America Movil SAB de CV (AMX) 2025 Q1 法說會逐字稿

Good morning. My name is Nadia, and I'll be your conference operator today. (Operator Instructions)

早安.我叫納迪亞，今天我將擔任您的會議主持人。（操作員指示）

Now I will turn the call over to Mr. Daniela Lecuona, Head of Investor Relations.

現在我將電話轉給投資者關係主管 Daniela Lecuona 先生。

Thank you. Good morning, everyone. Thank you for joining us today to discuss our first-quarter 2025 financial and operating results. We have on the line Mr. Daniel Hajj, CEO; Mr. Carlos Garcia Moreno, CFO; Mr. Oscar Von Hauske, COO.

謝謝。大家早安。感謝您今天加入我們討論我們的 2025 年第一季財務和營運業績。我們的線上聯絡人是執行長 Daniel Hajj 先生；卡洛斯·加西亞·莫雷諾先生，財務長； Oscar Von Hauske先生，營運長。

Thank you, Daniela. Welcome, everyone, to the first-quarter of 2025 financial and operating report.

謝謝你，丹妮拉。歡迎大家閱讀2025年第一季財務與營運報告。

Carlos is going to make a summary of the results. Thank you.

卡洛斯將對結果進行總結。謝謝。

Thank you, Daniel. Good morning, everyone. The first quarter of the year began with interest rates surging ahead continuing their trend from early December, as the markets grew increasingly concerned with inflation on signs of a much stronger economy than had been expected.

謝謝你，丹尼爾。大家早安。今年第一季開始，利率延續了 12 月初以來的趨勢，因為有跡象顯示經濟狀況遠超預期，市場對通膨的擔憂日益加劇。

However, as inflation numbers came in within expectations and new payroll figures weakened, 10-year Treasury yields came down by a remarkable 60 basis points from mid-January to end the quarter at 4.20%.

然而，隨著通膨數據符合預期，且新就業數據走弱，10 年期美國公債殖利率從 1 月中旬大幅下降 60 個基點，至本季末的 4.20%。

In the period most currencies in our region of operations appreciated vs. the US dollar, but not the Mexican peso, which remained almost flat over the quarter as the uncertainty over potential new tariffs by the US weighed on it.

在此期間，我們所在地區的大多數貨幣兌美元均升值，但墨西哥比索卻沒有升值，由於美國可能徵收新關稅的不確定性對其造成壓力，墨西哥比索在本季度幾乎保持持平。

In the quarter, the US dollar lost 7.3% vs the Brazilian real, 4.9% vs the Colombian peso, 4.4% vs the Chilean peso and 4.2% vs the euro. Now the Mexican economy has been slowing down since April of last year, with the index of economic activity reaching 0% in February of this year. And private consumption, as you can see in the slide that we are showing, has plummeted and is now declining 1% year-on-year on the back of uncertainty around the Mexican and US election, increasing real grades of interest as inflation declined by rates stay put and the decline of economic activity made worse by a significant tightening of public expenditures. So as you can see, the -- there's been really a vertical drop in private consumption in Mexico over the last several months to a point that is now negative.

本季，美元兌巴西雷亞爾貶值7.3%，兌哥倫比亞比索貶值4.9%，兌智利比索貶值4.4%，兌歐元貶值4.2%。目前墨西哥經濟自去年4月起開始放緩，今年2月經濟活動指數已達0%。正如您在我們展示的幻燈片中看到的，私人消費大幅下降，目前由於墨西哥和美國大選的不確定性而同比下降了 1%，由於通貨膨脹率下降、利率保持不變以及公共支出大幅緊縮使經濟活動下滑的情況更加嚴重，實際利率上升。所以正如你所看到的，過去幾個月墨西哥的私人消費確實急劇下降，現在已經達到負值。

Now in the first quarter, we added 2.4 million postpaid subscribers, with Brazil leading the way with 987 thousand clients followed by Colombia with 163 thousand and Mexico with 133 thousand.

目前，在第一季度，我們增加了 240 萬後付費用戶，其中巴西以 98.7 萬用戶位居榜首，其次是哥倫比亞（16.3 萬）和墨西哥（13.3 萬）。

In the Mexico and Brazil disconnected clients, [831 thousand] and (inaudible), respectively, while Argentina added [130 thousand] subs and Colombia added [134 thousand] subs, prepaid disconnections were limited to Brazil and Mexico.

墨西哥和巴西分別切斷了 [831,000] 個和 (聽不清楚) 的用戶連接，而阿根廷增加了 [130,000] 個用戶，哥倫比亞增加了 [134,000] 個用戶，預付費切斷僅限於巴西和墨西哥。

In the fixed line segment, we connected 446 thousand new broadband accesses. Mexico was the main contributor with 165 thousand clients, followed by Brazil with 98 thousand and Central America with 52 thousand. Voice lines and PayTV units fell by 130 thousand and 32 thousand, respectively. Mobile postpaid and fixed-broadband were the main drivers of our clients base, increasing by 6.1% and 4.3%, respectively again you can see this in this slide.

固定線路方面，新增寬頻接取44.6萬戶。墨西哥是主要貢獻者，擁有 165,000 名客戶，其次是巴西，擁有 98,000 名客戶，中美洲擁有 52,000 名客戶。語音線路和付費電視設備分別減少了13萬和3.2萬。行動後付費和固定寬頻是我們客戶群的主要驅動力，分別成長了 6.1% 和 4.3%，您可以在這張投影片中再次看到這一點。

Our first quarter revenue was up 14.1% year-on-year in Mexican peso terms to MXN232 billion, with service revenue expanding 15.8% and adjusted EBITDA 13.3%. The latter figures partly reflect the year-over-year appreciation of most currencies vs the Mexican peso, particularly the Colombian and Chilean pesos, which were up 18% and 14% versus the Mexican peso. The dollar, which was up 17.7% and the euro up at 14.1%, again versus the peso.

我們第一季的營收以墨西哥比索計算年增 14.1%，達到 2,320 億墨西哥比索，其中服務營收成長 15.8%，調整後 EBITDA 成長 13.3%。後者的數據部分反映了大多數貨幣兌墨西哥比索的同比升值，尤其是哥倫比亞比索和智利比索，分別兌墨西哥比索上漲了 18% 和 14%。美元兌比索上漲 17.7%，歐元兌比索上漲 14.1%。

So that essentially means that with the exception really of Brazil, all other international operations of América Móvil were worth more in Mexican peso terms. At constant exchange rates, we adjust for these exchange rate movements, service revenue increased 6.1% and Adjusted EBITDA 4.0%, adjusting for sale of towers by Telmex a year before.

所以這實際上意味著，除了巴西之外，America Móvil 的所有其他國際業務以墨西哥比索計算的價值都更高。以固定匯率計算，我們根據這些匯率變動進行調整，服務收入成長 6.1%，調整後 EBITDA 成長 4.0%，並根據一年前 Telmex 出售的塔進行調整。

Most of our operations saw the EBITDA margins increased sequentially.

