Good morning everyone and welcome to Elisa's Q1 2022 analyst meeting and conference call. I'm Vesa Sahivirta, Head of Investor Relations, and here is again very familiar team, CEO Veli-Matti Mattila and CFO Jari Kinnunen, as well as some audience. We start this meeting with a presentation followed by Q&A. We take first questions from the audience, and then from the lines. I think we are now ready to start, so I give word to Veli-Matti. Please. Thank you, Vesa, and welcome to Elisa's interim report of the Q1 2022 on my behalf as well. Our revenue was growing by 6%, while the EBITDA grew by 4%. Mobile service revenues are growing 6.8%. In Finland, we saw the churn to decrease, Q4 intensive campaigning periods, of course, had a higher churn. We can say that the competitive intensity has not decreased, or the competitive intensity is the same except that the, those kind of campaign events that we saw very much in the Q4 we didn't see in the Q1. Churn was 70.2. Postpaid subscriptions were increasing by 30,300 of which, M2M and IoT were the majority. Fixed broadband saw a slight decrease of 6,800, and the good momentum with our 5G business continues. Network now covers 77% of Finnish population in over 160 towns and cities. We also start from this quarter new ESG key indicator reporting. In our AGM, the decision was made to pay EUR 2.05 per share dividend from last year's results, meaning a payout ratio of 94%. When we look at the revenue increase drivers, of course, we had a very good quarter of all businesses basically contributing to the growth. Mobile and fixed services, both of them as well as the digital services and equipment sales. Mobile service revenue growth, of course, 5G momentum increasing and providing a contribution to the mobile service revenue growth as well as the product changes, including some price increases, helping. We also saw maybe slightly more roaming revenue for this quarter now when the traveling is at least somewhat getting more in the Americas. So far, still the roaming revenues are clearly below the levels of times before COVID. EBITDA, of course, was improving due to the revenue growth but also our continuous productivity improvements. If we take a look at the segments, our consumer segment grew by 4%, the revenue growth drivers as told previously. Interconnection price declines led to the situation that the interconnection and roaming kind of combined revenue line as well as the traditional fixed line services were contributing negatively to the revenues, both in the consumer as well as in the corporate customer segment. In the corporate customer segment, we saw revenue to grow 9% and EBITDA 8% where part of the contribution to the growth of course came from our international digital service businesses. We continue to execute our strong strategy, and we see clear growth potential in each of the three focus areas to increase mobile and fixed service revenues as well as growing digital service businesses and key and really strategic for us is to improve at the excellence at Elisa with our Elisians to create improved efficiency and quality. In the mobile side, we continue to see customers moving to higher speeds, some customers to 5G, some customers to higher level of 4G subscriptions. Now, 93% of customers having the smartphone, new type of smartphone, and 82% of customer base have better 4G or 5G speeds. There are still some customers with smartphones not having even 4G subscription. Also we see here that the lowest speed tier in 5G has less and less customers in that. We have a good upselling continuing, not only in 5G but also in the 4G. We have the best coverage and widest coverage in our network in Finland. There is independent Omnitele have done again a drive test throughout Finland, and the latest results shows that Elisa has the widest 5G coverage. Our customers of course value 5G services. The 5G customers continue to be more satisfied than non-5G customers. We see that even the customers are increased in 5G features in terms of the devices, so leading to the fact that the average price of mobile phones sold has increased 10% since 2019. At Elisa, we joined forces together with Wind River to build Europe's first fully automated far edge cloud for 5G, which is providing even more better performance for certain B2B customer cases, for example. There has been a recent report of Rewheel, which tells that Elisa has the highest untapped mobile capacity potential, 8 TB per subscriber per month. Also, the report is telling that Elisa has the densest mobile site grid in the world. These competitive, kind of advantages are, of course, playing also in the future for us, for building a 5G business and being competitive in the market. In our digital service businesses and the domestic side, our entertainment business, video business is moving ahead. Of course, the competitive landscape is very tough. There is a lot of competition, especially in the streaming services. The combined our set of features and offering that we have in the entertainment side, entertainment video side, is creating growth. We have more and more international interest for our original series. We had three Elisa Viihde original series selected for the MIPDrama CANNES as among the 10 most