Orbia Advance Corp Sab

Good morning and welcome to Orbea's fourth quarter and full year 2024 earnings conference call. As we turn to slide one, all participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. And to withdraw your question, please press star and then two. Please note that this event is being recorded. I will now turn the conference over to Diego Echave, Orbea's Vice President of Investor Relations. Please go ahead, sir.

Thank you, Operator. Good morning and welcome to Orbea's fourth quarter and full year 2024 earnings call. We appreciate your time and participation. Joining me today are Samir Baradouache, CEO, and Jim Kelly, CFO. Before we continue, a friendly reminder that some of our comments today will contain forward-looking statements based on our current view of our business, and actual future results may differ materially. Today's call should be considered in conjunction with cautionary statements contained in our earnings release and in our most recent Bolsa Mexicana de Valores report. The company disclaims any obligation to update or revise any such forward-looking statements. Now, I would like to turn the call over to Samir.

Thank you, Diego, and good morning, everyone. I would like to take the opportunity to thank all our employees for their commitment to building a resilient business that will continue to create value for our shareholders over the long term and to bring innovative solutions to our customers. Moving on to slide three, I will share a high-level overview of our fourth quarter and full-year 2024 performance. For the full year, revenues of $7.5 billion decreased 9%, and EBITDA of approximately $1.1 billion decreased 25% compared to the previous year. Full-year EBITDA included one-time charges of approximately $92 million related to one-time legal and restructuring costs. Excluding these one-time charges, full-year adjusted EBITDA was $1.19 billion. Overall, our performance during the year included lower revenues across all business groups affected by a continuation of higher interest rates combined with other political and economic factors across the globe, that have had a direct impact on construction and infrastructure activity levels. This ongoing sluggish and uncertain economic environment has resulted in challenging conditions in most of our markets, negatively impacting demand for our products, and creating a generally weaker pricing environment. Despite these challenges, exiting 2024, we feel we have reached the bottom of the cycle and are keenly watching for signs of improvement while positioning the business for recovery. In our October call, we outlined and updated our plans to further strengthen Orbia's financial position while continuing to invest in the company's significant long-term growth opportunities. These efforts include the execution of the company's cost optimization program, driving results from recently completed growth investments, and improving balance sheet efficiency through tighter CapEx, non-core asset disposals, and working capital management. We remain committed to the targets that we shared and are making progress on delivering on them. With these, we will continue to strengthen our balance sheet, reduce leverage, and enable funding of focused growth opportunities. I will now turn the call over to Jim to go over our financial performance in further detail before we address our outlook for the year.