Good morning, and thank you for joining Becle's first quarter unaudited financial results call. During this call, you may hear certain forward-looking statements. These statements may relate to our future prospects, developments, and business strategies, and may be identified by our use of terms and phrases such as anticipate, believe, could, estimate, expect, intend, and similar terms and phrases, and may include references to assumptions. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future by their nature, they are subject to current uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those in forward-looking statements. Before we begin, we would like to remind you that the figures discussed in this call were prepared in accordance with International Financial Reporting Standards, or IFRS, and published in the Mexican Stock Exchange. The information for the first quarter of 2025 is preliminary, and it's provided with the understanding that once financial statements are available, updated information will be shared in the appropriate electronic formats. At this time, we would like to remind participants that your lines will be in listen-only mode until the question-and-answer session. Now, I will pass the call on to Becle's CEO, Mr. Juan Domingo Beckmann. Good morning, everyone, and thank you for joining us today as we discuss Becle's first quarter 2025 results. Before our Regional Directors and CFO discuss our results in detail, I'd like to share some perspectives regarding the start of the year and our overall position as a company. As we enter 2025, we acknowledge a complex and challenging industry environment driven by uncertainty and cautious consumer behavior. Despite challenging dynamics, the resilience of our core categories, particularly tequila, gives us greater confidence in the stability and long-term attractiveness of our business. Our premiumization strategy remains central to our growth ambitions. We remain encouraged by consumer preferences that continue to lean towards high-quality, authentic brands and sustain momentum in key growth areas like premium tequila. These trends align well with our portfolio strengths and position us to capitalize as markets gradually recover. Across regions, we continue to take a disciplined approach, protecting brand equity, optimizing execution, and prioritizing investments that will drive long-term value. From innovation and digital transformation to multicultural engagement and portfolio expansion, we're building the foundation for sustained profitable growth. We're also pleased to report strong financial performance and a healthy cash flow generation, which will continue to support our strategic investments. With a clear strategy, a strong brand portfolio, and an experienced leadership team, we remain confident in our ability to navigate near-term challenges while advancing our long-term goals and creating lasting value for stakeholders. Thank you, and with that, I'll turn over to Luis Félix to discuss our U.S. and Canada results. Thank you, Juan, and good morning, everyone. Before diving into our results, as previously announced, I will be retiring as Managing Director of Proximo U.S. & Canada in July. It has been an incredible 25 years' journey, and I want to sincerely thank Juan Domingo and the entire Becle team for the partnership and the support. I am also pleased to welcome Mauricio Vergara as my successor. Mauricio brings extensive global leadership experience from Brown-Forman, FEMSA Beer, and most recently as President and COO of Patrón and other brands at Bacardí. I am confident that he will lead Proximo into the next chapter of growth. Now, turning to our first quarter results, please note that the figures shared in today's remark are expressed on a dollar basis. Net sales value was flat year- over- year, primarily due to favorable product mix, as growth in premium tequila helped offset continued softness in the RTD business. In the face of the heightened promotional activity, we maintain a disciplined pricing strategy, balancing near-term competitiveness with long-term brand equity. Shipments declined 3.6%, while depletions fell 5.7%. The decline in shipments was largely due to a tough comparison against the prior year, which saw a growth of 4.8%. However, excluding RTDs and non-alcoholic products, shipments increased by 2.7%, highlighting the drag these categories had on our consolidated performance. Currently, our core tequila business delivers solid growth in both shipments and depletions. Consumer takeaway trends remain generally positive, according to the latest 13-week Nielsen data. When excluding RTDs and non-alcoholic segments, our spirits portfolio grew 1.2%, outperforming the total industry, which declined 1.8%. Overall, our total spirits business was flat, slightly ahead of the broader spirits market, which declined by 0.1%. Looking ahead, we expect to face continued challenges, including competitive pricing and potential U.S. inflation pressures from tariff increases of many imported goods. That said, we are pleased that tariff uncertainty of Mexico appears to be easing, with the U.S. government confirming that USMCA-compliant goods, including our tequila export from Mexico, are for now exempt from these tariffs. We recognize this is an evolving situation and will continue to monitor it closely. At the same time, we remain confident in the long-term fundamentals of the U.S. spirits business, supported by several positive trends, including continued growth in the tequila category. Premiumization and consumer trade-off