Of Agile Content, is gonna be presented by Hernán Scapusio, President, Alfredo Redondo, Senior Advisor, and Santiago, CFO, and Koldo Unanue, the new CEO. The floor is yours. Hello, good morning, everyone. Do you see properly the screen? Could I have the confirmation, please, Raquel? Yes. Yes. We can see it properly, yes. Okay. Okay, okay, this is basically, you know, the, the index we're gonna, we're gonna cover basically is based on the report that we already presented for the 2023, and we are gonna make, you know, also a special, you know, focus we provided for the 2023 and the guidance we are providing for the 2024. Always is difficult, you know, to summarize 365 working days, but if I may, I could say that the four main highlight. The first one is that it is evident that we are having, you know, outstanding improvement in the value, and I'm saying value, you know, all the financial reference that we are providing. The second one is that the. And this was, you know, something largely promised, that we have been basically finally, you know, able to replicate the success of Spain beyond Spain for the TV platform. The third one is that we are boosting, you know, the innovation in all the technology we are working with, but it's just not a matter that we are keeping the innovation, the technology, also that clearly, you know, the way to provide the technologies, the business model had changed. Today, most of the technology are provided in the software as a service, in the software as a service model. And last but not least, we have been able, and this is basically, you know, this is basically responsible for big part of the results, that we have been able to consolidate the operational model. You know, that this was one of the main, you know, milestones that we had in the company. After three years of massive acquisition, there was, you know, around the company to really consolidate all the companies, all the technology that we bought in the past. You know, because, again, we not just in the report, but also in the press, in the press release, but, again, let's make, you know, a big summary. Revenues, EUR 102.6 million, which means, 1% increase vs last year. In that case, by the way, I will mention, but just a small, you know, recall that we had reported in the IFRS model, whereas the 2022 was done in the Plan General Contable. We have tried to make, you know, the more accurate possible the comparison between the 2022, 2023, taking into consideration that for something we are providing in Plan General Contable, but basically all of them has been provided in the IFRS. It's not the first time that we mention, but we are highlighting in the 2023, the fact that the big some part of our revenue were coming from what we call, you know, content management. Okay? Then this is where we have emphasized it this year, that if we remove the impact of the content management, I mean, the activity we are doing passing through the content, those revenues of EUR 102.6 million were EUR 64.1 million in 2023. And I am emphasizing this because especially in 2024, the guidance will be provided in that, in that way, but I will comment a little bit more on it. The EBITDA, EUR 14.1 million in IFRS means a growth of 21.7%, whereas in the Plan General Contable, it's 19.5%. The net financial debt, we have been able to reduce the net financial debt vs, you know, last year 23.1. I would like to emphasize again that this drop of EUR 0.5 million vs 2022. I'd like to emphasize once again, you know, that from the acquisition we had in the past, we had what we called, you know, earn-outs. Those earn-outs are still, you know, basically in function of the results of the company we acquired. Those are in the balance sheet, but let me recall again that it's up to a year if finally we decide to pay these earn-outs either in cash or in stock. But again, this is why we are providing the net financial debt, the net financial debt, the debt with earn-outs, which is 23.1, or without the earn-out, okay? Because in that case, would not be part of the debt. In that case, the net financial debt is EUR 7.3. Very relevant because of the decrease of the net financial debt and the increase of the EBITDA, the ratio between both parameters, we moved from 2.0 last year to 1.6 this year. Once again, 1.6, including the earn-outs, 1.2, it will remove the, the earn-out. And this is one of the parameters that we follow more closely because at the end of it is giving the possibility of repaying, you know, the debt, but also giving us the possibility of increasing, you know, our debt, our debt capability. And finally, the operating free cash flow that at the end of the, you know, is the way, you know, we're providing. We are converting cash. You see that is near, it's more than 40%, we are converting the EBITDA to operating free cash flow, EUR 7 million, which means 43% growth vs last year, and 44% vs last year in the Plan General Contable. As I said, altogether, I do believe it's quite fair to say that we increase value of the company with all those parameters. Just a small, I will not cover this slide, but just, you know, a small difference that we have between IFRS and Plan General Contable. Basically, you know, the main impact has to do with some renting that we have is the model, you know? But okay, anyhow, you see revenues is the same. EBIT is different, and which is maybe more high level is in the net profit, that right now, you know, with the IFRS, we could say that we are, you know, in the positive. You see that we are EUR 1.1 million positive vs EUR 3.1 million, and that we could have, you know, in the Plan General Contable. And as I said, the main difference in the EBITDA vs the EUR 12.3 and the EUR 14, that is basically, you know, is for a matter of what we are considering, you know, some renting. But if you have any additional question, maybe at the end of the meeting, Santiago