Greetings. Welcome to Grupo Traxión 2Q 2026 conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the 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, Executive President. Thank you. You may begin. Thank you. Good morning, everyone. As you've seen in our results, the second quarter once again demonstrated something that has defined Traxión throughout its history, the resilience of our business model. Despite one of the most challenging trade markets in recent years, we continue to deliver solid results, generate strong cash flow, and make meaningful strategic progress. A weak trade market, volatile fuel prices, and heightened geopolitical uncertainty created significant headwinds for the Traxportation industry, particularly for asset-based businesses. That resilience comes from the diversification we have built over the years. While our cargo business continued to operate in a soft trade market, our logistics division delivered healthy growth and profitability, and our mobility of people business remained stable. Together, these three business segments allowed us to perform well despite a very complex macroeconomic environment. Over the past several years, we have deliberately transformed Traxión from a Traxportation company into an integrated logistics and mobility platform. That transformation is making our business more diversified and resilient. There are three reasons why we remain confident about Traxión's future. First, the integration of Solistica continues to exceed our expectations and is accelerating our transformation into Mexico's leading integrated logistics platform. Second, after an extended downturn, we are beginning to see the first encouraging signs of recovery in the freight market. Third, we are using this part of the cycle to fundamentally improve our efficiency, positioning Traxión to emerge stronger when the market fully recovers. Starting with Solistica, the integration has progressed exceptionally well. Beyond the expected operational synergies, we have developed significant commercial opportunities by combining the strengths of both organizations. Together, our commercial teams have built a sales pipeline of approximately MXN 1 billion above our original budget, which we expect to execute over the next 12 months. During the quarter, our revenue mix continued to evolve. Logistics increased its contribution to consolidated revenues, while cargo revenues declined, reflecting lower freight rates, softer volumes, and the migration of selected customer volumes to our Traxporta platform. Rather than waiting for the market to recover, we decided to launch a comprehensive reorganization program aimed at making the business leaner, more efficient, and better positioned for the next phase of the cycle. This program includes optimizing our asset base, streamlining our organizational structure, reducing capital expenditures by approximately MXN 500 million, and leveraging our Traxporta platform to improve capital efficiency. Once fully implemented, these initiatives are expected to generate monthly efficiencies and pricing adjustments that will help to revert recent adverse effects. As of June, we have already achieved about half of our objectives. As a result, when trade market conditions normalize, we expect to emerge with a significantly stronger competitive position. On the freight market, after more than one year of difficult conditions, we are beginning to see encouraging signs of normalization. Pricing has improved in selected corridors, shipment volumes have become more consistent, and demand has strengthened toward the end of the quarter. While we remain prudent, these early indicators reinforce our confidence that market conditions are gradually improving. Volatility in fuel prices continued to have an adverse effect on our asset-based business lines during the quarter. However, our contractual fuel pass-through mechanisms have already been triggered. As you can see, we have been very active. Rather than simply navigating a difficult market, we have used this period to transform the company, strengthen our operating platform, and improve our long-term earnings potential. We believe the actions we are taking today will allow Traxión to emerge from this cycle as a stronger company with a more efficient operating model, a broader logistics platform, and an even greater ability to create long-term value for our shareholders. Thank you for your continued confidence in Traxión. With that, let me turn the call over to Rodolfo, who will review our operating results in greater detail. Thanks, Aby. Good morning, everyone, and thank you for joining us today. One of my key messages this morning is that we are seeing a much more normalized logistics environment. During the second quarter, revenue from our logistics and technology segment increased by more than 124% year-over-year. This performance was primarily driven by the integration of Solistica, as well as a solid recovery across the business. Growth was supported by a commercial pipeline that significantly exceeded our expectations, continued operational efficiencies, and strong demand in both contract logistics and Traxporta. As a result, EBITDA nearly doubled, reaching a margin of 8.0%, which is above the level we had anticipated when we completed the Solistica acquisition. Turning to our cargo division, revenue declined year-over-year, primarily due to an atypical demand environment that continued to pressure pricing. In addition, part of the reduction reflects the strategic migration of certain operations from our asset-based business to Traxporta, our asset-light platform. The corresponding revenues are now recognized within the logistics and technology segment following the organizational changes implemented during the