Q2 2026 Grupo Mexico SAB de CV Earnings Call
Speaker #1: Before we begin, I would like to remind you that information discussed on today's call may include forward-looking statements regarding the company's results and prospects, which are subject to risks and uncertainties.
Speaker #1: Actual results may differ materially, and the company cautions not to place undue reliance on these forward-looking statements. Grupo Mexico undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise.
Speaker #1: All results are expressed in full US GAAP. The presentation may be followed through our webcast, but if you wish to ask a question during the Q&A session, you will need to do so via phone call by pressing star one one (*11).
Speaker #1: A copy of the slides that the company will be reviewing today is available on the website at grupomexico.com. At this moment, I would like to remind everyone that your lines must be in listen-only mode.
Speaker #1: Until the question-and-answer session. Now, we'll pass the call to Ms. Marlene Finney.
Speaker #2: Hi, good morning, everyone, and thank you for being here and joining us today for Grupo Mexico's second quarter earnings conference call. Sitting here with me today are the top executives from our divisions.
Speaker #2: As Carmen already mentioned, during our call we will be following a presentation that can be downloaded from our website, or you can follow along by accessing the webcast as well.
Speaker #2: So today's detailed program can be found on slide number three. I'll kick off with Grupo Mexico's ESG highlights, followed by the quarter's scorecard and financial highlights. Then, Leonardo Contreras will provide detailed information regarding our mining division's main highlights, project updates, and comments on the industry's economic environment.
Speaker #2: He will then be followed by Mr. Fernando Lopez Guerra, who will go through the results and main events of our Transportation division. And lastly, Francisco Sinter will comment on the Infrastructure division's relevant events and financial results.
Speaker #2: Then, as usual, at the end, the line will be open for questions and answers. So, with that being said, let's go to our main ESG highlights in slide number five.
Speaker #2: In its fifth year of operation, the van located in Candarave in the southern part of Peru continues to generate positive impacts by improving year-round water availability for local farmers and increasing crop productivity by 20%.
Speaker #2: In addition, the planned Cayazas and Calientes dams could extend water coverage to more than 90% of local producers. Furthermore, to promote integration and well-being through sports in communities near our operations, Grupo Mexico joined the Mexican government's Mundial Social Initiative, reaching more than 3,000 participants and 41% of the youth in communities near our operations.
Speaker #2: Lastly, during the first half of the year, the Doctor Vagón Health Train provided free medical services to more than 30,000 people across six Mexican states.
Speaker #2: While expanding preventive care and reaffirming its commitment to medical innovation in remote communities. Sorry, I got a number wrong—so I said it right. Sorry for that.
Speaker #2: It was my mistake. Let's continue to slide number six. Our revenues for the first half of the year totaled $11.28 billion. Actually, this is a record-high number for our revenues and our EBITDA as well.
Speaker #2: This represents an increase of almost 34% compared to the first half of 2025. Our accumulated EBITDA was $6.85 billion, also a record high for this metric.
Speaker #2: This is almost 50% higher than the first half of 2025. This is mainly because we had better results and better prices in our different metals, and better results in the different divisions.
Speaker #2: The copper production reached just north of 515,000 tons for the first half of the year, showing a slight decrease when compared to 2025. The net cash cost was 31 cents per dollar of dollar per pound.
Speaker #2: This is more than a 68% improvement compared to the first half of 2025. As you know, we continue to be the company with the lowest cash cost worldwide in terms of copper.
Speaker #2: So that is very relevant. And lastly, our board-approved cash dividend of $0.80 per share and a stock dividend that is equivalent to one common share for every 194 common shares outstanding, representing a total dividend of approximately $1.84 per share.
Speaker #2: Which translates into a 3.7% dividend yield. Turning to slide number seven. Grupo Mexico continues to have a solid balance sheet, with $3.1 billion generated during the first half of 2026.
Speaker #2: As you might already know, our debt is mainly issued in dollars, representing 76% of the total debt, while the rest is denominated in Mexican pesos.
Speaker #2: And 85% of our total debt is, or was, issued at a fixed rate. On this slide, you can also see the dividends paid since '24, along with the corresponding payout ratios and the implied dividend yield.
Speaker #2: For this quarter, dividend per share in pesos reflects both the cash and stock dividend components, based on the closing share price on the date of the Board approval.
Speaker #2: Additionally, I would like to mention that in June, we successfully issued a $1.25 billion senior bond with a 10-year maturity to the mining division.
