Earnings Call: Q4 2025

Mar 3, 2026

Summary

2025 results reflected major spin-off and investment gains, while adjusted recurring operations grew. Strategic targets emphasize deleveraging, shareholder distributions and infrastructure-led expansion.

Good morning, everyone. I would like to thank you for joining us today. This conference will be dedicated to presenting Grupo Argos's financial results at the close of the fourth quarter of 2025. Here with us today are Jorge Mario Velásquez, Alejandro Piedrahita, Rafael Olivella, and the management teams from Odinsa, the real estate business of Pactia. I would like to remind you that all the information for the quarter, along with the presentation we will be using during the conference call, is available on our website. To download it, go to the Financial Information menu and then to the Reports section. We are also broadcasting these results conference via an X Spaces. I invite you to move on to slide 3 of the presentation to begin the meeting. For which I give the floor to Jorge Mario Velásquez, CEO of Grupo Argos. Good morning to everyone. Thank you, Carolina. I would like to express my special thanks to you all for joining us today. Today, we are going to present our results at the close of 2025, a year of solid financial and operational performance for Grupo Argos and its businesses, and also of strategic achievements that reaffirm our commitment and conviction in the company's ability to continually generate value for all its shareholders and stakeholders. The organization not only manages a robust base of assets in infrastructure and construction materials, but it also has a portfolio of projects worth close to USD 10 billion, to capitalize on the growing demand for these sectors throughout its entire geographical footprint. Let's talk about the performance for actions in 2025. In 2025, the organization took a decisive step in its history with the execution of the spin-off project, which ended the cross-shareholdings between Grupo Argos and Grupo Sura. As a result, our shareholders increased their investment in Grupo Argos by over 20%, and they received 0.23 Grupo Sura shares for each share they held previously in the company. With this milestone, Grupo Argos consolidated its position as a company 100% focused on construction materials and infrastructure with a robust portfolio of projects, a presence in 19 countries and territories with leading businesses in its sector, and as a simpler and more specialized and focused issuer. The transaction created a virtuous circle with benefits for shareholders, for Grupo Argos, and for the capitals market, reflected in the share performance during 2025. At year-end, the combined value, considering the stake in Grupo Argos plus 0.23 Grupo Sura shares that each shareholder received, was equivalent to approximately COP 30,000 per ordinary share and COP 23,000 per preferred share. These figures, compared to the share price at the beginning of 2025, when Grupo Argos still included its investment in Grupo Sura, represent an increase of 45% for ordinary shares and 47% for preferred shares. Slide 4. The two bars show the series of transactions that from 2023 until the spin-off completed in July 2025, have transformed the structure of Grupo Argos. Throughout this process, which included share swaps, the joint takeover bid for Nutresa, the liquidation of Sociedad Portafolio, and spin-offs of Cementos Argos and Grupo Argos with Grupo Sura. The company converted a portfolio composed of 45 million shares of Grupo Nutresa and 131 million shares of Grupo Sura, valued at that time by the market at COP 8.7 trillion, this is in May 2023, in two core results for the shareholders. On the one hand, the cancellation of 156 million treasury shares, equivalent to 18% of its outstanding shares, and the direct delivery of 197 million shares in Grupo Sura. Overall, the value of this portfolio received by shareholders amounts to over COP 15 trillion, an increase of over 70% compared to the starting point of these operations. In other words, Grupo Argos has not only moved towards a simpler structure that will enhance its future, but this transformation also gone hand in hand by depreciation that its shareholders can now proceed directly, both through the shares they now own in Grupo Sura and through an increase in their participation in Grupo Argos derived from the cancellation of the treasury shares that I mentioned previously. On slide 5, you can see the current composition of Grupo Argos portfolio, which as of February 2026 amounted to COP 16.8 trillion, calculated as the market value of listed assets on the one hand and the carrying value of unlisted assets. Cementos Argos represents close to COP 8.2 trillion, almost half of the portfolio, followed by Celsia with COP 2.9 trillion, Odinsa with COP 2.4 trillion, the real estate business with COP 2.1 trillion, and Pactia with around COP 1 trillion. This is a portfolio that is 100% focused on infrastructure and construction materials, diversified by sectors and geographies and with assets that generate stable and predictable cash flows. Today, we highlight the flexibility of Grupo Argos' balance sheet, and we can see Cementos Argos' cash position as a catalyst to capture profitable growth opportunities. In particular, Argos Materials, the aggregates platform with which Cementos Argos re-enters the U.S. market, is consolidated as a first step for profitable growth within an ambitious pipeline of projects. This portfolio, backed by a separate net debt of less than COP 1 