Earnings conference call. All participants are currently in listen-only mode. After the company's prepared remarks, we will open the call for a question-and-answer session. As a reminder, today's call is being recorded. The replay will be available on Sigma Foods' investor relations website later today. I will now turn the call over to Hernán Lozano, Sigma Foods' IRO. Thank you, operator, and good morning to everyone joining us today. Further details regarding our first quarter results can be found in our press release and the earnings presentation that were distributed yesterday. Both documents are available in the investor relations section of our website. Before we begin, please note that today's discussion will include forward-looking statements. These statements are based on current expectations and assumptions that are subject to risk and uncertainties. Actual results may differ materially. Sigma Foods undertakes no obligation to update these statements. It is my pleasure to participate in today's call together with Rodrigo Fernández, Chief Executive Officer, and Roberto Olivares, Chief Financial Officer. Our agenda today is straightforward. Rodrigo will begin with a strategic and operational overview of the quarter. Roberto will then review our financial performance in more detail, and we will conclude with a Q&A session. With that, I'll turn the call over to Rodrigo. Thank you, Hernán, and good morning, everyone. 2026 started on a strong note with record first quarter volume and revenues, as well as the second highest comparable EBITDA for the period. Results were supported by disciplined execution, early sense of improvement in certain raw materials, and stronger currencies benefiting our operations outside the U.S. Sigma operates from a position of financial strength. Our investment-grade balance sheet has no material debt obligations over the next two years, as we proactively refinance those maturities through our successful issues of a local notes during the first quarter. From a capital allocation perspective, we recently held our first annual ordinary shareholders meeting as Sigma Foods, where shareholders approved total cash dividends of $150 million for 2026. This reflects our strong cash generation, which supports our balanced approach to drive growth while returning capital to the stockholders. Disciplined investment in high-return strategic projects is fundamental to continue growing our core. Let me highlight several key developments on this front. In Mexico, we continue expanding yogurt capacity to meet strong demand. Our yogurt team has done an outstanding job, recently climbing to the number one position of this dairy product nationwide. In the United States, we're advancing the expansion of our cheese operations in California, supporting the continued growth of our Hispanic brands as they gain traction in mainstream channels. In Europe, we're encouraged by the steady improvement in profitability and the progress of our capacity recovery in Spain. The expansion of La Bureba facility is almost complete, and our new packaged meats plant in Valencia is on track to start operations in 2027. Both projects are key to restoring lost capacity and further strengthening our competitive position through efficiencies. Turning briefly to the global macro environment, conditions remain fluid given the broad effects of the ongoing conflict in Iran. The recent spike in oil prices increases uncertainty and pressure for consumers across many markets. We're actively managing to mitigate short-term headwinds related to energy, plastic packaging, and transportation, among others. At the same time, we're encouraged by positive external developments around meat, raw material cost, and foreign exchange trends. Combined with the diversification and scale of our operations, these factors provide flexibility as we navigate the current environment. Overall, the balance of external headwinds and tailwinds remains supportive of our 2026 guidance, which remains unchanged. With that, I will now turn the call over to Roberto for a more detailed review of our first quarter financial results. Thank you, Rodrigo, and good morning, everyone. Our consolidated results reflect solid execution complemented by a favorable currency translation effect. Total revenues increased 13% year-over-year, supported by volume growth and higher average prices in Mexico, Europe, and Latin America. Similarly, comparable EBITDA increased 18% year-over-year, driven by robust growth in Mexico, Europe, and Latin America. Regarding performance by region, Mexico was a standout once again this quarter, delivering record first quarter volume, revenues, and EBITDA. Growth was mainly driven by strong results in the dairy category across all channels, as well as solid packaged meat performance in proximity retail channels. By brand segment, our value-oriented brands continued to grow at a higher pace than the rest of the portfolio. Europe delivers solid progress with volume increasing 4%, supported by double-digit growth in the fresh meat business, which benefited from temporarily lower live hog prices in Spain. EBITDA was $25 million, marking Sigma Europe's highest first quarter figure since 2021. Regarding the Torrente plant flood insurance, let me remind you that we received two types of reimbursements, property damage and business interruption. During first Q 2026, we received reimbursements exclusively related