Speaker #2: The proceeds will support the development of the Tía María project and SPCC's (Southern Peru Copper Corporation) capital investment program. Then, on the next slide, you can see that we continue to have a comfortable debt maturity profile, with no payments of over $1 billion until 2028.
Speaker #2: Our cash position stood at $13.3 billion at the end of the first half of 2026, which is very good. And now, I will let Mr. Leonardo Contreras comment on our mining division's performance.
Speaker #3: Thank you, Marlene. Good morning, everyone, and thank you again for joining us today. I will start today with a brief remark on the current copper market, on slide 10.
Speaker #3: The LME copper price increased 40%, from an average of $4.32 in the second quarter of 2025 to $6.04 this quarter. In the COMEX market, we saw a 31% increase, with an average of $6.16 per pound during the second quarter.
Speaker #3: Based on current supply and demand dynamics, we think there will probably be a slight copper market deficit for 2026 on the back of our resilient U.S.
Speaker #3: Economy and higher demand driven by decarbonization technologies, artificial intelligence, and electric vehicles. Copper inventories worldwide stood at 1,125,000 tons as of July 17th. We estimate that this inventory can currently cover approximately 15 days of global demand.
Speaker #3: Now, let's continue with the Mining Division's financial highlights on slide 11. During the first half of this year, sales stood at $9.3 billion, almost a 40% increase versus 2025, mainly due to higher volumes of silver sales and higher copper, molybdenum, and silver prices that increased 28.6%, 34%, and 138%, respectively.
Speaker #3: Our EBITDA totaled slightly over $5.9 billion, a 61.3% improvement compared to the first half of 2025, with a margin of 63.3%. Our copper production reached slightly over 515,000 tons, a slight decrease of 3% when compared to the first half of 2025, mainly due to lower ore grades as projected for 2026 in our Peruvian operations.
Speaker #3: This was partially offset by higher production at our mining units in Mexico and the United States. We are currently assessing different alternatives to increase production volumes at our operations in Peru.
Speaker #3: Now, in terms of our net cash cost for the first half of this year, it settled at 30.31 cents per pound, a significant 68% improvement compared to the first half of 2025, which reflects a 67-cent reduction, mainly driven by higher by-product credits.
Speaker #3: And cost contention in the United States. Regarding CapEx, we invested $904 million during the first half of the year. I would like to continue talking about our projects and their progress in slide 12.
Speaker #3: And thirteen. Let me start with slide twelve. Tía María continues to make solid progress, reaching 42% overall completion. As of June 30, we have committed almost $1.1 billion, of which $693 million has already been invested.
Speaker #3: Key milestones include significant progress in earthworks, procurement of major equipment, and continued construction across the project's main facilities and infrastructure. The project has also generated more than 5,800 jobs, including over 1,200 local positions, and remains on track to begin operations by the second half of 2027.
Speaker #3: In Los Chancas, we remain actively engaged with authorities to address illegal mining within the project area. At the same time, we continue to advance community development and environmental management programs in our area of influence.
Speaker #3: Lastly, in Michiquillay, we continue advancing with technical studies supporting mineral reserve estimation and mine planning, while geotechnical work is entering its final stages. Now, let me continue on slide 13.
Speaker #3: With our project Los Frailes in Spain, during the second quarter we continued advancing on the engineering phase of the water treatment plant and implementing cost optimization measures.
Speaker #3: Additionally, we began with the exploration campaign at the Cuchichon ore body. And now, moving into our Mexican projects, we are very glad to share that El Pilar has secured all required environmental permits, and this is scheduled to begin early site work in September 2026.
Speaker #3: We expect construction to start in the first quarter of 2027, and production to come online by the second half of 2029. Turning to slide 14, you will see a timeline of our main projects.
Speaker #3: Please, if you have any follow-up questions, we'd be happy to address them during the Q&A session. And now, I will let Fernando comment on our Transportation Division.
Speaker #1: Thank you, Leo, and good morning to everyone. Thanks again for joining us. I will be taking you through the divisions of the Transportation Division, starting on slide 16.
Speaker #1: Our sales reached just shy of $1.9 billion. This is a 14.9% increase compared to the first half of 2025. Our EBITDA for the first half of 2026 totaled slightly over $780 million.
Speaker #1: This is 10% higher than 2025. The EBITDA margin stood at almost 42%, specifically 41.8%. Transported volumes grew a solid 7.6% in net ton-kilometers during the first half of the year.
