Q2 2025 Digi Communications NV Earnings Call

Speaker #1: This This meeting is being recorded.

Speaker #2: Good Good morning, Mark.

Speaker #3: Good afternoon, ladies and gentlemen, and welcome to the DigiCommunications LV Investors half-year of 2025 financial results presentation. A copy of the corresponding report is posted in the Investor Relations section of Digi's website at digi-communications.

Speaker #3: The conference is being recorded today and a replay will be available shortly after. For today's call, please submit your questions for the Q&A session at the end of the presentation using the chat box.

Speaker #3: Before we can start, you are advised that certain statements in this conference call are forward-looking and therefore subject to material risks and uncertainties. Actual results could differ materially from those stated or implied by such forward-looking statements.

Speaker #3: Due to the risks and uncertainties associated with DigiCommunications LV, which included amongst others, various risks related to our business, risks related to regulatory matters and risks related to investments in emerging markets, risks related to our financial position, as well as risks related to the notes and the related guarantee.

Speaker #3: I would like to introduce the speakers for today's call. Mr. Sergey Bulgak, the CEO of DigiCommunications LV, and Mr. Daniel Nitzer, the company's CFO.

Speaker #3: We may now begin the litigation, call.

Speaker #2: Hello, good afternoon, ladies and gentlemen. Welcome to Digi's second quarter 2025 results call. We are very happy to host you in our meeting room.

Speaker #2: And we would like to present our 2025 results. So, another outstanding extraordinary quarter in terms of growth in revenues, also customers, we've exceeded more than 1.1 billion euros in sales.

Speaker #2: Representing 21% growth year on year, RGU numbers approach the 30 million milestone. I believe, as we speak, these milestones have already been surpassed by our group companies.

Speaker #2: Overall, we are seeing 70% growth again—an outstanding result. Adjusted EBITDA is €339 million, reflecting a 2% growth. Adjusted EBITDA, excluding IFRS 16 numbers, is €278 million.

Speaker #2: Romanian RGUs, higher 7%, robust performance, robust growth. Very much in line with the previous quarters and with the previous years. Of course, mostly or significantly driven by mobile users.

Speaker #2: And also it's pretty nice to present very round numbers. 7 million mobile users, 6 million pay TV users, and 5 million broadband users for Romania.

Speaker #2: Spain, another outstanding quarter, almost 30% growth in terms of RGUs. And similarly, most of the growth driven by mobile, 34%, up to 6.6 million units.

Speaker #2: Broadband grew by 35% to 2.3 million RGUs, and fixed telephony grew by 33% to more than 700,000 RGUs. In 2025, we continued our strategy; I don't think we had many significant changes in comparison to our previous quarters.

Speaker #2: We continue focusing on expanding our mobile segment, the largest segment, representing about half of our portfolio. And again, just repeating the previous numbers, Romanian mobile RGUs being up 13%, Spanish 24%, and Italian 12% during the period.

Speaker #2: Outstanding results, outstanding growth. Achieved by our group companies, by our colleagues, and of course, thanks to our customers. We continue network development, most importantly in Spain.

Speaker #2: And of course, another market as well, Romania and Portugal. And we continue focusing on Portugal and Belgium, as we will discuss in more detail during the presentation.

Speaker #2: As of the second quarter, we had almost 800,000 RGUs in Portugal. Most of them in mobile. And we had 62 mobile users in Belgium on our MVNO network operating in partnership with Proximus.

Speaker #2: Just a few words on the recent announcements, recent developments. Announced by us, so a few weeks ago, the Romanian competition authority, the Romanian competition council, has approved that Digi and Vodafone take over the mobile operations of OT, Deutsche Telekom Group in Romania, the company's called Telekom Romania Mobile.

Speaker #2: As a result of this approval, we have the administrative clearance to take certain assets, like frequencies, customers, and prepaid customers. And a certain number of mobile towers.

Speaker #2: From this transaction, the transaction is not complete yet. It's in the final stages of completion, just subject to several amendments and a few changes to a few actions to reach the final agreement between the three parties I mentioned earlier.

Speaker #2: And the approval of ANCOM, the Romanian mobile telecom regulator. Another announcement that we made in mid-July is the fact that we streamlined and simplified our Belgian operations in partnership with CityMesh.

Speaker #2: Our partners in Belgium. As a result of this change, on one hand, the entire group of Belgian companies is controlled by only one company.

Speaker #2: Which is DigiCommunications Belgium. And we, Digi Group, own 51% of this company. It should help us, on one hand, consolidate financially the results of Belgian operations.

Speaker #2: Starting with the second quarter, we hope it will also help us streamline or simplify the management structure of the Belgian operation. Going forward. So, moving on, coming back to the numbers, 560 million euros of revenues in the second quarter.

Speaker #2: Just a second, please, just a second. Yes. Excuse me. So, 560 million euros of revenues in the second quarter. Almost 300 million in revenues in Romania.

Speaker #2: 240 million in revenues in Spain. 17 in Portugal, and almost 9 million euros of revenues in Italy. EBITDA for the quarter, 168 million. And as we mentioned, RGUs, 30 million group-wide almost 19 million RGUs in Romania, almost 10 million RGUs in Spain.

Speaker #2: 800,000 in Portugal, and 500,000 in Italy. So, yeah, we see this as an outstanding performance and continuation of both our efforts and the commercial momentum that we have in all markets.

Speaker #2: Established and new. Just going further into details, of our results, we had revenues of 549,000,000 euros in the second quarter. So, revenues excluding other income, with other income, it's 560, as I mentioned before.

Operator: This meeting is being recorded. Good afternoon, ladies and gentlemen, and welcome to the Digi Communications N.V. Investors H1 2025 Financial Results Presentation. A copy of the corresponding report is posted in the investor relations section of Digi's website at digi-communications.ro. The conference is being recorded today, and a replay will be available shortly after. For today's call, please submit your questions for the Q&A session at the end of the presentation using the chat box. Before we can start, you are advised that certain statements in this conference call are forward-looking and therefore subject to material risks and uncertainties.

Speaker #2: Compared to 475,000,000 euros a year before. EBITDA, including the IFRS 16, 168 million on par with EBITDA of 170 million euros a year ago.

Moderator: Good afternoon, ladies and gentlemen, and welcome to the Digi Communications and the Investors Half Year of 2025 Financial Results Presentation. A copy of the corresponding report is posted in the Investor Relations section of Digi's website at digi-communicationscentral. The conference is being recorded today, and a replay will be available shortly after. For today's call, please submit your questions for the Q&A session at the end of the presentation using the chat box. Before we start, you are advised that certain statements in this conference call are forward-looking and therefore subject to material risks and uncertainties.

Operator: Actual results could differ materially from those stated or implied by such forward-looking statements due to the risks and uncertainties associated with Digi Communications N.V., which include, amongst others, various risks related to our business, risks related to regulatory matters and litigation, risks related to investments in emerging markets, risks related to our financial position, as well as risks related to the notes and the related guarantee. I would like to introduce the speakers for today's call. Mr. Serghei Bulgac, the CEO of Digi Communications N.V., and Mr. Dan Ionita, the company's CFO. We may now begin the call.

Moderator: Actual results could differ materially from those that are implied by such forward-looking statements due to the risks and uncertainties associated with Digi Communications, which include among others various risks related to our business, risks related to regulatory matters and litigation, risks related to investment in emerging markets, risks related to our financial position, as well as risks related to the notes and the related guarantee. I would like to introduce the speakers for today's call: Mr. Sergey Burgak, the CEO of Digi Communications, and Mr. Daniel Nitzer, the company's CFO. We may now begin the call.

Serghei Bulgac: Good afternoon, ladies and gentlemen. Welcome to Digi's Q2 2025 results call. We are very happy to host you in our meeting room, and we would like to present our 2025 results. Another outstanding extraordinary quarter in terms of growth in revenues, also customers. We've exceeded more than EUR 1.1 billion in sales, representing 21% growth year-on-year. RGU numbers approach 30 million milestone. I believe as we speak, this milestone is already surpassed by our group companies. Overall year-on-year 70% growth. Again, an outstanding result. Adjusted EBITDA, EUR 339 million, 2% growth.

Sergey Burgak: Good afternoon, ladies and gentlemen. Welcome to Digi's Q2 2025 results call. We are very happy to host you in our meeting room, and we would like to present our 2025 results. Another outstanding, extraordinary quarter in terms of growth in revenues and also customers. We have exceeded more than €1.1 billion in sales, representing 21% growth year-on-year. Our RGUs approach 30 million milestones. I believe as we speak, this milestone is already surpassed by our group companies. Overall, year-on-year, 17% growth. Again, an outstanding result. Adjusted EBITDA, €339 million, 2% growth. Adjusted EBITDA without IFRS 16 numbers at €278 million. Romanian RGUs, higher 7%. Robust performance, robust growth. Very much in line with the previous quarters and with the previous years. Of course, mostly or significantly driven by mobile users.

Serghei Bulgac: Adjusted EBITDA without IFRS 16 numbers at EUR 278 million. Romanian RGUs higher 7%, robust performance, robust growth, very much in line with the previous quarters and with the previous years. Of course, mostly or significantly driven by mobile users. Also it's pretty nice to present very round numbers. 7 million mobile users, 6 million pay TV users and 5 million broadband users for Romania. Spain, another outstanding quarter, almost 30% growth in terms of RGUs. Similarly, most of the growth driven by mobile, 24% up to 6.6 million units. Broadband, 35% growth to 2.3 million RGUs. Fixed telephony, 33% growth to more than 700,000 RGUs.

Sergey Burgak: It is pretty nice to present very round numbers: 7 million mobile users, 6 million pay-TV users, and 5 million broadband users for Romania. Spain, another outstanding quarter, almost 30% growth in terms of RGUs. Similarly, most of the growth driven by mobile, 34%, up to 6.6 million units. Broadband, 35% growth to 2.3 million RGUs, and fixed telephony, 33% growth to more than 700,000 RGUs. In 2025, we continued our strategy. I do not think we had many significant changes in comparison to our previous quarters. We continue focusing on expanding our mobile segment, the largest segment representing about half of our portfolio. Again, just repeating the previous numbers: Romanian mobile RGUs being up 13%, Spanish 24%, and Italian 12% during the period. Outstanding results, outstanding growth achieved by our group companies, by our colleagues, and of course, thanks to our customers.

