Good morning. This is the Chorus Call conference operator. Welcome, and thank you for joining the INWIT First Quarter 2026 Results Conference Call. As a reminder, all participants are in a listen only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Luigi Minerva, Strategy, M&A, and Investor Relations Director of INWIT. Please go ahead, sir. Thank you, and good morning, everyone. Thanks for joining us today. I have with me Diego Galli, INWIT's General Manager, and Emilia Trudu, Chief Financial Officer. Before we begin, please allow me to draw your attention to the safe harbor statement on page two of the presentation. Following a brief presentation on the Q1 2026 results, we will open the floor to questions. Over to you, Diego. Thank you, Luigi, and good morning, everyone. In today's session, we share our Q1 2026 results, which are consistent with our full year 2026 guidance, reflecting the current telecom market context. A reminder of our 2026 guidance and medium-term baseline outlook, both of which are fully reiterated, and a recap of our key strategic points of strength centered on INWIT's high quality and unique network. The telco sector in Italy continues to go through a challenging phase, with low returns and the minimum investment from operators. Neutral host infra players can play a key role in this context, leveraging on sharing economics to deliver investments in digitalization in the most efficient way. Our MSAs create value thanks to the consolidation of infrastructure and the unlocking of sharing synergies to the benefits of all parties. As you already know, our anchor tenants sent us early termination notices in March. We have been clear that both fall outside the legal framework of the MSAs and have taken legal actions to protect it, to protect INWIT. Our wish is to move from the legal ground back to business and industrial investments. INWIT remains committed to invest while collaborating with its customers to identify shared value for value solutions. Moving to the next slides. Q1 results are consistent with our full year 2026 guidance. New sites and new PoPs reflect the current market context, while the pace of real estate transactions remains sustained. As we anticipated, revenues on reported basis are declining year-over-year by around 1%. Revenues are impacted by the absence of uncommitted revenues linked to discretionary project-based revenues. If we were to remove such discretionary project-based revenues from the Q1 2025 numbers, the Q1 2026 revenues would show a normalized annual growth above 3%. EBIT after leases margins at around 72% are in line with guidance. Our leverage ratio remains stable quarter-over-quarter at 5.2 x. In a few days, we will pay about EUR 500 million in ordinary dividend, which implies a dividend yield of more than 7% at current levels, reflecting the current undervalued share price. I hand it over to Emilia now for a review of KPIs and the financials. Thank you, Diego, and good morning, everyone. Operational KPIs in the quarter reflect the current challenging market context. 30 new towers in Q1 is a soft start. We expect a pickup in H2, in line with our targets of around 200 new towers in 2026. Around 300 new PoPs in the quarter, with tenancy ratio growing to 2.39. We are aiming for more than 1,500 new PoPs in 2026, with year-over-year continuous growth in tenancy ratio. 60 new dedicated DAS covering premium indoor locations across multiple verticals for a total of around 850, targeting approximately 900 locations in full year 2026. 400 real estate transactions in the quarter confirm our strong track record, aiming for a total of approximately 1,600 transactions in full year 2026. The normalized 2025 total revenue base takes into account the lack of project-based non-committed revenue components, which we have developed over time with operators capturing their discretionary flexible budgets. As discussed during our full year 2025 results conference call, such discretionary budgets have been put on hold at this stage. Given the current context of limited budgets and stagnant relationships. Adjusting for this one-off step-downs, we delivered over 3% normalized revenue growth in Q1 2026, driven by the following components. Inflation CPI link based on a 2025 average index of 1.4%, anchor commitments in towers, in PoPs, and DAS deployment in line with MSA, OLOs growth with steady pace across other MNOs and IoT, Smart Infra growth in indoor DAS across premium locations and smart city verticals. Euros representing over 3% normalized revenue growth year-on-year, as we just discussed. Key revenue components, including tower anchors revenues up 2%, supported by inflation and MSA commitment. OLOs and Smart Infra revenues down as a result of the lack of project-based revenues, such as work and studies, installation upgrades and DAS, more than offsetting the growing number of PoPs and DAS locations covered. EBITDA down 1.9% year-on-year to EUR 239.5 million, with an EBITDA margin of 91%. EBITDA after leases down 2.2% year-on-year to about EUR 190 