Hello everyone, welcome to the Helios Towers H1 2021 Results Conference. My name is Seb, and I'll be your operator for the call today. If you wish to submit a question, you can do so by pressing star one on your telephone keypad, or press star two to withdraw your question. I will now hand the floor over to Kash Pandya to begin. Please go ahead. Thanks, Seb. Good morning, everybody, thank you for making the time to join us for Helios Towers' half year results presentation. Hopefully, you've got the slide deck in front of you. I'm going to be running through the slides now. I'm on slide two. Joining me on the call, is the usual trio, Tom Greenwood and Manjit Dhillon. You will notice that Tom, as of last night, has a slightly different title of CEO designate. We're very excited and pleased that Tom will be succeeding me when I retire at the AGM in April 2022. Like Manjit, Tom are both internal promoted individuals, and it speaks to the board's focus on talent development and the program we have been running for years in terms of developing and educating and training good people to take on senior positions. I'm going to move on to slide three, which highlights what we're going to go through the presentation shortly. Rapidly moving into the highlights on slide five. H1 highlights. Well, we've seen solid revenue growth of around 4% year-over-year, bringing H1 to $212 million. This is driven by the acquisition of Senegal, of course, and steady organic growth in the first half year. Our EBITDA continues to expand by 5% in the first half of this year, coming in at $114 million. This increases our margin by about 1 percentage point to 54%. In terms of equity placement and convertible tap, as you would have seen, we raised $160 million in the second quarter. This was made up of $110 million in terms of primary equity, as well as $50 million of convertible tap, and has led to us reducing overall cost of debt as well, which Manjit can talk to later on in his section. Regarding our strategic metrics, we added just under 2,200 tenancies, including 1,500 sites year over year, reaching 17,000 tenancies for the overall business, and bringing our site count to 8,600 overall. Our tenancy ratio decreased slightly from 2.1 - 1.99, and this is a reflection of the Senegal towers coming into our portfolio, and these towers, if you remember, have a tenancy ratio of 1.05, which dilutes the overall tenancy ratio. Senegal market entry, we've now integrated these sites, some 1,200 sites, and 1,264 tenancies into our business. If you remember correctly, this acquisition also bought 400 build-to-suits, that we will add over the next three to four years. Regarding acquisition integration of the 5 additional markets that we've announced in the first half across Africa, these being, of course, Madagascar, Malawi, Chad, and Gabon, the Airtel markets. In addition, we announced our first entry into the Middle East in Oman with the Omantel markets. These are all progressing to timescales. We expect to close some of these by the end of this year with Gabon and Chad closing in the first half of next year. Regarding our full year guidance, we reiterate and maintain our guidance at between 1,000 and 1,500 tenancies. You would have picked up that we've had a relatively slow tenancy growth in the first half-year. I need to remind everybody that this is a lumpy sector. We don't have a smooth tenancy growth. As you recall, in past years, we've achieved and delivered on our guidance. We are very confident of doing that this year. Speaking to July, for example, we've doubled our tenancy count by the additions in July on H1 tenancies. What one should look at also as a leading indicator is our CapEx spend, which indicates our confidence in achieving half-year in terms of what we've committed to CapEx already this year so far. Moving on to slide six. Just bringing in some key stats here. Tenancy, as I've mentioned, increased by 1,400 year-over-year or year-to-date. Sorry, year to date and over the last 12 months. We've added 1,200 plus tenancies because of Senegal. Our underlying tenancy growth for our established markets was achieved at 2.14 tenancies per tower. Our annualized adjusted EBITDA came in at $224 million, reflecting some 7% growth year-over-year on full year 2020. Our portfolio of free cash flow slightly reduced at $164, just reflecting some tax payments, and also non-discretionary CapEx that we have spent to achieve and deliver the second half tenancies that we are already actively working hard on building out. Moving on to slide seven, an update on our sustainable business strategy. In the first half year, we obviously published our first sustainable business report in March this year. We also aligned our reporting framework to the Global Reporting Initiative as well as the Sustainability Accounting Standards. We've joined the UN Global Compact, which will help us to ensure our corporate responsibilities as we move forward and work with our