Good morning, everyone. Welcome to NOS Q1 2026 results conference call. Our CFO, Luís, will guide you through a brief presentation, and then we have the executive team in the room who'll be happy to take your questions after the presentation. Over to you, Luís. Thank you, Pedro. Good morning to all and welcome to NOS Q1 conference call. We will begin as usual with the main highlights of this Q1. Revenue growth driven by strong IT expansion and solid audio visuals and cinema performance, more than offsetting competitive pressure in telco. EBITDA performance reflects the disciplined cost management and structurally lower CapEx, delivering healthy cash flow generation. The balance sheet remains strong with a 1.4x leverage ratio and a credit rating upgrade to BBB by S&P, reflecting a stable financial outlook. A quick overview on our main KPIs in this Q1. Consolidated revenues increased by 1.9% to EUR 460 million, EBITDA rose 2.1%. The solid EBITDA performance, along with a CapEx reduction of 5% led to an improved EBITDA AL minus CapEx of EUR 84 million, a growth of 18%. Recurring free cash flow, excluding extraordinary items, grew 22% to almost EUR 80 million, and recurring net income increased 7.9% to EUR 60 million, reflecting a solid operational performance and our GenAI-driven efficiency program. As usual, we will discuss each of these metrics in more detail throughout the presentation. As said, NOS credit rating has been upgraded by S&P to BBB with a stable outlook. S&P rationale for the upgrade highlights three key points. NOS' robust operating performance and cost optimization program. NOS is well-positioned to face increased competitive dynamics with modern and well-maintained networks. Declining fiber and mobile CapEx supports strong free operating cash flow generation. Committed to a long-term value creation, NOS has established itself as a leader in both R&D investment and patent application in Portugal. On the research and development front, NOS has consistently ranked in the top three since 2018, while on the patent side, the company has topped the Portuguese market for the second consecutive year. Our SCALE program continues to scale AI across NOS with seven execution programs and more than 140 AI use cases identified. Another key example is the workforce augmentation program, which includes our sales assistant in B2B and B2C, a virtual assistant designed to support sales consultant and maximize their productivity. This tool is already handling more than 5,000 questions per month and answering to more than 98% of the questions autonomously. The B2B virtual agent is effectively boosting efficiency and sales productivity through opportunity follow-up and smart recommendations. The SCALE program has also developed a B2C sales assistant, a virtual assistant designed to support customers throughout their resolution journey, successfully contributing to higher NPS scores and reduced call handling times. Moving now to the operational performance side. More than 6.1 million households are now covered by NOS' next generation fixed network, with FTTH representing 91% of the households passed. During the quarter, NOS deployed 96,000 new fiber homes, 75% of which were all out over third-party networks, thereby reducing expansion CapEx. Despite the challenging competitive environment and typical Q1 seasonality in mobile, NOS delivered positive operational momentum in the Q1. Total RGUs grew by 12,000, the strongest Q1 in three years, and a significant improvement year-on-year, driven by a solid fixed net adds of 24,000 and a return to positive mobile net adds of 3.8. In fixed, we achieved 8,000 net adds in unique fixed accesses. This is a strong quarterly performance, outperforming both the previous quarter and the same period last year, and are consistent with the strategy levels. Churn remains at low levels, reflecting the strength of NOS customer base and its competitive positioning. New offers, WOO and naked broadband, continue control, but with some impact in the mix of new customers and ARPUs. In mobile, this was the best Q1 of the last three years with 3.8 net adds, with mobile RGUs increasing 4% year- on- year, reflecting a positive performance backed by postpaid resilience despite the challenging competitive environment, particularly in the prepaid segment. Postpaid increased 69,000 RGUs with a slight deceleration versus previous quarter impacted by the low value machine to machine decline, which is more volatile RGU. Mobile prepaid declined by 65,000 against the best Q1 of the last three years, despite reflecting the ongoing push to convergence and competitive pressure in the low cost segment. In summary, a solid operational performance despite the competitive environment and the normal Q1 seasonality in mobile. Now moving to audiovisuals and cinema business. Ticket sales grew by 12% with a very strong performance in January and February, driven by the successful launch of The Housemaid and by Avatar and Zootropolis. NOS Audiovisuais distributed two of the top three movies in the quarter. NOS consolidated revenues rose 1.9% driven by a strong 16% growth in IT, a 7% increase in audiovisual and cinema, partially offset by the resilient telco performance. Telco revenues declined slightly by 0.2% to EUR 390 million, mainly impacted by the wholesale unit. The B2C segment recorded a decline of 0.7%, driven by a combination of factors pressuring ARPU. The competitive pressure, the growing share of WOO within NOS customer base and the impact of Storm Ciarán that offset the price increase that happened in mid-February. B2B revenues grew 5.5% to EUR 81 million, maintaining