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Good day, ladies and gentlemen. Welcome to Pacasmayo's second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. Please note that this call is being recorded. At the conclusion of our prepared remarks, we will conduct a question and answer session. I would now like to introduce your host for today's call, Mrs. Claudia Bustamante, Investor Relations Managing Director. Mrs. Bustamante, you may begin.

Thank you, Danielle. Good morning, everyone. Joining me on the call today is Mr. Humberto Nadal, our Chief Executive Officer, and Ms. Ely Hayashi, our Chief Financial Officer. Mr. Nadal will begin our call with an overview of the quarter, focusing primarily on our strategic outlook for the short and medium term. Ms. Hayashi will follow with additional commentary on our financial results. We will turn the call over to your questions. Please note that this call will include certain forward-looking statements. These statements relate to expectations, beliefs, projections, trends, and other matters that are not historical facts, are therefore subject to risks and uncertainties that might affect future events or results. Descriptions of these risks are set forth in the company's regulatory filings. With that, I would now like to turn the call over to Mr. Humberto Nadal.

Thank you, Claudia. Welcome everyone to today's conference call. Thank you for joining us today. During the second quarter of 2026, we demonstrated outstanding operational execution and financial discipline. We experienced a strong 15.5% increase in our sales volume for cement, concrete, and precast. This was primarily driven by a robust performance in the self-construction segment and higher demand for bagged cement. Consequently, our revenues grew by 15.4%, reaching PEN 558.9 million. Even more impressive is the profitability we achieved from this top-line growth. Our consolidated EBITDA reached PEN 174.8 million, an impressive 34.3% increase compared to the second quarter of last year. This resulted in our EBITDA margin expanding by 4.4 percentage points to 31.3%. Furthermore, our net income surged by 61% to PEN 77 million.

This peak in profitability is a direct result of operational efficiencies, our extremely solid commercial strategy, and a shift towards higher margin concrete solutions. Beyond our financial metrics, which are always important, we continue to lead the industry through sustainability, innovation, and specialized solutions. We recently received the official verification for our 2025 organizational carbon footprint from ICONTEC Perú, which validates the real emission reductions we are achieving across our operations. On the innovation front, we successfully secured a tax benefit from CONCYTEC following the approval of our technology and innovation project, reinforcing our commitment to long-term competitiveness and R&D. Our technical expertise is also shaping high-impact infrastructure across the country. To give you a couple of examples, we successfully prefabricated foundations at over 5,000 meters above sea level for the Yanacocha Sulfuros project.

We also secured the specification of an additional 4.4 kilometers of concrete sheet piles for the Riverbank Defense Project in Piura, a crucial endeavor as we prepare for El Niño phenomenon. None of these would be possible without our absolutely exceptional team. We are deeply honored to have entered the top 15 of the Merco Talento 2026 Index nationwide, maintaining our position as the number one company to attract and retain talent in the cement sector for the 11th consecutive year. We also recently concluded a new edition of our ALAS: Mujeres que inspiran, Women that Inspire program, empowering 25 women with Pacasmayo to drive our inclusive culture forward. Recently, Semana Económica published its ranking of the most profitable CEOs in Peru, placing us in the top six.

Let me stress the word "us," because there's no "me" in CEO. I receive this recognition with deep humility, knowing full well that profitability is never driven by a leader behind a desk. This is a direct result of the daily effort, resilience, and unwavering commitment of every single person at Cementos Pacasmayo. This achievement belongs truly, entirely to our team. I will now turn the call over to Ely to go into a more detailed financial analysis.

Thank you, Humberto, and good morning, everyone. For the second quarter of 2026, our revenue growth remained very strong, reaching PEN 558.9 million, up 15.4% compared to the second quarter of 2025. This brought our total cumulative revenue for the first six months of the year to PEN 1,114.5 million, representing a robust 13.3% increase year-over-year. This performance was primarily driven by strong core demand, with total shipments increasing by 15.5% in the second quarter of 2026, and 13.6% for the six months of 2026, led consistently by the bagged cement segment in the self-construction market across northern Peru. Cumulative gross profit for the six months grew significantly by 25.4% to PEN 455.5 million, following a 23% increase in the quarter, supported by structural operational efficiencies and higher shipments.

Turning to operating expenses, administrative expenses decreased by 7.5% in the second quarter of 2026 to PEN 65.1 million, and by 4.1% for the six months of 2026 to PEN 134.6 million. This reduction across both periods was mainly driven by lower personnel expenses, specifically reaching PEN 35.5 million in the six months of 2026, primarily reflecting a lower collective bargaining bonus compared to last year. On the other hand, selling expenses for the quarter remained completely stable year-over-year at PEN 22.4 million. However, for the first six months, selling expenses increased by 16.9% to PEN 52.7 million, as higher advertising and promotion initiatives related to marketing and loyalty programs for affiliate retailers were partially offset by decreased provision for doubtful payments.

