Good afternoon, and welcome to Alfa's third quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session with instructions given at that time. However, you may submit questions at any time today using the Q&A section on the webcast. As a reminder, today's conference call is being recorded. Now, I would like to turn the call over to Mr. Hernan Lozano, Vice President of Investor Relations. Mr. Lozano, you may begin. Thank you, operator. Good afternoon, everyone, and welcome to Alfa's third quarter 2022 earnings conference call. Additional details about our quarterly results can be found in our press release, which was distributed yesterday afternoon, together with a summarized presentation. Both are available on our recently redesigned website in the investor relations section. Let me remind you that during this call we will share forward-looking information and statements, which are based on variables and assumptions that are uncertain at this time. It is my pleasure to participate in today's call together with Eduardo Escalante, Alfa's CFO, Carlos Jiménez, Alfa's general counsel, Roberto Olivares, Sigma's CFO, and representatives from each Alfa company. Before moving into our discussion on results, it is important to note changes to Alfa's consolidated figures. In accordance with IFRS, Axtel meets the definition of a discontinued operation as a result of the planned spin-off of this business. Therefore, we started accounting for Axtel as a discontinued operation beginning this quarter. Detailed information related to this change can be found in our earnings report. Unless otherwise specified, all consolidated figures referenced in this call exclude Axtel. I will now turn the call over to Eduardo. Thank you, Hernan. Good afternoon, everyone. I hope you and your loved ones have remained safe and healthy. Alfa deliver another strong quarter, advancing on the execution of key strategic initiatives and posting a strong consolidated financial result. Consolidated revenues increased 26% year-over-year, driven primarily by Alpek, which benefited from higher average prices and the successful integration of its recent acquisition in the Middle East. Sigma also contributed to this quarter's higher revenues with double-digit sales growth in Mexico, the U.S., and Latam. Consolidated EBITDA was up 3% to $454 million. This figure includes a negative impact of $118 million from extraordinary items at Alpek, reflecting a significant drop in oil and petrochemical feedstock prices during the quarter. Adjusting for extraordinary items, comparable EBITDA was a record third quarter figure of MXN 572 million, up 44%, boosted by Alpek. The third quarter was notably strong for Alpek, supported by better than expected results from its Novapet business. Volume was up 14%, sales increased 42%, and comparable EBITDA surged 81%. This marks the first full quarter of the new operation under Alpek's control. Prospects are encouraging as the team focuses on maximizing synergies following a seamless transition. We are pleased to see that Alpek is having another outstanding year, on track to reach its upwardly revised EBITDA guidance, which implies lower sequential reference margins, plus the usual demand seasonality during the fourth quarter. I will now turn the call over to Roberto Olivares, Sigma CFO, to discuss the company's third quarter results and progress on strategic initiatives. Please, Roberto. Thank you, Eduardo, and good afternoon, everyone. I will begin with an overview of our operational and financial results, followed by a review of the actions we are taking to mitigate inflationary pressures, and also comment on our recent liability management efforts. Consolidated revenues reached $1.88 billion, 9% above 3Q 2021. Revenue growth was driven by strong demand across all regions, despite the double-digit price increases in local currencies. In contrast, consolidated EBITDA was $151 million, down 14% year-on-year, mainly due to inflationary pressures in energy and other input costs, particularly in Europe, as well as lower contribution from our fresh meat business. Results were further impacted by the 9% depreciation of the euro against the dollar. As of August, we have taken on present revenue management initiatives to cover the rising cost of meat, ingredients, and packaging. During the last part of the quarter, there were further increases of meat and energy costs that will be offset by additional price increases. This generated a temporary impact on results. We are taking other actions to mitigate the impact on the current inflationary environment. This includes accelerating the adoption of alternative energy sources in our facilities, such as the installation of solar panels in two plants in Europe, as well as hedging 75% of our electricity and 100% of our gas needs for the rest of the year. It is important to highlight that efficiency initiatives are not only being conducted in Europe, we're also implementing a company-wide effort called FUEL. This program seeks to reset cost bases, leverage our global scale, reduce cost structure complexity, and improve budgeting and procuring processes. Since activation of FUEL last year, we have launched over 200 initiatives with the involvement of