America Movil SAB de CV (AMX) 2024 Q4 法說會逐字稿

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. (Operator Instructions) Now I will turn the call over to Ms. Daniela Lecuona, Head of Investor Relations. Please go ahead.

早安.我叫查德，今天我將擔任您的會議主持人。現在，我歡迎大家參加 América Móvil 2024 年第四季電話會議和網路廣播。（操作員指示）現在我將電話轉給投資者關係主管 Daniela Lecuona 女士。請繼續。

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; Dr. Oscar Von Hauske, COO; and Mr. Carlos Garcia Moreno, CFO.

謝謝。大家早安。感謝您今天加入我們討論我們的第四季度財務和營運業績。我們的聯絡人是執行長 Daniel Hajj 先生； Oscar Von Hauske 博士，營運長；以及財務長卡洛斯·加西亞·莫雷諾先生。

Thank you, Daniela. Welcome, everyone. Carlos is going to make a summary of the fourth quarter 2024 results.

謝謝你，丹妮拉。歡迎大家。卡洛斯將對 2024 年第四季的業績進行總結。

Thank you, Daniel. Good morning, everyone. Well, the fourth quarter ended with our renewed surge in US interest rates, with 10-year treasury yields jumping approximately 80 basis points in the quarter to finish the year just 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.

謝謝你，丹尼爾。大家早安。在第四季結束時，美國利率再次飆升，10 年期公債殖利率在本季躍升約 80 個基點，年底略低於 4.6%，大約是自 4 月底以來的最高水準。此次長期利率大幅上升，發生在聯準會9月將政策利率下調50個基點後不久，而聯準會在完成政策利率上調至14個月後。

Our 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, substantially all the 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 7%.

勞動力市場和經濟活動強於預期，導致對聯準會未來降息預期以及中長期殖利率走勢進行重大修正，所有這些都導致​​了上述殖利率的飆升。在此期間，我們所經營區域內的幾乎所有貨幣兌美元都貶值，其中巴西雷亞爾跌幅最大，為 13.7%，其次是智利比索，為 11%；歐元上漲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've registered 1.3 million net disconnections in the period. We had minus 1.8 million in Brazil after a cleanup profit space. But Mexico gained 302,000 subs, followed by Central America with 196,000; Colombia,128,000; and Argentina 164,000.

我們在第四季度新增了210萬名後付費用戶，其中巴西新增了65.5萬；哥倫比亞，178,000；和墨西哥 141,000。在我們的預付費平台上，我們在此期間記錄了 130 萬次淨斷線。清理利潤空間後，我們在巴西的虧損為180萬。但墨西哥增加了 302,000 名訂閱者，其次是中美洲，增加了 196,000 名；哥倫比亞，128,000；和阿根廷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 PayTV 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 Claro-VTR in Chile over the last two months of 2024.

在固定線路領域，我們獲得320,000個寬頻接入，其中墨西哥為132,000個；巴西有 75,000 人，阿根廷有 45,000 人。在此期間，電視線路和付費電視部門均出現小幅虧損，總計 88,000 元。我們的後付費基數年增 5.3%，預付費成長 0.4%，固定寬頻接取成長 4.7%。以上所有數據均包括智利 Claro-VTR 在 2024 年最後兩個月報告的數據。

Fourth quarter revenue was up 18% in Mexican peso terms to MXN237 billon with service revenue planning 19.1% and EBITDA, 16.4% to MXN91 billion. Those rates have increased reflecting the consolidation of the Chilean operation from November 1 but were largely boosted by the accounting methodology associated with the Argentinian operations.

第四季營收以墨西哥比索計算成長 18% 至 2,370 億墨西哥比索，其中服務收入計畫成長 19.1%，EBITDA 成長 16.4% 至 910 億墨西哥比索。這些費率有所上升，反映了 11 月 1 日起智利業務的合併，但很大程度上受到與阿根廷業務相關的會計方法的推動。

Since these operations take place in a country that is considered hyperinflationary, the annual revenues adjusted for inflation and expressed in December 2024 prices, then converted to Mexican peso at the end of the year exchange rate per rule IFRS 29.

由於這些業務是在一個被認為是惡性通貨膨脹的國家進行的，因此年度收入根據通貨膨脹進行了調整，並以 2024 年 12 月的價格表示，然後按照 IFRS 29 規則規定的年底匯率轉換為墨西哥比索。

The fourth quarter figures are obtained subtracted from the annual figure those obtained through September. Since Argentina's rate of inflation was 118% through December whereas the Argentinian peso only depreciated 4% versus Mexican peso. It has depreciated sharply in December 2023.

第四季的數據是用截至九月的年度數據減去第四季的數據得出的。由於阿根廷12月份的通貨膨脹率高達118%，而阿根廷比索兌墨西哥比索僅貶值4%。2023年12月大幅貶值。

The accounting adjustment 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.

以墨西哥比索表示時，所提及的會計調整是相當可觀的。不包括阿根廷，因此這些差異與會計方法有關。América Móvil 第四季營收以墨西哥比索計算成長了 10%，其中服務收入成長了 10.7%，EBITDA 成長了 8.6%。

On the consolidation of the Chilean operation, its contributions to our consolidated revenue over the last two months of the year amounted to MXN3.3 billion. Now at constant exchange rates and as has been customary in our quarter reports, excluding Argentina from this calculation.

在智利業務合併方面，其對我們今年最後兩個月合併收入的貢獻達到 33 億墨西哥比索。現在以固定匯率計算，並且按照我們季度報告中的慣例，將阿根廷排除在計算之外。

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 that was felt more strongly in the fixed-line platform as can be seen in the moment.

