in unitary fuel cost. I hope that I answered your question. That creates a wonderful foundation for further improvements in 2036 on your operating year end, isn't it? In Mexico particularly, we're targeting to be the most efficient operator in the country. We've done extensive benchmark with others, although we have a different business model, Francisco, mainly in retailing. We are seeking to be best in class in margins in Mexico. Thank you so much. Congrats again. Thanks. Thanks, Paco. To your point, Mexico is the region that probably has contributed the most to date in terms of Project Cutting Edge, and we do believe that next year a lot of that will continue. The next question comes from Anna Schumacher from BNP Paribas. Is the industry deprioritizing CCUS? I appreciate Cemex has always taken a pragmatic approach. Could your schemes like Rüdersdorf be delayed, and how will you decide? Anna, thanks for your question. You're asking me whether the industry is deprioritizing CCUS, among other things. I won't answer on behalf of the industry, but I'll give you a color on how we think in Cemex. We've always prioritized first traditional levers to decarbonize. On that, we're doing pretty well. We continue to see a good runway to continue deploying traditional levers, particularly a significant reduction in clinker factor, further improvement in energy efficiency, and beyond Europe, a ramp-up of alternative fuels with biomass content. CCUS continues to be a lever that Cemex will need mid-term. We will deploy CCUS projects provided that they are accretive to value creation. For the time being, for that to happen, we need two things: significant subsidies on both CapEx and OpEx, and then green premium. In that regarding the latter, we are excited about potential bilateral agreements with some offtakers under the book and claim scheme that we're working on. Although I recognize that CCUS is fundamental for net zero, we will not deploy CCUS that destroys value. We need to do more work on regulations, right? We will not deploy CCUS in an asset that we might not continue running long term. As we speak, we're reviewing, particularly in Europe, our asset footprint because we do see opportunity to optimize our asset base. Some of our kilns might be converted to produce calcium clays, while we do micronization technologies to reduce clinker factor and introduce new blends. Our priority for decarbonization continues to be Europe, followed by California. Everywhere else where profitable and accretive to shareholder returns, we will continue decarbonizing because it continues to be a priority. Thanks, Anna, for the question. Thanks, Jaime. The next question comes from Yassine Touahri from On Field. Yassine? Yes, good morning, and congratulations for the fantastic results, and thank you very much for taking my question. My question would be around the price for the next year. Have you already sent a letter to your clients in the U.S. and Europe for 2026 price increase? Could you provide an order of magnitude of the price increase that you would like to deliver in those two regions? That would be very helpful. Could we see prices in the U.S. and Europe were a little bit muted in 2025? Could we see a change in direction next year? Yassine, thanks for your question. Good morning to you. We haven't yet sent our price increase letters to our customers. We're working on it, but allow me to share with you the way I'm thinking, the way we're thinking. Across all our markets, our pricing strategy should more than offset input cost inflation. We're excited about Europe because next year, we will begin to see the CBAM, which could add between EUR 5-EUR 10 per ton. When you think about what importers would have to start paying. In the case of Cemex, we do have an advantage because in Europe, we have much lower CO2 footprint on clinker and cement terms. The way we're thinking is that we understand that competitors, local producers, do not have enough CO2 surpluses, would need to buy CO2 credits at EUR 77, EUR 75 per ton. You need to include the CBAM from imports because the Turks, the Algerians, and others do have a CO2 footprint per ton of clinker and cement that is much higher than the European benchmark. Next year, in Q1, the European Union will publish the new benchmark. It could be as low as 650 kilos per ton of clinker. It means that we're going to have the CBAM. If producers do the math the way I do it, which is thinking about the CO2 incremental cost, I'll say that there could be interesting pricing characteristics in Europe. As we speak, I'm reviewing macro market by macro market, but I'm excited about that. In the U.S., unlike in 2025, in 2026, we will target price increases, hopefully to more than offset input cost inflation, recovering what the opportunity lost in 2025. What's new is tariffs, and potentially some FOB cement and clinker price increases out of the Med Basin, which could be positive for the Gulf Coast and the eastern coastal U.S. markets. I