interesting international series. Evilside, Summer of Sorrow, and The Invincibles. Elisa's original series, Mister 8, which was last autumn's Canneseries winner, now premiered on Canal+ in France. In our IT services side, clearly we see increasing demand, for example, for the IT hybrid cloud services. Also, Elisa has been recognized as the top three most recognized cybersecurity providers in Finland. Of course now, with these geopolitical situations and environment that we have now, the cyber and security services demand both for the corporate as well as in the consumer side are on increase. In international digital services, Elisa IndustrIQ has continued a very strong growth in Q1. Elisa Polystar, we made the acquisition of FRINX, which is a really excellent Slovak-based telecom network automation software supplier. Products and software complement very well Elisa Polystar's zero-touch automation and analytics offering. Really makes Elisa Polystar even stronger. Elisa Videra sees clearly that the market is moving towards the hybrid working, and that creates demand for Elisa Videra type of video conferencing services. For example, in the Q1, over 300 video meeting rooms were delivered globally by Elisa Videra. In regard to our mission to provide sustainable future through digitalization, we have now set clear sustainability targets. We are of course doing many activities in the four domains of sustainability that we have set, digital, social, environmental, and economic. This sustainability finance framework was established during the Q1. Also, we have made a 10-year wind power agreement during the quarter. We have assured sustainability report from 2021 TCFD report. We also became industry winner for Sustainable Brand Index in 2022, third year in a row in Finland. We have also joined with Women4Cyber in Finland to increase the employment of women in the Finnish cybersecurity industry. In regards to the key ESG indicators, we have some of the indicators that we report on a half-year basis, like the proportion of female supervisors. We can say that the mobile network energy efficiency in Finland that is also a measurement that we start to measure the efficiency comparing to the Q4 situation. Now we see that during the Q1 we have a decrease of 8.8%. We of course see as a very important responsibility for us to increase the coverage of over 100 Mbps connections. That coverage is increasing continuously, now being at 77%. We are coming back next quarter to the proportion of female supervisors at Elisa. As a benchmark, we can say that we were on 27.4% in the Q4 2021. This is of course something that is a long-term commitment for us to develop continuously step by step forward. For economic contribution, of course, very important part contribution from Elisa is to innovate, and the innovation we measure through patent portfolio. As you see, the size of active patent portfolio has been increasing, and the number of first applications also were six during the quarter. Quarters, of course, differ from one quarter to another, but continuously we are increasing the patent portfolio altogether, and that is something where we see that we can contribute to the sustainable future. There are many patents involved for creating really sustainable solutions in different parts of the different industries. Finally, in regards to our outlook and guidance for 2022, the growth in the Finnish economy is expected to continue. However, the outlook for GDP growth has deteriorated from the beginning of the year. There are increasing levels of uncertainty relating to Russia's war in Ukraine and the uncertainties relate really to the inflation, energy prices, global supply chains, and competition remains keen. We reiterate our guidance. Revenue will be at the same level or slightly higher than 2021. Our comparable EBITDA will be at the same level or slightly higher than 2021, and CapEx will be maximum 12% of revenue. Now I leave the word for Jari, please. Thank you. Q1 was a continuation of good developments, both revenue and earnings growth are continuing. Revenue 6.2% growth or EUR 30 million, and behind, inside that EUR 30 million, we had interconnection and visitor roaming negative impact EUR 2 million. Equipment sales was growing EUR 4 million. Service revenues in corporate customer segment up EUR 15 million, driven by mobile and fixed services, as well as digital, both domestic and international digital services. In consumer segment, service revenue growth was EUR 12 million. Mobile and digital services growing in both customer segments. Negative impact from traditional fixed voice. EBITDA growth was EUR 7.5 million or 4.4% to EUR 177 million. EBIT growth 9% to EUR 111 million, and EPS growth 8% to EUR 0.55. In Estonia, strong growth continuing and revenue growth was 8.1% driven by equipment sales as well as mobile and fixed service revenue growth. EBITDA was growing 3% and subscription side, mobile postpaid subscriptions continuing to grow 3,500. Prepaid also growing 1,100. Churn slightly lower than in Q4 at 8.7%. Also CapEx continued in line with the guidance. Reported CapEx EUR 59 million, excluding licenses, lease agreements and acquisitions comparable EUR 50 million. Main CapEx, 5G network rollout continuing, as