我們大多數業務的 EBITDA 利潤率都實現了連續成長。

Wireless service revenue climbed 5.7%, decelerating somewhat from the prior quarter, as prepaid revenue continued to slow down mostly on account of weaker economic activity in Mexico as we've seen before. Postpaid revenue growth remained fairly stable across the board and actually accelerate slightly to 8.8% when our Chilean operation is included.

無線服務收入成長 5.7%，較上一季略有放緩，因為預付費收入持續放緩，主要原因是我們之前看到墨西哥經濟活動疲軟。後付費收入成長總體上保持相當穩定，如果算上智利業務，成長實際上略微加速至 8.8%。

On the fixed-line platform service revenue growth came in at 6.7% with corporate networks revenue appearing to slow down. This effect had mostly to do with the fact that in the year-earlier quarter that line item had a very strong showing. And you can see this again in the slide.

固定電話平台服務收入成長率為 6.7%，而企業網路收入似乎放緩。這種影響主要與去年同期該項目表現非常強勁有關。您可以在幻燈片中再次看到這一點。

Broadband revenue growth maintained its pace at 9.8% while that of PayTV came in at 8.7%, the fastest pace seen in many quarters. Reflecting on the one hand in cooperation of Chile, but also better growth in Central America and Austria and Eastern Europe. And we are seeing less of our drag in Brazil, where although growth is still negative, the rate of decline has slowed.

寬頻收入成長率維持在 9.8%，而付費電視收入成長率達到 8.7%，為多個季度以來的最快成長速度。一方面體現在智利的合作上，同時也體現在中美洲、奧地利和東歐的較好成長。我們看到，巴西的拖累作用正在減弱，儘管其經濟仍為負成長，但下降速度已放緩。

The Central America and the Eastern European blocks were top performers in the period, exhibiting faster service revenue growth in both the fixed and the wireless platforms than they had the preceding quarter. Our first quarter operating profit totaled MXN44.8 billion, a 10.0% year-on-year increase after depreciation and amortization charges that were up 16.1%, which partly reflects the incorporation of our Chilean operation. With our comprehensive financing costs decreasing slightly from the year-earlier quarter our net income was up 38% [38.6%] to MXN18.7 billion and was equivalent to [$0.31], $0.30 ADR.

中美洲和東歐地區是本季表現最好的地區，其固定和無線平台的服務收入成長速度均快於上一季。我們第一季的營業利潤總計 448 億墨西哥比索，扣除折舊和攤銷費用上漲 16.1% 後同比增長 10.0%，這部分反映了我們智利業務的合併。由於我們的綜合融資成本較去年同期略有下降，我們的淨收入增長 38% [38.6%] 至 187 億墨西哥比索，相當於 [0.31 美元]、0.30 美元 ADR。

Our net debt stood at MXN500 billion not including capitalized lease obligations. It was equivalent to 1.50 LTM EBITDA. In cash flow terms our net debt increased MXN11 billion in the quarter and it helped us fund capital expenditures in the amount of MXN25 billion, share buybacks of MXN4 billion and MXN7 billion in labor obligations.

我們的淨債務為 5000 億墨西哥比索（不包括資本化租賃債務）。這相當於 1.50 LTM EBITDA。從現金流角度來看，本季我們的淨債務增加了 110 億墨西哥比索，這幫助我們支付了 250 億墨西哥比索的資本支出、40 億墨西哥比索的股票回購和 70 億墨西哥比索的勞務費用。

So that's the summary, and I will pass the floor back to Daniel so that we can begin the Q&A session.

這就是總結，我將把發言權交還給丹尼爾，以便我們開始問答環節。

Thank you, Carlos. We can start with the Q&A session.

謝謝你，卡洛斯。我們可以從問答環節開始。

(Operator Instructions)

（操作員指示）

Leonardo Olmos, UBS.

瑞銀的萊昂納多·奧爾莫斯。

Hi everyone, good morning. My question is going to be centered on regulation and laws in Mexico. So I think what we're seeing now is on unprecedented maybe for many, many years. If you could first discuss the new telecommunications law legislation that could impact the spectrum distribution and what your positioning on it? So potentially, regarding spectrum to competitors -- to new competitors?

大家好，早安。我的問題主要圍繞在墨西哥的法規和法律。所以我認為我們現在看到的情況可能是多年來前所未有的。您能否先討論可能影響頻譜分配的新電信法規以及您對此的定位？那麼，對於競爭對手和新競爭對手而言，頻譜是否有可能受到影響？

And second is what the Trump administration is proposing on deliberation date, if there is any type of impact from Mexico? Because there was a document that by that data is released, mentioning that they were concerned, the US government was concerned about concentration -- high concentration of market share and telecommunication in Mexico, if that could be a concern to you? Thank you.

第二，川普政府在審議日期提出的建議是否會受到墨西哥的影響？因為有一份文件根據發布的數據提到，他們擔心，美國政府擔心集中度——墨西哥的市場份額和電信高度集中，這是否會讓您擔心？謝謝。

Thank you. As we -- as you know and everybody knows, Congress is currently discussing the proposals made by the President Sheinbaum regarding the new telecommunication law and some changes in the competition law.

謝謝。正如您和大家所知，國會目前正在討論總統謝恩鮑姆提出的有關新電信法和競爭法一些修改的建議。

Those are right now discussing in the Congress. We are monitoring closely both proposals and providing comments to -- and views to the Congress people, okay? So that's what we have now. We don't have anything else. Everybody knows what is -- what the proposals have.

這些目前正在國會討論。我們正在密切關注這兩項提案，並向國會議員提供評論和意見，好嗎？這就是我們現在所擁有的。我們沒有其他東西了。每個人都知道提案的內容是什麼。

I agree on what you're saying about the spectrum. So we are giving our views and we can discuss that in more detail when both laws have been enacted, okay? So -- but right now, nothing to say. The laws are there. Everybody is discussing.

我同意你關於光譜的說法。所以我們發表我們的觀點，當兩項法律頒布後我們可以更詳細地討論這個問題，好嗎？所以——但是現在，沒有什麼好說的。法律就在那裡。大家都在討論。

We're giving our point of view. And that's all. So I think in the next two months, as the President said, they are going to be enacted. So that's what we have right now. On the other side, I don't exactly understand what you said about President Trump, about what -- if you're saying about the competition and dominance and all of that, well, that will be included in these laws and these laws has been discussing right now.

我們正在表達我們的觀點。就這樣。所以我認為，正如總統所說，在接下來的兩個月內，這些法案將會頒布。這就是我們現在所擁有的。另一方面，我不太明白您對川普總統的看法，關於什麼——如果您說的是競爭和主導地位等等，那麼這些都將包含在這些法律中，而且這些法律現在一直在討論。

So other important issue, and we put it in front of the first page of our results, is the market share that we have in fixed broadband and TV, we have 27%, and Telcel has 55% subs. So those -- that does not include the [CPE] that has also some subscribers.

