Good morning, and welcome to GCC's Q3 2024 earnings results conference call. Before we begin, I would like to remind you that this call is being recorded and that all participants will be in listen-only mode. Please also note that a slide presentation accompanies today's webcast. The link is available on the company's IR website at gcc.com. I would now like to turn the call over to Sahory Ogushi, Head of Investor Relations. Please go ahead. Good morning. With me today are Mr. Enrique Escalante, our Chief Executive Officer, and Maik Strecker, Chief Financial Officer. The earnings release detailing this quarter's results was released yesterday after market close and is available on GCC's IR website. This conference call is also being broadcast live within the investor section at gcc.com, and both the webcast replay of the call and transcript will be available on the same site approximately one hour after the end of today's call. Before we begin, I would like to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in yesterday's press release and in our quarterly report filed with the Mexican Stock Exchange. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. With that, let me now turn the call over to Enrique. Thank you, Sahory. Good morning, and thank you for joining today's call. This quarter, we continued to navigate a dynamic and complex demand environment. Despite this challenging backdrop, we delivered a 2.3 increase in EBITDA, resulting in record margin of 40.7%, a 2.6 percentage points improvement compared to last year. The margin expansion highlights the success of our proactive cost and expense management during the quarter, which has bolstered our profitability. As we reflect on GCC's eighty-third anniversary this quarter, our commitment to our long-term vision remains as strong as ever. Guided by our three core pillars: people, profit, and planet, we continue to drive sustainable growth while honoring the legacy that has brought us this far. Today, I will provide updates on how our actions during the quarter align with this strategy. Starting with our people, the first phase of GCC's safety strategy plan is already delivering significant results, with positive trends emerging. By the end of September, we achieved a 25% reduction in recordable injuries over the last 12 months compared to 2023. In the Q3, we further advanced our safety leadership training program and launched a company-wide communication campaign to ensure a unified understanding of our safety strategy. This includes our vision to become a world-class safety company, as well as a deeper focus on our serious injury and fatality prevention, system, and safety norms for all leaders. These efforts will continue throughout the remaining of the year. During Q3, we continued to leverage our GCC Cement Training Institute to strengthen our team's technical capabilities. Year to date, we have dedicated over 9,000 hours of training through 36 courses, including 17 different subjects, led by 5 former GCC experts. As part of our ongoing commitment to employee development, we are currently assessing training needs across all plants and preparing customized plans for next year. In addition, through the GCC Foundation, we have been engaging our employees, their families, and local residents in initiatives to improve local schools, support a children's home, and revitalize parks. These efforts reinforce our commitment to giving back and fostering community engagement. Turning to our profit pillar, we remain focused on maintaining rigorous cost control throughout the organization. During the quarter, we implemented a proactive measure to manage and reduce expenses, ensuring we could respond swiftly to the evolving market dynamics. Enhancing profitability is our priority, and to that end, we have introduced several key initiatives aimed at optimizing our cost structure. First, we have been actively identifying efficiencies in our variable costs with an effort to streamline processes across our operations. By stabilizing these processes, we aim to reduce fuel and energy consumption, which in turn lowers overall production cost. Our flexible fuel strategy continues to be a valuable asset, allowing us to switch fuels across our network based on economic opportunities. In our Mexico operations, we benefited from natural gas prices being 24% lower year to date compared to last year. This adaptability helps us optimize energy usage while managing price volatility. Second, we have intensified our focus on preventive maintenance to reduce the likelihood of more costly corrective actions. This proactive approach not only helped us control costs, but also enhances long-term operational stability. Third, we have implemented strong cost controls in managing labor, overtime, consultants, and other administrative expenses. We optimized our variable maintenance and overhead expenses, and combined with the exchange rate effect, achieved savings of nearly $2 million. Additionally, we benefited from favorable production costs, including fuel, power, and raw materials, which