hope that I have answered your question. Yes, thank you so much. The next question comes from Ben Theurer from Barclays. Ben. Good morning, Lucy. Thanks for that. Jaime, congrats on the great execution here once again. I wanted to follow up real quick on the performance in the U.S., particularly as it relates to volume. Clearly, you've highlighted it was still down across all segments. I wanted to understand if you're seeing any regional differences in the performance and if you could maybe dig a little bit deeper into the subcategories, residential versus industrial, commercial, and infrastructure as it relates to the U.S. volume in specific. Thank you. Ben, thanks for your question. Good morning to you. Yes. As we speak, and I'm relating more to the third quarter, we saw weaker volumes in Florida, California, and Arizona, partially compensated by growth in Texas, Colorado, and the Mid-South. The outlook looks like this. We do continue to see strong infrastructure. Nothing tells us that that dynamics will change next year. On the contrary, because of what Lucy explained about the infrastructure bill and how the investment will peak in 2026, we continue to see data centers, chip factories, second phases, and projects around chip factories, some high, heavy commercial jobs, right? What continues to be weak, and I don't think it will recover next year, is single-family homes, is residential. You know that mortgage rates are reducing now around 6.3%. I think mortgage rates will stay for longer at around 6%. I believe that we need to see the Americans who need to buy a house to emotionally understand that mortgage rates might not drop significantly sooner. That might trigger the need to jump and purchase a house. I don't think that's going to happen in the short term in 2026. I'm expecting still a stabilizing, though, but a weak residential. I hope to see that recovery in 2027. I do expect U.S. demand to grow next year, low single digit, though. Thanks, Ben. Perfect. Thank you very much. Thank you, Ben. The next question comes from Alejandra Obregón from Morgan Stanley. Can you elaborate on the evolution of your optimization plans and yield improvement initiatives at Balcones in Texas, and how can these translate into profitability improvements in Texas as you substitute imports with domestic production? Is there room for similar improvements in any other plant in the U.S.? Alejandra, thanks for your question. At first, allow me to explain a little bit what we're doing in Balcones. We are using artificial intelligence to help operators run our raw meals, the kilns, and the cement mills in autopilot, allowing the artificial intelligence to take on real-time decisions on operating parameters. What we're finding is that we do see, you know, between high single digit to double digit, low teens yield increases. Basically, the artificial intelligence uses good data much faster to adjust operating parameters that otherwise a human being will need to wait for, you know, days, particularly when it comes to adjusting chemistry because of quality adjustments of raw materials. It's very exciting. We do see the opportunity to expand and scale the technology to all our cement plants in the U.S. because all of them present opportunities for increased yield. This year, we've seen a solid improvement that led to, so far, an increase in cement production of more than 500,000 short tons. That's clearly expanding margins as we replace imports, but also as we operate in a stable environment, which leads to improved energy efficiency. Do expect more to come. The potential is simple. I'm targeting, we are targeting, my U.S. folks are targeting incremental 1 million short tons more from our current asset base. Clearly, the technology will help, and that means that you should expect further cement margin improvement in the U.S. going forward. It could be, you know, as high as 2%- 3% midterm. Thanks for the question, Alejandra. Thank you, Jaime. The next question comes from Gordon Lee from BTG Pactual. Gordon? Hi. Good morning. Thank you very much for the call and congratulations on the results. Just a quick question, Jaime. You addressed this a little bit in your opening remarks, but I was wondering if you could speak a little bit more about the urbanization solutions business and specifically, you know, the decline that we've seen year to date in revenue and EBITDA. Is that a function of the completion of projects, or should we interpret that as a strategic deemphasizing of its relevance within Cemex, or maybe also as a product of the implementation of Project Cutting Edge? Gordon, good morning. Thanks for the question. The reduction in sales and EBITDA are unrelated to completion of projects. The reason why you see a drop in sales and EBITDA is mainly twofold. It's concrete block, Florida, for obvious reasons, weakness in residential. It's Mexico infrastructure because of our concrete paving solutions because of much lower infrastructure activity. Those two continue to be core to everything we do because, as you can understand, it's very synergetic, right, upstream with raw materials, cement, admixtures, aggregates, but also distribution and downstream with a similar customer base. Because you're asking the question about deemphasizing, what I can tell you is that we are reviewing the umbrella of urbanization solutions, and I do see some businesses that will not remain under urbanization solutions as such businesses because most of what we report is on internal transactions. Let me give you an example. That is New Line Transport Business in Florida. That's a good example. 