Thank you for standing by. Welcome to PT Indosat Tbk [Q3] 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you need to press star one one on your telephone. You'll then hear an automated message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the call over to your host today, Pak Indar Dhaliwal. Thank you. Please go ahead, Pak. Thank you. Good afternoon, everyone. Thank you for joining us on the call today. With us, we have Pak Vikram Sinha, our Chief Executive Officer, Pak Nicky Lee, our Chief Financial Officer, and Pak Bilal Kazmi, our Chief Commercial Officer. I will now hand over the call to Pak Vikram for his opening remarks. Over to you, sir. Thanks, Indar. Good afternoon, everyone. In the first half of 2025, we laid the foundation for an improved second half, which can be seen in our results this quarter. We have delivered a positive result for Q3 with all financials and operational indicators moving in the right direction. If you look at the next slide, our revenue growth grew 4% quarter- on- quarter, and this was good all-round growth with all revenue lines growing on a quarter-on-quarter basis. Cellular was a big driver of growth for us as our customer base remained healthy at 95 million. Importantly, our ARPU has increased 4% quarter- on- quarter to IDR 40,000 milestone, which is a proud achievement for us at Indosat. We have continued to maintain our focus on profitability with EBITDA increasing 1% quarter-on-quarter and normalized net profit increasing 29% quarter-on-quarter. With this, we are firmly on track to deliver our promise on the improved second-half performance. If you look at the next slide, we have previously talked about our aspiration of achieving IDR 40,000 ARPU. However, competition and challenging market conditions have meant that we were delayed on delivering on this aspiration. I'm pleased to report that we have managed to achieve it in this quarter, and we are building on the momentum on this. IDR 40,000 is not the end goal. It is a milestone on a journey to deliver a better ARPU and realizing Indonesia's potential on the ARPU opportunity. If you go to the next slide, our AI TechCo continues to make progress, and we now have our GB200 GPU cluster commercially live with the current capacity fully contracted. This will start delivering from Q4 2025. We continue to work closely with our customer to deliver turnkey vertical solutions on our journey to deliver a full stack on AI. There remains a lot of interest in AI in this part of the world, and we at IOH intend to play our part in developing the ecosystem and driving growth in the usage of AI solutions. We have laid the foundation this year and are setting up for scale in 2026. That ends my introduction, and I will now hand over to Nicky for a more detailed financial presentation. Thank you, Pak Vikram, and good afternoon, everyone. I'm delighted to report the solid-sided results for the third quarter, where we are seeing some better momentum in the market. Our third-quarter revenue grew 3.8% quarter-on-quarter, primarily driven by an increase in cellular revenue as we continue executing our strategy to accelerate growth through AI and enhance network experience. Additionally, media revenue contributed to this performance, underpinned by GPU business. Below the revenue line, we delivered a 0.8% QoQ improvement in EBITDA despite high spending to support revenue growth, which I will elaborate on in the OpEx section. Consequently, our EBITDA margin declined slightly by 1.4 percentage points to 46.2%. Normalized NPAT rose by 29.1% QoQ, mainly driven by higher EBITDA and operational one-off gains below EBITDA in Q3 2025, including IDR 88 billion gain from asset disposal and IDR 223 billion fiber lease reversal post-reconciliation. Our net debt to EBITDA ratio remained flat quarter-on-quarter at 0.49 x, underscoring our commitment to strategic CapEx investment for medium to long-term growth while maintaining a healthy balance sheet. If we move on to the next slide, for the first nine months of 2025, reported revenue declined by 1.6%, reflecting a challenging market environment. This also led to a 3.3% year-on-year reduction in EBITDA, with EBITDA margin softening by 0.8 percentage points to 47%. The margin impact was partially mitigated by ongoing cost leadership efforts, which helped preserve profitability amid topline headwinds. At the bottom line, net profit fell 7.5% primarily due to softer earnings base and high depreciation expense during the period as we continue to invest for growth. Moving on to the next slide, in the third quarter, we saw some increased spending relative to the previous quarter, as I had guided in our previous call due to operational one-offs related to credit notes and certain cost reversals such as incentive payments. Cost of services rose by 4% on a quarter-on-quarter basis, primarily driven by maintenance activities to enhance network performance along with installation and partnership costs supporting media and VAS revenue growth. On a year-to-date nine-month basis, cost of services was up by 5%, similar to the quarterly trend. Personnel costs grew by 17% on a QoQ basis, driven by higher variable pay in line with revenue performance. On a YoY basis, personnel costs actually declined by 21%, reflecting lower variable pay components such as bonuses and incentives compared to the prior year. Marketing expenses increased by 6% on a quarter-on-quarter basis, largely due to increased