因此，另一個重要問題是，我們把它放在了結果第一頁的前面，那就是我們在固定寬頻和電視領域的市場份額，我們佔 27%，而 Telcel 佔 55%。因此那些 — — 不包括也有一些訂閱者的 [CPE]。

So I think we are discussing that. We are -- we think that we are not a dominant player anymore and the laws has to show that. So that's mainly what we have been discussing.

所以我認為我們正在討論這個問題。我們——我們認為我們不再是主導者，法律必須證明這一點。這就是我們主要討論的內容。

Okay. Crystal clear. Thank you very much. Have a good day. Thanks.

好的。晶瑩剔透。非常感謝。祝你有美好的一天。謝謝。

Thank you.

謝謝。

Walter Piecyk, Lightshed Partners.

沃爾特‧皮西克 (Walter Piecyk)，Lightshed Partners。

Thanks. I think -- can you just address the impact of tariffs potentially on handsets? How do you expect to, if anything -- impact your business?

謝謝。我想—您能否談談關稅對手機的潛在影響？如果有的話，您預計這會對您的業務產生什麼影響？

Well, the tariffs in Mexico, we -- no changes on tariff on handsets right now in Mexico and Latin America. I don't know that if we can have something in the future. . So at this moment, even it's been a little bit better because the exchange rate has coming a little bit down, and those are -- we buy everything in dollars. So in Mexico, let's say, price of handsets has been better.

嗯，關於墨西哥的關稅，我們——目前墨西哥和拉丁美洲的手機關稅沒有改變。我不知道我們將來是否能有所成就。。因此目前情況稍微好一點，因為匯率略有下降，而且我們用美元購買所有東西。可以說，在墨西哥，手機的價格更優惠。

So at this moment, we don't have anything on tariffs, and we don't expect anything on tariffs for the next months.

因此，目前我們還沒有關於關稅的任何消息，我們預計未來幾個月也不會有任何關於關稅的消息。

I was going to continue, just kind of noting perhaps the trade deficit that exists between Mexico and China? And if there's anything perhaps given everything that's happening in the world and how manufacturing can move to different locations, whether that could extend in terms of Mexico's relationship with China?

我本來想繼續說下去，只是想指出墨西哥和中國之間存在的貿易逆差？考慮到世界上正在發生的一切以及製造業如何轉移到不同地點，這是否會延伸到墨西哥與中國的關係？

Well, I think there's big discussions on that on the trade deficits, trade deficit in the US, trade deficit in Mexico with China. So it's going to be very difficult to understand what is going to happen in the future.

嗯，我認為關於貿易逆差、美國的貿易逆差、墨西哥與中國的貿易逆差等議題有很大的討論。因此，我們很難理解未來會發生什麼。

But I think that Mexico will have a very, in my view, a good probability that will be every day, manufacturing more and more in Mexico to go to the US, manufacturing more with Mexicans and doing things in Mexico, not importing from other countries and then exporting to the US, I think that's going to change a little bit.

但我認為，墨西哥很有可能每天都在進行越來越多的製造，然後銷往美國，與墨西哥人一起製造更多產品，在墨西哥做事，而不是從其他國家進口然後出口到美國，我認為這將會發生一些改變。

But if we produce here, I think Mexico will have a good opportunity to grow. So I think all these discussions and what is happening in the world, I hope that will be benefit for Mexico.

但如果我們在這裡生產，我認為墨西哥將有良好的發展機會。所以我認為所有這些討論以及世界上正在發生的事情，我希望都會對墨西哥有益。

Carlos also obviously mentioned and we've seen the results, the impact of some of the economic issues in terms of consumer demand, I guess, in Mexico.

卡洛斯顯然也提到了，而且我們已經看到了結果，我想，一些經濟問題對墨西哥的消費者需求產生了影響。

I mean, you guys have both been there a very long time. And obviously, Carlos, very involved in Mexico in general even before Móvil. Just curious, kind of your thoughts on time line and how long you think that this will progress through your numbers? How deep of a dip, how soon of a recovery, I suppose?

我的意思是，你們倆都在那裡待了很長時間。顯然，早在 Móvil 成立之前，卡洛斯就非常重視墨西哥事務。只是好奇，您對時間軸有什麼看法，您認為這將通過您的數字進展多長時間？我想，衰退有多深，復甦需要多久？

I think what I was saying before is -- we had an extraordinary situation last year -- second half of last year because of the confluence of many events. One was the election in Mexico, which always leads to a slowdown in economic activity for the month after the election and the beginning of the new administration, that's our historical pattern. Then you have -- we had also the elections in the US at this time were probably more eventful than probably has been -- had been expected in some more time.

我想我之前說過的是——由於許多事件的共同作用，我們去年——去年下半年——的情況非常特殊。一個是墨西哥大選，總是會導致選舉後一個月和新政府上台後經濟活動放緩，這是我們的歷史模式。那你就知道了——我們這次的美國選舉可能比我們預期的還要多事。

And we have, as I mentioned, very high and increasing real rates of interest because policy rates were constant, but inflation was declining rapidly. So the real rate of interest were going up, and that obviously had an impact on overall spending, both consumption and investment.

正如我所提到的，我們的實際利率非常高且還在不斷上升，因為政策利率保持不變，但通貨膨脹率卻在迅速下降。因此實際利率上升，這顯然對消費和投資等總體支出產生了影響。

And then to make things somehow worse in some extent in terms of economic activity in short term, the new administration came in with a clear commitment to put order in public finances, which meant reducing the fiscal deficit.

然後，從短期來看，經濟活動的情況在某種程度上變得更糟，新政府明確承諾要理順公共財政，這意味著減少財政赤字。

And these, they've been doing with a lot of feel. We've seen the numbers through February this year. And they are doing better than budget. You have a primary surplus that has increased significantly, not compared to last year, but even to two years before. And the financial benefit is even lower in -- after inflation of the year than it was two years ago, not to mention last year.

他們做這些事時都帶著很多感覺。我們已經看到了今年二月的數據。而且他們的業績比預算好。你們的初級盈餘大幅增加，不僅與去年相比，而且與兩年前相比也增加了。經過今年的通貨膨脹，財務收益甚至比兩年前還要低，更不用說去年了。

So -- but our view is that this affects -- all these three effects that I have mentioned are going away. Obviously, there's -- the elections have happened and the uncertainty on the tariffs, I think, will be clearing relatively soon.

所以——但我們認為這會影響——我提到的所有這三種影響都會消失。顯然，選舉已經結束，我認為關稅方面的不確定性很快就會消除。

The real policy rates are coming down in Mexico. They have been coming down, and we expect them to continue to come down. So real rates of interest are now beginning to go roll down. And we expect that the government will be in a position in the second half of the year to be a bit more forthcoming with their expenditures. So I think that our current expectation is that we are seeing the bottom right now in this first quarter.

