Post-Quarter and Full Year 2024 Results Conference Call. I'm Paula Raventós, Head of Investor Relations at Entel. Joining me today, it's Marcelo Bermúdez, Entel CFO. We would like to inform you that this event is being recorded, and all participants will be in listen mode during the company's presentation. After the company's remarks are completed, there will be a Q&A section. Those who are connected from the webcast should send their questions by chat, and by phone should request their voice. Before proceeding, let me note the disclaimer at the bottom of the slide regarding forward-looking statements. This reflects management expectations and may differ from actual performance outcomes. Let's start by outlining our agenda. We will start with a review of the most recent events, followed by Entel Group's results in 2024, and then we will move over our operations in Chile and Peru, finally to cover ESG initiatives, and then the final remarks and Q&A session. I will move now the voice to Marcelo Bermúdez. Please, Marcelo, go ahead. Thank you, Paula. Good morning, everyone. In Chile, we maintain our position as the undisputed leader across all major mobile metrics. That's including market share, revenue share, and ARPA. Despite another challenging year for the industry in general, Entel delivered strong results. Specifically in Peru, we consolidated our position as the second-largest operator in the market in only 10 years of operation, continuing to set a new benchmark in telecommunications. It was a very successful deployment. Another significant milestone in Chile was the commercial launch of our neutral fiber optic networks in March of this year, of last year, sorry, following our agreement with OnNet Fibra. This initiative has shown promising results, and we expect continued growth in this area. Regarding 5G, we delivered the network ahead of our regulatory timeline and hold the largest market share for this connection type. This positioned us as the forefront of the ongoing technological transition. And finally, our partnership with Starlink is another key milestone and highlight of the last year. We are now one of the seven operators worldwide to have such an agreement with Starlink, and the only one in Latin America. In terms of the key milestones and events of the year 2024, just to highlight in the first quarter, we began a mass commercial offering of the fiber FTTH services, marking a significant advance in high-speed connectivity in the country, in Chile. In the second quarter, we were also recognized as one of the most honored companies of the 2024 Institutional Investor ranking, highlighting its performance in terms of key areas such as management and corporate governance. Also, in the third quarter of 2024, we held an Investor Day meeting with the participation of more than 120 analysts and key executives of the company, strengthening our relationship with our investors and the financial community in general. New tariffs increased also for our customers, one of the highlights of the third quarter of 2024. By the end of the year, in the fourth quarter, just to note that we amortized and paid principal and interest of our 2013 bond that was paid in full by the end of the year. That amounted close to $246 million that we paid in cash, for sure. And also, it's worth noting that we, in terms of the Merco Empresas Chile 2024 reputation ranking, Entel was recognized as the leading telecommunications company in Chile, occupying the ninth place in the overall ranking. Let's take now a closer look at the competition composition, sorry, of our shareholder base. As you can see, there have been some movements in the year. We can observe some growing interest from international and institutional investors in general, signaling a positive confidence in the company. This also shows that we have a strong appeal for our strategic vision in the market and in terms of medium to longer-term value creation that we have been consistently generating and communicating to the broad spectrum of investors. That has an impact, as you can see, in the shareholder stock performance during 2024. In terms of price change, you can see that, although in general, the price change as of December of the Entel stock without dividends is -8.4%. When we adjusted by dividends, we are almost at the same level of the beginning of the year with a really steady price during the year. And we have been able also to deliver a strong dividend yield during the year, a little bit below 10%, which is in the range of what we are aiming and stated in our Investor Day recently. Also, just to note that as part of this commitment to our investor, just a couple of weeks ago, by the end of the year, we paid an interim dividend in December 2024, which still reflects that we are sustaining our dividend policy to distribute up to 80% of our previous year profits. Paula. Let's now turn our attention on Entel's overall context, beginning with the macroeconomic environment and where we operate. Thank you, Marcelo. Okay. So, 2024 unfolded as a very complex year in terms of economic. You can see economic growth in Chile and Peru has been relatively modest. While these figures are slightly above the Latin American average in general, they remain subdued compared to historical levels. So these have been a pretty strong challenge for the