more than 250 employees across all regions, who are leveraging their expertise and owner's mindset, questioning the status quo, and sharing best practices among business units. Moving on to our liability management efforts. During the quarter, we secured four credit line commitments to refinance our EUR 600 million 2024 bonds. These bullet facilities have floating interest rates and mature in 2027. We expect to redeem the bond within a three-month period prior to the scheduled maturity using the resources from the credit lines. The currency mix from these facilities will better match our exposure by region. This proactivity strengthens Sigma's financial position, reflecting our discipline and careful approach to liability management by taking actions 17 months prior to our next debt maturity. We remain committed to maintaining our investment-grade status. During the third quarter, net leverage was 2.5 x, in line with our long-term target. Although there's still some volatility in the market, we expect cost pressures to be temporary. Meanwhile, we will continue to take the actions needed to mitigate the impacts. We're confident in our ability to overcome these challenges and re-emerge as a more profitable company. Thank you for your attention. I will now turn the call back to Eduardo for additional comments and closing remarks. Thank you, Roberto. Regarding the strategic front, Alfa continues its focus on transferring value to shareholders. We are following a balanced approach that includes dividend payments and share repurchases, as well as improving debt metrics and implementing transformational efforts to address Alfa's conglomerate discount. We strongly believe that share buybacks represent an attractive value-enhancing alternative while the market fully recognizes Alfa's appealing underlying fundamentals and ongoing transformation. During the third quarter, we repurchased 24.9 million shares, valued at approximately $17 million. Combined with buybacks from previous quarters, the total amount of shares repurchased so far this year is 86.9 million shares, valued at approximately $60 million. We're also convinced that a strong balance sheet and our commitment towards investment-grade ratings are fundamental for the transformation process. Better-than-expected consolidated performance, coupled with financial discipline, have resulted in Alfa's consistent credit metrics improvement. Our consolidated net debt to EBITDA ratio was 2.2x at the close of the third quarter, an improvement from 2.5x a year ago. Looking ahead, each of our businesses' ability to continue generating a strong individual EBITDA will be key for Alfa's unlocking value process beyond the Axtel spin-off. I am pleased to report that the process for Axtel to become the second independent Alfa subsidiary is moving forward. The 45-day required legal term was completed without objections during the quarter. Also, the new entity, Controladora Axtel, has been constituted and its listing process was initiated. We are following the same process implemented when we spun off Nemak in 2020, and expect the timeline to be similar. If so, Controladora Axtel could begin trading in the Mexican bolsa before year-end. Once the spin-off is completed, Alfa will no longer have an equity ownership in Axtel. Instead, Alfa shareholders would gain full autonomy regarding their stake in Axtel, just like they did with Nemak. The spin-off further simplifies Alfa's corporate structure and enhances its solid financial position, leaving two major operating subsidiaries with investment-grade ratings under the holding company. This process also marks a new era for Axtel to build upon its leading industry position by accelerating strategic growth initiatives as a standalone entity. It is exciting to see Axtel's results turning around already. Revenues grew 7% and EBITDA increased 12% quarter-on-quarter, driven by positive results in both the infrastructure and service business units. I would like to highlight that Axtel generated positive free cash flow and reduced debt during the quarter. Moreover, the company maintains a strong liquidity supported by a healthy cash balance of $74 million, plus $40 million in available committed credit lines at the close of the third quarter of this year. Moving next to strengthening the business, the individual businesses. Alpek and its two partners in Corpus Christi Polymers reinitiated construction of an integrated PTA-PET site in Corpus Christi, Texas. With a planned annual capacity of 1.3 million tons PTA and 1.1 million tons PET is split equally among the three partners. Alpek further strengthens its competitive position and is better able to meet increasing customer demand. This state-of-the-art facility is expected to be completed in 2025. Let me close with a brief update on our progress related to ESG initiatives and recognition that we have been achieving. The latest S&P CSA ratings were released during the third quarter. Alfa's score increased year-over-year, remaining significantly above industry average, supported by improvements in all three pillars, environmental, social, and governance. Alpek continues to foster product circularity. The company's EPS subsidiary joined Cyclyx International, a