Sales increased 7.5% YoY, 2.9% below our expectations, with performance in the U.S. & Canada outperforming our estimates amid FX tailwinds, while other regions underperformed. Volume contracted across all regions: in the U.S. & Canada, volume fell 3.6% YoY, while in Mexico, volume declined 13.3% due to a weak consumer environment and distributor destocking. From a category standpoint, all categories posted contracting volumes YoY, yet Other Spirits, Non-alcoholic and Other and RTD were the underperforming. At the sales level, only Non-alcoholic and Other posted contracting sales YoY. Revenues in the U.S. & Canada rose 20.1% YoY in MXN (flat in local currency), aided by a better mix, yet this was partly offset by softer trends elsewhere; sales in Mexico and the Rest of World declined 13.8% and 4.1% YoY, respectively, both below our estimates. On a constant currency basis, consolidated sales declined 6.9% YoY. Profitability improved more than expected, starting at the gross margin, which improved 570bps YoY, aided by lower agave costs, favorable geographic mix, and overall FX tailwinds. AMP, meanwhile, remained flat YoY as a % of sales, while distribution expenses grew below sales amid FX headwinds. Higher SG&A expenses as a % of revenues didn’t prevent the company from posting solid an EBIT and EBITDA margin expansion of on average 250bps YoY. EBITDA margin reached 22.5%, better YoY, QoQ and vs our estimates, and the highest in over 2 years. We reiterate our P$26 PT and Outperform rating, and expect a positive stock reaction in tomorrow’s trading session.