Hello, everybody. I'm Demian Siburu. Let me introduce myself as well, briefly. I'm the global supply chain leader for Genomma. I'm 52 years old. I'm Argentine. I'm an engineer, specialized in industrial engineering. I have an MBA. I worked for P&G for almost 28 years. I work in different operations. I work in manufacturing, logistics, planning, customer service, purchases, and engineering. I work in many countries as well, not only Argentina, from I'm coming, but as well in U.S., Venezuela, Brazil and Chile as well. I have experience in many different categories, but I want to highlight the ones related to Genomma: personal care, healthcare, and blades and razors. First of all, I want to say to you guys, welcome. Welcome to our site. Welcome to Toluca. Since I'm saying this because this is our home, our house, I want to highlight the way I see we are building up this house. Let me start with a solid base. First of all, you have seen this, we have top-notch technology, definitely. Now we have experienced and passionate people. Again, definitely. The last one, we have available installed capacity, especially in OTC and in personal care. Having said that, I want to explain to you guys the cannons that are gonna help us build up this house. The first one is manufacturing IWS. We're gonna be implementing this. What is manufacturing IWS? This is the integrated work system that is kind of the manufacturing culture that we're gonna be following. It's kind of religious. Okay? You follow that. It's pure discipline, it's based in two concepts: zero losses and defects and full accountability and ownership from our people. As well, it has progresses in the time, today we're seeing this as well as an end-to-end approach and sustainability and digital in the system. This is critical for us. As we speak, we are starting the process, it's gonna be critical, especially in the way we are performing or managing our assets in the plant. The second one, we need sales. No, we need more production, definitely. Having said that, we are expanding our formats, especially in OTC. Today, we have the licenses and as well the GMPs for Mexico, only for solid and semi-solid. We are in the process in oral liquid, in topical liquid, and coating. We're expecting news in the coming months. As well as expanding formats, the other thing we're doing is accelerating the transition of the transfers from our maquiladoras third-party manufacturing to us. Here, as I said, from our manufacturers, from Presa Langosta, that is a small site as well, owned by Genomma. As well, we are opening the door to do vertical integration and in-house operations. What I mean here is, for example, as we speak, we are doing bottle blowing in our plant. Just at the back, there is something brand new. It's not only we are bringing production here in terms of finished product, but as well, we are expanding our concept to materials in a way of integrated vertical integration. The last one is we are as well expanding the scope. We see how to gather, how to bring more production to this site. In this concept, we are following three elements. The first one, we want to be a competitive export agent for Genomma, especially in Andino, in Andean countries, especially in Central America. We're gonna be competing against the third-party manufacturing guys producing locally for that countries. For that, we need to be competitive. We need to keep reducing our costs in order to be able to keep growing in terms of production. Also, we're thinking of switching the way we are seeing our opportunities, and we are thinking of doing external maquila. I'm talking about producing for others in order to fill in the capacity I share with you guys that is available now. Finally, this is a big lab for our innovation. Given all the capabilities we have, this is a perfect place to help our friends in marketing and sales and test new innovations for the business. What about the roof? What are the expectations in the coming years? Let me start talking about efficiency. Efficiency, the way I see is, it is the way we manage or perform our assets. To date or last year really, 2022, I would say that our efficiency was around 50%. This is not a good number, but a number that is in line with a plant that is starting up. I'm coming, as I said, from Procter & Gamble. Let me tell you, this is typical in the year one or year two in a startup. This year, we're working hard, and by the way, we have pre early news, good news. We are aiming to be in 70%. I'm expecting some of the operations even higher than that number, especially SueroX. Next year should be 80, and I'm expecting 85%. That 85 is a magical number, really. This is the excellence number. Happened to be in P&G, but I know in all the other companies like Unilever, Mondelēz, et cetera. That's the target number, 85. That's excellence in manufacturing. I'm expecting that in 2025. I was talking about the efficiency that is related to the machines. Let's talk about people, productivity. This is an index we use that is related with this money that we are generating behind people, okay? I don't want to get into the details of the number, but see that we are doubling that number next year. Our productivity is gonna be doubled in 2024 and keep progressing in 2025. On top. Oh, by the way, all of this just to make it happen, that we're gonna be delivering the 250 almost or 350, this is the range we're aiming to, in our margin points BPS. By having this plant, we have on top other benefits. Because of the plant, we have better regularity controls. Because of the plant, we are gonna have less inventory. Because of the plant, we are gonna have much better customer service. Let me show you how I'm seeing the growth, you know. If we consider this site, how much of the global sales we are producing here today? The number is 5%, but next year we're gonna be doubling that number. It's gonna be 10%. We're working hard for making it happen to 30% in the next years. The long-term target is 60%. Why not 100%? Definitely, in some cases, we are not gonna be that competitive, especially, for example, in SueroX. It's gonna be hard for us to deliver good cost, logistics cost to Argentina and SueroX, for example, okay? On top, in some countries, we have some barriers in terms of tax or protection. We believe that 60% is a good number we can achieve in the mid or long term. Given that we're gonna be growing our production numbers, at the same time, and this is a commitment, we're gonna be lowering our inventory. Definitely. Why? This is a more reliable operation versus our maquiladoras. This is much more flexible. There's no lead time, okay? I don't need to wait for the product coming into our warehouses, cities or distribution center. We are gonna have all the inventory in the same place, much better. Splitting inventory means more inventory to the system. Concentrating inventory, much better, definitely. Of course, given that we have this plant, we can go for the just-in-time approach. How I'm gonna be measuring this plant and how I'm gonna be measuring myself? I'm not gonna get into all the different variables, but let me share with you the main five buckets that we have. In the first one, I need to help as operations growing sales. The way we're gonna be doing that is service, improving service. There you're gonna see many different measures. At the top, I'm highlighting which for me is the most important. fill rate is a opportunity here in Genomma, as well, there are other things that we're gonna be monitoring and following, as well as forecast accuracy on time, service measure by customer, et cetera, et cetera. The second bucket, how I'm gonna be helping the margin, growing the margin? The answer is reducing cost. That's why we're gonna be monitoring costs, as well, different elements. Not only at the plant level, not only in manufacturing, as well in logistics and some others like scrap, et cetera, et cetera, et cetera. Per bucket, I need to help in the way we're managing our assets, cash. In the case of manufacturing, cash is inventory. Given my team in purchases as well as account payables. These are two main variables in which we're gonna be helping the system in cash. As I said before, huge opportunity in inventory. No excuses given we are gonna be growing production. The fourth one is organization. It's critical in manufacturing, have a good and healthy organization, okay? At the end of the day, everything happens because of our people. We're gonna be monitoring