Good morning. My name is Antonio Cárdenas, and I will be the conference operator today. At this time, I would like to welcome everyone to FibraHotel's 2025 third-quarter earnings conference call. FibraHotel issued its quarterly report on Wednesday. If you did not receive a copy via email, you can find it at www.fibrahotel.com or email me at acardenas@fibrahotel.com. Before we begin the call today, I would like to remind you that forward-looking statements made during today's conference call do not account for future economic circumstances, industry conditions, company performance, and financial results. On this note, all figures included herein were prepared in accordance with international financial reporting standards and are stated in nominal Mexican pesos. Joining us from FibraHotel are Mr. Simón Galante, CEO, Mr. Eduardo López, General Manager, Mr. Edouard Boudrant, CFO, and Mr. Guillermo Bravo, CIO. With that, I will turn the call over to Simón Galante. Thank you, Antonio, and good morning, everyone. I am going to begin today's call by providing an overview of FibraHotel's third-quarter 2025 results, and then I will turn the call over to Edouard Boudrant, our CFO, who will discuss the financial results in more detail before we open the call for questions. During the third quarter of 2025, market conditions for the hotel industry remained challenging, with soft demand in general across Mexico. This environment affected occupancy levels, average daily rates, and operating margins across our portfolio. FibraHotel's results during the quarter were weak and below our expectations. RevPAR, for the total portfolio, increased 1.6% year-over-year, driven by a 3.2% growth in ADR, while occupancy decreased by 100 basis points. By segment, full-service hotels had a 2.4% year-over-year RevPAR increase. Select service hotels had a 2.2% year-over-year RevPAR increase, and limited service hotels had a 2.3% year-over-year RevPAR decrease. From a regional perspective, Guadalajara and Bajío outperformed with an increase in demand. The rest of the portfolio suffered a reduction in occupancy. Specifically, the northern border had a revenue decrease of 6.4%, and the south had a revenue decrease of 9.8%. Leisure Hotel also had a negative quarter with a 5.1% revenue decrease. 100 basis points of the reduction were the impact of the peso appreciation. Several cities and regions continued to have an outsized impact in the reduction in occupancy. For example, Culiacán had a demand decrease of almost 50%. Ciudad del Carmen had a demand decrease of 34%, and Villahermosa had a demand decrease of 23%. Additionally, during the quarter, the numbers were partially impacted by investment underway in hotels, including the closing and repositioning of the Gamma Tijuana Hotel and the repositioning of the Real Inn Mexicali Hotel. Overall, due to the weaker demand condition, it has been difficult to optimize and raise average daily rates enough to obtain positive operating leverage and offset the increase in cost. Cancún was also impacted from a weaker demand condition: late passengers' arrival to the destination and seasonality, as this is generally the weakest quarter of the year. Occupancy for the Fiesta Americana Condesa Cancún Hotel was 61.5%. There was also rate pressure, as there were less U.S. tourists, which are generally the least rate-sensitive customers, and also for the appreciation of the peso. Lease revenue for the quarter was MXN 28 million. At this point, overbookings and the booking pace for the fourth quarter of 2025 look more encouraging. We are also working on improvements at the hotel and new product and experience offerings, which will be attractive for new customers going forward. Total revenues for the quarter were MXN 1 billion 270 million pesos, and EBITDA was around MXN 250 million pesos. The EBITDA margin of 19.7% was impacted by negative operating leverage, increasing costs at the hotel level and lower rent from Fiesta Americana Condesa Cancún. While we expect to continue to see demand headwinds in Mexico for the next quarters, we intend to work diligently to improve the results. We are especially focused on margin compression seen during the past several quarters. We are working closely with our operating partners and new and additional strategies to implement efficiency and cost control initiatives to improve profitability in the coming periods. On the portfolio front, we are working on several investment projects, including the development of the Ritz-Carlton Cancún Punta Nizuc Hotel. A few examples of these projects include, we renovated the Fiesta Inn Monterrey Valle, the Fiesta Inn Monterrey La Fe hotels, with a total investment of MXN 110 million. The hotels were fully operational by the middle of the third quarter, and they are well-positioned to benefit from the additional demand in Monterrey expected from the World Cup in 2026. We are in the process of full repositioning of the Gamma Tijuana Hotel. In August, we closed the hotel to remodel the asset, which will open in early January at the Hilton Garden Inn Tijuana Airport Hotel. To date, we have invested around MXN 70 million. We took advantage of the excess land available in the Fiesta Inn Perinorte hotel in Cuautitlán Izcalli to develop an industrial warehouse of around 7,200 sq m. The property will be finished in the fourth quarter of 2025, with an investment to date of MXN 112 million. We are starting the leasing process, and the initial price indicators are above our underwriting expectations. We