Good morning, everyone, welcome to BT Group's results presentation for the year ended 31st of March, 2023. Presenting today is Philip Jansen, Chief Executive, and Simon Lowth, Chief Financial Officer. The presentation today will be followed by a Q&A session. I'd like to also make everyone aware that this event is being recorded for replay purposes. Before we start, I'd like to draw your attention to the usual forward-looking statements in our press release and our latest annual report for examples of the factors that could cause actual results to differ from any forward-looking statements we may make. Both the press release and the annual report can be found on our website. With that, I'll now hand over to Philip. Thank you, Mark. Good morning, everyone, and thank you for joining us today. By way of agenda, I'll make some brief introductory comments highlighting some of the great progress we've made through the year. Simon will talk through the results themselves and our forward guidance. I'm gonna share some details on how we see the transformation of BT Group shaping up over the longer term before obviously opening up for your questions. Starting with the highlights on slide four. Overall, the business had a strong year and met its financial guidance, despite some significant cost inflation, including increased energy and labor costs. We delivered growth in revenue on a pro forma basis, more than GBP 7.9 billion of EBITDA, and around GBP 5 billion of capital expenditure and GBP 1.3 billion of normalized free cash flow. This performance means that despite investing at unprecedented levels, we're able to maintain our total dividend for the year of 7.7p per share. I'd like to put on record my thanks for the dedication and commitment of my colleagues right across the business, which has underpinned and delivered this fantastic achievement. The world was quite different when we set the GBP 7.9 billion EBITDA target, our people have repeatedly risen to the challenges we've encountered along the way. Last year saw some significant progress against our strategy. To give you just a few of the many examples, our FTTP build is up 43% to over 10 million premises, with take-up of 3.1 million. Customer demand is really strong, with consumer FTTP customers up 50% to 1.7 million. That is more than half a million households moving to FTTP in the year. Our leading 5G network now covers 68% of the UK population, with 8.6 million 5G connections on the network. We continue to transform and simplify the company with the completion of the BT Sport joint venture and by integrating the former enterprise and global divisions into a single CFU business. We remain laser-focused on efficiency and are now more than two-thirds of the way towards reaching our target of GBP 3 billion of gross annualized cost savings by 2025. We're not stopping there, and we are raising the bar again. Looking forward, we will step up the pace of FTTP connections, supported by the introduction of full expensing for qualifying capital expenditure announced in the spring budget. We will continue at pace to move from legacy to next-generation networks, delivering better customer experiences and lower costs. We will continue to drive in transformation of BT Group into a lean and agile organization with superior digital AI and automation capabilities. We will do all this whilst remaining a responsible, inclusive, and sustainable business. Future BT Group will be a leaner business with a brighter future, delivering sustainable growth and value. More on all this later, but let me now hand over to Simon, who will take you through the results in a bit more detail. Thank you, Philip, and good morning to everyone. Starting with our financial performance on slide 6, which I'm gonna talk to on a pro forma basis, assuming that the sports joint venture had been in place since the beginning of last year. I'm really pleased to say that despite all of the known headwinds, we have grown both revenue and EBITDA for the first time in six years. This has been a great effort by everybody in the company, and I'd really like to reiterate Philip's comments and thank everybody who contributed to this result. We've achieved our FY 2023 guidance for revenue and for EBITDA. As we guided at H1, we delivered normalized free cash flow in the lower end of our range, with higher CapEx in FTTP build, including work in progress and FTTP provisioning, only partially offset by the tax refund. Moving to the details. Adjusted revenue for the year was GBP 20.4 billion. That's up 1%. As growth in Openreach and consumer was offset by declines in our enterprise businesses. Adjusted operating costs before depreciation were down 1%, as cost savings generated through our cost transformation program more than offset inflationary impacts, including inflation and of wages and of energy. We're well on our way to achieving our GBP 3 billion gross annualized cost savings target by the end of FY25. With £2.1 billion achieved to date at a cost of £1.1 billion. Increased revenue and lower costs led to adjusted EBITDA for the year of GBP 8 billion. That's up 3%. CapEx, excluding spectrum costs, came in at £5.1 billion for the year, up 5%, primarily reflecting the ongoing investment in our FTTP program and the 5G network build. This was slightly above our updated GBP 5 billion outlook due to the accelerated FTTP provisioning, which grew by over 70% to 3.1 million. CapEx in the final quarter was down 23% year-on-year, driven by the unwind of the FTTP work in progress. Our cash CapEx for the full year was GBP 5.3 billion, higher than reported CapEx due to a reduction in the capital creditors balance over the year. Normalized free cash flow was down 5% on last year. This was due to the increased cash CapEx, some adverse working capital movements offset by the EBITDA growth, the tax refund, and low interest due to timing. We expect our interest costs to normalize next year. Significant growth in Q4 normalized free cash flow was, as expected, driven by improved EBITDA, the timing of receivables, and lower cash CapEx. We're proposing a final dividend of GBP 5.39 pence, bringing the FY23 full-year dividend to GBP 7.7 pence per share. This is flat year-on-year, given our current elevated level of CapEx. It is in line with our progressive dividend policy to maintain or grow future dividends. Moving to slide 7 for our individual unit results, starting with consumer, revenue was up 2% for the year. Service revenue grew by 3%, driven by the 2022 annual contractual price rise and supported by a higher FTTP base and higher roaming. Increased service revenue and tight cost management, including lower indirect mobile commissions, drove strong EBITDA growth. It was up 9%. In our enterprise division, revenue was down 4% as continued declines in legacy products and the ending of some legacy contracts, including the migration of a large MVNO customer, offset continued growth in SME and SOHO. EBITDA declined by 15% for the year, reflecting the lower revenue, the lower legacy product mix, only partly offset by the benefits from our cost transformation program. Moving on to global. Revenue declined 1% in the year due to lower equipment sales and the impact of prior year divestments, offset by a GBP 131 million positive foreign exchange movement. EBITDA was flat, driven by ongoing cost transformation and rigorous cost control, offset by lower revenue and inflation. Excluding divestments, one-offs and foreign exchange, EBITDA was flat. In both enterprise and global, we signed some significant new customer and partner contracts in the final quarter, including a global networking contract with Rio Tinto, the SWAN contract to provide connectivity to the public sector in Scotland, and a partnership with AWS to bring edge computing to our customers. These contracts provide early momentum to our new business division. Lastly, Openreach grew revenue 4% in the year, driven by growing sales of fiber-enabled products and Ethernet, and by increased price. This was partially offset by declines in legacy copper products and an expected decrease in chargeable repairs due to the lower repair volumes. EBITDA grew 8%, driven by the revenue flow-through, lower repair costs, and by efficiency programs that were partially offset by inflation. I should note that broadband line losses did increase in the fourth quarter to 68,000, bringing the full