Operator : Greetings. Welcome to the Bolsa Mexicana de Valores, S.A.B. de C.V. second quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. A question and answer session will follow today's formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. At this time, I will now turn the conference over to Hannah Rivas, Investor Relations Officer. Thank you, Hannah. You may now begin.

Hannah Rivas : Good morning, and thank you for joining today's call. Today marks an important point in our year as we close out the first half of 2026. Yesterday afternoon, we announced our results for the second quarter, and today we are pleased to walk you through them. Joining today we have with us Jorge Alegría, our Chief Executive Officer, Luis René Ramón, Chief Financial Officer, Roberto González, Chief Post-trade Officer, Claudio Vivian, Chief Information Officer, Gabriel Rodríguez, SIF ICAP CEO, Alfredo Guillén, managing director of equity markets, José Miguel de Dios, managing director of derivative markets, Juan Manuel Olivo, director of capital formation, and myself, Hannah, Investor Relations Officer. Following the opening remarks, we will have a question and answer session. Our forward-looking legal disclosure can be found in the IR material presented today and distributed afterwards. This morning, we will cover our key operational and financial highlights, along with the progress we have made in executing our strategic priorities. With that, I will now turn the call over to our CEO, Jorge Alegría.

Jorge Alegría : Thank you, Hannah. Good morning, everyone. Before we begin, I am pleased to be joined, as Hannah mentioned, by our recently appointed CFO, Luis René Ramón, whose leadership will be instrumental in shaping our evolution journey and driving value across all the organizations. Welcome, Luis René, once again. Good luck. Let me turn now to our performance. BMV Group has once again delivered strong operating results for the second quarter of 2026. This is mainly driven by market dynamics and geopolitical events. Capital formation activity was strong during the quarter, highlighting the continued role of markets as an effective funding alternative for issuers. We welcome three new names on BMV: Banco Sabadell, Park Life, and Credijal. Sabadell with a 4 billion MXN bond issuance, which was more than 2 times oversubscribed. Park Life opened the door for a new FIBRA or REIT segment focused on residential rental housing. Finally, our program from zero to Bolsa delivered results this quarter with Credijal's MXN 250 million debt offering, demonstrating our ability to broaden market access for small issuers as well. Together, these transactions show our commitment to facilitating funding for existing and new companies and issuers, as well as expanding opportunities for companies of all sizes. Our IPO pipeline remains active with four confidential companies in process and several which we expect to list by year-end. Let me turn now to trading. In the equity market segment, we saw both local and global momentum with average daily trading value about MXN 21.5 billion in BMV, up more than 20% from 2025 and among the highest levels in recent years. Our equity market share increased from 78% in Q1 to 82% in Q2, reflecting our continued focus on delivering outstanding client services and added functionalities. On the clearing side, activity at the central counterparty for equity reached also MXN 26 billion in ADTV, which is a growth of 70% year-over-year. As for bond clearing, we continue to make solid progress in participants onboarding. We currently have nine financial institutions fully on board with an additional seven in the process of joining in the following months. Growth was equally evident in the derivatives market, particularly in dollar-peso futures, where our activity grew 26% compared with the second quarter of 2025, supported by peso appreciation and rollover activity. I'm glad to announce that we have relaunched our M Bono, our bonds future contract, with an improved design that more closely reflects the underlying government bond market. By linking each contract to a specific bond and incorporating a physical settlement, we provide market participants with a more efficient hedging tool. It is going to provide greater trading efficiency and better alignment between futures and cash market pricing. To support market adoption, we will be executing a full commercial and marketing campaign over the next several months, locally and internationally. In derivatives clearing, margin deposits rose to MXN 42.5 billion due to the higher open interest, which, together with higher trading volumes, drove also a positive quarter at Asigna. In the OTC markets, SIF ICAP's good results are worth mentioning. The strong activity reflects favorable dynamics in both Mexico and in Chile, as well as greater participation from our clients during the period. Both markets gained momentum toward the end of the quarter, culminating in a particularly strong June. Moving to post-trade, in the CSD, the Central Securities Depository, or Indeval, the numbers speak for themselves. Custody balances closed the quarter at MXN 48 trillion, up 13% year-over-year, and driven primarily by pension funds, pension managers, and equity accounted assets. What stands out even more is the performance of the global market, or the SIC. Even amid a stronger peso, the SIC delivered outstanding results, highlighting the demand for global diversification in the Mexican market. In market data, we continue to consolidate our Global Access Network initiative. This is a co-location solution that allows clients to transition from a traditional on-site service to a fully virtual one. Faster, simpler, and more flexible. We have already clients connected and additional pipelines in the testing phase as well. This offering is supported by two complementary revenue streams: market data and cross connect, which together reflect growing market adoption. We have also introduced our enterprise license agreement, expanding the ways clients can access, distribute, and leverage our market data solutions. This quarter operating performance was broad-based and strong across multiple lines. I will now turn back to Luis René and go over the financial results.

