Ladies and gentlemen, thank you for standing by. I am Geilis, your Chorus Call operator. Welcome, and thank you for joining the OTE conference call and live webcast to present and discuss the third quarter 2023 financial results. All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. At this time, I would like to turn the conference over to Mr. Michael Tsamaz, Chairman and CEO, Mr. Babis Mazarakis, Chief Financial Officer, and Mr. Evrikos Sarsentis, Head of IR and M&A. Mr. Tsamaz, you may now proceed. Good morning to all of you, and welcome to today's third quarter 2023 call. We're making continuing progress in most of the activities and services on which we're building our future top line growth and profitability. So despite the market reaction, as we will explain, we delivered a robust quarterly performance. I'm more than ever convinced that we're taking the right path whenever we decide to reach content, upgrade content, upgrade speeds, invest in our infrastructure, improve service quality and customer excellence, support the visibility and reputation of our brand, and when we control our cost base without compromising any of these activity imperatives. Our results continue to show that the strategy is paying off, offsetting any temporary pressures we face from time to time. As we had anticipated, competition in the Greek market has been intensifying over the recent quarters. In this context, we not only defended our positions, but also added new customers in all key strategic areas such as broadband, fiber to the home, TV, and postpaid, mobile telephony. These customers who recognize the value of our brand proposition are the keys to our future success. As in the prior quarter, Greek service revenues, including retail, fixed and mobile service revenues, were virtually unchanged. The mix, however, is slightly different and more encouraging, as the contribution of both TV and broadband to revenue growth has, was positive, confirming the improving trend in fixed. The performance of the broadband is starting to recover, as last year's speed upgrades cemented customer loyalty and our market positions. We have now resumed top-line growth following three quarters of slowdown. We're also continuing to make progress in the deployment of our fiber to the home infrastructure, and this is rewarded by higher penetration and lower churn. Similarly, our focus on the most popular TV programming is also paying off. Current industry-wide efforts to stave off piracy to support our top line in this segment. Piracy is a real plague and an obstacle to getting appropriate returns on the significant investments we make. This quarter, ICT revenue growth marked what we think is a temporarily halt. What we think is a temporary halt. As you know, public sector contracts constitute the bulk of our ICT revenue stream. Greece recently had parliamentary elections, and while there was no change in the majority, it's quite normal for a new administration to review ongoing programs. In addition, as you also know, between floods and fires, the summer in Greece had more than its fair share of natural disasters. As a result, some public funds were redirected to more immediate priorities. But the digitalization of the country's public infrastructure is a fundamental requisite that the market, that the market anticipates, and we are confident that the ICT revenue stream will gradually retrieve all its momentum, as you have already witnessed since the end of the quarter. Mobile also delivered top line growth, but at a more subdued pace than in previous quarters. This moderation is primarily due to visitor roaming. While roaming volume was up during the peak third quarter tourism season, tariffs offered to international operators were lowered. Excluding visitor roaming, mobile service revenue growth was only slightly below earlier periods, confirming our trajectory in both prepaid and postpaid and creating the foundations for ongoing growth in the coming quarters. We're also pursuing our investments in advanced 5G networks and coverage, where we enjoy a significant competitive advantage. Overall, we're satisfied with mobile revenue trends, with our ability to resist direct competitive attacks on our business and to upsell our subscriber base, and recently we took new initiatives aimed at further strengthening mobile performance in coming quarters. EBITDA increase is up in the quarter and in the nine months, and we're reporting a substantial margin. Our costs are under control, and our personnel expenses continue to benefit from past recent retirement plans. Conversely, we have increased our spending where it is needed, notably to support our market position in this heated competitive moment. Having entered this final quarter in good order, we have confirmed our full-year free cash flow guidance of approximately EUR 500 million. However, we've reduced slightly our CapEx guidance to EUR 620 million, taking into consideration some delays in TV content payments, as well as some minor deferrals in fiber to the home deployment due to the harsh weather conditions Greece experienced. We can confirm our shareholder remuneration targets for the year as full, as the full dividend of EUR 250 million has been paid out, and we are 88% of the way in our 2023 share buyback program, totaling approximately EUR 175 million. We will spend the remaining few weeks of the year firming up our investments in the future and making sure conditions are in place for the success for a successful 2024. With that, I will ask Babis to review our third quarter performance. Babis? Thank you, Michael, and welcome to everyone on the call from me as well. So yes, overall, this was a rather solid third quarter, looking at the underlying numbers we reported, and especially