year total to 210,000. We've not yet seen any meaningful recovery in the UK broadband market or the rate of new home construction. As you'd expect, we have seen modest growth in competitor losses. We do expect losses to peak this year at around 400,000. We're not expecting any change in the overall market environment, but as we move to FTTP, we are aware of a small number of MPF lines that have been used by CPs for voice services alongside an FTTP line ahead of implementing a Voice over IP solution. These are likely to be removed from our base over the next 12 months or so, artificially accelerating the losses. This makes up around half of the 400,000 broadband line losses. Don't forget, our strategy is all about building and upgrading customers to FTTP to benefit from increased ARPU and margins whilst reducing churn. This strategy is working. With ARPU up around 8% in the year, well ahead of the average 4% price increase in Openreach, and far offsetting the 1% reduction in broadband lines over the year. Moving to slide 8 on our outlook for FY 2024 and beyond. As context for our outlook, we expect to be a significant beneficiary of the government's full expensing scheme from FY 2024 to FY 2026, and we expect to pay no UK cash tax for the next three years. This means that our normalized cash tax will reflect just our overseas tax as it has done for the past couple of years. With demand for full fibre well ahead of our expectations, we will reinvest this benefit into further accelerating our FTTP connections and absorbing inflation while remaining committed to our target of building to 25 million premises by December 2026. This brings our CapEx outlook to GBP 5 billion-GBP 5.1 billion for each of the next three years, up from our previous guidance of GBP 4.8 billion. We do expect take-up to accelerate beyond 30% while maintaining our build cost envelope of GBP 250-GBP 350 per premise. Turning then to our guidance for FY 2024, we continue to expect both adjusted revenue and adjusted EBITDA growth on a pro forma basis. With the growth driven by CPI-linked pricing on around two-thirds of our revenue before eliminations, that's primarily in consumer and Openreach, and by the impacts from our cost transformation program. This is despite headwinds from cost of living pressures, cost inflation, including energy. Normalized free cash flow for FY 2024 is expected to be between GBP 1 billion and GBP 1.2 billion as the tax benefit from full expensing will be offset by the higher CapEx. Cash CapEx in FY 2024 may be up to GBP 200 million higher than reported CapEx of GBP 5 billion-GBP 5.1 billion due to the repayment of government grants resulting from higher than expected fiber take-up on the BDUK programs. Beyond FY 2024, we continue to expect consistent and predictable revenue and EBITDA growth, driven by CPI-linked pricing and by cost transformation. We remain confident in expanding normalized free cash flow by at least GBP 1.5 billion when compared with FY 2022 by the end of the decade. This comes from lower CapEx and lower OpEx as we move past peak CapEx and towards an all fiber, all IP network. Before I conclude, following the formation of business, we will provide pro forma figures for the new entity in the coming months. At the same time, we're taking the opportunity to refresh and improve our KPIs and to revise some central cost allocations to better reflect usage across the group. Finally, we will also be simplifying our quarterly disclosures from Q1 FY 2024 onwards, including the removal of our quarterly KPIs. On that note, I'll hand back to Philip. Thanks, Simon. I'm gonna lay out the shape of the BT Group in the future and how this helps drive significant growth and value for shareholders. Slide 10 shows the ongoing market opportunity that will support our growth. Demand for our products and services has never been higher and is projected to keep on increasing. As our customers focus more on a combination of capacity, speed, reliability, and security, it's value for money, not just price, that is the key input to buying behavior. Coverage and adoption of next-generation networks are increasing fast in the UK. However, penetration of converged products remains behind European market peers. Combined with strong demand, this leads us to forecast significant growth in next-generation products and services over the coming years. Given our network leadership in the UK, this does represent a huge opportunity for BT Group. In addition, the move to FTTP will enable us to recover copper from our legacy network and sell it forward. We remain confident in our early estimates that around 200,000 tons could be recoverable through the 2030s. While our retail markets remain extremely competitive, we believe our move to inflation-linked pricing has created a more constructive, fair, and transparent pricing model for BT Group. Consumers receive complete transparency, and I'll say it again, great value for money with fixed broadband at around GBP 1 a day and mobile at around GBP 0.50 a day, buying access to future-proofed and reliable networks for relatively small increases in their bills. Building on our next-generation networks, we also see significant growth in value-added services over the coming years. Both in consumer and enterprise markets. This represents a major opportunity for BT Group to capitalize on a number of growing adjacencies. Really importantly, we're also operating in a pro-investment and stable regulatory environment, underpinned by Ofcom's WFTMR and recent investment incentives from government that Simon mentioned. Moving on, slide 11 lays out the unique assets which support the transformation to future BT Group. As you know, Openreach is by far and away the leading fixed access wholesaler, underpinned by the largest superfast network in the UK. Having built to more than 10 million premises and connected more than 3 million premises, Openreach has established a track record of FTTP rollout at the fastest rate, the lowest cost, and the highest quality. An engineering powerhouse, they are continually outperforming their plans. Now, not only does this enable Openreach to strengthen their existing CP relationships, it also makes them an employer of choice in what is a very competitive labor market. We continue to see our in-house FTTP engineering capability as a key advantage, particularly when allied to strong, long-term, and nationwide contractor relationships. At a retail level, our strengths lie in the fact that we have a relationship with 14 million UK households through 25 million subscriptions and over 1 million business customers. This gives us the number one share across mobile and broadband combined. These customer relationships are underpinned by our market-leading networks. This includes 5G, currently leading the pack at 68% population coverage, and our new converged core, designed to manage peak network growth. We have the broadest portfolio of next-generation products, all supported by our superior security and cloud access propositions. We have a head start on converged products with a strong pipeline of truly differentiated propositions to maintain our edge. As you know, we have worked really hard to improve our customer service, and as a result, I'm delighted to say that BT and EE are now regularly ranking amongst the best in the industry. We have unrivaled geographical sales, marketing, and service reach with a growing digital presence, more than 450 consumer stores in the UK, and over 3,000 salespeople in business. Also, we have the ability to serve multinational customers in around 180 countries worldwide. I've spoken before about using digital capabilities to modernize BT with a relentless focus on simplifying our product portfolio, our processes, and our systems. Over time, this will enable us to shut down costly, complex legacy networks and IT systems, transforming productivity and further improving our ability to deliver for our customers. Lastly, importantly, we have a balance sheet and capital allocation framework that appropriately prioritizes investment in value-enhancing growth while supporting the pension fund, maintaining our commitment to our BBB+ through cycle credit rating target, and rewarding our investors through our progressive dividend policy. We, of course, remain committed to becoming a more responsible, inclusive, and sustainable company. We will be