Good morning. My name is Chad, and I'll be your conference operator today. At this time, I would like to welcome everyone to the América Móvil Fourth Quarter 2024 Conference Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question-and-answer session. If you'd like to ask a question during this time, simply press Star or hold the number one on your telephone keypad, and if you'd like to withdraw your question, please press Star or hold by two. Thank you. Now, I will turn the call over to Ms. Daniela Lecuona, Head of Investor Relations. Please go ahead. Thank you. Good morning, everyone. Thank you for joining us today to discuss our Fourth Quarter Financial and Operating Results. We have on the line Mr. Daniel Hajj, CEO, Mr. Oscar Von Hauske, COO, and Mr. Carlos García Moreno, CFO. Thank you, Daniela. Welcome, everyone. Carlos is going to make a summary of the Fourth Quarter 2024 results. Thank you, Daniel. Good morning, everyone. The Fourth Quarter ended with a renewed surge in U.S. interest rates, with 10-year Treasury yields jumping approximately 80 basis points in the quarter. To finish the year, U.S. shy of 4.6%, roughly the highest level since the end of April. This significant increase in long-term interest rates took place not long after the Fed reduced its policy rates by 50 basis points in September, 14 months after completing a period of policy rate hikes. A stronger-than-expected labor market and economic activity led to major revisions in expectations regarding future reductions in policy rates by the Fed, and hence the path of medium and long-term yields, all of which resulted in the spike in yields mentioned above. Throughout the period, several major currencies in our region of operations depreciated versus the dollar, with the Brazilian real experiencing the worst decline of all, 13.7%, followed by the Chilean peso, 11%, and the euro, with 7%. We added 2.1 million postpaid subscribers in the fourth quarter, with Brazil contributing 655,000, Colombia 178,000, and Mexico 141,000. On our prepaid platform, we registered 1.3 million net disconnections in the period. We had minus 1.8 million in Brazil after a cleanup of its base, but Mexico gained 302,000 subs, followed by Central America with 196,000, Colombia 128,000, and Argentina 164,000. In the fixed-line segment, we obtained 320,000 broadband accesses, including 132,000 in Mexico, 75,000 in Brazil, and 45,000 in Argentina. Both lines and Pay-TV units registered minor losses in the period, 88,000 in all. Our postpaid base increased 5.3% year-on-year, with prepaid expanding 0.4%, and fixed broadband accesses 4.7%. All the above figures include those reported by ClaroVTR in Chile over the last two months of 2024. Fourth quarter revenue was up 18% in Mexican peso terms to MXN 237 billion, with service revenue climbing 19.1% and EBITDA 16.4% to MXN 91 billion. Those rates of increase reflect the consolidation of the Chilean operations from November 1st, but were largely boosted by the accounting methodology associated with the Argentinian operations. Since these operations take place in a country that is considered high inflationary, the annual revenues adjusted for inflation and expressed in December 2024 prices, then converted to Mexican pesos at the end of the year exchange rate per rule IAS 29. The fourth quarter figures are obtained subtracting from the annual figures those obtained through September. Since Argentina's rate of inflation was 118% through December, whereas the Argentine peso only depreciated 4% versus the Mexican peso, it had depreciated sharply in December 2023. The accounting adjustments mentioned are considerable when expressed in Mexican pesos. Excluding Argentina, and therefore those variations having to do with the accounting methodology, América Móvil's fourth quarter revenue increased 10% in Mexican peso terms, with 10.7% service revenue growth and 8.6% EBITDA growth. On the consolidation of the Chilean operations, its contributions to our consolidated revenue over the last two months of the year amounted to MXN 3.8 billion. Now, at constant exchange rates, as has been customary in our quarterly reports, excluding Argentina from this calculation, our fourth quarter revenue rose 5.7% year-on-year on the back of a 6.6% service revenue increase, the best performance in over a year, with EBITDA expanding 5.1% before one-off adjustments and 7.2% after those adjustments were made. These increases include the impact of the consolidation of the Chilean operations, but was felt more strongly in the fixed-line platform, as can be seen at the moment. Mobile service revenue expanded 6.2% year-on-year in the fourth quarter. Without Chile, it would have been up 5.1%, in line with the pace of growth seen in the prior three quarters. Postpaid revenue rose 8.5% in the quarter compared to 6.3% the prior quarter, whereas prepaid revenue increased 2.5%, down slightly from 3.6% in the third quarter. Mobile service revenue