Earnings Call: Q1 2026

Jun 3, 2026

Good morning everyone, thank you for joining us today to discuss our first quarter results. My name is Carolina Velásquez. I am Cementos Argos Investor Relations Officer, and I will be hosting today's call. On the call today are Tomás Restrepo, our Executive Vice President, Natalia Ochoa, our CFO, María Isabel Echeverri, our VP of Legal Affairs, Carlos Horacio Yusty, CEO of Argos Latam, and Jason Teter, CEO of Argos Materials. 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 in the presentation posted on our website. Please note that all discussions on the financial and operational results during the call will be based on 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 Tomas. Good morning, everyone, and thank you for joining us today. This was a quarter of solid performance across our LATAM operations, continued progress in the consolidation of our U.S. aggregates platform, and a defining strategic milestone for the future of Cementos Argos. Before we dive into the results, let me walk you through the transformation that is shaping the next chapter of our company. Earlier this month, we announced plans for a structural transformation that reflects both the confidence of our board of directors in the strength of our business and our commitment to accelerating value creation and value recognition for our shareholders. We are advancing the separation of Cementos Argos into two focused operating companies, Argos Materials in the United States and Argos LATAM, covering our current operations in Colombia, Central America, the Caribbean, and trading. Rather than a change in strategy, this strategic vision is a natural evolution of the path we have been consistently building over time. The separation of Argos USA, the Summit combination, and the Quikrete transaction were each deliberate steps toward the strategic position we occupy today. We understand the value that focused platforms can unlock because we have built and scaled one before, delivering exceptional returns for our shareholders. We are now applying that same strategic logic from a position of strength with greater flexibility, a stronger balance sheet, and a clear roadmap for long-term value creation. We believe each platform is uniquely positioned to capitalize on compelling growth opportunities. Argos Latam operates across 15 geographies with strong underlying fundamentals, and we continue to see meaningful potential to optimize our operations while expanding and deepening our regional presence, whether in markets such as Venezuela, where we are building commercial momentum from the ground up, or in Guatemala, where we are gaining traction rapidly and see meaningful long-term potential. These initiatives will be analyzed under the disciplined capital allocation framework that has characterized Cementos Argos over time. Argos Materials, meanwhile, is focused on building a leading aggregates platform in the United States, a market characterized by structural supply deficit and attractive long-term returns, where we bring unique advantages in terms of assets, logistics, and experience. The separation process will take approximately 24 months. During this period, both Argos Latam and Argos Materials will operate as independent platforms with dedicated leadership teams focused on their respective operating and growth agendas. The strategic corporate support center of Cementos Argos under my leadership as Executive Vice President will lead the overall transformation process, including strategic roadmap development, governance design, organizational structures, capital allocation priorities, and the definition of the separation path and timing required to maximize shareholder value. We are working closely with the CEOs of both operating platforms, Carlos Horacio Yusty and Jason Teter, to ensure strong coordination and disciplined execution throughout this process. We will communicate key milestones as they materialize with the transparency and discipline that have characterized our relationship with the market. We are undertaking this ambitious project with the seriousness, the rigor, and the urgency it deserves. The financial objectives we have communicated to the market remain intact. Today's results reflect our disciplined approach and the resilience and operational strength of our business. They give us a solid foundation from which to execute this transformation. I would like to invite Natalia to discuss further the execution of the fourth version of our SPRINT program. Thank you, Tomás, good morning, everyone. It is a privilege to take on this role at such an exciting time for this company. Fully convinced of the strength of our business model, I'm looking forward to continuing to build on our shareholders' value creation program, SPRINT. Let me walk you through our progress across the pillars of its fourth version, which as mentioned before, is a two-year program focused on consolidating a relevant presence in the U.S. market and increasing share liquidity, key enablers of our strategic plan of having two separate solid companies. Since the launch of SPRINT, our cumulative total shareholder return has reached 693% in dollars, with a 16% TSR by the end of April 2026. Trading volumes and share liquidity continued to strengthen, reflecting the market's growing confidence in our strategy and execution. On our first pillar, operational and financial results, our EBITDA margin for the quarter stood at 22.2%, impacted by the operational