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

Good morning, and thank you for joining Beckley'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 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 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 2025 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 airlines will be in listen-only mode until the question and answer session. Now, I will pass the call on to Beckless CEO, Mr. Juan Domingo Beckman.

Good morning, everyone, and thank you for joining us today as we discuss Beckless fourth quarter and full year 2025 results. 2025 was a year of navigating challenges across our key markets. However, We defended or expanded our leadership position in tequila across our main regions, protected pricing better than the industry average by leveraging our strong brand equity, and delivered solid financial performance supported by decisive actions and disciplined execution. We are proactively assessing market conditions to reinforce our strong foundation for sustained long-term growth. At the same time, it is important to put the current environment into perspective. Spirits continue to take share from other alcoholic beverages, underscoring the structural strength of the segment. Within that context, tequila continues to outperform other full-strength spirits categories, with solid price-mix growth and premiumization trends remaining intact, favoring our core strengths. Cautious of shifting consumption trends, we believe the current slowdown is mostly cyclical, driven by macroeconomic headwinds and inflationary pressures. Historically, the spirits industry has experienced periods of expansion and contraction, and we expect demand to recover as consumers' confidence improves. In the U.S. and Canada, we are implementing changes to better capture both portfolio and route-to-market opportunities. We recently announced a full realignment of our U.S. distribution network, with a transition beginning on February 1st. In Mexico, we continue to advance premiumization, strengthen our on-premise capabilities, and sharpen marketing through innovation. Even in a cautious demand environment, we remain confident in our ability to defend our market leadership and compete effectively. In the rest of the world, we are focusing on our core brands and strengthening our premium portfolio. We continue to execute with discipline as we navigate evolving consumer behavior and macro conditions, and we continue to capture a relevant position in strategic growth markets in the region. 2025 evidence an unusually complex global spirit sector likely to remain in 2026. However, we're consistently shown that we can drive competitive advantage through uncertain times by focusing on what matters most, the strength of our brands, the discipline of our strategy, and the quality for our people. We are entering 2026 with a healthy mix of realism and optimism, as we anticipate that the years ahead will continue to require bold adjustments to position us better for 2027 and beyond. Thank you, and with that, I'll turn it over to Mauricio to discuss our U.S. and Canada results.

Thank you, Juan, and good morning, everyone. Our fourth quarter performance in the U.S. and Canada region reflected a combination of continued industry-wide headwinds and deliberate commercial actions taken to position the business for long-term success. As full strength spirits demand decelerated through the back of the half year, we remained focused on the areas firmly within our control. Execution, discipline pricing, targeting investment behind our brands, and a thoughtful management of shipments and inventory across the system. U.S. spirits trends deteriorated sequentially in 2025, with a slowdown particularly evident toward year end. Against this backdrop, tequila continues to stand out as the most resilient full-strength spirits category, delivering volume growth of 2.3% in the year, according to Nielsen data. While growth in the brother spirits market has skewed towards prepared cocktails, tequila has transitioned from a high growth phase to a more normalized stabilization phase. It remains an attractive category and continues to outperform other spirits. Within this environment, our own portfolio continues to outperform the market, excluding prepared cocktails. CIPSR's data for the three-month period ending in November shows that Proximo continues to outperform the broader industry in value growth within full-strength spirits, and more specifically, within the tequila category. Nielsen data for 2025 further supports this performance, showing that Proxima's volume declined 2.5%, outperforming the overall market by approximately 100 basis points. Pricing discipline remained a defining feature of our approach in the quarter. As demand moderated, competitive behavior intensified, with the overall tequila category experiencing a price decline of approximately 9.2%. By contrast, our average pricing decline was limited to 5.1%. While this discipline can create short-term volume pressure, we believe avoiding aggressive discounting is critical to protecting long-term brand equity and margin integrity, particularly in an environment where several competitors have leaned more heavily into aggressive pricing actions. At the same time, we continue to invest behind our brands. Our advertising and marketing investment as a percentage of sales remains above peer levels, reflecting our conviction and sustained brand support is essential in periods of category softness. These investments are tightly focused on expanding points of distribution, opening new on-premise accounts, and improving in-store performance. From a category standpoint, strengthening our leadership position in Tequila continues to be our top priority. At the same time, RTDs represent one of the most attractive growth opportunities where we are currently underrepresented. During the second half of 2025, we increased our focus and investment behind RTDs and delivered solid double-digit growth. To further accelerate performance in this segment, we are building a stronger innovation pipeline and evaluating route-to-market alternatives that enhance coverage and execution. Turning to shipments and inventory, we took deliberate actions during the quarter to ensure healthier alignment across the system. In response to the broader slowdown in consumer takeaway, we adopted a measured approach to shipments with the aim of avoiding further inventory build. This resulted in shipments declining more sharply and depletions on a quarterly basis. Our inventory levels very significantly across distributors with our highest level sitting in what were RMDC markets. We will actively be working on balancing inventory levels as part of the transition into our new distributors during the first half of 2026. In the quarter, retailers continued to reduce inventory to historically low levels, and in turn, distributors also actively worked to reduce their own inventory levels. In addition, we had already anticipated our planned exit from R&DC well ahead of the formal announcement, and we made a conscious decision to moderate shipments into R&DC during the end of the year to facilitate a smoother transition and mitigate disruption at the time of execution. As previously announced, we have recently completed a comprehensive review of our route to market strategy across the United States. As a result of this evaluation, and while we value the relationships and history we've built with R&DC, we decided to transition our distribution away from them in all current markets except for Georgia and New Mexico, effective February 1st of 2026. This decision reflects a performance-first mindset, aligning our brand with partners who demonstrate strong execution, focus on accountability, and while these transitions may introduce some near-term volatility, particularly in the first half of the year, we believe this change will significantly strengthen our commercial foundation and position us to compete more effectively in an increasingly dynamic U.S. marketplace. Looking beyond current market cycles, the long-term fundamentals of the U.S. first market remain strong. We believe tequila is positioned to be the industry's main growth category over the next decade, a trend that directly benefits Proximo as a category leader. We continue to see durable consumer appetite for premiumization and authenticity, reinforcing our confidence in the long-term trajectory of the business. I will now turn the call over to Olga Limon to discuss Mexico and the Latin American results.