Moving to overall profitability, our consolidated EBITDA reached PEN 174.8 million for the quarter, an outstanding 34.3% increase. For the first half of the year, cumulative EBITDA rose 33.1% to PEN 352.7 million. Consequently, our EBITDA margin expanded by 4.4 percentage points to 31.3% in the second quarter of 2026 and expanded by 4.7 percentage points to 31.6% for the six months of 2026. This remarkable profitability across both the quarter and the six-month period reflects our continued focus on operational excellence, discipline, expense management, and a highly profitable product mix. Breaking down our results by business segment, cement continues to be our primary driver. Cement revenues grew 19.5% to PEN 469.5 million in the second quarter of 2026, representing 86.3% of our quarterly shipments.

For the first six months, cement revenues reached PEN 935.9 million, a 17.7% increase year-over-year. In terms of margins, the gross margin for cement in the second quarter 2026 adjusted is slightly down by 1.5 percentage points to 45.2%, affected by a slight increase in coal prices and higher consumption of imported clinker during a scheduled kiln maintenance. For the six months of 2026, however, the gross margin remained incredibly stable and resilient at 46.7%. For the concrete, pavement, and mortar segment, quarterly revenues decreased slightly by 2.6% to PEN 66.8 million, while six months revenues decreased 9.3% to PEN 132.8 million. This decline across both areas is entirely due to a high comparative base last year, which included substantial volume from the Piura Airport project that concluded. Despite lower volumes, that segment profitability experienced a massive surge.

Gross margin expanded by a remarkable 17.9 percentage points in the second quarter of 2026 to reach 16%, and by 18.1 percentage points for the six months 2026 to reach 16.2%. This spectacular expansion reflects a regularization of profitability as the segment shifts away from low-margin infrastructure toward highly specialized, higher-margin concrete solutions, such as our work for the Yanacocha project. Our precast segment also delivered solid progress. Revenues rose 2.6% to PEN 7.9 million in the second quarter 2026, and 3.6% to PEN 14.5 million for the six months of 2026, fueled primarily by steady public sector infrastructure demand. Driven by higher volumes and an optimal dilution of fixed production cost per ton, precast gross margin jumped 6.2 percentage points to 10.1% in the quarter and expanded 6.8 percentage points to 9.7% for the cumulative six-month period.

Finally, our consolidated net income for the second quarter increased by 61.5% to PEN 77.2 million, bringing cumulative net income to PEN 159.2 million, a remarkable 58.4% increase year-over-year. This strong bottom-line growth stems directly from higher operating profit and reduced financial expenses. As we continue to constantly reduce leverage, our net debt to EBITDA ratio dropped further to 2.32. To summarize, both our quarterly and six-month performance reflect a highly successful execution of our commercial and operational strategies, allowing us to capture market upside while strictly defending our margins. Operator, can we now open the call for questions?

Thank you. We'll now move to the question and answer section. If you would like to ask a question, please press star two on your phone and wait to be prompted. If you are dialed in by the web, you can type your question in the box provided or request to ask a voice question. We'll just wait a moment or two for the questions to come in. Our first question comes from Francisco Suarez from Scotiabank. Your line is open. Please go ahead.

Thank you. Good morning. Thank you, Claudia, Ely, and Humberto. Congrats for such outstanding results. My question relates with the following. You have for years developed Cementos Pacasmayo basically from a single plant or isolated set of plants to a multi-plant ecosystem. You have also developed a lot of building solutions, precast model. I wonder, now that you are part of the ecosystem of Holcim, where do you see the opportunities to integrate further in building solutions or perhaps with other operations with Holcim? Can you give us an idea of what to expect ahead?

Thank you, Francisco. Always nice to hear from you. Definitely, we share something with Holcim, besides we share many things, is our vision in terms of building solutions. They are an outstanding building solution provider on a worldwide basis. We're trying to do the same here in Latin America. Of course, we're looking into things that they can help us with, in terms of collaboration, in terms of operations, of building solutions, efficiency of the plants and the kilns on a ready-mix operation. Yes, we're trying to topicalize the solutions they may have to make our solutions to our customers even better.

Got you. If I may, a follow-up question on that. Do you think that there is room for opportunity to provide those building solutions also in the city of Lima, now that, as you know, Holcim already bought a couple of assets over there, so perhaps you can actually create some sort of synergies over there? Or the synergies will be mostly obtained in the northern Peru?