circular by 2030 and reach net zero by the end of fiscal year 31. These five priorities outlined on slide 12 will be familiar to you from last year. Doing them will enable us to deliver our strategy and long-term growth and value. Across each of these priorities, we genuinely have unique strengths. We also have a clear plan to accelerate growth with key metrics that will demonstrate success over time. The foundations are increasingly being put in place. It's now all about execution and delivery. I'll look at each of these in a bit more detail, starting with consumer on slide 13. With EE as our flagship consumer brand and with its leading brand consideration, we will demonstrate measurable growth through metrics which illustrate further penetration of FTTP, 5G, and convergence. These metrics will be underpinned by key characteristics of the division, such as low churn, high NPS, a new digital platform from which to deliver related products and services, and superior multi-channel customer experience. All of this will allow consumer to offer profitable propositions at prices that continue to deliver outstanding value for money for our customers. We're already on that journey with a 50% increase in our FTTP base last year, alongside a 58% increase in 5G connections. Our share of converged households was flat last year, this is gonna change. Progress has been slower than we would have liked, but we expect this KPI to accelerate as we launch our new consumer IP platform in a few months' time. Future successes will be measured against the stretching but achievable goals you can see on the slide. Moving to slide 14, business, with BT as the lead brand, we'll be the most trusted partner for small, medium, and large enterprises, helping its 1 million-plus customers thrive using the best secure connectivity and solutions. Business' success will be measurable through growth in UK revenue-generating units, which it aims to increase by almost 40% by the end of the decade. Business will also address the long-standing challenges in its large customer segments and pivot these to growth. Improving customer experience will be essential to achieve both these metrics, helping to drive low churn and high NPS. Business will have an outstanding base of converged products, added to which a focus on next generation propositions means the growth in its already leading security business will outpace the market. Bas and the team will tell you a bit more about the updated strategy and how things are progressing later in the year. Turning to slide 15. Openreach continues to go from strength to strength, as I said earlier, maintaining an annual build run rate of over 3 million premises in fiscal year 2023. Despite increased cost inflation, all still within our GBP 250-GBP 350 per premise build cost. By honing our provisioning capability, we will build on the great progress last year and accelerate migrations to the best and largest FTTP network in the UK. As we move customers to FTTP, full rates obviously reduce and so do repair volumes, resulting in significant cost savings. Towards the end of the decade, repair volumes are approaching half of today's levels. Underpinning Openreach products are excellent service standards and a best-in-class provision and repair, which together lead to strong NPS. Openreach's fair and transparent pricing, coupled with an ever-improving mix of FTTP, underpins its ARPU growth over time. Moving to slide 16 and our fourth priority, enabling growth by transforming productivity and customer outcomes through digitizing, automating, and the reskilling of our workforce. We will show measurable progress through fewer business applications and reduced reliance on legacy networks, both to a tiny fraction of today's level by the end of the decade. Future BT will be more efficient and need fewer people. Today, we have around 130,000 employees and subcontractors. As we complete our peak FTTP build, stop the dual running of networks, automate and digitize our systems and processes, and continue to restructure the business, we will move to a total workforce of between 75,000 and 90,000 people. Clearly, this is a big reduction, but through natural attrition, reskilling, and less need for contractors, we can work with our union partners to deliver this outcome. Slide 17 presents a one-page visual of future BT Group, setting out our three CFUs with their characteristics shown in three activity drivers, networks, customer, and efficiency. When it comes down to it, future BT Group is a much simpler business than the one we have today. Leading networks, great customer experiences, powered by a lean and efficient organization, all of which ultimately help to fulfill our purpose. We connect for good. Slide 18 shows some of the key strategic metrics to measure the successful delivery of our strategy. Importantly, it also shows the significance of our achievements over the past four years. This isn't the start of a journey, but one where we have already demonstrated our track record, providing much more confidence in the delivery of the final outcome. We've grouped the metrics into the same three activity drivers used on the last slide. I've already touched on many of these points, but needless to say, there's much more to do as we continue to build on the strong foundations we have laid, and we're confident that the best is yet to come. Slide 19 brings all this together, reminding us that successful execution and transformation of the business will result in consistent and predictable revenue and EBITDA growth from today. This alone will translate to an uplift in normalized free cash flow. As we complete the FTTP build and move to an all IP, all FTTP network, normalized free cash flow growth will accelerate from fiscal year 2028. With an expansion, as Simon said, of at least GBP 1.5 billion by the end of the decade compared with fiscal year 2022. To be clear, this is a structural upside as the business changes and is before any benefit from copper recovery, organic growth in revenue, and before the benefit of further transformation efficiencies net of tax. The cash flow generated will be used in line with our capital allocation policy. First, to continue to invest in value-enhancing growth opportunities. Second, to support our commitment to the pension fund that should be close to fully funded by the end of the decade. Third, to support our through cycle BBB+ credit rating target. Finally, to underpin our progressive dividend policy to reward shareholders for their investment in BT Group. To conclude on slide 20, the business had a strong year of delivery. Despite some material headwinds, we delivered our financial guidance. This has underpinned a final dividend, which maintains the full year payout at GBP 0.077 per share. We've stayed focused on operational delivery and will step up the pace once again. We will utilize full expensing for qualifying CapEx to connect more premises to FTTP while remaining committed to our target of reaching 25 million premises by December 2026. As BT Group transitions towards its next generation infrastructure, these networks will serve as an enabler to delivering industry-leading customer experiences. By the end of the 2020s, future BT Group will be a more efficient next generation connectivity provider with a much smaller workforce and a significantly reduced cost base. A leaner business with a much brighter future. Thanks for listening. We'll now move to Q&A. Given the number of people in the room, but also online, can I ask you to ask 1 question? Could you all do me a favor? When you're asking your question, could you just say who you are so other people know, who's asking the question? Simon and I are gonna go and sit over here and take questions. We're gonna sort of, if you're okay, why don't we just move left, then see if you're putting your hand up every time. We'll do the room first, move left to right, and we'll pass the mic over. Say who you are please, pass the mic, and then we'll go to the people online later on. Okay. Morning, everyone. It's Andrew Lee from Goldman Sachs. I say the big kind of feedback we've had from investors this morning is, you've shown good operational trends in the fourth quarter, and you've announced you're investing more in the networks. Yep. What they can't see explicitly at least, partly given the nature of your guidance is the fruits of that