Salvador Villasenor Barragan : Good afternoon. I'm Salvador Villasenor, in charge of Investor Relations at Walmex. Thank you for joining us again to review the results for the second quarter of 2026. Today with me is Cristian Barrientos Pozo, our President and Chief Executive Officer of Walmart de Mexico y Centroamerica; Javier Andrade, our Chief Merchandising Officer; and Paulo Garcia, our Chief Financial Officer. The date of this webcast is July 22, 2026. Today's webcast is being recorded and will be available at www.walmex.mx. Before we start, let me remind you that the content of this webcast is property of Wal-Mart de Mexico, S.A.B. de C.V. and is intended for the use of the company's shareholders and the investment community. It should not be reproduced in any way. This webcast may contain certain references concerning Wal-Mart de Mexico, S.A.B. de C.V.'s future performance that should be considered as good faith estimates made by the company. These references only reflect management's expectations and are based upon currently available data. Actual results are always subject to future events, risks and uncertainties, which could materially impact the company's actual performance. Now I'll turn the webcast over to Cristian. Please, Cristian.

Cristian Barrientos : Thank you, Salvador, and good afternoon, everyone, and thank you for joining us today. Let me start by thanking our associates across Mexico and Central America. Their commitment continues to make the difference every day. Consumer spending remains soft, and our performance is not yet where we wanted it to be. The slower-than-expected recovery in consumer demand is clearly impacting our top line performance. At the same time, while we're making encouraging progress in our business priorities, we recognize there are a few areas where we must accelerate the pace of execution. We are seeing customers become more intentional with their spending as value becomes the primary purchase driver. We are also seeing customers compare more, plan the purchases more carefully and increasingly combine physical and digital channels to maximize value and convenience. These shifts reinforce that winning today is less about waiting for demand to recover and more about becoming increasingly relevant in every shopping mission. Our response has been to strengthen the elements of our value proposition that matter most to customers today, consistent everyday value, reliable availability and a seamless omnichannel experience. This quarter, we continue to make progress across many of the leading indicators. Let me share some of the highlights. At a consolidated level, total revenues grew 1.9% and 3.2% in constant currency for the quarter, with Mexico reporting a 3.1% total revenue growth, while Central America delivered a 3.6% increase in constant currency. In Central America, same-store sales grew 2.4% in constant currency. Performance remained impacted by Costa Rica. All other countries are seeing good growth. The business in Costa Rica remains affected by national deflation and with customers increasingly trading down and purchasing smaller baskets. While the actions we have taken so far have not yet delivered the improvement we expected, we have a clear recovery plan focused on strengthening execution, improving our price perception and accelerating our private brands proposition. We expect these initiatives to progressively improve performance over the second half of the year. In Mexico, same-store sales grew 1.8% during the quarter, outperforming ANTAD self-service same-store sales by 180 basis points this time. Regarding our non-negotiables, starting with EDLP, price perception improved 310 basis points versus last year, continuing the positive trend of recent quarters. This remains one of our most important leading indicators of customer trust in our value proposition and our ability to outperform competitors in the future. This was helped by the continued improvement in our price gap, the stabilization of prices and communications efforts. On availability, we continue to make steady progress. Self-service total availability improved by more than 20 basis points versus the first quarter, building on the sequential improvement we have delivered over the past several quarters. Regarding e-commerce growth, net sales grew 16.2%, driven again by our resilient on-demand business, fueled by improved delivery promise, while GMV grew 11.5% versus last year, impacted by marketplace. Marketplace continued to be affected by the seller-related issues we discussed last quarter, with sequential improvement as recovery actions continue to gain traction, although we are not yet where we want to be. Importantly, our focus goes beyond the near-term recovery. We have reduced seller onboarding time by more than half, making it significantly faster and easier for sellers to join our platform, crucial to accelerate the expansion of our assortment, as Javier will explain in more detail. Additionally, the new automation capabilities at our Megapark fulfillment center are helping us improve speed, productivity and efficiency in our extended assortment operation while supporting the long-term growth of our e-commerce business. And this is just the first step as we continue expanding automation across our network with our Bajio and Tlaxcala, this is next in line in 2027. Last but not least, regarding e-commerce, I'm very pleased that Karthicka Krishnasamy has joined Walmex to lead our e-commerce business, reporting directly to me. She brings deep omnichannel experience from Walmart U.S., and I'm confident she will help us move faster, leverage even more of Walmart's global capabilities and accelerate the next phase of our e-commerce growth. Bringing Karthicka to Walmex and having her report direct to me reflects how important this business is for the future growth of the company. Karthicka can help us improve reach, speed and assortment, leveraging her knowledge, replicating the best practices from Walmart Inc. And of course, regarding our new businesses or commerce solutions, I would like to especially highlight our advertising business and Bait. Walmart Connect had another strong quarter with a 31% year-over-year growth, supported by the World Cup and the great effort of our retail media team, while Bait generated MXN 3.8 billion in revenues during the quarter, up 40% versus last year, and it's already delivering profitability levels comparable to rest of the retail businesses. To wrap up, while our results are not yet where we wanted to be, we're focusing on what we can control, and I'm encouraged by the progress we are seeing in the business. We have seen our market share gains build progressively over the course of the year, which tells me customers are responding to the changes we are making. This is encouraging, giving us the confidence to consistently translate those improvements into stronger financial performance and emerge stronger when markets recover. As we look to the rest of the year, our priorities remain unchanged. We will continue strengthening our value proposition and executing with discipline. Before I hand it over to Javier, I would like to take a moment to thank Paulo for his partnership, leadership and many contributions to Walmex over the years. This will be his last quarterly webcast as our CFO. And on behalf of the entire team, I wish him every success in his next chapter. At the same time, I would like to warmly welcome Camilo, who will be joining us as CFO and will be with you in our future quarterly updates. Javier, over to you.