Speaker #1: And carloads grew 5.6% during the same period. Continuing with the main variations of our revenue, this is on slide 17.
Speaker #1: You can see that the segments that delivered the strongest revenue during the quarters were metals, which led with a 22% increase. This was driven by a higher export of some copper products and higher imports of slabs and scrap as well for the steel industry.
Speaker #1: Cement followed with an 11% increase, supported by domestic volumes in the southern and central regions of the country in Mexico. Lastly, the Intermodal segment, which is the one with which we address the finished goods products, is growing by 10%, reflecting higher cross-border traffic between Mexico and the US, and increased domestic volumes both in our Intermodal services within Mexico and the United States, as well as a higher market share as we continue to grow in Mexican ports—Manzanillo and Veracruz, mainly.
Speaker #1: And in the mid-growth range, we have the automotive segment with a 7% growth rate in revenue, which is benefiting from our market share gains versus other competitors. And on water, over the road and rail, we also have a 1% growth in the agricultural segment due to higher local crops and the consistent imports through our grain shuttle system.
Speaker #1: On the other hand, we have a revenue decline in some segments. Minerals with a 3% decline due to lower copper ore volumes and some maintenance activities of some of our customers.
Speaker #1: Chemicals and industrials also declined by 6%, where these were impacted by the demand for chlorine and soda ash, as well as lower resin volumes during the quarter due to oil price volatility.
Speaker #1: The industrial segment itself was impacted by a softer demand in finished goods, and also in alcohol consumption in the US. The energy segment decreased by 16% due to a lower fuel oil production in Mexico, and lower imports of oil of gasoline, fuel oil, not fuel oil, gasoline, jet fuel, and diesel as well.
Speaker #1: Now, we're going to our operating metrics shown on slide 18. During the quarter, our average train speed decreased by 1%, while dwell time improved by 2%.
Speaker #1: Car velocity overall declined 3%, totaling 3,002 kilometers per day per rail car. As for the remaining metrics, there was a 1% improvement in average train length, reaching close to 1.86 kilometers per train; a 2% increase in gross tons per train; and a 3% increase in crew starts as a result of a 7.6% volume increase during the quarter.
Speaker #1: If we go to slide 19, you can see our capex for 2026, which was budgeted at $450 million for maintenance, special projects, and the acquisition of locomotives.
Speaker #1: This allows us to continue growing and improving through sustained investments. Around 53% of our annual capex will be invested in rail infrastructure, equipment, bridges, locomotives, and overhauls.
Speaker #1: Eighteen percent of it will be for yards, terminals, focusing on signaling enlargement and yard reconfiguration. These signaling enlargements enable us to run longer trains. The longer the trains are, the fewer trains we need in the system, the fewer crews we need out there. The improvement is also reflected in the fluidity throughout the network.
Speaker #1: The remaining 14% of the budget is planned for special projects focusing on key infrastructure, such as the Selaya bypass, which has already been finished.
Speaker #1: We're just finishing the new yard, which is also built for 150 rail car trains. We're currently remember, we're currently at 120 rail cars. The Monterrey bypass, which is already finished as well, this bypass will allow us to connect the port of Altamira into our terminals inside to serve the inside of the city of Monterrey.
Speaker #1: And compete head-to-head versus over-the-road. And lastly, 16% of it is planned for the acquisition of locomotives. On slide 20, you'll find our 2026 outlook that implies a 6% to 8% volume growth, along with 9% to 11% revenue growth, with the capex program that I just mentioned.
Speaker #1: With this, I conclude the general overview of the Transportation Division. I will now let Pancho Sincer comment on the Infra Division.
Speaker #2: Thank you very much, Fernando, and good morning, everyone. I will start by going through the financial highlights of the Infrastructure Division shown on slide number 22.
Speaker #2: Our sales for the first half of the year stood at $278 million, a decrease of 18.7% when compared to the first half of 2025.
Speaker #2: This is mainly due to the four suspended drilling platforms and lower gas prices. Our EBITDA totaled $146 million, a 9.5% decrease for the first half of the year, with a 52.4% margin.
Speaker #2: Lastly, net income totaled $306 million, an increase of over 920% when compared to 2025. This significant increase was primarily driven by the sale of our 81.1% stake in Concesionaria de Infraestructura del Bajío, the concession holder of the Salamanca-León toll road, for 8,220 million pesos.
Speaker #2: Now, I would like to go through some of our most relevant events on slides 23 and 24. In our energy business, we achieved a transformational milestone with the agreement to combine our generation assets with Savi Energía, part of BlackRock.