stoppage of the cement mill in Dominican Republic. We remain positive and firmly committed to our full year guidance range of 24%-26%. Our ROCE reached 17% on a last 12-month basis, above our target of more than 16%, reflecting the discipline and quality of our capital allocation. On our second pillar, distributions to shareholders, our ordinary dividend of COP 430 per share, an extraordinary dividend of COP 150 per share, were approved at the shareholders' meeting. To date, we have paid COP 313 billion, representing 44% of the total COP 707 billion approved, and fully completing the payment of the extraordinary dividend. On share buybacks, our new COP 450 billion repurchase program was approved at the shareholders' meeting, and we will begin execution shortly, as a further demonstration of our confidence in the long-term value of our strategy. On our fourth pillar, share liquidity, we are initiating this month our double market maker structure, an important step in deepening trading volumes for our share. We remain committed to our goal of inclusion in the MSCI EM Standard Index, continue advancing the initiatives that position us favorably for this milestone. Additionally, for the 14th consecutive year, we have been included in the Dow Jones Best-in-Class MILA Pacific Alliance Index, which recognizes companies with the strongest sustainability performance within their industries across the Pacific Alliance markets. This inclusion reflects our longstanding commitment to integrating sustainability into our business strategy. On our fifth pillar, growth strategy, we continue advancing on our building materials platform in the U.S., combining organic and inorganic growth with the objective of generating over $200 million in EBITDA in the midterm. This quarter, a key structural milestone was the approval by our board of directors of the capitalization of Argos North America Investments LLC, a newly incorporated entity, for a total of $400 million. This vehicle will serve as the holding structure for all our U.S. operations, reflecting our commitment to the operational separation into two focused platforms, as mentioned before. This structure is designed to give each platform greater autonomy and focus to capture opportunities of their respective markets, while enabling a governance model aligned with greater value creation and transparency for our shareholders. Jason will shortly walk us through the operational milestone achieved this quarter. We see Venezuela as a market of significant long-term potential, and we are approaching it with discipline. We have established active commercial relationships, and we are on track toward our 2026 target of exporting 5,000 tons per month with a capital-light ramp-up path, supported by our logistics infrastructure and distribution partnerships already in place. Our pending expropriation claim for asset seize without compensation positions us constructively as the country's political and economic landscape continues to evolve. We see this as a potential enabler of our more meaningful long-term presence in a country that has significant needs of building materials to recover its industry, infrastructure, and communities. We remain fully committed to delivering on the targets of SPRINT 4.0 and to continuing to create long-term value for our shareholders. Thank you, Natalia, for your remarks. Now, let me walk you through our consolidated results for the first quarter of 2026. Cement volumes for the quarter totaled 2.1 million tons, flat year-over-year, while ready-mix concrete volumes reached 570,000 cubic meters, up 9.1%, driven by the strong momentum of our concrete business in Colombia, where we continue to secure some of the most relevant infrastructure projects currently underway in the country. Consolidated revenues reached COP 1.22 trillion, broadly in line with the prior year, reflecting volume growth in Colombia and Central America, partially offset by the operational disruption in the Dominican Republic due to a longer than expected annual maintenance shutdown and lower export volumes from Colombia. EBITDA reached COP 271 billion, up 4.7% year-over-year with a margin of 22.2%, representing an expansion of 116 basis points versus the first quarter of 2025. This performance reflects the continued execution of our efficiency and profitability initiative across all geographies. It is worth noting that this margin was impacted by the five-week operational stoppage in the Dominican Republic and the planned maintenance shutdown of our Cartagena plant during January and February. Normalizing for these two effects, underlying margin performance would have been stronger by around 70 basis points. Adjusted net income for the quarter totaled COP 120 billion, declining versus the prior year period, primarily explained by a foreign exchange difference of approximately COP 28 billion. Excluding this effect, underlying profitability remained solid. In Colombia, the business delivers strong growth driven by volume recovery and a more constructive market dynamic, with local market volumes approaching the levels observed in 2022, led by the retail self-construction segment. Central America posted a strong quarter with meaningful margin expansion across all three markets. As Panama continues to recover with a constructive pricing trend, Honduras navigates a government transition alongside increasing underlying demand, and Guatemala continues to be a highly attractive market where we aim to build a solid local presence