Welcome to the Traxión second quarter 2025 conference call. At this time, all participants are in a listen-only mode. The question and answer session will follow a formal presentation. If anyone should require operator assistance during this conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Aby Lijtszain Chernizky, Co-founder and Executive Vice President. Thank you. You may begin. Hello everyone. Welcome. I will start with the acquisition of Solistica. This is one of the most important integrations in the logistics industry in Mexico and a great opportunity for us to expand and penetrate our footprint both in the country and into the cross-border market, which is a very relevant opportunity for Traxión to exploit because of its high profitability and our market position. This acquisition is transformational for us and tremendously strategic for our business plan. Solistica has a series of competitive advantages. Among the most relevant are best practices, processes, management, footprint, and client base, just to name a few. We are working to blend them with our current advantages and will take out the absolute best. Synergies are significant as well. We are looking at many efficiencies across the board, with an especially focus on commercial and operating improvements, together with the usual financial advantages of merging such a successful company. You will be able to see them during the second half of this year. With all that, Traxión has become the absolute leader in Mexican logistics, with a strong operating and commercial leverage in line with our long-term strategy to become increasingly asset-light in Mexico and pave the way towards an eventual expansion into the United States. We are very excited about the opportunity and believe that the benefits of the transaction will add a tremendous amount of value over time. Shifting gears, this was a difficult and complex quarter, both financially and operationally. We experienced a temporary disruption in volume, both in logistics and in cargo. Such disruptions are short-term and were mainly caused by the uncertainty of the tariff environment, which drove many of our clients to temporarily reconfigure their shipments, which affected their normal volumes, which translated into unstable activity into the United States and back. Today, we are looking at a better environment in logistics, and there have been some signals of normalization. However, we have taken action and have been approaching new clients to have an even stronger base and help mitigate any future impact. Moreover, the efficiencies plan we implemented last year helped tremendously to soften the negative impact of such disruptions. Having said that, and with Solistica already kicking into our platform, we are looking at revised figures for our guidance for 2025. We expect revenue growth to range from 14% to 16%, with an EBITDA margin between 16% and 17%. The CapEx figure is approximately $2.4 billion pesos for organic growth on fleet renovations. Please be advised that we expect to close 2025 with a leverage level very similar to what we reported previous to the acquisition, which basically means that the transaction will become even more accretive and profitable. Thanks for your attention. With this, I conclude my remarks. I will now hand over to Rodolfo, Wolf, and Antonio for a deeper dive into operations and financials. Thank you, Aby. Welcome, everyone. As Aby mentioned, this was a particularly challenging quarter, marked by a high level of complexity driven by uncertainty, especially surrounding tariff-related developments between the United States and Mexico. I would like to share a few key operational highlights to help put things into context. First, as you have noticed, there were significant adjustments in the Logistics and Technology division, where we saw volume declines across nearly all our business lines. This was primarily driven by external factors, most notably tariff-related uncertainty, which led several clients to shift their shipping schedules, both for exports and imports. This resulted in temporary disruptions in some segments of the supply chain. Consequently, we experienced lower throughputs across our 3 PL facilities, including e-commerce, and a short-term drop in volume processed through Traxión quarter. Fortunately, this trend was short-lived, and we are already seeing early signs of recovery. Additionally, the Logistics and Technology division no longer includes revenue from the B2 C business line, which was largely phased out last year. This explains a portion of the year-over-year decline in revenue, although it also contributed to improved margins compared to the same period in 2024. In our Cargo Mobility division, we experienced both operational and volume-related adjustments, reflecting the close interdependence between logistics and freight. Despite these shifts, and even considering the effect of currency fluctuations, we achieved a notable 12% increase in revenue per kilometer, highlighting the strength of our pricing and commercial strategy. At the same time, we saw a 9.5% decrease in total kilometers, a 3.2% reduction in fleet, and an increase in cost per kilometer, mainly driven by the combined effect of lower volumes and FX adjustments. As shipped costs are allocated over fewer kilometers, this naturally results in a temporary rise in unit costs. However, we expect these costs to normalize as volume levels recover, helping to restore efficiency in the cost structure. In our People Mobility business, we also observed a slight decrease in kilometer volume, mainly due to deliberate strategic actions, including pricing adjustments and the redeployment of fleet toward higher-value client segments. That said, we are beginning to see solid results from these initiatives, as revenue is growing at a faster pace than cost, which is helping to push margins in the right direction. Despite a mild growth of revenues, both operating income and EBITDA increased more than 10%, and the margin expansion of 128 basis points formed. These are the key highlights I wanted to share for this quarter. Thank you for your attention. I'll now turn it over to Wolf. Thank you, Rodo. Welcome, everyone. As usual, I will take you through the most relevant financial metrics. I think that one of the most important matters to talk about is that even though the downturn in our revenues this quarter, we were able to preserve our EBITDA since it decreased much less than topline. That also drove margin to post a 40 basis point expansion in the quarter, which I think is especially relevant given that our fixed structure is designed for a much larger volume of operations and is proof of the success of the efficiencies plan we implemented last year. Another relevant matter to discuss is operating cash flows, which grew 9.2% during the quarter and has been steady in the first half of the year, in line with our commitment to privilege such metrics moving forward. Our CapEx plan advances according to our expectations, and the cargo fleet renovation and modernization program is as scheduled. As Aby mentioned earlier, our CapEx guidance for 2025 is around $2.4 billion pesos. Moving on, there is a $64 million pesos FX loss in the financial result due to the strengthening of the Mexican peso. This has a direct impact on net income that, compared with the second quarter of last year, there was a $56 million benefit when our currency depreciated. Finally, in terms of debt, we expect to end this year with a leverage ratio similar to that of the first half of this year, which is around 2.2 times, a very