to business interruption, which replicate the plant's operation and therefore are considered part of our operating results. Only property damage reimbursements are considered extraordinary items for purposes of comparable EBITDA. For the avoidance of doubt, we did not receive any property damage reimbursements in first Q 2026. On the strategic front, we continue advancing to obtain regulatory approval for the previously announced fresh meat transaction in Spain as soon as possible. In the United States, the consumer environment remains softer relative to other regions, yet continued progress in Hispanic brands across mainstream channels helped offset lower demand in national brands. Sequential improvements in volume, revenues, and EBITDA were in line with expectations as pricing actions continue to better align with cost. We expect this trend to accelerate in the second quarter as seasonal effects kicks in. Latin America continue its positive trend, recovery trend, delivering year-over-year growth in volume, revenues, and EBITDA, supported by ongoing operational initiatives and improved execution. Turning to the balance sheet, we continue strengthening our debt profile during the first quarter, successfully issuing approximately MXN 580 million in local notes and extending our average tenor to eight years by refinancing short-term term maturities. These notes received the highest local credit ratings from Fitch and Moody's and attracted demand of roughly three times the initial target. We benefit from a diversified financial structure that provides flexibility to meet our funding needs across different currencies, maturities, and credit instruments. Net debt totaled MXN 2.8 billion at the close of the first quarter, up MXN 127 million year to date. The increase was mainly driven by higher net working capital, reflecting supplier payments related to year-end CapEx projects and seasonal inventory investments. Importantly, net working capital investments was 18% lower compared with the first quarter of 2025. Regarding leverage, our net debt to EBITDA ratio ended the quarter slightly above our long-term target of 2.5 times, reflecting the previously discussed working capital dynamics. This concludes our prepared remarks. I will now turn the call back to Hernán for Q&A. Hernán? Thank you, Roberto. We will now open the line for questions. Please limit yourself to one question and one follow-up so we can address as many participants as possible. Operator, please. Dear participant, if you'd like to ask a question, please use the raise your hand button of your Zoom tool. Our first question comes from Fernando Olvera of Bank of America. Please go ahead. Oh, can you hear me, guys? Yes, Fernando, good morning. Hi, good morning, and thanks for taking my questions. Keeping this to one question, I want to ask you, based on the volatility of oil prices that you highlight in the initial remarks, can you give us some color on the potential impact that this could have on margins and how relevant are from your cost structure, the freight cost? Thank you. Hi, Fernando Olvera. This is Roberto Olivares. Thank you for your question. Regarding the Iran conflict and the potential and the impact that it has on the markets, the potential effect will depend on the conflict duration. Yes, we have some exposure in some categories, particularly in the packaging category, so we have some plastic packaging. We have the freight costs, as well as some utilities. In regard to utilities, particularly in Europe where we are seeing that the markets have more volatility, we're mostly hedged for the year. We have around 80% of the utilities hedged in Europe. In regard to the other categories, the impact so far that we have seen has been manageable through other efficiencies and initiatives within the company. Let me just put this into relative context. We are seeing as well a favorable raw material dynamics, particularly in the turkey segment, as well as fresh milk. Also the effects has continued to have through during this year. We do not expect any material impact coming from the conflict. As we mentioned, we remain confident to reach our guidance for the year. Great. Thank you, Roberto. Thank you, Fernando. Our next question comes from Henrique Mogadouro of Morgan Stanley. Please, go ahead. Hi, everyone. Thank you so much for the space for questions. My question will be on Mexico EBITDA margins. We were a bit surprised to see a margin decline in Mexico this quarter, given the current Mexican peso level and the raw material benefits you just mentioned as well. On that matter, if you could just dive a little bit deeper on the drivers behind this margin decline in Mexico, it would be very helpful. For instance, if Sigma saw any tailwinds from the stronger Mexican peso this quarter, maybe if we should see that only later on, any relevant raw material or SG&A components this quarter as well. Still on Mexico margin, if you could comment on how you're seeing the latest developments on raw materials, and how does that affect your initial expectations on Mexico profitability for the year as well, would be very helpful. Thank you very much. Henrique, let me start and then Roberto can complement. We see Mexico very strong and something important to mention is that dairy has been growing at a higher pace. The margins between dairy and packaged meats, both are very positive, but there is a mixed part on that. If you want