behavior continues to shape the category growth, particularly in tequila and American whiskey, where demand for high-quality, authentic brands remains strong. RTDs also remain a resilient growth engine, especially among younger, convenience-driven consumers. In response, we're investing in innovation and enhancing our digital and e-commerce capabilities to meet consumers where they are. Additionally, we are placing a strong focus on engaging multicultural audiences, whose growing influence is redefining the future of the industry. These trends, combined with our clear strategy and disciplined execution, position us well to capture future opportunities and deliver sustainable long-term growth. I will now turn the call over to Olga Limón to discuss the Mexico and Latin America results. Thank you, Luis, and good morning, everyone. In the first quarter of 2025, Mexico's spirits industry contracted amid ongoing economic uncertainty and restrained consumer demand. There was evidence of slower retail activity, with ANTAD showing flat year-on-year growth for the January-March period, alongside visible signs of pressure in the on-premise channel. Net sales value declined 13.8% due to lower volumes and a slight decrease in the average price per case. This resulted from sustained discounting activity that started in the latter part of 2024. However, a more favorable mix, supported by stronger tequila performance, partially offset the impact. Depletions fell 6.1% and continued to outpace shipments in the first quarter, reflecting renewed destocking. While past destocking was primarily retail-driven, wholesalers are now holding leaner inventories. Additionally, last year's strong promotional activity by retailers led to a challenging comparison base. This was further impacted by the timing shift of Easter from Q1 last year to Q2 this year, likely driving some volume recovery next quarter. According to Nielsen data, through February, we gained volume share in both total spirits and tequila. Tequila remained the most resilient category, and we continue to outperform the industry in that segment. In terms of value, our spirits performance is aligned with the broader industry, maintaining our market position. Looking at consumer trends, we're still operating in a tough environment marked by cautious spending. Inflation, economic uncertainty, and insecurity impacting on-premise consumption continue to weigh on purchasing behavior. That said, the pace of contraction is versus previous year, pointing to potential stabilization. As mentioned on the last call, the first half of the year typically contributes less to overall volume sales than the second half. In the first quarter of 2025, seasonal trends continued to normalize alongside consumer demand, and we anticipate stronger performance later in the year. In Latin America, the operating environment remains challenging with ongoing inflation and political uncertainty. Even so, we are seeing encouraging signs of stabilization. Shipments slightly declined and net sales value increased, supported by favorable effects. Additionally, depletions were closely aligned with shipments, indicating healthier inventory levels. Overall, in the context of a volatile external environment, we remain focused on disciplined execution, protecting market share, and driving long-term value through our diversified portfolio. I will now turn the call over to Shane Hoyne, Managing Director of EMEA and APAC. Thank you. Thank you, Olga, and good morning, everyone. In the first quarter of 2025, shipments in the EMEA and APAC region declined 14.9% compared to the same period last year, while depletions were down 5%. This outcome matched our expectations driven by anticipated changes in shipment timing across key EMEA markets and Easter-related volumes rolling into the second quarter. Additionally, large shipments into Asia during Q1 last year are being smoothed out more evenly across 2025. The difference between shipments and depletions mainly reflects a challenging trend in developed EMEA markets. While certain markets require close monitoring, we remain confident in the region's long-term growth potential and continue seeing promising opportunities ahead. Net sales value declined 22.4% year-on-year on a local currency basis, primarily due to a mix of products and markets. The 5% decrease in depletions resulted mostly from continued destocking efforts by wholesalers as they worked to manage elevated inventory levels across developed EMEA markets. Consistent with trends we saw through 2024, consumer confidence remained fragile in quarter one. Caution persisted, particularly in Asian markets, where the threat of escalating tariffs has further impacted sentiment. Across the region, third-party distributors remain highly focused on reducing working capital and stock holdings, a trend we expect to continue through the rest of the year. Meanwhile, ongoing geopolitical conflicts in Eastern Europe and the Middle East continue to disrupt business during the quarter. Despite these headwinds, we remain optimistic about the year ahead. Tequila continues to show strong long-term potential as an early-stage growth category, with both volume and value opportunities. Our portfolio strength and established route-to-market strategy position us well to capitalize on this growth. We continue actively reviewing and optimizing our local partnerships to support this momentum. Looking ahead, we anticipate sustained growth in Asia, gradual stabilization in Europe, and emerging opportunities through Africa and the Middle East. I