Luis René Ramón : Thank you, Jorge, and good morning, everyone. I'm excited to take on this new role and build on the strong foundation already in place as we continue to execute our strategic priorities and create value for all our stakeholders. Turning to our financial results. As Jorge mentioned, it was a strong quarter, even with non-favorable exchange rates. Revenues grew MXN 91 million, or 8% in the quarter, with all businesses contributing positively. On operational expenses, we saw a 13% increase, reflecting a period of strategic investment, as Luis said it would. Cost discipline remains a core commitment. We continue to hold ourselves to rigorous efficiency standards, ensuring that every peso spent is deliberate, accountable, and aligned with value creation. The tax rate increased this quarter from 31% to 31.6%, mainly due to the impact of a reversal of provision related to previous years. Earnings per share were MXN 0.74, up 3% in the quarter when compared year-over-year. If we move to the next slide, looking at the first half of 2026, our operating income was MXN 52 million, up 4%. EBITDA was registered at MXN 1.3 billion, up 5%, while the EBITDA margin was recorded at 56%. On a constant currency basis, EBITDA would have been MXN 71 million higher, or 13% above last year's number. As a reminder, roughly 30% of our revenue on a cost basis dollar-denominated, leaving us with a net long US dollar exposure. As a result, a stronger peso created a headwind for operating results. We reported a strong quarter. Financial income was MXN 37 million lower year-over-year, primarily driven by lower returns on our cash investments following the 150 basis points decline in the central bank reference rate over the past year. Banxico's reference rates currently set at 6.5%. Despite this offset, our earnings per share were MXN 1.53 per share, up 2.3% year-over-year. Turning to the next slide, our top-line performance reflects strong operational momentum discussed earlier in the call. Transaction-based businesses led by equity derivatives and OTC trading and clearing were the primary growth drivers this quarter. Subscription revenues also remain solid. Reported growth was partially impacted by a weaker dollar. Total revenue increased by 8% for both the quarter and the first six months of the year. I would like now to take a closer look into personal and technology expense, two key enablers of our evolution strategy and future growth. On the personal front, we have completed the most of our key hires required to support our initiative, meaning that the most intensive phase of recruitment is largely behind us. The running cost for the remaining of the year should be similar to Q2 numbers. On the technology front, we remain focused on executing our Digital Evolution program. While this phase requires continued investment in managed services, in hardware and software, in cloud, we are applying a zero-based budgeting discipline to optimize our technology cost base. This approach will enable us to rightsize our IT footprint, manage costs efficiently, and capture efficiencies as legacy platforms and infrastructure will progressively be decommissioned in 2027 and 2028. That was the P&L. Moving on to cash and capital allocation headlines. Capital intensity remains in line with our guidance as we continue to invest in our business at a rate more than twice that of our emerging market peers. We have invested MXN 120 million in the first half of the year, and an additional MXN 250 million has already been committed to contracts that will be paid on the third and fourth quarters. In total, MXN 370 million compared to our full-year budget of MXN 500 million. The lower spending recorded so far reflects the timing of payments, not any change to our investment plans. Furthermore, during the period, we returned significant value to our shareholders through a dividend of MXN 2.05 per share, representing a 70% payout, combined with MXN 160 million in share buybacks, for a total shareholder distribution of 81% of last year's net income. We will continue to closely monitor trading activity valuation levels in our stock while maintaining a disciplined and balanced approach to capital allocation. As reflected in our cash flows, we monetized on our remaining stake in ONE. We completed a full exit from this investment. This allowed us to sharpen our focus on the Mexican market, concentrate our resources on opportunities that we see across our domestic business. In summary, we're generating free cash flow, growing our businesses strongly, and investing in future growth. I will now hand over the call to Jorge to take you through the strategic program.