greater investment. They can't really see that in the kind of EBITDA growth broad guidance. They can't really see it in FY 2024 free cash flow, which is below where some people were. They haven't seen an uptick in that GBP 1.5 billion or more increase in FY 2030. Many investors are questioning that are you just having to spend more to achieve the same outcome. What could you give investors in terms of explicit better performance or outlook that would reassure them that this isn't classic telco spending more to prop up a sinking ship and is actually supporting improving returns? Yeah, no, it's a good question. Let me give you my answer, maybe Simon can chip in. I mean, firstly, I'd just step back and say, look, we are actually really pleased with what we've announced today. First time for six years, revenue and EBITDA are growing. That's a really important milestone. You know, we're saying that we are now on the growth trajectory. That is number one. Number two, it's obviously been a challenging environment for us, like everybody. You've had inflation, cost of living crisis, energy crisis, all the things you know about. I think we've navigated that really well. What we've got is we're delivering our strategy, delivering our plan, and we're on track. Now that we have sort of got a plan for the next 5-7 years, and we've got a lot more things under our belt, the build specifically, but also a lot of the digitization and investment in IT, we've got a clearer picture of where we're going. I think the one thing that I'd point out in terms of it's not more for the same outcome. The connection rate is much higher than anyone expected. I mean, you know, what Simon said is, you know, the extra benefit from the tax is helping us drive connection rates even harder. Obviously, it is offsetting some of the inflationary pressures that we had on the build. Of course, that's what's happened to us. I look at it and go, the future's got even brighter because the success is more obvious. I think I said before in terms of our investment in FTTP, you know, I hope that today people can see that is now gonna be a successful endeavor for the BT Group, and we're gonna get nice returns from it. If you've got a growing company with growing EBITDA, with a cost that's coming down dramatically structurally, that's a pretty good picture. Do you wanna do the cash flow, the next one? No, I'll just add, I mean, for FY 2024 specifically, you know, we've been very clear that we will be delivering growth in pro forma revenue and EBITDA. I think the market expected that, and we're, you know, comfortable the market understands the trajectory on revenue and EBITDA for FY 2024. On normalized free cash flow, if you go back to the prior to the budget announcement, our guidance for this year is pretty much bang on with what the market was expecting at that point. Since then, we've obviously seen significant cash tax benefit, and as I said, we'll only be, you know, be paying zero UK cash tax for the next three years. We've made the decision to put that into reinvestment to drive this much faster take-up we're getting, and at the same time being able to sustain the build. That gives us even greater confidence, as Philip said, that we'll be able to continue to drive predictable revenue and EBITDA growth because we're provisioning even faster than we'd anticipated. That does mean, of course, that we're reinvesting pretty much the majority of the cash tax benefit. The overall normalized cash flow is pretty much in line with where we were pre the budget announcement. We feel that's exactly the right thing to do for the business. If you look longer term, we've underpinned the one and a half billion GBP improvement in free cash flow once we complete the peak build, which it will still be in December 2026. There's significant further potential for us, a couple of reasons. I mean, firstly, you know, as we've built the new networks, moved on to strategic IT, as we've said today, we can see a much lower cost BT. That will provide some further momentum to improving cash flow in those outer years. Clearly, as we develop the plans, we have to quantify that better in terms of timing. That would be more than enough to offset the fact that there will be some additional tax costs at that time because essentially we brought forward some of the tax benefit. I think it really gives us greater confidence in delivery of that one and a half. We've always said it's at least GBP one and a half billion. I mean, that's the key thing, Andrew. I think what the message we're trying to say today is we're even more confident in delivering the future because we've got real evidence, and we've got a plan that's fully funded, and we can see all the detail of it, and you can see the costs structurally coming down. There is no doubt they're coming down. No one can debate those. The question is when are they gonna happen? That's why we put some broad ranges on it. It's, you know, towards the end of the decade, this is a totally different company, and it's positioned for future growth and can take advantage of new opportunities 'cause it's not looking to the past. That's why you get the tone, hopefully, which is it's really genuinely positive for all the reasons I said in my remarks earlier on. Thanks, Andrew. We'll just do this and work back. Is that okay? Perfect. Sam McHugh from Exane. I think the new occupational pension scheme regulations are coming into force at the end of this year. Just two-part question on it. Firstly, do you expect to have to abide by those new regulations for your June deficit calculations? I think if I'm not wrong, the intention is to get deficits repaired on a shorter time horizon than before, with a bit more scrutiny on investment and dividend plans of the sponsoring employee. The trustees have also talked about relying more heavily on you post the LDI blowup. Can you give us a bit of a sense of how you expect all this to impact you and the pension deficit and the shape of repayments? Well, we of course, have to comply with, you know, requirements and regulations on pensions. Coming to the specific point about the BTPS and the scheme. We have got a very constructive relationship with the trustee. We have a very clear investment strategy, which de-risks the investments over time to reach maturity in 2034. Be very clear about that. We put in place a funding plan to get us to fully funded. That plan remains. We're firmly on track with that. We've got a valuation coming up in 2023. The pension fund navigated the LDI issues of last September, October, well. We're firmly on track with the plan we put in place. We'll obviously be able to update you once we've been through that valuation process. Thanks, Sam. Hi, Yes, Maurice Patrick from Barclays. If I can ask a question on the Openreach momentum. If I'm not wrong, you just mark that minus 70,000 ads in the quarter, and you talked about 200 losses for this year, going to 400 next year. I understand the point you made about half of the 400 losses being MPF ceases. Was that a tailwind in the market of 23 years? Of the 200 you lost, was that actually a benefit from that, or was it a drag? I guess, do you see that 200 increasing in the next 12 months? Really to understand how much of your line loss really is to altnets rather than just a temporary shift in direction of MPF ceases. Do you want me to- Yeah, go ahead. Yeah. I mean, I think, there has been a modest tailwind where some customers have been taking FTTP and have not been enabled to carry voice over FTTP. In some cases, however, this has been a customer that might have moved on FTTP to an altnet, so another provider, in which case it's not. I think as we made clear, you know, there is a specific headwind that we face over the next sort of 12 months or so. Once we travel through that, we think we'll be back into a much more steady state situation. We see next year as probably being the sort of peak period for losses because of that, you know, double run. Yeah, I just add, obviously, we're doing that now. I mean, you know, it's modest losses to other people. Yeah. You know, we're not worried about this at all. We've been transparent what we think the year's gonna be, 400,000. This MPF, this multipath facility, they're just basic copper pairs, right? It's a big number here, and these are, you know, basic ADSL. Low speeds, low prices that have to go, and