墨西哥的實際政策利率正在下降。它們一直在下降，我們預計它們還會繼續下降。因此實際利率現在開始下降。我們預計政府在下半年將會更加樂意公佈支出計畫。所以我認為我們目前的預期是，我們在第一季就看到了底部。

And we would expect to see -- probably the bottom, and we can expect to see recovery of source second half of the year.

我們預計可能會看到底部，我們預計下半年源頭將出現復甦。

If there's a lot of people that believe that the USMCA agreement may be negotiated early -- earlier this year. And to the extent that's the case, I think that it will provide an additional boost to the economy, as Daniel was saying. And so yes, we think we are quite positive on our expectations for the second half of the year. I think we are seeing the [year.]

如果有很多人相信 USMCA 協議可能會在今年稍早提前談判。就這種情況而言，我認為它將為經濟提供額外的推動力，正如丹尼爾所說的那樣。是的，我們認為我們對下半年的預期非常樂觀。我認為我們看到的是[年。 ]

That's very helpful, Carlos and thank you also Daniel appreciate it.

這非常有幫助，卡洛斯，謝謝你，丹尼爾也非常感激。

Thank.

感謝。

Marcelo Santos, JP Morgan.

摩根大通的馬塞洛·桑托斯。

Hi, good morning, Daniel Carlos Oscar, Daniela, thanks for taking my questions. I have 2. The first is regarding Mexican prepaid. I understand in the release, you attributed the weakness mostly to the economy.

嗨，早安，丹尼爾卡洛斯奧斯卡，丹妮拉，感謝你們回答我的問題。我有 2 個。第一個是關於墨西哥預付費的。我了解到，在新聞稿中，您將疲軟主要歸咎於經濟。

But I would like to see if you could discuss a bit the competitive angle. We are seeing some MVNOs growing very aggressively in prepaid. Do you think this is affecting -- what could you discuss of the competitive angle on prepaid in Mexico? And the second question is regarding the appetite of America Movil for M&A in the region. There are some players that are divesting some assets and wanted to know what do we think about that? Thank you very much.

但我想看看您是否可以稍微討論一下競爭角度。我們看到一些行動虛擬網路營運商在預付費領域發展非常迅速。您認為這會產生影響嗎—您能談談墨西哥預付費的競爭角度嗎？第二個問題是關於美洲電信在該地區併購的興趣。有些參與者正在剝離一些資產，想知道我們對此有何看法？非常感謝。

Well, let's talk about Mexico. First, I want to -- we already -- we talk a little bit about broadband and postpaid. I think in Mexico, we have a very good month on broadband -- quarter, sorry, on the broadband, and on postpaid, I think we are doing good. People is consuming more. ARPU is going up in postpaid.

好吧，我們來談談墨西哥。首先，我想——我們已經——談論了一些關於寬頻和後付費的問題。我認為在墨西哥，我們在寬頻方面本月表現非常好——抱歉，是本季的寬頻和後付費方面，我認為我們做得很好。人們消費更多。後付費的 ARPU 正在上升。

And in broadband, we're still gaining subscribers and moving to fiber and doing so. I think when you talk about broadband, fixed and postpaid, we're doing okay in Mexico. And when you talk a little bit about the prepaid, that, I think it's the concern that I have been reading this morning is, well, first -- and not the only thing is the slowdown of the economy in Mexico, I think that's the first thing.

在寬頻方面，我們仍在增加用戶，並正在轉移到光纖。我認為，當談到寬頻、固定和後付費時，我們在墨西哥做得還不錯。當您談到預付費時，我認為這是我今天早上讀到的關注點，嗯，首先——而且不是唯一的事情是墨西哥經濟放緩，我認為這是第一件事。

You see that the ARPU is declining a little bit and the ARPU is declining because our consumers are spending a little bit less than they used to be. When it's -- prepaid is really tied to the economy. So when things are good, people consume more, ARPU growth when things are not so good slow down, then people are consuming a little bit less.

你會看到，ARPU 正在稍微下降，ARPU 下降是因為我們的消費者支出比以前少了一點。預付費確實與經濟息息相關。因此，當情況好的時候，人們會消費更多，當情況不太好時，ARPU 成長會放緩，人們的消費就會減少一些。

In the other side, we have a very aggressive competition in promotions of some MVNOs like BAIT is very aggressive, and they are growing. The difference is that, well, they have an ARPU of MXN38 and we're having an ARPU of MXN177. So the difference between their subscribers and our subscribers is maybe 3 times, 4 times difference on that.

另一方面，我們在一些 MVNO 的促銷方面面臨著非常激烈的競爭，例如 BAIT 就非常積極，而且它們正在不斷發展。差別在於，他們的 ARPU 為 MXN38，而我們的 ARPU 為 MXN177。因此，他們的訂閱者和我們的訂閱者之間的差異可能是 3 倍、4 倍。

So we have been having and looking and our strategy is to look for good -- all of them are good. Maybe what is happening is that there are subscribers or the promotions that the market, and they are having are so aggressive that they just want to not recharging, give service for free.

所以我們一直在尋找，我們的策略是尋找好的——它們都是好的。也許正在發生的事情是，市場上有訂戶或促銷活動，而且他們正在進行非常激進的活動，以至於他們只想不充值，免費提供服務。

And that's an issue, and I hope that will solve in the future, but they have been doing that for some time. And let's see what is going to happen when start to move a little bit and take out these promotions. Other signs that I see this quarter is number portability. They have been gaining in number portability, let's say, the same, but what I see in the numbers, but losing more subscribers in number portability.

這是一個問題，我希望將來能夠解決，但他們已經這樣做了一段時間了。讓我們看看當我們開始採取一些行動並取消這些促銷活動時會發生什麼。本季我看到的其他跡像是號碼可攜性。他們在號碼可攜性方面取得了進展，可以說是一樣的，但從數字上看，他們在號碼可攜性方面失去了更多的用戶。

So number portability has been not so good as they used to be last year. So subscribers, when they start to move their promotions, then they are going to decide in which other company they are going to do so.

因此，號碼可攜性不如去年那麼好。因此，當訂閱者開始轉移促銷活動時，他們就會決定在哪家其他公司進行此類活動。

The only thing is we're focusing in very good and the better on the highest ARPU customers in prepaid and in postpaid. Our number portability is doing a little bit better than last year. So I think we are starting to see better numbers on that. And that will be exactly what is happening in Mexico.

唯一的是，我們非常關注預付費和後付費中 ARPU 最高的客戶。我們的號碼可攜性比去年略有改善。所以我認為我們開始看到更好的數據。這正是墨西哥正在發生的事情。

So big and promotions where people is not paying or paying very low amount of money. And then when they want to recharge, they are going to do that. And when this promotion will end, I think it's going to be interesting how they are going to retain those customers.