to complement, Roberto. Yeah, sure. Not only will be a mix in categories, but also in brands, we have been seeing value brands growing a little bit more than premium and mainstream brands. That will also have an effect on mix. On the part of raw material, as we have mentioned, we have seen, particularly since the start of the year, turkey breast decreasing sooner than we expected. Possibly, we recently seen turkey thighs starting to move. In the last couple of years, the market of turkey thigh has increased so far $0.02, but it's signaling that we do expect the turkey thigh market to decrease in the coming months. That will, particularly turkey thigh, will potentially have a benefit in COGS. We, as always, will take a more balanced approach in terms of margin and volume. We want to incentivize volume. Particularly this year, as we're seeing the consumer a little bit softer than in previous years. We will take a balanced approach to see how much of that potential improvement in COGS will go up or down to the margin. Let me just give a quick clarification about the thigh price decrease. This is a very recent development over the last couple of days. Correct. That's super clear. Thank you very much. Thank you, Henrique. Our next question comes from Froylan Mendez of J.P. Morgan. Please, go ahead. Hello, gentlemen. Thank you very much for taking my question. Is there anything that makes the first quarter in terms of margins and cash generation seasonally weaker versus the rest of the year? Because my question comes because if we extrapolate the margin performance seen in the first quarter, it would be hard to think that guidance is achievable. My second question, if I may, you mentioned improved penetration of Hispanic cheese in the mainstream channels. Should this be margin accretive? Are you able to price the Hispanic products in the mainstream channel as a, let's say, more premium product that should command a higher margin? Thank you so much. Let me just very briefly start, that we do see a good start of the year. Roberto mentioned, we're actively managing to mitigate impacts from the ongoing conflict, so that shouldn't be a problem. We do see lower raw materials cost, going forward. We do see favorable FX trends within the geographies. We do see, by the end of the quarter, positive strengths within each one of the geographies. With that, we feel comfortable with the 2026 guidance. I will only complement Froylan, that there's usually a seasonality effect in terms of EBITDA generation, particularly coming from the U.S. and Europe during the second quarter is a stronger quarter for the U.S. As the year advances, Europe generates generally more EBITDA. In particular, in the fourth quarter, it's a very strong quarter for Europe. Yes, there's a seasonal effect on EBITDA. As we have mentioned, the MXN 260 billion that we delivered during first Q is in line with what we expected for the first Q, and what we're seeing, as Rodrigo mentioned, will be very aligned or aligned with our guidance. In terms of, you also mentioned cash generation, there's usually more investment in net working capital during first quarter. That has to do with either CapEx payments of projects that were approved in the fourth quarter of last year and seasonal investment in inventories that we do expect that investment in net working capital to normalize a little bit through the year. Regarding Hispanic- Regarding Hispanic cheese, I would say that the margins are. I don't think that you will see a change in the mix by Hispanic brands or Hispanic cheese compared to packaged meats. At the same time, I would say that as of today, we have a very good position on the unitary margin on packaged meats in the U.S. in anticipation of the seasonal demand, including the World Cup this year. We'll feel very comfortable with the margins going forward. Our next question comes from Ulises Argote of Santander. Please, go ahead. Hi, gentlemen. Good morning. I think you partially mentioned this in the previous question but wanted to get maybe some more thoughts there on the working capital dynamics, maybe understand a bit more where these investments and where this pressure that we saw in the quarter was coming from. Just to understand also going forward, Roberto, you alluded obviously to some seasonal effects there as well, the first quarter being a bit more heavy or loaded there on the investments on working capital. Just to understand if this is something specific to this year and how you're thinking about it, or is this kind of the run rate that we should think about for the following years model-wise? Thank you. I'll let Roberto talk about seasonality but let me start just commenting on the part of inventory within working capital. We found a couple of good opportunities to secure some turkey and some beef for both the retail on the side of turkey and for beef for the food service during last year. We have more inventories at the beginning of the year. Definitely we're in a better position, but that will translate that during the year, we might be buying a little less on that, especially more on the turkey. It's more breast than the turkey thigh. Again, that leaves us today with a little more inventory, but with good prices, and during the year, we should buy a little less of that. By the middle of the year, end of the year, we should be leveling up. Just to complement Rodrigo, Ulises, in general, the net working capital