Operator: Please note that this call is for investors and analysts only. Any forward-looking statements made during this conference call are based on information that is currently available. Please refer to the disclaimer in the earnings release for guidance on this matter. We are joined by Daniel Braatz, Chief Executive Officer, Ignacio Gutiérrez, Chief Financial Officer, and Jesús Gómez, Chief Operating Officer. I would now like to turn the call over to Daniel Braatz. Daniel, please go ahead.
Daniel Braatz: Good morning, everyone, and thank you for being with us today. Today, I will walk you through FHipo's Q3 results and the main highlights for the quarter. FHipo's cumulative distribution since inception have reached more than MXN 7.7 billion, reflecting our ongoing commitment to deliver profitability to our investors. During the quarter, we continued to prioritize a strong balance sheet and disciplined risk management while maintaining the quality of our portfolio. At the end of Q3 2026, our on-balance debt-to-equity ratio stood at 0.6 times. Our financial margin was 57.5% of interest income, mainly explained by lower interest expenses during the quarter. We continue to actively manage our interest rate exposure. As of the end of Q3, the floating rate exposure on consolidated debt stood at 28.8%.
Daniel Braatz: Finally, our portfolio maintained an average loan-to-value at origination of 77%, an average loan-to-value considering outstanding principal balance of 55%, and an average loan-to-value estimated at home prices current market value of 26.0%. Moving on into slide 5, we highlight our steady distribution track record. For Q3, we reported an estimated distribution of MXN 0.35 per CBFI, in line with our current distribution policy, equivalent to an annualized yield per CBFI of 10.3%. This demonstrates our ability to generate sustainable results and generate attractive returns for our investors. Moving to slide 6, our on-balance debt-to-equity ratio stood at 0.6 times for the quarter, and on a consolidated basis, 1.2 times. The capital structure provides flexibility to take advantage of investment opportunities as they arise.
Daniel Braatz: On slide 8, we show how, as of Q3, our non-performing loan ratio relative to the accumulated balances of the total portfolio at origination stood at 2.8%, demonstrating the portfolio's historical performance against original loan balances. Turning to our environmental practices on slide 9, approximately 59% of INFONAVIT borrowers have benefited from the Green Mortgage Program, with home improvements through eco-technologies that provide sufficient use of water, electricity, and gas systems in their homes. We also participate in FOVISSSTE's Sustainable Housing Program, which similarly promotes the construction of and acquisition of homes equipped with these eco-technologies. In addition, our corporate offices are located in a LEED Gold Certificate building, in line with our commitment to energy efficiency, water management, and responsible waste practices in our day-to-day operations.
Daniel Braatz: On slide 10, we highlight that women borrowers account for approximately 31% of our consolidated portfolio and 36% of our digital mortgage platform's portfolio. Within our own team, 46% of our workforce are women, reflecting our commitment to inclusion and gender equality. We are actively participating in programs offered by the Bolsa Mexicana de Valores on sustainability and on the use of artificial intelligence during the past quarters. Finally, on slide 11, regarding governance, our audit practices and nominations committees are fully independent, and more than half of our technical committee members hold independent status, which supports strong oversight and transparency. Together, these initiatives reflect FHipo's ongoing commitment to create value in a responsible and sustainable manner. I will now hand the call over to Ignacio Gutiérrez, our CFO, who will review our leverage strategy.
Ignacio Gutiérrez: Thank you, Daniel, and good morning, everyone. I will turn to slide 13. As you can see, as of the end of Q3 2026, our on-balance leverage stood at 0.6 times, while our total consolidated debt-to-equity ratio, as Daniel mentioned, including both on and off-balance financing, stood at 1.2 times. This compares to 2 times back in 2021, which represents a cumulative reduction of 0.8 times over the last five years. This financial strength has allowed us to face complex market conditions, and our diversified funding structure allows us to allocate capital efficiency with a long-term value creation. Moving to slide 14, our funding remains well-diversified across securitizations, bank facilities, and capital market instruments at competitive rates. More than 90% of our outstanding financings carry legal maturities exceeding 20 years, providing long-term funding stability and mitigating refinancing risks.