campaign activities and several new product launches during the quarter. On a YoY basis, marketing spend declined by 17%, reflecting a strategic shift towards more targeted and cost-efficient digital marketing initiatives. G&A expenses rose by 46% quarter-on-quarter, mainly driven by professional fees in supporting development and growth of business. However, if you look at it on a year-on-year basis, G&A expenses actually dropped by 3%, underscoring our continuing effort to control spending in this area. Depreciation and amortization expenses decreased by 3% QoQ, largely due to the fiber lease reversals post-reconciliation. This is an accounting adjustment put through in the quarter. On a year-on-year basis, G&A expenses are up by 2%, driven mainly by the addition of fixed assets from network rollout to support medium and long-term growth. In quarter three, other operating income expense, we quoted a net income of IDR 78 billion compared to a net expense of IDR 3 billion in the second quarter. This variance was primarily attributable to high operational one-off gains from disposal of dismantled assets. On a year-on-year basis, prior year tax provision reversal of IDR 121 billion and operational one-off gains contributed to an increase in other operational income from IDR 81 billion in 2024 to IDR 378 billion in 2025. On to the next slide, CapEx decreased by 33% quarter-on-quarter to IDR 3.3 trillion in Q3 as the prior quarter included GPU CapEx spending that did not recur. We continue to invest in our network and increasingly in 5G space. As a result, our nine-month 2025 CapEx has already reached 82% of our full-year guidance. Net debt is flat on a quarter-on-quarter, and our net debt to EBITDA ratio remained flat at 0.49 x, as mentioned earlier. On a year-on-year basis, net debt went up by 31%, primarily attributable to CapEx investments for growth, including additional GPU investment in this year. That ends the presentation for the finance section. I will now pass the time to Pak Bilal. Thank you, Pak Nicky, and good afternoon, everyone. I think from a commercial standpoint, the headline is healthy operational trends. As was mentioned earlier, these are underpinned by solid ARPU growth over a stable base. This ARPU growth is moving along nicely with data traffic growth. Moreover, IOH is reporting a 4.9% increase in HPB customers. Indosat is also very proud to share the launch of the SAD Spam product, which literally solves the national problem of spam and scam. This problem impacts millions of customers. To solve a challenge at this scale, we have benefited from all the good work done on lifting that use of AI in our go-to-market propositions. The end result, of course, is higher customer trust and engagement. That's it. Thank you. Operator, can we move to the Q&A? Certainly. We will now begin the question-and-answer session. To ask a question, you may press star one one and wait for a name to be announced. One moment for the first question. The first question comes from the line of Piyush Choudhary of HSBC. Please ask your question. Yeah, hi. Good afternoon, and thanks for the call. If I can ask three questions. Firstly, congrats on achieving the milestone IDR 40,000 ARPU, which you have talked about earlier. Can you talk about the mobile ARPU outlook and what other initiatives are being taken to increase, and what needs to happen for subscriber addition to restart? Secondly, on EBITDA, you have maintained the guidance despite nine-month EBITDA being down 3% year- on- year. What are the levers which you are expecting in the fourth quarter? If you can throw light on partnership cost and installation cost, which are both up more than 20% quarter-on-quarter, and any outlook for these cost items, particularly partnership and installation? Last one on your monetization, any update on fiber asset monetization? Thank you. Thank you. Thank you, Piyush. This is Vikram. Let me start with the guidance. I think we had given the guidance of low single-digit EBITDA growth. We are optimistic that momentum which we have seen in cellular in Q3 will continue in Q4. We will also see additional growth coming from our AI TechCo vertical. This will drive revenue, which will be positive for EBITDA growth, and we will be stringent on our cost. We feel confident, and we still hold on to our guidance, Piyush. That is the first question. Coming on to ARPU, yes, it took us four or five quarters more than what we had expected to get through the IDR 40,000 milestone, mainly because of two reasons. One, micro conditions, what we have seen in Indonesia, especially our low-value customers, lower middle class, they're optimizing. We see things improving. Last, especially three, four weeks, we have been seeing a lot of activities from the government side. The new finance minister has been also working to stimulate domestic consumption. These are really good trends. We will be watchful of it. I think the more important thing is what is in our control, our AI hyper-personalization. The data and model is getting trained. That is really helping us to give what we call it a very hyper-personalized experience. That will help us continue growing our ARPU. We stay positive that future growth will be ARPU-led. As I said, IDR 40,000 is just a milestone. We believe that in Indonesia, we have an opportunity to get to IDR 45,000 and IDR 50,000 over a period of time. Customer, what we are seeing with the discipline in the market of 3GB, IDR 