has a seasonality effect usually. It's similar to what Rodrigo mentioned, during the first quarter, we build up some inventory, because usually prices of raw materials are higher in summer because of supply. I'm talking specifically about, for example, pork. Pork during summer usually is higher because of the weather, and that makes the pigs to gain less weight, and that implies less kilos of supply, et cetera. You should see this dynamic usually through the year, and we will delever net working capital by the end of the year. In terms of this particular investment for the first quarter, as Rodrigo mentioned, there's this investment in inventories, as well as payments that we did regarding CapEx of projects that we approved at the end of last quarter. You will see that number to normalize through the year. That's great. Perfect. Thanks so much for the details. Thank you very much for your question, Ulises. I think we can move on to a question that we got from our- Webcast from our chat, from the webcast. This is from Vanessa Quiroga, asking about any changes in consumer behavior we have identified in the U.S. or Europe resulting from rising inflation recently. Thank you, Vanessa. In general, if you see I will talk about two different markets, the U.S. and Europe. Let me first approach the U.S. If you see the consumer sentiment in the U.S. is the softest that we've seen relative to other regions, and also in the U.S., I think is record low in many, many years. That has exacerbated with the gasoline prices recently increasing in the U.S. and all that dynamics. In terms of what we are seeing with our consumer stories, the U.S. consumer is taking a much more affordability approach to grocery shopping, and that is moving the dynamics of the market. We have been following those dynamics and trying to change our strategy as the consumer changes. I think we're well-positioned with our brand portfolio to take over a lot of the consumption of our categories, if the consumer asks or as the consumer trade down within our categories. Our biggest brand in the U.S., Bar-S, is positioned as a smart choice, more on the mainstream to value segment of the consumers. In regards of Europe, I'm sorry, I will say it a little bit different. Particularly last year and through the beginning of this year, we have not seen as much inflation yet. Obviously, this conflict with Iran will, and depending on the duration, will potentially change that. But actually, branded volume growth has consistently grown in Europe, and that is a signal for us that consumers in Europe are not necessarily that focused on affordability and more focused on the value that they receive for the products. We see different dynamics in both regions. It's just important to comment, if you see the categories where we participate, it's a great protein quality at a very good price. We should be in a good position within the categories where we participate in those geographies. Thank you very much for your question, Vanessa. Once again, if you'd like to ask a question, please use the raise your hand button of your Zoom tool. We have a follow-up question from Fernando Olvera of Bank of America. Please go ahead. Sorry, I was muted. Can you hear me now? Yes, right? Yes. Perfect, Fernando. Oh, great. No, thanks for the follow-up. Now, I have just two quick ones. The first one is if you can explain the higher tax rate that we are seeing in this quarter, and what should we expect in the quarters ahead. The other one is if you have any update regarding the Grupo Vall Companys transaction in Europe. Thank you. Thank you, Fernando. This is Roberto. Yes, regarding the tax rate, first let me say that first Q tax rate is not representative of the annual tax rate, as there is some volatility from quarter to quarter. Factors behind this volatility may include the FX and some other adjustment, particularly labor liabilities and others. The income taxes are comprised of incurred taxes and deferred taxes. Let me first start with the incurred tax. The incurred tax of the operation reflects a lower rate, which is very aligned with the statutory rates. This quarter, we have a deferred tax effect that we recognize, and that is the one that is raising the implied rate to the figure. That deferred tax is related to labor liability, a labor liability change. That was the effect of the end of Alfa's transformation process. Regarding the update on- Okay Regarding the update on the fresh meat transaction with Grupo Vall Companys, we're advancing. We actually are moving forward in the process with the competition authorities. We are seeing the transaction to close soon. It has taken a little bit more time, not because there has been anything related to the process, but just because of the time the transaction was reviewed by the competition authorities. We do expect to close, hopefully, during the second quarter of this year. Okay. Oh, great. Thank you. Roberto, regarding what you mentioned about labor liability, is it something that we can see in coming quarters, or it was just this quarter? No, no. Thank you, Fernando. Yes, it was a non-recurring effect, so we do not expect to see that in the coming quarters. Great. We do expect the tax rate to lower, the implied tax rate to lower in the coming quarters. Okay, perfect. Thank you. Our next question is a follow-up from Froylan Mendez of J.P. Morgan. Please, go ahead. Hi, guys. Me again. Thank you for taking