company. The economies are not growing. The telco industries are with modest growth in general, both in Chile and Peru, though improving to a certain extent after the pandemic effect. In Chile, the exchange rate has been highly volatile. In Peru, it has remained more stable, but still, as a consolidated view, still a very challenging exchange rate overall. Here, basically, we always take a look at the consolidated view, posting CLP 2.7 billion in revenues for the year, with more than 20 million subscribers in mobile, and with an EBITDA generation of CLP 788 billion, with a margin of 28.5% for the year, with CapEx totaling CLP 477 billion, which is 17.3% of revenues and CLP 67.7 billion bottom line net profit for the consolidated entity. That's the share between Peru and Chile. Just worth noting that Peru is still growing. It's already one-third of our total revenues and EBITDA. In terms of market valuation, market cap close to CLP 900 billion. As I mentioned before, dividend yield 9.7% and EV/EBITDA 3.9 times. So, if going in more depth to the market trend in terms of competition in Chile, the mobile competition has really kept very stiff, very aggressive still during the year, though we have seen some level of ease after the second quarter of the year because of the situation with some competitors that you already know, so what we see is that we are being able to keep and sustain and grow in our share in this market. If you see Chile, for example, in mobile lines, postpaid, we have been able to grow. We are the blue boxes in each one of the quarters. Each one of the quarters basically depict the net growth of that market and which player of the market takes what part of that growth. As you can see, that in general, although quarter to quarter, the market on mobile has been growing, but at a declining rate, we have been able to capture most of that growth during the, at least from the first quarter 2024 to the third quarter. This is very good news for us. In fiber connections, which is in the middle chart, pretty much the same. We have led the share and the growth in the market. There's another competitor also that had some growth and captured a significant portion of the market in the second quarter. But in total, since we have been growing through the OnNet footprint, we have been able to capture most of the growth of the market during the year. So it has been also a very good year in terms of growth in mobile. Peru, for mobile postpaid lines, you can see that we also took a relevant chunk of the growth for every quarter. Competing, you can see in the last quarter, it's very significant that we led the growth against all other competitors, including the market leaders. We're very proud of that, that we have been able to grow in both markets and capture most of the growth in those two markets. In terms of growth, you can see that we have been sustaining our growth in postpaid, as I mentioned, and fiber in both countries. Mobile users still growing, but at a very lower pace. You can see just 1% growth in 2024 compared to last year in Chile, though postpaid is growing very significantly, 6.8%, and prepaid naturally is decreasing. The most value-added or higher level ARPA postpaid customers are growing still in the country. In mobile Peru, you see something similar, a little higher in terms of growth for the postpaid and almost no growth in prepaid. Still, Peru is growing at a faster pace than Chile in general in subscribers as a whole. In terms of the fixed sector, Chile with very low growth compared to in the recent years, but changes of technology. You can see the green box areas, it's fiber, basically with TV and HFC decreasing aggressively, and all of the growth is basically fiber today growing compared to last year, 43% year on year. That's very interesting. As I mentioned before, we're capturing a lot of that growth in the industry, and in fiber Peru, we're still lagging behind because of market penetration. It's still growing, but in a very smaller market, and what we see is that fiber is starting to catch up. So we will be part of that growth in the coming years along with market penetration of fiber in Peru. In terms of financials, the consolidated view is that we had a very good year in 2024 and financial-wise with a rising revenues and EBITDA. You can see 7.4% increase compared to last year. Also in the quarter, we posted some growth, 3% compared to last year. And you can see some details that we exclude extraordinary items both in revenues, EBITDA and EBITDA. The figure might change, but still the growth after adjusting for extraordinary transaction, meaning last 2023 sale of fiber business. And also we will see some other adjustments for the EBITDA and EBITDA. We're still growing significantly, almost 10% year on year and more than 11% quarter to quarter in terms of revenues. In EBITDA and EBITDA margin, pretty much the same story, growing 3.4% in the year with a decrease in the quarter. But when we adjust for extraordinary fiber sale and bad debt provision that occurred in 2023, the growth in terms of year to year goes to positive 6.6%, and the growth quarter on quarter goes to positive 7.5%. So on an organic base, we are growing in terms of EBITDA both in the year and the quarter, and with some decline year on year on the EBITDA margin. You can see that we go from 29.6% to 