Megacable Hldgs Sab Ord

Good morning. Welcome to Megacable's second quarter 2025 earnings conference call. With us this morning, we have Mr. Enrique Yamuni, CEO, Mr. Raimundo Fernandez, Deputy CEO, and Mr. Luis Zetter, CFO. Let me remind you that the information discussed at today's earnings call may include forward-looking statements on the company's future financial performance and prospects, which are subject to risk and uncertainties. Megacable undertakes no obligation to update or revise any forward-looking statement. I will now turn the call over to Mr. Enrique Yamuni. Sir, you may begin.

Good morning, everyone. Thank you for joining us today. We're pleased to report one of the strongest quarters in recent history, driven by solid growth in the mass market, with net additions rounding the $130,000 for broadband and $45,000 for video. result of the performance across both legacy and newly entered territories. In an industry where average growth fluctuates around 2.5% to 3%, our 10% growth in the mass market segment stands out as a clear indicator of market share gains and deeper penetration. This performance validates our investment decisions and the effectiveness of our long-term strategy. According to the latest data from the World Bank, internet penetration in Mexico stands at approximately 81%, leaving a wide window for continued growth within this context and based on the most recent figures from the IFT. MEGA holds an estimated 20% share of the nation's fixed broadband market, highlighting the significant opportunities that still lies ahead. This operational momentum is translated into sustained revenue growth, a near double-digit increase in EBITDA, an annual expansion in EBITDA margin, and a year-over-year increase in net income of over 30%. Altogether, these results reaffirm the disciplined execution of our strategy and underscore the strength and resilience of our business model, even in a context still marked by macroeconomic hindrance in tighter public spending. From a strategic perspective, we remain firmly on track towards our goal of becoming a full fiber operator by 2028. More than 80% of our subscribers are already served through Fiverr, consolidating the transition we have still executed over the recent years. These positions us to deliver best in class quality and next generation digital experiences, improving our competitive edge. Since the announcement of our expansion plan at the end of 2021, we have nearly doubled the size of our network infrastructure, a clear demonstration of our capacity to execute large-scale strategic initiatives with precision. We have reached the milestone of 18 million homes past footprint, increasing 9 million homes since the expansion project was launched. Reaching this milestone represents a significant achievement for the company. However, we continue to expand our footprint at a more moderate pace, guided by business fundamentals and aligned with emerging market opportunities. New deployments will be target based on population and demand growth, both in legacy and expansion territories. On the financial side, our EBITDA margin expanded year over year, supported by greater penetration in newly launched territories and sustained efficiencies across our legacy footprint. While it is typical for margins to peak in the first quarter and normalize over the remainder of the year, we remain on track to surpass our full 2024 margin. Furthermore, EBITDA grew at a near double-digit annual rate. reflecting the combined effect of disciplined cost optimization and the operating leverage inherent in our model. The sustained profitability along with our strong cash generation allowed us to return value to our shareholders through a dividend distribution in April past April, of approximately 2.9 billion pesos, equivalent to around 20% of 2024 EBITDA, maintaining one of the highest yields in the Mexican market. Although this led to a temporary reduction in cash and a slight upstick in leverage, our debt levels remain comfortably within our target range. We're certain that the leverage peaks is already behind us, and we are well positioned to continue generating positive cash flow, founding future dividends, getting return on our past investments, and supporting strategic future projects. This prudent financial management was further validated during the quarter, as pitch rating reaffirmed our investment grade rating AAA with a stable outlook. This endorsement takes relevance at the light of recent downward pressures on industry peers and reflect continued market confidence in our credit fundamentals, long-term stability, and the positive impact of our infrastructure modernization and expansion strategy. On the investment front, CapEx remained stable after a slow start of the year in terms of kilometers deployed and homes passed. reflecting our focus on optimizing the use of existing infrastructure and consolidating recent deployments. Going forward, we expect investment activity to gradually increase in the second half of the year, and we remain committed to achieving a full-year capex-to-revenue ratio between 27% and 29%. Over the longer term, our goal is to progressively reduce this ratio to below 20% by 2028, as our network expansion matures and additional efficiency gains are realized. Looking ahead, our outlook for the remainder of 2025 remains unchanged, marked by the solid fundamentals of our core segment In particular, growth in the mass market remains strong. Margins continue expanding on our annual basis, and net income maintains its upward trend. More importantly, our strategic strategy continues posting resilient results despite a challenging environment, while remaining fully aligned to our long-term vision. Before handing the call over to Raimundo, I want to emphasize our disciplined and consistent execution of our clearly defined strategy, which for our six consecutive quarters has allowed us to deliver sustained subscriber growth, margin expansion, and stronger cash generation. This performance has been clearly reflected in our share price, which stood at 52 pesos and 59 cents as of June 3, 2025, representing a 55% increase from 33.91 pesos at the end of December 2024. Our market capitalization reached 45.3 billion pesos. While this is a better valuation of our company, we firmly believe there is still meaningful upside ahead. These figures sign renewed investor confidence, signal renewed investor confidence as we remain the best positioned telecommunications operators in Mexico. backed by best-in-class service, high customer satisfaction, state-of-the-art infrastructure, and a long-term commitment to sustainable growth. Raymundo, now you can proceed. Thank you very much.

