Good day, and welcome to today's Groupe ADP conference call. Throughout today's recorded presentation, all participants will be in a listen-only mode. Later, we will conduct a question and answer session. If you wish to register for questions, you may press star one on your telephone keypad at any time during the call. Now I'd like to hand the call over to Cécile Combeau, Head of Investor Relations at Groupe ADP. Please go ahead. Thank you, and good morning, everyone. So you've seen last night that the merger of GIL and GAL has successfully been completed. So we thank you very much for joining us this morning, last minute, and on a very busy period. So today with me are Augustin de Romanet, Chairman and CEO of Groupe ADP; Edward Arkwright, Deputy CEO; Philippe Pascal, CFO, and Alexis Riols, Deputy CEO of GMR Airports, and now New GIL. We are all very pleased to be with you this morning to discuss the merger listing. We will start with some prepared remarks from the management before the Q&A session. And as a reminder, certain information to be discussed on today's call is forward-looking and is subject to risks and uncertainties that could cause actual results to differ materially. For this, I refer you to the disclaimer statement included in our press release and on slide 24 of our presentation. With that, I will now give the floor to our Chairman and CEO, Augustin de Romanet. Ladies, gentlemen, dear friends, I'm very happy to be with you today to announce a very important step in the history of ADP. In fact, we announce today, together with our partner, GMR, the completion of the merger of GMR Airports Infrastructure Limited, which we call GIL, and GMR Airports Limited, which we call GAL. As a reminder, Groupe ADP had invested in 2020 in GAL, it, it means GMR Airports Limited, a private company. In March 2023, we've announced a global operation, paving the way for a merger of GAL and GIL. Since then, all the required approval by the various Indian authorities, creditors, and shareholders have been obtained. All conditions precedents have been met, and yesterday, we filed the merger order to the register of company. The merger is now effective, and the new shares issued to ADP in the listed entity will be trading within around 1 week. This merger achieves 3 main objectives. First, it simplifies and clarifies the capital structure of the airport holding company, ensuring a direct ownership of airport assets for the shareholders of the listed company. Second, it reveals the value and provides access to liquidity for ADP's stake. As you can see on the slide, the 49% stake, which we acquired in 2020 for EUR 1.3 billion in a private company, became a 45.7% stake, valued at EUR 6.3 billion into a now listed company. This means a multiplier of 5x to our initial investment. Third, and lastly, the newly merged entity, with a strengthened balance sheet and access to capital markets, will be a more agile platform to seize growth opportunities in its very dynamic region. Let's now look at the framework of the operation, the new structure of governance, and then Philippe Pascal will walk you through the accounting impacts for Groupe ADP. I'm now on slide number 5. Let me start briefly with a reminder of the structure of the operation, which was already explained in March 2023. With this operation, our participation into GMR is now divided into two instruments. On the one hand, ADP holds ordinary equity shares of the merged entity. This will correspond to a 32.3 shareholding alongside GMR Group, which stays the largest single shareholder, owning 33.7% in ordinary shares. This enabled GMR Group to keep the control of the company. Our ordinary shares, which are newly issued ones, will be traded in a few days once the stock exchange formalities are completed. On the other hand, Groupe ADP also holds, from today, an additional packet of preferred shares called OCRPS for optionally convertible redeemable preference shares. These OCRPS have the same economic rights as ordinary shares, in particular, same rights to dividends, but no voting rights. They will be automatically converted into ordinary equity shares after 20 years. This combination of ordinary shares and OCRPS, OCRPS or preferred shares, provide for Groupe ADP's total economic interest in New GIL for 45.7%. All in all, this operation makes our joint venture and partnership with GMR even stronger, maintaining the control of New GIL by GMR, while preserving the strong exposure of Groupe ADP with exactly the same economic exposure as before. Now, let's move on slide 6. This strong partnership is reflected on this slide, where you can see the governance structure of New GIL. Similar to the situation in GAL, Groupe ADP holds five seats at the board of directors in New GIL, same as GMR Group. The board, which will soon be reconstituted, will also have 10 independent directors, as per Indian company law, with a broad set of experiences and skills, thus ensuring the highest governance quality. Aside director positions, Groupe ADP enjoys extended governance rights into New GIL, similar to the ones we had in GAL, providing for a significant influence. We also continue to appoint the same key management personnel in GMR Airports Infra Limited, including Deputy CEO, Alexis Riols, who is with us this morning, Global COO on finance, and we appoint also Global COO