Company Guidance
 
                                    Our revised guidance for 2025 is as follows:
- 10% Revenue (excluding IFRIC 12) growth
- 41% EBITDA margin
- 29% CAPEX intensity
| Consolidated | 2025 Previous Guidance | 2025 Revised Guidance | H1’25 Actuals | 
| Revenue (ex-IFRIC 12) growth | 8-9% | 10% | 14.7% | 
| EBITDA margin | 38-40% | 41% | 40.8% | 
| CAPEX intensity | 28-29% | 29% | 22.0% | 
Notes:
- We assumed 29% inflation rate by the end of 2025.
- Capex guidance excludes potential spending for the solar investments, 5G tender, concession renewal and license fees.
2025 guidance expectations represent approximate values.