Cementos Argos S.A.

Good morning, everyone. Thank you for being here with us today to discuss our third quarter results. My name is Carolina Velasquez. I am Cementos Argos Investor Relations Officer, and I will be hosting today's call. On the call today are Juan Esteban Calle, our CEO, Felipe Aristizabal, our CFO, Marisabel Echeverry, the VP of Legal Affairs, Carlos Yusti, the VP of the Columbia Division, and Gustavo Uribe, the leader of Central America. First, I would like to ask you to carefully read the legal disclaimer that is currently being projected on the screen, which is also available on the presentation that is posted on our website. Please consider that all the discussions of the financial and operational results held during the call will be based on the adjusted figures, excluding non-recurring and non-core operations. For a detailed reconciliation of the adjustments, please refer to the annexes of our presentation. Today, after the initial remarks, there will be a Q&A session. If you have a question, please raise your hand by pressing the icon at the bottom of your screen at any time during the conference. We will record this session and upload it to our webpage. It is now my pleasure to turn the call over to Juan Esteban.

Thank you, Carolina, and welcome to everyone joining us today. I would like to begin by highlighting three important developments during the quarter. We delivered strong operating results with volume growth across all of our operations thanks to improved market dynamics, especially in Colombia, and broad-based EBITDA and EBITDA margin expansion driven by the disciplined execution of our pricing strategy and efficiency programs. This position is on track to achieve our 25% margin target one year ahead of schedule. Second, we made significant progress in our growth strategy to re-enter the U.S. market with key achievements, including operational readiness for the initiation of aggregate shipments starting in November and the securement of two additional port positions on the U.S. south-eastern coast, strengthening our logistic capabilities for this strategic market. Third, on September 30, we held an extraordinary shareholders meeting where a $230 million share buyback proposal at fixed price was approved. The funding for this distribution primarily comes from the interest income generated by the proceeds obtained from the divestment in summit materials completed earlier this year without compromising our growth strategy. These accomplishments underscore our commitment to sustainable growth and long-term value creation. Now, I would like to invite Felipe to discuss further the execution of our spring program.

Thank you Juan, and good morning everyone. Before diving into the execution of our flagship spring program, I'd like to highlight some of the key metrics that reflect the strength of our share price performance. This year has marked a historic high in shareholder distributions, combining dividends, Grupo Suarez share spinoff, and buybacks to deliver a total return of 25%. The implied share price today stands at over 14,000 pesos per share. or five times our starting point in 2023, underscoring the value we've created over this period. Also, our analyzed three-month average trading value ratio increased from 10% to 27%, reinforcing the liquidity and attractiveness of our stock. We are highly focused on committed to gallery creation for our shareholders, with significant progress on each pillar of the Spring 3.0 program as follows. With respect to our first pillar, in terms of financial results, we are encouraged to share that we are on a solid path to achieving our guidance of 25% EBITDA margin one year ahead of time, as we are already at 24% on a year-to-date basis. This was possible thanks to disciplined pricing execution and the implementation of efficiency initiatives across all our geographies that included, among others, the resizing of operations and overhead. Furthermore, our LVM return on capital employed reached 15.7%, which surpasses our end-of-year guidance range of 14 to 15%. Part of the second, third, and fifth pillars aim at boosting the TSR via distributions to our shareholders, and as Juan just mentioned, to date we have formalized total distributions for 2025, totaling 3.5 trillion pesos, representing a 25% yield. These distributions include 1 trillion pesos of ordinary and extraordinary dividends. 1.5 trillion pesos represented by the Grupo Suárez Spanoff and close to 1 trillion pesos represented by our Ongoing Sure Buyback Program and Recent Extraordinary Buyback. Regarding our Ongoing Sure Buyback Program, we have executed 74% of the 500 billion pesos authorized under the current phase, equivalent to approximately 370 billion pesos. Beyond the scope of Sprint 3.0 and as part of our broader shareholder distribution strategy, we are successfully completing this week a $207.3 million share buyback, funded by the proceeds from the divestment of our U.S. operations. This transaction is being executed at a fixed price of $13,659 per share through an independent offer mechanism. Importantly, this distribution represents less than 10% of our cash reserves and does not compromise our robust financial position or the strategic redeployment plan outlined in our growth roadmap. Regarding our fourth pillar, we remain highly optimistic about the inclusion in the MSCI Emerging Market Index in the near future. Notably, our 30-day average trading volume has increased tenfold over the past two years, a clear reflection of growing investor interest and market visibility. Finally, under the sixth pillar, first strategy, focus on growth, we've made substantial progress in strengthening our aggregates platform, with a clear emphasis on product quality and logistics, as previously mentioned by Juan Esteban. We have successfully initiated commercial operations and have made relevant progress on building the production and logistical capabilities needed to support the business plan. As part of our reentry strategy to the U.S., we reiterate our goal of organically generating approximately $200 million in EBITDA by 2030 with an investment of less than $500 million. In parallel, Our inorganic growth strategy includes a series of volatile acquisitions aimed at reinforcing our local presence in the U.S. and unlocking synergies through integration of the Axe platform. It is also important to add that we are temporarily investing the proceeds of the divestment through a number of globalized managers in low-risk liquid investments. We expect to generate close to $100 million of interest income by the end of 2025. To conclude, I'd like to reinforce that we are executing our strategy with discipline and remain firmly on track to achieving the objectives of each pillar of the program.

