El Puerto de Liverpool

Good morning everyone. My name is Daniela and I will be your conference operator. All lines have been placed on mute to prevent any background noise. This is Liverpool's second quarter 2026 earnings call. There will be a question and answer session after the speaker's opening remarks and instructions will be given at that time. Today we have with us Mr. Gonzalo Gallegos, Chief Financial Officer, Mr. Jose Antonio Diego, Treasury and Investor Relations Director, Mr. Enrique Griñan, Investor Relations Officer, and Ms. Nibia Garrido, Investor Relations Coordinator. They will be discussing the company's performance as per the earnings release for the second quarter of 2026, which was issued yesterday, Monday, July 27th. If you did not receive this report, please contact Liverpool's IR department and they will email it to you or you can download it at the IR website. To ensure focused discussion, this call is for investors and analysts only and we will be taking questions exclusively from them. Any forward-looking statements made during this earnings call are based on information that is currently available. They are subject to risks and uncertainties that could cause actual results to differ materially from the expectations and assumptions discussed today. This may be due to a variety of factors, including the risks outlined in El Puerto de Liverpool's most recent annual reports. Please refer to the disclaimer in the earnings release for guidance on this matter.

I will now turn the call over to Mr. Gonzalo Gallegos.

Good morning and thank you for joining us today to discuss our second quarter results. The second quarter unfolded against a challenging operating environment. Consumer demand remained soft, competitive intensity increased across several categories, and discretionary spending continued to be concentrated around key promotional events. The FIFA World Cup also temporarily affected consumer spending patterns, adding further pressure to consumer demand across most categories, particularly apparel. Despite these conditions, our diversified business model enabled us to navigate these headwinds while continuing to deliver resilient results. Throughout the quarter, we remained disciplined in executing the priorities we established at the beginning of the year, balancing commercial competitiveness and profitability while continuing to invest in the strategic investments that will strengthen our long-term position. All three of our business segments contributed to consolidated revenue growth. Our financial services and real estate businesses continue to deliver strong growth while retail posted positive growth despite the challenging operating environment. We also made further progress on the stabilization of our logistics network and expansion of our real estate portfolio.