Good morning, ladies and gentlemen, and welcome to Banco Latinoamericano de Comercio Exterior, S. A. First Quarter 2026 Earnings Conference Call. A slide presentation is accompanying today's webcast and is also available on the Investors section of the company's website at bladex.com. There will be an opportunity for you to ask questions at the end of today's presentation. Please note today's conference call is being recorded. As a reminder, all participants will be in a listen-only mode. I would now like to turn the call over to Mr. Jorge Salas, Chief Executive Officer. Sir, please go ahead.

Good morning, everyone. And thank you for joining us today to discuss Banco Latinoamericano de Comercio Exterior, S. A.'s results for 2026. I will begin with a brief overview of our quarter, then Annette, our CFO, will walk you through the financials in greater detail. After that, I will come back with an update on strategy execution, some thoughts on the macro environment, and our outlook for the rest of the year. Finally, we will open the line for questions. We began 2026 with a very strong quarter in terms of balance sheet growth while maintaining solid profitability in a highly competitive environment with very tight spreads and wide-open capital markets for LATAM issuers. The main highlight of the quarter was the continued expansion of our commercial portfolio. We reached a record of $12 billion, up 8% quarter over quarter and 13% year over year. This was fully in line with the growth path we have been discussing in previous quarters and supported by the additional capital flexibility provided by the AT1 issuance completed last year. Growth was driven mainly by medium-term transactions across Colombia, Brazil, and Guatemala. On the funding side, deposits once again reached record levels, closing the quarter at $7.3 billion, up 11% quarter over quarter and 25% year over year. This strong performance was broad-based across all depositor segments, with Yankee CDs standing out, surpassing $1.7 billion. This reflects continued client activity, the strength of our franchise, and our ability to continue growing deposits at very competitive spreads, which has also helped support margins in the current rate environment. Turning to revenues, net interest income totaled $70 million, down slightly in the quarter as the balance sheet continues to absorb the full repricing of last year's rate cuts. Latin America has been one of the more resilient regions in a volatile global environment. That has translated into strong liquidity, tighter spreads, and increasing competition. Even in that context, we were able to maintain our net interest margin at 2.34%, supported by disciplined balance sheet management. Strong asset growth, deposit increases, and active liquidity management helped offset pressure on spreads. Fee generation in the first quarter typically runs below fourth quarter levels in our two main fee businesses, letters of credit and syndications, so this seasonal pattern is not unusual. Importantly, when compared with the first quarter of last year, the underlying trend remains clearly positive. We continue to see a healthy pipeline in fees for the second quarter, which is consistent with how activity is evolving. Expenses also reflected the usual seasonality at the start of the year. That said, we do expect expenses to increase slightly over the coming quarters as we continue to execute the investment plan contemplated for the rest of the year. Efficiency levels for 2026 will remain within guidance at roughly 28%. Net income for the quarter reached $56.4 million, return on equity was 14.2%, and our Tier 1 ratio closed the quarter at 17.9%, allowing us to continue supporting growth from a position of strength. So overall, this was a quarter of strong growth and solid profitability despite a more competitive revenue environment. With that, let me now hand it over to Annette for a more detailed review of the financial results. Annette, please go ahead.