the growth path of the previous periods. This acceleration in overall revenue growth reflects a higher volume of projects and resale activity. Wholesale revenues declined 11%, driven by a reduction in mass calling services and by changes in one wholesale model, which no longer record revenues and costs. IT revenues showed a strong increase of 16% to EUR 54 million, driven by a solid 4.8% increase in IT services and by a significant 36% growth in the more volatile equipment and licensing sales. Finally, the audiovisual cinema division reported a 7% revenue increase to EUR 25 million, driven by the strong cinema performance, with ticket sales growing 12% year-on-year. NOS EBITDA grew 3.1% to EUR 203 million, with a consolidated EBITDA margin of 44.2%, an improvement of 0.5 year-on-year, reflecting the solid operational performance and the GenAI-driven efficiency program. Despite flat revenues, telco EBITDA grew 2.8% with a margin expansion of 1.4% to 47.5%. IT EBITDA increased 6.1% below the 16% revenue increase explained by the strong growth of resale of equipment and licenses with lower margins. Audiovisual and cinema's EBITDA grew 6.1% in line with revenues growth. CapEx continues its structural declining trend. In this Q1, total CapEx, excluding leasings, dropped 5% to EUR 86 million. Telco CapEx declined 6%, driven by a 3.8% reduction in customer-related investments. Technical CapEx fell 8%, impacted by a higher percentage of deployment rolled out over third-party networks, thereby reducing expansion CapEx. IT CapEx increased 14% to EUR 1.5 million, explained by customer-related investment. Audiovisual and cinema CapEx increased 15% to EUR 4.6 million, reflecting their return to a more normal spending levels in movies after the lower investment in 2025 caused by the disruption of the Hollywood strikes. As a result, improved operational performance, the GenAI-driven efficiency program, and efficient CapEx management drove an 18% increase in EBITDAL minus CapEx, reaching EUR 84 million. Recurring net income grew 7.9% to EUR 59.7 million, driven by the positive EBITDA contribution of EUR 6 million, a D&A reduction of EUR 4 million, and a decline in net financial expenses. These positive impacts were partly offset by a EUR 4.6 million reduction in joint venture results, penalized by the reversal of a Sport TV provision in Q1 2025 and higher taxes driven by higher EBT. Non-recurring items declined to EUR 2.2 million, driven by lower refund of ANACOM activity fees, resulting in a total net income increase of 4.7% to EUR 62 million. Recurring free cash flow increased 22% to EUR 80 million. Operating cash flow increased by EUR 50 million year-on-year, driven by the strong operational performance and lower investments. Interest rates increased EUR 1.4 million year-on-year, penalized by a one-off tax devolution in the Q1 2025. Non-recurring items declined 6 million to 12.4 million due to lower ANACOM refund of active fees versus Q1 last year, bringing total free cash flow to 91.8 million, a 10% increase year-on-year. At the close of the Q1, NOS net financial debt decreased to EUR 930 million, and the financial leverage ratio improved to 1.4, well below our reference level of approximately 2x. Additionally, NOS benefits from a lower average cost of debt, now 2.8%, a reduction of 0.5% year-on-year, reflecting the lower interest rate environment and in line with the previous quarters. As of March 31st, NOS held a total liquidity position of EUR 347 million. With this, we conclude our presentation, and we are now ready to answer to your questions. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Please stand by while we compile the Q&A queue. We'll now go to our first question. Our first question comes from the line of Mollie Witcombe from Goldman Sachs. Please go ahead. Your line is open. Hello. Good morning. Thanks for taking my questions. I have two, please. Firstly, on the press increases, a little bit of color on how they landed in telco. We defined that Digi was more competitive following the increases. A little bit more color around that on the competitive dynamic would be fantastic. Then you mentioned in your release the impact of storms in Portugal. I'd just like to understand, are there any ongoing or potential future CapEx spends that we should expect associated with this? And can you quantify? Thank you very much. Well, I'm not sure if I completely understood your questions. If I understood the first one of, was on the competitive environment. The competitive environment is in line with previous quarters. I would say that limited to B2C as before. Digi had a very strong Q1 last year, but since then lost the momentum and nothing changing in that part. Our commercial activity with our dual brand strategy has impacted the operational since the second quarter. This quarter was very positive on that too. It was the best Q1 of the last three years. The issue is the ARPU. What the competition environment is impacting is that the second brand is increasing weight on our customer base. It's still very controlled on growth sets at 10, 12%, but the weight on the customer base is increasing and therefore impacting ARPU. Future CapEx, looking to we don't provide guidance, but looking to the numbers of this quarter, we continue to decline CapEx through the reduction of the expansion both on mobile and FTTH. We, our expectations is continue to decline CapEx in line what we did in the past and this quarter. Maybe just a little bit of clarification. My first question was also on how the price increases landed. I don't know if you can give a bit of color around that. The price