will now pass it over to Rodrigo, who will take you through the financial results. Thank you, Shane, and good morning, everyone. I will now walk you through the financial results for the first quarter of 2025. The company reported a 7.5% increase in consolidated net sales, reaching MXN 9.6 billion, driven by favorable foreign exchange effects and a positive price gearing driven by both geographic mix and progress on our premiumization strategy. The focus on higher-value brands and product mix optimization helped offset the impact of lower volumes. While regional challenges persisted, our strong brand portfolio and effective execution of strategic initiatives helped deliver a strong financial performance. Q1 EBITDA increased 22% year-over-year to MXN 2.2 billion, with the EBITDA margin expanding by 270 basis points to 22.5%. This result was mainly driven by a strong 570 basis point expansion in gross margin, reaching 57.8%, the highest reported since the second quarter of 2018. Key contributors included lower agave-related input costs, the gradual transition through older, higher-cost inventory, plus the benefits from our operations productivity agenda in strategic sourcing and operating efficiencies. Additionally, favorable foreign exchange and a more profitable geographic mix, led by a larger contribution from the U.S. and Canada region, further supported the gross margin uplift. Below the gross profit line, the flow-through to EBITDA remained solid, though slightly diluted due to A&P distribution and SG&A expenses, which were mainly U.S. dollar denominated and pressured by the depreciation of the Mexican peso. A&P, as a percentage of net sales, held steady year-over-year, reflecting disciplined marketing prioritization amid softer demand in certain markets. Distribution expenses also remained relatively stable. The main offset came from higher SG&A expenses, driven not only by FX impacts but also by ongoing strategic investments in system infrastructure and organizational capabilities to improve long-term growth, margin expansion, and cash flow conversion. Financing result recorded an expense of MXN 262 million in the first quarter of 2025, compared to MXN 103 million in the same period of 2024. This increase was primarily driven by a MXN 179 million year-over-year foreign exchange swing, driven by the depreciation of the Mexican peso. Despite this impact, net income grew 15.5% in the quarter versus the previous year, reaching MXN 1.2 billion. As of March 2025, cash and cash equivalents stood at MXN 11 billion, marking an increase of MXN 3.4 billion versus the same period of the previous year. Total debt amounted to MXN 26.7 billion. Importantly, during the first quarter of 2025, the company generated MXN 1.5 billion in net cash from operating activities and deployed MXN 712 million in net investing activities. Over the past year, we reduced our lease-adjusted net debt ratio from 2.6 times to 1.9 times, slightly below industry standards. This improvement enhances our financial flexibility, allowing us to sustain strategic investments, pursue high-return investment opportunities, and continue to pay dividends. Overall, despite ongoing industry challenges, our first quarter financial results were top-tier within the industry. Net sales value increased 7.5%, gross margin expanded by 570 basis points to 57.8%, and EBITDA grew 22% year-over-year. EBITDA margin grew 270 basis points up to 22.5% from 19.8%, triggering a notable 120 basis points improvement in ROIC compared to the first quarter of 2024. In addition, we strengthened our liquidity position and debt-to-EBITDA ratio through an improved cash conversion rate. Regarding capital allocation, we will propose a cash dividend payment and an extension of our share repurchase program at our general shareholders' meeting, which is scheduled for later today. Looking ahead, we reaffirm our full-year guidance. I will now turn the call back to the operator for questions and answers session. Thank you. Thank you very much for the presentation. We will now conduct a Q&A session. If you would like to ask a question, please press the raise your hand button located at the bottom of the screen. We remind you that all lines have been placed on mute. When it is your turn to ask a question, you will be given permission to speak, and you will then be able to unmute yourself and ask your question. Our first question comes from the line of Lucas Mussi. Please state your company name and ask your question. Everyone, Lucas Mussi from Morgan Stanley. Thank you for taking my question. A couple of quarters ago, you gave some additional detail on the gross margin uplift. I recall that a couple of quarters ago, about a third of the gross margin expansion was maybe related to lower agave costs. I just wanted to see if you could provide more color around the breakdown of the gross margin expansion. How much of that can we attribute to weaker FX, lower agave prices, perhaps a better product mix, and the geographical mix as well? Any color here would be very useful. That's my first question. My second question is, any updates on your guidance? How do you feel about the guidance that you gave about meeting single-digit growth back in the last conference call, given all the new developments around, I don't know, tariffs, the economic uncertainty in the U.S.? I just wanted to hear more from you guys about how you're feeling about the guidance today as well. Thank you very much. Thank you, Lucas. This is Rodrigo. Yes, regarding gross margin, we continue to benefit from lower agave costs, as