Raymundo Fernández, Deputy CEO, and Mr. Luis Zetter, CFO. Let me remind you that the information discussed in today's earnings call may include forward-looking statements on the company's future financial performance and prospects, which are subject to risks and uncertainties. Megacable undertakes no obligation to update or revise any forward-looking statement. I will now turn the call over to Mr. Enrique Yamuni. Sir, you may begin. Good morning, everyone, and thank you for joining us today. I want to start by commenting on the three strategic verticals of the company, which have determined the actions we have been taking to meet our objectives over the last few quarters. First, consolidate the legacy territories, strengthen our presence through state-of-the-art technology, including the evolution of the HFC footprint, to remain the operator with the largest market share. In this regard, during the quarter, we migrated an additional 1.7 thousand kilometers of network for 37.7 thousand kilometers since we announced this initiative. This effort, along with the entrance into new territories, has allowed us to reach 72% of fiber footprint in our network, allowing us to meet the current and future bandwidth demands of the market. It is important to note that in these territories, our penetration remains above 40%. Thanks to our efficient strategy of shielding and retaining our subscribers. Second, the expansion of the company towards duplicating its size in terms of infrastructure, revenues, and EBITDA generation. I am pleased to announce that after 24 months of execution, following the approval of this project in late 2021, we are ahead of our initial expectations with nearly 7.2 million additional homes passed as of quarter end, meaning more than 80% more footprint with penetration levels according to our plan. These efficient investments have represented more than 770,000 additional broadband subscribers. Still, with the possibility of adding many more in the coming periods, there is no doubt that we are on our way to becoming a national leader of the industry. Now that we have a slowdown in our construction phase, we are focused on increasing the penetration in these new territories, supported by the best infrastructure, dedicated customer service, a truly innovative video service, and attractive rates. And third, a healthy financial profile, maintaining a solid balance with a reasonable leverage ratio. In that regard, I would like to emphasize that we anticipate an investment reduction as we approach the completion of our ongoing projects. As of this moment, we are dedicated to completing our current initiatives and capturing the value of the investments we have carried out over the last periods. The company does not foresee any other relevant projects for the coming years and will be focused on maximizing cash flow generations in the short term. Even with the execution of the aforementioned projects, the company is paving its way to sustained cash generation in the coming periods. In addition, as of this moment, we are already improving significantly in that direction, since the EBITDA minus CapEx figure for the first six months of the year is very encouraging, sitting at MXN 2.2 billion or 14% of the revenues for the period. On the debt side, it is noteworthy that although this quarter, the leverage ratio increased as we had anticipated, it remained one of the lowest in the industry. This figure reflects our much balanced position despite the investments carried out, and is expected to decrease following the slowdown in the investment level. In addition, as we're committed to value generation and value distribution, I would like to point out that last May, we paid dividends of MXN 2.7 billion, maintaining our position as one of the top five companies with the highest dividend yield in the country. Moving to results, the period was marked by challenging macroeconomic environment, including high interest rates, persistent inflationary pressures, and FX rate volatility, which in turn has led to greater caution among consumers, in addition to a highly competitive market. Despite this challenging context, we managed to continue adding subscribers, highlighting that the broadband and unique subscribers figures for the period. It is important to mention that the slower pace of net adds on a sequential basis is mainly due to a weak start of the quarter due to the price increase we carried out in March, which, coupled with the vacation period, reflected in a higher churn rate for April, thus decreasing the amount of net adds. We have already seen a significant improvement in May and June; therefore, we can be certain that this one-off is behind us and expect a normalized performance for the next coming periods. I would like to mention that regarding our ESG commitment, earlier this month, we published our first integrated annual report, which covers our environmental, social, governance, and economic progress during 2022-2023 on the GRI and SASB frameworks. Thank you once again for your continued trust and support. I look forward to seeing you and sharing further progress next quarter. Rest assured, we are proactively managing all factors under our control to remain well positioned to face temporary setbacks and seize opportunities to accelerate growth. Now, I will pass the call to Raymundo, who will discuss our operational performance in more detail. Thanks, Enrique. Good