in the near term. In the Caribbean, the Dominican Republic has normalized operations, and we expect a full recovery going forward, while Puerto Rico continues to benefit from federal reconstruction funds and strong tourism dynamics. Looking ahead, with the new structure of Argos Latam and Argos Materials in the United States, we are on a clear path toward unlocking value for our shareholders through operational efficiency, disciplined capital deployment, and accelerated growth. Now Jason will discuss the advances in Argos Materials. Thank you, Tomás. This quarter, we made meaningful progress across four key milestones in the consolidation of our aggregates platform. First, we have continued to make progress regarding the overall site plan, which will allow us to scale production at our Dominican Republic quarry to a capacity of 6-10 million tons per year. Second, we have engaged and began conceptual design work with a leading engineering firm for the development of a dedicated private port at the quarry site. Both initiatives are progressing on schedule. The key to this plan is to complete the permitting process for the port over the next few years. These steps represent key milestones on our path to becoming a competitive and scaled aggregates exporter to the U.S. market. Third, we successfully completed our second test shipment to Houston. The Houston aggregates market represents one of the highest demand markets along the Gulf and East Coast, with a structural supply deficit that makes it a highly attractive destination for exports from our blue water assets. We have strong competitive assets advantages to serving this market, logistical proximity, product quality, strong commercial relationships, and a deep operational experience in the region, having previously owned and operated port infrastructure through our former Argos USA platform. Fourth, we have made meaningful progress in recruiting the U.S. team, which we expect to have fully in place by mid to late 2026. This team will enable us to better support our U.S. operations and continue to ramp up our M&A activity in the U.S., where we are in the early stages of building an active pipeline of opportunities. These milestones reflect the deliberate and accelerating execution of our U.S. growth strategy. We have a clear path, the right assets, and are building a team to deliver on our commitments, and we look forward to continuing to share our progress with the market. Thank you, Jason. I will now turn it over to Carlos, who will walk us through the performance of our Latam operations. Thank you, Tomás, and good morning, everyone. I will begin with our results in Colombia, followed by the Caribbean and Central America region. Colombia delivered a strong quarter, with revenues reaching COP 717 billion, up 9.7% year-over-year, driven primarily by volume growth. EBITDA closed at COP 175 billion, up 2.6%, with a margin of 24.4%, a decline of 169 basis points year-over-year, mainly explained by the timing of the plant maintenance shutdown in Cartagena and Rioclaro plants, which took place in the first quarter of this year versus second quarter in 2025, making the year-over-year comparison less straightforward. Normalizing for these two effects, the margin would have been between 125 and 170 basis points above the reported figure. On the demand side, local volumes reached 3.1 million tons in the quarter, up 5.7% year-over-year, primarily driven by the retail and self-construction segments, which continue to expand at double-digit rates for the past three quarters. In contrast, the industrial segment remains flat. Some existing large infrastructure projects have recently concluded, while new ones are still in early development stages, and housing activity also remains limited. Against this backdrop, our volumes reached 932,000 tons, up 8.1% year-over-year, outperforming the market and reflecting the strength of our commercial strategy. Export volumes declined 13.7% year-over-year, reflecting softer demand from the U.S. amid a market facing significant import pressure and high supply. We have mitigated this impact by redirecting some volumes to other destinations in the Caribbean. At the same time, we reconfigured our supply network leveraging Cartagena's lower cost position to serve the northern Colombian market demand that was previously covered by our Tolú plant. On the ready-mix side, business continues to gain momentum, with volumes growing 8.5% year-over-year, supported by a strong and well-positioned project pipeline, which includes some of the most relevant projects in the market, including the Metro de la 80 Medellín and the Tunel de Oriente, as well as a growing number of infrastructure projects from the local governments. Our current platform positions us to continue growing our ready-mix business and deepening our presence in large-scale, high-value projects. Looking ahead, we remain optimistic about the recovery trajectory of the Colombian market. With presidential elections approaching at the end of this month, we continue to closely monitor the political landscape and the opportunities it may bring for renewed momentum in infrastructure and construction investment. Moving on to Central America and the Caribbean. The region exhibited mixed results this quarter. On one hand, we are encouraged by the positive dynamics in Central America, with market recovery in Panama and constructive market trends, strong consumption in Guatemala supported by remittances, and a resilient