could reply. But we have tried to be totally transparent in the presentation of the numbers to be able to make a fair comparison. If we go a little bit, you know, in the revenues structure, of course, you know, the company had, you know, organic growth, you know, for many years. But it is true that after the large change or the large acquisition we did, it is, I'm sorry. I'm sorry. I'm sorry. Fine. It is true that after those acquisitions we did, we get, you know, an understanding in organic growth. And then it's worthy to mention that in 2023, those revenues are totally organic growth. This is what we call the consolidated organic growth. Then it is evident that the main flow of the growth has been, is coming from the TV platform. And the impact of the TV platform is just not in the revenues, but is because precisely the model of software as a service, the TV platform is increasing what we call the annual recurring revenues. Putting down the numbers, again, the EUR 102.6 in revenues, the EUR 64 net revenues, and if we split in term of business, 62% of the, of the business is coming from the platform, and 38% is coming from the TV technologies. And if you remember a little bit in 2022, this means a little bit, you know, increase in the weight of the platform. We are talking in term of, what we call, you know, predictability. That mean to what extent we are able, you know, to do, you know, a forecast of how the company is gonna behave in the next years. Then the, the recurrent part, which is basically including the software as a service, but also, you know, the maintenance. We have still, you know, a huge amount of, of maintenance contract. In that case, the weight is 75%, is about, you know, two-three points above last year, and the non-recurrent is the 25, is the 25%. And also very relevant, if we are talking in terms of geographies, and in that case, I would like to bring to your attention that this is split between geographies, between the geographies, is done by the net revenues. That I do believe is a better indication of the behavior of the company in a geographical model. It will remove, you know, the quantity, but then if we refer to the EUR 64 million, you see that Spain still, you know, is around 53%. It is evident because our first customer in platform was coming, you know, from, from, from Spain. You see North America is 25%, and then the rest of Europe, 8%, Latin America, 7%, rest of the world, 5%, and the APAC, 2.5%. If we move to the zoom in on platform and technologies, I could say that in the platform, 63.3, the growth of 4.5% is proof right now, and a sustainable model, what we selected, you know, what we decided some years ago around, you know, the content, the TV platform. The TV service start to be a fundamental part of what we call telco provider super aggregation. It is evident that the telco providers, they are having, you know, a good asset because they have the bill, they have, you know, information about the customers, and then the telco are putting all those together, selling TV. It's just not selling broadband or while it's selling TV, they are selling insurance, they are selling alarm. Okay, you know very well, and this is what we call, you know, the content of super aggregation, and this is proof, this is a business model which is proved, and this is where we are taking benefit of this. I like to believe, and Koldo as has been, you know, our main customer since, you know, one month ago, he will mention a little bit more at the end. But I like to believe that we had, you know, an outstanding improvement in the performance of the platform in four main parameter. Scalability, this is where we are able to be right now outside Spain. Robustness, clearly, you know, it's more solid, you know, the performance on the platform. Usability, at the end of the day is a matter of total cost of ownership. The more usable the platform is, it's better for our customer, but also for ourselves. And openness, it's time, you know, the concept of platform is more and more open. You cannot do everything by yourself, and you have to involve, you know, third parties. This is why the concept of openness of the platform is quite relevant. Today, with the content we had, you know, this year, that they, they didn't yet bring in term of revenues in the 2023, but they will happen in the 2024. We have today more than 23 brands along Spain, Italy, Finland, and Brazil, and Brazil, and as I said, in different stages of maturity. Spain bringing revenues, Italy, Finland, and Brazil not yet bringing revenues, but it will happen in the 2024. And if we put together the broadband, let's say the broadband home pass by our customer, we are talking about near four million. I mean, this is giving you a little bit idea of what is, you know, the, the, the, the potential growth that we have in, in the, in, in this segment. Today, we're talking about near 4 million pass, if you want, home pass, but the household today and the service, we are very close to 840,000. Maybe today we are already in the 800 and 40,000. Where we did, you know, some sales, some change in the sales organization in 2023, that they're starting to give result in 2023, but also in 2024, and I like to believe that we have really a very healthy pipe. This pipe is coming from tier one, that today they are providing TV service, and they are talking to us, you know, to ensure part of our, of our, our technology, but also greenfield operation. We have mentioned very very plenty of time that in Europe, just in Europe, there are more than 80,000 telco customer that today they are not yet providing TV. Okay, those are what we call, you know, greenfield operation, that we believe could happen, and some of them could happen, you know, in the next year. And last but not least, as I already mentioned, that we are giving less impact, you know, to the content. That at the end of the