my follow-up. Could you help us just frame how has the reaction of the consumer been so far in Mexico? I remember you saying that part of the benefits from raw materials would be translated into the consumer, probably being a little bit more promotional, more strategic, given the health of the consumer. How would you frame the consumption environment and the reaction of the consumer in Mexico versus your original expectations? Thank you. Thank you, Froylan. Firstly, let me say that, if you see volume in Mexico, it's increasing around 2%, and that has more to do with the retail channels than the food service channel. Within retail, particularly dairy is increasing mid to high single digits versus packaged meats. In general, we're seeing good dynamics in most of our categories. We're continuing improving the position of our brands with consumers, as Rodrigo mentioned in his initial remarks. For example, in the case of yogurt, we are now the number one player in the yogurt category, and that has to do a lot with our portfolio, and that consumers are preferring our brand and our products. In regards to other dairy categories, cheeses particularly, coming from value-added cheeses, sliced and shredded cheese, and that has also helped us capture more clients. In the case of packaged meats, particularly those segments that are more value segments and those regarding to specific needs, for example, everything that is regarding green lean has increased a lot in Mexico recently. We have taken this careful approach of incentivizing volume, but also protecting margins, especially as this very recent improving in the tight markets evolves. We do expect to continue looking into other ways to incentivize volume and also maintain margins. Froylan, I will just complement, if you see the unitary EBITDA in Mexico, we have been able to maintain or even grow a little compared to last year. We have done that with a lot of cost increments of raw materials. What we're thinking going forward is that balance between maintaining our unitary margins that are very important to make sure that the short-term results are there, but at the same time, the volume that will allow us to keep growing within the geographies. We do plan to maintain that balance between those two, and hopefully with that, we'll be able to keep getting good results in Mexico in the short, medium, and long term. Thank you. Our next question comes from Felipe Ucros of Scotiabank. Please go ahead. Thanks for the space for a question, good afternoon, everyone. Just a quick one on SG&A. Just wondering if there was any unusual seasonality for the quarter, or do you expect any unusual seasonality throughout the year with your expenditure and marketing? Just wondering more or less what level of SG&A as a percentage of sales you guys are thinking about for the rest of the year. Thank you. Thank you, Felipe. This is Roberto. Yeah, regarding SG&A, we don't necessarily see a lot of seasonality other than usually SG&A changes a little bit with sales mix. Let me give you an example of Mexico. Whenever there's changes even in the categories or the channel mix or even the region we're in Mexico, there are some changes in SG&A, as we're now selling a little bit more yogurt than relative to the other categories, as particularly sales expenses are a little bit higher. Even with that, yogurt margin has increased significantly in the last years due to a better mix coming from value-added products. Yes, there's some changes in SG&A regarding mix, but seasonal effects, not necessarily. Yes, not like that. Within marketing, Felipe, I would say that we have a very strong position in all the markets we participate, but we still see that there might be opportunity to do things even better. We have been putting a lot of effort on the marketing side of the company. We have a couple of good campaigns on the pipeline that should be coming out. In the long term, we definitely will be investing more money in marketing, but this is not something that is going to be radical. What we're seeing is pushing some new products that will be coming out to the market and gradually be spending more money on that. With that, the idea is to put some effort on campaigns that will also bring more volume and more margin, and at the end, the net of that should be positive. Again, I don't think there is going to be anything that will be outside of the gradual way of saying it, and with that, I don't think that you should see any spike or any change within the market, even though as time goes by, we should be spending more on that side. Okay, great. We should expect SG&A levels to be similar to the last two, three quarters for the short term, for the next couple of quarters. Yes. Correct. Perfect. Thanks so much, everyone. There being no further questions, I would like to return the call to management. Let me turn the call back to Rodrigo Fernández for a quick closing comment. Thank you, Hernán. We're encouraged by the strong start of the year. These results underscore the resilience of our business model and high-performing team. We remain focused on operational excellence to stay ahead of consumer needs and preferences in a dynamic environment. We greatly appreciate the continued support of our investors and business partners. We look forward to updating you next quarter. Thank you all for your interest in Sigma Foods. This concludes today's conference call. You may disconnect.