America Movil, S.A.B. de C.V.

Good morning. My name is Caleb, and I will be your conference operator today. At this time, I would like to welcome everyone to the America Movil second quarter 2026 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 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 your question, press the star 1 again. Thank you. I will now turn the call over to Ms. Daniela Lecuona, Head of Investor Relations.

Hi, good morning everyone. Thank you for joining us today to discuss our second quarter 2026 financial and operating results. We have on the line Mr. Daniel Haas, CEO, Mr. Carlos Garcia Moreno, CFO, and also Mr. Oscar Von Hauske, CEO.

Thank you, Daniela. Welcome, everyone, to America Mobile, second quarter of 2026 Financial and Operating Report. And Carlos is going to give us a summary of the results.

Thank you, Daniel. Good morning, everyone. Well, we can see that throughout the second quarter, with the Iran world raging, oil prices remain elevated. Picking mid-layer at a price roughly 70% higher than prior to the war. This brought about greater concerns regarding inflation worldwide and the expectation, and in some cases the reality, of higher interest rates, including those at the long end of the yield curve. The 30-year U.S. Treasury notes reached their highest yield in nearly 20 years. However, in spite of its supporting dollar rates, The U.S. dollar did not grow stronger against most currencies in our region of operations, this is in the quarter, and in fact, actually depreciated 6% versus the Colombian peso. In the second quarter, we added 3.5 million postage subscribers, with Brazil leading the way with 1.5 million subscribers. Colombia followed with 250,000, Peru with 173,000, Argentina with 154,000, and Mexico with 101,000 all-state subscribers. In the paper segment, we raised the 3.1 million net losses as Colombia and Argentina came up with this. In the six-line segment, we collected 531,000 new growth and accesses. Mexico was the main contributor with 170,000 accesses, followed by Brazil with 83,000 and Colombia with 74,000. As regards pay-per-view, We are in a current 10,000 units, with most of them coming from Argentina, Eastern Europe, and Central America. Mobile posted and fixed hold band accesses remain the main drivers of growth of our customer base, increasing at an even faster pace, 9.1% and 6.1% respectively, compared with the year quarter. Second quarter revenue was up 3.1% year-on-year in Mexican pesos terms, to 241 billion Mexican pesos. Service revenue increased 3.4% and EBITDA increased from 8%. Compared to the year-earlier quarter, the Mexican peso appreciated significantly versus the dollar and the euro, 12% and 9% respectively, while remaining flat versus the Brazilian dollar and depreciating 3% versus the Colombian peso. At constant exchange rates, service revenue was up 5.1%, while EBITDA increased 5.3%. It would have increased 6.7% absent a one-off charge in Mexico. Mobile service revenue maintained the basic half of the sales of several quarters, 6.5%, while fixed-line service revenue accelerated to 2.7% from 1.7% in prior quarters, with the downward trend in fixed-line growth coming to an end. On the mobile platform, posted revenue expanded 7.2% as in the preceding quarters, with prepaid revenue growth continuing to accelerate to 5.3% up from 3.1% a year ago. Mexico, Colombia, Central American, and Eastern European blocks were the best performers in terms of improved mobile service revenue growth. Regarding fixed-line service revenue in the residential segment, both growth band and pay-to-deal revenue growth somewhat more rapidly than in the preceding quarter, 4.2% to 5.2% and Eugenio Couttolenc Urrea. Operating profit totaled $51.8 billion and was up 9.5% in Mexican pesos. Our comprehensive financing cost rose to $10.4 billion, reflecting lower foreign exchange gains that more than offset lower net income costs. Our net income totaled $24 billion, a 9.2% increase from the earlier quarter. It was equivalent to $40 cents per share and $47 cents per ADR. So at the first half of the year, our capital expenditures amounted to 48 billion pesos, our share buybacks to 4.6 billion, and the savings of our labor obligations to 8.4 billion pesos. These were all covered by our capital, which together with net dividend income of 1.1 billion pesos, allowed us to reduce our net debt in cash flow terms by 30.9 billion pesos. As you can see in this slide. Excluding capital as least obligations, net debt totaled and a total of 2 billion pesos at the end of June, which represented 1.31 times last month's EBITDA after leisure. So, with that, I will conclude this presentation and I will pass the floor back to Gabriel.

Thank you, Carlos, and we can start with the Q&A.