accelerated in Brazil, Colombia, Ecuador, and Peru, offsetting the deceleration observed in Mexico and Central America. Fixed-line service revenue climbed 7.4%, including the Chilean operation, and would have posted a 4% increase without it, in line with decreases observed in the second quarter, but somewhat lower than the growth rate of the third quarter. Broadband revenue growth accelerated to a 9.8% pace from 7.4% the prior quarter, and corporate networks revenue to 12.3% from 10.1%, with pay-TV revenue growth hitting 5.2% compared to a 0.8% decline in the third quarter. Fixed service revenue growth decelerated in Mexico, Brazil, and Colombia from the pace in the prior quarter, but increased at a faster pace in Austria and Eastern Europe, as well as in Central America. América Móvil turned an operating profit of MXN 46.4 billion in the fourth quarter, 11% higher than that of the year-on-year quarter, after depreciation and amortization charges that increased to 2.6%, reflecting partly the consolidation of the Chilean operation, inflationary adjustments of the Argentinian assets, and the amortization of new licenses acquired in 2023 and 2024 in Austria and Colombia. Our net income came in at MXN 9.5 billion. The fourth quarter was 47.5% lower year-on-year on account of higher comprehensive financing costs. This totaled MXN 30 billion, nearly half of which was associated with foreign exchange losses. Our net income was equivalent to MXN 0.15 per share, $0.15 per ADR, and our net debt ended the year at MXN 488 billion, excluding capitalized lease obligations. In cash flow terms, it increased MXN 19 billion over the year and helped us finance MXN 131 billion in capital expenditures, MXN 51 billion in shareholder distributions. These are net of the dividends received from our Verizon stake and MXN 24 billion in the amortization of labor obligations. At the end of the year, our net debt stood at 1.44 times last 12 months EBITDA. The latter figure already reflects the impact of the consolidation of ClaroVTR in Chile in América Móvil from the end of October. So with that, I would thank you and pass the floor back to Daniel. Thank you. Thank you, Carlos. I think we can start with the Q&A. Hello? Hello? Thank you. Sorry, apologies. At this time, I would like to remind everyone in order to ask a question, press Star, then the number one on your telephone keypad. We'll pause here just for a moment to compile the Q&A roster. So the first question comes from Carlos Lecuona Torras from Itaú BBA. Your line is now open. Thank you. Good morning, everybody. I have two questions on my end, please. The first one is if you have a specific CapEx guidance for this year, given, obviously, the sharp FX movement. I don't know if there's been any deviation from what you guided in yesterday. And secondly, in Brazil, maybe, Daniel, you can talk about the details of the MVNO deal with Nubank. I'm just concerned if there's any, or are you at all concerned if there's any potential for cannibalization of your own product or in terms of network capacity, if there's any kind of concerns at all, given that they might become very large at some point? Hi, Carlos. On the CapEx, I think we give guidance for the three years. I think we are on that guidance, including what we're incorporating the CapEx of Chile. So we still don't know exactly what's going to be the CapEx for Chile for this year. But what we have is we do a three-year CapEx in Chile, 2023, 2024, and 2025. I think this year is the last year where we're going to change the network, modernize our network 5G. We're going to put more coverage. We're going to do fiber, more redundancies. We're doing a lot of things in Chile. We're on track there. We have a very good management in Chile. So we're very happy the way Chile is evolving right now. And with this, I think we're still not sure. Maybe it could be $250 million-$300 million more of Chile. Still, we don't know for this last year. Then both the CapEx and the guidance that we gave last time is still the same, plus what we're going to put in Chile for this year. I think next year in Chile maybe can reduce, but this year we're finalizing the last set, the three-year plan that we have to modernize all the network that we have. In Brazil, with Nubank, we are happy with them. We are doing okay, and we are not worried that Nubank can cannibalize our prepaid subscribers, so we're happy. I think it's a very good alliance that we have with them, and we're doing okay, so it's okay. Good naming, good. They recharge a lot with Nubank, so we are doing very good. Okay. Thank you. Thank you. The next question is from Walter Piecyk from LightShed Partners. Your line is now open. Hi. Good morning. I'm Joe for Walt. Thanks for taking the question. I kind of have a follow-up. Even with Chile included in the CapEx guidance, I guess the range that you had set at the Analyst Day of 2022 to 2024, it kind of seems like you're going to come in towards