Financial Data and Key Metrics Changes - Total revenue for Q3 2026 was $16.6 million, a decrease of approximately 3% compared to $17 million in the prior year period [11] - Core study revenue reached a record $16.6 million, representing growth of approximately 32% from $12.6 million in the year-ago period [11] - Adjusted EBITDA for the quarter was $575 thousand, marking the third consecutive quarter of positive adjusted EBITDA [13] - GAAP loss from operations for the quarter was approximately $275 thousand [13] - Gross margin for the quarter was 47%, down from 61% in the prior year period [13] Business Line Data and Key Metrics Changes - The core translational oncology services platform demonstrated strong performance, with record services revenue driven by effective study execution and conversion of previously booked work [4] - Data revenue was not recognized in Q3 2026, compared to $4.5 million in the prior year period, contributing to the overall year-over-year revenue decline [12] - Operating expenses increased to $7.2 million from $5.3 million in the prior year, reflecting investments in strategic priorities [14] Market Data and Key Metrics Changes - The company noted that quarterly revenue can fluctuate due to the timing of study progression and completion, with strong conversion of previously booked work benefiting revenue in the current period [5] - The underlying demand for services remains healthy, with a focus on expanding the pipeline of future work through increased commercial engagement [5] Company Strategy and Development Direction - The company is focused on balancing growth and investment while maintaining positive adjusted EBITDA, with expectations for more meaningful acceleration in fiscal 2027 and 2028 [6][10] - The data business is beginning to show early momentum, with new deals closed during the quarter and additional revenue expected in Q4 [4][7] - Corellia, the target discovery subsidiary, is generating attractive data and is in discussions for potential external funding, which could redirect investments towards other growth initiatives [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year revenue growth and positive adjusted EBITDA while continuing to invest in the data business and Corellia [3][6] - The company is optimistic about the long-term potential of its data platform and therapeutic subsidiary, aiming to maximize shareholder value across all growth vectors [9] Other Important Information - The company ended the quarter with $7.1 million in cash and no debt, maintaining a cash balance within projected ranges [16] - The next earnings call is scheduled for July, where further updates on progress will be provided [18] Q&A Session Summary - There were no questions from participants during the Q&A session [17]

Financial Performance - In Q4 2025, gross profits more than doubled quarter-over-quarter, rising to $17.4 million from $7.8 million in Q3 2025 [12] - For the full year, gross profit increased to $47.6 million, up from $30.9 million in 2024 [12] - Q4 2025 net income was $38.1 million or $0.70 per share, compared to a net loss of $8.2 million or $0.16 per share in Q4 2024 [12] - Full year net income was $34.4 million, a turnaround from a net loss of $43.7 million in 2024 [13] - The company ended the year with a strong cash position of $51 million compared to $14 million at the end of 2024 [14] Business Lines Performance - The San José Mine reported $33.5 million in Q4 2025 for the company's 49% interest, contributing significantly to the overall performance [13] - The company is focusing on projects like Gray Fox and Gold Bar, which are expected to generate cash flow and support growth [8][9] Market and Industry Trends - The company is optimistic about the copper market, with prices around $5.80 per pound, and forecasts from major banks suggest prices will remain elevated [31] - There is a structural deficit forecasted for copper supply, driven by increased demand from AI data centers, electrification of transport, and renewable energy investments [32] Company Strategy and Development Direction - The company aims to double its precious metal production by 2030 through exploration and acquisitions [3] - McEwen Copper's Los Azules project is positioned as a low-impact, environmentally sensitive operation, with plans for a public listing later in 2026 [4][30] - The company is actively pursuing M&A opportunities, focusing on properties adjacent to existing operations to extend mine life and production [48][96] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to finance growth without excessive dilution of shareholder value, primarily through internal cash flow [6][9] - The management highlighted the importance of maintaining a strong balance sheet and operational discipline to support future growth [14] Other Important Information - The company is working on a pre-feasibility study for the Gray Fox project, expected to be released in June 2026 [18] - The Los Azules project has secured regulatory stability through RIGI approval, which is expected to attract significant investment [23][24] Q&A Session Summary Question: Will Stock contribute to 2026 guidance? - Management confirmed that production from Stock is expected in the second half of 2026, but it is not included in the current guidance [46][47] Question: What is the strategy for M&A? - The company is focusing on acquiring properties near existing operations to enhance production without spreading resources too thin [48][96] Question: Update on McEwen's stake in Paragon? - The company holds approximately 28% in Paragon, which is gaining acceptance in the industry for its photon assay technology [102][103]

