Welcome to Ooredoo's 2022 investor call. My name is Andreas Goldau, and I'm in charge of investor relations. Today, I'm joined by Aziz Aluthman Fakhroo, Managing Director and CEO of Ooredoo Group. Furthermore, we are joined by Abdulla Al Zaman, our Group CFO, René Werner, our Chief Strategy Officer, Sheikh Mohammed Bin Abdulla Al Thani, Deputy CEO of the Ooredoo Group, and Eyas Assaf, Deputy CFO. We have a new member to the group. He has been a veteran to Ooredoo and Ooredoo Qatar, but it's the first time to welcome Sheikh Ali Bin Jabor Al Thani to the investor call. He has been taking over his new role as CEO of Ooredoo Qatar last month. The presentation begins, as always, with the key financial highlights and consolidated results presented by Aziz, our Group CEO. Abdulla, our Group CFO, is covering the opera sections. Do type your questions in the Q&A section of the Zoom webinar at any time. We keep the presentation very brief to allow ample time for your questions. The recording of the session has started now, so by staying in this call, you automatically consent to being recorded. I would also highlight the usual disclaimer on slide number two. That's the introduction, and I hand over to Aziz. Good morning or good afternoon. I'm happy to present to you the Q4 results and more importantly, 2022's full year results. As every time before, we walked you through different parts of our core strategy from value focused portfolio, which is optimizing our asset base. The Braveheart 2.0, strengthening the core, which was driving profitability through better OpEx and CapEx management. Smart Telco, increasing the revenue streams from our existing core base of customers. Of course, people, our core asset in the company, and customer experience, which has been a priority for us to grow our customer base. As you remember, last year, at this time of the year, we announced the merger of Indosat with CK Hutchison operation in Indonesia. This marks the first year of the integration. We're very happy to report that we're going ahead of plan, and this merger is bringing higher than expected returns as of today. Our revenue is at $3.1 billion. Our EBITDA is at $1.3 billion, and we're also announcing a net profit of $96 million. Focusing for the beginning of next year, we'll focus now on finalizing the network integration, expanding our network coverage and growing our customer base and ARPU. We've also achieved during this periods the launch in Q3 of FTTH. We've announced a data center JV in Indonesia in Q2, and we've been expanding our partnership, especially with Google, to grow our adjacencies businesses. As mentioned previously, we've been going ahead of schedule in terms of network integration. We've actually managed to activate over 31,000 sites, and the shutting down is in progress. We're growing also our customer base. We've just passed the landmark subscriber base of 100 million subscribers at 102 million subscribers. This puts us on track of exceeding our expected targets, which was, as I may remind you, $300 million-$400 million of annualized pre-tax synergies between year three and five. Today, we're confident that we'll probably reach the $400 million mark closer to year three than year five. We're very happy with the progress which is going ahead of schedule for this merger. I'm happy to announce that we're continuing the strong performance at the back of 2021 with 2022 results. As you'll see, we've increased our revenue by 4%, taking our revenues to QAR 22.7 billion. Our EBITDA stands at QAR 9.1 billion with an EBITDA margin of 40%. This has allowed us also to achieve a normalized net profit of QAR 2.8 billion compared to QAR 2.2 billion in 2021. Just as a mark, this is the highest profitability for Ooredoo since 2013. We've also achieved significant milestone. As we mentioned, the integration which is ahead of schedule in Indonesia. We've also delivered a seamless network experience for the World Cup that took place in Qatar. As you will see, we've also been upgraded by S&P to A minus one. I'm pleased to announce that the board has recommended a dividend of QAR 43 compared to QAR 30 last year. This is an increase of 43% for the dividend of the year. As mentioned, our normalized pro forma revenue is up by 4% to QAR 22.7 billion. A note, in all local currency, our revenue is up in every single OpCos. Our EBITDA is down by 2% to QAR 9.1 billion. This is mainly driven by inflation in energy costs that cost some of our OpCos, and also exceptional expenses due to the World Cup, as well as the OneOoredoo programe. I'll touch on this later in the slide. Our EBITDA margin