Hello, and welcome to the SES Q1 financial results for the 3 months under 31st March 2023 call. My name is Laura, and I will be your coordinator for today's event. Please note this call is being recorded and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero and you will be connected to an operator. I will now hand you over to your host, Richard Whiteing, Head of Investor Relations, to begin today's conference. Thank you. Thanks, Laura. Good morning, everyone. Thanks for joining this analyst investor call for the Q1 2023 results. This morning's presentation was uploaded along with the press release to the investor section at ses.com, if you don't already have it. As always, please note the disclaimer at the back of the documents. In a moment, Steve Collar, our CEO, will present the main business highlights, followed by Sandeep Jalan, our CFO, to cover the financials in a bit more detail. After some closing remarks from Steve, we will take your questions. With that, I hand over to Steve. Thanks, Richard. Good morning, everyone. Thanks for joining us. We've started the year well, with a solid set of results for Q1, strong traction in the market with good sales momentum and excellent progress on both O3b mPOWER and our C-band project. Revenue and adjusted EBITDA were fully in line with our expectations and consistent with the full-year outlook, which is unchanged and on track. Close to double-digit revenue growth as reported, reflects the contribution from our acquisition of DRS GES, while solid EBITDA performance underscores our continued focus on execution across the business. We're performing strongly in mobility, up almost 15% year-on-year, and driving growth overall in networks. While in video, we continue to flatten the revenue trajectory with more than EUR 110 million of renewal business signed in the quarter on good commercial terms for SES. Some of you may have caught the O3b mPOWER launch last week, bringing us to four satellites in orbit. With the last two of the initial constellation launching in early June, we remain on track to start commercial service at the end of Q3, with customers ramping onto the system during Q4. More good news, the first two satellites have completed orbit raising and have begun in orbit checkout. We formed our first beams over the satellites and the performance looks great. Commercially, we continue to gain traction and significantly this quarter, Luxembourg's Ministry of Defense announced the MEO Global Services program, through which the ministry intends to acquire services on O3b mPOWER to support Luxembourg and its NATO partners, establishing O3b mPOWER at the heart of defense and security across Europe. We've added another strategic program to our list with the IRIS² project and the recent announcement that we partnered with Europe's leading space and telecom operators and manufacturers to develop what we believe will be a compelling, secure, multi-orbit architecture to serve Europe and its citizens for decades to come. We're bringing our multi-orbit credentials to the consortium, and given the ambitious timelines for the commission, the solution will likely leverage the best of existing and new infrastructure. Finally, on C-band, with the successful launch of the 2 remaining satellites, our project to clear 5G spectrum across the U.S. is entering its final phase. We're very much on track to complete clearing and earn an additional $3 billion in accelerated clearing payments before year-end, while we continue to make progress with the clearing house for the pending $600 million in cost reimbursements. I'll now move to page 4 and more detail on our network segments that together drove 3% increase year-on-year. The cruise market continued its robust trajectory and drove a significant pickup for SES as we equipped a number of new cruise vessels ahead of delivering connectivity services. All of our cruise customers assigned to O3b mPOWER, and we expect to have a number of vessels already transitioned to O3b mPOWER this year. Government and fixed data were largely flat year-on-year, with government showing a positive trend and fixed data benefiting from periodic revenue relating to a transponder sale. We have significant traction in the market across all our networks verticals, with EUR 340 million of business signed since the start of the year. Notable successes include incremental capacity and services signed on GovSat and some good pickup more generally in our global government business, several renewals with U.S. Space Force and DISA, including the renewal of the Army WIN-T network, the renewal and extension of services for CNT in Galapagos, including transition to O3b mPOWER, new mobile backhaul and rural connectivity project wins with CFE in Mexico, ultimately growing to more than 1,000 sites, a substantial commitment on SES-17 for aviation services that will expand the number of aircraft supported on the satellite, and recent wins in both business aviation and cruise, the latter representing a number of new cruise vessels signed to O3b mPOWER. Looking ahead