Speaker #2: The transaction will create a leading private power generation platform in Mexico, with 4.5 gigawatts of installed capacity. Grupo México will maintain a 70% majority stake.
Speaker #2: And we expect to begin consolidating the new company during the third quarter of this year. This transaction reinforces our long-term growth strategy and significantly expands our presence in the power sector.
Speaker #2: Continuing with PEMSA, we are pleased to report progress in the reactivation of our oil platforms. The Chihuahua and Zacatecas-Jacobs resumed operations on July 3.
Speaker #2: Following their suspension in late 2024, the Campeche and Tabasco-Jacobs are expected to return to service in August of this year. This will bring all of our platforms back into operations.
Speaker #2: This represents an important step towards normalizing operations in PEMSA. Moving on to slide 25, we began consolidating Grupo Proyecta following the acquisition of a controlling 60% stake.
Speaker #2: This transaction expands our real estate development platform through Lomas de Angelópolis and a portfolio of future projects in key markets across Mexico, further enhancing diversification and long-term growth opportunities.
Speaker #2: Lastly, as we have previously mentioned, in April we completed the sale of an 81.1% stake in the Salamanca-León toll road concession, while retaining an 18.9% minority stake.
Speaker #2: The transaction unlocked value from a mature asset, strengthening our financial flexibility and supporting the redeployment of capital into new investment opportunities. This is aligned with our long-term growth strategy.
Speaker #2: With this, I conclude a review of the main highlights of the Infrastructure Division. Now, I will let Marlene give her closing remarks.
Speaker #3: Thank you so much for joining us today. We will answer any questions you might have. Thank you so much.
Speaker #4: Thank you. And as a reminder, if you do have a question, simply press *11 to get in the queue and wait for your name to be announced.
Speaker #4: To withdraw the question, press star 11 again. One moment for our first question. It comes from Regina Carrillo with GBM. Please proceed.
Speaker #3: Hi, good morning. Thanks for taking my questions. I have two. The first is around the dividend. What drove the decision to combine a cash and stock dividend for the first time, and should we expect that report of shares to be a new element going forward?
Speaker #3: And the second question is regarding GMXD. Could you give us more color on the Brazil investment opportunities, please? Thank you. Thank you so much for your questions, Regina.
Speaker #3: I will answer the dividend question, and then I will let Fernando answer the Transportation Division question. Grupo México has always had long-term investing and sustainable value creation at the core of its DNA.
Speaker #3: So, with that philosophy in mind, the board of directors has approved this dividend, consisting of shares acquired through the company's share buyback program.
Speaker #3: Together with the cash dividend, with the objective of delivering long-term value to its shareholders. As you know, we review—or the Board of Directors, they review—the dividends on a quarterly basis depending on cash generation, CapEx needs, and the volatility and how the outlook is looking.
Speaker #3: So, this is going to be revised on a quarterly basis, as we always do. Thank you for your question.
Speaker #1: Marlene, I’ll take the second question if you want, about Brazil and Argentina. As we have been very clear, we are open to exploring new territories.
Speaker #1: And Brazil and Argentina are markets that are big enough in bulk, mainly ag products and minerals as well. And the networks themselves are—pretty much, the coverage that they have—they are pretty developed.
Speaker #1: So, we believe that these two markets are interesting enough, as they could be as large as, or even larger than, the market that we currently address in Mexico.
Speaker #1: So that is why we are seriously looking at them. But, of course, this depends on the opportunities that we find and the rules of each market that we would be serving.
Speaker #1: I don't think we can evolve into anything else at this moment, with all the information we have.
Speaker #3: Perfect. Thank you so much.
Speaker #4: Thank you. Our next question comes from the line of Emerson Viera with Goldman Sachs. Please proceed.
Speaker #1: Hello, good morning. I have a couple of questions here, but mainly I want to touch base on the capital allocation strategy. So first of all, pretty exciting news here on the share buyback program.
Speaker #1: So I wanted to understand, how large is this program, and how many shares have already been acquired in the market under the current open share buyback program?
Speaker #1: And what is the share price level at which you are still comfortable continuing with this strategy? So that's on the share buyback program, please.
Speaker #1: And then another one on the U.S. copper project. I understand that the company is undergoing feasibility studies on Hayden, Amarillo, and Silverberg Extension. But I just wanted to get an update from you guys in terms of timing to take those projects to the Board.
Speaker #1: And also, if a decision on moving forward with those projects depends on a decision on US copper tariffs. Thank you.
