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Good morning, my name is Nadia and I'll be your conference operator today. At this time, I would like to welcome everyone to the American Mobile First Quarter 2025 conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speakers are marked, 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. Now I will turn the call over to Ms. Daniela Lecuana, head of investor relations.

Thank you. Good morning, everyone. Thank you for joining us today to discuss our first quarter 2025 financial and operating results. We have on the line Mr. Daniel Hash, CEO, Mr. Carlos Garcia Moreno, CFO, and Mr. Oscar Wamsauske, CEO.

Thank you, Daniela. Welcome everyone to the first quarter of 2025 financial and operating report. Carlos is going to make a summary of the results. Thank you. Thank you, Daniela.

Good morning, everyone. For the first quarter of the year, the gangways were surging ahead, continuing the trend from early December, as the markets grew increasingly concerned with inflation on the part of a much stronger economy than had been expected. However, as inflation numbers came in within expectations, a new payroll figures weakened. Ten-year pressure yields came down by a remarkable 50 basis points from mid-January, 20 quarter for 20 percent. In the period, most currencies in our region of operations appreciated this with the U.S. dollar, but not the Mexican peso, which remained almost flat over the quarter, as the uncertainty of potential new tariffs by the U.S. weighed on it. In the quarter, the U.S. dollar lost 7.3 percent versus the Brazilian real, 4.9 percent versus the Colombian peso, 4.4 percent versus the Chilean peso, and 4.2 percent versus the euro. Now, the Mexican economy has been slowing down since April of last year, with the index of economic activity reaching 0 percent in February of this year. And private consumption, as you can see in the slide that we are showing, has plummeted and is now declining 1 percent year on year. On the back of uncertainty, one Mexican government and the U.S. election, increasing real rates of interest, as inflation declined, but rest state put, and the decline of economic activity made worse by a significant tightening of public expenditures. So as you can see, there's been really a vertical drop in private consumption in Mexico over the last several months, to a point that is now negative. Now, in the first quarter, we added 2.4 million post-Petro subscribers, with Brazil leading the way with 987,000 clients, followed by Colombia with 153,000, and Mexico with 133,000. In the Pre-Pet segment, we posted one million net Pre-Pet losses, both Mexico and Brazil disconnected clients, 821,000 and 525,000 respectively, while Argentina added 230,000 trucks, and Colombia added 134,000 trucks. So Pre-Pet disconnections were limited to Brazil and Mexico. In the fixed line segment, we connected 446,000 new broadband accesses. Mexico was the main contributor with 165,000 clients, followed by Brazil with 98,000, and Central America with 52,000. Both lines and -per-day units fell by 130,000 and 32,000 respectively. Mobile post-Pet and fixed broadband were the main drivers of growth of our client base, increasing by .1% and 4.3%, respectively. Again, you can see this in this slide. Our threshold revenue was up .1% -on-year in Mexican peso terms to 232 billion pesos, with service revenue expanding .8% and adjusted EBITDA 13.3%. The latter figures partly reflect the -over-year appreciation of most currencies versus the Mexican peso, particularly the Colombian and Chilean pesos, which were up 18% and 14% versus the Mexican peso. The dollar, which was up 17.7%, and the euro, opposite 14.1%, again versus the peso. So that essentially means that with the exception of Brazil, all other international operations of American mobile were worth more in Mexican peso terms. At constant exchange rates, when we adjust to these exchange rate movements, service revenue increased .1% and adjusted EBITDA 4.0%, adjusting percent that was by Telmex a year before. Most of our operations, so the EBITDA margins, increased sequentially. Our wireless service revenue climbed to 5.7%, decelerating somewhat from the prior quarter, as prepaid revenue continued to slow down, mostly on account of weak economic activity in Mexico, as we've seen before. Post-segment growth remained fairly stable across the board and actually accelerated slightly to .8% when our Chilean operation is included. On the 6-line platform, our service revenue growth came in at 6.7%, with corporate net worth revenue appearing to slow down. These effects had mostly to do with the fact that in the year-earlier quarter, that line item had had a very strong showing. You can see this again in the slide. Growth and revenue growth maintained its pace at 9.8%, while data space today came in at 8.7%, the fastest pace sitting in many quarters, reflecting on the one-handed incorporation of Chile, but also better growth in Central America and Austria and Eastern Europe.