Serghei Bulgac: In 2025, we continued our strategy. I don't think we had many changes in comparison to our previous quarters. We continue focusing on expanding our mobile segment, the largest segment representing about half of our portfolio. And again, just repeating the previous numbers, Romanian mobile RGUs being up 13%, Spanish 24%, and Italian 12% during the period. Outstanding results, outstanding growth achieved by our group companies, by our colleagues, and of course, thanks to our customers. We continue network development, most importantly in Spain, and of course, in other markets as well, Romania, and Portugal.

Sergey Burgak: We continue network development, most importantly in Spain and, of course, in other markets as well, Romania and Portugal. We continue focusing on Portugal and Belgium, as we will discuss in more detail during the presentation. As of Q2, we had almost 800,000 RGUs in Portugal, most of them in mobile. We had 62 mobile users in Belgium on our MVNO network, operating in partnership with CityMesh. Just a few words on the recent announcements, recent developments announced by us. A few weeks ago, the Romanian Competition Council has approved that Digi and Vodafone take over the mobile operations of Telekom Romania Mobile, a Deutsche Telekom Group company, in Romania. The company is called Telekom Romania Mobile. As a result of this approval, we have the administrative clearance to take certain assets like frequencies, customers, prepaid customers, and a certain number of mobile towers from this transaction.

Serghei Bulgac: We continue focusing on Portugal and Belgium, as we will discuss in more detail during the presentation. As of Q2, we had almost 800,000 RGUs in Portugal, most of them in mobile. We had 62 mobile users in Belgium on our MVNO network, operating a partnership with Proximus. Just a few words on the recent announcements, recent developments, announced by us. A few weeks ago, the Romanian Competition Authority, the Romanian Competition Council, has approved that Digi and Vodafone take over the mobile operations of Deutsche Telekom group in Romania. The company is called Telekom Romania Mobile.

Serghei Bulgac: As a result of this approval, we have the administrative clearance to take certain assets like frequencies, customers, and prepaid customers and a certain number of mobile towers from this transaction. The transaction is not complete yet. It's in the final stages of completion. It's just subject to several few amendments or few changes to actions to reach the final agreement between three parties I mentioned earlier and the approval of ANCOM, the Romanian mobile, the Romanian, sorry, telecom regulator. Another announcement that we made mid-July is the fact that we streamlined, we simplified our Belgian operations in partnership with Citymesh, our partners in Belgium.

Sergey Burgak: The transaction is not complete yet. It is in the final stages of completion. It is just subject to several few amendments or few changes to a few actions to reach the final agreement between the three parties I mentioned earlier and the approval of Ancom, the Romanian, sorry, telecom regulator. Another announcement that we made mid-July is the fact that we streamlined, we simplified our Belgian operations in partnership with CityMesh, our partners from Belgium. As a result of this change, on one hand, the entire group of Belgian companies is controlled by only one company, which is Digi Communications Belgium. We, Digi Group, own 51% of this company. It should help us, on one hand, consolidate financially the results of Belgian operations, starting with the second quarter. We hope it will also help us streamline or simplify the management structure of the Belgian operation going forward.

Serghei Bulgac: As a result of this change, on one hand, the entire group of Belgian companies is controlled by only one company, which is Digi Communications Belgium. Digi Group own 51% of this company. It should help us, on one hand, consolidate financially the results of Belgian operations, starting with Q2. We hope it will also help us streamline or simplify the management structure of the Belgian operation going forward. Moving on, coming back to the numbers. EUR 560 million of revenues in Q2. Just a second, please. Just a second. Yes. Excuse me. EUR 560 million of revenues in Q2.

Sergey Burgak: Moving on, coming back to the numbers, €560 million of revenues in the second quarter. Just a second, please. Just a second. Excuse me. So, €560 million of revenues in the second quarter, almost €300 million in revenues in Romania, €240 million in revenues in Spain, €17 million in Portugal, and almost €9 million of revenues in Italy. EBITDA for the quarter, €168 million. As we mentioned, RGUs at €30 million group-wide, almost €19 million RGUs in Romania, almost €10 million RGUs in Spain, €800,000 in Portugal, and €500,000 in Italy. So, yeah, we see this as an outstanding performance and continuation of both our efforts and the commercial momentum that we have in both in all markets, established and new. Going further into details of our results, we had revenues of €549 million in the second quarter. So, revenues excluding other income.

Serghei Bulgac: Almost EUR 300 million in revenues in Romania. EUR 240 million in revenues in Spain. EUR 17 million in Portugal, and almost EUR 10 million of revenues in Italy. EBITDA for the quarter, EUR 168 million. As I mentioned, RGUs, 30 million group wide. Almost 90 million RGUs in Romania, 10 million RGUs in Spain, 800,000 in Portugal, and 500,000 in Italy. Yeah, we see this as an outstanding performance and continuation of both our efforts and the commercial momentum that we have in all markets, established and new. Just going further into details of our results.

Serghei Bulgac: We had revenues of EUR 549 million in Q2. Revenues excluding other income. With other income, it's EUR 560, as I mentioned before, compared to EUR 475 million a year before. EBITDA, including IFRS 16, EUR 168 million, on par with EBITDA of EUR 170 million a year ago. CapEx of EUR 226 million in Q2, less than EUR 240 million a year ago. Somewhat higher that we had in Q1 at about EUR 180 million.

Sergey Burgak: With other income, it is €560, as I mentioned before, compared to €475 million a year before. EBITDA, including the IFRS 16, €168 million on par with EBITDA of €170 million a year ago. Capex of €226 million in the second quarter, less than €240 million a year ago, somewhat higher than we had in the first quarter at about €180 million. As we were discussing, group revenues had a very good performance, 18% in the quarter, more than 20% in the first six months, primarily driven by Spanish operations, by the growth in customers, outstanding growth in customers that we achieved. I think we will discuss Spain in a bit more detail later on, but followed by very robust, very good performance in Romania, and of course, followed by the additions to our operations from Portugal.

Speaker #2: CapEx of 226 million euros in the second quarter. Less than 240 million euros a year ago. Somewhat higher that we had in the first quarter, at about 180 million euros.

Speaker #2: As we were discussing, group revenues had a very good performance: 18% in the quarter and more than 20% in the first six months. This was primarily driven by Spanish operations, specifically the outstanding growth in customer acquisition that we achieved.

Serghei Bulgac: As we were discussing, group revenues had a very good performance, 18% in the Q2, more than 20% in the H1, primarily driven by Spanish operations, by the growth in customers, outstanding growth in customers that we achieved. I think we'll discuss Spain in a bit more detail later on. Followed by very robust, very good performance in Romania, and of course, followed by the additions to our operations from Portugal. As you may recall, 1 year ago, we did not have any revenues, any sales in Portugal. EUR 17 million that we generated in the Q2 in Portugal is a pure addition year-on-year.

Speaker #2: I think we'll discuss in a bit more detail later on. But followed by very robust, very good performance in Romania. And of course, followed by the additions to our operations from Portugal as you may recall, a year ago we did not have any revenues, any sales in Portugal.

Sergey Burgak: As you may recall, a year ago, we did not have any revenues, any sales in Portugal. So, €17 million that we generated in the second quarter in Portugal was a pure addition year on year. As I mentioned, EBITDA stood more or less flat, €168 million in comparison to €170 million a year before. If you look at EBITDA less IFRS 16, we had €138 million in comparison to €145 million a year before in the quarter, which is a 5% decline. It is a rare event in our case. In fact, probably since we listed the company and apart from the moment of selling Hungarian operations, we did not have any decline.

Speaker #2: So, 17 million that we generated in the second quarter in Portugal, with a pure addition year on year. As I mentioned, EBITDA stood more or less flat, 168 in comparison to 170 million a year before.

Serghei Bulgac: As I mentioned, EBITDA stood more or less flat, EUR 168 in comparison to EUR 170 million a year before. If you look at EBITDA less IFRS 16, we had EUR 138 million in comparison to EUR 145 million a year before in the quarter, which is a 5% decline. It's a rare, it's a rare event in our case. In fact, probably since we listed the company and apart from the moment of selling Hungarian operations, we did not have any decline. On the other hand, I just want to say that we see this as a temporary situation, particularly connected to the launch of the Portuguese operations. It's the Q2 of Portuguese activities in Portugal since we launched.

Speaker #2: If you look at EBITDA, less IFRS 16, we had 138 million in comparison to 145 million a year before in the quarter. Which is a 5% decline; it's a rare event in our case.

Speaker #2: In fact, probably we, since we listed the company and apart from the moment of selling Hungarian operations, we did not have any decline. On the other hand, I just want to say that we see this as a temporary situation.

Sergey Burgak: On the other hand, I just want to say that we see this as a temporary situation, particularly connected to the launch of the Portuguese operations. It is the second quarter of all activities in Portugal since we launched. It is the second full quarter in Portugal. This is the moment when we are seeing most of the costs crystallizing, but we still have to gain more market share to be efficient. This is exactly what we are doing. We are making our operations both more efficient, and we are focusing on sales and distribution to make sure that we are covering these costs well in the future. Coming back to Capex, which I mentioned a bit earlier, I did mention that we spent €226 million in the second quarter. The overall Capex spend for the six months of 2025 was somewhat less than €400 million, €395 million.

Speaker #2: Particularly connected to the launch of the Portuguese operations; it's the second quarter of Portuguese activities in Portugal, since we launched; it's the second full quarter in Portugal.

Speaker #2: And this is the moment when we are seeing most of the costs crystallizing. But we still have to gain more market share to be efficient.

Serghei Bulgac: It's the second full quarter in Portugal. This is the moment when we are seeing most of the costs crystallizing, but we still have to gain more market share to be efficient. This is exactly what we're doing. We are making our operations both more efficient, and we are focusing on sales and distribution to make sure that we are covering these costs well in the future. Coming back to CapEx, which I mentioned a bit earlier. I did mention that we spent EUR 226 million in Q2. The overall CapEx spend for H1 2025 was somewhat less than EUR 400 million, EUR 395 million.