Thanks, Enrique, and good morning, everyone. During the last quarter, Megacable maintained a solid growth trajectory, reaffirming our commitment to becoming the leading telecommunications operator in the country. Our performance reflects the sustained momentum observed in past periods, including first, subscribers. We continue to expand our user base, driven by enhanced service quality and ongoing coverage expansion. Second, revenue and profitability. Subscriber growth translated directly into solid financial performance with year-over-year increases in both revenue and net income. And third, operating margin. Margin expansion was achieved through disciplined cost management and continued efficiency gains. These results confirm that our strategy is being executed with excellence and operational discipline. Moreover, this performance not only validates the path we've taken, but also positions us well for sustainable growth in the future. Now moving to results. During the second quarter, unique subscriber increased almost 565,000 over the last 12 months, reaching 5.7 million at the end of the quarter, representing an 11% year-over-year growth. In the second quarter alone, we added over 129,000 unique subscribers, reflecting strong sequential growth. reinforcing both our progress in consolidating services across new territories and our positioning at legacy markets. REUs increased from 13.2 million in the second quarter of 2024 to 14.4 million this quarter, representing a 9% year-over-year growth Revenue generating units per unique subscriber stood at 2.51 compared to 2.55 in the same period of 2024, in line with the rising preference for dual service bundles. Breakdown by segment, our internet service surpassed 5.5 million subscribers, representing a 12% year-over-year growth equivalent to nearly 581,000 net additions, of which over 132,000 were added this quarter. With these numbers at hand, we remain within our established quarterly growth range with a strong position in this business segment. It is also worth highlighting that over 80% of our subscriber base was already served through high quality fiber technology as of quarter end, representing a significant improvement when compared to the 71% record in the second quarter of 2024, bringing us closer to becoming a full fiber company. In the video segment, we closed the quarter with more than 3.8 million subscribers. slightly above the level record in the second quarter of 2024, with 45,000 net ads this quarter. As we have previously noted, this mark is no longer expanding. However, the company remains focused on creating value leverage on its XView video platform, bundled with the streaming apps, capitalizing on the growing consumer preference for on-demand content. The MVNO segment record a 32% year-over-year growth, driven by the net additions of 151,000 lines over the last 12 months, including 44,000 this quarter, reaching over 619,000 subscribers. This service, which was originally designed to enhance the value of our commercial offering by acting as a retention strategy, now is becoming a relevant stream of revenues. The growth achieved across all mass market segments was carried by a strength infrastructure. Our network expanded by 6% year over year, reaching 104,391 kilometers and enabling coverage of more than 18.1 million homes, representing a 10% increase compared to the same period last year. It is worth noting that 100% of this growth was deployed using fiber technology. The shown rate for internet and telephone services increases slightly from 2.1 to 2.3% in second quarter 24 to 2.2 and 2.5% respectively. In contrast, videos saw significant year-over-year improvement, with shown declining from 2.6% to 2.3% this quarter. As a result, ARPU per unit subscribers improved on a sequential basis to 421 pesos. This recovery reflects both the normalization of seasonal effects observed in the first quarter and the contribution of recent price adjustments across our service portfolio. On a year-over-year basis, decrease was supported by a higher proportion of subscribers on our double-play packages. In the corporate segment, results were softer this quarter. This is due to a decline in the government sector also the sale of contracts with future revenue record recognition better known as managed services instead of infrastructure sales and a short-term reduction in carrier contracts due to extend future terms with price reductions additionally although these causes are dropping revenue The EV that contributed by the business sector does not decrease since the new projects are lowering costs and therefore yield higher margins. In summary, I would like to highlight that in a quarter mark by an economic context of mixed signals, our key performance indicators remain solid. The progress achieved during this period confirms the strength of our operational model and effectiveness of our expansion strategy. Looking ahead, we remain focused on consolidating our strategic projects and reinforcing the quality of our service offering, with the clear objective of delivering reliable, high-performance connectivity solutions that continue to meet the evolving expectations of families and businesses across Mexico. Thank you for your attention. I will now hand in the call to Luis for his financial review.