there's this complication as we move to All-IP and Digital Voice. People have got landlines and broadband. That is a technical reporting issue which, frankly, will lead to 400,000 losses this year. We're not troubled by that at all. What you will probably recognize as we step up the build even further, you know, we're entering more places where FTTP is available. In the last 18 months, two years, of course, there's certain places where Openreach wasn't available, and therefore, we might have lost those lines. That's gonna happen less often. We'll just do this table, then we'll go to that neighbor, table next. Go ahead. Yeah. Morning, guys. Nicholas Lyall from Soc Gen. Just on the price rise side. We know they're supposedly developing sustainable growth. How sustainable is that? The Labour Party's made some quite aggressive comments about getting rid of CPI links, for example. What have your latest conversations with them told you? Can I just check a point of clarity, Sam? Also, you mentioned on the dividend, no divvy rise because of the high CapEx level. It's high for a couple of years. I mean, does that restrict your dividend growth over the next couple of years because of the continued high CapEx levels as well? Do you wanna do that one? I'll do the price one. Sounds like two questions to me. What do you think? Go on. Yeah. One and a half. Well, I mean, the dividend, I've been very clear that our dividend, progressive dividend policy is that we will maintain or grow our dividend, taking full account of, you know, the investment and the cash flows at the time. We're clearly traveling through a period of elevated CapEx. We've said we're gonna stay at 5- 5.1 for the three years while full expensing is in place. We've clearly said that for this year, the dividend has remained flat. We will take those decisions each year as they come. Yeah, on the price rise. Look, obviously, it's a really important topic. As I've said before, we watch this and measure this and monitor it extremely carefully, and researching the dynamics of what's happening in the marketplace, both back book, front book competition, but also general value for money and where we sit in the overall bundle of someone's bills for the whole household. I go back to what I said earlier. You know, we're investing in these new technologies. It's GBP 1 a day for fix, GBP 50 per day on average for mobile. Those are exceptional value for money numbers, and they compare really well with America, extremely well, but across the world, right? We're in good shape on that point. No one knows what's gonna happen in inflation. We know that the plan is to halve it. All I'd say to you is, you know, our game is to deliver for our customers, look after them. We've always said we will keep our customer base, and pricing is an important part of that. The way we put together the services position from us. It's too simplistic to say prices go up by inflation plus 4%, period. That's not the way it operates, and you know that. It's a very competitive market. It averages down significantly, and we choose very carefully to invest in certain areas to make sure the value for money and customer service and satisfaction levels are what they need to be. It's just not one thing, but we're alert to it. We look at it all the time, to reassure you. I think we're My friend's made his way to the back and might have come back here. Hi, sir. James Ratzer from New Street Research. I was wondering if I come back to the free cash flow guidance you've given for this year, because you're talking about what had moved relative to consensus. I think the one big thing that wasn't in anyone's numbers really was the BDUK grant repayment, that makes up about 15% of your free cash flow for this year. Can you just kind of talk to us about, is this just a one-year effect only? Should we expect cash CapEx into, like FY 2025, 2026 is gonna continue to be higher than the accrued level of GBP 5-5.1? You know, if you really get more successful FTTP take up, is there more gain share that goes back to the government on this? It'd just be great to understand the kind of movement on the cash CapEx around this. Sure. I mean, there are two main drivers of the difference between the reported CapEx and our cash CapEx. The first of those, obviously, is the capital creditors. That's mainly a function of timing. We had quite a high capital creditor balance as we came into this year or into FY 2023, because you'll recall we had a very high level of build in CapEx in the tail two months of FY 2022. That's been one of the factors that have driven elevated cash CapEx for this year. Once you hit a sort of constant rate of CapEx, which we're now traveling at about 5- 5.1, you know, we shouldn't see the same drag from capital creditors. To your specific point about BDUK, we invested over the past sort of seven, eight years in a set of government-funded schemes to provide FTTC and FTTP to rural communities. The way that works is we bid, we bid against a certain set of assumptions, particularly take-up. If take-up exceeds the bid level, then we are required to share the benefit of that with the grant funding. We put a quantum on our balance sheet, and it's in the, in the sort of mid-GBP 400s, GBP 400-GBP 500. We have to start repaying that. FY 2024 happens to be a year where quite a lot of contracts came up for, you know, if you think about the timing of the contract, this is a year when we have to start repaying that gain share. That's a significant outflow for this year. Bear in mind, it's giving us a return 'cause it means the investment we made on those contracts is higher than we'd anticipated 'cause we got higher take-up, and it's another manifestation of this very strong demand for FTTP and higher speed FTTC. It will continue to be an additional cash outflow for the next two or three years as we run through that gain share. We'll be clear each year as to what the quantum will be. It'll depend upon the take-up at the time. Okay. Thank you. Who's next? Hi. Morning. Thank you. It's Akhil Dattani from JP Morgan. Can I just come back to your guidance, please, just to better understand some of the comments you've made? I guess at the high level, you're guiding to growth for revenues and EBITDA. That's maybe less granular than you've been in prior years. I guess I was keen to understand what the motivation was. You mentioned in your opening comments that visibility is stronger, two-thirds of your revenues are contracted with price increases. It sort of feels the tailwinds are stronger, but clearly that's not reflected in the way you're guiding. I'd love to understand, you know, what are the puts and takes? Why is that? Particularly having grown 3% EBITDA last year, the momentum is clearly building well. I guess very similar to that, on the OpEx and CapEx reduction message, you've said GBP 1.5 billion, which obviously is a nice midterm number. You're also pulling forward CapEx at the moment, and equally you are announcing some very bold headcount reduction plans. I guess the same question applies there. There are strong tailwinds. Yet, that doesn't seem reflected, so color on that would be helpful. Thanks. Yeah. I mean, look, it's a good question. you know, what we've outlined today is a future BT, which, you know, whilst in years looks, you know, it's a few years out, I think looks much more certain. I hope people can see that. Yes, you're right. Our general guidance is we're now growing. It's no more complicated than that. You're right. We absolutely know we can deliver fantastic future state BT, and I think we've laid that out, and that is a great place to be, 'cause once we're into the new world of new technology and you've got this fantastic next generation networks on a digitized, virtualized, cloud native type activity, all the new products and services that haven't been invented yet are gonna fit perfectly onto our network in a seamless fashion. That's in a nutshell the strategy, which is brilliant networking, associated services, allowing other people to plug into that network and deliver outstanding stuff for customers on a very low cost base. It's a really competitive market, and what we're not gonna do is box ourselves into some short-term targets that will avoid us having to take the decisions we've been able to do so far, which is make sure we land in the zone in 2030, which you see, which is a brilliant