trillion at a ratio of 0.7 times net debt over EBITDA, provides the company with the ability to execute an ambitious business plan without compromising its financial strength. The company's vision in this new stage, that is 100% focused on infrastructure and building materials, was shared with our analysts and institutional investors of February 19 and 20 at our Investor Day, where together with the management teams of Cementos Argos, Celsia, Odinsa, the real estate business, and Pactia, we covered the details of strategic advances, capital allocation, the growth goals, and the priorities defined to consolidate our roadmap towards 2030. All Investor Day material is available on our website for consultation by all our shareholders and the market at large. Now, let's move to slide 6 of our presentation that summarizes the targets the company has set for 2030, structured around four main axes. First of all, to multiply the value of our portfolio by 1.9 times, taking Grupo Argos' arbitrage price per share from COP 21,000 currently to over COP 40,000 per share. Second, to multiply distributions to our shareholders by 2.3 times, going from a dividend of COP 688 per share to COP 1,000 per share. Third, increase financial flexibility by reducing net debt from slightly over COP 1 trillion to less than COP 300 billion, which is a reduction of over COP 700 billion. Fourth, deepen its asset management role by multiplying 3.7 times the assets under management that generate fees from around $1.2 billion currently to close to $4.6 billion. These goals reflect the conviction that profitable growth, disciplined capital allocation, asset location, and the structure are the levers that will continue to enhance our investment portfolio. Along the same line of commitment to the transmission of value to our shareholders that I just mentioned, on slide seven, you can see the evolution of the share buyback program that Grupo Argos has promoted in the three listed companies of the business group. On a consolidated basis, this program has executed over COP 1.9 trillion since its approval in 2023, generating a value of over COP 460 billion for the company's shareholders, when considering the average price at which the shares have been bought back at the current market prices of those shares. At Grupo Argos, nearly 27 billion shares have been bought back under the current program for over COP 390 billion at an average price of COP 11,084 per ordinary share and COP 9,487 per preferred share, generating an increase of 3.4% in ordinary share price and 2.4% in preferred share prices. This has been in addition to the shares that the company has received and canceled as a result of the transactions that put an end to the cross-holdings with Grupo Sura and Grupo Nutresa that I mentioned before, that are equivalent to increases for shareholders by eliminating 186 million shares of close to 20%. Beyond the direct return that these programs have represented, their execution has been a catalyst for the liquidity and market depth of our shares. Since the start of the program, the trading volume of Grupo Argos ordinary shares has tripled, and that of its preferred shares has multiplied by 33 times. Given the success of the current program, which expires in March 2026, the approval of a new buyback program for COP 500 billion over the next three years will be proposed to the Grupo Argos shareholders meeting. Over the last two years, Grupo Argos has consolidated close to COP 12 trillion in income. In 2024, COP 7.6 trillion and COP 4.3 trillion in 2025, reflecting the company's capacity to generate volume in its businesses and investments. Of note are the profits associated with the combination of assets between Argos USA and Summit Materials and the gain from the exchange of shares of Grupo Nutresa that were recorded in 2024, and which they are added to the sale Cementos Argos stake in Summit Materials and the materialization of the investment in Grupo Sura in 2025. This produce the above-mentioned results. Although these are non-recurring operations that must be considered to analyze operating results, these are part of the company's work that continuously seeks to maximize the volume of its portfolio for the benefit of its shareholders. Thus, analysis of the figures below also includes the evolution of recurring earnings from our businesses, which is the most accurate indicator of operating performance rather than simply the consolidated figures without adjustments for non-operating items. For details of the main adjustments to be considered for 2024 and 2025, please see slide on page 8 of your presentation. Looking at the consolidated results for 2025, Grupo Argos booked revenues of COP 11.7 trillion, a 7% reduction compared to 2024, an EBITDA of COP 2.9 trillion, 10% year-on-year growth, and an EBITDA margin of 25%, 400 basis points above 2024. Income of COP 4.3 trillion and net income to the majority shareholder of COP 2.8 trillion. When looking at the pro forma financial statements, making the adjustments mentioned above, EBITDA has grown 60% and consolidated net income was COP 1.1 trillion, 3.4 times greater than in 2024. Regarding the separated financial statements for Grupo Argos, it recorded revenues of COP 2.5 trillion and EBITDA of COP 1.8 trillion and a net profit of COP 4.6 trillion, which is historic for the company, which includes COP 3.2 trillion in income corresponding to the closure of the spin-off project, which represents growth of 84% compared to the COP 2.5 trillion in income in 2024, which when incorporating