to O3b mPOWER, I continue to be excited by the potential that we have to offer secure sovereign services from MEO, underscored by Luxembourg's intention to establish the MGS program, as I described. The program will authorize the acquisition of O3b mPOWER services valued at close to EUR 200 million over 10 years in the areas of defense, security, and disaster recovery. Importantly, MGS is also the anchor for the framework agreement signed between Luxembourg and the U.S. late last year, the so-called Global Commercially Contracted Satellite Communications Support Partnership established under the NATO Support and Procurement Agency. This establishes O3b mPOWER as not only the workhorse for NATO in the protection of Europe and its borders, but also as the strategic medium earth orbit layer in the U.S. DoD space infrastructure. With that, I'll turn to page 5 and our video business, where again, we have a good quarter securing renewals on good commercial terms. Business performance is fully in line with our expectations, with revenues lower by 5% year-on-year, excluding the one-off termination payment from Nordic Entertainment last year. We have the best neighborhoods in the industry, as demonstrated by our network reach, serving 369 million TV homes. And since the start of 2022, we secured well over half a billion in new backlog, including EUR 110 million of incremental business signed in Q1. Most notable deals include EUR 75 million worth of contracts with key public and private broadcasters, including QVC, ZDF, Seven.One, MBS, and HIGH VIEW in Germany, where we serve more than 17 million satellite homes. Pricing on renewal continues to reflect the pricing power gained by virtue of the large neighborhoods that we operate and the value creation generated from the audiences across our platforms. Also of note, more than 20% of our video contracts and revenues benefit from indexation clauses, adding to the solid long-term cash generation fundamentals of the business, evidenced by our video backlog, which stands at EUR 2.5 billion. Finally from me on page 6, in addition to business execution, our main focus for 2023 is to deliver C-band clearing and to commercially launch O3b mPOWER. As I mentioned, we now have 4 of the 6 satellites needed for the initial O3b mPOWER constellation successfully launched and in orbit. The final 2 have completed their major testing, will ship from Boeing this month and will launch in early June. We're on track to declare O3b mPOWER operational and in service at the end of Q3, with customers ramping onto the system through Q4. Satellites seven and eight are following along pretty closely behind, while on the ground, everything is ready with gateways deployed and a large suite of customer terminals available, tested, and being shipped to customers. Yesterday, we announced our latest regional partner, Profen, who are investing in a local gateway to deliver services in Turkey and the region. It's an excellent model for O3b mPOWER and mirrors what we're doing already with Marlink in French Guiana and of course, Reliance Jio in India. Moving across to C-band in March, also saw the launch of our last C-band satellites, allowing us to complete the small number of remaining customer transitions on the satellites. With only a few incumbent earth stations left to have filters installed, we really are well advanced and fully on track to earn the remaining accelerated relocation payments in 2023. With that, I will hand over to Sandeep. Thanks, Steve. Good morning, everybody. Turning now to the financial highlights on page eight. We are very pleased with an overall solid first quarter financial performance, which is fully in line with our expectations. Reported revenue was 10% up year-over-year to EUR 490 million. These included the positive effects of stronger U.S. dollar, which was about 3%, and the contribution from the DRS GES acquisition, which was about 10%. Adjusted EBITDA was at EUR 265 million. This was 3% lower on a reported basis, representing a solid margin of 54%. This included the positive effects of U.S. strong dollar, which was about 2%, and also the contribution from DRS GES acquisition, which was also about 2%. The financial outlook for 2023 is all fully reaffirmed, with revenue, adjusted EBITDA and CapEx each being on track versus the guidance we gave with the February results announcement. Leverage of 3.6x was essentially unchanged compared with the year-end 2022. With the latest successful launch of C-band satellites in March, as Steve reported, and with more than 90% of transition plan having been completed, we have fully de-risked the C-band clearing and have a clear line of sight to $3 billion or $2.45 billion after tax towards the end of this year. Further, we expect reimbursement of remaining C-band related costs, which are approximately $600 million as of 31st March 2023, and once reimbursed, these will add to the cash balance and reduce net leverage. In fact, after we receive the substantial cash inflows of over $3 billion net from the C-band net proceeds plus the