我們的第四季營收年增 5.7%，其中服務收入成長 6.6%，為一年多來的最佳表現；EBITDA 在一次性調整前成長 5.1%，調整後成長 7.2%。這些成長包括智利業務整合的影響，如目前所見，這種影響在固定電話平台上表現得更為強烈。

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% in 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.

第四季行動服務營收年增6.2%。若不計智利的影響，GDP成長率將達到5.1%，與前三個季度的成長速度一致。本季後付費收入成長 8.5%，高於上一季的 6.3%，而預付費收入成長 2.5%，略低於第三季的 3.6%。巴西、哥倫比亞、厄瓜多和秘魯的行動服務收入加速成長，抵消了墨西哥和中美洲的行動服務收入減速。

Fixed line service revenue climbed 7.4%, including the Chilean operation and would have posted a 4% increase without it, in line with the increase observed in second quarter, but somewhat lower than the growth rate of the third quarter. Broadband revenue growth accelerated to 9.8% pace from 7.4% the prior quarter and corporate networks revenue to 12.3% from 10.1%, with PayTV revenue growth hitting 5.2% compared to a 0.8% decline in the third quarter.

包括智利業務在內，固定線路服務收入成長了 7.4%，如果不包括智利業務，固定線路服務收入將成長 4%，與第二季的增幅一致，但略低於第三季的成長率。寬頻營收增幅從上一季的 7.4% 加速至 9.8%，企業網路營收增幅從 10.1% 加速至 12.3%，付費電視營收增幅達到 5.2%，而第三季則下降了 0.8%。

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 experienced an operating profit of MXN46.4 billion in the fourth quarter, 11% higher than that of the year earlier quarter after depreciation and amortization charges that increased 22.6% reflecting partly consolidation of the Chilean operation, inflationary adjustments of the Argentinean assets and the amortization of new license acquired in '23 and '24 in Austria and Colombia.

墨西哥、巴西和哥倫比亞的固定服務收入增幅較上一季放緩，但奧地利、東歐和中美洲的固定服務收入增幅則有所加快。美洲電信第四季的營業利潤為 464 億墨西哥比索，扣除折舊和攤銷費用後比去年同期增長 11%，折舊和攤銷費用增長了 22.6%，這部分反映了智利業務的合併、阿根廷資產的通膨調整以及 1923 年和 1924 年在奧地利和哥倫比亞獲得的新許可證的攤銷。

Our net income came in at MXN9.5 billion in the fourth quarter and was 47.5% lower year-on-year on account of higher comprehensive financing costs. These totaled MXN30 billion, nearly half of which was associated with foreign exchange losses.

我們第四季的淨收入為 95 億墨西哥比索，由於綜合融資成本上升，年減 47.5%。這些損失總額達到 300 億墨西哥比索，其中近一半與外匯損失有關。

Our net income was equivalent to MXN0.15 per share, and $0.15 per ADR. And our net debt ended the year at MXN485 billion, excluding capitalized lease obligations. In cash flow terms, it increased MXN19 billion over the year and helped us finance according to MXN131 billion in capital expenditures, MXN51 billion in shareholder distributions. These are net of the dividends received from our variation stakes and MXN24 billion (sic - see page 7, MXN25 billion) in the amortization of labor obligations.

我們的淨收入相當於每股 0.15 墨西哥比索，每股 ADR 0.15 美元。截至年底，我們的淨債務為 4,850 億墨西哥比索（不包括資本化租賃債務）。從現金流來看，今年它增加了 190 億墨西哥比索，並幫助我們融資 1,310 億墨西哥比索的資本支出和 510 億墨西哥比索的股東分配。這些是扣除我們從變動股份中獲得的股息和 240 億墨西哥比索（原文如此 - 見第 7 頁，250 億墨西哥比索）的勞動義務攤銷後的淨額。

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 Claro/VTR in América Móvil from October -- from the end of October. So with that, I would thank you and hand the floor back to Daniel. Thank you.

截至年底，我們的淨債務為過去 12 個月 EBITDA 的 1.44 倍。後一個數字已經反映了自 10 月至 10 月底以來 Claro/VTR 在 América Móvil 合併的影響。因此，我要感謝您，並將發言權交還給丹尼爾。謝謝。

Thank you, Carlos. I think we can start with Q&A.

謝謝你，卡洛斯。我想我們可以從問答開始。

(Operator Instructions)

（操作員指令）

Carlos De Lagarreta, Itau BBA.

卡洛斯·德拉加雷塔 (Carlos De Lagarreta)，伊塔烏 BBA。

Thank you. Good morning, everybody. I have two questions on my end, please. The first one is and if you have a specific CapEx guidance for this year, given obviously the sharp FX movements, I don't know if there's any deviation from what you guided at Investor Day? 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 concern at all given that they might become very large at some point?

謝謝。大家早安。我有兩個問題，請問一下。第一個問題是，如果您對今年有具體的資本支出指導，考慮到外匯波動明顯較大，我不知道與您在投資者日的指導相比是否有任何偏差？其次，在巴西，也許，丹尼爾，您可以談談 MVNO 與 Nubank 交易的細節。我只是擔心，或者您是否擔心，是否有可能蠶食您自己的產品或網路容量，是否有任何擔心，因為它們可能在某個時候變得非常大？

Hi, Carlos. On the CapEx, I think we gave 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 three-year CapEx in Chile, '23, '24 and '25. I think this year is the last year where we have -- 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.

