Good morning, welcome to Entel's second quarter 2026 results conference call. Thank you for all of you for joining us today, August 24th, 2026. I'm Paula Raventós, Investor Relations Officer, and joining me today, it's Marcelo Bermúdez, our Entel CFO. Please note that this event is being recorded and that all participants will be in listen mode during the company's presentation. At the end of the presentation, we will open a question-and-answer session. We delivered a solid second quarter 2026 with revenues and EBITDA growing 8% and 8.4% respectively. Net income reached CLP 26 billion, up 39% year-on-year, despite a highly competitive and dynamic environment in Chile and Peru. EBITDA margin reached 28.1% and earnings per share came at CLP 315 in the last 12 months, excluding extraordinary gains. Postpaid voice and fiber broadband continue to be the engines of our growth, supported by a differentiated customer-centric and value proposition. Taking the first half as a whole, revenues increased 7.4%, EBITDA grew 9.3%, net income 29% up. One of the most distinctive milestones on the period, it's our leadership in direct-to-cell satellite connectivity. Thanks to our strategic partnership with Starlink, we are the first and only company in Latin America offering direct-to-cell technology, providing satellite messaging in Chile and Peru in zones without terrestrial coverage. SMS is included in all our plans for all competitive equipments with updated software. From our $20 plans, our customers also connect over satellite through WhatsApp, X, AccuWeather, and Google Maps, delivering on our brand promise of connectivity where others can't. Commercial traction, it's already clear. During the second quarter, 10% of our customers porting into Entel say they choose us specifically because we have Starlink. Also, during the period, our Primera Respuesta climate emergency relief initiative drove 120% rise in satellite messaging, which shows how relevant this capability becomes exactly when other customers need it the most. Regarding our latest events on sustainability, we remain in the Dow Jones Best in Class Chile and MILA indices for the sixth consecutive year. We are the only Chilean telco in both. On corporate sustainability assessment, score is more than double the global industry average, with our strongest showing in the social dimension. We also rank first in our industry in the Brinca-UAI ranking, which assess 64 ESG indicators. In efficiency, Entel Peru became the first Latin America operator certified by TM Forum for network energy efficiency using AI-driven automatization. This is worth noting because it's where ESG and cost disciplines met. The same programs deliver emission reductions and operation cost savings. On network and brand, nPerf recognized us for the best mobile network performance in Chile, leading on download speed. We rank first in the internet and telephony in the B-Brand study. Regarding the performance of our activity, despite competition, we continue to grow in postpaid mobile and fiber. In Chile, postpaid remained the engine of our quality growth, increasing 4.9% year-on-year and 1% quarter-over-quarter, supported by a differentiated value proposition and improved customer experience. While prepaid continued to decline, down 16% year-on-year, largely reflecting the ongoing impact on regulatory changes, the cleanup of the inactive SIMs, and the migration to postpaid. At the same time, on fiber, our strategy keeps delivering growth. Fiber grew 24% year-on-year and almost 7% quarter-over-quarter, taking total fixed ARPU 14% up year-on-year, supported by a stronger commercial execution, a rise in share of convergent customers, and improving churn. Regarding HFC connections was down 54% year-on-year and almost 9% quarter-on-quarter. Customers are migrating from legacy wireless fixed onto fiber, which offer highest quality, lower churn, and better economics. Regarding Peru, postpaid is expanding strongly, increasing almost 15% year-on-year and 4% quarter-over-quarter to almost six million subscribers due to a solid commercial execution through the potential channels. Prepaid is contracting 18%, in line with tighter security-driven regulation industry restrictions to wholesale and street channel SIMs distribution. On Fixed Peru remains in a transition phase today. Following the agreement we signed with Wi-Net in December 25, we expect to launch Fiber Peru in the third quarter of this year. Expanding our convergent proposition and position us to capture growth with more attractive fixed offering. We'll turn to Marcelo to continue with the next slides. Please, Marcelo. Thank you, Paula. Good morning, everyone. I'll take the rest of the presentation. Based on what we just saw on the activity, in general, the competitive dynamics in the industry, both in Chile and Peru, haven't changed. We have new ownership in the last year and a half, both in Chile and Peru. The market dynamics are still pretty much the same, I would say, in the last quarter compared to even the end of 2025. I would say that the second quarter and even the first half of this year for Entel has been very good. We're confident that the company is doing what is part of the strategic plan. We are growing in areas that are profitable, both in mobile services in Chile and Peru, also in fiber. We're growing healthy with the right customers in terms of having lower churn, providing the different product