28.5%. That's basically the impact of higher exchange rate that impacts in many cost lines, higher cost of energy, etc. That we are not being fully able to pass into tariff and price increase. Some of that has been done. As you may know, that we increased customer base prices by the middle of the year with some impact only in the second half of the year. But also there's some other phenomena. We will see later increasing the share of revenues and EBITDA coming from the handset sales and handset financing that is done at a lower EBITDA margin. In general, that's averaged depending on the country between 12%-13% margin. So as long as we increase in terms of handset financing and sale, that will imply some impact in the EBITDA margin. So it's a combination of mixed product mix in terms of normal services to handset sales and financing, plus the impact of higher cost and its partial pass-through to revenues. But it still is very positive being able to deploy fiber this year. This is still a very strong EBITDA margin. And that goes down to EBIT, pretty much the same phenomena with some higher depreciation this 2024 that is pushing down a little bit the EBIT margin that is a result of the higher CapEx that we have been performing in the last years. And in terms of net profit, you can see that we were posting a decrease of 24% compared to last year. That has many explanations. Basically, last year we had the impact of the sale of fiber, which implies an impact that if we take that out, it's basically after taxes is CLP 36 billion. So we should adjust that to compare to 2024. Plus all the impact of the exchange rate that I have mentioned several times in the tax line, and that is coming from our investment in Peru, that every time the exchange rate goes up, we have to post higher taxes related to that investment, and that impacts our bottom line. Just to mention that, and this is very important to understand, by the third quarter of 2024, we have been able to hedge one-third of our exposure in Peru. The hedge is done through FX forwards, basically. And the result of that hedge, which is positive for the year in the range of CLP 19 billion, that is accounted for as an interest income. When you see only the tax line, it includes the impact of the exchange rate Peru gross. It's not netted of the hedging. Roughly in the year or in the last quarter, just the impact of the increase in the exchange rate, which was roughly CLP 93 just in the last quarter of the year, that impacted around CLP 40 billion, just the tax line. But we also had half of that, CLP 19 billion as a positive result of hedge in the interest income. So when you consider the net effect, it would be in the range of CLP 26-27 billion net. The good news is that starting the 1st of January of this year, we were able to hedge in full, 100% of our exposure in Peru. We were not able to do that during 2024. We tried to, so we were able at the end to hedge a little bit more than a third. But starting on January 1, we fully hedged. For 2025, hopefully for the coming years, we won't see an impact in that line again. That's good news in terms of having stability in the bottom line. This is a quick view to compare the EBITDA 2023 and 2024 with the main drivers, putting aside the extraordinary items that I just mentioned before. As you can see, in whole, our business has performed pretty well, generating CLP 26,000 million in positive impact of EBITDA during the year. And this is consolidated. And also, I have mentioned before the positive impact we have been getting from our efficiency program, which we call Entel Plus Reloaded, that contributed with CLP 57,000 million to the businesses in general. That is an impact that we will explain it later will remain in 2025, and we expanded again more than this figure. This efficiency program plus the business performance had been able to offset the impact of inflation rate and exchange rate, which is 26.5%, plus the impact of the higher leases that is including the lease from OnNet related to the fiber and other incremental costs, mainly energy that we are depicting as CLP 6.4 billion during the year. Good business performance, good efficiency program that is here to stay, and offsetting leases and effects and inflation impacts on energy, basically. Although it has been a good year in terms of performance, we are dealing with these higher costs, but still organically, we were able to expand our EBITDA in 2024 compared to 2023. That's good news. This is just a slide that I mentioned before, but it's basically we're updating the impact. We are increasing the actual impact in 2023 of the Entel Plus Reloaded, which is this efficiency program, up to $63 billion. You can see the main lines. We are touching every aspect of the business in B2C, B2B, network, SG&A, and other areas of support such as billing, collection, and services. Basically, we're very proud of this. Paula, next slide. You can see also that we expect for next year or 2025 to keep pushing these initiatives, and we're still aiming at least to have in terms of OpEx and CapEx in the range of $80 million-$120 million in 2025, which is keeping, maintaining what we did in 2024 and growing and accelerating that pace in 2025. Also, we would like to know that the Entel and the industry in general is really increasing the usage, the traffics, and goal, which is the traffic by or the usage by customer. And the good news is that in this scenario of a growing volume of data, 6% growing compared to last year, third quarter to third quarter, Entel is leading the share on this. Our customers, basically, are really pushing the volume of traffic. And this is very important because we need to tie this increase in traffic to the quality and coverage of our network. So this is basically what we're facing. Customers will demand more speed and upload, download capacity given this higher volume. So when you see the split of the share between different technologies, you can see that 5G is growing up dramatically, 9%, as I mentioned before. 