Thank you, Jorge, and good morning, everyone. Let me walk you through the financial highlights for 2026. From a financial perspective, this quarter represents a solid start of the year. We continue to grow the balance sheet with discipline while maintaining stable profitability in a lower-rate environment, supported by continued strengthening of our funding mix and solid fee generation despite first quarter seasonality. Starting with earnings and returns, Banco Latinoamericano de Comercio Exterior, S. A. delivered net income of $56.4 million, up 9% year over year and broadly stable quarter over quarter, reflecting the consistency of our core earnings generation. Importantly, return on average assets remained stable at 1.8% even as we continue to grow the balance sheet. This reflects the bank's ability to expand while preserving sustainable profitability. Return on adjusted equity stood at 14.2%, in line with the previous quarter and within our 2026 guidance range, reflecting stable earnings generation. As usual, first quarter results should be assessed in context. The period is typically seasonally softer, particularly for fee income, and this quarter we operated in a lower interest-rate environment, which naturally placed some pressure on spreads and returns. As we will see through today's presentation, despite this backdrop, our first quarter performance reflected the benefits of disciplined balance sheet growth, stable net interest income, continued funding optimization, and higher fee generation compared to the same period last year. Let us now turn to balance sheet growth and commercial activity. The commercial portfolio reached $12 billion, increasing 13% year over year with growth across both loans and contingencies. Within this total, loan balances closed at $9.7 billion, reflecting continued execution of our commercial pipeline, while contingent exposures reached $2.1 billion. The quarter's performance was supported by the execution of a strong pipeline of medium-term transactions, including activity originated through our structuring and distribution team. At the same time, our focus remains on selective origination and efficient capital rotation, with 64% of exposures maturing in less than one year, supporting flexibility, disciplined risk management, and repricing capacity. From a composition perspective, diversification remains a key strength. Country exposures are well distributed, with no single country representing more than 15% of total exposure. Guatemala, Brazil, Colombia, and Mexico remain among our main markets while the overall mix reflects a balanced regional footprint. Industry diversification also remains strong. Financial institutions represent 25% of total exposure, while corporate lending is well spread across sectors linked to regional economic activity and trade growth. Starting this quarter, our commercial exposure includes a small bond position focused on LatAm issuers recorded at fair value through OCI totaling $234 million. This represents a tactical capital deployment tool allowing us to selectively capture opportunities within our existing credit framework while continuing to prioritize loan growth. The fair value OCI classification also provides flexibility to manage dispositions over time, including adjusting exposures as credit or market conditions evolve, consistent with our risk-adjusted returns objectives. With that, let me now turn to liquidity and the investment portfolio. As we continue to grow the balance sheet, maintaining a strong liquidity position remains a key part of our funding and risk management discipline. At quarter end, liquid assets totaled $2 billion, representing 14.5% of total assets, remaining well within regulatory requirements and providing flexibility to support commercial growth while preserving prudent liquidity buffers. The composition of liquidity remains highly conservative, with around 80% placed at the Federal Reserve Bank of New York, and the remainder primarily held with high-quality counterparties and multilateral institutions. The treasury investment portfolio closed the quarter at $1.44 billion, increasing 14% year over year. The investment book remained 96% investment grade, geographically diversified outside Latin America, and short in duration, with an average maturity of approximately 1.5 years. These characteristics make it a strong complement to our liquidity structure, providing earnings support and contingent funding capacity, as these securities are eligible for access to the Federal Reserve Discount Window through our New York agency. Overall, liquidity and investments continue to provide flexibility, resilience, and earnings support as we grow the balance sheet. Turning to asset quality, credit quality remains strong and stable, consistent with the bank's disciplined approach to origination, underwriting, and ongoing monitoring. At quarter end, total credit exposure reached $13.5 billion, with the vast majority remaining in Stage 1, representing 97.5% of total exposure. Stage 2 exposures represented 2.2%, or approximately $300 million, while Stage 3 remained minimal at 0.3%, or around $39 million. This continues to reflect the high-quality profile of the credit book. From a reserve perspective, total allowances reached $112 million, with a coverage ratio of 0.83%, broadly stable compared to the previous quarter. In addition, coverage of impaired credits remains strong at 2.9 times, reflecting a prudent reserve position. The increase in Stage 2 during the quarter primarily reflects our proactive credit assessment of selected exposures in the context of a somewhat more challenging operating environment. Importantly, impaired credits remain stable, and no material credit events were recorded during the quarter. Asset quality therefore remains a core strength of the bank, supported by high-quality exposures, prudent reserve coverage, and continued proactive risk management. Let us now move to the funding side of the balance sheet. We continue to see strong momentum in deposit growth, which remains the foundation of our funding strategy. Deposits reached a record level of $7.3 billion, representing 63% of total funding, increasing both in scale and relevance within our liability structure. Growth was broad-based, driven by corporate, financial institution, and multilateral clients, while Class A shareholder deposits continue to provide a stable and efficient anchor. In addition, Yankee CDs reached a record level of $1.7 billion, further enhancing the diversification and duration of our deposit base. As a result, deposits continue to support balance sheet growth through a more stable and cost-efficient funding structure, which remains an important driver of our ability to sustain margin within our guidance expectations. Beyond