Good morning. Welcome to Megacable Holdings' 4th Quarter 2024 Earnings Conference Call. With us this morning, we have Mr. Enrique Yamuni, CEO, Mr. 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 risk and uncertainties. Megacable undertakes no obligation to update or revise any forward-looking statements. I will now turn the call over to Mr. Enrique Yamuni. Sir, you may begin. Thank you, Esaú. Good morning, and thank you for joining us as we close 2024. It is worth remembering that Mega's vision is to be the best telecommunications company in the country, and we have made strategic decisions that clearly bring us closer to this goal. Our progress is driven by two strategic axes. First, the modernization of our network in legacy territories, which reinforces our position as the best option in the markets where we have presence. And second, the deployment of fiber in new regions, which has enabled us to build a nationwide state-of-the-art network. By advancing in both areas, we continue to consolidate Mega as a benchmark in the telco industry, equipped with the best technology, a strong focus on value creation, and commitment to efficient use of resources. This strategy has allowed us to achieve key milestones at quarter-end, among which I would like to highlight the following. We continue to expand our footprint within a few steps of our target of nine million new homes passed and 50,000 new kilometers deployed since the announcement of our expansion plan in October 2021. Subscriber growth remains strong, with net additions in broadband posting our best full-year performance ever. Both quarterly and full-year EBITDA figures achieved double-digit growth, with this quarter making the highest quarterly figure in the company's history. Our EBITDA margins for both the quarter and full-year exceeded market expectations, demonstrating that our strategic initiatives are effectively driving sustainable operating profitability. As a percentage of revenues, CapEx continued to decline, reaching its lowest quarterly CapEx-to-revenue ratio since the second quarter of 2020. Lastly, leverage continued to decrease sequentially, remaining among the lowest in the industry. In newer territories, we are experiencing steadily improving margins as customer penetration ramps up. With our infrastructure in these regions now fully operational, we are well-positioned to convert new subscribers into long-term customers and capture additional value. Turning to subscriber trends, in 2024, we recorded our highest-ever full-year performance. This strong growth, driven by robust demand for our broadband solutions, highlights our ability to attract and retain customers even in a highly competitive market. Regarding financial performance, our mass-market segment boosted growth, with more people increasingly choosing a reliable internet and competitive price bundles. While our corporate segment, particularly Ho1a, faced an unfavorable comparison, our diversified portfolio continues to drive balanced growth across all customer segments. Speaking of the corporate segment, we recently announced the integration of Ho1a, MetroCarrier, and MCM into MCM Business TechCo, effective January 2025. This strategic consolidation enhances operational efficiency, optimizes business services, and strengthens our position in the B2B ecosystem by providing comprehensive solutions in connectivity, cloud, cybersecurity, and infrastructure, among many other business lines. Starting in 2025, results will be reported under MCM Business TechCo, providing greater transparency and supporting sustainable growth in an increasingly digital landscape. Now, let's turn to profitability. In the fourth quarter, we achieved a strong EBITDA performance with higher margins. For the full-year, EBITDA growth was robust, and our margins surpassed 2023 levels. These results reflect the strength of our operating model and disciplined execution, even as we incur expansion costs in new territories. This progress not only strengthens our financial foundations and supports our ongoing subscriber and network initiatives, but also reaffirms that our overall strategy is on track to deliver sustainable value and lasting competitive edge. We expect EBITDA and margins to continue rising as penetration in new territories increases, promotional tariffs normalize, and our legacy markets maintain their strong and stable performance. Our full-year CapEx-to-revenue ratio finishes below guidance, with the quarterly ratio reaching the lowest level since the second quarter of 2020. This reflects both a significantly lower expansion spending and a higher revenue curve. As our major expansion efforts wind down, we expect a lower CapEx-to-revenue ratio throughout the year of 2025. From a financial perspective, sustaining EBITDA growth and a lower investment as a percentage of revenues are key to achieve cash flow generation and realize our vision of becoming Mexico's leading telecommunications company, fostering sustainable growth, enhancing operational efficiency, and creating long-term shareholder value. In that line, I would like to