Jorge Alegría : Thank you again, Luis René. As we conclude today's call, I would like to emphasize that the results achieved this quarter reflect the resilience of our business, and our ability to execute consistently across all business segments. These results reinforce our confidence in the strategic direction we have set and, of course, in our long-term growth opportunities. At Grupo BMV, our purpose is clear: to integrate markets, technology, and data to fuel the future of the Mexican financial markets. This vision continues to shape our actions as we strengthen market access, enhance our infrastructure, expand our data capabilities, and create value for clients, investors, and all market participants. To deliver on this vision, we are advancing on our most ambitious transformation initiative yet, the Digital Evolution program, which is being designed to modernize how our markets operate and generate long-term value for stakeholders. At its core is the migration of our current model to a unified platform that will improve operational efficiency, increase processing capacity, business continuity, and support for future growth with new products and new services. It is built around a holistic view of the financial ecosystem, connecting trading, clearing, settlement, and risk management through a seamless end-to-end framework. Let me turn to execution now. The first release wave will focus on the derivatives market with the implementation of a cloud-based trading platform by bringing together MexDer operations, Asigna clearing, market surveillance, and a next generation of data intelligence within a single technology environment. We are creating a modern and scalable foundation for future innovation. This initiative is expected to boost connectivity, expand product capabilities, introduce new trading functionalities, and deliver meaningful operational efficiencies. Market participants will gain access to a broader set of execution tools, including all the kind and advanced order types of average price, all or none, order conditional orders, et cetera. In addition, the platform will enable the introduction of new products as well, including daily and weekly aspiring options and a wider range of currency hedging solutions. The derivatives platform will also deliver faster execution and market safeguards, including automated volatility controls designed to protect participants during periods of significant price movements. On the clearing side, a more efficient margin methodology will reduce collateral requirements on clear positions, freeing up capital and strengthening to overall value proposition for institutional participants through a stronger risk infrastructure and more efficient capital allocation. We expect this advancement to support revenue growth beginning the second quarter of next year. Our objective is not only to improve incremental revenue. We are designing this initiative to create a foundation for a business that can materially increase in size in the medium term. Progress remains on track to go live in Q1 2027, as I mentioned. Technical testings will begin in June, and actually they begun in June. Functional testing with participants will start next September, and the program will gradually advance from isolated trials to full end-to-end validation. This was the first wave. The second wave will focus on integrating repo clearing into the central counterparty of fixed income clearing platform in operation to date. We see strong demand for these services as it delivers meaningful capital efficiencies to all market participants. Through central clearing, firms can net exposures across the portfolio, significantly reducing capital requirements while enhancing liquidity and the efficiency across the markets. This project is expected to generate revenues in the second half of 2027. Now the third wave will focus on the evolution of our CSD, Indeval and equity CCP platforms, creating the capacity to support continued growth assets under custody, higher settlement volumes, and the increasing momentum we are seeing across our global markets. This transformation will also provide a foundation for new value-added services in post-trade, such as securities lending, while enabling the adoption of emerging technologies, including digital assets. With all this, thank you very much for your continued trust and your support. With these solid fundamentals and clear strategic priorities, we believe Grupo BMV is well positioned to continue creating value. Thank you very much. With that, I will now hand the call over again to Hanna Rivas for the Q&A section. Thank you, Hanna.

Hannah Rivas : Thank you, Jorge. We will now open the line for questions. Rob, please go ahead.

Operator : Thank you. We will now be conducting the question and answer session. If you would like to ask a question at this time, please press star one on your telephone keypad and a confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, for our first question. Thank you. Our first question is from the line of Ernesto Gabilondo with Bank of America. Please proceed with your questions.

Ernesto Gabilondo : Thank you. Hi, good morning, Jorge, Luis René, and Hannah, and good morning to all your team. Thanks for the opportunity to ask questions. Luis René, congrats on your official appointment, and I wish you a lot of success. My first question is on the new strategic initiatives and also the new market bill related to hedge funds. When should we start to see revenue contribution related to the new investments? I know that you mentioned that it is not only about revenues, it is just scaling up and for the long term. Have you estimated any additional revenue that we can see in the coming years? I like the details on your presentation of the digital evolution progress. You mentioned that in the first wave on derivatives, we should expect revenue growth from second quarter 2027. How much could be this translated in terms of the growth for this segment? Also you provide some additional details for the wave 2 that you are expecting to start in the second half of 2027. The third wave 3 now that you are expecting to be in progress for 2028. Any details, any color on how should we think about it, of how much additional revenues can we see in the future will be very helpful. Also, again, if you can comment a little bit on any update of the market bid related to hedge funds. That is my first question. I know it was a long question but it is kind of related. My second question is on the pipeline of new listings. We have been seeing new listings, follow-ons. I believe Banamex has a plan to IPO, just wanted to see if there has been initial contacts with you, any color of a potential timeline on this. Given the size, I think it could be very positive for your revenues. My last question is on OpEx and EBITDA margin. Given all these initiatives, when do you expect OpEx to start declining? You mentioned the wave 3, that you will be still doing something in 2028. Just wanted to understand when should we start to see the EBITDA margin stabilizing from probably a little bit more higher revenue, but also lower OpEx. I understand that you will be operating with dual systems, dual technology. At some point you will need to shut it down, and that will help you also to normalize the OpEx road after the investment phase. Also any color on when should we start to see EBITDA margin expanding again, and when should we see OpEx grow in the future will be very helpful. Thank you.