consortium-based company that focuses on establishing a circular pathway for plastic recycling through innovative collection methods. Among other targets, Alpek has committed to increase recycling content on select EPS products to at least 30% by 2030. In closing, I want to thank every Alfa member for the crucial role in achieving these good results. This concludes my remarks. We are now available to take your questions. Please, Hernan. Sure. We would like to begin the Q&A session with questions on Alfa. Eduardo, Carlos, and I will take questions on Alfa or corporate matters. As a reminder, Sigma, Alpek, and Axtel will be available for individual questions later in the Q&A session. Operator, could you please instruct participants to queue for questions on Alfa? Yes, thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment please while we poll for questions. Thank you. Our first question is from Rodolfo Ramos with Bradesco BBI. Please proceed with your question. Thank you, gentlemen. Good afternoon. Thank you for taking my question. I have two here on Alfa. So just wanted to get your sense of how are you thinking of the next steps, you know, if we look, you know, past the Axtel spin-off. How are you thinking of the next steps on the unlocking value initiative that you've continued to push forward? In particular I'd like to know if the fact that Sigma, you know, is not necessarily in top shape in terms of margin with all these, you know, headwinds does this impact your, you know, the timeline of the spin-off of Alpek? Does that have any bearing on your thinking process, or is this just Alpek-specific considerations? I just have a second follow-up. Sure, Rodolfo. Thanks for the question. Let me begin by saying that we are fully committed to maintain a balanced approach between dividend payouts as well as buybacks and improved credit metrics and our transformation efforts. At this time, we are fully focused on successfully completing the Axtel spinoff. We do not have a specific time set for the next steps. We will continue working together with Alpek and Sigma in order to define such next steps and in particular, what we propose to the board and what they decide to do to our shareholders. We feel regarding Sigma that the extraordinary results from Alpek really provide a significant flexibility for the next steps. We do expect Sigma to improve the results following the initiatives that Roberto described previously. That, along the very good results in Alpek, should allow us to move forward with the unlocking value process. Honestly, I think we have made a significant accomplishments in this process. If you look at where we were two years ago, Alfa shareholders since then have gained full autonomy regarding their stake in Nemak, and they are about to gain, again, full autonomy in their stake in Axtel. In addition, we are preparing for the next steps, working diligently in things like reducing the corporate expenses. They are expected this year to be roughly one-third of what they were in 2019. We have seen the subsidiaries become more and more independent of the corporate services. We think those are significant steps towards the next steps regarding Sigma and Axtel. We are in a good position now to be able to define when and how to move forward. Thank you. Just a second question, if I may. Sure. This is more of a maintenance ones here. I mean, what else is missing for us, you know, to no longer see reporting on Newpek? I mean, is there anything more administrative missing to divest or, what is the story there? Sure, Rodolfo. As you know, the scope of Newpek has reduced significantly in the last couple of years. So we really don't think it is material, the results regarding Alfa, and that's why we decided not to present the results here. What I have to tell you, Rodolfo Gamboa is here in the call, and we are certainly open for questions regarding Newpek at the appropriate times. Even if you want to have a private meeting with them in order to discuss their operations and the results, we continue and we'll always be certainly open to those discussions. Okay. Thank you. Yeah, I can follow up offline, if you think. Thanks, Rodolfo. Thank you. Our next question is from Nik Lippmann with Morgan Stanley. Please proceed with your question. Nik, your line may be on mute. You may proceed with your question. Sorry about that. Yes, thank you very much for taking my question. Two very simple questions, if I may. First, how do you in management and the board weigh the decision to pay out the dividend, which is a rather significant sized dividend from Alfa, vis-à-vis the potential speeding up of the unlocking of the holding structure and undoing it into Sigma? That's question number one. How do you You know, you have a potential value creation, which could be of multiple pesos, vis-à-vis paying that dividend and then potentially paying that dividend delays the unlocking of the per share valuation. That's number one. Number two, how should we think about the debt maturities in 2024? Is that a deadline or is that something that, you know, maybe a milestone, but not necessarily a deadline for the undoing of the holding into Sigma? Thank you very much. Sure, Ni, thanks for both