Good morning, everyone, and welcome to Nemak's Third Quarter 2023 Earnings Webcast. Armando Tamez, Nemak's CEO, Alberto Sada, CFO, and Denise Reyes, Investor Relations Officer, are here this morning to discuss the company's business performance and answer any questions that you may have. As a reminder, today's event is being recorded and will be available on the company's investor relations website. I will now turn the call over to Denise Reyes. Thank you, Operator. Good morning, and welcome, everyone. We very much appreciate your participation. Armando Tamez, our CEO, will lead off today's call by providing an overview of business and financial highlights from the quarter. Alberto Sada, our CFO, will then discuss our financial results in more detail. Afterwards, we will open for a Q&A session, which participants may access via dial-in or webcast. Before we get started, let me remind you that information discussed on today's call may include forward-looking statements regarding the company's future financial performance and prospects, which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions you not to place undue reliance on these forward-looking statements. Nemak undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. I will now turn the call over to Armando Tamez. Thank you, Denise. Hello, everyone, and welcome to Nemak's third quarter 2023 earnings webcast. During the quarter, we continued to see a strong top line, driven by our customers' increased production as well as new product launches. In parallel, we made progress on the inflation recovery front, successfully addressing these impacts to our cost. We expect the remaining negotiations to be concluded by the fourth quarter, resulting in retroactive recovery for the full year. Altogether, volume dropped a 4% top-line improvement on a year-over-year basis, and EBITDA was 4% higher as well. The combination of volume, product mix, and inflation recovery enabled us to offset a large portion of the impact of the Mexican peso appreciation and launching expenses. The UAW has also driven business decisions this quarter, as their strikes against the Detroit Three OEMs in the U.S. continue. While we saw no interruptions to our production requirements during the third quarter, the fourth quarter could potentially present reductions in volume as an effect of the continued escalation. Across the American business units, we implemented travel restrictions and reconsideration of all expenses, and are prepared to deploy short-week production schedules, pull ahead of vacation days, and major preventive maintenance. Actions such as this and others taken during extraordinary circumstances, like the COVID-19 pandemic, have proven effective and continue to be a part of our contingency playbook. Moving on to commercial activity. This quarter, we won contracts that amount to approximately $230 million, which includes $200 million in the ICE powertrain business. The vast majority of contracts in this segment are replacement agreements for components that Nemak is already manufacturing and will continue to produce for the next vehicle generations. Altogether, generating a reliable stream of cash flow to continue expanding our presence in the electric vehicle market. In addition to powertrain awards, we made further strides in the E-mobility, Structural, and Chassis application segment, securing additional replacement contracts for $30 million. We will rely on existing facilities to meet this production, while continuing to capitalize on our expertise in the segment. Meanwhile, the order book in the E-mobility, Structural, and Chassis application segment continues to account for $1.72 billion, upheld with replacement contracts, which signals the long-term market share that it is materializing for this business. I am also pleased to announce that the majority of awarded contracts for electric vehicles in the European market will be satisfied using green alloys. Hence, we are moving forward in lockstep with the automotive industry in our shared goal of reaching carbon neutrality. Turning to strategy execution, I would like to share that substantial progress we have made in our transition towards electrification. As of today, 15 of our 38 existing facilities are producing components for E-mobility, Structural, and Chassis applications. We have invested in greenfield facilities, and we have successfully adapted existing assets to accommodate components intended for the hybrid and full electric market. Overall, I am pleased to recognize the successful duality of these facilities, transitioning and building expertise in this new business avenue while maximizing our traditional capabilities. We continue making inroads in the battery housing market that we are currently producing more than 15 different models, serving multiple customers and regions. I am confident that the technical knowledge and expertise that has been built around these components is crucial to the scale this business will require. Our battery housings meet the highest quality standards, and we have been able to engage actively with our customers from the earliest stages, partnering in the critical process of design and engineering. The expected run rate for the E-mobility, Structural, and Chassis application segment this year continues to be more than $600 million in revenue, a growth of over 