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Good morning. My name is Chach, and I'll be your conference operator today. At this time, I would like to welcome everyone to the America Mobile fourth quarter 2024 conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you'd like to withdraw your question, please press star followed by two. Thank you. Now I'll turn the call over to Ms. Daniela Lacona, Head of Investor Relations. Please go ahead.

Thank you. Good morning, everyone. Thank you for joining us today to discuss our fourth quarter financial and operating results. We have on the line Mr. Daniel Cash, CEO of Mr. Carlos Jauque, CEO, and Mr. Carlos García Moreno, CFO.

Thank you, Daniela. Welcome, everyone. Carlos is going to make a summary of the fourth quarter 2024 results. Thank you, Daniela. Good morning, everyone.

Well, the fourth quarter ended with a renewed surge in U.S. interest rates with 10-year pressure yields jumping approximately 80 basis points in the quarter. To finish the year, the U.S. high of 4.6%. broadly the highest level since the end of April. This significant increase in long-term interest rates took place not long after the Fed reduced its policy rates by 50 basis points in September, 14 months after completing a period of policy rate hikes. A stronger than expected labor market and economic activity led to major revisions in expectations regarding future reductions in policy rates by the Fed and hence the path of medium and long-term yields, all of which resulted in the spike in yields mentioned above. Throughout the period, substantial yield of currencies in our region of operations depreciated versus the dollar, with the Brazilian real experiencing the worst decline of all, 13.7%, followed by the Chilean peso, 11%, and the euro, 7%. We added 2.1 million postage subscribers in the fourth quarter, with Brazil contributing $655,000, Colombia $178,000, and Mexico $158,000. 141,000. On our prepaid platform, we've raised 1.3 million net disconnections in the period. We had minus 1.8 million in Brazil after that cleanup profit space. But Mexico gained 302,000 COPs, followed by Central America with 196,000, Colombia 128,000, and Argentina 164,000. In the six-line segment, we obtained $320,000 in accesses, including $132,000 in Mexico, $75,000 in Brazil, and $45,000 in Argentina. Board lines and passenger units registered minor losses in the period, $88,000 in all. Our posted base increased 5.3% year-on-year, with prepaid expanding 0.4%, and fixed board van accesses 4.7%. All the above figures include those reported by Claro VTR in Chile over the last two months of 2024. Fourth oil revenue was up 18% in Mexican pesos terms to $277 billion, with service revenue climbing 19.1% and EBITDA 16.4% to $91 billion. Those rates of increase reflect the consolidation of the Chilean operation from November 1st but were largely boosted by the accounting methodology associated with Argentinian operations. Since these operations take place in a country that is considered highly inflationary, the annual revenue is adjusted for inflation and expressed in December 2024 prices, then converted to Mexican pesos at the end of the year exchange rate, per rule IEFRS 29. The first quarter figures are obtained subtracting from the annual figures thus obtained through September. Since Argentina's rate of inflation was 118% through December, while the Argentinian peso only depreciated 4% of the Mexican peso. It has depreciated sharply in December 2020. The accounting adjustments mentioned are considerable when expressing Mexican pesos. Excluding Argentina, and therefore those variations having to do with the accounting methodology, American model's fourth quarter revenue increased 10% in Mexican peso pensions. with 10.7% service revenue growth and 8.6% EBITDA growth. On the consolidation of the Chilean operations, its contributions to our consolidated revenue over the last two months of the year amounted to 3.8 billion pesos. Now, as constant exchange rates, as has been customary in our quarterly reports, excluding Argentina from this calculation, our fourth quarter revenue rose 5.7% year-on-year, on the back of a 6.6% service revenue increase, the best performance in over a year, with EBITDA expanding 5.1% before one of adjustments, and 7.2% after those adjustments were made. These increases include the impact of the consolidation of the Chilean operations, but was dealt more strongly in the Fislan platform as can be seen in the moment. Mobile service revenue, expanded 6.2% year-on-year in the fourth quarter. Without Chile, it would have been up 5.1% in line with the price of wealth in the prior three quarters. Post-paid revenue rose 8.5% in the quarter compared to 6.3% in the prior quarter, whereas prepaid revenue increased 2.5%, down slightly from 3.6% in the third quarter. Mobile service revenue accelerated in Brazil, Colombia, Ecuador, and Peru, offsetting the deceleration of sales in Mexico and Central America. This line of sales revenue climbed 7.4%, including the Chilean operation, and would have posted a 4% increase without it. The line would decrease of sales in the second quarter, but somewhat lower than the growth rate of the third quarter. Broadband revenue growth accelerated to a 9.5% pace from 7.4% in the prior quarter to and corporate net worth revenues to 12.3% from 10.1%, with pay-to-deal revenue growth hitting 5.2% compared to a 0.8% decline in the third quarter. Fixed service revenue growth decelerated in Mexico, Brazil, and Colombia from the pace in the prior quarter, but increased at a faster pace in Austria and Eastern Europe, as well as in Central America. American Mobile earned an operating profit of 46.4 billion pesos in the fourth quarter, 11% higher than that of the year in the quarter after the depreciation and amortization charges that increased to 32.6%, reflecting partly the consolidation of the Chilean operation, inflationary adjustments of the Argentinian assets, and the amortization of new licenses acquired in 23 and 24 in Austria and Colombia. Our net income came in at $9.5 billion. The fourth quarter was 47.5% lower year-on-year on account of higher comprehensive financial costs. This totaled $30 billion, nearly half of which was associated with foreign exchange losses. Our net income was equivalent to $15 cents per share, $15 cents per ADR. And our net debt ended the year at $4.88 billion, excluding capitalized lease obligations. In cash flow terms, it increased 19 billion pesos over the year, and helped us finance 1 billion pesos in capital expenditures, 51 billion pesos in shareholder distributions. These are net of the dividends received from our Verizon stake, and 24 billion pesos in amortization of labor obligations. At the end of the year, our net debt stood at 1.44 times Last but not least, EBITDA, the library to you, already reflects the impact of the consolidation of Carol BTR in Chile, in America Mobile from October, from the end of October. So with that, I would thank you and send the floor back to Daniel. Thank you. Thank you, Carlos. I think we can start with the Q&A. Hello?

