Millicom International Cellular SA (TIGO) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to our second quarter 2025 results call. This event is being recorded. Our speakers today will be our CEO, Marcelo Benitez; and myself, Bart Vanhaeren, CFO of the company. The slides for today's presentation are available on our website, along with the earnings release and our financial statements.

大家好，歡迎參加我們的 2025 年第二季業績電話會議。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) 和我本人，公司財務長巴特范哈倫 (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。

Now please turn to Slide 2 for the safe harbor disclosure. We will be making forward-looking statements, which involve risks and uncertainties and which could have a material impact on our results. On Slide 3, we define the non-IFRS metrics that we will reference throughout this presentation. And you can find reconciliation tables at the back of our earnings release and on our website.

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。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。

With those disclaimers out of the way, let me turn the call over to our CEO, Marcelo Benitez.

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, Bart. Good morning, everyone, and thank you for joining us today. The second quarter of 2025 was a defining moment in our journey, one where strong operational execution met with strategic acceleration. We're firing on all cylinders across commercial, financial and strategic fronts, and we're doing it with disciplined focus and results.

謝謝，巴特。大家早安，感謝大家今天加入我們。2025 年第二季是我們發展歷程中的決定性時刻，強大的營運執行力與策略加速相遇。我們在商業、財務和策略方面全力以赴，並以嚴謹的專注和成果開展工作。

Most importantly, we are right on track to deliver our commitment of $750 million in equity free cash flow for the year. This was a quarter of strategic acceleration. We executed three major milestones in just a few weeks. acquisition of Telefónica's Uruguay operations, definitive agreement for Telefónica Ecuador and the partial closing of our infrastructure transaction with SBA.

最重要的是，我們正按計畫兌現今年 7.5 億美元股權自由現金流的承諾。這是戰略加速的一個季度。我們在短短幾週內就實現了三個重要里程碑：收購西班牙電信的烏拉圭業務、與西班牙電信的厄瓜多爾達成最終協議以及與 SBA 部分完成基礎設施交易。

We unlocked over $500 million in proceeds, declaring a special interim dividend of $2.5 per share, a clear sign of our confidence and capital discipline. To mark this pivotal momentum, we rang the NASDAQ opening bell in June, together with the Tigo top management team, a symbolic step forward as we deepened our footprint in South America and reaffirm our long-term commitment to the region and to shareholder value.

我們解鎖了超過 5 億美元的收益，宣布派發每股 2.5 美元的特別中期股息，這清楚地表明了我們的信心和資本紀律。為了紀念這一關鍵勢頭，我們在 6 月與 Tigo 高層管理團隊一起敲響了納斯達克的開市鐘，這是我們深化在南美洲業務並重申對該地區和股東價值的長期承諾的象徵性一步。

Now turning to our performance. We added nearly 250,000 net postpaid customers, up from 178,000 a year ago. Home gained 41,000 customers, nearly 4 times more than Q2 last year. Commercial traction and efficiencies are delivering profitable growth. Adjusted EBITDA reached a new high of 46.7%, up 3.2 points year-over-year.

現在談談我們的表現。我們新增了近 25 萬名淨後付費客戶，較一年前的 17.8 萬名有所成長。Home 新增客戶 41,000 名，較去年第二季成長近 4 倍。商業吸引力和效率正在帶來獲利成長。調整後EBITDA達到46.7%的新高，較去年同期成長3.2個百分點。

In this quarter, more than half of our operations achieved margins above 50%. Equity free cash flow for the quarter came at $218 million, bringing our H1 total to $395 million, $126 million ahead of last year. Leverage dropped to 2.18 times, and we remain committed to keeping leverage below 2.5 times. In short, we're not just growing. We are growing the right way.

本季度，我們一半以上的業務利潤率超過 50%。本季股權自由現金流為 2.18 億美元，使我們上半年總額達到 3.95 億美元，比去年同期高出 1.26 億美元。槓桿率降至2.18倍，我們仍致力於將槓桿率維持在2.5倍以下。簡而言之，我們不只是在成長。我們正在以正確的方式成長。

Now let's review each of these highlights in more detail, beginning with the mobile business on the next slide. Over the past quarter, we've seen promising results across our core business. Our mobile business outperformed expectations in Q2. On the right, you can see that our mobile business grew by mid-single digit this quarter, an acceleration from 3.1% in previous quarter.

現在讓我們更詳細地回顧一下這些亮點，從下一張投影片上的行動業務開始。在過去的一個季度中，我們的核心業務取得了令人鼓舞的成果。我們的行動業務在第二季表現超出預期。在右側，您可以看到本季我們的行動業務實現了中等個位數成長，比上一季的 3.1% 有所加快。

Zooming in into our main segments, prepaid fast tracked on the back of higher ARPU, while postpaid continued propelled by momentum with an amazing 14% growth in base, reaching near 9 million customers. We are executing the playbook, pre- to post migrations, network upgrades and convergence, all designed to build lifetime value and reduce churn.

放眼我們的主要細分市場，預付費業務在更高的 ARPU 的支援下快速發展，而後付費業務則繼續保持強勁勢頭，基數增長了 14%，達到了近 900 萬客戶。我們正在執行劇本、前後遷移、網路升級和整合，所有這些都是為了建立終身價值並減少客戶流失。

Now please turn to the next slide to look at our Home business. We added 41,000 Home customers in the quarter, about 4 times the intake we saw in Q2 last year. This is a remarkable growth of nearly 6% year-on-year. Our broadband customer base was up roughly 8%.

現在請翻到下一張投影片來了解我們的家庭業務。本季我們增加了 41,000 名家庭客戶，約為去年第二季的 4 倍。這是一個顯著的增長，同比增長近6%。我們的寬頻客戶群成長了約8％。

Pay TV is flat, while fixed telephony is in structural decline, mainly displayed by mobile. Although service revenue remained slightly negative at minus 1.4%, that's a major improvement from minus 6.1% last year. The trajectory suggests that our recovery efforts are gaining traction, and we're optimistic about positive growth in the second half of 2025.

付費電視持平，而固定電話則處於結構性下滑之中，主要表現在行動電話上。儘管服務收入仍略有下降，為-1.4%，但與去年的-6.1%相比已經有了很大的改善。這一軌跡表明，我們的復甦努力正在取得進展，我們對 2025 年下半年的正成長感到樂觀。

Our strategic playbook is fully in motion. We are scaling our networks through targeted capital deployment, delivering faster broadband experiences to more customers, boosting go-to-market efficiency with smarter, leaner execution and accelerating convergence across mobile and fixed.

我們的策略劇本已全面啟動。我們正在透過有針對性的資本部署來擴展我們的網絡，為更多客戶提供更快的寬頻體驗，透過更智慧、更精簡的執行來提高上市效率，並加速行動和固定的整合。

Now please turn to the next slide for a brief glance at our B2B business. Service revenue grew nearly 4% organically, fueled by 16% CAGR in digital services over the past two years and 13% year-on-year increase in mobile B2B, an acceleration from Q1. At the same time, we expanded our SME base by 6% year-on-year, strengthening our position in this very important segment.