deposits, we continue to actively diversify our medium-term funding sources. During the quarter, we executed an additional tranche under our Middle Eastern syndicated loan, alongside other bilateral transactions, further expanding our investor base. More recently, we completed another successful issuance in the Mexican market of roughly $250 million, which was swapped into U.S. dollars at a cost well within our U.S. dollar curve. This transaction reflects our continued access to diversified funding sources as well as our ability to capture attractive opportunities while optimizing our cost of funds. This quarter’s results show continued progress in strengthening the liability side of the balance sheet, improving the quality, diversification, and duration of our funding while reinforcing the role of deposits in supporting both margin sustainability and balance sheet growth. Let me now turn to capital. Our capital position remains strong and well above our target levels, providing ample capacity to support continued balance sheet growth. At quarter end, our Basel III Tier 1 ratio increased to 17.9% from 17.4% at year-end 2025, while our regulatory capital adequacy ratio under Panama's banking framework stood at 14.7%, well above the regulatory minimum. It is important to note that these two ratios are based on different methodologies and therefore do not necessarily move in the same direction quarter to quarter. The Panama regulatory ratio follows a more standardized framework, while the Basel III ratio is more risk-sensitive and better captures changes in the underlying risk profile of our exposures. In the first quarter, the increase in the Basel III ratio was driven mainly by lower risk-weighted asset intensity, reflecting the regular revision of our internal risk parameters incorporating the continued strong performance of the credit book. Looking ahead, we continue to expect disciplined capital deployment through 2026, in line with our broader strategic execution. As capital is deployed, we expect the Basel III Tier 1 ratio to gradually move towards our 15% to 16% Tier 1 guidance range, which remains the appropriate operating level for the bank. Our capital position remains strong and continues to provide ample capacity to support growth while preserving balance sheet resilience. Moving now to net interest margin and spreads, during the quarter, net interest margin stood at 2.34% while net interest spread was 1.69%, reflecting resilient performance in what remains a challenging rate environment. Margins continue to be shaped by several dynamics. The rate cuts implemented in 2025 have had some impact on NIM, while ample market liquidity and strong competition for quality assets continue to pressure loan pricing, particularly in short-term lending. In addition, while loan average balances remained broadly stable, supporting consistent net interest income, most of the incremental balance growth was concentrated towards the end of the quarter. Therefore, the earnings contribution from this growth was only partially captured in first quarter NII, with a fuller impact expected to be reflected in subsequent periods. At the same time, these pressures have been partially offset by the execution of medium-term transactions which contribute to a more stable margin and support overall asset yields. On the liability side, continued deposit growth helps support balance sheet growth more efficiently, reinforcing a more stable and cost-efficient funding structure. Taken together, these factors demonstrate the resilience of our margin performance and the benefits of actively managing both sides of the balance sheet. Let me now turn to fee income. In the first quarter, fees and commissions reached $13.1 million, up 24% year over year despite this being a seasonally softer period for fee generation. Letters of credit and guarantees remain the main source of fees, generating $7.4 million in the quarter. This activity remains closely tied to our core trade finance business. First quarter was affected by seasonality, but we see good momentum as we move to the second quarter, supported by higher transaction volumes and increasing but gradual benefits of our trade platform. Credit commitments and other commissions were another important contributor, reaching $2.7 million, more than doubling compared to the same period last year. This reflects the growing relevance of medium-term transactions and committed facilities within our client offering. Our structuring and distribution team also continued to contribute to fee income, generating $3.1 million during the quarter, supported by two transactions closed in Costa Rica and Colombia. Importantly, this was achieved despite some transaction closings shifting from the first quarter into the second quarter. While fee recognition in this business can vary depending on execution timing, the syndicated loan pipeline remains solid. In addition, client derivatives are a part of our strategy to further diversify non-interest income. We are seeing growing client demand, particularly in connection with transaction execution. The pipeline remains active and, while the timing of individual transactions may shift across quarters, we expect this business to begin contributing more visibly as execution builds over the upcoming quarters. Taken together, fee income continues to show solid growth and increasing diversification, supported by trade-related activity, committed facilities, and structuring capabilities, with gradual contribution from client derivatives as activity builds through the year. To close, let me turn to operating expenses and efficiency. Operating expenses for the quarter were $22 million, reflecting the usual first quarter seasonality while also incorporating the impact of strategic initiatives that have moved into production, including higher depreciation, IT-related expenses, and the talent required to support execution. In that context, the first quarter expense base reflects the operating impact of initiatives already underway. The efficiency ratio for the quarter was 26.5%, remaining well aligned with our full-year guidance of approximately 28% and reflecting the bank's ability to absorb strategic investment while maintaining cost discipline. As we move through the year, we will continue investing selectively in technology, capabilities, talent, and execution capacity required to deliver on our strategic priorities while maintaining a strong focus on operating efficiency. In conclusion, the first quarter reflected disciplined balance sheet growth, resilient margins, strong fee generation relative to seasonal patterns, continued funding momentum, and a solid capital position. With that, I will now turn the call back to Jorge for his closing remarks. Thank you very much, Jorge.