4G started to go down, still very important, and 3G is almost negligible at this point. And that's really important that we are ahead of the rest of the market in both Chile and Peru, leading the 5G presence and network in general. And this is related to the CapEx. And we ended this year in Chile with still investing a lot, but still less than the 2023 because we are in a later stage of 5G deployment, but still in mobile, which is the blue box, is still relevant, lower than last year. And we're focusing a little bit more in FTTH, home CapEx, and everything that is related to also the B2B network. But still, it's very strong level in CapEx in Chile. And Peru, which is the news, is growing. We're really putting some speed in coverage in Peru. I mentioned in different meetings before that we are expanding in Lima and other cities, increasing the quality in Lima specifically and expanding coverage in the rest of Peru. That spike in CapEx in Peru started by the end of 2024, so we should expect some increase, a significant increase in 2025. So the consolidated figure, you can see that we invested pretty much the same figure compared to last year, which is 17.2% of revenues, and it's a little bit lower than last year. But the message here is that this figure of CapEx of 2024, it's below what we initially expected to invest in our plan for 2024, even the forecast at some point we gave in the investor meeting that we did, I think it was in October. So basically what we did here is, given the competitive dynamics in Chile mainly, we were able to pass into 2025 a part of the CapEx that we had planned for 2024, meaning that we will always try to balance investment in infrastructure to our competitive environment and also always trying to keep solid financial indicators in terms of that EBITDA, etc., and assuring our Investment Grade. So I think that 2024 was a good year for us in terms of market growth, competitive environment. So that allowed us to free some cash, passing investment to 2025. So what we would expect, what I can say, is that we should catch up in 2025, but still keeping the target we mentioned in the investor meeting for 2027, which is being the range of 19, a little bit more 19, 19.5, 19.1 in that range. So we had a low 2024 in terms of total CapEx to revenues. We'll go back again in 2025 because of this passing from one year to the other. Do not forget that we still have to expand in 5G in Chile and Peru aggressively, but also support all the CapEx that is related to the expansion of fiber, both in Chile and Peru. So we are always mentioning and expecting two intensive years for 2025 and 2026 and a decline in 2027. But still, levels that are still very healthy in general, not something that we haven't seen in the past year. So it's basically that. In terms of cash flow, just to know that we ended 2023 with a significant amount of cash, $660 million, roughly the same figure in pesos, CLP 658 billion. And basically, we had a very good year in terms of EBITDA compared to the previous year. After leases, it's very similar to the previous year. And we had some impacts basically in working capital, mainly explained by the increase in handsets financing that implies a use of working capital, which was almost CLP 56,000 million. And also we had to pay the VAT related to the sale of the fiber of the end of 2023. That also was a use of cash at the beginning of 2024. And that was partially offset by some postponement of vendor payments that went from 2024 to January 2025, basically that allowed us to offset a little bit that effect. But basically, 2024 is kind of a normal year in terms of working capital. 2023 was positive. That's unusual. It's mainly related to the bad debt adjustment in accounts receivable in Peru of 2023, CLP 32,000 million, plus the provision of VAT payment that we have to account for at the end of 2023 that also is accounted as a source of funds. So the tricky figure there is 2023. So the normal figure is 2024 in terms of working capital. And then CapEx, as I mentioned before, net financial cost is a little bit below 2023. That's mainly due to what I mentioned already, CLP 19,000 million of positive hedging of Peru, which is underlined. And we had also full year of interest income related to the positive cash position. That implies a lower financial cost compared to the previous year. Then taxes, as I mentioned, normally this is including the normal statutory tax rate for the company of previous year results. That's mainly driven by the normal cost of business, but also the taxes related to the sale of fiber, which were paid in 2024, and then dividends. We already mentioned that normal