如此大規模的促銷活動，人們無需付費或只需支付很少的金額。然後當他們想要充電時，他們就會這樣做。當促銷活動結束時，我認為他們將如何留住這些客戶將會很有趣。

ARPU's MXN177 in Telcel, MXN38 in the other company. So it's exactly what is happening. It's not only one thing. You have slowdown, plus promotions, plus our strategy. All of that is what is happening here.

Telcel 的 ARPU 為 MXN177，另一家公司的 ARPU 為 MXN38。這正是正在發生的事情。這不只是一件事。你們有放緩，有促銷，還有我們的策略。所有這些都是在這裡發生的事情。

And another -- and I want to do another announcement that I have been -- since the last call that we don't give a guidance for CapEx budget. We have that announcement, and the CapEx for this year is going to be lower than last year. It's going to be MXN6.7 billion. And it's only because we're seeing a slowdown in all the economies, a little bit slowdown. We have been investing a lot, moving a lot with 5G.

另外——我想再宣布一下——自上次電話會議以來，我們沒有給出資本支出預算的指導。我們已經宣布了這一消息，今年的資本支出將低於去年。總額將達 67 億墨西哥比索。這只是因為我們看到所有經濟體都在放緩，而且是一點點放緩。我們在 5G 方面投入了大量資金，並取得了很大進展。

We have been doing the last three years, more fiber, a lot on IT systems. We have a lot -- all our cloud and data centers all in place. So that gives us a change right now this year with the slowdown that will reduce the CapEx to MXN6.7 billion. That is what we decided yesterday in the Board. I feel very comfortable on that. And that's what we decide on that.

過去三年來，我們一直在做更多的光纖和 IT 系統的工作。我們擁有很多——所有的雲端和資料中心都已到位。因此，今年經濟放緩將為我們帶來變化，導致資本支出減少至 67 億墨西哥比索。這就是我們昨天在董事會上所做的決定。我對此感到非常舒服。這就是我們所做的決定。

Thank you. And M&A, do you have any comment?

謝謝。對於併購，您有何評論？

On the M&A, well, we're open to M&A, I think will be a little bit difficult that in the region, will have something alone. But if you are saying because Telefonica is selling their assets. We are aware of that, and we're open to see if something fits in America Movil strategy that we're open to see anything.

關於併購，我們對併購持開放態度，我認為在該地區單獨進行併購會有點困難。但如果你這麼說是因為西班牙電信正在出售其資產。我們意識到了這一點，並且我們願意看看是否有任何東西適合 America Movil 的策略，我們願意看看任何事情。

Perfect. Just on the CapEx, does this change your three year CapEx view? Or is it more a relocation of CapEx between the years, just to understand how these talks with the guidance?

完美的。僅就資本支出而言，這會改變您對三年資本支出的看法嗎？或者這更多的是幾年之間資本支出的重新安排，只是為了了解這些談判如何與指導方針一致？

We don't know. It's going to be very difficult to see what's going to be the CapEx of next year. But I think this year is going to be MXN6.7 billion. Next year, difficult to say. But I don't think that it's going to go so high as we predicted, but I don't know, depending on the growth, depending on the traffic, depending on a lot of things that we're going to see around this year.

我們不知道。很難預測明年的資本支出是多少。但我認為今年將達到 67 億墨西哥比索。明年，很難說。但我不認為它會像我們預測的那樣高，但我不知道，這取決於成長，取決於流量，取決於我們今年將要看到的很多事情。

Perfect. Thank you very much for the clear answers.

完美的。非常感謝您明確的答覆。

Phani Kanumuri, HSBC.

匯豐銀行的 Phani Kanumuri。

Thank you for taking my questions. So the first question is regarding your corporate network revenue in the fixed segment. Are you seeing some pressure due to the global concerns on growth on the corporate segment revenue? And do you expect the growth rate to continue in this segment? . My second question is regarding Colombia.

感謝您回答我的問題。所以第一個問題是關於你們固定部分的企業網絡收入。您是否認為由於全球對企業部門收入成長的擔憂而帶來了一些壓力？您預計這一領域的成長率會持續下去嗎？。我的第二個問題是關於哥倫比亞的。

The margins have come down year-on-year as well as quarter-on-quarter. What is driving the margin decline in Colombia? Thank you.

利潤率同比和環比均有所下降。導致哥倫比亞利潤率下降的原因是什麼？謝謝。

Well, I'm going to start in Colombia. I think Colombia is doing much better. Colombia, our service revenue is growing 6% this quarter. Wireless revenue, 8.3%. So we're growing, and we're growing more.

好吧，我將從哥倫比亞開始。我認為哥倫比亞的表現要好得多。哥倫比亞，本季我們的服務收入成長了 6%。無線收入，8.3%。所以我們正在成長，而且還在不斷成長。

That's why we're investing a little bit more in growth. And that's the reason why our EBITDA in terms of percentage reduced a little bit, but we grow our EBITDA 2.4%.

這就是我們在成長方面投入更多資金的原因。這就是為什麼我們的 EBITDA 百分比略有下降，但我們的 EBITDA 成長了 2.4%。

So the EBITDA is growing, and we are doing good in the market, we are recovering. And I think we're going to have a good year in Colombia, 2025 is going to be a good year for us. And the other thing in the corporate segment, Oscar can talk a little bit about that. I think we are very strong. We have been investing a lot in salespeople, in apps, in services, in alliances, in our data centers, and it's a very important market, and we're going to continue to be focusing on that.

因此，EBITDA 正在成長，我們在市場上表現良好，我們正在復甦。我認為哥倫比亞將會度過美好的一年，2025 年對我們來說也將是美好的一年。關於企業領域的另一件事，奧斯卡可以稍微談談。我認為我們非常強大。我們在銷售人員、應用程式、服務、聯盟和資料中心方面投入了大量資金，這是一個非常重要的市場，我們將繼續關注它。

Sometimes, the corporate -- but Oscar can talk a little bit about that. Sometimes in the quarter, we gained some big customers. So that's why if we grow a little bit more, other ones is in the other quarter, but all overall, we're focusing in the corporate segment, and we want to grow and be strong on that. But Oscar can be with more detail.

有時，公司——但奧斯卡可以談論一點這個。有時在本季度，我們會獲得一些大客戶。所以這就是為什麼如果我們再成長一點，其他的就會在另一個季度，但總的來說，我們專注於企業領域，我們希望在這個領域成長並變得強大。但奧斯卡可以提供更多細節。

Thank you. As you mentioned, last year we won a very large project. And now we have a very strong pipeline. But with the new conditions and the people is. Taking more time to get the decisions, but what we see in the pipeline around cloud services, digitalization, data centers, we see a very huge pipeline, so we believe that we will catch up through the year and the people is taking more time to take a decision right now, given the economic situation, but the pipeline that we have is very strong, as Daniel said.