Let me briefly touch on strategy execution and make a couple of comments on the environment we are operating in. We continue to make good progress on our letters of credit platform. Processing times have consistently come down from almost five hours to about one hour per transaction. This productivity improvement has allowed us to handle smaller tickets profitably and deepen penetration with existing clients as we start to scale the letters of credit business. As outlined in our Investor Day last month, transactional deposits are a key component in the new phase of our strategy. In that sense, we have already onboarded our first correspondent banking client, still in pilot phase, and we are currently working on the second one. We now have the governance in place to incorporate additional correspondent banking clients during the year in a disciplined way. And we continue to see a strong pipeline of interested financial institutions in the region for these services, which we see as very encouraging. Turning to the macro environment, while global geopolitical and financial conditions have clearly become more volatile, our region continues to show resilience supported by healthy fundamentals, stable trade flows, and a positive investor sentiment. The reason is clear: Latin America's direct trade exposure with the Persian Gulf is very limited, and the region as a whole is a net commodity exporter. Higher commodity prices are historically beneficial for Banco Latinoamericano de Comercio Exterior, S. A. Obviously, net commodity importers, mainly Central American and Caribbean countries, will face some headwinds. The ultimate question, of course, is how long will this last? In any case, our view is that this environment reinforces the importance of disciplined lending and highlights the value of our ability to actively adjust regional exposures given the short-term duration of our lending portfolio. So when we look at the year as a whole, our view remains unchanged. The first quarter was consistent with our expectations, and we continue to make progress on the strategic front that supports the next phase of the bank. For that reason, and based on what we have seen so far in the year, we reaffirm our full-year guidance. We do so with confidence while remaining realistic about the competitive environment and the external conditions. We will now open the call for questions.