the positive trends that Michael touched upon. Total group revenues were down nearly 3%, but this consolidated picture is a result of many different moving pieces. In Greece, revenues were down a little over 2%, but the bulk of the drop was due to wholesale and the temporary delay in ICT invoicing, while mobile service revenues and retail fixed services proved very, very resilient. In Romania, revenues dropped 7%, a sequential improvement largely due to an easier comparison, as MVNO revenues are no longer boosting the 2022 base. Group adjusted EBITDA after leases was down less than EUR 6 million or less than 2%, so minor than the previous revenue decline. In Greece, EBITDA was up once again by nearly 1%, yielding a strong margin. Conversely, in Romania, EBITDA and margins were down. So let's first focus on Greece, where retail revenues were solid, with positive broadband and TV, a testimony to the strength and customer appeal of our services. Our revenue from retail fixed services posted a very limited drop of less than 1%, as we're witnessing a recovery of some key services. Both broadband and TV turned positive in the quarter, while legacy voice experienced a much softer decline than in previous periods, partly helped by easier comps. In the quarter, we added 17,000 TV subscribers, bringing the total count to over 665,000. This represents our strongest quarterly addition since late 2021. It benefited from the appeal of our content, supported by favorable developments in sports, as a number of major Greek teams progress in the European competitions. In addition, our TV activity was helped by the concerted crackdown on piracy that Michael mentioned, contracted with other operators and the Greek authorities. We are hoping that enforcement of existing and new regulation will continue to support this segment. We resumed our positive broadband revenue growth for the first time since we implemented last year's complimentary speed increases, which worked as planned in securing customer loyalty. Having now passed the first anniversary, we are hopeful that the top line growth recorded this quarter will continue and gain strength. All told, we added another 4,000 broadband customers in the third quarter, and our penetration on total base now exceeds 87%. In the quarter, we added another 22,000 FTTH subscribers, resulting in a total FTTH base of 216,000, not far from our double the level a year earlier. This continued growth has been occurring for one year now, without the help from state incentives to the final FTTH customers. A new government scheme that will support vertical wiring in buildings will hopefully be followed by more direct subsidies to utilization late in 2024. As of September 30, our FTTH penetration stood at above 19% of homes passed. We are targeting over 1.3 million homes passed at the end of the year and are working hard to continue achieving further increases in utilization rate as well. Notably, FTTH utilization among OTE subscribers exceeds 30%. Other revenues were down less than 5% in the quarter. This mainly reflects the temporary pause in ICT revenues in the wake of the Greek parliamentary elections in late June. As you know, many of our ICT projects are in the public sector, and some that were won and ready to be implemented have been postponed by the new administration. We are absolutely confident that we will rapidly catch up with the normal flow of the business and expect other revenues to recover for the full year. Yet certainly, the timing delay will have an impact on the receivables from ICT projects. Other revenues were also impacted by a drop in handset sales compared to the period last year when they were helped by state-subsidized sales and tablets, and laptops. Wholesale revenues were down less than 6% in the quarter from both low margin international transit and domestic wholesale. Greek mobile service revenues were up in the quarter. The slowdown in the growth rate is entirely due to lower visitor roaming revenues in the all-important first quarter, while both prepaid and postpaid revenues were up. Apart from this factor, I want to reiterate our total satisfaction with the positive momentum we are constantly recording in our Greek mobile operations. This quarter, once again, we successfully strengthened our postpaid base with the addition of 35,000 new customers due to conversion from prepaid to postpaid and ongoing new customer acquisition, supported by superior network performance. We are continuing to expand our 5G network to maintain our technological edge. We already boast 90% population coverage, which was our year-end target, and coverage already exceeds this level in Athens and many of the country's major cities. These levels are considerably higher than what our competitors offer. Facing inflationary pressures in our cost, we are adjusting some of the discounts we have offered in the past, while also adding further value to our prepaid propositions, while continuing to work to further shrink our cost base. Increased total operating expenses, excluding depreciation and amortization and one-offs, were down close to 4% this quarter. In large part, this is due to a sharp 7% drop in personnel costs. It's as the result of the voluntary retirement programs we implemented in the first half of the year. We are on full track to deliver the annual savings we had anticipated from the execution of this specific program. We also benefited from a significant reduction in bad debt provisions, aligned with our track, current track record in terms of collections. Finally, our energy costs were down materially. Conversely, maintenance and marketing costs were up in the quarter. The former, maintenance, is primarily due to maintenance of our IT platforms and software and repair of