Ladies and gentlemen, thank you for standing by. I would like to welcome you to Alicorp's Q2 2026 Results Call on the 24th of July 2026. At this time, all participant lines are in listen-only mode. The format of the call today will be a presentation by the management and IR team, followed by a question-and-answer session. Without further ado, I would like to pass the floor to Mr. Felipe Martins, Investor Relations Officer at Alicorp. Please go ahead, sir. Good morning, everyone. Welcome to Alicorp's Q2 2026 Earnings Call. Speaking to you is Felipe Martins, Managing Director of Financial Planning and Investor Relations Officer. We are pleased to have you with us today. Presenting today will be Mr. Gonzalo Uribe, Chief Executive Officer, and Mr. Luis Banchero, Vice President of Finance and Strategy. Other members of our management team will join us during the Q&A session. Today, we will review the company's results for the Q2 of 2026, following the release of our financial statements and earnings report published earlier today. If you haven't had the chance to access these documents, we invite you to visit our corporate website at www.alicorp.com.pe, where you can also find the presentation accompanying today's call. Please note that this conference is intended exclusively for Investors and Analysts. Therefore, we will not be taking questions from the media. If any members of the press are on the line and wish to follow up, we kindly ask that you contact our team after the call. Before we begin, I would like to remind everyone that some of the statements made today may be forward-looking. These statements are based on assumptions and factors that may change, and actual results could differ materially from current expectations. We encourage you to review the disclaimer included in the earnings report before making any investment decisions. I am pleased to turn the call over to Mr. Gonzalo Uribe, CEO of Alicorp, to begin the presentation. Gonzalo, please go ahead. Thank you, Felipe, and welcome to the company. Good morning and welcome to everyone to this call. We have important updates of our business to be shared during the call. Please, let's move to slide 5 to review some of the key highlights I want to share with you. Despite a very dynamic environment in which we are operating, this was another strong quarter for our company, reflecting the consistent execution of our strategy. We delivered solid top-line growth of 10.2%, supported by a healthy 5.2% increase in organic sales, demonstrating resilient underlying demand across our entire portfolio. Beyond another quarter of solid financial performance, we continue to strengthen the strategic foundations of each one of our business units. In Consumer Goods Peru, our largest business, we maintained or gained market share across five of our seven iconic brands or prioritized brands, which delivered a 13.5% year-to-date revenue growth, while advancing our innovation agenda through initiatives such as the relaunch of the entire Don Vittorio pasta brand, the expansion of our AlaCena mayonnaise portfolio, a new avena variant in our Angel brand, new formats, price pack architecture in Casino, among many others that contributed to our revenue growth. In B2B, our strategic priorities continue to gain traction, delivering a 13.7% year-to-date revenue growth while now representing roughly a 22% of the business gross profit. Vitapro sustained its momentum, driven by continued growth in our shrimp feed business, further increasing its contribution to our portfolio mix. Finally, our recent acquisitions continue to demonstrate the strength of our inorganic growth strategy and agenda. With the seamless integration of Jabonería Wilson now substantially complete and Inka Crops already contributing positively to both our Consumer Goods business in Peru and our international business platforms. We will discuss each of these highlights in more detail as we review our operating performance later in the presentation. Additionally, I would like to highlight an important milestone in our liability management strategy. Last week, as many of you should know, we successfully placed PEN 285 million in a seven-year bullet bonds maturing by 2033. The issuance was approximately 1.8x oversubscribed, enabling pricing at a fixed rate of 6.25%, representing a spread of 98 basis points over Peruvian government bonds. The transaction further optimized our debt maturity profile, enhanced our financial flexibility, and underscores the market confidence in Alicorp's disciplined financial management, solid trade fundamentals, and definitely the long-term growth strategy we have in place. Finally, and not less relevant, we are very proud to share that Alicorp has been included for the first time in the S&P Dow Jones Best-in-Class MILA Pacific Alliance Index, recognizing companies with leading financial and ESG performance across the entire region. This complements our second