Ladies and gentlemen, welcome to PT Telkom Indonesia earnings call for the audited full year result of 2024. We will start with an overview from our CSO and CFO of Telkom Group, followed by Q&A questions. Before we start, let me remind you that today's call and the responses to questions may contain forward-looking statements within the meaning of safe harbor. Actual results could differ naturally from projections or estimates and may involve risks and uncertainties that may cause actual results to be different from what we have discussed today. Ladies and gentlemen, it is my pleasure now to introduce Telkom's board of directors who are joining us today: Bapak Budi Setyawan Wijaya as our Strategic Portfolio Director, Bapak Heri Supriadi as Finance and Risk Management Director, Ibu Venusiana as Enterprise and Business Service Director, Bapak Bogi Witjaksono as Wholesale and International Service Director, Bapak Herlan Wijanarko as Network and IT Solution Director, Bapak Muhamad Fajrin Rasyid as Digital Business Director. Also present are the board of directors of Telkomsel, Bapak Nugroho as President Director, Bapak Daru Mulyawan as Finance and Risk Management Director, Bapak Derrick Heng as Marketing Director, and Bapak Adiwinahyu Basuki Sigit as Sales Director. I now hand over the call to Telkom Indonesia Director of Strategic Portfolio, Bapak Budi Setyawan Wijaya, for his overview. Thank you, Oky. Good afternoon, ladies and gentlemen. Welcome to Telkom Indonesia earnings call for the audited full year 2024 result. We appreciate your patience and participation in this call. Ladies and gentlemen, last year has been a demanding yet fulfilling year for the Indonesian telco sector due to a combination of softness in the macroeconomic conditions that transpired from increased global volatility and rising competitive environment. However, Telkom Group managed to navigate these challenges, effectively closing the year with steady revenue and a stable mobile customer base. Globally, 2024 was the largest election year in the history as there were more than 70 countries, home to more than half of the world's population, had their election. The most high-profile election in 2024 was undoubtedly the U.S. election in November, which somewhat affected the U.S. economy and interest rate decisions. Investors' views on potentially higher for longer Fed fund rates made central banks, including Bank Indonesia, be more careful in adjusting their monetary policy. Indonesia was also one of the countries that held presidential elections in February 2024. During the past eight months until the inauguration in October, Indonesia's capital market economy was not immune from heightened volatility from abroad. Fortunately, Indonesia's economy managed to grow by 5% annually last year, supported by private consumption. During the year, Bank Indonesia also maintained accommodative monetary policy stance by keeping the benchmark rate at 6%. Indonesia's average headline inflation for full year 2024 is at 2.3%, well within Bank Indonesia's guidance. Several episodes of this inflationary period weakened Indonesia's purchasing power, which indicated a less than 5% annual minimum wage growth. Nevertheless, despite headwinds from the global market and the economy, Indonesia's data consumption continued to push healthy growth. In 2024, Telkomsel recorded 13.9% year-on-year data payload growth, which was supported by strategic pricing initiatives, seasonal factors, and successful prepaid-to-postpaid migration while navigating the ongoing shift from legacy-based revenue toward digital or OTT platforms. Indonesian mobile data consumption remained one of the lowest in the Asia region, with only 12 GB per month. Smartphone penetration also lagged behind neighboring countries in the region, which was a main opportunity. In Q4 2024, we saw an improvement in the supply side within the industry. This is an encouraging trend given our commitment toward a healthier industry environment. However, given the relatively weak macro backdrop, we think the sector recovery will largely be dependent on economic recovery as well. Going forward, we continue to use a disciplined approach to support market repair to ensure sustainable value creation. I'm excited to update on the successful completion of One Billing integration, a major operational milestone that enhances our fixed mobile convergence capabilities and lays the foundation for long-term wholesale revenue growth. In December 2024, convergence ratio reached 57%, validating our strategy to provide integrated multi-product offerings through bundled services. The completion of billing integration will further enable Telkom Indonesia to accelerate FMC adoption by deeper customer engagement and bundled offerings, enhancing wholesale value proposition. As a part of Five Bold Moves strategy implementation, our Corporate Transformation Group ensures that all business processes achieve efficient results with no duplication processes. One of the strategic initiatives to lower Capex for consumer-premise equipment and networks has improved quite meaningfully due to the Group Procurement Initiative. This has been evidenced by our ability to serve broad market segmentation, notably in our consumer business segment. Such group negotiation processes have additionally made a positive impact on digital content offerings, which in the end resulted in a better experience for