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

Good morning, and thank you for joining Beckley's first 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 first quarter of 2026 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 have a call on to Beckley's CEO, Mr. Juan Domingo Beckman.

Good morning, everyone, and thank you for joining us today to discuss Beckley's first quarter 2026 results. We faced a challenging quarter, primarily driven by a significant distributor transition program in the U.S., which resulted in a 13.4 volume decline. Importantly, This impact does not reflect the underlying performance of the business. We view this as a forward-looking investment in our commercial foundation, establishing a stronger platform for long-term growth, although with temporary disruption to shipments. On an organic basis, performance in the U.S. was affected by inventory resets versus year-end 2025 and continued softness in full-strength spirits consumption. Mauricio will provide a more detailed breakdown of first-quarter depletions across both transition and non-transition markets, offer greater visibility into underlying trends. In Mexico, our momentum remains strong throughout the quarter, and our brands not only held their ground but consistently gained market share across both the tequila category and total spirits. Finally, our rest of the world region also sustained its positive momentum with both shipments and depletions growing. We continue to perform resiliently and underlying category dynamics remain constructive. The strategic investments we have made to build our diversified Global Spirits portfolio prove their value this quarter, cushioning the impact of what we communicated last quarter would be a transitional period in the U.S. With that, I will turn it over to Mauricio Vergara to walk us through our U.S. and Canada results in greater detail.

Thank you, Juan, and good morning, everyone. The first quarter, our performance in the U.S. and Canada region reflected a continuation of the trends we outlined in the previous call. As expected, this is a period of transition for the business. driven by the execution of our distributor realignment strategy and deliberate actions to reduce inventory levels following the bills we saw at the end of 2025. While reported results for the quarter were soft, they were in line with our expectations. In this context, shipment declined 23.8% during the quarter, reflecting both intentional inventory reductions and the ongoing distributor transition. As we have highlighted, shipments are not fully representative of underlying demand in this environment. Depletions provide a clear view of performance, declining 9% overall. Importantly, this reflects a divergence between transition and non-transition markets, with transition markets declining approximately 12%, while non-transition markets declined around 5%, which is better than the industry. This distinction remains critical to understand the underlying performance of the business. From a category standpoint, headwinds for the full strength spirits have intensified during the quarter. According to CIFSource, data through February, full strength spirit depletions declined 7.1%, with tequila down 6.2%, meaning it is holding up better than most categories, but still clearly declining within a contracting environment. At the same time, prepared cocktails remain the primary growth driver in the industry, with the gap between ready-to-drink formants and full-strength spirits continuing to widen. In our portfolio, RTDs deliver double-digit growth supported by increased focus and investment. Within this environment, our own portfolio performance reflects both the category backdrop and the impact of the distributor transitions. Year-to-date Nielsen data through March 21st shows that proximal tequila volumes declined 3.9% compared to flat performance for the industry, while proximal spirits volumes, excluding prepared cocktails, declined 4.9% versus a 3.1% decline of the broader market. While this reflects some short-term pressure, it is important to recognize that transition markets represent the largest portion of the markets measured by Nielsen. From an inventory standpoint, we're actively rebalancing stock levels as we move inventory from our previous distributors to the new partners. This process will continue throughout the year and will keep shipments somewhat volatile as they reflect both the stocking and transition related movements. Importantly, The transition is progressing as expected, with no material supply disruptions, although we are still working through gaps in distribution coverage, promotional continuity, and retail execution across these transition markets. We are now focused on leveraging the strength of our new distributor partners to drive consistency in execution and are confident that once the transition is stabilized, our distribution and execution standards will show important improvements versus historical levels. Turning to pricing, the environment remains highly competitive with continued pressure across categories as companies compete for share in a slowing market. Our approach remains disciplined as we believe avoiding aggressive discounting is critical to protecting long-term brand equity and margin integrity. From a channel perspective, on-premise continues to perform off-premise by approximately 200 basis points, and we see this as a key opportunity. We are increasing our focus and shifting investment towards high-impact accounts in major cities, as this channel remains critical for brand building and long-term growth. Looking ahead, we are investing in what is working, including Reposado, small formats, the Jose Cuervo Sparkling relaunch, prepared cocktails, and accelerated expansion in the on-premise channel. These are areas where demand remains more resilient and where we are focusing our effort. While near-term pressures persist, we remain confident in the long-term strength of the U.S. spirits market and in our ability to deliver sustainable growth. I will now turn the call over to Olga Limon to discuss Mexico.