Revenues of P$13.8bn grew only 0.3% YoY, below our estimates, with both Consumer and Away from Home declining (1% and 4%, respectively), vs our low growth estimates, while Exports grew 21%, better than expected and aided by FX tailwinds. Margins were on average in line with our estimates, contracting YoY and with EBITDA margin of 25.1% in line with long-term target range of 25-27%. At the gross margin level, results were underperforming amid a 410bps YoY contraction, yet EBIT and EBITDA margins contracted less and were slightly above our cautious estimates. During the quarter, the company reached P$450mn of cost savings, partially offsetting FX and cost headwinds from most raw materials. Overall, we view positively the company’s EBITDA margin despite the series of headwinds. We reiterate our Market Perform rating and P$35 PT.