questions. Our shareholders have decided to follow a balanced approach between dividends and the debt reduction. They made the decision for the last few years for Alfa to pay significant amounts of dividends. Last few years, we have paid roughly $200 million. In fact, the exact figure for this year is $186 million. They decided to follow a balanced approach between both. In the case of this year, we do expect to receive more dividends from Alpek and Sigma before the end of the year. We do not expect to pay additional dividends from Alfa. We will probably do some debt reduction as well as we are closely following the prices of our shares of Alfa shares. As I mentioned before, we have done significant buybacks and we may do some additional buybacks the rest of the year. We will continue following as we're asked by our board and shareholders for that balanced approach between all these fronts. Regarding the debt maturity for 2024, we do have a bond that matures in March of 2024. We are working on refinancing this bond via bank loans. We think with bank loans, not only we get attractive conditions since the bond market today is not really in good conditions. Also we obtain flexibility to reduce debt in the future via prepayments as we move forward and continue receiving dividends from Sigma and Alpek. We have made significant progress in those negotiations with the banks. In fact, we appreciate the support that we have received from them, and we expect to be able to close soon most of those loans. From there, we will look at the price of the bond and decide how to move forward with it. Again, the plan is to continue reducing the debt at the holding company through that flexibility regarding these new financings. Got it. Thank you. You're welcome. Thank you. There are no further questions at this time. I would like to turn the floor back to Hernan Lozano for any questions from the webcast. Great. Thank you, Paul. We do have a couple questions from the webcast. Let me go over them real quickly. The first one is related to the use of proceeds from a potential extraordinary dividend from Alpek. Would it be used to reduce Alfa debt? I already made some comments regarding that, but let me complement that with a couple of topics. First of all, we certainly think that Alpek's strong financial position will allow them to pay additional dividends this year. As it was mentioned in Alpek's conference call this morning, an additional dividend from Alpek will be discussed in the next Alpek's board meeting, which will be held next week. In our case, the use of proceeds will probably be a balance between share buybacks as well as reduction on Alfa holding debt, since we do not expect to pay more dividends for the remaining of the year. How much will be devoted to each one of these two share buybacks or debt reduction will really depend on what happens with our stock price. As I mentioned before, we continue believing that there is significant value that is not being recognized in the price of our stock. Thank you, Eduardo. The next question is related to debt levels at the holding and a little bit of additional color related to any maturities coming up over the next 12-18 months. Sure. Regarding the debt levels, we have been instructed by our board to maintain a net leverage level below 2.5 x That is the target that they set up for us and with the idea of reducing it in order to be able to move forward with the unlocking value process. I would say that is the limit regarding the target at this time. We have been able to reduce it and we are at 2.2 x. We feel we are in good shape. Regarding maturities, the only significant maturity we have in the next 12-18 months is the bond. The bond, $500 million, it matures in March of 2024. We do have other financing facilities in the holding company. Basically the holding company debt today is about $1,250 million, out of which two bonds are $1 billion, $500 million each. We have another $250 million. Those are mostly committed credit lines that we use as revolver facilities. We do not have any other pressure from any other maturity going forward in these 18 months. Thank you, Eduardo. We have another question that is related to a possible real estate sale. Any update on a possible real estate sale, please? Well, now that the real estate market is normalizing here in San Pedro after the pandemic and some of the real estate upscale developments that were done the last few years have pretty much been absorbed by the market. We are restarting to look with increased interest to do a possible transaction with real estate. We are still looking at options. We do not have at this time any solid plan to share with you, but we are certainly looking at different options to be able to monetize this very valuable real estate that we have here. One last question from our webcast. Is it likely to see Alpek become independent in the next 12-18 months? I would say the time window of 12-18 months is quite tight. It really will depend on what happens with the results of Sigma. First, how we finish up, if we are able to complete on time the Axtel spin-off. Then what happens with the results of Alpek and Sigma. That would be a very tight window to be able to do something with