the low end. Is there any reason, or what would push that towards the higher end at this point? No. Look, what we said last time is that we're going to do $22 billion in three years. It's what we have. With that, I think we need to include Chile, and I think we're okay with that. So we don't go into the high end. What I can tell you this year, in all 2024, is we have less CapEx than what we budgeted. We have a very good revenue increase, and we have a better cash flow than what we had budgeted. So I think that's the trend that we have in 2024, and that's what we're looking to have in 2025. So we're being careful on CapEx, but we're investing where we think we need to invest to get more revenue. So that's the way we're looking, and the numbers are there. $22 billion we set for three years. We are with that, and that's more or less. Chile, I think, is going to require this year a little bit more on what we're going to have for the next years because we're finalizing what I said, the three-year plan. But the rest, I think we're okay. We are putting all the things that will be important is that we have also this year some spectrum renovations and acquire more 5G spectrum. But I think this year will finish almost everything on that. So also for next year, 2026, I think spectrum and renovations will go also lower. So that's what I can see in the CapEx. Okay. And then either, I guess, Daniel or Oscar, T-Mobile has started offering Starlink satellite-to-cell texting to its subscribers. And I believe last quarter you mentioned that you were working with SpaceX and AST. So have you guys started testing either or both of those? And can you provide an update on either of those tests? No. What we said is that we use these low-orbit satellites to use for backbone is what I said. We are not working only with SpaceX. We're working with all of them, less with SpaceX than with the other one. So we're working more with OneWeb and the other one. I don't remember the name of. ASD. AST. And we're working with them. And we are. They're not directly. Yes, only for the backbone. We are not doing nothing directly to the phone at this moment. And we're still looking and reviewing if that makes sense for us or not. So that's where we are. But right now, we don't have anything on direct to the phone with any of the satellite companies. Only doing for backbone in the rural areas where we think we need it, where it's more expensive to put fiber or microwave, then we put satellite. But that's more or less what we're doing. Okay. Got it. Thank you. Thank you. Thank you. The next question is from Marcelo Santos from J.P. Morgan. Your line is now open. Hi. Good morning. Thanks for the opportunity for taking questions. I have two. The first is on Mexican broadband. Could you please comment a bit on the pricing environment if you plan to increase prices this year? I understand last year you kept your prices. So what's the outlook for this year? And the second question is about M&A. There is a discussion, at least when you read in the press, about potential M&A in Argentina. How do you feel about that? What is the appetite of América Móvil to see opportunities there? Thank you. Oscar can talk a little bit about the broadband. Yeah, yeah. In Mexico right now, we already have 85% of the customers connected with fiber. We don't see it to increase the prices. What we did is to launch new packages in the market for residential. I think it's very unique packages. And we believe that this will boost our net adds this year. And it's a package that includes Netflix for six months for free, includes Claro Video with Paramount, and as well antivirus. It's a fully symmetrical connectivity with fiber. We include an email as well in the proposal. So we are adding value to the connectivity. Another segment that we are really focused on is in small business as well. And then we launch a package that includes backup of information for the customer's mail. We designed a webpage for a small business. We deliver electronic bills for small business for the same trend that we used to have, adding value to the broadband connectivity and as well on the corporate, we mentioned before, we are adding different services, cybersecurity, cloud, vertical, and horizontal solutions for corporate markets, so we believe with those, these bundles and packages, we are very well positioned in the market to expect an increase in net adds for this year. On the Argentina, well, what I can tell you is that I read it also in the news this morning. We haven't talked with anyone on anything there. Of course, we're open. We're open always to see everything. Let's see if there's synergies that make sense for us. We can be open to review that. We haven't talked with them, and we haven't had anything at this moment. Thank you. Just to clarify on Oscar's answer, so you said you do not seek to increase prices, right? You launched the bundles, but on prices, you do not seek to