different variables related specifically about organization. Finally, fundamentals. QA, safety, regulatory, all of these should be on the focus and are gonna be measured. All of us, all my team, myself, we're gonna be measured based on all these elements. The same structure is going down all our people to the whatever technician we have at the floor. Having said that's my part. I think that the Q&As are gonna happen at the end, no? Yeah. Jorge, please. Gracias. Buenos dias. Bon dia and good morning. We are gonna continue in English just because we have a few people connected from different parts of the world right now. That's why we're trying to accommodate to everybody. Welcome. Welcome to our house as Demian says. It's a pleasure for me to see you here after having seen you in many meetings in the last four years, in conferences, in dinners, in lunches or Zooms or whatever. It's outstanding to see you together here at our house for the first time. A house that saw the light for the first time just 18 months ago. This is a baby. This is a baby house. As Demian explained that, we have high expectations in terms of how we expect this baby to grow to become a child, an adult and an experienced adult in the near future. Today I want to stress in this opening just two quick things that you're gonna see during the next hour and a half or more or less. The first one is the team, the Genomma's team. Genomma's team is here. You'll see on the table three familiar faces plus mine. These four people that have been part of the team in the last almost five years will continue being the team. Will continue being behind what's happening in the company. We are changing a little bit some roles because some of us get bored of what they were doing. They are gonna do something different, new, interesting. At the end, the four of us will continue behind the wheel here. In addition to this team, we have also other people from the company connected today that are watching and listening. We have a great team from the plant here. You see Demian represents a great group of people that are responsible for the future of this site. Many of you asked me in the last four and a half years, Genomma is the first time that it's gonna develop a plan that is risky. We have doubts, et cetera. Yes, it is true. Genomma is new to this manufacturing world. However, the team we have is of the similar level and experience of any of the teams you can find in any multinational in Mexico. No difference. I'm a witness of that because I participated in the hiring of several of them too, of course. The second point is the continuity in the strategy of the company. What Marco is gonna present in the next few minutes is a perfect complement and continuation of the strategy that you guys have been listening from me and Tonio mainly in the last almost five years. We have worked together to develop this new phase, the new era of Genomma, you see that we are being very aggressive for what is being expected in the next few years. As I said, it is a perfect continuation of the famous pillars that we've been telling you about in the last few years. I want you to keep that in mind while you listen to Marco. Let me show quickly what we have in the next, as I said, 70, 80 minutes. Number one is being done, and I'm gonna leave in a minute, Rodrigo with you that wants to say hi also to the group. Marco is gonna talk about this strategic framework that I just mentioned that is ideal, perfect continuation of what we have done in the last few years. You'll see the drivers, you'll see the focus, you'll see the expectations that we have behind this new era. Tonio is gonna wrap up, telling us about some of the financial key topics that are always very interesting behind that plan, of course, reminding us of some of the achievements of the last few years. Rodrigo is gonna highlight a few things from a strategic standpoint that we want you to take home with you in the next, as I said, next, 60, 80 minutes. With that, then let me just leave Rodrigo with you so that he can say hi to you guys. Well, first of all, thanks everyone. Thank you for being here. Thanks to all the analysts, all the investors and every single person that put this day together so we all can be here. Thank you, Tonio, for all the effort and also Jorge. I want to say hi to many familiar faces that I haven't seen in some years, but I'm very happy to see them again. Just to tell you a little bit about where we come from. Every time that I come here to the factory, to the plant and to the distribution center, I remember 27 years ago when I was starting packing the products what is Asepxia right now in my father's garage, and we're putting the product together, and we're, I mean, crazy about, you know, the supply chain and the cost. The same things that Demian just presented, we had the same problems 27 years ago in a different scale. Just seeing what it's now, I feel, I feel very committed, and I feel very thankful for the team and the people that have done this possible. Looking forward in the future, I was seeing yesterday, I believe, that Bimbo bought a company in Romania, I believe. I was thinking, wow, you know, it's amazing because one of the things that you saw in the video and that we have here and we're planning to bring school kids and to give them a tour, and they can prepare, you know, some body lotions and take to their moms and explain every single day to hundreds of kids what we do here and the potential that this industry has. I remember when I was a kid going to Bimbo and doing the tour in their, in their factories, and that's why we brought that idea here. More than that, I see Bimbo as a company that is an example. More than the products that they sell that some of us might not like and some others may like. I mean, how do you create a company that it's, I believe, in 38 countries with that, you know, with that power and with that drive? It's only with one thing. It's not with products. It's not adding extra sugar to the, to the, you know, to the, to the rolls. It's with people. People comes with a power culture that it's underneath what really it's what you see. This is the purpose of Genomma in the future. It has been in the past. I wanna thank... Well, Tonio, I thank Tonio for putting this together. I wanna thank Jorge for all these years that you did an amazing transformation, and he encouraged so much these values of how important people is. Also thank Marco for these many years that you have been in the company doing a great change and looking forward for what you are going to do also in the future. We want you to go ahead and tell everybody the plans that we have in the future. Thank you, Marco. Thank you, everyone. Impressive. It's amazing. I have tears in my eyes. I'm really impressed for what we have done as a company in such a short period of time, only 25 years of existing. This is a first world-class company. I am. No, no. You'll get yours too. I am extremely excited. I am extremely happy for the huge upside potential that Genomma has for the coming years, for four reasons. Number one is that over the past 25 years, this company was able to build three sets of capabilities that combined make this company unique, differentiated. I will talk about this in a second. This business model works. Let me just name a few examples, very recent. We launched Grooming in Chile, and in one and a half years, we took five points of market share from Gillette. Nobody does that. In Colombia, we entered the analgesics category. Everybody knows that entering the analgesics categories, you don't enter with a brand from scratch. You acquire a brand. It's a very tough category to compete. We launched our brand from scratch, X-Ray. In less than two years, we are the number three player in the category with seven points of market share. The business model works. Number three, we're cheap, we're obviously undervalued. It's a very good time to buy our stock. When you look at, you know, when you combine the fact that we have a business model that is unique, that is differentiated, that nobody else have, and that it works. When you look at our market shares, when you look at OTC with only 5.4 points of market share and 3.7 in personal care, just imagine what the potential is for the company in the coming years. Before we get into the discussion of the plans, I want you to keep in mind two words. Write them down or keep them in your mind. Number one, focus on the core brands. Number two, productivity, and