and Financial Partnership Officer. It was the big picture of our participation in New GIL, and I now give the floor to Philippe Pascal to deep dive into the accounting impacts for Groupe ADP. Thank you, Augustin, and good morning, ladies and gentlemen. I am now on slide 8. Since the announcement of the operation, there have been four main things that we have worked on together with our partner, GMR. First, GIL's balance sheet has been strengthened with the cleaning of all the main non-airport liabilities. This was a condition that ADP put for the merger to happen. This has been possible thanks to the FCCB convertible bond issued by GIL and subscribed by ADP in March 2023. As a consequence of this cleaning, GIL is now a pure airport player. I will come back to this later. Second, during the last 60 months, we have settled all the ratchets and earn-outs clause coming from the initial acquisition deal for only a part of the possible impact. We are free of any acquisition provision now. In all, we have obtained all required approval by the competent authority in India and all the necessary approval by the creditors and the shareholders of both GIL and GAL. Now, I suggest we move to slide 9, with a focus on the first work stream, the cleaning of GIL liabilities. You see here the pre-merger capital structure. On the bottom part of the slide, we focus on the balance sheet of GIL to explain how it was prepared for the merger with GAL. Before March 2023, GIL was still holding some liabilities, which were linked to non-airport activities of the GMR Group. This was residual exposure to activities that had demerged to GPUIL in 2022. For ADP, it was a very clear target and condition precedent that such liabilities were going to be cleared before GAL merged into GIL. This is why ADP subscribed fully to convertible bonds, the FCCBs, for EUR 331 million, enabling GIL to accelerate the clearing of these liabilities before the merger. In the end, the only material liabilities of GIL is therefore the FCCB held by ADP. Moving on to slide 10, with the merger of GIL and GAL. ADP now holds 45.7% economic interest in the merger company, combining GAL and GIL. All shareholders have now direct access to airport assets. You see them on the asset side, and the company's only material liabilities is the FCCB I just mentioned. As previously explained in our communication, the merger operation leads to recording a significant non-cash accounting impact this year. This impact is a result of two effects. First, ADP stake is reduced to 45.7% compared to previously 49% in GAL. This reduction is recognized at the book value of our stake. Secondly, and more importantly, in compliance with IFRS accounting rules, ADP has to recognize this year the value of its share in GIL's assets and liabilities, excluding that. In other words, we integrate our stake of what was until now only at GIL level, and to which ADP had no exposure to, back when it was a shareholder of GAL. The IFRS accounting imposed to account it at fair value. As you can see on the screen, and as explained before, there is no material asset in GIL apart from GAL. However, there is one material liability, which is the FCCB subscribed by ADP. And because it is a convertible instrument, the fair value of this FCCB has been driven by the very strong performance of GIL's stock price. As a consequence, the net asset value of GIL, excluding GAL, is strongly negative and will generate a material non-cash negative one-off in 2024. I propose to move to slide 11 to see the full sequences of accounting impact from this operation. Combined with the reduction in economic interest, the integration of GIL's net assets and liabilities will indeed generate a non-cash one-off in the range of EUR 400 million-EUR 500 million in 2024. It will be accounting for in the line over operating income and expenses. I would like to highlight that this is not the only accounting impact to expect from this operation. First, in the coming years, as long as the FCCB are not converted, we will continue to see in our P&L each year, variation linked to the fair value of these instruments, mostly driven by the evolution of the share price of new GIL. Secondly, and more importantly, upon the year of the conversion of FCCBs in 2033, at least, at latest, but very likely before that, we will account for a sort of reversal of today's accounting loss. This is because when these bonds will convert into equity, strengthening further GIL balance sheet, it will indeed increase its value. On the flip side, we expect also to account at that same time for dilution effect linked with this conversion, but that impact will be calculated at book value, and very less material. Moving on to slide 12. It is important to keep in mind that the impact of the operation on 2024 financials of Groupe ADP is a one-off item coming from the application of IFRS rules and without any cash element. Regardless of the final, final amount of this impact on our 2024 net result group share, our shareholders are protected through our distribution policy, which is confirmed at 60% of net result payout, but with a floor of EUR 3 per share. In application of this floor, the expected dividend for 2024 remains similar to the average of the last 10 years. Moreover, at the end of the day, what really matters is that the value of our stake is now