Thank you. Sorry, apologies. At this time, I would like to remind everyone, in order to ask a question, press Start, then the number 1 on your telephone keypad. We'll pause here just for a moment to compile the Q&A roster. So the first question comes from Carlos de Logarapa. Your line is now open.

Thank you. Good morning, everybody. I have two questions on my end, please. The first one is if you have a specific topic of guidance for this year, given obviously the Sharpe FX movement. I don't know if there's been any deviation from what you've guided in yesterday. Maybe, Daniel, you can talk about the details of the NBNO deal with Nubank. I'm just concerned if there's any, or are you at all concerned if there's any potential for cannibalization of your own product, or in terms of network capacity, if there's any kind of concern at all, even that they might become very large at some point?

Hi, Carlos. On the CAPEX, I think we give guidance for the three years. I think we are on that guidance, including what we are incorporating the CAPEX of Chile. So we still don't know exactly what's going to be the CAPEX for Chile for this year. But what we have is we do... Three-year capex in Chile, 23, 24, and 25. I think this year is the last year where we're going to change the network, modernize our network 5G. We're going to put more coverage. We're going to do fiber, more redundancies. We're doing a lot of things in Chile. We're on track there. We have a very good management in Chile. So we're very happy the way Chile is evolving right now. And with this, I think we're still not sure. Maybe it could be 250 to 300 million more of Chile. Still we don't know for this last year. And then... But the CAPEX and the guidance that we gave last time is still the same, plus what we're going to put in Chile for this year. I think next year in Chile maybe can reduce, but this year we're finalizing the last set, the three-year plan that we have to modernize all the networks that we have. In Brazil, with Nubank, we are happy with them. We are doing okay. And we are not worried that Nubank can cannibalize our prepaid subscribers. So we are happy. I think it's a very good alliance that we have with them. And we're doing okay. So it's okay. Good naming. They recharge a lot with Nubank. And so we are doing very good.

