America Movil, S.A.B. de C.V. American Depositary Shares (each representing the right to receive twenty (20) Series B Shares

Good morning, my name is Nadia and I'll be the conference operator today. At this time, I would like to welcome everyone to American Mobile's third quarter 2024 conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw a question, please press star followed by two. Thank you. Now I will turn the call over to Ms. Daniela Leguana, Head of Investor Relations, to begin.

Thank you. Good morning, everyone. Thank you for joining us today to discuss our third quarter financial and operating results. We have on the line Mr. Daniel Hash, CEO, Mr. Carlos García Moreno, CFO, and Mr. Oscar Munchausen, CEO.

Hi, good morning. Welcome to America Mobile third quarter financial and operating report, and Carlos is going to make a summary of the results. Thank you, Daniel. Good morning, everyone. Well, integration in the U.S. and several other countries continues the downward trend in the third quarter, with 10-year U.S. pressure yields falling 85 basis points from the beginning of the quarter through mid-September to a low of 3.6. The decline was driven by concern about the cooling U.S. economy and its corresponding impact on the labor market. It prompted the Fed to finally declare its first discount rate reduction in two and a half years, a period in which it brought about a 5 percentage point increase in such rate. Shortly after the end of the third quarter, 10 unions had bounced back to more than 4% on the back of an unexpectedly strong nonfarm payroll numbers for September, wiping out half of the reductions that had taken place through mid-September. Throughout the quarter, central bank discount rates fell by 50 basis points in Mexico and Peru, one percentage point in colombia and 25 basis points in chile but we're going up once again in brazil by 25 basis points in the third quarter we added 1.8 million subscribers of which 1.4 million were posted these include regular subscribers as well as mtm accesses dongles and small devices Austria contributed 430,000 of them, Brazil contributed 231,000, Colombia 159,000, and Mexico 108,000 post-pre-tribuscribers. Our prepaid segments obtained 468,000 editions led by Colombia with 251,000, Eastern Europe with 213,000, and Argentina with 200,000, but registered 343,000 connections in Brazil, and 136,000 in Mexico. In the fixed-land segment, we connected 327,000 open accesses, 116,000 in Mexico, 59,000 in Brazil, and approximately 43,000 in Argentina and Central America. We disconnected 83,000 landlines and 30,000 units in the Gulf. Mobile post-paid and fixed broadband continue to be the main drivers of access growth, with 5.9% and 5.2% respectively year-on-year. Third quarter revenue, total 223 billion pesos, with service revenue expanding 11.3% in Mexican peso terms, and EBITDA 11.9%, partly reflecting the depreciation of the Mexican peso versus most of the currencies in our region of appropriations, with the notable exception of the Brazilian trade. Approximately 10% of the position versus both the dollar and the euro, 8% versus the Colombian peso, and 12% versus the Peruvian peso. At constant exchange rates, the service revenue was up 5.5% year-on-year, an improvement on the 4.7% rate of service by a quarter, while adjusted EBITDA increased 7.3%. Mobile service revenue growth accelerated somewhat from the prior quarter to 5.2%, posting its best performance in over a year on the back of post-paid revenue growth. On the fixed-line space, service revenue rose 5.9%. Worldwide revenue decelerated slightly from the prior quarter to 7.4%, whereas corporate net worth revenue expanded 10.1% faster than in the same quarter. The decline in pay-per-view revenue continues, but has become less and less significant. Brazil and Colombia continued the trend over the last year of posting improved sales revenue growth every quarter, while Central America presented better growth rates than the preceding two quarters. Mexico and Peru maintained their pace from prior quarters. Our operating profit reached 47.4 billion pesos. It was up 14.2% in Mexican peso temps and 10% at constant exchange rates. Adjusted for one-offs, as mentioned above, our operating profit increased 12% at constant exchange rates. We posted a net profit of 6.4 billion pesos in the quarter, nearly traveling the one-off trend a year before. It was equivalent to 10 peso cents per share or 11 dollar cents per ADR and came about on the back of higher operating profit, as mentioned before, but also as comprehensive financing costs came down 4.8% relative to the same period of 2023 to 28 billion pesos. Our net bear ended September at 443 billion pesos, having increased by 47.3 billion pesos relative to December 2023, partly reflecting the impact of the depreciation of the Mexican peso on our non-peso financial obligations. In cash flow terms, our net bear increased by 19.7 billion pesos, In the nine months to September, our capital expenditures totaled 86.7 billion pesos. Shareholder distribution stayed 2.9, split almost evenly between share buybacks and dividend payments, and we reduced our labor obligations in the amount of 23.7 billion pesos, practically all of these atelments. Our net debt excluded leases to EBITDA after this ratio. In the September at 1.34, times last month's EBITDA, practically at the lower leverage limit that we committed to maintain in our investor base. And finally, I'd just like to highlight that we received our third ESG rating upgrade by MSCI in as many years, reflecting improvements on corporate governance, security, and data privacy. With that, I would like to pass this back to Rodan. Thank you. Thank you, Carlos. And we can start with the Q&A.