the non-recurring profits described above, becomes the second consecutive year in which Grupo Argos achieves historical income levels. As in the consolidated financial statements, when adjusting and looking only at the results derived from our own recurring operations, it is evident that the separated pro forma revenues for 2025 were COP 1 trillion, growing 86% year on year. EBITDA was COP 694 billion, four times higher than in 2024, and net income was COP 449 billion, 11 times higher than pro forma results for 2024. In summary, although the results for the year show effects from extraordinary transactions and material profits from investments actively managed for years, when adjusted for these effects, the operating results of the infrastructure business are solid and show growth compared to comparable figures in 2024. This is confirmed by the fact that after the spin-off, the company received ratification, from credit rating agencies on the credit rating of triple A, the highest on the local scale by BRC Ratings, S&P Global, and Fitch Ratings, which is a sign of the structural soundness of our indebtedness. I would now like to invite you to look at the results of our businesses on the slide that is on page 12. Cementos Argos ended 2025 with a clear focus on the profitability of its operations and the transmission of value to its shareholders. During the year, the company distributed ordinary and extraordinary dividends of close to COP 1 trillion, executed over COP 1 trillion in buybacks, including 65.6 million shares at a price of COP 30,659 per share, equivalent to 5% of its outstanding shares, and spun off its shares in Grupo Sura for a total of COP 3.5 trillion in distributions to its shareholders. Grupo Argos participated in the buyback mechanism and received cash revenues of COP 493 billion, which it used to reduce its net indebtedness. In parallel, the company made progress in re-entering the U.S. market with the creation of Argos Materials. Its aggregate export platform aimed at the coastal markets of the Gulf of Mexico and the southeast of the country, where there is a structurally unmet demand for a product that offers better margins and higher multiples than cement and concrete. During the fourth quarter, the operation was ready for test shipments and quality results were obtained that maintain the DOT certification process in the destination states. The company plans to develop a potential production of over 10 million tons per year and an incremental EBITDA, which we expect will be close to $200 million by 2030. With these achievements, Cementos Argos successfully ended its SPRINT 3.0 program. With the presentation of its results in 2025, the company announced the launch of a new program called SPRINT 4.0, which focuses on consolidating its presence in the U.S. and increasing its stock's liquidity. The program plans to, as was mentioned previously, maintain an EBITDA margin of between 24%-26%, bring EBITDA of its operations in Latin America to close to $400 million, and raise its return on capital employed above 60%, distribute close to COP 720 billion in dividends this year, and launch and scale the aggregates platform to between 2 million and 3 million tons with positive EBITDA as early as 2027. The company is also closely monitoring developments in Venezuela. Cementos Argos has the relevant experience in that market and in that industry, and it has the capabilities required to resume its position in that country and to continue to advance in the judicial process of claiming the expropriation of its assets in 2006, which has never been paid nor recognized, with the openness to explore all alternatives to achieve effective compensation and to play an active role in the reconstruction of a country that has very high growth potential in construction and infrastructure as part of its reconstruction process. Moving on to the financial results for the year. Cementos Argos recorded consolidated revenues of COP 5.1 trillion, 3% lower than the previous year, but with an adjusted EBITDA after eliminating non-recurring activities of COP 1.28 trillion, growing 7%. Reaching a margin of 25%, which is 250 basis points higher than the previous year. In the fourth quarter, revenue was COP 1.3 trillion, a reduction of 2.5% compared to the same period in 2024, and adjusted EBITDA stood at COP 347 billion with a 27.2% margin. The turned volumes showed signs of stabilization. Cement shipments reached 2.1 million tons, 3% growth compared to the fourth quarter of 2024, while concrete shipments stood at 599,000 cubic meters, growing 2%. The recovery of the industry in Colombia accelerated throughout, especially at the end of the year. While strong economic fundamentals supported high consumption in Honduras and Guatemala, and demand remained stable and dynamic in the Dominican Republic. The company maintains a disciplined, efficient operation with a robust financial position, which allows it to continue focused on capturing growth opportunities in its key markets and generating sustainable value for all its shareholders. Now, please turn to the results of the energy business on slide 14. Celsia ended 2025 capitalizing on the normalization of weather conditions with more efficient and profitable generation, supported by greater water supply and lower thermal requirements. There is a great difference in the makeup of generation in 2024 and 2025. 