Okay, thank you. Thank you.

The next question is from Walter Piepczyk from LightShed Partners. Your line is now open.

Hi, good morning. Joe on for Walt. Thanks for taking the question. I kind of have a follow-up. Even with chili included in the CAPEX guidance, I guess the range that you had set at the end, let's say of 22 to 24, it kind of seems like you're going to come in towards the low end. Is there any reason or what would push that towards the higher end at this point?

No, look, what we said last time is that we're going to do $22 billion in three years. It's what we have. With that, I think we need to include Chile, and I think we're okay with that. So we don't go into the high end. what i can tell you this year in fall 2024 is we have less capex of what we budget we have a very good revenue increase and we have a better cash flow than what we had been budget so I think that's the trend that we have in 2024, and that's what we're looking to have in 2025. So we're being careful on capex, but we're investing where we think we need to invest to get more revenue. So that's the way we're looking, and the numbers are there. $22 billion, we said for three years. We are with that, and... And that's more or less. Chile, I think, is going to require this year a little bit more on what we're going to have for the next year because we're finalizing what I said, the three-year plan. But the rest, I think, we're okay. Another thing that will be important is that we have also this year some spectrum renovations and acquire more 5G spectrum, but I think this year will finish almost... everything on that. So also for next year, 2026, I think the spectrum and renovations will go also lower. So that's what I can see in the capex.

Okay. And then either, I guess, Daniel or Oscar, T-Mobile started offering Starlink satellite to sell texting to its subscribers. And I believe last quarter you mentioned that you were working with SpaceX and AST. So have you guys started testing either or both of those? And can you provide an update on either of those tests?

No. What we said is that we use these low-orbit satellites to use for backbone is what I said. We are not working only with SpaceX. We're working with all of them, less with SpaceX than with the other ones. So we're working more with one web and the other one, I don't remember the name. ASD. ASD, and we're working with them, and we are... Not directly... Yes, only for the backbone. We are not doing nothing directly to the phone at this moment, and we're still looking and reviewing if that makes sense for us or not. So that's where we are, but right now we don't have anything on direct to the phone with any of the satellite companies. only doing for backbone in the rural areas where we think we need it, where it's more expensive to put fiber or microwave, then we put satellite. So that's more or less what we're doing. Okay, got it. Thank you. Thank you.

Thank you. The next question is from Marcelo Santos from J.P. Morgan. Your line is now open.

Hi, good morning. Thanks for the opportunity for taking questions. I have two. The first is on Mexican broadband. Could you please comment a bit on the price environment if you plan to increase prices this year? I understand last year you kept your prices, so what's the outlook for this year? And the second question is about M&A. There is a discussion, at least when you read in the press, about potential M&A in Argentina. How do you feel about that? What is the appetite of America Mobile to see opportunities there? Thank you.

Oscar can talk a little bit about the program.

Yeah, yeah. You know, in Mexico right now, we already have 85% of the customer connected with Fiverr. We don't see it to increase the prices. What we did is to launch new packages in the market for residential. I think it's very unique packages. We believe that it will boost our net ads this year. And it's a package that includes Netflix for six months for free, includes Claro Video with Paramount, and as well Antivirus. It's a fully symmetrical connectivity with Fiverr. We include an email as well in the proposal. So we are adding value to the connectivity. Another segment that we are really focused on is in small business as well. And then we launched a package that includes a backup of information for the customer's name. We designed a web page for a small business. We delivered electronic bills for a small business for the same frame that we used to have, adding value to the broadband connectivity. And as well on the corporate, we mentioned before, we are adding different services, cybersecurity, cloud, vertical, and horizontal solutions for corporate markets. So we believe with all these bundles and packages, we are very well positioned in the market to expect an increase in EBIT for this year.