end customers and efficient content costs for the company. On the B2B business, we continue to agile and yet focus on creating long-term sustainable growth of revenue on digital connectivity, supported by platform expansion, with data centers and cloud as business enablers. Apart from organic capacity expansion, we are in the final stage of strategic partners' selection to unlock value while borrowing on their expertise to manage our data center businesses. Through the partnership, we believe to set a better positioning in the market and optimize our core competencies, which create long-term sustainability value to the group. We aim to conclude this initiative in 2025. Moving on to InfraCo, the establishment of PT Telkom Infrastruktur Indonesia or TII as a Telecom Infrastructure Managed Service entity will enable us to transfer efficient asset deployment while also improving existing infrastructure assets with additional investments to increase Capex efficiency. In December last year, TII started the initial phase of commercialization by securing licenses and first sales to one of the major ISPs in Indonesia. Before I hand over the session to Pak Heri Supriadi, Telkom Indonesia Director of Finance and Risk Management, to give you an overview of full year 2024 audited financial performance, allow me to conclude that industry dynamics, including macroeconomic factors, competitive market dynamics, and shifting consumer behavior, will continue to influence sector performance in 2025. While legacy revenue has been persistent, positive momentum in data usage, industry consolidation, and irrational pricing environment channel opportunities for sustainable growth. Thank you. Thank you, Pak Budi. Good afternoon, ladies and gentlemen. In 2024, Telkom Group delivered a positive revenue growth of 0.5% year-on-year to Rp 150 trillion, supported by a combination of our consumer enterprise and wholesale international business. Recording in progress. Healthy data payload was driven by a combination of strategies aimed to enhance subscriber productivity, via stronger customer engagement on digital content, and execution of FMC strategy to further strengthen convergence revenue streams by providing integrated digital services through bundled offerings to enhance wholesale value proposition. Full year EBITDA grew to Rp 75 trillion, a slight decline of 3.3% year-on-year. The slip in our full year EBITDA has been largely attributed to our investment in our initiative toward talent rejuvenation via an early retirement program conducted in the second quarter of 2024. Stripping out the one-off costs from the program, our full-year normalized EBITDA grew to Rp 76.2 trillion, declined by 1.8% year-on-year, and took the normalized EBITDA margin to 50.8%. Meanwhile, operating net income grew to Rp 24.1 trillion, exceeded by 4.1% year-on-year after taking out the impact from the early retirement program, marked by market investment and asset unlocking. In 2024, total expenses recorded a debit growth of 2% year-on-year to IDR 107 trillion, while operating expenses grew a tad faster by 4.6% year-on-year to IDR 74.9 trillion. Personnel expenses for the year increased by 5.5% year-on-year due to the early retirement program. Uptake in marketing expenses grew by 8.3% year-on-year to IDR 3.8 trillion, accounted for 2.6% in Telkom Group revenue, aligned closely with the historical average of 2%-3% of the percentage. This is in line with strategic push to accelerate fixed broadband penetration and leverage seasonal promotion campaigns aimed at strengthening customer engagement and retention during the quarter. The total Capex spent in 2024 reached IDR 24.5 trillion, largely allocated for connectivity, followed by spending for digital platforms and services. Capex realization to revenue was at 16.3%. Lower realized Capex was due to underspend allocation from data centers and back-end loaded spending on connectivity-related Capex in anticipation of one billing system integration completion. Nevertheless, this is in line with Telkom Group's strategic initiative on Capex. Retail maintained at healthy levels, with net debt to EBITDA stood at 0.6x during the period. Our consumer business, Telkomsel, recorded revenue growth of 10.7% year-on-year for 2024 to Rp 113.3 trillion, driven by a combination of accelerated fixed mobile convergence adoption and improved revenue quality from stronger customer engagement and seasonal uplift in usage, while maintaining a stable mobile customer base close to 160 million, and healthy data payload growth of 13.9% year-on-year by the end of 2024. While the competitive environment remained benign, our disciplined approach to market repair ensured sustainable value creation with longer-term growth prioritized over short-term market sales gains. Industry dynamics, including macroeconomic factors, competitive market dynamics, and shifting consumer behavior, will continue to imprint on the sector performance in 2025. While legacy revenue headwinds persist, positive momentum in data usage, industry consolidation, and rational pricing environment signal opportunities for sustainable growth. Consumer fixed broadband subsidies grew by 2.5% on a quarterly basis to IDR 9.6 million, including our strategy to broaden our customer base in gaining traction. Digital business raised its share of mobile revenue to 90.3% from 88%, previously amounting IDR 78.3 trillion. This performance