現在請翻到下一張投影片，簡單了解我們的 B2B 業務。服務收入有機成長近 4%，這得益於過去兩年數位服務的複合年增長率達到 16%，以及行動 B2B 年成長 13%，較第一季有所加速。同時，我們的中小企業客戶群年增了 6%，鞏固了我們在這一重要領域的地位。

Now let's review our performance in the three largest countries, beginning with Colombia on the next slide. This slide underscores three main takeaways. In Colombia, service revenue accelerated to nearly 5% year-over-year on an organic basis, stepping up from 3.6% in the previous quarter. This performance uplift is fueled by mobile postpaid with customer base growing by 15%, surpassing the 4 million mark and Home that did the same at a rate of 12% year-on-year.

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。這張投影片強調了三個主要要點。在哥倫比亞，服務收入年增近 5%，高於上一季的 3.6%。業績的提升得益於行動後付費客戶群的成長，客戶群成長了 15%，超過了 400 萬大關，而 Home 的客戶群也以 12% 的年增長率成長。

All this sustaining a notable adjusted EBITDA margin of 39.5% despite higher commercial investments supporting top line growth. Congratulations to our outstanding team in Colombia. Your strong commitment and disciplined execution are powering this extraordinary momentum.

儘管商業投資增加支撐了營業收入的成長，但所有這些都維持了 39.5% 的顯著調整後 EBITDA 利潤率。恭喜我們在哥倫比亞的傑出團隊。你們的堅定承諾和嚴謹的執行力為這非凡勢頭提供了動力。

Now please turn to the next slide to look at Guatemala. We are delighted to see that our postpaid customer base expanded 20% year- over-year, triggering healthy growth in the mobile service revenue of more than 5% in real terms. Organically, the growth went from 1.5% in the previous quarter to 4%.

現在請翻到下一張投影片來看看瓜地馬拉。我們很高興地看到，我們的後付費客戶群年增了20％，帶動行動服務收入實際成長5％以上。有機成長率從上一季的 1.5% 上升至 4%。

As I mentioned in Q1, one of our levers is the migration of prepaid to postpaid, which is particularly relevant in Guatemala. And to cap it off, operating cash flow reached a record of $191 million this quarter, a clear reflection of strong execution and sustained financial momentum. Great work by our team in Guatemala. The combination of top line growth recovery and focus on efficiency is delivering record-breaking financial results.

正如我在第一季提到的，我們的手段之一是將預付費轉換為後付費，這在危地馬拉尤為重要。最重要的是，本季的營運現金流達到了創紀錄的 1.91 億美元，這清楚地反映了強勁的執行力和持續的財務勢頭。我們在危地馬拉的團隊做得很好。營業收入成長復甦與注重效率結合，帶來了破紀錄的財務表現。

Please turn to the next slide to look at Panama. This slide highlights another record high adjusted EBITDA margin this quarter, the second in a row. Mobile postpaid customer base grew about 20% year-on-year and mobile service revenues grew 4%. We continue to leverage our postpaid business as a foundational catalyst for steady growth in mobile.

請翻到下一張投影片看看巴拿馬。這張投影片突顯了本季調整後的 EBITDA 利潤率連續第二次創下新高。行動後付費客戶群較去年同期成長約20%，行動服務收入成長4%。我們將繼續利用我們的後付費業務作為行動業務穩定成長的基礎催化劑。

Before turning it over to Bart, let me close with our M&A update. We made decisive progress, closed the sale of Lati Paraguay and executed the partial closing of the SBA Tower deal, generating more than $500 million in proceeds. In Costa Rica, we await regulatory approval and target closing in Q1 '26.

在交給巴特之前，請容許我先介紹一下我們的併購更新情況。我們取得了決定性的進展，完成了 Lati Paraguay 的出售，並執行了 SBA Tower 交易的部分成交，獲得了超過 5 億美元的收益。在哥斯達黎加，我們正在等待監管部門的批准，目標是在 26 年第一季完成。

In Uruguay and Ecuador, we signed definitive agreements and expect approval in Q3 and Q4, respectively. In Colombia, the Coltel acquisition remains on track for Q1 '26 closing. In parallel, we're in active discussions with EPM and aim to reach an agreement as soon as possible. Since negotiations are ongoing, I prefer not to comment further. But as soon as we land something, we will communicate it to the market.

在烏拉圭和厄瓜多爾，我們簽署了最終協議，預計將分別於第三季和第四季獲得批准。在哥倫比亞，Coltel 收購仍有望於 2026 年第一季完成。同時，我們正在與 EPM 積極討論，爭取盡快達成協議。由於談判仍在進行中，我不願進一步評論。但一旦我們取得成果，我們就會將其傳達給市場。

Now let me turn the call over to Bart to review the financials for this quarter.

現在，讓我將電話轉給巴特，讓他審查本季的財務狀況。

Thank you, Marcelo. Now let's look at our financial performance, beginning on Slide 14. Service revenue for the quarter totaled $1.28 billion, representing a year-over-year decline of 5.9% due to the adverse impact of foreign exchange this quarter, causing around $110 million in total FX headwinds. Now about $84 million of this originated in Bolivia, primarily due to the application of accounting standard IAS 21. Excluding FX impact, organic service revenue growth accelerated to 2.4% as our commercial push continues to drive performance. I think the story is clear and revenue is progressing in line with expectations.

謝謝你，馬塞洛。現在讓我們來看看我們的財務業績，從幻燈片 14 開始。本季服務收入總計 12.8 億美元，年減 5.9%，原因是本季外匯的不利影響，造成總計約 1.1 億美元的外匯逆風。目前其中約 8,400 萬美元來自玻利維亞，主要得益於會計準則 IAS 21 的應用。排除外匯影響，由於我們的商業推動持續推動業績，有機服務收入成長加速至 2.4%。我認為故事很清晰，收入進展符合預期。

Mobile postpaid is growing double digit, boosted by pre to postpaid migrations and FMC, while mobile prepaid remains on positive growth, creating the funnel for the future. B2B growth is driven by digital and our Home's business was creating a drag to top line. But as Marcelo explained, we're almost getting to positive territory, which then in turn will naturally uplift our year-over-year growth rate later on.

受預付費到後付費遷移和 FMC 的推動，行動後付費實現了兩位數成長，而行動預付費則保持正成長，為未來創造了機會。B2B 成長由數位化驅動，而我們的家居業務卻對營收造成了拖累。但正如馬塞洛所解釋的那樣，我們幾乎已經進入正值，這反過來自然會提升我們以後的同比增長率。

EBITDA was up 1.1% year-on-year to $641 million, now reaching a margin of 46.7%. On an organic basis, EBITDA grew a solid 9.3% in the quarter, up from 6.9% in Q1 '25. This performance reflects ongoing discipline in cost optimization, which is now deep in our DNA and operating leverage, which continue to drive margin enhancement and operational efficiency.