highlight that before dividends, we were able to generate cash flow through 2024, a trend that we expect to continue in the coming period. As we enter 2025, we have one of the strongest balance sheets in the industry. Our net debt-to-EBITDA ratio remains the lowest in the sector, giving us the flexibility to complete expansion projects, invest in our network, and pursue strategic initiatives. We expect further improvement in this ratio as EBITDA strengthens and external financing needs decline, ensuring that we maintain the financial agility to drive our long-term growth strategy while maintaining a solid balance sheet. While we are not currently pursuing large-scale new investments, we remain committed to maintaining an efficient capital structure that allows us to seize attractive opportunities aligned with our strategic plan. With the building phase of our expansion nearly completed, we are transitioning into a phase of scalable, high-margin growth. Our priorities remain clear: first, sustaining subscriber momentum, second, closing the margin gap between newer and legacy territories as expansion markets mature, and last but not least, accelerating free cash flow by reducing capital intensity to boost our capacity to unlock shareholder value. In conclusion, 2024 highlighted our ability to perform and deliver results despite a complex environment, from intense competition to macroeconomic uncertainty. Our financial strength, operational discipline, and customer-centric strategy position us for continued success in the coming years. I will now give the voice to Raymundo for an operational update. Thanks, Enrique. Good morning, everyone. This quarter marks the end of a year defined by important trends that will drive the results of the company in the next periods. This slowdown in our construction pace, and consequently, also in the investments for this year, as expected by the company, the focus on achieving a higher penetration in the new territories thus resulting in a healthy and sustainable subscriber growth, and finally, the reflection of the above, mentioning an accelerated revenue and EBITDA growth. As we approach the initial goals set for this project, we are excited about the growth and value we can generate once all objectives are fully achieved. Moving into results, by year-end, our network infrastructure reached nearly 102,000 kilometers of last-mile network, a 9% increase over 2023, extending coverage to 17.4 million homes passed, a 13% annual growth. Complementing this achievement, as of December 2024, we have already upgraded 40,000 km of network to FTTH technology since the start of this transition. The kilometers of migration plus our 35,000 km of expansion ensures that our infrastructure meets the growing demand for bandwidth-intensive applications across both enterprise and consumer markets. Currently, 75% of subscribers are served by fiber, up from 63% in the fourth quarter of 2023, a critical milestone as we evolve into a fully fiber-based company. This transition enables superior quality and positions us to capture untapped demand and underserved regions. Turning to subscriber growth, we added 162,000 net unique subscribers this quarter, bringing our total base to 5.5 million. For the full year, we added 574,000 unique subscribers, a 12% annual increase, demonstrating sustained demand for our bundled offerings and reinforcing confidence in our long-term strategy. Breaking this down further, internet subscriptions grew by 13% year over year to 5.3 million, representing 590,000 net additions for the year, including 167,000 this quarter, driven by our ongoing FTTH upgrades and expansion efforts. In fixed telephony, we now serve 4.8 million subscribers, reflecting a 17% annual increase with 685,000 net additions for the year, including 175,000 this quarter. Meanwhile, our MVNO segment continued the recovery that started early last year, growing at a 28% annual rate as of quarter-end to reach 554,000 subscribers, having added 121,000 throughout the year and 42,000 only in the fourth quarter. Turning to video, our strategic initiatives are showing tangible results. While traditional pay TV subscribers declined by 7,000 in the fourth quarter, substantially better than the loss the market anticipated. This marks a significant stabilization compared to previous quarters, as we limit annual losses to just 2%, proof of our digital-focused approach. As of this quarter, 90% of our video subscribers use Xview +, our advanced, future-proof platform that now serves 3.5 million users. This represents a 19% year-over-year growth with 553,000 net additions during the year, including 115,000 in the quarter. These platforms not only mitigate churn but also represent the best form of content integration in the market. In this context, RGUs reached 14 million, a 10% year-over-year increase, driven by steady growth in the mass segment. RGUs per unique subscriber exceeded 2.52, down from 2.57 in the fourth quarter of 2023. Churn rates for internet, video, and telephony improved compared to both third quarter 2024 and fourth quarter 2023, standing at 