98% of what we do is internal. We do sell to third-party shippers, but we're not planning to grow that business. Any business that we're not planning to grow going forward would not be part of urbanization solutions. As we speak, we're very excited about our admixtures. We'll continue to be there. It's a very solid business. Next year, we will begin to share more data about every vertical. I'm very excited about mortars, stuccos, renders because it's very synergetic, and we know it very well, right? Also recycling concrete, recycling aggregates, recycling construction demolition waste where it makes sense, micro market by micro market, and concrete products such as sleepers, concrete block, and infrastructure, which I see is a vertical where I see significant opportunity for accretive growth. I hope that I have answered the question, Gordon. Yes, very clearly. Thank you. Thanks, Gordon. The next question comes from Anne Milne from Bank of America. Anne? Good morning, Jaime, Maher, Lucy. My question is on the debt profile. Can you hear me? Yeah. Yes, yes. Okay. A couple of things. One, you have large maturities next year. It looks like most of that is in the debt market. If you could just give us an idea, sort of some of the thoughts you have for that. Also, your average life is 3.7 years. Your yields on your bond now are pretty attractive. I mean, spreads on your 31 bond are somewhere between 20 and 25 over Mexico, just about 100 and something, low hundreds over U.S. treasuries. Just wondering if you were thinking maybe you could extend out a little bit from here. Related to that, I like the number of net debt with a five handle, $5 billion or something. I also like leverage with the 1.88 number. I also know that Cemex is looking on doing some, potentially some acquisitions. Do you have a range where you'd like to see leverage going forward? It's all on the debt profile. Thank you. Thanks, Anne. I will pass the word to Maher to answer the first part of the question. Maher, you'll take that. I just want to tell you, Anne, about the leverage. Look, I'm more comfortable using the fully loaded leverage. I don't think that bank leverage has any meaning going forward. The range I want to set up is between 1.5 x- 2 x, fully loaded. Back to you, Maher. You may answer the question. Yes. Thank you, Jaime. And thank you, Anne, for the question. We're totally aligned, and we definitely think that from the rating agency's perspective in the debt markets, using the fully loaded leverage ratio makes a lot more sense. To your question about balancing between investment grade versus potentially slightly higher leverage, we feel very comfortable with that, especially as our EBITDA improves over the next 12-2 4 months and beyond. We think that will give us, definitely that plus cash on hand as a consequence of some of our portfolio rebalancing efforts, more than adequate M&A capacity without really risking our ratings and, in fact, maybe driving our ratings towards the triple B, solid triple B metrics. We're very comfortable with that. We don't see any divergent forces in that respect. Now, in terms of the maturities, we definitely agree with you. We like the yields that we see. Of course, we'd like them to be lower, and certainly, we'd like them to tend towards our peers, which are probably a good 15%- 20% lower than ours. We are looking at extending maturities. One thing I would like to highlight to everybody is that if we include the two subordinated notes that we have, which is $2 billion, into our debt profile structure, just hypothetically giving them a 10-year tenor from issuance date, our average life would be closer to five years. Having said that, the market on the long end, Anne, is very attractive. We are thinking potentially about extending maturities. Of course, we're always balancing cost of interest, cost of debt versus tenor. The positivity of the markets leads us to believe that that's something that perhaps we should consider next year. As you know, there are some maturities coming up. There's the term loan facility getting closer. We have a EUR 400 million bond that is due next March. We have a lot of flexibility in terms of liability management and our ability to take advantage of that. The other thing is one of the subordinated notes resets next year. The 5.125% resets next year by quite a bit, which, again, gives us the opportunity