Thank you, Raimundo. Good morning, everyone. In the second quarter of the year, we remain focused on executing our strategic roadmap, achieving solid top-line growth and preserving our operating efficiency in a context of macronomic volatility. Total revenues for the quarter reached 8.7 billion pesos, reflecting a year-over-year growth of 7%. This percentage was supported by strong results at our mass market operations. expanded by more than 10% year-over-year, following a consistent growth in broadband and telephone services, supported by our bundling strategy and incremental fiber adoption across all of our service areas. In contrast, revenues from our corporate telecom segment declined year-over-year. As Raimundo said, this is a result mainly due to the hard comparative effect, the strategic focus on higher-margin products, and a shift over sales that prioritized recurring revenue streams over the one-time transactions. The integration of our business units under the MCM Business Tech Co. platform remains underway. And we expect it to gradually strengthen our commercial effectiveness and positioning within the segment. As a result of the above, the mass segment continues to be our main source of the top line, representing 85% of total revenues for the quarter, which compares to the 82% share recorded in the same period of 2024. Cost services for the quarter reached 2.4 billion pesos. marking a year-over-year growth of 3%, while SG&A expenses amounted to 2.3 billion pesos, rising 6% year-over-year, both behind the pace of revenue growth. These results were supported by lower activity levels in the corporate segment. Both coastlines were effectively kept under control through strict cost discipline. The beta for the quarter reached nearly 4 billion pesos, growing almost 10% year over year and representing a margin of 45.4%, reflecting a solid expansion to the 44.3 margin of second quarter on 2024. These results continue to highlight the structural efficiencies embedded at our platform and the consolidation of our expansion projects. Net income reached around 768 million pesos this quarter, showing improvement over both the first quarter of 2025 and the same period of previous year, growing 6% and 34% respectively. The recovery reflects currency exchange gain and lower financing costs. All in all, we are confident that as we move forward in the consolidation of new territories, we will continue to strengthen both EBITDA and net income generation. Turning to the balance sheet. During the quarter, as Enrique mentioned, we executed the payment of a 2.9 billion pesos dividend approved at our annual Ordinary Shelf Orders meeting. As a result, our cash position was lower this quarter and net debt closed at 23.4 billion pesos. As expected, the net debt to EBITDA ratio increased from 1.41 times last quarter to 1.56 times this period. Despite this, our leverage profile remains healthy and among the lowest in the industry. At the end of the quarter, our interest coverage ratio was 5.3 times, maybe the refurming megacouple solid capacity to meet these financial obligations. Additionally, the leverage interest rate on our debt was 9.1%, and notably improvement compared to 10.7% in the previous year. These downward trends reflects on a reduction in interest payments and contributes to improve financial efficiency. Capital expenditures remain at moderate pace, totaling 1.9 billion pesos this quarter, consistent with CapEx trends typically observed in second quarters and a more favorable for an exchange. This figure represents 22% of revenues for the quarter and 24% for the year. showing a trend in line with our long-term investment plan. Although it is important to note that we will continue to invest in network infrastructure and operational improvements, we anticipate that the annual capex to revenue ratio will remain, as mentioned before, between 27%, 28%, to 29%, reflecting the soft landing of our capex program. Finally, the second quarter of 2025 underscored the resilience of our core operations, the strength of our financial discipline and our ability to navigate both internal transformation and market uncertainties. Consecutive quarters of solid subscriber additions combined with sustained revenue and EBITDA growth not only validate the effectiveness of our strategy, but also highlight our strengthened ability to consistently generate free cash flow. These financial performance reinforce our capacity to support shareholder return and maintain a long-term financial health. Before concluding, I would like to mention that we were honored to be included in the 2025 ALAS 20 ranking in the investor relationship and sustainable categories. These recognitions reflect our unwavering commitment to sustainable value creation, transparent stakeholders communication, and robust government practices. Additionally, we have published our 2024 integrated annual report aligned with both GRI and SASB standards. Going forward, we will continue to provide accessible, transparent, and timely information to support well-informed decision-making by our shareholders. Thank you for your trust. I will now open the floor for questions.