reimbursement, our leverage on a pro forma basis at the year-end comes down significantly to about 1x compared to our leverage threshold of 3x. Meanwhile, we have also paid out the dividends of EUR 220 million for 2022 just two weeks back. Moving now to slide 9 on the net income bridge. Adjusted EBITDA for Q1 was lower by EUR 9 million compared to Q1 of last year. It was driven by the following components. The first was the positive effect, which came from the stronger U.S. dollar versus euro, and this contributed about EUR 13 million to revenues and about EUR 6 million to EBITDA. Second positive effect was a contribution from DRS GES, which was acquired at the end of August 2022. This contributed a revenue of EUR 45 million in quarter one and EBITDA of EUR 6 million in quarter one last year. After adjusting effect of both GES like for like and constant currency, adjusted EBITDA was 7% lower compared to quarter one of last year. Third component was the growth in network, which included double-digit% growth in mobility and EUR 7 million of periodic revenue in enterprise and cloud during the quarter. These positives were offset by a decline in video of about EUR 22 million or EUR 12 million when excluding the periodic revenue in quarter one 2022 from Nant, as Steve said earlier. Another impact came from higher recurring Forex as expected. Video adjusted EBITDA, the main effects leading to an adjusted net profit of EUR 64 million were almost entirely non-cash, particularly high depreciation and amortization linked to SES-17 being in service, and non-cash Forex loss of EUR 6 million booked this quarter. Lower interest expense and taxes contributed about EUR 8 million in the quarter. The difference of EUR 9 million between adjusted net profit and reported net profit is explained by net C-band expense of EUR 4 million and other significant special items of EUR 9 million in the quarter. Tax gains on these special items amounted to EUR 4 million. In summary, a very good start to the year. Excitement is building with the mPOWER on service date getting nearer and the backlog nicely building, including some recent important commercial wins. We are firmly on track with the full year revenue and adjusted EBITDA outlook and our growth trajectory. With that, I will hand over back to Steve. Very good. Thanks, Sandeep. I will conclude with page 11. At a really solid Q1 performance, strong execution in the business with mobility driving growth in networks, strong renewals in video and good momentum in the market with ongoing healthy deal flow supporting our year-end outlook. 2023 is a transformational year for SES that will see us bring O3b mPOWER to the market, a state-of-the-art constellation that's truly differentiated given the ability to deliver dedicated carrier grade scaled and targeted bandwidth and services that will provide the bedrock of our future growth, while we will also see the culmination of a massive four-year undertaking to repurpose C-band spectrum in the U.S. and in so doing, transform our balance sheet. With that, I think we're ready to take your questions. Thank you. Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star one on your telephone keypad. Thank you. We'll now take our first question from Nick at Barclays. Your line is open. Please go ahead. Yeah, good morning, guys. Just got a couple of questions. The first one, in terms of once mPOWER launched and functional, just in terms of thinking about the ramp set, you talked about customers that take up through Q4. Can you talk to us about the risk of that all going a bit slowly, about there being even some more investing, perhaps a little bit of portion of customers not taking up quite as fast as what. That we end up with the benefits, which will come through mPOWER, washing in a quarter or a couple of quarters later than we currently hope. Second question: IRIS². Of course, you'll be able to contribute some MEO capacity to the project. Can you talk to us about the likelihood of contributing notable investment, given the absence of spend of the C-band, to that process? Thanks, Nick. You were a little bit choppy there, so I'm not sure I got entirely the question, but I'll give it a go, and you can let me know if, if I answer, you know, appropriately. Look, on mPOWER, the good news is we kind of bring these satellites up in pairs, and so we test a good amount of the capability significantly ahead of sort of commercial launch. We're already doing that with F1 and F2. They're already on station. We've already formed beams. We're running through the sort of standard in-orbit testing. We will now have a good number of months to run configurations, deploy ARC. ARC is fully developed. This is our space brain that we've been developing, you know, internally. That's fully ready to go and will get sort of deployed, and we'll be, you know, run that through and sort of deploy dummy services even with two satellites, you know, pretty much now. By the time we get to the end of Q3 with all satellites up in the constellation and ready to go, we're gonna be fully