35,000 getting implemented in quite a disciplined manner from all operators, we are seeing some SIM consolidation. Having said that, we still believe that over a period of next year, base will be progressive. For the next three, four, five months, we will see a bit of a SIM consolidation, which is good for the industry. That is what I can tell you in terms of base. From a 2026 point of view, we still expect a positive base growth. For the cost one, I'll hand over to Nicky to give more color on it. Hi, Piyush. This is Nicky. Thank you for your question. In terms of partnership and installation costs, they are very much revenue-driven as we get more activities in terms of media and VAS revenue. In terms of trend you're asking, we're seeing 4%, 5% kind of growth. Yeah. Piyush, coming back to your FiberCo carve-out project, we are in the advanced stage of discussion with our investor. Given FiberCo is very strategic for IOH's future ambition for both FTTH and AI infrastructure, we are taking adequate steps to ensure that we take this right decision, looking at both short-term and long-term perspective. I'm expecting that you will hear more clarity and reason in this in the next 30, 45 days. Got it. Thanks, Vikram and Nicky. Just on partnership and installation, sorry, I missed which part is revenue-led, where we should see the commensurate revenue. Is it more in your VAS revenue or its media revenue? Yes, yes. You're exactly right, Piyush. It's more to do with our VAS and media revenue. Got it. Okay, thanks a lot. I'll come back in the queue. Thank you. Thank you for the questions. One moment for the next question. Our next question comes from the line of Sachin Mittal from DBS Bank. Please go ahead. Yeah, thank you. Yeah, congrats actually on the sequential recovery in cellular revenue. That's quite heartening to see. Any color on what's taking a toll on the margins in the quarter? What are those cost items? Just any color will be good. Secondly, on the GPU-as-a-service, are you able to disclose? Is there some kind of forward counting of cost, or is it how much contribution of months of revenue we had on GPU-as-a-service? The associated question is, what we are hearing is that GPU-as-a-service, the plain vanilla GPU-as-a-service, used to have a three-year break even, but probably the three-year break even may not be possible unless there's something, some application layer added on top of the GPU-as-a-service to make it more sophisticated and more useful for the end user. Could you have any comments on this and how to think about this GPU-as-a-service? Hi, Sachin. This is Vikram. Let me start GPU-as-a-service and AI full stack. I think, first, you know, you will see revenue flowing mainly from quarter four because our GB200 cluster went live in September. From October onwards, we will see the full month impact and in the quarter. We got started with L450/ H100, and you know, I'm happy to say that we have close to 24, 25 domestic customers, especially on L450. That is also stacking up quite well. You will start seeing the impact of it starting quarter four. We have seen a little bit on our media revenue because when you look at our media revenue, we are pivoting from a lot of project-based contracts to AI cloud services. We are seeing that the domestic customers are coming with healthy margins. When it comes to GPU-as-a-service, you are right. Vanilla, you know, we have to make sure that we don't GPU-as-a-service, we also work at an application level. We are working with NVIDIA and the partner ecosystem that we have a good mix of both. Overall, we are expecting that full year next year, you will see a very positive impact of this on our P&L, not only at EBITDA level, also at an EBIT level. Okay. Basically, you're still optimistic that, you know, those three-year break-even numbers are still valid, you know, but probably with more application on top of GPU-as-a-service. Yeah. Can you say that? Yes, Sachin. Can you hear me? Yes, yes. We are very optimistic that we are all set for scaling up next year, which will come with healthy margins at EBITDA and EBIT level, especially with our AI full stack approach. We don't want to become a dumb pipe when it comes to GPU service. We want to make sure we play at a full stack level. Okay. That's very helpful, Vikram. Thank you. Thank you for the questions. One moment for the next question. Our next question comes from Sukriti Bansal from Bank of America. Please go ahead. Hi. Good afternoon, management. Thank you for the call and congratulations on the sequential growth. Just three quick questions. One is on your postpaid ARPU. In Q2, did we have some one-off? It was really, it jumped up a lot in the second quarter and is down again in the third quarter. Is it something to do with the plans that we changed or why has it moved around so much? On postpaid in terms of subscribers, we've seen a subscriber decline in prepaid this quarter, but postpaid has grown. Is this a cleanup on the prepaid side from the SIM cards? What should we expect in terms of trend going forward here? Secondly, on the GPU service, is it possible to give, I understand, fourth quarter will be a bigger impact with any kind of guidance on how much revenue we had this quarter, what kind of revenue we could see next quarter? For the full year, is there any change next year what we would be expecting? Lastly, just on the fiber asset, there is a lot of supply which is coming up in terms of fiber