Speaker #2: And this is exactly what we are doing. We are making our operations both more efficient and we are focusing on sales and distribution to make sure that we are covering these costs well in the future.

Speaker #2: Coming back to CapEx, which I mentioned a bit earlier, so I did mention that we spent 226 million euros in the second quarter. The overall CapEx spent for the six months of 2025 was somewhat less than 400 million, 395 million euros.

Speaker #2: I mean, still in line with our expectation for the full year CapEx of 760 million, 750 million plus. A bit, again, a bit higher than in the second quarter in comparison to the first quarter.

Serghei Bulgac: I mean, still in line with our expectation for the full year CapEx of EUR 750 million plus. A bit, again, a bit higher than in Q2 in comparison to Q1. Now, we'll probably discuss it in the Q&A. I think the guidance for the CapEx is increasing slightly towards EUR 800, maybe EUR 810, EUR 820 million for the rest of the year. This includes the Telekom acquisition, this includes the CapEx of Belgium once we consolidate the Belgian operations. This should also, of course, include the CapEx that has been already spent. RGUs, we are very proud about the number of almost EUR 30 million.

Sergey Burgak: I mean, still in line with our expectation for the full-year Capex of €750 million, €750 million plus. Again, a bit higher than in the second quarter in comparison to the first quarter. We will probably discuss it in the Q&A. I think the guidance for the Capex is increasing slightly towards €800 million, maybe €810 million, €820 million for the rest of the year. This is including the Telekom Romania Mobile acquisition. This includes the Capex of Belgium once we consolidate the Belgian operations. This should also, of course, include the Capex that has been already spent. RGUs, we are very proud about the number of almost 30 million. You will hear this information again during our next call when we will announce certainly more than 30 million RGUs. It is a big milestone for us, of course, more than 30 years of continuous work.

Speaker #2: Now, we will probably discuss it in the Q&A. I think the guidance for the CapEx is increasing slightly towards 800, maybe 810, 820 million euros for the rest of the year.

Speaker #2: And this includes the telecom acquisition, this includes the CapEx of Belgium, once we consolidate the Belgian operations. And this should also, of course, include the CapEx that has already been spent.

Speaker #2: So, RGUs, we are very proud. About the number of almost 30 million euros, you'll hear this information again during our next call when we will announce certainly more than 30 million euros RGUs.

Serghei Bulgac: You'll hear this information again during our next call when we will announce, certainly more than EUR 30 million RGUs. It's a big milestone for us. Of course, more than 30 years of continuous work. Most of the RGUs that we gained during our operations, certainly more than 90% are the result of organic growth. This basically underlines the strategy and the focus of our group, of our company. This also shows the success of our engagement with our customers, also the trust of our customers, but also the hard work of many colleagues across all the countries that we operate in. As I mentioned just a bit earlier, 14.5 million mobile RGUs.

Speaker #2: It's a big milestone for us, of course, more than 30 years of continuous work, most of the RGUs that we gained during our operations, certainly more than 90% are the result of organic growth.

Sergey Burgak: Most of the RGUs that we gained during our operations, certainly more than 90%, are the result of organic growth. This basically underlines the strategy and the focus of our group, of our company. This also shows the success of our engagement with our customers, also the trust of our customers, but also the hard work of many colleagues across all the countries that we operate in. As I mentioned just a bit earlier, 14.5 million mobile RGUs, almost half of our customer base is mobile users at this moment, 7.4 million broadband users, and more than 6.1, sorry, close to 6.2 million pay-TV users. The portion, so far, since we sold Hungary, we were reporting mostly pay-TV users or, sorry, we were solely reporting pay-TV users just for Romania. In the meantime, in the last six months, we launched TV operations in Portugal. We launched TV operations in Spain.

Speaker #2: This basically underlines the strategy and the focus of our group, of our company. This also shows the success of our engagement with our customers, also the trust of our customers.

Speaker #2: But also the hard work of many colleagues across all the countries that we operate in. As I mentioned just a bit earlier, 14.5 million mobile RGUs, almost half of our customer base is mobile users at this moment.

Serghei Bulgac: Almost half of our customer base is mobile users at this moment. 7.4 million broadband users and more than 6.1 million. Sorry, close to 6.2 million pay TV users. The portion so far since we sold Hungary, we were reporting mostly pay TV users. Sorry, we were solely reporting pay TV users just for Romania. In the meantime, in the last 6 months, we launched the TV operations in Portugal, we launched TV operations in Spain. As you see, this works very well. All in all, we exceeded 6.1 million. We are almost 6.2 million users. Spanish operations are at 9.7 million RGUs.

Speaker #2: 7.4 million broadband users, and more than 6.1 sorry, close to 6.2 million pay TV users. A portion, so far, since we sold Hungary, we were reporting mostly pay TV users--oh, sorry, we were solely reporting pay TV users just for Romania.

Speaker #2: In the meantime, in the last six months, we launched TV operations in Portugal, we launched TV operations in Spain, and as you see, this works very well.

Speaker #2: So, all in all, we exceeded 6.1 million. We are almost 6.2 million users. Spanish operations are at 9.7 million RGUs. An outstanding growth of almost 30% year on year, from 7.5 million RGUs.

Sergey Burgak: As you see, this works very well. All in all, we exceeded 6.1 million. We are almost 6.2 million users. Spanish operations are 9.7 million RGUs, an outstanding growth of almost 30% year-on-year from 7.5 million RGUs. Romanian RGUs also at a robust growth trajectory of 7%, almost 19 million from 17.5 million users a year ago. The Portuguese operations are 719,000 users, combining both the Novo operations and the Digi operations that we run combined in the territory. Not to mention last, of course, Italy had also a good performance with more than 12% growth at 512,000 RGUs in mobile. Excuse me, the PowerPoint is frozen. Yeah. Sorry, I am wrinkling my buttons. Now it should be okay. What we want to present here, and this is the first time we go into more details about Spain, and I think this is somewhat long overdue.

Serghei Bulgac: An outstanding growth of almost 30% year on year from 7.5 million RGUs. Romanian RGUs also a robust growth trajectory of 7%, almost 19 million from 17.5 million users a year ago. The Portuguese operations of 790,000 users, combining both the Nowo operations and the Digi operations that we run combined in the territory. Not to mention last, of course, Italy had also a good performance with more than 12% growth at 512,000 RGUs in mobile. Excuse me. The PowerPoint is frozen. Sorry. I'm missing my buttons.

Speaker #2: Romanian RGUs also at a robust growth, trajectory of 7%. Almost 19 million from 17.5 million users a year ago. And the Portuguese operations, 790,000 users, combining both the novel operations and the Digi operations that we run combined in the territory.

Speaker #2: Not to mention last, of course, Italy had also good performance with more than 12% growth at 512,000 RGUs in mobile. Excuse me, the PowerPoint is frozen.

Speaker #2: Yeah. Yeah. Sorry. I'm missing my buttons. Now, now should be okay. Yes, so what we want to present here--and this is the first time we go into more details about Spain--and I think this is somewhat long overdue.

Serghei Bulgac: Now, it should be okay. Yes. What we want to present here, and this is the first time we go into more details about Spain, and I think this is somewhat long overdue. We were supposed to maybe go into more details about our Spanish operations some time ago. This is a deeper dive into the structure of customers, of networks, of assets. Once again, we are extremely proud to have added more than 2.1 million RGUs during the last year, ending on June 2025. 1.3 million mobile additions, 600,000 broadband additions, and almost 200,000 fixed telephony additions. I mentioned telephony earlier. I mentioned TV earlier.

Speaker #2: We were supposed to maybe go into more details about our Spanish operations some time ago. But this is a deeper dive into the structure of customers, of networks, of assets, and once again, we are extremely proud to have added more than 2.1 million RGUs during the last year.

Sergey Burgak: We were supposed to maybe go into more details about our Spanish operations some time ago. This is a deeper dive into the structure of customers, of networks, of assets. Once again, we are extremely proud to have added more than 2.1 million RGUs during the last year, ending in the second on June 2025. 1.3 million mobile additions, 600,000 broadband additions, and almost 200,000 fixed telephony additions. I mentioned earlier, I mentioned TV earlier, 90,000 customers in the first six months of the operations. From a total of 2.26 million broadband users, 1.8 million are on the Digi's smart footprint.

Speaker #2: Ending in the on June 2025. 1.3 million mobile additions, 600,000 broadband additions, and almost 200,000 fixed telephony additions. I mentioned telephony earlier. I mentioned TV earlier.

Speaker #2: 90,000 customers in the first six months of operations. From a total of 2.26 million broadband users, 1.8 million are on the Digi Smart Footprint.

Serghei Bulgac: 90,000 customers in the first 6 months of the operations. From total of 2.26 million broadband users, 1.8 million are on the Digi Smart Footprint. Just to explain, the Digi Smart network is a network that has originally been built by Digi. Some of it owned and controlled and operated by us, some of it owned by Macquarie or our joint venture, Macquarie through Olivia, and some of it operated by our joint venture with abrdn. All in all, this is 81% of our customers. As you see, most of our customers are on our network. The coverage of our Smart Footprint exceeds now 12.4 million homes.

Speaker #2: And just to explain, the Digi Smart Network is the network that has originally been built by Digi; some of it is owned, controlled, and operated by us.

Sergey Burgak: Just to explain, the Digi smart network is the network that has originally been built by Digi, some of it owned and controlled and operated by us, some of it owned by Macquarie or our joint venture, Macquarie through Onivia, and some of it operated by our joint venture with UpperDean. All in all, this is 81% of our customers. As you see, most of our customers are on our network. The coverage of our smart footprint exceeds now 12.4 million homes. These are active homes, serviceable homes, homes that we can address and connect in real time as we speak. This is part of the total commitment to build in the next years, in the next few years, 20 million homes passed.

Speaker #2: Some of it owned by Macquarie or our joint Macquarie through Univia. And some of it operated by our joint venture with Aberdeen. All in all, this is 81% of our customers.

Speaker #2: So, as you see, most of our customers are on our network. And the coverage of our Smart Footprint exceeds now 12.4 million homes. These are active homes, serviceable homes, homes that we can address and connect in real time as we speak.