checked out. That's why we're, you know, optimistic that, you know, through Q4, we're going to be moving, you know, customers onto the spacecraft, new customers generating revenues. Obviously, there will be a ramp, right? You know, that will happen through Q4 and indeed into Q1. We don't anticipate any delay in getting customers up and operational on mPOWER, given the fact that we'll have the ability to fully check out performance and services and even start, you know, delivering, I would say, beta services, on the first couple or the first four. Essentially, what that looks like for customers is, you know, a gap, you know, for a period of time. Certainly, in terms of the capability of the mPOWER constellation, we can start delivering that even in advance of, you know, of the final two satellites getting into the constellation. Feel very good about service introduction on mPOWER. Feel very good about the level, you know, the amount of testing we've been able to do on the, on the ground stations, on the, on the customer terminals, all of that is fully validated with the existing constellation. Really feel very good about, you know, where we sit with mPOWER, notwithstanding the fact it's obviously taken us longer than we would have liked and we've had to a bit, be more patient to get to this point. We do feel, you know, very confident in the program and the results we're seeing and the, and the program more generally. Look, on IRIS², I think the first thing I'd say is we feel, you know, like we've got a very strong consortium. We're part of a very strong consortium, you know, with the main team comprising, you know, Europe's major operators and manufacturers, then a broader group including sort of telecom operators. I think we really feel like we've got all bases covered. We've got, you know, a strong security insider component, which is also essential. This isn't just a space architecture, it's a sort of secure communications architecture. I think we feel that the team members that we have around the table are really strong and everyone contributes. I think as I mentioned, I think that, you know, the solution, which is still under definition, to be clear, will comprise sort of head start services on existing infrastructure then launching new infrastructure. As you know, the European Commission has sort of set aside EUR 2.4 billion plus additional sort of technology development with ESA. There's a very significant amount of public funding available for this project. It's way too early to sort of think about what investment might look like. As I say, we're still working hard on the architecture. It will be multi-orbit. We think we have a strong role to play, you know, given our investments, but way too early to sort of think about any incremental investment that we or indeed any other member of the consortium might make at this stage. Does that cover the questions, Nick? Yes. Just one quick follow-up. In terms of IRIS², if you are kind of holding aside some mPOWER capacity for that project and it goes on longer than expected, which it has happened before with European projects, is there any chance that that slows the ramp of mPOWER, or do you just have so much capacity that we don't have to worry? No, I wouldn't say that we're holding mPOWER capacity. We're, you know, we're driving mPOWER obviously hard into the market, as you can see from the deals that we're signing and the backlog that we have. you know, I don't think we see any need to hold any capacity back. given that we're launching, you know, bear in mind we've got two more satellites that we'll add this year. We've got three more coming beyond that. it's really not a consideration at this point. Great. Thank you. Thank you. We'll now take our next question from Terence Tsui at Morgan Stanley. Your line is open. Please go ahead. Hello. Thank you everyone for taking my questions. I have a couple, please. The first one is just around your leverage. What do you see as, like, the optimal leverage in the longer term? I know you've got the target leverage of below 3 times from 2024, but when you have the significant C-band proceeds coming through, your leverage is gonna be way below that. Perhaps do you see, like, any floor for how low you want leverage to be? My second question is just around the C-band. There's been some news flow in the past couple of days from the aviation industry around the first deadline for airlines to retrofit some of their equipment. If that deadline is delayed, does that impact the timing of any payments you may receive? Lastly, if I can just squeeze in a final follow-up on IRIS². I think, you know, it's gonna be operating as a kind of a concession agreement. Have you got any, like, further color around, like, how the economics could work for how the concessions could be awarded? If not, maybe just give us an indication about the timing of when you expect the next steps. Thank you. Thanks for the question. I'll take the first one and pass on to Steve for the next two. On the leverage, our quarter one leverage is at 3.6x. As you have