morning, everyone. I'm glad to provide an update on our progress this quarter, which has seen advances driven by our expansion strategy, while recording consistent results across our legacy territories. In this regard, we have achieved significant milestones in network expansion. At the end of this quarter, the number of homes passed surpassed the 16.5 million mark, marking a year-over-year growth of 23%, with 557,000 homes added this period alone, putting us closer to our goal of duplicating the size of the company in terms of infrastructure. Our distribution network now extends over 98,000 kilometers, close to the 100,000 kilometer mark, showing our commitment and scalability to reach more and more Mexican homes and SMEs. This performance was achieved despite a more moderate pace of construction, in line with our expectations, which contributed to a reduction in the CapEx to revenue ratio, as we had anticipated for 2024. This, coupled with the EBITDA growth, positions Mega to drive sustained cash generation during the following years. On the technological front, during the first half of the year, we have upgraded 2,800 kilometers of our network from HFC to FTTH, which translates into a fiber footprint now covering 71% of our network, up from 55% last year, reinforcing our transition to a predominantly fiber-based carrier. Moving into results, our unique subscriber base, which surpassed the 5 million mark in the first quarter of the year, rose to 5.2 million at the end of this quarter, growing 10% year-over-year. Over the last 12 months, we added 487,000 net subscribers, 88,000 of which from this quarter alone. In a competitive landscape, our subscriber growth faced some short-term headwinds, including the rate increase carried out in March and an economic slowdown. The internet segment posted a 12% growth year-over-year, adding 515,000 net subscribers, 91,000 this reporting period. Also, and as a result of the investments we are deploying to improve our service through state-of-the-art technologies, during the quarter, we were recognized as the first Latin American operator to reach speeds of 1.1 terabits per second on a fiber link through the WDM technology. In addition, Ookla, a recognized company that offers a speed test, recognized Mega for offering the best speeds and consistency in several states of our country, even with a subscriber base with a lower average speed demand. We're certain that we're moving in the right direction in terms of technology deployment. Our video subscriber reached 3.9 million, recording a slight increase of 1% year-over-year, with 23,000 net additions on an annual basis, despite recording a net loss this quarter. It is important to mention that this is expected behavior, since this is a more mature market when compared to broadband. Nevertheless, 167,000 net additions were recorded on our Xview platform this quarter, which remains as the cornerstone of our video value proposition. On a year-over-year basis, the subscribers of this platform continued to grow at a rate of 22%, reaching 3.2 million. Telephone subscribers grew by 16% year over year to 4.4 million, adding 603,000 net subscribers, 110,000 this quarter. Our MVNO services now total 469,000 subscribers, up 20% year over year, with 78,000 net additions this year, including 8,000 over this quarter. Churn rate experienced an increase, particularly in the video segment, which rose from 2% in the second quarter of 2023 to 2.6%. In the case of internet, the churn rate slightly grew from 1.9% to 2.1%. The increased churn rates were also influenced by the effect of the March tariff adjustment and the vacations period, coupled with a less favorable economic performance. In this regard, despite a competitive environment and the slowdown in subscriber growth, ARPU per unique subscriber increased to MXN 421.9. ARPU performance varied across the segments, with the internet and video segments growing by 5% and 3% respectively, while telephony and MVNO services saw decreases of 5% and 6% respectively. Let's move into the corporate segment. We recorded 7% growth this quarter. Notably, ho1a increased 27%, significantly outpacing its performance from last quarter. MetroCarrier also showed growth at a 10% rate, both of them mainly as a result of a better performance in the corporate segment. MCM saw a decline of 11%, mainly in the corporate messaging service, consistent with last quarter's performance, and PCTV remained stable without any significant changes. In conclusion, this reporting period reflects our commitment to strategic growth and technological update before a challenging landscape. All in all, we have expanded our network, increased our subscriber base, and are poised to complete our expansion plan, with a smaller figure of CapEx to add towards year's end. Moving forward, we will focus on reducing churn rates, enhancing customer satisfaction, and broadening our service offering to sustain traction and deliver exceptional value. Thank you for your attention. I will now hand over the call to Luis, who will provide a detailed analysis of our financial performance. Thank you, Raymundo. Good morning, everyone. In the second quarter, our consolidated revenues increased by 10% year-over-year, reaching MXN 8.1 billion. This growth is primarily attributed to the solid performance of our mass segment, coupled with a higher growth base in the corporate sector when compared to the previous quarter. The