million and margin of 72%, reflecting INWIT structural operational efficiency. Recurring free cash flow at EUR 176 million is a front-end loaded profile for the year, and a debt at approximately EUR 5 billion, including IFRS 16 liabilities, resulting in a 5.2 leverage ratio in line with December 2025. Recurring free cash flow in 2026 has a front-end loaded profile while remaining consistent with 2026 full year guidance. In Q1, recurring free cash flow reached EUR 176 million, up by 11% year-on-year with 74% cash conversion. This was driven by structurally lower recurring CapEx. No taxes cashed out, with a tax payment scheduled for Q2 and Q4 as per usual seasonality. Positive networking capital of approximately EUR 10 million, and financial charges reflecting an efficient debt profile and the specific phasing of interest bond payments. Below the recurring free cash flow line, growth CapEx were just below EUR 80 million-EUR 90 million due to phasing. We closed the quarter with free cash flow to equity of nearly EUR 88 million. Leverage ratio is stable at 5.2 x, in line with Q4 2025, and we have an efficient debt file, out of which 85% is fixed, 15% floating, with a current average cost of debt of approximately 3% and average bond maturity of 4.3 years. Furthermore, we have just extended our EUR 1 billion bank facilities originally maturing in 2027- 2031, backed by a pool of primary banks. I'll hand it back to Diego for the guidance in the closing section. Thank you. Thank you, Emilia. We reiterate our 2026 targets and medium-term baseline outlook reflecting the current market environment. Even in the unrealistic scenario in which the market remains stuck over the medium term, we will be able to have a decent organic growth and attractive dividend and a solid balance sheet. The baseline outlook does not include the potential upside related to the normalization of the industry dynamics, the network identification, both outdoor and indoor, and INWIT opportunities to expand across digital infrastructure. At the same time, the baseline outlook does not include the downside risks of MSAs termination, as we don't believe this is a likely or realistic outcome. Moving to the next slide, we are protecting the integrity of the MSA and INWIT rights to the legal path, and we are confident on the strength of our arguments. However, we would rather focus on investing efficient growth and value creation for all parties and stakeholders. It's not appropriate to enter into legal debates considering that the case is open. Let me just say that timing-wise, it's moving on as expected given the complexity of the case. I'm also keen to reiterate that we have always executed the contract in fairness and good faith. Of course, being open to discuss with our customers, and by the way, envisaged by the contract itself. To further optimize the commercial opportunities within the contract framework. At the same time, good faith discussions require the identification of solutions that create value for all parties, being also mindful of the impact on all stakeholders, including the public interest related to the strategic nature of our infrastructure. Moving to the next slide, let me reiterate a few important consideration on our MSAs prices and terms. MSAs fees are competitive and intrinsically linked to the structure of the sale-and-leaseback transactions as industry standard. The higher the upfront amount paid to the operator, the higher the resulting tower MSA fees. With regard to INWIT, the MSA terms and conditions are an integral part of the overall transaction carried out in 2020. The average total fee per pole is around EUR 20,000. This is the combination of sale-and-leaseback towers, new towers and new poles. We can estimate that broadly half of the fee is related to the financial component of the transaction, which is comparable to the interest fee of a perpetual bond, while the other half is related to the pure hosting fee. All our prices are in line with the market. They are even more attractive because the MSA fees also include unique rights to the benefit of anchors. On the left-hand side of the slide, we show once more a benchmark of our MSAs tenant fees, which are competitive and well below the European average. Finally, we are aware we benefit from an uncapped escalator linked to the inflation. This is a better feature than in other European MSAs. We paid for this, as for all the other components of the MSAs in the 2020 sale-and-leaseback transactions. Looking at the five years or 10 years time framework, the average inflation that we applied with our escalators has been about 2% or 3%, basically in line with historical trends and is uncertainty for our clients. We have been, and we are open to talk about alternative approaches. Talking about infrastructure and network, our network of about 26,000 sites is the result of 40 years of work from Telecom Italia, Vodafone, and INWIT, where we could take the benefit of first mover advantage to build top quality sites in the best available location. 