Millicom International Cellular SA (TIGO) 2025 Q1 法說會逐字稿

Hello everyone, and welcome to our first quarter 2025 results call. This event is being recorded. Our speakers today will be our CEO Marcelo Benitez and our CFO Bart Vanhaeren. The slides for today's presentation are available on our website along with the earnings release and our financial statements. Now, please turn to slide 2 for the safe harbour disclosure. We will be making forward-looking statements which involve risks and uncertainties and could have a material impact on our results.

大家好，歡迎參加我們的 2025 年第一季業績電話會議。此事件正在被記錄。今天的演講者是我們的執行長馬塞洛·貝尼特斯 (Marcelo Benitez) 和財務長巴特范哈倫 (Bart Vanhaeren)。今天簡報的幻燈片以及收益報告和財務報表都可以在我們的網站上找到。現在，請翻到投影片 2 查看安全港揭露。我們將做出前瞻性陳述，其中涉及風險和不確定性，可能對我們的結果產生重大影響。

On slide 3, we define the non IFRS metrics that we will reference throughout the presentation, and you can find reconciliation tables in the back of our earnings release and on our website. With those disclaimers out of the way, let me turn the call over to our CEO Marcelo Benitez.

在投影片 3 上，我們定義了將在整個簡報過程中引用的非 IFRS 指標，您可以在我們的收益報告背面和我們的網站上找到對帳表。說完這些免責聲明，讓我把電話轉給我們的執行長馬塞洛·貝尼特斯 (Marcelo Benitez)。

Thanks, Michelle, and hello, everyone. Thanks for joining us to review the company's performance in the 1st quarter. As you will see throughout today's presentation, the restructuring program that was completed in 2024 is paying off, and that the benefits are visible in this Q1 results. And I am pleased to say that we are on track to deliver another excellent year in 2025. This includes a strong customer growth, increased profitability and cash flow generation, and the closing of some important M&A transactions.

謝謝，米歇爾，大家好。感謝您與我們一起回顧公司第一季的業績。正如您在今天的演示中看到的，2024 年完成的重組計劃正在取得成效，並且其效益在第一季的業績中顯而易見。我很高興地說，我們預計在 2025 年再創輝煌。這包括強勁的客戶成長、獲利能力和現金流的增加，以及一些重要併購交易的完成。

Please turn to slide 5 for the highlights of the quarter. Post-pay net ads of 262,000 were up nearly 50,000 from a year ago while home net ads of 62,000 compared to the decline of minus 13,000 that we saw in Q1 of last year and as you will see later. Our B2B business continues to perform very well. Meanwhile, our efficiency program continues to deliver higher profitability with the OCF margin of almost 2% points to 36.7%. A level that is higher than many other telcos evi the margins and once again our relentless focus on efficiency produced very strong equity free cash flow of 135 million in Q1, which is typically our weakest quarter of the year in terms of cash flow generation.

請翻到投影片 5 了解本季的亮點。後付費淨廣告數量為 262,000 條，比去年同期增加了近 50,000 條，而家庭淨廣告數量為 62,000 條，而去年第一季度則減少了 13,000 條，您稍後會看到這一點。我們的 B2B 業務持續表現良好。同時，我們的效率計畫持續帶來更高的獲利能力，OCF利潤率提高了近2個百分點，達到36.7%。這一水平高於許多其他電信公司的利潤率，我們再次堅持不懈地關注效率，在第一季產生了 1.35 億的強勁股權自由現金流，而這通常是我們一年中現金流產生最弱的季度。

Leverage ended the quarter at 2.47 times as we had told you in our last call, leverage increased a little bit during the quarter due to the impact of the dividend and our share buyback program. These are things that Bart will talk about later. Now let's review each of these highlights in more detail. Beginning with our mobile business on the next slide. Our mobile business performed well in Q1. On the right, you can see that mobile business grew just over 3% this quarter.

正如我們在上次電話會議中所說的那樣，本季末槓桿率為 2.47 倍，由於股息和股票回購計劃的影響，本季槓桿率略有增加。這些是 Bart 稍後會談論的事情。現在讓我們更詳細地回顧一下每個亮點。下一張投影片將從我們的行動業務開始。我們的行動業務在第一季表現良好。在右側，您可以看到本季行動業務成長略高於 3%。

This is a bit of a slowdown compared to the last several quarters, but keep in mind that in 2024 had an extra day on February, which is very meaningful in our pre-paid business, and we also benefited somewhat from the cyber-attack that impacted our main competitor last year.

與前幾季相比，這有所放緩，但請記住，2024 年 2 月多了一天，這對我們的預付費業務來說意義重大，而且我們也從去年影響我們主要競爭對手的網路攻擊中受益匪淺。

These two factors made for a tougher comparison this quarter, and this was embedded in our plans for the year. In fact, when we look more closely at our mobile service revenue growth in Q1, we see that postpaid accelerated while pre prepaid was slightly negative because of the two items I just mentioned. Our strong mobile postpaid growth is a direct result of the key levers at the bottom of this page. We have talked about this in recent quarters, but today we are adding channel productivity to the list.

這兩個因素使得本季的比較更加困難，這也已融入我們今年的計畫中。事實上，當我們仔細觀察第一季的行動服務收入成長時，我們會發現後付費成長加速，而預付費則略有下降，這都是因為我剛才提到的兩個因素。我們的行動後付費業務強勁成長直接得益於本頁底部的關鍵槓桿。我們在最近幾季已經討論過這個問題，但今天我們將通路生產力加入到清單中。

We have made a lot of changes in our distribution channel, traditional and digital, and we have seen a big increase in the overall sales productivity. The simplification of our service offering is also contributing to the increased productivity. Meanwhile, we continue to migrate our best prepaid customers to postpaid and to put fixed mobile conversion packages.

我們對傳統和數位分銷管道做出了許多改變，我們看到整體銷售效率大幅提升。我們提供的服務的簡化也有助於提高生產力。同時，我們持續將最好的預付費客戶遷移到後付費客戶，並推出固定行動轉換方案。

All of these initiatives are increasing the lifetime customer value with a combination of higher arable and lower churn. Now please turn to the next slide to look at our home business. As I mentioned earlier, we added 62,000 home customers in the quarter, and this is consistent with the trends we saw in the second half of last year. We're very pleased to see our 2nd largest business continue to deliver solid commercial performance.

