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 your future prospects, developments, and business strategies, and may be identified by your 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 and published in the Mexican Stock Exchange. The information for the third 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 pass the call on to Beckless CEO, Mr. Juan Domingo Beckmann.

Good morning, everyone, and thank you for joining us today to discuss Beckless' third quarter 2026 results. In a quarter where the industry backdrop remained challenging, our business took a meaningful step forward, and we continue to strengthen our position in our key markets. In the U.S., the distributor transition continues to progress and the inventory rebalancing that came with it is behind us. In Mexico, we continue to outperform the market despite a deeper industry contraction supported by the resilience of our tequila portfolio and our disciplined pricing approach. In the rest of the world, consumer demand for our brands in EMEA and APAC continue to grow. with Tequila outperforming the wider spirits category in our priority markets. Although our reported results for the quarter were affected by facing effects, our reported figures also reflect a demanding comparison base and the appreciation of the Mexican peso. Even so, our financial position remains solid and our balance sheet gives us the flexibility to continue investing behind our brands. We remain realistic about the environment. Consumers are still cautious, and competition is increasingly centered on price. But we entered the fourth quarter with a stronger commercial platform, clear priorities in every region, and confidence in our ability to return to sustainable, profitable growth. With that, I will turn it over to Mauricio Vergara to walk us through Our US and Canada results in greater detail.

Thank you, Juan, and good morning, everyone. The third quarter marked an important milestone for the U.S. and the Canada business. The distributor transition we outlined at the beginning of the year continues to progress, and the related inventory rebalancing is behind us. As a result, our performance continued to improve sequentially. Shipments declined 3% during the quarter, a significant improvement from the declines of 23.8% in the first quarter and 8.7% in the second. Depletions increased 0.3% versus the same period last year compared to the declines of 9% and 4.7% in the first and second quarter respectively. Notably, transition markets grew approximately 4.6% in the quarter, while non-transition markets declined approximately 3.1%. With the stocking now behind us, the gap between shipments and depletions continues to narrow. Net sales declined 7.6% in U.S. dollars. From a category standpoint, the industry remains in contraction, and while the decline is less severe than earlier in the year, we're not yet seeing signs of recovery. According to S.A.B. source data through August, full strength spirits depletions declined 5%, with tequila down 3.1%. Within tequila, consumers are becoming more discerning, favoring brands that offer a stronger value proposition and strong craft credentials. Our portfolio is well positioned to benefit from this dynamic as we have strengthened the value proposition of some of our brands and continue to see growth in the ultra-premium segment. Turning to consumer takeaway, Nielsen data for the 13 weeks ending September 26th shows Proximo Spirits volumes excluding prepared cocktails declined 1.8% against a 3.2% decline of the broader market, while our tequila volumes declined 0.8% versus 3.1% growth of the industry. Importantly, we added 10 basis points of volume share in our core full-strength spirits portfolio during the quarter. Tequila remains our main area of focus. It is where our targeted promotional activity is concentrated. While it is early, the initial response is encouraging, with our tequila volumes growing 1.5% over the last four weeks, a sign that the trend is moving in the right direction. When we isolate the markets least affected by the transition, the underlying strength of our brands becomes much clearer. In the NAVCA or control states, which are the most effective or reflective of true consumer pool, we have delivered share growth in total tequila in seven of the first eight months of the year. Turning to pricing, the environment remains highly competitive as average prices have come down across periods. Our approach has not changed. We are taking targeted actions to keep our price position aligned with key competitors, mainly through promotional depth and frequency rather than resetting frontline prices. We remain disciplined in our A&P, ensuring every dollar goes where it delivers the highest return. Looking ahead, we expect shipments and depletions to remain closely aligned in the fourth quarter and our share performance to keep improving into 2027. While the industry remains challenging, our major markets are returning to growth and the steps we have taken position the business for sustainable long-term growth. I will now turn the call to Olga Limon to discuss the Mexico and Latin America results.