你好，卡洛斯。關於資本支出，我認為我們給了三年的指導。我認為我們正在遵循該指導方針，包括我們正在納入智利的資本支出。因此，我們仍然不知道今年智利的資本支出具體是多少。但我們在智利進行了三年的資本支出，即23年、24年和25年。我認為今年是我們改變網路、實現網路現代化、5G 以及擴大覆蓋範圍的最後一年。我們將使用光纖，增加更多冗餘。

We're doing a lot of things in Chile. We are on track there. We have a very good management in Chile. We're very happy the way Chile is evolving right now. And with this, I think we're still not sure, maybe could be MXN250 million to MXN300 million more of Chile, still we don't know for this last year. And then both the CapEx and the guidance that we gave last time is still the same plus what we are going to put in Chile for this year.

我們在智利做了很多事。我們正順利推進。我們在智利的管理非常好。我們對智利目前的發展感到非常高興。對此，我認為我們仍然不確定，也許智利的援助金額會達到 2.5 億到 3 億墨西哥比索，但對於去年的具體金額我們仍不清楚。然後，我們上次給出的資本支出和指導仍然相同，加上我們今年將在智利投入的資金。

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 networks that we have. In Brazil, with Nubank. We are happy with them. We are doing okay.

我認為明年在智利也許可以減少。但今年，我們正在敲定最後一項計劃——對我們現有的所有網路進行現代化改造的三年計劃。在巴西，與 Nubank 合作。我們對他們很滿意。我們一切都好。

And we are not worried that Nubank can cannibalize our prepaid subscribers. So we are 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, a good -- they recharge a lot with Nubank and so we are doing very good.

我們並不擔心 Nubank 會蠶食我們的預付費用戶。所以我們很高興。我認為我們與他們建立了非常好的聯盟，而且我們做得很好。所以沒關係，命名很好，很好——他們使用 Nubank 充值很多，所以我們做得很好。

Okay, thank you.

好的，謝謝。

Walter Piecyk, LightShed Partners.

Walter Piecyk，LightShed Partners。

Hi, good morning. Joe on 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 22 to 24, 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?

嗨，早安。喬替換沃特。感謝您回答這個問題。我有點想跟進。即使將智利納入資本支出指引，我猜您在分析師日設定的範圍是 22 至 24 日，看起來您還是會進入低端。此時是否存在任何原因或因素會將其推向更高的水平？

No. Look, what we said last time is that we're going to do MXN22 billion in three years. It's what we have. With that, I think we need to include Chile -- and I think we are okay with that. So we don't go into the high end. What I can tell you this year in fall 2024 is we have less CapEx of what we budget. We have a very good revenue increase, and we have a better cash flow than what we have seen budget.

不。你看，我們上次說過，我們將在三年內賺到 220 億墨西哥比索。這就是我們所擁有的。因此，我認為我們需要加入智利——而且我認為我們對此沒有異議。所以我們不會進入高端。今年，也就是 2024 年秋季，我可以告訴你們的是，我們的資本支出將低於預算。我們的收入成長非常好，而且我們的現金流比預算的還要好。

So I think that's the trend that we had in 2024, and that's what we're looking to have in 2025. So we're being careful on CapEx, but we are investing where we think we need to invest to get more revenue. So that's the way we are looking. And the numbers are there, MXN22 billion we said 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. three-year plan. But the rest, I think we are okay.

所以我認為這是我們在 2024 年所看到的趨勢，也是我們希望在 2025 年看到的趨勢。因此，我們在資本支出方面非常謹慎，但我們會在我們認為需要投資的地方進行投資，以獲得更多收入。這正是我們所觀察的方式。而且數字就在那裡，我們說過三年需要 220 億墨西哥比索，我們確實實現了這個數字，而且我認為，智利今年需要的資金比未來幾年多一點，因為我們正在最終確定我所說的內容。三年計劃。但其餘的，我認為我們還好。

We are putting -- other 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 the spectrum and renovations will go at also lower that's what I can see in the CapEx.

我們正在投入——其他重要的事情是，我們今年還要進行一些頻譜改造並獲得更多的 5G 頻譜。但我認為今年幾乎可以完成所有事情。因此對於明年 2026 年，我認為頻譜和翻新也會更低，這就是我在資本支出中看到的。

Okay. And then either, I guess, Daniel or Oscar, T-Mobile started offering Starlink satellite to sell 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

好的。然後，我想，無論是丹尼爾還是奧斯卡，T-Mobile 都開始提供 Starlink 衛星向其用戶銷售簡訊。我相信上個季度您曾經提到您正在與 SpaceX 和 AST 合作。那麼你們已經開始測試其中一個或兩個了嗎？您能否提供這兩項測試的最新消息

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 the SpaceX than with the other one. So we're working more with OneWeb and the other one, I don't remember the name --

不，我們說過，我們將使用這些低軌道衛星作為主幹網路。我們的合作並不只與 SpaceX 合作。我們與他們所有公司都有合作，但與 SpaceX 的合作較少，與其他公司的合作較多。所以我們與 OneWeb 和另一家我不記得名字的公司有更多合作--

[ASV]

[ASV]

ASV, and we're working with them only for the backbone. wW 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 needed, where it's more expensive to put fiber or microwave than to put satellite. So that's more or less what we're doing.

ASV，我們與他們的合作只是為了骨幹部分。 wW 目前並沒有直接對手機採取任何行動。我們仍在研究和審查這對我們是否有意義。這就是我們現在的狀況。但目前，我們還沒有與任何衛星公司建立直接電話連接，這些衛星公司只在我們認為需要的農村地區提供主幹網，而在這些地區鋪設光纖或微波比鋪設衛星更昂貴。這或多或少就是我們正在做的事情。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Marcelo Santos, JPMorgan.

摩根大通的馬塞洛桑托斯 (Marcelo Santos)。

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?

你好。早安.感謝您提供回答提問的機會。我有兩個。第一個是關於墨西哥寬頻。如果您打算今年提高價格，您能否對定價環境做一些評論？我知道去年你們保持了原來的價格。那麼今年的前景如何？

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.

