Good morning, everyone, and thank you very much for joining us. Welcome to the Helios Towers H1 2026 earnings call. I hope you and your families are doing well. Thank you very much for being here with us today. Today, we're going to cover two topics. Firstly, our H1 earnings and outlook, where we've delivered another very strong performance, operational and financial. This has been driven by record tenancy growth, disciplined capital allocation, and operational excellence across the business. Secondly, we'll spend some time looking beyond today's earnings at the 15-year organic total addressable market through to 2040 and what is one of the most important aspects of the Helios Towers investment case, the long-term structural growth opportunity across Africa and the Middle East for mobile infrastructure. Over the past few years, we've talked extensively about the strength of current demand. Today we'd like to take a step back and examine what the next 15 years looks like and how mobile networks will need to evolve to support the rapidly increasing data consumption. Why this creates decades of opportunity for tower infrastructure. This deep dive covers one of our key pillars of the investment thesis. We expect to cover more of these in more deep dives from time to time going forward. With that, let's move on. I'll begin with the H1 highlights. Manjit will take you through the financial detail. Then I'll return afterwards to introduce our multi-decade growth runway before handing over to Marcus and Allan, who will explain how networks need to evolve to meet that future data demand, including looking at future network architecture of terrestrial and how satellites fit into that picture. Sainesh will bring it back to the commercial opportunity across Africa and the Middle East before we conclude with Q&A. Before we move to the H1 performance, I wanted to briefly frame today's presentation around the four components of the Helios Towers investment thesis. First, we operate in markets with a multi-decade structural growth opportunity. Second, we've built a world-class operating platform and team with leading positions across high-growth markets and a strong track record of delivery. Third, we've got a robust business model underpinned by long-term contracts with top-tier customers and inflation and power price protections. Fourth, we have a disciplined and flexible capital allocation framework enabling us to invest in high-return growth CapEx, strengthen the balance sheet, and increasingly return capital to shareholders. Today's earnings demonstrate the strength of each of these elements coming through. In the second half, we'll go on to show why the long-term growth opportunity extends well beyond the current IMPACT 2030 period. Turning now to the first half highlights. There are four key messages I'd like you to take away from this slide. First, our customer demand continues to accelerate. We delivered a record of more than 2,500 new tenancy additions in the first half alone, including over 500 new sites. This drove a further 0.2x increase on our tenancy ratio year-on-year, taking it to 2.3 tenants per site today. Our customer order pipeline also continues to strengthen with demand already building for 2027. This reflects accelerating investment by our customers as they add coverage, capacity, and new technologies to their networks to satisfy that growing end-user demand. Second, this demand is translating directly into strong financial performance with EBITDA increased by 14% year-on-year, recurring free cash flow by 52%, and ROIC increased by a further 0.8 percentage points, demonstrating both the quality of the opportunities we're investing in and the discipline with which we are deploying our capital. Third, our capital structure continues to improve, leverage down by 0.4x year-on-year to 3.4x. We completed $34 million of share buybacks so far this year and have now returned $58 million cumulatively in buybacks since the program was launched last November. Today, we're announcing our inaugural interim dividend of GBP 0.006 per share, being $8 million with a $25 million dividend expected in total for FY 2026. This is another important milestone as we continue executing our IMPACT 2030 capital allocation framework with a combination of growth investments, balance sheet improvement, and increasing shareholder distributions. Finally, given the strength of customer demand, we're once again upgrading our guidance for this year. We now expect between 3,500- 4,000 new tenancy additions this year. We're increasing EBITDA guidance to between $520 million-$535 million. We're increasing recurring free cash flow to between $220 million-$235 million, and we're increasing discretionary CapEx to between $215 million-$245 million to support the additional growth opportunity we're seeing come through. Importantly, our planned shareholder distributions of $76 million remain unchanged at the same time that we're accelerating our growth investment. Stepping back from this, perhaps the most important point is that none of this is being driven by one-off events. It reflects structural demand from customers investing to meet rapidly increasing subscriber and mobile data consumption opportunities across our markets. That growth, of course, is underpinned by a record $5.9 billion of contracted future revenues, with an average remaining initial contract life of 6.5 years. One of the things that has characterized Helios Towers over the past decade is consistency. In 2015, our EBITDA was around $50 million. Since then we've grown it by around 10x to over $500 million today. We've done that through multiple periods of global volatility, including oil price shocks, Brexit, U.S.-China trade dispute, COVID, global inflation, rising interest rates, tariffs, and more recently, geopolitical conflict. Throughout that period, though, one thing has remained constant. Mobile connectivity has become increasingly essential to consumers, businesses, and governments. As connectivity has become more important, demand for mobile infrastructure has continued to grow. Market demand alone does not create value. It is our operational excellence capability to deliver consistently across our markets, combined with our disciplined capital allocation framework, that enables us to turn that demand into growth for our customers, improved connectivity for the communities we serve, and returns and growth for our investors. We've built strong local operating platforms with great people, digital processes, supply chains, and technical capability required to deploy infrastructure at scale, then operate it reliably over the long- term. That combination of structural demand and operational excellence has delivered more than 10 consecutive years of EBITDA growth. Today's upgraded guidance continues that trend. Before handing over to Manjit, I wanted to briefly remind everyone of the framework we've been following since launching IMPACT 2030 last November. Our approach to capital allocation is simple. Our first priority is investing in high-return organic growth opportunities. We expect to deploy more than $500 million in organic growth CapEx over the IMPACT 2030 period. These investments are capital efficient, accretive to ROIC, and continue to generate incremental returns above 30%. That investment supports our target of more than 9% EBITDA compound annual growth between 2025 and 2030. Second, we continue to strengthen the balance sheet. Leverage has a clear downward trajectory, and we intend to operate within our target range of 2.5x-3.5x. A stronger balance sheet increases resilience, and gives us the flexibility to continue investing when attractive growth opportunities arise. Finally, as cash generation continues to grow, we're returning increasing amounts of capital to shareholders through a combination of buybacks and a growing dividend. Our target remains to deliver more than $400 million of shareholder distributions through to 2030. The important point here is that these priorities are mutually reinforcing. Strong operating cash generation enables us to continue investing for growth while simultaneously strengthening the balance sheet and increasing our shareholder returns. That is the cash compounding sweet spot at the heart of IMPACT 2030. I'll now hand over to Manjit, who'll take you through the financials in more detail. Thanks, Tom, and hello, everyone. It's great to be with you here today. Moving on to slide number nine, I'll be going through the financial results in a bit more detail. We are really pleased with the strong set of financial results we put out today, where we've taken the strong momentum from Q1 into Q2. It's that momentum that continues to build our