Hello, and welcome to the Tele Columbus Q2 2026 results call. My name is Alex, and I will be coordinating today's call. If you would like to ask a question at the end of the presentation, you may press star followed by one on your telephone keypad. I will now hand it over to Carmen Becker to begin. Please go ahead. Thank you, Alex, for the introduction. Good morning, ladies and gentlemen. My name is Carmen Becker, and it is my pleasure to welcome you on behalf of the Tele Columbus management team to today's conference call following the release of our results for the second quarter and first half of fiscal year 2026, ending 13th of June. This call is limited to 120 minutes. In case of any follow-up questions, please let me know. I am here today with Christoph Lüthe, Chief Executive Officer, and Tim Rhönisch, 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 journalists are on the line right now, we would highly appreciate if you were leaving the conference call now. Press representatives are welcome to call my colleague, Sebastian Artymiak, to discuss any outstanding questions. Please note that we have already uploaded the presentation 30 minutes before the call. We will upload the toolkit with the final numbers and financial report. Having said that, it is my pleasure to hand over to you, Christoph. The floor is yours. Thank you, Carmen, and good morning to all participants on the call. My name is Christoph Lüthe. I am covering the first two points, the short executive summary, and then a couple of words on the operational update. Jumping straight into, in Q2 2026, our footprint reached 2.03 million upgraded connected homes. Excluding the divestment, we delivered over 11,500 organic net adds quarter-over-quarter, and the fiberization progress to 27%, up 2% year-on-year. While disciplined deployment successfully reduced Q2 network CapEx to only EUR 90 million. We closed the disposal of our non-strategic Magdeburg subsidiary, as we mentioned in the last call. The scope impact involved around 102,000 upgraded homes, 47k IP, and around 64,000 TV RGUs. In terms of our capital structure, there are constructive dialogues between LSI, Morgan Stanley, and our lenders. The discussions are ongoing, and we expect results or completion early next year. In terms of the leadership team to drive our operations forward, we appointed a new CIO, which started in the beginning of August, for sustainable IT modernization. We also realigned the CTO office to sharpen the focus on efficient network operations and intelligent optimized CapEx allocation. Jumping a few words to the sales environment. Top-line sales, there is an operational Internet add reached around 8,000 units plus in the second quarter, which is a 4.5% year-on-year increase, which is outperforming a flat to declining industry market, which I am going to talk later, too. The reported net adds stood at around - 39,000, which came due to the Q2 divestment of the Magdeburg asset. The product ARPU could be increased by around 105% year-over-year, while the IP churn improved over Q1, which remained fully aligned within our budget. Finally, the high-speed products continue to drive our growth. We have around 48% of our gross adds have chosen speeds of more than 500 Mbps or higher, and our 3P bundle product share reached around 37%. A few quick words to the financials, which are later going to be presented by Tim. Revenue reached around EUR 209 million, which is a slight decrease of 0.9% on year-over-year. The normalized EBITDA increased by nearly 2%. Additionally, to the reported EBITDA benefited from around EUR 19.8 million deconsolidation gain from the subsidiary sale. CapEx spendings excluding leasing declined by nearly 51% on a year-over-year logic to EUR 37 million. The cash position was well maintained at EUR 66 million in cash and cash equivalents to the end of June this year. Market-wise, the housing associations or B2B, here we could secure or prolong around 20,000 Homes, actually, and some of the key contracts came through housing associations in Frankfurt Oder or in Berlin. Also very important that we enhanced our footprint by around 5,200 marketable homes on our infrastructure. Means the footprint is growing. For the FTTH wholesale program, we have been successful signing an agreement with 1&1 for our fiber network, and this becomes fully operational by the beginning of next year. Okay, this said, jumping to page eight. Talking a little bit about our growth, where major peers like Vodafone or Deutsche and even United Internet operate more or less in a negative growth territory. We have been able to deliver a normalized plus of 4.5% operational growth in the second quarter. This position is the result of disciplined commercial execution of the sales teams, because rather than engaging in aggressive price wars, the team prioritized high-value growth and ARPU protection using cost-focused promotional approach through Q2. The commercial momentum were driven despite our aggressive competitor promotions or despite aggressive competitor promotions during the FIFA World Cup. We focused on much more high-tier products and did not jump onto the aggressive promotions. Talking on slide slide about the internet subscriber performance. The total internet RGUs sustained at 707,000 RGUs. The reported