we'll get back to that point in a second. Now, for the past 25 years, Genomma was able to build three capabilities. Number one, our consumer communication model. It's a unique model, it's very flexible, very agile. Let me give you a few data points. We are 1.5 million minutes on air, digital and TV every year. We create from zero, from scratch, 1,700 spots, and we do this in just three days. It takes us three days to create one spot from the creative idea to putting the spot in the air. For our competitors, that's a process that takes between 6-9 months, and we do it very effectively. The cost for us to do one spot, the budget is around $10,000, give or take. For our competitors, that's 300,000+. Number two, our geographic footprint. Today, we operate with fully owned operations in 20 countries. We have a team, as Jorge mentioned, that is at the level of the best. I've worked for 19 years at P&G. I use P&G as a benchmark. I believe that P&G is benchmark in terms of developing talent. I can tell you, after eight years of working at Genomma, that's today, we have as good or better team than P&G and all of our competitors. It takes us six months to roll out an initiative that is successful in one country to the other 20. We can launch a product in Mexico and roll it out in six months to the balance of the markets. That's a competitive advantage. Our competitors, that's a process that normally takes more than three years. Lastly, the go-to market, which I personally created, implemented, and led for the past eight years. We have today a go-to market that is at the level of the best in the region. In some cases, probably better. You might be thinking, "Yeah, you know, all of our competitors, they have this." You're right. They don't have the three of them together. Let me take you through some examples. Let's take, for example, Quala. Quala is a fantastic, very successful Latin American company, Colombian. They have a consumer communication model that is probably comparable to ours. They have a go-to market that is very strong, very comparable to ours as well, but they don't have the footprint. They operate in only three markets in Latin America. We operate in 20. You can go all the way to the extreme and take the Colgate, the Unilever, and the P&G and Bayer of the world. We can go through the three capabilities that we have. They obviously have the go-to market. They are very good. They have been doing this for 100 years. They have, obviously, the footprint. These are global multinational companies, but they don't have the consumer communication model. What makes Genomma unique and what makes this company such a threat for our competitors is the combination of these three things, and I will show you in a minute how it works. Before we do that, let's talk about what you guys are here to listen, which is shareholders' value creation. The first point is, I am personally committed to deliver on the 2024, 2025 targets that Jorge and Tonio have already shared with you several times in the past. My signature is behind those numbers, MXN 20 billion and 24%-25% margin EBITDA. Consider it done. Now, what's new? What you should expect under my leadership going forward? What's going to be different? What's new? two things. Number one, very intentional focus on the core brands. We're going to sell or divest the non-core. This will allow us to get our management and our resources, like GRPs, go-to market, to really focus on the brands that are proven to work and where we compete in very large categories. That will allow us to get, accelerate our top-line growth. We have a plan that we have already worked over the past few months, where we believe that we can add on top of MXN 20 billion, another MXN 10 billion in top line growth behind this strategy. The second piece that you should expect going forward is one word, which is productivity. Productivity is going to become a core part of our culture. Is going to be embedded in everything we do. We have already worked a plan that I am going to share with you in a few slides, where we are going to be delivering MXN 1.8 billion in productivity savings. You're probably thinking, by when? The answer is, I still don't know. I have been officially in this role for two weeks, three weeks, maybe now. The plans are there. We have been working on these plans for many months. I will be telling you the date in the months to come. It's not going to be 100 years, okay? You'll see more on this in the next when we touch base in the quarterly calls going forward. In summary, my commitment, my signature, my name behind the 2024, 2025 targets, MXN 20 billion, 24%-25% EBITDA margin. What's new? What you should expect, what's going to be our language going forward? What are we going to talk about in every quarterly call is two things: top line growth on core brands, categories and productivity. That's it. Very simple, very powerful. Let's get into core brands. We're gonna talk core brands and then productivity at the end. Let's get into core brands. When you look at this chart, go back to 2009, 2010, okay? In the chart to the left. What you have is a much smaller company, where 62 brands made up for 70% of the sales at that time. Fast-forward 2022, what you get is a much larger company, and where 18 brands make up for 70% of the sales. Let's analyze this for a second before we keep moving. If you go back to 2010, 2009, what you have is a very complex company to operate, massive amount of SKUs, very difficult to create scale, to negotiate with suppliers, very difficult to handle cash, inventories, very complex, you know, slow turnover, SKUs, high inventories, a lot of cash invested, and manufacturing, extremely difficult. You know, lower volume per SKU. A lot of SKUs you have to stop, change the packaging, the labeling, very costly. The whole supply chain is a nightmare, right? What you have today, it's more in line what you should be expecting in an accelerated way going forward. It's a much simpler company. Fewer brands, today 18, you should expect that number to keep going down. More decent management of the operation. Easier to handle the cash. We're starting to have scale. We can now negotiate hard. I'm gonna name a few examples. We can now negotiate really hard with suppliers, with customers, 'cause we have leverage, we have scale. Manufacturing, now we can have a plant, and this is one of the plants. We have another plant in Presa Langosta. We're integrating vertical processes. Like Demian said, we couldn't have done that in the past. You should expect, as Demian mentioned, this plant to continue to be filled with product, cost keep going down. Cash, when you talk about inventories, when you have fewer brands with higher turnover, cash is more efficient, inventories are easier to manage. That's the kind of company we wanna have down the road, okay? When I say focus on core brands, You picture the idea. That's the direction we're taking as a company. Okay? Let me take you through the exercise that we ran, that we went through to decide which are going to be those core categories and those core brands. When you look at this chart, and we did this exercise for personal care and then for OTC. When you look at this chart, what you see is in the X-axis, like, you see a score. It's a score that basically says how high or low are the probabilities of Genomma to be successful in a specific category. When you go all the way to the right, you see categories where our probabilities of being successful are really high. If you go to the left, you see categories that our probabilities of being successful are lower because of category knowledge, barriers of entry, Capex investment, et cetera. Okay? In the Y-axis, what you see is the category size. You'll see that the categories we have chosen are very large categories, above $1 billion. The size of the bubble is the category margin that the competitors normally make on average in these categories. For personal care, we have chosen hair care, isotonic beverages, facial skincare, blades and razors, and body care. Then we are analyzing some care. Those are going to be the core carriers. That means that the brands that we have that competes in these categories are going to be core. The brands we have that compete in the categories more towards the left are non-core. Same exercise for OTC, exactly the same thing. Here you will see categories like analgesics, cough and cold, derma, OTC, infant nutrition, et cetera. This is going to be our focus going forward. We