At this time, I would like to remind everyone, in order to ask a question, press star Then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Leonardo Olmos, UBS. Your line is open. Go ahead. Hi, everyone. Good morning.

Thank you for taking the question. Congrats on the numbers. We love the leverage you saw. My question would be, Regarding competition in Brazil, you mentioned a more competitive and promotional environment in Brazil. Which segments are most concerned? And how does this entry-level hybrid plans, such as ClaroFlex, fit in these scenarios? So I'm asking specifically about the new around 30 reais per month

Thank you. Thank you, Leonardo. We're talking a little bit about Brazil. I think in Brazil, we have a lot of things. So, the first is, well, if you see one year ago, second quarter, the growth was very high. So, the comparison between Eugenio Chacon Eugenio Chacon Eugenio Chacon I think more promotions are in prepaid and in postpaid. What you see, what you told about the ClaroFlex, I don't think there's any change on the trends on ClaroFlex, postpaid, prepaid. I think everybody's more or less in the same trend. We are not selling more cheap products. Eugenio Chacon If promotions and our competitors are more aggressive, then we need to be a little bit more aggressive. So I'm not sure what is going to happen in the next months. Maybe the promotions are not so aggressive, but we don't know. So it depends a lot. We are following them. Since May, Team Ambevo has become more aggressive. So we have to follow, and we're going to follow that. So that is what is happening. In the other side, in the big side, we are being and growing revenues. We are growing revenues from, let's say, we have in Brazil, I can tell you, we start with one year ago, 1.5% growth, then 1.8%, then 2.6%, and today 4.1%. So in this, things are going better and things are looking stronger. So we, at the end of the day, we have a very strong network. We are doing very good in 5G. Eugenio Chacon, Eugenio Chacon The other thing important that you can see is that we think and we're feeling a little bit a slow down in the economy. That's also One of the things that we're looking at is why revenues are decreasing a little bit, because the economy we see a little bit of a slowdown, but it's too early to see. Let's see what's happening in the next month, and then we can find if the trend is going slow or it's going to stay the way it is. So that's more or less what we have in Brazil, Leonardo.

Makes a lot of sense. Thank you very much, Daniel.

Thank you. Your next call comes from the line of Marcelo Santos, J.P. Morgan. Your line is open. Go ahead.

Hi, good morning. Thank you for the opportunity to ask questions. I wanted to ask about the Mexican prepaid performance. The revenue growth we're seeing there has been accelerating every quarter for many quarters already. Usually, you discuss this in the light of improving Mexican economy, but what we hear from consumer companies, it's kind of not such a great story in the consumption side, yet your performance is good. What kind of initiatives have you been putting forward? What is happening in the competitive environment? from inside or outside of American Mobility that's helping you to deliver these results. Thank you.

Well, as you said, we think that the economy at the beginning when we were almost flat in prepaid and we're growing maybe 1% in prepaid was maybe two years ago when we think that the economy was in a slow down period. But right now I think the economy is going back and our prepaid customers are consuming, are recharging more and are charging higher cards, higher prepaid cards, okay? So instead of charging 50 pesos, they are charging 80 or 100. So people is starting to use more and more. 5G in Mexico, really we're the only ones that have a very good 5G network and that's also helping us a lot and the other side we have a little bit more coverage so we're gaining some good subscribers that we don't have we're starting to do a little bit more coverage in some places But all over all, we have a very good base on prepaid. Difficult to say, but we have a lot of our prepaid customers are consuming. So we don't have a base that some of them are consuming or they are maybe one month consuming and two months not so. All these customers every month are charging and using more data. So those are the things that are helping a lot on the prepaid side. So our base of people who is recharging is growing, and that's very good for us. Perfect, thank you very much.

Just a small detail on the economy. As Daniel points out, I think that the economy is on a recovery path. It is coming back.

I think at this stage it's very uneven, so it's not affecting all the sectors the same way.

But I'll give you the two reference points. As of June, we have registered the highest ever volume of sales of automobiles. Highest ever. and the growth of the automobile sales are almost identical to our prepaid ratings, the growth of the prepaid ratings. We also put it in perspective. Another reference point is if you look at other services like restaurants, they are, you know, they are booming, all sorts of restaurants, you know, high-end, low-end, all of them are booming. So, it's a little bit uneven. You know, you have some sectors that are doing particularly well, some other sectors that are still not recovering.

Okay. Very interesting. Thank you.

