Greetings, ladies and gentlemen. Thank you for joining Genomma Lab Internacional's second quarter 2025 earnings conference call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. As a reminder, this meeting is being recorded and will be available for replay from the Investor Relations section of Genomma Lab's website following the call. I'll now turn the call over to Christianne Ibáñez, genomma lab's head of Investor Relations. Please go ahead. Thank you and welcome, everyone. On today's call, I'm Marco Sparvieri, Chief Executive Officer, and I'm Antonio Zamora, Chief Financial Officer. Before we get started, I'd like to remind you that the remarks today will include forward-looking statements, such as the company's financial guidance and expectations, including long-term objectives and forecasts, as well as expectations regarding Genomma Lab Internacional's business, assets, products, strategies, demand, and markets. These statements are subject to risks and uncertainties that could cause actual results to differ materially. They are also based on assumptions as of today, and the company undertakes no obligation to update them as a result of new information or future events. Let me now turn the call over to Mr. Marco Sparvieri. Good morning, everyone, and thank you, Chris. Turning to second quarter results, Genomma Lab Internacional's second quarter sales grew 0.5%, or +5.5% when excluding Argentina, reflecting a significant Argentine peso depreciation and a weak beverage season in Mexico. Worth noting, the company's profitability remains solid. We delivered a +4.4% EBITDA growth, with a +89 basis points margin expansion to 23.8%, driven by our ongoing productivity program. Genomma Lab Internacional also delivered continued momentum across the P&L, although net income was impacted by hyperinflationary accounting adjustments following the -18.8% Argentine peso depreciation, coupled with a lower inflation. Pro forma net income increased +16.6% when excluding these non-cash effects. These profitability levels and a seven-day improvement in cash conversion cycle drove a +64% free cash flow increase, reaching MXN 2.7 million in the trailing 12 months. Our business remains healthy, with 67% of our sales maintaining or gaining market share and 75% of our sales outpacing inflation. The following graph shows a -2.4 degrees Celsius drop in average temperatures during Mexico's peak beverage season, significantly impacting isotonic category performance in the region. In this context, Sueroz maintained its market share and outperformed the category, with sell-out down -4% versus a -20% year-to-date category decline. This slide outlines our traditional channel expansion across markets. Specifically for the Mexican market, we have accelerated our distribution expansion plans to mitigate weather impacts. Genomma Lab Internacional opened 30 new routes in the Mexican Northwestern region, targeting higher temperature areas, and plan to open a total of 120 new routes nationwide over the next 12 months, with an expected ramp-up period of 18 to 24 months. The next chart shows year-to-date performance by business unit in Mexican pesos. Despite a challenging beverage season in Mexico, the beverage division continues to drive growth, with market share gains in Latin America and expanding U.S. distribution. Personal care grew mid-single digits, led by the Asepxia relaunch and increased hair care sales. OTC performance was impacted by hyperinflationary accounting from Argentine peso depreciation, with analgesics most affected. The next chart presents year-to-date performance by country in local currency. Argentina is growing in line with inflation, supported by continued market share gains in Evo 400, Strength, and Sueroz, while lapping a tough comparison from last year's Tafirol 1 gram subsidy. Most LATAM subsidiaries are in positive territory, except Chile, which remains a challenge. In the U.S., Hispanic consumption is disrupted, and we do not expect the markets to recover into growth this year. The next graph shows a sequential gross margin improvement supported by a favorable sales mix and manufacturing cost efficiencies. Gross margin has expanded plus 6.6 points over the last couple of years, a testament to the impact of our productivity initiatives and manufacturing capabilities. The next chart shows a steady sequential EBITDA margin, with a plus 3.9 points expansion over the past couple of years, supported by our ongoing productivity program. Looking ahead, we will continue to execute our growth projects by reinvesting excess profits and cash while maintaining a 24% average EBITDA margin. The following chart highlights our acceleration momentum down the P&L, with EPS significantly outpacing sales and EBITDA growth, achieving a plus 19% CAGR over the past five years. This is resulting in a