have also recently invested around MXN 25 million in the repositioning of the Real Inn Mexicali Hotel and the improvements to the spa and food beverage offerings at Fiesta Americana Condesa Cancún Hotel. Finally, the development of the Ritz-Carlton Cancún Punta Nizuc continues to move forward as planned. The construction is currently in the foundation works. To date, we have invested approximately MXN 497 million in the project. The market reception has been very positive, and initial price indicators for the residences are above our initial expectations. Our balances remain solid, with a loan-to-value ratio of 25.3%. New debt was MXN 3,887 million. Of this debt, over MXN 800 million, or almost 20%, is related to the projects mentioned above that are currently not productive and will contribute to our results in the future. Additionally, the interest expense of this project is not being capitalized and is impacted directly on the AFFO. We have a strong liquidity position, limited short-term amortization, and access to additional financing. We have signed several new credit lines with attractive rates. I would like to highlight the progress of the ESG initiatives. We are currently notified that FibraHotel achieved a score of 88 points in the GRESB assessment score. FibraHotel also won awards across three categories: Global Sector Leader Listed Hotel, Regional Sector Leader Listed Hotel, and Regional Sector Leader Americas Hotel. These recognitions reinforce our long-term commitment to sustainability and responsible growth. For the third quarter of 2025, FibraHotel will pay a distribution of MXN 0.15 per CBFI in line with our previously announced policy. Finally, I would like to briefly address the situation related to our trustee. On August 19th, Banco Multiva announced an agreement to acquire SEI Bank of Industrial Editions through a demerger of such operation and with subsequent merger into Banco Multiva. As a result of this transaction, Banco Multiva became the successor trustee of FibraHotel's trust. We are working with the same trustee team, and as of today, no material impact has been identified on FibraHotel regular operations. This result was the most efficient solution for FibraHotel. We are taking firm steps to enhance FibraHotel results, focusing on execution and long-term value creation. We will continue to invest in value enhancement of projects that position FibraHotel for success over the business cycle. While short-term results will continue below our expectations, we firmly believe in the business model fundamentals, our new projects, and the strategy over the long term. I am confident we have the right team and partners with the necessary drive and experience to execute our plan. With that, I will now pass the call over to Edouard Boudrant, CFO of FibraHotel, to discuss the financial and operating results of the third quarter. Thank you, Simón, and good morning, everyone. We closed the fourth quarter with 84 hotels opened. The occupancy rate of managed hotels for the quarter was 60% compared to 61% for the fourth quarter of last year. Average daily rate was MXN 1,598, increasing 3.2% compared to the fourth quarter of last year. Quarterly RevPAR was MXN 958, representing a 2% increase compared to the fourth quarter of last year. The Fiesta Americana Condesa Cancún had an occupancy rate of 62% compared to 69% one year ago. The hotel had a net package ADR year of MXN 5,375, and net package RevPAR was MXN 3,303, decreasing 12% compared to the fourth quarter of last year. In USD, as the rate is sold in dollars, ADR was in line from $291-$288, and RevPAR decreased 11% from $200-$177 compared to the fourth quarter of last year. Total revenues for the quarter were MXN 1,270 million compared to MXN 1,302 million for the fourth quarter of last year, decreasing 2%. The total rent collected by the hotel Fiesta Americana Condesa Cancún represented MXN 28 million, which is 2% of the total revenues, decreasing 41% versus last year. During the fourth quarter of last year, the total rent collected was MXN 48 million and represented 3% of the total revenues. The lodging contribution for the quarter was MXN 364 million compared to MXN 402 million for the fourth quarter of last year, a 9% decrease. The margin of lodging contribution for the managed hotels was 25.8% compared to a 27% margin for the fourth quarter of last year. Real estate expenses were MXN 26 million compared to MXN 25 million for the fourth quarter of last year. Corporate expenses were MXN 87 million compared to MXN 74 million during the fourth quarter of last year. For EBITDA for the quarter was MXN 250 million compared to MXN 303 million for the fourth quarter of last year. In terms of EBITDA margins, it decreased from 23% to 19.7%. We closed the quarter with a net debt of MXN 3.9 billion, increasing MXN 229 million versus the end of last year. Gross debt amounted to MXN 4.5 billion, and the LTV is very conservative at 25.3%. As of today, our debt structure is extremely healthy. Only 9% is maturing during the next 12 months. The average cost of debt is 8.8%. USD denominated debt represents 14% of FibraHotel's total debt, 18% at the end of last year, or $34 million. During the quarter, the debt position generated a financing cost of MXN 97 million. The net financial income was negative MXN 77 million, considering a MXN 16 million foreign exchange profit, non-cash item, mainly related to the USD denominated debt. We closed the quarter with a MXN 621 million cash position compared with a MXN 