revealed through a direct listing of the shares we hold. The applied variation and valuation at market price show that the value of assets was multiple five times compared to the initial acquisition price of our stake. If we were to fair value our entire stake the same way we have to fair value the small portion of liabilities with which are the FCCB, we will recognize this year a huge profit, which is the case according to French GAAP... This is why, from a financial perspective for Groupe ADP's operation is extremely value accretive, regardless of the one-off impact. I will now hand it over to Alexis Riols, the Deputy CEO of GMR Airports, since today, Deputy CEO of New GIL, to give you an overview of GMR Airports and its strong positioning to capture the growth of India and the Asian aviation industry. Thank you, Philippe. So India is already one of the major aviation markets worldwide, following the 8% compound average growth observed over the past decade. But this growth will continue according to the aircraft order placed by several Indian airlines like IndiGo, Air India, or Akasa Air. To host these new aircraft, the Indian infrastructure system is going through significant developments. First, existing airports were recently extended, such as Delhi, which is now one of the few airports worldwide with 100 million passenger capacity. Second, new airports are being built, either by public authorities or by private players, to increase capacity and to improve the country's connectivity. Third, to accelerate the investment segment, the concession pipeline should remain dynamic in the coming years, with already several projects announced by the government. Keeping in mind the size of the country and its location in Asia, the major Indian airports will also leverage on the opportunity to becoming hubs. Moving on to slide 15, it is important to say a few words about the regulatory framework. Within the first concessions in the decade 2000, the Airport Economic Regulatory Authority remains in charge of all regulatory monitoring and approvals in India, which gives continuity and maturity in the processes with the airport operators. In a nutshell, the regulatory mechanism can be summed up into three key principles. The tariff basis is calculated from the regulated asset base, which includes the realized investments and also the five-year projections on traffic and expenditures. The hybrid till model contemplates a 30% cross-subsidy from non-aeronautical activities, leading to a balance between the support to aeronautical activities and incentives to develop the commercial initiatives. Last, the true-up mechanism allows a fair approach with an adjustment in subsequent control periods, should there be any excess or shortfall in revenues collection. As we speak, Delhi Airport is entering into its fourth control period of five years each, and Hyderabad Airport is currently in its third. Moving on to slide 16, the airport portfolio of GMR is made of four airports under operations and three under development. This rich and diverse network relies on different airport profiles. Delhi being a capital airport and the tenth busiest worldwide, and Hyderabad being a regional hub, and Goa, a tourism destination airport. Along the years, GMR has developed expertise all across the airport value chain. For instance, with duty-free operations, car parking, food and beverage, and cargo. This allows the group to leverage on its knowledge to address the passengers' expectations and to capture the network organic growth. The airport site also offers substantial real estate opportunities, like the hospitality district in Delhi Aerocity, with worldwide hotel brands, or the industrial park at Hyderabad Airport, hosting aircraft maintenance activities, factories, and warehouses. Delhi and Hyderabad are also at the forefront of the environmental commitment and ambition in the Indian airport sector. Both airports are Level 4+ in Airport Carbon Accreditation program, counting on 100% renewable energy mix, and Delhi targets to become net zero carbon emission in 2030. Let's move on to slide 17. So the strategic priorities for the years to come will be to continue growing, to keep improving the overall performance, and to upstream cash from the assets and commercial activities. So the growth will be first organic, within the current portfolio. In dynamic domestic and regional markets, the group will also look at value accretive new concession opportunities in and outside India, to strengthen and develop the portfolio. Last, GMR will pursue the development of its commercial and real estate activities. On the performance side, it will rely first on the traffic strategy, including new international routes, capacity optimization, and implement a hub approach. While Delhi and Hyderabad airports are continuously well-positioned within Skytrax ranking, Goa just entered the top 100 for its first year of operations. Passenger experience is thus a key driver within GMR strategy to be further improved through innovation and airport connectivity. The industrial partnership between GMR and ADP will also continue to exchange and develop projects in operation, sustainability, innovation, among many other spaces. On the financial side, in the coming years, the assets like Hyderabad and further Delhi should start giving dividends to their