Thank you. At this time, I would like to remind everyone in order to ask a question, please press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Our first question goes to Melana Oklahoma of Goldman Sachs. Melana, please go ahead.

Hey, thank you for taking my question. The first one is if you have any updated views on the competitive dynamics of the fixed broadband market in Mexico. And my second question would be on your CapEx guidance. Is your target for the year still at about $7.1 million? Thank you.

the second question can you repeat the second question we don't hear you i'm sorry on the capex guidance for 2024 well on the capex i think we are on target for this year we said that we're gonna do around 7.2 billion dollars and that's our target and we are more or less on that range, so no big difference on that. And on the dynamics on the peaks broadband in Mexico, Oscar can talk a little bit about that. Thank you. Well, the dynamics have been seen through the years. The competition has been increasingly very hard in Mexico. Telmed has been reactive with investments on upgrading the network. And now 83.7% of the fixed broadband are already connected to fiber. And not only that, has been working to bundle different streaming videos in order to do packages that are really, really well-received in the market. Even last week, we launched a new package that we increased the speed the entry-level speed from 60 to 80 with the same tariff. And we include Netflix six months free. We include Claro Video and Claro Drive bundled in the package. So we believe that it, I mean, we have one week of this product and the reception, we see that it's very good in the market. So the competition is still, but I think that we already bring the network in a good level to be really competitive in the market. Another segment that is working pretty nice in Mexico is the B2B market. On the B2B market, all related to cloud computing, cybersecurity, horizontal solution, has been received very well in the market as well. So that led us to improve revenues in Chalmers. Only to add something that Oscar is saying, just to To be clear, I think we have been putting a lot of fiber in the last years, but not only putting fiber, we have been upgrading our customers to fiber. Oscar is saying maybe 84% of our customers are with fiber, good speeds, good quality. IT has been improving a lot in Mexico. It's one of the things that we have been doing, improving IT so we can give better customer service, install faster, time to repair also faster. So we have been improving also on the quality of service. So Mexico in PIX and in mobile is being very competitive. We haven't increased any price for a long time. We have been giving more for that, but we feel that we have right now a very good advantage on the quality, capacity, on the networks, in the mobile, on the coverage, on the quality, and the centers, customer care centers. So all over all, we think we're doing good in Mexico.

Super clear. Thank you. Thank you. The next question goes to Walter Pysik of LightShed Partners. Walter, please go ahead.

Thanks. I think just first, if I can start with a macro question. Obviously, you know, there's some questions, kind of what's going to happen going forward and into 2025. You have many data points in terms of what you're seeing with your customers. Forget about Europe, just throughout Latin America. in terms of recharges and subscriber activity and upgrades of phones. Can you just give us a general sense of kind of what you've seen most recently and what you think or what your outlook is for the coming quarter and 2025?

Well, it's a very interesting question. I think I can divide into prepaid is very different than postpaid. I think prepaid depends a lot on how the economies are doing in Latin America. So people want to recharge depending on the money that they have, the purchase power that they have. So that's one thing they need. There's a lot of prepaid that are moving to 5G in Mexico, in Latin America. So we have been putting 5G all over all. but depending a lot on the economy and the way the economy in each country is doing. And on Postpaid, I think we have been doing very good. We have been upgrading our customers, giving them better handsets more data and and they are paying more so that's the trend that we have been doing for the last two years since we have been putting 5g and i hope that this trend will continue the same way for for for 2025. so is i think in the first part of your question daniel you were saying that it does depend on the economy so

From what you're seeing currently, the economy is still instigating very good recharge rates on the prepaid side. That has not started to cool at all.

