Grupo Traxión, S.A.B. de C.V.

third quarter 2025 conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. I will now turn the conference over to Abbe Litsein, Executive President. Thank you. You may begin.

Abbe Litsein, Executive President, Thank you. Good morning, everyone. Thanks for joining us again for this quarterly earnings call. Let me start with the good news. As you know, we executed the integration of Solistica early in the quarter and it has concluded successfully. It is the most relevant merger in the logistics industry in Mexico and a very strategic move on our side as it is transformational for Traxion. There are many synergies that we have captured so far. Among the most relevant are the transfer of the shared services center, together with all the logistics back office, to the Traxion platform. And I've executed several procurement efficiencies that have improved the bottom line. Traxion invested around 1.6 billion pesos in the acquisition and prepared the company to properly cope with the integration, which is expected to bring at least 8 billion pesos of additional revenue. Because of that, management decided to slow down organic growth to focus more on the successful merger of both operations. Most notably, Traxion significantly reduced its organic capex for 2025 to accommodate the acquisition of Solistica, which basically implies the same investment levels as in previous years, but with Solistica up and running in our platform. After the acquisition, the company remained with virtually the same level of leverage and interest expense, which is tremendously accretive. In summary, Traxion will post revenue growth with Solistica, but will not change its leverage profile or interest expense at the end of the year, which is very similar to having grown organically. Moving on, we experienced a downturn in both cargo and logistics operations. Even though export levels were in line with the same period of last year, there were some sectors affected by the tariff uncertainty, in which many of our clients faced challenges regarding their production and export operations, mainly the automotive and the iron and steel industries, and some in the consumer and e-commerce sectors as well. There is a clear area of opportunity for us there, as we have been shifting our capacity to other sectors of the economy with less volatility. Having said that, we are confident that our year-end top-line figure will grow in the mid-teens and will be within the range of the guidance we released in our previous call. Thanks for your attention. I will now hand over the others, for a deeper dive into details. Thank you, Abi.

Welcome, everyone. This quarter continued to be marked by a high level of complexity, driven by uncertainty surrounding tariff-related developments between the United States and Mexico, and other countries as well. I will now walk you through the most relevant operating highlights. First, I'm very pleased to share with you that the Solestika integration was implemented successfully. and that our 100-day plan concluded favorably according to our expectations, thus ensuring operating and financial progression and the retention of both talent and key clients. We designed an integrated structure aimed at collaboration, efficiency, and value creation, which in the case of Solistica has an even more enhanced effect, as this company came from a very institutional enterprise. Moving on, synergies are coming in as planned, and we have seen some effects in margin that will become more tangible in the next quarters. Among the most relevant synergies achieved so far are corporate reductions and adjustments, the shutdown of Solistica's Shared Services Centre and 3PL back office, with the procurement side reporting the most relevant efficiencies so far. In terms of mobility of cargo, severe disruptions continued during the third quarter, mainly in cross-border circuits on both northbound and southbound, that have resulted in prices dropping as demand became more intermittent, especially with clients of the automotive industry and those related to the steel and iron sector. Furthermore, the Mexican Piazo continued to strengthen, which, as you know, affects the US dollar denominated portion of the cross-border revenue. However, we are seeing signals of recovery in the retail sector in Mexico and an enhancement in general terms in the American side. There are no signals of structural changes in the fundamentals of our industry, so we think that this adversity is temporary. We have also achieved some cost efficiencies related mainly to fuel that have helped to improve cost per kilometer, among other smaller enhancements. Now in the logistics business, we continue to face challenges across the board that are explained basically by a downturn in cargo and some disruptions with our e-commerce clients, which typically import merchandise from the United States to Mexico. However, we expect the situation to normalize towards the end of the year. Finally, in mobility of people, we reported a slight increase in revenue, but a better performance moving to the bottom line. We were able to successfully close our commercial pipeline of the quarter, mainly combining capital expenditure with churning out fleet from older, non-efficient clients and allocating those units to new clients at more competitive prices. Such effects will become more visible in the coming quarters as those new accounts start contributing revenue and fleet productivity. As you can see, it was a very busy quarter with several highlights in many fronts. Thanks for your attention. With this, I end my remarks. Please, Wolf, go ahead.