I can only talk for Pacasmayo. We are an independent company. The synergies I'm talking are things I think we are learning, and we are going to be able to do a much better job in the region we supply, which is fundamentally a northern part of the jungle of Peru.

Fantastic. Thank you so much, and congrats again. Take care.

Thank you so much. Just a reminder, if you would like to ask a question, please press star two on your phone and wait to be prompted. If you are dialed in by the web, you can either type your question in the box provided or request to ask a voice question. We'll just wait a moment or two for the questions to come in. Our next question comes from Gerald Fort from AFP Integra. Concrete margins improved from -1.9% to 16%, largely driven by the Yanacocha project. Given that Yanacocha is expected to contribute only until around the third quarter, how should we think about the sustainability of these margins going forward?

The 1.9% negative margin was explained not by Yanacocha so much by the fact that we were finishing the airport project on Piura, which was very complicated for us. Yeah, looking forward, I think 16% is more of a going concern, a sustainable number we should be able to achieve in the coming months or years.

Thank you very much. Another text question from Gerald Fort. What projects in the current pipeline could replace that contribution? Could you provide an update on the outlook for riverbank protection projects and Chavimochic?

Thank you for the question. We are extremely excited with the new government coming in. We've seen clear signs of them really wanting to tackle not only infrastructure, but also, as you all are aware, El Niño phenomenon is expected to hit Peru around September. I think the new government is very interested in moving prevention decisions and in terms of riverbanks, in terms of lots of things. Yeah, I think in the coming probably 120 days, we should see a lot of movement in terms of these kind of building solutions.

Thank you so much. Our next question comes from Christian Choquecota from La Positiva Seguros. Thank you for the presentation. Could you please share your thoughts on the El Niño phenomenon? Could it boost demand for cement or concrete?

The answer is, my thoughts on El Niño, as Peruvian, as CEO of a very large company in north Peru, we're concerned, and we're trying to really plan ahead of things happening. We are fully prepared to face El Niño, not only as a company, but a very influential player in north Peru, so we can help our communities, our customers, our clients. As you see in the past, in El Niño, El Niño may cause a lot of struggle for some couple of weeks, probably, there's a lot of demand that should come in after that. It's going to depend also a lot in what does the new government and then the regional government in turn decide to do in terms of the structure.

As I understand, it is a priority for the new government, we are very optimistic about it.

Thank you so much. Just another reminder, if you would like to ask a question, please press star two on your phone and wait to be prompted. If you are dialed in by the web, you can either type your question in the box provided or request to ask a voice question. Our next question comes from Diego Corzo from Inteligo Group. I have two questions. First, what level of CapEx should we expect for this and next year? Second, what is your outlook for cement prices over the remainder of the year and into next year?

Thank you for the question. In terms of CapEx, it's around PEN 100 million per year. That's been our sustaining CapEx for the last two, three years since we finished kiln number four in Pacasmayo. That should be the number remaining on that. Second, we've had some price adjustments over the last month, we're going to keep monitoring the market to see if there's any opportunities for some price increases for the remaining part of the year.

Thank you so much. Just a final reminder, if you'd like to ask a question, please press star two on your phone and wait to be prompted, or you can request to ask a voice question via web. I'm not seeing any more questions, perhaps I can hand it back to Mr. Humberto Nadal for closing remarks.

In closing, our second quarter and first half results are a true testament for our strategic vision and the enduring strength of our northern Peruvian market. As we move forward alongside Holcim, we're uniquely positioned to merge our deep local roots with world-class capabilities. As we look ahead, we must also remember that true profitability is not measured solely on a financial balance sheet. It is measured on the real wellbeing we leave for our people and our country. Running a responsible business goes far beyond financial figures. It is about building solid foundations of trust and opening paths of opportunity for Peruvian families. The future of Peru does not depend on luck. It has never depended on luck. It is built every day through the decisions, hard work, and commitment of millions.

Peru is not just inherited, it is built together with the absolute conviction that when we put our country first, we're capable of achieving far more than we ever imagined. Thank you once again for your continued trust, and should you have any other questions, we are always here at your disposal. Have a very.

That concludes the call for today. Thank you and have a nice day.

Good day, ladies and gentlemen. Welcome to Pacasmayo first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. Please note that this call is being recorded. At the conclusion of our prepared remarks, we will conduct a question and answer session. I would now like to introduce your host for today's call, Mrs. Claudia Bustamante, Investor Relations Managing Director. Mrs. Bustamante, you may begin.