2024 was more thermal with higher costs, and in 2025, there was greater hydro generation that provides improved margins, as we will see below. During the year, the company put into operation Carreto, its first wind farm in Colombia, with an installed capacity of 9.6 megawatts, located near the city of Barranquilla. This project demonstrates the potential of the wind resource. It reaches beyond La Guajira and reinforces the organization's commitment to diversifying its energy matrix through unconventional renewable sources. C2 Energía, the investment vehicle that develops and builds solar farms of more than 8 megawatt capacities, ended the year with 480 megawatt potential in operation, which generated 544 gigawatt hours of energy, 7% higher than in 2024 as a result of the maturation of the portfolio and its operational management. In addition, it has a pipeline of 112 megawatt potential currently under construction and 410 megawatt potential in early stages of development, which will allow it to, before 2027, achieve the goal that we had given ourselves of having built and installed 1 gigawatt of operational solar capacity in Colombia. On the international front, Celsia advanced in the development of its renewable portfolio, which invested over USD 1.2 billion in Peru. The 2018 megawatt Caravelí wind farm is 68% complete. It will come into operation in the second half of 2026. In addition, in that country, the Hidromanta Hydroelectric Plant is in operation and delivering energy through Celaris Energy, Celsia's marketer in Peru that serves basically the industrial segment. Likewise, the company announced the creation of Atera in partnership with Brookfield, which designs, finances, installs and operates energy efficiency solutions for industries and trade. This platform was aboard with over 500 active customers, an investment plan of over $500 million by 2030. It contributed to reducing Celsia's net debt by close to COP 400 billion. With the launch of this company, the assets under management of the energy business manager reached approximately USD 1.67 billion. On the commercial front, Celsia served over 1.3 million customers and delivered over 3,900 gigawatts hour during the year. Now let's look at Celsia's financial results, which during the year received COP 5.4 trillion in consolidated revenue. EBITDA was COP 1.7 trillion, 22%, and an EBITDA margin of 31%, 900 basis points above levels for 2024. In the fourth quarter, consolidated revenue stood at COP 1.3 trillion and EBITDA was COP 345 billion with a 28% margin. The year-over-year reduction in revenue is mainly due to price normalization at improved hydro generation compared to 2024 that was impacted by the El Niño phenomenon. At the end of 2025, the Celsia consolidated debt stood at COP 4.68 trillion with a net debt/EBITDA ratio of 2.8 times. The company plans to bring its debt below COP 3.8 trillion in 2026. I would like to invite you to look at the results statement for Odinsa. This can be found on slide 16. Odinsa closed 2025 consolidating its evolution as an investment platform. It rolled out airport concessions together with Macquarie Asset Management. On the airport platform, El Dorado International Airport mobilized 45 million passengers of the year, a slight reduction compared to 2024, but capturing a higher proportion of international passengers and remaining the main hub for connecting passengers and cargo in Latin America. In a consolidated matter, the airports managed by Odinsa mobilized 50 million passengers. On average, one Colombian moved through one of our airports once per year. The El Dorado Max project advanced in its feasibility phase with an estimated investment of COP 10 trillion to expand capacity to 67 million, sorry, COP 10 trillion to expand capacity to 67 million passengers per year. It is expected that 2026, the feasibility advancing in the award process between 2027 and 2028 will be approved. Added to this commitment is a private initiative of the new Cartagena Airport with an initial capacity of 11 million passengers and an estimated investment of COP 6 trillion. This will complement the airport assets of this country to convert it into a regional and global connection hub. On the roadway front, the platform recorded average daily traffic of 112,000 vehicles in 2025, growing 4% compared to the previous year. The second phase of the Túnel de Oriente completed its financial closure for COP 1.8 trillion, and its execution is progressing at over 20%. During the year, the Fernando Botero roadway interchange was commissioned in advance, which optimizes connectivity between Túnel de Oriente, the airport, and the municipalities of Rionegro and Guarne. Achieved also in 2025 was the creation of Odinsa Aguas. A platform which, as we had announced, is an investment vehicle in water infrastructure that complements its roadway and airport operations. As a first step, a contract was signed to acquire TICSA in Mexico for approximately $84 million. This is a company with more than 40 years experience, a presence in 20 states at an EBITDA of close to $29 million in 2024. This acquisition, which we expect to be completed or concluded in coming weeks, will be funded primarily by dividends received from our buy-in in Quiport in 2025, including process throughout the successful debt restructuring of Quito Airport, the Mariscal Sucre Airport, comprised of a $200 million syndicated loan and $300 million in international bonds, which raises an over-demand of 7.5 times. This issuance obtained a B rating from Fitch and Standard & Poor's, which is higher than Ecuador's sovereign bonds, which reflects the international markets' trust in Odinsa's management and in the strength