performance in Honduras despite an expected market contraction following the recent government transition. On the other hand, results in the Caribbean were impacted by an operational setback in Dominican Republic, where following a major maintenance stop in January, equipment problems in the mill bearing support prevented us from restarting operations for approximately five weeks, significantly affecting volumes and revenues during the period. Cement volumes for the quarter reached 905,000 tons, down 5.1% versus the first quarter of 2025, largely explained by the impact in Dominican Republic. Revenues came in at $129 million, down 6.3%. Nevertheless, through the profitability and efficiency initiatives across our operations, EBITDA grew 4% year-over-year, closing at $30 million, with a margin of 23.3%, an improvement of 229 basis points versus the same period last year. Let's focus on Central America. Cement volumes reached 471,000 tons, up 12.6% versus the first quarter of 2025, reflecting broad-based demand growth across our three markets. Revenues reached $665 million, up 5.3% year-over-year. EBITDA closed at $20 million with a margin of 30.3%, an expansion of 961 basis points versus the same period last year, driven by strong operational execution and efficiency captured across the region. Breaking it down by country. In Honduras, the market contracted at the start of the year, reflecting the typical dynamics of a government transition period, compounded by strong import pressure. Despite this environment, our brand positioning as a local player and the operational efficiency of our Piedras Azules plant allowed us to grow the revenues above market and expand our EBITDA margin 43 basis points quarter-over-quarter. On the operational side, our pozzolana dryer reached record output in March, increasing production capacity by 16% versus the prior year, positioning us well to capture the government's investment agenda in housing, hydroelectric projects, and infrastructure in general. In Panama, EBITDA grew 6.4% year-over-year with a margin expansion of 50 basis points versus the prior year. The market grew 6% in the first quarter, with March alone expanding around 14%, marking a shift in the trend seen in recent years. This growth has been largely driven by the bulk cement market, supported by the CapEx in infrastructure and housing projects, including the fourth bridge over the Panama Canal, where we are the exclusive ready-mix supplier. In Guatemala, the market grew 8% year-over-year, supported by a sustained flow of remittances reaching COP 2.4 billion in March alone. We doubled our volumes versus the first quarter of 2025, and we continue generating positive EBITDA in this operation. Our strategy in the country is to become a true local player, growing alongside the market and accompanying the pricing recovery cycle in a constructive way. On the cost side, fuel price pressures could translate into higher logistic costs, a situation we are closely monitoring. Let's move on to the Caribbean. The Caribbean region faced a challenging quarter, primarily due to the operational setback in the Dominican Republic, which resulted in an approximate 17% decline in both volumes and revenues in that market following the extended stoppage. Cement volumes in the subregion reached 328,000 tons, down 12.2% versus the first quarter of 2025, while revenues closed at COP 61 million, down 8%. EBITDA for the region came in at COP 8 million with a margin of 13.4%, a contraction of 681 basis points versus the same period last year, equally explained by the impact in Dominican Republic. Despite this temporary disruption, underlying market demand remains stable, and we expect a full recovery going forward as operations normalize. In Puerto Rico, the year started slowly in January and February, but picked up pace in March. Federal hurricane recovery funds remain active and continue to support construction activity, complemented by strong tourism momentum in the island. Despite the slow start, we were able to maintain our EBITDA margin in line with the first quarter of 2025. In other Caribbean operations, the Antilles performance was solid, with good dynamics in Saint Martin and Antigua, though we are monitoring fuel cost increases as a potential headwind going forward. Looking ahead, we are confident in our potential to keep enhancing profitability across our Latin operations. Our free cash flow conversion, already best in class at 73% of EBITDA this quarter, reflects the quality of our cash generation, we remain committed to improving it further alongside our continued focus on operational performance and value creation. Thank you, Carlos. Now moving to the balance sheet. Our net debt to EBITDA ratio stands at -5.2 times for the first quarter, reflecting the strong cash position we continue to carry from the Summit transaction. While we continue evaluating opportunities to deploy these resources, the funds have already generated $126 million in interest income to date, with an average yield of 4% plus 23 basis points. Looking ahead, we remain firmly committed to our 2026 guidance, supported by the positive market dynamics we are seeing across our operations, the ongoing execution of our efficiency and profitability initiatives, and the continued advancement of our U.S. growth strategy. Carolina, we can proceed now with the Q&A section. Thank you, Tomás. 