EBITDA 年成長 1.1% 至 6.41 億美元，利潤率目前達到 46.7%。從有機基礎來看，本季 EBITDA 成長了 9.3%，高於 25 年第一季的 6.9%。這項業績反映了我們在成本優化方面的持續紀律，這已深植於我們的 DNA 和營運槓桿中，將繼續推動利潤率的提高和營運效率的提高。

As a side note, I want to congratulate our Honduras and Nicaragua teams under the leadership of our GM, Santiago and Mauricio as well as our CFOs, Mauricio and Mario, in joining Club 50. These are our operations with 50% or more EBITDA margin. We now have five countries out of nine in Club 50.

順便說一句，我要祝賀我們的洪都拉斯和尼加拉瓜團隊在我們的總經理 Santiago 和 Mauricio 以及我們的財務長 Mauricio 和 Mario 的領導下加入 Club 50。這些是我們 EBITDA 利潤率達到或超過 50% 的業務。現在，Club 50 中的 9 個國家已加入其中。

As a reminder, starting since last quarter, we've adopted the term adjusted EBITDA in place of EBITDA to align with SEC interpretative guidance. In our case, this was simply a change in label as there is no change to the underlying methodology we have historically applied, providing a consistent analytical view of the business.

提醒一下，從上個季度開始，我們採用調整後的 EBITDA 一詞來代替 EBITDA，以符合美國證券交易委員會的解釋指南。在我們的案例中，這只是標籤的改變，因為我們過去應用的底層方法並沒有改變，從而提供了一致的商業分析視圖。

Equity free cash flow was $218 million in the quarter and $395 million in H1, up almost $126 million compared to $269 million in H1 of last year. This despite already prepaying around $20 million in CapEx originally scheduled for 2026 in order to benefit from an exceptional supplier offer. We continue to make solid progress in working capital management with concrete actions to optimize cash conversion cycles and reduce the seasonality of our cash flow throughout the year.

本季股權自由現金流為 2.18 億美元，上半年為 3.95 億美元，較去年上半年的 2.69 億美元成長近 1.26 億美元。儘管已經預付了原定於 2026 年支付的約 2,000 萬美元資本支出，以便從供應商的特殊優惠中獲益。我們持續紮實推動營運資本管理，採取實際行動優化現金週轉週期，並降低全年現金流的季節性。

We were able to deliver a strong H1 despite the continued adverse foreign exchange impact, thanks to our efforts to reduce our FX exposure. Reduced FX exposure led to both more sustainable EBITDA margins and better EFCF generation.

儘管持續受到不利的外匯影響，但由於我們努力降低外匯風險，我們仍能實現強勁的上半年業績。外匯風險敞口的減少帶來了更永續的 EBITDA 利潤率和更好的 EFCF 產生。

So we are very pleased to see all these initiatives are now contributing to delivering a strong H1 EFCF. Here as well a reminder, our definition of EFCF includes also both the proceeds and the costs and taxes paid related to Lati asset sales. In line with our approach to

因此，我們很高興看到所有這些舉措現在都有助於實現強勁的上半年 EFCF。這裡也要提醒一下，我們對 EFCF 的定義還包括與 Lati 資產出售相關的收益以及支付的成本和稅金。符合我們的做法

isolating recurring cash generation from one-off items, we've highlighted those in gray. The one-offs for the first half of 2025 relate all to Q1 transactions. Let's now look at it on a per country basis per component. First, please turn to Slide 15, where we will drill down further into the service revenue by country.

將經常性現金產生與一次性項目分開，我們用灰色突出顯示它們。2025 年上半年的一次性交易均與第一季的交易有關。現在讓我們按國家/地區和組件來看一下。首先，請翻到投影片 15，我們將進一步深入了解各國的服務收入。

Guatemala service revenue of $358 million represented year-on-year growth of 1.9%. Growth in Guatemala is now sustainable, and we hope to see a good second half of the year as we have a soft comparable from last year's second half. Colombia service revenue of $339 million grew a nice 4.9%. Our Home business in Colombia is now in positive territory, and you can immediately see the effects on top line.

危地馬拉服務收入3.58億美元，年增1.9%。危地馬拉的成長現在是可持續的，我們希望看到今年下半年表現良好，因為與去年下半年相比，我們的成長情況比較疲軟。哥倫比亞服務收入為 3.39 億美元，成長 4.9%。我們在哥倫比亞的家居業務目前處於積極狀態，您可以立即看到其對營收的影響。

Panama service revenue was $170 million, nearly flat year-on-year. The government contracts are now in maintenance stage, so are substantially lower. On top, we had some adverse effects from social unrest caused by social security reforms. Paraguay service revenue was $132 million, which is an increase of 4.6% year-on-year, which is not bad at all. However, this is offset by adverse currency effects.

巴拿馬服務收入為1.7億美元，年比基本持平。政府合約目前處於維護階段，因此金額大幅降低。除此之外，社會保障改革引發的社會動盪也為我們帶來了一些不利影響。巴拉圭服務收入為1.32億美元，年增4.6%，表現還不錯。然而，這被不利的貨幣效應所抵消。

Bolivia service revenue in local currency increased by 7%, effectively showing results from our price increases. However, this is still largely insufficient to cover devaluation. On a positive note, the devaluation now seems to have stabilized, which, if sustained, will allow us to catch up again over time.

玻利維亞服務收入以當地貨幣計算增加了7%，這有效反映了我們提價的成果。但這仍然不足以彌補貨幣貶值。從積極的一面來看，貶值現在似乎已經穩定下來，如果這種趨勢持續下去，我們將能夠隨著時間的推移再次趕上。

Service revenue in our other markets comprised of El Salvador, Nicaragua and Costa Rica increased 0.4% in US dollar terms. Note that El Salvador is now larger than Bolivia and together with the possible upcoming inclusions of Ecuador and Uruguay, we may consider restructuring our management and reporting of the portfolio.

我們在其他市場（包括薩爾瓦多、尼加拉瓜和哥斯達黎加）的服務收入以美元計算成長了 0.4%。請注意，薩爾瓦多現在比玻利維亞更大，再加上厄瓜多爾和烏拉圭可能即將被納入，我們可能會考慮重組我們的投資組合管理和報告。

Now please turn to the next slide for a look at EBITDA by country. Guatemala adjusted EBITDA increased 4.1% year-on-year to $228 million, largely driven by sustained mobile top line growth. We can see here evidence of operational leverage in action.

現在請翻到下一張投影片，查看各國家的 EBITDA。危地馬拉調整後的 EBITDA 年成長 4.1% 至 2.28 億美元，主要得益於行動業務營收的持續成長。我們可以在這裡看到營運槓桿發揮作用的證據。

Colombia adjusted EBITDA increased 3.6% year-on-year to $136 million, and the adjusted EBITDA margin was 39.5%. EBITDA growth slowed down compared to the previous quarter as we incurred higher commercial OpEx to support customer base intake. Despite this, the operation was able to deliver better margins versus Q1.