Alpek and/or Sigma. Thank you. That was the last of our questions coming from the phone or the webcast. Now we will move on to take questions on Sigma. Roberto Olivares, Sigma's CFO, will answer your questions. Operator, could you please prompt for questions on Sigma? Yes, thank you. We will now be conducting a question- and- answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment please. Thank you. Our first question is from Rodolfo Ramos with Bradesco BBI. Please proceed with your question. Rodolfo, your line may be on mute. You are open to ask your question. Oh, sorry. Apologies for that. Thanks for taking my question again. So looking at Mexico's profitability, it has held up significantly better than other of your markets. How are you thinking about price increases when you look at your main input costs in the country and where you stand in terms of gross margins? We've seen in general that consumer companies have still some catch up to do. I just wanted to get your thoughts on what is your outlook for pricing during the remainder of this year and perhaps next year? You know, an attachment to this question, if I may, if you see any impact from these, you know, price inflation packages or packs that the administration has been announcing. Thank you. Hi, Rodolfo, and thank you for your question. Regarding pricing in Mexico, what we have been doing this year and we have done that also in the past, we have to do the pass-through of almost all of our cost increases into price, but not only f ocusing on prices, we have also worked, as I mentioned in my initial remarks, a lot on expense saving initiatives, looking for ways and thinking outside of the box in ways to reduce expenses in order to maintain margins, and not necessarily be an extra burden to consumers, passing on the prices. If we see continued volatility and see additional cost increases, we will continue to look into initiatives, using both levers, price and expense reduction to do the pass-through and maintain margins. In regards to your second question about the anti-inflation government program, yes, as you mentioned, we were invited to join this government effort to reduce the impact of inflation on the Mexican households. Although our categories are not included among the 24 products listed, we are working with them and gladly helping in any way we can. For example, we're currently evaluating importing some raw materials from regions with lower pricing to reduce the pressure on inflation. We are committed to do this by maintaining the highest quality and food safety standards. We're also highlighting that we need to conduct these initiatives hand-in-hand with the government authorities, in this case, Senasica, because we consider that their expertise is very relevant to this process. Thank you. Just a follow-up there. I mean, you were able to increase 11% average prices during the quarter. Is this something? I mean, should you know, just based on where we stand right now, if we weren't to see any major movements on commodities and some of your input prices, you know, how much would be the, let's say, the remaining price initiatives that would be left to perhaps get where you wanna get in terms of gross margins? I think as of right now, we have I will say close to the gross margin that we need in order to maintain what we previously had last year. We are working also, as I mentioned, in other initiatives. If we see higher headwinds or cost increases, we will try to increase prices. We will increase prices to offset that impact. Okay. Very clear. Thank you very much. Thank you, Rodolfo. Thank you. Our next question is from Alejandro Azar with Credit Suisse. Please proceed with your question. Hi, Eduardo, Roberto, Hernan. Thank you for taking my questions. Just a quick follow-up on the anti-inflationary plan by the government. Part of this plan includes the license to extend the several sanitary permits and import taxes on food and input costs. I'm curious to hear what's the potential impact or benefit to Sigma on this potential extension. Thank you. Sure. Thank you, Alejandro. Yes, as I mentioned, we are currently evaluating importing some raw material, particularly, pork, turkey, chicken, from other regions that right now we cannot import from or before this change we cannot import it from those regions, and that these regions have a lower cost of production or lower demand and thus have lower prices of raw materials. We expect to benefit from lower raw material costs for some of these materials and translate this into not having to increase prices or not having to increase additional prices if we receive those benefits now. Okay. Thank you. My second question, if I may, do you have any early expectations for 2023, in terms of volumes, prices, margins? Any thoughts around that? Thank you. Sure. Thank you. Let me just talk a little bit about volume. If you see, we have increased prices this year, overall around 10% in local currencies and volume growing 4%, you see volume very resilient. We do expect to continue looking into resilient volumes in the next year. I will say that even if there's some economic downturn in the U.S., we even expect volume to increase a little bit, given that our main brand in