America Movil SAB de CV (AMX) 2025 Q2 法說會逐字稿

Hello, everyone. The America Movil second-quarter 2025 conference call and webcast will begin shortly. (Operator Instructions). Thank you for your patience.

大家好。America Movil 2025 年第二季電話會議和網路廣播即將開始。（操作員指令）。感謝您的耐心。

Good morning, my name is Nadia, and I'll be your conference operator today. At this time, I would like to welcome everyone to the America Movil second-quarter 2025 conference call and webcast. (Operator Instructions) Thank you.

早安，我叫納迪亞，今天我將擔任您的會議主持人。現在，我歡迎大家參加美洲電信 2025 年第二季電話會議和網路廣播。（操作員指示）謝謝。

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

現在我將電話轉給投資者關係主管 Daniela Lecuona 女士。

Thank you. Good morning, everyone. Thank you for joining us today to discuss our second-quarter financial and operating results. We have on the line Mr. Daniel Hajj, CEO; Mr. Carlos Garcia Moreno, CFO; and also 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第二季財務和經營業績。線上的有執行長 Daniel Hajj 先生、財務長 Carlos Garcia Moreno 先生以及營運長 Oscar Von Hauske 先生。

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

謝謝你，丹妮拉。歡迎大家。卡洛斯將對第二季的業績進行總結。

Thank you, Daniel. Good morning, everyone. Well, the second quarter was characterized by significant uncertainty associated with the tariffs the US government seeks to impose on merchandise inputs. While this uncertainty did not have much of an impact on interest rate volatility during the period, the 10-year treasury notes ended the first quarter at 4.21% and the second quarter at 4.23%.

謝謝你，丹尼爾。大家早安。第二季的特點是美國政府試圖對商品投入徵收的關稅存在很大的不確定性。雖然這種不確定性對期間的利率波動沒有太大影響，但 10 年期公債在第一季末為 4.21%，在第二季末為 4.23%。

It did weigh on the value of the US dollar, which during the period fell against most currencies in our region of operation, 7% versus the Mexican peso, 5% versus the real, 2.9% versus the Colombian peso, 2.1% versus the Chilean peso, and 8.2% versus the euro. We added 2.9 million posted clients with a fee contributing 1.4 million, followed by Colombia with 199,000, and Mexico with 102,000.

它確實對美元的價值造成了壓力，在此期間，美元兌我們業務所在地區的大多數貨幣都下跌了，兌墨西哥比索下跌了 7%，兌雷亞爾下跌了 5%，兌哥倫比亞比索下跌了 2.9%，兌智利比索下跌了 2.1%，兌歐元下跌了 8.2%。我們新增了 290 萬名註冊客戶，其中收費客戶增加了 140 萬名，其次是哥倫比亞（199,000 名）和墨西哥（102,000 名）。

On the prepaid platform, we recorded net disconnections of 1.1 million subscribers, with each of Brazil, Chile, and Central America disconnecting approximately 500,000 clients each, while Colombia added 229,000 subscribers; Argentina, 251,000; and Mexico, 83,000. Altogether, we gained 1.7 million wireless subscribers in the quarter between prepaid and postpaid.

在預付費平台上，我們記錄到 110 萬用戶的淨斷開連接，其中巴西、智利和中美洲各斷開了約 50 萬個客戶，而哥倫比亞增加了 229,000 個用戶；阿根廷增加了 251,000 個用戶；墨西哥增加了 83,000 個用戶。總體而言，本季我們的預付費和後付費無線用戶增加了 170 萬人。

In the fixed-term segment, we gained 462,000 broadband accesses, including 231,000 in Mexico, compared to 165,000 in the prior quarter, 66,000 in Brazil, and 51,000 in Central America. Both lines and PayTV units declined by 164,000 and 61,000 respectively during the quarter. At the end of June, we had 404 million accesses, of which 137 million were postpaid clients and 78 million were fixed-line RGUs. Year over year, our postpaid base increased 6.8%, which was the fastest-growing by accesses, and fixed-broadband accesses increased by 4.5%. Those accesses constitute our main drivers of revenue growth.

在固定期限部分，我們獲得了 462,000 個寬頻接入，其中墨西哥獲得了 231,000 個，而上一季度為 165,000 個，巴西為 66,000 個，中美洲為 51,000 個。本季度，線路和付費電視單位數量分別減少了 164,000 和 61,000。截至 6 月底，我們的接入用戶數為 4.04 億，其中後付費客戶數為 1.37 億，固定線路 RGU 數為 7,800 萬。與去年同期相比，我們的後付費用戶基數成長了 6.8%，是接取量成長最快的，固定寬頻接取量成長了 4.5%。這些管道構成了我們收入成長的主要動力。

In Mexican peso terms, our second-quarter revenue totaled MXN234 billion. That's a 13.8% year-on-year increase, which partly reflects depreciation over that period of the Mexican peso versus most of the currencies in our region of operations. We're talking about our second quarter versus the second quarter of 2024. Our constant exchange rates, we posted our strongest revenue performance in over a year. I think in some reports I saw that it was over 12 years -- in 12 years, a 7.9% increase.