28% on a year-over-year basis. We have reached this milestone just seven years after entering this segment, an achievement that took Nemak 20 years to reach in the ICE Powertrain business. I remain confident that we're taking the right steps in this transformation journey, while leveraging our position in the traditional business. Main highlights for the period include nominations in both categories of the PACE Awards. We're a finalist with a sub frame prototype, an innovation that reduces weight by 45%, replacing a three steel component assembly with a single cast aluminum part. We're also a finalist with an aluminum structural component that is in active production, with a redesign that resulted in a 30% weight reduction, while using 100% renewable electricity and 80% recycled materials. The same structural component was also named runner-up for the Altair Enlighten Award in the Lightweighting category. I would like to point out that this component was engineered using a black box design concept, a process in which Nemak takes a 100% leading role in the design of the component. Recognition granted by these two respected associations confirms our position as a global pioneer in lightweighting solutions. Our commitment to quality, technology, and high standards was recognized this quarter as well, with the highest quality rating from GM in South America, after zero quality rejects for 12 consecutive months. Addressing our ESG agenda, I am proud to announce that we have been rated by the EcoVadis Sustainability Assessment for the fifth year in a row. This year, for the first time, Nemak was awarded with the Platinum Medal, a recognition that is reserved for the top 1% of assessed companies globally. The EcoVadis methodology is built on international standards to evaluate how well a company has integrated the principles of sustainability and corporate social responsibility into their policies, actions, and results. Also, for the first time, we have been distinguished as a top employer in Brazil, joining the U.S., Mexico, and Germany in this prestigious achievement. This certification awards the practices and processes we have in place in Nemak that are dedicated to different dimensions, including people strategy, employee training and development, and alignment to our values. We also continue moving forward on our diversity and inclusion journey. Nemak is enrolled in the Forward Faster initiative of the United Nations Global Compact, responding to a powerful call for business to accelerate action and make a bigger, faster impact on gender equality by 2030. Additionally, we have signed the Diversity Charter for Germany, a certificate that reinforces our commitment to create a positive and bias-free work environment, helping to fully unfold diverse potential that will advance our organization. This concludes my remarks. Thank you for your attention, and I will now hand off the call to Alberto, Nemak CFO. Thank you, Armando, and good morning, everyone. To begin, I would like to provide an overview of industry dynamics, followed by a summary of our financial performance over the past three months. During the third quarter, light vehicle sales in our main regions continued to grow on the back of pent-up demand and continuous improvement in supply chain conditions, amidst a backdrop of higher interest rates. Therefore, the United States and Europe showed an improvement of 17% and 18% year-over-year, respectively. In Brazil, light vehicle sales increased by 13% compared to the same period last year due to sustained activity in the region. In turn, China recorded a slight decrease in sales, consistent with softening economic conditions in the region. In terms of light vehicle production, North America and Europe increased 8% and 14% year-over-year, respectively, consistent with trends in global sales figures and relatively unaffected by the auto worker union strikes in North America. In Brazil, however, light vehicle production decreased by 10%, mainly due to ongoing inventory optimization strategies. Finally, in China, light vehicle production increased 13%. ... Moving to our financial results. Volume increased 6% compared to the same period in 2022, adding up to 10.6 million equivalent units. This was largely driven by higher customer production on the back of positive industry dynamics. During this quarter, we continued to capitalize on the secular growth of electric mobility through new product launches. This segment continues to strengthen its strategic position to cater to the incremental demand for light-weighting solutions in this market, gaining relevance in long-term value creation. During the quarter, revenue was $1.3 billion, posting a 4% year-over-year growth due to higher volumes and the appreciation of the euro, which was partially offset by a decrease in aluminum prices. Turning to EBITDA, we saw a 4% increase against the third quarter of 2022, amounting to $164 million. This was the result of a stronger top line, incremental growth in our E-mobility, Structural, and Chassis segment, as well as inflation recovery negotiations. Although these factors were partially offset by the effect of the appreciation of the Mexican peso and launching expenses, primarily in North America. Consequently, EBITDA per equivalent unit for the quarter was $15.5, slightly lower than the same period of 2022. Operating