mass segment expanded by 11% to MXN 6.7 billion. This growth was driven by the successful efforts to expand our subscriber base and enhance network capabilities. By segment, internet grew 18%, video 4%, fixed telephony 11%, and MVNO by 13%. The corporate segment also performed well this quarter, as mentioned by Raymundo, showing a 7% growth year-over-year. MetroCarrier revenues increased by 10%, while ho1a revenues surged 27%. MCM faced a decrease consistent with the previous quarter, and PCTV remained flat. The mass segment represents 82% of our consolidated revenues, with the corporate segment accounting for the remaining 18%, the same mix when compared to the second quarter of last year. Cost of services rose MXN 2.3 billion, up 6% year-over-year, below the growth of the top line, while SG&A expenses attained MXN 2.2 billion, a 16% increase in line with our business escalation, given an ongoing expansion projects and due to a normalization of cost on S- and SG&A in ho1a. EBITDA for the quarter stood at MXN 3.6 billion, up 10% year-over-year. However, on a sequential basis, EBITDA declined a bit due to temporary slowdown in revenues due to slightly lower subscriber growth, and as a result, the company was slightly less efficient in offsetting SG&A. EBITDA margin slightly declined to 44.3% from 44.6% in the second quarter of 2023, primarily due to increased costs on a percentage of revenues in April, which started to see a margin recovery in May and June. The change in EBITDA margin from the previous quarter was due to inherent seasonal effects. Net income this quarter closed at MXN 571.3 million, compared to MXN 867.8 million in the same period last year. This figure was impacted by the combination of currency exchange losses, higher interest payments related to the issuance of sustainable local notes, and increased depreciation costs associated with our expansion efforts. Turning to the balance sheet, the company's net debt increased by 14% sequentially to MXN 22.01 billion, largely due to lower cash availability, following the MXN 2.7 billion dividend paid during the quarter. Our current CapEx was MXN 2.7 billion, consistent with the previous quarters, to reach MXN 5.1 billion for the first half of the year, about 31.6% of revenues year to date. In this sense, we are on track to reduce this ratio below the forecasted 32%-34% for the full year 2024, which imply a figure around MXN 11 billion. As we do pass the intensive phase of our expansion and network evolution projects, expecting to bring it down to around 22% over the next few years. As CapEx demands lessens. We also anticipate a gradual reduction of the net debt to EBITDA ratio from the current peak of 1.57 times, a level that is in line or below what we anticipated. Furthermore, the enhanced profitability and cash flows achieved through our mature investment stage will directly support improvements in both metrics through the long term. As we continue to navigate the dynamic market, our disciplined financial execution and strategic investments set us well for sustainable growth. In this regard, we are optimistic about the second half of the year to further enhance profitability and strengthen our financial position. Thank you for your attention. Let's move to the Q&A session. If you have a question, please, please use the Raise Your Hand button on your Zoom application, or you can also type your question in the Q&A section of the Zoom platform. Please make sure that you are not muted when it's your time to participate. Our first question comes from Marcelo Santos from J.P. Morgan. Marcelo, please go ahead. Hello. Good morning, Enrique, Raymundo, Luis, Esaú. Thanks for taking my questions. I have two. The first question, I just wanted to double-check the CapEx you just mentioned. So you said it should be below the 32-34, around MXN 11 billion. Just wanna make sure I got it right. That's the first. The second question, I wanted to deep dive a bit on the sequential weakness in mass segment EBITDA margin. So is this more related to the lower ads that you have? Did I understand correctly, you said margins improved during the quarter? Just wanted to get a bit of a deeper dive over there. Thank you very much. Luis, you wanna go with the- Yes T he CapEx just- CapEx, yes. Uh- To clarify, Marcelo, thanks for the question. Yes, and maybe I spell it wrong, but our objective remains between 32% and 34% for the remaining of the year or the total of the year, and which results in more or less MXN 11 billion. Thank you. And then the sequential on the EBITDA margin that he's talking about. Yeah, that's the EBITDA margin on, as you mentioned, on mass segment, and that was related to some additional SG&A costs related to maintenance, and we expect that to decline a bit, but will be a little bit higher than the first quarter, for sure. Okay. And that's- Thank you very much. Yeah. It is like Enrique, like, like Luis was telling you, you know? We did some accelerate migration of existing subscribers for the CPE equipment that make us incur in some of the general expenses that we have. That's the pressure that we have. As you can see, the revenue was in line with what we were forecasting on that part, pretty much, but the pressure was on the expenses because of that migration I was telling you about. Although we expect to have the EBITDA margin at the end of the year around 45% and keep trending in next years pretty much. 45 is for the