Tim SA (TIMB) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen.

早安，女士們先生們。

Welcome to TIM SA 2024 second-quarter results conference video call.

歡迎參加 TIM SA 2024 年第二季業績會議視訊電話會議。

We would like to inform you that this event is being recorded, and all participants will be in a listen-only mode during the Company's presentation.

我們謹通知您，該活動正在錄製中，所有參與者在公司演示期間都將處於僅聽模式。

There will be a replay for this call on the company's website.

該公司網站上將重播本次電話會議。

After TIM SA's remarks are completed, there will be a question-and-answer session for participants.

TIM SA 發言結束後，將進行與會人員問答環節。

At that time, further instructions will be given.

屆時，將作出進一步指示。

Hello, everyone, and welcome to TIM SA's earnings call for the second quarter of 2024.

大家好，歡迎參加 TIM SA 2024 年第二季財報電話會議。

Thank you for joining us.

感謝您加入我們。

I am Vice Ferreira, Head of Investor Relations.

我是投資者關係主管 Vice Ferreira。

Today, we share a highlight some video, and afterwards we will have our live Q&A session with our CEO, Alberto Griselli; and our CFO, Andrea Viegas.

今天，我們分享了一些精彩視頻，之後我們將與我們的首席執行官 Alberto Griselli 進行現場問答；以及我們的財務長 Andrea Viegas。

Before we discuss our results, I remind you that management may make forward-looking statements in this presentation may contain.

在我們討論我們的結果之前，我提醒您，管理階層可能會在本簡報中做出前瞻性陳述。

Please refer to the disclaimer on the screen, which is also available in our earnings materials and on our Investor Relations website.

請參閱螢幕上的免責聲明，該免責聲明也可在我們的收益資料和投資者關係網站上找到。

With that, let's move to our results.

接下來，讓我們看看我們的結果。

Hello, everyone.

大家好。

I'm Alberto Griselli, CEO of TIM Brasil, talking from our headquarters in Rio de Janeiro.

我是 TIM Brasil 執行長 Alberto Griselli，在我們位於裡約熱內盧的總部發表演說。

I'm pleased to share the highlights of our solid second-quarter '24 results.

我很高興與大家分享我們 24 年第二季穩健業績的亮點。

Despite some macro challenges, we are taking advantage of favorable market dynamics to develop further our 3Bs approach and deliver robust results across the board.

儘管存在一些宏觀挑戰，我們正在利用有利的市場動態進一步發展我們的 3B 方法並全面交付強勁的業績。

In the second quarter, we maintained the pace of growing our service revenue high-single digit year over year.

第二季度，我們的服務收入年增高個位數成長速度。

Our EBITDA grew above our revenues, sustaining margin expansion despite a tougher comparative basis.

儘管比較基礎更加嚴峻，但我們的 EBITDA 成長超過了收入，並維持了利潤率擴張。

Our proxy for operating free cash flow reached a record high for the second quarter, growing approximately more than 20% year over year.

第二季我們的經營自由現金流代理創下歷史新高，年增約 20% 以上。

These solid financial results are accompanied by improvements in our services, innovation in our offerings, and consistent infrastructure development.

這些穩健的財務表現伴隨著我們服務的改進、產品的創新以及持續的基礎設施發展。

Our results are driven mainly by mobile services, with revenues growing by 7.3% compared to second-quarter '23.

我們的業績主要由行動服務推動，與 2023 年第二季相比，營收成長了 7.3%。

Consequently, ARPU is expanding by 6.8% through more-for-more initiatives and migration strategy.

因此，透過「多換多」計畫和遷移策略，ARPU 成長了 6.8%。

Our customer base profile continues to improve with postpaid net addition accelerated to solid levels.

我們的客戶群狀況持續改善，後付費淨增量加速達到穩定水準。

In second quarter '24, we added 458,000 clients.

2024 年第二季度，我們增加了 458,000 名客戶。

We combined initiative to reduce churn and expand migration from prepaid to postpaid to support this performance.

我們結合了減少客戶流失和擴大從預付費到後付費的遷移的措施來支持這項績效。

Behind these numbers is a sharp execution of our 3B strategy, building the best offer in the market requires an innovative mindset, bringing novelties valued by the customers at the right price.

這些數字的背後是我們對 3B 策略的敏銳執行，打造市場上最好的產品需要創新思維，以合適的價格帶來顧客重視的新奇產品。

In the coming weeks, we will showcase our new postpaid portfolio with the best control plans in the market.

在接下來的幾週內，我們將展示我們新的後付費產品組合以及市場上最佳的控制計劃。

The best network combined excellent coverage with the best availability and quality.

最好的網路將卓越的覆蓋範圍與最佳的可用性和品質結合在一起。

As you know, TIM ranks number one in those metrics in 5G and overall.

如您所知，TIM 在 5G 和整體這些指標中排名第一。

Building this while reducing CapEx pressure requires an innovative and efficient approach.

在減少資本支出壓力的同時建構這一點需要創新且有效率的方法。

An example is the new 4G and 5G-integrated antenna we developed with one of our vendors, which increases capacity and coverage at reasonable prices.

一個例子是我們與供應商之一開發的新型 4G 和 5G 整合天線，它以合理的價格增加了容量和覆蓋範圍。

To deliver the best service, we are changing our portfolio of offers and improving how we serve our clients more effectively.

為了提供最好的服務，我們正在改變我們的產品組合併改善我們更有效地為客戶服務的方式。

We are increasing first-call resolution rates and facilitating digital interactions.

我們正在提高首次呼叫解決率並促進數位互動。

Therefore, call center NPS is improving, and we continue to outperform the sector in resolution rankings.

因此，呼叫中心 NPS 正在改善，我們在解決方案排名方面繼續優於該行業。

Moving to the other areas of our operation, our fixed broadband unit is performing well despite fierce competition.

轉向我們業務的其他領域，儘管競爭激烈，我們的固定寬頻部門仍表現良好。

The focus remains to grow with profitability.

重點仍然是獲利能力的成長。

So we kept revenue expansions at high-single digit, while our FTTH base increased double digit.

因此，我們將收入成長保持在高個位數，而我們的 FTTH 基數則成長了兩位數。

Our TIM IoT solution continue to evolve fast, winning new connectivity contracts while developing end-to-end solutions.

我們的 TIM IoT 解決方案繼續快速發展，贏得新的連接合同，同時開發端到端解決方案。

In the last 12 months, we added close to BRL280 million in contracted revenues, growing in the three verticals we selected.