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. Hi, everyone. Can you hear me? Yes, Marcelo. Okay. Thank you so much, guys, for taking my questions, and welcome to the new team. Guys, I have two questions. The first is related upon this company segmentation moving forward. I would like to understand, what are the main strategies specifically for Colombia moving forward ahead of the segmentation? Could we expect the strategies for the investments in the country, or could we expect maybe cost initiatives? I just would like to understand, what are the medium-term guidance in terms of strategy related to Colombia specifically? Also, how do you guys see the market in Colombia after some transactions being announced by competitors already this year? My second question is actually a follow-up regarding the strategy to the U.S. specifically. Jason, could you please elaborate a little bit? What are the main M&A strategies that we could expect, at least in the short term, for the U.S. specifically? These are my two questions. Thank you. Hello, Marcelo. This is Tomás. Thank you for your question. For the first question about the company segmentation, and particularly about Colombia, whether we are working on future investments or cost reduction. initiatives or M&A in Colombia, I will pass it on to Carlos Horacio Yusty, and then we'll pass it on to Jason Teter for the M&A strategy. He is working very actively in a comprehensive bolt-on acquisition strategy, mapping out the markets and so on. First Carlos, and then we'll pass it on to Jason. Thank you, Marcelo. Hi, Marcelo. How are you doing? Regarding the Colombia segmentation, I think that it's very important to emphasize that we segmented the market in two different channels. One is the retail, and the retail in Colombia accounts for about 60%-65% of the market, and the rest is the industrial segment. This year, as we mentioned now with the conference, which is growing more is the retail market. More about from last July, the retail market is growing, but it's in double digit. On the other side, the industrial segment has been really flat. We are focusing our efforts now in the retail segment, and it's very important that you know that we have a very comprehensive value proposal for our customers in that side. Talking about the strategy for growing, it is very important that we are investing CapEx during the last three, four, five years, really increasing the efficiency in our operation, expanding the capacity, but expanded the capacity with the same equipment. We are working a lot in the reliability of our operation, and it has been key for the results in the Colombian region in the last year. Talking about the acquisition of some assets from Holcim, the same exercises from Holcim, really what we can say you is that we are very well prepared to compete in the Colombian region. If you compare not just the market share, when you compare the EBITDA share, we are by far the leaders in the Colombian, in the cement and ready-mix market. We will work in the same line this year and in the near future. Thank you, Carlos. Now, Jason, please walk us through the M&A pipeline you are building gradually around key markets in the U.S. Yeah. No, thanks, Tomas and Marcelo. Thanks for the question. Two things. One, as we've talked about before, our strategy will be aggregates led. At the same time, we're not limiting ourselves to only aggregates, and we're looking at the other opportunities as well. Second thing around the strategy is we would prefer a southern focus. Again, in the U.S., there are many good markets that we're investigating and understanding, many of which I have good familiarity with that we're also interested in. We're not limiting ourselves to a southern focus. In terms of sourcing, this is typical. We're working on building those relationships, building that pipeline ourselves, making sure we know the owners and the leaders of those businesses. That will continue for the rest of this year and into next year. We're also very active with the, I would call it the advisors, that bring deals to market that help sellers. We're very active with them as well. Okay. We'll stop there, guys. Thank you so much. Thank you, Marcelo. Thank you, Marcelo. Next question comes from Simón Londoño from Grupo SURA. Hello, can you hear me? Yes, Simón. Go ahead, please. Okay. Good morning. Thanks for the presentation and for taking the questions. I just have two. In the first one, I want to ask about the export business dynamics in both regions. Have you identified opportunities in other markets given the recent challenge facing this segment, or when do you expect demand to recover? My second question is related the wealth tax in Colombia. This tax have any impact on the quarter results? Hello, Simón. This is Tomás. Thank you for your question. The first question about the export dynamics in both regions, we are currently replacing some of the volumes that we had for the U.S. market as that market sort of reinvents with increased supply of SCMs, of supplementary cementitious materials, and better use of the local clinker. What we're doing is we are currently replacing those volumes in some other markets. We have opportunities along the road to further optimize our network. Have to remember that we have a lot of operations in the Caribbean and Central America that we supply with both clinker and cement, and some of those operations can be supplied by our own supplier from the market. That is for cement. The aggregates exports, we have already landed two trial shipments out of Dominican Republic into the U.S., and we are