Jorge Alegría : Thank you, Ernesto, for these very important three questions. Let me first handle the first one on the hedge funds, then I will pass the word back to Luis to talk about the expected revenues or whatever. Juan Olivo to talk about the IPO pipeline and Roberto to talk about what we are expecting to see on the 2027 release on the post-trade side, on the repo facility. Back to Luis René on the OpEx and CapEx. On the hedge funds, we are working closely with AMIB. AMIB, the Mexican Brokers Association, with the Secretaría de Hacienda y Crédito Público, the Hacienda. We have an agenda of several important projects, and one of them is this one. Currently, the secondary ruling is still being worked by the Mexican Securities and Banking Commission. I think they have very clear the importance of this new breed of market participants in the Mexican market. The chairman of the Mexican Securities Commission himself was a key player during writing these reforms two years ago. He's very well aware of trying to put this as soon as possible. There's a task force between the industry, the exchange, and the Treasury pushing this forward. I don't see this happening this year, but certainly the target is to start maybe by the end of the year to have the secondary rule out and start seeing some activity next year for the hedge funds. Let me pass over to Luis.

Luis René Ramón : Thank you, Ernesto. On the strategic initiatives, we mentioned the three different waves that we have, the first one happening at the beginning of 2027 on MexDer and Asigna on derivatives. We will have so much flexibility with the new platform. Let me give you an example. Today, we have quarterly options. With this new technology, we will be able to list weekly options or even same-day options. This opens the door to more traders, to more strategies on trading, to more hedging opportunities. This should translate into more revenues in MexDer and Asigna as well. On the Asigna side, we will be able to have more efficient collateral management. All in all, we're going to be more faster from a technology point of view in getting products to the market, and this should translate into numbers. As you know, MexDer and Asigna, together, we invoice about MXN 150 million per year. This should significantly increase in the coming years. On the second wave on the bonds and repo clearing, the values traded on bonds is five times what we have on equity, and the repo is close to 100 times. Of course, fees are going to be much smaller. What we're expecting for that business in the medium term, CCP today, we invoice MXN 250 million. CCP should be, in the medium term, at least twice the size once we have everything in place. We're seeing all this investment that we're transforming and growing our business should translate in 2027, 2028, all the way to 2030. The third wave, the CSD is still too early. We're implementing the business, and we should have it up and running by 2028. Let me transfer the call to Juan to talk about hedge funds.

Juan Manuel Olivo : Thank you. To talk about-

Luis René Ramón : Yeah.

Juan Manuel Olivo : New listings and capital formation. Yes. Thanks, Ernesto, for your question. This is Juan Manuel Olivo. Let me elaborate on the pipeline that we are foreseeing for the next month. First of all, on equity side, we have four confidential listing process. We do not have any kind of specific moment where it will be on the market, but we are supporting those process. Also, in the pipeline for the next three months, focused on the fixed income business, because as you know, this is the most relevant in terms of capital formation. We have a pipeline of MXN 50 billion that it will be in the same trend that the past month that we have in this 2026.

Luis René Ramón : Roberto on repo.

Roberto González : Well, I think on repos, as you know, it's a new service that we will start providing today. We do not provide central clearing, so the intention is to start by May next year. The relevant part of this is that the largest banks will have a relevant reduction in cost of capital. There's a lot of interest, particularly in the repos. Elaborating on what Luis René mentioned, it's the largest, by far, market that we clear at Interbolsa. Today, all of these transactions are settled bilateral at Interbolsa. We will expect that while it might not be mandatory, the experience that we've seen in other markets is at least 30% of the repo market goes to the central clearing. We would expect new additional revenues. The service is totally new, different, with relevant reductions for the largest participants.