在過去 12 個月中，我們的合約收入增加了近 2.8 億雷亞爾，在我們選擇的三個垂直領域中不斷增長。

Before Andrea join us for this update, I'd like to remark on how effectively our 360-degree approach to productivity and efficiency is helping TIM reduce cash cost pressures while improving customer satisfaction with technology and discipline.

在 Andrea 加入我們進行本次更新之前，我想談談我們的 360 度生產力和效率方法如何有效地幫助 TIM 減少現金成本壓力，同時提高客戶對技術和紀律的滿意度。

We have done a great job with digitalization in the past years.

過去幾年，我們在數位化方面做得非常出色。

However, there is room for additional improvement; two examples.

然而，還有進一步改進的空間；兩個例子。

PIS is the new frontier for repayments, and MyTIM app will contribute more to our digital interaction after its new version is released.

PIS是還款的新領域，MyTIM應用程式新版本發布後將為我們的數位互動做出更多貢獻。

In terms of our infrastructure, the network sharing with Vivo was resumed.

在我們的基礎設施方面，恢復了與Vivo的網路共享。

We should accelerate more, but we are back working on the 2G shutdown and the single grid.

我們應該加快步伐，但我們正在重新致力於 2G 關閉和單一網格的工作。

On another front, we recently closed new agreements with vendor for our access network.

另一方面，我們最近與供應商就我們的接取網路達成了新協議。

We are bringing new 5G technology and an effective cost to improve the quality of our customers.

我們正在帶來新的5G技術和有效的成本來提高客戶的品質。

Our AI initiatives are moving from pilot to full rollout.

我們的人工智慧計畫正在從試點轉向全面推廣。

Two of the 10 use cases mapped to be tested in 2024 have completed the testing period, and we are rolling them out until the end of this year.

計劃在 2024 年進行測試的 10 個用例中，有兩個已經完成測試期，我們將把它們推出到今年年底。

During the test, the TIM AIX customer care co-pilot show a decrease in average service time and increase satisfaction.

在測試過程中，TIM AIX 客戶服務副駕駛表現出平均服務時間減少並提高了滿意度。

For network predictive maintenance, the test showed that our system was able to predict failures, and we were able to resolve them.

對於網路預測性維護，測試表明我們的系統能夠預測故障，並且能夠解決它們。

Our hypothesis that generative AI could benefit TIM by reducing cost and increasing customer experience is holding so far.

到目前為止，我們的假設是成立的，即生成式人工智慧可以透過降低成本和增加客戶體驗來使 TIM 受益。

We will keep you updated on this topic in the coming months.

我們將在未來幾個月內為您提供有關此主題的最新資訊。

Now, I will pass over to Andrea to talk more about our financial highlights.

現在，我將請 Andrea 詳細討論我們的財務亮點。

Hello, everyone.

大家好。

I'm Andrea Viegas, CFO of TIM.

我是 Andrea Viegas，TIM 財務長。

As Alberto mentioned, we delivered robust results across the board.

正如阿爾貝託所提到的，我們全面交付了強勁的業績。

The top line grew 7.5% year on year this quarter, with positive contributions from all revenue lines.

本季營收年增 7.5%，所有營收線均做出了積極貢獻。

Our EBITDA showed a solid performance despite a tougher comparative basis.

儘管比較基礎更加嚴峻，但我們的 EBITDA 表現依然穩健。

It grew more than 8%, with the margin reaching an all-time high of 50% for a second quarter.

成長超過 8%，第二季利潤率達到 50% 的歷史新高。

Considering the lease effects, EBITDA after lease grew by almost 14%.

考慮到租賃的影響，租賃後的 EBITDA 成長了近 14%。

This performance continues to benefit from the decommissioning projects, which has reduced recurring lease payments by BRL56 million versus second-quarter '23.

這項業績持續受惠於退休項目，與 2023 年第二季相比，經常性租賃付款減少了 5,600 萬雷亞爾。

The EBITDA after lease margin grew notably by more than 2 percentage points year over year.

扣除租賃利潤後的 EBITDA 年比顯著成長超過 2 個百分點。

In this quarter, our net income grew by more than 20% year over year, benefiting from the overall operational performance and positive effects at the DNA line.

本季度，我們的淨利潤年增超過20%，受益於整體營運績效和DNA線的正面影響。

In addition, we recorded a substantial increase in operational cash flow of almost 24%, with the margin expanding to 24.4%.

此外，我們的營運現金流量大幅成長近 24%，利潤率擴大至 24.4%。

As we explained in last quarter, the seasonal negative impact on working capital and CapEx are reverting.

正如我們在上個季度所解釋的，季節性對營運資本和資本支出的負面影響正在恢復。

CapEx will close the year inside our guidance bands with no material impact from FX, and working capital should be positive in the second half.

資本支出將在我們的指導範圍內結束這一年，不會受到外匯的重大影響，下半年的營運資本應該是正面的。

I'm pleased with the figures we are delivering, which makes me confident that we will achieve our guidance by the end of the year, even with a more challenging comparison base in the second half.

我對我們提供的數據感到滿意，這讓我相信我們將在今年年底前實現我們的指導，即使下半年的比較基礎更具挑戰性。

Now, back to Alberto.

現在，回到阿爾貝托。

We just closed better-than-expected first half.

我們上半場的表現優於預期。

Financial and operational performance are responding well to our initiatives.

財務和營運績效對我們的舉措反應良好。

In the second half, we expect healthy competition to be maintained, so we will focus on evolving our portfolio and looking more carefully into our prepaid dynamics as the macro environment may be a concern for low-income clients.

下半年，我們預計將保持健康的競爭，因此我們將專注於發展我們的投資組合，並更仔細地研究我們的預付費動態，因為宏觀環境可能是低收入客戶關注的問題。

Our digitalization program will continue to run both in the more traditional way and through AI projects.

我們的數位化計畫將繼續以更傳統的方式和人工智慧項目運作。

We expect more pilots to move from the testing environment to full implementation.

我們預計會有更多試點從測試環境轉向全面實施。

In B2B, we expect the coming months to be exciting, with more solutions being added to our portfolio.

在 B2B 領域，我們預計未來幾個月將會令人興奮，更多解決方案將添加到我們的產品組合中。

We are optimistic about the future and look forward to the opportunities that lie ahead.

我們對未來持樂觀態度，並期待未來的機會。

We are on a long journey to become Brazil most preferred mobile operator, and our commitment to this goal remains unwavered.

我們正在努力成為巴西最受歡迎的行動營運商，我們對這一目標的承諾仍然堅定不移。

This delivery can only be achieved through hard work, creativity, and discipline, and we are confident in our ability to succeed.