stands at 40% and our CapEx intensity is at the lower end of our guidance at 12%, coming down from 14% the previous year. Free cash flows are up by 3% to QAR 6.4 billion, and our net profit, as mentioned, is up 27%, a record, to QAR 2.8 billion. Our Net Debt to EBITDA is at 1.1x, and our customer base is now stands at 56 million subscribers excluding Indonesia, and 158 million subscribers including Indonesia. Just for reference, this is a slide with the key highlights versus last year's reported numbers. I won't spend much time on it as this integrated Indonesia as a subsidiary. As you know, as of today, we account for it as a joint venture. For Q4, we see similar performance as for the full year. Revenue is up by 3% at QAR 5.8 billion. EBITDA down by 2% to QAR 2.3 billion. EBITDA margin at 39%. CapEx intensity at 20%. Free cash flows up by 5% at QAR 1.1 billion. Our net profit stood for the last quarter at QAR 722 million. Net debt to EBITDA still remains at 1.1x, and our customer base 56 million. Same comment, this is comparison to last year, which included Indonesia as a subsidiary. This is just for your reference. With the revenue bridge, what you'll notice is that we have strong growth in Qatar, Iraq, Kuwait, and the Maldives, as well as in Palestine. In Algeria, Myanmar and Tunisia, we actually grew in local currency, but were affected by the depreciation of currency. The only market where we had a slight drop in revenue is Oman. This is mainly due to the entrance of Vodafone as a certain player into the market. This has taken the total group's revenue from QAR 21.9 billion to 22.7 billion for the full year. That's a 4% growth. On the EBITDA bridge, what you will notice is similarly to the revenue, the core markets which have outperformed are Qatar, Tunisia, Kuwait, Maldives, and Iraq. Our pro forma EBITDA has dropped by 2%. What you'll notice is Qatar, Tunisia, Kuwait, and Maldives, as well as Iraq, have performed very strongly. Algeria and Myanmar have been impacted by foreign currency, and Oman by the entrance of Vodafone. The drop in EBITDA is justified by a few exceptional events. One was the increase in staff cost due to the Braveheart program, which was a transformation project, which has led to the increase in Free Cash Flow over the last 2 years, as well as the current integration of OneOoredoo, which is a uniform back-end platform for HR, procurement, and financial across all our OpCos under SAP. Previously stated, our normalized profit is up 27% from last year, from QAR 2.2 billion-QAR 2.8 billion. This is a record. It's our best net profit since 2013. Big part of the outperformance in net profit is coming from the decrease in amortization and depreciation, thanks to our impairment of Myanmar and our rationalization of our asset base. This jump in net profit is supported by lower depreciation and lower finance cost. Here we see the normalizations adjustment that we've done for our net profit, FX and impairments, and the one-off proceeds for the data center sale. For Q4 of the year, our net profit is up by 12% from QAR 643 million to QAR 722 million. Once again, normalization include FX and impairments. In terms of CapEx expenditure, what you'll notice is we're coming slightly below the lower end of our guidance at 2.7 versus a guidance of 2.75 for the year 2022. That takes our CapEx intensity from 14% to 12%. Big reduction were in Myanmar, where we've kept CapEx to a bare minimum given the situation of the country. Iraq, which had undergone in 2021 the preparation for the 4G launch. Similarly, Kuwait in 2021 was preparing for the 5G launch. Tunisia went through a network modernization. In Maldives, the there's a higher CapEx due to an undersea cable investment. In Algeria, we're going through some network modernization and some delays at customs and vendors. In terms of Free Cash Flow, we continued by increasing our Free Cash Flow year-over-year, taking our pro forma Free Cash Flow from $6.1 billion to $6.4 billion for the full year 2022. That's a 3% increase. In Q4, we've managed to increase our Free Cash Flow by 5%. We managed to offset the impact of lower EBITDA by even lower CapEx expenditure. In our consolidated footprint, our customer base has dropped from $57.5 million to $56 million. This is a 3% drop. We've grown in every single country except in Myanmar, where after the coup, the SIM registration regulation and the new SIM tax has affected our customer base. On the total of our footprint, including Indosat, we've grown the total customer base to 158 million, which is a record for the group. In terms of guidance for the revenue, in 