BT with a bright future. That's why we've stuck with some general guidance of we're growing. Isn't that good after six years of not? I don't know if you wanna add anything to that. No, I mean, clearly, you know, I think, you know, we got confidence in predictable pro forma revenue and EBITDA growth. Clearly, if we thought the market didn't understand what that meant, we'd have provided some more, some more guidance, but we're comfortable that market's got a better understanding of the consistent, predictable growth we're seeing in Consumer and Openreach, they understand the dynamics. That's reflected well as we see it in what investors are expecting. I think again, I think there's a sense that we're seeing some stabilization on the business side that's also flowing through. Yeah, again, just to clear, that's Akil, but others as well. Yeah. You know, I think the challenge for BT has always been how to balance all the different competing pressures and stakeholders. I, hopefully you sense it from us, we feel we've struck the right balance in difficult circumstances. Obviously, you've had COVID, and then you've had all the economic crisis we know about. We've made it through. We had a clear strategy. We had a clear plan. It is working unequivocally. You can't deny that. What we're saying is we're gonna stick the course now, and therefore we think we've got the right balance. It's not perfect. What we don't wanna do is destabilize the ship by pushing one area too much too soon. There's upside in this plan as we go forward, if we execute well. We've gotta execute really well. It's not easy, particularly in some of the technology and IT areas which I've talked about before. That's tough stuff. It's a really competitive market. I mean, you all know that. It's really, really competitive, and we are competing like fury, right? We have to. And I think we're doing okay, but we can't take anything for granted. The only other thing, Philip, I'd say just to give just one quick point. Last year actually, we said we would provide EBITDA of at least GBP 7.9. What we've said this year is we're gonna deliver EBITDA of at least the pro forma of last year. I've got the mic. Get the mic. Robert Grindle from Deutsche Bank. Hi, Robert. Yeah. Thanks very much for the long-term end of decade targets, less so on your near-term KPIs plans. That's my view. My question is on the Openreach target. I think I saw 55% FTTP penetration up a lot from current levels. I think Openreach's wholesale share is slightly north of 75% at the moment. You're looking at a 20% share loss there, more in rural, less in urban. Is that how to think about it? Thanks. Not really, no. No, I'm joking. No, I mean, that is not the landing zone, right? If you look at the variations there's a lot of moving parts deliberately, right? 'Cause we don't know exactly how it's gonna play out. You know, we will build somewhere between 25 and 30 million. In that timeframe, we think the take-up will be somewhere between 40 at the low end, hopefully not, 55, right? Obviously, there's more take-up post that period of time, by definition. The take-up will depend on a load of factors. You know, we look at that and go, "We wanna get to 40% as quickly as possible." I don't mind sharing with you know, next year, our target is mid-30s. We wanna get to 40% as quickly as possible for all the obvious reasons. It, you know, the machine is working really, really well in Openreach, in terms of the connections, but also the build. We need to carry on doing that. You know, landing in that zone is a great place, but it's not finished, right? We, we keep going. You know, in the 2030s, that's my point. You, you've then just got huge momentum. You've built a network. You've proved the situation, and delivering great things for customers. Our CP providers for Openreach, will then benefit from the scale that we've got. Just a quick point of clarification. Obvious point, I guess. Even by FY 2028-2030, we'll still be double running some portion of our copper network with FTTP. The take-up on FTTP isn't the Openreach market share. Just to be clear. Very important point, Simon. Hello. Yes. I think I'm over here actually, Philip. Oh. It's David Wright from Bank of America. I'm gonna disagree with Robert. I say strip the call for these down a little, and let's not have 20 questions on MPF lines. Thank you, David. Thank you. Let's standing back a little, artificial intelligence is the buzzword across the markets at the moment. This is an industry that is very consumer-focused, a lot of consumer interaction. You have a lot of consumer data, also you absorb massive amounts of energy in the networks. There's an awful lot, I assume, that could be done. Could you give us a few indications of what you are doing and what you plan to do? Thank you. Yeah, David, thank you. I know you're particularly interested in AI. I think you've written some stuff on it, haven't you? Can I just step back again? I think it's a good question. Let me just step back a little bit, 'cause I think on our headcount, you know, and we've announced today some significant reductions. I think it might be worth me just providing some perspective on that, and then we can talk a bit about AI in that context. You know, of the 130 down to 90, it's 40,000 roles that we don't think we're gonna need, right? These are rough numbers. Remember, we've got 30,000 contractors in there, too. I wanna give you the sort of, the way we're thinking about it. We've done a lot of work obviously, and it's not just happened. This has been. We're now announcing it, and we've been working this with our partners for ages. 15,000 roles, roughly, is about building networks. Gone. Right? When it's finished, it's built. You only build it once, right? Fiber, done. There's another 10,000, which is about service and repair. And basically a fiber network, the new networks just need less servicing and repair. They go wrong less often, and you can fix things much more easily without truck rolls, without people. There is a bit of, I'll come back to this, a bit of AI inherently in that by definition. Then there's another circa bucket of 10,000, which is all about digitization, automation, and a bit of AI in there. That is using technology to do things much more efficiently. The final block of five is sort of what I'd call conventional restructuring, most of which we've already announced, which is involved in the BT Business creation, which is enterprise and global coming together, where we're taking out layers and duplication. That's why these are structural things, and they're triggered by other things. The AI part's really interesting because we will be a beneficiary of AI unequivocally, because we're a volume business, right? We've got sort of 30 million customers, we've got lots of people, got lots of activity, and AI can help us do that more efficiently. If I give you some examples, I mean, for interest, you know, we filed more AI patents than anybody else in the U.K. Right? Any other U.K.-based company, more patents on AI than anybody else. We're not doing it everywhere, and we're being very thoughtful, but if I were to tell you that our chatbot called Aimee deals with lots of customer queries already, NPS plus 65. Now, does everyone know that it's a chatbot? Of course they don't. It delivers great outcomes. When we look at the network side, you know, the dark NOC, it exists. No people. The network planning, for example, can be done automatically with AI in a way that couldn't happen two or three years ago. You know, it's people-intensive. Managing traffic, predicting traffic more accurately, it's people-intensive. You won't need it anymore. You know, router traffic, knowing when routers start flicking, and we got 5,000 exchanges plus loads of network operating centers. We're going down to 1,100 exchanges, all the equipment's simpler and newer and more flexible, more nimble, and we've got AI and all the data that can help create self-healing networks. We're gonna be a massive beneficiary on efficiency and cost, which is why we know we won't need all these roles in the future. My plan is to manage it really professionally, really carefully, and take great care with our people, so we don't have to do mass restructurings and compulsory redundancies, 'cause we've got attrition, we've got reskilling, and we've got plenty of time to do this over the next 5-7 