increase. Okay. Thank you very much. Thank you very much. Until now. Until now, we don't think to do it. We don't know if that makes sense at the mid or end of the year, but at this time, we haven't had anything on increasing prices. Thank you. Thank you. The next question is from Victor Tomita from Goldman Sachs. Your line is now open. Hello. Good morning, all. And thanks for taking our questions. We have two questions from my side. The first one is if you could give us some more color on how you see prepaid revenue trends in Mexico in more detail in terms of how much users are recharging, how frequently they are recharging, how you are seeing those trends evolving, and our second question would be also related to prepaid in Mexico. If you could give us an update on how you have seen the competitive environment for prepaid in Mexico between the big operators, MVNOs, competition in general. Thank you very much. Well, talking a little bit about the competition in Mexico, well, what we have been seeing, let's talk first about cost base. Cost base, we are doing very good. We're increasing revenue. I think the revenue we increased 5.7%, something like that, more than a year before and more than the second and third quarter of last year. So in postpaid, we're doing good. Why we're doing good? Well, we are moving also some customers from prepaid to postpaid. And we are moving our postpaid from better plans and selling more things. So the output that we have in Telcel is maybe in postpaid, maybe 20% higher than our next competitor. So we have very good customers. They are in very good plans, and we're doing very good in the postpaid side, okay? In the prepaid side, what I'm seeing is I don't see any change on the competition. It's the same competitors that we have been having. I don't think they are more aggressive or less aggressive. They have been aggressive for maybe two, three years, and still they are doing that. As I said, we are moving part of our prepaid base to postpaid, and the third one is we're seeing also a slowdown on the economy. I think that's very important. And when you see a slowdown in the economy of Mexico, then the first place where you see a slowdown is in recharge in prepaid, so that's what we're looking. No big changes in competition. We have the same. Maybe CFE is giving and promotes some chips, but more than that, we haven't seen anything else on that, and there's tough competition in Mexico, but it's not the last quarter. It has been there for the last two years. What we have been seeing is a slowdown in the economy, and that affects directly to the prepaid recharge that we have been having. So that's more or less what I'm seeing in the market in Mexico. So Oscar talked a little bit about the broadband. We're doing good. We're growing. We're moving to fiber. Postpaid, we're also doing good, moving subscribers to better plans, moving the high-end prepaid to the low-end postpaid. That is being very successful. Around 85% of the people that we move stays in postpaid, so it's a very good number. So all overall, we are doing okay in that. And the second and very important that Oscar reminds me right now is that we have by far the best network in Mexico. We are the only ones that have 5G, the real 5G. We have more than 100 cities, very well coverage, very good speed, good quality, and well, that's why we have the best postpaid customers right now. Clear. Thank you very much. The next question is from Andres Coello from Scotiabank. Your line is now open. Thank you. Thank you for taking my question. Two in Mexico, please. First, we saw last year two constitutional reforms, one giving the CFE a special legal status in Mexico. And there was also the reform that is going to merge two regulators into a single body. So Daniel, I'm just wondering what you are seeing in terms of the regulatory environment in the country with these constitutional reforms. And perhaps more specifically, how do you see the company competing with the government, right? Because the government is now providing retail services, so you'll be on that. And my second question is on Telmex. There was a letter published by management and the union where Telmex says that this year they expect to win two million broadband lines in Mexico and market share to reach 50%. So I'm just wondering if this is feasible, if you think that that is, or perhaps too ambitious to think of 2 million broadband additions in Mexico? Thank you. Well, of course, it's an internal budget that we have. And of course, we want to win if it's two million or more than two million. So all the commercial areas, marketing, people working in the streets are looking to grow. It's what we want. We want to increase our market share in Telmex. That's why we don't increase prices last year. We lose some market share in the previous years, and we want to recuperate part of this market share. And I'm happy that the union and all the people are focusing on making more