seen with our December results, we have announced to reduce our leverage threshold to below 3x. As I said earlier in my speech that at the end of this year, when we take a look at this C-band significant proceeds coming in, pro forma basis, the net debt leverage would stand at 1x. Clearly, our aim continues to remain a strong investment-grade balance sheet. We continue to carry investment grade rating with both the agencies, which is Moody's as well as Fitch, and this will continue to remain the target. Clearly the C-band money is not in the bank. It's coming beginning of next year. As we go, come closer to that timeline, clearly we'll take a look at our financial policy and make further announcement as we deem fit, including on leverage. Very good. Thanks, Terence. I'll take the C-band question. Short answer, no. Absolutely no impact. We have a job to do, which is clear the 300 megahertz and protect our broadcast customers, and that's what we will do, and that will earn us our $3 billion in accelerated relocation payments. No impact from this question from aviation. That really is a topic for, you know, the FAA, FCC, the mobile operators and the airlines. It doesn't impact us in any way, shape, form or fashion. On IRIS², yeah, there will be a sort of a concessionaire model. In terms of timing, we expect that, you know, this deal will kinda get negotiated in the second half of the year and probably there will be a, you know, a contract award to the successful bidder, which in the case of, you know, if it's us, you know, in the consortium, it will be towards the consortium at the end of the year. Yeah, that's the sort of the schedule that we expect on IRIS². Obviously, a lot of work to be done between now and then, right? We've got to come up with a compelling architecture. We sort of have to understand exactly how that fits with the Commission's plans. A lot of work between now and, you know, whenever there's an award, and that we expect sort of towards the end of the year or maybe early into 2024. That's great. Thanks, Steve. Thanks, Sandeep. Thank you. We'll move on to our next question from Sammy at BNP Paribas. The line is open. Please go ahead. Thank you, Laura. Good morning, gentlemen. I have two questions, please. The first one, the organic revenue growth of the mobility segment has been quite volatile in recent quarters, from the low 20s down to the low single digits, back up to the mid-teens. Can you help me understand what drives the volatility? Is it contract start or usage of the capacity or anything else? That would be number one. Number two, you've confirmed the discussions with Intelsat. If not premature, can you help me understand the strategic rationale of your interest? I think from where I understand the financial side of the appeal, but strategically, how does it fit with mPOWER? Can you perhaps talk a little bit about that, if not premature? Thank you, Steve. Very good. Thanks, Sammy. The first thing I'd say is all of those growth numbers are good, right? High single digit, 20%, you know, all of that stuff is super positive and I think reflects really good momentum that we have on the mobility side. It's, you know, it's both maritime, so principally cruise and aviation. One of the things that sort of explains a little bit of lumpiness is when we implement services on board cruise ships, we obviously, you know, as part of that, we sell equipment essentially, and that can result in some short-term lumpiness. I would say overall, the trend is very positive, growing both, you know, sort of capacity services and where, you know, where necessary, equipment sales. Equipping cruise ships, obviously means, you know, a precursor to then generating significant service revenues. We've just signed some more, right? You know, just in the last handful of days, you know, we've signed another cruise line, with another bunch of ships, and we've signed a significant deal in aviation on SES-17, that will all kinda sort of, that will rate for us in terms of revenue growth out into the future. Really feels like positive momentum in mobility, more generally. Look on Intelsat, we put out a statement, we said we sort of, we confirm we're in conversations, but really nothing more to add at this point in time. Would certainly be premature to get into discussions on that topic. Everything we've said on that topic is what we're going to say, is what I would say, Sammy. Thank you, Steve. No problem. Thank you. We'll move on to our next question from Carl Murdock-Smith at Berenberg. Your line is open. Please go ahead. Hi, thank you very much. I'll try a different way, if that's okay. Can I just ask more broadly for you to talk about your view on the logic for consolidation in the industry, without necessarily talking about any particular examples? Secondly, I'm at risk of you telling me this is too early again, but on the prospect of CBAM proceeds, when might you be in a position to frame how you use those proceeds, given the previous questions about where your pro forma leverage would be? Might you be in the