contributed close to $4 million in savings. Regarding GCC's planet pillar, we continue to make significant progress in advancing our sustainability initiatives. A key area of focus is blended cements production and commercialization, where our technical teams are actively developing more sustainable products and processes. This includes exploring innovative materials like natural pozzolan, and implementing the necessary infrastructure changes to ensure performance and durability. As a result, blended cements represented 73% of our total cement sales as of September. In parallel, we are working to reduce our carbon footprint by introducing reliable, low carbon, and cost-efficient energy alternatives in our operations. Our alternative fuel strategy is progressing well, as we explore diverse fuel sources and make targeted investments to increase our fuel substitution rate. At our largest three plants, we've implemented systems to process and utilize new streams of alternative materials, tailoring our approach to sourcing and processing based on the available materials in the region. Thanks to these initiatives, we are on track with our CO2 reduction goal, achieving a 2.5% year-to-date decrease in CO2 gross intensity per ton of cementitious materials compared to 2023. For more detailed insights into our sustainability strategy and initiatives, we encourage you to read our integrated report available on our website. Turning now to an update on our markets. In terms of our Q3 results, U.S. cement volumes decreased by 4.6% and concrete volumes by 9%, primarily due to the impact of high interest rates during the quarter, which continued to affect demand for residential and commercial projects across the industry. Additionally, adverse weather, including flooding in our northern region, led to above average precipitation, creating a low start to the quarter and affecting sales. Based on our Q3 performance and year-to-date results, we now expect concrete volumes to come in below our guidance for the year, as a full volume recovery during the Q4 is unlikely. While we continue to face challenges from high interest rates this quarter, cement demand started to show signs of stabilization and improvement in September. We expect this trend to persist through the rest of the year and into next year as interest rates momentum shifts. Looking at broader market conditions, according to the U.S. Census Bureau, building starts for residential trades in September were down 1% compared to the same period last year. The U.S. housing market remains underbuilt, and we anticipate an uptick in activity once mortgage rates continue to fall, which will translate into growth in commercial projects. Although there is approximately a six-month lag after rate cuts before confidence returns, as I mentioned, we are cautiously optimistic that the recovery is beginning to take shape and will continue to gain momentum as the rate environment gradually becomes more favorable. The oil and gas sector continues to be a strong performer for us in the Permian Basin, where cement demand remains very robust. We implemented a $15 per ton price increase for our oil well clients on July first, which has supported our results. Oil well cement demand is expected to remain strong for the rest of the year, providing a reliable offset to some of the softness in other segments. On the infrastructure side, we advanced several key projects, including the I-90 and Highway 18 in South Dakota, the I-35 in Minnesota, the Missouri River Bridge, and Ellsworth Air Force Base in South Dakota. In El Paso, our work on the item project will continue into next year. Additionally, strong demand from agriculture and renewable energy sectors has contributed positively to our performance. A key highlight this quarter was the restart of the SunZia Wind and Transmission Project, the largest clean energy infrastructure project in U.S. history, which had been delayed for two months. This project is expected to drive volumes through the end of the year and into 2025. Additionally, during the quarter, we began work on a wind farm in West Texas with the same customer. Lastly, in regards to the Infrastructure Investments and Jobs Act, infrastructure demand has remained consistent with normal levels this quarter. Although we have not yet seen the significant demand increase that was initially expected, we anticipate some of federal fundings will come at a time that aligns well with the expanded capacity at our Odessa plant, which is set to come online in 2026. In summary, we believe demand in our U.S. market hit its lowest point in the Q3. However, daily shipments in October have improved by 5% compared to September. As we move into the Q4, our sales will depend on when winter weather sets in and slows construction activity in the regions we serve. Turning to Mexico, demand in the industrial segment continued to be affected by the lack of electric infrastructure inquiries during the Q3, compounded by uncertainty from the election cycle in both Mexico and the U.S. While 2023 was an extraordinary