2022, we exceeded our guidance with a +4% in revenue. In 2023, we're expecting our revenue to remain flat, driven by two main reason. We won't have the one-off effect of the revenue from the World Cup, but also we're expecting currency headwinds in some of our OpCos. We're still expecting to grow Our revenue in every single obstacle in terms of local currency. In terms of EBITDA, we are -2 at 40%. We expect to have an EBITDA margin in the low 40% for 2023, with a strong focus on cost control. In terms of CapEx, we're retaining our CapEx intensity at 12%, which is a sustainable level for the growth of our operation. Our debt profile continues to improve on the back of the growth of our free cash flows. This has resulted in an upgrade of our credit rating from A- to A by S&P. As highlighted previously, we have very limited interest rate risk as from 89% of our debt is on fixed rate. Thank you, Aziz. I'll be covering the performance of OpCos, starting with Qatar. Qatar have a great, I would say, story in 2022 by hosting the World Cup, and the performance of Qatar being great in 2022 due to the host of one of the main event on the world. Revenue grew up by 7% year-on-year, and this is driven by Ooredoo tv and postpaid and mobile money. Service revenue has very strong growth by up to 7%. Healthy EBITDA margin at 48%, a decrease mainly due to a sponsorship activity and other FIFA 2022 expenses. Customer numbers stood at a 3.6 million, which is 14% year-on-year growth. Qatar performance in 2022 is a great performance which contributed an overall revenue to the whole group. Okay. My second OpCos is Oman, which is also another good story. Oman revenue has increased by 5% year-on-year. This is growth mainly from the wholesale and postpaid and also device revenue. EBITDA increased 5% also year-on-year. EBITDA margin stood at 52%, which is a very healthy EBITDA margin. Customer number has improved or have reached approximately 3 million. There was also an increase on the fixed and equipment sales. Next is Kuwait. Strong growth in the year 2022. Revenue has increased by 11% year-on-year. EBITDA also increased by 15% year-on-year. We also notice an increase on customer base by 8% year-on-year. Another good story on one of our, I would say, main OpCos, which is Kuwait. Next is Iraq, Asiacell. As you are all aware, Asiacell performing in a very competitive market, even though we have noticed a stabilize in the revenue of 2022. EBITDA year-on-year drop by 6%, mainly due to higher energy and lease line costs. Customer number also has increased by 7% year-on-year, reaching approximately 17 million. We also observed increase in mobile and wholesale and a slightly drop on the devices. Algeria. The reported number in QAR show a decrease by 2%. In local currency, revenue increased by 3% year-on-year. EBITDA margin remained stable at 35%, we've seen obvious drop in the quarter four in EBITDA due to restructuring costs. Customer number increased to 13 million, 2% year-on-year growth. Tunisia. Similar story. The reported number showing decrease of 9% year-on-year. In local currency, revenue increased by 1%, driven by higher, I would say, mobile and fixed revenue in both consumer and B2B. EBITDA increased by 15% in local currency term, driven by better cost control despite higher energy prices. Tunisia is still number one mobile market share, and the customer numbers stood at 7.1 million. Next, Myanmar. The revenue has showing a drop of 3% in QAR, while in local currency, the revenue has achieved 15% in growth. Currency depreciated or the currency depreciation impact of 18%. EBITDA increase also by 22% due to higher revenue and strict cost control. I would say customer number decline also to 7.5 million, 34%. Also, we have noticed that mobile have grown by 14%, fixed by 33%, and also wholesale by 33%. Very good and a strong performance in Myanmar. Another good story that I would like to share with you is Maldives. Maldives revenue has increased 8% year on year, a bit stronger performance of 17% year on year. Customer base has increased to 387,000, up to 5% year on year. All other product has contributed positively to the increase of revenue. This is including mobile, fixed, and wholesale. Next is Palestine. Fantastic performance story in the 2022. All-time high in revenue, up to 3% year on year. EBITDA increased 4%, mainly due to higher revenue. Customer number increased to 1.4 million, 2% year on year. This conclude the OpCos part. Back to Andreas. Thank you very much, Abdulla. Before we go to the live Q&A part, let's have a look into the calendar. We have a couple of conferences coming