of an asset that has been consecutively positioned as the best regional airport in South America, according to Skytrax. On the financial front, Odinsa presented solid results, driven largely by the higher valuation recorded by the equity method of the private equity fund associated with higher asset values due to the second stage of the Túnel de Oriente. Consolidated revenue in 2025 stood at COP 292 billion, a growth of 46% compared to 2024, while EBITDA was COP 190 billion, an increase of 68%. Consolidated net income amounted to COP 148 billion, an increase of 65% year-on-year. Moving on to operating results. In the fourth quarter, the roadway platform recorded a total traffic of 10.9 million vehicles, growth of 3% compared to the same period of the previous year. Of note is the growth in Autopista del Café and Pacífico Dos, both of which grew 6%, and Túnel de Oriente, which grew 5%. In the airport platform, total passenger traffic during the quarter reached 12.5 million passengers, of which 11.1 million correspond to the El Dorado Airport. Although OPAIN recorded, as I mentioned before, a 9% reduction in passengers explained by a change in airline seat supply strategies, its financial performance was positive, with 33% growth in EBITDA and 5% growth in net income, thanks to better fares and higher unregulated revenue. In turn, Quiport mobilized 1.3 million passengers, a growth of 5%, and inaugurated at the end of the year, the expansion works of the airport for $74 million. That will expand its processing capacity from 5 to over 7 million passengers per year. In the real estate's returns business, you can detail on this slide, effective gross revenue was COP 125 billion, growing 32% year-on-year, and EBITDA for the quarter was COP 65 billion with an increase of 93% year-on-year. However, after adjusting for divestments, effective gross revenue and EBITDA decreased by 1%. In terms of the same assets for the accumulated year, effective gross revenue and EBITDA grew 7% and 8% compared to 2024. It should be highlighted that at the end of the period, the fund had a non-hotel portfolio occupancy of 97%, representing an increase of 360 basis points compared to the previous quarter. So far this year, with a cut of December 2025, contracts for 121,000 square meters were renewed and new contracts for 74,000 square meters were placed. Compared to the fourth quarter of 2024, the commercial sector recorded the highest growth in effective gross revenue with an increase of 11.4%, followed by the office sector with an increase of 6.5%. In the retail area, sales per square meter of brands grew 5.7% year-on-year, while total traffic remained stable. As for the hotel segment, RevPAR growth of 33% was recorded compared to the fourth quarter of 2024, standing at COP 228,000. This result is mainly attributed to an increase in the occupancy of Movich Buró 26 in Bogotá, which grew from 50% to 69%. Finally, the fund continues to actively manage its capital structure optimization. I want to highlight that over the last 12 months, Pactia has reduced its debt stock by 12%, closing the year with a loan-to-value ratio of 28.9%, which is equal to a reduction of 520 basis points compared to 2024. I invite you now to briefly move on to the real estate business figures, which can be found on slide 20 of your presentation. During the fourth quarter of 2025, the real estate business had cash revenues of COP 150 billion, an increase of 82% compared to the fourth quarter of 2024. With these results, the year ended with cash flow revenues of close to COP 250 billion at a net cash flow of COP 70 billion, which is 14% higher than figures for the previous year. EBITDA for the quarter was positive and higher than that recorded at the same period of the previous year, from a negative result in 2024 to a consolidated EBITDA of COP 49 billion in 2025. During the quarter, 2 lots were deeded in Barranquilla, which added to the sales of other periods allowed the year to end with COP 186 billion in non-social housing businesses in Barranquilla and transactions that introduced 1,710 new housing units to the market. In Barú, the investment cycle at the Sofitel Barú Cartagena was completed with the sale of our stake, which provided an annual effective return of 16% for us. From a strategic perspective, Sofitel fulfilled its role as a key anchor of Grupo Argos' 1,100 hectare master plan on this island, helping to close 3 additional land deals for hotel projects in Barú. This highlights the potential of the Barú Island as one of the most attractive tourist destinations in the region. On the sustainability front, in terms of climate change, I am happy to confirm that we fulfilled the commitments we had made for 2030 as a business group in advance. We had achieved a 40% reduction in CO2 equivalent emissions intensity per million pesos of consolidated revenue. Simultaneously, we achieved a 64% reduction in absolute emissions compared to a target we had given ourselves of 37%. These results were complemented by recognition that we received in the S&P Global Sustainability Yearbook 2026. Cementos Argos was included in the top 1% of global construction materials industries with a score of 86 points over 100. Grupo Argos was placed in the top 5% with 84 over 100. Celsia, top 10% of electricity companies with 85 over 100 points. Alisa was made a member of the yearbook for the first time with 71 over 100. In addition, Grupo Argos has consolidated its position in the top 10 of Merco ESG for the sixth consecutive year, ranking sixth on this