quarter. That said, we are encouraged by the early signs of recovery across the cargo market. For the first time in the last four quarters, we are beginning to see more favorable industry dynamics. June showed sequential improvement compared to both April and May. Pricing has started to recover in selected lanes, while volumes and customer demand are becoming increasingly consistent. Based on these trends, we remain optimistic about improved operating and financial performance during the second half of the year. Finally, our Mobility of People division delivered 6% revenue growth, driven by targeted opportunities. During the quarter, we also advanced the refurbishment of approximately 400 buses, which we expect to deploy into operation during the second half of the year. Overall, I believe our results provide a clear picture of the progress we have made across our operations. We are also seeing encouraging signs from our customer base, with some clients returning to historical operating levels, while others are resuming investment and operational decisions that have been deferred over the past year. While we continue to navigate a challenging macroeconomic and political environment, we are encouraged by the gradual normalization taking place across our markets. Despite the continued headwinds affecting our cargo operations, we believe the company delivered a solid set of results this quarter. We are also well-positioned for continued improvement. With that, I will conclude my remarks. Thank you for your attention. I will now turn the call over to Wolf. Thank you, Rodo. There are many topics I would like to discuss in greater detail. However, the key message I want to leave with you today is that Traxión delivered a solid set of financial results this quarter, despite a challenging operating environment. The most important highlights are the significant improvement in operating cash flow and the disciplined reduction in capital expenditures. These results reflect management's proactive and defensive approach to navigating the current macroeconomic and industry conditions while preserving financial flexibility. As shown in our results, net operating cash flow reached MXN 1.5 billion, driven by the actions we implemented throughout the quarter. CapEx totaled MXN 246 million, allowing the company to generate a record level of free cash flow, fully aligned with our financial goals for the year. Despite the headwinds, we maintained stable leverage compared with previous quarters. In addition, interest expense remained essentially flat year-over-year, even considering that the debt incurred to finance the Solistica acquisition was not yet reflected in the comparable period. Turning to costs, as you know, oil prices increased sharply towards the end of the first quarter and have remained highly volatile since then. This volatility has made the fuel pass-through process more challenging, as pricing discussions with customers have become increasingly frequent due to rapid and unpredictable price movements. Regarding fleet maintenance, year-over-year costs increased for two primary reasons. First, we are executing a refurbishment program covering approximately 400 older buses, which will soon return to service with renewed operating capabilities. Second, we are providing maintenance services to third-party fleets associated with the Solistica operation, which also contributed to higher maintenance expenses. In summary, despite the performance in our cargo operations, higher fuel costs, and a complex macroeconomic and political backdrop, Traxión delivered resilient quarterly results while strengthening cash generation and maintaining financial discipline. We believe these results demonstrate the resilience of our business model and the effectiveness of our operational strategy. Thanks for your attention. With that, I will conclude my remarks and turn the call over to Sonia. Thank you, Wolf. Good morning, everyone. I recognize that many of you may have questions regarding our guidance. Let me begin by reiterating that we remain confident in our ability to achieve our 10% top-line growth target. As reflected in our second quarter results, recent volatility in fuel prices has placed pressure on our margins. The last time we experienced a comparable impact was in 2022, following the onset of the conflict between Russia and Ukraine. Although our fuel pass-through clauses were activated promptly, we recorded approximately 200 basis points of negative impact on our EBITDA margin for the full year. We are currently facing a similar dynamic. Should oil price volatility persist, our margins could experience an impact comparable to the one recorded in 2022. In addition, the transition of certain cargo services to Traxporta could place further pressure on our consolidated margin through year-end. This is not necessarily a negative development. It reflects a lower margin but a higher contribution to profitability. In summary, we are maintaining our current guidance at this stage, as we do not yet have sufficient information to warrant a revision. We will continue to monitor these developments closely and will provide an update if our outlook changes materially. I would now like to turn to several important milestones in our sustainability strategy. For the first time, we published our sustainability report in accordance with IFRS S1 and S2, providing disclosure on the climate-related risks and opportunities that could affect the company's operations and long-term prospects. In addition, Traxión retained its inclusion in the Dow Jones Sustainability MILA Pacific Alliance Index, remaining one of only four companies across Chile, Colombia, Mexico, and Peru included in this select group. We also achieved Committed Enterprise status under the EcoVadis assessment. EcoVadis applies its methodology to more than 90,000 companies globally and evaluates performance across environmental practices, ethics, sustainable procurement, human rights, and labor practices. We remain firmly committed to advancing our long-term objectives and strengthening our ESG strategy. We believe our approach is among the most robust in the region and that across selected metrics, our performance compares favorably with leading companies globally. Thank you for your attention. This concludes our prepared remarks. We will now open the call for questions and answers. 