Speaker #3: Thank you for your questions. And I will answer the dividend buybacks. And I will let Mr. Leonardo answer then the second question. So as you know, whenever we do buyback or we do a share purchase, we have to announce and give this or notify the Mexicans authorities.
Speaker #3: At the end of the day, the number we're giving is close to 40 million shares. We have that. If we will continue, that depends on how we see the outlook, and we're going to evaluate and analyze that on a daily basis.
Speaker #3: I will let Mr. Leonardo answer the second question.
Speaker #1: Okay, Emerson, just in regards to your question, first of all, I think that the Board has seen all of the projects, and the only thing that we've done is that we are updating the level of information that we have.
Speaker #1: For the Ray expansion, we want to have it at a feasibility level. And we would expect that to be during this year.
Speaker #1: And for Silverbell, we would expect to have a PEA by the end of the year as well. But in terms of taking decisions regarding tariffs, neither Silverbell nor Ray would have an impact.
Speaker #1: It would have a major impact on Hayden and Amarillo. And we are just following closely any developments in terms of tariffs. I don't know if that answers your question or not.
Speaker #1: Just a follow-up, then, on copper products overall—but not necessarily in the US. You guys mentioned at the beginning of the presentation that you could also look for alternative ways to increase copper exposure in Peru.
Speaker #1: So, by alternative means, does this imply that the company could also pursue M&A in the region—maybe acquiring stakes? I don’t know, in the region next to Michiki Life, for instance, in Cajamarca.
Speaker #1: Where we know there are some projects that could be developed? Thank you. That's all.
Speaker #2: I'll just answer that question as well. And, yeah, we are always looking at different alternatives. At the moment, we don't have anything that we would like to report.
Speaker #2: But yeah, we're actively assessing in different jurisdictions.
Speaker #1: Okay. Thank you.
Speaker #4: Thank you. Our next question comes from Rafael Barcelos with Bradesco BBI. Please proceed.
Speaker #1: Oh, thanks for taking my questions. On the Transportation division, and as a follow-up, I would say, can you provide an update on the investment decision in Argentina?
Speaker #1: I mean, what sort of size of investment are we talking about here, potentially? And if you can comment a bit more about timing on these ones.
Speaker #1: I know that sometimes, since the first time you mentioned Argentina, it seems that you're still in the process. And I believe this one should be closer to getting a final decision.
Speaker #1: And in terms of the investment decision in Brazil, I believe it's the first time that you're more vocal in saying that Brazil could be one of the chosen regions for an investment here.
Speaker #1: Can you provide additional color on the size of the investment that you see as a potential here? And these are the questions for the transportation division.
Speaker #1: And as a second question, I just wanted to get your views on the outlook for Azajco into the second half and 2027 in terms of production and cost.
Speaker #1: Thank you.
Speaker #2: Thank you. I'll take the questions on Argentina and Brazil. In Argentina, we have evaluated the current assets that the government has. We estimate that the network that will be paid out will require about $3 billion to be deployed to bring it up to the level at which we operate.
Speaker #2: However, it is feasible. It isn't physically impossible to deploy that $3 billion at once. It will probably take between 5 to 8 years to deploy that amount of CAPEX.
Speaker #2: But again, as we have been very vocal about this, the rules need to be there. As you know, there are two models in the world.
Speaker #2: One is the North American model, where the railroads are vertically integrated and there is not open access. And there's the European model, where there is no vertical integration and you have a lot of players running small trains on the network, which makes it not feasible.
Speaker #2: Everybody loses money, and the government needs to step in and subsidize. So, the rules under which they bid are really, really relevant. So, we're going to wait out.
Speaker #2: We have been very—we have been listened to by the government in Argentina. We're happy with how we're working, and we're very hopeful that the basis are on this path.
Speaker #2: Regarding Brazil, the rules in Brazil are very similar to the ones in Mexico, as well as to the ones in the US and Canada. So, there are a couple of assets that are online already.
Speaker #2: That makes sense. At the right price, we would be willing to evaluate them.
Speaker #1: Okay, I will jump in for the Azajco question, Rafael. And for the second half, we're expecting between 55,000 to 60,000 metric tons, similar to what we've done during the first half of the year.
Speaker #1: And with a similar cash cost—hopefully lower—but we should be in line with what we actually have. And for 2027, we should be around 120,000 metric tons.
Speaker #1: And aiming to have a cash cost as well, below the $3 threshold.