consecutive inclusion in the S&P Global Sustainability Yearbook. This reinforces Alicorp's ESG leadership, increasing visibility among ESG-focused investors, and strengthening our access to sustainable financing. Now, with all this news, I will hand the call to Mr. Luis Banchero, who will walk us through the operational results in detail of the quarter and share our outlook for 2026. Luis? Thank you, Gonzalo. Let's move to slide 7 to review the main drivers behind our revenue performance during the quarter. As mentioned earlier, we delivered solid top line growth during the quarter, with revenue increasing 10.2% year-over-year to PEN 3,155 million. The primary driver of this performance was strong organic volume growth, complemented by a favorable sales mix, reflecting healthy demand across our portfolio and the consistent execution of our commercial and category strategies. These positive drivers were partially offset by lower pricing reflecting commercial actions implemented in response to competitive conditions in categories such as detergents and bakery flours. Additionally, depreciation of the Peruvian sol against the U.S. dollar yielded a partial offset through its translation effect on our U.S. dollar denominated businesses, particularly Vitapro. Finally, the successful integration of Jabonería Wilson and Inka Crops meaningfully contributed five percentage points out of the 10.2% revenue growth, as these businesses were not yet consolidated in the base period. Let's now look at how each business contributed to our overall revenue growth on slide eight, please. Thanks. Looking at revenue growth by business unit, each of our businesses contributed positively to consolidated performance, supported by different growth drivers. Consumer Goods Peru was the largest contributor during the quarter, supported by strong volume growth in detergents and continued momentum in edible oils, where an improved sales mix also contributed positively. The second largest contributor was International Business, which continued to reflect a positive impact from recent M&A transactions, Jabonería Wilson and Inka Crops, as these were not included in the respective base periods. Finally, Vitapro also delivered a positive contribution, supported by another quarter of solid volume growth as they continue to ramp up volume in its recent additional production capacity. Overall, these results highlight the strength and diversification of our business portfolio, with multiple growth engines contributing to consolidated revenue performance. Please, let's now move to slide 9. The strength of our top line performance was also translated into solid profitability during the quarter. Adjusted EBITDA totaled PEN 470 million, up 7.5% year-over-year. Consumer Goods Peru and our International Business were the main contributors to this improvement, supported by strong volume and mix execution in Peru, and the contribution from recent acquisitions internationally. Alicorp Soluciones contributed to deliver resilient gross profit, although EBITDA results were impacted negatively by a challenging competitive environment in the flours and vegetable oils category and higher expenses. Vitapro continued to deliver positive commercial performance, although profitability reflected a more challenging margin environment compared to the exceptionally strong levels recorded in the first half of 2025. Adjusted EBITDA margin stood at 14.9%, 0.4 percentage points below the same period last year, mainly reflecting the normalization of the margins in Vitapro, partially offset by margin expansion in Consumer Goods Peru. Despite that, disciplined commercial execution and continued cost management across our businesses resulted in yet another quarter of solid profitability. Excluding the impact of inorganic growth, adjusted EBITDA would have increased 3.1 percentage points. Now, please turn to slide 11 to review the operational performance by business unit, starting with Consumer Goods Peru. Consumer Goods Peru delivered another strong quarter, with sales volumes increasing 7.8% year-over-year and continuing to grow sequentially. Revenue increased 11.2%, driven by strong volume growth and a favorable sales mix. Volume growth was partially driven by detergents, which grew 16.6% during the quarter. Several other strategic categories also delivered solid volume growth, supported by the sustained momentum of our core brands across edible oils, cookies, laundry soaps, sauces, and cereals, reinforcing the quality of our commercial performance. Importantly, this momentum was reflected not only in stronger market position, but also in the successful execution of our innovation agenda throughout the year. We relaunched Don Vittorio, our emblematic brand, introduced new liquid detergent formats for the modern trade channel, and expanded our AlaCena mayonnaise portfolio with four new varieties, further strengthening our value proposition across