robust pipeline and has allowed us to upgrade our full year guidance today by a further 500 tenancies. That means we're now targeting a record of 3,500- 4,000 tenancy additions for FY 2026. Last year, when we delivered organic tenancies of 2,538, that was a record for the company. We broadly hit that number already at the half year. We're on course for a very strong year for growth and investment. I'll extend a big thank you to our committed and talented colleagues and partners who are working in the field right now and rolling out for our customers as we speak. Now later in the presentation, we'll be doing a deep dive into the multi-decade growth runway. In short, the combination of population growth and lower smartphone costs is driving phenomenal data growth, which is driving demand for mobile and therefore demand for mobile infrastructure. We are seeing that demand and printing results that echo that consistently our numbers now for many years. The tenancy increase of 500 upgraded target will be split evenly between 250 new sites and 250 co-locations. We expect that the new incremental tenancies will be rolled out in the latter part of the year, and therefore the incremental in-year EBITDA we are expecting to see is roughly around $5 million. As such, adjusted EBITDA has been upgraded to $520 million-$535 million. It's worth noting that the 500 tenancies will be expected to deliver over $10 million of annualized EBITDA, which we'll see come through fully in 2027 and onwards. We've also upgraded our recurring free cash flow to $220 million-$235 million, which was previously $215 million-$230 million, again with $5 million in-year impact, and over $10 million of annualized impact. Later, I'll go through the capital allocation overview. These tenancies are exactly the types of investments we are constantly looking for and should be deploying capital on, as they give fantastic cash compounding returns and really drive the business forward. We're really very pleased to be upticking guidance again today, as really a testament to the market growth we're seeing, and demonstrates the confidence we have in our pipeline for the remainder of the year, which will set a fantastic foundation for achieving our overall 2030 targets. To jump into the H1 results. On this slide we set out our tenancy metrics. The graph on the left-hand side shows the growth we have achieved in our total sites, increasing by 5% with 755 new sites added year-on-year, of which 524 were in the first half of the year. We've achieved record tenancy additions with 3,838 added year-on-year, with 2,511 of those in the first six months of the year, with DRC, Tanzania, and Oman once again showing strong growth. Given our sites and tenancy additions, our tenancy ratio has increased to 2.3, with particularly fast lease-up in DRC, Congo B, South Africa, and Tanzania. Moving to slide 11, you can see how the growth in tenancies has really translated into strong revenue performance, increasing 11% year-on-year to $237 million. Our hard currency profile remains strong. 69% of revenue and 71% of adjusted EBITDA are in hard currency. Four markets are inherently hard currency. DRC is dollarized, Oman is dollar-pegged, and Senegal and Congo Brazzaville are both pegged to the euro. In our remaining markets, we also have a portion of revenues linked to U.S. dollars, adding further to the overall mix. Our earnings are further protected by contractual protections, including power and CPI escalators, with CPI escalators typically escalating in Q1, and power price escalators, which go up or down depending on local pricing, and these escalate either quarterly or annually, depending on the contract. Around 70% of our revenue come from investment-grade customers, and all revenue come from blue-chip mobile network operators. Our customer contracts typically have an initial term of 10- 15 years and are largely non-cancelable. Today, our contracted revenue of $5.9 billion has an average remaining life of 6.5 years, which excludes auto renewals, which would increase this further. Ultimately, we have secured a minimum revenue stream of $5.9 billion without pursuing any new business, providing a strong underlying earnings stream that we layer the growth driven by incremental tenancies on top. Now on slide 12, this illustrates the key drivers of revenue and EBITDA growth in a bit more detail. Many of you will recognize this analysis, and consistent with previous quarters, tenancy additions remained the principal growth driver, while our escalators helped to offset macro movements and protect U.S. dollar earnings. Tenancy additions contributed 7 percentage points of the 11% revenue growth, with CPI escalators and FX contributing the balance. At the EBITDA level, tenancy additions contributed 12 percentage points to the overall 13% growth, as CPI and power price-related movements will largely offset the corresponding revenue increase. In a few slides, we'll walk through the total addressable market out to 2040, I'd encourage you to keep this analysis in mind because the opportunity becomes even more compelling in that context. We've already demonstrated that the business can consistently convert tenancy growth into U.S. dollar revenue growth and attractive U.S. dollar returns. What we'll show is that the underlying market provides a multi-decade runway for tenancy growth. Importantly, this extends the duration of the proven value creation engine, reinforcing the opportunity for sustained long-term U.S. dollar returns, which is ultimately what we find so compelling about the business. Turning to slide 13, disciplined capital allocation remains central to IMPACT 2030. As set out in the Capital Markets Day, our priority is high-returning organic investments, i.e., co-locations, OpEx initiatives, and selective new builds. These investments deliver blended returns of more than 30% on invested capital, and we will continue to allocate capital where returns are the most attractive. Our overall CapEx for H1 was $115 million, discretionary CapEx being $102 million, which resulted in an additional 2,511 tenancies. The continuing strength of this demand and its carry-through into our pipeline means we've upgraded our guidance by $35 million to reflect the additional 500 tenancies. Non-discretionary CapEx remains unchanged at $50 million, as do planned shareholder distributions of $76 million for the year. The revised discretionary CapEx range of $215 million-$245 million represents a meaningful portion of our IMPACT 2030 guidance of $500+ million to be spent on discretionary growth investments. This reflects the strength of customer demand and the opportunity to reinvest now in high-returning sites and tenancies. At the CMD, we kept over $400 million of our cumulative $1.3 billion of recurring free cash flow unallocated. This gives us the flexibility to capitalize on growth opportunities when they land, which supports, in turn, higher recurring free cash flow generation in the future. All of this while continuing the shareholder distributions already announced. Now we're only two quarters into a five-year IMPACT 2030 program, so for now we are not upgrading the broader targets. We are extremely encouraged by the performance to date and will continue to monitor our medium-term trajectory and provide updates as we get better visibility. On to slide 14, which demonstrates that despite the ongoing global volatility, we have continued to strengthen both our balance sheet and our debt maturity profile. Through proactive balance sheet management, we have reduced our blended cost of debt to 6.7% while maintaining an average debt maturity of approximately four years. In addition, we've recently secured a $250 million term loan, which remains undrawn and provides us with flexibility to manage the potential maturity of the convertible bond in March 2027. Following these transactions, we now have more than $500 million of available liquidity through cash on balance sheet and our undrawn debt facilities. Our net leverage also continues to decline, reduced by 0.4x year-on-year to 3.4. Overall, this provides us with a strong financial platform from which to execute our medium-term strategy. Which takes us on to slide 15 and a quick reminder of our upgraded full year 2026 guidance. We delivered record site and tenancy growth in H1. The strength of demand across our markets gives us confidence to upgrade once again. We now expect 3,500-4,000 tenancy additions, representing 10%-12% year-on-year growth. Adjusted EBITDA of $520 million-$535 million, representing 10%-13% year-on-year growth. Recurring free cash flow guidance is now $220 million-$235 million, representing 6%-11% year-on-year growth. Discretionary CapEx