第二個問題是關於併購。確實存在討論，至少當你在媒體上讀到有關阿根廷潛在的併購消息時是這樣的。您對此有何感想？América Móvil 對那裡的機會有何興趣？謝謝。

Oscar can talk a little bit about the broadband.

奧斯卡可以稍微談一下寬頻。

Yeah. In Mexico, right now, we already have 85% of the customer connected with fiber. We don't see to increase the prices. What we did is to launch our new packages in the market for residential, I think it's very unique packages. And we believe both our net adds this year. And this is a package that include Netflix for six months for free, includes ClaroVTR, Paramount and as well antivirus. It's a fully symmetrical connectivity with fiber. We include an e-mail as well in the proposal. So we are adding value to the connectivity.

是的。在墨西哥，目前我們已經有 85% 的客戶接入了光纖。我們不認為應該提高價格。我們所做的是在住宅市場推出新的套餐，我認為這是非常獨特的套餐。我們相信今年我們的淨增量為兩個。此套餐包括六個月的免費 Netflix、ClaroVTR、Paramount 以及防毒軟體。這是與光纖完全對稱的連接。我們也在提案中附加了一封電子郵件。因此，我們正在為連接增加價值。

Another sector that we are really focused on is in small business as well and then we launch packages that include sorry, backup of information for the customers main. We designed the web page for a small business. We delivered electronic bill for small business for the same trend that we used to have, adding value to the broadband connectivity.

我們真正關注的另一個領域是小型企業，然後我們推出了包括客戶主要資訊備份在內的套餐。我們為一家小型企業設計了網頁。我們為小型企業提供電子帳單，延續了過去的趨勢，為寬頻連線增加了價值。

And as well on the corporate, we mentioned before, we are adding different services, cybersecurity, cloud, vertical and horizontal solutions for corporate market. So we believe with those this bundle and package, we are very well positioned in the market to expect an increase in net adds for this year.

在企業方面，我們之前提到過，我們正在為企業市場添加不同的服務、網路安全、雲端、垂直和水平解決方案。因此，我們相信，憑藉這些捆綁服務和套餐，我們在市場上佔據非常有利的地位，預計今年的淨增量將會增加。

And 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 are open. We are open always to see everything, and let's see if this make synergies that make sense for us, we can be open to review that, but we haven't talked with them, and we haven't had anything at this moment.

關於阿根廷，嗯，我可以告訴你的是，我也在今天早上的新聞中看到了這個消息。我們還沒有和任何人談論那裡的任何事情。當然，我們是開放的。我們始終對一切持開放態度，讓我們看看這是否能產生對我們有意義的協同效應，我們可以對此進行開放的審查，但我們還沒有與他們交談過，目前我們還沒有得到任何東西。

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.

謝謝。只是為了澄清奧斯卡的回答。所以您說您不想提高價格，對嗎？你們推出了捆綁銷售，但在價格上，你們並不尋求提高。

(inaudible)

（聽不清楚）

Okay. Thank you.

好的。謝謝。

(inaudible) until now.

（聽不清楚）直到現在。

Yeah, 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.

是的，直到現在，我們還沒有想過要這麼做。我們不知道這在年中或年末是否有意義。但目前，我們還沒有關於漲價的任何消息。

Thank you.

謝謝。

Vitor Tomita, Goldman Sachs.

高盛的維托·富米塔 (Vitor Tomita)。

Hello. Good morning, all and thank you 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 user -- 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.

你好。大家早安，感謝您回答我們的問題。我這邊有兩個問題。第一個問題，您能否更詳細地介紹您如何看待墨西哥的預付費收入趨勢，包括用戶充值量、儲值頻率，以及您如何看待這些趨勢的發展？我們的第二個問題也與墨西哥的預付費有關。請您向我們介紹您如何看待墨西哥大型業者之間的預付費競爭環境以及 MVNO 的整體競爭情況。非常感謝。

Well, talking a little bit about the competition in Mexico Well, what we have been seeing, let's talk first about postpaid. Postpaid, 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.

好吧，稍微談論一下墨西哥的競爭吧，根據我們所看到的，我們首先來談談後付費。後付費，我們做得很好。我們正在增加收入。我認為我們的收入增加了 5.7% 左右，比一年前增加，也比去年第二季和第三季增加。

So we -- in postpaid, we are doing good. Why we're doing good? Well, we have -- 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 ARPU that we have in Telcel is maybe in postpaid maybe 20% higher than our next competitor. So we have very good customers. We are -- they are in very good plans, and we are doing very good in the postpaid side, okay?

因此，在後付費方面，我們做得很好。為什麼我們做得很好？嗯，我們也正在將一些客戶從預付費轉為後付費。我們正在推出更好的後付費計劃並銷售更多的產品。因此，我們 Telcel 的後付費 ARPU 值可能比我們的下一個競爭對手高出 20%。因此我們擁有非常好的客戶。我們——他們的計劃非常好，而且我們在後付費方面做得很好，好嗎？

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 are -- 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.

在預付費方面，我看到的競爭沒有任何變化，我們面臨的競爭對手還是原來的競爭對手。我不認為他們變得更具攻擊性或更不具攻擊性。他們——他們可能已經積極進取了兩三年。但他們至今仍在這麼做。正如我所說，我們正在將部分預付費用戶轉移到後付費用戶。

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 slowdown is in recharge in prepaid.

第三個是，我們也看到經濟放緩。我認為這非常重要。當你看到墨西哥經濟放緩時，首先看到放緩的地方就是預付充值。

So that's what we are looking. No big changes in competition. We have the same, maybe CFE is giving and promote 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 is to the prepaid recharge that we have been having. So that's more or less what I can can -- what I've seen in the market in Mexico.