Thank you, Felipe, for your intervention. I would like now to comment on our consolidated results for the third quarter of year-to-date 2025, and then we will move into the regions for further details. In contrast to the last two quarters, this quarter we experienced higher cement volumes across the three divisions, achieving a 7.5% growth on the back of improved dynamics of local markets, especially Colombia. Our ready mix business, on the other hand, experienced a 7.9% decrease in volume, driven by our decision in Panama to operate with allies rather than directly. During the period, we reached revenues of 1.37 trillion pesos and an EBITDA of 374 billion pesos. This represented a 27% EBITDA margin and expansion of 370 basis points in comparison to 2024, mainly explained by a consistent pricing strategy and efficiency initiatives execution. Net profit accounted for 278 billion representing a 20% margin. The accumulated results for the year totalized 3.9 trillion pesos in revenues and 928 billion pesos in EBITDA with a margin of 24%, reflecting consistency in our efficiency focus and approaching in advance our guidance of 25%. Net profit reached 659 billion pesos representing a 17% margin, which is more than three times the margin reached in 2024 on a comparable adjusted basis. As we move into the regions, we find overall very positive results. We have seen a clear recovery of the industry in Colombia, a still strong demand in Puerto Rico and the Dominican Republic, and a sold-out market in Guatemala. In Honduras and Panama, although climate and market challenges have been negatively impacting revenues, transformational initiatives to reduce costs are being successfully implemented. Now I would like to invite Carlos to discuss further on the performance of Colombia and our market's strategic perspective.