well as other network and IT investments. About cash flow and also positive development. Reported cash flow EUR 53 million against EUR 50 million last year. Comparable cash flow was growing approximately 10% to EUR 66 million, and a positive impact from higher EBITDA, lower paid interest, and lower license fees. Negative impact from net working capital change, higher taxes, and CapEx. EBITDA operating cash flow conversion continued at high level 72%. About balance sheet and financial position, solid position continuing, cash and committed facilities were EUR 600 million end of Q1. Capital structure in line with the targets net debt to EBITDA 1.6, target being between 1.5-2. Equity ratio was 40.7%. Also, return ratios continued at good level and positive development return on equity 30.7% and return on investments 17.5%. Debt maturities well balanced and average interest expense currently below 1%. In this month, we did pay dividend from last year's results, EUR 2.05 per share. Dividend growth was 5.1%, and it was eight consecutive growth years with dividend payout ratio 94%, distribution policy being 80%-100% and continuing our strong commitment to maintain competitive shareholder remuneration. Now I give word to Vesa, please. Thank you, Jari. Now we move on to Q&A part, and we ask first question if we have from the audience. Hi, it's Felix Henriksson from Nordea. I have a couple of questions. Firstly, on the mobile service revenues, could you please break out the contribution of 5G upselling to mobile service revenue growth in Q1? Also if you could confirm whether or not you still see mobile service revenues growing at around 4% in 2022? Okay. Thank you for the question. The mobile service revenue growth of 5G contributed, of course, to the momentum very well. We estimate that approximately two percentages of this 6.8 came from 5G. We had, like I said, a slightly more roaming revenue also contributing to the fact, but also, of course, the continued new product features delivered to 4G customers and also some price increases, altogether when customers moving also to higher speeds in the 4G domain. To your other question about the continuation MSR, quarters are a bit different, but we assume again that approximately 4% is a good estimation of MSR development for the coming quarters. Thanks. If I may, another one related to operating leverage, EBITDA growing at a slower pace than revenues, this quarter again. Could you please describe the underlying reasons for the sort of lack of operating leverage, this quarter and in the previous ones as well? How do you see things playing out in the course of the year? Well, operating leverage, if you will, has been improving continuously over the past quarters. We can say that the quarters are, of course, different. There are different situations and we are working for the long term. In this quarter, we saw, of course, the exit from our Russian business, which, from its revenue and profit point of view, was not meaningful, but of course this exit brought some cost, extra cost for us. We also thanked our personnel for the great contribution and record results in 2021 by two extra holidays, which was an extra cost for this quarter, and there was some other extra cost. I'd also like to underline that, we Elisa, we are working for the long term, systematically, continuously improving our operation. We are not going after drastic restructurings by which we could say that we are now making abrupt changes. That has led to the industry best continuous result improvement also, meaning that we have higher and higher quality and competitiveness towards the customers. We are in that way keeping the development without any surprises to our customers or so. Of course, the operating leverage improvement is ongoing. Like I said, from the quarters last year, the revenue to EBITDA, for example, that ratio has been improving. Thanks. You're welcome. All right. We move on to conference call lines, and we ask first question from the telephone lines, please. Thank you. The first question comes from the line of Peter Kurt Nielsen from ABG. Please go ahead. Thank you very much. Well done on another good quarter. A couple of questions, please, if I may. Firstly, Veli-Matti, as you highlighted, you're seeing good impact from 5G, and you're obviously one of the first sort of in a European scenario which are really pushing on with 5G. Can I ask, are you seeing any or what are you seeing on the corporate side and industrial side? Are any of your corporate customers starting to talk about sort of industrial private networks, et cetera, or really an industrial use of 5G, or is it still mainly on the consumer side you're seeing the uplift? I'd be very interested in this. Can I just ask, it looks like digital services growth is coming down to in this quarter. I assume there can be some quarterly fluctuation, but my question is, are we coming down towards a more sort of a 10% level, a more sustainable level after the last three or four very high growth quarters in digital services? That would be my second question. Thank you very much. All right. Thank you, Peter Kurt. Yes, in 5G, let's say that the B2B segment has contributed to the 5G momentum in kind of a same way as consumer