indicated since a few quarters ago. I guess, in particular, this quarter in specific was also benefited not only from lower agave costs, but a better yield in regards to the component of sugar within the agave. Combined with that, we have both improved mix driven by both geographic mix driven by the U.S. performance. In addition to that, all regions basically performed better from a product mix perspective. Of course, as you know, FX continues to benefit our gross margin as well. Yes, in regards to guidance, we continue to sustain our guidance from the previous year. Yes, mid-single-digit growth is what we expect from an NSV perspective. Thank you, Rodrigo. This question comes from the line of Ben Theurer. Please state your company name before asking your question. Yeah, good morning. This is Ben Theurer from Barclays. Just wanted to squeeze in two questions. Number one, as we look at the performance in the U.S., Luis Felix, maybe one for you, and particularly on kind of like pricing dynamics within the different categories, can you help us understand a little bit what drove, aside from FX, the very strong performance in the quarter? Is it just the mix? Is it selective price increases? How should we think about the key components of pricing in U.S. dollar terms in the U.S. business? I have a quick follow-up for Rodrigo. Thank you, Ben. In terms of pricing, we did some adjustments in pricing in a couple of brands in key markets, and that has been followed by many companies which are putting pressure. We have seen a lot of brands taking prices down in a more aggressive way. We believe in our case, this quarter results was driven by better performance in our tequila business, which helped in terms of the mix. Of course, it was lowered by some decreases in the RTD business that we have, which is important for us. Yes, the pricing pressure remains constant not only in our tequila business, but also whiskeys. We have seen very aggressive discounting in whiskey as well. Okay, perfect. For Rodrigo, as we think about the mid-single-digit growth guidance, is that assuming FX at current levels, at a different level, any update, anything you can share within the framework of mid-single-digit sales growth? What is your FX assumption for the peso dollar FX rate? Of course, Ben. This was a question on the previous quarter as well. As we mentioned, we're not disclosing our FX assumption at this point. There is significant volatility, as you have seen, in recent months. Because of that, we're being cautious from that front. We believe the ups and downs that the current volatile environment will persist, including FX. As a result, our guidance remains the same as we have disclosed from the previous quarter on a mid-single-digit Mexican peso NSV growth. One can try. Thank you very much. Thank you. Next question comes from the line of Froylan Mendez. Please state your company name and ask your question. Guys, thank you very much, Froylan Mendez from JP Morgan. I want to understand if you saw at any degree preemptive buying from distributors in the U.S. trying to gather some lower-cost inventory given the tariff risks. If so, how much of the volume do you attribute to this phenomenon? Secondly, we saw the very positive mix effect across regions. How do you explain the weak demand dynamics in most of the regions with the consumer willing to go to the more premium product? What did you saw there in terms of consumer behavior? I just want to understand the positive mix effect when demand is so depressed. Thank you. Thank you, Froylan. I take the first one. In the U.S., yes, we did some shipment from Mexico to the U.S., but mainly in our warehouses. I can tell you that the days on hand that we have with distributors this year, it's 70 days. Compared to the same time in March of last year, that same number was 73 days. We basically have three days below the days on hand that they carry. In absolute number, I think we have 30,000 cases more than what we had last year. No increase in preempting tariffs from our distributors. Froylan, from your second question, you're correct. Mix is positive. Product mix is positive in all regions of the world. This is primarily driven by strategic intent. It's one of our strategies. It has been through the premiumization strategy for several years, and we continue to pursue that. Despite the market conditions that we see, there are plenty of opportunities to be captured there. Fortunately, what I can share is that strategy is working well across regions, and it's definitely having an impact on our results that you see this quarter and on the previous quarters as well. Hey, Froy, this is Bryan. Just a quick example of what we're seeing in the market, especially in the U.S., which is interesting from a consumer perspective, is that we've mentioned that the consumer is pressured financially. We've been launching, along with the industry, smaller formats of many of our major brands in the U.S., small formats of Dobel, of 1800. What we've been seeing is that the consumer is willing to pay for these smaller formats, meaning that they want to premiumize. They just don't have enough money in terms of discretionary spending towards that. They're moving towards smaller format presentations. That for us, at least, is a good indication that the consumer wants to premiumize and goes towards these higher-end brands. Very clear. Thank you, guys. Next question comes from the line of Ulises Argote. Please state your company name and ask your question. Hey, guys. Thanks for taking my question. This is Ulises from