Ignacio Gutiérrez: Based on our current capital structure, FHipo maintains additional leverage capacity of approximately MXN 17 billion with respect to our internal regulatory limits. I will now turn the call over to Jesús Gómez, our COO, who will review our portfolio before we go through the financial results for the quarter.
Jesús Gómez: Thank you, Ignacio. Good morning, everyone. On slide 16, we present the portfolio breakdown as of the end of Q3 2026. As of 30 September, our consolidated portfolio was comprised of 40,652 loans with an outstanding balance of MXN 14.8 billion. The average loan-to-value at origination stood at 77%, with an average payment-to-income ratio of 24.5%. At the end of the quarter, 91.5% of the portfolio is performing. The portfolio is diversified across several origination programs, including INFONAVIT Más Crédito, INFONAVIT Total, FOVISSSTE, and the digital mortgage origination platforms. This mix is aligned with our strategy of prioritizing assets with attractive risk-adjusted returns, contributing to long-term profitability. Moving to slide 17, FHipo's portfolio continues to be geographically diversified across all 32 Mexican states. Nuevo León, Estado de México, and Jalisco remain the largest contributors, together accounting for approximately 29% of the total portfolio balance.
Jesús Gómez: In terms of our origination program, the breakdown is as follows: INFONAVIT Más Crédito program accounted for 52.7% of the total portfolio, equivalent to MXN 7.8 billion. The digital mortgage platforms portfolio accounted for 17.6% of the total loan balance, equivalent to MXN 2.6 billion. INFONAVIT Total pesos represented 14.2% of the total portfolio, equivalent to MXN 2.1 billion. The FOVISSSTE portfolio accounted for 13.2% of the total portfolio, equivalent to MXN 2.2 billion. Finally, the INFONAVIT Total VSM-denominated portfolio represented 2.3% of the total portfolio, equivalent to MXN 345 million. This distribution is explained by our strategy of maintaining a diversified portfolio that is aligned with market demand. I will now pass the call back to Ignacio, who will review FHipo's financial results for the quarter.
Ignacio Gutiérrez: Thank you, Jesús. On slide 19, our non-performing loan ratio stood at 8.49% at the end of the quarter. Our allowance for loan losses remains solid, with an expected loss coverage of 1.37 times and an NPL coverage of 0.56 times. Now, on slide 21, we will go through the income statement for the quarter. Total interest income for Q3 2026 was of MXN 280.3 million, 12% lower than in Q3 2025, mainly as a result of the natural amortization of the portfolio. The interest expense decreased 13.5% to MXN 119.1 million, down from MXN 137 million back in Q3 2025, mainly due to the debt amortization carried out in our warehousing facilities and to lower interest rates over the last 12 months. Our financial margin was of MXN 161 million, equivalent to 57.5% of total interest income for the quarter.
Ignacio Gutiérrez: Our financial margin, adjusted by allowance for loan losses, was of MXN 132 million, equivalent to 47.1% of the total interest income for the quarter. The allowance for loan losses for the quarter was of MXN 29.2 million, and the valuation of receivable benefits from securitization transactions reflected a fair value profit of MXN 9.8 million during the quarter, which is primarily explained by the performance of the underlying assets and the portfolio backing such trust certificates. Total expenses incurred during Q3 2026, including the portfolio servicing, administrative services, and other expenses directly related to the company's ordinary course of business, amounted MXN 97.8 million. As a result, the net profit for the quarter amounted to MXN 35.5 million.
Ignacio Gutiérrez: With this, the estimated distribution for Q3 2026 under the current distribution policy is of MXN 0.356 per CBFI, which, considering the average price per CBFI during Q3 2026 and the days elapsed during the quarter, results in an annualized yield of 10.3%. With this, I will now hand the call back to Daniel for his closing remarks.
Daniel Braatz: Thank you, Ignacio. FHipo's business model continues to demonstrate resilience and adaptability. The actions we have implemented have strengthened our position and allow us to operate effectively in different conditions. Our goal remains unchanged: to deliver sustainable returns to our holders while maintaining the discipline that has guided us from the start. Thank you for joining us today. Please feel free to contact us with any additional questions. We appreciate your interest in FHipo and look forward to speaking with you again soon.
Operator: That concludes today's call. You may now disconnect.