day, the content is a matter that they will be very dependent of what the end customer like to do. This is why we are emphasizing more our participation in the platform, in the application upon the platform, and what we call professional services around this platform, and not so much in the content. Content, of course, is fundamental for the video. What I'm saying is that at Agile, we believe we have more value to bring in term of platform, application, and services. If we are talking about video technologies, the revenues were EUR 39 million, which means 41% drop vs last year. And I could say that the main reason is that really, you know, the way we are provisioning this technology is totally different, and it's more and more in the same way we are providing the TV platform. I mean, it's more a software as a service, because basically, you know, the hardware is way, is losing, you know, weight in the infra. Of course, you know, the hyperscale vendor, like Amazon, Google, et cetera, are precisely, you know, downsizing, you know, the cost, and this is why the software as a service, you know, is getting momentum. In our particular case, that mean that we are moving from the hardware revenues to the software as a service, including application and services, and this is why we were basically, you know, affected in 2023. We are. Clearly, we are talking about, you know, the infra, I mean, the CDN, those kind of things, but also, you know, the value related to the, to the devices close, you know, the end customer. In our case, we are talking about, you know, device management, we are talking about device management for our customers as a telco, for instance. But we are talking about device management for customer we have in the enterprise. In enterprise, you know, basically, we are covering the hospitality, we are covering digital out of home, we are covering healthy, and in that case, there are, you know, devices very close to end customer, the end user, and in that application, we are also adding value with the Content of ICL device management. We have mentioned, but I like to emphasize again, that we have, you know, a common background between the platform and the technologies. At the end of the day, when we are selling CDN, we are selling the same CDN. When we are selling subtitling, we are selling the same subtitling. When we are selling about, you know, certain application, are the same. As I mentioned, as we mentioned very, very often, it's just a different manner to deliver to the customer. We have a very solid, you know, installed base. We have more than 120 customers in technologies, and 80% of the top 50 European telcos are trusting our technology. And indeed, in 2023, we are very proud of the new logos that we were able to incorporate. Some of them we announce in the ad hoc, you know, press note. But also, I'm sorry, but we are not entitled by our customer, you know, to replicate, to repeat the name, but we have signed two, three big, big, you know, customer out of those 18, that we are talking about renewal of the maintenance and the technology associated for multi-year contract. Sometimes we're talking about three, four, five year. That means that we are getting, at the same time, new logos, but also we are getting, you know, the confidence of the customer we have today to renew, you know, for multi years, for multi-year contracts. We already talk about revenues. Of course, you know, this had, you know, an impact in the EBITDA. You see that the growth in the revenues were in the range of 1%, but in the EBITDA, we growth in the range of 20%. Why this is? Because operationally, we are taking all the benefit that we promised of the consolidation of the companies that we acquired. If we refer to the IFRS, it's worth it to mention that the weight of revenue, of the EBITDA vs revenues last year was in the range of 11%, and this year is 13%. This, together with improvement that we have had, you know, in the gross margin, clearly, you know, is explaining, you know, the great impact in the improvement of the EBITDA vs revenues. And even more, if we remove this content of content, and we are talking about net revenues, if we compare the EBITDA with the content of net revenues, we are talking about 22%. It is true that we were talking about 10% some years ago, and we said we were a software company, even if we sold hardware, but we place ourselves, you know, as a software company. Maybe this number was, you know, below certain, you know, expectation. When we are talking about 22%, I do believe that we're starting, you know, to be totally, you know, in line with the benchmarking. The balance sheet, I already commented, you know, the decrease in the gross debt and also in the net financial debt. And you see, you know, the total details. If you have any additional question in the QA session, we could reply. Maybe let's emphasize once again the content of the decrease, you know, in the gross debt, EUR 0.9 million. By the way, it's true that in the 2022 vs 2021, we decreased in a higher magnitude. It's starting, you know, to be more difficult to get, you know, those percentage. But the. If you remember, in 2022, we moved dramatically from short-term to long-term. In 2022, we had 75 long-term. In 2023, we keep improving this parameter, and right now, it's 81%, you know, long-term. I mean, clearly the banks are getting, you know, are putting confidence in our, in our numbers, and we have enabled, you know, to renegotiate more, you know, to the long term. And as I mentioned, the ratio to our capability to maneuver is the net financial debt, the ratio between the net financial debt and the EBITDA. And last, and we are moving 1.2 if we remove the earn-out impact, and 1.6 if we keep the earn-out impact, that, as I said, is EUR 6 million, EUR 5.8 million. This earn-out that I insist is up to Agile to decide whether to be paid in cash or to