Thank you, Rafael. Good morning, everyone. Joining me on the call today is Mr. Humberto Nadal, our Chief Executive Officer, and Miss Ely Hayashi, our Chief Financial Officer. Mr. Nadal will begin our call with an overview of the quarter, focusing primarily on our strategic outlook for the short and medium term. Miss Hayashi will then follow with additional commentary on our financial results. We'll then turn the call over to your questions. Please note that this call will include certain forward-looking statements. These statements relate to expectations, beliefs, projections, trends, and other matters that are not historical facts and are therefore subject to risks and uncertainties that might affect future events or results. Descriptions of this risk are set forth in the company's regulatory filings. With that, I'd now like to turn the call over to Mr. Humberto Nadal.

Thank you, Claudia. Welcome everyone to today's conference call, and thank you for joining us today. As we discussed last quarter, our company has entered a transcendental new chapter in its almost 70-year history. On March 30, 2026, a significant milestone was finalized with the completion of the acquisition of Inversiones ASPI by Holcim Ltd, which now holds a 50.01% controlling interest in Cementos Pacasmayo. This change of control marks a powerful new stage in our evolution, opening global opportunities for our teams and promoting responsible, sustainable construction on a much wider scale. While we look forward to collaborating with a global leader like Holcim, I want to express my deepest and sincere gratitude to the Hochschild Group for the decades of vision and leadership that built the strong foundations upon which we stand today.

Our essence, values, and commitment to the development of Peru remain absolutely intact. I would like now to move on to an overview of our results for the first quarter of 2026. During this period, we achieved significant growth and demonstrated remarkable resilience. We saw strong momentum in sales volume with an 11.7% increase year-over-year, driven primarily by higher demand for cement and concrete. Our solid operational performance was further reflected in our profitability. Consolidated EBITDA reached PEN 177.9 million, an outstanding 32.1% increase compared to the first quarter of 2025. We achieved a significant expansion in our EBITDA margin, which reached 32%, up from 27% in first quarter of 2025. This was driven by disciplined cost control and gross margin expansion in our core businesses due to operational efficiencies.

Driven by our commitment to leading the industry responsibly, we reached historic achievements in sustainability this quarter. For the sixth consecutive year, we secured a position in the S&P Global Sustainability Yearbook 2026. Most notably, we have now entered the global top 10% of the construction materials industry, validating the continuous evolution of our ESG management. In terms of social impact, we recently formalized a strategic partnership with the Inter-American Cement Federation, FICEM, and Habitat for Humanity. This alliance integrates our local Sueños en Concreto program into the 100,000 Floors to Play On initiative, aiming to replace dirt floors with concrete to improve the health and quality of life for thousands of families in northern Peru. As we mentioned, we are very happy with the beginning of this year, and we hope this year will continue in a similar manner.

I will now turn the call over to Ely to go into a more detailed financial analysis.

Thank you, Humberto. Good morning, everyone. For the first quarter of 2026, our revenue growth was very encouraging. Total revenues reached PEN 555.7 million, representing an 11.3% increase compared to the first quarter of 2025. This growth was primarily driven by a robust 11.7% increase in total sales volumes across cement, concrete, and precast. Specifically, cement volumes show strong resilience, particularly in the bag cement segment, which continues to be our primary driver in the self-construction market in the north of Peru. Additionally, we saw a pickup in concrete sales as infrastructure projects in the region began to regain momentum. Gross profits for the quarter increased significantly, supported by higher volumes and improved operational efficiency. We are seeing the continued benefits of our optimized production at the Pacasmayo plant.

Turning now to OpEx. Administrative expenses for the first quarter decreased slightly by 0.7% compared to the first quarter of 2025, mainly due to lower personal expenses, primarily reflecting a lower collective bargaining bonus than in the first quarter of 2025. Selling expenses increased 33.5% in the first quarter of 2026 compared to the first quarter of 2025, mainly due to higher advertising and promotion expenses related to marketing and loyalty programs from affiliated retailers, as well as an increase in provision for doubtful payments.

Moving to profitability, our consolidated EBITDA reached PEN 179.9 million, a remarkable 32.1% increase compared to the first quarter of 2025. This was driven by the combination of higher revenues and moderate price adjustment in the cement segment, as well as a significant reduction in unit costs across our cement and concrete business lines. Along this same line, our EBITDA margin expanded to 32%, a 5 percentage-point improvement over the first quarter of 2025. This level of profitability reflects our focus on operational excellence and disciplined expense management. Moving on to the different segments, cement revenues grew 16% to PEN 466.4 million, representing 86.5% of our total sales of the quarter. This performance was primarily driven by higher sales volumes of bag cement for the self-construction segment.