side, especially SME customers and also now more and more larger customers buying faster mobile data speeds. To your question about the industrial private network developments, we have tens of customers with whom we are experimenting, and we have a lot of applications in mines, in harbors, in hospitals, you name it. However, saying that, we are still in the initial phase of having commercial, let's say, more significant results out of that extra element in 5G revenue stream, if you will. We are still in the early days, but we have a lot of experimentation, a lot of projects, and I foresee that some point in time there will be more significant business out of those kind of private solutions. To the digital services business growth, yes, of kind of its nature, it is somewhat more volatile, if you will, between the quarters. The revenues may be for the software business itself, but what we can see is that we have a strong growth there, more than 10% now, for the whole set of digital service businesses, of which the international digital services have clearly higher growth rate. We see positive momentum in all of our, let's say, five domains of digital service businesses. Where, of course, the kind of global market opportunity for the international digital service businesses is bigger. We just need to now prove and show the evidence that we can take the market share. That looks like a really positive momentum, unfortunately without any more quantitative data to you. Also- Was that great? Yeah. Also, Peter, you mentioned previous years' quarters, and then we had some acquisition contribution to the growth rates last year, which was not the case in this quarter. Yeah, I appreciate that. Thank you very much, both. You're welcome. The next question comes from the line of Stefan Gauffin from DNB. Please go ahead. Yes. I would like to ask a bit on Estonia. Here it seems like mobile ARPU is fairly flat and even declining quarter-over-quarter, and especially a bit weaker on the corporate side. Just curious how you view this development given also a fairly high inflation rate in Estonia. And then secondly, if you could just give some more information about the exit from Russia. What kind of revenues are we talking about, and what kind of cost did it take to close down that operation? Thank you. Okay. Thank you for your questions. In regards to Estonia, the ARPU, especially quarter-on-quarter, is. We are not kind of worried about that kind of changes or that kind of declines. We see that the mobile business in Estonia is contributing very well to the MSR development. We expect that to take place also. We are now entering into the 5G business some point in the future in Estonia as well. First, the auctions are now taking place and then the momentum for 5G would be available in Estonia as well. We see overall positive development for the mobile business in Estonia. In terms of the Russian business. We haven't disclosed the revenue nor profit numbers for that business, but it has been really, let's say, like very low numbers. The purpose has been for us to be able to help our Finnish B2B customers, the large B2B customers who have had businesses in Russia and so that they, their kind of services that they get from us in Finland and otherwise, that they also can have a good service levels in Russia. We, of course, have not been a telecom operator in Russia. The operator services, connectivity services have been acquired from the Russian operators. What we have provided, local area networks, cybersecurity, these kind of don't have so high margin, but they, from the revenue point of view, have not been in any way significant to the Elisa. Yeah. Can I just ask, I mean, much of growth in Estonia or all the Baltic countries for the other operators has been driven by price increases. Is there a difference in terms of timing of price increases compared to, for example, Q1 last year? Could that be a reason for what we are seeing? Well, the price increases, they take place based on a bit different logic than a quarterly clockwork logic. Let's say that the answer is maybe yes to your question. When we do price increases, we always want to offer something extra to the customers so that the customers are also getting value. In order to provide relevant value, you need to develop it. Sometimes you have it for the quarter, sometimes you have for the next quarter. These price increases are coming not so systematically, if you will. Okay. That's clear. Thank you. You're welcome. Next question comes from the line of Andrew Lee from Goldman Sachs. Please go ahead. Hi, everyone. I just wanted to dig a bit deeper into the operating leverage, given that's, I guess, the thing that investors are struggling to understand. If we look at the mobile revenue, incremental revenues you've generated in the quarter, it's about EUR 14 million, whereas the incremental EBITDA generated for the whole group is about half of that. I know you've talked about the extra costs from personnel, incentive plans and bonuses, and also the cost of withdrawing from Russia. Could you help us give us a bit of a better insight into the scale of those kind of one-off costs? Can you help us understand the mix of the incremental revenues so that we can try and