reinforces digital business as Telkomsel's primary mobile revenue driver, supported by strategic cross-selling, fixed mobile convergence initiatives, and data payload growth. The convergence ratio reached 57% as per December 2024, and we are committed to further bolstering this with applying convergence offerings. This initiative supports consumer retention and strengthens defensive value, aligned with our ongoing execution of one billing system. Wholesale and enterprise business continues to grow, providing business diversification to Telkom Group. As a segment, wholesale and international business posted annual growth of 6.4% year-on-year to IDR 18 trillion, driven by digital infrastructure business as well as growing international wholesale voice business. Mitratel recorded revenue growth of 7.2% year-on-year in 2024 to IDR 9.3 trillion, improving tenancy ratio to 1.52 times by the end of the year, was driven by growth in co-location and the number of tenants. As part of the business expansion strategy to strengthen product portfolio and becoming a digital infrastructure company, Mitratel completed acquisitions of more than 8,000 km of fiber optics in December, taking the total length of fiber optics under management to 51,039 km. Last year, the enterprise segment recorded revenue of IDR 20.6 trillion, growing by 5.6% year-on-year, driven by IndiHome satellite services e-payment business. We continue to strengthen our capabilities to better capture opportunities within small and medium enterprises. Despite the dynamics during 2024, we are grateful that Telkom Group managed to meet the previously committed guidance. For 2025, we see that Indonesia's economic environment will still be affected by external pressures, including geopolitical tensions and global trade disputes. As a result, macroeconomic challenges may impact industry growth and spending patterns. Hence, we conservatively guided Telkom Group's revenue to grow within low single-digits, maintained EBITDA margin range guideline at 50%-52%, and adjusted our Capex to sales range guideline to 17%-19% of ratio. We continue to maintain our cost leadership initiative by targeting Capex to revenue to around 17%-19% by 2028 in the medium to long run. Telkom Group remains committed to deliver reliable connectivity, optimizing network investments, and driving operational efficiency to sustain long-term value creation. That would be the end of my remarks. Thank you for your attention. I now hand over to Limi to moderate the Q&A session. Thank you, Pak Budi, Pak Heri, and Pak Oky. Ladies and gentlemen, we will now begin the Q&A session. Please click the Raise Hand button or use the chat room if you would like to ask a question. When raising your questions, please speak clearly, state your name, and your company. To allow ample time for the rest of the participants, please limit your questions to two per person and queue back for another round of questions. The first question comes from Piyush Choudhary. Piyush, you may unmute yourself. Yeah, hi. Thanks for the opportunity. This is Piyush from HSBC. Two questions. Firstly, if you can talk about the outlook for mobile ARPU, and given the billing integration has been completed, if you can share your progress on the launch of new FMC plans and organization readiness to push those plans. Secondly, on CapEx, CapEx has come down massively, and you're guiding for 17% to 19%. So maybe just understand what has changed structurally for CapEx intensity to be lower, because prior to this, you were hovering around 21% to 22% of CapEx. So would this be a sustainable number at 17% to 19%? And in that context, how should we think about dividend payout ratio? Thank you, Piyush. Perhaps we can go straight to the answer. Thank you, Piyush. This is Derrick. Thank you for your question. For us, we will continue to double down on our FMC strategy. As you could see, starting from when we started our journey at Q4 2023, it was at 44%. And now at Q4 2025, we are at a high of 57%. So that, to us, brings a lot of value in terms of how we are able to upsell and cross-sell to our high-value group of customers, as well to be relevant in terms of not just connectivity, but the digital offerings across the different screens of both mobile as well as the TV. So our outlook, based on what has been developed so far, the billing integration has completed, and it has enabled more flexible converged offerings. And we are able to streamline bundling, reducing friction across the segments. And we want to really leverage on our existing SOPs. If you look at how we have scaled up FMC to broaden the reach, we are targeting up to one million net adds in 2025. So the strategy will continue to focus on bundling fixed broadband with digital services to enhance value relevance vis-à-vis standalone purchases. And FMC has indeed drove the average revenue per household. And that, for us, shifting focus from individual connections to multi-service household adoption. So I hope that has answered your question. We will continue to optimize our FMC value proposition, pricing, and customer adoption to drive long-term growth and competitiveness. Yeah, to add to your questions on the FMC approach, I think after the billing integrations, besides the readiness of the product launch that we are continuously prepared on the fixed mobile convergence services, we are also ready for the organization to really integrate all