Hi, good afternoon. Welcome to our full year 2021 results conference call. José Pedro Pereira da Costa, our CFO, will give you a brief overview of the highlights of the results, then the full executive committee are in the room today to take your questions. Okay. Hello everyone, starting with the highlights of the quarter. This quarter, we have continued to deliver very robust operational performance in telco, driven by our strong value proposition and customer experience. We have posted around 160,000 RGU net adds, exceeding the numbers of the last quarter. Again, this was the highest quarterly growth in the last five years. After having won the 5G spectrum auction, we were the first operator to launch 5G services in Portugal in November 26, ahead of our competitors. Again, this quarter, we continued to have very positive trends in the cinema unit, with cinema attendance growing almost 5x year-on-year, due to the easing of restrictions and the strong blockbuster movie slate. This strong operational growth in telco and the recovery in cinema activity led to strong financial results in the quarter, with group revenue growing 8.8% year-on-year, with the telco unit growing 6.3%. Also leading to 6.3% growth in EBITDA at group level, with telco unit posting a 2.5% growth. After having paid up front the full amount for the spectrum frequencies, we still continue to post a solid capital structure of slightly less than 2x net financial debt to EBITDA after leasing, supported by recurrent free cash flow generation, allowing for an attractive shareholder remuneration of EUR 0.278 dividend per share, representing around 8.1% dividend yield. Now, starting with the operational review. We managed to exceed last quarter's operational numbers and achieve again the best quarter in the last five years, with around 160,000 RGU net adds, growing well across all services and notably in mobile. In slide 5, again, we continued to post very positive numbers on mobile. We have posted a very robust 140,000 mobile net add number, with 86,000 postpaid as a result of very positive contribution from convergence. On the prepaid front, we also had a very positive 54,000 net add number. On the fixed front, we have posted solid fixed broadband net adds of 8,000 in the quarter and positive fixed Pay TV of 11,000 on the back of continued increase of penetration in new fiber to the home areas. Our very positive mobile growth continues to be supported by the growth of convergence. We finished this quarter with a bit over 1 million convergent and integrated subscribers, which have grown up to 1,021,000 subscribers, representing now 64.4% of the fixed base, having added around 15,000 subs in the quarter. This represents 5.2 million total convergent RGUs with net adds in the quarter of 85,000. Moving to the cinema unit. This last quarter, we continued to have a very strong recovery in our cinema business, with a much more contained pandemic situation and the release of strong blockbuster movies attracting cinema customers. Still this last quarter, we have seen varied levels of restrictions. We started the quarter with very few restrictions, but at the end of November, we had to ask customers for COVID test results, which as you can imagine, has refrained a bit the full recovery. This situation was still in place in the beginning of January. Today, we are operating with close to zero restrictions. On the movie slate front, this last quarter has seen the launch of major blockbuster titles, Double 7 and Spider-Man are good examples. These trends have resulted in increasing levels of attendance to our cinemas month- after- month, despite the higher levels of restrictions towards the H2 of the quarter. In October, we were only 25% down versus October 2019. In November, 40% below. In December, we were down only 33% versus December 2019. Clearly on track to continue the recovery until the pre-pandemic levels. In January and February, some slowdown in this recovery due to a traditionally weaker movie slate, March promises to be already a good month with the launch of strong blockbuster titles. Moving on to slide 9, on the B2C front. We continued focusing on providing our customers with the best TV and content offer. This quarter, we have launched the best Android TV set-top box in the market, faster and more intelligent. We have made our NOS TV app available in any box for customers with Android or Apple TV. Finally, we have been reinforcing our video pool selection with the best blockbusters being available only one month after the cinema release. Regarding 5G, as mentioned before, NOS was the winner in the 5G auction, having won the most spectrum in the auction, achieving maximum possible frequencies to exploit 5G, while also reinforcing our 4G networks nationwide. Building upon this positive outcome in the auction and with the aim of achieving our strategic ambition to lead in 5G, we were the first operator to launch a 5G commercial offer on November 26th. In the beginning, making 5G available for all customers on a trial basis in order to have a full experience of this new technology. After this promotional period, customers with mobile data packages over 10 GB per month will have 5G for free. Customers below this data plan will pay EUR 5 per month. We have launched a number of 5G convergent bundles. We have been promoting the migration of our customers to 5G smartphones under special conditions. On the B2B