be paid in the stock, in the stock, in the stock. We are totally committed with the ESG. It is clear because of the configuration of our solution, we are reducing, you know, the emission. We had, you know, target that we are absolutely, you know, committed. And you see that we have decreased the emission produced in 8%, and we have reduced 8% the energy consumption. And equally, you know, we are committed it. Okay, it is always very, you know, common when we are talking about, you know, those kind of technologies, companies, STEM. Basically, you know, 90% of our people are coming, you know, from STEM, and always talking, you know, about this gap between the presence of women in companies, technology companies or not. We keep, you know, absolutely, you know, trying to close, you know, this gap. Today still is 80% men, 20% women, but we are launching, for instance, specific, as I said, you know, some specific programs really to be able to fix this gap that we have in the company. This was, you know, a small summary of the guidance that we provided for 2023. I have tried to avoid in the presentation to jump from Plan General Contable to IFRS, but in that case, I have to refer to Plan General Contable, because when we provided this guidance, we were talking about Plan General Contable. You remember that based on the revenues from the 2022 EBITDA and operating free cash flow, we committed between 6%-8% in terms of growth, 12%-24% in the EBITDA, 25%-50% in operating free cash flow. You see the average, the audited 2023, and what we so-called, you know, the ratio between the achievement and the average of this bracket that we provided, and we could say that we have been very close to 95% in terms of revenues, where we have been in 101.5% in the EBITDA and 100, almost, you know, 106% in operating free cash flow. As we have said, despite you know of this, you know, much modest growth in the revenues, it is evident that you know, how the company, you know, transform the revenues into cash. Clearly, you know, the company was above, you know, the expectation. If we are talking about 2024, we already, you know, provided an indication. In that case, clearly, you know, it's based on the IFRS. Point number one, I'd like to mention again that we are providing net revenues. If, just in order to be totally transparent, if we could make, you know, a kind of, you know, those net revenues, is basically we are providing this number because we believe that this time will be up to the almost, you know, the customer decision and maybe it could vary, you know, in some point of time, whether or not they like, you know, to put, you know, the content in our side, or they like to do it by themselves. And then this is why we have decided that maybe it's better, you know, to remove this content of the content, because once again, even in one customer, could be, you know, maybe one model at the beginning, maybe in the launching, and maybe then we could change it. This is why we believe that from now onwards is much more stable, the concept of net revenues. And then with this content of 64.1 that we get, you know, all the visibility, this 64.1 in the 2023, the increase could be between 0% and 4%. At the end of the day, you know, we believe that of course, you know, we are attempting new contract, that also we are detecting that the path. That, I'm sorry, the pace we are able, you know, to implement sometimes, you know, is tough, you know, to predict. This is why we are giving, you know, this margin between the potential growth in terms of revenues. This is why we are also following very close the concept of annual recurring revenues, because I do believe that what is gonna be more important or equally important is the annual recurring revenues at the end of each year, because it's giving that visibility, you know, for the next year. But okay, all this with those kind of uncertainties, we are, we are watching, you know, between 0%-4%, that I insist, of course, will depend on the success of some opportunity we are chasing, but also the pace of the implementation of contract already won. This will mean between EUR 64 million and EUR 66.5 million. In term of EBITDA, we are tracking the 14.1 of this year, and we are, once again, we are improving more the operation than the top line. We are between 3%-15%, that mean between EUR 14.5 billion and EUR 16.2 million. And finally, operating free cash flow, that we always emphasize that the difference between the EBITDA and the operating free cash flow is the amount of the capitalization we are doing out of the total R&D. You see that is in the range of EUR 7 million, out of the near EUR 11 million euro that we spend in a year basis in R&D. And then the guidance is between 4%-17%, which means in absolute term a bracket between EUR 7.3 million-EUR 8.2 million. Just. Okay, we are on time. Yeah, you know, we are on time, you know, to give, you know, enough space, you know, to other speakers and of course, you know, to the QA. Maybe just if I may finish with this, you know, a closing remark that I would like, you know, among all the information, you know, to bring from the number we are presenting. The first one is that I like to believe that since, you know, Agile, you know, decided to bet on this concept of Agile TV platform, either in a more end-to-end or in a more transactional, clearly, you know, this, the platform is a proven system, a proven business model, and clearly the platform is fueling the growth in terms of value of the company. Second one is the video technologies is our foundation, even if we are moving right now, you know, from hardware to software, is the foundation. I repeat again that the part of those technologies are also built, are also used in the platform. I mean, we clearly, you know, for us is the best indication of those EUR 11 million that we are spending per year in terms of R&D, you know, innovation. The