key categories. As a result, adjusted EBITDA totaled PEN 199 million during the quarter, up 13.4% year-over-year, with an adjusted EBITDA margin of 18.6%, up zero percentage points. This performance was supported by a 0.3 percentage points expansion in adjusted gross margin, demonstrating the resilience of our business model and the effectiveness of disciplined commercial execution. Please let's go to Slide 12 to review Alicorp Soluciones. Our B2B business continued to deliver positive commercial performance during the quarter. Revenue reached PEN 795 million, up 2% year-over-year, supported by a 1.4% increase in sales volumes. Despite the challenging competitive environment in flours and vegetable oils categories, our strategic priorities continue to deliver encouraging results. Revenue generated by these initiatives increased 13.7% year-to-date, reflecting our capability to create differentiated solutions and customer development programs to support transformation and improvement of our clients' businesses. These efforts continue to enhance our business mix with gross profit per ton, approximately twice that of the overall business. During the quarter, this translated into a PEN 2 million increase in gross profit for our B2B business, despite a more challenging cost environment. Adjusted EBITDA totaled PEN 100 million during the quarter, down PEN 6 million compared to the same period last year, despite resilient underlying operating performance. This year-over-year decline was mainly driven by temporary losses this quarter associated with commodity risk management strategy compared to gains recorded in the Q2 of 2025. Please turn to Slide 13. Our international business delivered another quarter of strong growth, with sales volumes reaching 43,000 metric tons, up 23.7% year-over-year. Revenue reached $81 million, increasing 69.1% versus the same period last year. This performance was primarily driven by the contribution from our recent acquisitions, with Jabonería Wilson and Inka Crops contributing approximately 14,000 and 2,000 metric tons respectively during the quarter. This strong performance reflects the successful execution of our acquisition strategy, expanding our regional footprint and making a meaningful contribution to our consolidated results. Ecuador was the main growth driver during the quarter, supported by Jabonería Wilson. Sales volumes increased more than fourfold year-over-year, driving revenue to $22 million. With the integration now substantially complete, we're beginning to see the commercial impact through market share gains across our home care categories. Other geographies also delivered solid growth, driven by the contribution of both Inka Crops and Jabonería Wilson. In Bolivia, temporary road blockades during May and June affected sales volumes during the quarter. Nevertheless, revenue increased 25.1% year-over-year, reflecting disciplined commercial execution and proactive portfolio management despite a complex operating environment. The appreciation of the Boliviano against the U.S. dollar also provided additional support to reported revenue. Despite these temporary disruptions, we maintain healthy margins through disciplined commercial management while contributing to strengthen our leadership position in key categories such as detergents, shortenings, and household spreads. Adjusted EBITDA totaled $14 million in the quarter, more than doubling compared to the same period last year. This improvement was driven by higher gross profit across both geographies, primarily reflecting the additional volumes contributed by our recent acquisition, together with a solid commercial performance in Bolivia, where financial discipline supported a significant year-to-year improvement. Overall, our international business delivered another quarter of strong growth, demonstrating both the strength of our existing operations and our ability to successfully integrate and scale recent acquisitions. Let's turn to Slide 14 to review performance of Vitapro. In Ecuador, shrimp feed volumes increased 33% year-over-year, significantly outperforming the country's shrimp export market, which grew only 15% over the same period. This performance reflects a strong underlying demand and disciplined commercial execution. Supported by this momentum, total sales volumes across all categories increased 18.5% year-over-year and 12.3% quarter-over-quarter, sustaining the strong growth trajectory seen since the beginning of 2025. As a result, revenue reached $295 million. Following an exceptionally strong first half of 2025, margins began to normalize during the second half of last year and have remained broadly stable throughout 2026. As a result, adjusted EBITDA margin decreased from 15.5%-12.3%, an adjusted EBITDA total of $ 13 million in the quarter, representing a 9.7% year-over-year decline. These EBITDA results reflect our successful reformulation efforts and use of alternative