If you have a question, please use the Raise Your Hand button on your Zoom application, or you can also type your question in the Q&A section of the Zoom platform. Please make sure that you are not muted when it's your time to participate. Our first question comes from Marcelo Santos from JP Morgan. Marcelo, please go ahead.

Hi, good morning, Henrique, Raimundo, Luis. Thank you so much for allowing us the opportunity to make questions. I would like to ask a bit about the competitive environment, because as you mentioned in the presentation, there was a slight increase in churn versus the first quarter. The first quarter was already a bit higher than before because you had the price increase. So could you just provide your reading on how the situation is unfolding? And the second question is more technical. What are the elements that would lead to a CapEx increase in the second half? Because you're keeping the ads, as far as I understand, you should keep the ads more or less in the range where they are. And your network deployment, you already deployed a lot of networks. So I just wanted to understand better what are the drivers for this higher CapEx. Thank you so much.

Sure, Marcelo. Thank you for the question. Regarding the competitive environment, as you are aware, we have strong competition in the market from all our competitors. These are very competitive markets. But we have carried out to be able to increase our growth significantly. We have carried out also to increase rates around the tariff during the first and the second quarter. And all this strong and aggressive marketing and commercial efforts will bring us to a slight increase in the ARPU. We still don't believe that we're going to increase the levels of churns in the future. We feel this is the level that we should remain. If you look at video, video even stay and stay a little bit below. Those are adjustments that we do in the strategy according to the competition and for us. And we're very happy that they are paying off in terms of the increase in the net ads that we have. So all this is coming from that part. What competition is doing, as you know, Telmex is not increasing rates on that part. They have a strong network with Fiverr on that part and strongly going towards the double play. The other competitors has, one has Fiverr, the other one doesn't have the Fiverr, but they have higher outputs on that part. We have a much more better and brand new a state-of-the-art network with a better product at really good prices. And more than that, we have the right organization to bring those gross ads in the second quarter. That's why you have the 132,000 net ads, regardless of everything. Going forward, we expect still to maintain between 100,000 to 150,000 net ads on a quarterly basis, taking as a base broadband on that part. So we're very happy with the results of this quarter. regarding the technical increase of capex that he asked for the second half.

Yes, Marcelo, thanks for the question. And we still have kilometers to build and we still have subscribers to migrate with the coming equipment with that. And also we are behind on the reposition of the fleet We are starting to include electric cars in our fleet, starting with Mexico City for the benefits it represents. But we are a little bit behind, and we are going to include that for the remainder of the year as well.

Perfect.

That's why we stood up at the 27% to 28% pretty much of the capex on that part for the second half. Yes.

Perfect. Understood. Thank you very much.

Thank you, Marcelo. The next question comes from Vitor Tomita from Goldman Sachs.

Go ahead, Vitor. Thanks for taking our questions. Two questions from our side. The first one is on a bit of a follow-up on the CapEx question. The deployment of new homes passed, it accelerated quite a bit in Q1, then it re-accelerated a bit, the new homes passed in Q2 again. How do you plan for that to evolve in the second half of the year after this stronger quarter? And My other question would be more on the dynamics that followed the price up in Q1. Also a bit related to the churn point, we noticed that ARPU only benefited from the price up in Q2, rising in Q2, and at least from what we can see, and that churn was slightly higher in Q2, even though the net additions were impacted by churn in Q1. And following the price up. So just wanted to have a bit more of a feeling for the timing in which these factors affected your numbers. Thank you.

Yeah, thank you, Vito. As you are aware in our numbers, we built around 700,000 new home paths in the first half of the year. We're expecting to build between 800,000 to 1,000,000. 800 to a million, sorry, for the second half. So we will end the year between 1.5 million to 1.6, 1.7. that's why that also affects slightly on the CAPEX for the second half, as Luis mentioned before. And that's the right level that we expect to build for this year, between 1.5 to 1.7 million new home paths. Regarding the ARPU, we have stated in the past that we continue to provide an increase in the in rates to existing subscribers, upgraded to new speeds and apps for that part. But we also have promotional subscribers that has a lower ARPU as we capture the market. And also we have less video over total amount of unique subscribers that push the ARPU. So at the end, we have a slight increase of the ARPU, but we cannot increase the ARPU significantly with those combination of factors that affect the ARPU. I don't know if that answered the question, Victor.