increases were in line with the past. Just on NOS brands, but on the same customers. They were, I would say well-received as they can be well-received. No impact on churn. If you compare with 2024, the number of complaints or questions declined 40% also because it was an inflation-based price increase that was below what happened in 2023 and 2024. Thank you. Sorry, just again to clarify on CapEx. My question was actually more about the impact of the recent storms in Portugal, and if we should expect anything you know, unexpected, in relation to that for the current year CapEx. Yes. The storms had some impact. It naturally had and will have, some impact on CapEx, but it's not material to the point that will affect the declining trend that we are having. Very clear. Thank you very much. Thank you. We'll now go on to our next question. Our next question comes from the line of Fernando Cordero from Banco Santander. Please go ahead. Your line is open. Thank you very much for taking my two questions that are partially a follow-up on the previous ones. Also thinking on the impact of the storms. I would like to understand of the ARPU performance year-over-year, how much of that is coming from the customers that you haven't billed and charged during the quarter as they were impacted by the storms? Just making a very quick number. If the price increases have been around 2.2% in mid-February, impacting us in the ARPU and you fell by -0.8% ARPU, it seems that excluding price increases, ARPU has suffered around 2%. I would understand how much of this ARPU impact is coming from the non-recurring effect of the storms. The second question is on the footprint expansion. We have seen a material deceleration during the quarter. I understand that also storms have impacted, but I would like to understand what, how do you see, let's say, the recurrent run rate in terms of footprint expansion in the coming quarters after the effort made last year. Thank you. Well, on the storms, I understand the question, to not provide that much detail. I would say that the ARPU has three different dynamics. The first one is, yes, the storms that impacted because we had a few thousand customers that were without service, so therefore not being billed. That effect is fading. Okay. It was stronger in February and March, now it's fading. The second one, as I said, it's the competitive dynamics, mostly the WOO effect. Because it's increasing quarter- on- quarter, therefore pushing the ARPU down. This, let's say that this is a headwind that we will continue to face for the future. The third one with opposite effect, it's the price increase. It was in mid-February, just between 50% and 60% of the pipe price increase was captured this quarter, and we will have a positive impact for the next. It is very difficult to differentiate between impacts and even harder to estimate the future trend of it. On the footprint expansion, we are obviously going to the end of the FTTH expansion. We will end our own expansion of FTTH until the end of the year. That is why the numbers of new fiber homes is declining. It was still a strong number, 96,000, but already with 75% coming from third parties. In that sense, not only, thinking on the fiber footprint, but also on the whole footprint of the company, it has been basically flat in the quarter. Should we expect similar trend in coming quarters? The total footprint is, it has been flat this quarter because there was a significant number of houses that are what we call brownfields, so houses that we already had cable. That will change from quarter- on- quarter, but it's obviously going to quarter- on- quarter, the number of new houses will decline. Okay. Many thanks. Thank you. We'll now move on to our next question. Our next question comes from the line of Ajay Soni from JPMorgan. Please go ahead. Your line is open. Hi, guys. Thank you for taking my questions. I think the thing that I think investors are asking this morning is really around the consumer growth. Obviously, it has decelerated this quarter. And obviously, the ARPUs are down as well. I'm given really trying to figure how much of that is from the storm. You know, what's the positive tailwind from the CPI? I know you can't really maybe provide clear numbers on that, but how would you expect your residential ARPUs to evolve throughout this year? You know, taking into account all of the effects that you've already talked about. And then on the consumer side, do you think you can get the revenues back into positive growth territory this year? Do you think it'd be more a 2027 story? Thank you. Thank you for your question. I think we are basically going around the same question. We would rather not go into much detail, what I would say, reinforcing what Luís already said, is that we are still facing headwinds. Those headwinds are not growing in density. Things are pretty stable in terms of the discount brands. The weight of the discount in gross adds is stable also. Naturally, when you compute the net adds and look at the customer base, the weight of the discount brands continues to grow. Our expectation is that it will continue to grow throughout 2026. The headwinds will continue to be there. We still have some effect coming from the price increase. Some effects coming or disappearing from the storms. Still some impact in the Q2, looking at the H2 of the year, hopefully no more storms there. I think the main message is that the headwinds are still there and will continue to be. Our expectation is that the intensity, as I said, will not increase, but they are not going away. Okay, thanks. You're just kind of reading what you're