the U.S. is more a smart choice brand. We have taken a very careful approach in regards to revenue management, always looking into how to protect volume and optimize as much as possible our margin. We do expect 2023 to continue with that performance in regards to volume. In regards of profitability, I will say, let me split the world in two regions, the Americas and Europe. We do expect that in the Americas, it will be a little bit more stable, probably completing phasing out the pandemic, some labor normalization in the case of the U.S. and as I mentioned, maybe a complex economic environment. We expect to continue seeing growth in the Americas. In the case of Europe, the main risk and driver here is the uncertainty surrounding the conflict. We do expect that with all the price increases that we have done this year in the case of Europe, 11% year-on-year, which is unprecedented for that region, it will leave us, let's say, more prepared. With all the efficiencies that we have done, it will leave us more prepared to meet 2023 in a better way. Now, we will continue looking into ways to increase prices if we continue to see some volatility or cost increases in Europe. It will be just a matter of facing an increase. Okay. Thank you very much. Thank you, Alejandro. Thank you. Our next question is from Pedro Balcao with Bank of America. Please proceed with your question. Hi, Eduardo, Roberto, Hernan. Thank you for taking my questions. Just thinking of your 2022 guidance, which I understand is unchanged, could you discuss what regions, I think you highlighted a little bit, but thinking of the implied fourth quarter, what regions you see driving the higher EBITDA margin implied for fourth quarter 2022? If any color on what you may be expecting for Europe, and if this contemplates reactivation of the fresh meat sub-segment permits in Spain. Thank you. Okay. Thank you, Peter. Yes, if you see there's some seasonality on the 4Q. In any year, we see a little bit stronger for Q given the Christmas sales from our products. We do expect all of the regions to have a better 4Q than the 3Q. We still see some downside risk in regards to EBITDA, but close enough not to require a formal guidance revision with just one quarter left. The other question was regarding our fresh meat business, the assumptions of that. We are working with the Chinese, with the Spaniards, and with the Mexican authorities to try to regain the license to export to China from that particular business. Hopefully we have better news on that matter in the coming months. We're doing a lot of actions in order to mitigate the impact there. For example, during this year, we decreased our slaughter numbers from 1.3 million animals per year to 1 million animals. We took other actions to reduce the numbers of days of the plant's operations and to save on labor and to save on energy as well. We continue to grow our retail sales and looking into ways to allocate the byproducts that previously were sent to China. Great. Thank you. Just one quick follow-up, if I may. Can you disclose the margin on the new credit facilities that will be used to refinance the EUR 2024 bonds? We have some of those loans in dollars and some in euros. They will be equivalent in both of them to around SOFR + 100 basis points, around that. Thank you. Thank you. Our next question comes from Bernardo Malpica with Compass Group. Please proceed with your question. Hey, Eduardo. Thank you for taking my question. My question is regarding pricing. I mean, when we look at other consumer staples companies, we see price increases reaching 17, 18, 19%. I was just wondering why Sigma has this gap. I mean, is it a thing of industry? Is it a thing of maybe the products are more elastic, or you just don't want to lose volumes at all? Where does this gap to other consumer staples companies in terms of pricing come from? Thank you. Okay. Thank you, Bernardo. I think what we have done a lot of the pricing initiatives that we took or that we take on a regular basis are based on revenue management. We look into elasticities. We look into how obviously competition is moving. We look into how to optimize our margin. For some of the regions, there we have increased prices enough to mitigate all of the impact at a, I would say, at a contribution margin level and also at a gross profit level. For some others, for example, in the case of Europe, it has been a lagging. We have some facing. We have increased prices higher than this, but given that some of the price increases were fully reflected during the middle of the quarter or by the end of the quarter, if you see year-on-year growth is a little bit less than that. In our categories, in the regions where we participate, I will say that we are usually the first ones to move to increase prices because we really are committed to maintain our margins. We will continue increasing prices in case if necessary, and we see this also as a temporary impact. We do expect this inflationary environment to normalize. If you see how we're keeping volume, I think we will be very off when everything normalizes back. Okay. Makes sense. Thank you, Roberto. Thank you, Bernardo. Thank you. There are no further questions at this time. I'd like to