quarterly decline of around 39,000 subscribers came entirely due to the divestment of our MDCC subsidiary. The organic net adds of the sales team were + 8,000 units. The fiber upgrade strategy is delivering, in the meantime, strong commercial traction. The FTTH subscriber base grew to 108,000 RGUs, which is a 19% year-on-year increase compared to 86,000 in the second quarter from last year. Going to the bottom chart. Internet and telephony revenue expanded by 2.6%, reaching around EUR 60 million in Q2, versus EUR 58.6 million in the second quarter of 2025. This top-line growth reflects continuous underlying organic momentum, which successfully outweighed the revenue impact of the subsidiary divestment in Magdeburg. Okay, talking on slide 10 about our product mix. The high bandwidth strategy delivers very positive end results. Nearly half of our new customers in the second quarter selected products with speeds larger than 500 Mbps or higher. If you combine the 250 Mb products as well, around 85% of our gross adds were in that segment, which is a very positive development. Our fiber footprint is growing, reaching a 44% penetration rate across our 245,000 FTTH households, translating into 108,000 FTTH RGUs. This penetration rate of 44% outperforms the HFC legacy coax penetration, which is at a rate of around 30%. Turning to the bottom. The bundle mix for our triple-play share increased to 37% in the second quarter, up from 29% in first quarter one, which was a major step. The strong uplift came primarily through the targeted door-to-door executions and commercial campaigns leveraging the FIFA World Cup in summer. Talking about our TV developments. The total TV access RGUs reached 934,000 units. This includes 732,000 TV access individual RGUs and 202,000 access bulk RGUs. Organic TV development remains fully aligned with the broader market trend. When adjusting for the 2,500 RGUs lost due to the sale of Vodafone in 2025, the underlying decline in our TV base successfully slowed to approximately -9,000, which is a big step forward with improvement compared to the previous quarters. In terms of the premium TV performance, stable 442,000 units in Q2, all compromising 235 individual RGUs and 7,000 bulk RGUs. Overall, a minus of 5,000 units. Work through the operations. Tim, I would hand over to you. Thank you, Christoph, and also good morning from my side and a warm welcome to everybody on the call. Let's start with our revenue performance in Q2 on slide 13. We are slightly down from our Q2 2025 revenues, where we achieved around EUR 106 million. We are down to EUR 103 million. However, that is mainly impacted by our deconsolidation in June from MDCC. That accounts for around EUR 2.7 million. As you can see on the chart, last year, Q2 MDCC contributed around EUR 8 million, and in Q2 2026, around EUR 5.5 million. On top of that, in Q2, if you also recognize the around EUR -1 million driven by the Vodafone deal in Q4 last year, we are down. Actually, we would see a slight increase, adjusted by those EUR -3.5 million, driven by deconsolidation or M&A deals. Organically, revenues grew in Q2 2026 versus Q2 2025. That was mainly driven, as Christoph already explained, by our internet and telephony revenues increased by 5.4%, while TV remains impacted by the general market headwinds in line with our competitors. On B2B, we see stable revenues while construction work growth, driven by recognition of several projects within our footprint. Moreover, other revenues slightly declined, driven by the non-strategic sale of foreign signal footprints to Vodafone. With that being said, let's jump into our normalized EBITDA bridge on slide 14. The first six months in 2025, we delivered EUR 85 million in normalized EBITDA, and the first six months in 2026, EUR 86.4 million normalized EBITDA. However, as you can see on the bridge, the MDCC sale had an impact of around EUR -1.4 million, driven by the deconsolidation in June. Moreover, if we jump to the biggest decline in own-work capitalized of that around EUR 7 million. If you would adjust the first six months in 2025 on a like-for-like basis, that number would reduce to EUR -5.7 million. Last but not least, within our other operational expenses, the upside of EUR 700,000. Here, we also see around EUR 3.3 million in negative impact. I mean, offset by other positive impacts. But anyways, within the EUR +700,000, there's EUR -3.3 million driven by our IT CapEx. You will later see the correlation in our CapEx spending. Adjusted by that, our six months normalized EBITDA in 2025 would have been lower by around EUR 10 million on a like-for-like basis and another EUR 1.4 million by our sale of the MDCC. Bringing the baseline down to around EUR 82 million, which means a steep increase in normalized EBITDA on a like-for-like basis in the first six months, 2026. Now looking at the actual operational effects, you see an upside in our direct costs of EUR 3.1 million, driven by lower signal fees and also reduced other direct costs. Moreover, our personal cost that is mainly driven by the voluntary leave program from last year, that is now more or less fully in place. If you compare that to 2025, we expect personal costs organically to be down by around EUR 11 million in the full year. On top of that, the deconsolidation of MDCC will