Good morning, everyone, and welcome to Entel's First Quarter 2025 Results Conference Call. I'm Paula Raventós, Head of Investor Relations at Entel, and joining me today is 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, there will be a Q&A section. Those who are connected from webcast should send their questions through the chat, please. Please advance. The company's disclaimer: now we will start with our agenda. First of all, we will start with Entel Group results, and then we will move on to results of Chile and Peru. Finally, we will end with our ESG highlights and with final remarks and Q&A session. Please, Marcelo, go ahead. Thank you, Paula. Good morning. Good afternoon, everyone, depending on the time of year. Actually, it was pretty good news for the first quarter, the start of the year. We're going to go through that in a few minutes, but I wanted to start with some latest events that are positive news. As you might have known already, we finally approved by the local authority the partnership with Starlink in terms that would allow us to deploy during the second half of 2025 the satellite connection direct-to-cell for our customer base. This is very positive news. Also, highlight that we got the first place in the ISO Best Customer Experience ranking in 2024. This is the ninth year that we got this recognition, so we're very proud of it. I think it also is a landmark in terms of the efforts we do to have the best experience for our customers. Also noting that we recently issued the 2024 Integrated Annual Report, which was presented also as part of our shareholders' meeting. You can download it on our web page, and it will provide a more comprehensive view of both the operational performance and all the initiatives we're doing in terms of sustainability for the year. I invite you to download that report, which is very interesting. Also, we recently ended the placement of a $2 million U.S. local bond, which is roughly $80 million. This was a very successful issue. We ended up issuing basically two series: one up to five years and the second one close to 10 years. Very competitive rates, inflation plus 3.39 and inflation 3.69 for the longer one. We got a very good market reception for this issue in a very complicated context in terms of the financial markets in the day we issued these bonds, and also being in a very challenged industry. We are very proud that it was possible to get this issue in a successful manner. As I already mentioned throughout the roadshow, the use of proceeds will be mainly debt repayment and a minor portion for general corporate purposes. It was a very interesting placement. This is part of the initiatives we are taking to refinance our debt. I hope that sooner than later we will go to the market. We are analyzing different alternatives, different costs, and tenors of the different alternatives we have. We are really, hopefully, in the next couple of months having some news in terms of the refinancing, both of the installment we have in August this year and in August of the next year, which in total is roughly $580 million. We are working on that. Those are the main news recent events, and we might go straight to more details on our shareholders' meeting. I just want to emphasize that we distributed already CLP 179 per share against 2024 net profits. That was already paid at the end of April. These dividends in total allowed us to reach a dividend yield of close to 7%, 6.8% in the period. Also, we announced in the shareholder meeting our investment plan for 2025, which was roughly CLP 600 billion, which is in the range of $725-$730 million. Mostly, I would point that as of today, once we have finished the first quarter and updated the most probable scenarios in terms of deployment of the fiber network during the rest of the year and typical postponements of certain CapEx related to the fixed fiber deployment, we might be seeing during the year a figure a little bit below the CLP 610 billion. I would expect an adjustment in CapEx. We'll see in the next page more detail on this. This is basically the disclosure of the CLP 618 billion in Chile and Peru. As I was mentioning, if you can see in the consolidated figure in the right-hand side, we were aiming at 20.2% CapEx to total revenues for the year. I would guess that that figure will be more in the range of 19% once we adjusted by the lower CapEx that is expected in the deployment of fixed and some other postponements in CapEx in terms of mobile that we'd also add to this figure. The guidance I want to make at this point is that it will be below the figure we mentioned a couple of weeks ago in the latest shareholders' meeting. We are revising this figure. In terms of Entel's shareholder structure, you can see it's basically the same. We have some more adds in terms of foreign investors as part of our shareholders' distribution. The stock, as you can see on the right-hand side, has been really flat in the recent months, although below the performance of the Chilean IPSA. I would say that this is more structural given the four players we are operating both in Chile and Peru, which we believe is something more than an industry structural concern. As long as that is still in place, the performance of the stock will be really subject to any changes in the industry composition. Otherwise, we believe that we'll be in the future improving our margins, but the stock price has this burden, and we have to take charge of that and try to boost our margins, basically. We can see also that the volume trade of the stock has been improving. There's some more interest, I would already said, about foreign investors, and hopefully that continues in the coming quarters of the year. If