這就是我們所尋找的。競爭狀況沒有太大的變化。我們也有同樣的情況，也許 CFE 正在提供和推廣一些晶片，但除此之外，我們還沒有看到任何其他東西。墨西哥的競爭非常激烈，但這不是最後一季。它已經在那裡兩年了。我們看到經濟正在放緩，這就是我們所進行的預付費充值所導致的。這就是我所能看到的——我在墨西哥市場看到的情況。

So Oscar talked a little bit about the broadband. We're doing good. We're growing. We're moving to fiber. Postpaid, we are also doing good, moving subscriber to better plan, moving the high-end prepaid to the low-end postpaid that has been very successful, around 85% of the people that we move stage in postpaid.

奧斯卡談了一些關於寬頻的事情。我們做得很好。我們正在成長。我們正在轉向光纖。後付費方面，我們也做得很好，讓用戶採用更好的計劃，將高端預付費轉向低端後付費，這非常成功，我們轉移的約 85％ 的人都採用後付費計劃。

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 very -- 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.

所以這是一個非常好的數字。整體來說，我們在這方面做得還不錯。奧斯卡現在提醒我的第二點也是非常重要的一點是，我們擁有迄今為止墨西哥最好的網絡，我們是唯一擁有 5G、真正的 5G 的網絡。我們涵蓋超過 100 個城市，覆蓋範圍非常廣，速度很快，品質也很好。嗯，這就是為什麼我們現在擁有最好的後付費客戶。

Clear. Thank you very much.

清除。非常感謝。

Andres Coello, Scotia Bank.

加拿大豐業銀行的安德烈斯‧科埃略 (Andres Coello)。

Thank you for taking my question. On Mexico, please. First, we saw last year two constitutional reforms, one given the CFE special legal status in Mexico. And there was also the reform that is going to merge two regulators into single body. So Daniel, I'm just wondering what you're seeing in terms of the regulatory environment in the country with these constitutional reforms.

感謝您回答我的問題。請談墨西哥問題。首先，去年我們看到了兩項憲法改革，其中一項改革賦予了歐洲常規武裝力量在墨西哥特殊的法律地位。另外還有一項改革是將兩個監管機構合併為一個機構。所以丹尼爾，我只是想知道你對這些憲法改革對該國的監管環境有何看法。

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 2 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.

更具體地說，您如何看待公司與政府的競爭，對嗎？因為政府現在提供的是零售服務。所以你會在那上面。我的第二個問題是關於 Telmex 的。Telmex 管理層和工會發表了一封信，信中表示，今年他們預計將在墨西哥贏得 200 萬條寬頻線路，市場份額達到 50%。所以我只是想知道這是否可行，如果您認為這樣的話——或者也許太雄心勃勃以至於無法想像在墨西哥增加 200 萬寬頻用戶。謝謝。

Well, of course, it's an internal budget that we have. And of course, we want to win, if it's 2 million or more than 2 million. So all the commercial areas, marketing people working in the streets are looking to grow is what we want. We want to increase our market share in Telmex. That's why we don't increase prices last year.

嗯，當然，這是我們的內部預算。當然，如果票房收入是200萬或超過200萬，我們就想贏。因此，我們希望所有商業領域、在街頭工作的行銷人員都能成長。我們希望增加在 Telmex 的市佔率。這就是我們去年不漲價的原因。

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 is focusing on making more broadband subscribers and winning more broadband.

我們在前幾年失去了一些市場份額，我們想收回部分市場份額。我很高興工會和所有人都致力於增加寬頻用戶並贏得更多的寬頻。

So I'm happy it's visible, 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.

所以我很高興看到，我們所做的所有預算都是可行的。我們不知道經濟是否允許我們做那麼多。但我們想這麼做。可能每個月有15萬左右吧。我不知道我們是否可以做到，但我們正在尋求這樣做。

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 said, we have 85% of our subscriber broadband in fiber, and it's a very good news. So if we look three years ago, I don't think we have those numbers.

我們有足夠的纖維。我們也將用戶從銅線改為光纖。所以我們還有很多事情要做。正如奧斯卡所說，我們 85% 的用戶寬頻都是光纖，這是一個非常好的消息。所以如果我們回顧三年前，我認為我們沒有這些數字。

So we have been working very, very hard to move all the all our subscribers to fiber. So that's what we have. In terms of the -- Well, what we have been seeing is that right now, they are looking for the secondary loss, they are moving on that. We don't know exactly what are going to be the secondary loss. We're waiting for that and CSO, we are aiming to work with any, I think part is going to go to [economy]

因此，我們一直非常努力地將所有用戶遷移到光纖。這就是我們所擁有的。就……嗯，我們現在看到的是，他們正在尋找二次損失，他們正在採取行動。我們不知道二次損失到底是什麼。我們正在等待這一點，CSO，我們的目標是與任何人合作，我認為部分將用於[經濟]

The other part that 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 area. 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.

另一部分將交給 [Agencia] Digital，我們將與兩家公司合作完成這項工作。如果我們要競爭——希望政府說的是，他們想要做的是在非常非常偏遠的地區提供連結性。所以我希望他們正在努力實現這些農村地區的連結性。但那或多或少就是我所擁有的，我不知道。但這就是我們所擁有的。

Okay. Thank you.

好的。謝謝。

Alejandro Azar, GBM.

亞歷杭德羅·阿扎爾，GBM。

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 billion, $7.5 billion CapEx, how much is that directed to that business segment. And the other one would be on your pension plan.