income for the quarter was $76 million, 5% below the same quarter of 2022, as higher depreciation associated with an increase in fixed assets more than offset the increase in EBITDA. In turn, net income for the quarter was $25 million, compared to $19 million in the same period of 2022, as the accounting effect of foreign exchange in the balance sheet benefited the net financing cost in the quarter. Moving to our balance sheet, net debt at the end of the quarter stood at $1.6 billion, 5% and 23% higher compared to the end of last quarter and to the same period of last year, respectively, reflecting seasonal changes in working capital as well as strategic investments. Net debt to EBITDA was 2.8x versus 2.3x, and interest coverage ratio was 5.5x versus 8.7x at the end of the same period of last year. By the end of the quarter, our working capital increased by around $90 million on a sequential basis due to temporary effects associated with tooling and seasonality. During the quarter, capital expenditure totaled $129 million, consistent with our capital allocation strategy towards the E-mobility, Structural, and Chassis segment. It is worth noting that our investment decisions are grounded in a strategic and disciplined approach, ensuring that they contribute positively to our financial position and align with our long-term strategic objectives. Moving on to our regional results. During the quarter, North America revenue was $718 million, up 2% year-over-year, driven by higher customer production, although it was partially offset by the decrease in aluminum prices. Meanwhile, EBITDA decreased 5% compared to the third quarter of previous year to $86 million, mainly due to launching expenses and the effect of the appreciation of the Mexican peso against the U.S. dollar. As Armando mentioned, we remain observant of the developments on UAW discussions with the OEMs, and we are ready to implement further measures to counteract any potential negative effects of this situation. In Europe, revenue was $406 million, 11% higher year-over-year, attributed to higher volume and partly benefited by the appreciation of the euro. EBITDA in the region was $57 million, 13% higher than the same period of last year, due to improved product mix, customer negotiations on inflation impacts, and currency translation effects. Rest of the world revenue was $149 million, $4 million lower than last year due to lower aluminum prices. However, EBITDA was $21 million, 32% higher than in the same period of last year, on the back of an improved product mix and sustained operating efficiencies. Wrapping up, Nemak continued to navigate the dynamic automotive industry landscape with financial discipline and prudent capital allocation. We remain confident in our capacity to continue driving long-term value creation while pursuing a stronger and more resilient balance sheet. This concludes my presentation. I will now turn the call back over to Denise to open up the Q&A session. Thank you, Alberto. We are now ready to move on to the Q&A portion of the event. As a reminder, participants may ask questions directly via dial-in or send questions in writing via web. Operator, please instruct participants calling in on how to play their questions. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions... Thank you. Our first question comes from the line of Alfonso Salazar with Scotiabank. Please proceed with your question. Thank you for the presentation. I have several questions, and I will focus on three only. The first one has to do with working capital, the increase that we have seen, and just your expectation for the fourth quarter and for 2024. The second question is regarding your order book. It's now flat at $1.7 billion. And at the same time, what we see is a slowing EV sales. We see GM, Ford, now Tesla, basically saying that they need to be careful with production because of the levels of sales that they are forecasting. So the question here is how this affects your to your legacy business and growth for the new business lines that you have, especially EVs. How do you see this moving ahead? And the last question that I have is regarding the investigation in Europe against subsidies given for production of EVs in China. I understand that this is very different for French or Italian OEMs than German OEMs. So just trying to understand, assuming that there are higher tariffs for Chinese cars going into Europe, what is the implications for Nemak if that was the case? So those are the three questions that I have for you. Thank you, Alfonso. Let me answer the first one, and then I'll pass the note to Armando for the second and third one. Related to working capital, as I was indicating earlier, this is seasonal effects, and we also have a little bit of additional tools. Tools, normally, we purchase them for our customers, and then we invoice them back to them. So those two elements will drive working capital down on the fourth quarter consistent with what we have seen in the past in previous years. So we should see a reversal of most of the increase that I described during the call. Thank you, Alfonso. Related to our order book, I think we are very pleased with the $1.72 billion. We need, we need to remember that not in every single quarter there are, let's say, new decisions, from customers. In Europe, they go on holiday during the month