And

we're seeing less of a drag in Brazil, where although growth is still negative, the rate of decline has slowed. The Central American and Eastern European blocks were top performance in the period, exceeding faster service revenue growth in both the fixed and the wireless platforms, and they have cut the preceding quarter. Our first quarter operating profit totaled 44.8 billion pesos, a 10% -on-year increase after the position and negotiation charges that were up 16%, which partly reflects the incorporation of our Chilean operation. With our comprehensive financing costs decreasing slightly from the year-earlier quarter, our net income was up 38% to 18.7 billion pesos and was equivalent to 31% per share, $30 per AVI. Our net debt at the end of March stood at 500 billion pesos, not including capitalized lease obligations. It was equivalent to 1.5 times last 12 months. In cash flow terms, our net debt increased 11 billion pesos in the quarter, and it helped us fund capital expenditures in the month of 25 billion pesos, share buybacks of 4 billion pesos, and 7 billion pesos in labor obligations. So that's the summary, and I will pass this over to Daniel so that we can begin the Q&A session. Thank you, Carlos. We can

start with the Q&A session.

Thank you. If you would like to ask a question, please press star followed by one on a telephone keypad. We'll pause for just a moment to compile the Q&A roster. The first question goes to Leonardo Almos of UBS. Leonardo, please go ahead.

Hi, everyone. Good morning. My question is going to be centered on regulation, laws in Mexico. So I think what we're seeing now is unprecedented, maybe for many, many years. If you could first discuss the telecommunications law or legislation that could impact the spectrum distribution and what you're positioning on it. So potentially regarding spectrum to competitors, to new competitors. And second, what the Trump administration is proposing on the liberation day, if there is any type of impact from Mexico, because there was a document that by that date is really mentioning that they were concerned, the US government was concerned about concentration, high concentration of market share in telecommunications in Mexico. If that could be a concern to you. Thank you.

Thank you. As we as as you know, and everybody knows, Congress is currently discussing the proposals made by the president Shane Bowne regarding the new telecommunication law and some changes in the competition law. Those are right now discussing in the Congress. We are monitoring closely both proposals and providing comments to the Congress people. OK, so that's what we have now. We don't have anything else. Everybody knows what the proposals have. I agree on what you're saying about the spectrum. So we are giving our views and and and we can discuss that on more detail when both laws have been enacted, enacted. OK, so but right now, nothing to say. The laws are there. Everybody's discussing. We're giving our points of view and that's all. So I think in the next two months, as the president said, they are going to be enacted. So that's what we have right now. On the other side, I don't exactly understand what you said about President Trump about, but if you're saying about the competition and dominance and all of that, well, that will be included in these laws. And this law has been discussing right now. So other important issue and we put it in front of the first page of our our results is the market share that we have in fixed broadband and TV. We have 27 percent and the cell has 55 percent. So does not does not include the CPE that has also some subscribers. So I think we are discussing that we are we think that we are not the dominant player anymore and that the laws have to show that. So that's mainly what we have been discussing.

Thank you very much. Thank you. Thank you.

The next question goes to Walter Pytic of Lightshed. Walter, please go ahead.

Thanks. I think you just addressed the impact of tariffs potentially on handsets. How do you expect to, if anything, have that impact your business? Any. Well,

the tariffs in Mexico, we know changes on tariffs on handsets right now in Mexico and Latin America. I don't know that if we can have something in the future. So at this moment, even it's been a little bit better because the exchange rate has coming a little bit down and those are we buy everything in dollars or in Mexico, let's say a price of handsets has been better. So at this moment, we don't have anything on tariffs and we don't expect anything on tariffs for the for the next month.

Yes, I was I was going to continue just just kind of noting perhaps the deficit, the trade deficit that exists between Mexico and China. And if there's anything, perhaps, given everything that's happening in the world and how manufacturing can move to two different locations, whether that could extend in terms of Mexico's relationship with China.

Well, I think there's a big discussions on that, on the trade deficit, trade deficit in the US trade that's sitting in Mexico with China. So it's going to be very difficult to understand what is going to happen in the future. But I think that Mexico will have a very good in my view, a good probability that there will be everyday manufacturing more and more in Mexico to go to the US manufacturing more with Mexicans and doing things in Mexico, not importing from other countries and then exporting to the US. I think that's going to change a little bit. But if we produce here, I think Mexico will have a good opportunity to grow. So I think all these discussions and what is happening in the world, I hope that will be benefit for Mexico.