asset spin-off in the market. What does that do to the prospects in terms of the kind of bargaining power we have in terms of how we sell this asset? Hi, Sukriti. This is Vikram. Postpaid, let me start with postpaid. Postpaid overall has been a very good turnaround story for us. We have been consistently growing on our base, and especially our premium demonization and IM3 Platinum has been really doing well. Year- on- year, our revenue on postpaid, Nicky can correct me, is more than 20%. We have also crossed the milestone of 1 million base. Overall, postpaid has been a great story. The second point which you spoke about on prepaid, I think our base is more or less stable. There's a bit of a SIM consolidation happening because this is a very good thing of these rotational SIM churners with this IDR 35,000 3GB. The industry is moving in the right direction. Overall, our prepaid base is also stable. It has not declined. More or less, it is flat. That is on prepaid. GPU, let me give you two data points. One, we still stand with our outlook for full year, which is around close to $30 million- $35 million. What does that mean annualized for next year? It is already on the contracted customer. It will be more than $65 million- $70 million for full year next year, and things will only build from there. That is in terms of the outlook. We don't get into more detail. You will start seeing this on the media line item going forward. For fiber asset, as I said, this is in the advanced stage of discussion with our investor. Given the strategic nature and what we want to achieve is not only unlock value for IOH, but also we want to see how this platform will help us grow on FTTH and AI infrastructure because we are doing a lot on our AI full stack. I think this is a very strategic platform which is shaping up. You'll have to wait for a little more time. I'm sure you will get more color to this. There will be more announcements in the coming few weeks. Great. Thank you. Thank you, Pak Vikram. On the CapEx on GPU-as-a-service for this year, do we have a number that we can share? I think Nicky shared it. It was in our guidance. Go ahead, Nicky. Yes, yes. CapEx on GPU is around $100 million for this year. Understood. Dollar, yes. Okay, that's all for me. Thank you. Thank you for the questions. One moment for the next question. Our next question comes from the line of Arthur Pineda from Citi. Please go ahead. Hi, thanks for the opportunity. Can you hear me? Hello? Yes, yes. Yeah, can you hear us as well? Okay. Great. Thanks. Three questions, please. Firstly, in the GPU-as-a-service, I recall you were guiding initially for $35 million- $40 million in revenue bookings. Has any of this been booked into 3Q? I'm just wondering how much more do we see into the fourth quarter or if the guidance has been changed with regard to the revenue booking. The second question I had is with regard to CapEx. I'm just wondering what your thoughts are on mobile network CapEx. Your competitor has been guiding quite aggressive increases in their spending around IDR 20 trillion-IDR 25 trillion for the year. Does this raise concern that IOH could find itself lagging from a network standpoint, which could then impact its market share? I'm just wondering how we should look at this going forward. The last question I had is with regard to the CapEx, sorry, the OpEx increase, which had resulted in slightly lower margins this period. What items are you expecting to be optimized into the fourth quarter, which would actually lead to some reductions and attain your growth on EBITDA? Thank you. Hi, Arthur. This is Vikram. On GPU, you are correct. We gave a guidance of around $35 million, and the significant portion of that was coming from GB200, which got live in September. Yes, we have booked in the first nine months, but the significant portion will flow through in quarter four. If we stay true to the guidance, we still feel confident that we'll be able to meet our guidance of $35 million. On mobile network CapEx, I think we are in a good place in terms of our network experience. We feel that the guidance and the amount which we have been spending, around IDR 11 trillion-IDR 12 trillion, is a healthy place. I can't comment on others for IDR 25 trillion. I've been in the industry here in Indonesia. Humanly, also, it is very difficult to deploy $25 million in one year. More important, you know we have a strong balance sheet, as you have seen. We are very confident that we will not compromise anything on our network investment because we'll not cut corners or anything which helps us on mid-term, long-term growth. The guidance which we have been giving, we feel is the right range. That is where we need to focus more on spreading our asset and monetizing existing investment, which we have done in the grounds. Yep. In terms of OpEx and cost, Arthur, this is Nicky. The movement is more to do with a change in revenue mix. As you understand, we have very, very high margin for cellular revenue. As the contribution on a relative basis from this line of business drops a bit, that will have a profound impact on the overall margin. If you look at our cost composition, it's mostly due to installation costs and partnership costs. We are getting all such services into our revenue line, which is a good thing. We actually managed to optimize a lot of our, basically, every single line item. Our cost base, even if you on a nine-month basis, if you include COS, it's