front, we continue to drive the digital transformation in our business customers. This quarter, we would like to highlight the first 5G factory in Portugal in partnership with Sumol+Compal, the Digital Volunteers Mentors program, another investment made by the NOS 5G Fund. Also our participation in the Smart City Summit, where we were the exclusive telco partner. Finally, in association with Benfica, we launched the 5G seat to recreate, through virtual reality, an immersive stadium experience. On slide 13, on the technological front, our FTTH rollout continues, reaching a total of 2.7 million homes passed. That is around 53% of total coverage. Around 200,000 FTTH homes passed in the quarter. The FTTH rollout was mainly in what we call brownfield areas. That is areas where we have HFC coverage. Our mobile network quality had a very positive recognition this last quarter, having received the fastest mobile network Ookla Award relating to the H2 of 2021. Over 186,000 tests were conducted on the speed test platform by users from all three operators, with NOS achieving a score of 80 compared with 57 and 54 by the other operators, having won across all categories, highest download and upload speeds, and lower latency. On slide 16, on the ESG front, we have a very significant milestone with our greenhouse gas emission reduction targets validated by the Science Based Targets initiative. We have set ambitious targets of at least 90% reduction in own operations, Scope 1 and 2 emissions, and also 30% reduction in Scope 3 emissions until 2030 from 2019 levels, aiming net zero carbon emissions in own and external operations until 2040. We continue to make good progress in the several ESG ratings. We have maintained our A-minus score with CDP, which was quite positive since we have seen a good number of downgrades this year. We have improved to 63 advanced with Moody's ESG, the sixth best outcome in the European telco industry. Also improving to 53 with S&P, well above the telco average. We also got our first score of 65 and were included for the first time in the Bloomberg Gender-Equality Index. We have signed the declaration of a commitment for diversity and inclusion, guiding the behavior of our governing bodies and employees, and also joined the Women's Empowerment Principles. Moving on to the financial review. We have posted a strong set of results with strong group revenue growth of 8.8%, benefiting from the strong recovery in cinema and audiovisuals, but also from a very strong 6.3% growth in the telco unit, taking advantage of strong operational activity. Roaming revenues continue to recover, but relatively slowly and contributed only marginally to the 6.3% telco growth. All the segments contributed positively for telco growth. Consumer growing 1.8%, same year-on-year growth of last quarter, and B2B growing 14%. The B2B segment benefiting again, like last quarter, from a few software resale contracts yielding low margins. Still, if we were to isolate this growth, the adjusted B2B revenue growth would be in line with the consumer segment growth. Consolidated EBITDA in the quarter grew by 6.3%, benefiting mainly strong EBITDA recovery of the cinema and the audiovisual business, posting a level of EBITDA that was significantly above last year's levels. Telco EBITDA posted a 2.5% increase that is above the consumer revenue growth and the recurrent B2B growth, benefiting from operating leverage and also showing strong cost discipline helped by a good number of efficiency improvements, namely in the customer service area. Net income in the quarter was a solid EUR 24 million, driven by the strong performance of the EBITDA level and also benefiting from a positive tax impact driven by the recognition of tax incentives in the quarter. Total group CapEx in the quarter, ex-leasings, reached EUR 112 million, a decrease of around EUR 3 million versus last year, with an increase in technical telco CapEx to around EUR 71 million in the quarter following strong CapEx in FTTH and 5G deployment. This higher level of technical CapEx being compensated by a decrease in customer CapEx, reaching EUR 35 million below last year's numbers, driven by lower levels of churn and also lower level of customer equipment installed due to equipment refurbishment and supply chain constraints. EBITDA minus CapEx reached EUR 28 million with the increase in EBITDA and the decrease in CapEx, allowing for year-on-year growth of around EUR 11 million. Operating free cash flow after lease payments and working capital valuation also grew versus last year. Finally, free cash flow after interest and taxes reached EUR 11 million, benefiting from cash taxes received in the quarter, reverting the payment mentioned in Q3. On the capital structure, net financial debt in the quarter grew to EUR 1,032 million, driven by the EUR 151 million full payment related to the spectrum acquired in the 5G auction. This net financial debt number represents two times the EBITDA level adjusted for lease payments, which is still within our target. Average cost of debt was kept in the quarter at 1.3%. Finally, regarding shareholder remuneration, the board of directors approved a proposal to take to the next April AGM of a dividend payment of EUR 0.278 per share, in line with the last two years, representing a dividend yield of approximately 8.1% versus yesterday's closing price. The board of directors recognizes that our solid capital