up. At the end of this month, we're gonna be in Dubai with Arqaam at MENA Investor Conference. Then on the eighth and ninth of March, we're gonna be in Dubai again with EFG Hermes. At the end of May, we're gonna be in the U.S. at the Bank of America Emerging Market Conference. Now we come to the Q&A part. Please do type your questions, not in the chat section, but in the Q&A section of the Zoom call, and we're gonna answer them as good as we can. Okay. Thank you very much. Now we are coming to the Q&A part. I see some questions already coming in. Please do type them in the Q&A section or just raise your hands and we open up the microphone. I'm gonna read out the first question from Arqaam. Ziad Itani would like to know, what are the latest updates on the number range case in Kuwait? This meeting is being recorded. Sheikh Nasser Bin, do you wanna take this one? This case still remain the same, as per the latest verdict is in our favor, as Ooredoo Kuwait. There's no change on the position, and we're still waiting for such updates from, you know, the court. Mm-hmm. still no update since last quarter. Okay, thank you very much, Sheikh Mohammed. We got another question from Manjun Tan. Can you elaborate on plans for cost control? Maybe that's a good question for our controller. Abdulla? Actually, we have started a discussion on setting up a plan for the smart OpEx. We have promised Ooredoo that we come back to them, let's say by end of quarter one. As we establish and implement this dark Smart CapEx last year, we are committed to do it. We are in the discussion. The last point, in setting the plan, inshallah, we will roll it by early, let's say, quarter two. Thank you very much. We got a question with regards to our M&A activities, maybe something for René. Recently there were news around Vodafone looking to sell its stake in African business, Vodacom. Would Ooredoo be interested in that opportunity? In essence, we are always looking in the interest of our shareholders for opportunities that increase shareholder value. As such, we are obviously looking at opportunities if they offer them to ourselves. I cannot comment on this Vodacom question. Great. Let's open up the audio questions then. The question coming here from Nasser Al-Sulaiti. Nasser, we open up your microphone now. Can you talk, please? Hello. Asala malikum. Walaikum asalam. This is Nasser from Dlala. My question is what is the schedule to for paying off the bonds in full? In regards to our bonds, Otmane, do we have any plans for paying off bonds early, and what's the next maturity? Okay. actually today, we are sticking to the plan by paying the equity by 2025. We have not discussed any plan to pay it earlier than that. Okay, thanks. Yeah? Currently at a level of 1.1x Net Debt to EBITDA, we have no plans in anticipating any prepayment, especially at the current rates. We have to remember that 90% of our debt is at a fixed cost and was secured before interest rates increased. We're actually very comfortable at that position. Nasser, I hope that answers your question. Thank you very much. Excellent. I'm gonna open up the line for Omar Maher from EFG. Hello, can you hear me? Yes, we can hear you. Hi, Andreas. Thank you. Okay, just may perhaps follow up on Aziz's comment you just made regarding the leverage. Seems like it's in a very comfortable position. I would add to that perhaps the strong cash flow generation and the cash balance and balance sheet. What is stopping you today from increasing your, you know, dividend payout significantly above where you are right now? That's the first question. Omar, you have to keep in mind that we raised the dividend by 30% last year. We raised the dividend by 42% this year. Cumulative, that's an 85% jump in dividends over the last years. We believe this is a healthy payout. We're at the top of our guidance this year. Last year, we were also very close to the top of the, This meeting is being recorded. In the environment which is upcoming, we don't know what the future holds. As you know, we have different initiatives in the pipeline going from investing in data center, which we announced data center capacity, as well as our mobile financial services, which we also explained in our strategy days, which will require some form of capital going forward. Thanks, Aziz. No, I agree that definitely it's good to keep some, you know, some firepower on the side, for all the, you know, everything that you have in the pipeline. You also have something coming in the opposite direction, which is the tower carve-out. I think you talked about this last time. You mentioned probably