we take a look at the consolidated figures, basically, we can see in terms of revenues for the first quarter, we have a very strong quarter in terms of general revenues growing quarter to quarter and also year on year. You see in general, we're growing 9% year on year with still strong growth in mobile. You can see 8.7% growth and also growing in fixed, almost 12% growth. Top line, good growth for the quarter, even comparing to the fourth quarter 2024, which is typically a strong quarter because of Christmas revenues related to handsets. In terms of EBITDA and EBITDA margin, we still see a decline in the first quarter margin that is lower compared to the previous quarters, but still there are basically relevant one-off impacts in the quarter, basically related to one-time events. The biggest one is severance provisions because of a restructuring process we performed in the first quarter. It was quite a relevant one. More than 150 people were part of that restructuring. This is a process that we normally do every year, but this time was focused in March, basically. That is what is impacting our EBITDA and EBITDA margin for the year. If we adjust that impact and provide in the box we have on the right-hand side, we did the performance analysis or the adjustment for that. The growth in EBITDA, if we adjust for that, would have been year on year 11% instead of the 3.1%. The EBITDA margin would have been 28.5%, which is still higher than the previous quarter and very in line with the first quarter of 2024. That's more the organic and the normal margin we should have got in the first quarter, putting aside all the severance payments and one-time effects. Still, we are keeping a strong margin, not in the range of the 30s or 30-something, but with a strong foot in the range of 20-28 and 28.5% that we'd expect to continue for the future. EBIT, still doing the same adjustment, you see we got CLP 51,000 million for the first quarter. Excluding the one-time effect, that would have grown 26% year on year. It's still an expansion of the EBIT compared to the first quarter of last year if we adjust for those effects. In terms of net income, basically, we posted a pretty good result, CLP 23,000 million. We provided in the small box that is in the right-hand side an adjustment compared to last year. Last year, we had all the impacts of the exchange rate in our investment in Peru, which impacted our taxes in the P&L. If we adjust for that effect, which was an actual effect, but if we adjust for that, trying to calculate more organic, normal performance, the first quarter 2024 would have been CLP 22.6 billion profit, very similar to what we got in the first quarter of 2025. What I'm trying to say is that compared to last year, same quarter, we are organically in a very similar level in terms of net profit, similar margins, and even with an expansion in EBITDA and EBIT. If we do the, as I was mentioning, the quarter-to-quarter analysis, organic adjustment by the one-time impacts in both periods, this is basically the result of that. Very positive result business-wise with CLP 28,000 million positive when we started deducting the one-time impacts, the inflation effect because of our costs in UF, plus the increases in leases mainly related to the net fiber expenses and higher energy costs. Those effects offset partially the better business performance, but still we're growing from 187 to 207 in terms of organic EBITDA compared to the first quarter of both years. I would say this is positive results in terms of the expectation we have for the remainder of the year. In terms of cash flow, first quarter 2025 posted, although it's very small, it still is a positive cash flow from operations. You can see CLP 1,200 million for the quarter compared to the last year, same period, posted a negative CLP 32,000 million, mostly influenced by the payment of the VAT related to the sale of Unnet, which was paid in January 2024. It was more like a working capital issue last year. The rest of the business, we're growing in EBITDA. CapEx are pretty much similar, so it was more like an adjustment, a lower working capital impact for this quarter. Still positive in the margin cash flow. We are using a little bit of the cash. You can see that the cash, we started the year with CLP 273,000 million in cash. We used CLP 5,000 million of those in the normal operation of the business. We should continue to use that part of the cash as long as we accelerate the deployment of fiber to the home during the rest of the year, but at a lower pace, as I already mentioned. We are going to talk about that later when we analyze the fiber business. Mainly in terms of gross and net debt, plus the main leverage indicators, steady compared to the end of the year, although net EBITDA is a little bit higher than the first quarter of 2024, basically because of the use of cash we have been doing during the large part of 2024 and the first quarter of this year, mainly oriented to investment in infrastructure and mobile and fixed. Still, we have very good and healthy indicators, keeping our credit and risk rating in terms of local and international ratings. We wanted to depict a little bit in the right-hand side the organic dividend yield we have been posting the last years. This is excluding sales of assets and both in 2021, 2022, and 2023. We put that aside. This is just to show a little bit the trend in the yield we have been performing. We mentioned at some point that we were aiming as a company for the coming years to provide dividend yields in the range of 8%-10% in the medium term. Hopefully, in the next three years, we should be aiming to those kinds of levels. In terms of Chile specifically, very good results