1.7%, 2.1%, and 1.9%, respectively, mainly due to the seasonality affecting the sequential comparison. ARPU per unique subscriber was MXN 421.6, remaining at the same levels both sequentially and in a year-to-year comparison, an outcome of balancing retention and promotional efforts with value optimization. Regarding customer satisfaction, the company has made significant improvements over the last three years by focusing on best-in-class technology and services tailored to new subscriber needs. Our NPS, Net Promoter Score, is now approaching the optimal level, and our subscriber ratings for our service reached a record high in 2024. We will continue to make strategic adjustments to align with our customers' preferences. The results of our corporate telecom segment, now known as MCM Business TechCo, remain flat year-over-year but improved sequentially, largely due to the exceptional performance of Ho1a in the fourth quarter of 2023. For the full year 2024, this segment's revenue grew 5%, driven by a strong performance in MetroCarrier and Ho1a as well. This reflects resilient demand for high-margin, low-latency services supported by our expanding fiber network, which remains essential for businesses undergoing digital transformation. Individually, MetroCarrier grew annually, driven by a better performance in the corporate segment. Meanwhile, Ho1a faced an annual decline impacted by a challenging 2023 baseline due to special projects delivered at the end of that year. However, sequential trends showed growth. Overall, our operational results showed momentum and progress across our core product lines. We added significant subscribers, improved churn rates, and network footprint expansion. And even when market competition and macroeconomic headwinds persist, our commitment to operational efficiency, product bundling, service enhancements, and strategic infrastructure investments position us to maintain growth and strengthen our market presence despite those challenges. Thank you. I will now hand in the call to Luis for the financial review. Thank you, Raymundo. Good morning, everyone. First of all, like every year, it is important to clarify that all the comparative figures related to 2023 used in this report correspond to the 2023 audited financial statements, which were published on April 30 of 2024 and could differ from the numbers reported in the quarterly report a year ago. This year, we achieved record revenues, strengthened our balance sheet, and improved our profitability when compared to 2023. These results demonstrate our ability to perform with financial discipline. Quarterly total revenues reached MXN 8.5 billion, an 8% year-over-year increase, driven by robust demand in our mass market segment. This segment grew 10% year-over-year, driven mainly by the contributions from our territorial expansions while the organic territories continued to grow. Regarding our corporate segment, although it faced a high base comparison coming from the exceptional fourth quarter of 2023 in Ho1a, it remained at a similar level this quarter, growing sequentially with a 5% growth on a yearly basis. It is important to highlight that, as Enrique mentioned, following the integration of MetroCarrier, MCM, and Ho1a into a single business unit, these results of these three companies will be reported on a single line started with the 2025 results. All in all, 2024 revenues totaled in the neighborhood of MXN 33 billion, a 10% increase over 2023. Contribution from the mass segment stood at 83% in 2024, while the corporate segment represented 17% of consolidated revenue. Cost of services and SG&A in the fourth quarter rose 3% and 10% year-over-year to MXN 2.3 billion and MXN 2.4 billion, respectively, mainly attributable to the pressure following the cost of labor due to increase in minimum wages we have experienced over the last few years. Full-year cost increased 6% and SG&A 14%. Yet, we maintained strong profitability. Fourth quarter EBITDA reached MXN 3.7 billion with a margin of 44.3%, an improvement of 70 basis points sequentially and 100 basis points year-over-year. This performance is especially notable when considering historical seasonality, where fourth quarter margins have traditionally suffered. The operational efficiencies achieving newer territories and stability of our legacy markets allow us to grow full-year EBITDA by 10% year-over-year, reaching MXN 14.6 billion with a margin of 44.5%, exceeding that of 2023 by 10 basis points. Net income for the quarter was MXN 524 million, impacted by higher depreciation from recent network upgrades and increased interest expenses due to a larger debt. All of the above, in line with the strategic investments we have carried out. For the full year, net income totaled MXN 2.4 billion, reflecting the cumulative effects of the same investments. Even when these numbers reflect an annual decline, it is important to contextualize these results within our growth strategy, as the investments we made, whether in fiber optic infrastructure or customer acquisition, are paramount to securing long-term market leadership and high-margin