guidance increased to $215 million-$245 million to fund the additional organic growth. We're also progressing with shareholder distributions as planned. We've invested $58 million through the buyback program since it began last year. Today, we're also announcing our inaugural interim dividend of $8 million, which reflects the intended 1/3, 2/3 phasing with the final dividend in respect of FY 2026, expected to be paid in H1 2027, subject to the usual approvals. Overall, this is a very strong start to IMPACT 2030. We're converting structural mobile demand into tenancy growth, cash generation, and attractive compounding returns while maintaining balance sheet discipline. With that, we'll now do a deep dive on the multi-decade runway and why we feel incredibly excited and confident about our markets and our future growth opportunities within them. Tom, back to you. Thanks very much, Manjit. Now for the second half of our presentation, which moves into the deep dive, and this is a really key strategic discussion for investors today. We often receive questions around how long the growth opportunity for telecom towers in Africa and the Middle East will continue. The answer in our view is decades, and we'll lay out why here. We also receive another frequent question from investors around how satellites will play a role in mobile networks of the future. Rather than discussing these topics only at a high level, we've examined the underlying physics, the engineering, and the market dynamics that will shape mobile networks for the coming decades. Look, the conclusion is clear. Data demand is set to grow significantly. The overwhelming majority of that demand will continue to be carried through terrestrial networks, satellite technology will play an important and complementary role in expanding that coverage, that connectivity. There are really three conclusions from this. First, mobile data demand is still at the early stages of its growth journey. Data consumption in our markets has increased by 6x over the past five years. This is really what we're seeing in the business on the ground today with record tenancy rollout in each of the past three years, expecting a fourth record year this year as we've guided to, all in support of the data consumption demand growth. Forecasts show that data consumption will increase by a further 12x by 2040, well ahead of the 7x increase expected globally. Second, the overwhelming majority of that demand will continue to be served by terrestrial networks, with 97% of all data demand to be carried by terrestrial infrastructure in 2040. Supporting that volume of traffic will require sustained investment in denser networks, greater capacity, and successive generations of mobile technology. This obviously underpins the long-term investment thesis of Helios Towers and provides growth opportunities for decades ahead. Third, satellite technology should be viewed as complementary to terrestrial. Satellites will extend coverage into locations that have previously been uneconomic or impractical or impossible to connect. They're also opening up new locations where terrestrial sites can now be built using satellite backhaul. These locations were not previously possible for cell towers. Later in the presentation, we'll actually show you a live example from Madagascar where this is already happening today. Satellite extends the reach of the overall communications ecosystem, while terrestrial networks continue to provide the capacity to serve large numbers of users. Bringing these factors together, we estimate that the total addressable organic market for our nine markets is approximately 72,000 additional tenancies by 2040. Now, that is around twice the size of the Helios Towers footprint today. The reason for this long-term growth opportunity starts with the demographics. Africa and Middle East are expected to see decades of outsized population and mobile growth relative to the rest of the world. Here you see between 2025 and 2040, the population of Africa and Middle East is expected to grow by around 600 million people. That represents growth of around 33%, compared with 5% across the rest of the world. Unique mobile subscribers, so people getting phones for the first time, are expected to increase by around 800 million across the region, growth of 43% compared to 12% elsewhere. Smartphone devices are expected to increase by approximately 1 billion across the region, which is a growth of 80% compared with just 20% across the rest of the world. These numbers are clearly very significant. Quite simply, more people, more mobile subscribers, and greater smartphone adoption will drive the increasing demand for digital services. As more people use more data-intensive services, operators will continue to have attractive investing opportunities for new subscribers and increased data, adding to the coverage and capacity requirements of the networks. This creates a powerful and sustained demand environment for shared mobile infrastructure, as well as the whole mobile industry at large. Ultimately, as I've said, everything comes back to one number, data consumption. Data is the currency of our industry, and globally, total data consumption is expected to increase by around 7x by 2040. Across the Helios Towers markets, data consumption is expected to increase by around 12x over that same period. Our markets are expected to grow at almost twice the global rate, and that's an extraordinary level of demand growth. It's being driven by a number of structural factors working together, as I've said, population increasing, mobile penetration rising, smartphones are becoming more affordable, users are migrating from 2G and 3G towards 4G and 5G, and over time, 6G. Customers are more and more using mobile networks for video, social media, financial services, education, commerce, healthcare. The list goes on. AI-enabled applications increasingly as well. Therefore, the key question is not whether demand exists. The key question is how networks evolve to support it, and that's exactly what this next section addresses. Let me briefly introduce the three colleagues who will take us through the next section. Marcus Weldon is our Senior Technical Advisor at Helios Towers and the former President of Nokia Bell Labs, one of the world's leading innovation institutions. Marcus will set out how future networks need to evolve, including the role of spectrum, network density, satellite, and AI. Allan Fairbairn is our Chief Technology and Digital Officer and Executive Director of DRC. Allan brings deep operational experience across Africa and the Middle East and will translate the technology into the practical infrastructure required to deliver it. Sainesh Vallabh is our Chief Commercial Officer with more than two decades experience across Africa telecoms. Sainesh will bring the discussion back to the customer demand, the market growth, and the commercial opportunity for Helios Towers. They'll take us through the underlying technology, the infrastructure required, and right through to the customer and growth opportunity. Marcus, over to you. Thanks, Tom. It's really a pleasure to be here. My role at Bell Labs, that famous institution, was understanding the fundamental limits of technology, and where they apply, and therefore, how networks would evolve and what innovations were required to drive that evolution. I'm going to share some of that with you today. Yes, you're going to get a live demo of satellite and terrestrial technologies. You can't believe it, but it's true. Wait for that. I thought I would start with what you all want to understand, which is the propagation of electromagnetic spectrum. You are all here to understand that today, and you're going to understand it very shortly. The figure on the left here is electromagnetic spectrum across the entire spectrum, and I want you to focus in on the part called cellular, and then I'll talk also about microwave and satellite. Cellular spectrum is actually quite a narrow band. It's about a gigahertz wide, and that has to be shared between many different technologies. You see them advertised there. It's narrow because it has unique propagation characteristics. We'd like it to be much wider, but actually, it has to propagate through the Earth's atmosphere. It has to deal with cluttered environments, meaning buildings and objects and trees. It has to be received by the small antenna in your phone, and it has to have enough capacity to provide all the data you need. Meeting all those criteria is just in that narrow band. Keep that in mind. It's a narrow band, and it's priceless. Above that is a slightly higher frequency, microwave and satellite band. It's wider bandwidth, that's attractive. Bandwidth