higher free cash flow, where we have reached a 67% CAGR over the past five years, while returning a healthy dividend to our shareholders. Cash conversion cycle reached 115 days, a seven-day improvement driven by a four-day reduction in receivables and a 10-day decrease in inventories, following the rollout of our inventory buildup post-beverage season in Mexico. A decrease in days payable reflects the company's transition to in-house OTC manufacturing in Mexico. All this efficiency has resulted in a much better ROIC, a central variable for our leadership team. In the chart, you can see the evolution of ROIC over the past four years. Our current business model is delivering 1.4 times more value for every invested Mexican peso than four years ago. ROIC will remain a key metric throughout investments in growth projects. As we enter the second half of the year, we want to provide visibility into our year-end 2025 expectations. Ongoing effects with headwinds and related hyperinflationary adjustments are expected to bring full-year sales growth to near zero. Q3 is likely to be the weakest quarter, with a projected single-digit contraction. We expect the Argentine peso to reach the maximum depreciation allowed by the local government, which would significantly impact quarterly sales. Despite this, we remain confident in sustaining profitability, targeting an average 24% EBITDA margin for the year. As new routes ramp up, distribution expands, and product relaunches advance, we expect gradual growth in 2026, keeping us on track toward our mid-term double-digit sales growth target. Our ongoing productivity program will continue to support our 24% EBITDA margin throughout this transition. Our capital allocation priorities remain focused on reinvesting excess profitability and cash into the core business, with MXN 500 million in CapEx projected for year-end 2025. Investments will fund the commissioning of the new Sueroz production line, our new plastics plant, and the expansion of the central warehouse. CapEx is expected to increase in the second half of the year, with no additional needs anticipated for 2026. These projects are designed to support long-term growth. The company plans to maintain its MXN 800 million annual dividend in quarterly installments, with the excess cash allocated to strategic buybacks to enhance total shareholders' return. Let me now provide more detail on the initiatives underway to gradually improve sales growth. We remain confident in the company's long-term potential. Momentum is building, and the outlook is compelling. First, some historical context. Following a high-growth post-IPO phase, the company faced significant profitability challenges. Current management led a deep operational restructuring, during which sales remained flat as strong financial and operational controls were implemented. With these foundations in place, the company reignited profitability growth throughout expanded go-to-market productivity and new manufacturing capabilities. Today, we are entering a new growth chapter, our iconic products phase. Our growing market share still has significant room to expand across the large categories where we operate. As this chart shows, our current shares remain small relative to category size, highlighting the opportunity ahead. Sustained gains will require a competitive focus with a strategic edge. I would like to highlight the key competitive advantages that Genomma Lab Internacional is leveraging to drive sales growth. Our edge lies in three areas. Firstly, on Genomma Lab Internacional's capability to develop iconic products. Secondly, on its speed to market and agility to adjust to market feedback faster than the competition. Thirdly, on an impeccable execution in the point of sales, underpinned by a culture of excellence. As we sharpen our focus on growth, we are doubling down on these trends. For 2025-2026, we have laid out a clear roadmap for brand relaunches and innovation, centered on clean, healthy, high-performing formulas in minimalistic aesthetic packaging with fewer, more impactful messages. This slide shows a glimpse of the future state of our portfolio, reflecting refreshed brands and improved value proposition. We have already begun with Asepxia. The brand was relaunched in Mexico with improved formula, refreshed design, and expanded positioning from facial acne treatments to full-body daily care. Leveraging our speed-to-market capabilities, we executed in just seven months from development to shelf. Execution was strong. Asepxia moved from a pharmacy niche to general soap aisle, with increased shelf presence, in-store media support, and a price point well below category leaders. The relaunch continued to scale in Mexico, with Brazil set to follow next year. This graph highlights Asepxia's sustained post-relaunch sell-out