have proven models that have proven to be successful in each of these categories. We're going to focus all our resources, management, GRPs, go to market, everything behind our brands in these categories that are very large categories where we have already proven to grow share and where margins are attractive. That's it. That's what we're going to do. Okay? For the ones of you that are asking, how are we going to add another MXN 10 billion after the MXN 20 billion? This is how we're going to do it. This is preliminary. As I said, we're working on this. This is work in progress. These are the building blocks. Okay? You're probably thinking, I mean, PowerPoint and Excel spreadsheets and futuristic projections are very easy. Yes, you're right. It took us, like, an hour to do this. It's very easy. Now what I am going to try to do is I'm gonna try to get you to believe in what I'm saying. I'm gonna show you real-life examples of the things we have done behind this model over the past years. Hopefully, after we go through these examples, you will truly believe what we're talking down the road. Let's start with Tío Nacho. Go back to 2016, 2017. Nielsen wasn't even adding Tío Nacho in the scorecard, in the share scorecard. Our competitors didn't even look at Tío Nacho. We had no respect. Very small brand, nothing. What we did, we created a product, a fantastic product with an incredible formula. For the ones of you that have tried the product, you will agree. Fantastic packaging. A concept, a consumer concept that is winning, that goes in line with the global trend, sustainability, natural products. Okay? What we did, we put it through the funnel. The funnel we created behind consumer communication, go to market, and footprint. Like a machine, okay? We put that through that machine and look at what we have done with one brand in just five, six years. We created a brand, if you look at the chart on the left, that now our competitors, they do look in the nation share scorecard. They are scared of us. We are a threat. If you look at the category leader, which you all know which one is, there's markets where Tío Nacho is getting really close. We're talking brands here that have been in the market for more than 100 years. This is a brand that in only six years is getting really close to be the category leader. Additionally, look at the size of the category, $2.5 billion, just Latin America. We're talking Latin America here without door-to-door, just exactly where we compete, $2.5 billion. Only three points of market share. Imagine what the future looks like for a brand like Tío Nacho. All we have to do is to continue to do what we have been doing. This is a fantastic example. Look at this brand. Go back again to 2016, 2017. We were nothing. Didn't exist. Peanuts. Last year, we sold almost $100 million. In how many years we did that? Four, five, six, whatever. A $100 million brand we created in five, six years. We created a consumer concept that is a winning consumer concept that goes in line with the global trends of high hydration, eight ions, no sugar, no calories, fantastic packaging, great flavor, great product, and we put it through our funnel. Consumer communication, go to market, and footprint. That's what you get, $100 million brands. Again, look at the category size, $1.9 billion. Look at our market share. 2% or nothing. Imagine what the future looks like for SueroX in the coming years. The most exciting news about SueroX is that most of this business, most of the $100 million that you are seeing here, it's only done in Mexico. Imagine what we can do if we expand this successful product to the markets where we operate, that we have already started. We launched in Chile in 2021. Guess what? In one year and a half, we get to 18 points of market share in Chile. We're competing against the big ones here. We're competing against Gatorade, Powerade. Those are our competitors. We got to get to 18 points of market share. This is public information. You can check it. We launched in the U.S., very successful launch, mostly focused on California and Texas, and now we're expanding to the rest of the states. Very successful business, growing, fantastic acceptance by the consumers. Right now, in the past two months, we have launched in Peru, we have launched in Brazil, we are launching in Colombia in the coming months. We're launching in Ecuador. We launched in Central America at the end of last year. What should we expect? Again, great consumer proposal through our funnel of consumer communication, go-to-market, and footprint. That's how it works. I was having a conversation with a guy from Reckitt in Brazil, like four or five years ago, and we were talking about this category, analgesics. He said Reckitt will never, ever try to launch a brand in a category like analgesics. It's crazy. No one does that. If you wanna compete in analgesics, you have to buy, acquire, M&A. It's impossible. Look at what we have achieved. Again, you go back to 2016, 2017, and we were nothing, okay? Here's three examples. Tafirol in Argentina, where we are the number one analgesic brand in the category, and by the way, number one OTC brand in the market, period, with Tafirol. Aliviax that has been in Mexico for a number of years, number three player in the market. The most impressive example that I wanna share with you is this X-Ray Colombia. We started from scratch. Nothing. We were nobody. In two, three years, we are the number three player in the market. You know what? Really close to the number two. I think these guys are going to be number three in less than 12 months, and we're gonna be number 2. 7 points of market share in analgesics. We are a brand that we created from zero. We put it through our funnel of consumer communication, go-to-market, and footprint, and that's what you get. Whoops. This is what I mentioned at the beginning. Look at, I think this is a very illustrative example of what this company is capable of doing. We launched a brand from scratch. Nobody knew Grooming didn't exist, and we registered Grooming, like, two or three years ago. We didn't have a packaging, we didn't have a product, nothing, zero, okay? We created this from zero, winning product proposition, better performance than our competitor, winning consumer proposal, consumer concept. We launch in Chile. In 1.5 years, we take 5% from Gillette. Now they're scared of us. Skincare. Skincare is a, also, as you see, very large, actually the largest category where we compete, $2.5 billion in Latin America. We are already a very decent player with 8% of market share. It's been a challenge. Over the past year, we get, you know, Cicatricure growing, and then you get Asepxia declining, and then you get Asepxia going back again, we launch Teatrical, and it works, but Cicatricure doesn't. We kind of been stagnant for the past four, five, six years. The plans we have going forward, I am extremely confident that will allow us to actually get to that, to those, 10 points that we're putting as a target there. Again, we're not doing something different here. It's we're thinking about a winning consumer proposal and putting it through our funnel of consumer communication, go-to-market, and footprint. That's it. That's what we're doing. To build more credibility, I wanna share with you what we're doing in the U.S., which is a market that has been a question mark for many years. Right now, I can say very confidently that the upside potential in the U.S. is huge. two, three years ago, we completely re-engineered our business model in the U.S. It took us like around a year to implement it, now it's working. We've grown last year almost 20%. Yeah, you might say this is just one year, but I wouldn't be sharing this with you if I would believe that this is just one year. At the start of this year has also been very, very strong. We're seeing very strong performance. In the U.S., we expect to get to the $90 million this year, and then rapidly we're gonna be approaching $100 million, $150 million. Okay? How are we doing this? Again, we're focusing on fewer brands, core, where we know we have business model that works. SueroX is a fantastic example. It's becoming the number one brand in the U.S. It's selling like crazy where we are. Tukol also fantastic brand, performing really well, selling 120% more than a year ago. Cicatricure and Silka. Importantly, you know that in the U.S., e-commerce is very important. 