the fixed and mobile convergence to go to the markets. And Q2 onwards, we believe there are many things we can do on how we can offer expansions of the fixed mobile convergence services that we have been piloting before. And with the integration of the billing that we have done at the end of last year, it helped us to do it more structurally and also faster in launching out in the market. Thank you. Hi, Piyush. Herry speaking here. On your question, what has changed to result the CapEx to be lower? First of all, of course, when we decide CapEx, that's supposed to provide all the necessary network for us to support the demand, the company growth, and also innovation that we need for the business. The lower investment we did last year actually also can fulfill all that needs. How we achieved that one? We have the, I think, to strengthen our strategy to use better technology choice and then use more efficient topology of our network and to procure more efficient of our network needs by basically aggregation of all the group needs by the category. So we have a better visibility on what we need and have also a kind of more medium-term demand projection so we can provide better economic upscale to the future demand to our vendor. By having this, we have also kind of cheaper price per unit for our network or investment. And then what is the ratio looks like in the medium term? We already provide the figure to you. It's around 17% to 18%, as I previously mentioned to many of you as well on this one. So we still see that the number is quite, I think, suitable right now. And then what is the impact on the dividend payout ratio? Last year, we did pay dividend payout ratio around 80%. We do expect to provide, I think, a higher dividend percent this year to have, I think, better return to the shareholders. This we believe not going to impact too much in our, let's say, leverage ratio, as well as, I think, our capability of continuing to do the investment. So that, I think, in short, that we can provide the figure on the Capex. Thank you. Hi, Piyush. Just to add the point from what Pak Herry was discussing, in regards to CapEx for 2024, indeed, there was a bit of a delay as well in some of the projects, notably in the data centers, that we expect this to be carried over in 2025. However, for this year, we remain comfortable at the range of 17%-19%, of which this has been the guidance for our medium-term CapEx by 2028. That should be already reflected within this year. Hopefully, that answers your questions. Thank you. No, this is great. Just because structurally now you are looking at a lower CapEx intensity implying a higher free cash flow, is there any thoughts of increasing the dividend payout ratio permanently? Because earlier range has been 60%-90%. Yeah. I I think, as I mentioned previously, we are going to propose higher dividend this year compared to last year, and then over the medium term, of course, we need to see the balance between the investment and also, I think, payout ratio. Okay. Thank you, Pak Herry. Thank you, Pak Derrick, Pak Sigit, Pak Herry, and Pak Oky. We'll continue with the next question from Kelsey Santoso. Kelsey, you may unmute yourself. Thank you. Yep. Good afternoon, management. Kelsey here from Goldman Sachs. Couple of questions from my side. So firstly, adding on to the previous question on mobile ARPUs, so trying to figure the sustainability of the ARPU recovery here, and could you update us on what you're seeing on the ground in terms of consumer spending trends and how are you thinking about pricing strategy in this kind of environment? So that's my first question. And the second one is on sales and marketing spending. In Q4, we saw a spike in both quarter-on-quarter and year-on-year basis. So I understand that Q&Q is more of seasonality, but even year-on-year, we saw a significant spike as well. So I wanted to check on the trajectory from here. That's my question. Hi, Kelsey. This is Derrick. Thank you for your question. The context of you asked about ARPU from a recovery sustainability perspective. So Telkomsel has consistently managed ARPU and Data Yield despite a very competitive landscape. And we are always very mindful of the macroeconomic conditions as it seeks to improve. And you could see our data consumption growing steadily. We are focused on really monetizing this trend through product simplification and to make our experience for our customers a lot more intuitive and a lot more simpler. So from an outlook perspective, in the near term, I think macro conditions and seasonal headwinds will continue to influence the top-line trends. However, we maintain a focus on sustainability, revenue growth, the discipline and margin, and CapEx optimization with continued investment in quality and customer service. Your next question on. Okay. Thank you, Kelsey, for your question. In relation with the sales and marketing expenses, if we compare the full year 2024 as compared to 2023, the growth is 23.2%. Sorry. Okay. If we compare the growth of sales and marketing expenses between 2024 and 2023, the growth is 23.2%, and which is mostly due to the integration of IndiHome since second half 2023. Then if we, however, for the full year 2024, we can manage the sales and marketing expenses to 3.2% of our sales, our revenue, and it's aligned with our guidance. If we compare the spike between Q&Q sales and marketing expenses, it's mostly due to