謝謝。正如您所說，去年我們贏得了一個非常大的項目。現在我們擁有非常強大的管道。但隨著新條件和新人民的到來。需要更多時間來做出決定，但我們看到圍繞雲端服務、數位化、資料中心的管道非常龐大，因此我們相信我們將在今年趕上，考慮到經濟形勢，人們現在需要更多時間來做出決定，但正如丹尼爾所說，我們擁有的管道非常強大。

Thank you everyone. It is pretty cool.

謝謝大家。這非常酷。

Vitor Tomita, Goldman Sachs.

高盛的 Vitor Tomita。

Hello, good morning, and thanks for taking our questions. We have two questions from our side. The first one is a follow-up on the spend reduction, the reduction in spending by prepaid customers in Mexico.

您好，早安，感謝您回答我們的問題。我們有兩個問題。第一個是支出減少的後續行動，墨西哥預付費客戶的支出減少。

Do you have any visibility on whether customers are simply reducing Internet usage or switching to lower-cost competitors to some extent or using WiFi a lot more? Just to check if you have any visibility on how people are being able to actually reduce their spending without affecting their data usage or their daily habits.

您是否了解客戶是否只是減少了網路使用量，或者在一定程度上轉向了成本更低的競爭對手，或更多地使用 WiFi？只是想檢查一下您是否了解人們如何能夠在不影響數據使用或日常習慣的情況下真正減少開支。

And the second question from our side on a similar note also discussing Mexico. Could you give us a bit more of an update on how you are seeing the competitive environment for broadband given the -- following the good results in broadband this quarter? Thank you very much.

我們提出的第二個問題也與墨西哥有關。鑑於本季寬頻競爭的良好業績，您能否向我們詳細介紹您對寬頻競爭環境的看法？非常感謝。

On the prepaid, what I see and what I'm looking on the prepaid on the reduction on ARPU because of the slowdown in the economies because people are delaying a little bit the recharge of the phone. You sell a card of 15 days and sometimes they recharge before because they have all their data finish.

關於預付費，我看到的和我預料到的預付費 ARPU 會降低，這是因為經濟放緩，因為人們稍微推遲了手機充值。你賣的是 15 天的卡，但有時他們會提前充值，因為他們的數據已經用完了。

Sometimes they recharge today, they wait a little bit to wait one or two days and then they go and recharge, and that gives us the reduction on ARPU. So people is delaying a little bit the buying cards and recharging the cards is what I see is -- and it's what is happening right now.

有時他們今天會充值，然後等一兩天再去充值，這會導致我們的 ARPU 降低。因此，我看到人們稍微推遲了購買卡和充值卡的時間——這就是現在正在發生的事情。

On the broadband, we're going to be still -- we're doing good. And we're going to still be aggressive. And as we put more fiber, we're going to change more customers.

在寬頻方面，我們將繼續保持良好勢頭。我們仍將保持積極進取的態度。隨著我們投入更多的光纖，我們將會改變更多的客戶。

We have 90% of our customers connected through fiber. And I think we're going to have more loyal customers with fiber, good speeds and good prices, I think we are very aggressive in the market in the broadband, and I think that's what is happening right now.

我們有 90% 的客戶透過光纖連接。我認為我們將透過光纖、良好的速度和優惠的價格吸引更多忠實的客戶，我認為我們在寬頻市場上非常積極，我認為這就是目前正在發生的事情。

Just to give you a bit more color on the prepaid. Vitor, the prepaid ARPU was going, a year ago, 4.5%. By the third quarter, it had a slowdown to 3.1%, 0.8% in before, and it was minus 2.2% in the first quarter of the year. So this is very much in line with the chart that I showed you with the decline of domestic consumption.

只是為了讓您對預付費有更多的了解。Vitor，一年前，預付費 ARPU 為 4.5%。到了第三季度，成長放緩至3.1%，之前為0.8%，今年第一季更是-2.2%。這與我向您展示的國內消費下降的圖表非常一致。

That's basically the same timing. And as Daniel said, the whole issue of prepaid, the whole reason for prepaid to achieve is that people have more control over their spending.

這基本上是相同的時間。正如丹尼爾所說，預付費的整個問題，預付費實現的全部原因是人們可以更好地控制自己的支出。

And if they become a bit more cautious, more uncertain about the environment, then they typically reduce their spending. They don't have to spend in and out every month as they would with a regular postpaid plan, okay? So that's the beauty of prepaid for the people and they address their spending very rapidly. The first signs of slowdown in economy.

如果他們變得更加謹慎，對環境更加不確定，那麼他們通常會減少支出。他們不必像使用常規後付費計劃那樣每個月都進進出出，好嗎？這就是預付費的魅力所在，人們可以非常快速地解決他們的支出問題。經濟出現放緩的最初跡象。

And as I said, this is a slowdown of economy and also big promotion for competitions are not the ones that are doing. It's not only one thing, what's happening in Mexico. There's a couple or three things that are -- that we already explained. And it is -- the market is there. So that's -- I think will be better in the future.

正如我所說，這是經濟放緩，而且比賽的大型推廣並非正在進行中。墨西哥發生的事情並不只發生在一件事情上。有兩三件事我們已經解釋過了。事實確實如此——市場就在那裡。所以——我認為未來會更好。

I don't know for how long it's going to be so aggressive. . We have the best network. We have very good coverage, the best systems, IT. So with very good quality in the network.

我不知道這種攻擊性還會持續多久。。我們擁有最好的網路。我們擁有非常好的覆蓋範圍、最好的系統和 IT。因此網路品質非常好。

So that also counts. It's not only promotions, other things count also on that.

所以這也算數。不只是促銷，其他事情也依賴於此。

That was very clear. Thank you very much.

這非常清楚。非常感謝。

(Operator Instructions)

（操作員指示）

Lucca Brendim, Bank of America.

盧卡·布倫丁，美國銀行。

Hi, good morning. Thank you for taking my questions. I have two here on my side. The first one, you mentioned a little bit about the recent M&A moves that we saw in Latin America. I just wanted to check if you're already seeing some changes in terms of competition in the competitive environment in any of the regions where we have seen M&A or we're seeing a lot of conversations about what could be happening?

嗨，早安。感謝您回答我的問題。我這邊有兩個。第一個問題，您提到了我們最近在拉丁美洲看到的併購動向。我只是想檢查一下，在我們看到併購的任何地區的競爭環境中，您是否已經看到競爭方面的一些變化，或者我們看到很多關於可能發生的事情的討論？

And the second one, now that you have incorporated the Chilean operations, could you give us an update on the strategy for the region if the main focus will be increasing profitability? Or what are the main growth drivers that you see for the region? Thank you.