in terms of mobile user. You can see we are growing in postpaid both quarter on quarter and year on year, 7.5% year on year growth. The prepaid base decrease mainly is an adjustment of the base. We do this cleanup every once in a while. The decline in the total overall mobile base is mainly driven by this cleanup in the prepaid base. Postpaid, which is the most relevant in terms of margin contribution, is growing still in both measures that we're thinking. Also, fixed is growing. You can see a very strong growth, 41% year on year and 4% quarter on quarter. I mentioned already that last year we accelerated the deployment of fiber. We have been more cautious in the growth in the first quarter. That's why the growth is close to 5%. We should be expecting for the rest of the year still grow in fiber, but it's a growth that is expected to be a healthy growth, healthy in terms of really connecting customers that provide a good revenue stream for the future, for the rest of the years. That does not imply losing CapEx. Just remember that every time we connect a customer, we have to invest in the last mile, I would say, in the connection to the home, roughly $200 per connection, which is field operations and the cost of the equipment that goes into the house. So those $200, we're very careful in really growing healthy and trying to avoid higher churn rates, trying to avoid discounts, aggressive discounts that imply that once the discount is discontinued, we lose that customer. So we're being very careful. That's why we should expect still growth in fiber, but more steady growth and organic growth, healthy growth in that area. It's always good to know. This is the competitive chart as of December 2024. If you can see the last quarter, it was still very good in terms of the net share for Entel compared to the rest of the industry. For every quarter of 2024, we were capturing a significant chunk of the growth of the market, 60% for the first quarter 2024. We ended with 37% of the growth. Although the figures for the industry are not available yet, we have our growth for the first quarter 2025, which is 53,000 net growth for the first quarter 2025. Still, we're growing. We are being seen a little bit more competition in the market. You know that one of our competitors is improving, which is basically Claro. It's improving the network. They are growing in 5G. We are seeing more activity, I would say, in the market basically from Claro, which is something that was expected. It is nothing new for the market. Still, we are growing. We are growing healthy. We would not expect for the first quarter to have a net share compared to last year. Last year was kind of exceptional, but still, we are posting a very strong position in terms of capturing a significant chunk of the market from the figures we have for the first quarter of 2025. Despite the more competitive environment, we are still very confident that our strategy is working and we will continue to capture market and customers during the year 2025. You can see revenues in Chile grew 8% year on year. EBITDA margin, the same phenomenon already mentioned. If we adjust by the cost of restructuring, our EBITDA margin would have been almost 31%, which is still higher than any of the quarters of the last year. Chile is adjusting by the extraordinary impacts. It is still better in performance than the last several quarters. The same in EBIT. We are still seeing some good results. This is basically the result of higher customer base. We are growing in terms of customer base, but also when we compare to last year, we are seeing the effects of the price increase that we performed last year. Both customer market share and price increase are really sustaining a very strong market and EBITDA margin for the first quarter of this year. If we see revenues in total, we analyze starting by mobile. Mobile, just to remember, accounts for 72% of total revenues in Chile. The 29% is fixed. When we take a closer look to mobile revenues, we can see that the revenue that is coming from services, mobile services, is growing 8.4%. That's a very interesting and healthy growth for services. The lighter blue, which is handsets, is still growing. That's also very good news. It's a strong figure, higher than the last year, first quarter, second quarter, and third quarter. Everything that is without Christmas, so it's a very good result. That means higher handset sales, but also higher revenues from very interesting margins we're getting from the handset sale and with very controlled and normalized write-offs in terms of debt of financing and selling of those handsets. Growth in the mobile business, both from equipment and both from services, I would say is very positive and is good news for the rest of the years as long as we can continue to capture and sustain this market. The reason for this, we always mentioned that we are really having and keeping a strong brand power compared to the rest of the industry. We have kept our position. You can see both in NPS for postpaid with a significant gap against the rest of our competitors. We have been able to maintain the leadership in the ECQ, which is basically a measure of quality and consistency of that quality in our network. Still far from our competitors. You can see that two competitors of the other three are improving a little bit in the last quarter. That is a result of higher investment that they are doing. The market is getting more competitive because of the deployment of infrastructure, of investments in infrastructure on both 4G and 5G. This is relevant because that is one of the reasons why we always keep investing in improving our quality of the network and the deployment of our network