Thank you. Your next question comes from the line of Fanny Canemury, HSBC. Your line is open. Go ahead.

Hi everyone, thanks for taking my questions. My first question is on Mexico mobile revenue growth. It has registered a very strong growth, but I'm wondering if it had any positive impact on the World Cup that is happening in Mexico. Are you seeing higher roaming revenues? Have you seen higher growth in June compared to other months? The second question is also on Mexico. How is the progress happening on the mobile registration? and what percentage of customers have already been registered on this front? Thank you.

The first one, I think the World Cup impacts a little bit, so I don't think it's too much. The World Cup was not only in Mexico, so we have only Eugenio Chacon But what we are seeing is that a lot of our customers who are coming back to our store and want to renovate, they are renovating. Maybe, I can tell you that maybe half of our subscribers are upgrading their plan. So that's very, very important. So they want to use, they want to have a better plan. They want to use more. They want, they're using more of the concept. So that is what is giving us some top space A very good growth. So a lot of our customers are moving to a higher plan. So that's what you could see. The market is very competitive. We have a lot of competition in the market. But as I said, we are the only really 5G network, very good network all around Latin America. We're working a lot on quality. We're working a lot on speed. Customer Care. So, we're trying to give our customers the best service and that is making us to grow that. And in the registration, well, from now on, what we said is that there's going to be new dates for the registration. The dates are going to be Depending on the end of your number is where you need to be registered. It's going to be only the prepaid subscribers. The postpaid are already in, so they don't need to register the postpaid subscribers. And I don't know exactly the number on the industry, but there's still a lot to do on that. So every month, Thank you very much. All the people, all the new customers that all of the companies have, has to be registered. So since that, all of them have to be registered and this is only for the actual customers that need to register their numbers. So that's where we are and we hope that all of them will register.

Yes, thanks for the responses.

Your next question comes from the line of Rogerio Arujo, Bank of America. Your line is open. Go ahead.

Hi, everyone. Thanks for the opportunity. I have a couple of questions. The first one on the line, other financial expenses, it rose to roughly 6.9 billion Mexican pesos in the quarter. This was a 40% increase year over year. Could you please break down What role did that increase? But specifically, how much of this relates to cash outflows tied to your labor obligations and pension funds? We saw this was nearly 6.9 million Mexican pesos in the quarter as well. Also looking forward, what level of annual pension-related cash outflow should we model given the maturity of the Telmex plan? This is the first one, and the second on NuCell. Could you gently walk us through how it's reflected in your accounting and KPIs? Specifically, are NuCell's users counted within your reported subscriber base? And that adds, we think so, but if you could confirm. But also, how is economics recognized? Full revenue, or only cloud as revenue share? So we can have an idea on how this impacts ARPU. And finally, how should we think about the associated network commercial costs and margin profile of Nussel in our results? Thank you so much.

Thank you, Rogelio. On the first question, on all the financial expenses, basically, What we are reflecting is partly a little bit of the elements of the fine that was mentioned a while ago, because as the first ruling was some years ago, part of the fine ended up being financial expenses. It was financial penalties that were accrued since the initial ruling. As The other part that is important, not expensive, generally, and this is, we will see it all the time, is that that's where we have the hedging, the change in hedging transactions, among other things. So typically when you are gaming on the, on FX, to the extent that those games had already been, those games had already been hedged, you are giving back part of the expenses. It works on opposite directions, both cases, okay? So that's part of it. So it's part of the time and part of your expenses. Nothing to do with the pensions. The pensions are accrued in accounting business. What we are showing here is an accrual basis. It's not on a cash flow basis, okay? On the accrual basis, there's no change.

And on Nussel, there's two types of MD&Os in Brazil. The one we call them acreditados and the other ones authorized MDNOs. Nussel is the ones that are like acreditados, that they work like an agent, commercial agent. And those customers count as our base. We count them as in our base in Claro. So that's the way we count. So All the NewCell subscribers are inside Claro Customs.

Okay, perfect. And the revenue is the full revenue charged by NewCell that enters at your revenue?

No, the revenue is the part that is including in us that's our revenue and the rest is NewCell revenue, no? So, we divide that. So, that's where we have. But NewCell has been working maybe for one year or more, so...

Okay. Fair enough. Very clear. Thank you so much. Thank you.

Your next question comes from the line of Emilio Fuentes, GVM. Your line is open. Go ahead.