raw materials, which help us mitigate the impact of higher global commodity and input costs while preserving product performance and profitability. While the shrimp market in Ecuador continues to experience low prices and margin compressions, export volumes broke historic records in May and remain strong. In this environment, Vitapro is successfully maintaining both sales volumes and market shares while further enhancing product performance. To continue to support profitable growth, we recently relaunched two strategic product innovations. Qualis 23 aims at strengthening our distributor channel and an expansion on our early-stage feed portfolio, further consolidating our leadership in the early-stage nutrition segment. Let's now turn to slide 16, where we will review our leverage debt and liquidity indicators. Thank you. As a result of our consistent operating performance, we were able to offset the impact of M&A activity and dividend payments on our leverage throughout the year, resulting in an increase of only 0.3x in our net debt to adjusted EBITDA ratio, from 1.9 in December 2025 to 2.2x in June 2026. Excluding the effects of M&A activity and dividend payments, our leverage ratio would have remained at 1.9x. In terms of liquidity, our available cash position stood at $ 871 million, $ 650 million lower than the same period last year. This reduction reflects our decision to optimize our cash balance levels and align with our liability management strategy. By extending the maturity profile of our debt, we have increased our financial flexibility, allowing us to operate with lower cash balance. As part of this strategy, and as mentioned earlier in the presentation, last week, we successfully placed a PEN 285 million seven-year bond. The proceeds will be used to refinance upcoming short-term debt maturities, increasing the average maturity of our debt from 3.3-3.6 years and further strengthening our debt maturity profile. Despite lower cash balance, our liquidity position remains strong. Our cash position still covers 0.8x our debt maturities over the next 12 months, increasing to 1.2x when committed credit lines are included. Looking ahead, we will focus our efforts on keeping a smooth maturity profile and efficiently managing our working capital to support cash generation, and as a result, preserve a healthy and flexible leverage profile. Before moving to our closing remarks, let me briefly revisit our outlook for 2026 on slide 18. Thank you. Based on the solid performance delivered during the first half of the year, results have evolved in line with our expectations, supported by consistent execution across our businesses and the contribution from both our organic operations and recent acquisitions. While we continue to operate in a dynamic environment, we remain confident in our ability to navigate changing market conditions, supported by the resilience of our diversified business model and the disciplined execution of multiple initiatives across the company. These initiatives include commercial actions and other mitigation measures that are expected to partially offset recent cost pressures while supporting sustainable value creation. Accordingly, we are updating our revenue guidance and now expect mid to high single-digit growth for the full year. At the same time, we reaffirm our expectation of lower to mid single-digit growth in adjusted EBITDA. We also reaffirm our expectation of approximately 2.0x net debt to adjusted EBITDA by the year end. As previously communicated, should the acquisition opportunities currently under evaluation be successfully completed, leverage could temporarily increase to around 2.4x before gradually returning to our target range. Finally, we reaffirm our CapEx guidance of approximately $110 million for 2026. This investment plan remains aligned with the company's strategic priorities, supporting both organic growth opportunities and the continued development of capabilities that will strengthen our long-term competitive position. With that, we will open the floor for any questions you may have. Thank you. We will now move to the question- and- answer section. If you'd like to ask a question, please press *2 on your phone and wait to be prompted. If you are dialed in by the web, you can type your question in the box provided or request to ask a voice question. We'll just wait a moment or two for the questions to come in. Our first question comes from Alonso Aramburu from BTG Pactual. Your line is open. Please go ahead. Yes. Hi. Good morning, and thank you for the call. A couple of questions on my end. First, if you can comment on your B2B volume growth expectations, which have been in the low single digits. Just wondering if, given a context of improving consumption, Peru should support a little bit of higher volume growth in the second half of the year. Second question on Bolivia. It's been very volatile on the margin front from quarter- to- quarter. Just