And on the Argentina, well, what I can tell you is that I read it also in the news this morning. We haven't talked with anyone on anything there. Of course, we're open. We're open always to see everything. And let's see if there's big synergies that make sense for us. We can be open to review that. But we haven't talked with them, and we haven't had anything at this moment.

Thank you. Just to clarify on Oscar's answer, so you said you do not seek to increase prices, right? You launched the bundles, but on prices you do not seek to increase. Okay, thank you both. Thank you very much. Until now.

Until now, we don't think to do it. We don't know if that makes sense at the middle or end of the year, but at this time, we haven't had anything on increasing prices. Thank you. Thank you.

The next question is from Vito Tomita from Goldman Sachs. Your line is now open.

Okay. Hello, good morning, all, and thanks for taking our questions. We have two questions from my side. The first one is if you could give us some more color on how you see prepaid revenue trends in Mexico in more detail in terms of how much users are recharging, how frequently they are recharging, how you are seeing those trends evolving. And our second question would be also related to to prepaid in Mexico. If you could give us an update on how you have seen the competitive environment for prepaid in Mexico between the big operators and VNOs, competition in general. Thank you very much.

Talking a little bit about the competition in Mexico. Well, what we have been seeing, let's talk first about cost pays. Cost pays, we are doing very good. We're increasing revenue. I think the revenue, we increased 5.7%, something like that, more than a year before and more than the second and third quarter of last year. We are doing good. Why we are doing good? Well, we are moving also some customers from pre-paid to post-paid. And we are moving our post-paid from better plans and selling more things. So the output that we have in Telcel is maybe, in post-paid, maybe 20% higher than our next competitor. So we have very good customers. They are in very good plans, and we are doing very good in the post-paid side, okay? In the prepaid side, what I'm seeing is I don't see... Any change on the competition is the same competitors that we have been having. I don't think they are more aggressive or less aggressive. They have been aggressive for maybe two, three years, and still they are doing that. As I said, we are moving part of our... prepaid base to post base. And the third one is we're seeing also a slowdown on the economy. I think that's very important. And when you see a slowdown in the economy of Mexico, then the first place where you see a slowdown is in recharge in prepaid. So that's what we're looking at. No big changes in competition. We have the same. Maybe CFE is giving and promotes some chips, but more than that, we haven't seen anything else on that. And there's tough competition in Mexico, but it's not... The last quarter, it has been there for the last two years. What we have been seeing is a slowdown in the economy, and that affects directly to the prepaid recharge that we have been having. So that's more or less what I'm seeing in the market in Mexico. So Oscar talked a little bit about the broadband. We're doing good. We're growing. We're moving to fiber. Post-paid, we are also doing good, moving subscribers to better plans, moving the high-end prepaid to the low-end post-paid. That is being very successful. Around 85% of the people that we move stays in post-paid, so it's a very good number. So all over all, we are doing okay in that. And the second and very important that Oscar reminds me right now is that we have by far the best network in Mexico. We are the only ones that have 5G, the real 5G. We have more than 100 cities, very well coverage, very good speed, good quality. And, well, that's why we have the best postpaid customers right now.

Good year. Thank you very much.

The next question is from Andres Coelho from Scotiabank. Your line is now open.

Thank you. Thank you for taking my question. From Mexico, please. First, we saw last year two constitutional reforms, one giving the CSE a special legal status in Mexico. And there was also the reform that is going to merge two regulators into a single body. So, Daniela, I'm just wondering what you're seeing in terms of the regulatory environment in the country with these constitutional reforms. And perhaps more specifically, how do you see the company competing with the government, right? Because the government is now providing retail services, so you'll be on that And my second question is on Telmex. There was a letter published by management and the union where Telmex says that this year they expect to win 2 million broadband lines in Mexico and market share to reach 50%. So I'm just wondering if this is feasible, if you think that that is, or perhaps too ambitious to think of 2 million broadband additions in Mexico. Thank you. Well,