Thanks. Carlos also obviously mentioned and we see the results, the impact of some of the economic issues in terms of consumer demand, I guess, in Mexico. I mean, you guys have both been there a very long time and obviously Carlos very involved in Mexico in general, even before Mobile. Just curious, you know, kind of your thoughts on timeline and how long you think that this will progress through your numbers, how deep of a dip, how soon of a recovery, I suppose.

She wanted to write. I think what I was saying before is, you know, we had an extraordinary situation last year, second half of last year because of the conference of May events. One was an election in Mexico, which always lead to a slowdown in economic activity for the month after the election and the beginning of the administration. That's a historical pattern. Then you have we had also the elections in the US at this time were probably more eventful than probably has been expected in some more times. And we had, as I mentioned, very high and increasing real rates of interest because policy rates were constant, but inflation was declining rapidly. So the real rates of interest were going up and that obviously had an impact on overall spending, both consumption and investment. And then to make things somehow worse in some ways, just in terms of economic activity, we showed them the new administration came in with a clear commitment to put order in public finances, which meant reducing the fiscal deficit. And these they've been doing, you know, with a lot of fuel. We've seen the numbers through fellow this year, and they are doing better than budget. You have a primary surplus that has increased significantly, not compared to last year, but even to two years before. And the financial deficit is even lower in after inflation in terms of this year than it was two years ago, not to mention last year. So, but our view is that these effects, all these three effects that I have mentioned are going away. Obviously, the elections have happened and the uncertainty of one thousand, I think, will be clearing relatively soon. So the real policy rates are coming down in Mexico. They have been coming down and we expect them to continue to come down. So so real rates of interest are now beginning to go down. And we expect that the government will be in a position, the second half of the year, to be a bit more forthcoming with their expenditures. So I think that our current expectation is that we are seeing the bottom right now, this first quarter, and we would expect to see, you know, this probably be bottom and we can expect to see recovery of sorts, second half of the year. You know, there's a lot of people that believe that the USMCA agreement may be negotiated early, as early as this year. And to the extent that's the case, I think that it will provide an additional boost to the economy. And so, yeah, we think we're quite positive on the expectations for the second half of the year. I think we're seeing the. That's very

helpful, Carlos. And thank you also, Daniel. Appreciate it.

Thank you. Thank you.

The next question goes to Marcelo Santos of JP Morgan. Marcelo, please go ahead.

Hi, good morning, Daniel. Carlos, Oscar, Daniela. Thanks for taking my questions. I have two. The first is regarding Mexican prepaid. I understand in the release you attributed the weakness mostly to the economy, but I would like to see if you could discuss a bit the competitive angle. We are seeing some MVNOs growing very aggressively in prepaid. Do you think this is affecting? What could you discuss of the competitive angle on prepaid in Mexico? And the second question is regarding the appetite of American models for M&A in the region. There are some players that are divesting some assets and want to know what do you think about that? Thank you very much.

Well, let's talk about Mexico. First, I want to. We already we talk a little bit about broadband and post-paid. I think in Mexico we have a very good month on broadband and quarter, sorry, on the broadband and on post-paid. I think we are doing good. People is consuming more are going up in in post-paid and in broadband. We're still gaining subscribers and moving to Fiverr and doing so. I think when you talk about broadband fix and post-paid, we're doing OK in Mexico. And when you talk a little bit about prepaid that I think it's the concern that I have been reading this morning is well, first and not the only thing is the slowdown of the economy in Mexico. I think that's the first thing you see that they are declining a little bit and are declining because our consumers are spending a little bit less than they used to be when it's prepaid is really tight to the economy. So when things are good, people consume more are gross when things are not so good. Slowdown. Then people are consuming a little bit less in the other side. We have a very aggressive competition in promotions of some NBNOs like Byte is very aggressive and they are growing. The difference is that, well, they have had an ARPU of 38 pesos and we're having an ARPU of 177 pesos. So the difference between their subscribers and our subscribers is maybe three, four times difference on that. So we have been having and looking and our strategy is to look for good prepaid. All of them are good. Maybe what is happening is that their subscribers or the promotions that the market and they are having are so aggressive that they just want to. Not recharging, give service for free. And that's that's an issue. And I hope that will will solve in the future, but they have been doing that for some time. And the problem, let's see what is going to happen when it starts to move a little bit and take out these promotions. Other thing that I see this quarter is in number portability. They have been gaining in number portability, let's say the same. But what I see in the numbers, but losing more subscribers in number portability. So number portability has been not so good as they used to be last year. So subscribers, when they start to move with their promotions, then then they are going to decide in which other company they are going to do. So what the only thing is we're focusing in very good and the better on the highest are customers in prepaid and in postpaid. And I think that our number portability is doing a little bit better than last year. So I think we are starting to see better numbers on that. And that that will be exactly what is happening in Mexico. So big and promotions where people is not paying or paying very low amount of money. And then when they want to recharge, they are going to do that. And when this promotion will end, I think it's going to be interesting how they are going to retain those customers. Arpus, a hundred and seventy seven pesos Intel sell 38 pesos in the other company. So it's it's exactly what is happening is not only one thing you have a slowdown plus promotions, plus our strategy. All of that is what is happening here. And another and I want to do another announcement that I have been since the last call that we don't give a guidance for budget for a tax budget. We have that announcement and the cap for this year is going to be lower than last year. It's going to be six billion seven hundred and it's only because we're seeing a slowdown in all the economies, a little bit slowdown. We have been investing a lot, moving a lot with five. We have been doing the last three years more fiber, a lot on IT systems. We have a lot all our cloud and data centers all in place. So that give us a chance right now this year with a slowdown that will reduce the capex to six point seven. That is what we decided yesterday in the board. I feel very comfortable on that. And that's what we decide on on that.