other peer companies to establish the appropriate sustainable objectives. In the second half, we're looking to publish our carbon emissions targets in Q4 of this year. We are carefully considering the challenges between balancing bringing in telecommunications to the markets we operate in. Remember, in our markets, people barely have mobile coverage. Typically, a little over 50% of the markets we operate in have mobile coverage, and on average, around 55% of the populations have mobile phones. It is a priority for us to bring connectivity to the populations we serve in our markets. In terms of environmental disclosure, we've submitted to CDP in July, and we should have our first scoring by the end of this year from them. Moving on to slide 8 before I hand over to Tom. Recent developments. Look, I've touched on Senegal closing. We're excited about the team there now, and they're starting to execute as an operating unit of Helios Towers. Remember, 400 committed build-to-suits that will flow out over the next 5 years. Omantel tower acquisition, close to 3,000 towers for a consideration of $575 million was signed in May. We're busy working with Omantel and the regulator there and are confident of bringing this portfolio into our business by the end of this year. It's a 15-year relationship that we've entered, and again, bringing 300 committed build-to-suits over a 7-year horizon. As I've mentioned, we've strengthened our balance sheet by bringing $160 million into the balance sheet, which is a combination of a primary raise as well as a bond tap, and overall, bringing down the cost of our debt structure. On that note, I'm going to hand over to Tom to take us through the strategic update. Thanks, Tom. Thanks very much, Kash. Hi, everyone. Hope you're well. I'm on page 10, and I'll take you through the next few slides, looking at our strategic expansion. First of all, on page 10, here's a map view of the expansion that we're currently executing. Pleased to say that Senegal is now fully closed and integrated, and our number of markets in operation has moved from five to six, and now a big focus on getting that six up to 11, which the teams are all working hard on. As Kash mentioned, we anticipate closing based on the timescales that we previously communicated at the times of announcing the deals, which to remind everyone was Madagascar and Malawi in or around Q4, Oman by the end of the year, and then Chad and Gabon in or around Q1. All of those are on track for doing that with the teams on the ground and executing our 100-day plan accordingly. The deals obviously provide us with growth in scale, growth in contracted revenues, growth in average remaining life of contracts, and a much enlarged platform to drive our organic growth over the coming years. If we look now on page 11, we see some of the key stats here highlighted in sharp format, number of sites, revenues, EBITDA, the number of sites roughly doubling with these acquisitions coming on board, and moving up to close to 15,000, including the committed build-to-suits that we have within the deals. These transactions provide us with good diversification in terms of increased number of countries, increased number of customers, and a reduction in the contributions to our overall business from our two largest markets, Tanzania and DRC. We see our revenues will be going up from around $450 to around $600, with our EBITDA going up to over $300 million, just on day one pro forma for these acquisitions. Moving on now to slide 12. We thought it'd be good to show here the Senegal case study in terms of how we entered and closed that market in a seamless transition. Effectively, this is what we're replicating currently in modular format over the other five markets that we're moving into. On the right-hand side here, you see a timeline with the new market leaders in this country being Leon-Paul Manya, our Group Director of Integration, and Philippe Loridon, who's now our Middle East and East Africa CEO, albeit was covering Senegal at the time of the Senegal transaction. The timeline here depicts effectively the key elements within our 100-day plan, which is tried and tested and we've used for every other market entry in our history. As soon as the transaction announces, we have team deriving in-country, typically between two to four people shortly afterwards, and meetings with local authorities, et cetera, start from there. We have our internal processes around system and process implementation, supplier appointment, office set up, IT set up, et cetera. We're also doing a recruitment drive, recruiting good local talent, and bringing on board new people into the Helios structure. This includes a lot of training, a lot of culture development, and the reason that we have people from inside the business going to new markets is to ensure that our Helios culture, our Helios way of doing things, is replicated from day one in the new market. We're also bringing on board suppliers at