Of course, it's an internal budget that we have, and of course we want to win. If it's $2 million or more than $2 million, all the commercial areas, marketing, people working in the streets are looking to grow. That is what we want. We want to increase our market share in Telmex. That's why we don't increase prices last year. We lose. some market share in the previous years, and we want to recuperate part of this market share. And I'm happy that the union and all the people is focusing on making more broadband subscribers and doing more broadband. So I'm happy it's feasible. Well, all the budgets that we do are feasible. We don't know if the economy will allow us to do as much as that, but we want to do it. Maybe it could be around $150,000 per month. I don't know if we can do it, but we are looking to do that. We have enough Fiverr. We are also changing subscribers from corporate to Fiverr, so there's still a lot of things that we have to do. As Oscar says, we have 85% of our our subscriber broadband in Fiverr, and it's very good news. If we look three years ago, I don't think we have those numbers. We have been working very, very hard to move all our subscribers to Fiverr. IPFL, well, what we have been seeing is that right now they are looking for the secondary laws. They are moving on that. We don't know exactly what are going to be the secondary laws. We're waiting for that. And CISO, we're aiming to work with any, I think, part is going to go to economy. The other part is going to go to Agencia Digital. and we are going to work with both to do that. If we are going to compete, hope that what the government is saying is that what they want to do is to give connectivity in the very, very rural areas. So I hope they are working and doing to do connectivity in those rural areas. But that's more or less what I have to say. I don't know. But that's what we have.

Okay. Thank you. Thank you.

The next question is from Alejandra Azar from GBM. Your line is now open.

Hi, good morning, and thank you for taking my questions. Two quick ones. One is on the cloud and corporate networks. If you can remind us how much that business grew in 2024, And if you can tell us from your $7 billion, $7.5 billion capex, how much is that directed to that business segment? And the other one would be on your pension plan. You mentioned $25 billion uses or cash outflows during 2024. My question would be if that... is 100% cash flows, and how should we think about your pension plan outflows in the next, let's say, I don't know, decade? Should that decline at some point, and why? Thank you.

Well, what I can tell you is that the segments that are growing more are post-based and corporate, the corporate segment. Those are the two segments that are growing more in America. I think the corporate, I think, is growing around 15%, something like that. I think the exchange rate for everyone, including children, that's...

12.3%. And it's been accelerating. It was 7% in the second quarter, 10% in the third quarter, and 12% in the fourth quarter. What is very important is we have been putting a good capex.

It's difficult to... to devise what CapEx is for cloud and corporate and the other ones, but we are very well prepared in all Latin America to serve the corporate market. We have good sales people. We have data centers. We have good alliances. So we are very well prepared to serve grow in the corporate market. So I think we are, I'm very confident that in the next years we are going to be a good player, a big player in the corporate market.

I think the trend should be declining. I think we will expect to see still some outflows more or less of the same size as we had last year for some time for the next three years or so, and then we would expect them to be a little declining, and that has to do with the overall trend. I think that we have reached the peak of pension payments, and they will be trending down really soon. You know, there's less people... They pension new people and some people that have pensions that will cease to receive pensions at some point. So that's basically it. We can talk more about it at the next investor day probably. Thank you. Thank you both.

Thank you.

As a reminder, to ask a question, please press star 4 by 1 on your telephone keypad now. The next question is from Fanny Kanemori from HSBC. Your line is now open.

Hi, everyone. Thanks for taking my questions. The first one is related to the outlook for shareholder remuneration in 2025. Given these exchanges and increased capex, how do you see the outlook for shareholder remuneration in 2025? The second one is regarding how you feel about Brazil Mobile. Do you see the rational market enrollment continuing there? You have grown like 10% in 2024. Do you see that growth rate trending in the same range in 2025? Thank you.