means capacity. It's actually much harder to propagate. What you see from the criteria there, it actually gets absorbed by the air. It gets absorbed by the air, it gets scattered by buildings. It actually can't be transmitted indoors. It's a much harder propagation environment. It's really complementary. I think of cellular as primary spectrum and satellite and microwave as secondary spectrum. What you're beginning to see is they start overlapping, and that's what you've seen in the media, that there's a question about what's the role of satellite-type spectrum versus cellular-type spectrum, and I'm going to address that today. All right, let's do that a little bit, and here we go. This is a terrestrial network today. It actually is a series of technologies. The lowest frequency spectrum in that cellular band is actually the best propagating, but it's the narrowest bandwidth. Generally, spectrum, as you go up in bandwidth, has more bandwidth available. You start here, and you can think of these as the technology generations 2G, 3G, 4G, 5G. Low frequency was the best propagating. That was the original mobile network. As you go through the generations, you go to higher frequencies, but they don't propagate as far. You can see the cell radii. It becomes more challenging, but you get more capacity. In case if you don't get something for nothing, you get that capacity, but smaller cell radius, which means towers have to come closer together. It's something that Allan is going to talk about. Now let's talk about the satellite part. Here's satellite. It actually interestingly uses some of those same high frequencies that you're beginning to see in 5G, and you'll see even more in 6G. It's much further away, and this is going to be the absolutely critical point and the point of my demo. You're using those same frequencies that are hard to propagate, but you put them much further away. When you do that, that signal is going to attenuate massively, but it also spreads out. It's further away, I'm going to show you how beams spread out. Although in a cellular network, you can keep it quite tightly focused at those high frequencies, in a satellite network, it's going to spread out. You see I've stated a beamwidth there because satellites tend to be 300 km- 2,000 km or even 30,000 km above the Earth. If you're wondering what the terminology here is, LEO is low Earth orbit. Satellite, is the type of satellite gets deployed for communications networks, for example, by Starlink. 300 km away. By the time the beam has spread out, it's 8 km of beamwidth on the Earth's surface compared to something much smaller for terrestrial networks. In fact, the takeaway here is terrestrial networks use a combination of frequencies. Some give you a lower capacity, but very good coverage. Some give you higher capacity, less coverage. Satellite doesn't have a problem with coverage because it makes very nice large spots, but has a capacity problem because the beam or the signal is so far away. That's what I want to dive into now. You're going to get the demo. Hopefully, you'll understand that there are intrinsic limitations of the two technologies, but they are inherently complementary. Here we go. You're going to see the live demo. Here's my torch. You see the torch creates a beam, and it has a beam angle. That beam angle, no matter how much you try to focus it, will always spread. That's because there's a diffraction limit. Those of you who remember your physics and diffraction, if you try and tightly focus a beam beyond a certain point, it actually becomes a broader beam, oddly enough. There's a limit to how much you can focus a beam. Then when it goes forward, when it propagates, it gets wider and wider and wider. Let's take the example of a satellite. A satellite at 350 km away from the signal from its origin. The satellite sits 350 km above the Earth. By the time I've gone 350 km, the beamwidth on the Earth's surface is 14 km. In fact, this is the published number in Starlink's IPO for typical beamwidth. They actually talk about 160 sq km of beam area. Now, if we compare that to the 1 km case, much more like a cellular network, think of turning that flashlight on its side and doing a cellular terrestrial network. Much smaller beam areas on the order of kilometers. That fundamentally means, and again, I've not talked about anyone's technology or any particular operator, fundamentally means when you're that far away because of the physics, you cannot focus the beam as much. It's going to be a large beam covering a large area. Large area is good coverage, but the capacity gets diluted because that capacity is shared over that entire area. When you've got a tight beam, that capacity is focused in that beam. Time for the demo, you think? Okay, this is very high tech. We invested a lot of money, I think, in this, didn't we? Yeah, we did. Yeah. Here it is. Here's the demo. Yeah, I know. Here we go. This is a cellular network. You see I'm very close to my subscriber, or my subscriber is sitting here on the wall. Nice tight beam, high intensity. All that radio energy is in a very small area, and I get a very good signal. You see how bright and tight it is. Now, here's a satellite. It's just a fact of the propagation physics. It's a much wider beam area with all that intensity shared over all those subscribers. Here, it's just this simple. Nothing here is to do with anyone's innovation or technology. This is just the physics of propagation of any electromagnetic spectrum. Cellular, satellite. All the energy from the bulb is shared over a much larger area here, and here it's shared over a much smaller area. Area equals subscribers. Here, the subscribers, smaller number with much higher intensity signal. Here, larger potential number of subscribers with much lower intensity signal. The net effect is that they are entirely complementary technologies, and we thought we'd do a little demo here in terms of how it will demonstration in terms of London. If we took a satellite service, a LEO service, at about 350 km away and mapped it to London, you could have 14 of those large beams covering the area of London. That sounds fantastic. Only 14 beams required. The problem is, all that spectral intensity is shared over those large beams. It's spread out. That's the way to think about it. As a result, and by the way, beams cannot overlap because they would interfere, you can't double up on the amount of capacity in those beams without using more spectrum. You'd have 14 beams trying to serve the 13 million people in London. The net effect is you basically, at the numbers that Starlink says they could serve, which is sort of about 512 users, they say you could offer service within a given beam. You could serve actually 7,000 of the 13 million people in London could have a reasonable service. It's not fantastic. The privileged view. On the other hand, if you look at the cellular network where we've created about 11,000 towers in the London footprint, each of those 13 million people could have that service, because we've subdivided that spectrum into small little pockets. Same amount of capacity, but over a much smaller area, so everyone gets a brilliant service. You see that there's intrinsically here, no way that a satellite, because its footprint is so much larger than a terrestrial network, can actually compete with terrestrial. What it does instead is complements terrestrial. As Tom said, two ways it complements terrestrial. It goes beyond where terrestrial can get, because you couldn't get to a certain site with a piece of fiber or with a microwave link. You can now use satellite for backhaul, and Allan's going to show you that. The other thing it does is, it can go direct to device using a limited amount of spectrum in those same areas, using your cell phone because now the satellites use some of the cell phone frequencies, and that's why I said that the overlap is beginning to happen. You can use some of the cell phone frequencies to go direct to device, or you can use them to go and provide backhaul services entirely complementary to what we see in our terrestrial network infrastructure. That's going to be the case into the future. Nothing will change because of what I've said. I don't know if this is meant to be interactive, but may I ask a question? I think we can, yes. Yeah. Yes, go ahead. Get a microphone so those on the webcast can hear it, if that's okay. Sorry. Thank you. [inaudible]. Yeah. Sorry. It's David from Bank of America. If we stood together and we had two torches- Yes. moved far apart, we would get overlapping. My understanding is the V3 satellites, and I really enjoyed your white paper. I felt it was a little bit V2-focused. Is that