Thank you. And then they do you have any any on

the M&A? Well, we're open to to to M&A. I think will be a little bit difficult that in the region will have something alone. But if you are saying because Telefonica is selling their assets, we are aware of that. And we're open to see if if something fits in in America mobile strategy that we're open to see anything.

Perfect. Just on the capex, does this change your three year capex view or is more relocation of capex between between the years? Just to understand how this talks with the guidance. We don't know. It's going

to be very difficult to see what's going to be the capex of next year. But I think this this year is going to be six point seven next year. Difficult to say, but I don't think that it's going to go so high as we predicted. But I don't know, depending on the on the on the growth, depending on the traffic, depending on a lot of things that that we're going to see around this year.

Perfect. Thank you very much for the clear answers.

Thank

you.

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

Thank you for taking my questions. So the first question is regarding your corporate network revenues in the fixed segment. Are you seeing some pressure due to the global concerns on growth on the corporate segment revenue? And do you expect the growth rate to continue in this segment? My second question is regarding Columbia. The margins have come down year on year as well as quarter on quarter. What is driving the margin decline? Thank you.

Well, I'm going to start in Colombia. I think Colombia is doing much better. In Colombia, our service revenue is growing six percent this quarter, while the revenue is 8.3. So we're growing and we're growing more. That's why we're investing a little bit more in growth. And that's the reason why our our EBITDA in terms of percentage reduce a little bit. But we grow our EBITDA point 2.4 percent. So the EBITDA is growing and we are doing good in the market. We are recovering and I think we're going to have a good year in Colombia 2025 is going to be a good year for us. And the other thing in the corporate segment, Oscar can talk a little bit about that. I think we are very strong. We have been investing a lot in salespeople, in apps, in services, in alliances, in our data centers. And it's a very important market. And we're going to continue to be focusing on that. Sometimes the corporate, but Oscar can talk a little bit about that. Sometimes in the quarter we gain some big customers. So that's why we grow a little bit more. Other ones in the other quarter. But all over all, we're focusing in the corporate segment. And we want to grow and be strong on that. But Oscar can be with more detail. Thank

you. As you mentioned, last year we won a very large project. And now we have a very, very strong pipeline. But you know, with the new conditions and the people is taking more time to get the decisions. But what we see in the pipeline around cloud services, digitalization, data centers, we see a very, very huge pipeline. So we believe that we will catch up through the year. And, you know, the people is taking more time to take a decision right now, even the economic situation. But the pipeline that we have is very, very strong, as Daniel said.

Thank you, everyone. It is pretty cool.

The next question goes to Vitor Tamita of Goldman Sachs. Vitor, please go ahead.

Hello, good morning and thanks for taking our questions. We have two questions from our side. The first one is a follow up on the on the spend reduction. The reduction is spending by prepaid customers in Mexico. Do you have any visibility on whether customers are simply reducing Internet usage or switching to lower cost competitors to some extent or using Wi-Fi a lot more? Just to check if you have any visibility on how people are being able to actually reduce their spending without affecting their daily usage or their daily habits. And the second question from our side, on a similar note, also discussing Mexico, could you give us a bit more of an update on how you are seeing the competitive environment for broadband, given the following the good results in broadband this quarter? Thank you very much.