35% of our sites are in unique locations. This means that there is no other tower company within relevant distance range. For 40% of sites, there are other alternatives within the relevant range. Either there is no space available on the towers or there are technical issues that prevent the same quality. Our network is available to our anchors on the all-or-nothing basis. As I said, our network is the result of the consolidation of multiple network and is a material source of efficiency within the industry through the benefits of sharing economics. A consolidated and optimized network is also a way to reduce the use of natural resources. Greenfield initiatives in a mature market create infrastructure duplication and fragmentation, leading to medium long term inefficiency and structural higher cost base for the industry. We believe that the market needs further 10,000 new towers in the next few years. Such greenfield initiatives would divert CapEx and delivery capacity away from the network densification that the Italian market needs. Q1 results are consistent with our 2026 guidance. The towers business model is based on long-term contracts that create value for all parties, thanks to sharing economics and network efficiencies. The Italian telco market continues to be under pressure with low prices and sub-par returns. Telcos are offloading challenges also on the infra players. Regarding the context, the legal path will move on as expected, and we are confident on the strengths of our arguments. For us, it's key to protect the integrity of the MSA as a long-term contract. We are open to optimize further the terms of the contract, particularly on new investments, and we remain committed to collaborate with our customers and identify shared value for value solution. The industry needs material investment for densification, which may unlock growth and material opportunities for all. With this, we thank you for your attention. We aim to provide you with an updated business plan in half two as visibility would allow it. We will now open the floor to Q&A. Thank you this is the chorus call conference operator, we will now begin the question and answer session. Anyone who whises to ask a question, may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receive of an asking questions, anyone who ask a question may press star and one. At this time. The first question is from Andrzej Czabajski from UBS. Yes, good morning, everyone. Thank you for the presentation. My question was really on the, on the guidance, the fact that you are now able to provide, you know, targets for the year in terms of KPIs. If you could just talk about what that means, how you've kind of engaged with your customers year to date, and if this includes even the anchors. Related to that, you've been or you mentioned that in the second half of the year, you may be able to provide a midterm outlook. How should we think about that statement in the sense of obviously you having less visibility given what's going on with visibility, or what is this actually driven by? Thank you very much. Thank you, Andrzej. As we shared, the baseline plan is the result of the respect of the committed growth with the anchor tenants. There is no additional discretional business, but is reflecting the ongoing activities which are moving on consistently with the committed revenue profile and investment profile. With regards to your second question, clearly now we are in a situation where actually at operational level, we keep on working as appropriate with all our effort to make things work well and even better than before. There is a legal case which is ongoing. There is no ongoing discussion or negotiation with the anchors, though we do expect visibility gradually to improve. We would expect to be in the condition to give more clarity by the second half of the year. Thank you. If I may follow up, specifically on these 1,500 new PoPs that you expect to have this year, can you just give us color in terms of the breakdown between the anchors and the OLOs perhaps? Yeah. In the current context, let me say that the majority of it is related to OLOs as a mix of other MNOs, utilities and IoT. Understood. Thank you very much. Welcome. The next question is from Roshan Ranjit, Deutsche Bank. Morning, everyone. Thanks for the questions. I've got two as well, please. You built 30 new sites this quarter, and I think your competitor built three. Obviously very limited progress, as you've mentioned, Diego, the dry market. At what point do you think the regulator or in fact the government kind of steps in here, you know, clearly there is this lack of investment, and it is dragging on the telco sector. Do you envisage a scenario where the government will step in here to move things along quite quickly because, you know, per the timeframe that you have outlined, this could really drag on. My second question is regarding the discussions. I think last week, one of your customers kind of suggested that they're, you know, they tried to have a discussion, but the discussions weren't perhaps