10% of our sales in the U.S. market we do through e-commerce already. Look at the reviews for Cicatricure and Silka, and we're number bestseller for Amazon and Amazon's Choice, so working really well. You should expect a very strong performance in the U.S. going forward as well. That's it for core brands. I talked like, you know. Message here for you guys to take home. One is full commitment from myself on the 2024/2025 targets, MXN 20 billion, 24%-25% margin EBITDA. It has my signature. What's new? Down the road, what's going to be different under my leadership in the coming years? It's focus on the core. Sell, divest the non-core. Accelerate top-line growth. Hopefully, those MXN 10 billion that I am presenting on top of the 20. Hopefully these examples helps illustrate and build more credibility on what we're trying to do here. Okay? Now let's talk about productivity. We've for the past months, we've worked on a plan that is very concrete that will allow us to get MXN 1.8 billion in productivity savings. Some of this money is going to go against the 2024/2025 targets to get to a 24%-25% EBITDA margin and more. Let me take you through the building blocks, five areas. I'm going to share with you some examples here, so you have a better taste of what I'm talking about. Well, the plans that's pretty obvious. I'm not gonna spend more time on that one. Vertical integration is a very interesting one. So before, in the recent months, we have integrated in the plant, blowing and injection. We took one of our suppliers that was scattered throughout Mexico, we're transporting air, okay, basically, which obviously is very expensive. We were duplicating expenses because, you know, you have all the machinery in their plant, okay, duplicating fixed cost and what we said is, "Let's integrate both of our companies." They moved to San Cayetano, they moved the blowing and injection machines, and we were able to lower the cost by more than 50% on the bottles. We're working similar projects with our suppliers. Product cost, this is a huge one. Let me give you an example. Today, we have 23 cardboard suppliers. 23, okay? We're working in a project that I am personally involved in which we are doing several things. Number one is we gave all our packaging to three suppliers, and we told them, "Give us a proposal that is a lot more cost-effective without losing the consumer perspective." Okay? Take in mind that, you know, this is a marketing company. Rodrigo founded this company with 100% of his mind thinking on the consumer, marketing, communication, and most of our packaging today is really thought behind a marketing strategy and not manufacturing because we were not manufacturers. Imagine what the potential is, the potential of savings there. Okay? We told them to get back to us with a proposal, and we reviewed several proposals in the last weeks. We're gonna go down from 23 to one suppliers. We're gonna manufacture the entire packaging for all our markets with that supplier, and we're going to re-engineer the thickness of the cardboard, the type of cardboard, the inks that we're using for printing the cases, and so on. I expect to get anything between 30% and 40% cost reduction just in packaging. We're doing exactly the same thing with bottles, with PET. We have today, like seven PET suppliers, and we're gonna go down to only one. If you look at the thickness of the bottles, you guys used this a few minutes ago. The formula is fantastic, but the packaging. When you look at the packaging, it's very thick. We're using a lot of PET here that we shouldn't be. I think we can go down in bottles like this, like, you know, to 10% or 20% of what we have this in material, and create a huge amount of savings there. We've done the exercise with SueroX, and I will share that with you in a second. SG&A, this is twofold. Part of the savings will come from cutting out everything that is non-productive and that doesn't have a decent payout. Then the other piece is by focusing on the core, okay? On the core brands and growing top line, we expect to maintain most of those costs fixed, almost fixed, and productivity will come behind that, okay? Then go-to-market, we're looking at everything. We're looking at negotiations with customers, we're looking at expenses, the cost of doing business in general, serving our stores, customers, and we expect another MXN 400 million there, okay? That's how you get to the MXN 1.8 billion in productivity savings. Lastly, let me share with you two examples, again, to build credibility on what I'm saying in terms of productivity. This is just Vanart bottle. We took the product, we cut the cost of this product significantly, massively. We basically did packaging re-engineering. We negotiated with supplier. We reviewed our formula, and we integrated the blowing processes here in San Cayetano. We got to save almost $5 million a year just by doing that. Simple. SueroX, it's another example. As I said, we looked at the thickness of the bottle. We went down from 33 to 27 grams. We integrated the blowing process of the PET bottle here in the plant. We're looking at other products like the caps, but that's what we got already, MXN 130 million in saving. This is like $6 million-$7 million a year. Just if you add only these examples, only Vanart and SueroX, you add up 230, almost MXN 230 million. Just in two brands. Just Mexico. This is just Mexico. Only two brands, only Mexico. More than $10 million in savings. Just imagine the opportunities we have if we take a look at this for all the brands in all the markets where we operate. Okay? That's my plan. Okay? To summarize, I will say it again, my commitment on the 24/25 targets. Second, what's different, the core pillars of the plan going forward, focus, really intentional focus on core brands. I think you got the benefits of doing that. Second, productivity. Very simple, very powerful. Okay? Finally, before I pass it on to Tonio, this is probably a question that all of you have by now, right? What to expect going forward in 2023. One, we have the expectation with proven results in the 1st months of the quarter, Q1, that we can deliver double-digit growth in basically, not all, it says all, but basically all the markets. We have markets like Peru that, you know, everybody knows it's going through a difficult political situation there. We are struggling a little bit in Chile, especially in skincare with our friends from dermacosmetics. In general, if you look at the large markets, the U.S., Brazil, Colombia and Argentina and Mexico, we do expect to deliver double-digit growth. That means grow share in general. It's impossible to grow share in all the brands, in all the SKUs all the time. In general, you should expect us to grow share and to grow ahead of inflation in these markets. When you look at the report currency, the peso, okay? Well, that's a big question there. It will depend on what the central bank decides to do. If they keep the rates at the 11% that they have today, the peso will continue to strengthen. If they keep rising rates, like the U.S. is going to do, you know, the peso will probably weaken a little bit. I don't know. Our forecast is made with a peso of MXN 18.6. Yesterday the peso was MXN 17 something. Okay? As long as the Mexican peso, super peso, how they call it, continues to strengthen, our reporting numbers will go down. Okay? Right now, I am keen to say that we should expect based on the current reality, something in the mid-single digits, but I don't know. It will really depend on the Mexican peso. Okay? Lastly, this is a very powerful question out there, I know, which is EBITDA. I will repeat what I said. We will get to the 24%-25%. Okay? We are going to get there. I have the plans. It's very concrete. We know how to do it. It's going to be on an accelerated pace. You're gonna see a slight improvement in 2023, and then a more accelerated improvement in 2024, and then a higher and more accelerated improvement in 2025. The biggest reason behind that, I think is pretty obvious, is the ramp-up of process of the plan that it took us more than what we would have wanted. Okay? Unfortunately, not everything depends on us there, but we are going to get to the 2024, 2025. It's just going to be a curve like this. Okay? There's gonna Q&A, so we'll answer those after Tonyo's presentation. Thank you. Thank you, Marco. Thank you everybody who came down here to Toluca. Thank you to the 114 people that are either connected or here with us. We have people in New York, Boston, London, Edinburgh, São Paulo, and in Asia, Vietnam. Thank you