revenue streams. Capital expenditures for 2024 totaled MXN 10.3 billion, the lowest amount of the last three years, representing a ratio of 31.5% of revenue, below our guidance of 32%-34%. It's important to mention that this amount was achieved despite the weakness of the Mexican peso that was observed throughout the second half of the year. This investment ratio follows our focus on the final steps in the construction phase of our expansion project. Similarly, in the fourth quarter, our CapEx-to-revenue ratio improved to 29.2%, down from 33.5% in the previous quarter, as we seek to significantly decrease CapEx intensity. Our balance sheet remained robust. Net debt ended at nearly MXN 22 billion, with a net debt-to-EBITDA ratio of 1.5 times, among the lowest in the industry, having a significant improvement from the 1.54 times posted in the third quarter. All our debt is denominated in Mexican pesos. Likewise, our interest coverage ratio stands at 5.2 times, ensuring ample liquidity to meet obligations. This financial flexibility allows us to navigate macroeconomic uncertainties while still retaining the option to capitalize on strategic opportunities. In summary, 2024 was a year of strategic execution, expanding revenues, enhancing markets, and recalibrating investments for sustainable growth. Moving forward, we will continue balancing disciplined capital allocation with targeted growth opportunities. Thank you for your trust. I will now open the floor for the questions. If you have a question, please use the Raise Your Hand button of 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 the line of Marcelo Santos from JP Morgan. Marcelo, please go ahead. Hi, good morning. Good morning to all. Thanks for taking my questions. I have two. The first is regarding CapEx. So you mentioned in the prepared remarks that you should have lower CapEx-to-revenue ratio in 2025. Could you expand this a bit more, like give a bit more granularity of what we could expect for 2025, 2026, for the next couple of years? If you could, that would be great. And the second question is regarding churn. You also mentioned in the prepared remarks that there was a sequential decline due to seasonality. But if you look on a year-over-year, it also declined. So is there something else? Is this some initiative you did internally? Is this something on the market? If you could just discuss a bit the churn dynamics. Thank you very much. Sure, Marcelo. Luis, do you want to address the CapEx? Sure, well, as you know, we have been targeting a reduction in CapEx ratio to revenues, and that's consistent with the view we have today, and by 2025, we expect a CapEx below 30% of revenues, and also reducing in 2026 and then in 2025 and 2027, sorry, so we think that we will be in by 2027, we will be in low 20s. Let me complement what Luis is saying regarding CapEx, Marcelo, and for the sake of everyone there. We have a lower CapEx over 2024 than 2023, for sure. We slowed down the CapEx not because we stopped growing the projects of the company. Actually, let me review what we promised at the end of 2021. We said we were going to double the size of the company in terms of infrastructure and subscribers and EBITDA. And what we saw in 2022 is that the company had the capacity, both financially and execution, to accelerate those investments. So during 2022, and mostly 2023, and the beginning of 2024, but mostly 2023, we built a huge amount, millions of homes passed. We were targeting to go to 9 million homes passed in the expansion project, and we reached 8 million just in two years. This slowdown is a consequence of a strategic decision by the management and support by the board to increase the speed of the process of building. That's the reason why we decreased, as we promised in all the conferences, that that was going to happen. It's going to continue to be like that because we reached the majority of the homes passed that we promised. Of course, we will continue to grow on that part and continue to invest. As Luis was saying, according to the increase of the revenue curve, we will continue to incur. We keep a very conservative CapEx, not constrained by expansion, but because it's the pace that we want to do, we will be below 30%, and we'll continue to decrease across the years to come. So that's the view of the CapEx within the company, and we're very happy that we delivered what we promised we were going to do in terms of leverage of CapEx. Absolutely. Okay. The other one, Marcelo, was the churn. The churn has a double effect, and you read it really well. It's not only seasonality. Normally, seasonality is low, but we have a very good end of the year. What we have, and I addressed that in my opening remarks, is that we've been improving our net promoter score. We have 75% of the network in fiber. We have the lower offer price in the market, for good or for bad, but we have it, with a great product, and customer satisfaction improving. So altogether, that reflects on the low churn that the company has compared to years before, and we feel it's a healthy churn level for a company that