Thank you Juan and good morning everyone. The Colombian grey cement industry exhibited clear signs of recovery in the third quarter, with approximately 9.4 million tons sold year to date, representing nearly 4% growth versus last year and making a reversal of the downward trend observed in previous quarters. This recovery was mainly driven by a strong retail segment that had 10.5% year-to-date growth, primarily fueled by self-construction. Moreover, the residential sales continued to present positive momentum, up 25% year-over-year, anticipating the continuation of this positive trend in the local market in the mid-term. Our volumes exhibited similar dynamics to the local market, with improvements in cement dispatches boosted mainly by the retail segment and, on the other hand, a contraction in the revenue dispatches in line also with the performance of the industrial segment. Quarterly revenues reached $776 billion, with evicta totaling 238 billion pesos resulting in a 30.7 percent margin the volume expansion allowed us to lever on the cost efficiencies achieved in a previous quarter by the mind to the market program enabling greater improvements in evicta with 12.3% growth and EBITDA margin that has increased by 217 basis points. Year to date, we have generated 2.1 trillion pesos in revenue and 586 billion pesos in EBITDA, an increase of 1.6% compared to 2024. with a margin expansion of 176 basis points, reaching 27.6%. These results reflect our consistent efforts to improve profitability despite market headwinds and laid the foundation to fully leverage the anticipated market recovery. Our last 12 months' free cash flow conversion ratio continues to outperform industry benchmarks exceeding 80% over EBITDA and 22% over revenues. Given the current market conditions, another key milestone was securing long-term energy supply at competitive prices beyond 2030, ensuring operational stability and cost efficiency. We believe that the cement market will continue to exhibit mild improvements in the short term, supported by cities like Bogota, with projects such as the metro and other infrastructure developments, and by smaller cities such as Santa Marta that continues to progress steadily, driven mainly by tourism-related real estate construction. Our ready mix business remains a key growth engine with continuous innovation to improve performance and on-site efficiency for customers. We have a strong pipeline, including Tunnel de Oriente in Antioquia, that will demand approximately 180,000 cubic meters over the next three years. In the mid-term, We remain optimistic and confident in our ability to capitalize our market upside, further strengthen our results, and most importantly, enhance profitability driving by positive operating leverage and potential pricing traction. With our current market share and level of profitability of over 30% of the margin, in a scenario in which the market recovers and gets back to P22 volumes, our overall EBITDA could increase by $60 million in the next three to five years.

Thank you, Carlos. Now I would like to invite Gustavo to comment on the results of Central America and the Caribbean.

Thank you Juan, and good morning to everyone. Our cement volumes in the region grew substantially in the last quarter, reaching 1.1 million tons, a 13.7% increase, mainly driven by trading, which had a 40% growth rate compared to the same quarter of 2024. On a year-to-date basis, volumes totaled 3.2 million tonnes, reflecting a 7.3% growth rate. In ready mix, we had a positive quarter with approximately 5% growth, selling 37,000 cubic metres. However, year-to-date comparisons show negative results due to the strategic decisions to significantly reduce operations in Central America. Quarterly revenues reached $144 million, with year-to-date revenues totaling $421 million. EBITDA margins stood at 27.9% for the quarter and 25.3% year-to-date. The 336 basis point margin expansion this quarter was driven by the ongoing implementation of efficiency initiatives across all geographies, focused on reducing clean-car costs, SG&A, and fixed expenses. Let me walk you through the performance by region. In Central America, cement volumes reached 462,000 tons during the third quarter, a 10.5% increase driven by strong Guatemalan market that we have successfully capitalized and Regional revenues for the quarter totaled $64 million, with EBITDA of $22 million, resulting in a robust 34.7 margin. This 430 basis point expansion compared to the same quarter in 2024 is largely attributed to Guatemala, where we recorded our first positive EBITDA in over a year. Explaining further by country. In Honduras, despite the recent floods negatively impacting the overall market, we maintained volumes and achieved a modest 1% year-over-year growth. The industry continues to face pricing pressures due to increased imports. We remain focused on process fitter operations, and our new puzzle and dryer, set to be operational next month, will be instrumental in this effort. In Guatemala, our Rio Blanquito plant, which supplies this market, is operating at full capacity. The market experienced a 14% growth rate, fueled by strong consumption supported by historically high remittances, which reached $19 billion in 2025. In Panama, the industry continues to face declining volumes and prices, with limited signs of short-term recovery. Our resilient business mode has allowed us to adapt effectively by reducing SG&A and fixed costs and diversifying into new business lines such as aggregates. This strategy has led to an ABTA margin improvement of approximately 200 basis points for the quarter. Moving on to the Caribbean region, we sold 394,000 tons of cement. a 6.2% volume increase for the quarter. This growth was primarily driven by strong industry performance in the Dominican Republic and Puerto Rico, both of which continue to benefit from solid infrastructure fundamentals. Quarterly revenues in the region totaled $70 million, a 0.47% compared to 2024 EBITDA reached 15 million dollars with a margin of 21.4 percent representing a 260 basis point expansion this improvement was achieved through efficiencies across the entire value chain from product composition to logistics for the countries the results are as follows In the Dominican Republic, the construction industry grew by nearly 4%, supported by strong fundamentals, including 12 million tourists and $11 billion in annual remittances. These factors have sustained one of the highest per capita cement consumption rates in the region, at approximately 500 kilograms. However, increased competition is putting pressure on prices, and volume growth is beginning to slow, a trend we are monitoring closely. In Puerto Rico, the positive momentum continues with 7.5% in year-to-date market growth, despite a slower quarter due to adverse weather conditions. Growth is primarily driven by ongoing reconstruction efforts, following hurricanes Irma and Maria, supported by a $90 billion budget. Despite ongoing challenges in specific geographies, it was a part of solid performance of our Central American and Caribbean operations. Our strategic business model adjustments and efficiency initiatives are clearly reflected in the financial operation and other results, positioning us well for continued success in these regions.