mix that also is oriented to increase convergence in our services. We're very happy that the strategy is really showing the numbers. We'll take a look at the trend in revenue growth and EBITDA, in general, we're very confident that this is the good strategy, and we are doing the right thing. In general, consolidated revenues also show that we are posting a year-on-year growth of 8% in revenues. It's worth mentioning that we are growing in mobile services, 8.8%. That's really remarkable given the market situation in the industry level of competition. With a sound and massive growth also in handsets. Handset we have performed, I would say, strategies that have been delivering. We are increasing our share in the industry of handsets, especially in that business, providing a lot of value for our customers not only in the handset itself but also in financing, both in Chile and Peru, growing in that market. That is very good news. What we can see also in Fixed, Paula already mentioned our growth, especially in fiber, putting aside the decrease in the home wireless, which is mainly Fixed Wireless TV services that we sold to a third party. Taking that outside of the equation, we are growing in fiber almost 17%. Maybe a little bit below our expectations for this year, our plan. We will see later that the industry, specifically in Chile, is very aggressive, very competitive, but we are capturing a significant portion of that growth. We are growing. The fundamentals for the rest of the year for Entel, I would say, are very positive. We can see normally on the right-hand side how the revenues are split between Chile and Peru. Peru is 35% of our business, Chile accounting for 65%, almost 10 million customers in each country. That has not changed a lot, although we are growing in both markets. The B2C, which accounts for most of the revenues in Chile, that has not changed. It is worth noting that in B2B, we are doing specifically some efforts to continue to grow profitably, reviewing our customer base. We will see that later in the trend in margins in B2B. We need to grow healthy and with good margins and good ROI for really make that business growth in the future. We are doing that. The same strategy in Peru with B2B and digital services that are every quarter growing a little bit and really trying to mimic the share on revenues of Chile. We will continue to expand in B2B and digital services Peru, trying to really get a little bit more depth in that market. This is the red one? Yeah. If we take a look at EBITDA trend and EBITDA margin trend, I would say also it is very good news, growing year-on-year 8.4%, quarter-on-quarter almost 3%. Also, we see a stabilized compared to last year, mobile margin in the range of 28.1%, which is similar to what we posted in the second quarter of 2025, but with a positive trend compared to the end of 2025. There are many issues going on in the market, I would say that this is a very positive news for Entel, that we have been able to sustain our margins in mobile, even growing a little bit. You see from 32.8% specifically mobile, to 33.3%. When we see the whole picture for the company 28.1% is pretty good. We adjusted for organic growth in this little chart below. The 8.4%, if we take out specifically some one-off impacts in the second quarter of 2025, mainly related to the Sernac PVC, which is an impact of CLP 9.5 billion we had last year. If we take that out from the equation and also adjust for, I would say, non-organic impacts in second quarter 2026, the growth rate would be 6%. Still putting aside the one-off impacts, both negative or positive, the growth rate is still very positive. We're confident that is really the base for our growth in the following quarters. The same in EBITDA after leases and its margin, pretty stable in 2022, or a little bit above 2022, and a positive trend in the EBITDA quarter-to-quarter, growing 3.6% quarter-to-quarter and almost 9% compared to last year. This is positive news that pass into the net income. Net income, just remember that finally since we have last year hedged in full our, we did it structurally, we converted our exposure in Peru. We have an exposure last year that was hedged, now it is structurally hedged because we did a restructuring that put aside, we don't have that issue anymore. That allow us to really focus on what the business is performing without effects, impacts in our P&L. What we see is that the first quarter 2026 and second quarter 2026 are posting pretty stable levels of net income at the end, which is comparable to what we saw in average last year, but take into account that we, for example, the fourth quarter 2025 had a one-off impact in net income, if you remember well, is related to the structural change we did in our investment in Peru that generated a deferred tax impact in the P&L, which was positive, we need to take that also out. The good news is that we are stable results in general, growing EBITDA, growing in the margin EBITDA, and very stable net income. If we take a look into more details, for Chile, as I mentioned, mobile services are growing 10% year-on-year, kind of marginally for quarter-to-quarter, and handsets very good for the year-on-year. Although we're seeing some contraction, if you see the 9% drop in the quarter-to-quarter figure, that is mainly explained by the increase in prices of the handsets that are related to the increases in cost. It's public know that