Daniel Hajj Aboumrad: Well, I think on Brazil, we are doing well in market share. We’re doing well, as Oscar has mentioned and Carlos mentioned also, we’re starting to grow in broadband again reducing the losses in TV, improving like 1.1 million subscribers in postpaid. So we are doing very well in Brazil. The synergies that we have and the control cost that we have, also we have a pass through on part, not on all our products, but in part of our products I think at the mid of beginning or mid of this year. So in Brazil, we are doing okay, improving, growing revenues and controlling costs. So that’s what we’re seeing in Brazil.
Phani Kanumuri: Thank you. So the second question that I had is on the Mexico corporate segment. The revenue growth has decelerated this quarter. Is it because it’s more of a lumpy quarter or what is driving that revenue growth deceleration in the corporate segment in Mexico?
Carlos Garcia Moreno: Yeah, well, as I mentioned before, in Mexico, we are doing exactly the same, selling those products, SD-WAN, security, outsourcing of the networks, cloud services, vertical solutions. So we are doing pretty well in Mexico, addressing those markets and it’s growing around 12%, the revenues in corporate. So, you know, when you look at Mexico, corporate is growing. Broadband as well is growing 8%, 8.5%. So I think we are doing well in Mexico and we feel that we continue with that. We have the base of the network. We did the right investments in the network, not only in fiber. We reskilled the people to sell these new set of products. So we bring people with experience in cloud services, in vertical solution. So I think we see this market trend pretty optimistic.
Phani Kanumuri: Thanks for answering my questions.
Carlos Garcia Moreno: One question — one comment on the other part, what I said, because the issue with our corporate networks revenue, which we mentioned, it’s been gaining shares. It’s becoming more important in most operations. But it can be sometimes volatile. But sometimes you get a new contract and you book all the revenues at once. But if you look at the full nine months of this year, so we raise the volatility, you have the increase in revenue is 10.3%. So the year to September, corporate network revenue in Mexico is 10.3% larger than the prior year.
Phani Kanumuri: Yeah, thanks, everyone.
Daniel Hajj Aboumrad: Thank you.
Operator: Thank you. Our next question is from Andres Cardona from Citi. Andres, please go ahead. Your line is open.
Andres Cardona: Good morning, Daniel, and good morning, Carlos. Thanks for the preliminary comments on 2024 CapEx program. Let me ask you about 2023 net working capital, if you can comment about what do you expect for the full year? And if there was any event that explained slower reversion on the third quarter? Thanks a lot.
Daniela Lecuona: Working capital.
Daniel Hajj Aboumrad: Working capital, which is the reversion on working capital? Can you explain again? We don’t hear — we don’t understand?
Carlos Garcia Moreno: Andres, I don’t know if this is the question, but basically what we’ve been saying for a long time is that our cash flow is very cyclical because of working capital. So the first several months of the year, we require a lot of working capital and then we get it back typically the last third of the year, let’s say. So typically, when we have a — we begin the — having a reversion work capital because we’re beginning to get back the working capital that we contributed in the first half of the year.
Operator: Thank you. Our next question is from Till Moewes from Schroders. Till, please go ahead. Your line is open.
Till Moewes: Hello and thanks for taking my question. It’s about Guatemala. You’ve been fighting to get to more balanced market share there. And I was wondering where you stand currently in the process? How long do you think the remainder is going to take and what additional measures if any should we expect?
Daniel Hajj Aboumrad: I think in Guatemala, we’re doing well. We are investing. We just get the 700 frequencies. We have a little bit lack of coverage in some — in wireless. And with the 700 frequencies, I think we can get a little bit more coverage on that. We can give better quality and attend more customers there. In the fixed, we are putting more fiber. We’re changing a little bit more copper for fiber, giving more speeds to the customers. So we are doing there. We are not being so aggressive. We are not reducing prices. And just the only thing that we’re doing in Guatemala is we are being more focused on quality, better service, more speeds in the fixed and changing our fiber to — our copper to fibers and do the convergence. Also in the corporate side, we are doing also good. So we are improving our operations in Guatemala.
Carlos Garcia Moreno: On the fixed line side, we have been improving. On the service revenue growth, it has been negative and now we’re in positive. But it’s been an improvement quarter after quarter for the last five quarters that we can see.
Till Moewes: Okay, thank you. Another question, if I may. In Mexico City, Megacable is increasing its penetration. And I was wondering, what do you think, does it mean for the competitive landscape there?
Carlos Garcia Moreno: Yeah, Megacable, they are building fiber in Mexico. Some of them is overlapping the cable networks, some of them is a greenfield. But to be honest, we have a great platform in Mexico. We have 16 million home passes with fiber. As Daniel mentioned, we have 76% of the customers already connected with fiber. Let me add that we’ve been doing very well to bundles with streaming platforms as HBO, Netflix, Clarovideo. So, we bundled the broadband with this streaming and has been very well receptive in the market. So I agree Megacable is growing with fiber, but I think we have the right network to compete. So we already have fiber. So I think we have a good proposition in the market to compete with the other competitors, not only with Megacable.
Till Moewes: All right. Thank you.
Daniel Hajj Aboumrad: Thank you.
Operator: Thank you. Our next question is from Jesus Romo from GlobalData. Jesus, please go ahead.
Jesus Romo: Good morning. Thank you for taking my questions. I have multiple of questions regarding the Mexican operation. I wonder if you could provide additional color on the deceleration in Mexico for corporate network services, you know, adding the color of what’s happening there or some context? And what’s guiding the broadband revenue given that, you know, you do mention in this quarter. What’s wrong with the revenue over there? And the second question is for wireless. Just a bit of color of what’s guiding postpaid net ads in Mexico and ARPU growth in Mexico? Thank you.
Daniel Hajj Aboumrad: Well, I’m going to start with wireless. I think what wireless is driving a little bit better ARPU and growth is our 5G network. I think we have more coverage, better quality. And we are really the only one that has been investing in Mexico in 5G. So customers are using that network, using more data and sometimes upgrading their plan to have more data. So that’s more or less what we’re seeing there. And in the fixed side in corporate?