planning a third to keep on perfecting all the logistics and all the different processes, including the sale processes in the U.S. In this part, we do see a good way to coming to the market and exporting out from the Dominican Republic in aggregates. Now, as for the wealth tax, I will hand it to Natalia to give you more color on that. Thank you, Simon. Thank you, Simón, for your question. In our particular case, we did a very thorough evaluation of the wealth tax, and based on our advisor's conclusion, we did some adjustments in the shareholders' equity, but it's not affecting our income statement. We're seeing how the financial landscape is evolving, but we're not anticipating any significant impacts for this year. Okay. All clear. Thank you very much. Thank you, Simón. Next question comes from Gabriel Perez from K Corp Capital. Hi to everyone. Thank you for the presentation. I have two questions. The first one regarding the new structure of the company. I would like to understand the role of Juan Esteban Calle in this new structure. The second one, how do you see the path towards achieving the 24%-26% margin target considering the margin reached 22% this quarter? Should we expect any adjustments to current guidance? Hello, Gabriel. Thanks for your question. Regarding the new structure, Juan Esteban Calle, he's the Chairman of our Board, and that's his role. He will be working together with Carlos, who's responsible for the operating platform of Latin America, Jason, who's responsible for the operating platform in the U.S. with Argos Materials, and I am personally responsible for the corporate structure and the listed company, as these calls and many other responsibilities regarding that. Juan Esteban is in his role as Chairman of the Board. Regarding the other question about our guidance on margin, I will hand it to Carlos Horacio, who's got all the information about what the year looks like in that sense. Hi, Gabriel. How are you doing? Regarding how to achieve the 26% margin, I think that it is important to take into account that the first quarter is when we run the most important annual maintenance plans, the most important invested in maintenance. As well, the second half in Colombia usually is better in volumes than the first semester. For that reason, according to our forecast, that is totally achievable, the 26% of margin for the whole year. Okay, clear. Thank you, guys. Thank you, Gabriel. Next question comes from Santiago Villanueva from Davivienda Corredores. Good morning. Can you hear me? Yes, Santiago. Please go ahead. Okay. Thank you. Just thank you for taking the question. I have three. My first question is, could you provide a little more information on what will be the structure of how current shareholders of Cementos Argos will receive shares of Argos Materials? Will the new company be listed in the United States? My second question is, what growth drivers are you seeing in Latin America? Do you plan to expand operation to other countries, or what opportunities do you see for deepening your presence in your current markets? The third question is, have you considered strategies to ensure that Argos Latam's liquidity doesn't deteriorate significantly with the eventual spin-off of Argos Materials? Thank you. Hello, Santiago. Thank you for your question. The first question about the company structure and the shareholders' structure, that is still too soon. We are in the process of investigating the best way we can provide a value generation and realization for our shareholders in both of the regions. As of today, we are still working under the same listed company, Cementos Argos, and the two operating companies are part of that same listed company. We haven't still designed or decided what the future corporate or shareholding structure will look like. That's a lot of things to do. The venue where these companies will be listed, for example, those are questions still open, and that we will be giving you more feedback throughout the next quarters. Now, for growth opportunities in Latin America, we do see a lot of both organic and inorganic possibilities. There's been, as you all know, a lot of new activity in our region, consolidation, M&A activity. We see a lot of energy around our markets. We do have the Venezuela opportunity very at hand. In Guatemala, we are also growing, and we plan to keep on consolidating our position there. In LATAM, the equity story going forward will be great. For the third question about the liquidity, I will pass it to Natalia to tell you a little bit more about how our plans are in that respect. Thank you, Santiago, for your question. Based on Tomás's early indication, we have not selected a structural separation mechanism. We are evaluating with rigor a full range of options along three main dimensions: the structure that maximizes value for shareholders, the structure that gives each platform the best possible starting point as an independent entity, and the tax efficiency of the transaction for our shareholder base. We reiterate our commitment with the SPRINT program, which one of the pillars is share liquidity. We are undertaking this separation analysis, taking very seriously what we have achieved with SPRINT in terms of share liquidity. That is one of the things that we must preserve. Yeah, adding value for shareholders via a share that is able to reflect fair value is one of the main pillars of the separation analysis. Okay. Thank you. Thank you all. Tomás, there are no more questions.