year for the industrial segment, this year we are working on heart of many projects, reflecting a slower pace. On another positive note, the construction of the Terranova substation in Ciudad Juárez that was completed during the Q3, and we will begin operations in the coming months, reducing uncertainty in electricity supply and triggering the restart of several projects that were halted last year. Despite these challenges, we signed two new projects set to begin in the Q4. On a bright note, demand in the housing segment remains strong in Chihuahua and Juárez, with levels 18% higher than in 2023. This segment helped offset the softness in other areas and contributed to a 5.2% increase in concrete block sales. As we highlighted in previous quarters, the contraction in Mexico's mining segment that began in 2022 has continued. In August, one of our mining clients completely depleted its reserves and closed operations. This contributed to an 8.9% decline in cement volumes and a 15.2% drop in concrete volumes during the quarter. Given the continued contraction in the mining segment and the new industrial dynamics in Mexico, we do not foresee a significant change in volumes for the remainder of the year. As a result, we do not expect to meet full-year volume guidance. To conclude, while we continue to navigate some challenges, we're encouraged by the signs of stabilization and recovery across our U.S. markets. Looking forward, the recent decision by the Federal Reserve to begin cutting rates makes a pivotal momentum. We expect this to continue driving demand recovery in the coming months, creating a more favorable environment for growth in our core markets. With that, let me now turn the call to Maik for his financial review. Thank you, Enrique, and good morning to everyone. Starting with our financial results on slide 17. Consolidated sales for the Q3 decreased 4.3% year over year, reflecting decreased volumes. Revenue from our U.S. operations remained essentially flat, despite cement and concrete volumes decreasing by 4.6% and 9% year over year, respectively. Further, this volume decrease was partially offset by our commercial excellence work and by the oil and gas segment, which remains robust during the quarter. Mexico sales decreased by 17.2% year on year. Volumes of cement and concrete sold decreased by 8.9% and 15.2%, respectively, due to continued power supply constraints and the continued slowdown in our mining segment, as we had flagged in our prior quarter's remarks. In addition, the depreciation of the Mexican peso against the U.S. dollar reduced our Mexico sales by $9.8 million during the quarter. Without considering the exchange rate effect, Mexico sales would have decreased only 8.8%. Cost of sales as a percentage of sales decreased 1.6 percentage points in the Q3 to 58.4%, the lowest level in over 20 years, reflecting the success of our commercial excellence work and effective cost management in areas such as fuel, production, and trade. These were partially offset by unfavorable operating leverage. SG&A, as a percentage of sales for the Q3, 2024, reached 7.1%, a 40 basis point year-over-year decrease, driven primarily by the depreciation of the Mexican peso against the U.S. dollar. As a result, EBITDA margin for the quarter increased 2.6 percentage points compared to the prior year's quarter, to 47%, representing a new record in our margin performance. Q3 EBITDA increased 2.3% year over year to $162.1 million. Net financial income was $11.2 million, compared to $9.6 million reported during the Q3, 2023. Consolidated net income for the quarter was $107 million, a 1.5% increase compared to the Q3 of 2023. Free cash flow for the quarter was $121.5 million, a reflection of increased maintenance CapEx and higher cash taxes. This result was partially offset by decreased working capital needs during the quarter and increased EBITDA generation, as I had noted previously. We ended the Q3 of 2024 with $897 million of cash and cash equivalents, with a net debt to EBITDA ratio of negative 0.81 times. To conclude, I would like to provide a brief update on our M&A strategy. During the Q3, we continued to actively pursue value-creating M&A opportunities, engaging in discussions with potential targets in both the cement and the aggregate sectors. We refined our criteria for acquisitions, specifically in the aggregate space, and identified several promising targets that align with our strategic goals. We remain fully engaged in these discussions and are optimistic about the opportunities ahead. With that, I will return the call to Enrique. Thank you, Maik. In closing, I want to express my gratitude for the hard work and dedication of our teams as we navigate the challenges and opportunities in our industry. Despite the fluctuations in demand, we have made significant strides in our sustainability initiatives and maintain a strong focus on employee safety and development, while we continue to increase our margins to record levels. Looking ahead, we are optimistic about our ability to adapt and thrive, ensuring a resilient future for our company and the communities we serve. With that, I will now turn the call over to for your questions. Operator, please begin with the first question. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment please, as we pull for questions. And our first question comes from the line of Alejandra Obregon, with Morgan Stanley Investment Management. Please proceed with your question. Hi, good morning, everyone. Thank you for taking my call, and congratulations on the numbers. I guess I have two questions here. The first one is on profitability in the U.S. If you can help us understand the drivers behind the impressive numbers in the quarter. W hat is structural, what is variable? Anything that can help us understand how much of that trajectory is perhaps sustainable towards twenty twenty-five. So that's the first question. And then the second one is related to perhaps cash distributions, right? So free cash flow is up 52%. You have $900 million in cash. So just wondering how this could perhaps shape the way you think of cash distributions for twenty twenty-five. Thank you. Good morning. Hi, Alejandra, good morning. This is Enrique. I'll address your first question and then pass on to Maik on the second one. Yeah, profitability, U.S. drivers. Obviously, price increases and maintaining the price level has been one of the best drivers in our profitability in the year. Even though demand has, as I mentioned, coming down and volumes have decreased, we have been very effective in maintaining the price target that we had and introducing the price increases that we announced. Just with very few exceptions, with an adjustment here or there, with the customer here or there the price, it's very stable and has been maintained very well by our sales folks. In addition to that, of course, on the cost side, gas prices have definitely helped us there. We have been taking advantage of that gas price, not only on the Odessa plant that runs 100% on gas, but in other plants that have the ability to switch from coal to gas. This is the case of Tijeras, a little bit in Pueblo, Trident, and of course, Rapid City. In every plant, we have optimized and pushed gas usage up to the maximum of the plant capability. Power rates have been stable, and again, there, we are taking advantage of those in long-term contracts on sustainable renewable energy that we're in Odessa and Rapid City. So, and also, the introduction or the putting online the small solar project in Trident, the first phase, but it's fully operational, that's helping us also there. And we're about to finish the second phase before the winter this year. So very good pricing and very good cost control, especially on the fuel and energy. There have been some efforts, of course, in the fixed cost, and we still have some opportunities there to continue going deeper into some areas. And that takes me to your second part of the question for 2025. We definitely think the margins are expected to stay there or even improve with the price increases of 2025, and the rest of the cost improvement initiatives that we have in place. With that, I will switch it to Maik. Good morning, Alejandra, and thanks for the question. Maybe one additional point to Enrique that that's important. I think our logistics optimization, the fact that we're really looking for the lowest cost distribution lanes, you know, has helped us in the U.S., you know, the full utilization of the terminal network. So that's another important element why you see the margins coming in, you know, strong. And we're planning to further utilize that going into next year. On the cash distribution side, you know, as we had stated before, we plan to use, you know, a good level of cash for the growth that we have in the pipeline. You know, the organic growth, of course, with Odessa, which we're financing through our, you know, cash generation. Some of the smaller projects around energy efficiency, alternative fuels, as Enrique mentioned. All those have some cash requirements, and you know, we're in a strong position to facilitate that. And then, of course, M&A. We, as I noted, we're working on a handful of opportunities in both, you know, sectors, aggregates and cement. And for those, specifically on the aggregate side, we're planning to utilize some of the cash position, since those are, you know, smaller mid-sized acquisition opportunities, and that's where we see the utilization of the cash. So in general, that's the focus. As you all know, we have a small buyback program that we're utilizing, very targeted. There, there's a little bit of that, you know, cash utilization there as well. And I guess the last point, you know, our relatively consistent dividend policy that we've talked about also over a couple years. So that's a little bit in summary, where we see the cash utilization going forward. Thank you very much, Enrique and Maik. This was very helpful, and congratulations again. Thank you. Our next question comes from the line of Carlos Peyrelongue with Bank of America. Please proceed with your question. Thank