third one is that, beyond the great innovation capability we have, and the sales, you know, as I said, you know, we are boosting even more, you know, the sales activity. This is a market of delivery. And then we have to keep the, you know, flawless execution for what the customer are expecting, and by the way, Koldo maybe could mention a little bit, you know, later on. But also, you know, to do it in an efficient manner. It's just not to do the things right, it's just not to do the right things, to feel right at the cost affordable by the company. It is evident that we have, you know, as I said, you know, potential, you know, build, you know, 4 million homes passed, you know, by our customers, and 80 potential cities provided in Europe that they are attempting, you know, to provide the TV service. I like to believe that we have, you know, a solid balance sheet to be able to afford this growth. We are increasing the predictability. It is true that it is tough to say that in 2023 we got, you know, some contract in some countries- That they were not yet reflected in revenues in the 2023, but they will happen in the 2024. But at the end of the day, when they happen, it is very solid. This is where we are increasing, you know, the AR. And then this trade-off between the predictability and the platform, I do believe that the final indication of the ARR will be, you know, each time more and more the best indication of our activity. Finally, I will finish with this, and I will give, you know, the floor to Hernán. We have decided, you know, to boost this growth that we are already having, but the company has decided to give, you know, another step ahead. And then, Hernán, I'm giving you the floor, Hernán. Thank you, Alfredo. So it's important to say that first of all, we have closed some cycle of consolidation, no? We are a stronger company now. I mean, we have the right scale to compete. You know, let's remember that we are competing in the video streaming software market, an EUR 11 billion segment, in which we are top five, top four, this particularly. So this is after years of integration, having strong platform with end-to-end solutions, combining the. The technologies and skills coming from, from acquisitions. But now we have finished that process. Please, silence please, please. So we have finished that process, and during these years, I need to say thank you. Please, is there sound on the noise? There is some noise there. Please. Thanks. So coming back to the point, I mean, after years of integrations, we have several M&As. We have a strong portfolio now. We have an integrated company with the right scale. Remember that years ago, we were. Five years ago, we were EUR 10 million-EUR 20 million company size, and we have increased seven times the EBITDA size. Now, we have the capability to compete, attracting talent in Europe, and that's a main difference if you compare three years or five years ago with today present situation. After avoiding dilution, sometimes with getting, you know, the right mix of equity and debt, we are now in with a strong financial position after several acquisitions. We find that today we are ready to start a new phase of growth. Of course, we still have room to increase the margins, but we have, you know, the capability to change and focus on the expansion of recurring revenues. The market is there. There is a big opportunity to provide the tech services on top of technology, the capability to transform business and operate business with excellence, and with that, value added on top of technology. And that is one of the reasons why we are focusing on that growth opportunity and the change we are presenting today. So thank you, Alfredo. It was a pleasure to have you with us during this time. I think that the company is stronger now. Thank you for your contribution as a CEO, and thank you for the next phase in which we still have your contribution with the company as a senior advisor. It's important to make transitions, but also contributing with your capabilities and your skills to the company. So now, as said, Agile is facing a new phase in which we have contracts in place. We need to launch in different markets. We have a strong international presence for the selling of technology, and now we are starting in Italy, in Finland, in Brazil. We have several opportunities that will be providing more value to the company during the next years. And let me introduce to Koldo Unanue. We know him, you know, we have strong relationship. He's a strong player in the industry, with 25 years in the telecom business, and particularly strong responsibilities in the marketing and TV business, first in Euskaltel, in the last stage, and then Masmovil Group. So he's a person that knows very well our solutions. We have working together, and now it's time to assume different role and helping with our expansion with his position as a CEO of Agile Content. So welcome, Koldo. We have a strong team, we have a strong product, we have a big opportunity, and please introduce yourself, and everyone is expecting knowing you. Okay. Thank you, Hernán. Good morning to everybody. It's a pleasure being here. Well, as I mentioned, Hernán, I've been linked to the telecommunication industry. I started working in a broadcaster, in the Basque Public TV, the broadcaster, but later I joined the new created Euskaltel, long time ago, 24, 25 years ago. I've been working for Euskaltel in playing different roles, initially as an engineer, later in business development, marketing, general management, but always linked to the TV service. Sometimes 100%, 100% dedicated to the TV, as in my earlier stages, and also at the end, in the last years, as a TV director of the MASMOVIL Group. But being a marketing director and so on, I've been leading the TV service. As a telco provider, I used the TV service in different ways. Initially, it was a