Dear ladies and gentlemen, welcome to the conference call of Tele Columbus AG. At our customer's request, this conference will be recorded. As a reminder, all participants will be in listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulty seeing the conference, please press star key followed by zero on your telephone for operator assistance. May I now hand you over to Leonhard Bayer, who will lead you through this conference. Please go ahead. Thank you, Judith. Good morning, ladies and gentlemen. It is my pleasure to welcome you in the name of Tele Columbus management team to our today's conference call following the release of our second quarter results for fiscal year 2021, which ended on 30th of June. This call is limited to 60 minutes. In case of any follow-up questions, Manuel and myself are available to discuss. I am here today with Daniel Ritz, Chief Executive Officer, and Eike Walters, Chief Financial Officer. Now, I would like to remind you that if any lenders or rating agencies are on the call right now, that this is a public conference call in which only publicly available information will be discussed. I would therefore ask you to refrain from questions containing information not belonging to the public domain. This conference call is intended for capital market participants only and not for press representatives. If any journalist is on the line right now, we would highly appreciate if you were to leave the conference call now. Press representatives are welcome to call my colleague Sebastian Artymiak to discuss any outstanding questions. Please be aware that there might be a delay between the slides and webcast and the voice transmission. Having said that, it's now my pleasure to hand over to you, Daniel. The floor is yours. Thank you, Leonhard. Good morning, ladies and gentlemen. Warm welcome also from my side to our Q2 conference call. As usual, I'll kick it off with key messages followed by operational update and KPIs. Eike Walters will then talk about financial performance. I'll be back for outlook and guidance, and then we're ready for your questions. The headline for this quarter is mixed operational results and important transaction milestones achieved. More specifically, what do we mean by that? In terms of operations, the positives are we had another good quarter, continued momentum in internet and telephony net adds with 6,000 and 4,000 net adds respectively. However, another soft quarter on TV, where the CATV was down 22,000, in terms of customer base. However, 7,000 of that are a non-cash relevant adjustment to the database, which would have been done in Q1. Actually, the operational performance in Q2 was -15,000, which is in line with other second quarters. Premium TV net adds were probably stable. The NPS scores remain firmly in positive territory. However, we now see, and you'll see it when we talk about the specific slides, that they're now starting to plateau in Q2 after a rally over many, many quarters. That means we need to add some fuel to that fire here to continue growing our NPS scores even further, which we are firmly committed to do. We achieved a good rating in the recent connect broadband and landline test, and we're proud that was significantly higher in terms of points. We scored 26 points more than in the prior year, where we also had a good rating already. On the less positive side, B2B revenues are down 2.7% year-over-year in absolute money, minus EUR 400,000, as the Q1 already anticipated slowdown now materializes. That's happening in B2B. How does that translate into financials for Q2 core revenues excluding construction networks? Sorry, excluding construction work, we are down 0.6%, so almost stable. Had we had the usual boost from B2B like in previous quarters, we would have been able to grow Q2 core revenues year-over-year. At reported EBITDA level, we're down 6% year-over-year. That's driven by lower reported revenue, which includes not just core, but also construction revenues, which are down materially year-over-year, but that's actually not a bad thing, but a good thing. An OpEx increase, which Eike will elaborate on further. We spent 11% more CapEx in the second quarter of this year, as we have invested in network quality initiatives. As you have seen in the connect broadband and landline test, those are paying off, and we have also invested further into our fiber backbone rates. In terms of strategic happenings, you are all well aware of them. We just recapped them for your convenience. We have successfully concluded our equity rights issue, and we have deleveraged by EUR 360 million. For the first time in a long time, Tele Columbus now has net debt of less than 1 billion, and the leverage factor is about 4x net debt or EBITDA, as Eike will elaborate on. We also have a new supervisory board since the AGM in May, with whom we're working very intensively and very constructively. As you're well aware, the delisting offer is out and runs until the 1st of September at