你好。早上好，感謝您回答我的問題。兩個簡單的。一個是在雲端和企業網路上。您能否提醒我們 2024 年該業務成長了多​​少？如果您可以告訴我們，在 70 億美元、75 億美元的資本支出中，有多少用於該業務部門。另外一個是你的退休金計劃。

You mentioned 25 billion uses or cash outflows during 2024. My question would be 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, a decade should that decline at some point? And why? Thank you.

您提到 2024 年的使用或現金流出量為 250 億美元。我的問題是，這是 100% 現金流嗎？我們該如何看待未來十年的退休金計畫流出量在某個時候會下降？為什麼？謝謝。

Well, what I can tell you is that the segment 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.

嗯，我可以告訴你的是，成長較快的部分是後付費和企業部分。這兩個細分市場在 América Móvil 中成長較快。我認為公司的收入成長率約為 15% 左右。

I think fixed exchange rate for everyone, including Chile, that's 12.3%. And it's been accelerating. It was 7% in the second quarter, 10% in the third quarter and 12% in the fourth quarter.

我認為包括智利在內的所有國家的固定匯率都是 12.3%。而這一趨勢還在加速。第二季為7%，第三季為10%，第四季為12%。

What is very important, we have been putting a good CapEx, it's difficult to devise what CapEx is for cloud and corporate and the other ones. But we have -- we are very well prepaid in all Latin America to serve the corporate market to -- we have good salespeople. We have data centers. We have good alliances. So we are very well prepared to grow in the corporate market.

非常重要的是，我們一直投入良好的資本支出，很難設計出雲端運算、企業和其他領域的資本支出。但是，我們在整個拉丁美洲都有很好的預付款來為企業市場提供服務，我們擁有優秀的銷售人員。我們有資料中心。我們有著良好的聯盟。因此，我們已經做好了在企業市場中發展的充分準備。

So I think we are I'm very confident that in the next years, we are going to be a good player, a big player in the corporate market.

因此我認為，我們非常有信心，在未來幾年，我們將成為企業市場的優秀參與者、重要參與者。

and on the pension fund, 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 over the next three years. So then we would expect them to be a little bit declining.

而就退休基金而言，我認為趨勢應該是下降的。我認為，在未來三年的一段時間內，我們仍將看到一些與去年規模大致相同的資金流出。因此我們預計它們會略有下降。

And that has to do with the overall trends. I think that we have reached the peak of pension payments and they will be trending down earlier than -- there's less people -- pension to new people and to people that have pension that will seize to receive pensions at some point. Okay. So that's basically -- we can talk more about at next Investor Day call.

這與整體趨勢有關。我認為我們已經達到了退休金支付的頂峰，而且退休金支付將會提前出現下降趨勢——新領取退休金的人越來越少，而那些已有退休金的人在某個時候將無法再領取退休金。好的。所以基本上——我們可以在下次投資者日電話會議上進一步討論。

Thank you both.

謝謝你們兩位。

(Operator Instructions)

（操作員指令）

Phani Kanumuri, HSBC.

匯豐銀行的 Phani Kanumuri。

Hi, everyone. Thank you for taking my questions. The first one is related to the outlook for shareholder remuneration 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 enrollment continuing there? And you have grown like 10% in 2024. Do you see that growth rate trending in the same range in 2025? Thank you.

大家好。感謝您回答我的問題。第一個問題與股東薪酬前景有關，鑑於外匯變化和資本支出增加，您如何看待 2025 年股東薪酬的前景？第二個問題是關於您對巴西移動的看法。您認為那裡的（合理）市場入學率會持續下去嗎？到 2024 年，你的成長率將達到 10%。您認為 2025 年的成長率會維持在同一範圍內嗎？謝謝。

Well, on the first question, if you look at the basic trends that we are having today, we have had a 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. And this is already very well diversified. We are doing it in all the main countries and these blocks of countries like Central America and Eastern Europe.

嗯，關於第一個問題，如果你看看我們今天的基本趨勢，我們長期以來一直保持著非常穩健的收入成長。我們在固定和行動業務方面均取得了成長，這一點我們已經強調了相當長一段時間了。這已經是非常多樣化了。我們在所有主要國家以及中美洲和東歐等國家地區開展這項業務。

And 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 (inaudible) that we've made in the past, including introducing all the necessary investments to be able to produce (inaudible) our larger markets and also the spectrum that has to go with that.

我們看到，在非常強勁且持續的營收成長的支持下，我們還能夠降低業務的資本支出強度，考慮到我們過去做出的重要（聽不清楚）舉措，包括引入所有必要的投資，以便能夠生產（聽不清楚）我們更大的市場以及與之相伴的頻譜。

So all of that is behind us, and that's why we have been able to reduce the CapEx to sales intensity significantly, we expect it will be remaining in that position. So given what I've said, I think the outlook is for the possibility for free cash flow expansion with a position of leverage that will remain not far from where we are, okay?

所以所有這些都已經成為過去，這就是為什麼我們能夠大幅降低資本支出與銷售強度，我們預計它將保持在這一水平。所以，根據我所說的，我認為前景是自由現金流有可能擴大，而槓桿率仍將保持在與我們目前水平相近的水平，好嗎？

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 we don't need more cash for debt, and we don't need more cash for CapEx. That means that there's going to be more cash available for distributions.

我們的淨債務與 EBITDA 比率為 1.4 倍。它正好在我們想要的範圍的中間。這樣，你就可以計算出數字，你會發現，我們不需要更多的現金來償還債務，我們也不需要更多的現金來支付資本支出。這意味著將有更多的現金可供分配。

And on Brazil, I think we we are like we have like 40%, something like that 38% to 40% share of market in 5G. So we are one of the biggest in Brazil. We have a very good network, the fastest network, I'm not really saying that we're the fastest network in Brazil. And we have been growing market share in Brazil for -- in postpaid for some years. So we are well prepared.