哥倫比亞調整後EBITDA年增3.6%至1.36億美元，調整後EBITDA利潤率為39.5%。由於我們承擔了更高的商業營運支出來支援客戶群的吸收，因此 EBITDA 成長與上一季相比有所放緩。儘管如此，與第一季相比，該業務的利潤率仍然更高。

Panama adjusted EBITDA grew 2% year-on-year to $92 million, and the adjusted EBITDA margin reached a new record of 51.7%, driven by OpEx discipline. Paraguay adjusted EBITDA grew 9.2% to $69 million in Q2 2025, and the adjusted EBITDA margin was 50.5%, largely driven by top line consistently delivering exceptional operational leverage.

受營運支出控制的推動，巴拿馬調整後 EBITDA 年成長 2%，達到 9,200 萬美元，調整後 EBITDA 利潤率達到 51.7% 的新紀錄。2025 年第二季度，巴拉圭調整後 EBITDA 成長 9.2% 至 6,900 萬美元，調整後 EBITDA 利潤率為 50.5%，這主要得益於營收持續提供卓越的營運槓桿。

Bolivia increased 16.7% to $33 million, improving its margin to 45.5%, mainly from top line acceleration and cost efficiencies. As we made a massive effort on de-dollarization of the cost basis, the margins are sustainable and pave the way for operational leverage even in an environment of devaluation.Adjusted EBITDA in our other segment increased 9.2% in US dollar terms.

玻利維亞成長 16.7%，達到 3,300 萬美元，利潤率提高至 45.5%，主要得益於營收成長和成本效率的提高。由於我們大力推進成本基礎去美元化，即使在貨幣貶值的環境下，利潤率仍可持續，並為營運槓桿鋪平了道路。我們其他部門的調整後 EBITDA 以美元計算成長了 9.2%。

Now please turn to Slide 17 for a look at equity free cash flow and leverage. As we've already discussed, adjusted EBITDA for the quarter was $641 million, that's up $7 million from last year. Cash CapEx was $201 million, and that's up $47 million from last year, but again includes a prepayment of about $20 million for CapEx scheduled in 2026.

現在請翻到幻燈片 17 來了解股權自由現金流和槓桿。正如我們已經討論過的，本季調整後的 EBITDA 為 6.41 億美元，比去年同期增加了 700 萬美元。現金資本支出為 2.01 億美元，比去年增加了 4,700 萬美元，但同樣包括計劃於 2026 年支付的約 2,000 萬美元的資本支出預付款。

Spectrum was $5 million, down $17 million compared to last year due to an equal mix between one-offs last year on spectrum purchases, reduced payment schedule and reduction of performance bond costs resulting from change regulations.

頻譜費用為 500 萬美元，比去年減少了 1700 萬美元，原因是去年一次性購買頻譜、縮短付款時間表以及因法規變更導致履約保證金成本減少。

Changes in working capital and others were positive at $30 million as we continue to focus on cash management with suppliers. However, this is also $31 million lower than last year as we are now catching up on payments that we froze in Bolivia due to the rapid devaluation and lower collections from government projects in Panama. Taxes paid were $106 million. This is an increase of $24 million, mainly due to increased profitability.

由於我們持續專注於與供應商的現金管理，營運資本和其他方面的變化為正值 3000 萬美元。然而，這也比去年減少了 3,100 萬美元，因為我們現在正在補足玻利維亞因貨幣快速貶值和巴拿馬政府計畫收款減少而凍結的付款。繳稅1.06億美元。這一增長幅度為 2400 萬美元，主要由於盈利能力的提高。

Finance charges were $82 million, an improvement of $22 million, thanks to a mix of FX rates, lower gross debt and lower commissions in Bolivia as the devaluation is now recognized under the new IAS 21 standard. Lease payments were $82 million, a decrease of $7 million. Honduras repatriation was $24 million in the quarter, which is very much in line with last year.

財務費用為 8,200 萬美元，增加了 2,200 萬美元，這得益於外匯匯率、較低的總債務以及玻利維亞較低的佣金（因為新的 IAS 21 標準現在已承認貶值）。租賃付款額為 8,200 萬美元，減少了 700 萬美元。本季洪都拉斯的匯回金額為 2,400 萬美元，與去年同期基本持平。

As a result of all these factors, equity free cash flow for the quarter was $218 million. This is down $50 million compared to Q2 2024, mainly due to the successful effort to stabilize EFCF between quarters and avoid the typical Q1 dip, as I indicated to you during the Q1 call. $125 million dividends were paid as part of our approved dividend policy.

由於所有這些因素，本季的股權自由現金流為 2.18 億美元。與 2024 年第二季度相比，這一數字下降了 5000 萬美元，這主要是因為成功穩定了季度之間的 EFCF 並避免了典型的第一季下滑，正如我在第一季電話會議上向您指出的那樣。根據我們批准的股息政策，已支付 1.25 億美元的股息。

Now please turn to the next slide to review our financial targets for 2025, which actually remain unchanged from what we communicated at our Q1 results with 2025 equity free cash flow of around $750 million and year-end leverage below 2.5 times. These targets in general, do not include the impact of any of the strategic M&A projects that Marcelo talked about, though depending on the date of closing of each of those projects, we still expect to have the leverage remain below 2.5 times at year-end.

現在請翻到下一張投影片來回顧我們 2025 年的財務目標，該目標實際上與我們在第一季業績中傳達的目標保持不變，即 2025 年股權自由現金流約為 7.5 億美元，年底槓桿率低於 2.5 倍。總體而言，這些目標不包括馬塞洛談到的任何策略併購專案的影響，儘管根據每個專案的結束日期，我們仍然預計到年底槓桿率將保持在 2.5 倍以下。

Finally, as we have just announced, the Board approved an interim dividend of $2.5 per share to be paid in two installments, first in October 2025 and then in April 2026. This represents an approximate aggregate dividend of $423 million and reflects our commitment to return value to our shareholders.

最後，正如我們剛剛宣布的那樣，董事會批准派發每股 2.5 美元的中期股息，分兩期支付，第一期在 2025 年 10 月，第二期在 2026 年 4 月。這意味著總計約 4.23 億美元的股息，反映了我們向股東回報價值的承諾。

We are now ready for your questions.

我們現在已準備好回答您的問題。

We can have the first question.

我們可以提出第一個問題。

Yeah, good morning. Thanks for taking my questions. I have can you hear me?

是的，早安。感謝您回答我的問題。我有，你聽得到我說話嗎？

Oh yes, yeah.

噢，是的，是的。

Perfect. Thank you.

完美的。謝謝。

Perfect. Well, the first question is about Guatemala. There was a visible improvement there. You mentioned a bit prepaid to postpaid. I just wonder if you could deep dive a bit more on the improvement and on the competitive environment that you're seeing in that country?

完美的。嗯，第一個問題是關於危地馬拉的。那裡有明顯的改善。您提到了從預付費到後付費。我只是想知道您是否可以更深入地談論您所看到的該國的進步和競爭環境？

And the second question is more about CapEx. So you mentioned in the release some acceleration in CapEx to advance revenue generation. What is the outlook for CapEx, especially in the coming years? These are the two questions.