an offer price of EUR 3.25 per share. Lastly, as we published our talk last night, and I'll elaborate on that further on, we have updated our guidance for the full year 2021 to reflect what's now happening in terms of accelerating our investments into executing our Fiber Champion strategy. Of course, one of transaction costs also had a bearing on that. Now on operational KPIs, as already mentioned here, you see the net adds development quarter by quarter at the top for internet, where we had another good quarter of 6,000. That's already 14,000 for the first half, and we're well on track to deliver the best full year in terms of internet net adds in quite some time. We also had better net add performer, continued good net add performance as far as telephony goes. That's very much linked to IP performance as we only charge for outbound usage. The trend towards higher bandwidth continues, as you can see here in the stacked bars, the greener the better is the easy way to summarize it. We now have in excess of 75% of our gross adds in the second quarter, joining us with speeds of 121 Mb or higher. More importantly, the light green part of the stacked bar is also growing. We're in excess of 11% now that these are customers that are joining us with speeds of 250 Mb and higher. I can also share with you that on the back of our current summer promotion, in Berlin, where we are promoting specifically the 1 Gb, the gross add share, 1 Gb is developing very nicely. The market's moving towards higher speeds, which is a good thing, also for us, of course. Here is the less positive development in terms of TV and other soft quarter. As I mentioned, we report minus 22,000 net adds. However, the operational performance is - 15, so you should basically take the seven and add it to the first quarter rather than to the second quarter to have the full operational picture. That is easily explained because the first quarter typically is the one which is the weakest as we are getting also here, usually at the beginning of the year, the cancellations from the housing associations, and that's the 7,000 that was missing in the first quarter. As far as Premium TV goes, with the expiry of the campaign that we have out there, the marketing campaign, Premium TV net adds are zero in the second quarter. That again emphasizes the need to revamp our Premium TV solution, which we're in the process of doing. Nothing new to report as far as ARPU goes, flat. On the top you see internet and telephony, where basically the positive trend in internet and the less positive trend in telephony net each other out, and we report it consolidated, so EUR 24.1 in the second quarter. That's for the base, of course, not for the gross adds. As far as TV goes, also here, at least, stable ARPU. We are losing RGUs, but the ATV ARPU remains stable at EUR 8.7 in the second quarter. Here is what I already mentioned as far as NPS goes. First let's look at the rallies in first of the fourth quarter of 2017. You see very significant developments, +80 or 70 points in some areas, which is a really nice rally that we had. We're firmly in positive territory, but now you see it's getting harder to notch up these green bars even more. That's what I was mentioning. We're committed to doing so because NPS has a strong correlation, of course, also to churn. We have some initiatives coming, especially now that we have more fuel in the tank, I'll elaborate on that when we talk about guidance. Here you see B2B. On the right-hand side of the chart, you see the two bars. This is for the first half where we still show a material growth year-over-year. However, on the left-hand side of the chart, you see the year-over-year development for the second quarter, which is what I mentioned, 2.7% or EUR 400,000 down as the anticipated slowdown materializes in the second quarter. On the back of that, we also had a EUR 2 million lower contribution margin from B2B, which of course, also has a bearing on our consolidated EBITDA within Tele Columbus. B2B, we have some challenging quarters ahead of us, but they have delivered significant growth in the past, and we'll work hard to get back on track there. With this, I hand you over to Eike. Thank you, Daniel, and good morning also from my side. On the next page, it's page number 13. We have the overview of the revenue development and the underlying trends per category. The light blue bars describe the reported numbers, and the dark blue bars describe the development of our core revenues, which are the revenues excluding the construction business. This is similar to the recent reportings we gave to you. The decline reported revenues from EUR 119.9 million to EUR 115.7 million are quite significant, and this is more or less driven by the non-core revenues of the construction revenue. The construction, the core revenues are slightly down only 0.6% or EUR 700,000. Overall, we have a mixed picture there. While in TV and broadband, the recent trend continues. We saw the