the increased cost of the chipsets that go into the different handsets brands had had an impact in prices recently. We are seeing that impact in a little bit contracted sales on the market, although we are increasingly capturing a higher percentage of that market. Even though the market had shrink a little bit in the second quarter, we are gaining traction to capture more of that market. We will see later that we did some strategic or tactical moves in the first quarter, and even at the end of last year we started doing that we were taking some incremental positions in inventories related to handset that we bought at good prices before the price spike. That allow us to really have a strong level of inventories, and that also implies that we are being able to capture a significant portion of the handset market, not only in the second quarter, but we have a strong position for the coming quarters. This will be an issue, the availability and the cost of the handset, and we took the decision to increase our inventories temporarily. We'll see that impact in inventories will fade by the end of the year, so we'll see later the impact that it had in our working capital. We believe it's very good tactically to have build up inventories to pass this year and capture more market in handsets. Healthy in terms of quality of customers, quality of financing, and we'll see that later. The rest is already talked about that. The growth is significant, at least for the year-over-year growth in fixed still above 1%, it's marginal, we know that quarter to quarter we're improving our growth, there is still a lot of competition. We'll see the details of competition in the Chile market in fixed, especially fiber, later. In Peru, which pretty much is similar. We're growing a little bit more than Chile in terms of mobile services, but a very interesting growth for handsets. Also, pretty much the same strategy. The impact in cost of the chipsets impact normally, it has a much higher impact in lower price handsets. Since we did that increase in inventory, we were able to manage the spike in prices for customers of the handset, passing a little bit of the price increase, but managing, since we have built up inventories, that price increase and the impact it has for our customers. The result is that we will see later, we are posting very good margins from financing and handset sales in Peru, that should continue to be very positive for the coming quarters since we build up these inventories. Also, very healthy growth in terms of uncollectibles and the quality of the revenue services we're providing also in Peru. In fixed in Peru, we haven't started yet, it's very small accounts or amounts, the margin is still positive. I would like to focus on the mobile service revenue share in Chile. As you see, very stable, even growing compared to the second quarter of 2025, going back to figures that we had at the beginning of 2024. The main trend we saw in the last year, quarter by quarter, was one of our competitors, the red one, growing in revenue share against the rest of the industry, but not against Entel. Entel was able to really keep leadership in revenue share. We always talk about how relevant our strategy in terms of network quality, customer experience, and provides really a cushion and really an engine to grow in revenue share and to keep up our market position and differentiate ourselves from the rest of the industry. This chart, in my view, really shows that we are very strong and can support profitably this level of competition. Same story in Peru. You see that Entel has been really growing in terms of revenue share compared to the last quarters, similar to the end of 2024. In spite of a lot of revolving in that market, if you see the yellow line trend growing against the green one, that's a lot of revolving, and there are a lot of customers that are moving from one company to the other. The leader, which is the red one, and Entel have been able to really sustain their position and sustaining margins within this really tough market. In postpaid, pretty much the same story, although we're growing postpaid, compared to the last year same quarter or in the margin 34%, the rest of the industry really have been having a lot of issues revolving, changing positions. We're really tapping our differentiation and sustaining our market position in Chile. Peru, pretty much the same. We are really around 26%, a little bit above that figure, which is more than one point higher than the second quarter of 2025. Even though you can see also the yellow and green line really set in a really complicated competitive landscape. The red line and Entel have been able to sustain their position, sustain margins, and that's mainly part of the quality, as I mentioned already, of the network services and pricing. Also, we can see that in our port out rate. You see the postpaid, the monthly average. We are keeping the gap in Chile, actually expanding it a little bit compared to the last quarters. The blue line is Entel, 0.74 of port out rate, keeping and widening the gap compared to rest of the industry. In Peru, also we have a really very good port out rate below the rest of the industry, which is 1.96 compared to 2.22, and in that case, we have been able to keep the gap against the rest of the industry. That's also very good news. ARPU, which is normally something we follow very closely. Actually, we put the figures for