The gross margins on cement expanded to 48.2%, up 1.5 percentage points from first quarter 2025. This improvement was driven by higher volumes, a slight improvement in average prices, and lower unit cost resulting from reduced downtime of our kilns. For the concrete, pavement, and mortar segment, revenues decreased 15.2% to PEN 66 million. This decline was mainly due to a higher comparative base in the first quarter of 2025, which included significant volume from the Piura Airport project. Despite lower volumes, the gross margin saw a remarkable expansion of 18.3 percentage points, reaching 16.1%. This increase in profitability was mainly driven by sales to the Yanacocha project, which required more specialized higher-margin concrete solutions compared to a lower-margin airport work.

Precast sales increased 4.8% to PEN 6.6 million this quarter when compared to the same period of last year. This growth was supported by increased demand from the public sector. Gross margins for precast reached 9.1%, a significant improvement of 7.5 percentage points over the previous year. This was primarily achieved through higher sales volumes, which allow for better dilution of fixed costs. Consolidated net income for the quarter was PEN 81.9 million, a remarkable 55.4% increase year-over-year. This growth is a direct result of higher operating profits and a decrease in financial expenses, and we continue to successfully reduce our leverage. Our net debt-to-EBITDA ratio stood at 2.6x.

To summarize, we continue to deliver solid financial results this quarter by capitalizing on favorable market conditions while diligently managing costs to achieve sustained profitability. Operator, can we now open the call for questions?

Thank you. Thank you very much for the presentation. We will now move to the question-and-answer section. If you would like to ask a question, please press star two on your phone and wait to be prompted. If you are dialed in by the web, you can type your question in the box provided or request to ask a voice question. We'll just wait a moment or two for the questions to come in. Once again, if you are connected via the phone and you would like to ask a voice question, please press star two on your phone keypad and wait for your name to be prompted. If you are connected via the web, you can also request to ask a voice question or send your question as a text.

Okay. Looks like there are no questions from the audience, so I'm gonna pass the line back to the team for their closing remarks.

In closing, our remarkable results this quarter reflect both the resilience of the northern Peruvian market and our team's exceptional execution. While our double-digit revenue growth highlights the strength of our region, it is our disciplined management that delivered such a 32% EBITDA margin, one of the highest we have achieved in recent years. This peak in profitability is matched by historic sustainability milestones, not only our entry into the top 10% of S&P Global Sustainability Yearbook, and our tangible social impact through the 100,000 Floors initiative. Ultimately, these results and our finalized partnership with Holcim serve as a powerful endorsement of our strategy and our unwavering belief in the long-term potential of Peru as we focus on driving the sustainability. The sustainable progress of our country. We have one question from Integra.

Yes. Maybe I will quickly read that question from [Gerard Ford].

Yes, please.

From Integra. Congratulations on the strong Q1 2026 results. Margins and profitability clearly exceeded expectations. I have two questions. Gross margins expanded materially and exceeded expectations. How much of the improvement in cement unit costs do you consider structural, operational efficiencies, energy bagging, versus more cyclical factors such as volume and mix? Selling expenses increased meaningfully this quarter, driven by marketing and higher credit provisions. How much of this increase should we view as recurring versus one-off or timing related?

Yes. Thank you. In terms of your question, I mean, these are not really cyclical factors. As you know, I mean, our cement sales in the past is very little of cyclical in the second semester of the year. Usually, the first quarter is the weakest one, but not by a long shot. I think in terms of selling expenses, we are. We keep investing in positioning our brand. We keep investing in securing our dealers and our distributors are very happy. I think, I mean, our plans now is to maintain the current margin in terms of EBITDA profitability. To add in terms of the marketing, I mean, to be just absolutely precise. I mean, in the second semester, they may be a little more in defense of how we are doing the provisions.

Thank you. We also got a voice question from Gabriel from Scotiabank. Gabriel, please go ahead. Your line is now open.

Hi. Thank you. Congrats on the results. Just a quick follow-up question. Now that Holcim has completed the acquisition and the controlling stake, can you elaborate on any changes that we should expect on capital allocation, strategic priorities, perhaps dividends? Thank you.

Thank you for your question. I mean, I think, so far, we'll have to wait to see what they decide as new shareholders. For the time being, we keep the course steady.

Okay. Thank you very much.