wondering if you can give us any sense of where should EBITDA margins be in Bolivia on a more recurring basis. Finally, just on your guidance, your low to mid single-digit EBITDA growth. You grew 6.5% in the first half of the year. It seems like you have more tailwinds than headwinds in the second half. Just wondering if it's being too conservative. Thank you. Thank you, Alonso. I think we have Lucho Estrada on the call. Lucho, are you present to take the B2B part of the question? Yes. Can you hear me? Yeah. Perfect. Okay, perfect. Thank you, Alonso, for the question. We're expecting a higher out-of-home consumption for the next month, basically, given the expectation of what will occur in the future in the Peruvian economy. However, I would say there are certain categories that will most probably have more potential, and others that might face some challenges. On the out-of-home consumption, on the food service, we're expecting continued growth on consumption, and probably with upsides to our current estimates. However, the categories that will most probably be challenged are going to be flour, given the fact that with the current temperatures, what we're seeing is that the consumption on bread, it's very similar to the consumption that we see on bread during summer months. As you know, we should be on winter in Peru, but we're facing temperatures closer to a typical summer month. I see opportunities on oil, on sauces, and challenges on flour. Thank you. Thank you so much. Okay. There were three questions, so let me take the second one from Alonso. Alonso, you were asking about Bolivia and the volatility on the margins. Yes, this past quarter has been surprisingly positive for us. Mainly, we were able to take some opportunities on the uncertainty that came in the market. Going forward, we expect the Q3 and the Q4 to be more similar to the Q1. We cannot give you more detailed guidance now. Yeah, it will be more similar to the Q1, which was more normalized. We cannot assure that we will be able to take these opportunities that came in the Q2 that were fairly temporary, according to the macroeconomic adjustments that happened. The third one, yeah, Luis? Okay. Yes, there was a third question. Remind me, Alonso, you were asking about the second half guidance on mid digit. Low to mid single. Low to mid-single digit on the EBITDA growth, right? Right. Given the growth in the first half of the year, which is six and a half, and consumption, which would seem to be accelerating in Peru. Yeah. Now I remember. Yeah. The first half, we don't expect the same growth in the second half as the first half. Consumption was very positively impacted in the first half. We expect the normalization of that consumption trend in the second half. Plus, we are being a little bit more cautious in the EBITDA front in case the phenomenal El Niño does brings an impact in consumption going forward. In the past, we've been able to navigate the phenomenal El Niño because of our diversity of our portfolio. We gain in some categories, we lose in others. We're trying to be more on the cautious side of the EBITDA just because of that risk coming forward. Perfect. Understood. Thank you. Thank you so much. Just a reminder, if you'd like to ask a question, please press *2 on your phone and wait to be prompted. If you are dialing in by the web, you can either type your question in the box provided or request to ask a voice question. We'll just wait a moment or two for the questions to come in. I'm not seeing any more questions, perhaps I can hand it back to the Alicorp team for closing remarks. Thank you, Danielle. I would like to conclude by highlighting that the first half of the year has been in line with our expectations, solid growth. Our performance clearly reflects the consistent execution of our strategy across the different businesses, as you could see, and geographies. The strength of our brands and our continued focus on serving the customers and consumers the best way possible is paying off. As we move into the second half of the year, we remain mindful of the dynamic environment in which we operate, as Luis Banchero mentioned. At the same time, our strategic priorities continue to be very clear and strong, and we remain extremely focused on disciplined execution, investing behind our core brands and our business capabilities, driving profitable growth, and maintaining a strong focus on cash flow generation. Finally, I would like to thank our team for their commitment, hard work, dedication, which continue to be the foundation of our strong results. I also want to thank our shareholders, our customers, suppliers, and all our stakeholders for their continued trust and support. To you, thank you once again for your time and attention during this call. If you have any further questions, please do not hesitate to reach us right away. That concludes the call for today. Thank you and have a nice day.