first time lower revenues in the B2B business, as Daniel said. The decline in TV is structurally and in line with the development of the customer base. We lost almost 70,000 cable TV RGUs compared to Q2 2020, and this results in EUR 1.7 million less revenues. Roughly 80% of this revenue decline is stemming from the individual customers. We see an ongoing positive momentum in the IP revenues. The increase in customer base there is rising the revenues, but the underlying trend is mixed. While we are pushing the high bandwidth products with high ARPUs, we are dealing with lower ARPUs in the telephony business. Daniel said it, and especially Berlin, where we have a promotion for high bandwidth, it's very positive to us and to our bandwidth mix there. As indicated already in the Q1 communication, we experienced and see a less active project business for B2B since some of our clients belong to the industries which were harmed by the pandemic. For example, hotel chains or others. The team is, as said, working very hard to come back on track there. We have now the first quarter without growth in B2B, and also see for further quarters in this year more challenging. The decline of the other revenues is driven by less construction revenues. These are around EUR 3 million, and these were partly compensated by other revenues like feed-in fees from broadcasters or rental fees. On the next page, we have the EBITDA comparison with the Q2 2020. You can see that the fewer revenues and higher OpEx weigh on the EBITDA there. The reported EBITDA shrink by 6% from EUR 57.1 million to EUR 53.6 million. The decrease is mainly driven by the aforementioned decline in revenues. Usually, thev construction business is a low margin business, thus the EBITDA effect out of this business is rather small. Maybe those of you who feel familiar with our business would have expected higher savings in the direct costs, which amount here to EUR 1.1 million. There are savings out of the construction business, but we had exceptional high costs of EUR 1.6 million compared to Q2 2020 in B2B. This weigh also on the margin of the group. We have a double negative effect in B2B, higher costs there and lower revenues in this quarter. This all sum up to the EUR 1.1 million less direct cost. This decrease of the signal delivery cost, for TV is due to capitalization effects with regard to fees for the use of foreign grids. Network lease in the context of new leasing contract that were capitalized according to IFRS 16, something we had also in the last quarters. Higher personnel expense due to higher number of FTE on board. We hired roughly 60 more FTEs and the drivers for that are the technical departments. We in-sourced some positions in FTE, but also finance and field service, and also necessary investments in the overhead areas where we hired people. Finally, some higher marketing spends and a reduction in non-rec concludes this slide. On the next page, we have the overview of the net income and the financial results. We have another quarter of negative net income. The net income in the second quarter amounted to a negative of EUR 22.8 million. This is approximately EUR 7.5 million less compared to Q2 2020. The decline there is driven by the lower EBITDA and the lower financial results, where the latter is stemming from prepayments and cancellation fees in relation to the deleveraging in May, where we paid back two term loans. On the next page, we have the CapEx. No news or relevant changes there. In the CapEx, we were very disciplined with our spendings in phase I. By the end of Q2, we were on track to reach our full year goals. That means that we had EUR 35.7 million in total or an 11% increase in Q2 compared to last year. This remarkable increase in new network CapEx is due to network quality initiatives in order to lay the foundation for the customer satisfaction, what we already started beginning of the year. In the last weeks, the team put a lot of effort in the preparation of the planned Fiber Champion investments, and now we are ready to start the engine for the rest of the year to invest in our network and the company further. My last slide is the leverage on liquidity table. What you can see there is a debt structure by the end of Q2 in the comparison to Q1 2021, before the partial repayment of debt. This is the Q1. After the capital increase in May, we used the proceeds to pay back the two small term loans, so the EUR 40 million and the EUR 75 million term loan, and we paid back part of the big term loan there. The rest is EUR 462 million, which we have still there. The payback of the loans, together with the cash position of the EUR 144 million by end of June, reducing net debt position to below EUR 1 billion, so EUR 970 million, which is quite new to the company and very progressive, positive. We are very happy as a management team to be in this position. The net debt ratio is now at four, and this is quite significant and a good achievement, and we are very