第二個問題更與資本支出有關。因此，您在新聞稿中提到加速資本支出以促進創收。資本支出前景如何，尤其是未來幾年？這是兩個問題。

Marcelo, thanks for the questions. On Guatemala, what you can see here is, if you remember last year, we started defending some territories when we were operating alone. So the first quarter was about the stabilization. But at the same time, we started to aggressively migrate our prepaid customers to postpaid. That's where you see the 20% growth. Remember that in Guatemala, the postpaid penetration is one of the lowest of the group. It's only 12%. The target for all the operations is to reach 50%. So there's a long runway for Guatemala to grow on postpaid.

馬塞洛，謝謝你的提問。關於危地馬拉，如果你還記得的話，你在這裡看到的是，去年我們在單獨行動時開始保衛一些領土。因此第一季是關於穩定的。但同時，我們開始積極地將預付費客戶遷移到後付費客戶。這就是你看到的 20% 的成長。請記住，危地馬拉的後付費普及率是該組國家中最低的國家之一。只有12%。所有業務的目標是達到50%。因此，危地馬拉在後付費業務方面還有很長的發展空間。

What we see additionally to that, we are building more or less 350 new sites in Guatemala to capture new communities or extension of existing communities. All in all, it is to say that we do see sustainable growth predicated on prepaid to postpaid migrations, ARPU increase in prepaid that we are doing we did the first half of the year, we will continue to do the second half of the year. Our competitors are following and the new coverage.

除此之外，我們還在危地馬拉建造了大約 350 個新站點，以吸引新社區或擴展現有社區。總而言之，我們確實看到了基於預付費到後付費遷移的可持續增長，我們正在做的預付費的 ARPU 增加，我們在上半年做了這件事，我們將繼續在下半年做這件事。我們的競爭對手正在緊隨其後並進行新的報道。

Regarding the competitive environment, Marcelo, there are some sites where we are going to feel some pressure because we do have very high market share, and this is normal. So this is becoming part of our business as usual. That's why we are more focused on developing ARPU within our existing customer base. So that's what we see going forward.

關於競爭環境，馬塞洛，在某些網站上我們會感受到一些壓力，因為我們確實擁有很高的市場份額，這是正常的。因此這已成為我們日常業務的一部分。這就是為什麼我們更加重視在現有客戶群中開發 ARPU。這就是我們所看到的前景。

And the question on CapEx. What we did the way we are operating is extremely granular. So we do look site by site and node by node. And this allow us to allocate CapEx very, very focused on what are the returns expected there, where the traffic is high, where the disposal to pay is there so we do expect to be between $650 million $650 million to $700 million this year and also to keep more or less that rate in the following years.

還有關於資本支出的問題。我們的營運方式極為細緻。因此我們確實逐一站點、逐個節點地進行查看。這使我們能夠非常、非常集中地分配資本支出，關注預期的回報，關注交通量高的地方，關注需要支付的處置費用，因此我們預計今年的資本支出將在 6.5 億美元到 7 億美元之間，並且在接下來的幾年裡也保持大致相同的比率。

Just a clarification. When you say that rate is like rate to revenues, should we CapEx to revenues to be more or less that? Is that what we should understand?

只是澄清一下。當您說該比率就像收入比率時，我們的資本支出與收入的比率應該大於還是小於該比率？這是我們該理解的嗎？

Yes. That will be between 11% to 12% of revenues. But we do look at it as a dollar, right? I mean, because it is very, very granular, and we look I mean, the way we look at it is not percentage-wise. The result is 11% to 12%, but we really want to be between $650 million and $700 million.

是的。這將佔收入的 11% 到 12%。但我們確實把它看作美元，對嗎？我的意思是，因為它非常非常細緻，而且我們看待它的方式不是按百分比來看待的。結果是 11% 到 12%，但我們真正希望的是 6.5 億美元到 7 億美元之間。

Perfect very clear thank you very much.

非常清楚，非常感謝。

Thank you. Then we have a question from Andreas from DNB Carnegie. He might not be online, so we received a question through the investors@millicom.com.

謝謝。然後我們回答了來自 DNB Carnegie 的 Andreas 提出的問題。他可能不在線上，所以我們透過 investors@millicom.com 收到了一個問題。

First question, Marcelo, you post accelerating service revenue growth pace in basically all countries. Can you discuss a bit more the drivers for this and how you can maintain these levels or even improve them further?

第一個問題，馬塞洛，您說基本上所有國家的服務收入成長速度都在加快。您能否進一步討論造成這種情況的驅動因素以及如何保持這些水平甚至進一步提高它們？

Yeah, Well, basically, to give you a little bit of context, the constant is the increased demand for data. So in order to capture that, what we are doing is we are increasing the days connected and developing ARPU. So basically, the drivers are in increasing the days connected is the migration from prepaid to postpaid. Remember that we are only at 20% penetration of postpaid over total mobile customer base.

是的，嗯，基本上，給你一點背景知識，不變的是數據需求的增加。因此，為了實現這一目標，我們正在做的是增加連接天數並提高 ARPU。因此，從根本上來說，增加連結天數的驅動因素是從預付費到後付費的轉變。請記住，後付費在整個行動客戶群中的滲透率僅為 20%。

There are countries like Peru or that are at 45%, close to 50% and countries like Brazil that are over 50%. Our target is to reach 50% in all the territories. This brings an ARPU uplift of 50% compared to the prepaid ARPU. So there is a long runway there to increase the days connected and also to increase ARPU.

有些國家，如秘魯，其比例達到 45% 或接近 50%，而有些國家，如巴西，比例則超過 50%。我們的目標是在所有地區達到 50%。與預付費 ARPU 相比，這使 ARPU 提升了 50%。因此，增加連結天數和提高 ARPU 仍有很長的路要走。

The other driver is a price increase. And more or less, the since we sell days connected, the traffic increases around 15% every year. So we need to capture that increase through ARPU development. So we are doing price increases in all the countries. So to give you an example, this year, the ARPU increase in prepaid is around 5%.

另一個驅動因素是價格上漲。大致來說，自從我們出售連線航班以來，客流量每年都會增加 15% 左右。因此，我們需要透過 ARPU 開發來抓住這一成長機會。因此，我們正在所有國家提高價格。舉個例子，今年預付費的 ARPU 成長率約為 5%。

Then we have Home where basically we are focusing on increasing the penetration in low penetrated nodes. So second is to increase the quality of new acquisitions and reducing churn. So with all that, we can see a momentum in new net adds, sustainable new net adds that comes with high quality. And as you see, we are coming from minus 6% to minus 1.4% in service revenue growth, and we do expect that trend to continue in the second half of the year and next year.

然後我們有 Home，我們主要關注的是增加低滲透節點的滲透率。因此，第二點是提高新收購的品質並減少客戶流失。因此，透過所有這些，我們可以看到新增網路的成長勢頭，以及高品質帶來的可持續新增網路的成長。如您所見，我們的服務收入成長率從-6%降至-1.4%，我們預計這一趨勢將在今年下半年和明年持續下去。

And last, I mean, we are very serious about convergence. Currently, 25% of all our new sales are convergent. What this brings is a convergent customer has half of the churn of our regular Home customer, and that increases the customer lifetime value.