Serghei Bulgac: These are active homes, serviceable homes that we can address and connect in real time as we speak. This is part of the total commitment to build in the next years, in the next few years, 20 million homes passed. As you see, in the last 12 months, the increase was from 9.6 million to 12.4 million users, an increase of almost 2.8 million homes passed. This is high speed. Given that all this development is organic and is driven by our large and committed teams in Spain. And maybe the last, I hope you appreciate this number. The take-up of Smart Footprint is almost 15% today.

Speaker #2: This is part of the total commitment to build in the next years, in the next few years, 20 million homes fast. So, we are--and as you see, in the last 12 months, the increase was from 9.6 million to 12.4 million users.

Sergey Burgak: We are, as you see, in the last 12 months, the increase was from 9.6 million to 12.4 million users, an increase of almost 2.8 million homes passed. This is high speed, given that all this development is organic and is driven by our large and committed teams in Spain. Maybe the last, I hope you appreciate this number, the takeoff of smart footprint is almost 15% today. Of course, it varies with all the networks having significantly more than 20% penetration and new networks having smaller numbers. Overall, we wanted to share these numbers, which are outstanding. We can't emphasize enough on how both committed are we to these numbers, but also how satisfied are we with these results. So, 15% penetration on our smart footprint to date. Portability in Romania amounted to almost 380,000 users in the first six months of the year.

Speaker #2: An increase of almost 2.8 million homes fast. This is high speed. Given that all this development is organic and is driven by our large and committed teams in Spain.

Speaker #2: And maybe the last—I hope you appreciate this number. The take-up of Smart Footprint is almost 15% today. Of course, it varies, with all the networks having significantly more than 20% penetration, and new networks having smaller numbers.

Serghei Bulgac: Of course, it varies with all the networks having significantly more than 20% penetration and new networks having smaller numbers. Overall, we wanted to share these numbers which are outstanding. We can't emphasize enough on how both committed are we to these numbers, but also how satisfied are with these results. 15% penetration on our Smart Footprint to date. Portability in Romania amounted to almost 380,000 users in H1 of the year. In the same period in Spain, portability, gross portability exceeded 670,000 users, of which net portability was close to 430,000 users.

Speaker #2: But overall, we wanted to share this numbers, which are outstanding and, yeah, we can't emphasize enough on how both committed are we to these numbers, but also how satisfied are we with these results.

Speaker #2: So, 15% penetration on our Smart Footprint to date. Portability in Romania amounted to almost 380 thousand users. In the first six months, of the year.

Speaker #2: The same in the same period, in Spain, portability, gross portability, exceeded 670,000 users of which net portability was close to 470,000 users. It's a continuation of both our efforts, but also the appreciation of the customers for our services in these two markets.

Sergey Burgak: In the same period, in Spain, portability, gross portability, they exceeded 670,000 users, of which yet portability was close to 430,000 users. It's a continuation of both our efforts, but also the appreciation of the customers for our services in these two markets. This shows the quality of our sales effort in these territories. Just a few numbers, a few words on the financial profile. We have the total net debt at €1.58 billion, with a leverage at 2.8 times. The debt has increased by around €200 million since the beginning of the year due to refinancings and financings that we did both in Spain and in Romania. On the right-hand side, on the upper chart, you see the repayment profile with €72 million due this year, €100 million due in 2026, and €252 million due in 2027. So, pretty reasonable repayment profile. We have no expectation.

Serghei Bulgac: It's a continuation of both our efforts, but also the appreciation of the customers for our services in these two markets. This shows the quality of our sales effort in these territories. Just a few numbers, a few words on the financial profile. We have the total net debt at EUR 1.58 billion with leverage at 2.8x. The debt has increased by around EUR 200 million since the beginning of the year due to refinancings and financings that we did both in Spain and in Romania.

Speaker #2: And this shows the quality of our sales effort in these territories. Just a few numbers a few words on the financial profile. We have the total net debt at 1.50 billion euros.

Speaker #2: With leverage at 2.8 times the debt has increased by around 200 million euros since the beginning of the year. Due to refinancings and financings that we did both in Spain and in Romania.

Speaker #2: On the right-hand side on the upper chart, you see the repayment profile. With 72 million euros due this year. 100 million due in 2026.

Serghei Bulgac: On the right-hand side, on the upper chart, you see the repayment profile with EUR 72 million due this year, EUR 100 million due in 2026, and EUR 252 million due in 2027. Pretty reasonable repayment profile. We have no expectation I mean, there was a slight increase in the leverage ratio from the end of 2024 from 2.3x to 2.8x. There is no intention for us to go higher. We will certainly remain by the end of the year in this territory of 2.5 to 2.8, 2.9.

Speaker #2: And €252 million due in 2027. So, pretty reasonable repayment profile. We have no expectation—I mean, there was a slight increase in the leverage ratio from the end of 2024 from 2.3 times to 2.8 times.

Sergey Burgak: There was a slight increase in the leverage ratio from the end of 2024, from 2.3 times to 2.8 times. There is no intention for us to go higher. We will certainly remain by the end of the year in this territory of 2.5 to 2.8, 2.9. Eventually, we will decrease at the end of the year, beginning of next year, coming back to 2.3, 2.5 zone at least. So, no changes in our strategy or intentions or profile outlook. To conclude, I would say we are very happy with the performance. We are very much committed to our established markets, Romania and Spain, which will continue developing their operations as we go. We are focusing on Spain to improve profitability, especially in the second part of the year, given our transition to Telefonica's run-sharing model from the Ondino model that we run up until today.

Speaker #2: There is no intention for us to go higher. We will certainly remain by the end of the year in this territory of 2.5 to 2.8, 2.9.

Speaker #2: And eventually, we will decrease at the end of the year, beginning of next year, coming back to the 2.3 to 2.5 zone, at least. So, no changes in our strategy, intentions, or profile outlook.

Serghei Bulgac: Eventually we will decrease at the end of the year, beginning of next year, coming back to 2.3, 2.5 zone at least. No changes in our strategy or intentions or profile outlook. To conclude, I'd say we are very happy with the performance. We are very much committed to our established markets, Romania and Spain, which will continue developing their operations as we grow. We are focusing on Spain to improve profitability, especially in the second part of the year, given our transition to Telefónica RAN sharing model from the MVNO model that we run up until today.

Speaker #2: And to conclude, I would say we are very happy with the performance. We are very much committed to our established markets, Romania and Spain.

Speaker #2: Which will continue developing their operations as we go. We are focusing on Spain to improve profitability, especially in the second part of the year.

Speaker #2: Given our transition to telephonica round sharing model, from the MVNO model that we run up until today. We are also focusing very much on streamlining on improving the growth and improving the profitability in both our Portuguese and Belgian operations.

Serghei Bulgac: We are also focusing very much on streamlining, on improving the growth and improving the profitability in both our Portuguese and Belgian operations. This remains our focus. Lots of work to do. We certainly will continue coming back with a strong both growth results but also robust profitability as we did in the past. Having said this, I think we are complete with the formal part, and you are welcome to start the Q&A. Yeah, sorry. Zoom has changed a bit its interface for showing the questions. We need to figure ourselves out somehow, but we will start. By the way, it looks like, it looks like a chat room, every person has its own room.

Sergey Burgak: We are also focusing very much on streamlining, on improving the growth, and improving the profitability in both our Portuguese and Belgian operations. So, this remains our focus. Lots of work to do. We certainly will continue coming back with strong both gross results, but also robust profitability as we did in the past. As Eric said this, I think we are complete with the formal part. You are welcome to start the Q&A. Sorry. Zoom has changed a bit its interface for showing the questions. We need to figure ourselves out somehow, but we will start. By the way, it looks like it looks like a chat room. So, every person has its own room. If you ask questions later and we do not see them, we will have to figure out how we do about it. Yes, but first question is from Ganesh from Barclays.

Speaker #2: So, this remains our focus. Lots of work to do. And we certainly will continue coming back with strong growth results, but also robust profitability, as we did in the past.

Speaker #2: As having said this, I think we are complete with the formal part. And you are welcome to start the Q&A. Yeah, sorry. Zoom has changed a bit its interface for showing the questions.

Speaker #2: We need to figure ourselves out somehow. But we will start. So, and by the way, it looks like a chat room, so every person has its own room.

Speaker #2: And if you ask questions later and we don't see them, we'll have to figure out how we do about it. Yes, but first question is from Ganesh from Barclays.

Serghei Bulgac: If you ask questions later and we don't see them, we'll have to figure out how we do about it. Yes. First question is from Ganesh from Barclays. Could you please provide some color on why RG momentum slowed in Belgium in Q2? How do you see the trends ahead? I think, we experienced more or less the same dynamic in Portugal and in Belgium. The fact that there was great expectation, big expectation from the market, from entrance, from the entrance of the new operator that has been satisfied to a certain extent by the launch of operations in November and December, but also during the Q1, which has stalled somewhat in Q2.

Speaker #2: Could you please provide some color on why RGU momentum slowed in Belgium in second quarter, and how do you see the trend ahead? I think we experienced more or less the same dynamic in Portugal and in Belgium.

Sergey Burgak: Could you please provide some color on why RGU momentum slowed in Belgium in the second quarter and how do you see the trends ahead? I think we experienced more or less the same dynamic in Portugal and in Belgium. The fact that there was a great expectation, big expectation from the market, from the entrance of the new operator that has been satisfied to a certain extent by the launch of operations in November and December, but also during the Q1, which has failed somewhat in the second quarter. Having said this, we are busy in both markets in establishing further, increasing our distribution channels. As we know, this is the most important way of doing sales from our past experience, both in Romania and Spain. We will certainly regain this momentum in the coming quarters. This is the very simple answer to your question.

Speaker #2: The fact that there was great expectation big expectation from the market from the entrance of the new operator. That has been satisfied to a certain extent by the launch of our operations in November and December, but also during the Q1.

Speaker #2: Which has still somewhat in the second quarter. Having said this, we are busy in both markets in establishing and further increasing our distribution channels, as we know this is the most important way of doing sales.