以墨西哥比索計算，我們第二季的營收總計 2,340 億墨西哥比索。這比去年同期增長了 13.8%，部分反映了墨西哥比索兌我們業務所在地區的大多數貨幣在此期間貶值。我們正在討論我們的第二季與 2024 年第二季的比較。根據我們固定匯率計算，我們實現了一年多來最強勁的營收表現。我記得在一些報告中看到過，12 年間成長了 7.9%。

Our revenue expansion was broad based across business lines and across countries, with service revenue growth moving up to 7.3%, as can be seen in this slide, and that of equipment revenue to 12.5%. It's important to note that practically all our subsidiaries registered faster growth sequences, practically all of them.

我們的收入成長廣泛，涵蓋各個業務線和各國，其中服務收入成長率上升至 7.3%（如本投影片所示），設備收入成長率上升至 12.5%。值得注意的是，我們幾乎所有子公司都實現了更快的成長序列，幾乎所有子公司都是如此。

On the mobile platform, postpaid service revenue expanded 9.5%, also the best result in about a year, with prepaid revenue growth recovering to 3.1% from a 0.9% in the preceding quarter. The rebound in prepaid revenue growth was driven by Mexico, with the sales prepaid ARPU climbing 2.2% in the quarter after posting a 2.2% decline in the first quarter. As can be seen in this slide, prepaid ARPU growth mirrors the growth rate of private consumption in the country, which is likely bottomed in the first quarter.

在行動平台上，後付費服務收入成長了 9.5%，這也是大約一年來的最佳成績，預付費收入成長率從上一季的 0.9% 回升至 3.1%。預付費收入成長的反彈是由墨西哥推動的，銷售預付費 ARPU 在第一季下降 2.2% 之後，本季上漲了 2.2%。從這張投影片中可以看出，預付費 ARPU 的成長反映了該國私人消費的成長率，而私人消費的成長率很可能在第一季觸底。

On the fixed-line platform, corporate network revenue and PayTV revenue were up 15% and 10.1% respectively, representing also the best performance in several quarters, with broadband revenue decelerating slightly sequentially to 8.2% or 9.8%. Mexico and Colombia were the countries that had the greatest impact on the sequential acceleration of revenue growth as can be seen in this slide.

在固網平台上，企業網路收入和付費電視收入分別成長15％和10.1％，也是幾個季度以來的最佳表現，寬頻收入環比略有下降，分別為8.2％或9.8％。從這張投影片中可以看出，墨西哥和哥倫比亞是對營收成長連續加速影響最大的國家。

EBITDA came in at MXN92.4 billion. It was up 11.2% in Mexican pesos terms and 5.1% at constant exchanges, improving sequentially from the prior quarter. And I think, again, something to note is that EBITDA margins were nearly flat sequentially across the board. Practically in all countries, margins were flat sequentially.

EBITDA 達到 924 億墨西哥比索。以墨西哥比索計算上漲 11.2%，以固定匯率計算上漲 5.1%，較上一季改善。我認為，需要再次注意的是，EBITDA 利潤率總體上幾乎與上一季持平。幾乎所有國家的利潤率都與上一季持平。

Our operating profit came in at MXN47 billion. That's a 4% increase from the year-earlier quarter as the depreciation of right of use associated with our leases jumped 24.5% on account of the consolidation with Chilean operation and certain effects associated with the accounting methodology applicable to Argentina as a hyperinflationary country.

我們的營業利潤達到 470 億墨西哥比索。這比去年同期增長了 4%，因為與智利業務合併以及適用於阿根廷這個惡性通貨膨脹國家的會計方法的某些影響導致與我們的租賃相關的使用權折舊躍升了 24.5%。

Our integral financial costs were down significantly on account of our having registered MXN11 billion in foreign exchange gains. This helped us post a net profit of MXN22.3 billion in the quarter. Our net profit was equivalent to MXN0.37 per share and $0.38 per ADR. In cash flow terms, our net debt fell by MXN7.3 billion pesos in six months to June. In that period, our CapEx amounted to MXN54.9 billion. Our shareholder distributions to MXN9.4 billion, and that's including MXN8.7 billion in share buybacks, and we covered MXN2.7 billion in labor obligations.

由於我們獲得了 110 億墨西哥比索的外匯收益，我們的綜合財務成本大幅下降。這幫助我們在本季度實現了 223 億墨西哥比索的淨利潤。我們的淨利潤相當於每股 0.37 墨西哥比索和每股 ADR 0.38 美元。從現金流角度來看，截至 6 月的六個月內，我們的淨債務減少了 73 億墨西哥比索。在此期間，我們的資本支出總額達到 549 億墨西哥比索。我們的股東分配為 94 億墨西哥比索，其中包括 87 億墨西哥比索的股票回購，以及 27 億墨西哥比索的勞動義務。

Our net debt to last month's EBITDA stood at 1.56 times, a slight increase over the prior quarter, mostly on account of the appreciation in the second quarter of the Mexican peso and the euro vis-a-vis the US dollar. As I mentioned before, in cash flow terms, net debt actually fell over the quarter by MXN7.3 million pesos. So that should come to a reduced leverage in North American levers. The greater leverage is basically on account of exchange rate movement.