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. Your first question comes from Anton Montoparter with JPM. Please state your question. Hi, guys. Thank you for taking my question. I have two questions. One, first, if you could refresh us on how much impact on your P&L does the peso appreciation have across your three segments. I was looking at the ESG reported metrics, and when I'm looking at the fuel economy or the fuel efficiency metric, it's one of the lowest in the last couple of years. I was just wondering if this metric has anything to do with the restructuring that you are currently ongoing on your fleet or if it's related to anything else. Thank you. Hi, Anton, this is Tonio. Thanks for your question. I'm going to answer your second question first. Yes, indeed, in the measure that we are able to be more efficient in the size of our fleet, of our cargo fleet, if you see, we posted around 40 to 50 in average less trucks in the fleet this quarter. If we continue to modernize our fleet, that metric should be lowering progressively. It is not something that is going to change in one year, sadly. That has to do because of the development of new engines. Yeah, that's a metric that should be lowering as time goes by. Anton, how are you? Morning. This is Rodo. Regarding your first question, basically around 16% of our revenues are nominated in the US dollar. Basically, if we compare that to the previous year, we are having an appreciation of the Mexican peso 10%-13%. That was basically the impact that we had in our revenues and obviously our revenue to the bottom line. Very useful. Thank you very much. Thank you. Your next question comes from Felix Garcia with Global Research. Please state your question. Hi, Felix Garcia from Global Research. Thanks for calling, for taking the questions. I have two of them. Following the launch of administrative, operational, and commercial reorganization plan, what are the key milestones and the execution timeline that we should be monitoring? Regarding the goal of reducing balance sheet leverage by year-end, which levers support it, and how do you see the trajectory playing out in the second half? Hi, Felix, this is Tonio again. Sorry, I think you're having a bad connection. We did not hear you clearly. Can you please repeat your questions? Sure. Yes, Felix, you're breaking up quite a bit. Are you on the speaker phone or could you try another connection? Can you hear me now? No, you're breaking up a lot. You could disconnect and call back. Okay. Hi, Felix. Can you hear us well? Yes. Can you hear me well? Okay. I think we caught a couple of details of your questions. I think one of your questions was about the leverage target for the year. Yes. That was my question. Okay. We expect to be levered around between 2.2x to 2.3 x, much in line as you saw the closing of 2025. That's the target. Okay. Thanks very much and congratulations on the results. Now, we hear you well now. I think your connection improved. Do you have another question? Yes, please. Following the launch of administrative, operational, and commercial reorganization plan, what are the key milestones and the execution timeline that we should be monitoring? Hi, Felix. How are you? Regarding that question, I will say that basically this program that we put in place, we are expecting as we launch in the previous quarter, to have finalized maybe by the end of the third quarter. The impact that we are expecting on that organization program will be basically MXN 1.2 billion on a annually basis that we are expecting to have that benefit only after this third quarter. That will be the next, considering the commercial efforts and obviously the organization and the cost problem. Very clear. Thanks again and congratulations on the results. Thank you. Your next question comes from Edson Murguía with SummaCap. Please state your question. Hi. Good afternoon, and thank you for taking my questions. This one is a follow-up regarding this operational and commercial reorganization. Specifically, you mentioned mobility cargo division, but overall MXN 500 million CapEx target. I understood it's the whole company or the three segments. Am I getting it right, or am I getting It's going to be the first stage, it's going to be mobility, and then there's going to be the other two business line? How can we translate those MXN 500 million CapEx reduction for the following quarters? My second question is regarding on Aby's remarks about deploy capital more effectively. It means that you're gonna focus in growing in a specific part of the Mexico border, or what does it mean to deploy capital more effectively? Hi, Edson. This is Tonio. Regarding your CapEx question, the reduction of MXN 500 million that we announced is basically related to the renewal of the cargo fleet. If you remember, every year our CapEx for renewing such cargo fleet, the trucks, is around MXN 800 million-MXN 900 million. This year, however, we are not going to exercise much of those renovations because of the reorganization plan effectively that we have put in place on the second quarter. That's basically the bulk of the CapEx reduction. The remainder