Sigma Foods SAB

Good afternoon and welcome to Alpha's fourth quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. There will be a question and answer session at the end of the presentation with instructions given at that time. You may also submit questions at any time during the call using the Q&A button on the webcast, which will be answered during the Q&A session. As a reminder, today's conference 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.

Good day, everyone, and welcome to Alpha's 2024 Earnings Conference Call. Further details about our financial results can be found in our press release, which was distributed yesterday afternoon, together with a summarized presentation. Both are available on our 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, ALPHA's CFO, and Roberto Olivares, SGMA's CFO. Before moving on, just a quick reminder that ALPIC meets the definition of a discontinued operation in accordance with IFRS since the third quarter of 2024. Unless otherwise specified, All consolidated figures referenced in this call exclude ALPEC. I will now turn the call over to Eduardo.

Thank you, Hernan. Good day, everyone, and thank you for joining us. 2024 was a very special year for ALPHA as we celebrated our 50th anniversary with historic developments on the strategic front, implementing the third and final spinoff to reach our vision of a single business structure. Following shareholder approval for the Alpek spin-off and accounting for the business as a discontinued operation, Alfa is effectively Sigma. Like in past quarters, I will focus on updates related to the status of the transformation process and Roberto will share Sigma's results. Alpek held its own conference call earlier this morning. Our goal, when we started this process almost five years ago, was to unlock the intrinsic value of alpha's individual businesses by enabling each of them to be valued by their own merits. By spinning off the companies, investors have been provided the opportunity to invest in each unit separately. In turn, each of the companies should reflect a fair valuation compared with this industry-specific peer group. We are very pleased that alpha transformation process achieved the anticipated milestones along the way. A key condition to complete the transformation was debt reduction. Consolidated net debt declined 50% year-over-year as a result of discontinued operations, The successful capital increase and strong operating cash flow generation. Lower debt and better than expected EBITDA resulted in a 2.5 times net leverage ratio, which is on target with our regional plan. Throughout the process, we have received overwhelming support from key stakeholders. The capital raise was oversubscribed by 2.6 times, and 91% of our bondholders provided their consent for the ALPEC spinoff. Once again, we want to thank all for their support. The transformation is also being recognized by the investment community. Over the past quarters, we have seen a narrowing of the historic valuation gap versus global food peers, as Alpha is Sigma, a leading global food company. From a credit standpoint, investment grade ratings were affirmed by all three agencies shortly after the last spinoff was approved. Most recently, Alpha received an upgrade from Fitch Ratings to BBB, seating debt reduction at the parent level and Sigma's solid business position. I will now turn the call over to Roberto to discuss Sigma's results.