throughout Chile and also in Peru. We will see the same phenomenon in Peru. Paula will mention that later. In terms of revenue share, we are keeping the leadership far away from the rest of our competition, 40% of revenue share for the Chilean market. With increasing output, you can see with a significant gap compared to the rest of the industry. In first quarter, we posted CLP 9,122 as output. That is the result of basically the prior adjustment we have made during the last year and before. Also keeping a very strong gap compared to the rest of the industry in terms of port out. We are the blue line with a port out rate, which is kind of a portion of the churn rate, of 0.95. The rest of the industry is at 1.68. We are keeping and expanding the gap in port out compared to the rest of the industry. When we see a little bit more details in the fixed business, which accounts for 39% of the revenues, you can see that basically we have growth coming from fiber, which is the red box, and it is growing at 39% year on year, quarter on quarter, 7%. Still, the digital business, which is the green light, is still growing. That is very interesting. It's part of our strategy, promoting the growth in digital services and digital connection for mainly corporations and small businesses. That is growing 20%. We are confident that the fixed business will start contributing with revenue and also in time with positive EBITDA and EBITDA minus CapEx. As already mentioned, the expansion in fiber is resulting in growing and increasing market share. We already have 12.3% as of the end of the year 2024. When we see fiber, this is home and businesses, it's almost 400,000 RGU, which is similar to the total connections we have, but it's measuring RGU. We are growing 5% or almost 6% compared to the end of 2024. We will continue to grow. I mentioned before, very cautiously in terms of getting high-value customers in that area. This is our Entel net share compared to the growth of the industry. For the first quarter, we got almost half of the growth of the industry in fiber. We have been, for sure, growing the last year, so this is not a surprise. This is the competitive dynamic. Still, really, we're pushing the training in growth for this industry, although we are one of the newcomers in the industry. That would be expected. Paula, I'll give you Peru. Thank you, Marcelo. Moving to Peru results operation, we are, as also we have mentioned over the last quarter, we are in a high competitive industry, both in mobile and fixed businesses. Increasing mobile promotional discounts from January of 2025, including physical channels. Despite this, with the highest competition, we've been able to grow in our mobile customer base. As you can see, we reach more than 10 million subscribers with 5.1 million postpaid clients, with a growth of 2.1% quarter over quarter and 10.6% year over year. This is explained by our good quality in sales with controlled churn allows this base growth. In fixed services, we are actively exploring alternatives for fixed business growth while maintaining our disciplined approach to market expansion. Here we can see, as also Marcelo mentioned, in Chile, here in Peru, this is a chart where we see how is the net share growth of the postpaid voice connection. Despite this high competition, we have achieved continuous postpaid growth over the last month. At the beginning of 2025, operators reacted with this important increase that we have over the last quarter of 2024, with a lot of promotions and discounts. Starting in February, Entel Peru regained this portability with higher promotions, with an important increase in promotions. Here we can see the results of Entel Peru during this first quarter. As you can see, our revenues reached $265 million, increasing 6.4%, driven by the mobile growth in 6%, explained mainly by the results from service and equipment revenues. The sales strategy in these new channels express store, as we have already mentioned the last quarters, and the strengthening in our call center and physical channel explained these results. Also in B2B, we are growing with good results at the level of contract with the public and government companies. Regarding EBITDA, we reached more than $67 million, growing at least 1% due to the improvement in service and equipment margins that was also offsetting the increase in cost explained by one-time cost effects that also we did in restructuring cost. Excluding this effect, our EBITDA grows 2.2% with an EBITDA margin of 25.8%. This is an important improvement if we compare with the margin EBITDA that we saw in the fourth quarter of 2024, and we are maintaining our average EBITDA margin of 25%. Excluding these time effects, as already mentioned, the EBITDA would have reached 26%. Regarding a deep down on our revenues, as I mentioned, the service, the mobile revenues increased 6%, mainly explained by the service mobile revenues. This is mainly because of our growth driven by mobile service revenues year over year explained to the expansion of the express stores and the strengthening of our call center and physical channels, generating a significant increase in mobile subscriber base of 10.6%. Despite this high level of competition with higher customer acquisition discounts, regarding our mobile handset revenues, they grew 12%, mainly due to the higher number of equipment, especially from high-value devices that we sold. We maintain our leadership in satisfaction, and we are second in brand power. In NPS, postpaid, Entel maintained the positive gap with the leader, and in prepaid, we continue leading. We have been working a lot in customer proximity, also with room to grow. We have a more debate with family