this point in time. All of this does include transfer of suppliers from the mobile operator to Helios, and also typically some staff from the mobile operator to Helios. The staff will typically be some of the operational staff and the mobile operator who have been doing the passive work on the network previously. There's a lot of continuity in terms of what happens on the day that ownership transfers from the mobile operator to Helios. Finally, for Senegal, we obtained our license from the telecoms regulator in Q2 and closed shortly after that. Typically, it's the license process in the market that takes the time. Our own 100-day plan operational set up is very achievable to do in the 100 days, including the office, the recruitment, the IT, et cetera. Usually it's the license, if anything, that takes a bit longer. We then transition fully to operational activities, on the left-hand side here you can see the key people, the key leaders who are responsible for the Senegal business today. Marlene is our CEO for Central and West Africa, which includes Senegal as well as DRC and some of our other markets. Karim is our Managing Director based in Senegal, and Fatimata is our FC based in Senegal. Karim and Fatimata were recruited between signing and closing. There you can see some of the key stats for the market. The Senegal case study here is absolutely what we're replicating across the other five markets. We have roughly 20 or so people who are responsible across those markets, plus new recruits coming in, as I said, all broadly on track for the closing timings that we previously communicated. Moving on now to the next page 13. Just here's another reminder of some of the future opportunity that we see in our enlarged portfolio. Some of the key reasons around why we look to acquire the networks that we do acquire is that they meet our acquisition criteria. A big part of our acquisition criteria is the organic growth subsequent to acquisition, which clearly is what drives margin growth, what drives revenue growth, and what drives overall performance. Within our market, independent research tells us that there are 30,000 points of service required over the next five or so years to satisfy the anticipated growth in subscribers and data consumption in the market. To remind everyone, a point of service is a collection of antenna from a mobile operator. For us, equates to a potential tenancy, a significant number of potential tenancies in our markets over the coming years. That's also complemented by over 1,000 committed build-to-suits that we have, which we've signed along with the acquisition, which gives us guaranteed site growth as well. As we previously communicated, we've guided to an average annual lease-up of between 0.05-0.1 across the acquisition targets. Just another reminder of the inorganic growth opportunity across our markets. Africa and the Middle East are both fairly similar in terms of mobile operators owning towers. There's still around 300,000 towers owned by mobile operators across Africa and the Middle East. This represents about 75% of all the towers. Both regions offer significant organic growth potential over the coming years, as we've been demonstrating in the past year or so with the recent fixed acquisitions. There is more pipeline ahead, and we will continue to assess acquisitions for potential good fit into our business and essentially go for ones which look attractive. That's not to say we are solely focused on that. The prime focus is execution, business excellence, and organic growth for the assets that we've acquired with strategic inorganic growth layered on top of that where relevant. With that, I will hand over to Manjit for the financial section. Thanks, Tom. Hello, everyone. It's great to be speaking with you today. I'll be going through the financial results and starting on slide 15. We've seen strong growth in the quarter, predominantly driven by the acquisition of Free Senegal's tower portfolio. On this slide, we summarize the main KPIs, which I'll be talking through in more detail over the next few slides. Onto slide 16. We see continued upward growth in our tenancies, both organically and inorganically. You now see our reporting, including Senegal, which has closed during the second quarter, adding 1,264 tenancies, resulting in year-on-year growth on a group basis of 15% and quarter-on-quarter growth of 9%. Excluding Senegal, over the last 12 months, we've added 920 tenancies, and during 2021, we've added 170 tenancies year to date. Whilst this is slightly lighter than where we've been in prior years at H1, we have a very strong commercial pipeline of tenancy additions in our established markets, and have reiterated our guidance of 1,000- 1,500 new tenancy additions for the year. We are expecting a busy second half of the year. To give a bit more color, just to reiterate what Kash mentioned earlier, in July, we had a strong month, almost doubling our year-to-date organic