distinguish between the quality of growth of your underlying business versus margin dilutive, but obviously useful incremental revenues in the form of digital services and Internet of Things? There's lots of things going on within Elisa at the moment, and I know there's an intention to improve disclosure. But just for the time being, that understanding is eluding most investors. Just any kind of further help you can give over and above your answer to the first question would be really helpful. Thank you. You're welcome. I will start to answer to this question. I leave Jari to give a bit more details to this question. For the first, in terms of the operating leverage, we are improving also operating leverage, revenue to EBITDA. I will also pinpoint that, we are contributing more in the, let's say, EBIT growth or EPS growth line versus the revenue. That's of course where our focus is. You have to remember that we have a portfolio of different kind of businesses, not only mobile business in the total company. Our kind of optimization is not totally focused on EBITDA, which also tells that, or let's say that the result is that the end result, the EPS and EBIT is very important to grow and make to grow. There are a bit differences if you take a look at companies, what their level of improvement in EBITDA is, if they focus really a lot to improve EBITDA versus what they really bring to the bottom line. Not to say that EBITDA wouldn't be important. It's our financial target, and we are improving, of course, that. In terms of a bit more details for the quarter and so, I let Jari to continue. Yes. It is as said already earlier that quarters, of course, they are different and some costs vary. In this quarter, as said also earlier, we had expenses relating to exit from Russia business. We had expenses booked from two extra holidays from personnel. We had somewhat higher extra reserves for credit losses. These are examples of items that were impacting this quarter. Over the past quarters, also said already before is that relation of EBITDA growth and revenue growth has improved. Thank you. T hanks for the color. You know, obviously, greater disclosure just on the different aspects of your business will be helpful in the future, but really appreciate that you're generating, you know, really high returns and, you know, there's a strong drop through to EPS, so appreciate the color. Thank you. You're welcome. Next question comes from the line of Nick Lyall from Societe. Please go ahead. Hello there. Yeah. Can I maybe ask on, you made a few comments on energy prices and inflation again, and you seem quite relaxed over the last couple of months about staff negotiations and electricity. Could you maybe just give us an update on where you stand on any remaining negotiations? How they compare to the previous 1.8% or 1.9%, and whether there's any move on electricity prices or hedging that we should think about? Second, on the gross adds, gross adds seemed a little weak in absolute numbers. Is that just a sort of reducing churn pool effect or is competition particularly difficult at the moment? Thank you. Well, in terms of inflation matters and now the negotiation of the salary and the contract with employees, we have part of the contracts negotiated. We have one on the table and there has been pretty much the level of 2% or slightly below what we've seen in Finland. That's something that we expect to take place also with the remaining contract. In terms of energy, like we said earlier, we have been pretty well prepared by securing fixed prices for most of our energy consumption. Of course, that is a kind of concern to the future in different ways, directly to us also later on because this Russian war in Ukraine and its impacts to the energy prices overall, the negative impacts are not necessarily going away very quickly. Of course, that's a concern going forward for us as well. For the short term, we have been securing pretty well that part of the kind of cost development. In terms of the growth, net growth adds of net adds. I guess you referred to the mobile side. Like we have said, we are not trying to grow our business by increasing the amount of customers. We have a very mature market. Our model is to increase the value of customers. We are not compromising our market share. Like you can see that we are pretty much keeping our market share, good market share, but what we try to do is to sell more value, very much now, 5G services to our customers. As we have said, we continue to get more than EUR 3 per customer when the customer is moving to 5G on average. It's a really good incremental kind of increase there. That's the way we try to operate our business. We are, of course, with the high rate of churn that we have in our industry, we are of course needing new customers, but the net add focus is to keep approximately the market share we have. Okay. That's clear. Thank you very much. You're welcome. Next question comes from the line of Sami Sarkamies from Danske Bank. Please go ahead. Hi. I have three questions. Starting from the roaming impact, I think you lost 1.5% of service revenues in 2020 due to COVID-19 and limited travel. How much of that has come back in Q1? Okay, one by one. We can say that we