所有這些措施都透過提高可耕種率和降低客戶流失率來增加終身客戶價值。現在請翻到下一張投影片來了解我們的家庭業務。正如我之前提到的，我們在本季增加了 62,000 名家庭客戶，這與去年下半年看到的趨勢一致。我們非常高興地看到我們的第二大業務繼續取得穩健的商業業績。

Our HFC and FTTH customers is back above 4 million and it's up almost 5% year over year. As we discussed in our Q4 call, many of our new customers are broadband only. In fact, our broadband customer base went up almost 7% while pay TV is flat and fixed telephony is down more than 20%. 1/3 of our home customers are now convergent. This means that they have both home and postpaid mobile services.

我們的 HFC 和 FTTH 客戶數量已回升至 400 萬以上，年增近 5%。正如我們在第四季度電話會議上所討論的那樣，我們的許多新客戶僅使用寬頻。事實上，我們的寬頻客戶群成長了近 7%，而付費電視則持平，固定電話則下降了 20% 以上。我們的三分之一的家庭客戶現在都已經融合了。這意味著他們同時擁有家庭和後付費行動服務。

One year ago, only 1 quarter of our home customers were converted so we have made great progress in a very short period of time, and we think there's still a lot of potential here in parallel we have been reducing our exposure to our legacy DTH business where our focus has been to improve profitability of the business. When you put all of this together you see that we are building a strong foundation to drive profitable revenue growth in our home business over the long term cantered around fast and reliable fixed broadband bundle with mobile services on the best network.

一年前，只有四分之一的家庭客戶實現了轉型，因此我們在很短的時間內取得了巨大的進步，我們認為這方面仍然有很大的潛力，同時我們一直在減少對傳統 DTH 業務的投入，我們的重點是提高業務的盈利能力。將所有這些放在一起，您會發現我們正在建立一個強大的基礎，以長期推動家庭業務的盈利收入增長，其中心是快速可靠的固定寬頻捆綁以及最佳網絡上的行動服務。

Please turn to the next slide for a quick look at our B2B business which continues to perform well. As we had two very large projects in Panama last year, and this distort the year-on-year comparisons. B2B services declined 6.4% organically, but this is entirely due to these large projects. To normalize for this, we think it's useful to look at the performance of B2B business over the past two years, and on this basis, you can see the B2B grew at 4% CA in dollars over the past two years.

請翻到下一張投影片，快速了解我們繼續表現良好的 B2B 業務。由於我們去年在巴拿馬有兩個非常大的項目，這扭曲了同比的比較。B2B服務有機下降了6.4%，但這完全是由於這些大型專案造成的。為了使這種情況正常化，我們認為有必要回顧過去兩年 B2B 業務的表現，在此基礎上，您可以看到過去兩年 B2B 業務的美元複合年增長率為 4%。

Again, this growth is mainly driven by digital solutions which are up 18% over the same time frame. Now let's review our performance in our 3 largest countries, beginning with Colombia on the next slide. Once again, the key highlight in this slide is the adjusted EBITDA the margin which reached 39.1%. That's up more than 2% points year over year as we continue to reap the rewards of our restructuring program.

同樣，這一成長主要由數位解決方案推動，在同一時間段內，數位解決方案成長了 18%。現在讓我們回顧一下我們在三個最大國家的表現，從下一張投影片中的哥倫比亞開始。再次強調，這張投影片的重點是調整後的 EBITDA 利潤率達到了 39.1%。由於我們繼續從重組計劃中獲益，這一數字比去年同期增長了 2% 以上。

And as you can also see on this slide, we continue to grow our postpaid mobile and home customer bases, which is the result of our continued investment in our networks combined with simplified offers and channel productivity. This strong commercial performance is now starting to show up in our service revenue which accelerated to 3.6% in the quarter. This is our strongest quarter service revenue growth in two years.

正如您在這張投影片上看到的，我們的後付費行動和家庭客戶群不斷擴大，這是我們持續投資網路、簡化服務和提高通路效率的結果。強勁的商業表現現在開始體現在我們的服務收入中，本季服務收入成長至 3.6%。這是我們兩年來最強勁的季度服務收入成長。

Now, please turn to the next slide to look at Guatemala. As this is a market that consolidated from 3 to 2 players 5 years ago when our competitor bought the 3rd largest operator of the country. That transaction has created a more robust competitive dynamic throughout the country, and it allowed the government to successfully complete two spectrum auctions in 2023. This new spectrum has allowed us to optimize our network, which has resulted in expanded coverage and improved services.

現在，請翻到下一張投影片來看看瓜地馬拉。五年前，當我們的競爭對手收購了全國第三大營運商時，這個市場就從 3 家公司合併為 2 家公司。該交易在全國範圍內創造了更強勁的競爭態勢，並使政府能夠在 2023 年成功完成兩次頻譜拍賣。這項新頻譜使我們能夠優化網絡，從而擴大覆蓋範圍並改善服務。

And we see this reflected in our customers' data consumption which has increased significantly during this period. In fact, data consumption continues to increase rapidly, and we are meeting this challenge by investing to our capacity and we are pricing our services in a way that compensates us for that growing traffic consumption.

我們看到這反映在客戶的數據消耗上，在此期間數據消耗顯著增加。事實上，數據消耗持續快速成長，我們正在透過投資容量來應對這項挑戰，並以補償不斷增長的流量消耗的方式對我們的服務進行定價。

As I mentioned it earlier, one of our levers is the migration from pre-paid to post-pay, which is particularly relevant in Guatemala where post-pay is still relatively small compared to the total base. You will notice that service revenue growth slowed a little bit this quarter, but as I mentioned earlier, there were some positive factors that helped us last year and made for a challenging year on year comparison, especially for a mobile business, but this is in line with our plans for the year.

正如我之前提到的，我們的手段之一是從預付費轉向後付費，這在危地馬拉尤為重要，因為與總基數相比，後付費的比例仍然相對較小。您會注意到本季服務收入成長略有放緩，但正如我之前提到的，去年有一些積極因素對我們有所幫助，並且與去年同期相比具有挑戰性，特別是對於行動業務而言，但這符合我們今年的計劃。

Finally, the key highlight in Guatemala this quarter is the OCF which grew 10% and reached a new record of $190 million in the quarter. Please turn to the next slide to look at Panama. 2024 was a truly exceptional year for business in Panama as you can see here. Once again, the highlight this quarter is the profitability of the business with an adjusted the margin reaching 51.2%, a new record. Our post-pay business remain an important growth engine, and this is helping us to sustain steady growth in our mobile business.