Thank you very much for the presentation. We will now begin the Q&A section for investors and analysts. If you wish to ask a question, please raise your hand. If your question has already been answered, you can leave the queue by putting your hand down. There is also the possibility to ask your question through the Q&A icon at the bottom of the screen. You may select the icon and type your question with your name and company. Written questions that are not addressed during the earnings call will be returned by the Investor Relations team.

Our first question comes from Iñigo Vega with Jefferies. Just a couple of comments on two areas.

Thank you. Two questions. First, what is your level of concern about the 70 bps sequential increase in Stage 2 loans in the quarter? Second, why are RWAs under Basel III down 2% quarter over quarter when the commercial portfolio is up 8% quarter over quarter? Only RWAs under the Panama framework align with asset growth.

Yes, thank you, Iñigo. I will tackle the first question on asset quality and I am going to let Annette, our CFO, tackle the capital ratios question. The short answer is we are not worried. Asset quality remains very strong. The Stage 2 increase reflects more of a proactive risk management approach than any deterioration. We are just being more cautious on selected exposures, basically in Brazil. But we do expect normalization rather than deterioration going forward. The cost of risk is consistent with disciplined underwriting, and that, as I always say, has not changed and will not change. Annette, do you want to talk about capital ratios?

Sure. As we mentioned on the call, we follow two different methodologies. One is the regulatory methodology as a bank regulated by the Superintendency of Banks in Panama, and we also, for reference purposes, follow the Basel III Tier 1 ratio. These are different methodologies. The Panamanian regulatory ratio is based on a more standardized approach where exposures are assigned regulatory risk weights based on their category, while the Basel III Tier 1 ratio is more risk-sensitive and reflects more directly the underlying risk profile of the portfolio, including borrower quality, country risk, tenor, probability of default, and other characteristics. This is why these two ratios can move differently in a given quarter. In the first quarter, our Basel III ratio improved despite the balance sheet growth because of lower risk-weighted asset intensity in the portfolio. This reflects the strong historical credit performance incorporated in the regular revision of our internal risk parameters. Also, the Ecuador country upgrade during the quarter impacted the Basel III ratio, as did the quality and mix of the new exposures added to the balance sheet. On the other hand, the Ecuador upgrade is reflected in the Basel III framework but does not have the same impact under the Panamanian ratio. This is one of the reasons why these two ratios behaved differently quarter to quarter. Looking ahead, we still expect the Basel III Tier 1 ratio to gradually normalize toward our 15% to 16% target range as we continue to deploy capital while maintaining ample capacity for disciplined expansion.

The main point is that growth in assets does not necessarily imply higher capital consumption. Quality and mix are critical.

Thank you. Our next question comes from Ricardo Buchpiguel with BTG. You can open your line.

Good morning, everyone, and thank you for the opportunity to ask questions. I have two. First, as you mentioned in the presentation, you saw a higher concentration of credit transactions closing toward the end of the quarter, which had a negative impact on NIM. It would be helpful if you could comment on what NIM would look like excluding this effect, just to think about the starting point for NIM in Q2. And for my second question, during the quarter we saw strong sequential growth in credit commitments and guarantees on the balance sheet, and yet revenues showed a 14% quarter-over-quarter reduction. It would be great if Samuel could walk us through in more detail how the monetization cycle of this product works and how seasonality plays out throughout the year so we can have better color on this line. Thank you very much.

Samuel, do you want to talk about the commitments, and then Annette will talk about NII and NIM?

Sure. Thanks for the question, Ricardo. I will start with your question on commitments and then talk about letters of credit and guarantees. Commitment fees come from committed but unfunded exposures. That is indeed growing and is in line with the expansion of our project finance, infrastructure, and syndicated loan businesses. For project finance and infrastructure, for example, it is very common that part of the facility amounts will be disbursed not in one go, but rather as CapEx is being deployed. On syndicated loans, those tend to be bigger facilities, so it is common to give the client a couple of months to fund the transaction. These are commitments that will be funded in due time; they will become loans, and the commitment period in those cases is much shorter than the tenor of the actual facilities. Importantly, it generates fees that tend to be 30% to 40% of the loan margin. Finally, and this is very important, the commitments we have are not liquidity backstop facilities, which is a type of exposure that we do not like as they tend to be used when the underlying credit has deteriorated. Bottom line, commitment fees should continue to grow as the project finance and syndicated loan businesses grow. In terms of letters of credit and guarantees, the reduction this quarter versus the previous quarter is mostly in line with seasonality. Certain types of letters of credit are issued more toward the second and third quarters. This is a business that we continue to focus on with more new clients, and we do expect a pickup or return to normal levels as the year progresses.