我們的淨債務與上個月的 EBITDA 比率為 1.56 倍，比上一季略有增加，這主要是因為第二季度墨西哥比索和歐元兌美元升值。正如我之前提到的，從現金流角度來看，本季淨債務實際上下降了 730 萬墨西哥比索。因此這應該會降低北美槓桿率。更大的槓桿基本上是由於匯率變動。

So with that, I will pass the floor back to Daniel, and then you can open it for Q&A.

因此，我將把發言權交還給丹尼爾，然後您可以開始問答環節。

Thank you, Carlos, and let's open the Q&A.

謝謝卡洛斯，讓我們開始問答環節。

(Operator Instructions) Marcelo Santos, JPMorgan.

（操作員指示）摩根大通的馬塞洛桑托斯 (Marcelo Santos)。

Hi, good morning. Thanks for the opportunity for asking questions. I have two. The first question is about the Brazilian mobile environment. If you could comment a bit, you had a strong performance with revenue acceleration. I just wanted to hear your comments on the main drivers of that. And the second question would be if you could comment a bit on the recently approved regulatory changes in the Mexican telco framework. Just wanted to hear your considerations. Thank you very much.

嗨，早安。感謝提供提問的機會。我有兩個。第一個問題是關於巴西的移動環境。如果您能稍微評論一下的話，您的營收加速成長表現非常出色。我只是想聽聽你對於這一主要驅動因素的評論。第二個問題是，您能否對最近批准的墨西哥電信框架監管變更發表一些評論。只是想聽聽你的想法。非常感謝。

Hi, Marcelo. Well, I think talking about postpaid in Brazil, we're doing very good. We are growing. We have been some quarters growing revenue, doing good in postpaid. All of these things have to be with a very, very strong and good quality network. We have been improving our network and putting more coverage all around Brazil.

你好，馬塞洛。嗯，我認為談到巴西的後付費，我們做得很好。我們正在成長。我們幾季的營收都在成長，後付費業務表現良好。所有這些都必須依靠非常強大且優質的網路來實現。我們一直在改善我們的網絡，擴大巴西各地的覆蓋範圍。

We have also increasing our sales force, stores. And all the, let's say, all the commercial area, we have been increasing that. And we have been doing good plans also. Our Claro Flex program has been very successful. So all overall, we are doing good. Customer care is doing also -- we have been a good performance, digitalizing everything.

我們還增加了銷售團隊和商店。在所有商業領域，我們都在增加這個數字。我們也一直在製定很好的計劃。我們的 Claro Flex 計劃非常成功。整體來說，我們做得很好。客戶服務也做得很好——我們表現良好，將一切數位化。

And our NPS has been growing very good. People are thinking of a very good service when we talk about Claro. And I think that's what we need to do. It's not only price. It's not only the commercial area. It's not only quality. When you do all the things together, then the market is responding very good. So that's what we have been doing.

我們的 NPS 一直成長得很好。當我們談論 Claro 時，人們想到的是一項非常好的服務。我認為這就是我們需要做的。不僅僅是價格問題。不僅僅是商業區。這不僅僅是品質問題。當你把所有的事情都做在一起時，市場的反應就會非常好。這就是我們一直在做的事情。

And that's what -- we have also our Nubank. It's still small, but our agreement with Nubank has been good. And they are looking for good customers and that's also something that has been helping us. Convergence, it's important. So a lot of our fixed customers have also our postpaid or prepaid or vice versa. So all overall, I think we have a very strong performance, and we have been executing very good in Brazil.

這就是──我們還有 Nubank。雖然規模仍然很小，但我們與 Nubank 的協議一直很好。他們正在尋找優質客戶，這也對我們有幫助。融合，這很重要。因此，我們的許多固定客戶也採用後付費或預付費，反之亦然。所以總的來說，我認為我們的表現非常強勁，而且我們在巴西的表現非常好。

So that's more or less what you could see. I see for the next -- no big changes on the next quarters in Brazil. I think we are doing very good. In the telecom law, what I can tell you is that the new telecommunications law and antitrust law are substantially similar to the original proposal sent by President Sheinbaum to Congress.

這就是你所看到的大致內容。我認為巴西下個季度不會發生重大的變化。我認為我們做得很好。在電信法方面，我可以告訴你的是，新的電信法和反壟斷法與謝因鮑姆總統最初提交給國會的提案基本上相似。

Under the new law, we will be regulated by two different entities. La Comision Nacional Antimonopolio, the new regulator for antitrust matters, which will be responsible for the imposition and revision of asymmetric regulations to preponderant and dominant agents. And the other one will be the Comision Reguladora de Telecomunicaciones. The new telecomunicaciones regulator will assume the powers and responsibilities of the former IFT.