Serghei Bulgac: Having said this, we are busy in both markets in establishing further, increasing our distribution channels. As we know, this is the most important way of doing sales from our past experience, both in Romania and Spain. We will certainly regain this momentum in the coming quarters. I think this is a very simple answer to your question. The second question from Ganesh: Are you considering taking wholesale route to offer fixed services in Belgium? Look, we are always open to any opportunities in all markets. We are offering wholesale services in Spain, and we can offer wholesale services in any other market. So far, we were not able to reach agreements or terms with other operators that would make this attractive.

Speaker #2: From our past experience, both in Romania and Spain, we will certainly regain this momentum in the coming quarters. But I think this is the very simple answer to your question.

Speaker #2: The second question from Ganesh. Are you considering taking wholesale route to offer fixed services in Belgium? Look, we are always open to any opportunities.

Sergey Burgak: The second question from Ganesh: Are you considering taking the wholesale route to offer fixed services in Belgium? Look, we are always open to any opportunities in all markets. We are offering wholesale services in Spain, and we can offer wholesale services in any other market. So far, we were not able to reach agreements or terms with other operators that would make this attractive. We are not considering this at this very particular moment. It's not an hour. We move forward. We have two questions from Piotr Raczyborski. You have revenue in Portugal in Q2 2025 declined versus Q1 2025. I am not sure, Piotr, I am not sure I follow you. We do not have revenue declining. The revenue is certainly higher, both combining our Novo and our Digi operations. If you refer to something else, kindly rephrase.

Speaker #2: In all markets, we are offering wholesale services in Spain, and we can offer wholesale services in any other markets. So far, we were not able to reach the agreements or terms with other operators that would make this attractive.

Speaker #2: So, we're not considering this at this very particular moment. But it's not a no. We move forward. So, we have two questions from Piotr Raciborski.

Serghei Bulgac: We're not considering this at this very particular moment, but it's not a no. Now, we move forward. We have two questions from Piotr Raczybowski. You have a revenue in Portugal in Q2 2025 declined versus Q1 2025. I'm not sure, Piotr. I'm not sure I follow you. We don't have revenue declining. The revenue is certainly higher, both combining our Nowo and our Digi operations. If you refer to something else, kindly rephrase. Second question from Piotr. The net adds in Portugal doesn't seem especially strong. Are you satisfied with the performance in this market? I think I've already touched in answering Ganesh's question a bit earlier.

Speaker #2: You have revenue in Portugal in Q2 2025, which declined versus Q1 of 2025. I'm not sure, Piotr, I'm not sure. I follow you.

Speaker #2: We don't have revenue declining. The revenue is certainly higher. Both combining our novel and our Digi operations. If you refer to something else, kindly rephrase.

Speaker #2: And second question from Piotr. The net has in Portugal doesn't seem especially strong. Are you satisfied with the performance in this market? So, I think I've already touched in answering Ganesh's question a bit earlier.

Sergey Burgak: The second question from Piotr: The net adds in Portugal do not seem especially strong. Are you satisfied with the performance in this market? I think I have already touched on in answering Ganesh's question a bit earlier. We see the same dynamic both in Portugal and in Belgium. We do not see this as a resolutory or final in any way. We are working to connect to the customers that would be that are interested for Digi services. We certainly intend to improve it in the quarters coming up. Oh, sorry. Just coming back to Piotr's question, and Daniel Nitzer has corrected me. Indeed, there is a slight decrease in revenues in Portugal in Q2 in comparison to Q1. It comes only from the fact that we are migrating Novo customers to Digi.

Speaker #2: We see the same dynamic both in Portugal and in Belgium. We don't see this as resolutory or final in any way. We are working to connect to the customers that would be that are interested for Digi services.

Serghei Bulgac: We see the same dynamic both in Portugal and in Belgium. We don't see this as resolutory or final in any way. We are working to connect to the customers that would be that are interested for Digi services, and we certainly intend to grow it in the quarters coming up. Yeah. Oh, sorry. Just coming back to Piotr's question, and Dan has corrected me. Indeed, there's a slight decrease in revenues in Portugal in the second quarter in comparison to the first quarter. It comes only from the fact that we are migrating Nowo customers to Digi.

Speaker #2: And we certainly intend to improve it in the quarters coming up. Yeah. Oh, sorry. Just coming back to Piotr's question. And Dan has corrected me.

Speaker #2: Indeed, there's a slight decrease in revenues in Portugal in the second quarter in comparison to the first quarter. And it comes only from the fact that we are migrating novel customers to Digi.

Speaker #2: The migration is done on the ARPUs of Digi which are smaller than historically what novel customers paid in the past. And basically, that's why we have a decline.

Serghei Bulgac: The migration is done on the ARPU of Digi, which are smaller than historically what Nowo customers paid in the past. Basically, that's why we have a decline. We don't have decline towards our expectation. Yeah, we are pretty satisfied with our revenues in Portugal at this moment. Yeah. A question from Bojan Djordjevic. Could you please explain tax income tailwind in Q2? The tax income tailwind in Q2 comes from the Portuguese operations. Of course, being at the beginning and having large operational losses, they come also with the opposite effect of deferred tax asset, and that is the result. The question from Christian-Gabriel Petre.

Sergey Burgak: The migration is done on the ARPUs of Digi, which are smaller than historically what Novo customers paid in the past. Basically, that is why we have a decline. But we do not have declined towards our expectation. We are pretty satisfied with our revenues in Portugal at this moment. A question from Bojan Dulikovic: Could you please explain tax income tailwind in Q2? The tax income tailwinds in Q2 come from the Portuguese operations. Of course, being at the beginning and having large operational losses, they come also with the opposite effect of deferred tax assets, and that is the result. The question from Christian Petri: Hi, congratulations for the results. When do you expect profitability to improve? What are the financial implications in changing Spain from MVNO to MNO? Thank you very much for the appreciation, and thank you very much for the question.

Speaker #2: But we don't have decline towards our expectation and, yeah, we are pretty satisfied with our revenues in Portugal at this moment. Yeah. A question from Bojan Durekovic.

Speaker #2: Could you please explain tax income, tailwind in the second quarter? So, the tax income tailwind in the second quarter comes from the Portuguese operations.

Speaker #2: Of course, being at the beginning and having large operational losses, they come also with the opposite effect of deferred tax asset and that is the result.

Speaker #2: A question from Christian Petri. Hi, congratulations for the results. When do you expect profitability to improve? What are the financial implications in changing Spain from MVNO to MNO?

Serghei Bulgac: Hi, congratulations for the results. When do you expect profitability to improve? What are the financial implications in changing Spain from MNO to MVNO? Thank you very much for the appreciation, and thank you very much for the question. First of all, we do not If you look at 2025 overall, we do not expect 2025 to be worse than 2024. What we see now in Q2 is, I'd say is, accumulation, cumulative effect of the fact that we are, we have just launched the Portuguese operations on one hand.

Speaker #2: Thank you very much for the appreciation. And thank you very much for the question. First of all, we do not if you look at 2025, overall, we do not expect 2025 to be worse than 2024.

Sergey Burgak: First of all, we do not, if you look at 2025 overall, we do not expect 2025 to be worse than 2024. What we see now in the second quarter is, I'd say, is a cumulative effect of the fact that we have just launched the Portuguese operations on one hand. Second, we also see, to a certain extent, less profitability in Spain, given the fact that we have adjusted the pricing of certain packages, and ARPU has declined, as you have seen probably from the presentation, from €8.8 a year ago to €8.1 per RGU this year. These two factors have impacted us on the EBITDA level. If you look also at the net income level, there was a less material factor in Romania, particularly Forex.

Speaker #2: What we see now in the second quarter is I'd say is accumulative effect of the fact that we have just launched just launched the Portuguese operations on one hand.

Speaker #2: And second, we also see, to a certain extent, less profitability in Spain, given the fact that we have adjusted the pricing of certain packages.

Serghei Bulgac: Second, we also see to a certain extent less profitability in Spain, given the fact that we have adjusted the pricing of certain packages and ARPU has declined, as you have seen probably from the presentation. From EUR 8.8 a year ago to EUR 8.1 per RGU this year. These two factors have impacted us on the EBITDA level. If you look also at net income level, there was a less material factor in Romania, particularly Forex.

Speaker #2: And ARPU has declined as you have seen probably from the presentation. From 8.8 euros a year ago to 8.1 euro per RGU this year.

Speaker #2: So, these two factors these two factors have impacted us. If you on the EBITDA level, if you look also at net income level, there was a less material factor in Romania particularly Forex we had the Forex growth of about 10 million euro in the second quarter.

Serghei Bulgac: We had Forex close of about EUR 10 million in Q2 related to the depreciation of RON from 4.9797 level to approximately 5.07 level by the end of June. Of course, we all know, this happened somehow in the context of the Romanian elections. Most likely this reset and psychological jump from less than 5 to more than 5 is going to continue. On the other hand, our expectation for the exchange rate is to remain continuous, We don't expect further losses from here.

Sergey Burgak: We had a Forex loss of about €10 million in the second quarter related to the depreciation of Rome from 4.97 level to approximately 5.07 level by the end of June. Of course, we all know this happened somehow in the context of the Romanian elections. Most likely, this reset and the psychological jump from less than 5 to more than 5 is going to continue. On the other hand, our expectation for the exchange rate is to remain continuous. We do not expect further losses from here. Coming back to the main factors, coming back to the most important ones, and I repeat myself, but I will try to repeat myself as many times as possible. The largest operational loss comes from the Portuguese operations. We do not expect these losses to be higher than that.

Speaker #2: Related to the depreciation of the Romanian currency from 4.97 to 97 level to approximately 5.07 level by the end of June. Of course, we all know this happened somehow in the context of the Romanian elections.

Speaker #2: But most likely this reset and psychological jump from less than 5 to more than 5 is going to continue. On the other hand, our expectation for the exchange rate is to remain continuous, so we don't expect further losses from here.

Speaker #2: Coming back to the main factors, coming back to the most important ones. And I repeat myself, but I will try to repeat myself as many times as possible.