dividends that we paid in April, plus the dividend that were paid in December, the provisional dividend that was paid at the end of last year. That in total is CLP 86 billion, totaling with a very strong, still very strong cash position of CLP 273 billion that we will start to deploy and use not only in our CapEx in 5G, but also to support part to next year's fiber. Just remember that part of that cash comes from the sale of fiber. We just paid a portion of that as dividends, and we are keeping that cash to support the CapEx plan of fiber for the coming two years. This has allowed us to keep still very strong financial indicators, net EBITDA 2.53, pretty steady net financial debt, a little bit higher because of the use of cash we have already done in 2024 given the CapEx plan, and already we started expansion of fiber, and stable credit risk rating, which just some days ago just assured the AAA, the triple B minus rating for international and local AAA minus, and in terms of dividend yield, we already mentioned that. Thank you, Marcelo. So now we will go over the Entel Chile results, please. Yeah, real quick, this is mainly the same figures we already mentioned. The good news here, I mentioned before that we are being able to capture a significant portion of the growth in the market, mainly in postpaid, the industry growing slightly, but we have been able to capture most of the growth in the last year of 2024. Same for fiber, I already mentioned that some growth in fiber, and we have been able to capture every quarter, as you can see in third quarter, 25% of the growth in the third quarter of 2024, still 32% of that growth in connection. So we're very proud of that and working to continue on that trend. And this is what we already saw, just focusing in Chile, same story, capturing most of the growth of the market in terms of mobile postpaid connections. Still very strong year with a very strong third quarter. This is the only figures we have. You see, third quarter, we explain almost all of the growth of the market. We capture all of the growth of the market, same in the second quarter, so this is very positive. It's very hard to see how the market will work in terms of competitive dynamics in 2024 because the situation of competitors is kind of will tend to normalize a little bit, but we still see some higher level of competition, but it's in a very weak industry at the end, so we expect still, given that we have been able to continue to invest in our network, we are very confident that we will be able to still capture a large chunk of the market and from the higher ARPU customers. And this still is being shown in terms of financial revenues for the company in Chile growing year to year. When we do the adjustment for the quarters, we're still growing at a very significant number. You can see up to 25% if we do the adjustment of the extraordinary, excluding fiber in 2023, so for the quarter to quarter, very strong figures in Chile, and same story in terms of EBITDA and EBITDA margin. As already mentioned, when we adjust for the extraordinary, you can see year on year, we're growing 1% in terms of EBITDA in Chile, and for the quarter, more than 8%, but still in an industry that is very competitive and challenging in terms of really expand margins. We have been facing, as I mentioned, higher costs, facing some challenges to pass those higher costs to prices. We have been doing so partially, so we don't see any dramatic change in the Chilean industry, at least for the short period of time of the futures. Thank you, Paula. This is very important that we always get the question about why we're investing so much, what's the reason for that. I want to point to this slide, which really, I think, summarizes the soul of our strategy. We call it the value creation triangle. It's basically, you have to read it this way. We believe that having some key foundations or the key fundamentals, as we call them, which are a robust network, and we use the word obsession with the robust network, allow us to deliver an exceptional experience in terms of connectivity. Specifically, I mentioned before, and we showed the charts of data usage increase, traffic increase. We believe the network is relevant to have really a good experience for our customers. That will imply a strong brand power and customer satisfaction. That is really our soul, and we work to really understand our customer needs and provide them a good service, not only in network, but also in the other support services. And this is the only way to have a higher ARPU and lower churn, which is at the end result in higher returns for the company. And we have been able to show in the last years that this strategy makes us being the most profitable company in, if you can use Chile, in a very competitive market, far away in terms of return on assets, but still being four players in a competitive margin is very tough to really expand margins. But in this scenario, we are far away in terms of profitability. We are keeping this oath, this value creation strategy for the coming years, expanding to fiber with the same idea of really an overall, a total, complete one experience for our customers in terms of not only mobile, but also fixed. This is including B2C, but also B2B, and because of this value creation triangle, we are able to show how the market is