by mid 2023 you're gonna have something more concrete to share with us. That brings me to my second question, whether you have any updates to, you know, talk about. You know, if you have all of that on the side, plus what's coming from the carve-out, plus the sale of Myanmar. You know, quite a few elements that are adding to this firepower or dry powder that you talked about. So, you know- Well- Does this mean that perhaps you have something bigger, you know, that you're looking at, a bigger opportunity? Well, as René mentioned, we remain always opportunistic when we look at opportunities. We've also been extremely disciplined, where we try to keep in mind shareholder value maximization. We've seen a lot of opportunities. I think over the last two years, we've seen over 20 to 30 opportunities. We've passed on every single one of them because we didn't believe they were actually value accretive to our shareholders. That doesn't mean, especially as the environment carries on in the current situation, we might see more compelling opportunities coming up, and we of course want to keep dry powder for these in this event. When it comes to the tower carve-out, we mentioned on the strategy days, which was in November or December, if I don't remember, that we're running a process. It's a very healthy. In the first round of the bids, we had over, close to 50 bidders. We're now down to a handful in the final rounds. Hopefully, we'll come up with, an announcement as we said current of, 2023. Once we have an announcement and we can announce the proceeds, we will decide what we do with the proceeds. We won't spend them before we get them. That's fair. Thank you. Fair enough. Thank you very much. Excellent. Thank you very much for the question, Omar. I see, Ziad typed a question, but he also raised his hand from Lebanon, so I'm gonna open up your microphone, and you can ask the question live, Ziad, please. Yes. Thank you, Andreas, and congratulations on the strong results. Just a couple of questions from our end. First, any updates on the Myanmar sale exit? Is it just the regulatory approvals that are pending, or are there any other hurdles? No. Yeah. Sorry. Myanmar, sales with the seller, all is done. We're waiting for regulatory approvals. As you know, in February, the government there extended, the state of emergency, plus did a few cabinet changes. We are in constant contact with both the seller and the regulatory authorities. We understand and hope that we should get all the approval in the short future. At the same time, we can't guarantee a timeline. We're confident that we should get this transaction closed in the near future. As a reminder, if you remember our competitor, Telenor, between announcement and closing, I think it took them more than a year, something like 18 months. We announced the transaction, 4 months ago. We're hoping really to have it closed before the year end, actually before even first of this year. It is within the authorities' hands. Okay. That's very clear. Thank you, Aziz. On that market specifically, are the FX losses incurred in Q4 mainly related to Myanmar? We had... You're talking about the translation losses? Yeah. Majorly from Myanmar. Yes. The biggest impact is from Myanmar. Okay, perfect. That's very clear. Just circling back to the question on Vodacom specifically, because, I mean, it seems that this is a potential consideration for Ooredoo. I mean, don't you think that there's a bit of a risk going back into Africa, specifically with the FX and regulatory risk, tax risk specifically? We're seeing Ooredoo become a clean entity now, and there wasn't a definite rejection of this. I don't know where you heard that we were going back to Africa. First, we were never really there. We're in North Africa, but, it's hard to go back where you weren't there. Two, as we said, if you heard my previous comment, we've looked at over 30 opportunities over the past two years in terms of potential acquisition. A lot were actually situated in the African basin, others in the Asian and South Asian continent. We've passed on every single one of them because we didn't view it created a compelling return for us and for shareholders. I trust we'll carry on with the same level of discipline. That's it. We're aware of the process. That's as much as I can say right now, but I would tend to share your view. Okay, perfect. Very clear. On North Africa, in Tunisia, what is the reason why you're not growing, even when we isolate the FX losses specifically? Well, in local currency, I think we're flat or very minor growth. If you look is we're the number one in the