Thank you, Gustavo. Regarding our balance statement, our total gross debt stands at $820 million, 95% is denominated in Colombian pesos. Our net debt to IRIDA stands at minus 6.7 times, given our strong cash position derived from the summit transactions. Looking ahead, we remain highly optimistic about the future and reaffirm our strong commitment to achieving our mid-term guidance. This confidence is grounded in the continued improvement of market dynamics, the solid execution of our optimization initiatives, and our disciplined focus on sustainable high return investments that will drive long-term growth. Carolina, we can proceed now with the Q&A section.

Thank you, Juan.

We will proceed now with the Q&A session. Please remember that in order to ask a question, you need to raise your hand using the icon that is at the bottom of your screen. I will say your name and company and will enable your microphone. Take into account that you need to unmute your microphone before you speak. First question comes from Marcelo Furlan from Itaú.

Please, Marcelo.

Hi, Samantha.

Can you hear me?

Yes, Marcelo. We can hear you well.

okay thank you guys so thanks for taking my questions and also congrats on the results so guys i have two questions here and the first is regarding the timeline of these 200 million dollars in ebitda to be achieved in the argus material so if you could explain a little bit uh regarding you know uh what ebitda could we expect for for this segment maybe for next year then two years from now two years from now so i'd like to understand this timeline until you reach this 200 million dollars in ebitda And also regarding these expansions that you guys are mentioning about 9.5 million short terms for cement from 2026 to 2030, I would like to understand if this would be supported by only the organic investments that you guys are providing the CCA or also could expect M&A's activities in the US specifically. And my second question is related to the sustainable margins, so you guys are likely one year ahead, right, to reach these margins above 25%. So I'd like to understand what we expect for, you know, sustainable margins for this, you know, the combination of Central America and the Columbia divisions for the medium term. So could expect margins hovering around this 25% or slightly above that, or do you guys believe it is fair to assume maybe these margins consolidated reaching 30% level. So, these are my questions. Thank you.