additions, rolling out close to 170 tenancies in that month alone. We remain focused on organic tenancy additions, and are working hard to get these rolled out, and you'll see these coming through in our next couple of quarterly announcements. A quick comment on tenancy ratio. With the introduction of Senegal, the group tenancy ratio reduced to 1.99. This is because the acquired portfolio comes with a low tenancy ratio of one on day one. We will see the impact of Senegal on a few metrics, diluting some metrics like tenancy ratio, portfolio free cash flow, return on invested capital. That is really due to the low initial tenancy ratio. As we integrate other acquisitions we've announced, you'll see a similar trend as, again, the portfolios all have initial low tenancy ratios. However, this is a great opportunity for us. We are growing our asset base, increasing the number of sites which we can develop as further co-locations over the coming years. We'll see that tenancy ratio and other metrics build up again. For reference, removing Senegal, our established market colocation ratio increased by 0.04x year-on-year, and remains flat quarter-on-quarter, which is to be expected given the slower rollout during H1. Onto slide 17, looking at revenues and adjusted EBITDA. We've seen growth year-on-year and quarter-on-quarter for revenue and EBITDA, whilst adjusted EBITDA margin remains stable at 54%. Revenue and adjusted EBITDA have both grown 6% year-on-year and 5% quarter-on-quarter. Similar to the previous slide, some of the growth is attributable to the integration of Senegal. We've also seen growth organically, however. Excluding Senegal, adjusted EBITDA increased by 2% year-on-year and 0.5% quarter-on-quarter, reflecting tenancy growth, which has been partially offset by increased Holdco SG&A investments to support the announced acquisitions. If we move on to slide 18, you'll see the usual breakdowns provided, which are broadly consistent from previous quarterly updates. We have a strong currency hedge business, which is underpinned by long-term contracts with our blue-chip mobile network operator partners. 99% of our revenue comes from international mobile network operators, comprising mainly Airtel, MTN, Orange, Tigo, Vodacom and Free Senegal, who we recently purchased the Senegalese portfolio from. We have strong long-term contracts with our customers, and as at H1 2021, we have long-term contracted revenues of $3.5 billion, with an average remaining life of 7.4 years. This means excluding new wins and rollouts, we already have that revenue contracted and in the bag and provides a strong underlying earning stream for the business. We also have 61% of our revenues in hard currency, being either US dollar or euro pegged. As a reminder, this will increase to 68% pro forma for the announced acquisitions, which translates to 73% when looking at EBITDA, which will be in hard currency, which provides a strong natural FX hedge for the business, which is further complemented by our annual inflation escalators, which we have in all of our contracts with our customers. Moving on to slide 19, and a look at cost and tower cash flow analysis. We can see a continued reduction in OpEx per site to 18.1 from 18.7 in 2020. In terms of SG&A mix, this is broadly consistent with prior periods, except for the introduction of Senegal. We have seen a slight increase in Holdco SG&A of $3.4 million to $13.8 for the first half year. Which reflects investments made to support the announced acquisitions and some PLC related cost increases. At the beginning of the year, we had guided to $3 million of incremental investment in SG&A for the year. We're tweaking this up slightly to $5 million plus inflation from 2020 levels. This is due to the incremental investments related to the Airtel and Oman transactions. On an annualized cash flow per tower basis, we've seen a bit of a decline, which again, partially driven by the introduction of Senegal, which comes with a lower cash flow per tower on day one. We'll see this increase as we lease up the portfolio. Moving on to slide 20. We look at CapEx. Year to date, we deployed $237 million of the $1 billion of CapEx we've guided to for 2021. Of the $237 million, $59 million has been incurred in our established markets, and $178 million has been incurred in Senegal, with the majority of that being the acquisition consideration. As we look out for the rest of the year, we still expect to incur $50 million-$80 million in our established markets, which is predominantly related to organic growth and some non-discretionary maintenance of corporate CapEx, $37 million for Senegal, of which $17 million relates to acquisition costs, which are still to be made, and $20 million from ongoing CapEx there. The remaining $683 million for the acquisition considerations relating to Oman, Malawi, and Madagascar, which we expect to close during the second half of the year. All of this gets us to $1 billion of CapEx, which