Well, the first question, if you look at the basic trends that we are having today, we have had very solid revenue growth for a long time now. We have growth on both fixed and mobile, which we've been highlighting for quite some time. And this is already very well diversified. We are doing it. in all the main countries and these lots of countries like Central America and Eastern Europe. And what we are seeing is that on the back of very strong and consistent top-line growth, we are also being able to reduce the capex intensity of the business, given the important investors that we've met in the past. including introducing, you know, all the necessary investments to be able to produce, as you basically know, in our markets, and also the spectrum that has to go with that. So all of that is behind us, and that's why we have been able to reduce capex to sales intensity significantly. We expect it will be remaining in that position. So given what I've said, I think the outlook is for free cash flow expansion with a position of leverage that will remain not far from where we are. We are at 1.4 times net debt to EBITDA. It's right in the middle of the range where we want it to be. You can run the numbers and you will see that If we don't need more cash for debt and if we don't need more cash for capital, that means that there's going to be more cash available for distributions.

And on Brazil, I think we are... We have like 40%, something like that, 38% to 40% share of market in 5G. So we are one of the biggest in Brazil. We have a very good network. The fastest network, Anatel is saying that we're the fastest network in Brazil. And we have been growing market share. in Brazil in postpaid for some years. So we are well prepared. We are investing. And we have had good results, very good management, good team, good synergies that we have been having. So I think we can still do very good here. The next years we're going to be good in Brazil.

Thanks, everyone, this particular.

Thank you. The next question is from Gustavo Thoriaz from UBS. Your line is now open.

Hi, and thanks for taking my questions. I have two on my end. The first one is regarding mobile competition in Brazil. We've seen a competitor that didn't expect to raise from book prices in the first half of the year. So my question is if you could comment on how do you see competition in Brazil? Do you see it worsening or not? And the second question is regarding the debt profile and how do you see it in the longer term? So how much, if you have any target of how much of the debt you would like to see denominated in hard currencies as a percentage of total in five plus years from now? Thank you.

Can you repeat the second question, please?

We don't hear you well.

Regarding the debt profile, how do you see it in the longer term? How much of the debt do you like to see denominated in hard currencies as a percentage of total?

Well, on the debt composition, we've We've been, I think you have to distinguish between funding on the one hand and then the actual currency exposure that we retain. We've been funding increasingly in local currencies. We've been raising funds more than a billion over the last six months in various local markets here in Latin America. And what we do with the currency exposure, it's basically managed through derivatives, and that basically is managed depending on our views of what the currencies are. So what I can tell you is that today the net exposure to dollars, for instance, is 32% for net debt. And the net exposure to oil currencies to the U.S., including Austria, would be about 10%. So that means that the net economic exposure is basically around 60% to local currencies today.

And you're talking about Brazil. I think competition... Not only in Brazil, in all Latin America we have a lot of competition there. Let's say in Brazil we have Telefonica, we have Tim, and then in mobile and then we have all the new ones, the small ones that are growing. So in telecommunications, everybody knows that you have to have, it's not only price. When you compete only in price, then I think you are going to lose value in the future. You need to compete. with quality, with coverage, with good products, and with customer care. So you need to do a lot of things, and that means investments, capex, and we have been doing that in Latin America for the last 10 years, or for the last 20 years. So I think we are well prepared to compete, not only in price, but we have been digitalizing the company working a lot on costs and expenses. And that's where, let's say, in Colombia, Colombia we have, nobody talks about Colombia, but we have a very good quarter. We start with revenues growing at the beginning of last year with 1%, 2%. We're growing 5%, 8% in this quarter in prepaid. So we're doing good because we have the basis and we have the investments done and, of course, we have some competition on price. Then we have to do it. And then we return with good customers, good outputs, good products to sell there. So all around Latin America and Europe we have competitors, telecommunications is with a lot of competition, but we are well prepared to compete with them.

Thank you. The next question is from Ernesto Gonzalez from Morgan Stanley. Your line is now open.