Javier Andrade : Thank you, Cristian, and good afternoon, everyone. It is great to be here with you again. Let me share with you key operational and commercial highlights for the quarter. Regarding same-store sales, Mexico reported a 1.8% growth, with ticket growing 2.9% and transactions declining 1.1%. While some categories benefited from the World Cup, we didn't observe the overall boost in consumption that we expected. General merchandise categories grew above the rest, driven by wholesale and strong TV and seasonal sales for the World Cup. Regarding regions, the North continues to lead. Sam's led across formats. We delivered double-digit growth in member acquisition, improved renewal rates and saw more members upgrade to our Plus tier, reinforcing the strength of our value proposition. These trends are building a larger, more engaged and higher-value membership base that gives us confidence in the long-term growth of the business. Walmart Supercenter is a good example of how we are strengthening our commercial execution. During the World Cup, we brought together a compelling assortment of more than 400 apparel items, exclusive licensed merchandise, themed Great Value products and football collectible, creating a differentiated customer proposition across multiple categories. This was further supported by the strong performance of our own private brand in TVs, helping us capture incremental demand during one of the biggest seasonal events of the year. At Bodega Aurrera, our Morralla campaign delivered record double-digit growth and private brands continue to gain share. However, overall performance remains below our expectations, driven by lower customer traffic and smaller basket, particularly in larger stores in Central Mexico. While we have significantly improved our price competitiveness and price perception, our focus is now on converting those gains into higher traffic and stronger basket growth. At Walmart Express, the rollout of digital shelf labels remains on track for completion by October. This technology is helping us improve price execution, simplify store operations and increase productivity while supporting our everyday low price strategy. The next step will be to begin the rollout at Walmart Supercenter. Finally, after testing different operating models across our network and implementing different productivity initiatives, we are ready to implement the first reduction in working hours beginning in January 2027. Our focus will be to execute the transition in a disciplined manner while maintaining customer service levels and supporting our associates. Now as in previous quarters, I will do a deep dive in our 3 nonnegotiable, starting with everyday low prices. Our private brands continue to gain momentum during the quarter, with penetration increasing 90 basis points versus last year. Growth was led by Sam's Club and the big box Bodega Aurrera. We continue to strengthen the fundamentals of our private brands business. We expanded the private brands price gap versus commercial brands by 10% and successfully launched our first flagship modular, increasing private brand shelf space to 25%. We expect to implement 10 flagship modulars across 3 categories by the year-end. In self-service, we further strengthened our EDLP execution by extending rollbacks to 90 days. And improving price reductions and price stability more than 300 basis points versus last year. We are also encouraged by the early results of the transition away from Martes de Frescura, which is driving higher sales and customer traffic. Together with the expansion of the self-service price gap of 50 basis points versus last year, these actions improved price perception by 310 basis points versus last year, extending the positive momentum of recent quarter. Now turning to availability. We continued making progress on the new store availability process we've been rolling out across the network. During the quarter, we completed the rollout of our new availability process across food and consumable. The new process is now creating more than 5 million replenishment tasks every week, giving our associates better tools to locate merchandise, replenish shelves faster and improve execution. As a result, self-service total availability improved by more than 20 basis points sequentially versus the previous quarter. We are now expanding these capabilities into general merchandise during the second half of the year. Importantly, these improvements are being achieved while we continue optimizing inventory. During the quarter, days on hand in Mexico improved by approximately 1.8 days versus last year, reinforcing that better availability is coming from stronger execution rather than carrying more inventory. We continue to see big opportunities to further reduce days on hand. Turning now to e-commerce in Mexico. In the second quarter, e-commerce GMV grew 11.5%, while net sales grew 16.2%. With this, e-commerce penetration reached 9.5% of total GMV during the quarter, up 70 basis points versus last year. Let me start with on-demand, which delivered 21% growth during the quarter. We continue to strengthen the 2 capabilities that matter the most in this business, speed and reach. Nearly 70% of our orders were delivered the same day and almost 25% within 2 hours, while our coverage expanded to approximately 82% of households in Mexico. Within Walmart Supercenter and Walmart Express format, our quick commerce proposition continued to gain traction with nearly 280,000 orders delivered within 16 minutes during the quarter, more