glad that we are in this position. With that, I would like to give back to Daniel. Thank you, Eike. Now we get to guidance. Let me give you a bit of background to the revised guidance that was published ad hoc last night and which we replicate here for your convenience. The previous guidance that you see on the far right of the chart was based on what we call the going concern budget, approved by the then supervisory board in December of last year, at the time where we did not know yet whether the transaction that we have done would materialize or not. This was a budget which did not assume a transaction, and therefore, was very much focused on cash preservation as in the past. On the account of improved capitalization, we, the management, presented to the supervisory board yesterday a revised budget that now reflects fully our Fiber Champion strategy and calls for additional spend at both OpEx and CapEx level to start implementing our strategy in an accelerated manner. The supervisory board approved this revised budget 2021 at its meeting yesterday afternoon. Subsequently, we issued the revised guidance. Let me elaborate on the individual line items here. Starting maybe with reported EBITDA, which we have taken down materially. This is driven by two things. One, as I mentioned, incremental spend in areas such as personnel, IT, marketing, and others, which are related to the acceleration of our Fiber Champion strategy. In there are also additional transaction-related one-off costs. Taken together, they call for a reduction of the reported EBITDA guidance down to EUR 190 million to EUR 200 million. Typically, an EBITDA guidance reduction is a bad thing. In this case, actually, it's a good thing because now it says that now we're at the point where we can invest into executing our Fiber Champion strategy in a significant manner. The same applies to CapEx, where we now have taken up the guidance on CapEx by roughly EUR 40 million compared to the previous guidance. That, again, is on the account of faster, more pronounced investments in areas such as deployment CapEx, network CapEx, IT CapEx, and other areas. They all add up to roughly EUR 40 million. Again, in this case, it's a good thing because it says that now we are ready to fire from all cylinders and start investing materially into our Fiber Champion strategy on the account of improved capitalization. Now you may wonder, why didn't they do anything to the revenue line as far as guidance goes? Well, that's easily explained because, first of all, we're now in late August, so now that we're ramping up these investments, they have a lead time. Secondly, many of them go into foundational items. When you build a network, when you deploy CapEx, you're not going to get incremental revenue the next day. We're building the foundation for a strong 2022 and beyond. That's the rationale why the revenue guidance remains at the level that it was previously. That's the background to our revised guidance for your information. The last slide, which takes a bit of time to appear. Yes, here it is. Just, again, nothing new here, but to remind you that the delisting offer launched by Kublai GmbH on the 4th of August is still running until the 1st of September. The offer price is EUR 325 per share in cash. Yeah, so no closing conditions attached to this offer, just FYI. That concludes our presentation, and we are now ready for your questions. The first question is from Lars Dueser, Deutsche Bank. Your line is now open. Yeah, hello. Good morning, everyone. I have actually three this morning. First of all, if we talk now about this EUR 20 million less reported EBITDA guide, how much is driven by higher transaction costs and how much is driven really by higher OpEx related to the new strategy? Yeah. Daniel. Thank you, Lars. We're not disclosing the exact split. Sorry to speak. I have to interrupt. Your line is very bad at the moment. Maybe you could redial. It's us or actually Lars' line? Now it's better. It is better now, but for a moment it was very bad, so sorry for the interruption. No problem. Over to you, Daniel. Okay. Thank you. Sorry we had some technical glitches here. Lars, thank you for your question. Look, we're not disclosing the exact split, but we had previously indicated that the transaction cost would be in excess of EUR 10 million. I think you can do your own math in this regard. It's a material part, but it's not the only part. Also, please keep in mind that we're now talking about all the amounts I've given to you, or the indications are related as far as OpEx and CapEx into the strategy goal related basically to the remaining months of the year. They're not 12 months run rate. No. Fair enough. Related to that, is it fair to assume that the portion which really relates to the accelerated OpEx in line with the new strategy, that this is really a startup cost to get the project up and running and to make yourself wholesale ready? Is that something which will recur next year, given