the natural disasters, while the increase in marketing reflects the need for us to maintain a high profile and visibility in an active competitive environment. First quarter adjusted EBITDA after lease increase was EUR 348 million, up 0.7%. The EBITDA margin was 42.9%, up 130 basis points. Turning now to Romania, where total revenues were down 7% at EUR 71 million, a minor drop after 3 quarters of double-digit declines. A number of negative factors persist, namely the mobile termination rate cuts and an environment that is not getting any less competitive. For their part, total operating expenses, including D&A, depreciation and amortization, and one-offs, were up nearly 10% this quarter, as the comparable quarter last year had benefited from a series of various reversals of provisions. All told, Telekom Romania Mobile adjusted EBITDA after the leases came short of EUR 5 million this quarter, as compared to nearly EUR 13 million in the same quarter last year. Turning to the rest of the group P&L, once again, there is not a whole lot to focus on. Variations are hardly material, and over the nine months since the beginning of the year, net income is exactly in line with the same period in 2022. Turning to cash flow, adjusted CapEx is up 3% in the quarter and 2% down for the nine-month period due to the exceptionally low level in the first quarter. This should even out in the last three months of the year as we pursue aggressively our investment in fiber to the home. However, due to shifts in the cadence of auction and consequently, payments of TV content rates, we have reduced our full year adjusted CapEx guidance from EUR 640 million to EUR 620 million, implying a fourth quarter outflow in the neighborhood of EUR 190 million. Free cash flow after lease stood at EUR 27 million, mainly reflecting higher income taxes, which was about EUR 95 million in the quarter. In the first nine months, free cash flow totaled EUR 397 million, and we are absolutely confirming our full year guidance at approximately EUR 500 million. So in short, we are satisfied with where we are at this stage in the economic and competitive context. While we are definitely not operating in an easy environment, the systems and trust strategy we have developed over the years have put us in good shape to defend and even strengthen our positions. We are confident in achieving the full year targets and looking forward to discussing our 2024 prospects, where we will report our full year numbers in February. On that point, Michael, Panayiotis and myself, and the other colleagues around the table are ready to take your questions. Operator? Ladies and gentlemen, at this time, we'll begin the question and answering session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your headset when asking your questions for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question is from the line of Patrick Maurice with Barclays. Please go ahead. Good morning, guys. Thank you for hosting the call today. A couple of questions from me, please. The first one on the competitive environment. During your prepared remarks, you made quite a few comments about a heated market, and the fact you increased sales and marketing spend. So could you provide some more color around what's causing that increase in that market heat, the competition? The second question, you again talked about the discounting of wholesale roaming, which impacted mobile service revenues. I wondered if you could give some indication of what, you know, was that you being proactive, just cutting that into that wholesale roaming fee, or was it because of the risk of losing it to other operators? You know, why do you make that step? Thank you. Okay, regarding the competitive environment. As we presented to you at the beginning of the year, the results of the first quarter and some of the results of the last quarter of last year. We faced a competitive situation in the Greek market, which was, I would say for the last three years, probably unprecedented by some of our competitors, by one of our competitors. They sliced the prices in most of the services, even down to minus 50% compared to our prices. And this price war was topped up by various two, three months or four months promotional initiatives. What you can see and what we can tell now is that, first of all, our commercial teams, along with the rest, did not lose their calm, I would say. They were very thorough in studying the competitive moves, the reaction of the market, the customer, let's say, perception regarding all these price initiatives that were being promoted by our competitors. And they designed the strategic initiative that would take in order to respond to these various competitive initiatives. What I can say now is that we had two main priorities. One was that, above all, we had to defend and secure the customer experience we have been offering, we have been offering to our customers, and not only, only just defend it at the same levels, but even increase and improve the customer experience, because we believe that the customer experience we offer justifies the premium value to the customer's perception and eyes. That was one. And secondly, we did not move to slice prices or to jeopardize, let's say, the revenue per user that we have, we had, but rather launch various market initiatives that were offering more services, and thus, the opportunity for our customers to get more services and be upgraded on the services, and thus, have been upgraded in the terms of pricing. All these initiatives have paid back, and what we can see now, especially, you know, in what we can see now in Greece, is a quite satisfactory result. The level we have managed to perform or to defend, and the course, let's say, of our commercial development