根據新法律，我們將受到兩個不同實體的監管。國家反壟斷委員會是新的反壟斷監管機構，負責對主導和支配地位的代理商實施和修改不對稱監管。另一個是電信監理委員會。新的電信監管機構將承擔原IFT的權力和職責。

And if you -- I can tell you some relevant -- some of the most relevant changes that we see. The first one is increasing the fines regulators may impose. That's one. Potential discounts on payments for the use of a spectrum in exchange for coverage obligations in remote areas and highways. That's very good for us.

如果你——我可以告訴你一些相關的——我們看到的一些最相關的變化。第一個是增加監管機構可能施加的罰款。那是一個。透過承擔偏遠地區和高速公路的覆蓋義務，可以獲得頻譜使用費的潛在折扣。這對我們來說非常好。

The third one, similar terms for public and private concessions for obtaining a spectrum for commercial service. That one's something that we have a lot of questions, so all the spectrum is going to be with the similar terms. And the fourth is the new obligations relating to have the identity of all users of telecommunication services for activating and maintaining activated all the telecom service, including mobile and prepaid. So that would be a lot of work to do, and that's more or less the changes and the relevant things that we see in the new telecom law.

第三，公共和私人取得商業服務頻譜的特許權條款類似。我們對此有很多疑問，因此所有範圍都會有類似的術語。第四是所有電信服務使用者身分的新義務，用於啟動和維持已啟動的所有電信服務，包括行動和預付費服務。所以還有很多工作要做，這或多或少就是我們在新電信法中看到的變化和相關內容。

Perfect. Thank you very much for the comprehensive answers. Just one follow up. In Brazil, do you have any particular comments regarding prepaid? There seems to have been a big shift in trends from first quarter to second quarter. Is there anything extra you could say on prepaid Brazil?

完美的。非常感謝您的全面回答。只需跟進一次。在巴西，您對預付費有什麼特別的評論嗎？從第一季到第二季度，趨勢似乎發生了巨大轉變。關於巴西預付費，您還有什麼要說的嗎？

No. I think what is happening, I think, in all Brazil, not only for us, is that the prepaid is moving to postpaid. So it's helping us a lot on postpaid, the prepaid, but nothing new. So that's something that we have been working, prepaid and postpaid, different strategies, but I think the same results. We are doing good in both.

不。我認為，在整個巴西，不僅僅是我們，正在發生的事情是預付費正在轉向後付費。因此，它在後付費和預付費方面給了我們很大的幫助，但並不是什麼新鮮事。這就是我們一直在努力的方向，預付費和後付費，雖然策略不同，但我認為結果是一樣的。我們在這兩方面都做得很好。

Perfect. Thank you very much.

完美的。非常感謝。

In prepaid, not only in Brazil, Marcelo, but in all the countries, it's very important to see in prepaid revenue growth, not subscribers. Because subscribers, it's very different. Some companies will disconnect after, before. We don't know. So what will be important is to follow the revenue growth in prepaid. And I think in prepaid, we have more than 10% growth in Brazil, so very good for us.

在預付費領域，馬塞洛表示，不僅在巴西，而且在所有國家，看到預付費收入的成長而不是用戶數量的成長都非常重要。因為對於訂閱者來說，這是非常不同的。有些公司會在之後、之前就中斷連線。我們不知道。因此，重要的是關注預付費的收入成長。我認為，在預付費方面，我們在巴西的成長率超過 10%，這對我們來說非常好。

Thank you.

謝謝。

Thank you.

謝謝。

Gustavo Farias, UBS.

瑞銀的 Gustavo Farias。

Hi, everyone. Thanks for taking my questions. I have two on my end. The first one, if you could comment on the outlook for Mexico, had higher-seeing economic activity, [trending house], competitive environment in the country, especially for mobile, but also for broadband. And my second one, we've seen a lower increase in CapEx this quarter. I wonder if the target for the full year stands around MXN7 billion. Thank you.

大家好。感謝您回答我的問題。我這邊有兩個。第一個問題，如果你能評論墨西哥的前景，你會發現該國的經濟活動、[趨勢屋]、競爭環境都較高，尤其是行動領域，還有寬頻領域。第二，我們發現本季資本支出增幅有所下降。我不知道全年的目標是否在 70 億墨西哥比索左右。謝謝。

Well, the first one is, yes, on CapEx we are on target. I think it's going to be, I hope, less than MXN7 billion. It will be like MXN6.7 billion, MXN6.8 billion, what we discussed, and that's more or less what we're going to have this year. So no changes on that. There's a lot of questions about what will be the next year and the next one. The target that we have been having is to have the same percentage CapEx to sales that we have this year to have the next one at the next one.

嗯，首先，是的，在資本支出方面我們已經達到目標了。我認為，我希望這個數字會低於 70 億墨西哥比索。這將是 67 億墨西哥比索、68 億墨西哥比索，正如我們討論的那樣，這或多或少就是我們今年將要達到的數額。因此，這一點沒有變化。關於明年和下年會發生什麼，存在著許多疑問。我們的目標是使今年的資本支出與銷售額的百分比與下一年的相同。

So I don't think there's going to be any change on the way we are going to invest in the next one or two years. That's something that a lot of people have been asking us. And we have been doing a lot of investments in the last year. So that will help us to reduce and maintain what we have been doing this year. So that's, I think, good news for all of us.