Financial Data and Key Metrics Changes - In Q4 2025, gross profits more than doubled quarter-over-quarter, rising to $17.4 million from $7.8 million in Q3 2025 [11] - For the full year, gross profit increased to $47.6 million, up from $30.9 million in 2024 [11] - Q4 2025 net income was $38.1 million or $0.70 per share, compared to a net loss of $8.2 million or $0.16 per share in Q4 2024 [11] - Full year net income was $34.4 million, a turnaround from a net loss of $43.7 million in 2024 [12] - The company ended the year with a strong cash position of $51 million compared to $14 million at the end of 2024 [13] Business Line Data and Key Metrics Changes - The San José Mine contributed $33.5 million in Q4 2025 for the company's 49% interest [12] - The company is focusing on expanding existing operations and several acquisitions to double precious metal production by 2030 [2][3] Market Data and Key Metrics Changes - The company realized over $4,400 per ounce of gold in Q4 2025, benefiting from higher gold prices [12] - Copper prices are currently around $5.80 per pound, with forecasts indicating continued strength in the market [28] Company Strategy and Development Direction - The company aims to take McEwen Copper public later in 2026, leveraging the strong economics of the Los Azules copper project [3][26] - The focus is on environmentally sensitive mining practices, with plans for the Los Azules project to utilize 100% renewable energy and have no tailings [3][25] - The company is actively pursuing M&A opportunities, particularly in junior mining companies that can complement existing operations [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a favorable environment for copper and precious metals driven by electrification and AI infrastructure [28][30] - The company is preparing for a multi-year super cycle in copper, with structural deficits expected in supply [29][30] Other Important Information - The company received a dividend of $8.8 million from the San José Mine in February 2026 [13] - The feasibility study for the Los Azules project indicates a strong after-tax NPV of $2.9 billion at a base case copper price of $4.35 per pound [22] Q&A Session Summary Question: Information on the IPO for McEwen Copper - The company is looking to complete several tasks before proceeding with the IPO later this year [33] Question: Current attributable silver production - The company currently produces approximately 3.6 million ounces of silver from the San José mine, with plans for future production from El Gallo phase two [34] Question: Production guidance for Stock Mine - Production from Stock is expected to ramp up in the second half of the year, with pre-commercial production analysis to be reported [42][51] Question: M&A strategy and opportunities - The company is focused on acquiring properties adjacent to existing operations to extend mine life and increase production [44][92] Question: Update on McEwen's stake in Paragon - The company holds about 28% in Paragon, which is gaining acceptance in the industry for its photon assay technology [96][98]

Financial Data and Key Metrics Changes - For Q4 2025, revenue plus tax credits totaled $53.7 million, up from $47 million in Q4 2024, with gross profit improving to $7.7 million from a gross loss of $2 million [2][3] - The net loss for Q4 2025 improved to $5.3 million compared to $16.2 million in the previous year [3] - For the full year 2025, revenue plus tax credits totaled $208 million, down from $268 million in 2024, while the net loss improved to $77 million from $87.5 million [3] Business Line Data and Key Metrics Changes - The dairy renewable natural gas (RNG) platform achieved positive segment net income and EBITDA, with production increasing by 61% year-over-year in Q4 2025, generating net income of $12.2 million [4] - The Keyes ethanol plant generated $158 million in revenue during 2025, with an annual production capacity of approximately 65 million gallons [6] - The biodiesel facility in India generated $29.7 million in revenue during 2025, with significant capacity to meet government biodiesel blending goals [7] Market Data and Key Metrics Changes - The price of low carbon fuel standard (LCFS) credits increased by 60% over the past nine months, contributing to revenue and cash flow growth [5] - The dairy RNG business produced approximately 405,000 MMBtus of renewable natural gas and expanded to 12 operating digesters [5] Company Strategy and Development Direction - The company aims to scale production and monetize environmental credit values associated with its renewable fuels platform, with a focus on completing the India IPO and long-term refinancing of existing debt [8] - Key policy developments include the finalization of the 45Z emissions rate calculation and further strengthening of LCFS markets, which are expected to support long-term growth in low carbon fuels [8] Management's Comments on Operating Environment and Future Outlook - Management expects strong annual growth in cash flow and profitability from the biogas segment over the next four years as 45Z is implemented [4] - The company anticipates RNG production growth in 2026 as additional dairy digesters