you for the call, Enrique and Maik. The question is related to M&A. You answered part of it, but just wanted to get a rough idea of the size of the M&A transactions that you're looking at. Is this something that there are several small to mid-size, but that can add up to a billion or more? Or just to get a rough idea of what is the size of transactions that you're contemplating? Thank you. Thank you for the question, Carlos. Well, as you, as you all know, we have a very strong balance sheet and a negative net leverage, Maik indicated. So we have a, and, and besides the cash that was mentioned, we have a, a very good capacity to grow without putting them in the company in any, in any, stress, financially. So definitely a $1 billion of M&A is not out of the question. That's very doable, still maintaining a very good leverage ratios. Besides that, I'd like to mention. I'd like to make emphasis on what, Maik mentioned on the aggregate side. On that space, we're looking at a, a series of smaller projects in the pipeline that could materialize in the future. Those are smaller, but as we continue to grow in that segment, those will start adding up, But we're not targeting at this moment, that size of investment like we could do in cement. Understood. Thank you, Enrique. Thank you. Our next question comes from the line of Andre Reis with MFS. Please proceed with your question. Hi. Guys, you are trading at four and a half times EBITDA this year. The last cement transaction we saw in the U.S. came in at least at ten times. Aggregate transactions came in much higher. So how come there anything more accretive than just buying your own shares? If you want to do M&A, then why don't you list your shares in the U.S. first, given that you have over 70% of revenues coming in from the U.S.? You could do that easily. Good morning, Andre. Thanks, thanks for the question. This is Maik. Yes, the valuation currently is, you know, is challenging and disappointing. You know, many of you know, we, we get a little bit the impact there of, of some of the political dynamics, election years, you know, kind of the zip code, Mexico. So, so all of that, of course, plays into this. And yes, the question about, you know, should we consider U.S. and listing in the U.S., has been discussed and, and is part kind of our long-term strategic, you know, thinking and discussion. So, so there is some work that's been done. Regarding the question of a creative M&A, you know, we have been dealing with this dynamic and dilemma for many years. You know, we're looking at this as long-term value creation. Valuations are a reflection of a moment in time. We think with the right targets, with the right long-term strategy, acquiring these companies, integrating them, lifting synergies, as we have shown, you know, kind of over the last couple of years, that's where we create that long-term value, and that should also then help us to lift the valuation. As I mentioned earlier, you know, strategically, where should we be in the long term? That's been part of the discussion as well. Thank you. Our next question comes from the line of Alejandro Azar with GBM. Please proceed with your question. Hi, Maik, Enrique, good morning, and thank you for taking my question. Two quick ones. The first one is on CapEx. I don't know if you already mentioned this. I'm sorry if you did. If you can comment on the pace that you are spending the money, lower than the $470 million guidance. If something is changing on that side, if we're expecting, if you are expecting a lower expenditure or lower CapEx from the Odessa project going forward, or if this is just not paying it this year and paying it in the next two years? That would be my first one. And the second one is related to M&A. It seems that if you can comment on what is your view on the fundamentals of the aggregate business? Because, just from a quick look, it seems that today the aggregates are having, or are enjoying peak profitability levels, also attractive valuations. So you would be entering a sector which is, I don't know if the word's pretty hot. So, what are your views on the fundamentals of that business going forward? Thank you very much. Good morning, Alejandro. This is Enrique, and I will address your first question on M&A first, and then Maik will explain you the cash flow questions. You precisely mentioned that it's aggregate is a very profitable business. So obviously, that's one very important key driver in our strategy to get into that space with more intensity. Yes, valuations are high, but there are plenty of opportunities in that segment compared to cement, and that's one. And within that plenty number, there are a lot of different sizes of opportunities in that space. We're not, as I mentioned, when I answered the question before in terms of the size of the investment, we're not thinking today of a billion-dollar investment, but more a collection of smaller, more mid-markets and rural markets, operations that make sense and can integrate well into our network of cement and plants and distribution. So that's