entertained. Is it more the topic of the discussions or there just haven't been any talks that have been ongoing? Thank you. Thanks, Roshan. Yeah, no, I think your point is a point you're raising is well. Accelerate on densification and digitalization. The market has been, I think there is a common, strong consensus on that has been invested, limited returns. I think that there is worthwhile to mention that there is the frequency renewal process which is going on, and I think that can be a catalyst trigger, and that's probably by the end of 2026, beginning of 2027, that there could be more clarity. Let me reiterate, sooner or later, the market will reaccelerate again for the benefit of the overall industry and digitalization of the country. With regards to the second question, clearly, we've been talking, as I always shared with our customers, trying to identify a solution and opportunities to optimize the contract and the relationship. Though, our approach is based on a win-win approach. On solution which should create values, value for all parties. This is, for us, is the meaning of fairness and good faith. While we have not engaged in discussions where the approach is, we lose and there is a net transfer of value. That's what we mean when we do say that we want to defend the integrity of the MSA framework. Let me also say, just to be even more specific, that when conversations stalled based on also different assumption, the contract, we proposed to have an arbitration for actually two times, and that has not been accepted by the customer. Just to show again on concrete and tangible terms how a constructive and positive approach based in good faith we have been following across the last several months. As I said, the legal path continues. Overall, we would prefer to focus on investments and growth. We remain open always to collaborate with the customers to identify win-win solutions to create value for all parties. I think that should be the ground to do so, again, based on fairness and good faith. That's great. Very helpful. Thank you. Thank you. The next question is from Paul Sidney, Berenberg. Good morning. Thank you very much. I also have two questions, please. Your two anchor customers in the MSAs recently set out their view that they believe a move away from INWIT is possible in 10 years. I think one said it explicitly and another didn't disagree. I feel it's easy to put it in a PowerPoint slide, but could you outline some of the practical considerations and challenges that would be involved in migrating away from INWIT in such a short timeframe? And just in terms of the preferred supplier clause, I know you set this out at the end of March in your call, which is very helpful. I just wondered, a month on, have you had any further thoughts on, the supplier clause, the legal implications, the robustness of that clause and what that could mean, in terms of going forward if some of your customers did look to build out their own towers? Thank you. Thanks, Paul. We saw the slides as everybody and don't want to enter into commenting on a specific basis, but I would say that in general, Greenfield projects in mature markets have never been done. The switching of the network as material switching costs operationally is very complicated. I think that talking about our experience to do towers in urban areas such as the big Italian cities or touristic areas is extremely difficult. Also considering the regulations which have been implemented in the last 10 years by the municipalities. Also in rural areas it's not as easy as people may think for the Next Generation EU project on 5G in white areas. Actually, I think it's on the newspaper today, the kind of opposition from local municipalities has been amazing. It's from an operational point of view, from a financial point of view, from an environmental point of view, is clearly very, very complex and takes a lot of effort and focus. As I said, I think would be more valuable and would be instead of value destruction for the industry, would be value creation for the industry, to focus on the new investments which are required for the densification instead of, again, investing resources for duplication and fragmentation. With regards to the preferred supplier, is a clause whereby on the new towers INWIT has the right of the first offer and last call. We think that we will be able to match all the potential alternative offers based on our financial strength, even more our industrial capabilities to deploy new towers in a very efficient and timely manner. Clearly, in the last few years, we set up an organization which is best in class across all the chain of the delivery machine from site search to permit, to build, to maintenance. We think that, again, from a financial and industrial point of view, we can match all potential alternatives. We will be in the condition to use the preferred supplier clause to keep on working with the customers and satisfy all their new tower needs. That's great. Thank you very much. Can I just have a quick follow-up? Apologies. I missed the number of towers, Diego, that you said. I think it was in your introductory remarks on slide 12, but the number of new sites that you believe that Italy needs ultimately. I'm sorry, I just missed that number. I wonder if you could just clarify. Yeah. We think it's broadly in the range between 7,000-12,000 new towers. Let me simplify. 