still are lacking quite much of the pre-COVID level of roaming. If we think about in terms of MSR, maybe approximately 0.5% contribution came from the increased roaming. Okay. Second question, on digital services where you had nice double-digit organic growth. Can you elaborate, in a bit more detail where did that come from in Q1? Well, we had growth in all of our five domains of digital service businesses. The domestic ones were growing, but clearly the international digital service businesses, they have clearly higher growth rates in all of the three domains, Elisa Polystar, Elisa IndustrIQ, also, Elisa Videra. Okay, thanks. Finally, regarding the balance sheet, I would like to understand why you keep on holding cash with extremely conservative net debt-to-EBITDA ratio of 1.6. Are you looking at more sizable acquisitions, or do you think you may have to upgrade shareholder remuneration going forward? Well, the 1.6 is exactly on the kind of target range, 1.5x-2x where we are. Traditionally, this time of the year, after Q1, we are there. Now, the distribution is lifting it up. Of course, like you suggested, we are continuing to look at the acquisition opportunities, and we believe that we can make a good contribution to shareholders by acquiring additional companies. Just underlining that, there's no change on thinking about the telco side acquisitions. We don't plan any large telco acquisition outside our home countries. Kind of home country consolidation would be very, very interesting to us, but those opportunities are quite rare in Finland and Estonia. Mostly what we are looking at and continue to look at are the bolt-on acquisitions in the digital service businesses. Okay, thanks. That's all from me. Thank you, Sami. The next question comes from the line of Francesca Fields from BNP Paribas. Please go ahead. Great. Thank you very much for taking the questions. I have two, please. Just firstly, just quickly, how much of your growth in revenues was coming from Viaplay this quarter? Secondly, please, just on potential NATO membership, would this require the full Huawei strip out? And how much Huawei is in your RAN? Thanks very much. I'm sorry, there was something on the line so that I heard a bit badly both of your questions. You talked about the revenue in the first one. Can you repeat please the questions? Yeah, of course. Can you hear me better now? I can hear you, but there was something. Yeah, go ahead. Okay, thank you. Firstly, how much of the growth in revenues came from Viaplay? Secondly, on NATO membership- [audio distortion] I'm getting a lot of feedback on the line. Can you hear me? Yeah, yeah. I heard the first one. Can you repeat the second one, please? Yes. Thanks. On potential NATO membership, would this require a full Huawei strip out? And how much Huawei is there in your RAN? Thank you. In terms of the first question, we are not reporting the kind of Elisa Viihde Viaplay revenue separately. We have Elisa Viihde, Elisa Entertainment video service business, where the total business is growing. We have part of that revenue stream coming from the Elisa Viihde Viaplay, and that has been continuing to grow positively. There are no one-off type growth that we saw last year with the Viaplay, Elisa Viaplay kind of a Nordic Entertainment Group cooperation for this year. In terms of the NATO, potential NATO application and potential NATO membership in Finland, of course, that's a big thing in many ways. What it would mean for using Huawei, that I understood from your question, remains to be seen. Just remembering that we have many NATO countries where Huawei can be used. Some NATO countries have made ban for Huawei. In many countries, NATO countries, Huawei can be used. I think it is first we need to see how this NATO potential NATO membership development and process is moving ahead. Then the discussions will come after that in regards to the potential kind of thinking on Huawei usage. Great. Thank you very much. You're welcome. We have one more question from the line of Adam Fox-Rumley from HSBC. Please go ahead. Thanks very much. Hello, everyone. I had a couple, please. Firstly, I was wondering if you could give us any indication of the ARPU of an IoT customer. Obviously, when we look at your subscriber trends within Finland, you're now pulling those two things apart. The growth there is still quite good. But it would be really interesting. I mean, I'm not expecting you to give us a kind of a Euro figure, but if you could give us some kind of indication, that would be helpful and interesting. Then secondly, I wondered if you could talk about the way you charge for video meeting rooms because well, I just was trying to understand a little bit about the data point of 300 rooms that you were giving us. Is it a monthly charge? Is it usage-related or are you kind of just including those? Are you using it as an illustration of how there is continued demand for that service and maybe large enterprise customers get those kind of capabilities included with the money they're paying you anyway? Thank you. Okay. Thank you. In regards to the IoT customer ARPU, it varies, of course. We may have some B2B customers who have quite, let's say, simple IoT subscriptions with high volumes, then the