這種交付只能透過努力、創造力和紀律來實現，我們對我們的成功能力充滿信心。

Now let's move to the live Q&A session.

現在讓我們進入現場問答環節。

(Operator Instructions) Bernardo Guttman, XP.

（操作員說明）Bernardo Guttman，XP。

Hi.

你好。

Good morning, everyone.

大家早安。

Thanks for taking my question.

感謝您提出我的問題。

Actually, I have two on my side.

事實上，我身邊有兩個人。

The first question is relating to margin.

第一個問題與保證金有關。

You have consistently achieved this expansion.

您一直在實現這一擴展。

On the revenue side, it's evident that the more-for-more strategy is proving effective.

在收入方面，事實證明「多換多」策略顯然是有效的。

But on the cost side, I would like to understand the main factors that are contributing to this expansion?

但在成本方面，我想了解促成這種擴張的主要因素是什麼？

The key initiatives that can drive this growth moving forward?

可以推動這項成長的關鍵舉措是什麼？

And my second question is related to competition in the mobile segment.

我的第二個問題與行動領域的競爭有關。

It would be great to hear your views on possible competition coming from a new player, a Nubank as a MVNO.

很高興聽到您對新玩家（Nubank 作為 MVNO）可能存在的競爭的看法。

Historically, this market never took off in Brazil, but now, there is a new player with great execution capacity.

從歷史上看，這個市場在巴西從未起飛，但現在，出現了一位具有強大執行能力的新玩家。

What has changed in this market from a commercial point of view?

從商業角度來看，這個市場發生了什麼變化？

Thank you.

謝謝。

Bernardo, so I will start with the second one, and then I will pass it to Andrea for the margin one.

貝納多，所以我將從第二個開始，然後我會將其傳遞給安德里亞作為邊緣第一個。

So on the first one, I would say, Bernardo, that the competitive environment so far remains pretty rational in terms of what is happening in both postpaid and prepaid.

因此，關於第一個問題，貝爾納多，我想說，就後付費和預付費領域的情況而​​言，迄今為止的競爭環境仍然相當合理。

So the more-for-more approach and the shift from volume to value is actually happening.

因此，多換多的方法以及從數量到價值的轉變實際上正在發生。

Everybody is more competing on quality of services and innovation rather than a straight on price or price per giga.

每個人都更多地在服務品質和創新上競爭，而不是直接在價格或每千兆價格上競爭。

When it comes to the possible new entrants, we need to see what kind of strategies that we'll deploy.

當談到可能的新進入者時，我們需要看看我們將部署什麼樣的策略。

So far, MVNO has been operating as niche segments competing on a different value proposition and again, not competing on price.

到目前為止，MVNO 一直作為利基細分市場在不同的價值主張上競爭，而不是在價格上競爭。

So far, the MVNO have not been a disruptor on one lever that is the price as they have been focusing the strategy in specific segments.

到目前為止，MVNO 還沒有成為價格這一槓桿上的顛覆者，因為他們一直將策略重點放在特定細分市場。

And so they didn't change the competitive dynamic materially.

因此他們並沒有實質地改變競爭動態。

So on this front, I would say that for the specific case that you mentioned, we need to wait to see what their commercial approach will be.

所以在這方面，我想說，對於你提到的具體案例，我們需要等待，看看他們的商業做法會是什麼。

So far, everything is fairly constant and focus on the more-for-more approach, competition on quality of services, meaning new offerings.

到目前為止，一切都相當穩定，重點是多換多的方法、服務品質的競爭，這意味著新的產品。

We are launching some new ones in the coming months, network services, and the likes, less on price.

我們將在未來幾個月內推出一些新服務、網路服務等，價格也會更低。

Bernard, related to the margin, we achieved a very good percentage this quarter.

伯納德，就利潤率而言，我們本季取得了非常好的百分比。

In addition and also [in] after lease, we will continue to focus in our productivity, increase our digitalization.

此外，在租賃之後，我們將繼續關注我們的生產力，提高我們的數位化程度。

But we were also have to remember that we also have to invest in some OpEx also for generate more revenue.

但我們也必須記住，我們還必須投資一些營運支出才能產生更多收入。

So we always have a room to improve.

所以我們總是有進步的空間。

But in our guidance, so that we will increase margin this year related to the previous years, but we also have changes.

但在我們的指導中，我們今年會增加與往年相關的利潤率，但我們也有變化。

So we have a good margin results, and we will continue in this path.

所以我們有很好的利潤率結果，我們將繼續沿著這條路走下去。

And if I can add something, if you look at the categories of things that we're doing, so we got this all front of digitalization that we mentioned in the presentation before a few examples that are proceeding quite nicely.

如果我可以補充一些東西，如果你看看我們正在做的事情的類別，那麼我們就得到了我們在演示中提到的數位化的所有前沿，然後是一些進展順利的範例。

And we have clearly the dynamics on the revenues that favors also the margins when it comes to the more-for-more strategy, so it's accretive for margin expansion.

當涉及到多多策略時，我們顯然有利於利潤率的收入動態，因此它會增加利潤率的擴張。

And I would say it's also that we are studying a few, let's say, fine-tuning of the make versus buy approach that we are thinking to deploy in the coming quarters that should be assertive in terms of increased efficiency and increased quality of the services that we are related to that specific activity.

我想說的是，我們正在研究一些我們正在考慮在未來幾季部署的自製與購買方法的微調，這些方法在提高效率和提高服務品質方面應該是自信的我們與該特定活動有關。

Very clear.

非常清楚。

Thank you all that, Andrea.

謝謝你，安德里亞。

Marcelo Santos, JPMorgan.

馬塞洛桑托斯，摩根大通。

Hi, good morning to all.

嗨，大家早安。

Thanks for taking my questions.

感謝您回答我的問題。

I also have two.

我也有兩個。

The first, I wanted to question you a bit about the guidance, the especially the service revenue growth guidance.

首先，我想向您詢問一些有關指導的問題，特別是服務收入成長指導。

So for the second quarter in a row, you were coming above the guidance, above the high end of the guidance.

因此，連續第二季的業績都高於指導值，高於指導值的上限。

Is there room to increase that guidance?

是否有增加該指導的空間？

I mean -- or is there some expectation that the second half is going to be particularly weak?

我的意思是——或者是否有人預計下半年會特別疲軟？

I mean, could you please just comment on your yearly guidance in face of the results that you have achieved so far?

我的意思是，您能否根據迄今為止所取得的成果來評論一下您的年度指引？

That's the first question.

這是第一個問題。

And the second question is the lease line and the tower renegotiation.

第二個問題是租賃線路和塔樓的重新談判。

Where are we on that process?

