Financial Data and Key Metrics Changes - The company reported service revenues of $1.55 billion for Q4 2025, an increase of 15.9% year-on-year, with organic growth of 5.2% excluding contributions from newly acquired operations in Ecuador and Uruguay [14][15] - Adjusted EBITDA for the quarter reached $778 million, representing a 25.9% year-on-year increase and an EBITDA margin of 47.1% [15][18] - Equity Free Cash Flow (EFCF) grew by $139 million or 17.9% over the last 12 months, reaching $916 million [16][24] Business Line Data and Key Metrics Changes - The mobile business generated service revenue of $954 million, with a 5.7% year-on-year growth when excluding perimeter effects [5][6] - The Postpaid customer base increased by 12.6% year-on-year, reaching 9.1 million, while the Prepaid base saw a revenue growth of 3% [6][7] - The Home business added 40,000 customers, with a 5.1% year-on-year increase, although service revenues declined marginally by 0.3% [7][8] Market Data and Key Metrics Changes - In Guatemala, Postpaid grew by 20% year-on-year, with mobile service revenue increasing by 5.9% [9] - Colombia's mobile service revenue grew by 6.9% year-on-year, with Adjusted EBITDA reaching a record margin of 44% [9][10] - Panama's Postpaid customer base expanded by 14.6% year-on-year, with mobile service revenue growing by 4.5% [10] Company Strategy and Development Direction - The company is focused on integrating newly acquired operations in Ecuador, Uruguay, and Chile, aiming for operational efficiency and market consolidation [2][11] - The strategy includes a disciplined approach to network investment and a focus on Prepaid to Postpaid migration, which is expected to enhance customer satisfaction and ARPU [5][6] - The company plans to maintain a strong balance sheet while pursuing further acquisitions in adjacent markets like Peru and Venezuela, avoiding larger markets like Brazil and Mexico [47][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of Chile, citing its strong macroeconomic conditions and the company's ability to stabilize operations quickly [33][34] - The company anticipates a challenging operating environment due to ongoing integrations and potential currency risks, but remains optimistic about achieving an EFCF of at least $900 million in 2026 [27][39] - Management highlighted the importance of operational excellence and disciplined financial management in navigating macro volatility in Latin America [26] Other Important Information - The company distributed $334 million to shareholders in dividends, with plans to maintain a sustainable dividend policy while managing leverage [25][66] - The company expects leverage to increase temporarily due to acquisitions but aims to bring it back down to around 2.5 by year-end 2026 [28][79] Q&A Session Summary Question: Can you provide insights on the acquisition of operations in Chile and the competitive environment? - Management highlighted Chile's strong macroeconomic conditions and the company's position as number one in Home subscribers, with plans for operational improvements to achieve EFCF neutrality [33][34] Question: What is embedded in the Equity Free Cash Flow guidance for this year? - Management indicated that the guidance includes contributions from Uruguay and Ecuador, with expectations of low to mid double-digit EFCF from these countries [36][41] Question: How sustainable are the margin increases observed? - Management attributed margin expansion to ongoing efficiency programs and top-line growth, with expectations for continued improvement in Colombia and other operations [45][46] Question: What is the appetite for acquisitions in new countries? - Management stated a focus on in-market consolidation and adjacent markets, with no immediate plans to enter larger markets like Brazil and Mexico [47][48] Question: What are the drivers behind the strong revenue growth in Guatemala? - Management credited excellent execution in migrating customers from Prepaid to Postpaid, network investments, and effective base management as key factors [62][63] Question: What are the restructuring plans for 2026? - Management indicated that restructuring costs in Uruguay and Ecuador were around $20 million in 2025, with expectations of higher costs related to the Coltel acquisition in 2026 [74][75]