ARPU is really quite low. We may have and we have, for example, in the consumer side, more higher value IoT kind of applications and IoT subscriptions then, for example, for pet owners or so, where the ARPU is, of course, clearly lower than our average ARPU, but is somewhat higher than some of the cases in the corporate side. Unfortunately, I cannot give you too much more highlight on the level of kind of the ARPU, but it is a very. We can say that it is a very old, low ARPU business anyhow for the time being. The volumes are important to be gained, to make that business to really generate, significant, revenues. I'm expecting that, there will be, some good revenue streams to come from the increasing, level of, connectivity, being spread to different things and, devices and machines. Also, what we see, if I continue a bit, is that, some of the earlier IoT technologies are kind of struggling in the market, and, there will be more room and more demand, for that matter as well, in addition to the market development itself, to the cellular based, i.e. 5G or 4G-based IoT. To the video conferencing, the Elisa Videra is of course, the revenue streams are coming from quite a few different sources. One are the installation of video meeting rooms. For example, now when many customers have been accustomed to use Microsoft Teams, they want to have Microsoft Teams rooms. Of course, they can vary the price for the first may vary. Also our business model, how do we charge for that is also a bit customer and project dependent. It's a bit arbitrary to give you any kind of average price or so for a meeting room. We are talking about, nevertheless, a significant amount for just one quarter of spreading the usage of Microsoft Teams to the offices with the meeting rooms. Like I said, the Microsoft Teams room systems to make them really work with high quality without interruptions and so forth, it is not a regular job for an IT department. You need to have a monitoring software. You need to have the video-capable guys and so forth. That's where the value of Videra comes. These meeting rooms, they are, of course, deliveries of some equipment, some software, but there are many other service elements as well as other software elements that we are having as revenue streams from this business. Unfortunately, I cannot be in more details, but hopefully this gives some elaboration for you. No, that's lots of detail. Thank you. You're welcome. We have just one more question coming from Abhilash Mohapatra from Berenberg. Please go ahead. Yes. Thank you very much, and thanks for taking my question. I had a question around EPS growth, please. As you mentioned earlier, you know, you said that that's a key metric for you, and I appreciate the point given you've obviously got different business mixes with different kind of capital intensity. EPS is the focus as opposed to, let's say, EBITDA growth. You also mentioned that you know, you sort of look to use the balance sheet to continue to make acquisitions of these sort of businesses, digital services businesses, which obviously goes on to boost your earnings growth. In that context, obviously, you know, this is a key metric. What I just wanted to understand was, you know, if you think about your, the guidance that you laid out at the Capital Markets Day, where you said you're targeting 2% and 3%, revenue and EBITDA growth respectively. Just related to that, can you just help us understand what's the kind of EPS growth we can expect, you know, if you deliver on those targets? Thank you. Okay. Thank you for your question. It would be really helpful, of course. I understand that we would give the target for EPS growth. I can say that we do have target, and we are aiming for higher levels. Unfortunately, I cannot give you. We do not have any public target for earnings per share. Yes, like you said, revenue growth target is 2%, and EBITDA growth target is 3%, which we comply with. Sometimes it has been interpreted that our target is always to grow EBITDA, grow more than revenue. You have to remember that we have, for example, the equipment sales, but also these digital service businesses, sometimes providing quite much EBITDA revenue before they provide, and if they provide like EBITDA. The main thing for us is that we are generating good levels of EBITDA with a good revenue growth, and then also we are able to turn that to EPS growth. Sorry, we are not giving any guidance on EPS growth. Thank you. Appreciate that. Just a quick follow-up, if I may. If you just look at Q1, you delivered around 8% earnings growth, and you're saying that operating leverage should continue to improve. So for this year, is that sort of Q1 level a sort of fair indication of what you might do? You know, Q1 or better than that? Well, as we have guided, our revenue to be at the same level or slightly higher, EBITDA at the same level or slightly higher, that's our guidance for the year. Got it. Thank you. You're welcome. As there are no further questions, I'll hand it back to the speakers. Okay. Thank you for the questions. Now we check if we have anything from the audience. No, we don't have, so we're done. Thank you very much. Have a nice rest of the day and coming weekend. Thank you. Thank you very much.