我們在這個過程中處於什麼階段？

What's the outlook for the line of lease payments?

租賃付款線的前景如何？

Thank you very much.

非常感謝。

Okay.

好的。

Marcelo, I will take the first one, and then we'll pass to Andrea for the second one.

馬塞洛，我將選擇第一個，然後我們將把第二個交給安德里亞。

When it comes to the second half, I wouldn't say weak guidance.

說到下半年，我不會說指導很弱。

So I would say the following.

所以我想說以下內容。

We have a guidance, and you're right, we have been performing above the bracket in the first quarter and second quarter.

我們有一個指導，你是對的，我們在第一季和第二季的表現一直高於標準。

Now, we -- what we are foreseeing for the following quarters is something that has already happened in the previous year.

現在，我們對接下來幾季的預測是去年已經發生的事情。

So sort of a slowdown in the pace of revenue growth.

營收成長速度有點放緩。

And there are a number of reasons that we need to be considering that.

我們需要考慮這一點的原因有很多。

The first of all, we got a less favorable comp versus last year, so we got a quite strong second semester last year.

首先，與去年相比，我們的競爭不太有利，所以去年第二學期我們的表現相當強勁。

The second one is the fact that when you look at the price up of postpaid, this year was less intense versus last year.

第二個事實是，當你觀察後付費的價格上漲時，今年的漲幅與去年相比不那麼劇烈。

And so you tend to see the results in the second quarter and going forward.

因此，您往往會在第二季及未來看到結果。

So if you look at our postpaid revenue growth on a historical trend, you generally see a strong second quarter, and then the effect of the price up tend to stabilize in the following quarters, and so the revenues are slowing down a bit.

因此，如果你從歷史趨勢來看我們的後付費收入成長，你通常會看到第二季的強勁成長，然後價格上漲的影響往往會在接下來的幾季趨於穩定，因此收入會略有放緩。

And so this is -- we expect the same effect this year.

所以我們預計今年也會產生同樣的效果。

We need to see the prepaid.

我們需要查看預付費。

So you see that on prepaid, we got a slightly negative revenue growth in this quarter also because we are migrating prepaid to control plants.

因此，您可以看到，在預付費方面，我們本季的收入略有負成長，這也是因為我們正在將預付費遷移到控制工廠。

This is going to happen in the next quarters.

這將在接下來的幾個季度發生。

And so we are fine-tuning our value proposition and go-to-market approach.

因此，我們正在微調我們的價值主張和進入市場的方法。

And so we need to see how this will play out in the following quarters.

因此，我們需要看看接下來幾季的情況如何。

And last but not least, we've got the Ultra, TIM Ultra.

最後但並非最不重要的一點是，我們有 Ultra，TIM Ultra。

So the broadband that we imagine that is going to stay fairly stable.

因此，我們想像的寬頻將保持相當穩定。

So all in all, what we are likely to see in the second semester, it's a slowdown of the revenue growth, and this will put ourselves in a position to achieve fully our guidance, which is the bracket from 5% to 7%.

總而言之，我們在第二季度可能會看到收入成長放緩，這將使我們能夠完全實現我們的指導，即 5% 到 7% 的範圍。

Hi Marcelo, related to the leases, this quarter, we have still the impact of the commission.

你好，馬塞洛，與租賃相關，本季度，我們仍然受到佣金的影響。

But as we mentioned before, we ended the major part of the fiscal -- the decommission.

但正如我們之前提到的，我們結束了財政的主要部分——退休。

So we still have some positive impact in the decommission side, but we also have an inflation, and we have a lot of contracts that have the inflation adjustment in this quarter.

所以我們在退休方面仍然有一些正面的影響，但我們也有通貨膨脹，我們有很多合約在本季有通貨膨脹調整。

So we have the lease in the same level of the first quarter.

因此，我們的租賃量與第一季持平。

But from now on, the trend is to increase a little bit.

但從現在開始，趨勢是一點點增加。

We still have some renegotiations with the tower company that is continues with for us.

我們仍然與塔公司進行一些重新談判，該談判仍在繼續。

And related to the panels, we will also have some panels in the second quarter because we still have around 200 sites that we are ended the final distract of the contract.

與面板相關，我們還將在第二季度擁有一些面板，因為我們仍然有大約 200 個站點，我們已經結束了合約的最終任務。

So the trend is to increase a little bit in the lease in the second half of the year.

所以下半年的趨勢是租賃量會稍微增加。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Vitor Tomita, Goldman Sachs.

維托·富田，高盛。

Hello.

你好。

Good morning, all, and thanks for taking our questions.

大家早安，感謝您提出我們的問題。

We have two questions from our side.

我們這邊有兩個問題。

The first one is, since you cited some AI initiatives on the cost side and some other sites, do you believe those could be major enough to support some upside to long-term EBITDA guidance assumptions depending on how they play out?

第一個是，既然您在成本方面和其他一些網站上引用了一些人工智慧舉措，您是否認為這些舉措足夠重要，足以支持長期 EBITDA 指導假設的一些上行空間，具體取決於它們的實施情況？

And our second question would be, you mentioned just now also a change in make-versus-buy approach.

我們的第二個問題是，您剛才也提到了自製與外購方法的變化。

Could you give some more color on that?

你能給更多的顏色嗎？

Thank you very much.

非常感謝。

Okay.

好的。

So Vitor, let me take the first one, and then we'll direct to Andrea on the second one.

維托，讓我來討論第一個，然後我們將指導安德里亞討論第二個。

So when it comes to the artificial intelligence, we are following a quite pragmatic approach.

因此，在人工智慧方面，我們遵循的是相當務實的方法。

So we are deploying it.

所以我們正在部署它。

We are measuring the results if the results are there.

如果結果存在，我們正在衡量結果。

We are going to scale this up in the coming years.

我們將在未來幾年擴大這一規模。

So we organized ourselves since 2023 with an organizational structure that is quite transversal between the -- among the company that select the case studies.

因此，自 2023 年以來，我們在選擇案例研究的公司之間建立了一個相當橫向的組織結構。

And the one with the most potential economic potential and the ones that are closer to our strategy.

以及最有潛力的經濟潛力和最接近我們策略的。

So this process led us to select something like 100 use cases where artificial intelligence can be applied.

因此，這個過程讓我們選擇了 100 個可以應用人工智慧的用例。

Now, of these 100 potential use cases, we went down to a number, which is around 10, that are the most promising in terms of alignment with the strategic fit and potential benefits.

現在，在這 100 個潛在用例中，我們減少了 10 個左右，這些用例在與策略契合度和潛在收益方面最有希望。

And there are two clusters of these use cases that we are actually in the face of implementing.