10,000 new towers for network densification to address the capacity needs in urban areas. The coverage and densification needs in suburban, and also to provide coverage in the corridors and the transport corridors related to road and rail. That's perfect. Thank you very much. Appreciate it. You're welcome. The next question is from Fabio Pavan, Mediobanca. Yes. Hi, good morning. Thank you for taking my two questions. The first one is, if you are exploring, in the meantime, some opportunities to secure additional external growth. The second question is, clearly with our mid, long-term horizon. I know there are already discussions ongoing over the future 6G network, which many think should be AI native, implying higher need for densification, low latency, and densification. Are you already having some discussion on that kind? What's your view on this future demand? Thank you. Thank you, Fabio. We as part of the last year business plan, we laid out, laid down the direction for growth and clearly on top of towers and real estate optimization, we are growing organically in significant matter on mention a couple of those. One is the 5G coverage of the new tube in Milan from the airport to the center done last year. The 5G project, Smart City project in Rome, which again will bring 5G coverage across the metro line and across 100 city squares, where we will bring 5G with small cell readiness, Wi-Fi, IoT and cameras for security. It's a major digitalization for the smart city initiative. That's almost organic and is embedded in our growth path. On top of that, we think that the avenues for future growth are related to the edge data center and active equipment. These are the two areas where there is potential synergies to our existing core business, and that's where we clearly we are open to talk with our customers about playing a role on the management, ownership and management of the active equipment in that through the role of a neutral host. Also, on edge computing capacity at the edge of the network. We are very well placed on that because we have the more distributed network in the country with 26,000 point of presence across the full nation. That is a unique asset which will be even more relevant in the mid to long term as long as 6G low latency digitalization will move on. We are also focused on that and as consistently with our strategic plan. Thank you. Welcome. The next question is from Abhilash Mohapatra, BNP Paribas. Thank you. Good morning, thank you for taking my questions. The first one was just a clarification really, to your earlier answer on the 200 sites target for the full year. Just to clarify, did you say that that's all based on committed growth? Is there some uncommitted targets that are baked into that as well? Secondly, just a broader question, Diego, I don't know to the extent you'll be happy to comment, you made a reference to the uncapped CPI, how you know that's been viewed as a problem. You know, given your comments around, you know, not being ready to take a win-lose approach, should we take that to essentially mean that you would not be ready to sort of consider reversing some of those past CPIs and therefore giving a discount on the MSA? Appreciate that's not something you may want to comment, but yeah, just wanted to ask. Thank you. Thanks, Abhilash. On the first one, the 200 towers are committed as part of the MSA and the finalization of the Next Generation EU plan. On the second one, we do it down a little bit on this topic of inflation. We understand that there is a specific clause, quite, let me say, is a specific feature of our MSA. Honestly, overall, let me say we are keen and open to talk overall in the framework of a win-win approach where there can be gives and takes. The balance of give and takes can be positive for all. That's where inflation can be part of the overall equation, where considering the dramatic need for additional investments, I do believe that there is room again to share value in all parties. Thank you, Diego. Thanks. You are welcome. The next question is from Andrea de Vita, Intesa Sanpaolo. Yes. Hello to everyone. Thank you for taking my question. It's basically on discretionary investment by other operators. I saw that in the presentation you claim to have a positive organic growth in OLOs revenues, while the arithmetic suggests a negative. I thought that most of the discretionary was on anchor. I'm asking the split basically for last year and then the expected for this year of the potential revenue lost from discretionary between anchor and other telephone operators. Thank you. The project-based discretionary revenues is something which has been particularly strong on anchors, considering