Serghei Bulgac: Coming back to the main factors, coming back to the most important ones, I repeat myself, but I will try to repeat myself as many times as possible. The largest operational loss comes from the Portuguese operations, and we do not expect this loss to be higher than that. We will do our best efforts to maintain it and to certainly improve it. One, by growing our customer base. Second, also managing, controlling the costs as we do everywhere. In terms of Spain, it's a bit different. Spain benefits from growth in customers, and as we continue our operations, the Spanish profitability improves. Yes, Spain is also changing its model from MVNO and MNO.

Speaker #2: The largest operational loss comes from the Portuguese operations, and we do not expect this loss to be higher than that. We will do our best efforts to maintain it and to certainly improve it.

Sergey Burgak: We will do our best efforts to maintain it and to certainly improve it. One, by growing our customer base. Second, also managing and controlling the costs as we do everywhere. In terms of Spain, it's a bit different. Spain benefits from growth in customers. As we continue our operations, the Spanish profitability improves. Yes, Spain is also changing its model from MVNO and MNO. These changes itself, the natural growth and the changing model should add at least, I'd say, €25-30 million euros of addition to EBITDA in the second half of 2025. Our Spanish operations are turning around, improving rapidly, having very strong momentum. Our new operations are basically in the most difficult part, launch a relatively low number of customers and lots of work for us to adjust and to improve. All in all, we do not expect a decrease.

Speaker #2: One by growing our customer base, second also managing controlling the costs as we do everywhere. In terms of Spain, it's a bit different. Spain benefits from growth in customers and as we continue our operations, the Spanish profitability improves.

Speaker #2: And yes, Spain is also changing its model from MVNO and MNO. And this change it's and these changes itself, the nature of growth and the change the change in model should add at least I'd say 25, 30 million euro of addition to EBITDA in the second half of 2025.

Serghei Bulgac: This changes itself, the natural growth and the changing the changing model should add at least, I'd say, EUR 25, 30 million of addition to EBITDA in H2 2025. Our Spanish operations are turning around, improving rapidly, having very strong momentum. Our new operations are basically in the most difficult part, launch, relatively low number of customers, and lots of work for us to adjust and to improve. All in all, we do not expect a decrease. We expect rather a small increase in EBITDA for 2025 in comparison to 2024.

Speaker #2: So, our Spanish operations are turning around, improving rapidly, and having very strong momentum. Our new operations are basically in the most difficult part: launching with a relatively low number of customers.

Speaker #2: And lots of work for us to adjust and improve. But all in all, we do not expect a decrease. We expect rather a small increase in EBITDA for 2025, in comparison to 2024.

Speaker #2: And of course, we expect further growth in EBITDA more or less in line with our previous results going forward. Next question from Christian: How would you characterize Belgium operations and Portugal operations start?

Sergey Burgak: We expect rather a small increase in EBITDA for 2025 in comparison to 2024. Of course, we expect further growth in EBITDA, more or less in line with our previous results going forward. Next question from Christian. From Christian, how would you characterize Belgium operations and Portugal operations? Is it according to plans? I think I mentioned it many times. We do not have rigid plans. We have, in our view, very good response from the customers. We have very good, I think we see customers that have expected services like ours, and we see continuous demand. It is really for us to adjust our activities, to adjust our operations, and just to connect to our customers or to our future potential customers through the appropriate sales channels. It is lots of work to organize sales as we go forward.

Serghei Bulgac: Of course, we expect further growth in EBITDA more or less in line with our previous results going forward. Next question from Christian. From Christian: How would you characterize Belgium operations and Portugal operations start? Is it according to plans? Well, I think I mentioned it many times. We don't have rigid plans and, in our view, we have very good response from the customers. We have very good, I think we see customers that have expected services like ours and we see continuous demand. It's really for us to adjust our activities, to adjust the operations and just to connect to our customers or to our future potential customers through the appropriate sales channels.

Speaker #2: Is it according to plans? Well, I think I mentioned it many times. We don't have rigid plans. In our view, we have a very good response from the customers.

Speaker #2: We have very good I think we see customers that have expected services like ours. And we see continuous demand. So, it's really it's really for us to adjust our activities, to adjust the operations, and just to connect to our customers or to our future potential customers through the appropriate sales channels.

Speaker #2: So, it's a lot of work to organize sales as we go forward. But having said this, yes, once again, we see good demand.

Serghei Bulgac: It's lots of work to organize sales as we go forward. Having said this, yes, we once again, we see good demand, we see good traction, and we see good response from the customers in these territories. This is the most important for us. Question from Andrej. When do you expect to start the stock buyback approved in shareholders meeting? I mean, the board is authorized by the shareholder meeting to buy stock for certain reasons. There's no immediate plan to do so. If we change our decision, we'll certainly announce the market, but there's no immediate plan to do so. How do you see the profitability in the H2 of 2025?

Speaker #2: We see good traction. And we see good response from the customers in this territory. And this is this is the most important for us.

Sergey Burgak: Having said this, yes, we once again, we see good demand, we see good traction, and we see good response from the customers in these territories. This is the most important for us. Question from Andrei. When do you expect to start the stock buyback approved in shareholders' meeting? I mean, the board is authorized by the shareholders' meeting to buy stock for certain reasons. There is no immediate plan to do so. If we change our decision, we will certainly announce the market. There is no immediate plan to do so. How do you see the profitability in the second half of 2025? I think I described it as certainly improving in comparison to the first half of 2025, in line and higher with profitability of 2024. I hope this is helpful. A question from Giovanni Reichenbach.

Speaker #2: Question from Andrei. When do you expect to start the stock buyback approved in shareholders meeting? I mean, we the board is authorized by the shareholders meeting to buy stock.

Speaker #2: For certain reasons, there is no immediate plan to do so. If we change our decision, we will certainly announce it to the market. But there's no immediate plan to do so.

Speaker #2: How do you see the profitability in the second half of 2025? So, I think I described it. Certainly improving in comparison to the first half of 2025.

Serghei Bulgac: I think I described it, certainly improving in comparison to H1 2025 in line and higher with profitability of 2024. Yeah, I hope this is helpful. A question from Jan Reichenbach. Can you please update us on, 1, amount of undrawn credit lines available to the group as of Q2 2025. 2, number of homes passed and sites rolled out in Portugal. Thank you. In Portugal. Jan, I think we owe you this answer from our last call. Let us come back to you in the coming minutes as we speak. A number of homes passed and sites rollout in Portugal, we're not disclosing this number.

Speaker #2: In line and higher with profitability of 2024. So, yeah, I hope this is helpful. A question from Giovanni Reichenbach. Can you please update us on one, amount of Andron credit lines available to the group as of second quarter 2025?

Sergey Burgak: Can you please update us on, one, amount of undrawn credit lines available to the group as of Q2 2025? Second, number of homes passed and sites rolled out in Portugal. Thank you. In Portugal. Giovanni, I think we owe you this answer from our last call. Let us come back to you in the coming minutes as we speak. Number of homes passed and sites rolled out in Portugal. We are not disclosing this number. What I mentioned on the previous calls is we are working towards the end of this year, beginning of next year, to more or less cover half of Portugal. This work is on track. But we are not publishing more detailed results at this moment. I hope it is helpful. The next question.

Speaker #2: And second, number of homes passed and sites rolled out in Portugal. Thank you. In Portugal. Giovanni, I think we owe you this answer from our last call.

Speaker #2: Let us come back to you in the coming minutes as we speak. And the number of homes passed and sites rolled out in Portugal. We are not disclosing this number.

Speaker #2: So, what I mentioned on the previous calls is we are working towards the we are working towards the end of this year, beginning of next year, to more or less cover half of the Portugal and this work is on track.

Serghei Bulgac: What I mentioned on the previous calls is we are working towards the end of this year, beginning of next year to more or less cover half of the Portugal, and this work is on track. We are not publishing more detailed results at this moment. I hope it's helpful. The next question, can you please comment on the EBITDA impact that we'd expect from the consolidation of Belgium for Q3 and Q4 2025? Yeah. Thank you very much. Indeed, we expect negative EBITDA because of course, we are beginning operations in Belgium at this moment.

Speaker #2: But we are not publishing more detailed results at this moment. I hope it's helpful. The next question: Can you please comment on the EBITDA impact that we'd expect from the consolidation of Belgium for certain first quarter 2025?

Sergey Burgak: Can you please comment on the EBITDA impact that we would expect from the consolidation of Belgium for Q3 and Q4 2025? Yes. Thank you very much. Indeed, we expect negative EBITDA because, of course, we are beginning our operations in Belgium at this moment. This expectation is in the area of €10 million to €20 million for the second half, all in all, for 2025. For 2026, I do not have a guidance at this moment, but we will do our best so that this number is not deepened, but to the contrary, is improved. A question from Laura Conti. What is the consideration for Telekom Romania Mobile assets, and does this mainly include Spectrum? Thank you for the question, Laura. We will abstain from going into details on this topic in any case before the transaction is completed.

Speaker #2: Yeah, so thank you very much. Indeed, we expect negative EBITDA because, of course, we are beginning our operations in Belgium. At this moment. And this expectation is in the area of 10 to 20 million for the second quarter for the second half all in all for 2025.

Serghei Bulgac: This expectation is in the area of EUR 10 to 20 million for the Q2 for the H2 all in all for 2025. For 2026, I don't have a guidance at this moment, but we would do our best so that this number is not deepened, but to the contrary is improved. A question from Laura Pons. What is the consideration for Telekom Romania assets, and does this mainly include spectrum? Thank you for the question, Laura. We will abstain from going into details on this topic in any case, before the transaction is completed. We cannot comment more on this point of view at this point.

Speaker #2: For 2026, I don't have a guidance at this moment. But we would do our best. So, that this number is not deepened. But to the contrary, is improved.

Speaker #2: A question from Laura Homsey. What is the consideration for telecom Romania assets? And does this mainly include Spectrum? Thank you for the question, Laura.

Speaker #2: We will abstain from going into details on this topic. In any case, before the transaction is completed. So, we cannot comment more on this point of view.

Speaker #2: At this point, certainly the transaction includes Spectrum, and Spectrum is important to Digi as we are a growing operator in Romania. As for the second part of the question, can you confirm the full year 2025 CapEx guidance of $750 million?