classic the incumbent business where the TV is used just to purchase some premium content, like football rights, things like that, and sell it to the elite customers. But later it evolved, and for example, in the case of Virgin Telco, that was a new operator launched in Spain five years ago, the use of TV was totally different. It was just intended to escape from the low-cost battle and access new segments of customers eager to have a better TV experience, but without any aim to pay for football rights or elite content. I mean, for example, in the MásMóvil, or some other operators, the role of TV could be different. Could be a fantastic platform to promote the cross-selling of new services that most operators, as super aggregators are trying to do, like selling, for example, energy, insurance services, security, smartphones, all these. And for that, TV could become a fantastic low-cost advertising platform. So all these different roles of TV are totally different from the original idea that the TV service is just for a premium elite customer base. That's not. The new paradigm is not that. This is the reason why I see very, very attractive the Agile platform because it is a platform that could scale easily and provide service to some cases tier one operators, but in some other cases tier two, tier three operators that probably were not considering the TV service as a classic premium service, but they are thinking about use of TV in a different way. Take advantage, for example, of escaping the low-cost battle, as I mentioned, reducing the churn, that is very evident, just providing a better TV experience to the customer. If you provide more redundant content, the TV experience, even though to access the free-to-air service, if you provide a way to see the catch-up, to recover, to start over any program that already was started, things like that reduces the churn. It is also, as I mentioned, most operators are starting to sell new services, like energy, insurance, and so on. So the TV is a very good low-cost platform to promote all this. And this can be translating in euros very easily. In the future, not today, but in the short future also, the TV is going to become part of a growing new business, that is the personalized advertising. What is similar to what happened in the internet arena is going to happen in the TV. You can see the movements that Google are doing just to, to enter to this business, the TV sets and so on, just to personalize and, and enter in the one-to-one advertising that is going to enter in the TV Arena. So there are new reasons to, to convince small operators that never considered before the possibility of providing TV service, to start providing this service. In some cases, most of them, they don't have knowledge to do it on their own. So what they are doing is just try to find providers that provide this solution as a service, and this is where Agile is very, very well positioned. So that's the idea, that is the things that I could provide based on my experience in very different environments, very different operators, and this is the reason why I'm very happy to join Agile. Okay. More questions, or I guess we're moving to the Q&A right now. Yeah. Yeah, thanks, Koldo, Hernán, and we are opening the floor for your questions. Hello, Max Gosh here. I'm an investor in Agile. So I had a question with regards to the financial projections and the guidelines, the guideline that you guys the guidance that you guys provided for 2024. How are the financial projections from the Tiscali, Convergenze and the Finnish partnerships reflected in the 2024 guidance? And do you guys and I also wanted to ask, you know, how you guys potentially see any potential other business from the the most recent MASMOVIL transaction? Thank you. Yeah, maybe in the first part, yeah, of course, you know, we are already considering in the projection, we are already considering those projects that we want in the 2023, that basically are Tiscali and Convergenze in Italy. Ålcom, another account that we most likely we're gonna get, you know, in Finland, and another, you know, in Brazil. I mean, we are not, you know, splitting specifically, you know, what is the percentage, but it is evident that after signing those content last year, it is evident that, yes, we are considering those projects to have, you know, an impact in the 2024. And for the second part of the MasOrange impact, I do believe maybe the best thing I can do is to pass you the button, Koldo. Yeah. Well, it's a curious question. Yes, a month ago, I was playing a role in the other side of the table. Well, of course, what I can say is evident that I'm sitting as a CEO of Agile. But the answer is yes. Yes, of course. The predisposition from both sides, it's very positive. Agile can help and can collaborate with MASMOVIL Orange, just to obtain relevant synergies, different operations that has been considered by the operator. And as you mention, the new size of the operator allows also Agile to provide more telecommunication or TV services to the operator. So it's evident that there is a clear win-win process. Apart from that, it is very relevant that the service provided by Agile in the last two or three years has improved a lot. Today, it is public information, the GfK research, that Agile has the better NPS evaluation in the Spanish TV market. That's very relevant, and has been improved in the last two years. So, yes, no, it is difficult to say if it's going to impact 2024, because any extension of services needs to set up and to prepare, and sometimes in TV, all this stuff needs some time just to implement. But. Excellent. Thank you. So I take it, because, Alfredo, you didn't give any particular figures for the projections for Tiscali, Convergenze and the Finnish partnership. But we do have a 4% growth guidance on the revenue side. I take it that excluding Tiscali, Convergenze and the