Juan Manuel Olivo : Also, we expect that we have seen interest from the pension funds to also take advantage of this new solution. We will expect also to see electronic trading platforms coming to the market, what will allow us also to get more participants from international markets. I think that's a little bit of more color on what we would expect on the repo clearing.

Luis René Ramón : Just to finalize, Ernesto, on the repo clearing service, the difference to what we have today, that we offer cash settlement for M Bonos. That is slowly growing, but the adoption has been slow. The difference with the repo business is that the capital allocation, the capital cost for banks is much higher when keeping the transaction bilateral. When they move to a CCP service like the one we are going to provide, I mean, dramatically lower. Roberto mentioned the size of the market moving to central clearing. We have the experience of markets like the U.S. or Europe, which is highly appreciated the use of a central counterparty for repo clearing. We expect this to have a much faster adoption rate next year. Hope this helps to clarify your question.

Ernesto Gabilondo : No, super helpful. Just last question in terms of how you're seeing the EBITDA margin evolution and OpEx growth in the future.

Luis René Ramón : Important one.

Roberto González : Yeah.

Luis René Ramón : Sure, Ernesto. On that one, we made some strategic additions to our team. We had to strengthen our cloud operations, marketing, our data, business continuity, cybersecurity, but we've reached a level that will support our business in the future, our digital evolution program. You should expect that personal expense to remain at the Q2 numbers that we reported last night. On the technology front, that number should continue increasing, but single digits. We still have to make some investments to support this huge program. We're committed to have an attractive margin. You know that we run a tight ship, and as soon as we start finishing the implementation of the first wave and the second wave, you will start seeing how we are disposing some of the hardware that we no longer need. I would say that our margins right now are at 55% in the quarter, 56% for the year. I think those are attractive margins, and we'll make our best to keep them at that level.

Ernesto Gabilondo : Panel, thank you very much, Jorge, Luis René, Juan Manuel, and Roberto. Very helpful.

Operator : Thank you. Our next question is on the line of Carlos Gomez-Lopez with HSBC. Please proceed with your question.

Carlos Gomez-Lopez : Hello, can you hear me?

Luis René Ramón : Yes. Yes, Carlos.

Operator : Gentlemen, we've lost Carlos' line. Our next question will be coming from the line of Daniel Miranda with Santander. Please proceed with your question.

Daniel Miranda : Hi. Good morning, Jorge, Luis René. Congrats. Thanks for taking my question. One very quick one from my side on the FX headwinds we've seen and probably will continue to see in the coming quarters. How should we think about the sensitivity of a peso appreciation or depreciation going forward? Beyond the transactional FX impact, are there any initiatives under consideration to reduce this sensitivity to FX? Thank you.

Luis René Ramón : Thank you, Daniel, for the question. As you know, our top line and our expenses are roughly 30% in dollars. On that line, around every peso that depreciates hits our around MXN 50 million-MXN 60 million pesos or EBITDA margin, or EBITDA, sorry, and then it translates into the EBITDA margin. That would be on the operational side. On the dollar position that we have on the treasury, what we've done is that we have enough dollars to cover our liabilities and our obligations, and any remaining balance, then we go to the market and we sell them. That limits the volatility that you see on that line. Yeah, right now we depend on the market movement. Of that 30%, 50% is in dollars, and then the remaining is on the market data. You see a strong growth on the trading side, on the subscription business, we're also seeing a growth, but it's a bit offset by this exchange rate fluctuation.

Daniel Miranda : Thank you. Very clear.

Operator : Our next question's from the line of Arnon Shirazi with Citi. Please proceed with your questions.

Arnon Shirazi : Hi, all. Good morning. Thanks for the opportunity of making questions. I want to dive in and explore better CapEx for the rest of the year and for the next years. I remember in the beginning of this year, you mentioned half a billion in capital expenditure for 2026. So far, if I'm not wrong, year to date, we are talking about MXN 120 million. Should we see a strong catch-up in the second semester of this year? What are the current expectations for 2027 onwards? Thank you.

Luis René Ramón : Yes, we had MXN 120 million CapEx reported. We have an extra MXN 250 million, which is already committed for the third and fourth quarter. That would bring our CapEx to around MXN 370 million of the MXN 500 million budget that we have. Of course, we have more initiatives happening in the second part of the year, and we still are considering the initial budget that we disclosed at the beginning of the year. As for the next years, 2027, 2028, I think this is the top. We need maintenance CapEx, then we will need more transformational CapEx. I would say that around MXN 100 million is for maintenance CapEx, then an extra MXN 150 or MXN 200 should be for transformation or for growth. All in all, what you should expect is this year should be close to MXN 500. Then 2027 and 2028 should be closer to MXN 300 million plus in CapEx.

