Operator

Good morning, ladies and gentlemen. Welcome to Grupo Financiero Galicia First Quarter 2026 Earnings Call. This conference is being recorded, and the replay will be available at the company's website at gfgsa.com. [Operator Instructions]

Some of the statements made during this conference call will be forward-looking statements within the meaning of the safe harbor provisions of the U.S. federal securities laws and are subject to risks and uncertainty that could cause actual results to differ materially from those expressed.

Investors should be aware of events related to the macroeconomic scenario, the financial industry and other factors could cause results to differ materially from those expressed in the respective forward-looking statements.

Now I will turn the conference over to Mr. Pablo Firvida, Head of Investor Relations. You may begin your conference.

Pablo Firvida
Chief Investor Relations Officer

Thank you, everybody. Good morning. Although activity levels in February stood 2.2% below those observed in December 2025, high frequency official indicators of March point to a constructive short-term momentum. In this regard, the manufacturing production index increased by 3.2% month-over-month on a seasonally adjusted basis. while the synthetic construction activity indicator, ISAC, rose by 4.7% month-over-month also seasonally adjusted.

In