to potentially do something with that as well. Thank you. I hope that answered your question. Yes. I just have one clarification. When both you and Jaime mentioned fully loaded debt, are you talking about financial debt and leases, or something in addition to that as well? No, we're talking about adding the subordinated notes to the total debt outstanding. Okay. That would be in the $1.5- $2 range figure. Okay. Very good. Thank you so much. Thanks. Thank you. The next question comes from Jorel Guilloty from Goldman Sachs Group. Jorel? Good morning, everyone. Thank you for taking my question. Mine is a more big-picture question. I was wondering if you could provide some color as to how you see the capacity of Cemex after Project Cutting Edge is complete in 2027. In other words, given the leaner structure you're pursuing, what will be the capacity of the company that we see at the other end of this? Are you thinking that it's a lower, yet more profitable volumes? Is it a larger company growing through acquisitions with a leaner base? Just to get a sense of this cost structure vis-à-vis your capacity going forward. Thank you. Jorel, thanks for the question. What we see going forward for the time being is a company that achieves excellence in operations and very strong best-in-class shareholder returns. This means that as volumes grow and markets recover, we have very significant operational leverage, which we will enjoy. We'll want to achieve, we will have a very responsible capital allocation with very strict parameters, always credit investment-grade rating no matter what we do, and a company that does return cash to shareholders. Yes, we do want to do bolt-on acquisitions in the U.S. first around aggregates, mortars, renders for the most part, right? A company that relentlessly looks at its portfolio to have businesses that deliver ROIC above cost of capital and free cash flow conversion at a consolidated level of no less than 50%. For the time being, we are prioritizing the U.S., Mexico, and Europe as the regions where we want to grow. Finally, socially responsible, right, adding value to the communities where we do business and doing so sustainably from a safety standpoint, attracting best talent in the industry and decarbonizing while also taking care of biodiversity and water management. That's what I can tell you for the time being, Jorel. Thank you for your question. Thank you. Thanks, Jorel. We have time for one last question, and it's coming from Adam Thalhimer from Thompson Davis. Adam? Hey, thanks for squeezing me in, Lucy. Congrats on the strong Q3. I was curious if you could update us, Jaime, on, you just touched on this a little bit, the outlook for U.S. M&A. What are you looking at? What's ideal and potential timeframe? Adam, thanks for your question. Good morning to you. First of all, we are strengthening our team with a few key additions who are bringing great expertise and capabilities on bolt-on acquisitions strategy and deployment, and that was important. Number two, we are strengthening the pipeline. So far, we are looking at 100 family-owned aggregate targets in the U.S., and we're beginning to engage with many of them with flexible approaches, as we did in Couch as an example, meaning we enter with a minority equity option to acquire a minority equity holding, so on and so forth, or full acquisition. We're also looking at mortars, stuccos, renders because, Adam, those businesses we know how to run, and they're very synergetic because upstream, right, those businesses consume our cement, our cementitious, some of our sand, and our admixtures solutions. It also brings distribution synergies, I mean, logistics, and more importantly, customer base synergies. We do want to explore, you know, some niche opportunity in admixtures as well in the U.S. and elsewhere in Europe primarily. That's what we're looking at for the time being. Allow me to take advantage of your question just to highlight that, again, we will anchor any decisions to preserve our IG rating. We've got very clear metrics for acquisitions, right, such as, you know, free cash flow per share, which must be accretive in year one. Definitely, ROIC over WACC plus 100 basis points midterm. Any acquisition. We do with synergies, you know, with around 3% of sales so that we drive the multiple to high single digit, right? Again, focus is going to be on aggregates and mortars, and rendered cistern coats. I hope I answered your question, Adam. Muscle is, we're working the muscles, and we will be deploying the op as the opportunities come along, nurturing them in the U.S. That's perfect. Thanks, Jaime. Thank you, Adam. We appreciate you joining us today for our third-quarter results, and we hope that you'll come back again for our fourth-quarter 2025 webcast on February 5th, 2026. If you have any additional questions, please feel free to contact the investor relations team. Many thanks. Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect your lines. Good day.