630 million at the end of last year. During the fourth quarter, we deployed MXN 259 million of investment, maintenance CapEx, and repositioning CapEx. MXN 71 million from maintenance CapEx, MXN 64 million for the conversion of the Tijuana Hotel to Hilton Garden Inn brand, MXN 40 million in the Ritz-Carlton Cancún Punta Nizuc Hotel, MXN 30 million in the building in Perinorte, MXN 27 million in the Fiesta Americana Condesa Cancún, and MXN 24 million in the remodeling of the hotels Fiesta Inn Monterrey Valle and Fiesta Inn Monterrey La Fe. For the quarter, our FFO and our AFFO were positive MXN 161 million and MXN 19 million. Please note that in accordance with the distribution policy decided by our technical committee in April, we will pay for the fourth quarter of 2025 a distribution of MXN 0.15 per certificate. Total distribution per certificate for the year will be MXN 0.60, increasing 9% versus last year. At this point, I would like to open the floor for the Q&A session. Simón, you are ready to take any questions. Thank you, Eduardo. To ask a question, please raise your hand or send a message, and we will open your microphone. The first question comes from Felipe Barragán from JPMorgan. Hi, Tonio. Hi, FibraHotel team. So I have a couple of questions. One is on sort of the hotel industry dynamics, what you guys are seeing on the ground. I think we were tracking quite well during the first half of the year, and sort of this quarter, it fell off a bit. So just want to understand, you know, what's your perspective with the boots on the ground? What have you guys seen, overall, across the country? And on that, you know, looking forward, we have the World Cup coming up next summer. Do you guys have started to see some demand picking up, on that, and what can we expect coming, for next year? Thank you. Hi, Felipe. If you want, let me start answering that question, and let's separate it by parts in terms of leisure and business. Your point is correct. During the start of the year, we saw healthy dynamics overall. All year, we have seen a lot of economic volatility, a lot of headline news, and a lot of things going on that really haven't materialized in what we have seen in the demand. What we saw this quarter, and also starting last quarter, is that overall demand has been weaker in the whole country. During the first half of the year, we had very positive results in several of the largest cities, for instance, Mexico, Guadalajara, Monterrey, and we still had a lot of our portfolio that had weaker results, such as the northern border, as well as the oil region, and also the Pacific of the country. As we advance in the year, we also now see weakness in some of these destinations, and these have been helping our portfolio have better growth rates. What we expect going forward is, first of all, this quarter is abnormal because of the cyclicality of the third quarter, and so we are starting to see a little bit better numbers, at least seasonality. They should be better than the third quarter, and we have already some groups in our pipeline that we already see for several of the larger hotels that we have, so the numbers should get better. But overall, frankly, we're still very uncertain in where demand is going to be. We are not very optimistic in the fact that new investment, we haven't seen a lot of new investment or new plants or new factories as we had expected, and so we're still very uncertain in terms of how much demand can pick up more in a more generalized version. In Cancún, it's a very similar situation. We saw a very weak summer, and that is more where the Mexican traveler goes to Cancún more than the international traveler, even though we also saw early drop in the destination. For the first time in several years, we have seen weaker passenger arrivals this year, but again, for what we see in the books for the rest of the year, we have good groups, and we have good forward bookings, so the numbers should improve for Cancún also in the fourth quarter and during the winter. And so what we are seeing in Cancún is we made several investments in the hotel, and we're waiting to see what happens more so next year than the fourth quarter. So it's a long answer, and I'll let Simón complement it, but overall, there's still a lot of uncertainty out there. Thank you, Felipe. Some of you that are in the call have heard our report for more than 12, 13 years. It became public. I will always address the issue at hand, and this third quarter of this year was a surprise even for us, how low September was. It was an abnormal situation. We believe, as Guillermo said, that going forward in the short term, it's going to continue to be complicated, and as a group, we need to say it, and we need to understand it in order to take measures for getting the operational leverage dynamics back. The costs have been going up, so we will have to work on cost control and a lot of things that we're already working on for next year and the end of this year, but the dynamics of both markets, as Guillermo said, are soft at this point. I love, and I am truly convinced of the strategy going forward on the medium and long term, and what we're doing on renovating old hotels, changing the brand, putting money on assets as the Perinorte asset that we're going to turn around, and we're going to, it's going to, now it's not producing anything, all of that, almost MXN 800 million. So we are going into this with a very strong balance sheet, with great relationships with the bank and all stakeholders, and