我們實際上面臨著實現這些用例的兩個叢集。

One is related to the customer care and the other one is related to the network maintenance.

一項與客戶服務有關，另一項與網路維護有關。

Why this to?

為什麼要這樣？

Because these are in line with our strategic objectives; that is to increase the quality of services that we are providing to our customers and at the same time, increase productivity.

因為這些都符合我們的策略目標；那就是提高我們為客戶提供的服務質量，同時提高生產力。

So where do we stand now with these use cases?

那麼我們現在對這些用例的立場如何呢？

We are rolling them out.

我們正在推出它們。

As a matter of fact, we are rolling the artificial intelligence use case to all our internal service attendants for the call center.

事實上，我們正​​在將人工智慧用例推廣到呼叫中心的所有內部服務人員。

So we are moving from the piloting to the rollout, and we are doing this this month.

因此，我們正在從試點轉向推出，我們本月正在這樣做。

And the thing we are doing with the predictive maintenance of network.

我們正在做的事情是網路的預測性維護。

So we are -- we got three main vendors.

所以我們——我們有三個主要供應商。

And with one of these vendors, we already engaged in rolling out predictive maintenance based on artificial intelligence for field services.

我們已經與其中一家供應商合作，推出基於人工智慧的預測性維護，用於現場服務。

So what does it mean?

那麼這意味著什麼呢？

That starting from now, we will be in the position to see the impact of those use cases on a large scale, and we will be able to see if our initial hypothesis of increase of productivity and quality of services stands.

從現在開始，我們將能夠大規模地看到這些用例的影響，並且我們將能夠看到我們關於提高生產力和服務品質的最初假設是否成立。

If this is the case, if this is proved on this rollout, then we are talking about a double-digit reduction roughly in terms of cost to do these activities.

如果是這種情況，如果在這次部署中證明了這一點，那麼我們正在談論的這些活動的成本將大致減少兩位數。

And at the same time, a potential benefit in increased NPS or network availability for the network side.

同時，網路側還可以提高 NPS 或網路可用性。

So we are pragmatic.

所以我們很務實。

So we need to see if it works, and we are in the process to prove this in two specific large use cases for call centers and network maintenance.

因此，我們需要看看它是否有效，並且我們正在呼叫中心和網路維護的兩個特定大型用例中證明這一點。

In the meantime, we are scaling up also the others that we selected.

同時，我們也在擴大我們選擇的其他項目的規模。

But the two main ones are these two that I've been mentioning.

但最主要的兩個是我剛才提到的這兩個。

Don't know it's clear for you, Victor, this.

維克多，不知道你是否清楚這一點。

If yes, we move to Andrea for the second question.

如果是，我們請安德里亞回答第二個問題。

Very good.

非常好。

Related to the make or buy, we are always looking for -- not the ratio increase our productivity.

與製造或購買相關，我們一直在尋找——而不是提高我們生產力的比率。

So we are always making this kind of statement about make or buy.

所以我們總是對自製或外購做出這樣的聲明。

For example, now, we are studying about the long part of the maintenance of our network, the operation of the network.

例如，現在我們正在研究我們網路的維護、網路的運作的長部分。

Maybe we can have a [BPO] in this area.

也許我們可以在這個領域建立一個[BPO]。

We are seeing another higher some administrative areas that maybe we can also do outside of the company with better productivity.

我們看到另一個更高的行政領域，也許我們也可以在公司之外以更高的生產力進行這些工作。

So this kind of make or buy that we're study now.

所以我們現在正在研究這種自製或外購的方式。

Very clear.

非常清楚。

Very pragmatic as well.

也非常務實。

Thanks.

謝謝。

Gustavo Farias, UBS.

古斯塔沃·法裡亞斯，瑞銀集團。

Hi, everyone.

大家好。

Thank you for taking the questions.

感謝您提出問題。

I have two as well.

我也有兩個。

The first one is regarding the prepaid operation.

第一個是關於預付費操作。

If you could put more color on what you guys expect on revenues going forward?

您能否進一步說明一下你們對未來收入的預期？

And the second one regarding the fiber operation.

第二個是關於光纖操作的。

As we have seen limited growth and other players in the market considering selling their operations, what's your strategy on the fiber operation as a whole?

由於我們看到成長有限，而且市場上的其他參與者正在考慮出售其業務，您對整個光纖業務的策略是什麼？

Thank you.

謝謝。

Okay, Gustavo, so let's start with the prepaid.

好的，古斯塔沃，讓我們從預付費開始。

When it comes to prepaid, I think that there are two main dynamics that determine our revenues is performing, and it's going to perform in the future.

當談到預付費時，我認為有兩個主要因素決定了我們的收入表現以及未來的表現。

One is in our hand and is the prepaid to control migration.

一根在我們手裡，是控制遷移的預付。

And this is something that we are fine-tuning quarter on quarter.

這是我們每季都在微調的事情。

We discussed this in the last quarter.

我們在上個季度討論過這個問題。

As a matter of fact, we are accelerating a bit, keeping control of the overall effect that is positive for the company, which is accretion on revenue growth.

事實上，我們正​​在加快速度，保持對公司積極的整體影響的控制，即收入成長的增加。

So this trend is there, and it's there to stay.

所以這種趨勢是存在的，而且會持續下去。

And so this will impact the revenues as we're going forward as it is impacting it today.

因此，這將影響我們未來的收入，就像它今天的影響一樣。

The other element is more related to the -- let's put this way, the elasticity of the demand versus the price adjustment have been doing in the -- over the last quarters.

另一個因素與過去幾季的需求彈性與價格調整的關係更為相關。

So when you look at prepaid, prepaid, it's a mixture of a number of segments or subsegments.

因此，當您查看預付費時，預付費是多個細分市場或子細分市場的混合。

So there are -- in this structure, you find people that have the limitation on available income and so the ability to commit a specific amount of money to that specific month, so let's say, low-level -- lower-income segments, whereby at the same time, you have people that have the availability to put recharge and there could be also postpaid customers, but they prefer to be prepaid because they prefer to have the flexibility of spending the money as they place.

因此，在這種結構中，你會發現人們的可用收入受到限制，因此有能力在特定月份投入特定金額的資金，所以可以說是低水平的低收入群體，即同時，有人可以充值，也可能有後付費客戶，但他們更喜歡預付費，因為他們更喜歡在充值時靈活地花錢。

And what we saw when we applied the adjustment over the last quarters is that the elasticity response is different in different segments.

當我們在過去幾季進行調整時，我們看到不同細分市場的彈性反應是不同的。

And it sort of all used up if you are lower income, your responses are not the great.