that's now the path you are going down to? I think that's a question more around sustainable margins now, right? Yeah. Look, it's both, right? There are things which are one time, and there are others which are of more recurring nature. Hiring more people, they're not going to disappear as at 1st of January 2022, so they're going to remain here. These are recurring costs that we carry through. All of this eventually will translate into incremental revenue. It's just that as I was trying to explain, there's a bit of a time lag. You invest into deployment projects, for instance. You bring on board new people, additional people, to drive revenue. That has a certain lead time until that revenue growth starts to appear. I don't know whether I answered your question. Okay. You wouldn't give us a number or a ballpark of how much of the EUR 20 million will be recurring really next year? No. When it looks at that, we get into levels of detail which we don't really disclose. As I mentioned, some of that cost is one-off transaction related. Some of the rest is operational, and of the operational, some are more like one-time, like kickoff, and there are others that are recurring. We're not going to get into the details, but I can give you the areas again. It's personnel, it's marketing, it's IT, and it's a couple of other areas. They are not 12-month run rates, they are for the remainder of this year. Got it. Maybe to the second question, when it comes to CapEx. The guide there was up by EUR 40 million. Probably that is also related to the second half, really. If you analyze that, you probably get closer to EUR 100 million of incremental CapEx spend. Now, of course, at the same time, we know you want to spend quite a bit, right? You want to spend EUR 2 billion over the next 10 years, which would imply EUR 200 million on a linear basis. Is it fair to assume that maybe at the beginning of the project, you spend a bit below that EUR 200 million average, closer to the EUR 100 million ballpark, just until you have more critical mass on the whole of sales run, really? Yeah. Look, your assumption is correct, right? When you scale up an engine, it takes time to scale it, especially on deployment. You cannot spend everything day one. First, we need to win additional housing association projects, which is the housing association guys do. Then we then define the projects, and then we spend the CapEx, and it takes a bit of time to scale up the engine. Your assumption is correct. This is not the run rate yet that you will see when we are in full swing. Again, remind you, this is for the remainder of the year, not 12 months. Also, just as an add-on, Lars, remember that the EUR 2 billion you are referring to is in relation to network CapEx, yeah. The overall envelope is closer to EUR 3 billion over 10 years. No, absolutely. Thank you for that, Leo. I think that the question related to that really is that something you disclose? How much FTTH you have spent, let's say, in full year 2020 or even better in the first half of 2021? No, unfortunately not. Please bear with us. This is also competitively sensitive information, and we're well aware that there are some competitors out there. We're not disclosing this level of detail. However, you can track what we're doing in terms of FTTH, because when we do a material size FTTH project, several 1,000 homes connected, we typically do a press release. There were several of them over the course of the last few months. Also remember what we shared initially in August 2020, when we highlighted that around about 15%, so 15 of our IP-enabled network, is based on FTTH, respectively FTTB, and then we gave you the numbers of what these build out costs, yeah. All that is in the market. Again, it's 15% of our IP-enabled network. I think this number hasn't moved a lot over the past 12 months. I think you will get a better sense of annual run rates once we guide for the full year 2022. Here we're in a transition year, right? The first half plus was going concern, and now we're starting to ramp up the Fiber Champion execution. It's quite difficult to read something from this. I think, as I said, full year 2022 guidance will give you a much better idea of the shape of things to come. Understood. I guess with the information Leo just provided, we can obviously come up with an estimate on that. Thank you for that. The last question, really, and thank you again for your time this morning. Any updated or latest view on the regulatory change on cable TV billing in Germany? If you can remind us maybe of what's going on there, the timeline, and how you see this impacting Tele Columbus down the line. Sure. Yeah. Look, as far as the law goes, nothing new. The law has been passed, and it's coming into effect 1st of December of this year. It says that as of mid-2024, there shall be no more bulk billing for TV. That goes away. It will have to be individual billing. Nothing new in this regard. We are now working internally in anticipation