than doubling versus Q1. We are also expanding these capabilities across formats through new 60-minute delivery pilots at Bodega Aurrera Express and Sam's Club, allowing us to offer even greater convenience to our customers. Turning to Marketplace. GMV declined 6.6% versus last year as we continue to work through the remaining impact of the seller-related issues from last quarter. While the recovery is progressing, our focus remains on strengthening the structural capabilities of the platform. Our marketplace assortment expanded 26% year-over-year, helped by the continued growth of cross-border trade, which now represents approximately 9% of total marketplace, up 700 basis points versus last year. We also reduced seller onboarding time by more than half, making it significantly easier for them to join our platform. Walmart Fulfillment Services continued to gain scale and now it's close to fulfill 45% of marketplace orders while reducing average delivery times to just over 3 days. Together, these capabilities are helping towards our ambition of reaching 250 million SKUs over the next 5 years, a fast fulfillment and a better experience for both customers and sellers to build a significantly stronger customer proposition. Let me now turn to our new businesses or commerce solutions that encase our core. Turning to Bait. During the quarter, we reached 26.8 million active users, up 25% versus last year, while revenue grew up 40% versus last year, reaching MXN 3.8 billion. Bait business is now converting in the bottom line as a retail business. Walmart Connect delivered another outstanding quarter. with revenues growing 31% year-over-year, supported by strong advertiser demand around the World Cup. Beyond the quarter, we continue expanding the capabilities of the platform, including scaling our in-store audience measurement tools to help brands better understand customer behavior, optimize their campaigns and measure their impact more effectively. Within financial services, our remittance business continued to outperform the market. Despite softer industry trends, we continue gaining share, reaching a new record market share up 50 basis points versus last year. Finally, Walmart Beneficios has now reached a mature scale with a stable base of active contactable customers. Our focus is no longer on adding more users, but on increasing engagement, improving redemption and generating deeper customer insight. We have seen that customers that redeem benefits have a total spend 2.5x higher than a customer that doesn't. And redemption already represents 1/3 of monthly active users, 2.3x more than previous year. Overall, I'm encouraged by the progress we're making quarter after quarter. We're strengthening the capabilities that matter the most to our customers and building an even stronger value proposition. While there's still plenty of opportunity ahead, I believe we are creating the right foundations for sustainable long-term growth. With that, let me hand it over to Paulo, who will take you through our financial results. Paulo?

Paulo Garcia : Thanks, Javier, and good afternoon, everyone. Let me share with you our consolidated financial results as well as the breakdown of Mexico and Central America. Starting with consolidated results. During the second quarter, total revenues grew 1.9% on a reported basis and 3.2% in constant currency. For the first half of the year, total consolidated revenues have grown 1.8% on a reported basis and 3.6% in constant currency. I will comment more on consolidated results in a moment. Turning to Mexico. Total revenues grew 3.1%, driven by 1.8% same-store sales growth. Gross margin had a 10 basis points expansion versus last year with higher price gap while SG&A represented 17.3% of sales, 20 basis points above last year. We will go through the gross margin and SG&A breakdowns in just a moment. All this led to an EBITDA margin of 9.6%, flat versus the same quarter of last year. In Mexico, we once again outperformed ANTAD self-service and club same-store sales by 180 basis points, reflecting the competitiveness of our value proposition. While we still see meaningful opportunity to improve our own performance, we are encouraged by the market share gains we have seen as the year has progressed. This gives us the confidence that the investments we are making across the business are increasingly resonating with our customers. Let me now expand on gross margin. We delivered a 10 basis points expansion versus last year, reaching 24.1% of total revenues, whilst improving price gap by 50 basis points, as previously mentioned. This gross margin improvement was primarily driven by the contribution from new businesses, mainly Walmart Connect, Bait and Financial Services. Our ecosystem businesses continue to be an important competitive advantage. Their growing contribution gives us greater flexibility to invest in price and further strengthen our everyday low price proposition, allowing us to expand our price gap without compromising profitability. Now let's review our SG&A. General expenses increased by 20 basis points year-over-year as a percentage of sales, closing the quarter at 17.3% of total revenues. Gross investments related to new stores, e-commerce and new businesses added 80 basis points, which were partly offset by run efficiencies. Now let's review Central America results for quarter 2. Please consider that on this slide, I will refer to figures on a constant currency basis. Total revenues increased 3.6% versus last year with same-store sales of 2.4%. Results continue