of August, the complete month, and also in the States, I think, our customer were preparing for a potential strike that unfortunately did, did happen. What you are mentioning about, for instance, the recent announcement from GM delaying one of the plans that they have to electrify the Silverado, pickup truck, that is delaying at least for one year. I think we are well prepared to maintain. Remember that our what we call our legacy business is very, very strong, and I think we saw a significant improvement in volumes during the third quarter. In spite of the strike, we didn't see any reduction in the powertrain. And I think it's very important to mention that we are seeing a significant increase in appetite for larger engines. We are selling today more V8 cylinder heads and engine blocks than at any given point in spite of the fact that everybody's talking about CO2 reductions and going green and so on, but customers, I think, they prefer to go larger and more powerful engines. And we're prepared to have both. We have the flexibility. We're investing, of course, on the electric side as well, and also we are prepared to continue. Actually, I can share that we have been in discussion with several customers in which they are telling us that the original projections that they made, especially in North America, for penetration of electric vehicles, they see a potential reduction, and they are asking us that they need us. So I think it's excellent news for us as well. So we will be prepared on both segments for the internal combustion engine as well as the electric side. And related to your third question, about, we have been looking also at this investigation by the European Union. The main concern by the European Union related to these sales of electric vehicles at a more affordable price in Europe, they are concerned that potentially some of these vehicles are coming with state subsidies, and this is something that they will need to investigate. So far, I think, the investigation is going on. We don't see, for us, at least not in the short term, any potential effect on our company... Okay, excellent. Thank you for the call. Thank you. Thank you. Our next question comes from the line of Alejandro Azar with GBM. Please proceed with your question. Hi, Armando, Alberto, and Denise. Good morning, and thank you for taking my questions. Just a follow-up on your EV order book and what's happening in the industry. What are you guys with all these news of, you know, it seems that we're not moving so fast on the EV side, but what are you looking in terms of your quotation pipeline? And has that decreased from the, if I'm not mistaken, $1 billion that you were quoting? And you've mentioned several times that you guys are focusing on the contracts that offer the highest returns, that you feel comfortable with the clients. What can you say on that front? What is going to be the strategy going forward as you are very close or well ahead of your, let's say, your target of $2 billion in 2025? That would be my first question. And the second one would be on launching expenses. I was just wondering if you guys could educate us on... My question is, if those launching expenses are related to the size of your contracts, and I mean, if you are launching $1 billion in contracts, that would have a percentage of that in terms of impact of launching expenses versus a $60 million contract. Thank you. Yeah. Thank you, Alex, for your questions. I will answer the first one. Related to the quotation pipeline, we are seeing a very attractive, let's say, pipeline still on the electric side. We are seeing approximately $1.5 billion in front of us. I think that what we have discussed before, we are gonna be very selective in terms of our capital allocation. You have seen already that this year, our CapEx is in the range of about $480 million, which is a significant amount. We're trying to be more disciplined in terms of where do we wanna allocate the capital. Certainly we will be choosing first what we consider the best potential customers, as well as the most attractive paths that will yield a higher profitability. So you will see that, again, we are not in a hurry to, again, get everything that comes to our plate. We're gonna be selective and choosing what we think could have the highest value in terms of profitability, and also assurance from the customer that the customer will be successful with the program. And also the attitude of the customer, for instance, in terms of, in the event that the volumes doesn't materialize, what is the likelihood that they will help us, let's say, with some repricing or some support in terms of amortizing the on the utilized capacity? So those will be the criteria that we will be using. We have a lot of experience, and certainly, we know our customers. We will allocate our capital where we can assure the best profitability and also the response from these customers. That is basically our strategy, Alex, and you will see that in the next quarters, we will be getting, let's say, new orders. We're confident on that, but also you will see as well, moving forward, that our CapEx for the next years will be lower than what we're investing this year. Armando, if I may, I understood from your comment on the $30 million replaced on those contracts is by maintaining the $1.7 billion in order book, you have