add another around EUR 5 million personal cost reduction. So a reduction personal cost on a full year basis of around EUR 15 million in also the upcoming month, driven by the MDCC sale. With that, jumping to slide 15. Here we can see the impact that I already mentioned in the normalized, or looking at the normalized EBITDA bridge. Our CapEx has reduced by pretty exactly 50%, coming from EUR 39 million down to EUR 19.5 million. Partially, that is driven by the around EUR 10 million for Q1 and Q2 combined for the around EUR 10 million onward capitalized and also reduced IT CapEx that has then spilled over into our P&L. Moreover, you can see the further reduction in our CPEs. That is driven by our CPE, so Customer Premise Equipment, that is driven by our CPE recovery project, which is actually not a project anymore, which has become recurring process. Then the biggest decline in network infrastructure from EUR 13.4 million down to EUR 5.1 million. So we're looking at around EUR 10 million Q1, Q2 network infrastructure CapEx spending versus last year. However, we expect an increase in the upcoming month, thereby coming to around EUR 27 million in network infrastructure CapEx for the full year, slightly below 2025. All of that obviously, in light of the cash preserving case that we are currently steering the company against. On the last slide 16, our regular overview. The first bar chart, our revenues. I have already explained that here, that is impacted by the Vodafone deal end of last year, and also MDCC, that had a total negative impact on the year 2026 of EUR -4.3 million. Thereby, we actually saw a slight increase in revenues for the first six months. Our reported EBITDA is up by close to 70%, coming from EUR 60 million up to EUR 102 million. That is driven by our non-strategic sale of the MDCC of around EUR 20 million. On top of that, lower costs, especially in relation to the last year's voluntary leave program and also consulting expenses. CapEx, excluding leases. I would skip that, we talked about that a slide before. Here, down by 50%, coming from EUR 75 million last year down to EUR 37 million this year. Then our operational cash flow, obviously impacted by those KPIs, coming from EUR 50 million all the way up to EUR 58 million. So an increase by +15%, mainly driven by our reduced CapEx and increased reported EBITDA. Okay. That is the financial performance of Tele Columbus for the first half year in 2026 and Q2 2026. I think with that, we are handing over back. Thank you. We will now begin the Q&A session. As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. Our first question for today comes from Tomas Moreno of Bain Capital. Your line is now open. Please go ahead. Hi. Good morning. I just had a quick question on the non-strategic asset disposal. What was the EBITDA contribution from that asset last year on a full year basis? Then what was the sale price for this business? The EBITDA contribution for 2025 full year normalized, EUR 14 million EBITDA, and the sale price was EUR 20 million. Is that EUR 20 million for your 50% stake or for the entirety? That is for the 51% stake. Got it. Okay. Why did you achieve such a low valuation multiple for this asset, considering the high network penetration that it has? Is the company going to see a benefit below EBITDA at some level that is not being captured in the multiple, maybe at reduced CapEx or reduced leases? Because if I look at it purely on an EBITDA basis, it does not look great. I just wanted to understand that. In relation to that sale, we also agreed with the new owner on an earnings payout of around EUR 7 million, with that sale of the asset. Total cash contribution, not sales price, but total cash contribution, was around EUR 27 million. On top of that, the MDCC is, let's say, a quite specific asset. There was basically one natural buyer, that was the Städtische Werke Magdeburg. The city carrier himself who owned the other 49%. On top of that, the MDCC basically had a legacy network, mostly in coax. The back-end network was provided by our co-shareholder. With that, let's say it was a very specific set up. On top with the sale of MDCC, we also, let's say, sold around 130 FTEs. Driven by the rules of procedure, they were not included by the voluntary leave program last year. It was, let's say, a very specific setup driven by the rules of procedure, shareholders agreement. If we would have sold the assets or tried to sell the asset on the open market, they always had the right to buy the asset or at least pitch in. Therefore, let's say it was a very specific deal set up. Moreover, the asset will require, which obviously was reflected in the valuation, a high CapEx spending to transform the asset where we saw a higher value generation spending that capital within our own footprint, despite joining in or pitching in the deployment CapEx for the MDCC. Got it. Okay. That's clear. Could you then explain what the incremental cost benefit from having those 100 FTEs transferred out to the buyer will be? Then, together with that, if you could walk me through again your ongoing cost savings plan and what we've seen to date in the numbers and what we're yet to see, that would be great. Thank you. The MDCC had personal costs, and I'm just taking the actual numbers, not whatever was