the lower spending in the previous quarter. For your information, that the Q4 marketing expenses align with accelerated fixed broadband penetration efforts, including higher sales support and customer loyalty program, particularly during Q4 seasonal promotions. So that's all for me related to the sales and marketing expenses. Thank you. Kelsey, to add to your point on the market condition and also the spending on the ground, I think what we've seen so far, the spending remains low as it's aligned with the economic condition, and also towards the Lebaran and the Idul Fitri or RAFI, what we call it is we also see that the current years are compared to last years are with lower activity in terms of the traveling, so it also shows that the economic conditions are impacted. However, our strategy is continuously to maintain our productivity across the market, including seeing the competitiveness, and what we are focused on is how to simplify our product portfolio in order to help the experience better and also optimize and improve our ARPU. Thank you. Thank you, Pak Derrick, Pak Daru, and Pak Sigit. We'll move to the next question from Henry Teja. Teja, you may unmute yourself. Thank you. Hi. Thank you, Limi, and thank you, management, for the presentation. Perhaps two questions from my end, especially regarding the Telkomsel. I mean, if you look at the data payload in third quarter and fourth quarter, it increased quite a lot. But I think when we see the digital revenue itself in terms of the year-on-year, I think it declined. So I'm just wondering that does that mean Telkomsel gives more bonus quota to consumers since the data revenue is not basically aligned with the data payload in here? And then the second question, I think all the Telkomsel's management mentioned about the product simplification. So just curious how the progress so far. I mean, can you give us some example on how much product that has been taken out from the market and what will be your target in terms of the number of products in the market going forward? Hi. Henry, this is Derrick answering your question. Just to put some context, in fact, our digital revenue increased year-on-year. Perhaps what you are trying to clarify is the data yield, the revenue per GB. And that admittedly, we have faced some downward pressure. But I just want to put some context. There are two key factors. There's ongoing structural declines in the effective pricing per GB. And that's because due to the competitive environment, so larger data bundles are now offering better value to our customers. Then we see the double-digit growth in payload, which will dilute the yield metrics even as overall revenue growth. But that suggests the context of the natural byproduct of deeper digital engagement to our customers. Customers are enjoying more of our digital offerings, and hence our focus remains on delivering relevance to the digital lifestyle of our customers. That presents an opportunity moving forward to monetize usage through smarter segmentation and bundling, especially in high ARPU and FMC-linked segments. Looking ahead, we expect data yield to remain under pressure, but we aim to offset this with ARPU stabilization, continued personalized CVM, and cross-product monetization, including content and home connectivity bundles. Thank you. To answer your second question, this is Sigit. I think the product simplification progress as we currently undergo, it is happening not only from a starter pack point of view, but also the renewal product. It is being taken gradually. From the starter pack point of view, I think we still have also remaining stock on the market as well as the new product that we are going in the simplification process. And on top of that, of course, in the renewal packages, we have various portfolios both for lower segment as well as for the high-value segments. And those are being exercised in order to make sure that in every segment, we address the product simplifications in the right way. So then it is towards the productivity and able to have the optimization on the ARPU. At the same time, I think it ensures the easiness of the customers to find the right product for the user to use, especially to avoid the cannibalization across the product. I hope it's answered the question. Thank you, Henry. Just to add to what was discussed by Pak Derrick and Pak Sigit, as we see in the market, macro remains a moving factor to our side as we're entering 2025, although we see meaningful improvements in the supply side of the market and hence our initiative towards the product simplifications and where we're taking momentum on. However, we expect this to only start to materialize towards the end of second quarter as we see now the markets are absorbing the old inventories. The good news is the other operators have followed the initiative that we have taken, that we take this as a positive momentum in the industry repairs. Thank you. Thank you, Pak Derrick, Pak Sigit, and Pak Oky. Hopefully, that answers your questions, Teja. Moving on to our next question comes from Niko Margaronis. Niko, you may unmute yourself. Thank you. Hi, Niko. Yeah, hello. Yes? Can you hear me? Your voice is a bit small. Yeah, sorry. Can you hear me properly now? Better? Yes, relatively better. Thank you. Good afternoon, management. My question is on the OpEx and specifically O&M. Can you tell us what has driven the higher O&M in the