in this specific year, considering the current context, has been part also of the normal business we do with the other customers and with the other customers, depending on the budget availability and the specific timing. There has been also in the past years up and downs, which have been absorbed overall in the overall growth path. Clearly, this year, the combination of this impact on discretionary project-based revenues on almost and in particular on anchors in the current market condition is visible and cannot be offset, and that's why we reported in a revenue decline. The key point to underline from my side is that from 2026 sets a new base considering that the discretionary project-based revenues is extremely limited. That's why from 2026 onward, we will show also in the reported line what is the normalized revenue growth of about 3%, which together with the real estate savings will drive to a 4% margin growth over time. Yes. Basically, my question amounts to what's the proportion roughly of discretionary investment in your other operators' total revenues last year? Just to have an idea to where to start from. I think that, clearly we don't give this level of details, but you may figure it out from the -6% that you see on the line of the OLOs revenues. The - 6% is part of the termination of some project-based projects and partially offset by the recurring organic growth coming from the independents. Okay. Thank you. Welcome. The next question is from Victoria Adey, Barclays. Good morning. Thank you for taking my question. I actually have two regarding refinancing. You just mentioned during the call that you have extended your bank maturities during 2027. That's great news. Just wanted to confirm that it's both the RCF and the term loan that are extended to 2031. I was wondering if you have any plans on the refinancing of your upcoming Euro bond due in 2028. Hi. Good morning, Victoria. Yes. I confirm that we have extended both the term loan and the RCF to 2031. For an overall amount of EUR 1 billion, of course, the term loan was drawn while the RCF was undrawn. It gives us liquidity margin on top of the cash. Concerning the next refinancing need is the bond expiring. The relevant maturities is the bond expiring in October 2028, that we will refinance in due time. We have time to the end of 2027, so more than 18 months, and we will evaluate the most appropriate funding strategy, also taking into account the development. We have a strong focus on our debt maturities management with a proactive approach. Thank you. That's approved. The next question is from Milo Silvestre, Equita. Yes. Good morning. I have some question regarding the migration plan. If you have started already discussion with Fastweb and how can we think about the maximum duration of the migration plan and the remuneration? Should you be remunerated based on the number of actual hostings? Thanks, Milo. Yeah, clearly a key pillar of the MSA is the all or nothing clause whereby the full estate, the full infrastructure is considered as a block and all together, again, based on the all or nothing clause. The other MSA clause is related to timing. The MSA says that the timing issue cannot be shorter than three years. It's at least three years. These are the two corners on the two pillars, very clear, both very clear in the contract. We are not talking. No discussion is started with the customer on that. When it will start, that's is the framework we will work on. Migration plan has to be agreed between parties and clearly will have to respect the needs and opportunities for and of both parties. Okay. Thank you. How should we think about migration plan that is maybe, that may last for five years? Should we expect, I mean, something which whose remuneration is broadly in line with the number of sites? Listen, I don't have any specific plan. I've read what is public, and honestly, I've read five, I've read about 10 years. Could be, also heard about a longer timeframe if not everything goes well. Honestly, for me, I cannot comment because I don't have any specific, detailed plan from the customers. Again, let me reiterate the all-or-nothing clause, the at least three years in the framework of a contract which has eight years renewal cycle, and the fact that, again, discussion and negotiation will be in good faith from all parties and to respect and create the opportunities and needs of both parties. Thank you. Okay. Thank you. Just a quick follow-up on the financing side. How do you plan to finance the payment of dividend considering that you have EUR 300 million of cash available and the cash out is roughly EUR 500 million? Basically, the dividend we have, we will fund the dividend through the cash available and, let's say, the tactical and temporary use of our revolving credit facilities for the remaining part. Okay. Thank you. The next question is from Ben Rickett at New Street Research. Hi there, guys. I had two questions, please. The first question, there was a report a few weeks ago that you were looking at buying data