over the year is, it makes us very happy. Panayiotis, do you want to add something on this? Okay, I would say that not only we have not lost any market shares on our customer base, but to the contrary, we have developed market shares. We've done this by protecting our customer base and without destroying the value of the base. This is something that, as you, Michael, and Babis commented before, we will be start seeing in the following months. I mean, it's impressive that even the main frontier of this price war was mobile market, and in the mobile market, we are growing our prospect base, and we are growing our revenue. So this is something very important to conclude out of this competitive situation. Again, on the roaming? On the roaming revenues, the departures are as follows: This year, we're going to hit the highest roaming revenues ever, even higher than 2019. And it only compares with 2022, which was the year of, let's say, the first year after the COVID crisis. As a result, during the international negotiations and during the competitiveness that exists in the international market for routing the customers or reaching agreements in order to route the customers to our networks, it's a market practice that from time to time, you need to offer a little bit of better terms. Here we're talking about EUR 2 million on a total revenue of EUR 50 million. It's about 3%-4% discount. So it's not, it's not, it's not, it has nothing to do with the amount of customers. Actually, the amount of customers, the number of customers we have been serving this year is higher than last year. But this comes with more intense negotiation with the home countries and the home networks. And in order to secure the traffic, ... We are negotiating this discount in the area of 3%-4%. So there is nothing structural on the roaming hygiene, just this necessary marketing moves that needs to be done in order to secure the traffic. Right. And a very quick follow-up: Could you quantify the increase in the marketing spend that you made? I mean, is it billions of euros? You mean the, for quarter three? Yeah, that was in the area of EUR 5 million. Okay. Thank you so much. The next question is from the line of Stamatios Draziotis with Eurobank Equities. Please go ahead. Yeah, hello there, and thank you very much for taking my questions. Actually three, if I may please. Firstly, just effectively following up from the previous questions, mainly regarding Greek fixed, you are basically lapping a full year of declines. There was some sequential improvement to this quarter, as you said, but we are still in negative territory on a year-on-year basis. So just wondering, you know, when do you feel it's reasonable to expect this segment to inflect? That, that's my first question. Secondly, just on the free cash flow guidance, just wondering, there was this small downward revision on CapEx due to timing issues, as you said. Yet the free cash flow guidance remains unchanged. Just wondering what makes you take this conservative approach? You know, does this relate with a potentially weaker operating cash generation profile in Romania versus what you had anticipated, maybe? And lastly, on energy costs, you said they were down significantly this quarter. Maybe if you could provide some granularity for next year, given the hedges in place, please. Thank you. Okay, let me start with the Greek fixed. I think you described it very well. There has been a sequential improvement. As we have also mentioned in previous quarters, as of September, October, we are comparing ourselves with months of 2022, where at least the competitive heated environment was present, at least in the fixed side, and a little bit in the mobile, which was heated up again in the beginning of 2023. So, what we see here is totally consistent with what we have been describing in previous quarters, where we said that gradually we'll be seeing our improvement. We are seeing that this improvement will be further pronounced, I would say, in quarter four, where we expect for some months to also hit flattest revenues, at least versus a year ago, on the fixed service revenues. On the free cash flow, let me clarify, because thank you for the question, because it's quite transparent. First of all, there's no any hygiene problem in the cash flow generation. There are two timing effects which happen independently and without being connected. The first one is, as we said very clearly, the TV content auctions that inevitably will drive the payments to 2024. And that's where this is the main reason for lowering the CapEx guidance. Now, the worry whether this will impair the 2024 cash flows is not valid, because at the same time, as we explained in the previous description, ICT projects that were about to be implemented and paid, now, basically the whole ICT has been moved by quarter, let's say. So therefore, ICT revenues that were about to be cashed in, in quarter four, in quarter three and quarter four, will be moving by one quarter. The combination of all of this, plus some other minor working capital adjustments, is leading to an overall balancing out of the two items. So yes, we have a +EUR 20 million, -EUR 20 million this year, and we have a -EUR 20 million, +EUR 20 million of next year. So, and when we will communicate the cash flow guidance for 2024 in February, we'll make it absolutely and crystal clear that this combination of the two offsetting factors. So these are the main drivers behind the cash flow. And in total, that's a kind of rounding, that's why the total Free Cash Flow guidance remains unchanged. On the energy cost, the reason why we are dropping when we are comparing versus last year is because of the previous, let's say, agreements we had, which expired at the end of 2023. And