position by the H1 results, or are you likely to wait till the money is actually in your accounts, given things like the IRIS² process? Thank you very much. Thanks, Carl. listen, I mean, I'm on record as saying I think consolidation in the industry is broadly a good thing, right? you know, we've seen a couple of fairly large, you'd call it horizontal announcements with Viasat, Inmarsat, and Eutelsat OneWeb. I think, you know, broadly speaking, that's a good thing. I think it's a good thing for customers, principally because I think there's sort of fragmentation in the way services are delivered to customers. we've been, I would say, mitigating that and been thoughtful about that in terms of integrating our MEO capability and our GEO capability so that we present, you know, a larger network towards customers. obviously, you know, consolidation is helpful in that regard. We have also sort of driven some vertical consolidation. You saw Intelsat acquiring the commercial aviation business of Gogo and we ourselves acquired DRS SES, which we feel was a very important acquisition given the investments that we have, given, you know, mPOWER coming to market, given our focus on government and sovereign services. You know, that one was a really good pickup as far as we're concerned. Yeah, broadly, you know, nothing that I haven't said already. I think consolidation is generally a good thing. I think some verticalization is healthy. In our case, you know, accretive from day one. You know, at the end of the day, it has to make sense for the companies involved and, you know, sort of representing SES, it's got to be right for SES and right for our shareholders. That's where I would leave the conversation on consolidation. I will hand to Sandeep for the CBAM question. Thanks, Carl, for your question. On the CBAM proceeds, clearly these proceeds on a net basis, net of tax, are quite significant, more than $3 billion, as I mentioned earlier. These are not in, yet in the pocket, right? They will be coming mostly, some of the reimbursement will come this year, but basically the ARP will land in our bank sometime early next year. Clearly, while they are not in the bank, it's good to have flexibility. It's a good problem to have, right? With our strong balance sheet, clearly on a pro forma basis, including this $3 billion net proceeds, we will be going to about 1x. It allows a lot of flexibility and strength for the company. As we have said, repeatedly earlier, it will be used in the best interest of SES and its shareholders. Investment grade will continue to remain a very important priority. We have remained committed for investment grade due to a valid reason. It's also our cost of debt. Cost of debt remains very competitive. Our average cost of debt is around 3%. As the world has moved to a high cost environment for debt, we consider having an investment grade balance sheet in a capital intensive industry is a strategic benefit that we would like to retain for a sustainable SES. We have already affirmed our target to remain below 3x, and we might reexamine as a move closer to those dates, when we have the money in our pocket. That's great. Thank you. One more if I may. You mentioned that 20% of your video contracts have inflation inflators in. That's a figure you've quoted before. I was getting more on a go-forward basis of video contracts that you're signing now. Are you trying to put inflation links into new contracts? What percentage of new video contracts that you're signing have inflation linked in there? Thanks. Yeah, the short answer is yes. I mean, at renewal, we're looking where we can to, you know, for the commercial terms to reflect the value that we're delivering, right? You know, if you take Germany as an example, the significant value that's created on top of the transponders that we deliver for the broadcasters, for the advertising environment more generally is very significant. We look to reflect that in the commercial terms and the commercial discussions. Obviously on an individual basis that can reflect the length of term, right? We've signed deals recently that go out 10 years, 15 years respectively. That's obviously an important term that we look to get. It's also the price and indeed indexation. I would say over the last sort of three to six months, we've been successful in achieving, you know, any and all of those things, not necessarily all at the same time, but either a substantial extension in terms of term, an increase in the base price, or indeed indexation. That's sort of part of the negotiation. Obviously, you know, that is best where we have strong neighborhoods and the strongest value propositions. This is why having the best neighborhoods in the industry is beneficial for us. That's brilliant. Thank you very much. Thanks, Carl. Thank you. We'll now take our last question from Roshan at Deutsche Bank. Your line is open. Please go ahead. Good morning, everyone. Thanks for the questions. I have three hopefully very quick ones. Firstly on the terminal sales. Steve, you mentioned the lumpy nature of