最後，我的意思是，我們非常重視融合。目前，我們所有新銷售額的 25% 都是趨同的。這就意味著，融合客戶的流失率只有我們一般家庭客戶的一半，增加了客戶的終身價值。

So the more penetration we have on convergence, the more solid is going to be the service revenue growth. And B2B is about SMB volumes and digital solution penetration in medium and large corporations. So we do expect this trend to continue. In Q1, we saw 0% growth in local currency. Now we are at 2.4%, and we expect this trend to continue in Q3 and Q4.

因此，我們在融合方面的滲透率越高，服務收入的成長就越穩健。B2B 涉及中小企業的數量以及中大型企業的數位解決方案滲透率。因此我們確實預期這種趨勢將會持續下去。第一季度，我們看到當地貨幣成長率為 0%。目前這一比例為 2.4%，我們預計這一趨勢將在第三季和第四季持續下去。

Thank you, Marcelo. And the second question from Andreas was solid cost control, but have you identified further potential on the cost side? And is it correct that there is no restructuring costs booked for Q2? Do you expect any additional severance payments, restructuring costs in H2?

謝謝你，馬塞洛。Andreas 的第二個問題是穩健的成本控制，但您是否發現成本的進一步潛力？第二季沒有重組費用，這是正確的嗎？您預計下半年會有額外的遣散費和重組成本嗎？

So maybe I can answer that one. On the cost control, I think most of the big ticket item initiatives were taken last year and completed last year, and we now start to see the full run rate effect of that. So the associated cost with that also were mostly incurred in 2024. We continue to have restructuring costs. I think it's a handful of millions this quarter, but I don't want to call that out as every quarter, there will be something, and it's not, therefore, exceptional in nature. So let's just stick to the reported numbers rather than adjusting for it.

所以也許我可以回答這個問題。在成本控制方面，我認為大多數大件專案計劃都是去年採取並完成的，現在我們開始看到其全面運行率效應。因此相關成本也大部分發生在 2024 年。我們繼續承擔重組成本。我認為本季會有幾百萬，但我不想說出來，因為每個季度都會有這種情況，因此，這在本質上並不特殊。因此，我們就堅持報告的數字，而不是對其進行調整。

We have, at this stage, no significant or material plans for further redundancy. So no big ticket item severance payments expected in H2. Now this being said, the cost control sits now deeply within our DNA.

目前，我們還沒有進一步裁員的重大或實質計劃。因此，預計下半年不會有大額遣散費。話雖如此，成本控制已經深深植根於我們的 DNA 中。

And so there's much less exercise to do from HQ and from our local leadership because we're operated like this, but we continue to find opportunities every week. So and that's also evidenced by now two additional countries getting into Club 50 as we continue to work everywhere to improve margins further, also record EBITDA percentage for Millicom as a group.

由於我們採用這種運作方式，因此總部和當地領導層要做的工作就少了很多，但我們每週都會繼續尋找機會。因此，現在又有兩個國家加入了 Club 50，這也證明了這一點，因為我們將繼續在各地努力進一步提高利潤率，同時也為 Millicom 集團創下 EBITDA 百分比記錄。

If I can add there, Bart, I mean, our biggest fight is against inertia. So what we're doing is we're still reviewing all the purchase orders from $1 to millions of dollars. But on the other hand, there is a big opportunity in the digitalization of the customer interface journey of the customer journey and also the digitalization of our internal processes. So we are exploring new tools. We are using machine learning. We are using AI. We have both agents for sales, et cetera, et cetera. So those initiatives, we do believe that is going to start impacting next year.

巴特，如果我可以補充的話，我的意思是，我們最大的鬥爭就是對抗惰性。因此，我們仍在審查所有從 1 美元到數百萬美元的採購訂單。但另一方面，客戶旅程的客戶介面數位化以及我們內部流程的數位化也存在著巨大的機會。所以我們正在探索新的工具。我們正在使用機器學習。我們正在使用人工智慧。我們有銷售代理等等。因此，我們確實相信這些舉措將在明年開始產生影響。

The last question from Andreas was with regards to cash flow, do you see any material changes to the various line items versus the explanations in Q1?

Andreas 的最後一個問題是關於現金流的，與第一季的解釋相比，您是否認為各個專案有任何重大變化？

No, I think it's quite steady state with the exceptions for the strategic initiatives that we talked about. So Lati is now partially closed. We also closed a deal in Paraguay on our towers. So that will have an impact on the leases, on revenues and OpEx, it kind of balance each other out.

不，我認為除了我們談到的戰略舉措之外，情況相當穩定。因此 Lati 現已部分關閉。我們還在巴拉圭達成了一項有關我們的塔的交易。因此，這將對租賃、收入和營運支出產生影響，它們會相互平衡。

We don't have tenancy income, colocation income from the towers. We also don't have the OpEx associated with the towers, but we have additional leases. That could be a $25 million to $35 million impact on the leases. And otherwise, maybe the currency in Bolivia, it's not different from Q1. IAS 21 is now being adopted. So compared to last year, you will see less cost of commissions or exchange costs in Bolivia, but it immediately flows through the P&L as a whole. So that's a little bit of a shift compared to last year and not compared to Q1.

我們沒有來自塔樓的租賃收入或主機託管收入。我們也沒有與塔相關的營運支出，但我們有額外的租約。這可能會對租賃造成 2500 萬至 3500 萬美元的影響。除此之外，玻利維亞的貨幣可能與 Q1 沒有什麼不同。IAS 21 目前正在被採用。因此，與去年相比，你會看到玻利維亞的佣金成本或匯率成本減少，但它會立即流入整個損益表。因此，與去年相比，這是一個小小的變化，但與第一季相比則沒有變化。

Then we have next question from Eduardo Nieto from JPMorgan.

接下來是摩根大通的愛德華多·涅托 (Eduardo Nieto) 提出的問題。

Yeah, good morning, Tim. Thanks for taking my question. So first, I wanted to discuss on your leverage target and the leverage guidance that you gave on under 2.5 times. Just first to confirm that, that includes your latest M&A, latest dividends.

是的，早上好，提姆。感謝您回答我的問題。因此，首先，我想討論一下您的槓桿目標以及您給出的低於 2.5 倍的槓桿指導。首先要確認的是，這包括您最新的併購、最新的股利。

And just if I think more medium term, if that's the level where you're comfortable or if there's any room to go any lower than that or basically the excess cash is going to be directed either to shareholders or other projects?

如果我認為從中期來看，這是您感到舒適的水平嗎，或者還有比這更低的空間嗎，或者基本上多餘的現金將直接用於股東或其他項目？

And then on refinancing, you have mentioned that you want to reduce exposure to dollars. You do have some bond maturities in 2027. So just thinking what you expect for those refi exercises maybe next year, if there's any room to maybe move eventually some of the holdco debt to some of the operations? And just what you're thinking on that front, please?