perceiving Entel. You see brand power leading, NPS leading far away from the rest, and what is called the excellent consistent quality rating, also with a significant gap against our competitors. This is the result of network investment, support, other areas of support, customer satisfaction, and that all ends in higher ARPU and profitability and lower churn, which is the same. That's allowed us to have, keeping the leadership in the mobile service revenue share and keeping a strong gap in terms of postpaid compared to our competitors and the rest of the industry. Being able to increase our blended ARPU over time. Still, it's a low ARPU compared to OECD and other countries, but it's basically explained by the four competitors that we have in Chile. Still, we are the leader in terms of ARPU. Fiber, pretty much the same. We're much smaller, but we're growing. We posted an 11.2% market share in the third quarter. You can see on the bottom right of the left-hand side chart. In terms of revenue share, we are still growing, but very small. We expect to continue to expand that as long as we increase our footprint, our expansion in 2025 and 2026. Also, in this scenario, we have been able also to capture the bulk of the growth of the market in third quarter 2024, sharing the growth with other competitors in second quarter 2024. But in general, you can see the whole picture in 2024. We have been leading. That's because we are one of the companies that are expanding. The rest is not necessarily expanding. And in fiber, I want to note this very relevant. I've shown this slide in previous meetings. It's basically that since we sold our assets OnNet, the part of the FTTH and the fiber activity that we perform as Entel is basically on the core network, transport, and all the data that's flowing, but goes through the network of OnNet. And then everything that goes to the home, what we call the last miles to the customer, that after the drop, or the drop and the equipment in-house is part of Entel's responsibility. And that's very relevant because 65% of the failures of fiber service happen in this area, in the last mile where Entel really can do something. And the good news is that when you see what are the factors that explain customer satisfaction, which is quality of the network, pricing, and others, almost 83% of those factors that explain satisfaction are also can be managed by Entel and not necessarily by the net. So what I want to say here is that we get all the time this question is that we really can make a difference in terms of value for our customers because we own the quality of service, the quality of the installation service, the quality of how fast we can reconnect in the case of a failure. And that's the big chunk of customer satisfaction. So we will be leading, putting our brand in this business, and that is explaining why we're growing so fast in our expansion in fiber and try to make this business contribute with positive EBITDA as soon as possible. It will take a couple of years in total given the expansion in Peru and Chile, but we'll get there pretty soon. Thank you, Marcelo. Now I will explain the Entel Peru results. First of all, regarding the industry in Peru, the mobile industry has experienced a decline after the pandemic. However, in 2024, we saw a recovery in postpaid segment driven by high revolving and introduction of a lot of discounts and promotion. Also, in the fiber internet, we saw some increase because mainly of the lower penetration that there is still in the industry. Regarding the postpaid mobile customer base in Entel, the last two quarters, Entel has led the portability, achieving positive net growth with all operators. This success is associated with the expansion of sales channels, family plans, retention strategy, and network improvement. The sales strategy has shown good progress with growth in the sales of equipment and family plans. The postpaid base is growing also too, and since the second quarter, as I mentioned, better results have been observed since the sales strategy of channel with express stores and channel strengthening. The good acquisition and retention plans, along with network improvement, had also contributed. Revenues in 2024, we saw that they increased 1.3%, affected maybe from the high churn in the industry, which has led to many discounts and promotions. EBITDA for 2024, excluding bad debt provision in 2023, grew 10%, reaching a historical EBITDA margin of 25.7% and a positive EBIT in 2024. What we have maintained in Entel Peru is that we want to offer also the best satisfaction and network for our customers. We maintain our leadership in satisfaction, and we are second in brand power. In NPS, postpaid, and prepaid, Entel maintained leadership. We have worked a lot in customer proximity, also with room to growth. We have a more the base with family plans and benefits that generates loyalty and Entel lovers. Also, in brand power, we maintained the second place with important reconnections. For example, in first place, we got the first place in Telco experience in Peru for the 10th year consecutive led by IZO, that is the leading consulting customer award. Also, we got the first place in Telco sector reputation and digital reputation by Merco Empresas. As we mentioned, our focus is also how it is in Chile. We want to offer the best