occasion. These recognitions encourage us and reaffirm that sustainability is a competitive advantage that supports financial results and strengthen the confidence of institutional investors in our organization. To close, and finally, as is public knowledge, this will be my final earning call as CEO of Grupo Argos. I would like to deeply thank all the shareholders, analysts who have accompanied us over the years, and whose trust has been fundamental to execute, together with a marvelous team, the roadmap that we drew up in 2016. With great satisfaction, I must say that we completely fulfilled the commitments and the targets that we had given ourselves. Grupo Argos is now prepared, deleveraged, focused, with a pipeline of projects that is powerful in fundamental industries, that are very powerful and hand in hand with a marvelous human team that can move this company to a new stage to continue to create value for all its shareholders and for the community at large. I'd like to take advantage of this moment to deeply thank Alejandro Piedrahita, the company CFO, who is here to my left, with whom I also was lucky enough to walk down this path for the last 10 years to build a great part of the company's strategy and to develop a strategy that you can see materialized in facts and in data. This has been done impeccably in a dedicated professional manager manner. With superlative energy, we have been able to materialize the achievements that have been expressed here. I also had the privilege of being accompanied by an exceptional human being throughout this period, which makes me doubly happy. I want to publicly also thank him, reiterate my admiration, my affection, for the great professional and the great human being he has been throughout this time, and I wish him the best at his future life. We close the presentation with this, and I would like to give the floor to Carolina to receive any questions you may have. Thank you very much, Jorge. I remind you all that you can ask your questions through the Q&A section enabled on the Zoom platform. The first question comes from Santiago Villanueva. There are three questions. The first one asks what is the expectation of the ROE and the net profit of the company for 2026? What are our expectations regarding the Pactia business? The third question is if we could give him more information regarding the plan the Mexican government has to empower the water treatment business in this company, and how are these Odinsa Aguas a benefit? Thank you very much, Santiago. I am going to share the answers so that we can hear from people who know this. I am going to ask Alejandro to update us on the expectations on ROE and net income expectations for, and then Alejandro for the question, especially the Pactia. I would like to ask Mauricio, who has good knowledge of the investment on Odinsa Aguas. Thank you very much. First of all, I would like to start by explaining the evolution of ROE in 2025. It is very important that on a level of the separated equity and what was COP 18 trillion to COP 11 trillion, when we compare that with the profit that was generated in a separated balance sheet, which was close to COP 1.3 million. That says that our ROE was close to 42%, which is important shared equity. Obviously there are special transactions, a little of what we have tried to focus on in many of our conversations and which are related to the variable compensation of executives with indicators that are more focused on return on invested capital. ROIC last year was 10.5% with a capital cost of 9.9%. The company is generating value, which is of the order of close to 60 basis points. The strategic objective of this company is that ROIC is above 200 basis points, which is the best practice internationally. As regards projected figures for 2026, our ROIC target is close to 11%, 10.6%, 11% of ROIC and maintaining a capital cost which we think will be close to 9.9%, 10%. Our goal is to move from 60 basis points to 100 basis points of value generation of return on invested capital. That is goal for 2026. ROIC is the metric that we are using in the company rather than ROE. It is important. Okay, Andres. Hello. Thank you, Jorge. Thank you, all of you. To talk about the perspectives of Pactia, we need to understand the context that we are in. This real estate returns business has different cycles, and the cycle that we are undergoing right now of high interest rates, it has some implications. The main one of these is that the existing assets, the good assets, have better returns because of the cost of money or the cost of the business is more difficult or there are less new projects than have existed traditionally and occupations in the sector and prices are very good. This favors Pactia with its stabilized assets. We are trying to increase returns on those assets so that the fund could achieve certain indicators that could make us a very attractive option when interest rates open up the field for new investors to move into this business. This is cyclical. We have very good assets right now, but it is difficult to attract investment. Since everything goes up and down, then this cycle will invert, will reverse, and there will be more and more capital to invest. That is where we are becoming positioned to be the most attractive option for anyone who wants to become a part of a private real estate equity fund. Finally, we are selecting the assets that we want to divest in. The money from this has two main usages. One, for paying debt and two, for moving into better assets, and that will