關於再融資，您提到您想減少對美元的曝險。確實有一些債券將於 2027 年到期。那麼，想想您對明年的再融資活動有何期待，是否有空間最終將部分控股公司債務轉移到某些業務？請問您對此有何看法？

Yes. So on the leverage, 2.5 times, so originally, we always said this was excluding the strategic initiatives because they kind of come on top and outside of the budget. But what I can say, so at this time, 2.5 times definitely including all of the dividends and special dividends. So that's included, yes.

是的。因此，就槓桿率而言，是 2.5 倍，所以最初，我們總是說這不包括策略性舉措，因為它們有點超出預算。但我可以說的是，此時，2.5倍肯定包括所有股息和特別股息。是的，這包括在內。

And then depending on the time of closing, I would say, of the different transactions, as Marcelo explained in the presentation, if we follow that path, then yes, we'll still, including the M&A, be around or below 2.5 times leverage. We don't expect it to increase significantly above that even if everything should close this year, but we might go a little bit over it to then rapidly decline again on the back of our cash flow generation and EBITDA growth.

然後，根據不同交易的結束時間，我想說，正如馬塞洛在演講中所解釋的那樣，如果我們遵循這條路徑，那麼是的，我們仍然會將槓桿率保持在 2.5 倍左右或以下，包括併購。即使今年一切都結束，我們也不認為它會大幅增長，但我們可能會略微超過它，然後在現金流產生和 EBITDA 增長的推動下再次迅速下降。

Got it. And then more medium term, I guess, this is the level where you would expect to be?

知道了。那麼從中期來看，我想，這是您所期望的水平嗎？

Yes. At this time, I think in between 2 times and 2.5 times is still our desired level.

是的。目前，我認為2倍到2.5倍之間仍然是我們期望的水平。

Perfect.

完美的。

And your second question.

還有你的第二個問題。

It was on the refi plan.

這是再融資計劃的一部分。

Refinancing, yes. So I think our strategy remains the same. We I like to raise local currency debt, so prioritize in-country local currency debt and repay US dollar debt preferably at HQ from a capital allocation and from a risk perspective, it's just better, just even look at Bolivia, where historically, it was pegged to the dollar, but still we had our debt denominated in local currency, thankfully, because that helped tremendously navigate through this period. So we continue to do that.

是的，再融資。所以我認為我們的策略保持不變。我們喜歡籌集當地貨幣債務，因此優先考慮國內當地貨幣債務，並最好在總部償還美元債務，從資本配置和風險角度來看，這樣更好，看看玻利維亞，歷史上，它的貨幣與美元掛鉤，但值得慶幸的是，我們的債務仍然是以當地貨幣計價的，因為這極大地幫助我們度過了這段時期。因此我們將繼續這樣做。

Now the M&A projects cloud our standard liability management a little bit because we have quite a bit. So we will use the Lati proceeds for the payments of the M&A. As you know, there's still $270 million to $300 million net cash proceeds coming in the next months from the Lati sales. We have our EFCF generation, two-third of that goes through our dividends and then one-third of the equity free cash flow is then still reserved for paying for the M&A.

現在，併購專案對我們的標準負債管理有點影響，因為我們有相當多的專案。因此，我們將使用 Lati 收益來支付併購費用。如您所知，未來幾個月 Lati 的銷售仍將帶來 2.7 億至 3 億美元的淨現金收益。我們有 EFCF 生成，其中三分之二用於支付股息，然後三分之一的股權自由現金流仍然用於支付併購費用。

And then I'm actively raising debt in countries to pay for the rest. You saw the announcement of the IDB loan in Salvador, but also I'm raising local currency debt in Guatemala, in Paraguay and even already raising in Uruguay to anticipate the closing.

然後我積極地在各國舉債來償還剩餘的債務。您看到了薩爾瓦多美洲開發銀行貸款的公告，但我也在危地馬拉、巴拉圭籌集當地貨幣債務，甚至已經在烏拉圭籌集資金以期完成貸款。

So once all of that is kind of stable and paid, we'll look at our liability management. We'll make the required decisions. And you rightfully point out to our '27. This is our upcoming shortest maturity bonds, both in the Paraguay issuance and the SEK bond in Sweden. But at this stage, nothing to announce there yet.

因此，一旦所有這些都穩定下來並得到支付，我們就會考慮我們的負債管理。我們將做出必要的決定。您正確地指出了我們的‘27’。這是我們即將發行的最短期限債券，包括巴拉圭發行的債券和瑞典發行的瑞典克朗債券。但目前階段還沒有任何消息可以宣布。

Then we have next question from Gustavo Farias from UBS.

接下來是瑞銀的 Gustavo Farias 提出的問題。

Very clear thank you very much.

非常清楚非常感謝。

Then we have next question from Gustavo Farias from UBS.

接下來是瑞銀的 Gustavo Farias 提出的問題。

There are two so the first one on Colombia. We've seen recently WOM launching new low-cost mobile plans, which seem very aggressive. So just wanted to get a color on how you're seeing the pricing and the competitive landscape in the country. And if you could further comment on the regulatory agenda for the acquisition of the stake in Coltel.

有兩個，第一個是關於哥倫比亞的。我們最近看到 WOM 推出了新的低成本行動計劃，看起來非常激進。所以只是想了解一下您如何看待該國的定價和競爭格局。您是否可以進一步評論收購 Coltel 股份的監管議程？

And the second one, if you could just a follow-up maybe on the question from Marcelo Santos. Considering the 5G rollout, which you're seeing all over Latin America, how do you see that impacting CapEx going forward?

第二個問題，如果您可以跟進馬塞洛·桑托斯提出的問題。考慮到您在整個拉丁美洲看到的 5G 部署，您認為這將如何影響未來的資本支出？

Perfect. I will take the first part of the first question. You can take the second part of the first question. So basically, Gustavo, yes, WOM launched unlimited offer in prepaid for $7. Telefonica has already an even more aggressive offer in the market.

完美的。我來回答第一個問題的第一部分。你可以回答第一個問題的第二部分。所以基本上，Gustavo，是的，WOM 推出了 7 美元的預付費無限優惠。西班牙電信已在市場上提出了更積極的報價。

So basically, what we see is in order to succeed in prepaid, our understanding and our experience has to do with not only pricing, you need to have a strong network and a strong distribution. We've seen this kind of behavior in many of our countries, as an example, Digicel in Panama.

所以基本上，我們認為，為了在預付費領域取得成功，我們的理解和經驗不僅與定價有關，還需要擁有強大的網路和強大的分銷。我們在許多國家都看到過這種行為，例如巴拿馬的 Digicel。

So these are very tactic offers. But since they are not complemented by network experience and channels, they are not typically sustainable because the customers are expecting the full experience, right? So on that side, I do believe that this is tactics, business as usual and not a long-term trend.

所以這些都是非常有策略的提議。但由於它們沒有網路體驗和管道的補充，它們通常是不可持續的，因為客戶期待的是完整的體驗，對嗎？因此從這方面來說，我確實認為這只是策略，一切照舊，而不是長期趨勢。

On the second part, that is the regulatory, Bart?