因此我認為未來一兩年我們的投資方式不會有任何改變。這是很多人問過我們的問題。去年我們做了很多投資。這將有助於我們減少和維持我們今年一直在做的事情。所以我認為這對我們所有人來說都是好消息。

In Mexico, you want to talk there? I don't think there's different -- when you talk about the market, there's no different commercial or promotions in fixed or in wireless. I think we have the same competitors. Some of them are more aggressive; other ones, less aggressive. But the competition in the market is the same as last year, this year. There's a lot of competition in the Mexico market.

在墨西哥，你想在那裡談話嗎？我認為沒有什麼不同——當你談論市場時，固定和無線的商業或促銷沒有什麼不同。我認為我們有相同的競爭對手。其中一些攻擊性較強，有些攻擊性則較弱。但今年的市場競爭與去年一樣。墨西哥市場競爭非常激烈。

I think what we discussed last time and the rebound in revenues is also helped by we think that Mexico economy is starting to grow. It's starting to grow a little bit. And what we discussed last quarter is that the reduction on revenues. On prepaid mostly is because it's related to the economy, the acceleration of the economy. And it's rebound a little bit today, and we hope that the next quarters will be also better.

我認為我們上次討論的內容以及收入的反彈也得益於我們認為墨西哥經濟開始成長。它開始一點點長大。我們上個季度討論的是收入的減少。預付費主要是因為它與經濟、經濟加速有關。今天有所反彈，我們希望下一季的情況也會更好。

So the competition is there. We think we have a stronger -- as we said, we have a stronger network. We have a good revenue and commercial area. Good Promotions, and good distribution also, customer care. And we're doing good. In the peak size, we increased more than 200,000, so it's a very good growth for Telmex. And we hope we can sustain and we'll do good in the next quarters also. So we are accelerating also in the peak size.

所以競爭是存在的。我們認為我們擁有更強大的——正如我們所說，我們擁有更強大的網路。我們擁有良好的收入和商業區。促銷活動良好，經銷良好，客戶服務也很好。我們做得很好。在高峰期，我們的用戶數量增加了 20 多萬，這對 Telmex 來說是一個非常好的成長。我們希望我們能夠保持下去，並在接下來的幾個季度中取得良好的業績。因此，我們的峰值規模也在加速成長。

Perfect. Thanks for the answers.

完美的。謝謝您的回答。

Phani Kanumuri, HSBC.

匯豐銀行的 Phani Kanumuri。

Yes, thanks for taking my questions. The first one is regarding the labor obligations. This first half, you had paid much lower than you had paid last year. So do you expect the outflow to be lower in the labor obligations? And the second question is regarding -- yes.

是的，感謝您回答我的問題。第一個是關於勞動義務。今年上半年，你們支付的費用比去年低很多。那麼，您是否預期勞動義務的流出量會較低？第二個問題是關於──是的。

No -- you want, Carlos, to say something?

不——卡洛斯，你想說些什麼嗎？

No, no, no. On the pension, you understand. Part of the obligations, these are basically Telmex's, are paid out of pension funds that they must have. And part of the permits are made out of pocket. And this changes throughout the year, okay? So for the full year of the call, I think you should not expect to see any major changes relative to what we had last year. So that's what I would say. Okay, so how much we take out of a fund in a given quarter or how much we pay out of pocket, that can vary during the year, depending on market conditions and the like.

不，不，不。關於退休金，你明白的。部分義務，基本上是 Telmex 的義務，是從他們必須擁有的退休基金中支付的。而且部分許可證是需要自掏腰包購買的。而且這情況全年都在變化，好嗎？因此，對於全年的電話會議而言，我認為您不應該期望看到與去年相比的任何重大變化。這就是我要說的。好的，那麼我們在特定季度從基金中提取多少錢或自掏腰包支付多少錢，這可能會在一年內發生變化，具體取決於市場狀況等。

Okay, and the second question is regarding the changing competition in different markets. We are seeing a lot of M&A happen in different markets, whether it's Argentina, Colombia, and/or Ecuador, Uruguay. Are you seeing a changing competition there? Do you think the markets are becoming much more rational on a general level?

好的，第二個問題是關於不同市場競爭的變化。我們看到許多併購發生在不同的市場，無論是阿根廷、哥倫比亞，或是厄瓜多、烏拉圭。您是否看到那裡的競爭正在改變？您認為市場整體上是否變得更加理性？

Yes, as markets consolidate, I think, will be more rational promotions and the market will be more rational. And, well, it's what we hope and we expect. So I think the Latin market with all the sales that Telefonica is having are not for consolidating the markets, okay? In Argentina, yes, it's consolidating the market. In Colombia, it's consolidating the market. In Peru, we're not. It's another one. It's a new entrant. In Uruguay and in Ecuador also, it's a new one. So it's not consolidating. So it's different in each market. But we hope that in the markets where it's consolidating, will be more rational, the competition, yes.