最後，本季危地馬拉的一大亮點是 OCF，其成長了 10%，達到了 1.9 億美元的新紀錄。請翻到下一張投影片看看巴拿馬。如您所見，2024 年對於巴拿馬的商業來說確實是非凡的一年。本季的亮點再次是業務的獲利能力，調整後的利潤率達到51.2%，創下新高。我們的後付費業務仍然是重要的成長引擎，這有助於我們保持行動業務的穩定成長。

We have more than triple the size of our post-pay customer base since acquiring the business in 2019. Postpaid is only 16% of our customer base in Panama compared to 34% in Colombia. So, we think there is a long runway of growth potential for our postpaid mobile business in Panama.

自 2019 年收購該業務以來，我們的後付費客戶群規模增加了兩倍以上。在巴拿馬，後付費客戶僅佔 16%，而在哥倫比亞，這一比例為 34%。因此，我們認為巴拿馬的後付費行動業務具有長期的成長潛力。

Finally, and before I turn the call over to Bart, I'd like to update you on the M&A projects that we have previously announced. First, regarding the sale of Latin International to SBA, we fight antitrust approval in every country where this was required. We received approval in Nicaragua, and we closed that portion of the transaction during Q1.

最後，在我將電話轉給巴特之前，我想向您介紹我們之前宣布的併購項目。首先，關於將拉丁國際公司出售給 SBA，我們在每個需要此批准的國家都反對反壟斷審批。我們獲得了尼加拉瓜的批准，並在第一季完成了該部分交易。

As for the other countries, we are still waiting for the approvals, but we continue to expect to close this on either Q2 or Q3. Separately, we also recently entered into a new agreement to sell our Latti Paraguay operations to ATIS Group. This covers approximately 280 sites, and we expect to close these transactions in coming weeks. Second, with respect to Colombia, this past March we signed a binding agreement with Telefonica to acquire their 67.5 stake in COTE.

至於其他國家，我們仍在等待批准，但我們仍預計將在第二季或第三季完成批准。另外，我們最近也達成了一項新協議，將我們的拉蒂巴拉圭業務出售給 ATIS 集團。這涉及大約 280 個站點，我們預計將在未來幾週內完成這些交易。第二，關於哥倫比亞，今年三月，我們與西班牙電信公司簽署了一項具有約束力的協議，收購其在 COTE 的 67.5% 股份。

We also remain committed to offering the same price per share to their minority partner, the government of Colombia, and we are pleased to see that they have now hired financial and legal advisors who will help them to launch and manage the process to sell their stake under the privatization law 226. We are also ready to acquire our partners 50% stake in our Colombian operation. If EPM decides to sell, we will offer to pay up to the same price implied by the valuation multiple we agreed to pay for [tel], which is the best possible evaluation comparable for a transaction like this.

我們也將繼續致力於向其少數股東合作夥伴哥倫比亞政府提供相同的每股價格，我們很高興地看到他們現在已經聘請了財務和法律顧問，他們將幫助他們啟動和管理根據私有化法 226 出售其股份的流程。我們也準備收購合作夥伴在哥倫比亞業務中 50% 的股份。如果 EPM 決定出售，我們將提供與我們同意支付的 [tel] 估值倍數相同的價格，這是此類交易中最好的估值。

Third and finally in Costa Rica, where we've agreed to combine our operations with those of Liberty Latin America, the regulatory process is ongoing. We have no other updates for you here. Now let me turn the goal over to Bart to review the financials for this quarter.

第三，也是最後一點，在哥斯達黎加，我們已同意將我們的業務與 Liberty Latin America 的業務合併，監管程序正在進行中。我們這裡沒有其他更新資訊供您參考。現在，讓我將目標交給巴特，讓他審查本季的財務狀況。

Thanks, Marcelo. Let's look at our financial performance beginning on slide 14. Service revenue was $1.29 billion in the quarter, which is down 6.6% from $1.38 billion a year ago. The impact of weaker foreign exchange rates was very significant this quarter due to a 40% devaluation of the Boliviano resulting from our adoption of accounting standard IAS 21. Excluding effects, impact, organic service revenue was flat.

謝謝，馬塞洛。讓我們從第 14 張投影片開始看看我們的財務表現。本季服務收入為 12.9 億美元，較去年同期的 13.8 億美元下降 6.6%。由於我們採用會計準則 IAS 21 導致玻利維亞諾貶值 40%，本季外匯匯率疲軟的影響非常顯著。排除效應和影響，有機服務收入持平。

As mentioned many times before, service revenue in Q4 2023 and Q1 2024 included a very significant contribution from two large B2B projects in Panama. As well as a smaller revenue pick up from a cyberattack that impacted our main competitor. Excluding these items, organic service revenue growth would have been more than 2%, which is in line with recent trends and more indicative of where we expect to see service revenue on a PQ basis. Adjusted EBITDA was up 0.6% year on year to $636 million, and the margin reached 46.3%, our highest ever.

如同先前多次所提到的，2023 年第四季和 2024 年第一季的服務收入包括來自巴拿馬兩個大型 B2B 計畫的非常重要的貢獻。我們的主要競爭對手遭受網路攻擊，導致收入成長較少。不包括這些項目，有機服務收入成長率將超過 2%，這與最近的趨勢一致，也更能說明我們預計在 PQ 基礎上的服務收入。調整後的 EBITDA 年成長 0.6% 至 6.36 億美元，利潤率達到 46.3%，創歷史新高。

Excluding effects, organic growth was 6.9%. Beginning this quarter, we are using the term adjusted EBITDA instead of EBITDA to confirm with the most recent SEC guidance on this topic. In our case, this is simply a change in label. In fact, even that without adjustments would have been more than $100 million higher this quarter due to the inclusion of non-recurring items such as the gain on asset sales, foreign exchange gains, and the share of profits from our Honduras joint venture.

排除其他影響因素，有機成長率為 6.9%。從本季開始，我們將使用「調整後 EBITDA」而不是「EBITDA」來確認美國證券交易委員會關於此主題的最新指導。就我們的情況而言，這只是標籤的改變。事實上，即使不進行調整，本季的利潤也會高出 1 億美元以上，因為其中包括資產出售收益、外匯收益以及洪都拉斯合資企業的利潤份額等非經常性項目。

Including these kinds of items would make our EBITDA more volatile from quarter to quarter and in my mind would not contribute to useful analytics. Equity-free cash flow, excluding $42 million net proceeds from power disposals, was $135 million in the first quarter. This is up $172 million compared to the negative $37 million or $1 million including tower sales as reported in Q1 last year.