for staying late. It's 1 A.M., a little bit more than that. I'm gonna be brief. I'm gonna try to be brief because obviously there's an important section that Rodrigo will share with everybody and obviously Q&A. Let me talk about four topics. The first one, Marco introduced this a little bit, it's Forex, the context that we're facing. Number two, just a reminder of our results from our strategy. Basically, we're gonna review the past four years. Talk a little bit about financial leverage and capital allocation. As Marco was explaining, you know, obviously the strategy that he shared with us is very important and we don't control Forex. From a local currency perspective, our businesses are very healthy, growing very fast. Yeah, there's the super peso. The super peso. As long as we have the super peso, there's two effects. Number one, in our consolidated financials, when we translate results from our international subsidiaries, we're gonna get less Mexican pesos as long as this situation stays. Let's see how long that stays. Number two, there's another impact, which is whatever we export from Mexico to those subsidiaries, they will have to pay more in terms of their local currency because the peso has strengthened. This is gonna be just in the short term. In the midterm, as Marco was saying, we're gonna be negotiating with suppliers. As the peso is stronger, all of the imports of APIs, raw materials, et cetera, will also be cheaper in Mexican peso terms. You know, let's talk a little bit about Forex. You know, this is the exchange rate, the number of pesos that we need to buy one US dollar. What is the reason behind this? Or what is the impact? Let's start with the impact. If we compare Q4 2021 versus 2022, the Mexico peso strengthened 5.2%. What's gonna happen in Q1? We don't know. At least we know today that it has strengthened even more, almost 9%. Almost 9%. The Mexican peso was MXN 17.97 just couple of minutes ago. What is driving this situation? The interest rate differential between Mexico and the US. As we know, investors decide where to allocate their investments, their money. As you can see in this chart, once that differential increased significantly, a lot of inflows, foreign inflows came into Mexico. That's what's happening. The reason for that, as I said, is that the TIIE or CETES is significantly higher than the T-bill. More than 7,500 basis points of difference. Look at that difference. How long is this gonna be there, the super peso situation, we don't know. Let's look a little bit of history. Let's look at the past. Let's look at the past three sexenios. Okay? 2006 to 2012 to 2018, and 2018 and so on. Let's see that interest rate differential, how does that look like? This is how it looks like. Okay? If we say, you know, when it goes beyond 6.5 percentage points, how long does that last? Well, in the past, it didn't last much. A month during three different occasions. Right now, it's already been three months. How long is that going to last? I don't have a crystal ball. I don't know. This is the long-term perspective. Right now, yes, there is the super peso. Right now, the super peso is gonna be a headwind in terms of when we report the results of our subsidiaries. I don't think it's gonna last forever, okay? If you are making investments, you need to look not only about what's gonna happen next week, but in the long term. The super peso will be there for a while, but I don't think it's gonna be there for long. More important, show me the money. What happened with the strategy? What happened with the results of Genomma over the past four years? This is something that all of you requested. Consistent growth. Consistent growth of almost double-digit, 10% CAGR in terms of net revenues. It's not only about the top-line growth, it's also profitable growth with a positive flow through. It's 11% CAGR in terms of EBITDA. Consistent. Look at the graphs. This is on an annual basis. Obviously, between the quarters, there might be some volatility, but on a yearly basis, consistent growth. Let's talk about Capex. Those of you, many of you were in our last investor day in New York, 2017, we said, "We're gonna build a plant." This is the picture that we showed. Okay? This is what we showed, and this is what we have today. You had a chance to see it, to see the magnitude. These are the Capex investments that we did over the past few years. As you can see, 2022, you know, it was finishing it. You've seen it. It's very little what it's required for the future. It's basically maintenance Capex that Demian requires, a little bit of innovation, but it's not significant. What that brings us is positive growth in terms of net operating cash flow. We know cash is king, and cash is growing. We don't have much significant Capex for the future, so that's positive. In the future, productivity is very important. Marco shared with us this example of SueroX, you know, MXN 130 million savings in terms of productivity, and it's real. You've seen it. You've seen the line. In this graph, we are comparing the unit cost of SueroX that we used to have with some co-packers, some of which don't work with us anymore. Some other co-packers, we still work with them. If you see, the unit cost is closer, very close to what we are having today at the plant. Again, our plant is the most efficient producer of SueroX. SueroX is a first example. Demian show us this productivity, efficiency vision for the future. Obviously, it's very technical, he did a great explanation, I'm not gonna get into that. The challenge, of course, was we need to scale it up for more productivity. SueroX is the first line. We need to do it with the other lines. For Personal Care, it's more on us. For OTC, we still rely on some government authorizations, that's the challenge. Now let's move on to financial leverage. In terms of financial leverage, we have been able to deleverage the company, even though we have made significant Capex investments over the past few years, from almost two times net debt to EBITDA to 1.4 times today. As we all know, and thank you, we have HR Ratings and Fitch here. Thank you for upgrading our credit risk rating for Genomma. We are now at a AA+. Those fixed income investors for which are here, as you know, we just filed yesterday with the CNBV. We just filed yesterday all the documentation to issue two new long-term bonds to refinance the Cebures that matures in August of this year. Here are some examples. We've been very successful with the issuance of long-term bonds and also in terms of commercial paper. In commercial paper, we have a credit rating of F1+ from Fitch or HR+1 from HR Ratings, which are the highest. We also received a new loan from the IFC, and thank you to the Inter-American Development Bank and to the IFC, who is also present here, by the way. Thank you for visiting us again. It's a MXN 60 million loan, 6-year term. It's the first ever multi-currency investment that the World Bank does in the pharma industry in the world. From a financial perspective, things look great. Obviously, the interest rate TIIE, I don't like TIIE the way it is today. Nobody does. The super peso is a problem, the higher it is, the more interest we pay, the less Net Income, you know, it's. It is what it is, okay? We have to live with it. We live with it so that we will continue trying to deleverage the company. In terms of capital allocation, we promised that we would do buybacks, and we did. More than 30 million shares were bought back last quarter. We also promised dividends back in 2017, and we've paid MXN 800 million of dividends last year and MXN 400 million at the end of 2021, and that will continue. That will continue. We want to reward shareholders not only with a cash dividend. As we announced in the Q4 earnings release, the board is proposing to the shareholders in the next shareholder meeting to cancel 28 million shares. That's going to increase the share price as well. Last news, which is something that is very positive and we promise we will be back, and we are back at the IPC index, La Bolsa. This was just a recent announcement from S&P. With that, let me pass the microphone to our chairman, Rodrigo Herrera. Thank you. Thank you, Antonio. Thank you so much. Well, first, I want to tell you something that it's very surprising for me. I was born in 1968. In 1976, I remember being eight years old and seeing my father and my family, like, in shock because the peso devaluate went from MXN 12.50 to MXN 25. In 1982, again, I think it