Hi. Thank you for taking my question. Two quick ones. Can you please discuss how you're seeing competitive dynamics in Colombia, which you started to mention a moment ago, and also competitive dynamics in Chile? Thank you.

Well, in Colombia, I think Pigo and Telefónica are getting together the networks. I don't know if they're going to allow them to consolidate. But the networks, I think they are working and have a good network. I think it's good. They are going to save money. There's a stronger competitor that is good for us. And as I said, in Colombia, if you review the numbers that we have this quarter, are very good. And I think for 2025, we still think that we can increase and have better numbers. Revenue is growing. and we are good in the market. Rome, I don't know exactly what is going to happen. There's going to be a new investor in Rome, so we don't know exactly what they are going to do, but we are in a good position. And in Chile... I think in Chile we have a lot of competitions, different in broadband than in mobile. But what I can tell in Chile is we have been working during 23 and 24. We have a very good management. They are delivering what they promised, so we are in the numbers. And the investments that we're doing are being good. And I think Chile, this year, we're going to consolidate all the energies that we have between the two companies. We're going to have a much better network. We have a very good team working there. So we think we're going to have good numbers in Chile. Let's say in Chile, number portability, we have been gaining subscribers in number portability for the last six or seven months, and that means that the network is working, that we have good plans, and that we're doing okay. We're okay, and they are delivering what they are promising in Chile. Thank you.

Thank you very much.

Thank you. We have a question from Juan Cruz from Morgan Stanley. Your line is now open.

Hi, good morning, and thank you for the call. Just following up on the Chilean operation, now that the declarative EPR has been formally incorporated into the results, when should we expect more disclosure as to both operationally and financially as to how the Chilean operation is doing going forward? If you could tell us what the CAPEX budget for Chile should be for 2025, if you have that number handy, it would be great. Thank you.

We will begin disclosing the Chilean results next quarter. Likely we will be disclosing it together later. with those of other countries that are in the region, so putting them together, putting them with the so-called southern countries. But I think that that's what we will be beginning to do from the first quarter of 2025.

On the CapEx in Chile, we said that it's going to be around $250 million this year to finalize everything that we have, change more to fiber, more coverage, more 5G. So that's more or less what we budget. We still haven't finished this budget, but we think that it will be like $250 million, a little bit more, a little bit less budget. on CATEX for 2025. Okay, thank you. Thank you.

We have a question from Rico Salassi from Goldman Sachs. Your line is now open.

Hi, thank you for taking my question. Federico Salassi from Rojaten Group. Two questions regarding to Mexico. The first one is How do you see the competition of the MVNO of Walmex, that they have like 15 million clients in the last two years? Obviously, it's in the lower end of the range. And the second question, if I may, is how do you... We can see lower revenues in equipment sales. Do you believe that this trend will continue? Thank you so much.

Yeah, that's right. We reduce the revenues on equipment. I think also this is a little bit of what we talk about economy. The economy is slowing a little bit down. And the other thing is all these revenues are based in dollars. So the dollar moves from $17 in June to $20.5 in December. So equipment gets a little bit more expensive. So that's why we reduce. some revenues on that. On Walmart, it's a good competitor, a strong competitor. They have a good distribution. And, well, it's not new. As you said, they are going to the low. They have with 40 million... The subscribers, their ARPU, I don't know exactly the revenues, but the last time that we see the revenues and the ARPU is very low, so I don't know if they really have 40 million or not. We don't know. But it's more competition in Mexico, nothing new. We have been dealing with Walmart for the last two years. with CFP also, and then we have Telefonica, and then we have AT&T, so a lot of competition in Mexico, but nothing new. So that's what we have been having for the last year. And still we're going to have competition this year. Hope that the economy can return and be stronger in the next months, but still we're seeing that the slowdown in the economy is hurting a little bit the prepaid subscribers.

Thank you so much. Thank you.

Thank you. We have no further questions, so I'd like to hand the call back to Mr. Daniel Hash to conclude.

I want to thank everyone for being in the call and see you next quarter. Thank you very much.

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