shareholders, meaning New GIL. Adding on top of that, the expected revenue generation from the commercial activities carried out by the holder, this combination should give some margin to the group to pursue deleveraging, to fund value accretive investment, and to target positive free cash flow to equity at New GIL level. I will now give back the floor to the Chairman and CEO of Groupe ADP, Augustin de Romanet. ... Thank you, Alexis. So, as you know, we are really very happy today with this completion of this operation, which was envisaged from the start of our adventure with GMR. This transaction provides for a direct reveal of the strong increase in value of our asset, with implied market value of our stake, as we've already said, five times the acquisition price. India's population is growing fast, and especially its middle class. This will translate in a sharp increase in air travel, which will be possible thanks to the development of the appropriate infra. We want to be ready, and we are convinced that GMR Airports, an agile company listed on the Indian stock markets, will be in prime position to size these additional development opportunities in its markets. ADP's development strategy is built on a unique network and model consisting in Groupe ADP itself, listed in Paris, on our two regional development platforms, TAV and GMR, now all of them being listed companies. We are very happy and confident with these strong partnerships, and the success of today's merger makes me, makes us particularly proud. As we target to increase overall group going forward, a healthy development aside Paris-regulated activities is absolutely key to balance and diversify our profile. That is the rationale behind our international development. As a global and multi-local player, we will thus pursue our ambition to create value for all stakeholders, putting decarbonization as a common objective in all our airport platforms. Thanks for your attention, and let's now open the lines for questions. Thank you, sir. You have the floor. No? The floor is to questions. Thank you. Thank you, and as a reminder, to ask a question, please signal by pressing star one. If you wish to cancel your request, please press star two, and please make sure the mute function on your phone is switched off to allow your signal to reach our equipment. Again, it is star or asterisk key, followed by the one on your telephone keypad. Our first question comes from Luis Prieto from Kepler Cheuvreux. Please go ahead. Good morning, and thanks a lot for the call. Luis Prieto here from Kepler. I had three questions. The first one is, and I just wanna make sure I understand correctly, excuse—again, excuse my ignorance. What is the new GIL balance sheet structure after the merger and the listing? Is there anything else beyond, in terms of net debt, beyond the convertible bonds? The second question is regarding potential new investments beyond what's on the table for the company today, how would you intend to finance those? Could a capital increase at some point in the distant future be considered by the shareholders? And then I had a third question regarding Noida, and to what extent you consider that a competing asset or something that could erode business at New Delhi Airport? Thank you. So thank you for your questions. I start by the last question about the new airport Noida. So as you know, GMR Airport is located at 75 kilometers from Delhi city center, which implies a 2- or 3-hour journey by car. This, with an initial capacity of 12 million passengers, it will primarily address the catchment area located in its direct vicinity, like Noida and other cities from the state of Uttar Pradesh. With the opening of the new Terminal 1 in Delhi, Delhi Airport has a 100 million passenger capacity, so airlines do not have any development contained in Delhi Airport. So GMR Airports mainly primarily hosts some freight flights and short-haul flights operated by the regional or low-cost airlines. So for us, for the moment, we don't see any issue about about this. In the second, your second question, so the question about the the capacity for GIL to to raise more capital. So the objective and the strategy is not to raise capital on the market for GIL at this stage. GIL has various options of financial which are enhanced from the operation. The first option is to to go to bank and financial institution. We have also the capacity to have a cash flow from operation, thanks to a strengthening of the structure, direct access to of the assets. ... and the strategy of revenue generation of the, on, at the holding level. So that is the another element to take account. And the third option is the possibility of stake monetization, minority stake monetization, if there is a need and an opportunity, like Cebu two years ago. So many options to finance growth, access to capital market, not necessary at this stage, but just additional option we have open with this good operation. In your first question about the balance sheet of GIL. New GIL will share its merger financial in due time, but you can keep in mind that the airport assets are by far the biggest contributor. So you may refer to GIL investor presentation to have quite a fair view of the business metrics. We have also to take into account an important fact that we have operational debt, but not at the holding level, but