growth. Green bars represent weekly sell-out in the current year, while the gray area shows the prior year. In Q2 2025, Asepxia achieved 27% sell-out growth in Mexico and 15% year to date. In skincare, we are elevating our portfolio with EWG-verified clean formulas that prioritize organic, natural-derived ingredients. Our new formulas will eliminate parabens, sulfates, and fatty acids, featuring hypoallergenic fragrances and embracing vegan, cruelty-free solutions. Our multi-step routines aim to enhance visibility and expanding shelf presence. In our premium skincare brand, Cicatricure, we are aiming at delivering targeted solutions for two distinct growing segments: Gen Z and 45-plus customers. Based on our EWG-verified clean formulas, we are launching a skincare routine for Gen Z using probiotics and organic restorative activities, providing a natural, hydrated glow with a microbiome-friendly formulation. For 45-plus customers, we are launching a multi-benefit line, catering to a more mature customer's desire for efficacy and simplicity, with clinically inspired benefits, lifting, firming, and skin tone evening. In our affordable skincare brand, Theatrical, based on our EWG-verified clean formulas, we're aiming at democratizing high-end skincare. We are launching a line of single-active serums featuring hyaluronic acid, glycolic acid, niacinamide, snail mucin, and collagen, a strategy that taps into the growing ingredients literacy trend, empowering consumers to mix and match for personalized results. This strategy aims at positioning our brand as clean, transparent, and science-driven, while offering an accessible price point, making premium cosmetics available to a broader audience. Additionally, we are introducing a new size that will fit the affordability demand in the traditional channel, leveraging our go-to-market capabilities. In our premium hair care brand, Tío Nacho, we are repositioning from a specialized treatment to a daily clean, three-step hair care routine, using EWG-verified clean formulas and leveraging the brand's existing natural ingredients. This strategy delivers the best cosmetic performance and cleanest daily hair care solution in Latin America's mass market. Additionally, we're introducing new Tío Nacho sizes that will fit emerging channels such as hard discounts and clubs. In OTC, we are advancing with clean formulas and aesthetic packaging. We will expand our cough and cold portfolio with new pharmaceutical forms and functions, while strengthening our gastro line with probiotics, and enter the high-potential sleep aid category. This slide shows the full portfolio under development for our upcoming sleep aid launch, leveraging the strength of the Dalai brand. We currently hold registrations for a 2026 launch of the herbal SKUs formulated with valerian, passiflora, and melissa. Additional submissions for melatonin, magnesium, and lavender are underway to support future portfolio expansion. As we advance our product launches, we are seeing strong momentum in OTC registrations, with submissions since 2023 now nearing approval, further strengthening our innovation pipeline. We expect to bring our relaunches and innovation to market in just 10 to 18 months, underscoring the organizational agility that sets Genomma Lab Internacional apart. This agility allows us to act as first movers, identifying emerging fragmented trends and translating them into accessible, mass-market solutions, capturing consumers' demand ahead of competitors. Finally, our proven point of sale execution will be critical to turning this strategy from planned to measurable success. As we navigate microeconomic headwinds in 2025, we remain sharply focused on executing our growth initiatives. The team is energized by the potential of our new iconic products phase and fully committed to delivering on our growth ambitions. Before handing the call to Tonio, I want to thank our team for our focus and dedication, and I want to thank our investors for your continuous trust and support. Please, Tonio, go ahead. Thank you, Marco, and good day, everybody. On a consolidated basis, Genomma Lab Internacional reported net sales of MXN 4.676 billion pesos, representing a 0.5% increase year- over- year, or 0.3% on a like-for-like basis, which obviously excludes our hyperinflationary subsidiary. The quarter's performance was negatively impacted by an 18% depreciation of the Argentine peso against the Mexican peso, coupled with a soft beverage season in Mexico, a trend that many of you are likely aware of. Affecting these headwinds was strong sales growth in Brazil, the Andean cluster, Central America, and the U.S. Excluding Argentina, this is very important because we're going to be talking about hyperinflationary accounting effects. Excluding Argentina, second quarter net sales increased by 5.5%. As we