I meant more on the fact of if you could go a bit more over the seasonality, because we saw that you made a price up in the beginning of Q1, but you had a big improvement in Q2 versus Q1. So just wondering if the price up ended up having more effect now in the quarter, had a bit of a delayed effect.

Well, yeah. Well, there is of course an impact on the churn on the ARPU, but also something that is helping back the ARPU a little bit is the video content because we are now at almost the same level of video subscribers as last year. That also helped a little bit the ARPU and not only the price increase that we have on the first quarter that created the biggest trend.

That's clear. Thank you very much.

Okay, the next question comes from Luca Brandon from Bank of America.

Hi, good morning, everyone. Thank you for taking my questions. I have two here on my side as well. The first one is on corporate. You mentioned you had less revenues from contracts with immediate recognition, with more now being time-based. Is that only a matter of the difference between the contracts or were there also some changes in the accounting process? that you do for those contracts? And if you can comment as well, how can we think about the corporate going forward if we could see an acceleration from this quarter or should we expect something similar going forward for the rest of the year? And then a second question, for the past few quarters, you guys have been able to beat your guidance of at least 100,000 net ads per quarter. But thinking for the long term, for how long do you think you can maintain this space? Is that something that you think you can maintain for the next two years, three years, or how do you see that? Thank you.

Thank you, Luca. And starting with the first and related to corporate revenues, there's nothing to do with the accounting recognition. It's more the contracts that we have been now getting from the market. Last year, there were many projects that were basically infrastructure and implementations. And this year we have reached large contracts, but more on over time, over 36 months of services and managed services. So it's more the effect of the type of contracts that we are achieving.

which are reflected on the higher margin that the corporate segment represents. If you can see, Luca, the evident growth that the company presents is higher than the revenue, regardless of the drop of the corporate segment. That means that we are focusing on a high margin customers, okay, that has an effect in the revenue in the short term in terms of the revenue recognition, but it does not affect because the services that we are providing, the remain of the services that we are providing still have a higher margin. So we're happy with that strategy. We are not against selling those kind of product or services, but we prefer to focus into these ones that have a higher yield. And we expect for the second half to increase the revenues coming from that segment in that part, revert the trend. On that. And . The second question was the guidance that whether we can remain the guidance, pretty much the growth that we have. At least I will tell you that for the next two years, we will have a trend like what we're expecting so far. We reached the 18 million home pass. We will continue as we say, this is not gonna stop there. What the trend that we see is going forward, getting to below 20% capex in 2028, that will not stop to bring around a million home pass every year pretty much in expansion. This is a living company and needs to grow according to population and the needs of demand of other ones. There are competitors that has around 40% more home paths that we have so far. So we have still room to grow to make a cable in the Mexican market. We are not stopping at 18. What we're stopping is the first part of the plan that was doubling the size. We already meet that at going at 18. And what we're doing now is growing in a base between 100,000 to 150,000 subscribers per year. And we expect that 100,000 to 150,000 per quarter. Okay. And we expect that to continue for the next two to three years pretty much. You can bet on that.

Very clear. Thank you for the answers.

Okay. And the next question comes from Alex Azar, the GBM. Alex, go ahead.

Hi, guys. Good morning. Quick questions. The first one is on the corporate segment. I was just wondering if you can remind us or update us on your um, savings efficiency strategy, if I'm not mistaken, uh, you, you were to, um, unlock some, some efficiencies from the integration of, of, of subsidiaries. And when should we start seeing those? And when do you think we'll have those at the peak level or, or full realized? That would be my first question. And, and, and the second one is, um, I understand that you're still fulfilling your expansion plan and increasing the penetration of the network, but the numbers, as some of my colleagues mentioned, are in line or above your expectations. I was just wondering if you guys can maybe give us more color on post-2027, 2028, What are you guys thinking Mega or the company is going to move forward when you achieve the expansion plan? Are you looking to increase the mobile penetration of your subscribers or maybe corporate solutions? Those would be my questions. Thank you very much.