Thank you very much, Marcelo, for your questions. We are fully confident that we can reach the $200 million in EBITDA that Felipe mentioned before in our aggregate import platform into the U.S. Our timeline is a five-year timeline. We are foreseeing to increase export from Central America and the Caribbean to the U.S. from basically zero in 2025 to 10 million short tons in five years. 2026 is going to be like the first year of commercial operations in the aggregate platform in the U.S., and we are expecting to exceed at least 1 million short tons of exports into the market. The good thing is that we already secured the sources. We have like an extremely interesting sources in Central America and the Caribbean, specifically in the Dominican Republic and Panama. with unlimited reserves in the Dominican Republic. So the reality is that it is going to be a matter of just ramping up the operations in the quarries, building the port infrastructure in the origin and destination, but we are fully confident that we have a high quality aggregates and that we will be extremely successful in the market. The reality is that there is a need for aggregates in those coastal markets. The potential that we see that it is underserved in those markets is close to 125 million short tons. So the reality is that we are seeing a significant opportunity to hit that target of $200 million of EBITDA by year five. In terms of our strategy to reenter the U.S., phase one is going to be organic, which is basically that axe import platform. And then we plan to supplement or complement that platform with additional bolt-ons. So far, just in the aggregates spectrum. Your second question, in terms of the sustainability of our margins, we are extremely happy seeing the results of Colombia, Central America, and the Caribbean. We have been doing a significant effort in terms of questing for operational and commercial excellence across all of our operations and you see what happened when we we just have a little a little bit of a tailwind in terms of the market in colombia we just uh a small pickup in volume we were able to expand our everyday margin in a significant way in colombia hitting 31 percent in the quarter so the reality is that we foresee sustainable margins between 25% and 30% going forward. Because the reality is that with a little bit of help from the market, which we are very optimistic that starting in 2026, I mean, demand is going to continue improving in Colombia, the reality is that we see further opportunity to continue expanding our margins.

Okay, thank you so much, guys. And just a follow-up here. Regarding the EBITDA for the agro-material, this $200 million, how much of that would be translated into margins? I mean, what are the expected EBITDA margins for this business?

Yeah, Marcelo, once the operation is, you know, stable, we foresee margins in excess of 30% in that line of business as well.

Okay, thank you so much, guys.

Thanks, Marcelo. Next question comes from Mario Simplicio from Morgan Stanley.

Hello, are you guys listening to me?

Yes, we are.

Perfect. Okay, good morning. It's . Congrats on the results. I have just two questions. The first one is also regarding your capital allocation strategy. I just want to understand if after the share buyback announced a couple of months ago, if there is any more opportunities that you guys think on continuing this shareholder remuneration strategy? and also how you guys are seeing in terms of timing to use the proceeds of the divestments. And also just to confirm, you guys mentioned that you're gonna put the money on liquid investments and now expect $100 million financial income. I just wanted to confirm when should be started to see the impact from this? And then my second question is on Colombia. You mentioned that there was the pickup on cement demand this quarter. I want to know what you guys thoughts on the sustainability of the strengths and how fourth quarter is shaping up to be and expectations for 2026. Thank you.

Thank you, Mario. I mean, the reality is that, as Felipe mentioned, I mean, distribution towards shareholders, Total 3.5 trillion pesos, including the Grupo Sura shares. This first phase of the expansion into the U.S. will require more or less half a billion dollars. And we foresee redeploying another portion of that proceeds from the sell-off summit involved tons of aggregates operation to complement our platform. At the end of the day, we will be looking for, you know, opportunities to generate value for our shareholders and distributions to shareholders are going to be contemplated in the future as well. But we are fully confident that there are enough opportunities in the U.S. to make a good redeployment of the proceeds from or a good portion of the proceeds from Summit in the future. Regarding our outlook for Colombia, the reality is that November is looking even better than October. So the reality is that the trend that started last May of growing demand in Colombia due to improvement in consumption, in our opinion, will continue going into 26 and beyond. We are extremely optimistic about the future of Colombia. So the reality is that with a more constructive government in 2026, I mean, the reality is that we foresee that the market is going to continue growing. So fairly positive about the outlook of Colombia and November and the end of the year is looking extremely, extremely constructive.

That sounds great. Thank you. Thank you, Mario. Next question comes from Victoria Andrade from Citibank. Hi. Hi, Karolina.

Are you hearing me?

Yes, Victoria. Go ahead. We can hear you well.

All right, congratulations on the results. My question is about margins improvement. What are being the key measurements behind it, and what are your guidance for 2026 full year? And if I may add another question about the USA AgriEd platform, when will you see the contributions start to be in disclosure on the earnings release?

Thank you, Victoria. Extremely happy with the margin expansion in Colombia. Main driver is more constructive volumes. And on top of that, a continuation of our focus on efficiency in our operations. I would like Carlos Horacio to be a little bit more color about all the important actions that the company is taking in Colombia to improve profitability. So, go ahead, Carlos.