structure of two times net financial debt to EBITDA after leasings and the strong level of free cash flow generation we will have once we normalize our CapEx levels in 2023, will allow for a sustainable and attractive shareholder remuneration. With this slide, we conclude the presentation and are now ready to start the Q&A session. Thank you, sir. Ladies and gentlemen, if you do have any questions or comments at this time, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the pound or the hash key. Once again, it's star one if you have any question or comment at this time. We have questions coming from the line of Terence Tsui from Morgan Stanley. Please ask your question. Oh, hello. Good afternoon, everyone. Thank you very much for the presentation and the opportunity to ask some questions. I had a couple around CapEx, please. Firstly, please, can you just remind us around the 5G rollout requirements in terms of the key milestones you've got to hit in terms of coverage? Related to that, perhaps you can just give us an indication of how you see the trajectory of future CapEx, please. I think you mentioned right at the end normalization in 2023, how should we see the buildup of CapEx in the next couple of years, please? Finally, just on the dividend. Again, just a comment that you made right at the end of the presentation. Should we expect the dividend to be covered by free cash flow post 2023? Thank you. Well, thank you. Thank you, Terence, for your questions. Regarding CapEx, well, as we have been telling you recently, 2021 and 2022 will be our peak years in terms of CapEx. 2021 is now over. Total CapEx reached EUR 420 million. If we add the non-recurrent CapEx related to 5G spectrum license, it reached last year EUR 570 million. This year, in 2022, we'll have the final year of our FTTH sharing agreement. We continue to deploy FTTH under this agreement with aiming to reach close to 70% FTTH penetration over total footprint by the end of this year. This means that we should more or less maintain the level of FTTH deployment around 200,000 homes passed per quarter. That is more or less the same level we had last year. This means more or less same level of CapEx, FTTH related CapEx versus last year. At the same time, as we have been saying numerous times, we maintain our strategy to live in 5G. That means that we have a plan to achieve nationwide coverage very fast ahead of the requirements of the 5G regulation. This implies, of course, a substantial level of mobile CapEx for 2022. This means overall that CapEx, if we are to exclude the 5G license, will increase for sure in 2022. We expect to rapidly decline to normalized levels by 2023. If we compare our own numbers with the consensus numbers, they do not differ too much versus what has been recently published post third quarter results announcement. If anything, we can say that this year probably a bit more than what is reflected in consensus for 2022, also in 2023, we should see CapEx coming down quicker than what is reflected today in the consensus numbers. Going to what we call normalized levels, 2023. When we mean normalized levels, basically we refer to the CapEx we used to have before this peak level. If you look at the series between 2016 and 2020, so that is a five-year period. Again, before the CapEx peak of last year and this year. We have seen CapEx between EUR 375 million-EUR 390 million. That's to be more concrete, what we consider as normalized levels. That's where we expect to land in 2023. That is below what is reflected today in the consensus numbers. Regarding dividends, basically, we expect, again, that this normalized level of CapEx will put us back in a normalized level of recurrent free cash flow that will basically be able to cover dividends at that time. That's our expectation. Fantastic. That's really clear. Thank you very much. We have the next questions coming from Martin Hammerschmidt from Citigroup. Please ask your question. Thanks for taking my question. I have one question on the leverage target. You said in the press release that the target is 2x. Just to clarify, does it mean you'd like to remain sort of below 2x, or is it anywhere between 1.6x and 2.4x, given that I think right now you are at 1.99x? Then if I can come back on the dividend coverage. When you talked about that by 2023 you expect dividend to be covered, can you maybe walk us through the building blocks? You just talked about CapEx going down and EBITDA going up. At the same time, I think lease costs are supposed to go up as well. I think on a structural basis or excluding the tower proceeds, consensus has not dividend coverage, I think, until 2025, 2026. If you could maybe walk us through what we are missing here. Thank you. Well, in terms of dividend coverage, what we expect is that with CapEx coming down. Again, we mentioned the normalized levels and looking at the 2016 to 2020 period. Let me recall that during this period, we also have a good number of relatively relevant infrastructure projects. We did the upgrade to SingleRAN. We are already doing a lot of FTTH during that period. We may normalize these levels, but this doesn't mean that we'll spend these levels of CapEx forever. We should expect the CapEx decrease to allow that recurrent free cash flow by that time will cover dividends. Sorry, could you repeat the second question? The first question. First question. Sure. That was on leverage. Yeah. You expect