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

Good morning, and thank you for joining Beckley'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 our use of terms and phrases, such as anticipate, believe, could, estimate, expect, intend, 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. Before we begin, we would like to remind discussed in this call were prepared in accordance with International Financial Reporting Standards, or IFRS, and published in the Mexican Stock Exchange. The information for the third quarter of 2025 is preliminary and is provided with understanding that, once financial statements are available, updated information will be shared in appropriate electronic formats. At this time, we would like to remind participants that our lines will be in listen-only mode until the question and answer session. Now, I will pass the call on to Bechler's CEO, Mr. Juan Domingo Beckman.

Good morning, everyone, and thank you for joining us today as we discuss Bechler's third quarter 2025 results. In a challenging environment, we continue to strengthen our position in key markets supported by the consistent execution of our strategic initiatives and the strength of our brand portfolio. Consolidated volumes increased by 3.7%, mainly driven by a 5.2 growth portfolio In the U.S. and Canada, tequila remained the main growth driver, and we continue to protect long-term brand equity while prioritizing premiumization. In Mexico, our core categories continue to gain momentum, and we consistently outperform the market, gaining share across most segments. Finally, EMEA and APAC delivered double-digit growth, supported by strong execution and healthy inventory levels. On profitability, our gross margin expanded by 300 basis points, reaching 56.1%, mainly reflecting our lower input costs and operating efficiencies. Additionally, EBTA for the quarter reached 3.5 billion pesos, marking a 63.3% increase year-over-year. As we approach year-end, our priority remains balancing shipments and depletions while continuing to execute our premiumization strategy across all regions. Confident our ability to close the year strongly and position ourselves for sustained growth in 2026. Thank you. With that, I'll turn it over to Mauricio Vergara to discuss our U.S. and Canada results.

During the third quarter, the US and Canada region continued to face a complex and highly competitive market environment, characterized by persistent pricing pressures, cautious consumer spending, and evolving category dynamics. Despite these challenges, our team remained focused on disciplined execution. Net sales value declined 10.3% compared to the same period of last year, reflecting a 6.4% decrease in shipments and a 4.4% decline in depletions. This result was mainly driven by continued softness in our ready-to-serve portfolio and retail boycotts in Canada, which resulted in approximately 120,000 cases. encouragingly our full strength spirits portfolio outperformed the region's overall trend led by stronger performance in high-end tequilas which continue to drive premiumization across our mix In terms of consumer takeaway, our performance was in line with the overall market. According to Nielsen 13-week data through September 27, our spirits portfolio, excluding prepared cocktails, declined 3.5% compared to a 3.4% decrease of the total industry. Meanwhile, Sipsource, which provides one of the most comprehensive views of the industry performance, shows that Proximo outperformed the broader industry within full strength spirits, including the tequila category, over the three-month period ending in August. Our prepared cocktails portfolio continue to weigh on consolidated shipments, largely due to softness in our large format ready-to-serve offerings. But in contrast, our ready-to-drink cans gain momentum versus the first half of the year, signaling a positive turnaround as we align our portfolio to consumer dynamics. Within Tequila, we continue to observe intensified industry-wide pricing competition. Average Tequila pricing in the market declined 7.9% versus last year. As leading competitors implemented material negative price adjustments. In this environment, we have remained disciplined, focused on selective strategic promotions while maintaining an overall responsible pricing approach. Notably, small format offerings of our super premium and ultra premium brands continue to outperform, underscoring that consumers are seeking high quality products while managing their spending. Our strategy to strengthen the on-premise continues to deliver results. On-premise shipments outpace the off-premise, driven by initiatives that enhance brand visibility and consumer reach. Looking ahead, we anticipate improving long-term fundamentals in the U.S. spirits market, particularly within our focus categories. Premiumization continues to drive growth in tequila, where demand for authentic, high-quality brands remain robust. Now, I'll turn the call over to Olga Limon to discuss the results for Mexico and Latin America.