fourth quarter? I think it was a big drag for your EBITDA margin. That's question number one. And yes, question number two, yeah, I think it's related to starter packs. Do you see a possibility to take this place, this simplification, this better pricing perhaps taking place in Q1, sorry, by Q2? Yeah. Perhaps maybe a better picture on the starter packs and the pricing. Yeah. Thank you. Hi, Niko. On the OpEx, especially operations and maintenance, what was driving higher O&M in the fourth quarter of 2024? Basically, this is related to the content, digital content, along with the connectivity, both in our consumer business as well as in our enterprise business. This is basically content that accompanies the connectivity itself. So I think the reason, including in this one, you can see also the, for example, in the payment, we also have content related to this one. I think that's the main reason in the Q4, the operations and maintenance cost increase. It's not really coming from the network, but coming from the content itself. Yeah, Pak niko, to answer your questions on the number two, which is on the starter pack, we believe that this rationalization and simplification of portfolio, of course, we aim towards the better pricing yield on the starter pack and also driving the renewal as we go along. Of course, this will really depend on a few factors. Number one, of course, macroeconomic conditions always remain as factors for us to continuously adapt on the starter pack. And number two, of course, the competitions along towards the Q2 onwards. But the timeline that we've seen on how we see the better starter pack pricing is basically after continuously we refine our existing Telkomsel Lite, by.U product. We believe that Q2 onward will be a good time frame for us to see a better improvement in terms of the stock on the starter pack as well as the renewal when we have to be able to improve the quality of the experience of the customers both journey from the renewal as well as from the acquisition perspective. Thank you, Pak Niko. Hope it answered the question. Thank you, Pak Harry and Pak Sigit. I hope that answered your questions, Niko. Next question will come from Ranjan Sharma. Ranjan, you may unmute yourself. Thank you. Hi, good afternoon, management, and thank you for the presentation. Two questions from my side. Firstly, the follow-up. On your products like Telkomsel Lite and by.U, how do you see, how do you benchmark the success of those plans versus your expectations when you had launched them? And how could those products evolve in the coming period? The second is on the Opex side, there has been increasing Opex over the last couple of years. Are there meaningful plans to optimize the cost going forward? Thank you. Hi, Ranjan. Sigit answering your first question. We believe, I think, Telkomsel Lite and by.U serve our purpose to address different segments. I think from the previous when we launched this Telkomsel Lite and by.U, by.U remains to target digital and youth segments, and also Telkomsel Lite, I think we addressed to stay competitive in the mass market segments. And both are actually being successful in the segments that we are addressing. Moving forward, of course, with the simplification of the product portfolio that we have, we believe we will continuously replan and reposition ourselves in terms of product portfolio, especially on the starter pack point of view, as well as the renewal. So basically, what we are saying is that moving forward, it will be more simpler and repositioning ourselves in terms of the product. Derek, you want to add something? Yeah. Ranjan, it's Derek, and I would like to add to Pak Sigit's perspective. So first, on Telkomsel Lite, it was an acquisition tool that helped us to strengthen our market presence, especially in key areas of Java. One year since our launch, it has maintained a stable customer base with minimal churn. In fact, we are doubling down on renewals to make it a sustainable segment for prepaid. For looking ahead, it will remain a targeted tool for market optimization and customer retention rather than a spray gun approach initiative. Yeah. Next up on by.U, it remains a very segmented approach to target our very young customers, which are more digitally savvy, and with a very distinct and differentiated request for experience, especially in the app and lifestyle rewards. So that is our, again, initiative to drive relevance and contextual offerings to this customer segment, which is our customer of tomorrow. Thank you. Do we have any plan to optimize this going forward? Of course, this is becoming our aim to have more efficient OpEx. It means in line with the growth of revenue, for example. What are we going to do first in the network itself? As I previously mentioned, we are going to have more efficient network topologies, and then we use the technology that is suitable to our business that makes it more efficient. And then in the procurement side, we are going to do, I think, a group procurement process and more to economies of scale to get all the CapEx efficiency along with the operations and maintenance efficiency, and also some synergy that we need to continue to address. In addition to this one, also we are going to increase asset utilization so we then can manage our CapEx to revenue ratio and also the unit of our infrastructure. We do expect this going to also have a kind of efficiency contribution