如果你的收入較低，那麼你的反應就不會很好。

If you are higher income, the response is better.

如果你的收入較高，反應會更好。

So what we are doing is to fine-tune our value proposition and the go-to-market strategy to be able to segment our operation to address in a more efficient way, these different subsegments of prepaid customers.

因此，我們正在做的是微調我們的價值主張和進入市場策略，以便能夠對我們的營運進行細分，以更有效的方式解決預付費客戶的這些不同細分市場。

And so the extent that we'll be successful implement our strategy, and the time required for this strategy to pay off will determine together with the prepaid to control migration, our prepaid performance in the next quarters.

因此，我們成功實施策略的程度，以及該策略取得成效所需的時間，將與控制遷移的預付費一起決定我們未來幾季的預付費績效。

And when it comes to the broadband, so you're right.

當談到寬頻時，你是對的。

As we've been mentioning over the last quarters, we have a selective approach in terms of broadband growth, and this doesn't change.

正如我們在過去幾季中提到的，我們在寬頻成長方面採取了選擇性的方法，這一點不會改變。

Meaning that we consider the market to be extremely competitive and keeping competitive, and therefore, we are controlling the pace of growth to ensure profitability.

這意味著我們認為市場競爭極其激烈並保持競爭，因此我們正在控製成長速度以確保獲利能力。

As part of this process, we decided to restructure a bit our sales and commercial machine in order to depend less of what we call push channels that generally tends to have a lower quality of precisions.

作為此過程的一部分，我們決定對我們的銷售和商業機器進行一些重組，以減少對我們所說的推送管道的依賴，這些管道通常精度較低。

And this, of course, requires a resetting of the commercial machine because we closed down these channels.

當然，這需要重置商業機器，因為我們關閉了這些管道。

And the first effect is that you lose a bit of gross additions, whereby the churn level tends to stay constant for six months because of what entered in the previous gross campaigns.

第一個影響是您損失了一些總增量，由於先前的總行銷活動中的內容，客戶流失水準往往會在六個月內保持不變。

And this is impacting the pace of growth on FTTH.

這正在影響 FTTH 的成長速度。

But we are getting to the normalization for the next quarters.

但我們將在接下來的幾季實現正常化。

Plus, we are expanding the footprint, so we're likely to accelerate a bit versus where we stand today.

另外，我們正在擴大足跡，因此與今天相比，我們的速度可能會加快。

At the same time, we decided to close the sale of FTTC, so copper, so we don't sell any more copper.

同時，我們決定關閉FTTC、銅的銷售，所以我們不再銷售銅。

And so we lost the gross additions of this operation and whereby the churn level continue to be there.

因此，我們失去了該業務的總增量，因此客戶流失率仍然存在。

If you combine these two things, you see a bit of a slowdown.

如果將這兩件事結合起來，您會發現速度有所放緩。

We are working to invert this trend and going back to growth, that is not going to be very different from a high-single-digit growth because this is the pace that we consider to be good for this moment of the market.

我們正在努力扭轉這一趨勢並恢復成長，這與高個位數成長沒有太大區別，因為我們認為這是目前市場的有利成長速度。

In the meantime, we are -- you're right, there are a number of players in the market, they are willing to consolidate.

同時，我們——你是對的，市場上有很多參與者，他們願意進行整合。

So we are looking at it to find the right move for us.

因此，我們正在尋找適合我們的措施。

We are not in a hurry because our exposure to broadband is limited.

我們並不著急，因為我們接觸到的寬頻有限。

And so we are waiting for the right conditions and the right player to appear in our screen.

所以我們正在等待合適的條件和合適的球員出現在我們的螢幕上。

Thank you.

謝謝。

Daniel Federle, Bradesco BBI.

丹尼爾費德爾 (Daniel Federle)，布拉德斯科 BBI。

Hi.

你好。

Good morning, everyone.

大家早安。

My first question is more like a follow-up on Marcelo's question.

我的第一個問題更像是馬塞洛問題的後續問題。

Your three-year guidance also implies a deceleration in the upcoming years versus 2024.

你們的三年指導也意味著未來幾年的成長速度將比 2024 年有所放緩。

So my question is, why the mobile industry should grow less in 2025 than this year?

所以我的問題是，為什麼 2025 年行動產業的成長應該低於今年？

Which are the drivers for deceleration?

減速的驅動因素有哪些？

And the second question related to selling expenses.

第二個問題與銷售費用有關。

They are growing in line with revenue.

它們的成長與收入一致。

And we were not expected to see some like efficiency gains with lower churn, right?

我們預計不會看到諸如效率提升和客戶流失率降低之類的情況，對嗎？

So churn is close to all-time lows, selling expenses could be benefiting from that.

因此，客戶流失率接近歷史最低點，銷售費用可能會從中受益。

Thank you very much.

非常感謝。

Okay.

好的。

Let me take the first one, and then we'll pass to Andrea for the second one.

讓我來講第一個，然後我們將把第二個交給安德里亞。

In terms of the first one, I would say that the rationale is sort of pretty simple.

就第一個問題而言，我想說，其基本原理相當簡單。

So when you look at the revenue growth and you look at the performance of the sector over the last 10 years, you will see there have been -- if you take away 2022 and 2023, where the sector grew above inflation because the market rationality and market repair was already in place.

因此，當你觀察過去 10 年的收入成長和該行業的表現時，你會發現，如果剔除 2022 年和 2023 年，該行業的成長高於通膨，因為市場理性和市場修復已經到位。

In the last previous years, we have been growing below inflation.

在過去的幾年裡，我們的經濟成長一直低於通貨膨脹率。

So the thesis of the more-for-more approach is that it's the one that we discussed in our Investor Day.

因此，「多換多」方法的主題是我們在投資者日討論的方法。

So you have a situation where the market is shifting from volume to value, and so more importance of quality of service versus price.

因此，市場正在從數量轉向價值，因此服務品質比價格更重要。

This is confirmed by all research that we are running.

我們正在進行的所有研究都證實了這一點。

At the same time, on the demand side, you see that we got in our hands a pretty essential services with, let's put this way, low usage and low prices because of the competitive dynamics of the previous years.

同時，在需求方面，你會看到我們手中掌握了非常重要的服務，這麼說吧，由於前幾年的競爭動態，使用率低且價格低。

And so the opportunity to catch up this gap that has been growing over the last years.

因此，有機會彌補過去幾年不斷擴大的差距。

And at the same time, we got the macroeconomic environment, where inflation was now, it's a bit less going down over time, but it's still going down over time.