the leverage 2x. Yeah. Leverage is around the 2x. We went down to 1.6x on the back of the tower sale. That was clearly a non-recurrent event. Also, we have a non-recurrent event that put us back in the 2x, which was the payment of the 5G spectrum license, and we would like to be around the 2x. That's what we always said. Not between 1.6x and 2.4x, to be around 2x, so to be more precise. Great. If I can sneak in another one, it is on the new entrant. Are you in discussion with them on a possible mobile roaming deal? In terms of timeline, when should we expect to see them launching? Thank you. We don't have any additional information regarding the new entrants. We are reading the news that one of the new entrants stated that they will be prepared to enter the market in H2 of this year. Still, since the last conference call, we don't have any additional information. These new entrants remain rather secret, not very public. What we knew back then is what basically we know now. You know the results of the auction. You know that these at least two new players have spectrum. Since then, we had no developments. In our plans, what we expect is that they will start operations closer to the end of the year, clearly the H2 of this year, and build up from there. We don't have any additional information. Very helpful. Thanks very much. We have the next questions coming from António Seladas from AS Independent Research. Please ask your question. Hi. Good afternoon. Thank you for taking my question. It's related with the current inflation environment in Portugal and worldwide. Your average revenue per user is already increasing about between 3% and 4%, or your consumer revenues are increasing about 2%, between 1.5% and 2%. My question is, should we expect your consumer revenues to start to increase at the same pace that the average revenue per user is increasing? There is some lag effect here or not. In terms of price environment, what should we expect, or what do we expect for the coming future? Thank you very much. Well, thank you, António, for the question. Consumer revenues have been growing around between 1.5% and 2%. On the ARPU numbers, it's right, you mentioned ARPU grew this last quarter between 3% and 4%. Part of this growth is growth of base ARPU and within base ARPU, we mean basically upselling 3P to 4P, cross-selling other products within our basic services. Namely, upselling broadband packages, upselling our equipment in terms of improving the Wi-Fi experience, which also makes life easier for our customers. That's the more recurrent growth, and that is more or less in line with the 1.5%-2%. We also had some ARPU effect that we can say that is a little bit of post-pandemic recovery. We had some increase in terms of data traffic revenues because it decreased in 2020. It went back to normal levels. We also had some increase in terms of premium sports. It went down a bit in 2020 and recovered in 2021. All this to say that we should look more at the more recurrent level of growth, which is more around the 1.5%-2%, than the 3%-4% that shows up in the ARPU number. Okay. Thank you very much. Once again, ladies and gentlemen, if you do have any questions or comment at this time, please press star one on your telephone. Once again, it's star one if you have any questions or comment at this time. We have the next questions coming from Luigi Minerva from HSBC. Please ask your question. Yes, good afternoon. Thanks for taking my question. It's about the 5G CapEx acceleration. I was wondering if you can share your view about the returns on these CapEx. What we are seeing in other markets is that other operators are adopting a gradual approach to 5G deployment, exactly because it's difficult to identify 5G bringing additional returns or justifying returns on those CapEx. Perhaps, related to this, I'm wondering whether this further acceleration in CapEx is rather to be seen as a defensive move following the new entrants rather than actually driven by the potential returns. Thank you. If I had to classify it, I wouldn't classify it as defensive as an attacking move in the sense that we see 5G as an opportunity. We see 5G as an opportunity, a disruption in the market, regardless of how much additional revenues it will bring, which obviously we believe it will bring additional revenues, but beyond that, we see it as a moment of disruption in the market and an opportunity in that sense to differentiate ourselves and to really target for the leadership in this new wave of the telecom market. We are betting and up-fronting investment in 5G as an attacking move. Nevertheless, as you know, we have coverage obligations, so either way, we would have to deploy that CapEx over the next few years. We see it as an opportunity, a disruption. Again, I insist, a disruption in the market, a potential disruption. It is an opportunity to attack, to differentiate from our competitors and creating an advantage in what we see as the next wave of this industry. Okay, thank you. We have the next questions coming from Roshan Ranjit from Deutsche Bank. Please ask your question. Great. Afternoon, everyone. Thank you for the questions. three from me, please. Just going back to the previous question earlier around inflation, and you gave a breakdown of the ARPU impact, and you gave me 1.5%-2% given the upselling and cross-selling. You previously mentioned putting in a EUR 5 premium for 5G services. Can I just ask