come online [6] - Management expressed confidence in exceeding 2025 cash flow performance, driven by rising LCFS credit prices and the monetization of the 45Z production tax credit [24][25] Other Important Information - The company is expanding its India business into biogas production and sustainable aviation fuel, with plans for an IPO of the India subsidiary [7][30] - The company is positioned to benefit from the removal of the indirect land use change penalty, which is expected to enhance cash flow from ethanol production [13][40] Q&A Session Summary Question: Expectations for capital investment for 2026 between RNG and ethanol business - Management indicated total investment for the MVR system will be roughly $40 million, with additional investments for digesters totaling about $70 million [10] Question: EBITDA generation for ethanol asset in 2026 - Management described ethanol as a story of two worlds, with significant cash flow expected post-MVR implementation [12][14] Question: Contribution post-MVR and monetization timeline - Management expects contributions to begin in Q3 2026, with monetization occurring without long delays [20][21] Question: India operations and market stability - Management noted that the biodiesel market in India is expected to grow significantly, similar to the ethanol market's past growth [28] Question: Expansion plans for the Keyes plant - Management indicated that while expansion is a future goal, the current focus is on optimizing existing operations [36] Question: Implementation of tailwinds from the Inflation Reduction Bill Act - Management discussed the ongoing implementation phase and the expected release of the GREET model for accurate revenue calculations [40][42] Question: Expansion opportunities in India and potential for a second plant - Management confirmed plans for multiple plants in India, focusing on biogas and sustainable aviation fuel [45]

Financial Data and Key Metrics Changes - For Q4 2025, revenue plus tax credits totaled $53.7 million, up from $47 million in Q4 2024, with gross profit improving to $7.7 million compared to a gross loss of $2 million in the prior year [2][3] - The net loss for Q4 2025 improved to $5.3 million from $16.2 million last year [3] - For the full year 2025, revenue plus tax credits totaled $208 million, down from $268 million in 2024, while the net loss improved to $77 million from $87.5 million in the prior year [3] Business Line Data and Key Metrics Changes - The dairy renewable natural gas (RNG) platform achieved positive segment net income and EBITDA, with production increasing by 61% year-over-year in Q4 2025, generating net income of $12.2 million [4] - The Keyes ethanol plant generated $158 million in revenue during 2025, with an annual production capacity of approximately 65 million gallons [6] - The biodiesel facility in India generated $29.7 million in revenue during 2025, with significant capacity to meet government biodiesel blending goals [7] Market Data and Key Metrics Changes - The price of low carbon fuel standard (LCFS) credits increased by 60% over the past nine months, contributing to revenue and cash flow growth [5] - The dairy RNG business produced approximately 405,000 MMBtus of renewable natural gas and expanded to 12 operating digesters [5] Company Strategy and Development Direction - The company aims to scale production and monetize environmental credit values associated with its renewable fuels platform, with a focus on completing the India IPO and long-term refinancing of existing debt [8] - Key policy developments include the finalization of the 45Z emissions rate calculation and further strengthening of LCFS markets, which are expected to support long-term growth in low carbon fuels [8] Management's Comments on Operating Environment and Future Outlook - Management expects strong annual growth in cash flow and profitability from the biogas segment over the next four years as 45Z is implemented [4] - The company anticipates RNG production to grow in 2026 as additional dairy digesters come online [6] - Management expressed confidence in exceeding 2025 cash flow levels, driven by rising LCFS credit prices and the monetization of the 45Z production tax credit [24] Other Important Information - The mechanical vapor recompression (MVR) upgrade at the Keyes ethanol plant is expected to increase cash flow by approximately $32 million per year when completed in 2026 [4][6] - The company is expanding its India business into biogas production and sustainable aviation fuel [7][30] Q&A Session Summary Question: Expectations for capital investment for 2026 between RNG and ethanol business - Management indicated total investment for the MVR system will be roughly $40 million, with additional investments for digesters totaling about $70 million [10] Question: EBITDA generation for the ethanol asset in 2026 - Management described ethanol as a story of two worlds, with significant cash flow expected post-MVR implementation [12][14] Question: Contribution post-MVR and monetization timeline - Management expects contributions to begin in Q3 2026, with full impact in Q4 [20] Question: Start-stop situation in India operations - Management noted that the biodiesel market in India is expected to grow significantly, similar to the ethanol market [28] Question: Expansion opportunities in India and potential for a second plant - Management confirmed plans for multiple plants near feedstock sources and diversification into biogas and sustainable aviation fuel [45]