在巴西，我認為我們在 5G 市場的市佔率約為 40%，也就是 38% 到 40%。我們是巴西最大的公司之一。我們有非常好的網絡、最快的網絡，我並不是說我們是巴西最快的網絡。幾年來，我們在巴西的後付費市場份額一直在增長。所以我們已經做好了充分的準備。

We are investing, and we have seen -- had good results, very good management, good team, good synergies that we have been having. So we are -- I think we can still do a very good year -- the next years, we're going to be building Brazil.

我們正在投資，我們已經看到了良好的績效、非常好的管理、優秀的團隊和良好的協同效應。所以我認為我們今年仍然可以取得非常好的成績，接下來的幾年我們將致力於建立巴西。

Thanks, everyone.

謝謝大家。

Gustavo Farias, UBS.

瑞銀的 Gustavo Farias。

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 from 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?

你好，感謝您回答我的問題。我這邊有兩個。第一個問題是關於巴西的行動競爭。我們看到競爭對手預計不會在今年上半年提高價格。所以我的問題是，您能否評論一下您如何看待巴西的競爭？您覺得情況有沒有惡化？

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 we would like to see (inaudible) hard currencies as a percentage of total in five-plus years from now. Thank you.

第二個問題是關於債務狀況以及您如何看待長期債務狀況。那麼，如果您有一個目標，即我們希望在未來五年內看到（聽不清楚）硬通貨佔總債務的百分比是多少。謝謝。

Can you repeat the second question, please? We don't hear you well

您能重複一下第二個問題嗎？我們聽不清楚

Regarding the debt profile -- 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?

至於債務狀況—當然，您如何看待長期的債務狀況？您希望以硬通貨計價的債務佔總債務的百分比是多少？

Well, 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 retained. We've been funding increasingly in local currencies with investing a bit more than MXN1 billion in over last six months in various local markets here in Latin America.

嗯，關於債務組成——如你所知，我認為你必須區分一方面的融資，另一方面我們保留的實際貨幣風險。我們一直以當地貨幣進行融資，過去六個月我們在拉丁美洲各個當地市場的投資略超過 10 億墨西哥比索。

And what we do with the currency exposure, we basically managed through derivatives and that basically is managed depending on our views of what the currencies are. So what I can tell you is that to raise the net exposure to dollars, for instance, is 32% of 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 currency today.

我們對貨幣風險的處理基本上是透過衍生性商品來管理，而這基本上取決於我們對貨幣的看法。因此我可以告訴你的是，例如，提高美元的淨敞口是淨債務的 32%。而對其他貨幣（不包括奧地利）的淨敞口約為 10%，好嗎？這意味著目前淨經濟風險敞口基本上對當地貨幣約為 60%。

And just talking about Brazil. I think competition, not only in Brazil, in all Latin America is we have a lot of competition there. We have let's say, in Brazil, we have Telefonica, we have Team. And then in mobile, and then we have all the new ones, the small ones that are growing.

剛才談論的是巴西。我認為競爭不只在巴西，在整個拉丁美洲都十分激烈。比如說，在巴西，我們有 Telefonica，我們有 Team。然後在行動領域，我們有各種新的、正在成長的小型公司。

So well, 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 the customer care.

在電信業，每個人都知道你必須擁有——不僅僅是價格。當你僅在價格上競爭時，我認為你將來會失去價值。您需要透過品質、覆蓋範圍、優良產品和客戶服務來競爭。

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, well, we have been digitalizing the company, working a lot on cost and expenses.

所以你需要做很多事情，這些意味著投資、資本支出，我們在拉丁美洲已經這樣做了 10 年或 20 年。因此，我認為我們已經做好了充分的準備，不僅在價格上競爭，而且我們也一直在進行公司數位化，並在成本和費用方面投入大量工作。

And that's, let's say, in Colombia, Colombia, we have 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.

比如說，在哥倫比亞，哥倫比亞，我們沒有人談論哥倫比亞，但我們有一個非常好的季度。我們去年年初的營收成長了 1%、2%，本季預付費收入成長了 8%。所以我們做得很好，因為我們有基礎，並且已經進行了投資。

And of course, we have some competition on price then we have to do it. But then then we return with good customers, good ARPUs, 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.

當然，我們在價格上存在一些競爭，所以我們必須這樣做。但隨後我們又帶著優質的客戶、優質的 ARPU 和優質的產品回來了。因此，在拉丁美洲和歐洲各地，我們都有競爭對手，電信業的競爭非常激烈，但我們已經做好了與他們競爭的準備。

Ernesto Gonzales, Morgan Stanley.

摩根士丹利的埃內斯托·岡薩雷斯。

Hi. Thank you for taking my questions. 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.

你好。感謝您回答我的問題。兩個簡單的。您能否討論一下您剛才提到的哥倫比亞的競爭態勢以及智利的競爭態勢？謝謝。

Well, in Colombia, I think (inaudible) Telefonica are getting together the network. I don't know if they're going to allow them to consolidate the -- and 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 more stronger competitor that is good for us. But as I said, in Colombia, if you review the numbers that we have this quarter are very good. And I think for 2025, we still think that we can increase and have better numbers.

嗯，在哥倫比亞，我認為（聽不清楚）西班牙電信公司正在整合網路。我不知道他們是否會允許他們整合網絡，但我認為他們正在運作並且擁有良好的網絡。我覺得很好。他們要省錢。有更強大的競爭對手，這對我們有利。但正如我所說，在哥倫比亞，如果你查看本季的數據，你會發現我們的數據非常好。我認為到 2025 年，我們仍然可以增加並取得更好的數字。

The revenues growing. And we are put in the market. (inaudible) I don't know exactly what is going to happen, there's going to be a new investor in (inaudible) So we don't know exactly what they are going to do. But we are in a good position. And in Chile, I think in Chile, we have a lot of competition, different in broadband and in mobile. But what I can tell in Chile is we have been working including '23 and '24. We have a very good management.