we believe that FibraHotel will appear on the other side with a strengthened portfolio and with a diversification with the Ritz-Carlton Nizuc that will be historical for the company. So we are worried with the results, and we are more than worried. We are active. We are, as a team, doing what we have done before many, many times, and the first one is COVID, and we were the first one to work on this. I am not saying that this is going to be something like COVID by any means, but what I'm saying is that we're taking this seriously, and we will work around it, but the long term and the business formula of FibraHotel remains intact in the middle and long term, and the diversification will make us unique, so hope this long answer by both of us answered your question, Felipe. Yeah, that was very helpful, guys. Thank you. And if you guys have any comments on the World Cup, I don't know if there's anything you guys have seen so far, if there's anything you can add on that. The World Cup, the only thing we know is that Mexico is going to win the World Cup, that we're sure of. Hopefully, hopefully. No, at least it's going to be a very short event for Mexico. We have four games in Mexico, one in Monterrey, and one in Guadalajara. It's going to be very productive as organizers will be here weeks in advance. We're already getting very proactive in getting good rates for those weeks and getting smart about it, so we don't get filled up with lower rates. But it's going to be a very important event for the country, no question, but hotel-wise, it's going not to be a long-term fix. It's going to be very good, but it's going to be very, very short. Great. That's very helpful, guys. Thank you. Thank you, Felipe. The second question comes from Francisco Chávez, BBVA. Hi. Thanks for the call. I have two questions. The first one is regarding the cash distribution that was way above the AFFO per CBFI in this quarter. Do you expect to normalize this in the last quarter of the year, or will you revise downwards the cash distribution for the fourth quarter? And the other question that I have is regarding the ADR. We have seen some slowdown in the ADRs. At the beginning of this year, it was increasing at high single digits, and now it's all increased 3%. Have you seen a recovery during October? Thank you. Hi, Franco. Thank you for your question. So basically, regarding the first question on the distribution, the policy of FibraHotel is to announce at the beginning of the year an annual distribution. So that's a very good point. You're right that the coverage, the AFFO, is lower than the distribution on this quarter, but if you see on the nine first months, the coverage is well above, and we feel very confident that it will be still the case for the whole year. So basically, we do not anticipate that we will change the amount that we will distribute for the fourth quarter. The yearly distribution will be MXN 0.60 per certificate, and for next year, we will take a decision later on. Regarding your second question on the ADR, that's true that, as mentioned Guillermo earlier, the beginning of the year was quite good in terms of demand, with a good impact on the ADR growth. We saw 9.9% during the first quarter, 5.5% during the second quarter, and only 3.2% during the third quarter. The third quarter has been impacted by a very low demand versus what we anticipated, and so it has a strong impact on the ADR. We feel also comfortable that it will increase a little bit for the fourth quarter of the year, which is traditionally the best quarter of the year, but it's true. This year, it's a tough year for the industry. Also, for the whole Mexican economy, it's a tough condition, and we are very impacted. What we are doing for next year to preserve the business, to preserve the portfolio of FibraHotel, we are investing in some select assets in order to save some opportunity. Monterrey to remodeling for the World Cup, and because also Monterrey has a very good trend, and it makes a lot of sense to invest in this destination. In Tijuana and in Mexicali, we had some tier two local brands. It makes a lot of sense to have tier one international brands. That's what we are doing. We will have a brand new Hilton Garden Inn in Tijuana. Until just this year, it was old Gamma by Posadas in Tijuana. So basically, we are taking some decisions in order to see what we can do at our level of asset manager in order to maximize the value of the portfolio and to save some opportunities. Other things that we are doing, for example, in Cancún, Fiesta Americana Condesa Cancún, we feel that we have a very good asset. We have a very good loyalty from the customer base. We want to renew a little bit the experience that we are giving to them with a new spa, with new restaurant, with new activity, and in order to give them something new and to incite them to be loyal to the brand, and the first feedback that we had are very positive, and also, maybe I am talking a lot, but it's important. We are looking at how we can change some operating models of hotels. Last year, we made the conversion of 10 hotels from Fiesta Inn to Fiesta Inn Express. Fiesta Inn Express is a lighter operating model with, for example, no room service, limited food offering. We saw positive results. We saw some increase in some marketing of these hotels. We want to replicate that in more Fiesta Inn hotels. Also, we are seeing some good positive impact in all the investments that we are doing in the energy standpoint. We've put some solar panels in