saying. You're basically saying that the current trends kind of give a good indication of what might be coming ahead. If I could just kind of move to business, obviously, it was a strong quarter. Maybe pretty similar to last year. Again, is this mid-single digit growth something that you see within your, you know, current customer orders for 2026 as well, so around that 5% number? Thank you. Yes. We, as you know, there's a strong leading indicator in B2B, which is the commercial activity, and, we are comfortable with the commercial activity, these first few months of the year. The expectations is that we will continue to strong healthy growth in terms of B2B throughout the year. Great. Thank you. Thank you. We'll now move on to our next question. Our next question comes from the line of António Seladas from AS Independent Research. Please go ahead. Your line is open. Hi. Hi, good morning. Thank you for taking my question. Just regarding the storms, sorry to insist on this, maybe you can provide some color in terms, at least in terms of the costs, the non-recurring costs that you book over the quarter. I don't know if it's something that you could provide or not. Second question is related with synergies of IT division. You mentioned in the past that you bought Claranet, that the revenue synergies were one of the points. Maybe you can provide also some color how it's going on. Last question is related with the consolidation sector. There are some comments on the press last week about sector consolidation. I think that yourselves and the other CEOs of the other incumbent operators also mentioned it. Maybe you can share with us, your main ideas about it. Thank you very much. Look, the idea is quite simple. When you look at different markets, namely in Europe, you can see that there's a small number of markets with four operators. You've seen more recently, for example, in France, probably going from four to three. That's a trend. And we all know that the right number of players, if you are thinking about consumer wealth, is three, it's not four. We, from our view, the fourth operator is not economically sustainable. When you add up all those reasons and more, I think it's not about if it's going to happen, it's about when it's going to happen. We don't expect any kind of market structure changing in the near future. When you think about long term, I think it's something that will eventually happen. I'm actually pretty sure it will happen. As I am pretty sure that it will not happen, short term. Regarding the IT synergies, there were two sources of potential synergies. One was the combined coverage and penetration in the market of both companies. The second is the added capacity to close deals because of SCALE and competence of the different practices. We're still on a very early stage of that materializing. What I can say is that the combined pipeline that we are seeing is already showing the materialization of that potential. What I hope to see and expect to see in the coming quarters is further materialization of the start of that process because this is not an immediate process. It's a long process, but we will be fruitful. Well, on the cost of the storms, we are not disclosing the specific numbers, but I would say that the main impacts have been felt on the customer support, on the field force, and also on the recovery of the fixed and mobile networks. Okay. Okay. Thank you very much for your answers. Thank you. We'll now move on to our next question. Our next question comes from the line of Roshan Ranjit from Deutsche Bank. Please go ahead. Your line is open. Morning, everyone. I've got two questions, please. Firstly, on the SCALE program, which continues to progress well. I think last quarter you gave a number which I think was 25%-30% of the initiatives had been implemented. Can you give us an update on that and perhaps how that translates to the percentage of savings achieved? That would be very helpful. Secondly, it was just a follow-up on previous questions, and apologies if I missed it's around the CapEx. Now, you've previously given a kind of midterm guidance of around EUR 350 million annual CapEx ex the leases. We've seen a consistent trend down of your CapEx profile. Do you see any kind of upside to that 350 number after, you know, the recent performance that you've seen, and any further efficiencies you can extract? Thank you. Okay. First, on the SCALE, well, the 25%-30% of last quarter is more now close by the 30%, but that's not the relevant, the relevant KPI to look because as you can understand, we have begun by the biggest project. The most relevant information I would say is that the program is moving as expected. The efficiencies are there. If you look to the relevant number is the cost reduction of the telco, and it's completely in line with last quarter. Last quarter, it declined 2.9%. This quarter, it declined 2.7%. I would say that the large majority of this number is coming from the efficiency program. Okay? We are very confident that we will continue to deliver this kind of savings for the next quarters. On the CapEx, I understand your question, we don't provide guidance. I would say that the EUR 350, it's still the number that we say. We are also confident that the level of reduction that we had this quarter is something that we can expect for the rest of the year. That's great. Thank you. Thank you. There are no further questions at this time, so I'll hand the call back to Pedro Dias for closing remarks. Okay. Thanks, thanks very much for joining. Any questions, please feel free to reach out, and we'll see you next time. Take care. Bye-bye.