Hi. Thank you for taking my question. My question is regarding capital allocation. I was wondering, given the current weakness we've seen in the U.S. dollar and how this could benefit your investment needs, Do you see any downside risk to your full-year capex guidance? And if so, and given you're currently standing the lower end of your leverage ratio, do you see incremental free cash flow as being destined for shared buybacks?

Thank you. The weak dollar, it's difficult for us in capex because then for the 10 things that you do, then it's going to be more dollars. So we need, on dollars, it's more dollars for the same budget that we have. So in terms of the capex, it's not helping. Well, in terms of revenues, it's helping. So that's where we are and we're deciding what to do. But in capex, it's a little bit more. So, but we are in the target that we have, $7 billion, and each was $7 billion, a little bit more, a little bit less, but we are in that target, and we're not going to move from that.

And on the second question, can you repeat it, please? The leverage.

The leverage, you say... Do you see any... No, I think... Do you see any incremental free cash flow... If you see any incremental cash flow going for a buybacks?

No, I think, you know, what we have said consists at least, you know, we first determine what our leverage ratio is meant to be, okay? So we need to look at our leverage ratio considering the expenses that we are already committed to make, which would include the purchase of desktop, which likely is going to close this year, okay? That's our expectation in any case. Okay, so we basically managed to stay within the range that we have set. So it's not more than 1.5 times net debt to EBITDA, not less than 1.2 times net debt to EBITDA. So that you can see that we have some limits in terms of how much we can reduce our leverage at this point.

And also adding another thing that we just announced yesterday, The WOW acquisition that we have, I think, makes a lot of sense for us in Peru. It's some more fiber, like more than 3 million houses packaged with fiber, half a million customers, and make a lot of synergy with us. And we're open to see more of those acquisitions, so they are good for us. They are broadband customers that we can sell pre-paid, post-paid, or TV also. This network is outside of Lima and it's a good complement for us. Help us also, the Fiverr, to do corporate customers that we're growing and doing very good there. So, small businesses, as Oscar is saying, so... We are also looking for other good acquisitions that we can have, no? Yes? Next question.

Just a reminder to everyone, if you would like to ask a question, press star, then the number one on your telephone keypad. Our next question comes from the line of Ernesto Gonzalez, Morgan Stanley. Oh, excuse me. Our next question comes from the line of Carlos Sequeira, CTG Pachuel. Go ahead.

Hi, Dave. How are you? Hope all is well. So, I have one question, please, and it is related to M&A strategy work, if you can, you know, let us know what you are. Looking at what makes sense for Amex at this point, let me look to you, please. Thank you.

Well, we're open to see everything, but what we're really looking is this type of companies like desktop, like WOW, that has Fiverr customers, that has the Fiverr complement to our Fiverr network. that we can sell more things to those customers like prepaid, postpaid and as I said also the fiber will be in small and medium companies have a lot of synergies I think we can have a lot of synergies with these companies so those are the companies that we are looking so we are not looking to go outside right now to other countries but we are looking to

Your next question comes from the line of Ernesto Gonzalez, Morgan Stanley. Your line is open. You may go ahead.

Hi. Thank you for taking our question and congratulations on the results. So it's two questions. The first one is on Colombia. You delivered really strong results consistent with past quarters. Could you talk about how you see this market evolving, especially now that some time has passed since the acquisition of Telefónica closed? And the second question is on Argentina. Given the recent competition authorities' resolution on potential consolidation in the market, does it change how you view the long-term outlook for Argentina? or any comments you can give are greatly appreciated. Thank you.

Well, good that you're talking about other countries. So, Colombia, I think we're doing very good. In Colombia, growing very fast in mobile. We were the first one in, let me tell you, we're growing from seven to to seven, six, then to 10, the growth in mobile revenue. So we were the first ones that do 5G there. We have a very good network and portability is going well with us. So that's the reason why we're growing. Also, a lot of customers are moving to higher plans. We work a lot. on also service, quality, speed. So all of that is making that our customers will use more the service and that new customers are coming to our network. In the other side, in the peak side, we're moving also to do more fiber. It's more challenging. Mobile is more challenging. But I think we can grow. We are doing fiber. We have a good network, good sales and distribution. So I think we're going to do much better in the peak.

As well in Colombia, as Daniel was saying, I think on the segment, on the corporate segment, we are growing pretty nicely in Colombia as well.