is growing the amount of subscribers that we are growing. Okay. Thank you, Marcelo. No, I thank you. Thank you very much. Okay. The next question comes from the line of Vitor Tomita from Goldman Sachs. Vitor, please go ahead. Hello. Good morning, and thanks for taking our questions. Two main questions from our side. The first one, regarding the pace of net additions, we saw a strong pace of net additions, especially over the last two quarters, above historical levels. Do you see room or expect to maintain similar levels in upcoming quarters? And our second question would actually be on mobile, which is usually not a major topic but has seen some fairly strong RGU growth on the MVNO strategy. Could you give us an update on your strategy for that and how you are seeing that business? Thank you. Sure, Vitor. Well, the pace of net additions for the week of Good End of the year, the last two quarters, we have a very good pace. We expect to continue to grow. We are aiming at a growth between 100,000-150,000 per quarter. That's pretty much what we foresee. And that's going to depend on certain strategies that we have, whether we are more aggressive and whether we like to continue to have that balance in between good subscribers and the subscribers that can create churn. That's why we are targeting growth, aggressive growth, but in between 100,000-150,000. So you can make your calculations in that part. It is according to the forecast that we have when we start the project. Regarding mobile strategy, we have good strategies according to go to the market, and we bundle with the subscribers. We expect to grow also, not at that pace, but pretty close to that. So you can expect mobile to grow slightly below what we have in the fourth quarter, and you can analyze that. Our strategy in mobile is to continue to provide a bundled service to existing subscribers. We just sell postpaid. That's why we don't grow as other companies in the prepaid. We like to keep it that way. It is way more manageable and provides a value added to our subscribers. Also, it helps us to bundle with the sales channels that we have for the massive market. And so far, it looks like we are positive and getting good results on the mobile on that part. Very clear. Thank you very much. Okay. Our next question comes from Alejandro Lav ín from Santander. Hi. Thank you for taking my question. Good morning, everyone. So first of all, you have gone a long way to get solid results. You have gone over the peak leverage of your investment cycle. The CapEx over sales is going down sequentially every year. So congrats on that, on this solid execution of this ambitious plan. So my question is now, I think one of the main focus could be on improving EBITDA margin, right? So I'm guessing, and let me know if I'm correct, that as these acquisitions or these customers that you have acquired throughout all these investment programs, that you acquired them initially with promotions, but then as time goes by, these promotions are removed, and therefore the prices increase. And the vintage one goes through this step up in prices. The vintage number two goes through these increasing prices. All this sums up until the mix of the RGUs of your consolidated gets a boost from this, and that is when the EBITDA margin will begin to increase, I guess, considerably. Does that make sense? That's the first question of all this organic program and expansion. Number two, if we can get a sense of the trajectory of the EBITDA margin in the next couple of years. Thank you. Luis, you go first, and then let's see if I complement something. Sure. Well, as you mentioned, the two questions come in one, basically. Yes, we are foreseeing a gradual improvement on the margin. We have stated that we will not go back to the 49% or the 50% that we used to have, but we foresee achieving 47% in three, four years. Yes, this will be a gradual improvement on the EBITDA margin and will be composed by all the factors you mentioned and some others. You have to consider exchange rate. You have to consider also the salary increase or salary inflation that we think is going to continue above inflation. There are some factors that are affecting the speed of the margin growth that we have, but we are confident that at the end, in three, four years, we will be on margins very close to what we had in the past. Okay. Let me compliment. Good point, Luis. Remember, Alejandro, that as I said, we speed up the process of CapEx and accelerate the opening of CDs. That has a fixed cost in 2023 and 2024 that is going to be overcome in the future years. Expansion territories are improving margins. All of them are positive in terms of margins already and growing. So we're very confident that's going to come into the future to improve. Organic territories, the ones that we had before the expansion project, remain at the highest levels of the industry at 48% pretty much on the organic territory. So we haven't lost profitability in the organic. What you see in the margins is coming from the expansion territories. Also, you mentioned about the ARPU. I mean, the ARPU has