of course, they were reflecting the price at the time that these were constructed. So in 2024, although we have, again, some very, very good agreements, apparently these are not at the level of 2020, 2023. Therefore, there's going to be an increase in the overall energy bill, the size of which we're waiting to see- ... and quantify based on the forecasted consumption as well. But this one is not something new, it was known, and with all the rest of the saving programs that we are implementing, we expect to the biggest extent to offset this increase in the energy for next year. And then basically have an indirect cost that will be flattish. Meaning that the rise in the energy cost because of the agreed prices will be offset by all the other savings that are contemplated. That was very thorough. Thank you so much. Okay, thank you. The next question is from the line of Georgios Ierodiaconou with Citi. Please go ahead. Yes, good morning, and thank you for taking my questions. I've got a few follow-ups, please. Firstly, on the competitive environment, you did mention, I think the past term at some point, when describing it. So I'm just curious if you can update us on what you've seen in recent months. I've noticed one of the more disruptive players, as you mentioned earlier, has reduced some of their promotional activity. Is that something that's more broader? Is that something you may follow as well? Any updates on this will be very useful. And also, my second question is more around the cash flow profile for next year. I know that, Babis, you mentioned there is EUR 20 million headwind on receivables and benefit on CapEx that may reverse next year. Should we then expect CapEx to trend higher, next year as a result? Any, you know, clarity on that will be very useful. And then, a follow-up question around the ICT revenue, comment. You did suggest that already in the fourth quarter it seems to be improving. I'm just curious whether, based on your understanding of the various projects, if there should be growth also going into 2024, or whether, you know, the overall picture should be more balanced? Thank you. Regarding the promotional activities from competitors, I cannot comment. You know, they have their own commercial or strategic programs. As I said to you earlier, at the beginning of the year, we developed a commercial plan with the aim to defend customer experience and defend also the value that we'll get from our customers. So this plan works. We follow our plan. This plan is multifaceted in many aspects. It's it has various initiatives on all the services that we offer to our customers. So we have our own plan, and we just, okay, we observe what competitors are doing, but our plan pays off and we are quite happy with it. So, you know, when promotions always have time limits, so but I cannot go into the mind of the commercial teams of competitors to know whether their promotion will last one month or a year, or whatever. What I know is, however, that our marketing people are quite efficient in what they propose to the market and to our customers, and it works. Okay, now for the next two questions, on the cash flow, I think it does still well as a kind of transparency with this move on the content CapEx and on the receivables. So, very considered to what we have already been communicating, the previous current level of this year, the EUR 640 million, we always said that this is the peak. I mean, even in the next year, in 2024, we are not aspiring to see higher CapEx of that one, since these two years, actually, they are the peak of our rollout. So now whether it will be the exact number, so there are not any increase in the CapEx, it just might be a shifting. But before commenting what will be the level of next year, we also need to see the various planning activities which we are currently doing, and that will be very clearly communicating in our Q4 results. So there will be no surprises because of this move. On the ICT, yes, there was a, it was clear that Q3 was not, it was impacted by these timing issues. I can only say that, already as of October, when you compare October 2023 to October 2022, some of these projects now that were postponed to be received, are now in the track of being received. So therefore, although I cannot comment on the Q4 numbers, I can say clearly that there is an impressive increase on the ICT revenues in October, which hopefully will follow in the coming month as well. Since some of the projects that were being postponed will be accumulated to be received in Q4. For 2024, we also see a strong year of ICT because the digitalization of the country continues. Those projects are not stopping. I would say that they are intensifying actually, because of the demand of the society to have the digitalization of the economy. And therefore, we also see a further increase in the system or the ICT revenues in 2024. So this is the picture for ICT. Thank you. If I could ask one follow-up on the competitive environment. You mentioned earlier the EUR 5 million increases marketing spend year-on-year in the third quarter. I was curious if this is the new norm, whether you intend to potentially keep increasing the marketing spend or whether it was a temporary period of improving MPS? Just curious, whether it's a structural shift or a temporary one, please. Thank you. Well, if we tell you now what we will do with our marketing spend, our competitors will hear about, you will hear it also, and I would say this would not be wise. Sorry for this. And the other thing we need to add here is that this is totally discretionary, so it depends on the conditions. Yeah. We do. On the performance, on the conditions. Thank you. The next question is from the line of Michail Gounaris with Ambrosia Capital. Please