On the prepaid, what I see and what I'm looking on the prepaid on with the reduction on ARPU because the slowdown on the economy is because people is delaying a little bit the recharge of the phone. You sell a card of 15 days and sometimes they recharge before because they have all their data finished. Sometimes they recharge today. They wait a little bit to wait one or two days and then they go and recharge and that gives us the reduction on ARPU. So people is delaying a little bit the buying cards and recharging the card. It's what I see is and it's what is happening right now on the broadband. We're going to be still we're doing good and we're going to still be aggressive. And as we put more fiber, we're going to change more customers. We have 90 percent of our customers connected through fiber. And I think we're going to have more loyal customers with fiber, with the speed and good prices. I think we are very aggressive in the market, in the broadband. And I think that's what is happening right now.

Just to give you a bit more color on the prepaid. The prepaid ARPU was going a year ago, four and a half percent. By the third quarter, it had slowed down to three point one, zero point eight in the fourth and it was minus two point two in the first quarter of the year. So this is very much in line with the chart that I showed you with the decline of domestic consumption. That's basically the same timing. And as I said, the whole issue of prepaid, the whole reason for prepaid to exist is that people have more control over their spending. And if they become a bit more cautious or uncertain about the environment, then they typically reduce their spending. They don't have to spend in and out every month as they would with a regular post-expend. So that's the beauty of prepaid for the people. And they are just spending very rapidly. The first signs of

a slow down of the economy. And as I said, it's a slow down of the economy and also big promotion for competitions and other ones that they're doing. It's not only one thing what's happening in Mexico. There's a couple or three things that we already explained and the market is there. So that's I think will be better in the future. I don't know for how long it's going to be so aggressive. We have the best network. We have very good coverage, the best systems, IP, so with very good quality in the network. So that also counts. It's not only promotions. Other things count also on that.

That was very clear. Thank you very much. Thank you.

Thank you. As a reminder, if you would like to ask a question, please press star, fill it by one on your telephone keypad. And the next question, go to Luca Brendim of Bank of America. Luca, please go ahead.

Hi, good morning. Thank you for taking my questions. I have two here on my side. The first one you mentioned a little bit about the recent M&A moves that we saw in Latin America. I just want to check if you are already seeing some changes in terms of competition, the competitive environment in any of the regions where we have seen M&A or we're seeing a lot of conversations about what could be happening. And the second one, now that you have incorporated the Chilean operations, could you give us an update on the strategy for the region? If the main focus will be increasing profitability or what are the main growth drivers that you see for the region? Thank you.

For the region or for Chile?

For Chile.

Okay. Well, on the M&A, I think, well, everybody understands that M&A brings consolidation. Consolidation is much better for all the markets, okay? So stronger competitors and that will be good for us. I don't think that will be the case of Colombia, let's say, the case of Argentina. I think consolidation is not bad. On Chile, we have what you said, what's the question? If we want to go for profitability or for market share, I think in Chile we want to go for profitability and for market share. I think still we have not very high market share in the wireless market and we're growing. We're going to grow there. We're changing the network. We're putting more coverage. We're doing 5G. We're buying spectrum. So in prepaid and in postpaid, we're going to be targeting more customers, more market share and try to grow there. We're still very small in market share. We want to grow. In the broadband, we have also a good strategy. We're giving TV, good channels. We have the best TV and we're moving to fiber. We're moving very fast to fiber and that's been very good for us. Churn has been reduced. So we are having not a six-month plan in Chile. We're having a three, five-year plan with Chile and that's what we are targeting, moving to fiber, putting best network, doing quality, very, very competitive. And the other that Oscar is saying, we still have a long way to go on the synergy. So merging these two companies, we still have a lot of synergies to go. So I'm sure that we're going to grow our market share and I'm sure that we're going to grow our EBITDA margin in the future. So that's what we have in Chile.

Very clear. Thank you for the answers. Thank

you. The next question goes to Carlos Delegareta of ITAU. Carlos, please go ahead.

Thank you. Good morning. A couple of questions on my end. Hopefully, they're not just housekeeping questions, but on Chile, Paraguay, and Uruguay that you're reporting together now, you mentioned in the press release that these are pro forma figures for Chile. And yet there's a double the increase in EBITDA, a massive increase in the EBITDA margin. And we just want to understand what is the nature or what is behind this? Is Chile doing much better or is there an improvement perhaps in Paraguay and Uruguay? And sort of similar question also in Central America, you also had an outstanding increase in the EBITDA margin and there's not really a ton of explanation in the press release. So we'd love to hear your thoughts on that.