hotels, and we have seen in three to four hotels saving around 30% in terms of the electricity bills. We want to go further with that. It's one of the best use of cash that we have as of today, and also, since August, we implemented a new connection with another electricity provider in two hotels: in Aqua and the Grand Fiesta Americana Monterrey and in San Miguel de Allende. And we will go further to Fiesta Inn hotels in order to have lower rates or lower tariffs versus CFA, and also around 90% of the production of that electricity that we will consume coming from renewable energy. So basically, the reality is the market is tough, but I think we are very comfortable that the FibraHotel team, as an asset manager, is taking the correct decision in order to minimize, in what we can control, the negative impact of such tough conditions. Francisco, just before we finish, I do want to just highlight Edward's first point. The distribution policy is a very strong commitment by the technical committee, by FibraHotel, and by everyone in the company. We firmly believe that it was the right policy, and it is the right policy for today and going forward. When we started it, we were at a distribution coverage of almost two to one, and we expect that over time and as some of these investments and as Nisú copies, we will go back to that. But we are firmly committed to paying distributions, to paying these levels or increasing distributions. It's a long-term commitment by the company, and so I just want to be very clear that there is no question about our distributions or our ability to pay them. As Edouard mentioned, for the year, we still have a high coverage ratio, but we expect it to improve going forward. So I just wanted to highlight that it's a strong commitment by the committee. Thank you. Very clear. The next question comes from José Luis Bessi from Actinver. Hi, Antonio. Thanks for taking my question. I have two from my side. The first one is, can you recall the effects impact that Simón mentioned in his opening remarks? And the second one would be, I think it was already answered, but if you could give a little bit more color about the cost control initiative you are working on or operating partners in your whole portfolio. Thanks. So basically, on the FX impact, we have some FX impact on the debt around less than $20 million gains on the debt that we have denominated in USD, but it's no impact on cash flow. Where we can have a strong impact is in the Fiesta Americana Condesa Cancún because the hotel is sold in USD. The rent that we collect is mainly collected in USD. What we saw this quarter is that the FX impact has not been so strong in Fiesta Americana Condesa Cancún. It's about, for the quarter, we are talking about MXN 5 million of negative because the fixed rate is roughly one peso below the effect that we have in the budget. So as of today, for the quarter, it's not a huge impact. If we see in Fiesta Americana Cancún on the whole year, we are speaking about MXN 10 million. José Luis, just on the ethics points, I do want to highlight that it's not only the direct impact on our results, which Edward mentioned, but I think overall the appreciation of the peso is difficult, at least for our business in the Mexican economy. Mexico is more expensive than some alternatives that some travelers have to come here. And also, many of the manufacturing export industries are also impacted by having higher costs in pesos. So there's a direct impact in our results, but there's also an indirect impact that we have. It's not something we control. We have a match in terms of what we have in dollars and pesos, but it is a headwind that we face today, and we don't know how much we're going to face it in the future. And regarding the cost control initiative, I think it's important to highlight that since the pandemic, we've worked a lot on the operating cost structure of the hotels, and I think we have a very, very lean structure as of today. And so basically, in what we are working on is, for example, as I mentioned, to change some operating efficiencies, operating structure in some hotels, to change from Fiesta Inn to Fiesta Inn Express. We can have some savings. We can also, for example, limit some food and beverage offerings, and that in the past, in some hotels, brought to you some negative contribution to the portfolio. So it's one point. And the other point where there is a lot of opportunity, it's all the energy issues. And as of today, after many, many years of reflection and implementation of that, we are seeing positive results. In some small hotels with the solar panels, we are reducing the bill by 30%, and in the biggest hotels, with this new contract with Suministro Calificado, it took us three years to have the approval of the authorities because, as you know, all the administrative issues from the CFE, the CRE, and all that stuff have been very complicated, but we did it. We started with two hotels this summer, and by the end of the next quarter, we should have around 13 hotels with savings of 10% on the bills, and also, we are working with the operators to see hotel by hotel, place by place, where we can be more effective, but at the end of the day, it's more an issue of demand than of cost. There are no further questions. Thank you for participating in FibraHotel 2025 Third Quarter Results Conference Call. If you have any further questions, please do not hesitate to visit www.fibrah.com.mx or contact us. This concludes today's call. Thank you and have a good.