network. In Peru, we had made progress, and we are achieving the first place in 5G speed in Lima, according to OSIPTEL, and the second place in 4G presence. We are working on improving coverage and presence also in Lima and outside in Lima. Also, we have consolidated as a second mobile operator in revenue share, which has a greater opportunity to grow for us, where we have been able to achieve a lower churn rate in the industry over the last quarter. These better results have been observed due to the sales strategy in the channels, strengthening retention plans, along with also with our network improvement. Also, we had made progress in ARPU, led by superior service and network quality. However, it was affected in the last quarter by the high churn or turnover in the industry and the promotions and discounts. Finally, regarding the fiber to the home business, we still remain looking for the opportunity. It's been delayed, but we have the condition to reach homes it's remained. This is an opportunity where we see that fixed line market, which grew 57% last year, but still has low penetration. We're still looking, as Marcelo mentioned, for opportunity to grow in this fiber to the home market. Regarding our ESG advances or highlight during 2024, I would like to mention that for the ninth year, Entel remains in the prestigious Dow Jones Sustainability Index in the stock exchange in categories Dow Jones Chile and Dow Jones MILA, with being the only two companies in the list in Latin America. One of the reasons of Entel's inclusion in this excellent result achieved in the progress evaluation of the corporate sustainability CSA by S&P Global, where we scored 80 points in 2024 out of 100, an increase of three points compared to the 2023 measure. We had a high performance in overall measures, standing above industry peers international. We averaged 36, where the industry peers, they have an average of 36 over 100. The company obtained very good results in the main dimensions of the index. For example, in social, we obtained 82 out of 100, where the average industry is 33 out of 100. In economic dimension and governance, we obtained also 82 out of 100, where the industry average is 36. In environmental, we obtained 70 out of 100, where the industry is 37. We're very proud of this achievement. Also, we achieved the highest score in the categories in transparency and reporting risk and crisis management, with important advances in privacy protection and also with an important score as in the previous year in the supply chain management. Other important highlight in this area is that Entel was recognized as the top telecommunications company in Chile, ranking ninth in the Merco Empresas Chile 2024 reputation index. This marks the ninth consecutive year where the company has been among the top 10 most reportable businesses in the country. Also, our Entel's 2G network shutdown as a technological renewal project was honored as the best sustainability initiative of the year in telecommunications at the Conecta Latam Awards in 2024. This award highlights Entel's leadership in driving technological modernization with ensuring no one left behind. Now, we will go over our final remarks where Marcelo is going to mention. Please go ahead, Marcelo. Thank you, Paula. Real quick before going to questions, so Entel Group's leading growth in postpaid, expanding mobile subscriber base over 900,000 year on year despite competition. We also are continuing to lead the country, the mobile business in Chile, with significant advantage over our peers and competitors in general. And in Peru, we have secured, as this is very important, the second largest position in that country, really, and we are sure we will be able to keep that and growth in Peru in the coming year. And keeping always a sound financial position and performance, not only in terms of EBITDA, but also in overall ratings. Very important that we have been able to offset the last year's spike in inflation and exchange rate in the country. That's also very relevant. And our investment plan, as I mentioned, focused on expanding 5G in Peru, mainly keeping up some improvements also in Chile and growing in both countries in terms of fiber. So that's the focus of the coming years for our network. And always mentioning, I mentioned before, keeping very strong sustainable financial position, healthy debt ratios, and keeping up with our investment grade that we're proud of. So now, Paula, we should go to. Yes. Thank you, Marcelo. So now we will go over into the questions. Those who are connected, please should send the questions over the chat or just to request to do it by voice call. We will wait until a couple of minutes when we get some questions. Or meanwhile, please, we appreciate your feedback by answering the QR survey. So we have one question from Fernando González. Can you go up, please? Why did SERNAC request to initiate a voluntary collective process with you? And what is the potential impact to Entel in terms of compensation? Do you believe you have a strong case in your defense? Yeah. Basically, that voluntary collective procedure is something that we agreed on with SERNAC. Basically, the case is really showing support related to the communication of tariff increase of previous years. And we believe we have a strong case. We have done everything in