If you look at the rates of growth of prepaid revenues in Mexico, they were 4.1% in the last quarter. They were 4.3% in the last quarter. A year ago, they were at 4.1%. So we haven't really seen as much slowdown as some people had expected on account of slowing down of the economy. And as Daniel said, I think, you know, postpaid revenues are also holding up. So I think that generally, you know, we have seen more sensitivity, I think, probably in Brazil, because, you know, Brazil's economy has been accelerating sharply. of late, and that has had an impact in the sector, definitely. But for the most part, I think we're not seeing very major changes. This is a very defensive industry, as you know, and revenue tend to call a pretty good in all UDP scenarios. And a lot of things that I think people need to use more the phone, and they are going to use more and more the phone. If they can have a better phone, they can have 5G, faster networks, more data, that's what you are going to see in the next years, not only next year. So in the next years, everything is going to go through the phone.

Thanks. And then just one quick technology question, follow-up, I guess. Could you just refresh us on who you expect to be your partners in terms of connecting your customers' phones to satellite constellations. I think you might've had, maybe I'm wrong, but I thought you had an agreement with AST at one point. I'm just curious kind of how you see your market partnership there in terms of satellite direct connectivity to the phones of your customers throughout Latin America.

Well, I think what there's, Two partners. So what we're using right now, we're using some partners, not only one. I think we have two or three partners, but I think we are always reviewing which partner is giving us the best services to connect in some rural areas, the cell sites. So for the mobile backhaul, we use satellite. And then There's the other part that is when we don't have any coverage there that the phone will connect there. So these two different services we are reviewing right now. We already have in the first one connecting the cell sites two or three different vendors. But there's always we're always looking to have better quality and reduce costs. So that's moving every day. So I don't know exactly what we have, which ones we have Oscar right now. Well, we have Star One, we have Starlink, we have SpaceX, we have AST, we are testing doing AST as well.

So for SpaceX, you have an agreement or you're exploring a possible agreement with Starlink?

we already have an agreement for resale their service and we are exploring an agreement so they can connect the back hole we already use in chile for mobile okay yes great thank you thank you the next question go to marcelo santos of jp morgan marcelo please go ahead

Hi, good morning. Thank you for taking my questions. I wanted to double-click a bit on broadband dynamics. The first question would be in Mexico. You had good net ads, but it was a bit less than in the second quarter. Is this because you had lower gross ads or because there was a bit of higher churn in the market? Just wanted to understand if the market is getting more competitive. And the second question is if you could comment on the competitive dynamics of Brazilian broadband. It's a more general question.

Sorry, the second one. Yeah, we experienced on the second and third quarter a little bit more churn. In Mexico. In Mexico, we attribute you to the economics. So, yes, but we received this fourth quarter in the same path that we We had the last two quarters. And in Brazil, in broadband, we are the leaders in high-speed internet in broadband. Even we were awarded the best Wi-Fi in Latin America in Brazil, delivering our services. So we are the leaders of market share as well in Brazil. And as you know, there is a lot of competition from the ISPs But we keep growing, you know, the base. We already upgraded all the data, all the network to deliver one gigabit speed to DOCSIS 3.1. And we have almost 11 million compasses with fiber to the com. So I think we are in a very good position. And another thing in Brazil is that we've been working in convergence. It has been working pretty well. pretty nice, adding some mobile and pay TV. We're reaching to launch a new way to pay TV, and it's combined with broadband. It's a new package of, I won't call it pay TV. I think it's a different product. It's like a more entertainment hub. And what we did is to really include the channel that has more audience, plus Netflix with advertising, plus Globoplay, plus Apple+, with a very good, good conditions to the market. So we believe that we'll tie the broadband and we will keep going, growing broadband. And just to give you like a sense in Mexico, third quarter of 23, we do 20,000 net tax in broadband. Fourth quarter of 23, 165. First quarter of 24 this year, $325,000. Then second quarter this year, $148,000. And third quarter, $116,000. So we hope we can maintain these $100,000, $120,000 or $150,000 or $100,000 for the next quarter. So I think we're prepared, as we said, It's a very competitive market. That's why we have also some churn, because it's a very competitive market. But I think we're prepared to try to recuperate a little bit of the market share that we already did last year.

Okay. Very clear. Thank you very much for the answers.

Thank you.

Thank you. The next question goes to Gustavo Farias of UBS. Gustavo, please go ahead.