continues to be our guide for the full year. Moving on to slide 21. Here we show a summary of our financial debt. At Q2, our net leverage was 3.2, continues to be below our target range of 3.5 to 4.5. We've continued to strengthen the balance sheet, as Kash mentioned earlier, we've tapped the convert for $50 million at an implied yield to maturity of 1.76%, raised $110 million of equity, also raised a local EUR 120 million facility in Senegal, with a portion already drawn down for the acquisition consideration, the rest being planned for CapEx and working capital. When taking all of this together, we have $1 billion of available funds comprising $640 million of cash and $390 million undrawn debt facilities. All of these funds are in place for the announced acquisitions, we're in a strong financial position to support our growth strategy. On to slide 22, a look at our cash flow. Our portfolio cash flow conversion has reduced to 65%, which is really due to the timing of lease payments, corporate income tax, and non-discretionary CapEx payments. In Tanzania and Ghana, we are now profitable, as such, corporate tax payments have increased from historical levels. In H1, we also saw an increase in payment of leases, and this is mainly due to the inclusion of Senegal. As we continue to integrate the announced acquisitions, we'll see the portfolio free cash flow conversion maybe flatline. Again, as we continue to increase the tenancy ratios, we'll see these increase over the next coming years. On working capital, we've seen an increase in receivables days, which is mainly due to a couple of reasons. First one is a customer paying us just after the period ends in July, which we do see from time to time, and also due to Senegal, where following closing, we invoiced our customers, and received our payments as per payment terms in July. Adjusting for these net receivable days would have been a bit closer to historical levels. Finally, on slide 23, we look at return on invested capital. There has been some dilution to return on invested capital during H1, again, partially due to the integration of the Senegalese portfolio, with ROIC reducing to 11.8, as well as a slightly lower portfolio free cash flow in our established markets having a bit of a driving factor there. We would expect portfolio free cash flow to increase during H2, especially for our established markets, given some of the seasonality of timing of cash payments, which impacted portfolio free cash flow during H1. It's worth noting that during this transformational period for the group where we are closing the announced acquisitions, we will continue to see some short-term flatlining or moderate dilution to ROIC as we continue to integrate the new assets. As mentioned earlier, as we execute our growth strategy in existing and new markets, leasing up and increasing portfolio free cash flow, we'll see the great cash compounding effects of our investments, and ROIC will increase over the medium term. With that, I'll pass back to Kash to wrap up. Thanks, Manjit. I'm on slide 24, and we'll go on to questions straight after this slide. Just to go through the key points again, we've had a strong H1 as M&As and organic growth continue, Senegal closed, and we've announced acquisitions in H1 of five new markets, while delivering and continuing to execute operationally for our customers. We have continued progress on our Airtel and Omantel acquisitions, and once complete, this would make us the geographically most diverse towerco across Middle East and Africa. As Manjit and I have said already, our full year outlook is unchanged, and we maintain our guidance of achieving between 1,000 and 1,500 tenancies for 2021. On that note, I'm going to hand over to Seb to help coordinate the questions. Thanks, Seb. Thank you. If you wish to ask a question, please press star one on your telephone keypad or press star two to withdraw your question. Our first one today comes from Giles Thorne at Jefferies. Please go ahead. Hi, Giles. Can you please check you're not muted? Oh, dear. What an idiot. Sorry. My first question is on the second half inflection in tenancy growth. It would be useful to get some color on exactly the nature of your visibility into that ramp. I appreciate these are probably things you've said before, just to qualify whether this is vague conversations with MNOs or signed off bill of works would be useful. Indeed, any color around your ability to scale that growth. If there's a huge second half windfall of works to be done, do you have the, I don't know, manpower to get that all across the line? Second question is, an observation around American Tower and their guidance for organic tenant billings growth of more than 8% in Africa, how that compares to what you're seeing. I appreciate your job is to account for yourself, not for American Tower, but any observations you'd like to make on that difference would be interesting to hear. Finally, congrats to Tom. I appreciate