So good in broad... Good in mobile, good in corporate, and moving to be better in broadband and PICS, in TV, mobile, and broadband and PICS TV. That's where we are. And in Argentina, well, in Argentina, we're going to compete against a big competitor there, but nothing else to do. So we have fibers. We have a good broadband, we have 5G, and we are growing, so that's what we want to do, and that's the same strategy that we have, do fiber to be more customers in broadband, in TV, and we are competitive in price, so we have good prices there, so that's where we are. Ah, we're growing also very good. We don't say about Peru, but in Peru we're growing very good in broadband, very good in corporate segment. The growth in Peru, I think, on the peak side was around 12%, so it was incredible, the growth in Peru. And that's what we are doing and looking to still grow more there. So there's a lot of opportunities in the corporate segment also in Peru.

Really clear. Thank you.

Your next question comes from the line of Rajarijo Arujo, Bank of America. Your line is open. Go ahead.

Hi, thanks for the follow-up question. If you could provide more details on the regulatory fine of 1.3 billion Mexican pesos on Telmex, what are the reasons behind it, and also the potential recurrences of regulatory fines going forward? Thank you.

Well, this is something that dates back to 2017, and in 2020 this fine was imposed on an alleged violation of asymmetric measures. So we contested the fine and now in June it became final. So we believe it's disproportional. It doesn't make any sense, this fine. It's 6% of the revenue, which is the minimum according to the law. And we think it's completely absurd what they do. So unfortunately at this stage we cannot do anything. That's what we have. So, it's not on Telmex. It's on TELNOR, an appellate of Telmex, and that's what gives us the 6%. So, we don't think those fines are absorbed. So, we hope and we don't think there's going to be any more of those. So, let's see.

Okay. Thank you. Your next question comes from the line of Marcelo Santos, J.P. Morgan. Your line is open. Go ahead.

Hi, thank you very much for the follow-up. I just want to circle back to the first question regarding Brazilian Mobile. So, based on what you said, like you expect the growth to improve in the third and fourth quarter, do you see room to increase the control prices? The mobile control hybrid prices this year or not? Could you make some comments on that, please?

Thank you. I think we can do increase of prices, but, well, there's a lot of competition in Brazil, so we are not going to do anything on that until we see the... At the end of the day, we are going to be competitive We have the network. We have the coverage to be competitive. And if there's one, two, or three months or quarters that the promotions are more aggressive, then we're going to be there. If that happens in May with Vivo, so in May with Vivo, We need to put more promotions and within we need to put more promotions and to be more aggressive. So that's what we do in May and June. We don't know what is going to happen. As I said, we don't control the competition. We control what is internal in the company, not the competition. So I don't know exactly what they are going to do. But in Brazil and in all the countries we are prepared to compete. And if they do more promotions, then we're going to do more promotions. And if their promotions are a little bit more relaxed, then we can relax the promotions. But we are a long-term player, and if it's for some quarters or one year that they are too aggressive, well, that happens in Colombia like three or four years ago, no? With the entrance of the new competition there, very aggressive. Well, and today we're growing and we do what we need to do in the market, in our network, in training our people. And other things that we're doing is we're using and starting to use a lot more AI agents, a lot more AI, and it's going to help us to reduce costs. It's going to help us to understand more our customers. and to see what opportunities we have. It's not a short term. I think that's something that we're going to do a long term and it's going to help us in the we're seeing that we are growing more our EBITDA than our revenues and that's because we are controlling our costs and expenses. So that's where we are. That's really the strategy of the company all around Latin America and in Europe And, well, in some countries, maybe we have some competition one quarter or six months, another one, another one. And, well, we are prepared to do that. So, that's where we are and that's our strategy.

All right. Thanks a lot. Thank you. Your next question comes from the line of Walter Pisek from LightShed. Your line is open. You may now go ahead.

Thanks. So in Mexico, you've had very good margins for quite some time. I think they stepped up a couple of years ago, but you do show revenue growth there. Just curious if there's a way to further leverage that to take margins higher specifically in Mexico.

Well, what I said, so we are really working hard to control costs, to control expenses, to find ways that will be good for our customers to increase their plan because we don't want That we sell a better plan and the people and our customers don't use that plan. What we sell, they use, they will be happy. We want customers for a long term, so we don't want customers for short term. So, of course, if we can find a way to increase more revenue and to... I think all over all this quarter against last quarter of last year, the second quarter of last year, the margins of all the companies increased a little bit. So almost, not all, but in almost all the companies, our margin of EBITDA increased this quarter.