plans, with benefits that generate more loyalty and Entel lovers. Brand power, Entel maintains, sorry. Brand power, Entel maintains second place with significant growth in network and coverage attribute with recognitions such as in best mobile network experience in 2025. Also, we reached the first place in the telco experience in Peru for the 11th consecutive year by ISO. Also, we are in the first place in the telco sector reputation and digital reputation by market companies. We are leaders in mobile service satisfaction in 2024 by OSIPTEL. Our focus, as also it is in Chile, is to have the best network in Peru. We have made progress improving in network capacity coverage and 5G coverage. We are working on improving coverage and presence outside of Lima also too. We have established ourselves as the second largest mobile operators in terms of revenue share. Since this quarter, this first quarter, we are also second in market share. Despite this higher revolving, we have been achieving a lower port out rate. Now in the first quarter 2025, there will be a little bit higher port out rate due to these competitive reactions that we got in January from the other operators, where with Entel was improving in February and March. Regarding our blended output, it increased to $5.67, mainly due to the increase in prepaid output. Postpaid output, it has a small decrease during this quarter, mainly because of the promotions and discounts. Now I will move forward to explain the main highlights that we have in the first quarter in our sustainability strategy. We launched our fourth integrated report, which provides a very comprehensive overview of our operations, performance, and sustainability initiatives of the year 2024. We highlight Entel's commitment to the technological advance to bring closer to everyone's responsibility to transforming society and the lives of people and businesses. Also, for the second year, the Sustainability Yearbook 2025 by Standard and Poor's Global included Entel as one of the best performing companies in the industry, achieving 12th place worldwide. Also, Entel was ranked number one in our category and 15th overall in the prestigious Merco ESG ranking. It also reaffirms our position as the industry leader in ESG management. The corporate reputation monitor, Merco, revealed in 2024 ESG ranking in Chile and once again consolidated Entel as the leader in the telecommunications sector in terms of environmental, social, and corporate governance responsibility. Now we will move forward to the final remarks and our strategic update by Marcelo. Please go ahead. Thank you, Paula. Final remarks. We already saw the very strong results for the first quarter, both in Chile and Peru. We are increasing our customer base. We added almost 1 million subscribers, almost 9% growth year on year, and delivering strong EBITDA and EBITDA margin, even adjusting by this one-time effect. The message here is that even the competitive environment in Chile is stiffer than what we saw in the full 2024. We are still being able to sustain good margins. This is held by also the price increase we performed last year. We expect that to continue the rest of the year, knowing that we are facing more competition from players that were kind of out of the market last year. Our brand position and port out gap is also supporting that strategy. That, again, is a result of the constant and well-driven investment in CapEx we have been performing in our network. I want to be clear with that. Although the good news, I would say, is that in terms of cash flow for this year, we are expecting more ease cash flow as long as we keep the top line and EBITDA for the year. We have some CapEx deferral, I already mentioned, given the some lower growth in fiber plus some normal deferrals we may have in the mobile CapEx for the year. We will be a little bit below the initial figures we have in our budget, even the ones we mentioned in our shareholders' meetings. That is good news for the cash flow, but still we will maintain our growth in fiber not only this year, but all the coming three years at the end. This is more like a slower velocity or speed of growth, which will benefit the CapEx and the cash flow for this year. Those are the good news. Strong results in Chile, but also in Peru. In Peru, although we know that the level of EBITDA margins we are getting in the range of 25%, in that area, 26%, it really gets harder to get to the range of 28%-30%, which is our aim. We will do that by increasing in scale. We are gaining traction in the market. We are growing in the market. We are sure that the investment we do in the Peruvian market will end up pushing our customer base up and will, in the coming years, be able to reach those 28%-30% revenue share and EBITDA margin. For as of now, 2025, first quarter, we have been seeing some reaction from the rest of the market, for sure, but we still believe we are in a very strong position to reach our goals in terms of EBITDA expansion in that market. Also, it is worth mentioning the point number four, which is in the slide, is basically we are committed to financial presence. We are really always part of our goal is to keep the investment grade. We are managing the recent local bond issue. It was part of a strategy. It was a small portion of the refinancing. Now we are analyzing, as I mentioned earlier, how and when we are going to the market to take care of the two towers. We are amortizing one in August this year and the other large one in the third quarter of 2026. There will be some news pretty soon. We're focused on that and keeping our ratios pretty healthy. To finalize, I just want to make sure that the financial community is aware of our main