Hi, everyone. Thanks for taking my question. Two from my end. First one, we've seen some negative net mobile in Brazil, of course, driven by prepaid. Just want to check what you guys expect in terms of trends going forward. and, of course, in terms of competition in the region as well, in Mobile specifically. My second one is regarding...we've seen some increase in the net debt this quarter, and if you could share some color on your debt strategy and how you're looking at FX impacts going forward as well. Thank you, guys.

start with Brazil. I think in Brazil we're doing very good. We are moving a lot of prepaid subscribers to postpaid subscribers, and that's the reason why we have a negative, as you said. But we have a very good and very positive trend in postpaid. Other thing is that we're trying to have our prepaid base very clean, so We want to have that. So we have been very aggressive. If a customer is not consuming, not to count as a customer. So that's what we are doing. And there's a rule, but we have been very strict on that. And moving a lot of these prepaid to postpaid subscribers has been very successful. And the second question, which one is it?

Regarding how you're going to see that strategy and effects impact going forward.

Regarding what?

You have a bad connection, Marcelo. Can you please repeat the question or send it by chat or email to me?

Yeah, yeah, of course. I can repeat the question. I'm just wondering what you guys, how you guys see Uh, your debt strategy, uh, regarding, uh, going forward.

She will, uh, I think, uh, you know, we are not really looking at, uh, taking on additional debt. As you can see, we have reduced our leverage. We have very limited, uh, refinances to do next year. Uh, it's, uh, probably the year with the least amount of maturity that we have. It's probably less than a billion. I think that we have been doing, you know, very successful at trying to drive the growth of our Mexican global peso bonds. And we've already issued, in a bit more than a year, 55 billion pesos, which, well, for the time, was 3 billion U.S. And we expect that we can continue to consolidate this program. And we will also be looking at raising a bit more financing in some of our local markets. In fact, we've been doing a little bit of this in Peru, Colombia, and Brazil. So I think that's going to be more the starting to focus a bit more on local cancer generally. But again, it's basically, in the context of refinancing existing debt which we expect to hopefully to maintain 10 levels we do have a i think in my short term short-term debt and i think that's that's a variable that we can that you can play with we will be adjusting the time very likely in the next few months thank you thank you

Thank you. The next question goes to Ernesto Gonzalez of Morgan Stanley. Ernesto, please go ahead.

Hi. Thank you for taking our question. It's just one. Can you please provide any color on your CAPEX plans for Chile? Thank you.

It's too early to see, as we said in our results. we're going to start to consolidate Chile 1st of November. We're going to have 92, so we're going to consolidate also the CAPEX. We still haven't finished the CAPEX for next year, so we don't know, but it's not going to be a big difference on what we have. So we consolidate the revenues, we're going to consolidate the CAPEX, but it's not going to change too much the idea that we have. So I don't have the final number, but it's not going to change significantly the capex that we have budget for next year.

Christopher, thank you.

Thank you. The next question goes to Pani Kanemuri of HSBC. Pani, please go ahead.

Thanks for taking my question. So the first one is that LATAM currencies have depreciated significantly in the last six months. So do you see any change in your shareholders' immunization or CapEx direction than what you did in your industry in May? The second question is largely on the constant currency growth rate for the fixed broadband. You had given a number of 5.9%, wanted to check which countries have registered a better than average growth rate among your major countries. Thank you.

We don't understand very good your question, but the second, when you said the average growth on broadband, I think the average growth the growth on broadband has been better every quarter i think it's doing good in each country we have been doing good i see i think all over all we're seeing a little bit less competition on these uh uh fiverr companies that uh they wholesale wholesale networks that they do all around Latin America, and that helps us to be more aggressive and to increase our sales. And so on broadband, I think it's still low penetration in broadband in Latin America, and we're going to see good growth the next years, okay, in broadband. And the first one, we don't understand what was your question?

So I think for the second question, so you had 5.9% fixed service revenue growth, but all the major markets that you had, including Mexico, Colombia, Brazil, all have registered revenue growth that is lower than 5.9%. So I was just trying to understand which geographies have grown above the 5.9% fixed service revenue growth.

We don't have it here, but you can discuss with Daniela and she can give you exactly where we are higher than 5.9 and where we are a little bit lower. But I think Brazil, I don't know what's the growth in Brazil.

It's Brazil 8.8, Colombia 7.2.

Remember that broadband also includes the corporate segment there. But you can talk to Daniel and describe that. Very quickly, it's 8.8 for Brazil, 7.2 for Colombia, 15.7 in Eastern Europe,

8.6% Central America.

8.6% Central America, yes.

And 10.9% in Dominica.