that kind of revenue stream. I think last quarter you highlighted the high level of sales within the revenue base. Given the backlog that you've been building over the last few quarters, is it fair to say that those customers have now got a terminal? You know, you mentioned an incremental contract on maritime. You know, is that contract still to be served to the terminal? Should we expect next quarter to have some lumpy equipment sales in there? If you could give us a bit of visibility, on that front and maybe even, you know, what% of your sales this quarter were, terminals, that would be super helpful. Secondly, is it fair to assume that this quarter there wasn't any benefit of the GES synergies, flowing through? If so, should that start flowing through from next quarter? Finally, just to follow up on the video deals. You mentioned good terms for the renewals. Is it possible to get a sense of the volume versus, price mix on those renewals? Thank you. Great. Thanks, Roshan. Look, terminal sales, I would say, we're always gonna have a bit of that, and obviously we're gonna have that when we're growing, right? The example that was, you know, the question was asked was around mobility. There as we fit out cruise ships to receive, you know, in particular multi-orbit services, O3b mPOWER services, we go on board, and we install antennas and, you know, those antennas are effectively sold. The good news is we've been hard at work, and we've got a very busy year in 2023 as well, outfitting and equipping cruise ships for, you know, O3b mPOWER services. We will continue to see that. I don't think we're ever gonna be done. Maybe kind of when we get, you know, one or 2 years into the mPOWER deployments, that will start to sort of trail off a little bit. It may well be that customers go direct to the terminal manufacturers to acquire terminals rather than coming through us. We have a small markup on that, we always make money. Obviously, it's sort of margin dilutive, in terms of, you know, making those sales, we always make money. What you will see, I would say, in the coming quarters is more broadly, not maritime related, but more broadly, you know, equipment sales related to O3b terminals, right? We wanna get as many terminals as we can out in the market. We're in the process of doing that right now. I talked about, you know, the Profen deal. That will include, you know, some hardware. We would expect to see that happening, you know, during 2023. Some of our sales, certainly on the network side during 2023, will reflect a sort of a larger proportion, I would say, of equipment sales. That's all good, right? Because what that does is that provides the feed for the bandwidth coming on top. We don't sell other people's equipment, right? All the equipment we sell is specifically for use on our systems. Why don't Sandeep, you take the GES question? On the GES, the synergies, we are really happy with the way the synergies are ramping. As we have said earlier, we were conservative, in fact, in the internal capacity internalization, there the traction has been really already at the run rate. In fact, we plan to almost be at the double by next year. On the OpEx as well, we have really made good inroads, during this year we will already be at the planned run rate that we had announced. Really good progress there. On the video, all of the, you know, for all of the deals that we announced and for all the customers that we referenced, it was like for like volumes. Like for like volumes with, you know, in some cases slightly improved commercial terms. You know, notwithstanding that, there are sort of other markets in which, you know, customers will continue to look at, the amount of capacity that they have and sort of rightsize it. I think that will continue to be a, you know, an ongoing theme, which is why we're suggesting that our, you know, video business will be sort of low single-digit decline going forward. It's essentially volume, right, being offset by sort of small increases in price or indexation over time. That's essentially the trend in our video business. With less capital supporting that business, I mean, as you know, we're only launching 2 satellites to 19.2 versus 4 that are there today. You know, from a profitability standpoint, the business continues to be super good, cash flow generative, great visibility of future revenues. Not growing, and that's a trend that we expect and the decline really comes from volume. In the specific case of the renewals that we sort of spoke about, and the EUR 110 million of incremental business that we signed, that was all like for like volume. Perfect. That's great. Thank you very much. Good stuff. Are we done? Any other questions? That is all we have, and I will now hand it back to Steve to conclude the call. Thank you. Perfect. Thanks very much. Really appreciate you joining. Happy with the results. I look forward to speaking to you, with our H 1. May the force be with you. Thanks all. Thank you. This concludes today's call. Thank you for your participation. You may now disconnect.