hand the floor back over to Hernan Lozano for any closing comments. Thank you, Paul. Actually, we do have several questions from our webcast to Sigma. Roberto, there's one participant asking for additional comments on Mexico margins, whether we should expect to see Mexico margins recover or whether previous margins in Mexico were abnormally high. Okay. Thank you, thank you, Hernan. If you see Mexico result this quarter, first of all, we do have a tougher comparable base. Last year, 3Q 2021 was the record EBITDA quarter for Mexico because at that moment we have a friendlier, I would say, cost and expense environment. We do expect margins to recover in Mexico once Mexico inflation normalizes. I think we are working a lot on two fronts, again, expense and saving initiatives, and that are helping us to continue gaining some or creating more value in that front. The other one is pushing a lot of innovation and ways to improve volume as well now. Thank you, Roberto. The other question is related to whether there are new countries that Sigma is importing raw materials from, in the middle of this whole situation. Sure. Just give you a couple of examples. In the case of pork, we might bring product from Brazil. We have been bringing product from Brazil, especially turkey, during almost all this year. We have the context and we know the process. This is a different species, this is pork, but we might have been doing that. Also bringing product from Europe, particularly poultry. Poultry, turkey and chicken from countries such as Poland or other even Spain. Prices of turkey in that region are significantly lower than in the U.S. We might even consider other regions such as Southeast Asia for chicken, Thailand and Indonesia. We're working on analyzing those markets and see if we can obviously have supply that complies with our food and safety standards. Great. Thank you. Final question from our webcast is related to dividends. Could you comment some more on dividends from Sigma and your current view on dividends given the current environment? Sure. We have paid as of now $75 million of dividends. We're currently reviewing with Alfa on the rest of the dividends for this year. We have not reached a final decision on this topic. It will depend a lot on the rest of the fourth quarter results. We're still reviewing that now. Okay, great. Thank you. That was the last question on Sigma. Thank you very much, Roberto. Let's now move forward and take questions on Alpek or Axtel. We have José Carlos Pons, Alpek's CFO, and Adrián de los Santos, Axtel's CFO. Operator, could you please prompt for questions on Alpek or Axtel? Yes. Thank you. We will now be conducting a question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. One moment please while we poll for questions. There are no questions on the line. We can go over a couple of questions that we have for each company from the webcast. We could begin with Alpek. The question for José Carlos is whether you could comment on an update on the plans of Alpek's special dividends or plans for Alpek to pay a special dividend. Thank you, Hernan. Well, as we commented today in our conference call, yes, we are planning to propose to our board a special dividend to be paid potentially still this quarter. We have not yet come to a final amount, but certainly what I can comment is our balance sheet is stronger than we originally expected, and we certainly can support paying a special dividend. Thank you. If there are still no questions from the line, we can ask a couple of questions for Axtel from the webcast. Moving on to you, Adrian, would be related to Axtel maintaining its guidance. If you could comment a little bit further on that. Yes. We maintain our guidance for the rest of the year based on third quarter results. We see an improvement in fourth quarter. This is based on contracts that we have in the pipeline for government and infrastructure segment. These two segments should contribute to a better fourth quarter. In addition, the impact from bad debt provisioning of a major wholesale mobile customer will come down in the fourth quarter. All these make us believe that we can meet our guidance or be close to it. That's concerning the guidance for the year. Great, thank you. The next question is related to bond buybacks. Any comments that you could share with us on bond buybacks that you have executed during the third quarter? Yes. We confirm in our call this morning that we repurchase $70 million in the quarter. We have to keep a balanced management of liquidity, including our committed facilities, and actions always maintain room for any unforeseen events. That's how we approach the repurchases of our senior notes in the quarter. We were having conversations with banks and making progress, but no timeline yet. We were diligently working on extending the maturity profile for our debt. Great. Thank you. That covers all of the questions for Alpek and Axtel. I would just like to thank very much everyone for their interest in Alfa. If you have any additional questions, please feel free to reach out to us. We would be pleased to assist you. Thank you for joining us today, and have a great weekend. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.