reasonable critique? V2, I think, is what they're planning for the mobile service. Yes, it was V2-focused. Right. When V3 overlaps the actual signal, you can then get increased capacity because you can have multiple beams. It can coordinate the beams across users. Is that a bit simplistic when we're thinking about V3 coming online? The only way that can be true is if you use different spectrum in V3 than they use in V2, which I think is part of their plan. It's hard to know exactly what spectrum they're going to use in each of the generations. The only way you can overlap beams. Obviously, you can do beam steering a little bit, but then again, that's subdividing, right? Now you're moving the beam to be a different sub-area of the overall beam. The only other way you can do it is use different spectrum, which is why you see them talking about acquiring spectrum, et cetera. With more spectrum, yes, but here's the limit. They can never own more spectrum going to your device than the terrestrial operators already own. The terrestrial operators basically own everything available on the ground, and they have to use that same spectrum for a couple of reasons. It's propagating in the same area, but it's also going to a device, this, that is designed for terrestrial spectrum. In fact, you could say, "Okay, well, perhaps I could make this good for microwave spectrum." We've talked about this. This then would become a backpack. Remember old mobile phones? To receive satellite or microwave spectrum, you'd need a parabolic antenna. You then take this from being a small device with a tiny antenna to having a backpack with an antenna on it, so it's sort of like the old satellite phones in some ways. Even bigger antennas. They can only have the same spectrum, in an ideal case, as a terrestrial operator, and their footprint will always be that much larger. You see what I mean? Yeah. Appreciate it. Sorry to interrupt the flow as well. V3 is for the dish broadband as well. The V2 is direct to device. The V3 is the dish. Exactly right. If they did try and use it for a direct-to-device, what I said would be fundamentally the case. Okay. Thank you. Thank you, Marcus. As Tom has explained that data consumption will grow 12x by 2040, and that data is the true currency of our industry. Marcus has explained excellently how the physics behind the networks are designed. Over the next few slides, I will show you how networks need to evolve to meet the demand across our markets, and the solutions we at Helios Towers are achieving to support this. On this slide, we will show how networks will evolve over the next 15 years. With terrestrial networks providing 97% of the infrastructure across the entire ecosystem, with satellites helping to extend coverage in remote and hard-to-reach places. Over the next decade, towers will be more densely populated than ever before, as you see on the left-hand side of this slide. This will mean more co-locations, more street furniture, and more in-building solutions, all to deliver the speed, capacity, and low latency that customers expect and need on the ground. In deep rural areas where we continue to see strong build to suit demand, and alongside that, satellite technologies create an exciting opportunity to extend our networks even further. Let's dive deeper into technology on the next slide. Why are we so excited about the opportunity ahead? Well, we're still in the very early stages of the technology evolution, and today only around 5% of the population across our markets are connected to 5G, meaning the vast majority of the investment cycle is still ahead of us. As operators continue expanding 4 and 5G and eventually deploy 6G, we see decades of infrastructure investment still to come. This technology evolution benefits Helios Towers in two ways. First is network densification. As operators move through the technology generations, they deploy progressively higher frequency spectrum. Higher frequencies deliver much greater capacity but over shorter distances, as Marcus clearly explained earlier. This means tower spacing roughly halves from one generation to the next. To maintain coverage and meet growing data demand, operators need significantly more tower sites. Second, every new generation adds more equipment to each site. Rather than replacing existing infrastructure, new technologies are layered into it, requiring additional radios, antennas, and power capacity. That's why we've invested heavily in developing highly efficient hybrid power systems that deliver this increasing energy demand. Moving on to slide 29. As Marcus explained earlier, using London as an example, satellites are great for expanding coverage in the total addressable market. This slide aims to show where satellite technology does create new opportunities. On the left-hand side of the chart illustrates where direct-to-device services can be realistically deployed, and that's typically in remote areas with fewer than five people per square kilometer. In these areas, satellites deliver around about 2 MBps, equivalent to 3G download experience. This unlocks communities that have traditionally been uneconomic or impossible to connect. As population density increases, satellite capacity is shared between those users, making direct-to-device much less practical, again, as we discussed. Instead, satellites are better used to provide backhaul connection, connecting mobile towers into the wider mobile network where fiber or microwave isn't available. This creates two opportunities. First, it expands the addressable market by connecting communities that previously couldn't be reached. Second, it drives incremental tower demand in locations that were not commercially viable previously. Satellites expand the market and enable more tower deployments. This isn't just a future concept, let me show you a short video showing how we're already doing this in Madagascar today. This is a remote site in Madagascar where fiber or microwave backhaul simply wasn't practical. Instead, the satellite antenna you see at the base of the tower provides the backhaul connection, linking the site into the operator's wider mobile network. The tower does what terrestrial networks do best, providing high-quality radio coverage and capacity to the surrounding communities through the mobile antennas situated at the top of the tower. Satellites connect the tower. The tower connects to the customer, giving connectivity to people who have never been connected. The capacity delivered to subscribers is still ultimately determined by the backhaul connection. Fiber remains the highest capacity solution, followed by microwave, with satellite providing effective alternative when neither of those is practical. This doesn't fundamentally change the network architecture or the infrastructure ecosystem. Rather, it opens up new tower opportunities in locations that previously couldn't be connected. In addition to this, we are deploying satellite backhaul in a small number of sites across the group this year. It's another example of satellites and existing terrestrial networks are complementary. This final slide brings everything together. As our customer networks evolve, so does our infrastructure portfolio. Whether it's 100 m lattice towers providing wide area coverage or 10 m rooftop towers with bespoke designs, we provide the right infrastructure for every deployment. Alongside our towers, we deliver ultra-efficient hybrid power systems that keep every site operating 24/7. We're also expanding our digital network solutions, ensuring we continue to meet our customers' needs both now and in the future. The key message is simple: Whatever our customers need to deploy, we have the infrastructure and operational capability to deliver it. I'll now hand over to Sainesh, who's going to take us through the opportunity ahead. Yeah. Thanks, Allan, and good morning to everyone. You've heard today about the multi-decade growth runway outlook, but what is perhaps most encouraging is that these are not just trends for the future. They are already visible today. Across our markets, digital adoption is accelerating at a pace well ahead of many developed economies. Let's put that into perspective. Social media adoption has grown by 18% year-on-year across our footprint, versus only 4% in the rest of the world. Video traffic in Africa and the Middle East has increased by 14% versus 10% in the rest of the world. There are over 2x more mobile money transactions being executed in the region as compared to the rest of the world. This means users in the region are consuming more and richer digital services, meaning that every new user spends more time online and generates more traffic than the last. These services