Hi, good morning, everyone. Welcome to NOS second quarter earnings conference call. We'll follow the usual format. Our CFO, Luís Nascimento, will give you a brief overview presentation. We'll open for Q&A after that. Over to you, Luís. Thank you, Pedro. Good morning to all. Welcome to NOS second quarter conference call. We will begin, as usual, with the main highlights of the second quarter. Revenues were broadly in line year-on-year, as solid growth from IT and B2B was offset by revenue declines in B2C and wholesale. EBITDA growth and margin expansion, supported by disciplined cost management and AI-driven efficiencies. Finally, healthy free cash flow, supported by sound operational performance and structurally lower CapEx, further boosted by positive non-recurring items in this quarter. As usual, a quick overview on our main KPIs. In the second quarter, consolidated revenues were flat at EUR 458 million. EBITDA rose 1.5%. The solid EBITDA performance, along with a CapEx reduction of 8%, led to an improved EBITDA AL minus CapEx of EUR 88.9 million, a growth of 15%. Free cash flow, excluding non-recurring items, grew almost 9% to EUR 63 million. Net income, excluding non-recurring items, increased 19% to EUR 68 million, reflecting solid operational performance and our Gen AI-driven efficiency program. Including non-recurring items, mainly the tower sale to Cellnex and higher litigation proceeds, total free cash flow increased by 120% to EUR 83 million. Total net income grew 34% to EUR 77.5 million. We will discuss, as usual, each of these metrics in more detail throughout the presentation. NOS sustainability performance was once again recognized by independent institutions at global, European, and national level, reflecting the company's commitment to ESG. As an example, NOS was classified for the second consecutive year as one of the world's most sustainable companies by TIME, the only Portuguese telecom operator in the ranking. Our SCAILE program continues to scale AI across NOS. This quarter example is Smart Pairing and Queue Planner, an AI-based customer agent matching solution that optimizes, in real time, the match between incoming calls and customer support agents, increasing operational efficiency and effectiveness. Using a machine learning model that predicts the average handling time of each agent-customer pair, Queue Planner recommends the best pairing considering customer support agent expertise and expected availability. Queue Planner already optimizes more than 200,000 calls per month and has reduced average handling time by 35 seconds in customer service and by 10 seconds in technical support. On the operational performance side, more than 6.2 million households are now covered by NOS' next generation fixed network, with FTTH representing 92% of the households passed. FTTH now covers 100% of Portuguese municipalities. During the quarter, NOS added 98,000 new homes to its next generation fixed network and 136,000 new fiber homes as the fiber rollout regained pace toward the end of the second quarter after a slower first quarter. Despite the challenging competitive environment, second quarter delivered continued positive operational momentum with a stronger contribution from mobile services. Total RGUs grew by 20,000 to almost 11 million, driven by a strong 29,000 increase in mobile RGUs, complemented by an 8,000 addition in fixed RGUs. Versus the same period last year, net adds were more moderate amid lower promotional activity and later availability of new fiber homes during the quarter, resulting in fewer fixed net adds. In fixed, unique fixed accesses increased by 2,3 00 in the quarter, an increase of 29,000 in the last 12 months. This represents a slowdown versus previous quarters, reflecting the lower promotional activity and later availability of new fiber homes mentioned earlier. Churn remained at low levels, reflecting the strength of NOS customer base and its competitive positioning, and new offers, Woo and Naked Broadband, continue controlled but with some impact in the mix of new customers and therefore ARPU. In mobile, this was another solid quarter with 28.6 net adds, with mobile RGUs increasing 206,000 year-on-year, reflecting the positive performance backed by postpaid resilience despite the challenging competitive environment, particularly affecting the prepaid segment. Postpaid increased by 72,000, an improvement versus the first quarter, reflecting continued value-added postpaid resilience, although still below second quarter 2025, driven by fewer convergent mobile customers as a result of smaller fixed net adds. Mobile prepaid declined by 44,000 RGUs, an improvement versus both the 65,000 decline in first quarter 2026 and the 70,000 decline in second quarter 2025. Those still reflect the ongoing push to convergence and competitive pressure in the low-cost segment. In summary, a solid operational performance despite the competitive environment. Now moving to audiovisuals and cinema business. Cinema tickets sales improved 1% quarter-on-quarter but declined 1.7% year-on-year, impacted by a less favorable calendar as second quarter 2025 has benefited from the full Easter holiday period. NOS Audiovisuais distributed three of the top five movies by ticket sales sold in Portugal during the quarter. "The Devil Wears Prada," "Toy Story," and "Scary Movie" were the main movies. NOS' consolidated revenues were therefore flat at EUR 468 million in this second quarter, driven by a resilient 1% decline in telco by a -0.3% decrease in audiovisuals and cinema and despite a strong 10.6% growth in IT. The B2C segment declined 0.3% to EUR 286 million, driven by competitive pressure and the growing share of Woo within NOS customer base, which offsets the price increase implemented in mid-February. B2B revenues grew 0.7% to EUR 83 million, maintaining its growth path, but below the