the second quarter of 2026 at the end of June. We don't have those figures for the rest of the industry, but you can see that those CLP 10,326 is a relevant increase compared to last year. It's more than 10% increase in ARPU, a little bit above quarter to quarter, which is 1.5%. The rest of the industry have been barely keeping up in terms of ARPU, although the red line has been in the same level, increasing a little bit, but the market has been very competitive. Even in that market, we have been keeping a strong gap against the rest of the industry. That 28.2% gap is very positive. That means that our customer value Entel more, are willing to pay more because of the same issues already talked: good quality of network, good service, and reliability. For sure, there are some other issues that Paula already talked. For example, the value, and we will see some details, the value of the new services we have. With Starlink, that also provide some impacts in lower churn and provide more value for our customers. Everything is really tied together. In Peru, I would say that in terms of ARPU, we see also a slight increase in ARPU, more in the margin, but keeping a gap compared to the second player here of 24%. The red one is still above our market, but it's very also good to know that the yellow line, after the fourth quarter of 2025, has started already to increase a little bit the price, really in a different market bracket, which is very more lower segment than the segment of Entel. Fix. If you see the RGU, already mentioned that in Chile, we have been growing mainly in fiber with 25%-year growth. We already had more than 515,000 customers of fiber growing. Although we're not the only one to grow in the market, you can see in the middle chart, we already posted a 12.3% market share in fiber connections, but the market has really evolved in the last quarters. You know that the red line means that there's another player that really is growing in their customer base, I would say more easily, since they have already those customers in a different technology. That's part of it. I would have expected that since the OnNet network, it's an open network for different players. What we have to do now is to continue to grow specifically in convergent customers, which is what we are showing in the right-hand side. Almost 60% of our fiber customers are convergent customer. That's very important. That has a huge impact in churn. You can see in the green box there that this huge decline year-over-year of 68 basis point in churn rate. Normally, we had last year, same quarter, 3.3%. That's a high churn rate for fiber. We dropped that to 2.6%, mainly because of convergence, but also there's some other explanation, like the quality of our analytical system to assess which areas of market and customer we connect, where we grow. This is something that is still evolving. We continue to grow. You can see in the middle chart, which are the players that are suffering a little bit more this competition. We are doing what we can do, grow with quality, grow with good customers, profitable customers in terms of pricing, and providing value, and that is convergence, basically. This is real quick. In terms of network quality and presence, I would say that we measured presence and the ECQ index, and also in the right-hand side, what we call the mobile network experience in Chile and Peru, just positive news. You see the blue line is growing at least one point or two points compared to the previous measures. In Peru, also pretty much the same, very stable figures with a slight decrease, I would say, the ECQ, but still very far away from the rest of the industry. You see the 73 points compared to 60 something of the rest of the industry. We need to now continue to monetize that gap in favor of Entel. In Peru, in the right-hand side, we really have, in terms of network experience, mobile network, a leading position in each one of the dimensions that are measured. We're confident that we will continue to capitalize that market position. The normal question is how that would impact that quality of the network and services implied in our CapEx. If you see this chart, we come from a 2024. These are consolidated figures that we invested 17.3% of our revenues in CapEx, mainly mobile. In 2025, because of the market dynamics, basically, we were able to reduce a little bit the CapEx intensity to 15.1%, increasing in fixed and lowering a little bit mobile compared to the previous year, both in Chile and Peru. If you take a look at the June figures accumulated for this year, we are posting 14%. That's mainly in the range of 14% for Chile and Peru, a little bit higher Peru, 14.9% and Chile 13.5%. What we expect for the rest of the year, we are comfortable providing a range for the consolidated CapEx, consider mobile and the fiber expansion in the range of 16% to 17%, which would be in that range, not more than that. I would say that that is also good news for our cash flow expected for this year. We'll see that later. This is very contingent to the market dynamics. If this is considered that we will continue to see, both in Chile and Peru, an industry in the same behavior, I would say that we have seen now, there will be a lot of competition, but we believe that we have been able to surf tactically in that ambient with our competitive advantages, basically. We expect could be 16%, 16.5%, at the most 17%. I would say that's