So that's a fixed growth and growth of 7.4% for American Mobile. On the corporate networks side, we have 10% for American Mobile, including 12.8% in Mexico, 7.9% in Brazil, 14.1% in Colombia, and 7.5% in Central America. All right.

I'll connect with Daniel on this. The first question was that because you have seen depreciation of currencies across LATAM in the last six months, is there any change in the view of shareholder remuneration or capex targets that you had during your annual stay in May?

No, we don't have any change on capex. We finished this year, so the capex for this year is done. and we're reviewing the capex of next year but we don't see any any change on on that and on also on the shareholder remuneration we haven't had any difference also so we're in the target that we have now what what was the the the buyback that we have for all this year carlos No, from January to today we have about 14 billion pesos. Okay.

Thanks.

Thank you. The next question goes to Alejandro Levin of Santander. Alejandro, please go ahead.

Hi, good morning, everyone. Can you hear me? Okay, thank you for taking my question. So, first of all, congrats on the results. I mean, you're seeing solid top-line results. I mean, now the currency, one headwind, now it's a tailwind. You're seeing rising profitability, stable capex, low leverage. So, it sounds like the stars are sort of aiming for a very positive outlook for the end of next year especially all of next right so congrats on that and second uh well it seems that you have a very comfortable position in terms of in terms of competition in the latin region and maybe in other markets so uh my question is regarding eminent possibilities right i mean there are some opportunities in the very near term in latin but in general like strategically what kind of assets or regions would you be you well i think on m a

We're not seeing anything. We don't think we have any opportunities in Latin America in M&A. It's very difficult. We are over there. So in Latin America, we want to grow and put our capex and penetrate more and have the best technology. And that's what we have been doing for the last three or four years. So what we have been seeing today is everything that we do the last year. We have been digitalizing more the company. We have been taking care of our customer care. We have been very careful on cost and expenses. We have been upgrading all our platforms. uh we have the the biggest 5g network in latin america is america mobile 5g network so all over all we have the latest technology and that give us better quality more speed and better costs than our competitors so that's more or less where we are focusing and that's what we are gonna do for next year so that's uh what we have been saying the last years. But no M&A planning right now. We're open to all the opportunities, but we don't have anything right now. The only thing is to consolidate Chile, that we're going to consolidate Chile, and we have to work a lot there. There's a very, very competitive market there. As we said, we have been upgrading all our mobile network. We have been making an agreement with Onet, the wholesale company. We also have Fiverr there. so we are finalizing all the mergers that we have with the with the liberty and and get all the synergies that we have there so we are in a big process in chile that we have for the next year okay thank you understood congrats on the result thanks

Thank you. The next question goes to Luca Brendim of Bank of America. Luca, please go ahead.

Good morning, everyone. Thank you for taking my questions. I have two here. The first one on Colombia, results accelerated this quarter, reached the three-year high in terms of service revenue growth. Is this already reflecting somewhat a more rational market after the recent changes we saw in this region? And then the second one for Brazil, How are you seeing pricing dynamics in mobile going forward? Is there still potential for further price hikes? And when we're thinking about ARPO expansion for next year, should you be focusing more on the upselling or in direct price hikes? Thank you.

We're always focusing more on upselling our customers because If you upsell your customer, you give more to your customer and they pay you more. So I think it's much better upsell your customer than increase price, okay? I don't know what we're going to do in Brazil right now, but I think we are focusing more on upsell and giving more data to all our customers, moving prepaid to postpaid, And that's, I think, that's the trend in Brazil. And in Colombia, just on the service revenue growth, I think it's important to highlight how it's improved. But it's not only mobile. It's been mobile and fixed. So just to give you an idea, the first four big years, we were growing 0.4% in mobile. Now we're growing at 4.0%. In Finland, we were growing at 2%. Today we're going at 5.2%. So I think it's important to see that this recovery is taking place all throughout the country, not only mobile, but it's been very meaningful. And only to add to something that Carlos said on Colombia is that we are the biggest network, 5G network in Colombia. We take advantage of of the frequencies, the auction. And we have been putting that for maybe eight months before the auction. And it's been very, we have maybe 20% of our traffic right now in 5G in Colombia. So that gives a very good quality and very good service to our customers. And they spend more because they use more data.

Very clear. Thank you for the answers.

Thank you. The next question goes to Carlos Sequeira of BTG Patchell. Carlos, please go ahead.