terms of procedures, legal procedures, communication with our customers by different means. So basically, what we are now in the process of collecting all the data and the proof that we perform proper communication, and that will be so we don't see a significant impact in terms of provisions or something. So it's something that is being negotiated or proven at this point. So I don't have really an opinion of the potential impact, which I don't believe will be because we know we did all the processes as were supposed to be done. And that's it. Okay. There's another question. What is going to be the strategy to grow in fiber to the home in Peru following the failure of the KKR Telefónica deal? Yeah. We have been exploring different alternatives that I cannot mention at this point, but there are many different alternatives to grow. This issue with KKR didn't necessarily postpone any of the growth plan in Peru we have with fiber. So we are keeping that we will start by the end of 2025 deploying our network in Peru. I cannot comment more on this, but there is an alternative, and there are actually a couple of alternatives to replace the KKR deal. Then we have another question. It's mainly the difference of the CapEx between the cash flow and the one we reported in the presentation. That it's mainly because in the cash flow, it is the VAT included. That's the main difference that we can mention. The VAT, yes. The VAT. Yeah. Yeah. In the cash flow, it's including VAT. Yes. Do you expect lease payment to remain at the same level in 2025? Yes. Yes. As a percentage of so it should decrease because we're growing revenues, but as a whole amount, it should be maintained. Already, those leases are showing all the effects. I'm considering both IFRS 16 and OnNet. OnNet is basically kind of depending on the usage that we have. Given the growth plan, we should be increasing that as long as we start to grow in our. So I would say that impact will be more visible by the second half of the year, given the growth of the fixed network. There's another question. Do you expect more intense competition once WOM emerge from Chapter 11? We could see some of that. I would say that 2024 was kind of special because of the situation of Chapter 11. But also, we could believe that after Chapter 11, the market would need, or the industry in Chile, a more stable dynamic just to keep that more steady, at least for a year in the future. So we will see that the answer is yes. We could have some level of more competitiveness, but not the way we saw it before. That's my impression, at least. But we have to see. Yes. And regarding our bond maturity, can you discuss plans for the 2026 bond maturity? Do you expect to come back to the bond market this year? Yeah. We are currently working on that. We might do, for sure, something in 2025. And we are analyzing two alternatives. One might include going to the international market, and also one might include doing something different, more thinking in the local market. But definitely, we'll do something during 2025. We are still discussing that at this point in time. But the answer is yes, we will do something this year. There's another question. What do you think are the most likely scenarios for sector consolidation in Peru where Telefónica is looking for an acquirer this far unsuccessfully? Yeah. At least what I can mention that has been published recently that Telefónica Peru and Hispam in general has been for sale for some time, for a long period of time. And I guess the situation is not very sustainable in the medium term given the erosion of financial level of that company. But we don't know. There might be some market consolidation soon where different players might be interested in part of that asset. So I don't have a right answer. We have to wait and see what are the steps that Telefónica takes. We understand that they just changed their CEO, so there might be a different strategy at this point, so we are more in the wait and see to see any changes in the strategy, which may vary from putting more investment in the company and make it grow and catch up in terms of investment or a different alternative, in a different way of selling parts of the company or something like that, but we have to see. There's another question. Could you give us more color of why are wholesale revenues decreasing so sharply during the last two quarters? Yeah. Basically, the wholesale decrease is more than extraordinary for 2024. We should expect in 2025 figures similar to 2023, and it has mainly to do with certain provisions that were performed, some contracts that were shut down, but will be recouped in 2025, so it's small, like an extraordinary. That includes revenue provision, VAT debt provision related to roaming services, national roaming services. Then we have also WOM included in part of those services. That's part of the explanation also about the provision that we performed. So basically, I would say something more extraordinary for 2024 that will be reversed in 2025. Okay. So this concludes the question and answer section. So we thank you very much to all of you. All the questions that maybe you may have, you can contact me, and we will have a meeting. Thank you so much to participate in this conference call, and we can talk over the next days. Thank you so much. Thank you. Bye. Bye.