market in terms of revenue market share. As you know, the country has gone through quite a bit of political and economical turmoil. It's probably out to the spectrum of all our jurisdiction from an economic standpoint, probably the weakest one we have. You look at Algeria, Iraq, these are real denominated economy. As much as there's been inflationary pressures on energy costs in these geographies, you also saw some general GDP populace in these countries. In the terms of Tunisia, we don't have that. There's quite a lot of inflationary pressures within the country which we're not able to pass through to the end customer. Okay. Last question, on Iraq specifically, any color what was the last, dividend paid by Asiacell? You're taking money out of that market. Off of my head, I don't have it here. I think we can circulate it later. Our... Huh? Yeah, we'll share it later. We'll share it later. Our dividend upstream from Iraq has been very strong and our capital repatriation over the last two years has been extremely strong. We have no risk there. Okay, thank you. On Iraq, we're gonna provide that information. We're gonna add it to the transcript of this call later on. Just on Tunisia, actually, in local currency terms, the full year numbers have been up by 1%. Okay. There was an anonymous question. Can you talk about the strategy given very strong cash balances? Would you be looking at more inorganic growth? It's the same question, and I think you should talk to each other. We remain very opportunistic, whether it's in our core market, which is in terms of the core connectivity business and also in the adjacencies which we're focusing on, so data centers and MFS. At the same time, till to date, we haven't seen any transaction which was compelling in terms of value accretion for our shareholders, so we remain very disciplined. That being said, we've done a series of very small in-market transaction over the past two years, buying some fiber capacity, expanding in our core markets where we do view that this adds actually quite a high return to our local operation and then percolates back up to the group. Any major transformative transaction, nothing as of yet. Great. Thank you very much. We got another, typed question here. Can you elaborate more on the increase in CapEx expectations for next year and be guided on QAR 3 billion? We're not increasing. We actually kept our CapEx intensity stable last year. If you remember, we guided between 14% and 12%. We actually came just below our guidance. This year, we're keeping our CapEx intensity guidance at 12%, which we're keeping stable. We believe it's, given the nature of our markets, and we still have some network enhancement in certain countries, we do believe it's the right ratio across our footprint. Mm-hmm. If you look at it in terms of emerging markets and a lot of the geographies, this is towards the lower end of CapEx intensities for a lot of the markets we operate in. Great. Thank you very much. In case there are any more questions, please do type them in the Q&A box or raise your hand and we open up the microphones. At the moment, I just see a comment that we have too many plastic bottles on the table. That's true. Working with our ESG strategy point well taken. Yeah. Replace them with glass. My plastic bottles. Once we run out of those because. Once we replace the bottles with the glass bottles, you won't be happy with our cost controls. Okay. Any more questions? One more verbal question. Oh, Omar Maher is having another verbal question. Omar, if you can ask your question, please. Right. Thank you. Just a question on Oman actually. Sorry if I missed this in your recorded comments at the beginning, it seemed quite weak in the fourth quarter. Just wanted to understand, you know, whether, you know, there's any adjustment. I'm guessing not because there's, yeah, there's been weakness on the revenue as well. Is the third operator finally starting to flex their muscles or is it something else? The third operator is actually ramping up in Oman, which was expected. They're currently, at our estimate. It's hard to estimate because they still haven't disclosed revenue market share. When we tally up our numbers and market numbers, we do Oman Telecom's numbers, we sort of estimate their revenue market share between the 4%-5% range, which was within our expectation for the third operator plus, you know, backed by Vodafone. That being said, you have to remember that we have a wholesaler agreement and a roaming agreement with Vodafone for three years. The three years agreement. They're using a big part of our network, and we're