and more are supporting sustained rather than occasional or temporary traffic growth. That creates structural demand for additional capacity, supporting and accelerating the need for denser and wider networks. For operators, increasing demand has a very predictable consequence. They have to invest. Subscriber growth expands the customer base, and high ARPU drives investment. Operators increasing capital expenditure demonstrates they are already responding. Since 2023, mobile subscribers have grown 14%. Over that same period, average revenue per user increased by 34%. This reflects both higher data consumption, yes, but also a continued migration towards higher valued services. The major mobile operators across our footprints have responded to this very swiftly. They have collectively increased capital expenditure by over 33% during that same period. In fact, just this week, Vodacom Group announced accelerating growth CapEx in the region. Airtel noted continued acceleration investment into the network and other digital solutions. Orange disclosed a record number of new data subscribers in Africa and the Middle East. This is exactly what we expect to see. When I speak to customers, they're all saying the same thing, the need to invest more into the networks to address the growing demand and consumer base. Most importantly, for Helios Towers, that translates directly not only to additional build-to-suit sites, but more co-locations, more equipment on each tower, and increasing demand for power and digital network solutions. Our confidence that this continues for decades is based on reinforcing structural trends. First, smartphones continue to become dramatically more affordable. As handset prices decline, hundreds of millions of additional consumers gain access to the digital economy. In our markets, mobile is overwhelmingly the way people access the Internet. Second, technology evolution drives network densification, as you've heard from Marcus and Allan, which means more sites and more equipment needed as operators move from 4G to 5G and beyond. This introduces new antennas, new radios, new power requirements. It means more towers, but it also means that existing towers become more valuable because they support more equipment and tenants and increasingly sophisticated services. Finally, almost all future traffic growth continues to come through mobile. AI, video, cloud computing, enterprise applications, and connected devices all require higher bandwidth and lower latency. You heard Tom speak about the massive 12x data growth, and 97% of that traffic will be carried through the terrestrial infrastructure. When we bring these trends together, the long-term opportunity becomes clear. Population growth adds around 600 million people by 2040, supported by one of the youngest populations globally, with 65% under the age of 30. Rising GDP supports increasing consumer spending, enterprise investment, and digital inclusion. Overlay those with around 800 million new mobile connections. Let that sink in. 800 million new mobile connections. That's more than the population of the entire of Europe, more than 2x the population of the U.S., that will come online as new users over the next 15 years. That combination underpins an estimated 72,000 additional addressable total tenancies by 2040, which is about double the size of our existing portfolio, as you've heard Tom mention. Importantly, this is not based on cyclical assumptions. It is supported by long-term demographic, economic, and technological trends that are already underway. Decades of growth to come for sure. Our structural growth creates the opportunity, but execution determines how the value is created. Helios Towers is uniquely positioned because of its operational excellence and financial value proposition underpinning our customer experience excellence strategy. We deliver 99.99% power uptime because reliability directly impacts our customers' revenue. This makes resilient infrastructure critical. We can also bring co-location customers online within 24 hours, enabling operators to address traffic hotspots as they emerge. Financially, our shared infrastructure model lowers operators' total cost of ownership by 30%, allowing them to focus their capital on their core business rather than on passive infrastructure. As networks become denser, that capital efficiency becomes increasingly more valuable. To close out, I would like to leave you with a simple message. There is a lot of growth for a long time to come, and we are exceptionally uniquely positioned to capture a disproportionate share of that. Thank you very much. Tom, back to you. Thanks very much, Sainesh and Marcus and Allan. I look forward to questions. I'll just wrap up quickly. Let me start by bringing it back to our investment case. First, our business continues to demonstrate very strong momentum. Record tenancy growth has translated into another period of strong financial delivery and another upgrade to guidance. We delivered more than 2,500 tenancy additions in the first half. EBITDA increased by 14%, recurring free cash flow by 52%, and ROIC continues to improve. Our pipeline remains very strong and demand is already building for 2027. Second, that performance is enabling us to continue executing our disciplined capital allocation framework for IMPACT 2030. We're investing in high return growth opportunities, leverage is on a downward trajectory, and we're increasingly paying shareholder returns through both buybacks and dividends, with our inaugural interim dividend announced today. Third, the long-term outlook remains highly compelling. Data consumption across our markets has already increased by 6x over the past five years and is forecast to grow by another 12x by 2040, that's almost twice the global rate. That level of demand requires sustained investments in terrestrial mobile infrastructure, and terrestrial networks will continue to carry the vast amount of mobile data because they provide the density, the capacity, and the indoor coverage needed to serve large populations. Satellite technologies will also play an increasingly important role. They'll extend coverage, open up new locations, and provide backhaul to terrestrial sites that could previously not be connected. Taken together, we see a long runway of structural growth underpinned by an estimated 72,000 additional addressable tenancies in our market over the next 15 years. That's around twice the size of Helios Towers' footprint today. Helios Towers, therefore, is very well-positioned to deliver on this opportunity. We have leading market positions, a world-class operating platform and team, strong customer relationships, and a disciplined capital allocation framework that enables us to turn this market demand into growth for our customers, improve connectivity for the communities in which we serve, and attractive growth and returns for our investors. With that, thank you very much for joining us today, and we're now very much looking to taking your questions. Thank you, everyone. If the five of us come up to the stage. This way. Do you want to sit here, or you go on the end? Yeah. Come here. All right. For the Q&A, we will start in the room, then we'll go to the conference line, and thereafter we'll do any questions tapped in via the webcast as well. I think, as he had his hand raised earlier, we'll start with James for Q&A, if you're ready. Hi. Thank you. It's James Lockyer here from Peel Hunt. A question for Marcus. Yes, hi. As I understand it, Starlink uses RF today for its direct-to-devices, which is what you were talking about. It does use lasers to communicate between its devices, while smartphones obviously require standard microwave signals. Is it logical to think that over time satellites could use lasers to the ground towers, which then handle the final local RF communications? Yeah, to clarify, for Starlink satellite to satellite communications laser, line of sight laser. Lasers do actually scatter, yes, there have been attempts to do ground station to satellite laser technology. Obviously, you wouldn't do that to a phone. Fundamentally it's that last part to the phone that is the constraint. As we talked about, there are lots of ways to get good backhaul, of which line of sight laser is one, fiber, microwave. That's got lots of bandwidth because light has actually the biggest amount of spectrum. It's terahertz of spectrum. If you can use light, you're going to get terahertz of backhaul. It doesn't solve that last mile problem where you've got to communicate with the mobile, and fundamentally that's related to having a small antenna in your phone, a few millimeters, and there are many of them actually for all the different