just to be sure, the consolidated or the cable? For consolidated. Consolidated. Okay. Thank you very much. You're welcome. The next question comes from Douglas Werrett from Driehaus Capital Management. Please, Doug, go ahead. That's an easy question. We can- Doug, are you there? Yeah, we're gonna- Doug, you're, you're muted. You're muted. Maybe. Yeah, he's muted. Okay, we'll go from the next one and come back to Doug. Luca Biondolillo from Bank of America. Hi. Good morning, everyone. Can you hear me? Yes, sure. Yes. Yes, Lucca, go ahead. Hello? Hi. Good morning. Can you hear me? Yes. Yeah, we hear you. Yes, we hear you. Yeah. Okay, okay, perfect. Loud and clear. Okay, good afternoon, everyone. Thank you for taking my question. I have two on my side here. The first one, if you can comment a little bit on the competitive environment for cable. How have you seen it, if there are any changes on pricing? ARPU has been growing pretty consistently for the past few quarters. Is that something you believe should continue going forward? And then the second question, if you could expand a little bit on the growth and the margin for the corporate business. We saw some fluctuations there for the past few quarters, so just wondering if what we can expect for the next quarters. Thank you. Thank you, Lucca. Yeah, regarding the competitive environment, we see a very clear study from all our competitors who are very, very much everybody raises prices at the end of last quarter, beginning of this quarter. I can tell you that in the organic segment that Megacable has, we have managed to increase subscriber base. We're very, very proud of that part. The majority of the growth that we have is coming from the expansion territories. We maintain our product quality, technology, as I said in my opening remarks, and price on the promotion to increase that. A nd we carry on the largest market share in the markets where we are, even though we have three competitors in some of the markets. So we're very proud of that part. We don't see a price war on that. Everybody are very, very similar in terms of what we offer to the market in that part. We'll see how it's going on. We're focusing everything in our Xview, our technology platform, quality of service, and pricing all together. And my message is we have a growth in subscribers in our existing territories, but the majority comes from expansion, which is understandable, and according to what we have. Regarding the ARPU, ARPU pressure comes as well as the, it's a market condition, the slowdown in video. That's. We have the largest penetration of video over broadband still, and it's normal that as we raise prices, some of those people don't need the video and disconnect. That's why we have the increase in the churn on the video part. We expect we're gonna have pressure going forward. We expect to carry on with the same level, you know, but pressuring on the level of percentage of video over broadband on that part, regarding that. Since I'm telling you that the ARPU will pretty much remain and will have a slight increase going forward, in the future, because of the pressure of the double-play package. Now, regarding the growth of the margin for business, well, we have pressure on business, on the corporate segment. You wanna say, Luis? Right. So for the long term, the corporate segment by business unit, MetroCarrier will remain between 40%-45%. MCM will be around the same, 40%-45%. ho1a will be between 16% and 20%. Mm-hmm. It will be quarters where we will have higher and lower, but that will be pretty much the overall long-term expectation in margins. And PCTV, well, is more a cost center than a business unit, and it brings benefits to the company through reducing cost more than really a margin in profits. So I'm not sure if that answers your question or- As a complement, Luis, look at the margin of the business segment was normalized on the second segment since we have a- Second quarter. Second quarter, sorry, over the second quarter, coming mostly from ho1a- Mm-hmm On that part that has an extraordinary first quarter and recognize some of the expenses on the second quarter of that part. So we normalize the margin to the levels that Luis is telling you. So that's why it looks like a peak, but it was an extraordinary first quarter that we have on that part. Okay, very clear. Thank you for the answers. Thank you for the question. Okay, the next question comes from the line of Vitor Tomita from Goldman Sachs. Vitor, go ahead. Hello, good morning, everyone, and thanks for taking our questions. So we have two questions from our side. The first one is on that increased churn in April following price ups. Was there, in broadband, a specific profile of subscribers that churned out the most? For example, were those mostly subscribers that were previously promotions, or mostly subscribers in cheaper plans, or in plans without pay TV? And my second question would be on shareholder remuneration. Your leverage is still low, and you are a big dividend payer. So now that there has been some selling off, some volatility on the stock, have you considered potentially doing share buybacks at some point? Thank you very much. Thank you, Vitor. It's Raymundo. You asked regarding the churn, whether it's fiber, HFC, or what's the profile. I can tell you that the churn was coming mostly from the organic segment with the subscribers, and that's because of the large penetration that