several factors that affect the ARPU and why the ARPU does not increase significantly. Okay. We do make and take increasing rates over the year. We do that. I mean, we have a certain base of subscribers that can handle an increasing rate. But we also have a huge amount of subscribers that come on promotional campaigns for the expansion process that we have. Those subscribers are not affected by the increase in the rate and have a lower ARPU than the other ones. I don't want to get you too much into the numbers, but when you add everything around, you get to the ARPU that we have. And we'd like to have that ARPU grow that in the future once the expansion project and the expansion of subscribers can materialize, and competition will allow us to do that too. We keep a very competitive price for competition. And since 75% of our subscribers are in fiber, we are able to provide video at higher speeds with symmetric promotions to them. That's why we are so competitive. So it is a mix of everything within the strategy that we have that makes the ARPU stay or slightly increase in the coming quarters. Okay? Okay. Understood. That's very clear. Thank you. And if I may add a second quick question on inorganic growth. I know you're focused on this plan, and you're doing very well. But you also mentioned that your balance sheet is an advantage, right? A competitive advantage. And as you keep on advancing with this revenue growth, EBITDA growth, and free cash flow growth, you're going to keep deleveraging, right? So I mean, in terms of strategic options, what have you brainstormed? What are the possibilities? And I'm not saying short term, but maybe down the road, do you consider or could you reconsider industry consolidation in Mexico and with new players, private players, any kind of players? We believe that a four-player market is not optimal. It's not the ideal. That one, we are for sure. We believe also that the time for Megacable is a turning point right now. I don't know if it was you, Alejandro, or Vitor that said that we reached peaks in terms of debt and CapEx and margins. Yeah, we did that. I mean, we're growing. We're preparing this company for whatever can happen in the future. Right now, we're focused on that in terms of the management. I believe 2025 will be the turning point where you will continue to see improving margins and continue to see lower CapEx over revenue, free cash flow generation, increased shareholders' profitability. So we're prepared to do, and we will be ready to whatever is available in the market in that part. As of today, we're focusing on the expansion plan, which is going according to what we believe, even though we believe the market should not be a four-player market. Enrique, I don't know if you want to complement that. I think what was said and to sustain that we are, the board is open to any option that is a plus for the company. If it's a plus for the company, it should be a plus for the shareholders to maximize value and have a more efficient market and a more efficient company. That will depend on the conditions of the future and who is on the horizon. We think that, as Raymundo mentioned, a four-player market is not the optimal market, but we're prepared to play in a four-player market anyway, I mean, if it's needed. We have been demonstrating that. I think that we did make the right decisions two, three years ago, three years ago, four years ago. We're executing the plan that we proposed to the board. The board thought that that was a good plan. We have been complying with that. What we say is that that is not the optimal four-player, but it's what we have. And I believe that we are navigating in the right way and at the right pace, providing good results. And that's where we are right now. Thank you, Alejandro. Sure. Thank you. Okay. Our next question comes from Carlos de Legarreta from Itaú BBA. Carlos, please go ahead. Enrique and team, I only have one question, quite frankly, but I'd love to hear your thoughts about the reasoning behind the consolidation of the enterprise companies. I think it's great news that you are consolidating the three into one, but I'd love to hear any color on potential synergies, perhaps potential on also targeting different segments or verticals. That would be great. I don't know if you know, but MCM was created or was founded as a company that was going to be serving the market with fiber. It was a very innovative idea at the time because it was back in 1996, 1997, I think, 1999, 1998, around 19 90. It was basically doing business in Mexico City. We didn't have a network there, the massive market company that we were. We were just starting at that time to serve certain enterprise market, but basically the carriers market here in Guadalajara because we had started already to do some fiber. We kept that company isolated or running by itself for a long time. Now that we have a really big I mean, with time, Megacable, we did some fiber rings in Mexico City to expand our enterprise scope. Now we were overlapping a little with that with MCM. We were using MCM networks for our enterprise