Becle, S.A.B. de C.V.

Good morning, and thank you for joining Beckel's third quarter unaudited financial results call. During this call, you may hear certain forward-looking statements. These statements may relate to our future prospects, developments, and business strategies, and may be identified by use of terms and phrases. and may include references to assumptions. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those in forward-looking statements. For all the foregoing reasons, you are cautioned against relying on such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Before we begin, we would like to remind you that the figures discussed on this call were prepared in accordance with International Financial Reporting Standards and published in the Mexican Stock Exchange. The information for the third quarter of 2024 is preliminary. and is provided with the understanding that, once financial statements are available, updated information will be shared in the appropriate electronic formats. At this time, we would like to remind participants that your lines will be in listen-only mode until the question-and-answer session. I will now turn the call over to Beckel's CEO, Mr. Juan Domingo Beckman.

Good morning, everyone, and thank you for joining us today as we discuss Bechler's third quarter 2024 results. In a challenging quarter, we managed to either maintain or strengthen our position in key markets, driven by the execution of our strategic initiatives and the continued strength of our brand portfolio. While consolidated volumes declined by 7.2%, We saw a 3.9% increase in sales, underscoring the effectiveness of our premiumization strategy and favorable foreign exchange effects. Across the U.S. and Canada, Tequila continues to lead our growth, and we remain focused on balancing shipments and depletions. EMEA and APOC saw a mixed performance, with Asia being a key growth driver, while Europe faced macroeconomic challenges. In Mexico, our premium brands continue to gain momentum, helping us mitigate broader market pressures. Despite the overall market contractions, we've been able to expand our market share and are starting to see initial signs of improvement in the region. Our gross margin expanded by 500 basis points and EBITDA margin improved by 830 basis points, driven by favorable raw material trends and foreign exchange benefits. As we approach year-end, our priority remains balancing shipments and depletions while continuing to execute our premiumization strategy across regions. I'm confident in our ability to close the year strong and position ourselves for growth in 2025. I will now turn the call over to Luis Felix to discuss our U.S. and Canada results in further detail.

Luis Felix- Thank you, Juan, and good morning, everyone. Before we dive into the results, please note that all figures mentioned are presented on a constant currency basis. The U.S. and Canada region faced some challenges in the third quarter due to market pressures, reduced consumer spending, and intensified competition. However, our focus on premiumization, particularly within tequila, helped us to navigate these headwinds, and we continue to strengthen our brand portfolio. Net sales value increased by 0.6% compared to the third quarter of 2023, driven by a favorable product mix and strong tequila sales, demonstrating the resilience of our strategy. While shipments decreased by 2.7% year over year, impacted primarily by the non-alcoholic and ready-to-serve categories, tequila volumes grew by 4.3%, partially upsetting the decline. Depletions fell by 8.1%, largely due to the continued slowdown in the categories, both in on- and off-premise. We're taking action to standardize inventory levels as we expect depletions to stabilize in the future, ensuring optimal inventory management. In terms of category performance, ready-to-serve cocktails saw a slowdown in demand. However, excluding ready-to-serve, our portfolio outperformed the broader spirits market. supported by a steady growth in the liquid and convenience store channels. Inflationary pressures have influenced consumer spending across all price tiers in the US, but we are proactively managing these dynamics. Our pricing strategy remains prudent with strategic adjustments to safeguard long-term value and profitability. Looking ahead to quarter four, We expect some short-term challenges as we focus on accelerating depletions. We will leverage our strong brand equity, favorable product mix, and focus on permutations to continue and to position us well for the long-term and market leadership. I will now turn the call over to Olga Limón to discuss Mexico and Latin American results.