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Hello and welcome to the Coca-Cola Femsa third quarter 2026 conference call. My name is Vinicius and I will be your moderator for today's event. Please note that this conference is being recorded. For the duration of the call, all participants will be in a listen-only mode. You will have the opportunity to ask questions at the end of the presentation. To do so, please use the raise hand feature in Zoom and we will open your line. If you experience any technical issues during the call, please use the chat function to request assistance. I would now like to hand the call over to Pamela Ortiz, Investor Relations Director at Coca-Cola Femsa. Pamela, please go ahead.

Good morning, everyone, and welcome to Coca-Cola Femsa's Third Quarter 2026 Results Conference Call. Today, we are joined by Ian Craig, our CEO, Gerardo Cruz, Our CFO and the rest of the investor relations team. Before we begin, let me remind all participants that today's conference call may include forward-looking statements that should be considered as good faith estimates made by the company. These forward-looking statements reflect management expectations and are based upon currently available data. The actual results are subject to future events and uncertainties that can materially impact the company's performance. For additional details, please refer to the full disclaimer in the earnings release that was published earlier today. After the prepared remarks, we will open the call for questions. To ask a question, please use the raised hand feature in your Zoom toolbar. With that, let me turn the call over to Ian to begin our presentation about the third quarter results. Ian, please go ahead.

Thank you, Pam. Good morning, everyone. Before discussing our third quarter performance, I would like to take a moment to address the earthquake that struck Colombia in August and which impacted the communities of Pereira and Cali. Together with Femsa and the Coca-Cola Company, we provided more than 180,000 liters of water, 30,000 meals, and essential supplies to affected communities. We also committed to supporting more than 1,000 traditional trade stores, and helping rebuild approximately 150 stores. We remain in close coordination with our local teams and are committed to supporting our employees, their families and the communities affected. Now, let me walk you through our consolidated results. Our third quarter performance demonstrated how our focus on sustainable growth, leveraging our portfolio and capabilities Thank you. Thank you. Combines the strength of our brands, unparalleled distribution reach, consistent above-the-line and below-the-line investments throughout the years, consumer-centric execution, culture, and leading-edge digital endeavors. Importantly, we continuously tailor our commercial strategies to the specific consumption trends and economic realities of each market. Let me highlight how our strategy is translating into results across our operations. Starting with medical, volumes increased 4.2% year-over-year off of a low base last year, which was still impacted by the consumer backlash. Our focus on affordability differentiated price pack architecture. and Commercial Execution supported further share gains, including a 70 basis point increase in sparkling beverage value share as of September versus the prior year. Our approach is anchored in protecting profitability, strengthening commercial execution, accelerating portfolio innovation, and leveraging our digital capabilities. Together, these pillars have enabled us to navigate a challenging consumption environment While positioning our business for sustainable long-term growth. Portfolio innovation continues to unlock incremental growth opportunities by expanding our presence in emerging beverage categories and capturing new consumption occasions. During the quarter, we launched Coca-Cola Triple Zero, further strengthening our zero-sugar portfolio, as well as Topo Chico sparkling lemonade and orangeade. which have already achieved 70% traditional trade coverage and a 40% repurchase rate. Meanwhile, Cel Aguas Frescas flavored water launched last quarter continues to gain traction reaching 65% coverage in the traditional trade with a market share gain of 7.6 percentage points since its launch in May. These portfolio innovations in key white spaces Thank you for joining us. Mexico's performance reinforced our confidence in the direction of our strategy. Our commercial capabilities have enabled us to sustain volume growth, gain market share, and develop new beverage categories. Looking ahead, our priority remains to build on our competitive momentum while gradually improving profitability through disciplined revenue growth management and operating efficiency. Turning to Brazil. Volumes increased 3.9% year-over-year, reflecting the sustained positive momentum of our business and share gains. Brazil remains one of Coca-Cola Femsa's most compelling structural growth opportunities, supported by significant headroom to lead industry growth and expand our participation across beverage categories. During the quarter, we continued leveraging our differentiated commercial capabilities to capture these opportunities. focusing on expanding our CERO's portfolio availability, strengthening execution at the point of sale, and deploying proven route-to-market and digital capabilities. As a result, Coca-Cola CERO continued delivering strong growth with volumes of 15% versus prior year, while flavors and still beverages grew 8% and 20% respectively versus prior year. Within our flavors portfolio, we have won close to 4 percentage points of market share driven by Brand Sprite's outstanding performance. Importantly, we continued gaining share across nearly all beverage categories with gains of approximately 1.2 percentage points in total non-alcoholic ready-to-drink beverages and nearly 6 percentage points in energy drinks. These results reinforce Our competitive momentum and demonstrate how our portfolio is well positioned to address evolving consumer preferences. We also continued advancing our commercial strategy with a focus on improving profitability by strengthening our single serve portfolio, increasing its share of our sparkling beverage volume mix by 80 basis points to reach 27.7%. Digitalization remains an important enabler of this strategy. Through Juntos Plus and Juntos Plus Advisor, we continued enhancing customer engagement, improving order recommendations, and optimizing our commercial teams' productivity. These tools are helping us strengthen customer coverage and increase the effectiveness of commercial visits. As of September, digital revenues represented close to 42% of traditional trade revenues, with an 18% increase in average ticket size. Turning to profitability, we remain focused on translating volume growth and stronger commercial execution into improved operating leverage through disciplined revenue growth management, portfolio optimization, and continued cost efficiencies. At the same time, we are maintaining a disciplined investment approach to support sustainable long-term growth. Looking ahead while we are mindful of our potential Post-election slowdown, we remain confident in the Brazilian market's long-term potential. Our scale, commercial capabilities, and quality portfolio position us to continue to capture growth opportunities while sustainably improving profitability. Turning now to Guatemala, volumes grew 8% year-over-year, outperforming the non-alcoholic ready-to-drink industry, which expanded approximately 5.5%. The Guatemala operation continues to benefit from favorable consumption dynamics supported by remittances, attractive demographics, and urbanization trends. Our strategy remains focused on developing the beverage industry by offering affordable price points, strengthening our core colas category, expanding our single-serve portfolio, and enhancing execution in the traditional trade. During the quarter, energy drinks grew 98%. Supported by improved product availability. Meanwhile, our 360 degree power rate strategy delivered a turnaround in sports drinks, resulting in a market share gain of approximately 1 percentage point. Supported by increased cold drink availability through cooler investments and enhanced execution capabilities with Junto's Plus. At the same time, productivity initiatives, including bottle light weighting, and Cost to Serve Optimization helped mitigate PET and diesel cost pressures while improving operating efficiency.