frequency bands. Small antenna in the phone. You have to use spectrum that can propagate well without having to be focused on you. A laser would have to track you like this. It obviously doesn't go through objects. Light doesn't go through objects. RF or that cellular band has this great combination of properties of it pretty much goes through objects. Obviously it gets attenuated, but it does. It can scatter off buildings, or be reflective of buildings, so it finds you. Something called multipath. It can be received by a small antenna that you can make in a small device, with low power. It's got enough bandwidth to deliver these incredible services. If you think about trying to solve for all those things, really you can only do that in that frequency band and that is the fundamental constraint, not the backhaul constraint. Does that help? Yeah, my question was, could lasers be going to the ground stations? They can. You then use RFs, actually there's more opportunity of maybe faster or more towers in different areas that could use lasers as well to get the backhaul, which then uses the RF to the device. Yes, but my point is actually the backhaul isn't really the constraint. Fine. You could do that, but if you've got the constraint being you just can't generate enough bandwidth, why would you put a laser that has terahertz of bandwidth when in my radio network I've only got gigahertz, you see? It's off by a factor of 1,000, so it's just not worth doing. Yes, you could, and some technologies exist to do exactly that. Thank you. A second question just on the rest of the year. You've done about the same number of tenancies in the first half as you did last year. If we double that, we don't get to what your guidance is, obviously. Can you talk about the cadence of the next couple of quarters and whether or not there's the ability, and what would get you to the top end of that range, and is there more to come potentially as well? I think overall, we're seeing very strong sentiment in terms of investment. These tenancies are doing a number of things. Some of them are for coverage, new sites, some of them are for capacity and some of them are upgrades for either 4G or 5G. We're starting to see come into a number of markets now, which is really just starting. Over the coming quarters, we essentially see a continuation of this. Down to the exact quarter on quarter, it comes down to a few things, including exactly when the roll-outs happened and whatnot. We feel good and confident about delivering on the rest of the year in terms of the upgraded guidance we've given today. We're already planning for next year, though, as well. As well as just planning for these two quarters, 2027 is getting a lot of attention at the moment, which gives us confidence in more the medium and long-term as well. We'll keep everyone updated as we move forward, but great momentum at the moment. If I can add, actually. So far, year to date, we've done just over 500 new sites. For the guidance that we've given, that'll be over 1,250. A big bulk of sites coming in the back end of the year, and that can be lumpy. It can shift from period to period. That's in part why it's quite difficult to know the exact cadence. On a year-on-year basis, it's never even. In fact, for many years it was actually H2 driven rather than H1. To have it more in the H1 period is actually fantastic because we're a run rate business. The moment you want to try and get that in as quickly as possible. We may see a bit of an even-ish cadence in the second half, but it really is dependent on when those new sites are rolled out, and that's a little bit outside of our control from time to time. Thank you. Graham Hunt from Jefferies. It's Graham Hunt from Jefferies. Just two questions. First on the site rollout. I think when we started this year, we were thinking closer to 500 sites, and now I think it's north of 1,000 in the guidance. Just wondering, what is it that you're hearing from your customers? Maybe shed some color on where are those sites going. Is that in urban areas? Is it on rooftops? When we're talking about the growth, and we talk about satellite and Starlink, I think a lot of people think about rural. But when we talk about those 1,000+ sites that are coming, where are they actually going to be? Second question. On my numbers, with the upgraded EBITDA and cash numbers, you still have a comfortable $800+ million in your five-year runway, despite the additional CapEx you've spent this year. What's the plan with that money? Could we see a little bit more returns to shareholders? Just an update on your thinking there, please. Thanks. Thanks very much. Why don't I take the first and Manjit can talk about capital allocation. The new site builds, it's really great that we're seeing this uptick in site builds. Ultimately it comes down to a number of factors and these are both for extra capacity, for new technologies, and some more coverage. The majority are for suburban areas, infill in terms of when 5G gets rolled out in a city, you sometimes need smaller infill sites in between the larger macro ones because that density needs to increase each time, like one of those slides that we showed. One of the big phenomenon that we're seeing in Africa and the Middle East, particularly in Africa, is the urbanization. Urbanization in Africa is the fastest in the world, and that will be the case for the coming decades as well. You have cities like Dar es Salaam, like Kinshasa, which in 10, 15 years time will be 50%-100% larger in population. 1.5 or doubling in population from what they are today. That means that the cities are actually expanding at quite a phenomenal rate. When that happens, clearly there needs to be more mobile infrastructure in those locations. That's quite a lot of the rollout that we're seeing, actually. That's where the coverage and capacity needs to be. Again, there's huge revenue opportunities for the mobile operators in those locations. That's the main part of it. On capital allocation. Yeah, absolutely. I think your calcs probably taking into account a little bit of debt capacity as well. If you think about the upgrades that we've given to recurring free cash flow in Q1 and now, it's about $25 million on a run rate basis. You're right, the CapEx that we're deploying doesn't actually dent the $400 million. We're actually going to be ending up with broadly the same amount. Now the way the model works is at the back end. The next few years, you really start to accrete that cash flow. As we get to that period, we'll be giving more guidance, but this is a really good place to be. It means that we have the flexibility to either invest in those high growth opportunities or give it back to shareholders, and we're all shareholders. We're also very keen to see how that progresses as well. For now, just assume the same shareholder distribution profile, but we will upgrade in due course. Thank you. David from Bank of America. Thanks again, guys. It's David, Bank of America. A couple of questions. The first one might be Manjit. First of all, the technological difference between the microwave backhaul and the satellite backhaul. This might be one for you, actually. What is that versus the actual capacity you can get through just on basic microwaves versus the satellite. Second of all, the economics. How much does each of them cost? What is the different economics of having microwave backhaul versus what you might pay to satellite? That's question one. Question two is, the growth profile you guys have outlined is very evident. We've seen just this week Vodafone and Orange, Vodafone's actually in cash flow is now more emerging market than it is developed market. It's remarkable. This is an organic business plan. You guys were phenomenally successful with the inorganic growth of Helios and going out with M&A. Is there not another opportunity to go again here with all of this growth potential and seek out some different markets? Just feels like the time is now. You've got amazing track record of the integration, the execution. You've got a good balance sheet, good financial position. Are you not tempted to go again? Thanks very much. Shall I do? I'll do technology, you do business of the cost of it. Okay, let's do broadly. Let's start with light, so a fiber backhaul. That's going to be 10- 40 Gbps. That you'd know from terrestrial networks, you have a laser running at 10 GHz, et cetera. You've got 10- 40 Gbps on fiber. On microwave links, the ones that go between towers, it's a couple of gigabits per second, so about 20-fold less. Obviously, it depends exactly how you deploy, but broadly that's right. The satellite is about 300 Mbps -ish at the moment, so about a 10-fold less