Finnish partnerships, that revenue would not necessarily be positive? No, I'm not able to say that. It is true that we have considered it. No, because the Spanish, for instance, the Spanish case, still we believe that it's gonna be growing. It is true that still we are having, you know, the main influence that we are having, you know, the impact of the TV technologies. As I said, this part, you know, from the hardware to the software as a service, this is still, you know, cause an impact. But yeah, you are right, that if we don't have, you know, this impact, we could have, you know, negative. But this is, you know, this is, you know, the way you're working. I mean, you are removing short part, and we are adding another one. But it is not fair to say, "Yeah, but without this, you would be a negative." Yeah, but this is, you know, our business. We are, you know, removing business in certain areas, and we are getting business in other ones. The more important is the addition of all of them. But in the particular case of the platform, I can tell you that even excluding those new contract in platform, the positive. the growth was positive. Okay, thank you. Sorry, perhaps if, if there's no other question, I, I had a second one, with regards to which strategies are currently being implemented, I guess, in terms of, you know, investor relations and capital formation, effectively approaching kind of, and attracting new investors, given sort of, you know, the disappointing share price performance, in the past three years? Thank you. Of course, I will give the floor, but also, you know, to Nam, but again, as you know, responsible I have been, you know, till. I mean, we have been able, you know, to be, especially, you know, in the last year, we have been very, very active, you know, in our relationship with investors. I mean, me personally, with the CFO, with Hernán, we have performed, you know, several, you know, road shows in 2023. And then we are, you know, absolutely, you know, committed with the financial community. We are having, you know, round of meetings with potential new investors. We have had meeting, you know, with the current investors. We have increased, you know, the number of, analysts that are tracking, you know, our value. For instance, Hotube, Hotube Capital was new in the, They, they didn't follow us, you know, in the 2022, and they are, you know, doing it in the, in the twenty, in the 2023. By the way, you know, after the, the, the, the result, we announced the two main, the two main firms that are, you know, following, you know, our value, GVC Gaesco and, and, and, and Hotube Capital, both of them are reinforced, and they are, you know, said clear and loud that they after, you know, the result, they, they, they, they trust totally, you know, in the number they gave for the company. Of course, you know, we can do always, you know, more, but at least, you know, in the last year, I believe we have been very active with the. But of course, you know, never is enough. Never is enough. And again, we are trying to pay equal attention to the current investors, but also, you know, to the new investors, more institutional, less institutionals. And we are, you know, with the analysts, with the report of the year, we are trying to be, you know, as much transparent as possible. And we will keep, you know, trying to improve this in the 2024. And indeed, that as part of my duties as senior advisor, will be precisely, you know, this a little bit. I mean, I am talking with Koldo and Hernán, and I mean, never is enough. Talking with the financial community, with the investing community. By the way, we have seen, you know, absolutely, you know, it's, it's, it's, it's probably, you know, the best, the, I mean, better performance in the Q1 of this year, and partially because there are more liquidity in the stock market. That have been one of the main difference that we have had, you know, in the 2024. Hernán, maybe, or Hernán, Koldo, maybe you'd like to add something, or Santiago? Fernando? No, it's fine. As you mentioned, liquidity is an issue. It's an issue for midcap, for the Spanish market, and we are trying to work also with that. I mean, we have some program of acquiring shares for our that is public, and we are doing our best for that as well. Mm-hmm. Okay, thank you. You're welcome. Yeah. Hi, good morning. This is David from JB Capital. Just a quick one on margins. Regarding the high end of your 2024 guidance, you expect an increase in EBITDA up to 15%, with revenues growing up to 4%. Could you provide more color on the main levers explaining this EBITDA margin improvement? At the end of the day, and we see, you know, the number in 2022, the number in 2023, the weight of the higher margins activities, that's basically, you know, explaining. We have two things. Point, I mean, clearly, you know, we are a EUR 11 million, you know, in ARR. I mean, we are a company that we have, you know, a huge cost, and then any single revenue in terms of any single euro in revenues, I don't like to say that it has not impact in the cost, but the point, you know, is marginal. This is the. This is the number one explanation why we are always, you know, increasing higher in the EBITDA than in the revenue. Point number one, we have, you know, a leverage company. In that case, one single euro in revenues has much more impact in the EBITDA. But the second one, as I mentioned, is that we are increasing the weight of the activity with higher margins. Okay? Indeed, when we are mentioning that we are, you know, abandoning, you know, some lower, you know, margins, that is, clearly, you know, we had to highlight, you know, those high margin activities. This is the main. Basically, those are the two reasons why the growth in EBITDA is faster than the growth in revenues. Okay, thank you. Perhaps a quick follow-up on Max's question regarding the replication of