Okay. Thank you. Thank you very much. Maybe just a quick final reminder is for the rest of the participants, if you would like to ask a voice question, and you are connected via the phone, please press star two on your phone keypad and wait for your name to be prompted. If you are connected via the web, you can also request to ask a voice question or send your question as a text. Okay. We are seeing no further questions. Maybe I will pass the line back to the management team in order to finalize the call.

Like I said before, I mean, we've had a very exciting beginning of the quarter. I think, I mean, it's all a reflection of an incredible team always pushing forward. It's also an enormous reflection on the potential and the durability and the resilience of a country and specifically of a region that has shown always good attitude forward. We are very convinced of the future, and the best is still to come. Thank you, everybody, for joining us today. Should you have any further questions, you know where to find us. Thank you.

Thank you. This concludes our call for the day. We are now closing all the lines. Goodbye.

Good day, ladies and gentlemen. Welcome to Pacasmayo's Fourth Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note that this call is being recorded. I would now like to introduce you to your host for today's call, Ms. Claudia Bustamante, Investor Relations Managing Director. Mr. Bustamante, you may begin.

Thank you, Louis. Good morning, everyone. Joining me on the call today is Mr. Humberto Nadal, our Chief Executive Officer; and Ms. Ely Hayashi, our Chief Financial Officer. Mr. Nadal will begin our call with an overview of the quarter focusing primarily on our strategic outlook for the short and medium term. Ms. Hayashi will then follow with additional commentary on our financial results. We'll then turn the call over to your questions. Please note that this call will include certain forward-looking statements. These statements relate to expectations, beliefs, projections, trends and other matters that are not historical facts and are therefore subject to risks and uncertainties that might affect future events or results. Descriptions of these risks are set forth in the company's regulatory filings. With that, I'd now like to turn the call over to Mr. Humberto Nadal.

Thank you, Claudia. Welcome, everyone, to today's conference, and thank you for joining us today. As I'm sure most, if not all of you, already know by now, on December 16, a significant milestone was achieved with the announcement of an agreement for Holcim to acquire Inversiones Aspi which owns 50.01% controlling stake in Cementos Pacasmayo. The agreed upon valuation of PEN 5.1 billion represents a strong multiple of 9x record EBITDA calculated based on the last 12 months ending July 2025. This transaction is pending regulatory approvals and is expected to close in the upcoming months. However, much more relevant than this final evaluation is the fact that Holcim's decision serves as a powerful endorsement of Pacasmayo's long-term strategy, its operational excellence and the consistent hard work delivered by generations of employees over nearly 7 decades. This milestone underscores the strength of our team, our commitment to our values and our dedication to building a profitable, ethical world-class company with a clear sales of purpose. We are immensely proud of a global leader like Holcim, which we have admired so long has placed it's trust in Pacasmayo and in Peru. Looking forward we'll collaborate to promote sustainable development, create new opportunities and contribute to the growth of both the country and the wider region. That being said, I would like now to move on to a quick overview of our results for the quarter and for the full year 2025. We continue to see very strong momentum in sales volumes with an 8.2% decrease this quarter compared to the same period of last year and a very solid 7.2% increase from full year 2025 relative to 2024. This growth was driven mainly by stronger demand for infrastructure projects and a very consistent performance in the always reliable self-construction segment. Our excellent financial performance this quarter was driven by disciplined execution and a relentless focus on cost efficiencies. Excluding the one-off expenses related to the share purchase agreement signed with Holcim, EBITDA reached $158.7 million, an 11.4% increase compared to the same period last year. This growth confirms the success of our efforts to permanently enhance profitability across our market. This strong quarter capped off a record-breaking year once again, as we have done in 2024. We achieved an all-time high EBITDA of PEN 594.2 million for the full year, marking a 6.4% year-over-year increase when excluding one-off expenses. Given our commitment to operational excellence and climate action, we are continuously making progress in decarbonizing operations. We are proud to have announced that we have achieved 3 star recognition from Peru's Minister of Environment, MINAM through the Peru carbon footprint [indiscernible]. This recognition is awarded for demonstrating consecutive years of reduced greenhouse gas emissions, and it followed a collaborative effort with MINAM, including the submission of verified data for 2022-2024 period. Specifically, our Rioja plant recently earned its [indiscernible] start for 2024 emission reductions, building upon the recognition previously secured by both our Pacasmayo and Piura plants for our 2023 performance. In [ the same spirit ], we are very pleased to highlight our continued leadership in the Merco ESG responsibility ranking. For a tenth consecutive year, we are recognized as an industry leader in this evaluation, which assesses the three dimensions of sustainability: environment, society and customers, and ethics and corporate governance. Furthermore, we maintained a top-tier position in the general ranking of the most responsible companies in Peru, placing ninth overall this year, which is a tremendous achievement for a regional company like ours. This recognition strongly reinforced our commitment on sustainability strategy, which remains central to our core business operations. We are confident that these positive results are only the beginning that the momentum we've built will continue to strengthen in the future. At the same time, the confidence placed in us by such a prestigious global cement player reinforces our focus on operational excellence, profitability, disciplined execution and always people at the center of every strategy. We're confident that the momentum we have built is there and we remain motivated to keep improving our performance while continuing to serve our clients, support our communities and most of all, always continue the development of our country. I will now turn the call over to Ely, our CFO, to go into a more detailed financial analysis. Ely?