是的，隨著市場整合，我認為促銷活動會更理性，市場也會更理性。嗯，這正是我們所希望和期待的。所以我認為西班牙電信在拉丁市場的銷售不是為了鞏固市場，對嗎？是的，在阿根廷，它正在鞏固市場。在哥倫比亞，它正在鞏固市場。在秘魯，我們不是。這是另一個。它是一個新進入者。在烏拉圭和厄瓜多爾，這也是一種新現象。所以它並沒有鞏固。所以每個市場都是不同的。但我們希望，在整合的市場中，競爭會更理性，是的。

Yes, thank you. Thank you for that.

是的，謝謝。謝謝你。

Thank you.

謝謝。

Walter Piecyk, LightShed Partners.

沃爾特·皮西克 (Walter Piecyk)，LightShed 合夥人。

Thanks. I was hoping you guys could comment a little bit about BAIT. I think if I look at this quarter compared to last quarter in Mexico, particularly in prepaid, you did much better. When we look at the BAIT numbers, they did worse. So I'm just wondering if that was the reason you were doing better.

謝謝。我希望你們能對 BAIT 發表一些評論。我認為，如果將本季與墨西哥上一季進行比較，特別是預付費方面，你們的表現要好得多。當我們查看 BAIT 數字時，他們的表現更糟。所以我只是想知道這是否是你做得更好的原因。

And then in addition, I think BAIT this week talked about maybe getting to the postpaid market. And I'm just curious kind of how you see that kind of playing out. It seems like the model is interesting in terms of them getting usage at grocery stores, I guess, to pay for service. So just if you can comment on what's going on in the market this quarter as it relates to BAIT and how you anticipate competing against whatever they're planning to do on postpaid.

此外，我認為 BAIT 本週討論了進入後付費市場的可能性。我只是好奇您如何看待這種情況的發生。我認為，就他們在雜貨店使用來支付服務而言，這種模式似乎很有趣。因此，如果您可以評論本季與 BAIT 相關的市場動態，以及您預計如何與他們計劃在後付費方面進行的競爭。

Well, I think the first thing is for us that we have been improving the prepaid. It is, as I said, I think the economy is doing a little bit better. So as the economy will do better, I think we will increase more. So that's the first thing. On BAIT, I cannot talk too much about BAIT because I don't understand their numbers. If itel said that they have less subscribers, then they said that they have more, the ARPUs -- I don't know. I really don't understand the numbers, so it's very difficult to compare quarter by quarter with BAIT.

嗯，我認為對我們來說第一件事就是我們一直在改進預付費。正如我所說，我認為經濟狀況正在好轉。因此，隨著經濟情勢好轉，我認為我們會增加更多。這是第一件事。關於 BAIT，我不能談論太多，因為我不了解他們的數字。如果 itel 說他們的用戶數量減少了，那麼他們又說他們的 ARPU 增加了——我不知道。我真的不明白這些數字，因此很難逐季度與 BAIT 進行比較。

But I think something that I see that is important is when you are a new entrant, it's easy to -- when you have nothing, it's easy to start to grow. But when you have a base, an important base, then it's important to maintain the base. So it's more difficult to grow. It's important to maintain the base. So I think it's maybe what is happening with them.

但我認為，我認為重要的是，當你是新進者時，當你一無所有時，很容易開始成長。但是當你擁有一個基礎，一個重要的基礎時，維護這個基礎就很重要。因此，生長起來更加困難。維護基礎很重要。所以我認為這也許就是他們身上正在發生的事情。

But as I told you, very difficult to understand their numbers. I don't know their numbers. It's not clear. But in our case, I can tell you that we have been growing. And we have a very good network, much better than all the other ones. And coverage also, very good coverage. So that economy and all these things are making that our prepaid start to grow again.

但正如我告訴你的，要理解他們的數字非常困難。我不知道他們的電話號碼。不清楚。但就我們的情況而言，我可以告訴你，我們一直在成長。我們的網路非常好，比其他所有網路都要好得多。而且覆蓋範圍也很好，覆蓋範圍非常好。因此，經濟和所有這些因素使得我們的預付費業務再次開始成長。

Vitor Tomita, Goldman Sachs.

高盛的 Vitor Tomita。

Hello, and thank you very much for taking our questions. We have two from our side. The first one is on Mexico's broadband market. We saw an acceleration in broadband net adds this quarter, quite a bit of commercial effort in Mexico. Could you give us a bit more color on how you see that acceleration in your broadband volumes in Mexico in the quarter and on whether this commercial intensity is expected to continue into coming quarters?

您好，非常感謝您回答我們的問題。我們這邊有兩個。第一個是關於墨西哥寬頻市場。我們看到本季寬頻網路增加速度加快，墨西哥做出了相當大的商業努力。您能否向我們詳細介紹一下您如何看待本季墨西哥寬頻流量的成長，以及這種商業強度是否會持續到未來幾季？

Also, my second question would be on the litigation provision you booked in Colombia that's affected margins this quarter. Could you give us a little bit more color on that, and particularly on whether the provisioning already assumes a worst-case scenario or whether there is risk of further provisioning, depending on how this goes, or even of provisions being reversed? Thank you.