Okay. And then, sorry if this was touched on before, but the fiber acquisition and maybe potential other acquisitions, I assume is not going to negatively impact what has been a good trajectory in terms of capital return with dividends as well as share repurchase. But related to that, and you still have a stake in Verizon, The very thought of monetizing that stake in order to provide additional cash for acquisitions or capital return, obviously the leverage ratio of the company is within your target range. So I'm just kind of curious how all those things fit together in terms of maybe selling Verizon, how much fiber more to build, and whether we're going to see a big step up more in capital return in 27.

Well, the cash flow these first six months was really good. I think we increased a lot our cash flow. But still we need to give the dividends. The dividends for the second half are there. And with the dollar appreciated, it's a lot of dollars what we need to give. So it's good. and no, I think what Carlos is saying. So we have a target and then at the end of the day, we can use that. It doesn't have to be immediately in the short term. I can tell you that in the long term, there's going to be acquisitions if we have acquisitions and return to capital to the shareholders and reduce the debt. Those are the three things We want to be as financial help as possible because, well, maybe we can have other opportunities in the future. So that's what we are. We need to pay the acquisition of desktop at the end of the year. So all over all, we are going to be looking for those three things. Acquisitions, Return Capital to Shareholders and Reducing Debt. So that's where we are. Thank you, but is there any reason... But we are not seeing the things in a short term, okay? So today, what is today, and then tomorrow, we need to see a little bit more on medium and long term to do all these things, okay? So that's where we are. I still personally think that there will be more opportunities like desktop, like WoW, in the future. And let's see, that's why we want to be healthy and to be prepared to do those things.

And why continue to own Verizon?

When the show was at some price, we sold some of that. We take the decision to sell half of that. We haven't taken the decision of the other half of that. So we are looking for that. We are sure that in the future we are going to divest maybe. We don't know exactly when we are going to divest. Your next question comes from the line of Jesus Romo, Global Data.

Your line is open. You may go ahead.

Good morning and thank you for taking my call. Just a quick follow-up on the Mexico numbers, specifically the prepaid subscriber numbers. I noticed that you had posted net ads in Q2 2026 versus Q1 2026. And since we're in the middle of the ongoing registration process, I wonder if you could share a little bit of color or the factors that guide us to have positive net accident numbers in this quarter, classic promotions, the World Cup, mobile for safety, or a combination of factors.

Thank you. Look, it's very difficult to explain what is happening since the registration in January is with a new customer. It's very difficult because some customers decide and many more. We're seeing and trying to understand what people is thinking, but change a little bit because people used to buy very cheap and then use and then buy another handset and then use. The behavior of the prepaid subscribers are changing a little bit. And we need to see, but at the end of the day, the most important thing in pre-pay is the amount of revenue that you are getting per month. And I think that's what is doing good, and we're doing fine on that.

And just to give you a reference point, pre-pay net at second quarter, we're at $146,000 in Mexico. A year ago, second quarter last year, they were $83,000. And two years ago, they were $106,000. So, if you look at the last three years, you know, the second quarter has given us $200,000 in prepaid.

Another thing that is happening in all the countries is that there's a lot of people moving from prepaid to postpaid. So, in some countries, they are moving more from prepaid to postpaid. In other ones, a little bit less, but people is understanding that, well, the concept is part of the life of the person. So, they are moving, when they can, they move to a post-paid and in post-paid they hire more data and more applications and do more things. So that's going to be the trend for the next five years. There's going to be more people moving from prepaid to postpaid.

Just a quick follow-up, if I may. Do you perceive there is an effect of customers coming in from Movistar now that there's an announcement of a deal, not an approval yet, but there's an announcement of Movistar changing hands? Do you think that is important?

I think it's difficult that the customers will know that the company is going to be for sale or not for sale. Some of them know, other ones don't. but I think what we have is in number portability we have been gainers in number portability and we still are gainers in number portability so I don't know exactly if it's because the company was for sale and then it's still not for sale or they are not selling because they don't have the authority I don't know exactly what Those regulatory is happening, but we are gaining customers from all the companies.

Thank you. Thank you. We have reached the end of the Q&A session. I will now turn the call over to Mr. Daniel Hajj for final remarks.

Thank everyone for being in the call. Thank you very much. Bye-bye.

This concludes today's conference call You may now disconnect