同時，我們得到了宏觀經濟環境，通貨膨脹現在的情況，隨著時間的推移，下降的幅度有所減弱，但隨著時間的推移，它仍然在下降。

So when you put what is the ideal growth rate, it's 1.5, [250] above inflation, and this is basically what we put in our guidance at that time.

因此，當你設定理想的成長率時，它比通貨膨脹率高出 1.5 [250]，這基本上就是我們當時在指導中提出的內容。

A stronger growth at the beginning because we have some ground to catch and then a growth that slowdown to something above inflation.

一開始會出現更強勁的成長，因為我們還有一些基礎要抓住，然後成長會放緩至高於通膨的水平。

And this is, by the way, subject to the fact that a rational environment we'll keep seeing in place for the next years and the ability to have a positive demand elasticity response in implementing the more-for-more strategy.

順便說一句，這取決於這樣一個事實：未來幾年我們將繼續看到理性的環境，以及在實施「多多多多」策略時能夠做出積極的需求彈性反應。

And that it is, basically, behind our assumption for the guidance.

基本上，它是我們對指導的假設的背後。

So 5% to 7% the bracket for 2024 and 5% to %6 on a longer-time horizon as inflation goes down and our -- therefore, the inflation plus goes down as well.

因此，隨著通膨下降，2024 年的利率為 5% 至 7%，更長期的利率為 5% 至 %6，因此，通膨加數也會下降。

Was it clear, Daniel?

清楚了嗎，丹尼爾？

Very clear, Alberto.

非常清楚，阿爾貝托。

Thank you.

謝謝。

Okay.

好的。

Hi, Daniel, related to the selling expenses, we are increasing below the revenue because remember, last year, we have the FISTEL credit when we incorporate, we recognize a credit office sale.

嗨，丹尼爾，與銷售費用相關，我們的成長低於收入，因為請記住，去年，我們在註冊成立時擁有 FISTEL 信用，我們承認信用辦公室銷售。

When we took this value from last year, you see that our increase in selling expenses is below revenue.

當我們從去年取得這個價值時，您會發現我們的銷售費用成長低於收入。

We have also productivity in these [expenses] the same expenses are increased base related to the expenses with the revenue with the project to revenue where we have services and also the bad debt.

我們在這些[費用]方面也有生產力，相同的費用增加了與專案收入費用相關的基礎，以及我們提供服務和壞帳的收入。

But the bad debt have the same rationale on revenue.

但壞帳對收入也有同樣的理由。

So we consider that we have a very good results in the (inaudible) expenses, and we will continue to grow this one.

因此，我們認為我們在（聽不清楚）費用方面取得了非常好的成果，我們將繼續增加這筆費用。

For example, in the second quarter, we have more advertise, we have [hocking] and other.

例如，在第二季度，我們有更多的廣告，我們有[hocking]等。

We will launch other products.

我們將推出其他產品。

So we have increased in this part.

所以我們增加了這一部分。

But related to that go on already, we have a very good ratio in the selling expenses.

但與此相關的是，我們的銷售費用比例非常好。

I don't know if I answered your question.

我不知道我是否回答了你的問題。

It was perfect.

太完美了。

Thank you, Andrea.

謝謝你，安德里亞。

Congratulations.

恭喜。

Thank you.

謝謝。

Our next question comes from

我們的下一個問題來自

[Fabji Serafin with Nanvi].

[Fabji Serafin 與 Nanvi]。

When do we must expect dividend guidance revisions since the company is generating much more cash than predicted?

由於公司產生的現金比預期多得多，我們什麼時候必須預期股利指引會修訂？

Well, we have some formal moments in our governance where we update our guidance.

嗯，我們的治理中有一些正式的時刻，我們會更新我們的指導。

And that would be the guidance for next year that are going to be released in February next year.

這將是明年 2 月發布的明年指南。

So far, we gave a guidance for three years already.

到目前為止，我們已經給了三年的指導。

There was a big -- put it way, positive novelty and respond to a demand of you guys to have a more long-term view.

有一個很大的——可以這麼說，積極的新穎性，並回應了你們擁有更長遠觀點的需求。

So we move to the BRL12 billion overall three years' guidance for '24, '25, and '26.

因此，我們轉向「24」、「25」和「26」三年總體指引為 120 億雷亞爾。

And so the number is in place, it covers already three years.

這個數字已經就位了，已經涵蓋三年了。

As we said many times, we want to have some flexibility on our side for potential inorganic activities.

正如我們多次所說的，我們希望對潛在的無機活動有一定的彈性。

And the update, I would say, at this point in time, it's going to be next year when we up the 301 industrial plan.

而更新，我想說，目前這個時間點，就是明年我們升級301工業計畫的時候。

(Operator Instructions) Gustavo Farias, UBS.

（操作員說明）Gustavo Farias，UBS。

Hi, everyone.

大家好。

One additional question regarding the bad debt.

還有一個關於壞帳的問題。

Do you believe in an increase in bad debt, given a higher mix in postpaid in the -- going forward?

鑑於未來後付費的比例更高，您是否相信壞帳會增加？

Thank you.

謝謝。

Gustavo, what we are seeing now is that our bad debt even with our increase in the net adds and increasing the revenue is still under control.

古斯塔沃，我們現在看到的是，即使淨增加和收入增加，我們的壞帳仍然受到控制。

We are not seeing any kind of increase in bad debt.

我們沒有看到壞帳有任何增加。

Our collection is still the same.

我們的收藏還是一樣。

Our collection covers for the future, it's still the same.

我們的收藏涵蓋了未來，它仍然是一樣的。

So we are seeing a very good results in this way, even with the increase in our base of postpaid base.

因此，即使我們的後付費基礎有所增加，我們也以這種方式看到了非常好的結果。

So, so far, so good.

所以，到目前為止，一切都很好。

Okay, thank you.

好的，謝謝。

Felipe Cheng, Santander.

費利佩·程，桑坦德銀行。

Hi.

你好。

Thank you so much for taking my questions.

非常感謝您回答我的問題。

Two on my side.

我這邊有兩個。

If you guys could provide a little bit more detail as to what stage we are in the infrastructure sharing agreement with Vivo, if this has already been an important driver here for OpEx and CapEx, what to expect in the upcoming years for this infrastructure sharing agreement?

如果你們能提供更多關於我們與 Vivo 的基礎設施共享協議處於哪個階段的詳細信息，如果這已經成為運營支出和資本支出的重要驅動因素，那麼未來幾年對該基礎設施共享協議的期望？

That would be great.

那太好了。

And my second question is related to the B2B business, right?

我的第二個問題與B2B業務有關，對嗎？

The IoT solutions, how this has been evolving?