the other fundamental. I mean, there is many family-driven businesses that could be very good targets for the strategies that we are implementing here. Of course, in this business, obviously different than the cement, obviously. W hen you have construction cycles that higher demand and supply, it's much more easily to drive a profitability in this business that doesn't have necessarily the huge fixed cost and huge maintenance CapEx that we have on the cement side. I think it's going to be a good combination for us, including more aggregates in our portfolio. Enrique, one quick one on that front. Let's say if you acquire three smaller assets on aggregates, acquiring the first one, would that immediately benefit, let's say, your distribution network, or you would be able to synergize one plant or one addition of a mine of aggregates? Or you would need a bigger scale in order to improve the figures of each one? Every business that we are analyzing and targeting, it has a good profitability on its own, Alejandro. But obviously, we're looking for connectivity on a sequence of acquisitions that can be connected and create synergies among them. So it's a double effect, but we will not invest in any business that doesn't have a good return by itself. Again, we're trying to do this, as we have explained before, within our footprint, and that's how we want to start in increasing our participation in this business, precisely to take advantage of all those potential synergies, both with integration into concrete or cement with the same customers in the regions we are.... and creating synergies between the different acquisitions that we are planning to link together. Okay, thank you. Okay. Hi, Alejandro. Regarding the CapEx for this year, so our maintenance CapEx, we've guided $70 million for the full year. We are on track to deploy that CapEx. You know, in the Q3 alone, we increased compared to last year's Q3 by almost 30%, the CapEx deployment. So we're very, you know, focused on that to get that done. Regarding the growth CapEx, the guided $400 million, here also we are on target. You know, the combination of that growth CapEx might shift when we settle the year. You know, we had planned certain investments in additional kind of renewable and energy and sustainability-related projects. There is a slight, you know, delay, and some of that will happen in 2025. On the other hand, you know, we have done some better work on the distribution front, logistics side. So that will kind of rebalance. And then, as you mentioned, of course, Odessa is our, you know, key growth CapEx spend there. And there might be in that last quarter, a little bit of timing, mainly driven by some of the payment schedules that we were able to negotiate so that, you know, we're not front-loading all of that growth CapEx. There's a little bit of a, you know, impact on how we distribute some of the tax-related topics there. And then, last but not least, again, as we're chasing some of the smaller, mid-sized M&A opportunities, you know, again, that's part of our growth CapEx focus as well. So overall, we're still, you know, targeting getting as close to that $400 million by the end of the year for growth, with slightly a bit of timing on Odessa that might go into 2025. Okay. Thank you. Thank you, Maik. Thank you. Our next question comes from the line of Marcelo Furlan with, Itau BBA. Please proceed with your question. Yes. Hi, Enrique. Hi, Maik. Hi, everyone. Thanks for taking my question. I have two questions here. The first is related to the guidance for 2024. As you guys mentioned, the cement volumes in the U.S., sorry, the concrete volumes in the U.S. could be below expectations, and also we could expect lower than anticipated volumes in Mexico as well. So I'd like to understand: How is the company seeing the EBITDA growth guidance for this year? Could we still expect the mid-single digit increase on a year-over-year basis, or do you guys have a different view here? So this is my first question. And the second question is related to the oil and gas demand. So you guys provided some details on that, but I would like to understand how are the order books? What have been driving the oil and gas and demand in the U.S.? This would help as well. So that's it. Thank you, guys. Hi, Marcelo. This is Enrique. Thanks for your questions. I was having a little bit of trouble to understand your question, but I think that, you're talking about guidance of concrete, sales both in Mexico and the U.S. And, what we said in that regard is that the volume-wise, we're not going to achieve guidance in either of the two markets. In the U.S., the main reasons have been, we mentioned weather in the quarter, definitely in the northern regions that have been delayed, I mean, projects and, affects, affects also the agricultural side of, of those projects. That has been one factor. The other factor where, obviously, also some wind farm projects that did not take place this year as we expected in those markets. Some of them because of permitting issues, delays in permitting and