the top of the range. I think this is important for the cash flow. This is the cash flow that normally we provide in this presentation when comparing the first half of 2025 to 2026. As you see, in terms of EBITDA, we are growing a little bit the margin, very stable in leases, which are the IFRS 16 line, and growing thus in EBITDA after leases, posting CLP 340,000 million which is a little growth of CLP 30 compared to the same half year of last year. In working capital, if you see, we went from a use of funds of CLP 21 last year to this year, CLP 99 of use of proceeds, are mainly explained by CLP 54,000 million of additional inventories, which is mainly what I explained early. The bulk of that, I would say 70% of those 54%, are in Peru, a little bit less in Chile, and that has allowed us to gain a competitive edge in both countries with this inventory. Which will be normally, given the market trend, diluted by the end of the year. I would say that June or July are the peaks in terms of inventory that were bought, I would say mainly in May or June. That will start to go down for the rest of the year. If you run your models, you should normalize that. Taking that out, and with lower CapEx, you see even lower than last year, the cash flow from operations would be a little bit higher than last year's if we adjust for the incremental inventories. If we go down the net financial cost, just remember that last year we had different impacts in net financial cost, mainly related to the hedge of our investment in Peru. This year, the financial cost is normalized. It doesn't have these extraordinary effects because we don't need to hedge anymore the investment in Peru since it's done structurally. In taxes, same story. Last year, we had a pretty big chunk of taxes that we paid in April related to the year 2024, also, again, because of the profits that we had of our investment in Peru related to the exchange rate fluctuations in 2024 that impacted the taxes paid in 2025. That was not the case of this year because 2025 was, in terms of investment in Peru, fully hedged. These CLP 9,000 million in taxes are more like a business as usual. Going down, dividends pretty much same. In terms of financing activities, the cash flow, basically those CLP 29,000 million are mainly explained because we had to pay in January of this year CLP 44,000 million related to the settlement of the hedge of the investment in Peru that ended at the end of 2025 but was paid at the very beginning of January. The year 2025 was the opposite. We were doing the refinancing of part of our liabilities; we have this positive impact of CLP 99 million. Finally, the green line, if you see the net cash flow of this half of the year, looks more negative, CLP 112 million negative. If you adjust for the extraordinary inventories, and if you adjust for the payment of the hedge of Peru in January, which is something that was normally of the previous year, the net cash flow for the first half of the year normalized is close to zero. It's even. It's very similar to the one of the last year, which I would say is the organic cash flow. After financial expenses, after leases, after dividends, what you would expect is having a balanced cash flow for the whole year 2026. That's what we are expecting, which is still positive, because also we are expecting a controlled CapEx for the rest of the year. That would end with a better cash position than the one we're seeing. We're seeing CLP 138 billion in cash. We are expecting to build up some more cash for the rest of the year. We just got some new very relevant payments, settlements that both relate to the business and related to some financial positions we have. We're expecting by the end of the year, for sure a cash position, just cash, not considering the cross-currency swaps, of above $230 million, $240 million in cash. We'll keep a strong cash position, an even or stabilized net cash generation. That means that we will hold these strong levels of at least good levels of liquidity. We don't see any surprises in net debt, EBITDA ratios or in our net levels of gross debt, net debt. We should be keeping same ratios and holding our credit risk ratings hopefully for the rest of the year. We don't see any surprises. Finally, what we just saw, just a summary, is we're delivering solid growth in revenue, EBITDA and net income, even expanding margins in the margin in a very competitive landscape still. What we can do is really focus in our profits in B2B, good margins, always assessing efficiencies, and also that translate to efficiencies and managing our CapEx level for the rest of the year. This disciplined approach will allow us to keep our financial position, which we believe is solid for this industry. Basically, you would expect for the rest of the year, some normalization of this, I would say, one-off effects related to the working capital. I'm confident that this tactic is paying off, and we will see the impacts also in the margins of handsets and for the rest of the year. In general, it was a good quarter, a positive growth in a still very competitive landscape. With, I would say, positive news in terms of cash flow. Cash flow, I'm not going to say will be positive massively, still is stabilized. For these industries, that's very good news, we are continuing to build up cash position for the rest of the year. That's it. Thank you, Marcelo. Now we will open for questions. As a