Operator

Good morning. My name is Samantha, and I will be your conference operator today. At this time, I would like to welcome everyone to the América Móvil First Quarter 2026 Conference Call and webcast. [Operator Instructions] I will now turn the call over to Ms. Daniela Lecuona, Head of Investor Relations.

Daniela Lecuona
Head of Investor Relations

Good morning. Thank you all for joining us today to discuss our first quarter of 2026 financial and operating report. We have today on the line Mr. Daniel Hajj, our CEO; Mr. Oscar Von Hauske, our COO; and Mr. Carlos Jose Moreno, our CFO.

Daniel Hajj Aboumrad
MD, CEO & Director

Thank you, Daniela. Thank you, everyone, for being in the call. Carlos is going to make a summary of the first quarter results. Carlos?

Carlos Jose Garcia Moreno Elizondo
Chief Financial Officer

Thank you, Daniel. Good morning, everyone. Well, the downward trend on short-term dollar interest rates following the 25 basis points rate reduction of the policy rate by the Fed in December continued in the beginning of the first quarter as the market became increasingly concerned with a potential slowdown in economic activity in the U.S.

The value