Santander. I just wanted to do a double-click there on the volumes in Mexico. You obviously discussed and you cited pressure there in the release related to the market contraction. I just wanted to understand if this is mostly done. Should we still expect kind of these similar dynamics ahead, or is this something that just because of the com basis we'll start seeing improvements ahead? Just to understand a little bit there of the volume outlook, particularly in Mexico. Thank you. Thank you for your question. The market, as you know, is a very volatile market at this moment. It is really difficult to foresee the future. One thing that is certain is that the timing of Easter moved from Q1 to Q2. That really affected the performance of Q1. We also think that from an industry standpoint, market contraction in the first quarter was in line with what we saw in the second half of 2024. That said, it is difficult to foresee the future, but we do see a less contracted market in terms of what we had last year. We still have a contraction, but at a slower rate. Thank you. Thank you. That's super clear. Maybe if I can have another question, this one more for Rodrigo around the cash flow dynamics. Obviously, we're seeing some definite improvement there. Maybe just wanted to pick your brain if you could share any details with us around the expectations that you might have from that cash flow from operating activities for the rest of the year, how you're seeing kind of the dynamic shaping of there. I know there's a lot of uncertainty, but any color obviously would be helpful. Thank you. Thank you, Ulises. Of course, cash flow dynamics remain positive as we continue to focus on working capital optimization. Pretty much that has become the key driver for the last few quarters, continues to be impacting results this quarter in particular. We expect to continue gradually improving while the benefits relative to what we delivered last year and this quarter in particular may be, let's say, more marginal as we start reaching the standards we're looking for from a working capital investment perspective. The opportunities remain there. It's across mostly inventories, accounts payable, optimizing commercial terms, both in payables and receivables, et cetera, that we have been working on. It's delivering good results. Perfect. Great to hear. I hope that answers your question, Ulises. Yes, it does. Thank you very much, Rodrigo. Thank you. Thank you. Our next question comes from the line of Antonio Hernández. Please state your company name and ask your question. Hey, good morning. This is Antonio Hernández from Actinver. Just a quick one regarding profitability. How do you see it playing out for the remainder of the year given the underlying sales trends and costs and, of course, the comms that you have for the remainder of the year? Thanks. Antonio, could you repeat your question, please? It got cut off. Sure. It's regarding profitability. How do you see margin levels playing out for the remainder of the year given the underlying sales trends and costs? Thanks. Antonio, there are several moving pieces, as you know, in this environment. We continue to expect good performance from a margin standpoint, especially, obviously, if FX continues to play a role here. Mixed improvements, cost optimization, good control on operating expenses will continue to be our main focus. We expect continued sustained positive levels of profitability going forward for the year. Okay. Perfect. Thanks. Thank you. Our next question comes from the line of Renata Cabral. Please state your company name and ask your question. Hi, everyone. Thank you so much for taking my question. I'm Renata Cabral from Citibank. I have a question regarding the agave prices. We've been seeing the agave prices low for a while. I would like to have your view on how, when that could turn, I mean, if in 2026, 2027, or even later. And based on that, if you think in terms of profitability, you would have benefit until the end of the cycle of the low agave prices. The second question is related to competitive environment. Do you think that since now the competitive environment, competitors have access to raw material in low prices, competition would be easy, actually, when the agave prices go higher? Do you think that market environments can actually become friendly? I would like to hear your thoughts on that. Thank you so much. Yes, Renata. Hi. Yeah. I mean, as you know, low agave prices environment has been already here for at least a year and a half. We expect this environment to remain for the next few years. We're not expecting any dramatic change in this environment nor competitive environment for the next years based on agave. The main driver behind the low agave prices today is simply an oversupply of agave. In this environment, we expect will remain short term. Thank you. Just a follow-up. In terms of profitability, that should continue to benefit the company this year, next year. What are the expectations overall? Yes. As I've mentioned before, Renata, this low-cost agave environment will continue to benefit Becle and basically all industry producers through the next few years. On top of that, as I mentioned, our focus on continue to premiumize our portfolio, optimize cost and expense will continue to be also an important driver and focus for us as management. Yes, we continue to expect ongoing improvements in that regard. Thank you so much. Of course. Thank you. We have not received any further questions at this point. That concludes today's call. You may now disconnect.