broadband subscribers and winning more broadband. So I'm happy. It's feasible. Well, all the budgets that we do are feasible. We don't know if the economy will allow us to do as much as that, but we want to do it. Maybe it could be around 150,000 per month. I don't know if we can do it, but we are looking to do that. We have enough fiber. We are also changing subscribers from copper to fiber. So there's still a lot of things that we have to do. As Oscar says, we have 85% of our broadband subscribers in fiber, and it's very good news. So if we look three years ago, I don't think we have those numbers. So we have been working very, very hard to move all our subscribers to fiber. So that's what we have. In terms of the IFT, well, what we have been seeing is that right now they are looking for the secondary laws. They are moving on that. We don't know exactly what are going to be the secondary laws. We're waiting for that. And see, so we're aiming to work with any, I think. Part is going to go to economy. The other part is going to go to Agencia Digital. And we are going to work with both to do that. If we're going to compete, hope that what the government is saying is that what they want to do is to give connectivity in the very, very rural areas. So I hope they are working and doing to do connectivity in those rural areas. But that's more or less what I have. Then I don't know. But that's what we have there. Okay. Thank you. Thank you. The next question is from Alejandro Azar from GBM. Your line is now open. Hi. Good morning, and thank you for taking my questions. Two quick ones. One is on the cloud and corporate networks. If you can remind us how much that business grew in 2024? And if you can tell us from your $7.5 billion CapEx, how much is that directed to that business segment? And the other one would be on your pension plan. You mentioned $25 billion USD cash outflows during 2024. My question would be if that is 100% cash flows, and how should we think about your pension plan outflows in the next, let's say, I don't know, decade? Should that decline at some point, and why? Thank you. What I can tell you is that the segments that are growing more are postpaid and the corporate segment. Those are the two segments that are growing more in América Móvil. I think the corporate, I think, is growing around 15%, something like that, revenues. Yeah. I think fixed exchange rate for everyone, including Chile, that's 12.3%. 12.3, yes. It's been accelerating. It was 7 in the second quarter, 10 in the third quarter, and 12% in the fourth quarter. What is very important, we have been putting the good CapEx. It's difficult to divide what CapEx is for cloud and corporate and the other ones, but we are very well prepared in all Latin America to serve the corporate market. We have good salespeople. We have data centers. We have good alliances. So we are very well prepared to grow in the corporate market. So I think I'm very confident that in the next years, we are going to be a good player, a big player in the corporate market. On the pension front, I think the trends should be declining. I think we will expect to see still some outflows more or less of the same size as we had last year for some time or the next three years or so. Then we would expect them to be a little bit declining. That has to do with the overall trend. I think that we have reached the peak of pension payments, and they will be trending down over the next there's less people being pensioned, new people, and some people that are pensioned will cease to receive pensions at some point. Okay. That's basically we can talk more about it in our next investor day. Thank you. Thank you both. Thank you. As a reminder, to ask a question, please press star followed by one on your telephone keypad now. The next question is from Fanny Emanuelli from HSBC. Your line is now open. Hi everyone. Thanks for taking my questions. The first one is related to the outlook for shareholder remuneration in 2025. Given the FX changes and increased CapEx, how do you see the outlook for shareholder remuneration in 2025? The second one is regarding how you feel about Brazil Mobile. Do you see the rational market environment continuing there? You have grown like 10% in 2024. Do you see that growth rate trending in the same range in 2025? Thank you. On the first question, if you look at the basic trends that we are having today, we have had very solid revenue growth for a long time now. We have growth on both fixed and mobile, which we've been highlighting for quite some time. This is already very well diversified. We are doing it in all the main countries, and there's lots of countries like Central America and Eastern Europe. What we are seeing is that on the back of very strong and consistent top-line growth, we are also being able to reduce the CapEx intensity of the business, given the important investments that we've made in the past, including introducing all the