market also. But now that we have a really big capillary or mass market network as well as fiber rings and backbone in Mexico City, we decided it was time to consolidate the two companies and then to take advantage of synergies and more advantages of synergies. And it's been good. I mean, we are saving money in operations. We are saving money in a lot of things. And also, we have a much more robust offer to the enterprise market as well as Ho1a. I mean, Ho1a, we bought Ho1a. We bought a majority stake in Ho1a about 10 years ago. And then we bought the rest four or five years ago. And now Ho1a was 100% owned by us. That was our technology arm, you could say that, where we were selling software as a service, infrastructure as a service, some solutions, enterprise solutions like accounting services, the software for accounting and for other things, cybersecurity. We think that it was the right move to have everything consolidated in one company, in one offer with the same executives going to the customers. We expect really nice growth in that segment and a lot of a much more efficient company for us and for the customers. Okay. And about potential savings or synergies from this consolidation? We're saving from Luis has that number. Yeah. We expect around 15% of the MCM cost and SG&A. Basically, because there were some synergies already because we are in the same company, but we expect around 15% of the cost. And that i mpact on the margin will be below 0.5%, so less than half a point. That related to the cost, like Luis is saying, the cost on that part. MCM or MetroCarrier CapEx are very low, but still, there is a synergy CapEx too that is part of the reduction that we have this year. MCM has a network that was overlapping in some territories with MetroCarrier, as Enrique said, as we grow to different territories. So now that business unit has only one CapEx and is much more coordinated to that besides the cost and the operation that we already explained. Also, we create the term in Mexico of business TechCo that is the consolidation of connectivity with technologies, IT technologies, information technologies. And that's because every time that we get to new territories and to the organic territories, we have always discussed about competition in the massive market, but there is a lot of competition in the corporate market too. Once we get to a border city or we get to one of the largest cities and we try to get a main or redundancy line, we found that they already have two or three providers for a long time, and they are happy with them because it's redundancy fiber. It costs a good amount of effort to change that unless you provide a differentiated proposal that includes the best of Ho1a and MCM that was on separate. Now it's all together into a cloud, cybersecurity, and different technologies in the IT that complement the connectivity that we have. It is much more robust, so we can continue to present the growth of the corporate segment that we have done for the past years. As you can see our numbers, we always have growth in the corporate segment. It will continue to be if we are very efficient with the synergies in the go-to-market, in the cost, and the CapEx. So that's the whole rationale comes. Thank you so much for the Itaú BBA answer. Thank you, Carlos. Our next question comes from Emilio Fuentes from GBM. Hi. Good morning. First of all, congratulations on the results. I would like to hear about your views on the current competitive landscape on the mass market segment. Clearly, there is a divergence between your two main competitors. I was wondering if you have any clarity on where is your growth coming from. Is it mostly organic from the expansion of the market or from direct competition? Thank you, Emilio. Internet penetration is at 80% pretty much in Mexico, 80%-82%. It depends on the markets that we're talking about. We still believe that penetration of internet should go above 90% in the years to come. So some markets have room to grow. Other markets are much more mature and have already between 85%-90% penetration. So it costs more effort to bring new subscribers in the market. Our growth comes from everything. We are bringing subscribers from competition. We are increasing in a lower manner, but we are increasing subscribers and penetration in the markets where we enter. And also, we are growing the organic markets since we migrate really at a good turning point. We migrate all our networks to fiber with a good product, as I said before. So we are still growing even though we have the largest penetration of the markets. We are growing in the organic segments. So the growth of the company comes from everything, organic and expansion. And in expansion, of course, we're bringing more subscribers from competition and a fewer amount from growing the market in that part. So it's both. Thank you. Very clear. And do you have any overall remarks on the current competitive landscape that would be helpful and insightful? We're very focused in what we're doing. As I said, the market is going to grow. It's going to top at 90% or 93% as other