Financial Data and Key Metrics Changes - The company reported a 10.9% increase in revenues for Q3 2025 compared to Q3 2024, reaching S/574.1 million, driven by higher sales of concrete and pavement for infrastructure projects [9] - Gross profit increased by 14.4% year-over-year, attributed to a decrease in raw material costs and higher revenues [9] - Net income for the quarter rose 14.4% to PEN 71.5 million, with a cumulative growth of 15.6% for the first nine months of the year [4][13] - Consolidated EBITDA was S/160.6 million, a 3.9% increase compared to the same period in 2024 [9] Business Line Data and Key Metrics Changes - Cement sales increased by 10.4% in Q3 2025 compared to Q3 2024, driven by increased demand [11] - Sales of concrete pavement and mortar surged by 26.3% in Q3 2025, primarily due to infrastructure projects [12] - Precast materials sales rose by 23% in Q3 2025, with a strong increase in sales of pavers [13] Market Data and Key Metrics Changes - The northern region of Peru is experiencing growth above the national average, with strong activity in self-construction and infrastructure projects [17] - The company anticipates that the upcoming elections will not significantly impact volumes, as historical trends show resilience in the market during electoral periods [18][25] Company Strategy and Development Direction - The company is focusing on innovative building solutions, including prefabrication and BIM methodology, to enhance efficiency and sustainability [5] - Collaboration with Newmont and Bechtel Corporation on a water treatment plant project highlights the company's commitment to environmental sustainability [6] - The company aims to maintain a client-centric approach while adapting products and services to meet current and future demands [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued positive results and momentum, emphasizing the importance of doing what is right for clients and communities [7] - The company expects strong volume performance to persist, with optimism for growth in 2026 despite potential electoral impacts [28] Other Important Information - Administrative expenses increased by 20.2% in Q3 2025, primarily due to higher personnel costs related to union bonuses [10] - The net debt-to-EBITDA ratio was reported at 2.5 times, reflecting improved EBITDA and debt amortization [14] Q&A Session Summary Question: Expectations for volume performance ahead of federal elections - Management noted that the northern region is growing above the national average and does not foresee significant impacts from the upcoming elections on volumes [17][18] Question: Capital allocation and CapEx performance for 2026 - Sustaining CapEx has remained around S/100 million, and the company plans to maintain this level [21] Question: Dividend expectations for 2026 - The board decided to keep the dividend at S/190 million, aligning with previous years despite expected net profit growth [21][22] Question: Adjustments to commercial and operational strategy during electoral cycles - Management disagreed with the notion that electoral cycles lead to pauses in investment, emphasizing the need for continuous operation and investment [24][25] Question: Explanation for the increase in financial income - The increase in financial income to $8.7 million was attributed to the resolution of mining royalties, resulting in extraordinary income [28]