all know, under IFRS accounting standards, IAS 29 and IAS 21, the results from Argentina from the first quarter must be restated using the standards in order to express the financials of this subsidiary using the value of the Argentine currency as of June 30, 2023. The inflation during the second quarter in Argentina was just 6%, while the devaluation of the Argentine peso versus the Mexican peso during the second quarter was 18%. The gap between inflation and devaluation in this country implied a negative accounting impact as a result of the restatement of the first quarter of Argentina. Again, it's important to highlight that if we exclude Argentina and all of these hyperinflationary accounting effects, all of the other countries that are based on stable currencies reported a top-line growth of 5.5%. On a consolidated, and by the way, if anybody wants to look at how the mechanics work, let me remind you that we published a white paper back in the first quarter of 2023 that you can review in case you want to follow the math that may be useful for anybody who's interested in understanding this hyperinflationary accounting effect in Argentina. Going back to our consolidated results, EBITDA margin reached 23.8%. That's up 89 basis points or 4.4% year-on-year improvement. This reflects ongoing gains from our company-wide productivity initiatives and manufacturing cost efficiencies. Additionally, a favorable sales mix also contributed to the margin expansion. Net income for the second quarter totaled MXN 355 million pesos. That's a 43% decline year over year, primarily due to non-cash forex and non-cash inflationary losses related to our monetary position in Argentina. Again, it is worth noting that the main driver of the decline in net income comes from items that I will explain in a minute. As the Mexican peso appreciated against all currencies between March 31 and June 30, a non-cash, non-operational, non-extrapolable, and non-recurrent impact was recorded in our P&L. This is the result of translating the balance sheet of the international subsidiaries. The currency trend that you saw there with the U.S. dollar was also mirrored across several countries where we operate. Obviously, the most significant impact was seen in Argentina. If we adjust on a pro forma basis for all of these non-cash and hyperinflationary effects, the pro forma net income grew 16.6% year over year, driven by higher operating income and lower net interest expenses. Pro forma EPS came in at MXN 0.67 Mexican, also a 16.6% increase. Moving on to our cash conversion cycle, Genomma Lab Internacional achieved a 115-day cash conversion cycle in Q2, marking a seven-day improvement versus the same period last year. This was driven by a 10-day decrease in inventory days and a four-day reduction in residual. As Marco noted earlier, this improvement significantly contributed to a 65% increase in trailing 12 months free cash flow, which reached MXN 2.7 billion pesos. We converted 14% of our trailing 12-month net sales into free cash flow during this quarter. Our days payable decreased by seven days from 103 to 96 days as we continue transitioning to our in-house OTC manufacturing in Mexico. Let's now move on to our regional performance. We will start with Mexico. Net sales in Mexico declined 1.3% year over year, impacted by the weak beverage season amid a challenging macroeconomic backdrop and unseasonably cool weather and rain. That said, these challenges were partially offset by double-digit growth in OTC sales, with strong sell-out and market share gains in our analgesics and cough and cold categories. Personal care growth was led by double-digit hair care sales, mixed skincare results, and ongoing double-digit growth in Asepxia following the relaunch that Marco mentioned earlier. Infant nutrition also boosted strong double-digit growth, driven by improved fill rates and market share gains in key formulas. Sueroz maintained market share with just a 3.7% sell-out decline during the first half of 2025, outperforming the contraction in Mexico's isotonic category. Mexico's EBITDA margin also rose 207 basis points to reach 24.6%, driven by the productivity initiatives previously discussed. Before we review the performance of our international subsidiaries, I will be presenting a brief overview of the exchange rate environment to provide important context for our second quarter performance in the international division. On a year-over-year basis, the Mexican peso depreciated double digits against the U.S. dollar. Now, moving on to the U.S., Genomma Lab net sales in the U.S. increased 11.2% in Mexican peso terms, primarily due to favorable forex effects. In local currency terms, net sales grew almost 1%. This modest growth reflects ongoing beverage expansion and strong hair care performance despite broader macroeconomic