years. We've been taking out roles at about 5,000 a year already. It's masked by the growth in the build, obviously. I think we're in really good shape there. The AI will help us enormously be more efficient and deliver things for our customers in a more seamless way. There's another opportunity which we've not even talked about yet, which is what are the new services and products that might come from artificial intelligence, specifically generative AI and large language models AI, which we all know has enormous potential. We've got a few ideas, but it's very early days, and that needs to be treated with great care, and that's what we're doing. Great question, David. Thank you. Yes, finally. Thanks very much. Carl Murdock-Smith from Berenberg. Just looking at direct labor costs, you've kept those broadly flat H2 on H1, which is impressive given the GBP 1,500 pay rise, given in January to those, earners... Thank you, Carl. I was just wondering if there was anything else moving in the other direction to explain that. Maybe asking for a little preview of the annual report, I wanted to ask whether the bonus scorecard achievement this year was below 100%, and whether there was any bonus provision unwind in Q4 to explain that flat achievement, H2 versus H1. Yeah, Carl, good question. I think Simon should chip in there. No. It's back to the getting the balance right. I think you've pointed to a number that demonstrates good performance. We're trying to keep all things correct. We're going to announce our bonus to our staff on Monday. I mean, just so you know, everyone knows it's not quite 100% because we didn't hit some of the metrics. They're non-financial, by the way. The financial one we did. It's a formulaic answer. It's a good answer. It's not quite 100. In the big scheme of things, it doesn't make a big difference to the outcome of GBP 7.9 billion EBITDA. Honestly, it doesn't. To be transparent with you, where did we miss? We had very demanding NPS customer service delivery metrics. We didn't meet them because we had a big chunk of industrial action, and service went lower than we would like. We have to live with that. Simon, do you wanna add anything else? No. The only other thing I would say is, Carl, we track this through the year. I mean, we delivered pretty consistently in our expectations through the year. We accrue through the year against what we expect the point to be. This wasn't a Q4, you know, big issue. Okay. Thanks, Carl. Thank you. Polo. Hi. It's Polo Tang from UBS. Can you maybe just talk through what you're seeing in terms of competitive dynamics, both in terms of consumer and enterprise? Can you maybe just comment in terms of what's happening with consumer fixed service revenue trends? Because you put through a 9.3% price rise April last year, but if I look at the trends, it was 6% growth in the first quarter, then 4%, 1%, and then this quarter, it's gone negative. I'm just trying to understand the mechanics. Previously you outlined that you expected to see a 30%-50% net benefit of the 14.4% consumer price rise. What's your latest thinking in terms of how much- Yeah. drops through? Thanks. Let me do the competitive dynamics, and maybe Simon can talk about the fixed service revenue trends. Look, I sort of said it before, it's uber competitive out there. You know, it's, as we all know, in the U.K. specifically, like many countries, you know, the economic squeeze on people's disposable income is causing people to reconsider everything. The good news is, again, as I inferred, and I think I said it is, you know, we're in a good position in terms of our overall performance. Churn is in a good place. NPS is, albeit my comments previous about below where I'd like it to be, is still in a good position, and all the value for money scores I talked about before. I think it's hugely competitive, and again, you know, I think you know this, but in mobile specifically, it's a tough market, right? In the broadband market, front book, back book continues to be a challenge. I mean, there's been some trickle up of front book recently. Again, we have to manage that. We're used to dealing in that market, right? We know which customers we target, and clearly we are at the premium end, and some people would argue that in these environments, premiums suffer. I don't think so, right? Because it's such an important product, what we offer people, they really value it. We've gotta make sure that we're being very nimble in how we compete, we don't just lower our prices, right? We always say, within the whole of the BT Group, "Yes, you can buy a bit cheaper, but you cannot buy better." That is what all our people do. When you ring the call center and you talk to our people, you'll hear all our people feeling confident and being able to argue convincingly why what BT and EE offer is the best. By the way, in most cases it is. That's the key part why there's confidence in the organization. Doesn't mean it's difficult when people do promotional pricing, which is lower than it should be. Again, hopefully over time, more rationality will continue to appear as we've seen a bit of evidence in certain sectors and certain segments, as you know, not least the overall fixed proposition and pricing that we've seen in the marketplace over the last three years is much more rational. Sam, do you wanna do trends on fixed service revenue? No. I mean, I think we've covered this before really, which is the trend in the year, obviously, is that April 1st, the prices go up across our customer base. Then as customers come to the, you know, to the end of their contract in year, on average, you know, half of them are, many of them simply travel on and renew. We get some churn at a very modest level, as you know. Others, we look with those customers to get the best propositions for them. That may be additional benefits, it may be different price terms. That does lead to some attenuation of price through the year, that's what you see in this year. Indeed, it's a similar pattern that you'll see in the coming year. That's really on what's happening. It's a gradual process of working with customers to retain them on the best plan during the course of the year. In terms of the amount of drop-through, we were pretty clear that in FY 23, we expected, you know, something like 30%-50% of the CPI plus benefit to flow through to EBITDA. In fact, probably that would be more to the top end of that range. We've equally been pretty clear that as we travel into FY 24, same pricing policy, but we expect the drop-through to be closer to the bottom end of that range, simply reflecting the additional pressures around cost of living and more choices that we need to help our customers make to get the right and affordable proposition for them. Sorry. It's, Yeah. Yoann Le Guellec from Citi. My question is around the uptake assumptions that you just mentioned, the 35%, if I'm not mistaken, for this year. Maybe in two parts, what was the previous expectation that could help us a bit understand the CapEx increase as well? If you could perhaps give us a split of the CapEx rise between normal inflation and this upgrade in take-up. Linked to that, obviously, you are in control of your own demand to a degree, but Equinox 2 is yet to be fully approved. I'm just curious if the assumptions are based on approval of your propositions for the discounts of fiber. Perhaps one clarification on the question that James asked earlier about the GBP 200 million BT UK outflow. Just curious if you have visibility on future years, what the phasing could look like. Thank you. I think again, I said before that the connection rate currently at 30%, I think is, you know, stands up pretty well. You know, at this period of time, to have built 10 million and connected 30% of those people is a pretty good number. You can obviously see that as a result of what we're offering our CP providers. On Equinox 2, you know, Ofcom will decide by the end of May, I believe. You know, we're hopeful. It's important to us. The plans I just laid out for you show a landing zone in five to seven years. What we're saying is we've gotta get to 40% as quickly as possible. There's loads of upside above that, obviously. you know, I shared with you that our target for next year is to get as close to mid-third as we possibly can, we're not gonna split it up into any more detail than that. No, I mean, I think the other