reminder, you can send it through the chat or in the platform, please. We already have some questions. We have some questions from Livia. "Can you give us an update on how mobile competition has been evolving, specifically given the recent changes in players? Yeah, we can touch that. I mentioned some during my presentation, basically, we see a lot of competition. I would say not only in Chile, also in Peru. Remember that both markets suffered or had change in operators, in ownership of the different players, or changes in their strategies. In Chile specifically, I would say that the market's still very competitive. There's a lot of day-to-day tactics and competition related to discounts. Discounts are one of the tools normally operators use to gain traction in the market. Same we are experiencing in Peru. It's a market that operates a lot with discounts, in Chile, we see the same. That normally implies that you have some commercial strategies, not only for one line but for multiple lines. It's where some companies are targeting more price-sensitive market segments and trying not to erode their customer base. Since this is an industry that is very capital-intensive, everyone defends their customer base. You will see in the margin competition in those customer base that are more price sensitive, but at the same that are more infidel, I would say. There are higher churn, normally you end up seeing and paying that on time. We'll see more revolving. We're not directly in that game. We need to focus in a customer base that values more the quality of the network. It's not really going for the last price of the third or fourth line they have. Normally, they tend to value different things. We play in that field. We don't play in the margin. We can do some really discounts, but we play in the quality strategy. The conclusion is the market is still very competitive. I would say it's a little bit more cautious in doing very aggressive permanent discount. Normally, what we see is tactical discounts in certain market segments or in certain customers that tend to be of short lived, basically. We have another questions. In the past weeks, we have picked up peers lowering prices and restructuring offers from book plans in Chile. How do you see those moves? How should we expect Entel to respond? Any outlook from the ARPUs? You have already answered. Yeah It is part of that question. It's part of the same question. Yeah. We don't see, in terms of ARPU expanding aggressively, but at least they're not decreasing. Really, that's important. Also, what we see in the fixed segment, which has the same issue, we've seen a lot of, even in Chile, one of the players trying to defend their big, fixed customer base, other player trying to capture market in fiber coming from Not from fiber, but they have their customer base that they have to move to fiber. It has been really interesting. We are playing in that field, and normally what you see is discounts for different periods, six months, one year. We have to see how that competition evolve. It's normal to see that market movement. We are competing with better quality of TV systems. Basically, we are really happy that we are in the first position in customer experience in terms of quality plus TV. Our focus is really quality and convergence, but the market is very competitive, especially in fixed. Fixed is very competitive. That is also regarding questions that we have a question. We saw negative EBITDA in the fixed line business widening versus the prior year. When do you expect to reach breakeven in Chile's fixed segment? Can you reiterate CapEx guidance? Do you want to answer that? Regarding the fixed EBITDA, what we are seeing is that we are scaling, we are getting more customers. You saw that we growth in connections or home connected more than 20% during this year, and that means that more scale, we need to pay more leases regarding this scale. Part of that increase is regarding the cost of connections, that we are in an increasing range, until we got more scale. As we've been speaking over other calls, we are expecting to have a breakeven in this business by the beginning of the year 2028. While we will have the scale settled with the cost. That it's maybe the reason why we saw this negative EBITDA during this period. There are two questions, Paula, about CapEx guidance. Just I want to reiterate that. Basically, what we're expecting for the whole year 2026 is consolidated CapEx to revenues in the range of 16% to 17%. That's for 2026. We don't see a spike, although we're going to start building up the fiber network in Peru, we don't see a spike in 2027, which is also one of the questions. We should remain in the level of 16%-17%. I would say that even in 2027, expanding our network in Peru, since we will also have different adjustments in the mobile CapEx, we wouldn't be out of that range. We don't see also in 2026 levels of 15. We'll be in the range, I would say, of 16. That's the more 16.5 in 2027. The two points higher of CapEx that we mentioned in the slide of CapEx was respect 2025, where we have a 15% CapEx over revenues. That means that we are moving from the 15% to this 17% that we are expecting for the end of this year. Yeah. It's not 19%. It's not 19%, yeah. It's up to 17% this year. I would repeat 16% to 17%, with a slight reduction, I would expect in 2027. It's more far looking, so it's harder to assess, but it's in that range. Yeah. There's