good use considering the acquisition of Solistica and further contributes to increase the transaction potential. Thanks for your attention. I will hand over to Antonio. Thanks, Wolf. I will now dive deeper into some other relevant details. First, it is very important to bear in mind that Solistica's margins are not in the same range as the Logistics and Technology division. Please be advised that for the future, once we have Solistica operating for the full year, we expect our consolidated margin to be lower than what we have reported previously, since the asset-light component will weigh significantly more in consolidated topline. This is not at all a negative situation. Solistica has very low CapEx requirements, and even though margins are lower, the contribution to net income is pretty like the rest of the division. Moving on, I want all of you to remember that last year, we implemented an efficiencies plan that considered to almost entirely cease the B2C last mile operations, together with a headcount reduction and an operational reorganization across the company. While such actions started to be visible in the first quarter of the year and during the second contributed to softening the negative impact of the volume reduction that Aby and Rodolfo discussed earlier in their calls, it is always important to consider that the trade between Mexico and the United States will not stop. If there is a change in the tariff environment, things will adapt and the cycle will ultimately close. Both countries are tremendously intertwined and are quite dependent on each other in many sectors and industries. With that in mind, we expect to be stronger once things get back to normal. Finally, I just want to add that even though this was a difficult quarter, there are some metrics that are especially worth mentioning. For example, there has been a strict control of costs and expenses, and net operating cash flow keeps improving. Thanks for your attention today. With this, I end my remarks and will open the floor to Q&A. 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. Thank you. Our first question comes from Julia Ornelas with JP Morgan. Please state your question. Yeah. Hello everyone. Thank you for your time. We have two questions on our side. The first one, as you already mentioned in the opening remarks, results were impacted by the uncertainty on the whole tariff discussion, which should be temporary. I understand that there are still a lot of moving parts on this topic. From what we are seeing so far, what is your expectation on this? Is it fair to assume that volumes will normalize throughout the year or will they continue to be impacted by it? The second is to follow up on the EBITDA margin guidance. Can you provide more details on the EBITDA margin breakdown across each segment for this year, what you're expecting? Thank you. Hi, Julia. How are you? This is Wolf. Good morning. Regarding your first question, we can see that we think that the tariff noise and the intermittence that prevailed during the second quarter will not be as it was. Clients are getting back to their more normal on track, with a much better visibility in the imports for balance, since the tariff issue has been more digested. We think that it will be more like the normal quarters previous than the second one. With this, we're expecting a much, much more stable second half of the year. Thank you. Our next question comes from Carlos Peyrelongue with Bank of America. Thank you. Thank you, gentlemen, for taking my question. It's just a follow-up. If you could provide, I haven't seen any specific visibility that you can point towards for recovery in volumes that you mentioned you're expecting for the second half. Is that already materializing, and can you provide some color, or is it something that you're expecting to occur? So far, we're still in the situation where there is uncertainty and volumes are affected. Thank you. Hi, Carlos. Good morning. Regarding your question, in terms of the volume, as I just mentioned, the talk that we had with our clients, we see that their volumes will recover on a time basis. It will go in a gradual basis, but we think that it's coming back to normal as we advance during the third quarter. Yes, I think the volumes, as Aby also mentioned, in the Logistics and Technology business are getting back to normal. Also, in the Cargo Mobility division, they will take a little bit longer, but during the third quarter, we think that we will be more closer to the regular one. Thank you, Wolf. Sorry, I think we didn't address the first question of Julia earlier. I think, Julia, your questions were you were asking about the EBITDA margin of the different divisions. What we're looking at, if you see, we are improving. Actually, if you take a look at the mobility of people, even though revenues came softer than usual, both operating income and EBITDA were above 10% growth. The margin improved as well. We expect mobility of people to remain in that line, above 25%, which is okay. In logistics, if you take a look at the first quarter and the second quarter of this year, the margin was 10% and 9% respectively. However, in the second half of the year, we're going to have Solistica, which bears margins around 5%. If we blend in everything and assume some sort of synergies taking place in the second half of the year, we perhaps are going to take a look at something around the 7% mark for the Logistics and Technology division, perhaps something more because of the first part of the first half of the year. In cargo, I think we hit bottom on the second quarter in terms of the margin. We should be able to progressively go back to normal margins in cargo, which are, as you know, between 21% and 22%, which is the long-term and the normalized levels for that division. Thank you. Just a reminder to the audience to ask a question at this time, press star one on your telephone keypad. To remove yourself from the queue, press star two on your telephone keypad. Once again, to ask a question, press star one on your telephone keypad. Your next question comes from Martin Lara with Miranda Global Research. Please state your question. Hi, good morning, and thank you for the call. In the revenue guidance that you provided, what percentage is due to Solistica and how much is organic growth? Hi, Martin. Thank you. We should expect topline growth, or without Solistica, organic growth should be around 4%. Most important is that EBITDA margin should be organically 18.5%, which means an expansion compared to 2024, again, in organic terms. This is important to bear in mind because this is a year where we are integrating Solistica. We are giving priority to cash flows with a much better control in costs and expenses, as you can probably see in the first half of the year. Much more important is that we plan to maintain the same leverage at the end of the year, a level very similar to the previous quarter. Okay? Thank you, Antonio. Thank you. This now concludes our question and answer session. I would like to turn the floor back over to Aby Lijtszain, Co-founder, Executive Vice President, for closing comments. Please be advised that we are doing everything in our control to mitigate any negative impact. We expect the second half of the year to be somewhat better compared to this quarter. Traxión will continue to grow, expand, and improve, and we will keep working to further protect the balance and privilege the company's cash flows in line with our plan. Thanks for your attention and have an excellent day. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.