about underlying price increases on your 4G plans or some of your convergent plans? We've seen a number of operators across Europe put through higher than inflationary price increases. I just want to see what the opportunity is in Portugal. Clearly cognizant that there are two new entrants which are launching in H2 of the year. Second question is on the business segment, and you've delivered another strong revenue performance here. You have mentioned now for the last couple of quarters, some kind of revenues being brought upfront as a function of some of the software licenses and projects. I guess, what impact will that have, if any, through 2022, and how long can this momentum on these projects and IT sales continue? Third question, just very quickly, when you sold your towers to Cellnex If I remember, a couple of years ago now. Was there anything in the MSA about those towers hosting third parties? Or is there no clause like that in there? Anything you can say about those MSAs will be good. Thank you. Well, thank you for your questions. On what concerns inflation, we have been operating over the last few years in almost no inflation whatsoever. The growth in revenues that we have been posting is by increasing the number of services our customers subscribe. If we were to project a context where inflation would be material, just a quick note to say that in our current contracts, we foresee that possibility. If there is inflation, we will apply that inflation across all products and services and across the customer base as a whole. When we are discussing, as Pedro mentioned, 1.52% customer revenues increase is without inflation. If we get inflation, hopefully not that much, but if we are to live in a context of inflation, then our contractual relationship with our customers allows us and foresees that. Of course, even 4G and other services will see prices being increased, according to the inflation level and that we will see. Regarding B2B, three notes. One is that we see this upfront revenue, which mainly derives from our strategic bets and mainly from our key partnerships, with the main providers of equipment and of cloud and software. We see this as a driving force for engaging in very fruitful customer relationships that will derive necessarily and have been deriving into additional services and additional share of wallet. We believe that this trend and the opportunity is still not fully taken by us. We believe that this is an opportunity that we will continue to see happening for the future, certainly for 2022. The last note is that regardless of this opportunity that we're seizing, that the underlying revenue trends in all subsegments of B2B are pretty healthy. We believe that this has a positive global impact on our ability to serve our customers. Okay, Roshan, regarding your third question regarding the tower deal with Cellnex, this concludes at the end of 2020. Yes, the service agreement that we have signed with Cellnex allows Cellnex to host third parties in these towers. Great. That's all very helpful. Thank you, guys. We have follow-up questions from Terence Tsui from Morgan Stanley. Please ask your question. Well, thank you very much. For the follow-up question, I'll just keep to one. Just picking up on the topic of inflation, perhaps you can just say something around the cost base, in particular your exposure, perhaps quantify how much the energy costs are as a percentage of your cost base. Whether you have hedging agreements in place to mitigate the changes going on in the stock market. Related to that, perhaps you can just also say a few words around wage inflation, whether we should be factoring in some wage inflation into our models going forward. Thank you. Okay. Thank you, Terence. Regarding the energy costs, it represents in total not a very meaningful number. It's around 2% of the total OPEX space. In terms of hedging, as we have announced, we have contracted a long-term power purchase agreement where the prices will be fixed for the maturity of this contract. It's a long-term contract that represents more or less 40% of the consumption, which is hedged, and it was fortunately hedged at a very attractive price. The rest of the energy, I'd say more or less 50% of the rest. Around 30% in total is under market prices right now. The remaining 30% is hedged until the end of this H2. We typically do two-year hedging contracts in terms of energy costs. We have the last one renewing in July 1st this year. Overall, I'd say long-term hedging 40% and the rest, 30% market today and 30% going into market prices H2 of this year. Well, in terms of salaries, we expect salaries to follow inflation or inflation to follow salaries. It is linked with the previous answer. If there is inflation, it will translate into both revenues and some of the costs because as José Pedro Pereira da Costa just mentioned, that not all costs will be impacted directly or fully by inflation. In terms of salaries, we expect salaries to follow inflation. Thanks very much There are no further questions at this time. I hand back the conference to you for any closing remarks. Okay. Well, thanks very much for being with us today. As usual, we're available to take your follow-up questions if you have any, and look forward to seeing you next quarter. Ladies and gentlemen, that does conclude our conference for today. Thank you for participating. You may now disconnect your lines. Thank you.