the asset level. So for us, in the new GIL, we have a stronger asset that is a share of all the SPV for all the assets, and we have just the FCCB in terms of liabilities. So thank you for the three questions. So, just to clarify, at holding company level, you have the FCCBs, and then there are ring fences around each one of the assets. There's asset debt at those levels, right? Yes, yes. Okay. Thank you. Very clear. Thank you. We will now move to our next question from Ruxandra Haradau-Döser from HSBC. Please go ahead. Yes, hello. Thank you very much for taking my questions. First, when do you expect New GIL to be in a position to pay dividends to Groupe ADP? Second, I understand that there are currently around 120 airports in India, and the government plans 220 airports by 2026. So is it correct to assume that most of the new airports you mention on the slides will be commissioned over the next two years? And if I divide 1,700 airplane orders by 220 airports, it implies less than eight airplanes per airport. So do you think that your airports are positioned to over proportionally attract capacities in the Indian market? And if yes, why? Thanks for the comments on Noida. I understand that Delhi is also a gateway for Taj Mahal today, and Agra is currently upgraded from a military airport to an international airport. So do you see Agra as a risk for Delhi Airport over the next years, airlines to switch airplanes from Delhi to Agra? Thank you very much. So thank you for your question. About the dividend, what we can say, so GMR Airports went and is still going through a heavy CapEx program with some airport assets not operating yet. Due to this, the company currently has a negative contribution to the group results. But we expected traffic trend in India also applying more frequent investment phases than in other geographies. However, it is a strategic priority for us to upstream the cash flow from the asset in the coming years. The return to profitability can be expected in the next few years, but the exact perspective may vary depending on the trajectory of current development project, regulation outcomes, and the additional project that New GIL may pick up in the meantime. Our common goal will be that New GIL is in a position deliver positive free cash flow to equity at New GIL level, towards the end of the decade. The end of the decade. Dividend payment itself is a capital allocation matter that will be addressed depending on GIL's position and needs at the time. So in term of capacity, what we can say is the fact that we have increased strongly the capacity in Delhi, but also in Hyderabad, to welcome more passenger. In fact, with the new policy of, for example, Air India, we have to continue to grow in Delhi, but also in Hyderabad, to welcome more passenger and more international passenger. That is a key element in the development of GMR Airport. For the development in India, you have a huge market, very huge market. We await some pre-position of regional airport. That is probably a good opportunity to develop the group. But in fact, we are very cautious. We try to catch all the opportunities, but not on any price. We have to change our business model to try to take the good opportunity at the good price. On the third question, I would like to remind quickly some figures. So for the last financial year, Delhi Airport achieved 73 million passengers, and as we said in the presentation, the airport capacity is now at 100 million passengers. On the other side, the passenger traffic last year was 25 million passengers for a capacity at 34, which could be easily upgraded to 40 or 40 plus. So both airport capacity leave us some room for the next years to come, and I think we already answered the question on the potential competitors like GMR. And Agra is not seen as a competitor as we speak. Thank you very much. Thank you very much. Maybe if I, if I'm allowed to ask one more question. First, 1,700 airplane deliveries is a very high number, but the main topic in the sector currently is that airplanes are not delivered or if delivered with significant delays. I know it is very difficult to estimate how many airplanes will be delivered in India in, let's say, 2026, but would it be possible to share with us an overview how airplanes are scheduled to be delivered in the Indian market over the next years? So sorry, Ruxandra, but it's not possible to give you some color about that. We don't have... We have to ask this question for Airbus and Boeing, but not ADP. Thank you very much. Thanks. We will now move to our next question from Dario Maglione, from BNP Paribas Exane. Please go ahead. Good morning, and congratulations for this good investment. I have four questions, hopefully quick. First one, the presentation mentioned valuation of EUR 6.3 billion for ADP stake in New GIL. Can you confirm how this is calculated? Second question, what is the value of the FCCB foreign currency convertible bond that ADP issued to GMR, and when could you monetize it? Third question is a technical question. You mentioned that in the future, on Group ADP P&L, the fluctuation of the fair value of the FCCB will impact net income. How will this non-cash fluctuation impacts the dividends? And final question on tariff at New Delhi, which are under discussion. What shall we expect? Could they increase three times in the next