the TV platform outside Spain. Could you provide more color on the international expansion strategy? How do you expect to do it? What is the growth potential of this expansion? Thank you. Well, point number one, as I said, with the countries already entered in. We are talking of, you know, Italy. We have, you know, today, two customers. And okay, we cannot, you know, provide more detail, but we are already in contact with some of the customers in Italy that today they have no TV service, and then we are in talks with them. Whether or not it's gonna happen, nobody knows, but we are in contact with still some customers in Italy, that they could provide, you know, the TV service. In Finland, it's a little bit, you know, similar. In Finland, we have, you know, this contact with Ålcom, but in Finland there are, you know, many small, you know, operators, that they are also, you know, looking to provide. And by the way,Ålcom is a very interesting case, because Ålcom, they were providing, you know, a TV service, but they decided, you know, to change the platform and implement, you know, the Agile One. I mean, it's not the case in Italy. In Italy, they were not in TV service, and they moved to TV service with our platform. In the case of Ålcom, they had already decided that, they decided that with us, they could do in a better way. But talking about the Nordic countries, there are plenty of small operators, and they are waiting, you know, for the deployment in Ålcom, because they are seeing that they could be, you know, a kind of hub to provide, you know, the service to more customers, you know, in the Nordic. And in Brazil, it's the same. I mean, in Brazil, we announced the agreement with our partner there, Superp layer, and today, you know, we have a number of ISPs. ISPs are the, let's say, the competitive telco operators in Brazil. Just let me give you an example. Maybe four or five years ago, the three big operators in Brazil, such as Telefónica, the Mexican, and the Brazilian and the Italian, maybe, you know, they hold, I don't know, 80% of the broadband. Today, what they call, you know, the ISP, they hold near 50% of the broadband lines. And through, you know, partners such as Superp layer, we are addressing, you know, this market. And then in Brazil, I believe we have, you know, absolutely, you know, a great, great. And then point number one, the countries where we are, we believe, we strongly believe there are even opportunity with the, with the, in, in those countries. And then we are keeping, you know, other countries. We are in, in, in, in, in, in Central Europe, we are in Eastern, we are in, also, you know, in Eastern Europe, in Latin America, yet not in Brazil. Today, we are chasing. And then our idea is to be as much efficient as possible. We are creating a concept of a hub in order to be, you know, where we are saying we are scalable, to be very, very efficient, to avoid, you know, to, to build up a solution in each country. We are creating this concept of a hub, and all together, we are, we are absolutely, you know, very optimistic for our expansion. Maybe Italy were the first one to prove that we were able to do it outside Spain. Once we have been able to prove once, I do believe we have removed this barrier, and I'm pretty sure that beyond those country where we are, I'm pretty sure that we will be able to open another country this year. And then the strategy is to leverage in the country where we are today. There are still many things to be done. Second, to be very, very efficient with this concept of hub in order to cover as many countries as possible from one single, you know, a hub. And the third one, of course, you know, is the margin. I mean, we would like to make money with any operation. I mean, we are not here just to get footprint. We are here to make money. I don't know, you, Koldo, or you, Hernán, would like to add something regarding the geographic extension? No, fully agree. Okay, very clear. Thank you. I don't know if there's any other question here. We are in time, so if not, here you can see the email address. You can send any question that you may have in the future. The webcast has been recorded, and we will send the recording to everyone by email, and it will be also available on the website, on the investors site. So I think if. Can I make. Yeah. A very quick question? Of course. Yeah, sure. Absolutely. Yeah, thanks. Thanks. It's Miguel. It's a follow-up question. You have touched upon these contracts that you signed in 2023, and that are going to start making a contribution to revenues in 2024, or usually a positive contribution. In the case of EBITDA, do they also contribute positively, or because you have, like, launch costs or ramp up, the EBITDA contribution in the first year is either marginal or maybe even negative? No, indeed, I could say that the potential negative impact in terms of investment was done precisely in 2023. Perfect. Because, you know, we had to know something in term of the development, integration were in 2023. Those expenses were consolidated in 2023. And then I could say that these are the contrary. We had a little, you know, the cost in 2023 as part of all the R&D operation, et cetera, but the revenues to come in 2024. And yeah, you know, the direct cost, for instance, with the hyperscale, in our case is more Amazon, will happen in 2024. But in term of investment, R&D, operation, et cetera, indeed was done in 2023. Thank you very much. There will be positive EBITDA, for sure. Thank you. I don't know, you, Santiago, would like to add something in this regard, or you believe it's enough? No, it's okay for me, Alfredo. So, as we said, if there's any further question, you can write to the email appearing on the screen. Thank you for everyone for attending, and yeah, I think we can finish the session here. Bye. Thank you. Thank you. Thank you very much. Bye-bye. Bye. Bye.