again. All of those are good enough to handle a rural site, but you can see that if you're actually on a dense urban site, satellite would be questionable. Not only that, but that 300 Mbps has to be shared over its entire area. One backhaul connection would take the entirety of the beam in bandwidth. It's great where you can't generate more than 300 Mbps rural. If you're in an urban site, you're going to want those gigabits per second or 10 Gbps for backhaul from those very dense sites. Tom. Yeah. Brilliant. Make the comment on the economics. Yes. You want to ask about the relative cost of those interfaces? Yeah. The cost. For fiber, it depends if there's fiber being laid in the area. Obviously, the cost of fiber heavily depends on the length, the distance that it's being laid. To lay fiber out to that site that we showed in Madagascar is effectively cost prohibitive. If it's in a city and there's fiber rings nearby to run a fiber 100 m to a site isn't very much. In our markets, microwave is overall probably the most common form of backhaul. That's partly because it's just relatively easy to stick a microwave on a site as you put the other equipment on the site if there's no fiber in the ground. For microwave, really the longest distance you can do microwave is about 20 mi to the next site, and you need clear line of sight to do that. If anything gets in the way, then it'll be impacted. Quite often, though, the way the network architecture works is there's multiple microwaves going to different sites so that there's one for redundancy if one goes down. That's typically how it's done. The economics for a LEO backhaul are, it's either the cost for the public or maybe there's a sort of enterprise solution. Equipment-wise, probably the cheapest LEO backhaul. Again, you get what you pay for. You get the lower bandwidth at a cheaper price point. Microwave is next in terms of cost and performance. Then fiber, if you have to run the fiber, like Tom said, it's tens of thousands of dollars per kilometer of trenching fiber if you have to trench it. That's the limitation. The lasers are actually quite cheap, but it's the cost to trench the fiber. Then on the M&A question, our primary focus is organic growth. Our organic growth is very busy for us as you can see. Ultimately, it's a capital allocation question. Our priorities are high returning organic growth, strengthening the balance sheet, and investor distributions, which all provide better returns than M&A. I think fundamentally as well, the reason why we show the TAM part is to show that actually the organic growth profile is very, very vast and very, very high. We've already got the teams, the invested capital already deployed. It's really about now execution. That's why we're so excited about the organic profile and why we don't necessarily need to be looking at M&A. Emmet Kelly at the back. Thank you very much. It's Emmet at Morgan Stanley. Just wanted to ask about the behavior of your telco clients and demand from telco clients. Just in the last week, we've seen Orange Middle East and Africa report about 16%, 17% EBITDA growth. Vodafone increased their guidance driven by emerging markets. Have you seen a big step change in the demand from telcos and how they're thinking about investing in the network, given how well they're performing at the revenue and EBITDA level? Secondly, a question I've asked before. Obviously, your business is heavily skewed towards your big three markets, so DRC, Tanzania, and Oman. Is there any business that really stands out as developing momentum or where you see great potential in the coming years? Thank you. Yeah. Thanks, Emmet. From the customer perspective, we're seeing strong demand. That's what we're seeing come through in the tenancy rollout numbers and the guidance. I think at the moment, there's a real opportunity across the region for revenue growth for the mobile operators. Disposable income is up. A lot of that is finding its way into purchasing of SIM cards or data plans. There's a real drive for digital services, particularly video streaming and stuff like that, which a few years ago was actually not that common in a lot of our markets. That behavioral change combined with incremental disposable income is providing that opportunity for the mobile operators to invest, grow their revenues, grow their earnings more, and you're seeing that come through in the numbers very, very clearly. We're playing a role in supporting that from the infrastructure perspective. That's the momentum that we're seeing at the moment. Yeah, as I said before, the 2027 planning is already beginning, and the pipeline's building for that. Shall I just pick up the question on the market, Tom? Yes, the big three are still growing. I think the reality is we're all growing pretty pro rata. DRC actually posted some very good numbers, good lease-up. To some extent, we're very delighted by that because it's a dollarized market with three investment-grade customers who are all the ones that you've effectively just mentioned in terms of their results and how they're upgrading. We are seeing good rollout in Madagascar. That's doing a lot of site builds. You would've seen that potentially in the numbers, too. What you find is that they're all kind of coming up bit by bit. Sometimes period on period, you have one of the other markets kind of outsize growth, but then it kind of evens out. All things being equal, we expect their relative contribution to remain the same. They're all growing at kind of similar pro rata kind of growth rates. Diego. Hey, it's Diego from Mirae Asset Group. Thank you for taking the time and for hosting this presentation. Coming back to the point earlier on the IMPACT 2030 strategy and that $400 million room for further allocation. If we're looking at the organic opportunities, the returns as you present are very good. At the same time as you're building out your already planned all the CapEx investments that you're doing, I'm assuming that also creates a step-up in the recurring free cash flow above what we've already gathered. Shouldn't you be using more of those $400 million into organic opportunities? Just as a follow-up, when you were presenting earlier on more tower densification within 4G and 5G, does the return profile of those towers match what you see today? If so, I guess that's a further point for investing more there. Thanks. Do you want to take that, Manjit? Yeah, I'll take it. Yes, absolutely. The more that we invest, and arguably the earlier we invest it, too, the higher the recurring free cash flow and the cumulative earnings, because you're getting that run rate earlier in that period of time. Yes, absolutely. When we think of that waterfall of investment, we're always looking at the highest returning pieces, which will be colos first, selective new builds and OpEx around the same number, and then everything else there afterwards. It really is dependent on the volume as it comes through. I think the really important point is we have the flexibility to deploy the capital. Right now, having deployed it so early in the cycle, we're going to be able to have the same balancing number from a $400 million perspective. Also, don't forget, we're also building EBITDA, the debt capacity also goes up as well, should we need to deploy it for a really, really good opportunity. Those are the things, those are the pull factors, push and pull that we've got. As we go forward, I think we're not going to be constrained by going after the best opportunities. We will have the capital to do it. Now it's just really about kind of harvesting those opportunities as and when they come. Any final questions in the room at all? We have none on the conference line or on the webcast either. Tom, handing back to you for closing remarks. Fantastic. All right. Well, listen, thank you very much, everyone, for joining us in the room. It's been great to be in person, see people physically, and of course, everyone on the webcam. I hope you've enjoyed the presentation from everyone here. We've had a great morning and, as you can tell, the business is firing on all cylinders. We've got real strong momentum in the business at the moment. Huge shout-out to all of our teams across the business who are doing a fantastic job day in, day out, delivering for our customers and delivering for the communities in which we serve, which are millions and millions of people across our markets. That number's only going to grow as we move forward. Our aim is to provide every single end user with global quality mobile connections, to connect to the Internet, to connect to the world, and enhance life daily. Have a fantastic day, everyone, and we look forward to talking with you again soon.