Arnon Shirazi : Great. Thank you.

Operator : Our next question's from the line of Diego Marquez with JP Morgan. Please proceed with your question.

Diego Marquez : Hi. Good morning, everyone. If I could, just a quick question on top line. We saw a slight acceleration versus last quarter, so just to get a sense of what you guys are expecting for the full year, do you expect this high single-digit growth that we're seeing now, or any changes there? Thank you.

Jorge Alegría : Can you hear me?

Luis René Ramón : Thank you, Leon. Yes. Thank you, Leon. On our top line, yeah, we saw a strong quarter on all the trading businesses in equity and derivatives, in fixed income, in the OTC markets. Our ADTV was above MXN 21 billion every single day. That's for BMV, and then for the whole market, it's a bit above MXN 26 billion. We're seeing strong activity in the market. Of course, the summer months are ahead. That should soften a bit. We're seeing good activity in the market. We're seeing a lot of hedging, especially in dollar futures. The same is happening on the fixed income. Hard to predict the future, but so far, we've seen good support. As you know, the strength in these businesses moves along our other business lines. Any trend that you see on trading, then you see it on clearing as well as on settlements, and then on data at the end. Yeah, 8% top-line growth so far, and we believe it could stay in the high single digits or maybe even low double digits.

Diego Marquez : All very clear. Thank you.

Operator : The next question is from the line of Carlos Gomez Lopez, HSBC. Please proceed with your questions.

Carlos Gomez-Lopez : Hello, my apologies, my line dropped earlier. First of all, congratulations to Liz, good luck in your new role. I'm sure you will do very well. It's a big challenge. On the questions, you have clarified the CapEx will be still MXN 500 million for this year. You will give us more details later. You have MXN 370 in the explanation there. You said MXN 250 for the next couple of years. I just wanted to confirm those numbers, those rough numbers. We understand you will have to adjust them later. Taking a step back, you have had 8% revenue growth, about 13% OpEx growth, which is why your earnings ultimately increased only 2% for the year, for the first half. For the year as a whole, I understand you see similar things. Again, we understand that you are in the process of investing and changing and hiring people. That's what you should be doing. Should we expect that next year is still a year of investment? Should we still expect low single-digit earnings growth as you continue to prepare for future growth in coming years? Or should we see an expansion of EBITDA margin, therefore more EPS growth in 2027? Thank you.

Luis René Ramón : Thank you, Carlos. On the first part on the CapEx, you are right. For the next years, we are expecting MXN 250 million-MXN 300 million on CapEx, and that is both maintenance, growth, and transformation CapEx. For this year, we are still in line with MXN 500 million. However, it could be a bit short of that because of FX. As you know, many of our contracts are in dollars, so it could have a small variation from that number. We already have MXN 370 million committed, and we still have some things on the pipeline. On financials, 8% top line, 13% on our expenses. Last year and this year, they are investment years, transformation years to set the base for the growth that we are expecting towards 2030. What you should expect next year is that two of the waves will finish, and we will be in a position to start monetizing on those initiatives. This should support our top line. On the cost, as I mentioned during the call, we are going to run a tight ship. We are going to have a zero-based budget on software, on managed services, which will keep in track our costs as we continue executing on the wave 3. I would say next year you will see a small expansion, again, we are still on the investment phase, and this evolution will take a couple of years. Two waves will be up and running next year, and then the third wave in 2028.

Carlos Gomez-Lopez : If I could follow up on the expenses and what you expect in the coming years. I am surprised we have not mentioned AI yet. Are you having to increase your technology budget because of AI implementation? Do you have to pay more for services that perhaps you were not using in the past? Thank you.

Luis René Ramón : No, no. Right now, we have a small innovation lab where we are testing some AI, especially on looking at the markets and on education. We are also having some testing on the different businesses. No, the technology expense, what you should expect is the journey to the cloud. As we move from hardware to the cloud, you will see this change from CapEx to OpEx. That will be mainly it. Of course, we are investing on building capacities on FinOps, we are able to keep those costs under control.

Carlos Gomez-Lopez : Thank you so much.

Luis René Ramón : Thank you.

Operator : Thank you. Ladies and gentlemen, this concludes our question and answer session. We'll also conclude today's conference. Thank you for your participation. You may now disconnect your lines at this time. Have a wonderful day.

Jorge Alegría : Thank you very much. Look up to you all next quarter.