to operation and maintenance. Along with that, in terms of the content that also part of our services that go along with the connectivity, both in consumer and B2B, we also try to have a better, I think, deal with a partner who provides that one. So with that, we do expect this OpEx going to be at least in line with the revenue growth. I think that from our side. Thank you. Thank you, Pak Sigit, Pak Derrick, and Pak Harry. Moving on, our next question will come from Paulus Jimmy. Jimmy, you may unmute yourself. Thank you. Hi. Thank you, management. Can you hear me? Yes. Okay. Two questions from my side, please. I just want to check if there's any changes in the operating metric guidance for this year that was communicated to us a while back, remembering that we are like four months into this year, especially in the ARPU and subscribers edition in both mobile and the home. The second question would be regarding the 1.4 gigahertz spectrum option. Is there any update from our side regarding if you are participating or not? And also, I've seen in the news that there's a possibility for a lower annual spectrum fee for this year. I mean, how much savings are we expecting from this? That's all. Thank you. Hi, Jimmy. This is Derrick. Just to share our ARPU outlook. Our ARPU outlook, the growth target is aligned to our inflationary levels, but adjusted for continued structural decline of our legacy revenue, which constitutes about a 20%-30% year-on-year decline. So expect drag from legacy to taper as the contribution falls below 5%-6% of total revenue in the next one to one and a half years. So outlook remains conservative, reflecting persistent macro pressures and affordability challenges. Any upside will depend on really industry-wide pricing discipline, the will to drive market repair and healthy business conduct, including adjustments not just on main brands, but across the entire product portfolio. Your context of fixed broadband, for our 2025, our guidance is still to continue to target to drive net adds building on our 9.6 million customer base. And there are two approaches where we look at the customer segments. The IndiHome remains our premium offering, while ezN et supports penetration in the value segment, especially next Java, where infrastructure lead supports scalable growth. So the blended ARPU may moderate as we continue to monetize through bundling, upselling, and ARPA-driven FMC expansion, helping us to balance affordability while driving household value creation. Thank you. To answer your second question, I think regarding the auction of 1.4 gigahertz, I think what our position is always remains to see an option or opportunity of the technology, including the 1.4 gigahertz as our option for fixed broadband as well as the usage for us to increase the capacity. However, I think we are always trying to be cautious on any potential boot costs as well as the cost structures in delivering the services in order to make sure that we stay competitive and relevant in the markets. Thank you. Thank you, Pak Derrick and Pak Sigit. Moving on, we'll move on to Arthur Pineda. Arthur, you may unmute yourself. Thank you. Hi, thanks for the opportunity. Two questions, please. What changes can be seen with the inclusion of Telkom under Danantara? Any changes in the terms of key priorities or KPIs being cascaded on the board, which could be different from that of the SOE ministry? Second question I had is with regard to how do you measure success on the fixed mobile conversion exercise? I'm wondering how this convergence model actually changed the business, but targets have been broadly unchanged at around 1 million versus the pre-convergence levels. We've not really seen any margin expansion as well. Can you share your thoughts on how you see this as changing? Hey, Arthur, here Budi speaking. For Danantara, actually, yes, on Danantara and state-owned enterprise offices, they are progressing to set up the team and also operating model for business organization. But in early discussion with them, hopefully the structure, especially the ownership, will be more simple and more professional since the shares will be owned by the Danantara and shares will be owned by the Ministry of the Enterprise. So in the future, we hope that the agility for the business entity under Danantara will have the better position compared to the previous one. Thank you. To your second question, I think this is how we measure success of fixed mobile convergence. Of course, this is not only from the fixed broadband basis alone, but also the fixed mobile convergence provides the stickiness as well as the retention for us both for mobile and fixed. And at the same time, I think we believe that this also will help us to improve the ARPU proposals when we are able to monetize and also to acquire the fixed mobile convergence services among other players that we have. And so far, I think the fixed mobile convergence, our positioning is for our value creation on top of the individual services, both fixed broadband and mobile services stand alone. And it helps us to give more value to the customers, not only from the connectivity perspective, but also from the digital services bundling. And of course, the additional of net adds, fixed broadband remain one million as targeted. However, I think we believe it will be aligned on how fast we can deploy our greenfield in order to really capture the penetration