收入不斷增長。我們被投放到市場。（聽不清楚）我不知道具體會發生什麼，會有一個新投資者（聽不清楚）所以我們不知道他們具體會做什麼。但我們處於有利地位。我認為，在智利，我們面臨很多競爭，在寬頻和行動領域有所不同。但我可以在智利告訴大家的是，我們一直在努力，包括23年和24年。我們的管理非常好。

They are delivering what they promise. So we are in the numbers and the investments that we're doing are being good. And 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.

他們正在兌現自己的承諾。因此，從數字來看，我們所做的投資都是好的。我認為，今年我們將鞏固智利兩家公司之間的所有綜效。我們將擁有更好的網路。我們有一個非常優秀的團隊在那裡工作。

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 were okay, and they are delivering -- we're delivering what they are promising in Chile.

因此，我們認為我們在智利將會取得不錯的成績，例如在智利號碼可攜性方面，過去六、七個月來，我們的號碼可攜性用戶數量一直在增加。這意味著網路正在運行，我們有良好的計劃，而且我們做得還不錯。所以我們還不錯，他們正在兌現——我們正在兌現他們在智利的承諾。

Very clear. Thank you.

非常清楚。謝謝。

Juan Cruz, Morgan Stanley.

摩根士丹利的胡安·克魯茲。

Hi. Good morning and thank you for th 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 would be great. Thank you.

你好。早安，謝謝您的來電。只是跟進智利的行動。現在，ClaroVTR 已正式納入成果之中。我們什麼時候可以期待更多關於智利業務未來營運和財務狀況的揭露？其次，如果您能告訴我們 2025 年智利的資本支出預算是多少，如果您手邊有這個數字就太好了。謝謝。

Well, we will begin reporting the Chilean results next quarter. Likely, we will be discussing it together reports 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 begin from the first quarter of 2025. And on the CapEx

嗯，我們將於下個季度開始報告智利的業績。也許，我們將一起討論該地區其他國家的報告。所以把它們和所謂的南錐體國家放在一起。但我認為這就是我們將要開始的——從 2025 年第一季開始。關於資本支出

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. So that's more or less what we budget. We still haven't finished this budget, but we think that it will be like the $250 million, a little bit more, a little bit less on CapEx for 2025.

關於智利的資本支出，我們表示，今年將投入約 2.5 億美元來完成所有工作，包括更多轉向光纖、擴大覆蓋範圍和增加 5G。這就是大致的預算。我們還沒有完成這個預算，但我們認為 2025 年的資本支出將會像 2.5 億美元一樣，多一點，少一點。

Okay. Thank you.

好的。謝謝。

We have a question from (inaudible)

我們有一個問題（聽不清楚）

Hi. Thank you for taking my question. (inaudible) Two questions regarding to Mexico. The first one is how do you see the competition of the MVNO of Walmex, 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.

你好。感謝您回答我的問題。（聽不清楚）兩個關於墨西哥的問題。第一個問題是，您如何看待 Walmex MVNO 的競爭，他們在過去兩年中擁有約 1500 萬客戶。顯然，它處於該範圍的低端。我可以問第二個問題，您如何看待設備銷售收入下降的情況？您相信這種趨勢會持續下去嗎？謝謝。

Yeah, that's right. We reduced 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. So that's -- and the other thing is all these revenues are based in dollars.

是的，沒錯。我們減少了設備收入。我認為這與我們談論的經濟話題也有些關係。經濟正在稍微放緩。所以——另一件事是所有這些收入都是以美元計算的。

So if the dollar moves from MXN17 in June to MXN20.5 in December. So equipment gets a little bit more expensive. So that's why we reduced some revenues on that. on Walmex, 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. There are, 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 MXN40 million or not, we don't know.

因此，如果美元匯率從 6 月的 17 墨西哥比索變為 12 月的 20.5 墨西哥比索。因此設備會變得稍微貴一些。這就是我們減少部分收入的原因。對於 Walmex 來說，它是一個很好的競爭對手，一個強大的競爭對手。它們的分佈良好。這並不是什麼新鮮事。正如你所說，他們的訂閱用戶數量已降至最低，為 4000 萬。我不知道特定的收入，但是上次我們看到的收入和 ARPU 非常低。所以我不知道他們是否真的有 4000 萬墨西哥比索，我們不知道。

But it's more competition in Mexico, nothing new -- we have been dealing with Walmex for the last two years with CFE also. And then we have Telefonica 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. So that's -- 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.

但墨西哥的競爭更激烈，這並不是什麼新鮮事——過去兩年我們也一直與 Walmex 和 CFE 打交道。然後我們有Telefonica，然後我們有AT&T。因此，墨西哥的競爭非常激烈，但沒有什麼新意——這就是我們去年所面臨的情況。所以 — — 今年我們仍然會面臨競爭。希望經濟在接下來的幾個月裡能夠復甦並且更加強勁。但我們仍然看到經濟放緩對預付費用戶造成了一定影響。

Thank you so much.

太感謝了。

Thank you. We have no further questions. So I'd like to hand the call back to Mr. Daniel Hajj to conclude.

謝謝。我們沒有其他問題了。因此，我想將發言權交還給丹尼爾·哈吉先生來結束演講。

I want to thank everyone for being in the call, and see you next quarter. Thank you very much.

我感謝大家參加電話會議，我們下個季度再見。非常感謝。

Thank you. This concludes today's call. Thank you all for joining. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。