第二，現在您已經將智利業務納入其中，如果主要重點是提高盈利能力，您能否向我們介紹一下該地區的戰略最新情況？或者您認為該地區的主要成長動力是什麼？謝謝。

For the region or for Chile?

為了該地區還是為了智利？

For Chile.

對於智利來說。

Okay. Well, on the M&A, I think -- well, everybody understand that M&A brings consolidation. Consolidation is much better for all the markets, okay? So stronger competitors. And that will be good for us.

好的。嗯，關於併購，我認為——每個人都明白併購會帶來整合。整合對所有市場來說都是更好的，對嗎？因此競爭對手更強大。這對我們有好處。

I don't think that will be -- that will be the case of Colombia, let's say, in the case of Argentina, I think consolidation is not bad. On Chile, we have -- what you said -- what's the question? If we want to go for profitability of our market share. I think in Chile, we want to go for profitability and for market share, I think still we have not very high market share in the wireless market, and we're growing. We're going to grow there.

我不認為那會是——那會是哥倫比亞的情況，就阿根廷的情況而言，我認為整合並不壞。關於智利，我們有──您說了──問題是什麼？如果我們想要提高市場佔有率的獲利能力。我認為在智利，我們想要提高獲利能力和市場份額，我認為我們在無線市場的份額仍然不是很高，但我們正在成長。我們將在那裡成長。

We are changing the network. We're putting more coverage. We're doing 5G. We're buying spectrum. So we're in prepaid, and in postpaid, we're going to be targeting more customers, more market share and try to grow there. We are still very small in market share. We want to grow.

我們正在改變網路。我們正在提供更多報道。我們正在做 5G。我們正在購買頻譜。因此，我們既有預付費業務，也有後付費業務，我們將瞄準更多的客戶、更多的市場份額，並努力成長。我們的市佔率仍然很小。我們想要成長。

In the broadband, we have also a good strategy. We're giving TV, good channels. We have the best TV and we're moving to fiber. We're moving very fast to fiber, and that's been very good for us. Churn has been reduced.

在寬頻方面，我們也有很好的策略。我們提供電視和優質頻道。我們擁有最好的電視，並且正在轉向光纖。我們正在快速轉向光纖，這對我們來說非常有利。流失率已經減少。

So we are having not a six months plan in Chile. We're having a three, five year plan in Chile, and that's what we are targeting. Moving to fiber, putting best network, doing quality, very, very competitive. And the other that Oscar is saying, we still have a long way to go on the synergies. So merging these, the two companies still have a lot of synergies to go.

所以我們在智利沒有六個月的計劃。我們在智利有一個三至五年計劃，這就是我們的目標。轉向光纖，建立最佳網絡，確保質量，競爭非常激烈。奧斯卡也說，我們在協同效應方面還有很長的路要走。因此，合併後，兩家公司仍有很大綜效。

So we -- I'm sure that we're going to grow our market share, and I'm sure that we're going to grow our EBITDA margin in the future. So that's what we have in Chile.

因此，我確信我們的市場份額將會擴大，而且我確信我們的 EBITDA 利潤率將來也會擴大。這就是我們在智利所擁有的。

Very clear, thank you for the answers.

非常清楚，謝謝您的回答。

Carlos Sequeira, BTG Pactual.

卡洛斯·塞奎拉 (Carlos Sequeira)，BTG Pactual。

Thank you. Good morning. A couple of questions on my end. And hopefully, they're not just housekeeping questions. But on Chile, Paraguay and Uruguay that you're reporting together now, you mentioned in the press release that these are pro forma figures for Chile. And yet there's a double-digit increase in EBITDA, a massive increase in the EBITDA margin.

謝謝。早安.我有幾個問題。希望這些問題不只是一些家務事。但是關於您現在一起報道的智利、巴拉圭和烏拉圭的情況，您在新聞稿中提到，這些是智利的備考數據。但 EBITDA 卻實現了兩位數的成長，EBITDA 利潤率也大幅提升。

And we just want to understand what is the nature -- or what is behind this? Is this -- is Chile doing much better? Or is there an improvement perhaps in Paraguay and Uruguay? And sort of similar question also in Central America, you also had an outstanding increase in the EBITDA margin. And there's not really a ton of explanation in the press release.

我們只是想了解其本質是什麼——或者這背後的原因是什麼？這是──智利的情況好很多嗎？或者巴拉圭和烏拉圭的情況有改善？中美洲也存在類似的問題，EBITDA 利潤率也顯著增加。新聞稿中並沒有提供太多的解釋。

So I would love to hear your thoughts on that? Thank you.

所以我很想聽聽你對此的看法？謝謝。

Well, first, in Central America, you know that we have this -- (spoken in foreign language) fiber attacking last year in January, a little bit of February. And the comparison between last year and this year is different.

嗯，首先，在中美洲，你知道我們有這個——（用外語說）纖維攻擊，去年一月，二月有一點。而且去年和今年的對比是不一樣的。

But if you look what we do in fourth quarter and what we're going to have in the third quarter, we have been, as I said, investing very good in Guatemala, buying frequency, doing more coverage in 5G. Also El Salvador doing more fiber all-around performance in our side in ourselves. On the other side, we are being very aggressive on the cost and expenses. So we have to reduce cost and control expenses.

但如果你看看我們在第四季度的表現以及我們在第三季度的計劃，正如我所說，我們在危地馬拉進行了非常良好的投資，購買了頻率，擴大了 5G 覆蓋範圍。薩爾瓦多也比我們做得更好，在各方面都表現出色。另一方面，我們在成本和費用方面非常積極。所以我們必須降低成本，控制開支。

So we are doing good. This quarter is a little bit difficult to compare against last quarter of last year -- at the same quarter of last year, but you are going to see a second quarter with a good comparison, and you're going to see very good -- not the growth that we have right now, but we're going to see very good growth in Central America.

所以我們做得很好。這個季度與去年最後一個季度相比有點難以比較——與去年同期相比，但你會看到第二季度有很好的對比，你會看到非常好的——不是我們現在的增長，而是我們將看到中美洲非常好的增長。

I think we're doing good. Not only Central America, in the Caribbean, we're also doing good. So Dominican Republic has been doing good. Also, Peru has been growing and gaining market share. Colombia, we're doing very strong.

我認為我們做得很好。不僅在中美洲，在加勒比海地區，我們也做得很好。多明尼加共和國一直表現良好。此外，秘魯的市佔率也不斷成長。哥倫比亞，我們的表現非常強勁。

Eastern Europe, we are growing and being -- gaining also some market share and reducing costs.

在東歐，我們正在發展，並且正在獲得一些市場份額並降低成本。

So to be honest, all overall, in America Movil, we have -- because all the investments that we have been having for the last five years, four years, all the control of the costs that we are having, investing in our people, training and doing more on all the corporate side, I think we have a good quarter, a quarter where we're gaining market shares and being good in control cost and EBITDA.