actually flat, right? We will continue to look at every single item and look for opportunities. With the advancement of technology, we have to deploy AI across many facets in our organization. We have found a lot of opportunities for us to look at a more efficient way of conducting business. Maybe just to better understand this. For you to attain your low single-digit growth on EBITDA, you're basically needing to drive up your revenues quite dramatically because you've changed the revenue mix. Is that how I should see this into the fourth quarter? The target for the year is low single-digit growth, yeah? Yes. Yes, Arthur. I think you are absolutely right. This is Vikram, Arthur. You know we have to make sure that our cellular revenue, which we have seen a good momentum in quarter three, continues on quarter four. Additional growth coming from our AI TechCo, which is our AI cloud GPU, and also security, some of these things which are under which will start flowing from quarter. You are right. Our revenue, and also we will continue to have cost discipline. I know it looks challenging, but we stay confident and we want to hold on to our guidance on what we have said. Understood. Thank you very much. Thank you for the questions. One moment for the next question. Our next question comes from the line of Henry Tedja from Mandiri Sekuritas. Please go ahead. Hi. Thank you for the call and congrats management for the IDR 40,000 per month ARPU milestone here. Perhaps three questions from me, please. The first one regarding the early site lease termination. Just curious, is it related to the tower and fiber, which is a part of the integration process during the IOH merger? If yes, how is the progress so far? Have you completed all of them? The second question, perhaps related to the mobile competition. I know that Pak Vikram earlier has mentioned about the purchasing power of the consumer, which has basically improved. Can you provide more color on this? How do you see the competition landscape in the last two or three months? The last question from me regarding the GPU-as-a-service, I think Pak Vikram mentioned previously that the $30 million - $35 million revenue target for this business is coming mostly from the GB200, which just commercially launched in September. I'm just curious about the revenue contribution from the previous GPU that you installed last year. If I'm not mistaken, it's H100, right? How's the traction so far on this GPU and the revenue target from the previous GPU in here? I think those are my questions. Thank you. Thanks. Thanks, Henry. This is Vikram. Let me start with the GPU. I think L450 and H100, we are focusing more on domestic customers, while the count of customers is more than 20, but these are small tickets and it is building up. In fact, H100 is fully contracted. L450, 50% is contracted, and these are recurring long term. The global and regional customer is on GB200. That is how you will see the full year of $35 million. The good news is that we are really getting ready for scale-up. Our full AI full stack is getting ready. We are working with NVIDIA and some of the partners like Accenture and some of the other partners where we will be able to not only sell GPU-as-a-service, we will be able to contribute both consumers and B2B at an application level. The mix of both puts us in a good place of healthy EBITDA and EBIT margins. This is the full detail on GPU-as-a-service. Second point on mobile competition, I think it is good to see that the market as an industry is getting disciplined on especially use and throw rotational customers. Everyone is moving towards the SIM price of IDR 35,000 and 3GB. It is all getting disciplined, which is a move in the right direction. More important, the last few weeks, I'll say, and these are early trends, we have seen a little bit of improvement on our domestic demand and consumption. We had seen our low-value, especially customer optimizing a lot. Early days, again, we have to stay cautious, but we have seen some improvement. We are very confident that quarter four, we will build on the momentum we have seen in quarter three. Let's wait and watch for more detail. Overall, we are expecting that next year, overall, from an industry point of view, has to be much better than what we have seen this year. Hi, Henry. This is Nicky. In relation to your question on early site termination, our integration process was completed two or three years ago, more than two years ago. There were still sites that are under contract. We managed to terminate some sites with a particular tower provider, and that gave rise to a one-off gain for us. Don't expect this to be a recurring item for us. I'm sorry, but Nicky, perhaps have we completed all related to this contract termination, or do you think we still have some more, or perhaps a few regarding this one? Yeah, no more. We have completed the work a couple of years ago. Now all the contract, everything is optimized already. As I said earlier, this is kind of a one-off item, although we keep looking at different ways to get savings and other income. This particular item, unless there are some other changes, we don't see this to be like a recurring or further other income from this particular change. Okay. I think that's clear. Thank you so much, Pak, and all the best to the management for the fourth quarter. Thank you. Thank you. Thank you for the questions. Our next question comes from the line of John Tay from