regulatory period? Thank you. So thank you. Thank you very much. So, for your last question, we await the final answer of the Indian government in the next few months, so, in terms of tariff for New Delhi. So for the moment, it's a little bit early to speak about that. But in fact, if we have good news, it's very good for the financial trajectory of GMR Airports. So your second question about the non-cash effect and the impact on the dividend. So remember that our dividend policy is a payout of 60% of the net results. So mechanically, when we have the net result impacted by a non-cash effect, we are theoretically, less dividend. But in our dividend policy, we don't have just 60% of payout ratio, but we have also a flow of EUR 3 per share. So mechanically, we, we offset this, this, first point, but, and we offset the, the non-cash effect. That is, a key element. So to, to have, more color, about the FCCB and specifically, the, the maturity of, FCCBs. So the FCCB have a maturity of 10 years, so until 2033. But that is the maximum date, not the central scenario. Our central scenario it's, it's better than that. The central scenario is that GMR enterprise purchase the FCCB earlier than that. We can do it at any time, thanks to the call option they hold. So ADP will get cash for a total of EUR 331 million plus interest. ADP's balance sheet will be clear for the FCCB and related derivatives, and clearing ADP net debt. And GMR enterprise will convert the FCCBs into New GIL equity, which will generate the dilution of ADP economic interest, but a positive impact on the equity value on New GIL due to the extension of the related liabilities. So globally, FCCB, it's a good thing for both partners. As additional protection for ADP, we have the put option allowing us to monetize the FCCB from the fifth year, so that is 2028. And the possibility to convert the FCCB otherwise, if the put is not honored after some time. Globally, theoretically, the rules, it's the FCCB have a maturity of 10 years, but due to the call option, due to the put option, it's a maximum date, and it's not the central scenario. The EUR 6.3 billion, it is just the value of the stock price today? Yes, the value. Yeah. Thank you. Our next question comes from Manish Beria, from Bernstein. Please go ahead. ... So yes, so I have three questions. The first is the strategic one, no? So I know why you don't want to sell the stake because you are industrial player, things, things, things, things like that. But my question is more like if you see the structure, I mean, you are the largest shareholder, 33%, and others are lower than that. So I just want to understand, if you want to sell, will the governance change? I mean, like 5% stake, partial stake, then still you'll be the highest shareholder here, and also the FCC conversion and the OCRPS that will convert, I mean, that will make your stake more. So, so at still what low point you can go, that you can keep the control of the board? So this is the question number one. The question number two is that in the presentation you have mentioned in one of the slide 19, I'm hearing that the value of the assets, your stake in India, is like EUR 6.7 billion. But in other slide you mentioned EUR 6.3 billion. So why that difference, EUR 6.3 billion and EUR 6.7 billion? The third is on the FCCB. You said 5%-8% of the capital, so I don't understand why there is a variation. I mean, because this is a convertible bond, so why 5%? And why is the variation? I mean, is there anything that we are missing out there in FCCB? Y eah. So thank you for your technical question. So for the first question, I think we are very comfortable with the global balance between GMR and ADP, and with our listed company. So for the moment, it's not a question to rebalance or to have some future step. So we are comfortable with this global balance. So your second question, so Sorry, the first one, like, if you want to go lower, you don't want to go now, but let's say at some point you want to go lower, how low you can go that you can still keep the control of the board? Because you are at 33, and GMR is much lower. We don't disclose this element. Okay. Mm-hmm. Yeah. So the second point, it's to your question about 6.3 or 6.7. So it's clearly 6.3, the 6.7 it's globally in this stage. And- Okay. So just 6.3? And, the third question, can you repeat the third question, please? You mentioned that it is 5%-8% of capital if converted, I mean. So why this variation? Why is not a fixed number, but why it changes? I mean, it can be 5% or it can be 8%, so why there is a variation, I mean? It depends on what? So it depends clearly on the time when the conversion arrives. It's early stage, it's five. It's eight. Okay, understood. Thank you so much. Thank you. We will now take our next question from Augustin Cendre, from Stifel. Please go ahead. Hello, gentlemen, and thank you for taking my question. Actually, I've got two. First, you mentioned the process of deleveraging the company. I'd like to understand, or I'd like to know if you could provide some more insight into how you intend to achieve that at the airport level. This question is particularly targeted at the Delhi Airport, but also Medan Airport, which appeared to still be loss-making. And my second question is probably more of a recent news question. I saw that there was a roof section