he's going to be your boss for another 12 months or so, and he's sat next to you in the room probably. I think we'd all like to hear, Tom, how you feel the Tom Greenwood era of Helios might differ or not differ at all from the Kash Pandya era of Helios. Thank you. Thanks, Giles. Yeah, thanks. Go ahead, Tom. Go ahead. Thanks, Giles, for the question. Why don't I kick off, and then Kash can dive in as well. Just, Giles, on your first one on the H2 growth. Yeah, look, in terms of orders in hand, we actually have a very clear view of that. We have significant orders in hand. Roughly 75% of what we're expecting to roll out in H2, we have actually physical orders already in hand. The other 25% is very advanced discussions. We would feel, I'd say, pretty confident about that. As demonstrated in July, for the month of July, we added roughly the same amount of tenancies that we added in all of H1. Roughly another 170 tenancies were added in July. If we were reporting these numbers of July, the tenancy number would be double what it is in June. That also hopefully gives everyone confidence of what we're doing. Look, in terms of resource and manpower, obviously, a big tenancy rollout requires a lot of management, so particularly the project management team, supply chain team, site acquisition, leasing teams are all very busy. It's for sure achievable and all focused on that. Just to remind everyone, we do see lumpiness in this sector. Some quarters are quiet, other quarters are very large. If you remember perhaps last year, we saw in Q4 alone, we added just shy of 600 tenancies in Q4. It does go up and down, and we organize ourselves to be able to do that effectively. We're confident in delivering. Look, from an American Tower perspective, look, we don't particularly compare ourselves like to like. They're in different markets. There are different things going on in different markets at different times, which sometimes means that they'll have a big rollout one year. Other years, we'll have a bigger rollout than them. I wouldn't want to comment on exactly what's behind their numbers versus ours, because as I said, they're in other big markets that we're not in, we're not fully sort of involved in conversations they might be having there. Look, on the last point. Look, I think first of all, the transition is a very orderly one, right? The board and the management team place a huge amount of focus in our business on succession planning. We've got umpteen examples across the whole group where people have moved up into different positions. That's been through methodical planning rather than sort of fluke or random behavior. This is very much just in line with that. From that perspective, I would see this very much as evolution rather than revolution. I've previously been CFO rather than COO, and now moving into the CEO position. It seems like a fairly natural progression. Kash moving into the deputy chair position on the board again means that he's fully involved and entwined in the business and is there to share his wisdom with all of us. For the foreseeable future. I see it less of a step change. It's just more of a natural evolution. I think in terms of the kind of quotes Tom Greenwood, Helios Towers, how does that differ? I think, again, I would say it's evolution rather than revolution. I think the key thrust of our business is around execution and business excellence. It's around driving organic growth and performance. It's around increasing scale through M&A at the right opportunity for the right country or asset. I think that is the direction of travel for our business as we move forward. In terms of short-term priorities, it's clearly integrating the five other transactions that we've announced into the business, continuing to drive the organic growth and the performance. In nine months or so time, we anticipate having integrated the five other markets and established the new larger platform. I think that will be a great springboard to move off and go forward on both from an organic growth perspective and an inorganic perspective for any deal that makes sense for us. I'd say largely more of the same, continuing in that direction and continued focus on execution and business excellence, which I think is the key to success for this business. That's great. Thanks, Tom. Thanks, Giles. Cash, anything to add? No, you've covered it all very well. Thank you, Tom. Thanks, Giles, for the question. Thanks, guys. The next question is from John Karidis from Numis. Please go ahead. Thank you. Good day to you. I have 3 questions, please. Firstly, what is the average cost of your debt today? Secondly, South Africa has sort of remained a relatively insignificant part of your business, more so after the bolt-ons. No doubt, COVID restrictions have been a factor there, but please, if you can, paint a picture of what you hope or you expect over the next two or three years there. Thirdly, essentially, I'd like more information to