此外，我的第二個問題是關於您在哥倫比亞預訂的訴訟準備金，該準備金影響了本季的利潤率。您能否就此問題給我們更多細節，特別是關於撥備是否已經假設了最壞的情況，或者是否存在進一步撥備的風險（取決於情況如何），甚至撥備是否可能被撤銷？謝謝。

Well, talking about the Mexico broadband, first, we increased our sales force in order to be more proactive in the market. Secondly, we reinforced all the retention areas in order to keep the customers with Telmex. And now we have 91% of the customer base already connected with fiber. So we are delivering at very great speed, very great quality. And another thing that has been working for us is to add into the broadband streaming platform. So we've been adding streaming platforms, all the major ones, and has been very well received in the marketplace. So I believe if this continue, we will see good figures in the next quarters.

嗯，談到墨西哥寬頻，首先，我們增加了銷售隊伍，以便在市場上更加積極。其次，我們加強了所有保留區域，以留住 Telmex 的客戶。現在，我們 91% 的客戶群已經連接光纖。因此，我們的交付速度非常快，品質非常好。另一件對我們有用的事情是添加到寬頻串流平台。因此，我們一直在添加串流媒體平台，所有主要的平台，並且在市場上獲得了很好的反響。所以我相信如果這種情況持續下去，我們將在下一季看到好的數據。

And on Colombia, I think there's a case where we lost related to the content. It's not only for us. It's for all the industry. And what we booked is -- we have to pay something right now, that is what we book, and then we have some payments to do in the next months until the end of the year. So less payments than what we booked today, but that, the case is closed. We lose. It's booked. It's until December.

關於哥倫比亞，我認為我們在內容方面失敗了。這不僅適用於我們。它適用於所有行業。而我們預定的是——我們現在必須支付一些款項，這就是我們預定的，然後我們需要在接下來的幾個月直到年底支付一些款項。因此，付款金額比我們今天預訂的要少，但是，案件已經結案。我們輸了。已經訂滿了一直到十二月。

And what we already put is maybe more than half of what we need to pay, and the rest is divided in the next months. And we have to pay every month until the end of the year. So we are not going to see a big payment the next month. But it's a case that it's closed. It's something that we cannot reverse. But it's for all the industries, what I can tell you, related to the content.

我們已經支付的金額可能已經超過了我們需要支付金額的一半，其餘部分將在接下來的幾個月內分攤。而且我們必須每個月付款直到年底。因此下個月我們不會看到大筆付款。但這個案子已經結案了。這是我們無法逆轉的事情。但我可以告訴你的是，它適用於所有行業，與內容有關。

Clear. Thank you very much.

清除。非常感謝。

Thank you.

謝謝。

Valeria Miranda, GBM.

瓦萊麗亞·米蘭達，GBM。

Yes, thank you for taking my question. Focusing on Colombia, how are you seeing the dynamics with the consolidation there has been?

是的，感謝您回答我的問題。聚焦哥倫比亞，您如何看待那裡的整合動態？

Well, the consolidation has to be declared on September. And September, I think, is the time where they are going to decide if they approve or they don't approve this consolidation. And if you see, consolidations are always good for the markets. Still, they are separate companies, so we don't know what is going to happen. But consolidation, I think, is good for the markets. But let's see. Let's see what the regulator or the people who have to decide in Colombia is -- what they are going to decide. Let's see. Let's wait until September.

嗯，合併必須在九月宣布。我認為，九月他們將決定是否批准此次合併。如果你看到的話，整合對市場來說總是有利的。不過，它們是獨立的公司，所以我們不知道會發生什麼事。但我認為整合對市場有利。但讓我們看看。讓我們看看哥倫比亞的監管機構或決策者將做出什麼決定。讓我們來看看。我們等到九月吧。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Lucca Brendim, Bank of America.

（操作員指示）美國銀行 Lucca Brendim。

Hi, good afternoon. Thank you for taking my questions. I have two here. First, following up on Marcelo's question, can you please double-click on postpaid net adds in Brazil and break it down? According to Anatel data for the past two months, machine-to-machine net adds were really strong. Were there any new strategies on this front? And also, you mentioned about Nubank that is already helping with results. It is all reported in the postpaid?

嗨，下午好。感謝您回答我的問題。我這裡有兩個。首先，回答馬塞洛的問題，您能否雙擊巴西的後付費淨增值並進行細分？根據 Anatel 過去兩個月的數據，機器對機器的淨增量非常強勁。這方面有什麼新策略嗎？另外，您提到了 Nubank，它已經幫助取得了成果。都是後付費裡報的嗎？

And then the second question, can you also give us some color on lease expenses? During the quarter, it expanded at a higher rate than the revenues, so we wanted to understand how this line should behave going forward. Should it grow in line with revenues? Should it grow at a higher pace, lower pace? Any color on that would be great. Thank you.