包括這些項目將使我們的 EBITDA 在每個季度之間波動更大，而且在我看來，這不會對有用的分析做出貢獻。第一季度，不含股權的現金流（不包括 4,200 萬美元的電力處置淨收益）為 1.35 億美元。與去年第一季報告的負 3,700 萬美元（包括塔銷售額在內為 100 萬美元）相比，這一數字上漲了 1.72 億美元。

A significant portion from the year on year improvement comes from having a better control over the working capital. In this quarter, only a negative $77 million a difference of $116 million compared to last year. This is the result of a deliberate and comprehensive effort to reduce the seasonality of our cash flow throughout the year. In other words, the strong performance in Q1 may revert somehow in the remaining quarters of the year. And you should not extrapolate from Q1. The other relevant takeaway on the equity-free cash flow is that we were able to deliver a very strong Q1, despite facing a very adverse foreign exchange impact.

同比成長的很大一部分來自於對營運資金更好的控制。本季，僅負7,700萬美元，與去年同期相比差1.16億美元。這是我們為減少全年現金流的季節性而做出的刻意而全面的努力的結果。換句話說，第一季的強勁表現可能會在今年剩餘的幾季中以某種方式恢復。你不應該從 Q1 進行推論。關於無股權現金流的另一個相關結論是，儘管面臨非常不利的外匯影響，我們仍然能夠實現非常強勁的第一季業績。

This is in part the result of some very specific actions we have taken over the past year to reduce our FX exposure and volatility. Specifically, we look for opportunities to replace dollar denominated debt with more local currency debt financing. We have renegotiated a lot of contracts to local currency. And we have incentivized our local country CFOs by adding a new dollar exposure KPI that we use to determine year-end bonuses. We are very pleased to see all of these initiatives paying off already in Cuba.

這在某種程度上是我們在過去一年中為降低外匯風險敞口和波動性而採取的一些非常具體的行動的結果。具體來說，我們尋找機會以更多本幣債務融資取代美元計價債務。我們已經就許多合約以當地貨幣進行了重新談判。我們還透過增加新的美元風險敞口關鍵績效指標 (KPI) 來激勵我們當地的財務官，並用它來確定年終獎金。我們非常高興地看到所有這些措施在古巴已經取得了成效。

Please turn to the next slide to look at service revenue by country. Guatemala service revenue of 349 million represented year on year growth of 0.9% in local currency. Driven primarily by mobile art. Colombia's service revenue of 334 million grew 3.6% year on year. This is a nice improvement compared to flat performance in Q4. We're happy to see that now quarter on quarter, all 3 business units are growing.

請翻到下一張投影片查看各國的服務收入。危地馬拉服務收入為 3.49 億，以當地貨幣計算年增 0.9%。主要受移動藝術推動。哥倫比亞服務業收入3.34億，年增3.6%。與第四季的平淡表現相比，這是一個不錯的進步。我們很高興地看到，現在三個業務部門都實現了季度環比成長。

Panama service revenue was $170 million. Some $150 million year on year, has sustained double digit growth in mobile was more than offset by the decline in B2B caused by the non-recurring large government contracts in Q1 of 2024. Excluding these projects from both years, service revenue growth would have been almost 5%.

巴拿馬服務收入為1.7億美元。年比約 1.5 億美元，行動領域持續的兩位數成長被 2024 年第一季非經常性大型政府合約導致的 B2B 領域的下降所抵消。如果不包括這兩年的這些項目，服務收入成長率將接近 5%。

Paraguay service revenue was $131 million increased 3.6% year on year, driven by double digit growth in B2B. Bolivia's service revenue increased 3.4% in local currency with positive growth in mobile and B2B offset by a small decline in home where we continue to prioritize profitability. In dollar terms, service revenue declined almost 40%, again as we implemented IS 21, which shaved off about $60 million in the quarter.

巴拉圭服務收入為 1.31 億美元，年增 3.6%，這得益於 B2B 業務的兩位數成長。玻利維亞的服務收入以當地貨幣計算增長了 3.4%，其中移動和 B2B 業務的正增長被國內業務的小幅下滑所抵消，我們繼續優先考慮盈利能力。以美元計算，服務收入下降了近 40%，這也是因為我們實施了 IS 21，導致本季服務收入減少約 6,000 萬美元。

Service revenue in other markets comprised of El Salvador, Nicaragua, and Costa Rica declined 3.1% in dollar terms, reflecting declines in Nicaragua and Costa Rica and flat performance in El Salvador. This segment was the big beneficiary of the cyberattack that impacted our main competitor in Q1 of last year, so suffers from a tough last year comparable. Please turn to the next slide for a look at adjusted EBITDA by Country.

薩爾瓦多、尼加拉瓜和哥斯達黎加等其他市場的服務收入以美元計算下降了 3.1%，其中尼加拉瓜和哥斯達黎加的收入下降，薩爾瓦多的收入持平。該部門是去年第一季影響我們主要競爭對手的網路攻擊的最大受益者，因此與去年相比，該部門的業績表現不佳。請翻到下一張投影片，查看按國家調整後的 EBITDA。

I indicated already that the even the margin for Q1 was 46.3% for the group. The key message on this slide will be that the margins expanded in all our largest markets over the past year. And now both Panama and Paraguay have joined Guatemala in the Club 50, as I called it last quarter. Congratulations. And actually, Honduras and Nicaragua are knocking at the door.

我已經指出，該集團第一季的利潤率為 46.3%。這張投影片的關鍵訊息是，過去一年我們所有最大市場的利潤率都有所擴大。現在，巴拿馬和巴拉圭都已加入危地馬拉，加入了我上個季度所稱的「50 俱樂部」。恭喜。事實上，宏都拉斯和尼加拉瓜正在敲門。

With this being said, Let's look at its country by country. Guatemala adjusted EBITDA increased 1.9% year on year to $222 million, reflecting service revenue growth and efficiencies. As the marginal increase another 90 points to 54.9%. Colombia adjusted EBITDA increased 10.4% year on year to $133 million, and the margin expanded by 2.6% points to 39.1%, reflecting cost savings.

話雖如此，讓我們來逐個國家看一下。危地馬拉調整後 EBITDA 年成長 1.9% 至 2.22 億美元，反映了服務收入的成長和效率的提高。邊際增加 90 個百分點至 54.9%。哥倫比亞調整後 EBITDA 年增 10.4% 至 1.33 億美元，利潤率擴大 2.6 個百分點至 39.1%，反映了成本的節約。

Panama adjusted EBITDA grew 2.8% year on year to $92 million, and the margin reached another record of 51.2% thanks to our efficiency program. Paraguay adjusted EBITDA grew 9% to $69 million in Q1 2025, and the margin was 51.2%. Bolivia adjusted EBITDA increased 12% to $43 million and the margin increased 3.7% points to 46.4% as we continue to focus on profitability in this market.