necessary investments to be able to provide 5G, basically, you know in all our markets, and also the spectrum that has to go with that. All of that is behind us, and that's why we have been able to reduce CapEx-to-sales intensity significantly. We expect it will be remaining in that position. Given what I've said, I think the outlook is for the possibility of a free cash flow expansion with a position of leverage that will remain not far from where we are. Okay. We are at 1.4 times net debt to EBITDA. It's right in the middle of the range where we want it to be. So that you can run the numbers, and you will see that if we don't need more cash for debt and if we don't need more cash for CapEx, that means that there's going to be more cash available for distributions. On Brazil, I think we have like 40%, something like that, 38%-40% share of market in 5G. We are one of the biggest in Brazil. We have a very good network, the fastest network. Anatel is saying that we're the fastest network in Brazil. We have been growing market share in Brazil in postpaid for some years. We are well prepared. We are investing, and we have had good results, very good management, good team, good synergies that we have been having. I think we can still do a very good year. The next years, we're going to be good in Brazil. Yeah. Thanks everyone. Just briefly. Thank you. The next question is from Gustavo Piras Oliveira from UBS. Your line is now open. Hi, and thanks for taking my questions. I have two on my end. The first one is regarding mobile competition in Brazil. We've seen a competitor that doesn't expect to raise front-book prices in the first half of the year. So my question is, if you could comment on how do you see competition in Brazil? Do you see it worsening or not? And the second question is regarding the debt profile and how do you see it in the longer term? So how much, if you have any target of how much of the debt you would like to see denominated in hard currencies as a percentage of total in five plus years from now? Thank you. Can you repeat the second question, please? We don't hear you well. Hello. Can you repeat the second? Regarding the debt profile? Yeah. Yeah, for sure. The debt profile, how do you see it in the longer term? How much of the debt you'd like to see denominated in hard currencies as a percentage of total? On the debt composition, we've been, as you know, I think you have to distinguish between funding on the one hand and then the actual currency exposure that we retain. We've been funding increasingly in local currencies, which is raising funds more than a billion over the last six months in various local markets here in Latin America. And what we do with the currency exposure, it's basically managed through derivatives, and that basically is managed depending on our use of what the currencies are. So what I can tell you is that today, the net exposure to dollars, for instance, is 32% for net debt. And the net exposure to other currencies to Europe, not including Austria, would be about 10%. Okay. So that means that the net economic exposure is basically around 60% to local currencies today. And you're talking about Brazil. I think competition, not only in Brazil, in all Latin America, we have a lot of competition there. Let's say in Brazil, we have Telefónica, we have TIM, and then in mobile, and then we have all the new ones, the small ones that are growing. But in telecommunications, everybody knows that you have to have. It's not only price. When you compete only in price, then I think you are going to lose value in the future. You need to compete with quality, with coverage, with good products, and with customer care. So you need to do a lot of things, and those means investments, CapEx. And we have been doing that in Latin America for the last 10 years or for the last 20 years. So I think we are well prepared to compete not only in price. We have been digitalizing the company, working a lot on cost and expenses. And that's, let's say, in Colombia. Colombia, nobody talks about Colombia, but we have a very good quarter. We start with revenues growing at the beginning of last year with 1%, 2%. We're growing 8% in this quarter in prepaid. So we're doing good because we have the basis and we have the investments done. And of course, we have some competition on price, then we have to do it. But then we return with good customers, good outputs, good products to sell there. So all around Latin America and Europe, we have competitors. Telecommunications is with a lot of competition, but we are well prepared to compete with them. Thank you. The next question is from Ernesto González from Morgan Stanley. Your line is now open. Hi. Thank you for taking my question. Two quick ones. Can you please discuss how you're seeing competitive dynamics in Colombia, which you started to mention a moment ago, and also competitive dynamics in Chile? Thank you. In Colombia, I think Tigo and Telefónica are