Thank you. Well, first in Central America, you know that we have this cyber

attack in

last year, in January, a little bit of February. And the comparison between last year and this year is different. But if you look what we do in fourth quarter and what we're going to have in the third quarter, we have been, as I said, investing very good in Guatemala, buying frequency, doing more coverage in 5G. Also, El Salvador doing more fiber all around Costa Rica, doing Honduras, Nicaragua. So all around Central America, we have been investing for the last two, three years, good, strong, and we're seeing good performance in the other side. We are being very aggressive on the cost and expenses, so we have to reduce costs and control expenses. So we are doing good. This quarter is a little bit difficult to compare against last quarter of last year, at the same quarter of last year. But you are going to see a second quarter with a good comparison and you're going to see very good, not the growth that we have right now, but you're going to see very good growth in Central America. I think we're doing good. Not only Central America, in the Caribbean, we're also doing good. Dominican Republic has been doing good. Also, Peru has been growing and gaining market share. Colombia, we're doing very strong. Eastern Europe, we are growing and gaining also some market share and reducing costs. So, to be honest, all over all in America Mobile, we have, because all the investments that we have been having for the last five years, four years, all the control of the costs that we're having, investing in our people, training and doing more on all the corporate side. I think we have a good quarter, a quarter where we're gaining market shares and being good in control costs and the data. So, all over all, I think in Paraguay also, you're talking about Paraguay and Uruguay, we're doing good. I don't know if you want to talk a little bit, Oscar, about Paraguay, Uruguay, Chile.

Before talking about the actual operation, Paraguay and Uruguay, and just to clear up your doubt, Carlos, the panacea statements do not have Chile on performance basis. Now, in the section Southern Cone, which is the first time that we come up with this section at Southern Cone, we did want to include performance so that you could look for your models. For here now on, you could have some basis of what the numbers are and you can basically come to terms with that. But we would expect that as soon as Argentina ceases to be cap inflationary, which will probably be as soon as next year, we can group all of the financials and operating statistics of Argentina, Chile, Paraguay and Uruguay within the same group. So I would expect that we were going to have the combined numbers again, financial and operational for Southern Cone beginning next year. This year we will still have Argentina separate. And just to give you an idea of what it looks like for the rest of the group, which is Uruguay, Paraguay and Chile, we are providing for this purpose the performance. And on the operation. Sorry, sorry. No,

no, please. Thank you. Just I know the consolidated PNL. Just specifically, I mean, we can follow up with Daniela, but in the Chile, Paraguay and Uruguay section, the revenue increase looks like it is pro forma, yet the Imita increases 46%. So that doesn't look pro forma. So either there's an inconsistency or there was perhaps a massive improvement in the profitability.

No, Carlos, it is pro forma. It

is pro forma. So

if

it's not an inorganic effect, what is the driver behind the margin increase?

You know, we really have.

Just to tell you, one year ago, the Imita wasn't so good. We have been growing our Imita margin in Chile. The question is because of the Imita margin, it's pro forma, but we are growing very good our margins because all the synergies that we're having in Chile. That's what is happening. If you that's really your question. We are having a very good Imita and growing our Imita in Chile and Chile is doing good and the synergies are working very good. And against last year, we spend a lot of money. We take out some people, we reduce some costs that we have and content costs. A lot of all the synergies,

yes,

maintenance costs, the new network as we're saving some money with the new network. So, yes, that goes directly to our Imita numbers.

That's great. That's exactly a question. I appreciate it. OK.

We have a follow up from Vitor Tamita of Goldman Sachs. Vitor, please go ahead.

Hi, just a very quick follow up on the on the new capex guidance. The back in the previous earnings call, it was mentioned that there could be some additional capex for Chile. Does this new guidance already include what you plan to invest in Chile or is it separate? Thank you. No, no, no.

All our capex guidance includes all the capex of all the companies. So includes Chile, includes everything. OK. Perfect. We we used to we used to give a capex guidance before the three year capex guidance. And I think the last question is if we're going to the reduction that we have this year, maybe increase it for next year. I don't know. I don't think so, but I don't know. I think the reduction this year will not increase the normal guidance of capex for next year. I don't know. But we feel that we can save some capex for the future.

Thank you very much. Thank you.

Thank you. We have no further questions. I'll hand back to Mr. Daniel Hash for any closing comments.

Oh, just want to thank everyone for being in the call. Thank you very much.

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