go ahead. Hello. Thanks for taking my questions. A couple on my side, please. On the wholesale revenues, performance, could you give a bit more color? Was it the... I'm guessing it was the lower margin bit, but any color on the outlook, particularly on the higher margin business of the wholesale revenues, how that's evolving? That would be helpful. That's the first one. Second one is, in Romania, the EBITDA has been just slightly below EUR 5 million for the last three quarters. Is this the new trend now? How do you see that evolving? Finally, on a more structural angle, leverage continues to come down, any color on capital allocation, shareholder remuneration for next year would be helpful. Thank you. Okay, thank you for the questions. So let's go one by one. On the, on the wholesale part, there are two pieces. One is the international one, which is low margin, and it's basically the competition of for the national trading and, and, and having. That was, this has we have observed also in the past that this has another erratic behavior, depending on the situation and the conditions in the market. For this particular quarter, we had EUR 5 million less revenues versus the equivalent quarter of last year. If I, if we look at it as the nine months, we are flat. So because some of the quarters were up, up and down. Now, on the other one, which is the national wholesale, I think we have always been commented that there is a natural decline of this revenue stream because of the mainly because of the moving of line from competition to the known network as they also develop the fiber to the home network. So this is in the area of EUR 2.5 million, but and it's a trend that is no different versus the previous quarters. In Romania, I think quarter three is hopefully the last quarter where we have this comparison effects. And I can remind that the quarter four of last year was almost zero EBITDA, and because there was still some aftermath of the fixed mobile separation and stabilization of the business. The current EBITDA level, this almost EUR 5 million, is something that we expect to be the base and growing from there. And without being able to comment on Q4, because that will be commented later on, we can say that these trends are where we start growing from. And with the comparison effects being now sorted down, we were expected to see a much more operationally correct comparison on quarter by quarter, starting from the next quarter. The other thing about Romania is that despite the fixed competition, we are growing our contract customer base, which is the one that yields the significant ARPU revenues. And we have, although the market is quite competitive, we have specific propositions to the customer, which secure this growth, and I can say that also Q4 will be similar like this. On the capital structure and the remuneration, I think that at this point of time, we can defer this discussion for February, when, as usually, we'll announce our remuneration policy for next year, for 2024. And that will be the forum where we can discuss what would be the next frame of the remuneration. Understood. Thank you. Thank you very much. For our audio participants, as a reminder, if you would like to ask a question, please press star and one on your telephone. Excuse me. We have a follow-up question from Mr. Georgios Ierodiaconou with Citi. Please go ahead. ... Yes, thank you. Maybe one last follow-up for me. It's around some of the initiatives you've taken with the billing, and I think you also raised the top up levels for prepaid. So just can you give us a summary of these initiatives and whether they're already active in the fourth quarter? How long will it take before we see the impact on your financials, please? Thank you. These initiatives have been announced, of course, and because of the timeframe that it takes to be flowed into our billing cycles, I think that the safe assumption is to assume that this will be impacted, start impacting the numbers, as of December. So obviously not present in Q3, and in Q4 it will capture about one third of the quarter. Mr. Ierodiaconou already finished with your questions? Yes. Okay, thank you. Once again, for our audio participants, if you wish to ask a question, please press star and one on your telephone. If there are no more audio questions at this point, we'll now move on to our webcast participants and their written questions. The next question is from Jakub Petrovsky from Wood & Company, and I quote, "Do you expect to increase telecom services prices in 2024 estimates? How probable is that the regulator will allow Greek telecoms to implement inflation-linked price adjustments?" Thank you. Okay. As we mentioned in the last, in the last quarter, no, we don't have any plans to increase the, based on inflation, the existing contracts of our customers. However, what will happen with the new contracts? This is something which is free, and it depends on the market conditions, and it's a decision we'll have to take when the new contracts are being signed. Thank you. For our audio participants, as a final reminder to register for a question, please press star and one on your telephone. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to OTE management for any closing comments. Thank you. Thank you for your attention, the questions and interest in OTE. We're pleased with our resilient performances in the year to date and confident in our ability to meet our full year commitments. We look forward to our full year meeting next February, when we will discuss our prospects and guidance for 2024. Have a nice day. Thank you very much for your. Ladies and gentlemen, the conference is now concluded and you may disconnect your telephone. Thank you for calling and have a good afternoon.