巴拿馬調整後的 EBITDA 年成長 2.8%，達到 9,200 萬美元，得益於我們的效率計劃，利潤率再創歷史新高，達到 51.2%。2025 年第一季度，巴拉圭調整後 EBITDA 成長 9% 至 6,900 萬美元，利潤率為 51.2%。由於我們持續關注玻利維亞市場的獲利能力，調整後的 EBITDA 成長 12% 至 4,300 萬美元，利潤率成長 3.7 個百分點至 46.4%。

Adjusted dividend, our other segment was flat in US dollar terms, as savings from our efficiency program offset the decline in revenue. Please turn to the next slide for a look at equity-free cash flow and leverage. As we've already discussed, adjusted EBITDA for the quarter was $636 million. That's up $4 million from last year, despite all the negative currency impacts.

調整後的股息，我們的其他部門以美元計算持平，因為我們的效率計劃節省了開支，抵消了收入的下降。請翻到下一張幻燈片，了解無股權現金流和槓桿。正如我們已經討論過的，本季調整後的 EBITDA 為 6.36 億美元。儘管受到貨幣的負面影響，這一數字仍比去年增加了 400 萬美元。

Cash CapEx was $140 million and that's down $19 million from last year. Cash CapEx includes proceeds from asset sales of $64 million in Q1 2025 and $39 million in Q1 2024. So, excluding these items in both years, cash CapEx would have increased $7 million year on year. So don't take this as underspending. Spectrum was $36 million down $42 million compared to last year due to lower spending on performance bonds, license fees, for instance in Colombia.

現金資本支出為 1.4 億美元，比去年減少 1,900 萬美元。現金資本支出包括 2025 年第一季資產出售所得 6,400 萬美元及 2024 年第一季資產出售所得 3,900 萬美元。因此，如果排除這兩年的這些項目，現金資本支出將比去年同期增加 700 萬美元。所以不要認為這是支出不足。Spectrum 的支出為 3,600 萬美元，與去年相比減少了 4,200 萬美元，原因是哥倫比亞等地的履約保證金和許可費支出減少。

Changes in working capital, another was $77 million. As a reminder, working capital is usually a big drag on cash flow in the 1st quarter due to the timing of some payments, such as taxes, fees, licenses, as well as employee bonuses. The good news is that working capital was significantly better this year with a year-on-year improvement of $116 million, as mentioned earlier, coming from deliberate effort to reduce the seasonality of cash flow throughout the year.

營運資本變化，又增加了 7,700 萬美元。提醒一下，由於稅金、費用、許可證以及員工獎金等付款的時間，營運資金通常會對第一季的現金流造成很大的拖累。好消息是，今年的營運資金明顯好轉，與去年相比增加了 1.16 億美元，正如前面提到的，這得益於我們刻意努力減少全年現金流的季節性。

Taxes paid were $66 million. This is an increase of $28 million due to higher profitability and capital gains taxes on the tower sale. Finance charges were $107 million down $26 million from last year due to lower debt levels and currency. These payments were $82 million up $10 million due to last year's tower sale in Colombia.

繳稅6600萬美元。由於塔樓銷售的獲利能力和資本利得稅提高，這一數字增加了 2800 萬美元。由於債務水準和貨幣減少，財務費用為 1.07 億美元，比去年同期減少了 2,600 萬美元。由於去年在哥倫比亞出售了塔台，這些付款金額增加了 1,000 萬美元，達到 8,200 萬美元。

Honduras repatriation was $23 million in the quarter; that's up $8 million from 2024. As a result of all these factors, equity-free cash flow for the quarter was $177 million excluding net proceeds from tower disposals in both years, EFCF was $135 million up $172 million compared to last year. On the top right portion of the slack, you can see that net debt increased $101 million during Q1.

本季洪都拉斯的匯回金額為 2,300 萬美元；這比 2024 年增加了 800 萬美元。由於所有這些因素，本季的無股權現金流為 1.77 億美元（不包括兩年內塔處置的淨收益），EFCF 為 1.35 億美元，比去年增加了 1.72 億美元。在圖表的右上方，您可以看到第一季淨債務增加了 1.01 億美元。

And as we had warned you on our Q4 call, leverage increased slightly to 2.47 but stayed nicely below 2.5. This is a consequence of resumed shareholder remuneration, which included $170 million paid in dividends and $119 million used to complete the $150 million share repurchase program. Excluding these items, leverage would have dropped below 2.35.

正如我們在第四季度電話會議上所警告的那樣，槓桿率略微上升至 2.47，但仍遠低於 2.5。這是恢復股東報酬的結果，其中包括支付的 1.7 億美元股息和用於完成 1.5 億美元股票回購計畫的 1.19 億美元。除去這些項目，槓桿率將降至 2.35 以下。

Now please turn to the next slide to review our financial targets for 2025, which remain unchanged from what we communicated at our Q4 results. We continue to target 2025 equity-free cash flow of around 750 million, and we expect to end the year with a leverage below 2.5 times. These targets do not include the impact of any of the strategic M&A project that Marcello talked about.

現在請翻到下一張投影片來回顧我們 2025 年的財務目標，這些目標與我們在第四季業績中傳達的目標保持不變。我們繼續將 2025 年無股權現金流設定為 7.5 億左右，並預計到年底槓桿率將低於 2.5 倍。這些目標不包括馬塞洛談到的任何策略併購專案的影響。

Finally, as we have previously communicated, the board has proposed an annual dividend of $3 per share to be paid in 4 quarterly installments with the intent to sustain or grow this dividend every year. This is subject to shareholder approval at the AGM later this month. We are now ready for your questions.

最後，正如我們之前所傳達的，董事會提議每年派發每股 3 美元的股息，分 4 個季度支付，目的是維持或增加每年的股息。此舉需獲得本月稍後年度股東大會上的股東批准。我們現在已準備好回答您的問題。

Okay. Thank you very much, Bart and Marcelo. We'll now begin the Q&A session and as a reminder, if you would like to ask a question, please let us know by emailing us at investors@millicom.com, and we will add you to the queue. So, our first question today is going to come from Marcelo Santos from JP Morgan. Marcelo, the line is yours.

好的。非常感謝，巴特和馬塞洛。我們現在開始問答環節，提醒一下，如果您想提問，請發送電子郵件至 investors@millicom.com 告知我們，我們會將您添加到隊列中。那麼，我們今天的第一個問題來自摩根大通的馬塞洛桑托斯。馬塞洛，輪到你了。

Thank you very much, Michelle. Good morning to all. Thanks for the opportunity. I have questions about the fixed business in Central America. We have been hearing America more being more vocal that they believe they're below their fair share there and they think they could gain more space. How is CE behaving for you guys in those regions and how much of your home connections are with fiber or more or less roughly? Thank you.