replaced 100% of the contracts awarded. Is that correct? Yes. Basically, it's a, for instance, a replacement or a new, let's say, model that the customer that we have already producing one important part that they are giving us the next generation, and that's the commitment. And actually, we're very happy because we were able to reprice the product with a better profitability than the current one. I don't know if you guys can answer this one, but in your projections, that $1.7 billion, regardless of the, you know, that an OEM can reduce projections ahead, but on your side, are you seeing that volume fully peaked at, I don't know, 2026, 2027? Yes. That's exactly what we are looking, that the $1.7 billion will materialize, most likely at the 2026, no later than 2027. Yes. Okay. Thank you. As I mentioned, Alex, this year, our revenues coming from the Electric Mobility, Structural component, and Chassis are reaching above $600 million, which is an increase of 28% of what we were selling last year. It's coming with better profitability as we have talked before. And then- Yeah, related to your second question on launching expenses. These are obviously consistent with the amount of activity we have on the development of new business. Depending on the size of the contract, those additional expenses could be higher. In some cases, there are small programs which also have fairly large launching expenses, and they have to do with our work around the specific development of the program. Sometimes you need to run a certain amount of additional hours before the launch to make sure that you can launch with the quality that the customer is expecting and with the volume and capacity that you have been contracted for. Some cases, there could be some extraordinary expenses that we experienced this quarter, but also add to the cost that we report. So normally, those would be in the neighborhood that we reported last time of $6 million, $7 million, $8 million per quarter, depending again on how much activity we have on that front. Those could be a little bit higher or non-existent. Okay, thank you. And I'm sorry to ask several questions, guys. Just a quick one: on replacement contracts on the EV side, from your history and knowledge, the CapEx on, let's say, tooling on those replacement, is that higher, the same, or lower than what you were doing on the powertrain side? It's lower than, Alex, approximately about 30% less. And the other thing is that we are building our infrastructure in a modular way and using a lot of flexibility to accommodate potential, for instance, changes. And we're confident that we will invest less for replacement business in the electric mobility rather than in the powertrain. Thank you. Thank you. Thank you both. Thank you, Alex. Thank you. Our next question comes from the line of Andres Cardona with Citigroup. Please proceed with your question. Thank you. Good morning, all. Two questions. The first one is, now that the inflation negotiations are mostly on, with respect to complete them by the fourth quarter, and last year you had the opportunity to include the electricity cost, could we expect now more stable margins going forward? And if perhaps you can give us a sense of how much of the cost is now covered by the cost plus formula. The second question is, very interesting slide about the lower capabilities of some of your plants, and I guess it was Armando who already mentioned CapEx will decline over the coming years. Just wanted to understand if with the current backlog that you have, $1.7 billion, could we expect a normalization of CapEx around some $400 million for 2024 and 2025? Is it reasonable to think about it this way? Because what I hear from investors is they perceive a massive CapEx cycle because of the growing backlog on the electric vehicle business line. And the last one is: in the past, you mentioned the possibility to improve the disclosure for the electric vehicle segment. Is this initiative still on the agenda, or we shouldn't expect it anymore? Thank you. Yeah. Thank you, Andres. Related to inflation, we are negotiating with all customers, the pass-through formulas, for instance, in terms of energy, not only electricity, but also, also natural gas and other inputs. We have been successful so far in making some adjustments with most of our customers related with the, let's say, the energy cost, which we saw a huge spike after the invasion of Ukraine. And we are seeing how, again, we are educating our customers. This is the second year that we go for that. I am also pleased to tell you that we have been making good progress also with several customers, not only with the energy, but also, for instance, with labor, labor inflation. This is something that we will continue because we see and is a need is expected globally, not only in the U.S. or Mexico, but I think it's a global issue on the manufacturing sector, that labor cost will increase. This is something that we are openly discussing with our customers, and I think most of them are sympathetic and understanding that we need that type of support, otherwise, we will not be able to continue supporting them. In terms of the $1.7 billion that we have, we are seeing, Andres, that our CapEx will be going forward lower than what we invested this year. Our target is to be below $400 million moving on, unless we get additional