getting together, the networks. I don't know if they're going to allow them to consolidate, but the networks, I think they are working and have a good network. I think it's good. They are going to save money. There's a stronger competitor that it's good for us, but as I said, in Colombia, if you review the numbers that we have this quarter, they are very good, and I think for 2025, we still think that we can increase and have better numbers. Revenue is growing, and we are good in the market. I don't know exactly what is going to happen. There's going to be a new investor in WOM, so we don't know exactly what they are going to do, but we are in a good position. In Chile, I think in Chile we have a lot of competitions, different in broadband than in mobile. But what I can tell in Chile is we have been working during 2023 and 2024. We have a very good management. They are delivering what they promised, so we are in the numbers, and the investments that we're doing are being good. I think Chile this year we're going to consolidate all the synergies that we have between the two companies. We're going to have a much better network. We have a very good team working there. So we think we're going to have good numbers in Chile. Let's say in Chile, number portability. We have been gaining subscribers in number portability for the last six or seven months. And that means that the network is working, that we have good plans, and that we're doing okay. So we're okay, and they are delivering. We're delivering what they are promising in Chile. Really clear. Thank you. Thank you very much. Thank you. We have a question from Juan Cruz from Morgan Stanley. Your line is now open. Hi, good morning, and thank you for the call. Just following up on the Chilean operation, now that the ClaroVTR has been formally incorporated into the results, when should we expect more disclosure as to both operationally and financially as to how the Chilean operation is doing going forward? And secondly, if you could tell us what the CapEx budget for Chile should be for 2025, if you have that number handy, it would be great. Thank you. We will begin disclosing the Chilean results next quarter. Likely, we will be disclosing it together with those of other countries that are in the region, so putting them together, putting them with the so-called Southern Cone countries. But I think that that's what we will be beginning to do from the first quarter of 2025. On the CapEx. On the CapEx on Chile, we said that it's going to be around $250 million this year to finalize everything that we have, change more to fiber, more coverage, more 5G. That's more or less what we budget. We still haven't finished this budget, but we think that it will be like $250 million, a little bit more, a little bit less on CapEx for 2025. Okay. Thank you. Thank you. We have a question from Vito Tomita from Goldman Sachs. Your line is now open. Hi. Thank you for taking my question. Federico Galassi from The Rohatyn Group. Two questions regarding Mexico. The first one is, how do you see the competition of the MVNO of Walmart de México y Centroamérica that they have like 15 million clients in the last two years? Obviously, it's in the low end of the range. And the second question, if I may, is how do you we can see lower revenues in equipment sales. Do you believe that this trend will continue? Thank you so much. Yeah, that's right. We reduce the revenues on equipment. I think also it's a little bit of what we talk about, the economy. The economy is slowing a little bit down. And the other thing is all these revenues are based in dollars. So the dollar moves from 17 in June to 20.5 in December. So equipment gets a little bit more expensive. So that's why we reduce some revenues on that. On Walmart, it's a good competitor, a strong competitor. They have good distribution. And well, it's not new. As you said, they are going to the low. They have with 40 million subscribers. They're ARPU. I don't know exactly the revenues, but the last time that we see the revenues and the ARPU is very low. So I don't know if they really have 40 million or not. We don't know. But it's more competition in Mexico. Nothing new. We have been dealing with Walmart for the last two years with CFE also. And then we have Telefónica, and then we have AT&T. So a lot of competition in Mexico, but nothing new. So that's what we have been having for the last year. And still, we're going to have competition this year. Hope that the economy can return and be stronger in the next months. But still, we're seeing that the slowdown in the economy is hurting a little bit the prepaid subscribers. Thank you so much. Thank you. Thank you. We have no further questions. So I'd like to hand the call back to Mr. Daniel Hajj to conclude. I want to thank everyone for being in the call, and see you next quarter. Thank you very much. Thank you. This concludes today's call. Thank you all for joining. You may now disconnect.