projects being subject to, I mean, public comment and community involvement and things like that. I think I hear the majority of those have been already addressed and now are going to move forward, but that has resulted in delayed volumes to those projects. And the perfect example is the SunZia project that I just mentioned. So that's basically, I mean, why we're not reaching volumes in the concrete side in the U.S., mostly, I mean, related to weather and renewable energy projects. I mean, El Paso has been very, very good with the I-10 project, and then it's having a good year. And overall, I mean, the results for us internally for the concrete business unit and materials unit in the U.S. are having a very good result when you combine, I mean, everything that we mentioned about pricing and cost controls. But definitely, volume-wise, not getting to the guidance. In Mexico, the same story. I mean, I basically driven by the nearshoring effect of the, the slowdown on the nearshoring projects, mostly in the, in the border, in Juárez for us. And as we mentioned, it's, it's completely related to the volatility and political expectations about elections both in Mexico and the U.S. And we're very, we're, we're very close to the elections in the U.S. now, and obviously, I mean, I expect that during the Q4, I mean, we're going to know more of the, and, and new president policies in that regard, and that, that, that should give us more clarity and hopefully, and potentially a much better business with the continuation of nearshoring. Marcelo, regarding the second question, oil and gas, you know, we are seeing continuous good demand, especially in West Texas, right, in the Permian. You know, we've mentioned that many times before. It's the lowest cost-producing, you know, oil fields, good activity, oil prices in the kind of global context have been stable. I mean, we all see a little bit the tension across the globe and the importance to be, you know, energy independent in U.S. So that's really driving that segment. You know, we're foreseeing that dynamic to continue into 2025. Actually, when you, you know, read the PCA latest forecast, they even forecast a little bit more dynamics in that segment. So it's a, it's a good, stabilizing segment for us. You know, actually, it's a, it's a growth segment for us. So that's why we're very, very optimistic we can maintain the productivity there. And important for us also, when you look long term, with Odessa coming online not too far from now, that's clearly an important element of our growth case. So very, very attractive segment. Very stable. Good growth prospects. Okay. I appreciate the answers here, guys. Thank you. Thank you. Our next question comes from the line of Whitney Vera with Goldman Sachs. Please proceed with your question. Hi, guys. Congrats on the results. Just wanted to maybe ask one more question on M&A. What is the management's view on peak leverage and through the cycle leverage that you guys will be comfortable with? And secondly, on M&A, is there any particular regions that you are looking at which look more interesting? Yeah, that will be helpful. Thank you. Thank you, Whitney. Enrique again. As we've been mentioning, I mean, we will continue to be a conservative company in terms of our balance sheet and our leverage ratio. I mean, we're very comfortable with a 2.5 times net in any investment. I f we have a very good significant project that it's kind of in our core region or that creates a large synergies with our current network, of course, we will be willing to go up all the way up to 3. I mean, subject, I mean, obviously, always to have the conversation with the board and that. But we think that they will feel comfortable in this range, depending on the project. In terms of the regions, our strategy has always been to try to continue growing, I mean, our current network. But as we have said in the past, I mean, given the lack of enough opportunities or evaluations that are too high multiples, we have already opened up, I mean, our strategy to grow in the U.S. in other regions. We've already tried that. We've been in discussions this year with another company in a different region. We are completely, I mean, open to look for opportunities anywhere in the U.S., hopefully less inclined to the coast and the seawater import markets. But including that effect, as long as we can create a long-term system, I mean, we're open to look at it. That's from the cement side. On the aggregates, we're definitely, I mean, starting, I mean, or putting more emphasis on starting within the region where we participate today. Again, as I mentioned before, to make sure that we can create synergies that other, I mean, prospective buyers could not have, I mean, compared to us. Thank you. Congrats again. Thank you. Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Ms. Ogushi. Thank you, everyone. We appreciate everyone taking the time today to join us and for your interest in GCC. We look forward to speaking with all of you soon. Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.