thing I would say is clearly we are seeing a higher rate of take-up than we'd anticipated, and that's manifested in the fact that we had a significantly higher level of CapEx in FY 2023. Again, you know, regarding to higher CapEx in FY 2024, and that's just a manifestation of the very strong demand for FTTP. Interestingly, we're also seeing somewhat higher demand on Ethernet as well. To your specific question on BT UK, I think I answered it, but just to recap, the total balance we had outstanding, and you're going to see this when you read, as I'm sure you will, every page of the annual report and accounts, it's in the range of GBP 400-GBP 500. This year is a particularly significant outflow. It's a function of the timing with which we entered into the contract historically, because there's a time period upon which the gain share starts to get repaid. Big outflow for FY 2024. There'll be lower outflows in subsequent years, but that will depend to some extent on the continuing take-up on those structures. It's something we'll be able to update you as each, you know, year proceeds. Yeah. I anticipate as big an outflow in 2025. Just to go back to the point, just, you know, again, I think if you care about the future prospects of BT long term, yes, it's painful now, but all this CapEx is putting people into the right place for a long time. I know I said it before, but, you know, copper's been around for more than 100 years. Of course, it's painful to build a network to replace that when you're the market leader and you're covering all of the UK. It's expensive. You only connect the home once, right, on Openreach. You know, we wanna get that cost down, by the way, so you know. You know, It's been stubbornly high. It's been stubbornly higher than we would like. It's coming down, but not fast enough. You know, you'll recognize on the build side, we're still in the GBP 250-GBP 350. That's good. Obviously, there's inflation there, we've got efficiencies. Provisioning, we need to try and get that down. Whilst I understand short term the cash flow is painful. It's the right thing to do for this business. In 2030, people will... customers and shareholders, and all stakeholders will appreciate the companies in the future, not in the past. I know it's difficult, and I know it has implications, but what Simon and I are determined to do with full support of the board, is make the decisions that are right for the future of BT, to make sure it's here for a long time, doing great things for customers. We're 100% confident we're doing the right stuff. Would I like to go faster? Of course I would. Shall we take another question? Yes. Sorry. Thanks. It's Adam Fox-Rumley from HSBC. I'd like to ask a question on enterprise, please. Maybe you could update some of the comments you made last year about needing to rebase the business away from legacy connections. Cash flow was down a third year on year, kind of are we at the bottom, is basically the question. Then maybe just as a very quick follow-up, I wondered on the jobs announcement today, was that something that was already discussed with the unions earlier in the year? Thank you. Let me. Shall I do the jobs one first? Sure. Yeah. The short answer, there's no surprise on the jobs, by the way. This is not a new plan that we suddenly concocted in the last 36 hours and announced it, right? This is the plan that we've been working on for a long time. We haven't announced before because we want to get some runs on the board in terms of delivery of performance, both in terms of build and provisioning, but also efficiencies, and I think we've done enough of that. We've been talking to our union partners throughout the whole process. If you remember, when we announced our pay award, the GBP 1,500 in January, there was a very important phrase in that announcement said, you know, we will work together with CWU, in that case, on the transformation and re-engineering and modernizing of BT. That's this. you know, of course, the relationships sometimes, you know, bounce around a little, but they're overall very good, both Prospect and CWU. You, you'll see us working together, and doing this really, really carefully. I said before, this is planned and organized. you know, of course, it's not a welcome thing. I'm not naive. If you do it well, and if some of the things that I talked about earlier happen, which I believe they will on AI, it's years out, there will be new jobs as a result of new technologies. We're not gonna get into what those are. We don't know yet. No one does. Any time there's been a big jump in technology, new jobs appear, new things, and they will appear, and we'll be able to participate in that. For now, we've just got to get those efficiencies as I described. On the job side, just to again reiterate, CWU, Prospect, yes, we're in constant dialogue with them. I spoke to them both today and yesterday, just out of politeness. Yeah, no, we're in good shape on as we could be on that one. On enterprise, it's obviously a tough market. You rightly characterized it. You know, we're continue to be in that situation where we're stuck in both worlds of the new and the old, and there's not enough new and too much old, really, and the old is still high margin and. It's, it is getting better, right? Are we at the bottom? I don't know. I think there are green shoots in global, I think we showed that, and that's encouraging. I think what we've done in putting enterprise and global together to create BT businesses bought us a little bit more time just to get ourselves sorted. There's GBP 100 million worth of cost savings that will come out. Bas has made a really good start. The organization is up and running from April 1st. It's a big combination, by the way. It's complicated, right? I wanna give him some time to get the strategy absolutely right and get the plan right. Hopefully, you know, we'll be more stable. There's a lot to do in enterprise, and of course, we could do with a market that's slightly firmer. At some stage, that will happen, right? It's a tough challenge, but Bas will give you more detail, probably in October, November time to come out and do a market day with all of you. Mm-hmm. The only other thing I'd add to that, Philip, is, I mean, the volume end, SME and SOHO, those two businesses are in top and bottom line growth and performed strongly. We think, you know, they've got, you know, a robust product portfolio, less of a legacy drag now. I think it's also worth bearing in mind the big headwind that we've had from, you know, the loss of a large MVNO contract is now sort of out of the books and therefore that ceases to be a headwind. The two big areas to really focus on, obviously, is the wholesale market and the fixed side is a price competitive market, but I think we know what we need to do there, and we can compete more effectively as we roll out the fiber network. The big story in the, both the large sort of space in enterprise and global, the real headwind is in old traditional voice baselines. We're now investing hard getting those customers onto new networks and associated services. We're starting to make progress on really taking out the fixed costs as well. Good progress has been made. A lot more to do. Yeah. Please. Nick Delfas from Redburn. Just to follow up on the long-term cost plan. I don't think you mentioned the Telereal Trillium payments in 2031, slightly beyond the time that you've given. I think those are running GBP 300 million-GBP 400 million a year. How much of that do you think you can cut in the next decade? Simon? Yeah. I think you're quite right. The 5,500 phone exchanges, they are in a contract with Telereal, so we pay rental on that. It's the sort of order you mentioned. There are opportunities for us to look at significant exchanges with significant lease costs, target our network strategy and build to see if we can liberate some of those high-value exchanges, and that could be a win-win for us and Telereal. There is some opportunity to do that before 2031, and obviously, that drives a lot of our thinking about where to build our network. There is then clearly a very significant opportunity beyond 2031 across the entire portfolio. Some benefit to come, you know, by the end of the decade, more of it as we move into the second, into the 2030s. Okay? Anybody else? Okay. Many thanks, everyone. Appreciate your questions, as ever. Nice.