Thank you, Humberto, and good morning, everyone. For the first quarter of 2025, revenues increased by 6.2% year-over-year, reaching PEN 559.5 million. This growth was primarily driven by higher sales of [indiscernible] cement along with increased sales of concrete and [ pigment ] for infrastructure [ prior ]. We delivered strong profitability this quarter with gross profit increased 11.4% year-over-year. This improvement was mainly due to a lower cost of raw material, greater consumption of our own clinker and operational efficiencies due resulting from our maintenance and production plans. Consolidated EBITDA excluding transactional expenses also rose by 11.4 percentage to PEN 158.7 million. Looking at the full year 2025, revenues grew by 7 percentage compared to 2024. Gross profit increased by 10.8% driven by the same factors as the quarter, lower raw material costs, higher use of our own clinker and operational efficiencies from our production plan. Full year EBITDA after excluding the one-off transactional expenses, increased by 6.4 percentage over 2024. Turning now to operating expenses. Administrative expenses for the first quarter 2025 increased by 5.7 percentage and by 50% for the full year -- corresponding period in 2024. This was mainly contributable to higher personnel expenses resulting from collective [indiscernible] negotiation from our labor union. Selling expenses decreased by 8.3% in the fourth quarter compared to the previous year, primarily due to lower depreciation and reduced advertising and promotion expense. However, for the full year 2025, selling expenses increased by 40% driven by higher advertising and promotion expenses during the first 9 months of the year as well as the union models mentioned before. In the first quarter of 2025, cement sales saw a notable increase of 30.6 percentage. This growth was primarily fueled by robust demand for fast cement within the third construction sector. Likewise, for the full year 2025, cement sales increased 8.7% when compared to 2024. This elevated in demand is linked to the continued strength of the agro, industrial and fishing sector which are key income drivers in the North. Regarding profitability, the gross margin increased by 0.4 percentage points in the fourth quarter of 2025 compared to the fourth quarter of 2024. Over the full year, gross margin increased by 1.9 percentage points versus 2024. These margin improvements are mainly attributable to a reduction in raw material costs and lower consumption of imported clinkers. During this quarter, concrete, pavement and mortar sales decreased by 25.1% year-over-year. This decline was mainly due to lower sales volume as the Motupe riverbank defense project was put on standby. We note, however, that this project has been prioritized to restart in the near future. Conversely, for the full year 2025, sales increased by 6.3%, mainly due to higher volume of mortar and concrete for infrastructure projects. Gross margin decreased by 7.8 percentage points in the fourth quarter of 2025 and 3.2 percentage points for the full year. This contraction was primarily due to the execution of the Piura airport project and lower [ fixed ] cost dilution reported from the hold of the Motupe project. During 2025, sales of concrete, pavement and mortar increased 6.3%, mainly due to higher sales volumes of mortar and concrete for infrastructure projects. Gross margin decreased 7.8 percentage points in the fourth quarter of '25 compared to [indiscernible] in 2024 and 3.3 percentage points in compared to 2024. This decrease was mainly due to the execution of the Piura airport project as well as lower dilution of the stock from the [ hault ] of the Motupe project as mentioned before. Regarding precast materials, sales decreased by 16% in the fourth quarter compared to the fourth quarter of 2024, mainly due to lower sales volume and a high comparative base in the fourth quarter '24 from a road improvement project. However, full year 2025 sales increased by 3% driven by higher demand for the public sector. Gross margin improved by 5.4 percentage points in the fourth quarter of 2025 and 1 percentage points in 2025, lately due to relative pricing and higher dilution of fixed costs. Consolidated net income for the quarter was negative due to the transactional expenses mentioned before. Excluding this one-off expenses, [ net income ] would have been PEN 59.8 million, making a 19.6% increase over the same period last year. Similarly, for full year 2025 net income, including the expenses would have been PEN 231.8 million, an increase of 16.5% compared to 2024. Our net debt to EBITDA ratio grew at 2.8x. We continue to lower our debt to amortization payments, although it was partially offset by a lower EBITDA figure. To summarize, we continue to deliver solid financial results this quarter by capitalizing on favorable market positions while significantly managing cost to achieve sustained profitability. Operator, can we now open the call for questions?