budgeted for this year. The actual cost last year of MDCC was around EUR 10 million. They would have seen a slight increase to EUR 11 million, but let's stick with the actual numbers. For this year, we would see around EUR 5 million in benefits in terms of personal costs and the recurring effect, that will be around EUR 10 million in the full year 2027. On our own cost initiatives, as said during my presentation, we expect a reduction in personal costs of around EUR 10 million-EUR 12 million during 2026 versus 2025. Then on top of that, we expect around EUR 10 million other operational expense. Last year in the full year, we were at around EUR 85 million. This year we expect that to go down to around EUR 75 million, driven by several cost initiatives within marketing, consulting, IT, et cetera. There are a lot of initiatives contributing to that EUR 10 million, which we expect to be sustainable also in the long run. Got it. Okay. The EUR 10 million of MDCC cost, that is captured within the EUR 14 million EBITDA, right? If I shave off that EUR 14 million EBITDA from business, that already captures the EUR 10 million. That is not incremental. No. The EUR 14 million is the normalized EBITDA last year, and within the normalized EBITDA, the around EUR 10 million in personal expenses. Got it. Okay. When will you receive the cash for the disposal? That has already been recognized or received. Okay. We know it. Okay. All right. That's all I had. Thank you. Thanks. Thank you. As a reminder, if you'd like to ask a question, please press star followed by one on your telephone keypad. Our next question comes from Peter Jurik of Tresidor. Your line is now open. Please go ahead. Hey, guys. Thanks for taking my questions. Just to clarify, the sale that was just being discussed, MDCC, that was just coax. There was no FTTH or FTTB sold as part of that. The base network is an HFC network. Yes, that is correct. In that case, I guess, could you help me reconcile some of the statistics that you guys have shared? I think you said pro forma for the sale, you have had 8,000 additional net RGUs. Then I look at your Excel sheets, where you detail internet individual, FTTH and FTTB has stayed flat quarter -on -quarter. The 8,000, if that is the right number, pro forma that you are referring to, did that come in FTTC or HFC or did that I am just trying to reconcile the statements. Okay. Are we on? If you look at which slide is that? Slide nine. The majority of the add-ons were obviously in the FTTH environment rather than just 1/3 is in the HFC. On page five, when you say operational internet net adds reached 8K, you are saying that is FTTH and FTTB, but it is not reflected in your Excel sheet. One of those two is wrong. I just wanted to check. Do you understand the confusion? If on one hand, if you are adding 8K, okay, at least you are adding something. If you are adding zero on your FTTC and your FTTH network, sorry, FTTH and FTTB, it is just a little surprising. I just want to validate what is actually happening on the underlying network. Are you comparing the numbers to Q2 2025 or quarter-over-quarter? Quarter-over-quarter. Basically, looking at slide nine. I am just trying to understand. On slide nine, we reduced internet individual RGUs from 721,000 down to 707,000. However, and that is why we also showed that 47,000 non-strategic subsidiary. The reduction was mainly driven by selling the MDCC. If you are looking at the other two portions, FTTH grew from 86- 108,000, and FTTB together with FTTC, which we show in one line item, grew from 590- 600,000. Okay. It's a different stat to the Excel sheet, so maybe I'll just take this offline. I'll just clarify. Yeah. Because I was referring to the Excel sheet. Okay, you have a little bit of growth. I guess that leads on to the second question, which is, one of the things that you guys have been putting together over the past several quarters is just a little bit more of a sales machine. You have the infrastructure, you want to increase penetration. The sales and marketing staff took a significant pickup in Q4 2025. Again, I'm referring to the Excel spreadsheet, went from 111 FTEs to 182, and you've stayed at about 180. Could you walk us through as to how you are developing the sales machine, when you expect that increased FTE counts to translate to better net adds, either in the internet or in your pure TV or whatever division. Also, if you could detail to us your active PB strategy, because I think the number of active PBs has declined a little bit year-on-year at least, or even sequentially. That would be helpful. Thank you. I guess just trying to answer your first question. Obviously, Q4 sales is normally one of the, or the most important quarter. Even this year, the marketing teams and sales teams are being prepared and stuffing up the sales channel. The sales agents have started to book the promotional space, actually, so that we do expect that we will hopefully gain a similar size of customers than it happened also in Q4 last year. The activities are prepared and being in execution. Yeah, I wasn't necessarily referring to the number of customers added, it's just the size of the sales marketing team that you guys disclose. Again, I can follow up on that separately. I can refer you to the numbers. Maybe one more then. You