we have on those markets. We did have an increase in churn in the expansion segments with subscribers that has more than six months to a year with us, but was a slight increase. The majority of the churn came from the organic for the highest penetration that we have, and a higher price ARPU than in the organic. It is a key message. It was March that started to get the effect on April, so we have the churn in April. On that, we have a very good May and June that make us recover and tell us, I'm being confident that the trend and the goals that we have are really, really going to be achieved. So that's a part of the churn. Regarding the share buy, as Enrique said in the opening remarks, we're very clear right now in the three axes of our strategy. You know, getting the evolution, maintaining, and getting the best of our organic market, that's number one. Number two is the expansion to the new territories, that we're very, very proud that we've got all the infrastructure and we're gaining subscribers. As Enrique said, 750,000 subscribers are now coming from those territories, and get a very healthy financial-... a company. That's where we are right now. We're not announcing or thinking about any share buyback as of this moment. I don't know, Enrique, if you wanna say something about that? You're right. Your answer was right. Okay. Thank you, Vitor. Thank you. Very clear. Okay, the next question comes from the line of Phani Kanumuri. Phani, please go ahead. Hello, can you hear me? Yes. Yes. Thanks for taking my question. So the first question is regarding how much is your exposure of OpEx to USD-based cost, and is that impacted your 2Q EBITDA margins? And the second one is on a more strategic level. If you look at your pay TV revenues, you're seeing that you're seeing some pressure on that, and I would expect that the content costs are increasing. So is the pay TV service profitable, and how do you see that go evolving in the long term? Thank you. Luis, you wanna say the exposure to the OpEx? Yes. Well, the exposure- The exchange O f course, we have some exposure to the currency exchange, and that is OpEx, costs and programming and some leases and that denominated in US dollars, of course. Mm-hmm. But the biggest impact is in the CapEx area. So yes, there are some exposure, but that's, that is around 15% of the cost, so there's a limited number of costs and expenses associated with the foreign exchange rate. We have some caps in programming costs in case of depreciation of the peso. And we have also other denominated in pesos programming costs, so we have reduced the exposure. Of course, in CapEx is a different ballgame. All the equipment is basically denominated in U.S. dollars. Yeah, the three main lines, like Luis is saying, is programming, broadband and maintenance in some of the service policies that we have. But it's really CapEx and control in that part. Okay, the second question, Fanny, can you repeat it just to... Can you clarify that, just to be sure that I got it right? Yeah, sure. So the question was that you're seeing pressure on pay TV revenues for TV service and likely that the costs for programming are increasing. So how profitable is your TV service, and how do you see that evolving over time? Well, as we said at the beginning, it's a market trend. We believe a big amount of our market is still watching and value linear channels. Whether the content come from sports or news or the regular watching of the series that they have in the channels that we have, there is still some room over there. Of course, we're aware of the trend going into the streaming. That's why we have a big amount and a strategy going with the streaming in our service, which we consider part of our entertainment offer to subscribers. That streaming is tied to a single set-top box under the XView umbrella. The XView umbrella has more than 25,000 hours of series and VOD included in the price. So it's not a matter of the offer on that, that we see. Regarding the, it's a matter of that, it's a matter of the trend that some people, some of the subscribers, they just wanna save the money and don't use and don't need the video. The numbers that we have is so far it is profitable. It is a business unit we want to carry into the future, because of the cost of CPEs that we have, because of content that we have, and the way that we manage to integrate the streaming. Going into the future, I don't know what's gonna be in 5 years, 10 years. Right now, it's profitable, and we will continue to provide video for as long as we see that it contributes with EBITDA to the company in a compared to the CapEx that we have. So it is profitable. Thank you. Thanks to you, Phani. Thanks, Phani. The next question comes from Carlos Legarreta from Itaú. Carlos, go ahead. Question. It's. I'd like to take a step back and look at the bigger picture. Guys, you by my account, you're more or less at around 80% of completion of the new home passed, like if we take the fourth quarter of 2021 as a starting point. You know, obviously, this is very close to be completed in terms of the new homes rollout. But I guess my question is, has anything changed, as compared to, you know, back to that period when you first thought out of this plan? Has the penetration in the new territory has evolved according to your initial expectations? You know, going forward, is there anything that would be concerning other than what you just