bolster the confidence about the tenancy growth in the second half. Sort of my version of the question would be, Tom, you just said that you've got 75% of what you expect to roll out in the second half, you have that as firm orders. When I look at the range that you've given, your guidance range that you've given, and we're now in August, 340 or so tenancies in the bag already. Can you sort of detail why you think that the top of the range is still achievable, and how would you link that to the 75%-25% comment you gave in answer to Giles's question, please? Yeah. Absolutely. Thanks, John, for the question. Manjit, why don't you take the first-. Yeah cost of debt question? Yeah, absolutely. In terms of our cost of debt at the moment, we're now at sub 6% levels. Our average cost of debt is now 5.8%. Just as a reminder, in about March of last year, our cost of debt was 9.135%. We continue to do some good work in that space. We continue to look at options as well in terms of further reducing our cost of debt, whether that be looking at some local financings in some markets where we think we can get some good costings. I certainly think that there are opportunities for the group as we go forward, in terms of moving ahead with that trajectory of continuing to improve our cost of financing. Back over to you, Tom. Yeah, great. Thanks, Manjit. John, I think your next question was regarding South Africa and how do we see that evolving over the next few years. Look, I think South Africa, for us, we entered it just over two years ago, and we've been busy rolling out organically with a few small power bolt-ons there as well. I think that continues. I think that there's organic rollout happening there right now. There's small bolt-ons in the market that are potentially available that we're assessing. There's also large acquisitions in that market that potentially could happen. Again, we would approach those in the way that we do any transaction, and look at our acquisition criteria and assess whether they're good fits for our business. We'll continue doing what we do there in that respect. There's also adjacent technologies in South Africa, which are being assessed. We already have 13 edge data centers in South Africa. That's enabling us to help South Africa as a bit of an incubator there in terms of learning new technologies, particularly as 5G networks roll out, and there becomes the need for more edge data centers across networks, more small cells, and things like that. We're also doing a few small cell pilots there as well. South Africa gives us that optionality as well and that learning ability, to then go and apply to other markets, which are typically tracking behind South Africa from a technology evolution point of view. South Africa allows us to gain that knowledge and expertise early, such that we can then deploy to other markets as it becomes relevant. Yeah. I think more growth, more organic growth there. Probably a few small bolts on acquisitions as well. We'll assess larger acquisitions as they might come to market, and we'll also be developing more adjacent technologies there to support all of our mobile operator customers in their 5G rollout, which is starting soon in South Africa. Thank you. And then- Sorry. Yeah. Look, finally, on the tenancy rollout. Yeah. We've reiterated our guidance, which is between 1,000 to 1,500. There is a range, clearly. We have some variability in timing of exactly when new tenancies come online. Some of that is beyond our control, so we have stuck with a range at this point, rather than narrowing the range at source. We're considering Q3 reporting, whether we narrow the range at that point. For now, we've kept it as is. As we've said, there is a very strong, healthy pipeline there which we're currently busy converting. Okay. Thank you. Can I ask, if you, for one reason or another, you end up not participating in large tower co acquisitions in Africa, are you likely to still stay there just because it's a sort of center of knowledge, given what you said about South Africa being ahead of its neighbor? Well, yes, for organic rollout opportunities. Particularly as 5G comes, there's a need for significant densification of network. That offers very encouraging organic rollout opportunities. For that reason, plus the technology reason, which again, is not just a learning opportunity, it's a real revenue and profitability opportunity as well. I think the market has a lot to offer in all of those aspects. Okay. Thank you. I'm sorry, Tom. Lastly, at the risk of pushing my luck in a big, big way, the 75/25 comment that you made in answer to Giles Thorne's question, for the second half, would that get you to an aggregate number, at least in the middle of the range that you've given to date? Well, we're not gonna give any more sort of direct detail or narrowing of the range. I think the 75/25 is a sort of reasonable midpoint of where we're at right now. There is upside to what we're looking