went from MXN 25 to MXN 50, it was just like the biggest disaster and crisis. I remember in 1994 that it went from MXN 3,000. From MXN 12.50 to MXN 3,000, we erase the three zeros, and it went to MXN 6,000. And at that moment, my family, like, lost everything. And very... You know, it's very interesting how I never thought that we would be complaining about a very strong peso right now, but, you know, you never know how economies will develop. Well, let me tell you. I have two very important commitments. First is the people that work in the organization, and second is the creation of shareholders' value. This is something that we're planning to do one way or the other, and let me walk you through a little bit how we're planning to do this. First of all, in align with the strategy that Marco pointed, we are focusing in doing core brands and doing mega brands. As you can see here, you see Aliviax, you see Tafirol, X-Ray, BioElectro. The look and feel of all the brands across all the territories are going to be like one brand. That makes really see multiple things. The TV commercials, the point of sell material, the communication, the key visuals, everything makes very simple. Although there are some regulatory issues, and also there is some brand equity of certain particular brands, all the look and feel are gonna be across the main categories. Let me walk you because one of the things that we're gonna do is we're planning to in the second part, in the shareholder value, we're planning and we explore the possibility of divest some of the brands. Here, you're familiar with these numbers. Here are some of the multiples in the transactions of what these categories are value. As you can see, the average in the past years, it's been 16.3 times EBITDA. This means that there is a lot of value in the brands themselves, much more. Now, this is the typical case where the sum of the parts is worth much more than the whole thing. We want just to convey with you that there is a great possibility that we are going to divest certain categories. This is why. The most important thing that we have in this company is the people, and the most important thing to create that people and that culture of people are the values, and this is the main thing that we're gonna focus. Most of these brands, we create them from scratch, like Marco said. We're focusing. As you saw, we had 80 something brands, and we had less than half of the revenues that we have right now. Now with 18 brands, we're doing two times the revenues. What is this? It's the energy and the focus that we put in that brands. As we see how the M&A dynamism is going and how the old... And all the acquisitions are going, we have obviously been out of M&A for multiple reasons. One, I think we have learned in the past that we can create those brands, we can create those environments to compete. The second one is because they are very expensive. I mean, just the multiples that the some of the companies are willing to pay are just crazy. I mean, we only look at, like, the teasers, and then we have never passed to the second or third round of the multiples that they are paying. These are for you to know basically the some of the transactions that I'm sure that you're familiar with them. And we know, as Marco mentioned, that there is, like, low-hanging fruit in other categories. In the categories that we are now, but there are some others, like in OTC, as he mentioned, in probiotics, in multivitamins, categories that if we dive deeply into those, we can create a lot of value again. Here are some examples of the beverage industry and the multiples. You can, you know, do certain math with the... For example, Sueros. This is, you know, how active these categories are in terms of M&A. This is the main categories that we have. Last year, these were our net revenues. These are the categories where we're gonna do something like what we show you, that all the brands, if they differ from country to country, they're gonna be with the same look and feel. They are really gonna feel like one brand. This is just some value excluding, this is important, the MXN 3.7 billion of others. This is some of the value that we might be interest if the time is right, besides some others that we're also planning to divest, to focus in greater categories. We are going to bring shareholders' value to the company. That's something that is a fact that we're gonna do one way or the other. The other thing that is the most relevant and more important for me and for all of us, is that we want to make of Genomma, like the example that I said about Bimbo as a great company with a great culture, that they are able to conquer markets as a Mexican company in 38 countries. We're in 18, 20 countries, and we're planning to do the same with a very strong culture, with very strong Mexican and Latin American people be able, with that philosophy of competition, of empowering, of communication, of hardworking, because that's one of the things that it differs from our culture. A lot of the companies, you know, these great places to work, they're saying, "Oh, it's a great place to work because you don't need to work, like, one day a week or two. Then, you know, it's very flexible." No. Here's gonna be an amazing place to work because we're gonna be winning and we're gonna be competitive. That's all. I really, I really appreciate for all of you to come here, for all the people that is connected in different countries, and do expect a lot of things from Genomma in terms of what you heard today. Just as Marco said that his signature, and I took note, it's in that MXN 20 billion in 2024, 2025 EBITDA in the next couple of years, you can have my signature as well that we are gonna create amazing environment so all the people really want to work in a company like Genomma, and that we're gonna create shareholders' value because at the moment that I When I took when the company public, I committed, and that commitment is very strong, and we're gonna do everything to achieve the main goals that we have. You have my signature behind those two things. I remember the one that Marco, also all of you. Thank you so much, and thank you for being today in the Genomma day. Thank you so much. We're running a little bit late and there's a... Well, there are... We will probably have 10 minutes for Q&A. Obviously, on the one-on-ones that we have or in the conferences, we are going to London next week and to the other conferences soon. There's gonna be chances to answer more questions. I don't know if that's... Si. Vidal Lavin, from BlackRock. I want to congratulate you for that factory and for organizing this event. I'm personally positively surprised. I want to thank you for your presentations or for your valuable time with us. In Mexico and in the world, every time, there is a more demanding client in quality, in price, and in time. I have two questions. The first one is, what is missing internally and externally as a regulated industry, for giving these investors also every time more demanding, the final delivery, no? Return on equity is close to 13%, 10-year bond is also at 10%, and net earnings for Genomma Lab are the same five years ago or eight years ago where they peaked. The second question is related to the good news of coming back to the Mexican index. That means more passive money coming to Genomma Lab shares. Do you also expect active investors will overweight your share? Thank you. I'm going to take some of the financials and questions, then I'll pass the microphone to Marco. Regarding net earnings, there's two aspects that we don't control. PA, obviously, with higher interest rates, we pay higher, a lot of MXN go there. The other aspect is, we have a subsidiary in Argentina, and there's a line there that says, "Results of inflationary effect or the repo, those of you who know the BONDES." That's a non-cash line. That's an accounting line. If I was an investor or an analyst, I would take that into consideration for the Net Income calculations or comparables versus other companies, because again, that's a negative and it's non-cash. Regarding promoting the company with active investors, that's what we do. That's why I said we're going next week to London. There's a number of conferences there, not only in New York, in London, also in New York, in other places. That's what we're gonna be doing. I think that you've seen the results, I mean, you know, four years growth in terms of top line, bottom line, et cetera. That's what we are