第二部分是監管，巴特？

Yeah, I think so in Colombia, we have well, two transactions basically in parallel, right? So on the one side, we have a minority partner, EPM. They announced a minimum price. They're now listing the shares on the local stock market to prepare for Phase 1 of Law 226, which is the privatization law in Colombia, after which they can raise launch Phase 1, which is to the Sector Solidario and then two auction to sell their shares. So the listing is should be done very soon, and then they will start Phase 1 to Sector Solidario. And there's no more regulatory approvals on that side. So it's more of a process-driven process.

是的，我認為在哥倫比亞，我們有兩筆交易基本上是並行的，對嗎？一方面，我們有一個少數股東合夥人，EPM。他們宣布了最低價格。他們現在正在當地股票市場上市股票，為哥倫比亞私有化法第 226 號法律的第一階段做準備，之後他們可以啟動第一階段，即向 Sector Solidario 募集資金，然後進行兩次拍賣以出售他們的股票。因此，上市應該很快就會完成，然後他們將開始 Sector Solidario 的第一階段。而那方面不再有監管部門的批准。所以它更像是一個流程驅動的過程。

So on our side, we are discussing there with them our participation in that auction and how administratively we're going to execute on that. But obviously, it's an auction and other participants could be there. As soon as we have an agreement, we'll announce that, but this is an active discussion. So probably better not to comment more than this at the moment.

因此，就我們而言，我們正在與他們討論我們參與拍賣的情況以及我們將如何在行政上執行該拍賣。但顯然，這是一場拍賣，其他參與者可能會在場。一旦我們達成協議，我們就會宣布，但這是一個積極的討論。因此目前最好不要發表過多的評論。

On the other side, with Coltel, the first step there is for the government to release the minimum price at which they will be authorized to sell the process. They already have their shares listed. So then it's Phase 1 and Phase 2 of Law 226 process. We expect this the minimum price to come still in Q3.

另一方面，對於 Coltel 來說，政府首先要公佈授權銷售該工藝的最低價格。他們的股票已經上市。這是第 226 號法律流程的第一階段和第二階段。我們預計最低價格仍將在第三季公佈。

And around that time, hopefully as well, the regulatory approval for the merger, probably the regulatory approval in early Q4 and then both transactions to happen around year-end, probably slipping into Q1, considering the timing and the process steps that need to happen.

並且希望在那個時候，合併也能獲得監管部門的批准，可能是在第四季度初獲得監管部門的批准，然後兩項交易將在年底左右完成，考慮到時間和需要完成的流程步驟，可能會在第一季度完成。

And the last question was now about 5G. The way we look at it is 5G networks needs to follow 5G devices penetration. In many of our countries, penetration of 5G over the total base are very, very low. I was managing the Panama operation when you walk the streets, you don't see any 5G phones on the counter because of the affordability issue, right? These are expensive handsets. Having said that, we do see that 5G devices are devices base are increasing in Colombia, in El Salvador and new operations like Uruguay.

最後一個問題是關於 5G 的。我們的看法是，5G 網路需要跟隨 5G 設備的普及。在我們許多國家，5G 的整體普及率非常非常低。當我管理巴拿馬業務時，走在街上，你不會看到櫃檯上有任何 5G 手機，因為價格問題，對嗎？這些都是昂貴的手機。話雖如此，我們確實看到 5G 設備在哥倫比亞、薩爾瓦多和烏拉圭等新國家的設備基礎正在增加。

So when the demand is there because the handset has a capability, we will invest in 5G on a granular basis, right? Because these people are mainly in urban cities, and then we will expand following the device trend. Regarding auctions, we do have an ongoing auction in Paraguay. We are also on an ongoing auction in El Salvador, and we will always be active and proactive in participating in those auctions when the conditions and terms are there for us to participate.

因此，當手機具有某種功能而產生需求時，我們將對 5G 進行精細投資，對嗎？因為這些人主要在城市，然後我們會隨著設備的趨勢而擴展。關於拍賣，我們在巴拉圭確實有一個正在進行的拍賣。我們還在薩爾瓦多參加一場拍賣會，只要條件允許，我們就會積極參與這些拍賣會。

Thank you for the answers, Barton Maabo.

感謝您的回答，Barton Maabo。

So the next question we have from Andres Coello from Scotiabank.

下一個問題來自豐業銀行的 Andres Coello。

Can you discuss further acquisitions on the pipeline? Are you looking at Telefonica subsidiaries in Chile, Mexico or like Puerto Rico business? Which company intends to separate?

您能討論一下正在進行的進一步收購嗎？您是否正在關注西班牙電信在智利、墨西哥或波多黎各的子公司？哪家公司有意分開？

So I think, honestly, our first priority is to close on what we already announced. We have Colombia that's going to be a big integration. It's going to take a lot of our attention. And also, at the same time, a large opportunity for synergy. So there definitely a lot of focus will go there in 2026.

所以我認為，老實說，我們的首要任務是完成我們已經宣布的事情。我們與哥倫比亞的合作將走向大規模融合。這將會佔用我們大量的注意力。同時，這也是一個巨大的協同機會。因此，2026 年肯定會有很多關注點集中在那裡。

First, we will have Ecuador and Uruguay. In a sense, it's adding two countries to our portfolio of 9. I like the fact to have this type of portfolio when you see the diversity kind of balance the risks out of each country. So this year, we had a huge impact, exceptional impact from Bolivia, a very significant impact to equity free cash flow. And still we can cover and stay within our guidance comfortably despite what's happening.

首先是厄瓜多和烏拉圭。從某種意義上說，這相當於在我們的 9 個投資組合中增加了兩個國家。當你看到多樣性可以平衡每個國家的風險時，我喜歡這種類型的投資組合。因此，今年我們受到了巨大的影響，來自玻利維亞的特殊影響，對股權自由現金流產生了非常重大的影響。無論發生什麼情況，我們仍然可以輕鬆地覆蓋並遵守我們的指導方針。

Now we're going to add a dollarized economy and an investment-grade country. So this is going to even further improve the diversity with our portfolio. So are we looking at others? We will always have a peek at what is interesting.

現在我們要增加一個美元化的經濟體和一個投資級國家。因此，這將進一步提高我們產品組合的多樣性。那我們在看其他人嗎？我們總會瞥見一些有趣的事物。

But and so if there are deals possible, yes, why not, but definitely not our focus right now and especially things like Mexico is probably too big for us at this stage and too complex. So let us focus on what we announced first.

但是，如果有達成交易的可能，是的，為什麼不呢，但絕對不是我們現在的重點，尤其是像墨西哥這樣的事情對我們來說在這個階段可能太大而且太複雜了。因此，讓我們首先關註一下我們宣布的內容。

I think with this, we have no more questions in the queue so with that, I would like to thank everyone and Marcelo for the quarterly results, and congratulations to all the teams who helped us deliver on these results. Thank you very much, everyone.

我想，有了這個，我們就沒有其他問題了，因此，我要感謝大家和馬塞洛的季度業績，並祝賀所有幫助我們取得這些業績的團隊。非常感謝大家。

Thank you very much, everyone. Thank you. See you soon.

非常感謝大家。謝謝。再見。