business. But for instance, to support the $1.72 billion to this year has been the peak of our CapEx and is going down. It's gonna be down over the next few years. And related to the last topic, definitely, we are just preparing ourselves to disclose more information related to, for instance, the two businesses. I think, we, we can tell you that our EV business is a little bit more profitable than the legacy business, and, and at the right level of revenues, definitely, we would make a full disclosure of the two different businesses. Thank you. Thank you for the very detailed answers. Thank you. Thank you. There are no further questions over the phone at this time, and I would like to turn the conference over to Ms. Reyes for any web questions. Thank you, Operator. We will now move on to questions from the web. The first question comes from Declan Hanlon, from Santander, and it reads: Thanks for the call. I have three questions. First question, can you provide more details on potential contingency plans given the ongoing UAW potential strike impact in fourth quarter? Second question, can you discuss any plans for share repurchases given the stock performance year to date? And third question, can you update us on credit lines availability? That, I believe, remains uncommitted. Thanks. Yeah, thank you. Thank you, Declan. Definitely. We have, as I mentioned in my speech, we have a playbook for this type of situations. And we have—this is not the first time, unfortunately for the industry, that we have faced with some potential volume decline, and we're prepared. For instance, the first issue that we put in place is travel restriction. We are, again, being more sensitive to cost and expenses reduction. We're also being prepared for potential short weeks in which we reduce, for instance, the hours of labor and also adjust wages and salaries depending on the situation. We also take advantage to provide vacation to some of our people, also prepare our, the assets for maintenance programs and others. I can tell you, so far, in spite of the fact that we have faced, or our customers faced 5 weeks of strike, we have not seen, to be totally open, any reduction in our volumes. But again, we are prepared as a company. We have this playbook on hand. We have shared this with the entire, North American-based, team, and everybody is looking again for any potential reduction to take, the actions, to reduce, our cost structure. In, in terms of, the share repurchases, as everybody knows, we have been authorized by the General Assembly of our shareholders, a potential repurchase of up to MXN 500 million. And certainly with the existing or the current, price that we have on the stock, we are prepared to start, again, repurchasing some of our stock. Then, the third part of the question related to the credit lines. As we have disclosed in the past, we have more than $800 million available of credit lines. Half of them are committed lines with procedures and restrictions. The other half is what's called the uncommitted type of credit lines, which also are with relationship banks. So, we have plenty of credit lines available for continued funding our CapEx needs. Thank you, Alberto. We have another question from Kamaal Busari from Barings, and the question reads: What did you-- Why did you take out more debt? Well, as highlighted before, the reason for this additional debt that we have raised along the year, which has been consistent every quarter, has to do with the capital expenditure program that we have in place, which is focused on the business transformation that we have engaged for. So we're investing the majority of our strategic investment, CapEx, in the new segment, in the new business. And that together with the seasonality effect of working capital, drove the increase in debt that's in the third quarter. We're seeing that incremental debt that we saw in the third quarter gradually reduce on the fourth quarter. Thank you, Alberto. We are receiving another question from Kaamal Busari from Barings. How are you expecting UAW strike to affect your fourth quarter results? Yeah, thank you, Kaamal. As, as I have already indicated, we have not seen yet any impact, at least in, in our volumes. But as I indicated, we are prepared to take additional cost reduction activities in the event that we see, let's say, a volume reduction. Thank you, Armando. The next question comes from Juan Patiño, from Sun Capital. The first part of the question reads: Regarding your $1.72 billion order book, is it only related to the EVSC segment?... And in terms of net leverage, what is the target for the end of 2023? Yes, confirming, yes, as we have been disclosing, the $1.72 billion, that's our backlog of new business in the EV and SC segment. So that does not include any of also additional business we have in the traditional powertrain. Related to the net leverage target at the end of 2023, we don't have a public target disclosed or any guidance around the leverage, but we can tell you that the peaks that we saw on the second or third quarter are the highest. We should be seeing that leverage ratio coming down gradually to levels close to 2.5x-2.6x net debt to EBITDA as of the end of the year. Thank you, Alberto. Continuing with Juan Patiño from Sun Capital, the next part of this question reads: "What are the expectations on guidance regarding