mentioned, Luis, with perhaps the effect of pressure on CapEx? Thank you. Thank you, Carlos. Yeah, let's talk about the big picture, like you said. Just let me tell you that we're very proud of that 80% of the homes passed that we covered. We take as the way that we start commercializing those kilometers the third quarter of 2022. So that's why we say that we have 24 months into the commercialization of our services on that part. The market is tougher. We have 4 companies now on that part, but we still believe that the rationale of our investment of duplicating the size of the infrastructure put us in the near future to the 80 million homes passed. Same size, pretty much the same size of the big players on that part, with a much more better commercial offer in terms of pricing to our margin that we have. Looking forward, we foresee a much more release of the pressure in the CapEx, in the interest of our revenues and all of our ratios that Luis mentioned in his speech, because we continue to provide over two-digit margin growth, you know, and we're very confident that the growth in subscribers is going to continue and take away that ARPU shown that we have. We're growing. We have 750,000 more subscribers than we had before. If we haven't done all the axes of our strategy, we will be a 64,000 HFC company, you know, probably suffering from the, from the coming of three competitors that migrate to fiber, two of them. And I believe we are more, much more stronger with good, good management that can, can take this, this boat to the end of the, of the trip. So, so I don't see that the numbers into the future, the big pic- the big picture, look bad for us. On the contrary, it looks way better in terms of net debt, EBITDA margins, CapEx over revenue, the growth of subscriber, and the penetration of the market. You can be confident of that. Thank you, Raymundo. And perhaps it's worth clarifying the comment on CapEx and USD, no? Because I understand it's not one-to-one. So if we see, I don't know, the peso going to 19 against the dollar or, you know, the dollar against the other way around, you know what I mean? That it's not a one-to-one relationship there. Perhaps you can clarify that so investors, you know, get that clear in their minds. Well, the way we see it is that the infrastructure is finished. We are working toward our vendors and suppliers. We have seen a much more efficient CapEx per CPE on that part in terms of cost, a reduction of the cost. Remember that two or three years ago, all the microchips problem that we have put pressure on the CPE equipment, now we have a decrease on that part. So... And going forward, the subscriber and the stack that we have will come for acquisition of subscribers. The network is prepared, as I said, to manage XGS-PON in all the variables that we have into the future. The CPEs that we're investing manage Wi-Fi 6 as well as, in the future, coming to Wi-Fi 7 for corporate segments. But the majority is Wi-Fi, Wi-Fi 6, and some markets in socio-economic levels are still on Wi-Fi 5, but we are very efficient in the way we have. So even though we know that it might be that pressure on that part, I could tell you that there's also a view in the future to have a decrease in the interest rate. So our debt is denominated in pesos, you know, at a rate that truly should decrease in the future. So we're going to increase revenue, EBITDA on that part, because we will finish the migration of subscribers, we will take away the pressure, and everything will be related to acquisition of subscriber costs. Therefore, margins should go up, okay, keeping a lower CapEx over revenue ratio. So I will confirm again that I feel the numbers going into the future are very comfortable for everybody on this side accounts. Thank you, Raymundo. Very clear as usual. Okay. The next question comes from the line of Alex Azar from GBM. Hi, guys. Good morning. Just quick follow-ups. Well, the first one is not, but can you comment on the 35% or 30% tariff imposition on China fiber imports? Does this impact your CapEx as well as the foreign exchange? How are you looking at that? Or the industry, how is looking at that? And my others are follow-ups, Raymundo and Enrique, if you can comment on how do you see your ARPU going forward? And I mean the broadband ARPU, not the unique, which is impacted by mix. And the third one is on pay TV, how should we think, or how should investors think about in a world where you don't have pay TV? How does Megacable operation look like? Does it look like a, like a company with better margins or stable margins because you, you don't have the programming costs? Thank you, guys. Thank you, Alex. I'll let Luis comment into the China imports, in fiber, the tax rate of 35%. Yeah. Well, of course, it was an impact on the fiber itself, but we were very strong in negotiations with our vendors and got very good deals. Not that we are not going to be impacted, but it is very well reduced, and we see that an impact, but not remarkable. It's not relevant for the figures on the CapEx for the remaining of the year and next year. And the effects, of course, is impacting is the... It's a moving target, the exchange rate, so we see that as an impact. But remember that when we started the project, the exchange rate was above 21 MXN per USD, so we are well behind that still. Luis, and I'm sorry for this follow-up. Could you remind us on how does the effects impact the programming