Rafael Rogelio Barradas Servin

Good morning, everyone, and welcome to this webinar to discuss Grupo Carso's results for the first quarter of 2026.

Before we begin, I would like to remind you that this event is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, and actual results may differ materially. Hosting today's conference are Mr. Arturo Spinola, Chief Financial Officer of Grupo Carso; and I, Rogelio Barradas, from Investor Relations.

We will first provide a brief overview of the first quarter financial results, where all figures are expressed in Mexican peso, and then proceed to the Q&A session. Consolidated sales of Grupo Carso totaled MXN 44.1 billion, remaining broadly in line with the first Q '25. Grupo Sanborns was the division with the largest positive impact in revenues, increasing MXN 574 million. Consolidated operating income reached MXN 2.95 billion compared to the MXN 3.43 billion in the same period of last year. This reduction was explained by the conclusion of major infrastructure projects, the impact of a stronger peso, the implementation of new IT project platforms in the commercial division and inflationary pressures on wages and salaries.

EBITDA for Grupo Carso totaled MXN 4.86 billion compared to the MXN 5.45 billion reported in the first quarter of '25. Controlling net income totaled MXN 1.52 billion, slightly lower than the MXN 1.63 billion in the same period last year due to the aforementioned reasons. Regarding the performance by divisions, Grupo Sanborns revenues reached MXN 16.76 billion, increasing 3.5%, supported by higher commercial activity. Operating income totaled MXN 336 million