of that, to strategize how we best do this. What we do know is that by mid-2024, all those concessions where we have bulk billing today will have to be switched over to individual billing. That's one, an activity with the housing associations, because we need to change that contract. Where it says today bulk billing, that needs to be changed to individual billing. Secondly, of course, we will need to approach the tenants that are today under a bulk billing contract and to entice them to join us as individual customers for our TV product. That's basically what's happening. In terms of impact, these are counterbalancing effects, right? As we disclosed before, on the bulk, you have basically 100% penetration unless apartments are empty. Let's call it maybe 90% or 95%. On the individual contracts, by definition, you will have less. We'll have less penetration. However, we do know from concession agreements where we today already have individual billing, we have an idea where we're going to land, in terms of penetration. As far as ARPU goes, and that's the argument that we have used towards the politicians, but they were not willing to listen, is that it actually will get more expensive for tenants. Today on the bulk billing contract, typically the ARPUs are lower. Now they're going to go up. Having said that, we are also well aware there's a competitive market out there for TV products, and therefore, the TV ARPU will not increase materially, but it will increase. The most important thing is that we upgrade, and we're working on that, our TV proposition, because clearly today, CATV appeals to some, but not to all. These are some of the effects that we anticipate and things that we are working on. Thank you. Thank you very much, all. Thank you. You're most welcome. The next question is from Pete McCord, Rubira. Your line is now open. At the moment, we can't hear you, Pete McCord. Your line is now open. You can ask your question. Okay, we move to the other question in line. It is from Bruno Reading, PGIM. Your line is now open. Thank you very much. Hi, guys. A couple of questions. The first one is just a bit of a specific point. There is a EUR 30 million working cap outflow in the quarter, which seems quite large compared to historic trends. I was just sort of wondering what that was related to. Yeah. I take the question, Bruno. It's really related to the transaction cost. We had some costs where you can also see in the financial result and some prepayment and cancellation fees and so on, and this increased the working capital, so no operational basis for this. Okay, thanks. Just on the CapEx guidance, I was just wondering how much of that is actually cash CapEx. Yes, in most cases, it is cash CapEx, but we are reporting usually the normal not cash. It's a more balance sheet CapEx what we have. Also the financial leases, for example, they are also in, but just with the amount what we need to pay in this. If we prolong something, if we rent a network or a lease line with a 10-year contract, we just pay for one year, and this is what we show on our CapEx, and this is included in the guidance, not the full amount. Of course, you have also own work capitalized in, which is not cash repayment. Okay, the CapEx guidance includes the own work capitalized as well? Yes. The cash number will be maybe like EUR 150? This is nothing, we disclose, I think we have this toolkit there. I think it will be in line. If you have the annual report from last year and the half-year report, this is in line, everything what we show there. We increase the amount of development CapEx and also the own work capitalized will slightly increase related to this. Okay. All right. Thank you. Then just the last question was just, I was just wondering if there's any sort of update, obviously, on how you might approach your future financing needs, just given, obviously, the EUR 2 billion CapEx bill that you've got ahead of yourselves over the next decade. Yeah. Our existing facilities have a maturity until 2024. We are well-financed right into 2025, the bond there. We are well-financed right now. We have sufficient liquidity at hand, and we don't have a midterm guidance out by now. We will decide together with our supervisory board on a midterm plan and within the budget process by the end of this year, we will decide and when we have to, we will approach the financial market again. Okay, great. Thank you. At the moment, we have no further questions. As a short reminder, if you would like to ask a question, please press star and one on your telephone keypad. We have a next question. It is from Pierre Bresnu, Oddo. Your line is now open. Yes, good morning. Thanks for taking my questions. I have three, actually. Can you give some color about the revenue trend for B2B in Q3 and Q4 after the revenue decline in Q2? Second, as CapEx are accelerating, how do you see the leverage moving going forward? Finally, can you just give some update about discussions with telcos, and