Okay, Juan. Hi, Victoria. Like Juan mentioned before in the last question, I think that we are expecting that the trend in the market in Colombia continues, not just this quarter, but we are expecting the same for the 2026 and beyond, because there is a very good pipeline in the terms of formal constructions. and as well in the retail segment. As well, like we have explained before in other quarters, we started with a very strong or robust plan that we call the mind to the market that we are addressing many different efficiencies, so many different opportunities in a lot of lines of the P&L. like the fixed cost, the logistic cost, the reliability of our plants. We have invested very good amount of money in CAPEX during the last years. And as well, we are structuring our organization in the Colombian region. And all of these things really are the result that we are seeing in this case, in this quarter. But we are very optimistic that the results will improve or will be more wider in the next coming quarters.

Thank you, Victoria. Now I would like Felipe to give you more color about when are we going to start reflecting the aggregates operation into our financial statements.

So starting next year, we expect to report a new business segment in our financials. As Juan was mentioning, the first year we expect to deliver north of a million short terms of product to the U.S. initially. low given that the whole infrastructure is not going to be optimized, fully optimized, so costs are not going to be as low as they can reach once all the infrastructure is more mature. But starting next year, we expect to reflect the results of the Axe business as a separate segment in our quarterly results.

Thank you.

Thank you, Vittorio. Next question comes from Gabriel Perez from Credit Corp Capital.

Hi, guys. Do you hear me?

Yes, Gabriel. We can hear you well. Go ahead.

Okay. Thank you for the presentations and congrats on the results. I have a couple questions. The first one, why did revenues in the Central American and Caribbean segment increase only 1.8% year over year despite the 13.7% growth in cement dispatches? Also, could you provide more details on the FX gain of this quarter? And finally, the Argos Maturas platform should generate $200 million in EBITDA, while the sixth pillar of the SPRINT program expects reaching the $300 million in EBITDA in the U.S. platform. Could you explain where should the remaining $100 million will come from? Do you expect any downwind revision in this case?

Thank you, Gabriel. You know, the main driver of volume growth in Central America and the Caribbean was trading, which was basically more shipments of cement from trading to quake grid in the U.S., So that is why you see a significantly higher growth in volume than in revenues because prices of that cement are lower than the average FOB prices in our local and domestic operations. Second question, I mean, the reality is that organically, we are sure that we will exceed the $200 million in EBITDA from our import platform into the U.S. of aggregates. The reality is that the additional EBITDA to reach $300 million will come from Boltons to complement that aggregates platform. The timing is five to seven years. I mean, the reality is that phase one is organic, and then we will complement that platform with bolt-ons. So that is basically what I explained, going from $200 million to $300 million of EBITDA by year seven.

Okay, thank you. And regarding the FX gains?

Sure, Felipe. Felipe will give you more color on the FX gains. Go ahead, Felipe.

Of course, as part of the repatriation or partial repatriation of the proceeds of the summit sale in order to fund the shared buyback program, we have entered into some intercompany transactions between our vehicles offshore and the holding company in Colombia. So there's, at the local level, there is a there's a liability against wholly owned subsidiary abroad. So this FX gain is a non-realized FX gain associated to this intercompany financing transaction.

Okay. So we are not expecting this to be a one-off for this quarter?

Absolutely. Absolutely will be a one-off, and it's totally, I mean, first of all, it's non-realized FX gain, and the path of this account is going to be fully dependent on the evolution of the FX. So if the FX goes up, then we can see that amount diminishing in the future. If the puzzle keeps appreciating, this amount might go up. But again, this is something that is neither a positive or negative result. It's going to affect cash flow going forward.

Okay. Thank you. One other question regarding the financial income. We saw a 24% decrease this quarter. Could you explain also that?