center assets from Wind Tre. I don't know if you can talk specifically about those reports, but generally, can you discuss whether you would be interested in buying more data center assets? Second question, I'm just trying to understand why your Olo revenues are being impacted by this dispute. Thanks, Ben. Let me start from the second one. Actually, yeah, no, you're right. There is no impact from the dispute on the Olo revenues. It's two different things. As I said before, actually, the Olo revenues have had some fluctuations also in the past related to specific initiatives, project-based initiatives that we have deployed over time also with all market environment, with investments are dry and the investment in the industry from everyone, all the operators are very limited. It's low CapEx, probably also in the context of the frequency renewal process where visibility is expected to trigger the new investment cycle. On the first topic, we are not interested in a potential opportunity for growth in edge data center, in hyperscalers. That's different business, and we don't see synergies. We may be interested, and as part of our strategic plan, about integrating our distributed network with computing capacity distributed at the edge of the network. We see synergies because, again, we've got the most distributed point of presence across the country. We are, it's the business model is very similar to our current one, playing a role of neutral host. We can also leverage on our expertise in terms of site search, maintenance. There are plenty of synergies. Sharing the view of a fully connected and digitalized society and economy where there will be the need of computing capacity and low latency distributed across the footprint. We think we can play a role and we will keep on assessing opportunities according to our approach, which is creating visibility on revenues and cash flows generation. That's clear. Thank you. Welcome. The next question is from Rohit Modi, Citi. Hi, and thank you for taking my questions. Apologies I missed starting, bit of a start. If my question has been answered, my apologies in advance. Two, please. One, is, I understand you mentioned about the environment, I mean the investment and the industry is basically very low. I'm just trying to understand does if operators get the relief on the spectrum side going forward in second half, does that change your medium-term outlook? Do you expect more investment coming into second that can benefit your top line and kind of, you know, upside your medium-term guidance, given it's a baseline guidance as of now? Second question is basically, and apologies for my ignorance. I'm just trying to understand, you have two processes going on, legal processes going on with the injunction process, decision expected sometime in June, July. I'm just trying to understand if that decision comes in your favor, does that change anything, given you have another process going on which is kind of bit long-term, goes until 2029? What changes, you know, with injunction process? Can you just give bit more details? Thank you. Yeah, no. Thanks for the questions, Rohit. On the first one, yes, the current market environment is dry, and we think that the frequency renewal process may be a catalyst for the start of a new investment cycle. In Italy, there has been under investments for a long time. There is the need to catch up and accelerate and operators in a change of investment commitments that can create value for all parties, and that can be, for sure, a catalyst of a new investment cycle with potential benefit for the industry and of course for INWIT as well. On the second question, yeah, I actually share that the legal path is in moving on. We are confident on our argument, and at the same time, we think that the preferred path overall for us, for our customers in the industry is somehow to move to the ground of business discussions to find an equilibrium and balance with a win-win solutions for all. That's where we keep on being open to start as deemed the right time to happen. Any decision in June, July, does change anything from INWIT's perspective? Just, you know, if it comes in your favor in June. I think again that if there is more clarity, and if there is more clarity about the termination being not valid and the contract being valid up to 2038, it may help, but it should help in the framework of discussions, constructive discussions in good faith with the customers. Ultimately, I think that the overall situation should be addressed not on the legal ground, but on the industrial cost approach, again, for the benefit of our customers, for the benefit of INWIT, and for the benefit of the development of investments, network densification and digital solutions. Thanks, Diego. Very clear. Thank you. Mr. Minerva, gentlemen, there are no more questions registered at this time. Thank you very much, operator. We are available for any follow-up. Thank you so much for your attention today, and speak to you soon. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.