improve the fund's yields. The return on debt, the reduction of debt that was mentioned before is allowing us to improve our annual cash generation, and that improves the fund's indicators and returns for investors. Thank you. Thank you, Andres. Finally, Mauricio, if you could give us your point of view on the overall plans for the management of water resources. Thank you very much, Jorge Mario. Thank you, Santiago, for your question. The policy and the new law that is moving through Congress in Mexico for water is favorable for a company like TICSA. TICSA that over so many years has accumulated important experience. This policy has three focuses. The first one is cleaning rivers, and treatment works. River is going to be fundamental for this. The level of demands for spills into rivers or sewage rivers is going to be very high. The hardest policies for use and disposal of water by large industries. This means that a professional provider of this type of services will have a greater freedom for action. As regards water concessions, we should clarify, let us remember that we are not a part of water concessions, but we are contributing water to the system through reuse and treatment. This has a direct impact on agricultural industry, not on other industries. It is a policy that is favorable to us. On the other hand, the Mexico government is interested in promoting 9 industrial zones and to create conditions on the border. This goes to the question that Jorge Mario asked, and this is providing water to the large scale industries that are being installed in the country. Today, on the northern border between Mexico and the U.S., there is a current treaty that obliges the U.S. to supply water during part of the year and Mexico during the other part of the year. Water stress would be such that there are a number of investments that are being implemented there to make sure that water is not a restriction for large industry. Finally, the policy is favorable to someone like TICSA, which has a history of over 200 water treatment plants. It currently operates at 10, which is what we're acquiring in the first place, but they have an experience of over 200 water treatment plants throughout the country. The question is from Gabriel Perez, Credicorp Capital. He asks us, what do we expect from the impact on equity regarding the profit of 2026? We give the floor to Jorge Andres Betancourt, who has done preliminary estimation of this cost so he can talk about. Thank you very much. The causation of equity tax will be on March 1, 2026. The estimations at the net fiscal equity of Grupo Argos consulted will be around COP 33 billion. In the case of a separated Grupo Argos, we're estimating an impact of COP 9 billion. These will probably be paid during 2026, a single time in two installments in April and May this year. Thank you very much, Jorge. The next question is also from Gabriel of Credicorp Capital. He asks us if in the other business of the hotel segment of Barú on the land, do we have the same structure we have for Sofitel, and how long do we expect to receive return on this? I would like to take this. As I mentioned, Sofitel was a specific structure. The first important investment after the Cameron, which was a sale to bring effects to approve the top level hotels could be built with mostly American and European guests at a global brand, which met its objectives, and as you know, is a very marvelous and unique hotel. The purpose of this was, once again, it was the proof of concept. We wanted to generate other models where basically what Grupo Argos wants to do is an ordered divestment and maximizing the value of our development plan for the island. Never discarding the possibility of repeating this kind of process. I would like to give the floor to Eric, and you could tell us a little bit more about this. Yes, good morning. Regarding the question, Sofitel was the only business that we had out of this structure. The other businesses had a traditional, for payment, a pure cash out and more or less from 12 to 24 months, related to that forward bid. Moving forward, we would be willing to contemplate a Sofitel type transaction. It achieved its purposes and much more, and if we could replicate conditions of the business, sale of liquidity would be close to 8% after setting up the purpose of sale. It would have a construction process and then a period, would have a providence clause. We're talking more or less seven to eight years if we were to replicate the precise conditions of that business deal. Thank you very much, Eric. We have the final question from Thibaud L’Aigle de Tony of Valores Bancolombia, and he asks us if we can explain what progress in materials we're expecting in 2026 for developing new projects in the Odinsa pipeline, specifically for El Dorado Max and the different roadway concessions and the Argos Materials platform, the water platform. Mauricio? Yes. Sorry about that, Thibaud. It's important for your question to understand the evaluation process, which is where those four programs stand, have their four chapters. In the case of El Dorado Max, all the technical questions and financial questions have been answered. When I say all of them, it's around 6,000 questions. Those chapters are being closed, and we would now move on to looking at risks and legal. In parallel, we're incorporating all technical requests that entities like the Ministry of Trade, DIAN, Police, Infrastructure, Aerocivil, Migración Colombia, et cetera, require. In summary, this means that the whole evaluation process for