Hi. Good morning. Thank you for taking my question. Today, it's a quick one. We model for AMX to generate a little more than $5 billion in free cash flow next year. And I was wondering, with leverage close to the bottom of the range, is there any reason why you wouldn't return you know, this free cash flow to investors in 2025. All of it, or a good part of it, at least. Thank you.

Carlos, as you recall, we met you guys for the investor day in May, and we established a band for our leverage ratio, and we said the band was going to be 1.35 to 1.5, and we are exactly at the lower end of the band. So I think that, you know, as I had mentioned before, we don't really have any notion of continuing to reduce leverage much further from where we are. Maybe a little bit on the short-term debt. Okay, perfect. Thank you.

Thank you. The next question goes to Carlos Larragueta of ITU. Carlos, please go ahead.

Hi, thank you. Good morning. My question in this case will be for Argentina, please. I'd like to be reminded of what are your plans there in fixed revenue? Obviously, that's growing very nicely because I know the food is growing. I know you're doing mostly fiber. So if you can talk a little bit about that and also how is the wireless business going? Evaluating obviously it was very positive this quarter, but you know some some color on the market trends will be helpful. Thank you.

Very, very good that you talk a little bit. Ask a question on Argentina. I think Argentina. is doing okay we have been still investing we don't stop anything the last years on argentina so we put fiber when things are doesn't look so so good and uh we're growing how many customers on site on uh on broadband we have right now is not but one minute no more than a million no it's uh And we have been growing and having 1.4 million subscribers on broadband we have in Argentina. No, September 23rd, September 23rd. No, 1.6 we have in Argentina. So we have been growing, still growing very good. And we are upgrading our network, mobile network. And I hope... Argentina will reduce more the inflation and do better on the economic, and then we're going to have a very good company there. We have been growing from being the third one in mobile. In customers, I think we are the first one right now. So I'm not so sure, but in customers, we are the first one, almost the first one in mobile right now and growing in the digital.

Okay, thank you. And how about 5G plans? Do we have the necessary spectrum? Are you still waiting for an auction to happen?

Yes, we're putting 5G and we're putting more cell sites in 5G and that's the way we're going to grow there. So we're investing. We have a CAPEX focused on assigned to Argentina and we're doing all the things with the CAPEX that we have there.

Okay. Thank you for the update. Thank you.

Thank you. And as a reminder, if you would like to ask a question, please press star, followed by one on your telephone keypad. And the next question goes to Camila Koga of BBI. Camila, please go ahead.

Hi, guys. Thanks for taking my question. My connection is not good, so I apologize if you have already answered this. I have a quick one on the news on North New Banks. if you could give us more details about it. I want to have an idea of how aggressive Nubank can be if the agreement allows Nubank to offer prices lower than Clara's prices. Thank you.

We don't hear you very well, but I'm going to add a little bit on the other question. The last question that they asked me is talking about Argentina, because we always talk a lot on Mexico, on Brazil, on Colombia. But I think all around America, we have been doing very good. If we talk about Peru, in Peru we have been growing, growing Evita, growing with Fiverr, upgrading our networks, giving more plants. and and all of that then if we go to central america central america has been having a very good sorry no sorry my question is on the sorry so on central america we have been also doing very good excellent gaming share, putting Fiverr, putting more coverage, and the growth has been very good. The growth on mobile and the growth on PIC. Then if we go to Dominican Republic, also American Mobile has been exceptional in Dominican Republic. Then we go to Eastern Europe. Eastern Europe has been with a very good growth. expanding. We used to have only mobile. We have peaks all around with broadband. So in all the different countries, we have been doing very good and gaining market share. So just when they talk about Argentina, it's not only Argentina. I think all the other countries have been having an exceptional develop for the last year. Sorry not to answer your question, but I want to give these comments because we focus in two or three countries, very important countries, but all the other ones are also important and doing very, very good also. Sorry, your question again?

My question was on the New Genoese Nubank, if you could give us more details about it. I want to have an idea of how aggressive the bank could be. And this may be the argument.

The bank? No, Camila, we cannot really understand anything that you're saying. Do you want to email me your question?

Okay, so we can talk later.

Okay. Thank you.

Thank you. Thank you.

Thank you. That's all the questions that we have time for today. I will now turn the call back over to Daniel Hash for any final remarks.

Thanks to everyone for the call and see you next part. Bye-bye.

Thank you. This now concludes today's call. Thank you for joining. You may now disconnect your lines.