Speaker #4: Okay, thank you. Thank you. One moment for our next question, please. It comes from Alfonso Salazar with Scotiabank. Please proceed.
Speaker #1: Thank you. Good day, everyone. I have two questions. The first one is regarding Lareco, and I just want to understand what is delaying the project.
Speaker #1: Apparently, there is something that changed regarding the installation of the electric grid, or the connection to the electric grid. So, I just want to understand if that is the case, and how this could change the start of the project?
Speaker #1: And the second question is regarding, again, these potential investments in the Transportation Division in Brazil and Argentina. I just want to understand how Grupo Mexico or Grupo Mexico Transportes would finance such investments, especially if they are big investments?
Speaker #1: Is the holding going to inject capital? Is it going to be through debt? Any color on that would be much appreciated.
Speaker #1: Thank you.
Speaker #2: Hello, Alfonso. I would probably take question number one in regards to El Arco. I mean, we are actively engaged in looking for alternatives to give to the government in terms of how to electrify the peninsula.
Speaker #2: And we are active on that, so I think that there are no further comments in that regard. I think we're just there with different alternatives, and we'll see how that situation develops going forward.
Speaker #3: Regarding our project in GMXC, we believe we have enough balance within our own unit to finance these initiatives through debt. On the commercial banks and also development banks, as you know, the US government has been very vocal about supporting these types of projects in Latam.
Speaker #1: Okay, so in principle, no capital injection at this point—it does not apply.
Speaker #3: It is not planned, yes. We do not foresee it.
Speaker #1: Fair enough. Thank you so much.
Speaker #4: Thank you. Our next question comes from the line of Yuri Pereira with Santander. Go ahead, Yuri.
Speaker #5: Hi, guys. Thanks for the opportunity. And I know that you said you don't have further information about investment opportunities in Brazil and Argentina.
Speaker #5: But I'd like to pick your brain about the potential structure that you are targeting. As far as I remember, your previous expansions outside Mexico were done with control.
Speaker #5: Is there any precedent where you captured this kind of synergy without a controlling position? Thank you.
Speaker #3: Yes. As you know, we have been very disciplined in our investments, with control. We like to operate where we know what we do in all the units where we invest.
Speaker #3: And I think the most relevant part would be to be able to operate and to put our knowledge into the company we run. So I don't think we would change the way we approach.
Speaker #3: But we're always open to finding local partners that would strengthen us locally.
Speaker #5: Great. Thank you.
Speaker #4: One moment for our next question, please. It comes from Enrique Braga with Morgan Stanley. Please proceed.
Speaker #5: Hello, everyone. Thank you for taking my questions. Just two for the second quarter. If you could, please: What was the cash cost before and after by-products in Asarco during the second quarter of '26?
Speaker #5: And also, what was the energy that you generated during the second quarter of '26? Also, my other question is if you could give more color on the current situation in Pensa. I know you gave some disclosures in the release, but how do you envision the business unit now, and what are you expecting for the rest of the year?
Speaker #5: Thank you.
Speaker #3: Enrique, let me jump in with the cash cost of Azarco during the second quarter of 2026. Before by-products, it was $350, and after by-products, $324.
Speaker #6: And for the second question regarding power and outlook for Pensa, as we mentioned before, the two 300 platforms went online on July 4th, and they've been operating since.
Speaker #6: As you know, the two modular platforms that we have have never stopped operating. They have run continuously for the past years. And the two other platforms that we have, the 400 ones, everything is settled.
Speaker #6: The contract is to be signed this week. Actually, we are just about to move them away from the port where we kept them for a few months while they were not operating.
Speaker #6: The exact date when they will start operating is still not 100% certain, but it should happen between the first or second week of the month of August.
Speaker #6: So in two or three weeks, we should have them online. Now, regarding the power generation that we have had, it's 2,244 gigawatt-hours for what we have done in the year, which is 0.6% less than what we had last year.
Speaker #6: This is in the combined operations of all the power assets that we currently have.
Speaker #5: All very clear. Thank you.
Speaker #4: Thank you so much. And this concludes our Q&A session for today. I will pass it back to Marlene Finney for closing comments.
Speaker #7: Sorry, Carmen. I think we have someone who's trying to ask a question, but he's not able to. So, can we just give a couple of moments?
Speaker #4: Thank you. Standing by.
Speaker #7: No? No. We'll answer his question afterwards. Thank you so much for joining us today, and thank you, everybody, for being here. See you next quarter.
Speaker #7: Thank you.