pressures in that country and softer Hispanic consumer sentiment. EBITDA margin in the U.S. reached 15.8%, which is also a 204 basis point improvement year over year, highlighting continued productivity gains. Moving on to Latin America, if we exclude Argentina, net sales rose 10.5%, driven by solid performance in Brazil, Central America, and the Andean cluster. If we include Argentina, net sales only represent an improvement of 0.4%, but we explained the hyperinflationary accountings already. EBITDA margin for the region, including Argentina, was 24.7%, down 44 basis points, again driven due to hyperinflationary accounting impacts in that country. In Argentina, I think it's important when we talk about Argentina, let me exclude all these accounting effects because in Argentina, local currency sales increased 37% year over year. This is very much in line with inflation that obviously helps us to highlight a stable underlying demand in that country. Due to hyperinflationary accounting rules, Argentina net sales reported in Mexican pesos declined 14.2%, as we mentioned earlier, driven by almost 19% currency depreciation. Let's move on to the capital structure and allocation. We closed the quarter with a leverage ratio of just 1.0 times net debt to EBITDA, maintaining ample financial flexibility. On June 3, the company successfully issued MXN 1.2 billion pesos in non-secure Mexican corporate bonds or seguros. These instruments were rated AA+, both by Fitch Ratings and HR Ratings agencies, and the offering was 1.25 times oversubscribed. Proceeds from these transactions were used to optimize our debt maturity profile, including the early amortization of existing debt. On June 11th, we completed the full early amortization of LAB 23, totaling MXN 1 billion pesos, and also repaid MXN 400 million pesos in bank debt ahead of schedule. Here you can see in these graphs how our debt maturity profile used to be before the refinancing and after the refinancing. Capital allocation during the quarter also included a 12-consecutive quarterly cash dividend of MXN 200 million pesos, a share purchase of 4.6 million shares, totaling MXN 104 million pesos, ongoing investment in the business that included CapEx for manufacturing equipment, such as the commissioning of our new Sueroz production line, the expansion of our distribution center, and the investment in new packaging manufacturing equipment to drive future productivity. To conclude, as Marco mentioned, Q2 results underscore the resilience and adaptability of Genomma Lab Internacional's business model, even amid macroeconomic challenges. Despite facing forex pressures and other external headwinds that we discussed, we delivered strong underlying performance with EBITDA margin expansion driven by a favorable mix, cost control, and productivity gains. These results are aligned with our strategic objective to maintain a 24% average EBITDA margin while scaling investments in core growth areas. Our working capital improvements and 65% free cash flow increase reflect disciplined execution and ongoing capital discipline. We also enhanced our debt maturity profile through proactive refinancing and early repayments. Looking ahead, while the macro environment remains dynamic, we are confident in our ability to navigate volatility, sustain momentum, and deliver long-term value for our shareholders. Thank you once again for your trust and continued support. I will now turn it over to the operator to begin the Q&A session. Thank you. Thank you, Antonio. We will now begin the question and answer session. To ask a question, you may raise your hand using the icon "Raise Your Hand" located at the bottom of your screen. To withdraw your question, press the same icon at any time. This will be required in order to allow you to turn on your microphone and ask your questions. One moment please while we hold for questions. Thank you. Our first question comes from Alejandro Fox with Itaú. Please turn on your microphone to proceed with your question. Thank you, operator. Hola, Marco, Tonio, Christianne, and Jean. Thank you for the special questions. I have two quick ones, if I may. The first one for Marco, on the top line, especially 2026. Wanted to see, Marco, if you could elaborate a little bit more, you know, on the top-line goals. You mentioned double digits, you know, slowly going there next year. Maybe on a geographical basis, do you think that this top-line growth is going to come, let's say, from an Argentine recovery? Is this mainly, you know, a Sueroz recovery in OTC? How do you see Mexico? Maybe if you can elaborate a little bit more into what's driving the growth in next year. Also, thank you very much for all of the detail on the release, you know, per category, per country. I thought that was very helpful. That will be my first one, and then I have