doing. Obviously, it is up to the investors to decide whether this is the right investment or not. What we are doing is we're putting our money where our mouth is. We bought back shares. We will continue buying back. Obviously, we have a commitment of paying dividends. If I could, I wouldn't pay them because I would buy more shares instead. We committed to pay dividends. Okay. We're gonna pay dividends, we're gonna do buybacks, and let's see what happens with PA. I think the future is very positive, as Marco describing the strategy. There's also a number of new avenues for growth and value creation that Rodrigo just shared with us. It's up to everybody to know when it's a good investment. For us, it is, and that's why we're putting our money where our mouth is. Marco. Regarding the first question, the plans are there. I try to be as transparent as I could on what we're expecting going forward. Backwards, I think we've with this, we did the best we could have done. The pandemic, we didn't have that in the forecast. It was very difficult, two years, 2020 and 2021. Supply chain was a disaster all over the place. Consumption in some categories went down dramatically, in others went up. you know, the past is what you have, what you just mentioned. I think that, now it's just a matter of focusing on the plans we have for the future. I will be personally updating you on the progress in those two pillars of growing core brands and productivity every quarter. Hopefully you feel more comfortable with us in the future. Joaquin? Yeah. Can you hear me? Joaquin and Alvaro next. Okay. Can you hear me? Yes. Okay. Thank you for the presentation. Just, I wanted to clarify some things. Maybe I'm mixing concepts here, but in one slide, you showed that by 2024, your plant is gonna be at an efficiency rate of about 80%. Okay? At that same time, by 2024, it's gonna be satisfying only 10% of your product needs. Okay? How do I reconcile those two numbers? If by 2025, we reach a 25%, 24%-25% EBITDA margin with maybe 20% capacity utilization, or not capacity utilization, but satisfaction of product needs, and in the longer term, we reach 60%, what kind of margin could we expect then? I think what, when Demian was mentioning the 80%, I think he was referring to the, to the lines that are running, because we have many of our lines right now are not running at full capacity. I think he was mostly referring to SueroX and probably the shampoo, right? Yes. I was referring in general total plant. This is efficiency of the lines that are running up to date. This is not capacity utilization. Okay? Of course, as you said, having more scale and having a good efficiency, we're gonna be multiplying the production we can make. On the margin, the numbers that I shared that are coming directly from the plant, those numbers are calculated based upon the transfers of the products that we're going to be manufacturing here. Okay. We're not, the rates of total volume, total company volume manufactured in San Cayetano is the same as we had at the beginning. Okay. Yeah, Marco, let me just complement that there's one uncertainty which is the regulatory permits, you know? One thing is talking about personal care and in that regard, we are the ones to blame if we don't deliver, okay? There's no permits, there's no regulatory constraints there. You've seen the lines, you've talked with the team, you've seen they are operating. The scale-up is something that is part of the plans. As part of the vision, it's there. Pharma, that's a different issue because we still depend, we still rely on COFEPRIS and the other authorities to take that to the level that we require. There's a little bit of uncertainty there that, you know, we don't have the crystal ball. Okay. I don't know. Were we able to answer your question? Yeah. Yes. No, no, I get. Right now, what I presented in terms of productivity savings coming from San Cayetano. In part of Marco's presentation, he didn't go into that level of detail because obviously we didn't have time, but there's other productivity initiatives that we're gonna start and that we're gonna do, and that we're gonna try to get those savings, trying to offset the super peso, whatever macroeconomic crisis may happen in Latin America or anywhere, because we want to keep delivering consistent growth, consistent profitable growth and generating cash flow. We presented the macro headwinds just to explain a little bit of what happened in Q4 and a little bit of what's happening so far in Q1. There's more productivity that we need to identify and execute so that we get more savings, and we get to the 2024, 2025, or even more if we can. It's a little bit conceptual. Alvaro? You know, Joaquin had my first question, sort of the roadmap to the 60%, but I'll ask two other questions. You emphasized people a lot throughout the presentation. I was wondering if incentives have changed, if management incentives have changed on the compensation front to align to sort of this new reality on focusing on core brands. Two, if you could quantify maybe the divestments. That's new to the story. I was wondering if you're prepared to quantify maybe X many brands or $X many that you'd expect to see from those sales. Let me take the first one, please. Compensation has already been changed. All our core management team is 100% aligned to three variables. Actually, the compensation plan is divided into short-term and long-term, but both are aligned to three variables: top line, EBITDA, and cash. To actually get to the bonus, you need to deliver on the three targets, and then there is a bonus that is annual, and then there is a second that is in stocks that it's for a 3-year target. We are all in this company 100% aligned on the 2024, 2025 targets on the long term, and then on the short term, we are aligned to deliver the top line, bottom line, and cash. The... Your last question about, you know, if we have quantified, you know, the potential value creation from some divestitures, it's hard to quantify, and it's not that we want to sell our brands. We love our brands. We love SueroX. We love our products. It's just that for some reason, the market is not, at this moment, maybe that's gonna change, is not realizing the full value of the company. By selling one brand, one category or maybe two, people will say, "Oh, come... Oh my God, there's a lot of value there that we haven't recognized," and we would monetize. We're business people. We want to maximize shareholder value. We are shareholders, you know. A lot of a big part of the team are shareholders as well, and that's what we want to do. That's something that it's new, yes. As Rodrigo explained, it's something that maybe in the past we were not willing to do. Today, maybe we would consider doing that if the valuation is right, and that sets an example of look at the value, at the intrinsic value that Genomma has because they saw one or two brands and look at what they did. After that, as Rodrigo explained, we're gonna build new brands, do new things like we did with Groomen. Okay? I mean, who would have imagined that a company, a Mexican company would be competing against, you know, the big players in razors? Now, those who have switched to Groomen, they never go back. Okay? That's. It's a great question, but it's hard to answer. Last question from Antonio. Hi, thanks for your time and the presentation. My question is regarding the U.S. You mentioned that you reconfigured the business two, three years ago. What should we expect going forward in terms of maybe expanding to new geographies, maybe working with a third partner, something like that? Thanks. You mean a third party in the US or? For distribution. In the U.S.? Manufacturing. The, our go-to-market in the U.S., we basically cover all the large pharmacy and food and grocery retailers. We don't have the need for third parties in that regard. For SueroX, that's a different story, okay? For SueroX, we are working currently today with third-party distributors because it's for us, it's almost impossible to reach the millions of stores, convenience stores in the U.S. That's basically what you should expect. Well, thank you. Thank you, everybody, for joining us. This is your home. We wish everybody a great day. We wish that you keep on drinking SueroX and consuming our products. Thank you, those in London, New York, Vietnam, Tokyo, Toronto, Frankfurt. I mean, Daniel gave me the list. It's a number of places. It's 114 people. Thank you, everybody, and have a great day.