非常感謝，米歇爾。大家早安。感謝有這個機會。我對中美洲的固定業務有疑問。我們聽到美國越來越多地表達了他們認為自己在那裡沒有得到應有的份額，並認為他們可以獲得更多的空間。你們這些地區的 CE 表現如何？你們的家庭連線中有多少是透過光纖連接的？或大致是多少？謝謝。

Thanks for your question, Marcelo. Good to see you. As you remember last year, we started, first on, investing in the networks to improve the quality of the services in the fixed business and then to focus on the quality of our new growth. So, we kept the customer base under control and after that, we started to increase our commercial activity. The way we're doing that is by focusing node by node. So the nodes that have very low penetration, we are more aggressive. The lows, the nodes with high penetration, we are more defensive. Having said that, as you can see, we are producing positive net ads consistently in the last three quarters.

謝謝你的提問，馬塞洛。很高興見到你。正如大家所記得的，去年我們首先開始投資網絡，以提高固定業務的服務質量，然後專注於新增長的質量。因此，我們控制了客戶群，之後我們開始增加商業活動。我們這樣做的方式是逐個節點地關注。因此，對於滲透率非常低的節點，我們會採取更積極的措施。低點、滲透率高的節點，我們更重視防禦。話雖如此，正如您所見，我們在過去三個季度中一直在持續製作積極的淨廣告。

Those positive net ads are going to have a full effect in revenues in Q3, and we expect to turn on positive revenues in the last month of Q2. So, that is on that front. On the front of Claro, yes, of course, they are investing in their mobile coverage and the fixed, but we do not see that we are being affected in our market share by those investments.

這些正面的淨廣告將對第三季的收入產生全面影響，我們預計第二季的最後一個月將實現正收入。這就是那方面的情況。就 Claro 而言，是的，他們當然正在投資行動覆蓋和固定覆蓋，但我們沒有看到這些投資對我們的市場份額產生影響。

Thank you very much for the answers.

非常感謝您的回答。

Okay. Thank you, Marcelo. So next we'll go to Andreas Jolson from Carnegie. Andreas? Andres, the line is yours. You're on mute. Okay, maybe while we wait for Andreas to connect, we'll, I did receive a question via the chat. This, I think, is for you, Bart. It's from Andres COO at Scotiabank who's asking about any updates on joining any new indices now that our shares are listed only in the US.

好的。謝謝你，馬塞洛。接下來我們請卡內基的安德烈亞斯‧喬爾森 (Andreas Jolson)。安德烈亞斯？安德烈斯，這條線是你的。您已靜音。好的，也許在我們等待安德烈亞斯連接的時候，我確實透過聊天收到了一個問題。我想，這是給你的，巴特。這是豐業銀行首席營運長安德烈斯打來的，他詢問有關加入任何新指數的最新進展，因為我們的股票目前僅在美國上市。

So yes, we delisted from Sweden now only in the US, we're still a foreign private issuer, reporting under IFRS getting into new in this is not something that is really under our control, but you will have seen that, we have now declared officially our principal executive office, to Doral here in Florida. Which may result in us being qualified to enter more indices, and, more notably, for instance, the Russell 2000 or 1,000. But it's not something we know. The rebalancing happens this month, and, I think, by the end of the month, there should be an official communication, and we are looking forward to it, just like anyone else.

是的，我們已經從瑞典退市，現在只在美國上市，我們仍然是一家外國私人發行人，根據國際財務報告準則進行報告，進入新領域並不是我們真正能控制的事情，但你會看到，我們現在已正式宣布我們的主要執行辦公室位於佛羅裡達州的多拉爾。這可能使我們有資格進入更多指數，更值得注意的是，例如羅素 2000 或 1,000。但這不是我們所知道的。重新平衡將在本月進行，我認為，到月底應該會有官方溝通，我們和其他人一樣期待它。

Okay, thanks, Bart. So, in the past, I believe your line is, should be open now.

好的，謝謝，巴特。所以，過去，我相信你的線路現在應該是開通的。

Yeah, I hope you can hear me now. Yes, perfect. Sorry, you can't see me, but I don't know what happened with the video, but follow up on the service revenue side, but moving to the mobile side. Given that you are now sort of behind on maybe some tougher comparison, should we expect this mobile service revenue growth to accelerate coming quarters? Is that what you plan? And secondly, you highlighted several times that you have a very high profitability also from a historical point of view. Should we see this level as sustainable going forward, or is it, given that it is all-time high margins, some risk on the downside? Thanks.

是的，我希望你現在能聽到我的聲音。是的，完美。抱歉，你看不到我，但我不知道影片發生了什麼，但在服務收入方面繼續跟進，但轉向行動端。鑑於您現在可能在一些更嚴格的比較上落後，我們是否應該預期行動服務收入成長將在未來幾季加速？這就是你的計劃嗎？其次，您多次強調，從歷史角度來看，您的獲利能力也非常高。我們是否應該將這一水準視為可持續的，或者，考慮到歷史最高利潤率，是否存在下行風險？謝謝。

Thanks, Andreas, for your question. On the first, on the first question, service revenue growth, as I said, the comparison in Q1, has a lot of components. On one hand, you have the exchange rate weakened off the Colombiano pesos, the Paraguayan dollar, and the Bolivianos, and also you have the governmental projects. If you exclude those factors, we are growing at a rate of 2%. That 2% is the same rate we had in Q2 and Q3, where we didn't have these one-offs or this, or this exchange rates, impact. Having said that, if you see the postpaid growth, which is still today a very small, it's only 20% of our customer base, we believe we should be in the long term at a 50%.

謝謝安德烈亞斯的提問。關於第一個問題，正如我所說，服務收入成長與第一季相比有很多因素。一方面，哥倫比亞比索、巴拉圭元和玻利維亞諾的匯率走弱，還有政府計畫。如果排除這些因素，我們的成長率為 2%。2% 與我們在第二季和第三季的利率相同，當時我們沒有受到這些一次性事件或匯率的影響。話雖如此，但如果您看到後付費的成長，今天仍然很小，僅占我們客戶群的 20%，我們相信從長遠來看我們應該達到 50%。

So, we are growing consistently, the post-pay base and on the other hand, you can see home coming to positive territory in Q2 and the B2B also growing consistently. We do see that in Q2, we are going to be more or less a little bit better than what we have been in the last run rate 2%. And the impact is going to, of this, of building this base is going to be more visible in the second half of the year. So, we expect an acceleration there.