Financial Data and Key Metrics Changes - For Q4 2025, revenue plus tax credits totaled $53.7 million, up from $47 million in Q4 2024, with gross profit improving to $7.7 million from a gross loss of $2 million year-over-year [2][3] - The operating loss improved to $2.5 million compared to $13.5 million in Q4 2024, while the net loss improved to $5.3 million from $16.2 million last year [3] - For the full year 2025, revenue plus tax credits totaled $208 million, down from $268 million in 2024, with operating loss improving to $37.2 million and net loss improving to $77 million from $87.5 million in the prior year [3] Business Line Data and Key Metrics Changes - The dairy renewable natural gas (RNG) platform achieved positive segment net income and EBITDA, with production increasing by 61% year-over-year in Q4 2025, generating net income of $12.2 million [4] - The Keyes ethanol plant generated $158 million in revenue during 2025, with a production capacity of approximately 65 million gallons annually [6] - The biodiesel facility in India generated $29.7 million in revenue during 2025, with significant capacity to meet government biodiesel blending goals [7] Market Data and Key Metrics Changes - The price of low carbon fuel standard (LCFS) credits increased by 60% over the past nine months, contributing to revenue and cash flow growth [5] - The dairy RNG business produced approximately 405,000 MMBtus of renewable natural gas and expanded to 12 operating digesters [5] Company Strategy and Development Direction - The company plans to scale production and monetize environmental credit values associated with its renewable fuels platform, with a focus on completing the India IPO and long-term refinancing of existing debt [9] - Key policy developments include the finalization of the 45Z emissions rate calculation and further strengthening of LCFS markets, which are expected to support long-term growth in low carbon fuels [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strong annual growth in cash flow and profitability from the biogas segment over the next four years [4] - The company is positioned to benefit from the removal of indirect land use change penalties and expects significant cash flow generation from the 45Z production tax credit and LCFS credits [14][25] Other Important Information - The company is expanding its India business into biogas production and sustainable aviation fuel, with plans for an IPO of the India subsidiary this year [8][29] - The mechanical vapor recompression upgrade at the Keyes ethanol plant is expected to increase cash flow by approximately $32 million per year upon completion in 2026 [4][6] Q&A Session Summary Question: Expectations for capital investment in 2026 for RNG and ethanol business - Management indicated total investment for the MVR system will be roughly $40 million, with additional investments for digesters totaling about $70 million [11] Question: EBITDA generation for the ethanol asset in 2026 - Management expects significant cash flow generation post-MVR, with potential increases in LCFS credit prices contributing to revenue [14][15] Question: Contribution from MVR investment timeline - Contribution is expected to begin in Q3 2026, with full impact anticipated in Q4 2026 [20] Question: Start-stop situation in India operations - Management noted that the biodiesel market in India is expected to grow significantly, similar to the ethanol market, as the country focuses on domestic renewable fuels [28] Question: Expansion opportunities in India and internationally - The company plans to locate multiple plants near feedstock sources in India and is considering investments outside India as part of the IPO [45][46]

Financial Data and Key Metrics Changes - Q4 revenue increased by 32% year-over-year to CAD 14.5 million, with total revenue for the year at CAD 68.6 million [4][16] - Adjusted EBITDA for the year was CAD 7.1 million, reflecting a 7% increase year-over-year [18] - The company ended the year with CAD 41 million in cash and investments, more than doubling its cash position [19] Business Line Data and Key Metrics Changes - The wealth segment's AUM grew by 70% year-over-year, contributing CAD 24.4 million in revenue, up 27% year-over-year [4] - Subscription and services now account for 62% of total revenue, indicating a shift towards recurring revenue [4][18] - Payments infrastructure processed CAD 12 billion in volume, up 4% year-over-year, with adjusted payments revenue increasing by 23% for the year [15][18] Market Data and Key Metrics Changes - The wealth platform's assets under management increased to CAD 498 million, up from CAD 428 million in 2024 [17] - The payment infrastructure, Carta, had a transaction volume of CAD 11 billion, with a 14% year-over-year increase when excluding the exit of Canada [17] Company Strategy and Development Direction - The company is focused on building a trusted system for long-term compounding through its Intelligent Investing platform, emphasizing disciplined capital allocation [5][10] - The rollout of Intelligent Investing Phase Two is expected in the first half of 2026, which will unify the managed and self-directed investing experiences [21][38] - Capital allocation priorities are wealth development first, followed by payments, and then share repurchases [39] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining discipline in capital allocation as financial markets become increasingly automated and AI-assisted [17] - The company expects adjusted EBITDA for fiscal year 2026 to be in the range of CAD 7 million to CAD 8 million, with stable consolidated revenue anticipated [21] - Management remains cautious regarding the lending portfolio, focusing on cash flow rather than growth [29] Other Important Information - The company has exited two unprofitable businesses, impacting revenue but allowing for a focus on more profitable segments [16] - The balance sheet has been strengthened through portfolio monetizations and capital discipline [19] Q&A Session Summary Question: Insights on the lending platform and its future importance - Management clarified that the guidance does not indicate a significant pullback in lending but rather a focus on managing the loan book for cash flow [28] - Long-term, lending remains an important cash flow-generating component, though its revenue contribution may decrease [32] Question: Details on Phase Two rollout of Intelligent Investing - Phase Two will unify the managed and self-directed investing experiences under one platform, with the transition expected to occur within 30-60 days [38] Question: Capital allocation priorities and potential M&A - The order of capital allocation priorities is wealth, payments, and then share repurchases, with openness to M&A opportunities that enhance the platform [39][41]

Financial Data and Key Metrics Changes - Q4 revenue increased by 32% year-over-year to CAD 14.5 million, with total revenue for the year at CAD 68.6 million [4][16] - Adjusted EBITDA for the year was CAD 7.1 million, reflecting a 7% year-over-year increase [18] - The company ended the year with CAD 41 million in cash and investments, more than doubling its cash position [19] Business Line Data and Key Metrics Changes - The wealth segment's AUM grew by 70% year-over-year, contributing CAD 24.4 million in revenue, up 27% year-over-year [4] - Subscription and services now account for 62% of total revenue, indicating a shift towards recurring revenue [4][18] - Payments infrastructure processed CAD 12 billion in volume, up 4% year-over-year, with adjusted payments revenue increasing by 23% for the year [15][18] Market Data and Key Metrics Changes - The wealth platform's assets under management increased to CAD 498 million, up from CAD 428 million in 2024 [17] - The payment infrastructure, Carta, supports up to 7 million end users and processed CAD 11 billion in transaction volume [15] Company Strategy and Development Direction - The company is focused on building a trusted system for long-term compounding through its Intelligent Investing platform [5][6] - The next phase of the platform will be driven by the rollout of Intelligent Investing Phase Two, expected in the first half of 2026 [17][20] - Capital allocation priorities include reinvestment in the wealth platform, development of payments infrastructure, and share repurchases when appropriate [19][20] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining discipline in capital allocation and the impact of behavioral factors on investment outcomes [8][9] - The company expects consolidated revenue to remain stable in 2026, reflecting disciplined management of the consumer lending portfolio [20][21] - Adjusted EBITDA is projected to be in the range of CAD 7 million to CAD 8 million for fiscal year 2026 [21] Other Important Information - The company has exited two unprofitable businesses, which impacted revenue but allowed for a focus on more profitable segments [16] - The company is cautious about the lending side, managing it primarily for cash flow rather than growth [29][32] Q&A Session Summary Question: What is the outlook for the lending platform? - Management clarified that the guidance does not indicate a significant pullback but rather a focus on managing the loan book for cash flow, not growth, due to the rate cap impact [28][29] Question: What does Phase Two of Intelligent Investing entail? - Phase Two will unify the self-directed investing experience under the Intelligent Investing brand, phasing out the MogoTrade app [36][38] Question: How is the company prioritizing its repurchase program versus investments? - The order of capital allocation priorities is wealth, payments, and then share repurchases [39] Question: Is the company considering M&A in the wealth sector? - Management remains open to opportunities that enhance the platform but emphasizes the importance of focus on the rollout of Intelligent Investing [41][42]

Financial Data and Key Metrics Changes - Q4 revenue increased by 32% year-over-year to CAD 14.5 million, with total revenue for the year at CAD 68.6 million [4][16] - Adjusted EBITDA for the year was CAD 7.1 million, reflecting a 7% year-over-year increase [18] - The company ended the year with CAD 41 million in cash and investments, more than doubling its cash position [19] Business Line Data and Key Metrics Changes - The wealth segment saw AUM grow by 70% year-over-year, contributing CAD 24.4 million in revenue, up 27% year-over-year [4][16] - Subscription and services now represent 62% of total revenue, indicating a shift towards recurring revenue [4][18] - Payments infrastructure processed CAD 11.9 billion in total for the year, with adjusted payments revenue increasing 23% for the year [17][18] Market Data and Key Metrics