guys referenced, because this is all part of the same thing, it's ultimately sales. You guys reference aggressive competitive promotions. Could you walk us through what those look like, what they specifically are? Is it win-back offers, sort of when you guys win a DT customer, for example, DT calls up and says, "Hey, I'll give you a win-back offer. I'll price under Tele Columbus." Is it very targeted or is it just in general aggressive nationwide? I guess we propose, would it make sense offering a deep dive on a specific basis also, and we're going to have our chief sales offer join the discussion as well. Then we can walk you through all the details if you would like to learn that. Okay, great. Thank you. In that case, I'll pause the sales questions and ask some housekeeping. Good news on the 1&1 deal. Could you remind us what I think you have a wholesale agreement. Is it with O2 and 1&1? Could you just list the ones that you have currently? Yes, we do have a wholesale agreement on HFC with Telefónica, which is successfully implemented, only for HFC at this point of view. We closed in May the agreement with 1&1, which is currently being implemented. This requires certain IT changes, investments on the 1&1 side and on our side. We agreed with 1&1 that we potentially also have the first sales also by the end of this year in Q4, to benefit from the Christmas sale, actually, on a limited basis, then fully fledged in Q1. Finally, we also closed a wholesale agreement for FTTH with Telefónica, which will be implemented in the first quarter of next year. This is something which I did not mention during the presentation. Great. The wholesale stack, the IT stack from the sound of it is basically completed because I know you guys were building that out and it seems like it is ready. You guys are winning contracts with it. It is ready to go. I presume you will be looking for more customers there. Exactly. The IT team implemented a new wholesale stack, as you just mentioned, which is ready to deploy and 1&1 and Telefónica will work on that new wholesale stack. We are also preparing the HFC environment, jumping on the same environment and obviously looking also for further wholesale on HFC going forward. Great. Thank you. You are welcome. Thank you. Our next question comes from Ben Rickett of New Street Research. Your line is now open. Please go ahead. Hi there. Thank you. I had two questions, please. First one, just a clarification. I might have missed it, but is 1&1 wholesaling both the fiber network and the HFC network? How significant an impact should that have? Will there be a noticeable pickup in your net adds from Q4 as they come on? Then second question, I wondered if you could just give an update on the discussion with BNetzA around the level four wholesale access and wholesale prices. I think there was an initial decision where they set a price of EUR 9.99. Is that likely to remain the price or it would be great to get an update there. Thank you. Just coming back to the first part of the question, as mentioned, the HFC wholesale with Telefónica is ongoing, operational and contributes every month. The FTTH wholesale, we will have a bit pushing for some initial sales in the last quarter in Q4 this year, but the full-fledged solution is going to be online, in Q1. The numbers will be obviously, will be not large for the moment. We just try to get it rolling, actually. Hard to answer. The second question I did not get properly. Maybe would be great if you could repeat that. I am sorry for that. Yeah. The second question was just around your negotiations with the regulator, BNetzA, around getting wholesale access to level four fiber. In a building where, for example, you have deployed level four fiber and Deutsche Telekom wants to access that, I think there are ongoing discussions around the terms of that access and the price of that access. Okay. I'm sorry. Thanks for asking the question. This refers to the changes of the regulatory TKG law. The pricing to what you refer has not been yet established in the market. The telecommunication law, the TK G, the new, is going to be implemented by the beginning of next year, 2027. A price regulation has not been agreed so far. This is something which we would expect over the course of next year. But we haven't got any indication where this is going to be. We believe, but this is just the first indicative numbers we have seen. This could be somewhere in the range between EUR 4- EUR 10, somewhere in between, but still is not agreed. It's even not agreed how the pricing is going to be developed. We'll need to wait, unfortunately, for a couple of months. Okay. That's helpful. Sorry, did you say 1&1 is wholesaling fiber and HFC? Telefónica is- Sorry, 1&1. -1&1 is only FTTH. Okay. Thank you. You are welcome. Thank you. Our next question comes from Polo Tang of UBS. Your line is now open. Please go ahead. Hi. Thanks for taking the questions. Apologies if this has already been covered, but I joined the call quite late. The three questions I have are, first of all, just a quick clarification question. In terms of your wholesale business with O2 and 1&1, is that included in terms of the net adds that you are breaking out? For example, you did 8,000 net adds in Q2, but is this retail only or does this include some