Ricardo, thank you for your questions. Regarding NIM and NII during the first quarter, as we mentioned, we have been proactively managing our balance sheet on both the asset and liability sides, which allows us to maintain a resilient NIM as we execute through the year. Our current NIM is affected by the rate cuts implemented in 2025. It is also affected by ample liquidity and competition for asset quality in the region, especially in the short-term segment of our lending exposure, and by the fact that some of the balance growth occurred toward the end of the quarter. We expect that growth to be reflected in the upcoming quarter, providing sustainable net interest income. We were able to offset some of these negative pressures by steadily executing medium-term transactions on the loan side, which provide more stable balances and margins, and by the growing participation of deposits and efficient liquidity management. With this NIM of around 2.34%, which remains within our guidance, we feel confident that the guidance for 2026 will remain around 2.30% as we have mentioned before. More importantly, we are complementing our revenues with the growth of fees, as Samuel just mentioned, to make the bank less sensitive to rate movements and provide more stable profitability.

Thank you. That is very clear. A quick follow-up: assuming you get a scenario with no rate cuts not only in Q2 but for all this year, do you believe there is upside risk to the guidance, both in NIM and ROE?

For now, we see that as an upside, although we have seen a lot of pressure on margins. We are already seeing some benefit from higher-for-longer rates; however, these have been offset somewhat by pressure on loan origination yields. It has remained almost a neutral impact overall.

It is almost a wash.

Perfect. Thank you.

Our next question comes from Analyst with JPMorgan.

Hi, everybody. Thank you for taking my question. I am going to go back to capitalization. Just to be sure, on the decline in your Panama ratio, and also, would this ratio, the Panamanian one, be more relevant than Basel III since your requirements are based on Panama? Those are my two questions.

Hi, Natalia.

Both methodologies are important to the bank. Obviously, we are a local bank in Panama regulated by the Superintendency, and it is our priority not only to comply with the ratios but to have ample buffers versus the minimum requirements. Our AT1 transaction is based on our regulatory ratio, which we follow and monitor closely. The reason we include our Basel III ratio in all our presentations is to provide a more standardized reference point for investors to compare to other peers in the region. As we mentioned, the methodologies are different and some characteristics of our balance sheet are not well captured by the local regulatory ratio, so using both provides a more complete view.

Perfect. And then, if you could go again through the reasons for the decline in the Panamanian ratio, that would be great.

This responds directly to the balance sheet growth we saw between the fourth quarter and the first quarter, which was around 8%. The Panamanian ratio is almost independent of country risk and is very neutral to exposures outside Panama, especially corporate positions. It does not differentiate between ratings or whether an exposure is investment grade or not. Those are characteristics that the Basel III methodology does incorporate into the calculation. The Panamanian ratio is more oriented to local banks with larger local exposure. In that sense, Banco Latinoamericano de Comercio Exterior, S. A. is an outlier in Panama—our Panama exposure is less than 5% today.

Our next question comes from Andres Soto with Santander.

Good morning, Jorge, Annette, and team. Thank you for the presentation. My first question is regarding your top-line growth. We saw a strong performance this quarter, and at the same time, you are mentioning a tougher competitive environment. At what point do you believe this competition will make a dent in your loan growth expectations, or do you believe that the risk-adjusted returns you are getting now are attractive and you will continue to grow at the current pace? Or is your growth driven by the new products that you are introducing in your product offering?

Thank you, Andres. I am going to let Samuel, our Chief Commercial Officer, talk about growth in the lending portfolio.

Thanks, Andres. We are very confident we will meet our guidance in terms of growth for the year. As you know, our exposure is very short term, so the landscape can change quarter to quarter. That said, we have ways to mitigate that. On one side, we are building a solid, medium-term, more value-added pipeline, which is the case right now in project finance, infrastructure, and syndicated loans. We are well prepared to continue deploying at the pace consistent with guidance. We have also been working hard to build the pipeline for short-term transactions, which is more affected by the competitive landscape. The way to do that is through our product strategy that we spoke about at our Investor Day, particularly structured trade and working capital solutions, which have been growing at a good speed with a promising pipeline. Last but not least, the increase in oil prices is a good tailwind because part of our short-term exposure finances cargoes, and those cargoes are bigger in size right now. That helps as well.