El Dorado Max should end around the third quarter, and the tender should be issued around the fourth quarter of this year. In the case of Cartagena, we have closed 2 of the components. The technical component is almost completed. We're working on financial and risks. During 2026, maybe the third or fourth quarter, we plan to finish the evaluation process to move on to a tender. In the case of the La Sabana roadway, all 4 chapters have been closed. We're waiting for the report of the evaluator, and after that, we will have to start on a process of entering into agreements with the 2 municipalities for maintenance. Then we would move on to the tender. If all of this works out, this could happen at the end of the first half of the year. In Centro, this has been received by the National Infrastructure Agency. We have shown the infrastructure agency a couple of scenarios that they requested that will be part of their evaluation, and we think that it should move on to the tendering process towards the end of this year. In conclusion, these 4 initiatives between the third and fourth quarter, these should be moving on to the tendering process, third, fourth semester. We have 2 additional questions from BTG Pactual. The first is regarding the EBITDA multiple calculated for TICSA. Exactly if this multiple is in line with other transactions that we're looking at in the water section. The second question from Juan Jose is what risk we see regarding the progress of infrastructure process in that case, the current government is maintained over the next 4 years. If you want, Pablo, you could take the question of the multiples, please. Mauricio, you could take the other one. Perfect, Jorge. That multiple is on the lower range of an expected multiple for this type of transaction with this type of asset. Let's remember that TICSA is a portfolio of BOT contracts with an average shares of 10 years. So these are finite flows over time, so that multiple is consistent with the duration of those flows. Additionally, in 2024, there was a recovery of a portfolio in one of those BOTs that had an extraordinary impact on TICSA's EBITDA. So 5.4 to ASU is low, but when it's normalized because of the extraordinary EBITDA in 2024, when it's normalized due to the duration of its portfolio, then it will be within the expected range for this type of transaction and this type of asset. Mauricio, do you want to comment on the future of the infrastructure in different political scenarios? Juan Jose, more than speculating on the political scenarios, I would say a number of things. The first is that the infrastructure law 1508, which give rise to the leap in concession processes, including private initiatives, is still current and has had no modifications. And particularly over the past three and a half years, the government has honored its obligations, as regard risks, as regards financial issues, et cetera. So we have an applicable policy. The second is that over these last four years, the country has lost dynamics in its capacity for structuring new projects. The fifth generation of concessions had two-thirds of private initiatives versus public initiatives. The third is that Odinsa's projects are opposed to the national interest. An increase in El Dorado's capacities is very important, as is a new airport for the Caribbean region, especially Cartagena, so it could drive development, and there are other sectors of the economy that can grow, including tourism. So I think that these projects that are reaching their final stages will be projects that, in general, will be well-received by the country and by any changes that may arise in the political dynamics moving forward. I think that's very well covered, Mauricio. I would simply say to Juan Jose's question, it is first of all, this organization has very robust capacity, not just in roadway projects, also large airport projects. No matter the government, they will be very favorable to the fact that private investment can cover the great capital requirements of these projects. When we just look at the two airport projects, we're looking at COP 16 trillion in investment. Think of doing that with public resources, when you could do it equally or even more efficiently with private resources is a decision that could favor the ongoing nature of private initiatives to enable growth of infrastructure. And public resources can be dedicated to cover issues that cannot be dedicated by the states, including education, among others. I would also say that today, Odinsa has a pipeline of important projects in Colombia, but it also has the possibility to do business in other territories in the region. The case of TICSA Aguas is a materialization of an enormous opportunity in a business that is similar to the concession business that requires great capital, and mostly in dollars, long-term, where Odinsa now has a platform in Mexico, but it could also develop other projects in the region. So, like Mauricio said, beyond speculating on the political future resulting from this year's elections, no matter the government that comes in, I think that the concession system will offer a great opportunity to leverage and to grow infrastructure in the country based on the strengths of public-private and fully private initiatives. Thank you. Jorge, we have no more questions. So once again, thank you very much for your questions, for accompanying us. We hope you have a great day. And here is the team that is fully available to answer any other questions you may have. Thank you very much. Have a good day.