getting a revenue stream. Even if they're getting a bit of customer acquisition on the retail side, we're still recuperating part of the revenue back on the wholesale side. That's not reflected in the fourth quarter revenues, is it? No. The wholesale part from the QNBN. No, it is. It is. is. It is. As their network will ramp up, the wholesale part will start reducing. The flip side of that is once the wholesale reduces, it means that there are retail customer back for acquisition in the market. No, that's, am I correct in thinking that there's, perhaps, you know, more significant pricing pressures than, you know, the retail traditionally? They had some aggressive campaigns. What we're seeing is a stabilization. I don't think these campaigns can run for too long. The key things is, we've quite a bit of discipline with the two incumbents in the market to avoid a market erosion in Oman, which would be detrimental for all players. Very clear. Thank you, Aziz. Okay. I got some new information on Asiacell. Their last dividend was one IQD per share for last year to come back to the previous question. We got a new question here, financial question: what are the impairment losses shown in fourth quarter 2022? The impairment is mainly AMH. Yes. I think it's a hundred and ninety-. Six. -6 million QAR. Always our conservative approach. AMH Holding, if you recall, is a minority stake we hold in AMH Holding, which in turn, holds a stake in StarHub, which is listed as the listed entity in Singapore. The values, we just revised the value of our holding. Mm-hmm. Excellent. I don't see any further raised hands. There's another question coming in on Algeria from Celia Lomburg. Sorry. Algeria has recorded a remarkable drop in EBITDA. What's that due to? This is due to restructuring costs. Mm-hmm. Provision of restructuring costs. Nothing more than that. It's a one-off item. Nothing ongoing. Yeah. Good. Any other questions? Yeah, I see something coming in. There's a question from Praduma Mishra on the Iraqi market. The press release says that the lower EBITDA is due to higher lease line and energy costs. Could you elaborate on the element of higher lease line? Lease line costs in Iraq have gone up around 40%. Energy costs have gone up 20%. That represents nearly the whole erosion in EBITDA in Iraq. We're the data leader in Iraq, and as data consumption increases in Iraq, our lease line cost increases, and that leads to slightly lower margin on that product. We still view being a data leader as primordial in any market we are. Great. Thank you very much. Yeah, I don't see any more questions. Whenever I say that, something else is coming in. Okay, we got another question here on Algeria. A competition has published results and its revenue EBITDA has increased. What is? What? Zain it seems announced their numbers. Zain, what is the last word? market share. Market share? Yeah. What is the MRT? Can you retype that please? What's the market or amortization? Amortization, maybe. Why would they ask about amortization? No, I looked at the questions amortization. Yeah. MRT. I think there's something that came through. Yep, market share. Yeah, market share. They announced also that I don't... Huh? Just a second. We have mentioned also, in local currency, Algeria revenue has grown 3% year-on-year. EBITDA also had stability at 11.35%. We're still a lot of growing in term of revenue on local currency. I think in terms of revenue market share, we're actually growing in Algeria. Exactly. Yes. We're taking share. We're actually taking market. I don't have the number exactly on the hand, but it's been strong performing versus competition. Since Mobilis doesn't report, it's sort of only an estimate to this. Maybe we can share that. We'll share it offline. We'll share it. No problem. Yes. We're gonna add again a comment in the script on the market's trend in Algeria. No, that's not a question. Just correction. Yeah. That's just a comment. All right. If there are no further questions, I would just like to remind you that our next investor call is the Q1 call on the nineteenth of April. We're gonna have a gap then due to the Eid break. The investor call is tentatively scheduled for the fourth of May. We're gonna be joining a couple of conferences, so we hope to see you there. If you have any questions in the meantime, reach out to the investor relations team. Any closing remarks or? No. Thank you very much. Please, you know, any comments, any metrics you would like us to disclose more in our reports, please, you know we're always, taking feedback. Thank you for your participation. Thank you very much.