strategic objectives that we have for the medium terms of four, five years horizon. As I mentioned, we will continue to support our leadership in mobile in Chile and Peru. In Chile, it's basically supported with focused investment in supporting 5G and existing 4G, maintaining a return on assets of 13 or more in that business. In Peru, as I mentioned, gain scale. That would imply gain profitability and reach the levels of EBITDA margin I already mentioned. Fiber, still growing. We have set our goals of reaching a 20-25% share in Chile in the coming years and in the range of 15-20% in Peru. That will be done aggressively but healthy in terms of customers, in terms of revenue, in terms of churn, and avoiding really burning cash in that business. Also really managing the deployment of the CapEx in good customers. Connectivity, as I mentioned, B2B and digital are in the way to improve the return on assets in corporate and middle business segment, and also expanding the digital solutions we provide to our customers, both in end-to-end connections and other services related to mainly large corporations and middle-sized companies. Those are the focus, and we're working on that. I would say that the first quarter of this year is really showing that we have a consistent strategy, and we will keep that hopefully for the rest of the year and the coming years. We will be facing competition. We knew that. We always have faced a lot of competition in the four operator markets in each one of the markets in Chile, Peru, but we have the capabilities to perform and to lead the growth of the industry. I would say that's it, Paula. Okay. Thank you very much, Marcelo. Now we will move to the Q&A section. Please, you can send your questions through the chat that you saw in the platform. We will wait a couple of minutes. Thank you. We have one question from Carlos de Legarreta. Can you talk about competitive conditions in the postpaid market in both Chile and Peru? Yeah, those are, yeah. Okay, so there's two questions there. One is the market both in Chile and Peru, and there's what are Entel's thoughts on M&A as an acquirer? As I said, the four operators in each market are always hunting us. I mean, we know that every quarter, the market, how aggressive are certain players, that might vary quarter to quarter, how aggressive are the strategies in terms of discounts on promotions. Normally, promotions are short-lived. We as Entel are trying to be very cautious on really, although defending our market position, that's for sure, being very clear that we want to have good margins, be profitable. We always look forward to have healthy growth in both markets. Although it's difficult, we know the competition is always providing discounts. Also, we have seen Bitel in Peru with a strong network, improving their share in the market in a different market segment than the one we have, but still with a strong performance. We know the position of Telefónica in both markets. Peru is a different story at this point, but there's still strong competition. Claro is present in both markets, leading Peru, always providing very strong competition as a leader in Peru and growing its presence in Chile. They have been investing. They have the 5G bandwidth that they can really take advantage of. We are really seeing the impacts of having good four players and operators in each market, although also WOM is back in the market. The only concern is that the tactics that are being used will depend on the cash availability of the different players. We are in a much sound financial position. We can continue to grow, continue to invest. That might affect the aggressiveness in each one of the markets, depending on the financial position of the rest of the industry. In general, that's my view. In terms of acquirer, which is a question that we always get, we're always looking at different alternatives, both in Chile and Peru. The market shares and the revenue shares we have make it pretty difficult that we might take relevant positions, especially in Chile because of our leading position. Peru, we always are looking at growing with different alternatives. We're still looking to grow with different kinds of agreements in the fixed business in Peru. So we always are one interested party, but we have to see what's really the situation of Telefónica in Peru evolves in the coming months with a new owner and how the market and this industry evolves in Chile. We don't have any position at this point to comment. Yeah. Thank you, Marcelo. There's another question. Thanks for the presentation. Could you provide discuss the potential for further price increase in Chile during 2025? Yeah. Basically, we have been considering price increase both to new customers and a portion of the customer base, always looking to offset the impact of inflation mainly, which we have seen has relevant stake in our cost. We might be performing depending on the trend of the inflation for the rest of the year. At this point, we have not done anything relevant in Chile. In Peru, we have done some minor adjustments. It is something that we are always monitoring, but at this point, I cannot really put any specific figure and timing on that. Okay. There is another question. Could you provide an outlook for CapEx 2026? 2026, yeah. What we should see, as I mentioned, 2024, we have two phenomena. In 2024, we postponed, we have a low CapEx because we postponed CapEx in Chile. In Chile, normally, we were in the range of above 20%, 21% even. In the year 2024, we ended up with 17.5% over 17.5%. That is why we accelerated the CapEx in Chile for 2025. Normally, you would see in 2025 figures in Chile in the range of 18%. 