as we are aware that the penetration of fixed broadband are still pretty low in Indonesia. And we believe we have the capability to continuously grab and expand the penetration. And as we go along, since the billing integration has been done, we are also able to expand the possibility to have the bundling services better and cross-selling improvement going forward. I hope that answered the question. Thank you. Thank you, Pak Budi and Pak Sigit, and also Arthur. Hope that answers your question. Moving on, we have next question from Kevin Jonathan. Kevin, you may unmute yourself. Thank you. Okay. Thank you, Limi and management. I'm Kevin from Bahana Sekuritas. Two questions from my side. The first is follow-up on 1.4 gigahertz spectrum option. Just want to know the Telkom's opinion about this regarding the government's plan to provide affordable home internet by using this spectrum, 100 megabits per second for IDR 100,000. Do you think it's economically feasible and sustainable with this price? And the second is about the current weak purchasing power. Do you see any possibility to increase the price in this year? Yeah, because right now we have a kind of weak purchasing power. Thank you. Yeah, for the 1.4 spectrum option and also the potential usage for this in terms of fixed broadband especially, I think what we seen, we remain always open the opportunity. However, we always see, again, I think the cost structures, not only the spectrum, but also the devices and all others, among others, as we go along. And I think for us, we have many opportunities to deploy the fixed broadband and fixed mobile convergence services, including the fixed wireless access, not only from this spectrum. So Telkomsel has many options compared to other competitors as we have deployed many solutions for the fixed broadband. And in terms of the affordability, of course, we are always trying to compare ourselves and manage our pricing as well as to balance it with the quality of service. I think our experience for the fixed broadband is not only about how we deploy it, but also how we maintain it so that will be a factor of us to delivering the better services and the quality of service and the fixed broadband, both for fixed wireless access technology as well as for the fixed technology. Yeah, perhaps I'd like to add more on the ARPU growth potential of mobile given the weak economy. I mean, there are a few current market dynamics that we are mindful about. Mobile penetration is already at 130%. But we also see healthy payload growth indicating the relevance of digital lifestyle and the strong data consumption. When you look at Indonesia's data pricing, it is in fact the second lowest globally behind India. So when we look at even the current usage, at best at 15 GB per month, if you look at Thailand, Thailand is at 30 GB per month. So I think that presents an opportunity if you are able to do our product simplification well. We do our tailored personalized packages, and we want to drive a very CVM-led engagement with different offerings targeting at different customer lifestyle and needs. And we also look at from a high-value customer experience perspective, how could we drive loyalty and rewards to reward these crème de la crème customers? So there's a lot of partnerships that we have done with content providers to drive and stimulate data usage. Then there's this. We also look at how we can do a pre-to-post base to drive ARPU improvement and overall a healthier state in terms of segment penetration. Then we look at how we enrich our multi-product offering through FMC p lay across our different products and really to drive differentiation through 5G cities, digital products, and ecosystem expansion to boost engagement and ARPU. Thank you. Thank you. Sorry. Kevin, this is Oky from IR. Just to add a point from Pak Derrick. In regards to purchasing power, obviously we are not immune coming from the impact of the purchasing powers. As we see in the short run, we saw a deflationary in the macroeconomics already that should also be seeing a similar trend of what we see in the market, notably as well in our business. However, thanks to the meaningful improvements in our competitive landscape, hence our efforts, basically the initiative that has been discussed by Pak Derrick. So hopefully this could be a great momentum, especially when we expect to see as well as the commitment towards healthy industry conduct and especially having that high penetration to the mobile markets that we already seen can be further optimized through this initiative and also being followed by commitment from other operators. Thank you. Thank you, Pak Sigit, Pak Derrick, and Pak Oky. If we may allow for one last question from Sukriti Bansal. Sukriti, you may unmute yourself. Thank you. Hi, Sukriti. Okay, if there's no further questions, then this is the end of the Q&A session. I now hand over the session back to Pak Oky. Thank you. As no further questions, inquiries, I would like to wrap up this call. Thank you, Telkom Group and Telkomsel Board of Directors participation. My regards to investors and analysts who have participated as well. The recording of today's call will be available for the next seven days, and the link will be sent to your emails. This concludes Telkom Indonesia earnings call for 2024 full year result. Thank you and see you in the next quarter's earnings call next week. Thank you very much.