of the CapEx, which is MXN 1.9 million, is gonna be exercised for basically a very selective pipeline of organic growth, renovations, and refurbishments in the fleet of mobility of people and enhancements of our technological platforms of the logistics and technology division. Okay. Can you repeat your question, your second question, Edson? I think it had to do with organic growth. Yes. Yes, because on Aby's remarks, he mentioned about deploy capital more effectively, and return on assets because this reorganization plan affect the whole company. My question is specifically, how can we translate deploy capital more effectively? It means that you're gonna select some targets in a specific segment, or it's related to overall a growing plan ahead in other part of Mexico or even in the U.S.? Our organic growth, if you take a look at the past four years or five years, organic growth was mainly driven by the mobility of people segment. If you remember, in 2023 and 2024, we deployed MXN 3.5 billion approximately every year in growth, in total CapEx. Out of that, MXN 2.5 billion was for organic growth for that division. However, this year, that's not going to be the case. As you said, you said it very well, because we are targeting very selective growth opportunities in organic growth. If you take a look at the mobility of people this quarter, it's only a 6% growth in revenues with very, very low CapEx. That means that it's very selective and very targeted. That's the way we're going to move for the rest of the year, in terms of organic growth. That's how we see a much better capital deployment. Also the logistic and technology division is gaining a lot of relevance. If you remember last year, it was around 30% of revenues. This time around it's around half of consolidated revenue. We are focusing more in the logistic and technology division, which as you know, has less CapEx needs, but the contribution to profitability is much higher precisely because of that. That's the plan for the remainder of the year, and that's how we budgeted the year originally. I do not know if I answered your question correctly. Great. Thank you so much, Tonio. Your next question comes from Martín Lara with Miranda Global Research. Please state your question. Hi, good morning. Thank you for the call. I have the following questions. How do you see the performance of the cargo business in the second half of the year? If you are going to increase prices in this business unit under the current environment, or do you plan to wait for one or two quarters? Hi, Martín. Good morning. How are you? If you remember a little bit, obviously, also on the organization program, we launched this particular process in cargo considering two efforts. The first one was to align the prices that we need to have at the profitability level that we had before, in the cargo business. In case that we won't be able to process that profitability levels in the prices in all of our fleets, let's say in the less profitability clients, we will progress, move that clients to our logistic and technology business, to the transport business. That will be the progress on the plan that we have as of now. We are expecting to have better prices as of now with some of that clients, and some of them will be moving forward with the Traxporta business. Okay. I have another question. Could you please explain the working capital efficiencies in the quarter and they are sustainable going forward? Yes. Considering basically what will be the progress, let's say, in the working capital cycle, as you can see, the progress was basically more than 100% considering the previous year, the same period. This is basically why we also moving this reorganization program, considering the opportunities that we have at a working capital level, to launch different processes so we can extend a little bit more the lines that we have with our providers, and also why we're moving with the new clients, considering this also moving to the logical and technology platform. This is basically what is also moving the company in the best effort to invest in working capital cycle. Okay. Thank you very much. Thank you, and a reminder to the audience, if you would like to ask a question, press star one on your phone now. We'll pause, to pull for some questions. Ladies and gentlemen, this now concludes our question and answer session. I'll now turn the floor back over to Aby Lijtszain, Executive President, for closing comments. Traxión delivered solid results despite a very complex macroeconomic and geopolitical environment. While the logistic market has largely normalized, we are encouraged by the first signs of recovery in cargo across both United States and Mexico. Asset utilization continues to improve. Cash generation remains strong, and our operations are steadily moving toward higher profitability. Our diversified business model continues to prove its resilience. While cargo has operated in a challenging environment, the strength of our logistics and mobility businesses has allowed us to continue delivering solid performance and creating value. This is not the first cycle Traxión has successfully navigated. The actions we have taken to strengthen our asset-based operations and improve efficiency are already becoming evident in our results and will continue to generate benefits in the quarters ahead. We remain confident that the company is well-positioned to emerge from this cycle stronger, more efficient, and better prepared to deliver sustainable long-term value for our shareholders. Thank you for your continued trust and support. We appreciate your time today, and we look forward to speaking with you again next quarter. Have an excellent week. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day