at right now, which could take us up the range, certainly. We're only in August at the moment. Quite often, more orders come in later in the year as well. As mobile operators get mid-year reviews and new budgets signed off. That can always happen. I think we feel very comfortable at this point about finishing within our range, and we'll be reporting on that more in Q3, and then obviously at year-end. Okay. Thank you all very much. Thank you. Thanks, John. The next question is from Simon Coles at Barclays. Please go ahead. Hi, guys. Thanks for taking the question. It's just on the equity placing that you did. I just wanted to understand a bit more the thinking behind why you did the raise the way you did, versus, say, coming for a bigger amount of equity, say, if you had a big tower co transaction that you might announce in the future. Was it opportunistic? Was it just to make sure that you could show to the MNOs that you have a strong, healthy balance sheet, given you had quite a few acquisitions this year, maybe a few more than we might have expected? Just trying to understand the thinking for why you did this equity placing and the sizing. Thank you. Thanks, Simon. Thanks for the question. Look, we were very happy with the raise. We were able to, through this raising, reduce our overall cost of debt whilst raising some additional funds for potential incremental opportunities that are coming. In terms of the actual equity raise quantum, we take a balanced approach to raising. We do not want to over-equitize. Given the cadence of raises that we have, this raise helps to provide some incremental capital for some smaller opportunities we are monitoring, but also helps to further manage our leverage in the short term. I think having net debt now at 3.2, following the Senegal closing and having over $1 billion of capital means we are managing our financial position very well, and we are in a good position for any potential opportunities that may come up. I think in general, the sizing seems to make sense from our perspective. Okay. That's very clear. Thank you. Thanks. As a reminder, for any questions, please press star 1 on your telephone keypad. Our next question is from David Burns at Berenberg. Please go ahead. Good morning, everyone. It's David Burns from Berenberg. I have two questions, please. Back on organic tenancy and add-ons, Tom, I think you previously mentioned, I think it was last quarter, that this year's pipeline is substantially ahead from previous years in terms of roll-outs. Just wondering if that's still the expectation based on orders received to date. Secondly, you are clearly on full speed integration at the moment. Just interested to hear how your M&A pipeline is developing and generally how strong your appetite is given your integration efforts and pro forma leverage. Thank you. Hi, David. Yeah, thanks for the question. Yeah, look, on the organic tenancy pipeline, it is a strong pipeline. It was at Q1. At Q1, we had a lot of orders in for build-to-suit, actually, and that's one of the reasons why they're back ended because build-to-suit take longer than colocation to get up. At Q1, I think we had our biggest ever amount of orders in at that point of the year. Obviously, we are busy now converting those into tenancies, some of which came on in July, as we have heard. I think, as of this point in the year, the pipeline is still very strong. We have added to the pipeline of orders since Q1. I'd say in terms of comparison to previous years, whilst Q1 was, say, a lot higher than previous years in terms of comparing the previous Q1 at this point in the year, I'd say we are still a bit higher, but not as much higher as compared to the Q1 differential, but a very strong level, and high confidence of delivering the guidance by the end of the year as we have described. In terms of the M&A pipeline, the M&A pipeline for our regions continues to be strong as it has done for the past 18-24 months, to be honest. We are hearing about new deals potentially coming into the pipeline very soon as well. We are currently monitoring some opportunities. Our key focus right now is integrating the acquisitions we have announced. Obviously, we did that with Senegal. We are busy on the others as I described earlier in this call. That's not to say we've turned the tap off on the new acquisitions. We are monitoring them. We have a very busy business development team whose role it is to look and assess these new opportunities that are coming in, and we'll continue to do that. Thank you. Thanks, David. We have no further questions on the line, I will hand the call back to Kash Pandya. That's great. Thanks, sir. Well, look, thank you very much every- Thanks, David. We have no further questions on the line, so I will hand the call back to Kash Pandya. That's great. Thanks, sir. Well, look, thank you very much, everybody. We look forward to talking to you in November for our Q3 update. Have a good day. Thank you. Bye-bye.