因此，我們的後付費基礎持續成長，另一方面，您可以看到第二季家庭收入進入正成長區間，B2B 收入也持續成長。我們確實看到，在第二季度，我們的業績將比上次 2% 的運行率或多或少好一點。建設這個基地的影響將在今年下半年更加明顯。因此，我們預期那裡會出現加速。

On the profitability side, in 2025, we do see the full effect of all our efficiency programs has been our focus in the last two years. And on the other hand, you will see that the profitable, the profitability of our new growth ads, that has to do with BBI only, also with productivity of the channels, that's also coming with better margins. So we are not giving up on welcoming more countries to the Club 50. So, that is the deficiency culture, it's here, to stay.

在獲利能力方面，到 2025 年，我們確實會看到所有效率計畫的全部效果，這也是我們過去兩年關注的重點。另一方面，你會看到，我們的新成長廣告的獲利能力不僅與 BBI 有關，還與通路的生產力有關，這也帶來了更好的利潤率。因此，我們不會放棄歡迎更多國家加入「50 俱樂部」。所以，這就是缺陷文化，它仍然存在，並且將繼續存在。

Excellent. And if I may have a question for Bart as well on the interesting topic of taxes. What, how should we look at that? It's quite hard to predict. I think it's volatile between the quarters, but your best assumption for the full year.

出色的。我也可以向巴特提問一個有關稅收這個有趣話題的問題。我們應該怎樣看待這個問題？這很難預測。我認為各個季度之間會有波動，但這是對全年最好的假設。

Yeah, so it's true. It's a complicated to calculate because we have different tax regimes in some countries we're taxed on revenues. In some countries, we have minimum taxes, in other words, we have tax losses carried forward. If you go really 23 levels down, you see an ETR and effective tax rate of around 25% - 26%, but this is hard to calculate. With all the different normalization items. So, this being said, maybe the best I can say is if you look at the full year basis, The short thing, look at it year on year, it will be slightly up in taxes based on the organics, so excluding M&A and mostly, because the increased profitability. So, there is an increase, it's not an enormous amount, but there will be a slight increase in taxes.

是的，確實如此。計算起來很複雜，因為有些國家的稅制不同，我們會根據收入課稅。在某些國家，我們有最低稅率，換句話說，我們有稅務虧損結轉。如果你真的往下看 23 個級別，你會看到 ETR 和有效稅率約為 25% - 26%，但這很難計算。具有所有不同的規範化項目。因此，話雖如此，也許我能說的最好的話是，如果你看一下全年情況，簡而言之，逐年查看，基於有機物的稅收將略有增加，因此不包括併購，主要是因為盈利能力的提高。因此，雖然稅收會增加，但金額不會很大，只是會略有增加。

That is good enough for me. Thank you.

對我來說這就夠了。謝謝。

Thank you, Andres. So next we'll go to Eduardo Nieto from JP Morgan. Eduardo.

謝謝你，安德烈斯。接下來我們請出摩根大通的愛德華多‧涅托 (Eduardo Nieto)。愛德華多。

Thanks, Michelle, and thanks for taking my question. I think this one is for Bart. I'm looking at your maturity profile, there's some bond maturities in 2026, some, I'm sorry, loan maturities in 2026, bond maturity in 2027, you've made a comment that you would like to replace US dollar debt with maybe local financing, so just curious where you see these opportunities, and if you see any opportunity to issue bonds in the dollar market again, for refi or for any other uses. So that's my first one and the second one is just, you reiterated that the 2.5 times leverage for this year. But I'm curious to hear if that's kind of the level where your comfortable kind of in the longer term or if there's room to go lower than that.

謝謝，米歇爾，謝謝你回答我的問題。我認為這一個是給巴特的。我正在查看您的到期情況，有些債券在 2026 年到期，有些，對不起，貸款在 2026 年到期，債券在 2027 年到期，您曾表示希望用當地融資取代美元債務，所以我很好奇您在哪裡看到這些機會，以及您是否看到任何再次在美元市場發行債券的機會，用於再融資或用於任何其他用途。這是我的第一個問題，第二個問題是，你重申今年的槓桿率為 2.5 倍。但我很好奇，從長遠來看，這是否是您能夠接受的水平，或者是否有更低的空間。

Yeah. No, thank you for the question. So indeed, our average maturity is now 4.5 years. This is something that I would definitely would like to increase, over time. I think we have an internal KPI that's the average maturity more than 5 years. So there's definitely things to do. The reality is we have this M&A in Colombia going on. We have revenues coming in from [Latti].

是的。不，謝謝你的提問。事實上，我們的平均期限現在是 4.5 年。隨著時間的推移，我絕對希望能夠增加這一點。我認為我們有一個內部 KPI，即平均成熟度超過 5 年。所以肯定有事要做。事實上，我們正​​在哥倫比亞進行併購。我們的收入來自[拉蒂]。

So, at this moment, we are a bit pausing, decisions on what to do, where to do it. And then when we go ahead, obviously we want to, as we mentioned, a big de-dollarization effort, within the group, prioritize new local currency debt, and then repay US dollar debt if we have excess, if we have excess cash and then obviously focusing on shorter term. Maturity. So that's the overall strategy. Let me not go into the details of our plan and raise speculation. It's also something that we need to discuss with the board, in our plan. So today, there's no decisions made, there's no official plan. First one to see about the exact timing of the M&A for the cash going out and then the cash coming in from Latin.

因此，此刻，我們有點停頓，決定要做什麼、在哪裡做。然後，當我們繼續前進時，顯然我們希望在集團內部大力推行去美元化努力，優先考慮新的本幣債務，然後如果我們有多餘的美元債務，如果我們有多餘的現金，則償還美元債務，然後顯然將重點放在短期上。到期。這就是總體策略。我不想談論我們計劃的細節並引起猜測。這也是我們在計劃中需要與董事會討論的。所以今天，沒有做出任何決定，也沒有正式計劃。首先要了解併購的確切時間，也就是現金流出的時間，然後是拉丁現金流入的時間。

On the leverage 2.5, I think we always set in between 2 and 2.5. So personally, I find we're a bit on the high side of our range 2.47. I think if we exclude the shareholder remuneration this quarter because we did do about $300 million in Q1 and then another $125 already in April. If you would have excluded that, we would have added the year closer to 2.3%. 35 in that area. So, I'm very comfortable with the cash flow generation, very comfortable with our distribution rates, and typically our first quarter is our lowest cash flow quarter, so I think this will continue to improve, over the year.

