This quarter's results exceeded expectations, primarily driven by a strong contribution from the Coltel acquisition and continued organic growth momentum.

Key data: service revenue reached US$1.9 billion (+45%) , with organic growth of 4.9% ; adjusted EBITDA was €857 million (+35.5%) , with margin reaching 47.9% excluding Coltel; Equity Free Cash Flow hit a record US$225 million , up 66% organically.

On business progress, Coltel integration has entered its first phase, with over US$100 million in annualized cost savings identified and network upgrades advancing (4x 5G coverage). B2B digital transformation accelerated, with digital service revenue growing nearly 19% and cybersecurity and cloud business expanding over 20%. Colombia organic service revenue grew 8.4%, benefiting from the pre-to-post migration strategy and ARPU improvement; Paraguay EBITDA margin reached a record 56.3% ; Guatemala mobile revenue rose 6.6%.

Guidance and outlook: The 2026 targets remain unchanged—EFCF of at least US$900 million and leverage ratio reduced to 2.5x. Management expects Q2 leverage to rise slightly due to acquisition-related payments and special dividends, but the year-end target is achievable, reiterating the full-year guidance is unchanged.

Risk/highlight signals: Highlights are the Coltel integration exceeding expectations, shifting from a risk factor to a net contributor, and the Chilean business achieving positive EFCF ahead of schedule; potential risks include temporary leverage pressure in Q2 and cost increases in Ecuador later on due to brand rebranding and spectrum payments.