a follow-up. Thank you. Yeah, thank you, Alejandro. We have several buckets of growth that I foresee for next year. The first one has to do with all the initiatives that we have, both in the OTC portfolio and the personal care portfolio. We have a significant amount of relaunches in personal care and a lot of innovation coming in in OTC. Those projects will be impacting all the markets across in different timings, but it will impact from Mexico all the way down to Argentina. That's the first bucket of growth. The second one is Argentina. I think, I hope that we're going to see the worst of the devaluation this year. We are expecting, actually, we are forecasting the third quarter with a very strong devaluation of the Argentine peso, almost reaching the cap that the government put in place. We expect that that cap will remain for the following years. I don't expect that the depreciation of Argentina will be impacting us in 2026. That, coupled with the fact that we are growing market share right now in most of the categories where we compete in Argentina, we really expect Argentina to be a source of growth for 2026. The third bucket of growth is mostly focused in Mexico, and that has to do with Sueroz. We are investing heavily this year in opening new routes of distribution and significant efforts on gaining more distribution in places where our numerical distribution has historically been a little bit too low. The three efforts that we expect to hit in 2026 are, I will repeat, all the projects of innovation across the board, OTC and personal care. Argentina, we really expect it to be a source of growth for next year, and Sueroz Mexico from a distribution point of view. If you add to that, that hopefully we have a better summer season, then I think Sueroz Mexico will be a very important source of growth for next year. Yeah, Marco, that's the way I see it. Thank you very much for all of the details. Sorry, one more thing. The other piece that I expect in 2026 to impact the business positively is the huge effort we are doing in creating this digital capability to drive demand. That would be the fourth. Perfect. That was super clear. I'm going to do a follow-up, maybe to Tonio real quick, on buybacks. I believe on the cash flow statement on the release in the buyback line, there's a cash inflow to the company. Both on the release and here on the prepared remarks, you mentioned that you bought back 4.6 million shares. I wanted to see, does this mean that you sold some of those shares back to the market and there was no canceling of them? Is this a timing, like the dividend that maybe was drawn on July? If you could extend to me a little bit more on the buyback, that would be very helpful. Thank you. No, thank you. Thank you, Alex. No, we have not sold the shares. We believe that at the current valuation, obviously, it's an excellent opportunity to keep on accumulating our own shares and eventually do the cancellation. We haven't done the cancellation this year yet. I think it has more to do with the timing of the dividend because the dividend for the second quarter, we ended up paying that on July 1st. That may be the reason why you see that. No, we are net biased and we will continue doing buybacks. Eventually, when the board decides, do the cancellation. Super clear. Thank you very much. Thank you, Alex. Thank you. Our next question comes from Antonio Hernández with Actinver. Please turn on your microphone to proceed with your question. Hi, good morning. Thanks for taking my question. Just a quick one regarding CapEx expectations going forward. I mean, because of these different moving pieces in terms of Sueroz distribution or more distribution, just as you mentioned, maybe other initiatives, what are your CapEx expectations going forward? Thanks. Thank you, Antonio, for the question. We expect the third quarter and the fourth quarter to be heavy on CapEx, mainly behind the construction of the new distribution center, the payment of the second Sueroz line, and the completion of the acquisitions that we need to make for the plastics, the injection plant that we are building in San Cayetano. After the third and the fourth quarter, we expect CapEx to be reduced again in 2026 to its normal levels. Okay, thanks for that caller. For this second half of the year, this ramp-up, what does that translate into? Can you provide maybe a number or an estimate? Sorry, can you repeat the question? Yes. Can you provide maybe an estimate of how much will CapEx increase for the second half of the year? Yes, we presented, I think it was in the range of MXN 500 million. Okay. Thanks for the call. Have a nice day. Yeah. Thank you. Our next question comes from Froilán Méndez from J.P. Morgan. Please turn on your microphone to proceed with your question. Hello, Marco, Tonio, Christianne. Thank you very