第二個問題，您能否向我們介紹租賃費用？在本季度，它的擴張速度高於收入的成長速度，因此我們想了解這條生產線未來的表現如何。它是否應該與收入同步成長？它應該以更快的速度成長，還是以更慢的速度成長？任何顏色都可以。謝謝。

The last question, I don't understand. The first question is about postpaid and machine-to-machine. I think machine-to-machine is growing also, but I don't think there's a swap compared to the last quarters. I think it's more or less the same. But important, you have to see revenues. Revenues are very important. And in postpaid, we are growing -- I think -- I don't have it here and I don't have the mix on mobile, machine-to-machine, but on revenues -- on the net adds, we have 1.4 million, almost 1.4 million.

最後一個問題，我不明白。第一個問題是關於後付費和機器對機器的。我認為機器對機器的交易也在增長，但與上幾個季度相比，我認為並沒有出現交換。我認為都差不多。但重要的是，你必須看到收入。收入非常重要。在後付費方面，我們正在成長——我認為——我這裡沒有這個數字，我也沒有行動、機器對機器的組合，但就收入而言——就淨增用戶而言，我們有 140 萬，差不多 140 萬。

I don't know exactly how many are machine-to-machine and how many are there, but our revenue is growing at 9%, almost 10% in postpaid, so it's very good. So a lot of this growth is on the real postpaid, not machine-to-machine. But if you want the numbers, I think Brazil has the numbers. They report -- the numbers -- or Daniela can give you the numbers. But there's not a big difference between what we have been doing the last year and the last quarter and what we have right now. As I said, we are doing very good in Brazil in postpaid. We are also doing good in prepaid.

我不知道具體有多少是機器對機器的，有多少是機器對機器的，但我們的收入增長了 9%，後付費增長了近 10%，所以這非常好。因此，很大一部分成長來自於真正的後付費，而不是機器對機器。但如果你想要數字，我認為巴西有數字。他們報告數字，或者丹妮拉可以給你數字。但我們去年和上個季度的做法與現在的做法並沒有太大差別。正如我所說，我們在巴西的後付費業務做得非常好。我們在預付費方面也做得很好。

And in fixed also, nobody's asking on fixed. And in fixed, nobody's asking on fixed, but in fixed, we're starting to grow. We have been two or three quarters growing our revenue in Brazil, so there are very good news also. Increasing, putting more fiber, changing some subscribers to fiber. Corporate is also growing, but we need to do much more, incorporate also. I think we have a good opportunity in BMS, in small and medium companies, and incorporate also to do, and we're focusing a lot there. The second question, what will be the second question?

並且在固定的情況下，也沒有人詢問固定。在固定方面，沒有人問固定，但在固定方面，我們開始成長。我們在巴西的營收已經成長了兩三個季度，所以這也是非常好的消息。增加、安裝更多光纖，將一些用戶改為使用光纖。企業也在成長，但我們需要做得更多，也要合併。我認為我們在 BMS、中小型公司中擁有良好的機會，並且也可以進行合併，我們非常重視這些方面。第二個問題，第二個問題是什麼？

Yes, the second question was on the lease expenses. Lease. So how do you expect this line to grow going forward? This should grow in line of inflation or more or less than -- sorry, if revenues are more or less than revenues? And also on the first question, if you can comment if Nubank's numbers are reported under the postpaid for AMX?

是的，第二個問題是關於租賃費用的。租。那麼，您預計這條生產線未來會如何發展？這應該與通貨膨脹同步成長，或高於或低於——抱歉，收入是高於還是低於收入？另外關於第一個問題，您是否可以評論一下 Nubank 的數字是否是在 AMX 的後付費下報告的？

It's a good question. I don't know if they have reported on prepaid or postpaid. Maybe when they are postpaid, it should be postpaid. When they are -- they are reporting in our numbers also. I don't know how we report it, but I can check, and Daniela will let you know. The leases?

這是個好問題。我不知道他們是否報告了預付費或後付費。也許當他們是後付費的時候，就應該是後付費。當他們——他們也在我們的數據中報告。我不知道我們如何報告，但我可以檢查，然後丹妮拉會告訴你。租約？

On the leases, several of the lease agreements adjust by inflation. But in many cases, they are dollar-based. So to the extent that the currencies are appreciating the dollar, then you should not expect to see significant changes.

在租賃方面，一些租賃協議會根據通貨膨脹進行調整。但在很多情況下，它們都是以美元為基礎的。因此，就貨幣對美元升值的程度而言，你不應該期望看到重大變化。

Perfect. Thank you for the answers.

完美的。謝謝你的回答。

The appreciation is greater than the inflation.

升值幅度大於通貨膨脹。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

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

謝謝。我們沒有其他問題了。我將把最後的發言權交給 Daniel Hajj。

No, just want to thank everyone for being in the call. I think we have a very good quarter. Thank you all.

不，只是想感謝大家參加電話會議。我認為我們這個季度表現非常好。謝謝大家。

Thank you. This now 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。