所以說實話，總體而言，在 America Movil，我們——因為過去五年、四年來我們一直在進行的所有投資，我們對成本的所有控制，對員工的投資，培訓和在公司各個方面做的更多，我認為我們有一個好的季度，一個季度，我們正在獲得市場份額，並在控製成本和 EBITDA 方面表現良好。

So all overall, I think in Paraguay also, you are talking about Paraguay and Uruguay, we're doing good. I don't know if you want to talk a little bit, Oscar, about Paraguay, Uruguay, Chile?

所以總的來說，我認為在巴拉圭也是如此，你談論的是巴拉圭和烏拉圭，我們做得很好。奧斯卡，我不知道你是否想談巴拉圭、烏拉圭、智利？

Before talking about the actual operation, Paraguay and Uruguay, and just to clear up your doubt, Carlos, the financial statements do not have Chilean pro forma rate. Financial segments do not have Chilean pro forma rate. Now in the section, Southern Cone, which is the first time that we come up with this section as Southern Cone. We did want to include pro forma so that you could look for your models. From here now on, you could have some basis of what the numbers are, and you can basically come to terms with that, okay?

在談論巴拉圭和烏拉圭的實際運作之前，卡洛斯，只是為了澄清你的疑問，財務報表中沒有智利的備考利率。金融部門沒有智利備考利率。現在，在「南錐體」部分，這是我們第一次將此部分稱為「南錐體」。我們確實想包含形式發票，以便您可以找到您的模型。從現在開始，您可以對這些數字有一些了解，基本上可以接受這些數字，好嗎？

But we would expect that as soon as Argentina ceases to be hyperinflationary, which will probably be as soon as next year, we can group all of the financials and the operating statistics of Argentina, Chile, Paraguay and Uruguay within the same group, okay?

但我們預計，一旦阿根廷不再陷入惡性通貨膨脹，這可能最早會在明年發生，我們就可以將阿根廷、智利、巴拉圭和烏拉圭的所有財務和營運統計數據歸為一類，好嗎？

So I would expect that we were going to have the combined numbers, again, financial and operational for Southern Cone beginning next year. This year, we will still have Argentina separate. And just to give you an idea of what it looks like for the rest of the group, which is Uruguay, Paraguay and Chile, we are providing, for this purpose, the pro forma figures. And on the operations--

因此，我預計從明年開始我們將能夠獲得南錐體財務和營運的綜合數據。今年，我們仍將單獨舉辦阿根廷比賽。為了讓您了解該組其他球隊（烏拉圭、巴拉圭和智利）的情況，我們為此提供了備考數據。關於行動——

Just -- I know the consolidated P&L -- just specifically, I mean, we can follow up with Daniela, but in the Chile, Paraguay and Uruguay section, the revenue increase looks like it is pro forma, yet the EBITDA increase is 46%. So that doesn't look pro forma. So either there's an inconsistency or there was perhaps a massive improvement in the profitability?

只是 - 我知道合併損益表 - 具體來說，我的意思是，我們可以跟進丹妮拉，但在智利、巴拉圭和烏拉圭部分，收入增加看起來像是形式上的，但 EBITDA 增加 46%。所以這看起來不像是形式上的。那麼，要么存在不一致，要么盈利能力可能有了巨大的提高？

No, Carlos, it is pro forma. It is pro forma in peso, I talked about the peso.

不，卡洛斯，這只是形式上的。這是以比索計算的形式，我談論的是比索。

Right. So if it's not an inorganic effect, what is the driver behind the margin increase?

正確的。那麼，如果這不是無機效應，利潤率成長背後的驅動因素是什麼？

We did have -- just to tell you, as the one year ago, the EBITDA wasn't so good. We have been growing our EBITDA margin in Chile. The question is because of the EBITDA margin, it's pro forma, but we are growing very good our margins because all the synergies that we're having in Chile. That's what is happening.

我們確實有——只是告訴你，與一年前相比，EBITDA 並不是那麼好。我們在智利的 EBITDA 利潤率一直在成長。問題在於 EBITDA 利潤率，這是形式上的，但由於我們在智利的所有協同效應，我們的利潤率成長非常好。這就是正在發生的事情。

If you -- that's really -- to answer to your question, we are having a very good EBITDA and growing our EBITDA in Chile, and Chile is doing good. And the synergies are working very good. And against last year, we spent a lot of money. We take out some people. We reduced some costs that we have and count and cost, a lot of -- all the synergies -- yes, maintenance costs, the new network as we're saving some money with the new network.

如果您 — — 這確實是 — — 回答您的問題，我們的 EBITDA 非常好，而且智利的 EBITDA 還在增長，智利的情況也很好。而且協同效應非常好。與去年相比，我們花了很多錢。我們帶走了一些人。我們降低了一些成本，包括維護成本、新網路成本，因為我們透過新網路節省了一些錢。

So yes, that goes directly to our EBITDA numbers.

是的，這直接影響到我們的 EBITDA 數字。

That's great. That's exactly my question. I appreciate it.

那太棒了。這正是我的問題。我很感激。

Vitor Tomita, Goldman Sachs.

高盛的 Vitor Tomita。

Hi, just a very quick follow-up on the new CapEx guidance. The -- back in the previous earnings call, it was mentioned that there could be some additional CapEx for Chile. Does this new guidance already include what you plan to invest in Chile? Or is it separate?

您好，我只是想快速跟進新的資本支出指南。在先前的收益電話會議上，我們提到智利可能會有一些額外的資本支出。這個新指南是否已經包括您計劃在智利投資的內容？還是說是分開的？

No. All our CapEx guidance includes all the CapEx of all the companies, so includes Chile, includes everything, okay? We used to give a CapEx guidance before the three-year CapEx guidance.

不。我們所有的資本支出指導都包括所有公司的所有資本支出，因此包括智利，包括一切，好嗎？我們過去常常在三年資本支出指引之前給予資本支出指引。

And I think the last question is if we are going to -- the reduction that we have this year, maybe increase it for next year. I don't know. I don't think so, but I don't know. I think the reduction this year will not increase the normal guidance of CapEx for next year. I don't know, but we feel that we can save some CapEx for the future.

我認為最後一個問題是，我們是否會在今年減少的基礎上，明年再增加。我不知道。我不這麼認為，但我不知道。我認為今年的削減不會增加明年資本支出的正常指引。我不知道，但我們覺得我們可以為未來節省一些資本支出。

Clear, thank you very much.

清楚，非常感謝。

We have no further questions. I'll hand back to Mr. Daniel Hajj for any closing comments.

我們沒有其他問題了。我將把發言權交還給 Daniel Hajj 先生，請他發表最後的評論。

I just want to thank everyone for being in the call. Thank you very much.

我只想感謝大家參加電話會議。非常感謝。

Thank you. This concludes today's conference call. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。現在您可以斷開線路了。