Also, Andres, it is very important for us that the quality and durability of earnings is what matters, not just scale.

That is very clear. And connecting this with my question on fees, we also saw strong fees on a year-over-year basis, and I appreciate the explanation that Samuel provided regarding these products being fee-rich and providing those upfront and then on lending down the road. Is the current pace for fee income growth sustainable given the strategy of entering these products such as letters of credit and syndication, or are there any one-offs in the quarter that we should normalize going forward?

No, there are no one-offs. The first quarter is typically, as Annette mentioned, softer than most in both of our fee businesses. Some transactions shifted into the second quarter, so it is more a timing effect than a slowdown. Fees are up 24% year over year, so the momentum is good. The bottom line is that fees are becoming a more structural revenue component over time. If something nonrecurring comes, of course we will mention it, but we are confident with the guidance on fees.

That is very clear. Thank you.

Our next question comes from Daniel Mora with Credicorp Capital.

Hi. Good morning, and thank you for the presentation. I have a couple of questions. The first one is, considering that a significant percent of the portfolio is related to oil and gas, do you see any tailwinds or headwinds derived from the conflict between the United States and Iran? Or is there any other sector or country that should be heavily impacted by high international oil prices? I know that you mentioned a couple of points on this matter, but if we can go deeper, that would be great. Thank you. And my second question is, what would be those elements that could take the 2026 ROE closer to the 15% upper band of the guidance, considering that loan growth has been quite strong, NIM, despite pressure, has been defended, and fees, even though the first quarter is softer due to seasonality, continued to grow by double digits, 24% to 25%? Given this strong performance, what could be even better to take ROE to 15%?

Samuel, do you want to go ahead and talk about the oil and gas–related exposure?

It is a great question. On a net basis, it is much more of a tailwind than a headwind. For the more long-term exposure that tends to be linked to E&P investments, we are financing the lowest-cost producers in the region and the most competitive fields. Current oil prices, even if more spot-driven than long-dated forwards, are very positive for them, reducing portfolio risk. On the short-term trade business, typical cargo sizes are higher, so demand tends to be higher—positive in that sense. We do take risk on importers of petroleum products, mostly in Central America. You could argue there could be increased inflation and reduced profitability, but in most cases we are dealing with national oil companies in solid countries. It is more beneficial that we are financing bigger amounts than detrimental in terms of their credit quality. Net-net, it is definitely positive.

I think the short tenor of our portfolio and the ability to reprice and reposition quickly is key. Our focus is not predicting geopolitics, but managing how shocks transmit into spreads, trade flows, and client risk. We have the ability to do that, and we have been showing that.

Thank you. And on the second question?

On upside to ROE guidance, it is a balance between higher-for-longer rates and margin pressures. You have both playing at the same time, and we will see what ends up happening. It is hard to predict at this point.

Okay, perfect. Thank you so much.

Our next question comes from Analyst with Boer Capital. Has the bank started looking at Venezuela as an opportunity for investment, and what is your outlook for the country?

It is a good question. Venezuela might represent an upside scenario for Banco Latinoamericano de Comercio Exterior, S. A., but it is not included in our projections as of today. We are very actively assessing the risks and the opportunities. The bank used to be very active in Venezuela in the oil and gas sector and also with FIs and LCs. Venezuela used to represent between 4% to 5% of our total portfolio at some point. Today, our exposure is zero. We know the country well, and it is more a matter of timing on when to go back in.

Thank you. That is all the questions we have for today. I will pass the line back to the Banco Latinoamericano de Comercio Exterior, S. A. team for their concluding remarks.

Well, thank you all for your questions and your time today. We appreciate your continued interest in our bank. Because the year started in line with our expectations, we remain focused on executing with discipline. Thank you again, and have a good day.

This concludes today's conference call. You may now disconnect.