Thank you, Alex. Related to the corporate segment strategy, as we said before, we're focusing to more managed service contracts that has a higher margin, but a revenue recognition in the future compared to sales of infrastructure with lower margin. That's part of what is affecting the revenue numbers of this quarter on that part. but not the EV that, as we say. We have a very clear strategy with the merge of all the business units. We have a company named MCM Business Tech, in which we sell connectivity and IT solutions and co-location in all our edge data centers. We believe that we can grow that business unit in the future by the merge of those three or four components, not only connectivity. People want collaboration, they want licenses for cybersecurity, they want surveillance and And all the support that they can have to grow on the IT systems and that connected to the connectivity that we have tied to the connectivity make a strong offer that we are going forward. And that's why we grow without the revenue of the infrastructure. We are selling well. What you're selling going forward, not in the... in the actual time. So we're happy with the segment and growing as I mentioned before. Now, regarding the plan, the plan stays the same as we are right now. We're a company that has 80% of the network already converted to fiber. That will be a full fiber company, full by 2028, but really going over about 90%, 95% way before that. So we are protecting all the existing markets that we have. We're very happy also that in the organic markets that were or not converted, we have increased subscribers. We have not lost subscribers in organic in all our markets regarding the high penetration we have. That tells all of you about the resilience of the strategy, the product, the service that we have provided. And right now, the expansion is picking up. We have strong EBITDA coming from expansion and growing as we speak. Part of the ARPU also is that we have subscriber on expansion with promotionals growing compared to the organic. So that's why ARPU doesn't grow. What are we looking in 2027, 2028? A company that will have a better financial structure on the balance sheet. on that part, the one that makes more sense, keeping the dividend, keeping value for shareholders, increasing the value of the stock, like we say, like Enrique mentioned in his speech and remarks, we're very happy that finally the market is coming to recognize the intrinsic value of this company going from 33 to 54 pesos, the share, and we believe that that's still not the real value reflected of our company, and the trend of the plan will back the price of the share. What's happening in 2027, 2028, we will be open here in the management with the board to see what's the best for shareholders and this organization, but right now we're focused on what we're telling you about.

Okay, thank you, Raimundo. And about the let's say the savings plan from the corporate segment, when should we start looking at those? When are those going to be fully realized?

Well, actually, you can see the savings right now, and that's why the margin of the whole company grew 10%, maybe that year over year. Because all that we're saying is focusing on better contract, but we're also reflecting the synergies of merging all of those three companies. We're way much more efficient, and that's contributing to the growth of the margin. But the company has already merged in that part.

All the severance payments are already out, so it will be finished and will be very visible by the end of the year.

Okay. Thank you, Luis.

Okay. And the next question comes from the line of David Lopez from New Street Research. David, please go ahead.

Hi, thank you for taking my question and the congratulation of a strong set of results. I had a question on leverage. I was wondering what is the optimal net debt to EBITDA level in the medium term for Megacable? And would you distribute all the excess cash? I think you just mentioned on value creation and shareholder remuneration. Would share buyback be an option in the future? Thank you.

Well, as you've seen, we are reaching 1.2%. 56 times of leverage of EBITDA. But we think that the number is among the best in the industry or the best in the industry. We feel comfortable between one time EBITDA and 1.5. I don't think there's any issue with that. But there's no mandate. There's no specific leverage ratio demanded by the board or specified by the board. They tell us use the money on the best opportunities. And that's what has been done.

I think that we will maintain a healthy ratio of debt ratio. combined with a good return for the shareholders. By that I mean a dividend ratio that is attractive for the investors and also taking opportunities from the market if they arise. to expand the company. Good opportunities, our eyes are open for that. We are willing to do whatever is better for the shareholders and the value of the company. But we don't have any restrictions of any ratio of deprivation, although our board has always been fans of healthy balance sheet.

OK, thank you very clear. Thanks.

You're welcome, David.

Okay, with no more questions in the queue, the question and answer session has concluded. I pass the call over to Mr. Yamuni for final remarks.

Thank you. As always, it is a pleasure to discuss our results with you. Please contact our Investor Relations Department if you have any questions or concerns regarding the company. Have a wonderful day and a very good weekend for all of you. Thank you very much. Thank you.

Thank you all.

Thanks, everybody.