much for taking my question. Kind of a follow-up to one of my colleagues' previous questions on the digital advertising channels that you mentioned also as a bucket of growth. Can you dig deeper into specifically what are you doing to conquer this channel and what are the products that are the products most dependent on these digital marketing channels? As a second question, you mentioned this new iconic brand Faith. Does this mean going forward further simplification of the portfolio, focusing obviously on Sueroz, other very specific OTCs, like even simplifying more of the portfolio? Would this come at the expense of the agility to capture incipient consumer trends that you have had in the past, like being more concentrated, more focused, giving more time to develop a specific product? Will that entail that you might need some of the incipient consumer trends and bring new products to the market in a slower pace than before? Thank you. Thank you, Froilán. On digital, I think we are creating a capability that no other company has. We think we estimate that we are going to be able to create 100 contents or assets per day to advertise in digital. I think what we have done with television in the last decade or so, we are going to be able to do in digital. Regarding your question on which products are more appealing to digital, there are some obvious brands that are more appealing to younger people, like Asepxia. In reality, we all know that television's effectiveness is decreasing across the market in different pacing. The overall trend is that television effectiveness is decreasing and that people are spending more and more time in social media and platforms and YouTube. It is really important for the company that we finish this project, which I think is going to happen in the next month or so, and that we put it in place and put it to work at full steam. I think you are going to see a very strong impact in 2026. I do not know if that clarifies the question. Very useful, Marco. Thank you. Yeah. Regarding portfolio, we will continue to drive productivity across our portfolio. We're going to be accelerating the pacing of innovation across the board. At the same time, we're going to be reducing or eliminating the SKUs or brands that are unproductive. It's not that we're just doing one or the other because we don't want to end up where we were like three or four years ago with, you know, thousands of SKUs, unproductive SKUs. We're doing this very vigilantly. Excellent. Thank you so much, Marco. Sure. Thank you. Our next question comes from Roberto Nava with GBM. Please turn your microphone on to proceed with your question. Hi. Thank you, Marco, Antonio, and Christianne. I wanted to ask you, given this very peaceful activity in Argentina, how are you mitigating currency risk ahead of the expected improvement in 2026? Are you relying on hedging, price, and actions for other operational layers? Thank you for your question, Roberto. Generally speaking, Genomma has a natural hedge because we operate in 18 countries. It is on a long-term basis, we have that natural hedge. Actually, when the Mexican peso depreciates, our numbers are actually a little bit better. The natural hedge is there. What we cannot manage is huge fluctuations with the Argentine peso. As you and everybody knows, there are no hedging instruments that make sense, especially with that specific country. I think that the Argentine government has done a tremendous job in terms of lowering inflation. You can see that the currency has been somewhat stable. Unfortunately, that didn't happen this quarter. It is very hard to do any hedging against that currency. Having said this, as I said earlier, generally speaking, because we have a fragmented or a very diverse portfolio of countries, categories, etc., we don't need to hedge anything in particular. However, if there's big FX swings, we do have to record non-cash, non-operational, non-recurrent, and non-extrapolable charges when we translate the balances from the different subsidiaries. Again, it's non-cash. It's the same situation that we saw last year. In the second quarter of 2024, we reported MXN 126 million pesos in FX gains. It was a gain, but it was also non-cash. If it's a gain or a loss, those are non-cash. I think that the important thing about cash is the free cash flow generation. It's very important to highlight that we increased 65% of free cash flow from the business. That's more of a balance sheet effect. That's why we, in this particular quarter, provided some proxies or pro forma on what the net income would have been, excluding these effects. I don't know if I answered your question, Roberto. Yeah, thank you very much. One moment, please, while we hold for questions. That concludes our second quarter results conference call. Thank you for your attention.