物聯網解決方案是如何發展的？

If you could provide also a little bit more detail.

如果您還可以提供更多細節。

If it has been running ahead of expectations or not?

是否超出預期？

So these are my two questions.

這是我的兩個問題。

Thank you very much.

非常感謝。

Okay.

好的。

Let me start with the second one, and I will pass Andrea for the first one.

讓我從第二個開始，第一個我將通過安德里亞。

On the second one, on the B2B, we are on track according to our plan.

在第二個方面，即 B2B，我們正在按照我們的計劃走上正軌。

So we have quite an ambitious plan, by the way.

順便說一句，我們有一個非常雄心勃勃的計劃。

And this is something that is going to, in our view, contribute to revenue growth in the medium term.

我們認為，這將有助於中期收入成長。

Its already contributing to the -- but so far, it's an asset business.

它已經為——但到目前為止，它是一項資產業務做出了貢獻。

Nonetheless, over the last two years, basically, we increased by 10 the revenue -- is contracted revenues of this sector.

儘管如此，在過去的兩年裡，我們基本上增加了 10 倍的收入——這是該部門的合約收入。

So we keep closing contracts in the three main verticals where we're operating.

因此，我們不斷在我們經營的三個主要垂直領域簽訂合約。

That would be the agribusiness, that will be the logistics business, and the utilities business.

那將是農業綜合企業、物流業務和公用事業業務。

So on both these verticals, we are making a steady progress and consistent progress.

因此，在這兩個垂直領域，我們都在穩步進步、持續進步。

And the pipeline of the contracts that -- the cycle to close this contract is pretty long.

合約的管道－完成該合約的周期相當長。

It's something that it takes from six months to 18 months to close.

這需要 6 個月到 18 個月的時間才能完成。

So the pipeline is pretty strong.

所以管道非常強大。

And our positioning is pretty strong.

我們的定位非常牢固。

And so the answer is we are in line with our plan, and we are moving forward.

所以答案是我們符合我們的計劃，我們正在前進。

And you will see a number of tailings appearing in the next quarters in terms of commercial swings and potentially new verticals that we are going to open.

在商業波動和我們將要開設的潛在新垂直領域方面，您將在接下來的幾個季度中看到一些尾礦。

We got a priority to expand our customer base from one side and also to increase our portfolio on the second one.

我們的首要任務是一方面擴大我們的客戶群，另一方面擴大我們的產品組合。

So finding partners to enrich the portfolio and provide additional services on our customers.

因此，尋找合作夥伴來豐富產品組合併為我們的客戶提供額外的服務。

So we -- I'm satisfied with the progress to date.

所以我們——我對迄今為止的進展感到滿意。

And last but not least, we are also looking at non-organic activities.

最後但並非最不重要的一點是，我們也在關注非有機活動。

And when we have some news, of course, we're going to share you with that with you.

當然，當我們有一些消息時，我們會與您分享。

In relation to the infrastructure agreement, we feel still own in this project.

就基礎設施協議而言，我們對這個項目仍然擁有自己的感覺。

We mentioned in our presentation, we have updated some

我們在演示中提到，我們更新了一些

[cities].

[城市]。

We have the two fronts; one [series] and another one is to shut down the 2G network.

我們有兩條戰線；一個是[系列]，另一個是關閉2G網路。

We are moving forward in this, and we are looking for another cities inside what we have approved with the CADE an Anatel.

我們正在這方面取得進展，我們正在 CADE 和 Anatel 批准的範圍內尋找其他城市。

But it's a complex project that cost not very fast like we want, but we are continue to still in this project.

但這是一個複雜的項目，成本並不像我們想要的那麼快，但我們仍將繼續參與這個項目。

And we think that until the end of the year or first quarter of next year, we are completed this project.

我們認為，直到今年年底或明年第一季度，我們才能完成這個專案。

Maybe it's worth remembering that when you look at this, the one that is the 2G shutdown is basically energy saving but that's the main driver, whereby when you look at the single grid, we shared the entire infrastructure.

也許值得記住的是，當你看到這一點時，關閉 2G 基本上是為了節能，但這是主要驅動力，當你看到單一網格時，我們共享整個基礎設施。

And so there is some cost avoidance in terms of energy, maintenance and at network cost, and it's clearly much more complex to implement.

因此，在能源、維護和網路成本方面可以避免一些成本，而且實施起來顯然要複雜得多。

And when you move forward to what it could be, there would be CapEx avoidance, if we decide to extend this to 5G at some point in time.

當你邁向可能的目標時，如果我們決定在某個時間點將其擴展到 5G，那麼就會避免資本支出。

But for this [weapon], of course, the 2G and the single grid needs to work and the process needs to work, and this is something that we are proceeding with Vivo at this stage.

但對於這個[武器]，當然，2G和單網格需要工作，流程需要工作，這是我們現階段與Vivo一起進行的事情。

And just remember, that's only for basically 30,000 people -- less than 30,000 people.

請記住，這僅適用於基本上 30,000 人——不到 30,000 人。

Perfect.

完美的。

Very clear.

非常清楚。

Thank you so much, and congratulations on the great results.

非常感謝，並祝賀取得的優異成績。

Thank you.

謝謝。

Ladies and gentlemen, without any more questions, I am returning to Mr. Alberto Griselli for his final remarks.

女士們、先生們，沒有其他問題了，我現在回到阿爾貝托·格里塞利先生的最後發言。

Please, Mr. Alberto, you may proceed.

阿爾貝托先生，請繼續。

Thank you, everyone, for staying with us.

謝謝大家和我們在一起。

We are delivering a very strong first semester for this year.

今年第一學期我們的表現非常出色。

So first half of the year of the job is done and our fully focused on the second half.

至此，上半年的工作已經完成，下半年的工作將全力以赴。

I would like to thank the entire team for the hard work that allowed us to deliver another great quarter, and I look forward to meet you guys on the one-to-one conference call in the coming days weeks.

我要感謝整個團隊的辛勤工作，使我們能夠交付另一個出色的季度，我期待在接下來的幾週內透過一對一的電話會議與你們見面。

Thank you, Everybody.

謝謝大家。

Thus, we conclude the second quarter of 2024 conference call of TIM SA.

至此，TIM SA 2024 年第二季電話會議結束。

For further information and details of the company, please access our website, tim.com.br/ir (sic - "ri.tim.com.br/").

有關公司的更多資訊和詳細信息，請訪問我們的網站 tim.com.br/ir（原文如此 -“ri.tim.com.br/”）。

You can disconnect from now on.

從現在開始您可以斷開連線。

Thank you once again.

再次感謝您。