Changes - The wealth platform's revenue grew 36% year-over-year to CAD 14.5 million, with AUM increasing to CAD 498 million [17] - The payment network processed CAD 12 billion in volume, up 4% year-over-year [4] Company Strategy and Development Direction - The company is focused on building a trusted system for long-term compounding through its Intelligent Investing platform [5][6] - The next phase of the platform will be driven by the rollout of Intelligent Investing Phase Two, expected in the first half of 2026 [17][20] - Capital allocation priorities are wealth development first, followed by payments, and then share repurchases [19][38] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining discipline in capital allocation and the impact of behavioral factors on investment outcomes [6][8] - The company expects consolidated revenue to remain stable in 2026, reflecting disciplined management of the consumer lending portfolio [20] - Adjusted EBITDA is projected to be in the range of CAD 7 million to CAD 8 million for fiscal year 2026 [20] Other Important Information - The company exited two unprofitable businesses in Q1, impacting revenue but allowing for a focus on more profitable segments [16] - The lending portfolio is being managed for cash flow rather than growth, with a cautious approach to the overall macro market [28][30] Q&A Session Summary Question: What is the outlook for the lending platform? - Management clarified that the guidance does not indicate a significant pullback but rather a focus on managing the loan book for cash flow, not growth, due to the impact of a rate cap [27][28] Question: What does Phase Two of Intelligent Investing entail? - Phase Two will unify the self-directed investing experience under the Intelligent Investing brand, phasing out the MogoTrade app [35][36] Question: How is the company prioritizing its repurchase program versus investments? - The order of capital allocation priorities is wealth development first, followed by payments, and then share repurchases [38] Question: Is the company considering M&A in the wealth sector? - Management is open to opportunities that make sense but emphasizes the importance of focus on the rollout of Intelligent Investing [39][40]

Financial Data and Key Metrics Changes - In Q4 2025, total revenues increased by 34% year-over-year to MXN 22 billion, while full-year revenues grew by 36% to MXN 78 billion [4][6] - Same-store sales grew by 16.6% in Q4 and 18.3% for the full year [4][6] - Reported EBITDA for Q4 was MXN 79 million, but adjusted EBITDA, excluding non-cash share-based compensation and a one-time asset write-off, increased by 23% to MXN 1.2 billion [4][10] - For the full year, adjusted EBITDA increased by 30% to MXN 4.4 billion, with a CAGR of 42% over the last four years [11] Business Line Data and Key Metrics Changes - The company opened 184 net new stores in Q4, totaling 574 net openings for the year, exceeding the guidance of 500-550 stores [4][5] - Private label sales represented 58% of total merchandise sales in 2025, up from 54% in 2024 [8] Market Data and Key Metrics Changes - The company is positioned as one of the fastest-growing retailers in Latin America, with a revenue CAGR of 35% over the last four years [6] - Same-store sales performance shows a gap of over 15 percentage points compared to ANTAD, indicating strong market positioning [6][7] Company Strategy and Development Direction - The company continues to focus on rapid and disciplined store expansion while improving its value proposition for customers [3][4] - The strategy includes densifying existing regions and gradually expanding into new ones, supported by the opening of new distribution centers [5][6] - The company is investing in larger store formats and additional refrigeration equipment to enhance its offerings [12][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth opportunities, highlighting the resilience of the business model across economic cycles [14][88] - Guidance for 2026 includes same-store sales growth of 13% to 16%, 590-630 net new stores, and revenue growth of 29% to 32% [12][14] Other Important Information - Cash flow from operating activities reached MXN 4.7 billion, representing a nearly 25% increase year-over-year [5] - The company recorded a one-time charge of MXN 230 million related to the write-off of an accounts receivable balance due to a terminated relationship with a payment terminal provider [10] Q&A Session Summary Question: Stock-based compensation and future awards - Management confirmed that the stock options granted in 2025 are the total number expected for the year, with no additional awards anticipated [16][18] Question: Traffic and ticket dynamics - Management indicated that two-thirds of same-store sales growth is driven by volume and one-third by average price, with a positive trend in ticket size [25][26] Question: New unit economics and CapEx - Management clarified that the new unit economics do not currently account for potential incremental revenue from new initiatives associated with higher CapEx [17][20] Question: Operating leverage and G&A expenses - Management expects G&A expenses to decline as a percentage of sales over the long term, despite recent increases due to structural investments [58][61] Question: Geographic expansion and performance - Management reported consistent performance across all regions, with no significant underperforming areas [84]