previous periods, reflecting a lower volume in the more volatile projects and resale activity line this quarter. B2B recurring services continue to post positive growth in line with previous quarters. Wholesale and other revenues declined 15% to EUR 23.5 million, mainly driven by changes to one wholesale model, which no longer records revenue and costs, and by a reduction in mass calling services. IT revenues grew a solid 10.6% to EUR 49 million, mainly driven by a strong 19% increase in equipment and license sales, with IT services also growing 7%. The Audiovisuals and Cinema division reported a 0.3% revenue decline to EUR 25.7 million, reflecting the softer cinema ticket sales discussed earlier and weaker quarter in cinema distribution. NOS EBITDA grew 1.5% to EUR 206 million with a consolidated EBITDA margin of 44.9%, an improvement of 0.7 percentage points year-on-year, reflecting solid operational performance and disciplined OpEx management across all business units. Telco EBITDA grew 0.8% to EUR 188 million with a margin expansion of 0.9 percentage points despite the decline of telco revenues and driven by the efficiencies that supported a 2.9% decline in telco costs. IT EBITDA increased 19% to EUR 6.1 million with margin improving 0.9 and Audiovisuals and Cinema EBITDA grew 4.7% with a margin improvement of two points. Consolidated EBITDA AL grew 2.4% year-on-year. On CapEx side, NOS CapEx continues its structural declining trend. In this second quarter, total CapEx, excluding leasing, dropped 8.2% to EUR 84 million. Telco CapEx declined 7%, driven by 11% reduction in technical CapEx, impacted by higher percentage of FTTH deployment rollout over third parties networks, thereby reducing expansion CapEx. IT CapEx decreased 52% to EUR 0.8 million, mainly explained by an investment in an IT platform in second quarter 2025, and Audiovisuals and Cinema CapEx declined almost 11% to EUR 3.7 million. As a result, improved operational performance and lower CapEx drove a 15% increase in EBITDA AL minus CapEx reaching EUR 89 million. Recurring net income grew 19% to EUR 68 million, mainly driven by the positive EBITDA contribution of EUR 3 million, a D&A reduction of EUR 3.5 million, reflecting structural lower CapEx, and a EUR 1.4 million improvement in net financial expenses benefiting from lower financial costs. Additionally, we posted a EUR 9.6 million positive impact from non-current costs in second quarter 2025. These positive impacts were partially offset by a EUR 7.8 million impact from higher taxes, driven by higher EBIT versus the second quarter 2025. Non-recurring items increased EUR 9.1 million, driven by tower sale to Cellnex and higher volume of litigation proceeds, resulting in a strong total net income increase of 34%. Recurring free cash flow grew almost 9% to EUR 62.5 million. Operating cash flow declined by EUR 20.7 million year-on-year as EBITDA AL minus CapEx growth of 11.5%, that was offset by negative working capital as a result of normal fluctuations in payments to providers. Interest rates contribute positively by EUR 3.3 million and income taxes paid contributed a further EUR +6.1 million to free cash flow. Non-recurring items increased by EUR 40 million to EUR 20.8 million, mainly due to the tower sale in second quarter 2026 and higher tax paid in second quarter 2025, bringing total free cash flow to EUR 83 million, an increase of 120%. At the close of the second quarter, NOS net financial debt increased to EUR 1,078 million, essentially due to the dividend payments, partially compensated by Cellnex receivables. Consequently, the finance level ratio increased to 1.6, but still well below our reference level of two times. Additionally, NOS's average cost of debt declined marginally to 2.9%, a 0.1% reduction year-on-year, driven by lower interest rate environment. As of June 30, NOS held a total liquidity position of EUR 222 million. With this, we conclude our presentation, and we are now ready to answer to your questions. Thank you. Thank you, dear participants. As a reminder, if you wish to ask a question, please press star one one on your telephone keypad 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. This will take a few moments. Now we're going to take our first question. It comes to line of Molly Whitcomb from Goldman Sachs. Your line is open. Please ask your question. Hi. Good afternoon, and thank you for taking my questions. Good morning, sorry. I have two, please. Firstly, I was wondering if you could give us a little bit more color on what you're seeing in B2B. I understand that part of the weakness this quarter is due to a tough comp with some equipment revenues, et cetera. Is there anything that you're seeing in terms of a step-up in competitive intensity? Is there any one particular aggressor? Just any specific trends that you're seeing that might threaten the structural growth outlook for B2B would be? Any detail on that would be great. Thank you. Then my second question, please, is actually on IT. You've done quite well this quarter, and you've talked in the past about potential M&A in the IT space. Just wondering, is this still a capital allocation goal? Are you still thinking about identifying potential targets? Your leverage is coming down quite quickly, how you're thinking about capital allocation in relation to those comments would be great. Thank you. Well, thank you for your questions. Starting with the B2B environment. As you know, we have ups and downs in B2B that are related to specific projects, so non-recurrent revenues. Projects that are non-recurrent, sometimes resale that is also non-recurrent and high volume, low margin. The explanation for these fluctuations in terms of the B2B top line are explained by that, and not by any change in the trends, in the competitive trends or the competitive environment. In that front, I would say that