So, I mean, we are, we currently, as you know, have 12, That liquidity is generating around, yeah, is generating so far $80 million in interest revenue. By the end of the year, expect that number to reach $100 million. Regarding our gross debt, we have 3.1 trillion pesos of interest revenue. gross liabilities. The cost of those liabilities is close to 10.5%, and that cost has been decreasing consistently over the past few quarters. So, I mean, we've been getting a lot of tailwinds from the cash equity and also the cost of our gross debt is also diminishing. So the overall result is that, I mean, we expect that the net interest expense for the U.S. is going to even out. The income is going to offset all of the costs. And that is the result of these forces taking place.

Okay. Thank you, guys.

Thank you, Gabriel. Next question comes from Simon Londoño from Grupo CIVEST.

Good morning, everyone. Can you hear me?

Yes, Simon.

Great. Go ahead. Okay, thank you for the presentation and for having my question. I just have two questions. In the first one, I would like to ask about the next steps in consolidating the aggregate platform. The second question is related with the local market. Could this strong performance in the quarter be seen in the coming periods?

Yes, and thank you so much for your questions. I mean, next steps is the ramp up of our operations in the Dominican Republic and Panama. As we mentioned, 2026 is going to be our first year of four year commercial operations into the US. um we don't have enough capacity to exceed one million short tones with the current um you know configuration of our queries in the dominican republic and panama even though we have unlimited reserves so next steps will be to ramp up operations especially in the dominican republic and to start building the port infrastructure needed to reach the volumes that we plan to reach by year five, both domestically in the Dominican Republic and Panama in our three terminals, four imports into the U.S. in the Gulf and the southeastern coastal markets in the U.S. So those are going to be our next milestones in the aggregates platform going forward. And yes, the reality is that we see the positive momentum going into 2026. As Carlos mentioned, we see a more constructive outlook in Colombia, not only in the consumer segment of the market, but we are seeing important infrastructure projects in the major cities and departments going on as well into 2026. So our outlook for Colombia in 2026 is continues to be very constructive.

Okay, thank you very much.

Thank you, Simon. Next question comes from Santiago Villanueva from Da Vivienda Corredores.

Good morning, everyone. Do you hear me?

Yes, Santiago, we can hear you well.

Okay, thank you. I just have one question, and this relates to the construction and infrastructure sectors in Colombia. You mentioned projects such as the metro and the tunnel of the Est, but could you give us a little more detail about your outlook for the sector in 2026? Will there be new projects from which Cementos Argos can benefit?

Thank you very much, Santiago, and I would like Carlos to give you more color on the outlook of infrastructure in Colombia for 2026.

Okay, Juan. Hi, Santiago. I think that the Bogotá Metro will continue in the 2026, and we are starting the delivery of already mixed concrete for the Tunel de Oriente, the second Tunel de Oriente ride in the next coming days. But as well, we are serving as well some projects of TransMilenio in Bogotá. And there are other works or civil works in Cartagena, in Cali as well. And no projects like 4G projects. This is more projects that are coming from the different cities around Colombia. But there are very good amount of projects distributed around Colombia. Okay, thank you. For instance, as well, they are completing the the the final word to the portal of the tojo uh they remember that they are completed in the final, or in the other four generators. There are, like I mentioned, not a big project starting now, but there are a lot of different projects distributed in Colombia. Great, thank you. Okay, Santiago.

Thank you, Santiago. Simón Londoño from Grupo CIVEST has a follow-up question.

Yes, thank you.

I have another question regarding the trading dynamics. Will this trend of lower prices continue in the coming periods?

As in when we see prices at least increasing with inflation, I mean, the reality is that when you look at FOB prices in Colombia, they have increased in a significant way during the last three to four years. I mean, they are already seeing $110. So we still consider that it is room to continue increasing prices, but most likely into 2026, price increases will be in line with inflation across all of our markets.

Okay, thank you.

Thanks, Simon, and thank you all. Juan, there are no more questions.

Okay, thank you so much to all for joining our three-quarter conference call. Looking forward to see you at the four-quarter conference call. Have a great day, and thank you so much.