revenue, EBITDA, and CapEx for this year? And, regarding Metalsa bonds, you have—Metalsa has outperformed Nemak bonds. It is related to the great exposure of Metalsa to the U.S.? Yes, related to the guidance, I mean, those numbers are the same. I mean, we're not changing any guidance figures for the year. I think, as you can see on our figures, we are on good track to meet our guidance. We even exceeded slightly those numbers. So we're quite confident that both on revenue and EBITDA, those will be positive. And on the CapEx side, that will be consistent with our guidance, plus any new business that we have been winning recently. And the question related to the Metalsa bonds, well, we don't have much information about why those bonds are higher or lower than ours. I think the current bonds really move up and down, depending on multiple factors. Thank you, Alberto. Our next question is from Pasquale [Di Filipo] from Nuveen: How have payment patterns from the Big 3 looked like during this period? Have you noticed any delays in payments from the North American customers? Do you expect pressures to working capital in the fourth quarter? Well, no. I mean, related to, to working capital, the most that we have seen are more related to seasonality, so that's depending on the amount of production that we have on any given quarter, as well as the tooling, which sometimes grow, and sometimes is, is smaller. So we haven't seen any change in payment dynamics from our customers. Actually, they are fairly well, and very predictable and consistent. I know the fourth quarter is normally a reduction in working capital per the normal season cycle during the year. Thank you, Alberto. The next question comes from Abraham Fuentes from BlackRock, and it reads: The EV and SC segment represented close to $600 million, and the total sales were $1.3 billion. Is it correct if I assume that the volumes in internal combustion engine have been decreasing? Can you give us more color in the performance of this division, please? Yeah. Abraham, basically what we are saying is that we are expecting revenues in our guidance of about $4.8 billion, probably we will exceed those close to $5 billion. So what we're saying is that our run rate for the EV and Structural Component and Chassis will be in the range of about $600 million plus, which will represent about between 12%-13% of our total revenues. Thank you, Armando. Next question is from Fernando Herrera from Compass: What are you expecting in terms of free cash flow generation for the fourth quarter and 2024? Yeah, we're gonna see in the fourth quarter an improvement in free cash flow, basically coming from a reversal from the, working capital needs that we saw in the second and third quarter. So it should be positive. And again, that will drive our leverage ratio at least, a couple of points or a couple of fraction points lower than what we have right now. As indicated, somewhere between the 2.5x-2.6x level of net debt to EBITDA. Thank you, Alberto. The next question is from Kamaal Busari from Barings: What long-term effects do you see from the UAW strikes? Will it have any effect on your own labor costs? Yeah. Thank you, Kaamal. As we have indicated, we are negotiating with our customers as we speak, also labor cost increases, and most likely we will see cost increase on the manufacturing sector, not only affecting our customers, but also the entire sector. And certainly we will go, and again, I think we can explain what is the potential impact in the different regions in which we operate. And I think our customers are aware that if they don't help us, I think they will have a problem, not only with Nemak, but with the entire supplier industry to get the parts and the components needed. I think everybody's expecting that, yes, we will have an increase on labor cost in many different countries. Thank you, Armando. The next question is from Mauro Castañeda, from Pichardo Asset Management: Can you provide any color on the performance of EBITDA for equivalent units? Sure, Mauro. As you can see, the EBITDA per unit of the third quarter came more or less similar to what we had last year, and it's much higher than what we have been having in the year, and that has to do with a number of factors. Most of them are seasonal, related to production levels, as well as also the benefit that we have had associated with the negotiations on inflation that we have had with certain customers. For the full year, we expect that number to gradually be aligned to what we have guided, maybe slightly higher than that. And eventually, as we increase the mix on the new segment, which has better profitability, we should be seeing that figure higher going forward. I think it's a big achievement, what we have been able to do, given the fact that we have had a strong pressure associated with the currency effect of the Mexican peso against the U.S. dollars, which unfortunately weighed negative on our results. But absent of that, I think we are progressing well, and we expect a continuous EBITDA per unit improvement going forward. Thank you, Alberto. There are no further questions at this time. With that, we conclude today's event. I would just like to take this opportunity to thank everyone for participating. Please feel free to contact us if you have any follow-up questions or comments, and have a good day.