wholesale benefit from the likes of O2? That is the first question. Second question, apologies, I think you might have touched on this earlier, but just in terms of competitive dynamics in the German broadband market, can you talk about what you have been seeing? We have actually had price rises from the likes of Deutsche Telekom and Vodafone. Has this been a tailwind for Tele Columbus in terms of net adds? Can you remind me whether Tele Columbus has put through any price rises on broadband in recent quarters? My final question is just really about the changes to the Telekommunikationsgesetz making it easier to deploy fiber in MDUs. What are your latest thoughts on how this will affect Tele Columbus? Are you worried about increased fiber competition and fiber build from Deutsche Telekom? On your footprint of 2.3 million homes passed, where do you have contractual agreements to upgrade the homes to fiber? Of that 2.3 million, what have you agreed to upgrade to fiber already? Thanks. Very strategic questions. Number one, the add-ons. I would offer that we follow up on detail on that. To my knowledge, the numbers should be included, actually. However, I would like to reconfirm that from that perspective. Competitors and the next. Price increases. Second question. The sales team, we do on a yearly basis, on a regular basis, we are going to do price increases. Not to all customers, but to those customers which are out of the contract termination time. This affects roughly 20% of our bases every year. The prices are being increased in the range of 2%-3%, actually, which is not that simple in Germany. To answer the third question, this is something which you also would like to understand. From our perspective, what we have seen so far, the changes in the Telekommunikationsgesetz affects two major areas. Area number one is that if somebody has been built fiber networks, a competitor potentially will be allowed to use the same network on a dedicated pricing. We do not know where this is going to lead to. We believe those guys who have initiated the network first will also maintain the number one position, because if somebody else would like to add or use the in-house infrastructure, first of all, he needs to get access to the buildings, which will cost a certain CapEx going forward. Experiences is not there. There is only a couple of demo cases or test cases being in the market. Well, can I maybe just expand in terms of, because I am just trying to understand in terms of the 2.3 million homes passed footprint that you have, where do you have a contract with a housing association to upgrade to fiber? So that is one part of the question. But another part of the question would be, and I have asked this on prior calls, but in terms of Deutsche Telekom, they have a lot of fiber passing MDUs, but they are not actually inside the apartment blocks. So what percentage of your footprint do you think is passed by Deutsche Telekom in terms of fiber, or where do you think they have fiber connected inside the apartment block? Do you have any sense in terms of the level of fiber build by DT in your footprint? Any color would be helpful. Thanks. I mean, obviously there is no detailed data available on the market. From our experience, we are going to ask ourselves the question more or less on a weekly basis. What we do see right now, our calculations reflect is that there is, for the moment, overbuild in the range between 5%-7% of Deutsche. That is in our core cities. As mentioned before, we have not yet seen that Deutsche is on a regular basis approaching the existing fiber contracts to ask for access. They also still need to spend CapEx to connect to the buildings. So the risk for the moment seems to be controllable. What this means going forward, we will see, but it would also offer us, obviously, entering into getting access as and when we want to build where Deutsche has contracts or even some of the other markets competitors. It's going to work out going forward. On that 5%-7% overbuild by DT on fiber, is that where they have FTTH or FTTB? Can I just clarify? It's buildings passed. Homes passed or buildings passed. It's not where they have fiber on the buildings yet. The number of homes where they have the buildings connected with fiber is significantly lower. I don't know the number, but it's zero dot whatever percent. Okay. Thank you. Again, it's not public knowledge. It's also the information we are compiling for our discussions and for our strategy going forward. But it's exactly as I've just mentioned. Thank you. Thank you. As a final reminder, if you'd like to ask a question, please press star one on your telephone keypad. Okay. At this time, we currently have no further questions, so I'll hand it back to Christoph Lüthe for any further remarks. I guess we are through. Thank you very much to all of you joining that call. Also, thank you very much for asking the questions. I guess we do have some follow-up information maybe come back to, as you just mentioned. If there's any further questions, please do not hesitate, come back to us, ask, so that we can answer. With that, we'll close the call and hopefully speak to you next quarter. Thank you very much. This concludes today's conference call. Thank you all for joining. You may now disconnect your lines.