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

Good morning, and thank you for joining Beckel's fourth 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 such as anticipate, believe, could, estimate, expect, intend, may, plan, predict, project, will, goals, target, strategy, and similar 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, or IFRS, and published in the Mexican Stock Exchange. The information for the fourth 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. Now, I will pass the call on to Beckel's CEO, Mr. Juan Domingo Beckman.

Good morning, everyone, and thank you for joining us today as we discuss Beckler's fourth quarter and full year 2024 results. Before our regional directors and CFO take you through the details of our results, I'd like to offer some perspective on the year and our broader position as a company. It's been a year of navigating challenges across our key markets with widespread market contraction, affecting the entire value chain. We've seen increased pressures from macroeconomic factors and evolving consumer trends, which have led to competitive pricing dynamics and inventory adjustments across regions. Despite these headwinds, we were able to deliver robust financial performance in 2024, backed by our decisive and strategic actions that have strengthened our position for the year ahead. In the U.S. and Canada, we maintain our position as price leader throughout 2024. While we leverage promotional programming selectively, we remain disciplined in protecting long-term brand equity and prioritize premiumization. In Mexico, we also made solid progress in executing our premiumization strategy, driving market share gains while benefiting from early signs of market recovery. Meanwhile, despite weak consumer confidence in EMEA and APAC, we sustained depletion growth supported by key markets and our premium portfolio. Our premium strategy remains a core driver of long-term growth and value creation. Tequila continues to be a standout performer versus other categories. And our strategic pricing initiatives have helped us maintain or expand market share by the end of the year across most regions. As we enter 2025, we remain committed to protecting and expanding these gains. We also saw strong operational performance with gross margin expanding by 280 basis points and EBITDA margin improving by 370 basis points in 2024. driven by favorable raw material trends, productivity improvements, and foreign exchange benefits. Additionally, we deliver tangible cash flow conversion and ROIC improvements through optimized supply chain management. While Cuervo remains the dominant force in most major tequila segments around the globe, we remain confident on our brand portfolio and our capability to capture untapped opportunities. In an evolving market, innovation and strategic marketing will be key to capturing additional and profitable market share and strengthening our long-term position. Moving forward, continuous improvement remains a key priority, especially as we navigate through volatile industry and macroeconomic conditions. with a clear strategic vision, strong focus on execution, and a deep commitment to growth. We are confident in our ability to deliver sustainable value in 2025 and the years ahead. Thank you, and with that, I'll turn it over to Luis Felix to discuss our US and Canada results.

Thank you, Juan, and good morning, everyone. Please note that the figures shared in today's remark are presented on a constant currency basis. The U.S. and Canada region faced a dynamic environment in the fourth quarter as we took deliberate actions to rebalance trade and distribute our inventories. Net sales value declined by 21.3%, primarily driven by lower shipments versus a minus 8% decline in depletions. However, when excluding RTDs and margarita mix, depletions declined by 6.2%. highlighting the disproportionate impact of RTD declines, which accounted for 1.8% of our total depletion losses. While year-end inventories remain slightly above historical norms, our disciplined approach to managing shipments and working closely with distributors have positioned us well for 2025, even as some of the stocking effects may persist in the first half. Our four-quarter performance reflected a combination of industry-wide headwinds and proactive commercial decisions. To support distributor stocking efforts, we adopted a measured approach to shipments, ensuring better alignment with full-year depletions. Importantly, We remain a pricing leader throughout 2024, maintaining a disciplined approach while competitors took more aggressive measures. We leverage promotion selectively, ensuring long-term brand equity remains intact. From a competitive standpoint, our portfolio is outperforming key industry benchmarks. According to 13-week Nielsen data, for the period ending January 4th, Proxima grew dollar sales by 1.8% in full-strength spirits category, while the overall spirits industry, excluding prepared cocktails, declined by 0.3%. We're also gaining share in the on-premise channel where SIP source data shows we are outpacing industry trends by 2% in Q4. Proximo continues to benefit from improving tequila trends, leading to slight shared gains when excluding prepared cocktails from total spirits. Meanwhile, the RTD category continues to present challenges. With category growth concentrating in small formats, we are currently under index. To address this, we plan to increase innovation efforts with RTDs in 2025 to stabilize declines. Looking ahead, we are taking proactive steps to manage the complexities of 2025. Our focus remains on strengthening our market position, optimizing portfolio mix, and executing our long-term commercial strategy. Additionally, we're closely monitoring potential tariff developments. And while our CFO will provide further details, we are prepared to navigate any challenges effectively. I will now turn the call over to Olga Limon to discuss the Mexican-Latin American results.