UBS. Please go ahead. Hi. Good afternoon, management. I have just two questions. First is on trends in ARPU. Data traffic was up by 4% quarter-on-quarter, which largely tracks ARPU, and which also means that data yields were rather stable despite price initiatives or pricing initiatives during the first and the second quarter. Any anecdote you can share about when we might see data yields improving? Second, in a related question, were there activities in the market by yourselves or something that you've observed that points to further price rationalization and easing of competition that happened perhaps in the third quarter? Lastly, I think separately on the fiber sale, I think you mentioned earlier also that you will take, quote-unquote, "adequate steps" to balance the short-term benefits relative to your strategic positioning. Appreciate if you could provide some details, or if not, just some very broad strokes on what these steps might be. Thank you. Hi, John. This is Vikram. On the fiber sale, as I said, this is a very strategic asset, and we feel we are in a good position. You will have to wait for a few more weeks for us to conclude and then disclose everything. Overall, we see that we are in a place where we see value unlocked, and also we see this as a platform which can help us grow on FTTH and AI infrastructure. That is the balance which we were looking at, and I think we are in a good place to conclude that. Please wait for a few more weeks. Second point on activities in the market, I think we have seen especially the discipline around use and throw SIM. We see that's a very good move, and it is getting disciplined across for everyone in the industry. We have seen it for ourselves, and that will lead to more sustainable growth. What we want to avoid is people coming in the market to buy cheap data, and they buy the SIM. That clearly doesn't flow into EBITDA, and that is what I see getting corrected in the market. Last point on trends in ARPU, I think this is an ideal situation where the data traffic and ARPU growth. I remember there was a time where data traffic is growing 70% and revenue is growing 5%. That was not sustainable. Last quarter, what we have seen, 4% data traffic growth, 4% ARPU growth, this is a very healthy sign. Our bigger focus is to grow ARPU in a very sustainable manner. As I have said earlier, Indonesia is under-indexed. Whichever way you look at it, there isn't room. We just want to make sure that also the domestic demand, the domestic consumptions, which we are seeing improving, and then we want to make sure we take care of our low-value customers. Overall, we feel confident that IDR 40,000 is just a milestone. We need to build from here. Thank you. Thank you very much. Thank you for the questions. As a reminder, to ask questions, please dial star one one. One moment for the next question. We have follow-up questions from Piyush Choudhary of HSBC. Please go ahead. Yeah, hi. Thanks for that. Just on the GPU-as-a-service, if you're suggesting almost $30 million- $35 million to be booked in the fourth quarter, then could you help us understand why the 2026 outlook is only $65 million- $70 million and not like $120 million- $150 million? Just trying to understand how do these contracts work and why it is bunching up in 4Q and not kind of spreading at a similar rate in 2026. Second question, Nicky, when you mentioned about the installation cost, is there upfront cost in 3Q where actually revenue will be booked more in 4Q? That's why we are seeing kind of margin decline right now. When you said 4%- 5% growth, is it year-on-year growth going forward in 2026? Just want to clarify these things. Thanks. Hi, Piyush. Let me start with GPU-as-a-service. I think we don't get into more detail, but you know what is important to know is what we are telling is all contracted, and these are multi-year contracts. What we are telling for this year and next year is minimum ARPU. I'm sure we see more opportunity to scale up, but we have been very cautious of not over-guiding on anything, especially on this new business. Hi, Piyush. On the installation cost, the 4%, 5% is really driven by business. It depends on the demand for the business from VAS and media. That is the kind of year-on-year growth we are including in our forecast. The actual change will be determined by the demand required consumption growth for this business. Yes, from an accounting side, Piyush, you're correct. We book the installation cost. Potentially, some of the related revenue from the contracts, related contracts will come later. There's always a year-on-year, period-on-period effect, which would tend to cancel out each other. I don't feel we should take that into account in your model. Got it, Nicky. I think this is more like quarterly volatility will happen in this cost item because of the revenue recognition. Got it. Thanks for clarifying that. Yes, yes. It's more to do with revenue mix, as I mentioned earlier, Piyush. Yeah, got it. Thank you. Thank you. Thank you for the questions. At this time, there appear to be no more questions on the line. Allow me to hand the call back to management for closing. Okay. Thank you, everyone. That ends the call for today. As always, do get back to me if you have any further questions. Otherwise, take care, and we'll speak to you next quarter. Thank you very much. That concludes today's conference call. Thank you for your participation. You may now disconnect your line.