countries in Latin America and other parts of the world. We have still room to go. We expect to capture more of the growth on Megacable. For the other companies, well, you know what's the strategy from Telmex and our competitors. They have some other things to worry about. We're worried about our expansion. I believe we have the best offer and the best product to continue to bring the results. We will grow between 100 to 150 for the years and improve margin. That's our main part. We don't see why we cannot do what we're promising to do. Thank you for taking my question. Thank you, Emilio. Okay, so now we have some questions through our chat from Jack Le Roux from J. Stern. The first one is, how does your pricing currently compare to that charge by major competitors for the similar offerings in your region? We have a very competitive price target slightly below what competition has. That's the way we penetrate in those markets. But we normally carry a lower price than competition. Okay. Not Okay. Not lower product, not lower features of the product, just a much more aggressive price and still carry the best margin in the industry in organic territories. We will bring that in the expansion. Okay. Are you still on track to reach your targeted penetration rate of 25% for the expansion territories, and are you already reaching this target in the more mature regions? Good point. We should address that in our remarks. And the answer is yes. Yes, we have some of the old territories within the cities. What you have to understand is that every city that we're building, you start building 30% of the city, you grow to 50-70 until you reach the full amount of the homes passed of that system. So when I mean 25% on the old territories, meaning within the city, the old neighbors that have more than one year, two years on that part, two years are already reaching about 20% and some of them 25% penetration. So we're very, very happy of that. You cannot count the penetration generally because as you see in our numbers, we put another 2 million homes passed in 2024. Even though we grow subscribers, we increase the amount of CapEx higher than what we are increasing subscribers, which is normal. Okay. Next question. Are you seeing or expecting any threats from satellite or fixed wireless access offerings? Not if we continue to perform good quality service at the affordable price with unlimited data throughput. We will continue to be the first offer. As I said, 90%, 92%, 93% is what Mexico should have as penetration of fixed broadband, and we're going and contributing to that goal in Megacable. Okay. And finally, from Joaquín de Palau, Tresalia Capital, congratulations on an excellent quarter. I'd love to hear your thoughts on the capital allocation strategy in the coming years, given that the company is in the end of the expansion cycle in terms of capital intensity. Good point, Joaquín. As I said before, we're prepared. This is a turning point of the company in terms of debt, in terms of CapEx, in terms of margins. We are preparing this 2025. We should be focusing in the roads, and we will talk about what's coming later when we continue to mature our projects. We will look for the best for shareholders, and there are a huge amount of things that we can do, but first, we need to deliver 2025 with the growth of subscribers and revenue at the pace that we're promising. The network we have built and we're building is state of the art. So for the future expansion in higher capacity of the network, what we have to do is some electronics in the backend, nothing that we have to do in the network on the streets. So it's going to be much easier and much more cost-efficient. And that will happen in the future when people need more bandwidth, when we increase the penetration of the network by a lot. So we think that what we're doing is very well planned, very well thought. We will have to change at some point some of the CPEs for the customers. Who knows what's coming? The speed of the changes in the telecom industry are really, really, really fast. And with this AI or artificial intelligence and machine learning and all that, we don't know what's coming in the future. But our network will support that. We may have to change some of our CPEs in the home for the users, for the subscribers, because who knows what we're going to be using. But the network is ready for that. The network is ready for the next 20 years. So we're okay. We feel very confident in that. We continue to see CapEx in the future continue to improve and reach the 20 and below levels that we are all expecting in the future years to come. Okay. Well, with no more questions in the queue, the question and answer session is concluded. I pass the call over to Mr. Enrique Yamuni for final remarks. Thank you very much, Mr. Esaú. As a final reminder, please use the raise your hand button on your Zoom tool if you want to ask a question. Oh, I'm sorry. That was taken as a question, Esaú. As always, it was a pleasure to discuss 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 a fine weekend. Thank you all very much.