[Operator Instructions] So our first question is from Johan Clavijo from Sagil Capital. Thank you for the call. Could you please provide more details about the transaction with Holcim? Which steps are planning to close the transaction? Is there any risk we should be aware of? And how do you feel about the regulatory approvals for the deal?

Thank you. Like I explained in the transaction, [indiscernible] Holcim has acquired Inversiones Aspi who controls 50.01% of the common shares of Pacasmayo. We are waiting for [ in the copy ] approval. The process is running smooth, and we expect it to be approved in the coming months. That's why we can't comment at this point, but we don't see anything coming up.

Thank you. Our next question is from Mariane Tadeo from CreditCorp. Thanks for the presentation. Please, could you explain why your acquisition-related expenses are assumed by Pacasmayo and why are they so high?

Yes. We -- I mean, -- most of the agreed transaction expenses are related to change of control issues that were -- I mean, contracts that were in the company for a very long time. Part of these transaction expenses will be all seen by Holcim [indiscernible] all of it was approved by our Board, and we consider that, I mean, given the price achieved by the -- for the sales of the company. This was very reasonable and had to do with contractual obligations [indiscernible]. And like I said, part of these expenses will be assumed by -- will be the next [indiscernible] price.

Our next question is from Gerald Fort from AFP Integra. Could you help us understand why Pacasmayo had to recognize the PEN 77 billion to PEN 80 million in expenses related to the Holcim transaction, considering that Holcim is acquiring Aspi's majority stake not the company itself. And the deal is still pending approval depending on the [indiscernible] approval. What about the obligations required Pacasmayo to incur these costs?

Like I said, this was discussed in the Board [indiscernible] decided to be done like this. We don't foresee any impediments by the authority. I mean we're very respectful of all the legal framework and we think this will be approved. And this was a decision that I can say, this has to do with contracts that are already in place for many, many years that had to do with the change of control. And if I may add, and we have -- please realize, I mean, as we are all aware, after this transaction of buying [indiscernible] Holcim is required by law to launch an [indiscernible] for part of the remaining shares. So we consider -- the board considers that this transaction that will benefit all shareholders, and only the controlling shareholder. And the price has to be at least the price that was paid by -- for the controlling shares.

We have a question from Gabriel Ramos from Kallpa. Given the pause of the Motupe River Bank protection project and its impact on volumes and margins in the fourth quarter of 2025. Should we expect similar project-related disruptions or margin pressures in the coming quarters? Additionally, how could this affect concrete pavements and mortar performance and overall margins looking into 2026?

I think margins -- I mean every concrete project has in particular reality margins. Looking forward, we think EBITDA margins should remain at the levels we have achieved on the -- over the last year, maybe a little bit higher. We have some energy-saving projects coming in the second semester of this year as we enhance margin. So have very positive outlook in what's going to happen in the coming -- in this year with the margins. And also, we have to -- we hope that the [indiscernible] traditionally start spending slow at the beginning of the year. We have election coming up in two months, I mean, this should probably pick up after the second, third quarter of this year.

We have a follow-up from Gerard Fort from AFP Integra. Could you provide any guidance on revenue growth and EBITDA margins expected for 2026?

Well, we can't say. I mean, we achieved a record EBITDA year on 2025, and we persist that this year should be stronger than the last one in terms of volumes. We also think price will remain in a very competitive space as they have been giving us very good margin. So the results coming -- going forward, we're optimistic about the volume growth for the year, and we are also very optimistic that the EBITDA margins will remain stable by pointing towards an increase due to some efficiencies like I mentioned, [ energy ] among them in the second semester of this year.

Thank you very much. We would like to thank everyone for the questions and the participation. I'll now hand it to Humberto for the closing remarks.

We are indeed deeply proud that global leaders such as Holcim has placed its trust in Pacasmayo and more importantly, in Peru. This investment is a very strong validation of what we have long believed and consistently communicated that Peru's long-term growth potential remains solid and that the country offers meaningful opportunities for sustainable development and value creation. I think as CEO, this consequence of the effort displayed by thousands of employees over the years, and we are all extremely proud of this transaction. And I'm sure this will bring only good news for all stakeholders, the shareholders, the employees, our communities and the country. Thank you, everybody, for today and always thank you for your renewed interest in our company. Have a very nice day.

We'll now be closing out the lines. Thank you, and have a nice day.