cost line? Or do you have a natural hedge with your clients? Yes. As we mentioned a few minutes ago, we have some caps, so in case a depreciation impacts Mexican peso, we share the difference above that cap with our programming vendors. But it's very much the impact is minimal on that part. Yep B ecause of the cap- So far, it is minimal. Now, the second question that you have, Alex, I address that into the ARPUs. There is pressure on the ARPU because of the double play package, broadband and telephony. And there's a benefit in the ARPU because of the rate increase. So at the end, we're tied between one and the other ones, and that's why the ARPU, the ARPU is slightly increased compared to last year, same quarter of last year. Going into the future, I believe ARPU should increase in the coming years because of the end of the promotional periods and the slowdown of the growth of the company. As long as we are a company that continue to grow and expand, we will have pressure on the promotions that we do to the subscribers, you know? Of course, video will decrease in the future. We believe we can keep the level of video, but as market trend goes, I don't know what's going to be in five years from that part. Broadband has to increase because of the technology that you need and the CapEx you need to increase the speed of the broadband for market needs. And also, I don't believe that we will stay at those levels going into the future related to the competition. Right now, one of the competitors remain and has not increased the rates for quite a long, even though they lose money. You know, I believe on a normal market and regular market, that broadband price should increase also because you have a maintenance CapEx in all the networks that you need to invest, and an operating cost to continue to provide the service. So we should see that company taking away pressure from the rest of the industry, you know, if everything is logical going into the future as a market. Okay? But Raymundo, excluding the impacts of mix and your promotions, how should we think about ARPU on the broadband side? Should we think that you guys increase year-on-year 50% of inflation, 80% of inflation, 100% of inflation? Well, what we always try, Alex, to do, and we don't wanna give an exact figure on that, I don't wanna tell you that we are tied to inflation. We try to provide the rates on inflation, you know, but that changes according to the socioeconomic level, the nature of the market, and the competition on that part. Normally, we do increase inflation to the majority of our subscribers, okay? And that compensate the other one. Going into video and broadband, it depends on the number of subscribers on that one. I would like to maintain our ARPU right now, that I'm telling you, as a general part, on broadband, not broadband, on unique subscriber at four- at the level that we have because of the, all the different factors that come. As I said, it will increase in the years to come, for sure. For sure. Okay. Thank you. Thank you, Raymundo and Luis. Thank you, Alex. You're welcome. Okay, we have our next question from the chat, from Jared Filbert, from CKL Advisors: "after 2024, will CapEx decline gradually or quickly?"... Luis? Yes, uh- It all depends what they mean by quick or gradually. Gradually. But at least for 2025, remember that we will be still migrating subscribers, and that will still put some important relevant figures on CapEx. After that, 2026, 2027, we will see a fastest declining line in CapEx, and more importantly, compared to as a percentage of revenues, it will decline faster on 2026, 2027. Also going into the future, we have always said that we will stay around the 20% below that number, below 20% going into the 2028, 2029 year. So you can, you can take the 33% of this year going down to the next one, and the next one, it will be gradually until we get, we reach the below, below 20. As Luis was very clear, 2025, we still have some migration of the GPON platform on the CPE, and a big growth of subscribers, growth of subscribers on the expansion, and then the company will gradually go to that mark. Our mark is below 20%, in the next four to five years. Okay, and a second question from Jared: "Should we expect any regulatory changes in the cable and broadband industry from the new government? Enrique, you want to say? Yeah. Yeah, I don't think so. I think that the new government will put more real emphasis in connectivity and digitalization of the government and the society. I think that that's a focus that they will have much more than the current government. So they are much more technology-oriented, and I think that that will happen also with the education. They will try to connect schools with the internet and homes with internet, and help homes that cannot afford to be connected. I would think so. They created the digital agency, and that is gonna be working to start the new government. We think that it will change for better, not for worse. Okay. With no question, no more question in the queue, the question and answer session conclude, and I pass the call over to Mr. Enrique Yamuni for his final remarks. Okay. Thank you very much, Esaú, and, as always, it is a pleasure to discuss our, our results with you. Please contact our investor relations department if you have any questions or concerns regarding the company. Have a wonderful day and, weekend. Thank you very much. Thank you all.