are you confident to secure new wholesale agreements? Thank you. Yeah, Pierre. Thank you. Look, on B2B, we're not guiding at revenue level of the individual business unit. Sorry for that. As we said, the Q2 is not over yet. The weakness will remain, and we are not expecting material growth for B2B for the remainder of the year. Let's maybe leave it at that. That's on B2B. Sorry, on your CapEx, I'm not sure I got the question. What was that question again? It was a question about the leverage trajectory as CapEx are accelerating. Another question regarding the leverage, Pierre. I think we are very comfortable with our current situation, and we have also enough liquidity. On top, we have further EUR 75 million commitment from our main shareholder by now, so there could be another capital increase. Over time, of course, we will start with the heavily investing period, but over time, also the EBITDA needs to increase. The debt ratio should- I expect it to increase, but not to the levels we had seen before the deleveraging event, because we would like to invest in the company and the substance of the company, and this will increase also the revenues and by that, the EBITDA. Okay. Then I'll take your last question on wholesale. Telefónica is operational now for one month. Yeah. It's still early days, but it's working. With 1&1, as you know, we have disclosed that we have signed a binding pre-contract. We're in the process of finalizing the main contract, and then, in parallel, already starting work on the implementation. That's going in the right direction. Of course, there are discussions, but we are not disclosing the nature of those discussions because they are, by definition, confidential and outcome is uncertain. Very clear. Thank you. The next question is from Julien Lange, RBC Credit Partners. Your line is now open. Yeah. Hi. Sorry. This is Julien Lange. Can you hear me? Hey, Julien. Good morning. Yeah, we hear you. Fantastic. Yeah. I just have a follow-up on an earlier question, just about the EBITDA guidance. It's obviously kind of EUR 25 million- EUR 30 million lower, and that's just for what the remainder of the year is basically starting today, right? Not even six months run rate impact there. Taking what you said earlier, on the kind of larger than EUR 10 million one-off cost that you've already stated previously, and doing my own math there a little bit, I get to a full year run rate of EUR 30 million- EUR 40 million impact. Which granted, you mentioned that not all of it will be fully recurring and there will be also in the OpEx, some one-off items, and you're not really guiding for an exact split. This EUR 30 million- EUR 40 million number seems kind of high, and surprises us anyways. In relation to the fact that, if the CapEx spend is yet to fully ramp up and you have yet to see what kind of revenue impact you can actually expect from whatever CapEx you will spend, right? If you could give a little bit more color on that would be helpful. Thank you. Yeah. Julien, Daniel here. Look, you do your own math. I would say you're probably on the high side with the numbers, but I will not say more than that because we're not guiding on those numbers. They look high to me, what you said about recurring effect now. Look, please keep in mind that Tele Columbus, we're not just accelerating our new strategy. We also come out of a period where we were extremely cash constrained. We also have holes in the existing organization, that we need to basically fill, to be ready to fire from all cylinders. It's not all new stuff related to future Fiber Champion strategy. That's one. Two, the CapEx spend is not going into new fancy areas where we say, "Good luck. Let's see what happens." We're doing more of what we already do, and we do it faster, and we do it with more rigor and in an accelerated manner. Deploying housing association contracts, deploying CapEx for those housing associations and driving B2C and wholesale growth through that is already what we have been doing. The execution risk on that is significantly different from saying, "Let's now venture into something new that we have never done before." Yeah. We have clearly said that when we presented our Fiber Champion strategy a couple of months back, that this company will go operating free cash flow negative for quite a few years. That's the nature of infrastructure investments. That's not a surprise. Don't know whether that's helpful as an explanation to your question. Yeah. It's helpful. Thank you. You're welcome. As we have no further questions, I would like to hand back to the speakers for some closing remarks. Thank you very much, Judith. Thanks to all of you participating this morning. I would like to hand over to Daniel for closing remarks. Thank you, Leo. Thank you everyone for joining this morning. Hope this was useful to you in terms of presentation and Q&A, and we look forward to Q3. Thank you. Bye. Bye-bye. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.