there are no news and, obviously, it's a competitive environment as always. Nothing really changed in the last few months or quarters. In IT, we don't discard the opportunities in M&A. To be completely clear, what we are looking for are potentially bolt-on acquisitions to complement the capabilities and the assets of Claranet. Nothing even remotely compared to the size of the acquisition we did with Claranet. There's nothing in the horizon, but if there was, it would always be something very small at our scale, not really relevant without any material impact in terms of cash flow. Okay, thank you. Thank you. Now we're going to take our next question. The question comes line of António Seladas from AS Independent Research. Your line is open. Please ask your question. Hi. Good morning. Thank you for taking my questions. First, I have two. First one is on capital spending. Figures were very nice over the first half. Do you think that EUR 350 million is a good reference for the year, and what kind of figures do we expect for the coming years in terms of capital spending? Second question is related with your operating costs that were flat year-on-year on first half. Do you think it is possible to continue to perform as was in [inaudible] in second half, or taking considerations by the fact that you perform also very well over the second half of last year, we should expect some increase on cash costs. Thank you very much. Well, António, thank you for your questions. On the CapEx side, I understand your question. EUR 350 is a good reference for the rest of the year. I understand your question because the first half was on the EUR 170 million. As we know, there's some seasonality on CapEx, and the second half of the year usually is higher. For this year, EUR 350 is the good reference. For the future, we continue to expect some CapEx decline, but I won't provide you some guidance now. On the operating costs, what I can tell you is we are very happy with the performance that we had from our transformation process program and our SCAILE program. If you look to our costs, it's true that they declined 1.2%, but that includes the IT that grew 9%. If we look just to telco, we declined 2.9%, year on flat, year-on-year. The efficiencies continue to pose very interesting results, and we are confident that that's the same for the future. Good. Thank you very much. Thank you. Now we're going to take our next question. The question comes line of Antonio Rodríguez Vicens from JB Capital. Your line is open. Please ask your question. Yeah. Hello, good morning. Thank you for taking my question. My question is regarding the telco segment. In this segment, the EBITDA rose 2.8% in the first quarter and only 0.2% in Q2. I acknowledge that the B2B, which was discussed, had a weak quarter and could justify part of that. However, it is also true that there were two positive factors benefiting Q2 versus Q1, which were the absence of storms that hurt the Q1 and the effect of the full quarter of the price increases versus only half of the quarter in Q1. In order to assess the relative magnitude of each of those levers, the question would be, could we see negative EBITDA growth in the second half of the year, as it could seem that the impact from cost-cutting could be losing momentum while competition remains strong? Thank you for the question. I would say, no, we don't expect negative EBITDA growth for the second half of the year. First, on the revenue side. There were four main drivers of the performance of B2C. It's true that we had full impact of price increase, but we had already almost 50%-60% of that impact in the first quarter. [Christian] faded completely. Also, it was a stronger equipment sales in the quarter. At the same time, we keep having the Woo brand impact on gross adds, which is very stable at 12%, but month-on-month, it's increasing their weight in the customer base. That is pressuring ARPU. If you look to the dynamics, what we see in the quarter is, it's true that B2C declined a little and also Woo fell. These two have higher impact in EBITDA than B2B. That's why you see that the increase in EBITDA is not as big as the last quarter, but nothing to concern. Okay. Thank you very much. If I may just follow up a little bit on this very point. When we look at the OpEx in the first quarter versus second quarter, obviously there is volatility between quarters and a little bit of seasonality eventually. It seems like the OpEx remained completely stable at EUR 205 million, yet the B2B revenues were lower, and you mentioned that those revenues had a low margin. We could have expected probably lower OpEx overall because of those lower revenues in B2B. What can you tell us, in that context, about the OpEx evolution, how fast it continues to decline or not, or what do you expect for the next two to three quarters? The OpEx of the IT depends a lot on the revenue. It's not there where we see the efficiencies. The efficiencies are- No. Sorry. If I may, I was referring to telco. Just to telco- To telco EUR 205 million OpEx. Yes, absolutely. Always in telco. We will not provide guidance in the number, we are seeing that we have efficiencies in the second half of the year. As I was telling you, our transformation program still has many phases to begin. Some will begin, some will end during the second half. We may have some fluctuations, but efficiencies are there. That is very clear. Thank you very much. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad. Dear speakers, there are no further questions for today. I would now like to hand the conference over to the management team for any closing remarks. Okay. Thanks very much for joining. Any questions, please feel free to reach out. Until next time, take care. Bye-bye. This concludes this conference call. Thank you for participating. You may now all disconnect. Have a nice day.