to be heavily impacted by Costa Rica performance. I will go deeper on that in a moment. Excluding Costa Rica, the rest of the countries are showing good and healthy growth. Gross margin contracted by 110 basis points to 23.4%, mainly behind price investments and lower volumes. SG&A represented 17.9% of revenues, contracting 10 basis points versus last year behind efficiencies offsetting gross investments. The aforementioned resulted in an EBITDA margin of 8.4%, 80 basis points below previous year. Regarding same-store sales, as said, in Q2, Central America reported a 2.4% same-store sales growth. Excluding Costa Rica, this growth would have been 7.3%. In Costa Rica, consumer behavior continues to be challenging with customers trading down and reducing basket size, while our price investments have not yet translated into the improvements in price perception and volumes we were targeting. As we look to the second half of the year, our recovery plan is focused on 3 priorities: first, strengthening execution by improving availability, notably in perishables; second, enhancing our price perception through more low-income consumables, pack sizes, broader implementation of 90-day rollbacks and greater price stability. And third, accelerating our private brand growth. While these initiatives will take time to fully materialize, we believe they address the key drivers of the business and position us to progressively improve performance. Regarding e-commerce, Central America posted 23.7% growth versus last year. As mentioned previously, at a consolidated level, total revenue increased 1.9% in quarter 2, which was 3.2% in constant currency and with new stores contributing 1.6% to total growth. Gross margin contracted 10 basis points to 24% during the quarter, while SG&A expanded 20 basis points to 17.4% of sales. This is an increase of 4.2% in constant currency. SG&A growth will vary quarter-over-quarter as we prioritize and make trade-offs on gross investments and land productivity savings. We still expect an SG&A growth for the full year of high single digit in constant terms. EBITDA contracted 10 basis points to a 9.4% margin, while net income margin contracted 20 basis points to 4.4%. Our top line performance this quarter was below our expectations, reflecting a consumer environment that remains softer than anticipated. At the same time, we are encouraged by the progress we are seeing in the underlying fundamentals of the business. The improvements we have made to our value proposition and execution continue to translate into stronger competitive performance, giving us the confidence that we're moving in the right direction. Now let me move to cash flow. During the last 12 months, we generated MXN 90.3 billion in cash from operations. We also had a net benefit from working capital of approximately MXN 4.9 billion, driven partially by inventory where we still see an opportunity for improvement during the next 3 to 5 years. Capital expenditures amounted to MXN 39.3 billion, in line with our growth strategy, and we returned MXN 38.6 billion to our shareholders through dividends and share repurchases. All this resulted in a cash position of MXN 30.1 billion at the end of the quarter. Regarding new store openings, in the second quarter, we opened 23 stores across Mexico and Central America, 21 in Mexico, 1 in Costa Rica and 1 in Guatemala. In total, this represented close to 12,000 square meters of additional sales store. Contribution of new stores of 1.6% continues to be in line with the guidance range we shared at Walmex Day 2026 of 1.5% to 1.7%. To close, I will leave you with 3 key messages. First, while the consumer environment remains soft, we are encouraged by the progress we are seeing in our competitive position. The improvements we have made in our value proposition and execution are translating into market share gains, giving us the confidence that we are moving in the right direction. Second, we continue investing behind the capabilities that will shape Walmex' long-term growth. From pricing and availability to automation, e-commerce and our ecosystem businesses, we are building a stronger company that will even be better positioned as demand improves. And third, based on the consumer trends we have seen through the first half of the year, we are revising our full year outlook. While we continue to make good progress in strengthening the fundamentals of the business, the recovery in consumer demand has taken longer than we originally anticipated. As a result, we now expect full year sales growth to be between 3.5% and 4.5% in constant currency with an EBITDA margin slightly below last year's level. The change in guidance reflects a slower consumer recovery than we anticipated. It does not change our confidence in the underlying business or the strategic priorities we have put in place. We believe we are positioned to emerge stronger when the macro backdrop improves. As usual, we will see you tomorrow at 6:30 a.m. time of Mexico City for our live Q&A session. Please contact our IR team if you have any questions. Before we conclude, I would like to take a moment to say thank you. This is my last quarterly webcast as CFO of Walmex, and it has been a privilege to be part of this company and to work alongside such an outstanding team. I would like to thank our associates, our investors and the analyst community for your trust and continued engagement over the years. I'm confident Walmex has a very bright future ahead, and I wish Camilo every success as he takes on this role. Thank you.