another question regarding cash flow should even out in the second quarter 2026, given the lower CapEx in 2026. Should we expect cash flow to go negative in 2027 as CapEx starts ramping up again? Is the CapEx plan subject to the level of competitions you encounter? Yeah, I kind of answered that already, but in summary, given the expansion we expect in EBITDA for 2027, considering better fixed because Chile will be already reducing their negative impact that we have. Some negative, but a minor scale in Peru because the expansion in fiber. Very positive because of the price action we have taken in Chile this year. Some minor price actions in Peru that have been taken. We expect a positive, what we call the revenue walk, continuing for the rest of the year and 2027. We expect an expansion in EBITDA generation in 2027 with even similar or a little bit lower levels of CapEx compared to this year. That's what I mentioned, in the range of CLP 16-CLP 16.5 for 2027. Yeah? Which is a little bit lower than this year. Not very dramatically, but a little bit lower. We expect at least an even cash generation or positive in the margin, but not negative. Depending normally on the level of dividends, but we adjust dividend normally on that. The level of CapEx is not always related to the cash flow. It's more related to the market dynamics, normally. One of my concerns as a CFO is to having a balanced cash flow for the year. I would normally will take a look on efficiencies not only in OpEx, but also in CapEx. In CapEx, there are many initiatives that are related to efficiencies just to reduce that level of CapEx for the coming years. Yeah. There's another question: Should we expect the results acceleration and especially cash flow built during second half of 2026 to be used mostly to remunerate shareholders, or will we see lower net leverage going forward? It's a good question. We have to see, normally we try to balance our financial position or balance position, and our shareholders. I would say it will be a mix. Normally, we try to provide sound and strong dividends to our shareholders. We don't have, as of now, significant needs in terms of new investments or new debt, for example. Normally, we feel comfortable with the levels of the net debt to EBITDA. We know that organically, just because of the growth in the EBITDA, our EBITDA to net debt to EBITDA will go down in the coming years from 2.4, we expect in the next two years going more in the level of 2.1. That will happen organically. We don't need necessarily to use those funds to repay debt. It will be used in a very smart way in the future. I cannot commit to anything. Normally, we do provide some benefits to our shareholders. That's something that our shareholders meeting we need to approve. To approve. It's not me. We have seen strong activity in handset sales in Chile. Is this largely explained by expanded financing options to clients? Is the credit quality of these clients behaving in line with your projections despite sluggish economic activity in Chile? This is a very interesting question, what we see is that we have been able to capture a higher chunk of that market. This has evolved in time. In the last year, I'm going to talk about the year from now. The last year, I would say we captured market from different retailers, even from other operators in the industry that were not able to provide a lot of financing because of cash constraints. There was at least one other player that started to ramp up a little bit their cash position allocated to financing, which is very intensive. Just remember that normally, the average financing term in Chile is 18 months. In Peru, it's one year. We do provide financing to certain market segments for up to 36 months. In that market, even though we know that there are some constraints in terms of disposable income, we have been able to grow and grow very healthy. We have seen since last year a continued drop in our uncollectible rate and the level of provision we build up, even considering what we call the forward-looking adjustment, which we just performed, given the negative adjustment in expectations of economic growth, interest rate, et cetera. Even considering that we expanded a little bit with some initiatives in market segments that have a little bit more risk, even considering that, it really pays off. It's low uncollectibles. That's low provisions of uncollectibles, and also very good returns on capital. That's why we rely on the business. I always mention this. We have a very strong analytical system, similar to the one that a bank may have, that allows us to have a very good system of customer onboarding to which we provide what level of line of credit, the term that we provide, and which valves we need to open and close depending on how the market really evolves on time. This is very sophisticated because it needs a lot of information, data analytics, and being very close to the business, to the front line, to really see which customer are we capturing. This is a tool we use also to capture more loyal customers, that when we provide financing of a kind of expensive handset, normally those customers tend to remain in Entel. It's a win-win situation, and we are taking advantage of that. Well, with this, we end this conference call. Thank you so much for joining us today, and we look forward to talking to you in the next days. Thank you so much. Thank you. Bye-bye. Bye-bye.