Sergey Burgak: We cannot comment more on this point of view at this point. Certainly, the transaction includes Spectrum, and Spectrum is important to Digi Communications as we are a growing operator in Romania also. Second part of the question, can you confirm full-year 2025 CapEx guidance of €750 million? I just repeat what we mentioned a bit earlier while going through the slides. Looking at our results so far, we are more or less in line. However, with the consolidation of Belgium and with the acquisition of Telekom Romania Mobile, this number may go up slightly towards €800 million. Yes, €800 million and maybe just above €800 million. Thank you, and I hope it is helpful. Will you consolidate Belgium going forward, given your 51% stake? Yes, I believe so. It is an accounting question, but this is our intention.

Serghei Bulgac: Certainly the transaction includes spectrum, and spectrum is important to Digi as we are a growing operator in Romania also. Second part of the question: Can you confirm full year 2025 CapEx guidance of EUR 760 million? I just repeat what we mentioned a bit earlier while going through the slides. Looking at our results so far, we are more or less in line. However, with the consolidation of Belgium and with the position of Telekom, this number may go up slightly towards EUR 800 million, EUR 800 and maybe just above EUR 800. Thank you and I hope it's helpful. Will you consolidate Belgium going forward given your 51% stake? Yes, I believe so. It's an accounting question, but this is our intention.

Speaker #2: So, I just repeat what we mentioned a bit earlier while going through the slides. Looking at our results so far, we are more or less in line.

Speaker #2: However, with the consolidation of Belgium and with acquisition of telecom, this number may go up slightly towards 800 million yeah, 800 and maybe just above 800.

Speaker #2: Thank you. I hope this is helpful. Will you consolidate Belgium going forward, given your 51% stake? Yes, I believe so. It's an accounting question, but this is our intention.

Speaker #2: Do you still expect Portugal to reach break-even within one to two years? Well, thank you. It's a question that it's a question that is very much on our minds as well.

Serghei Bulgac: Do you still expect Portugal to reach break even within 1 to 2 years? Well, thank you. It's a question that is very much on our minds as well. We certainly aim to, I mean, we certainly want to improve to reach break even in 1 to 2 years. It may be that the break even comes in 2 to 3 years, more or less we are in line with your expectation as well. A question from Jeremy Ben-Nathan. How will consolidating Belgium impact leverage? How much CapEx do you expect to spend in Belgium on fixed and mobile? Is the plan still to get to 50% fixed coverage in Portugal by year-end? What is the current coverage? Well, thank you. The first question.

Sergey Burgak: Do you still expect Portugal to reach break-even within one to two years? Thank you. It is a question that is very much on our minds as well. We certainly aim to, I mean, we certainly want to improve to reach break-even in one to two years. It may be that the break-even comes in two to three years. More or less, we are in line with your expectation as well. A question from Jeremy Ben Nathan. How will consolidating Belgium impact leverage? How much CapEx do you expect to spend in Belgium on fixed and mobile? Is the plan still to get to 50% fixed coverage in Portugal by year-end? What is the current coverage? Thank you. The first question. Our Belgian operations do not have any financial debt at this moment. Consolidating the Belgian operations is neutral on the leverage from the debt perspective.

Speaker #2: And we certainly aim to I mean, we certainly want to improve to reach break-even in one to two years. It may be that the break-even comes in two to three years.

Speaker #2: But more or less, we are in line with your expectations as well. A question from Jeremy Ben Nathan: How will consolidating Belgium impact leverage?

Speaker #2: How much CapEx do you expect to spend in Belgium on fixed and mobile? Is the plan still to get to 50% fixed coverage in Portugal by year-end?

Speaker #2: And what is the current coverage? Well, thank you. So, the first question: Our Belgian operations do not have any financial debt at this moment.

Speaker #2: So, consolidating the Belgian operations is neutral on the leverage from the debt perspective. And from the EBITDA perspective, there's certainly a small decrease, as I described earlier.

Serghei Bulgac: Our Belgian operations do not have any financial debt at this moment. Consolidating the Belgian operations is neutral on the leverage from the debt perspective. From the EBITDA perspective, there's certainly a small decrease as I described earlier. However, at this moment, this decrease is compensated by the growth elsewhere in the group. We do not expect the addition of Belgium or consolidating Belgium at this stage to change our leverage. Once again, this is not our intention to worsen the leverage for any reason, also for the reason of Belgium. I do hope that my explanation is both helpful and clear. How much CapEx do you expect to spend in Belgium on fixed and mobile?

Sergey Burgak: From the EBITDA perspective, there is certainly a small decrease, as I described earlier. However, at this moment, this decrease is compensated by the growth elsewhere in the group. We do not expect the addition of Belgium, consolidating Belgium at this stage, to change our leverage. Once again, this is not our intention to worsen the leverage for any reason, also for the reason of Belgium. I do hope that my explanation is both helpful and clear. How much CapEx do you expect to spend in Belgium on fixed and mobile? While we are consolidating Belgium and while we are operating Belgium with 51% ownership, it is still a partnership in which we participate, both of us, us and the CityMesh Group. We expect that going forward, the Belgian operations will be funded, will continue to be funded by both of us.

Speaker #2: However, at this moment, this decrease is compensated by the results available. So, we do not expect the addition of Belgium—Belgium, our consolidating Belgium at this stage—to change our leverage.

Speaker #2: And once again, this is not our intention to leverage for any reason. Also, for the reason of Belgium, I do hope that my explanation is both helpful and clear.

Speaker #2: How much CapEx do you expect to spend in Belgium on fixed and mobile? So, while we are consolidating Belgium, and while we are operating Belgium with 51% ownership, it's still a partnership in which we participate both of us, us and the CityMesh group.

Serghei Bulgac: While we are consolidating Belgium and while we are operating Belgium with 51% ownership, it's still a partnership in which we participate, both of us and the Citymesh Group. We expect that going forward, the Belgian operations will be funded, will continue to be funded by both of us. Speaking of our share, I'd say that the CapEx spent on Belgium should be in the area of EUR 50 million per year. Is the plan still to get to 50% coverage in Portugal by the year-end? And what is the current coverage? We are not really disclosing the coverage, but yes, we are working towards that, as we mentioned earlier, be it the year-end or soon thereafter.

Speaker #2: So, we expect that going forward, the Belgian operations will be funded will continue to be funded by both of us. Speaking of our share, I'd say that the CapEx spent on Belgium should be in the area of 50 million euro per year.

Sergey Burgak: Speaking of our share, I would say that the CapEx spent on Belgium should be in the area of €50 million per year. Is the plan still to get to 50% coverage in Portugal by year-end? What is the current coverage? We are not really disclosing the coverage, but yes, we are working towards that, as we mentioned earlier, be it the year-end or soon thereafter. The question from Inez Miguel. How many RGUs added along this quarter, not counting Novo existing clients? How will you control costs in Portugal to improve the losses? I think it is a valid question. The additions that we have, the 34,000 RGUs that we added in the quarter, these are mostly the additions to Digi network because we are focusing on sales mostly in Digi's operations and less so in Novo operations. I think the answer is relatively simple.

Speaker #2: Is the plan still to get to 50% coverage in Portugal by year-end? And what is the current coverage? So, we are not really disclosing the coverage.

Speaker #2: But yes, we are working towards that as we mentioned earlier. Be it the year-end or soon thereafter. A question from Ines Miguel, how many RGUs added along this quarter?

Serghei Bulgac: The question from Ines Miguel, How many RGUs added alone this quarter, not counting Nowo existing clients? How will you control costs in Portugal to improve the losses? Yeah, sorry. I think it's a valid question. It's a valid question. The additions that we have, Yeah, one second. The 34,000 RGUs that we added to in the quarter, these are mostly the additions to Digi network. We are focusing on sales mostly in Digi's operations and less so in Nowo operations. I think the answer is relatively simple.

Speaker #2: Not counting new clients, how will you control costs in Portugal to improve the losses? Yeah, sorry. I think it's a valid question. And it's a valid question.

Speaker #2: But the additions that we have, the 30, yeah, one second. The 37, the 34,000 RGUs that we added to in the quarter, these are mostly the additions to the Digi network.

Speaker #2: Because we are focusing on sales, mostly in Digi's operations and less so in Novel's operations. So, I think the answer is relatively simple. We, of course, have a chair in Novel's operations.

Speaker #2: But which gives the total number of growth additions in Digi somewhat higher but I don't have the numbers handy to reply at this moment.

Serghei Bulgac: We of course have churn in Nowo's operations, but which gives the total number of growth additions in Digi somewhat higher. I don't have the numbers handy to reply at this moment. How will you control costs in Portugal to improve the losses? Well, at this moment, as I mentioned during the presentation, we are in the Q2 of operating of operations. We have set up mostly all the necessary systems, in terms of technical teams, sales teams, customer support teams, but also the network setup is there, and so on and so forth. Of course, being at the beginning, the share of fixed costs in relation to particularly the mobile network is pretty high, and it's there to stay.

Sergey Burgak: We, of course, have churn in Novo's operations, but which gives the total number of gross additions in Digi somewhat higher. But I do not have the numbers handy to reply at this moment. How will you control costs in Portugal to improve the losses? At this moment, as I mentioned during the presentation, we are in the second full quarter of operations. We have set up mostly all the necessary systems in terms of technical teams, sales teams, customer support teams, but also the network setup is there, and so on and so forth. Of course, being at the beginning, the share of fixed costs in relation to particularly the mobile network is pretty high, and they have to stay. We are working to increase the number of customers.

Speaker #2: How will you control costs in Portugal to improve the losses? Well, at this moment, as I mentioned during the presentation, we are in the second full quarter of operations.

Speaker #2: We have set up mostly all the necessary systems in terms of technical teams, sales teams, customer support teams, but also the network setup is there.

Speaker #2: And so on and so forth. And so on and so forth. Of course, being at the beginning, the share of fixed costs in relation to particularly the mobile network is pretty high.

Speaker #2: And it's there to stay. So, we are working to increase the number of customers. We will not expand into any other areas except sales to make sure that our operations are streamlined rather sooner than later.