關於槓桿率 2.5，我認為我們總是設定在 2 到 2.5 之間。因此就我個人而言，我發現我們的範圍有點偏高，為 2.47。我認為如果我們排除本季的股東薪酬，因為我們在第一季確實賺了約 3 億美元，然後在 4 月又賺了 1.25 億美元。如果排除這一點，我們將把這一年的比例增加到接近 2.3%。該地區有 35 人。因此，我對現金流的產生非常滿意，對於我們的分配率非常滿意，而且通常我們的第一季是現金流最低的季度，所以我認為這種情況會在全年繼續改善。

Got it Bart, thanks so much.

明白了，巴特，非常感謝。

Thanks, Eduardo. So next we're going to go to Gustavo Farias from UBS. Gustavo.

謝謝，愛德華多。接下來我們請瑞銀的 Gustavo Farias 演講。古斯塔沃。

Everyone, thanks for taking my questions, to on my end as well. So the first one, regarding, the evolution we saw in working capital. I understand there is some seasonality, as you guys said, but, I'd like to know, any thoughts, any comments, on what you guys expect, for, the whole year, if we should see some upside to.

大家好，謝謝你們回答我的問題，我也是。第一個問題是關於我們所看到的營運資本的演變。我知道這有一定的季節性，就像你們說的，但是，我想知道，對於你們對全年的期望，我們是否應該看到一些好處，有什麼想法、有什麼評論。

Equity free cash flow and all the levers for improvement that you have planned for the year. Any color on that would be really helpful. The second one, I've seen B2B as a contributor for the growth from Colombia, Paraguay, Bolivia.

股權自由現金流以及您為今年計劃的所有改進手段。任何顏色都會很有幫助。第二，我認為 B2B 是哥倫比亞、巴拉圭、玻利維亞成長的貢獻者。

If you could comment, details on maybe the size of those contracts, how long are those contracts, and anything, we could we could use to access the sustainability of those revenues, going forward. Thanks.

如果您能評論這些合約的規模、合約期限等細節，我們可以用來評估這些收入的可持續性。謝謝。

I'll take the first one. On working capital, I'm launching an effort to stabilize, our cash flow among the quarters. What you have seen historically is a lot of cash flow in Q4, very negative in Q1, and then run rates in Q2 and Q3. I'm very happy that, this quarter, we don't have this large negative. Equity-free cash flow, sorry, the negative working capital, it was around $77 million which is, more than $100 million better than last year, which was already significantly better than the year before. So, very happy that this effort brings more stability and comfort to the cash flow generation overall. For the full year, I think, we want to land, a working capital for a full year slightly, negative, which is inherent to the business of a, of, a lot of postpaid revenues as well as the structure with minorities. But it would be relatively stable, that's the expectation. And then the next question.

我要第一個。在營運資金方面，我正在努力穩定各季度的現金流。從歷史上看，第四季度的現金流很多，第一季的現金流非常低，然後第二季和第三季的運行率較高。我很高興本季我們沒有出現這麼大的負面影響。無股權現金流，抱歉，是負營運資本，約 7,700 萬美元，比去年好 1 億多美元，這已經比前一年好得多了。因此，非常高興這項努力為整體現金流產生帶來了更多的穩定性和舒適性。對於全年而言，我認為，我們希望全年的營運資本略微為負，這是業務固有的，大量的後付費收入以及少數族裔的結構。但它會相對穩定，這是預期。然後是下一個問題。

Yes, on your question on B2B, Gustavo, in B2B typically you have two sources of growth. One you have one on one side is organic growth where digital solutions are the ones with. Highest demand today. What is digital solutions is private and public cloud, cybersecurity and data center services. So there is where we are increasing the penetration of these services over our existing customer base, 18% growth. In the organic, you will see as well that the small business will start to pick up because we are replicating the same. Formula we're doing in B2C on channel productivity and channel boosting.

是的，關於您關於 B2B 的問題，Gustavo，在 B2B 領域通常有兩個成長來源。一方面，有機成長體現在數位解決方案上。今天需求量最高。數位解決方案是私有雲和公有雲、網路安全和資料中心服務。因此，我們正在提高這些服務對我們現有客戶群的滲透率，成長率為 18%。在有機方面，您還會看到小型企業將開始復甦，因為我們正在複製相同的做法。我們在 B2C 中實施的關於通路生產力和通路提升的公式。

All for the SMB segment. And the third organic lever is convergence. I mean, the companies, they do want to have one-stop shop and we are, covering, as we say, painting the customer in blue with fixed mobile and digital solutions. Then you have the other di dimensions that are, projects and mainly it's government, right? So that's why we thought it was better when, if we can split these two sources of revenues because that's less predictable and it's less predictable because they have to come under some certain conditions, right? First is the.

全部針對 SMB 部分。第三個有機槓桿是融合。我的意思是，這些公司確實希望擁有一站式服務，而我們則透過固定行動和數位解決方案為客戶提供全方位的服務。然後還有其他維度，即項目，主要是政府，對嗎？所以這就是為什麼我們認為如果我們可以分割這兩個收入來源會更好，因為這樣不太可預測，而且不太可預測是因為它們必須在某些特定條件下實現，對嗎？首先是。

They need to be attractive. Second, it has, they have to be projects that are close to our core competence. And third, they cannot have an impact on our EFCF targets. So, if these conditions are met, then we go and we move forward with the project. As some of them, we can, I mean, we can compete and some of them we cannot. So that is the story of B2B. Overall, we do see a 4% growth, in the last two years, and we plan to sustain that.

它們需要具有吸引力。第二，必須是接近我們核心競爭力的項目。第三，它們不能對我們的EFCF目標產生影響。因此，如果滿足這些條件，我們就會繼續推進該專案。對於其中一些，我們可以，我的意思是，我們可以競爭，但對於另一些，我們不能。這就是 B2B 的故事。總體而言，過去兩年我們確實看到了 4% 的成長，我們計劃保持這一成長。

And Gustavo, just to compliment, the vast majority of the B2B revenues are recurring, more than 95% are recurring. There's really, the Panama projects were a bit of an outlier and that's why we've called them out.

古斯塔沃，需要補充的是，絕大多數 B2B 收入都是經常性的，超過 95% 都是經常性的。確實，巴拿馬項目有點異常，這就是我們將其指出的原因。

All right, very clear. Thank you very much.

好的，很清楚。非常感謝。

Okay, thank you, Gustavo. Well, that was the last question for today, so thank you everyone for joining us and we will see you next quarter.

好的，謝謝你，古斯塔沃。好吧，這是今天的最後一個問題，感謝大家的參與，我們下個季度再見。

Thank you.

謝謝。