2026 should be similar because in Chile, we are not, besides the expansion in fiber, which is relevant, but it is not that relevant compared to the mobile CapEx. You would see normally a figure close to what we are having this year, 2025, which is more like a normal year. 2024 was a little bit below normal because of the market dynamics, and that allowed us to postpone our investment. We are always looking at the market dynamics to postpone, defer, or accelerate our investment. That's why I already mentioned that this year, 2025, for the coming quarters, we should be looking at some deferral given from mobile business, also from fixed. In terms of consolidated figures, 2024 ended up considering Chile and Peru and 17.3% of revenues. I already mentioned we should be in the range of 19, 19 point something this year, but below 20% given what I already mentioned, the deferral of fixed mainly. For 2026, should be more or less in the same level, always in the range of 19-20% in a consolidated level. I will be in the middle of the range. That's the most guidance I could give you. We also have mentioned before that after we finish the fiber deployment, we'll be going back to in the range of a consolidated view of 17.5%-18% at the most in a more normal after the deployment of fiber in terms of consolidated CapEx to revenues. Thank you, Marcelo. There's another question regarding adjusted EBITDA margin in Chile. With your comments on more cautious fiber growth approach in mind, do you see current adjusted margin levels in Chile as sustainable, or should we expect further pressure from fiber leases? From a strategic standpoint, do you see the possibility of complementing on net coverage with acquisitions or other means? I will start by the last question. We don't see complementing on net. It might be a possibility, but it has to be in an area that the footprint of on net is not present. It might be a case, but it's not very obvious. If there is a case, we'll look at it. The same in Peru. In Peru, we are working with different operators that are more like neutral networks. That would be the case in Peru. Regarding the margins in that area, as I mentioned, we are seeing more competition. I mean, Peru is always a lot of competition, more competitive than the Chile market, but we are seeing increasing competition in the first quarter in Chile because of the re-entering the market of WOM after Chapter 11. Also, still, Telefónica is working his market. Claro, we know, is pushing a little bit the market given the new investment they have done. We believe that there will be more pressure in Chile for the rest of the year, but that pressure already started in the first quarter of the year. There is no reason why if we keep cost control and we leverage our market position, why we should not keep similar margins, adjusted margins, I mean, performer margins for the rest of the year. I would say that as long as service sales continue the same way that we posted in the first quarter and handset equipment continues as healthy as they were in the first quarter, there is no reason to discount margins below the level, the adjusted level we mentioned for the first quarter. Thank you. There is another question, a more conceptual question. Do you have a very large handset business in Peru? How much does that business hold your margins back? How much lower is the handset margin versus the telco service margin? Yeah, yeah. I mean, in general, both in Chile and Peru, the same phenomena. The margin is in the range in Peru, it's in the range of 13%-14%. In Chile, it's in the range of 13%-12%. It's a little bit below that. In total, if you combine both operations, it is in the range of 12%-14%. It is much lower than the margin for services. As long as we grow in sale of handset and the financing of handsets, that pushes our overall margin down because of this mixed effect. It still is a very profitable business in terms of ROI. It also supports and is related to our growth in customer base. Normally, we provide financing to a good customer base, and that's really part of the business. Although it's more volatile, it's more sensitive to market fluctuations in terms of economic growth and etc. Yes. There's another question regarding could you give more color on the restructuring initiatives you carried out and on whether the cost savings they generate were already reflected in adjusted margins this quarter, or if instead the savings will become more visible in the second quarter? Yeah. No, the restructuring was performed in March. So only the cost of the seven costs of that restructuring, although the payback is not that fast, we will have some impact during the rest of the year, but it normally takes between 12 and 15 months to get the full impact of the payback. We will have the impact starting from April until March. The answer is yes. The extent of that restructuring, normally we have performed in 2023, there was a relevant restructuring. There was a minor restructuring in the first quarter, and the last quarter of 2024 was less aggressive. In March 2025, it was a little bit more aggressive. Normally, we are reviewing our structures. It's part of the normal business, the restructuring and focusing and implementing also measures to control our overall cost. It is relevant in terms of size, but it's part of the normal business, and the impact will be seen in the rest of the year. Okay. Thank you. I think we have more. There's no more? Thank you. I think there's no more questions. Please, if you have any other questions, you can contact me and we can arrange a call. Thank you so much for joining us today. We will thank you for your meetings and your participation. Thank you so much. Have a nice day. Have a nice day. Bye. Bye.