of the Delhi Airport that collapsed in June. I was wondering if you have estimated the cost of repairs and potential audits on the safety of the airports, in the future. Thank you. Well, thank you for your question. We start by the second question. Yes. So as it has been conveyed in the Indian media, and as you, you saw it, technical audits are ongoing, not only in Delhi, actually, but also in other Indian airports, which unfortunately faced also some roof collapses during this record-breaking monsoon period. So more information on the next steps, in terms of technical operations, will be shared by GMR in the course of August. Thank you for that. And yes, and for your first question, Antoine? So regarding deleveraging strategy at that level, specifically on Delhi, there are multiple ways already implemented, but also going forward to accelerate the deleveraging of Delhi Airport. Notably, through increasing the cash flow generation with the retail strategy, but also with higher tariffs, considering recent positive regulatory outcomes, which we are now implementing, confirming with the regulatory authorities and implementing for higher tariffs. As Philippe also mentioned previously, enhancing the traffic mix with the higher international traffic at Delhi Airport, which also strongly contributes to generating more cash flow at the Delhi Airport. That's regarding Delhi. Regarding Medan, Medan is also in. ... in a specific situation, sorry, with the Indonesian Airlines, which are undergoing some restructuring at the moment, which explains the lower traffic and hence more difficult situation at this stage. But all in all, Indonesian air travel demand is definitely expected to grow significantly in the future. So we are very comfortable with the trajectory, and despite the very short term difficulty. Thank you very much. Thank you. We will now take our next question from José Arroyas from Santander. Please go ahead. Oh, my apologies, yes, please go ahead. Your line is open. Okay, thank you. Two questions, please. Delhi and Hyderabad airports are concessions, as I understand it, and Delhi expires in 2036, Hyderabad in 2038. What needs to happen for the concessions to be extended? And if they can be extended, what are the CapEx commitments that the GMR would need to retain? And my second question is about your preference shares that I understand are illiquid as they stand today. How can you convert them into liquid instruments? And when can this happen, and yes, the timeline for that? Thank you. So, regarding your first question, so as you said, Hyderabad airport concession ends in 2068, and Delhi airport concession is 30 years, plus 30 years concession. So meaning, until 2036, plus 30 years, meaning 2066. And this extension relies on some KPIs to be achieved in the coming years, on which we are quite confident. There is no CapEx commitment to share at this stage because the control period for the CP4 and the aeronautical tariffs are being discussed with the authority. So no CapEx commitment can be shared for the midterm or for the long term, but of course, it will be part of a daily exercise over the next years to define its long-term plan. Thank you. So for your first question about the OCRPS. OCRPS act like a reserve of ordinary shares. If and when ADP wish to monetize some of it, and which is not the strategy and the objective of ADP, we don't monetize the OCRPS. But if we wish to monetize, it's possible, and ADP can sell ordinary share and convert the OCRPS into the equivalent portion of ordinary shares. So our stake in terms of ordinary share will remain stable, but our economic interest will decrease for the portion of OCRPS converted. So globally, at the end of the day, it's like a liquid share. Thank you. We will now take our next question from Graham Hunt, from Jefferies. Please go ahead. Thanks. I just have one question on more on the operational relationship between ADP and and GMR. Are there any sort of immediate actions that can be taken now this transaction is complete and sort of off the table in terms of bringing more of ADP's expertise into the GMR portfolio? Sort of thinking around the retail business, just in terms of the near term, are there any actions that you can speak to that can create value in the underlying business by bringing the businesses together? Thank you. Thank you for the question. So, we have an initial partnership in place between ADP and GMR, since the beginning of the investment. And, we have some projects ongoing with the respective teams on various fields. Actually, it implies retail, traffic, forecasting with development, innovation, sustainability. So all this is ongoing, and of course, will continue with this operation and beyond this operation. So the ties and the work in progress on this internal partnership will not stop now. Thank you. Thank you. Thank you for your question. Thank you. With this, I'd like to hand the call back over to Cécile Combeau for closing remarks. Well, thank you very much, everyone, for having logged to this conference. Thank you again. Obviously, feel free to get back to us if you have any follow-up questions. And, we also hope that you can enjoy a nice summer. Happy holiday to everyone, and we hope to welcome you in our airport. Thank you. Thank you. This concludes today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.