Serghei Bulgac: We are working to increase the number of customers. We will not expand into any other areas except of sales to make sure that our operations are streamlined rather sooner than later. In a few words, these are the areas of focus for us going forward. The question from Mihai Nedelcu. Will you deliver another part of the Spanish network to Macquarie this year? The agreement was to deliver over three years, if I'm not mistaken. What will be the impact of delivery on Digi's P&L? Yes, we continuously deliver comms to the Spanish Macquarie network. Basically, sale of comms part to Macquarie is a profit to us. Difficult. Sorry, I don't have numbers handy.

Sergey Burgak: We will not expand into any other areas except of sales to make sure that our operations are streamlined rather sooner than later. In a few words, these are the areas of focus for us going forward. A question from Mihai Nedelcu. Will you deliver another part of the Spanish network to Macquarie this year? The agreement was to deliver over three years, if I am not mistaken. What will be the impact of the delivery on Digi's P&L? Yes, we continue to continuously deliver homes to the Spanish Macquarie network. Basically, the sale of homes passed to Macquarie is a profit to us. I do not have numbers handy, but basically, any sale that we generate, generates profit. A question from Laura Nag. If Altice decides to sell its Portuguese subsidiary, would you be interested in it? Look, it is not our focus.

Speaker #2: So, this is in a few words, these are the areas of focus for us going forward. A question from Mihai Nedelcu. Will you deliver another part of the Spanish network to Macquarie this year?

Speaker #2: The agreement was to deliver over three years. If I'm not mistaken, what will be the impact of the delivery on Digi's P&L? So, yes, we continue to deliver homes to the Spanish Macquarie network.

Speaker #2: Basically, the sale of homes passed to Macquarie is a profit to us. I apologize, I don't have numbers handy. But basically, any sale that we generate generates profit.

Serghei Bulgac: Basically, any sale that we generate generates profit. Question from Nora Nagy. If Altice decides to sell its Portuguese subsidiary, would you be interested in it? Look, I mean, it's not our focus. As we mentioned throughout most of our discussions, we are organic players. MEO, Altice Portugal is the Portuguese incumbent. It's a very large company, so not a typical target for us. Yeah, you never say never. But this is something we can say we are not working on at this moment. What is the EBITDA outlook in Spain in H2 2025, given the affordable products in place and the transition to MNO model?

Speaker #2: Question from Nora Nagy: If I please decide to sell its Portuguese subsidiary, would you be interested in it? Look, I mean, it's not our focus.

Speaker #2: As we mentioned throughout most of our discussions, we are organic players. MEO, Altis Portugal, is a very, very it's the Portuguese incumbent. It's a very large company.

Sergey Burgak: As we mentioned throughout most of our discussions, we are an organic player. Altice Portugal is a very, very, is the Portuguese incumbent. It is a very large company. Not a typical target for us, but you never say never. This is something we can say we are not working on at this moment. What is the EBITDA outlook in Spain in the second half of 2025, given the affordable products in place and the transition to MNO model? I think I mentioned that we intend to increase EBITDA in Spain in the second half of the year by at least €30 million from what we achieved in the first half of the year. The goals could be €20 to €30 million, but the goals could be higher. When can we expect the consolidation of Telekom Romania Mobile? This is a work in process.

Speaker #2: So, not a typical target for us. But yeah, you never say never. So, but this is something we can say we are not working on at this moment.

Speaker #2: What is the EBITDA outlook in Spain in the second half of 2025? Given the affordable products in place and the transition to the MNO model.

Speaker #2: So, I think I mentioned that we intend to increase EBITDA in Spain in the second half of the year. By at least 30 million euros from what we achieved in the first half of the year.

Serghei Bulgac: I think I mentioned that we intend to increase EBITDA in Spain in H2 by at least EUR 30 million from what we achieved in H1. The goals could be EUR 20, 30 million, but the goals could be higher. When can we expect the consolidation of Telekom Romania Mobile? This is a working process. I think all parties aim for completion in the coming weeks. There's not nothing more to report at this moment. When it will be finished, when it will be completed, we'll come back to with our results. Yeah. I have to apologize, I think, in a way.

Speaker #2: But the growth could be $30 million. But the growth could be higher. When can we expect the consolidation of Telecom Romania mobile? So, this is a work in progress.

Speaker #2: I think all parties aim for completion in the coming weeks. But there's not nothing more to report at this moment. When it will be finished, when it will be completed, we'll come back we'll come back to with our with our results.

Sergey Burgak: I think all parties aim for completion in the coming weeks. There is nothing more to report at this moment. When it will be finished, when it will be completed, we will come back with our results. I have to apologize, I think, in a way. There was some change to the Zoom interface, and we were getting questions in a strange manner. We hope we answered all of them so far. That is all that we got out of 30 minutes of discussions. If there are questions that we could not answer for technical reasons, we kindly invite you to send us emails, and we will respond to you, if not today, in the coming days. So far, so good. These are all the questions. We will stay on the line for a couple more minutes, and these will be no questions we will leave. Sorry.

Speaker #2: Yeah, so I have to apologize. I think, in a way, there was some change to the Zoom interface, and we were getting questions in a strange manner.

Serghei Bulgac: There was some change to the Zoom interface, and we were getting questions in a strange manner. We hope we answered all of them so far. That's what all that we got. 30 minutes of discussions. If there are questions that we couldn't answer for technical reasons, we kindly invite you to send us emails, and we will respond to you, if not today, in the coming days. Yes, so far so good. These are all the questions. Yeah, we'll stay on the line for a couple more minutes, and if there'll be no questions, we'll leave. Yeah. Sorry. Yeah, excuse me, Jan Reichenbach, I sincerely hope you're still on the line.

Speaker #2: We hope we answered all of them so far. But that's what what all of that we got. So, 30 minutes of discussions. If there are questions that we couldn't answer for technical reasons, we we kindly invite you to send us emails and we will respond to you, if not today, in the coming days.

Speaker #2: But yes, so far, so good. These are all the questions. And yeah, we'll stay on the line for a couple more minutes. If there are no questions, we'll leave.

Speaker #2: Yeah, so sorry. And yeah, excuse me, Giovanni, I simply hope you're still on the line. With the Andron facilities, as of June 30, there were $280 million comprising the Romanian facilities and the Spanish facilities.

Sergey Burgak: Excuse me, Giovanni, I see Semihorc is still on the line. The underwhelmed facilities as of June 30 were €280 million, comprising the Romanian facilities and the Spanish facilities. Close to €300 million. On top of that, if you think of liquidity, you should also add basically the stream of funds that we continuously receive from Macquarie, which also act as a boost of external liquidity unrelated to our EBITDA or to current operations. A question from Mark Chapman. What, if any, cash costs are associated with the change in structure in Belgium? I am not sure I followed the question. If you refer to us having to pay for this restructuring, the answer is no. We were in an almost equal partnership with CityMesh in Belgium. Rebalancing of a few percentages between the two of us did not involve cash payments or any financial costs.

Serghei Bulgac: With the undrawn facilities as of 30 June were 280 million, comprising the Romanian facilities and the Spanish facilities, close to 300 million EUR. On top of that, if you think of liquidity, you should also add basically the stream of funds that we continuously receive from Macquarie, which also act as boost of external liquidity unrelated to EBITDA or to current operations. Yes. A question from Mark Chapman. What, if any, cash costs are associated with the change in structure in Belgium? I'm not sure I follow the question. If you refer to us having to pay for this restructuring, the answer is no.

Speaker #2: So, close to close to 300 million euro. On top of that, if you think of liquidity, you should also add basically the stream of funds that we continuously receive from Macquarie, which also acts as as boost of external liquidity unrelated to our EBITDA or to current operations.

Speaker #2: Yes. And a question from Mark Chapman. What if any cash costs are associated with the change in structure in Belgium? I'm not sure I follow the question.

Speaker #2: But, if you refer to us having to pay for this restructuring, the answer is no. We were in an almost equal partnership with CityMesh in Belgium.

Serghei Bulgac: We were in an almost equal partnership with Citymesh in Belgium, and rebalancing of few percentages between the two of us did not involve cash payments or any financial costs. Once again, I hope I understood the question, and I hope this is the answer. I mean, I hope this is what you're looking for. The second question from Mark, how much of the ARPU decline in Spain is about lower prices per product versus about the changing mix of products? Well, I think it's both, but it's difficult for me to answer. Yeah. I hope I'll cover this better during our next call, or I will do my best to invite my colleague, Marius, the CEO for Spanish operations, to present this personally. Yeah.

Speaker #2: And rebalancing a few percentages between the two of us did not evolve cash payments or any financial costs. Once again, I hope I understood the question.

Speaker #2: And I hope this is the answer. I mean, I hope this is what you're looking for. And the second question: From Mark, how much of the ARPU decline in Spain is about lower prices per product?

Sergey Burgak: Once again, I hope I understood the question, and I hope this is the answer. I mean, I hope this is what you are looking for. The second question from Mark. How much of the ARPU decline in Spain is about lower prices per product versus about the changing mix of products? I think it is both. But it is difficult for me to answer. I hope I will cover this better during our next call, or I will do my best to invite my colleague Marius, the CEO of our Spanish operations, to present this question. I think at this moment, we have run out of questions. No new appearing. Thank you very much for joining us on our first half results call. We look forward to speaking to you on November 15 or around November 15 for the first quarter results.

Speaker #2: Versus about the changing the changing mix of products? Well, I think it's both. But it's difficult for me to answer. Yeah, I hope I'll I'll cover this better during our next call.

Speaker #2: Or I will do my best to invite my colleague Marius, the CEO of our Spanish operations, to present this personally. Yeah. So, I think at this moment, we've run out of questions.

Speaker #2: No new appearing. We thank you very much for joining us on our first half results call. We look forward to speaking with you on November 15, or around that date, for the third quarter results.

Serghei Bulgac: I think at this moment we've run out of questions. No new appearing. We thank you very much for joining us on our H1 results call, and we look forward to speak to you on 15 November or around 15 November for the Q3 results. Thank you very much once again, and have a good rest of the summer. Bye-bye.

Speaker #2: Thank you very much once again, and have a good rest of the summer. Bye-bye.

Sergey Burgak: Thank you very much once again, and have a good rest of the summer. Bye-bye.

Operator: The recording has stopped.

Moderator: The recording has. Okay, let's start testing the Soniox speech-to-text system.