Good afternoon, ladies and gentlemen, and welcome to the Digi Communications and the Investors half year of 2024 financial results presentation. A copy of the corresponding report is posted in the investor relations section of Digi's website at digi-communications.ro. The conference is being recorded today, and a replay will be available shortly after. For today's call, please submit your questions for the Q&A session at the end of the presentation using the chat box. Before we can start, you are advised that certain statements in this conference call are forward-looking and therefore subject to material risks and uncertainties. Actual results could differ materially from those stated or implied by such forward-looking statements due to the risks and uncertainties associated with Digi Communications N.V., which include, amongst others, various risks related to our business, risks related to regulatory matters and litigation, risks related to investments in emerging markets, risks related to our financial position, as well as risks related to the notes and the related guarantee. I would like to introduce the speakers for today's call, Mr. Serghei Bulgac, the CEO of Digi Communications N.V., and Mr. Dan Nita, the company's CFO. We may now begin the call. Good afternoon, ladies and gentlemen. Thank you very much, Mariana, for the introduction. Welcome to our second quarter 2024 results call. Without too much introduction, let's start going through the presentation. We had an exciting quarter and an exciting first half of the year, reaching a total sales figure of over EUR 920 million, 30% growth year-on-year. RGUs surpassed 25 million, reaching 25.5 million units as of June 30, a 14% growth, an outstanding figure. EBITDA, excluding the IFRS 16 accounting treatment, reached EUR 285 million, an almost 20% growth year-on-year. Of course, this all is the result of outstanding performance in Romania and Spain, our core markets at the moment. In Romania, we reached 6.2 million mobile users, 15% growth year-on-year. Pay TV, cable television and satellite services amounted to 5.7 million users, a 4% growth, and broadband amounted to 4.7 million users, a 7% growth year-on-year. Spain continues showing outstanding results with an outstanding 30% growth in terms of RGUs, reaching a total of 7.5 million units. Of course, mobile continues to be the main segment, with 5.3 million RGUs. Broadband, 1.7 million RGUs, continued growth of more than 50% during the quarter... In the year preceding second quarter, and the fixed telephony, 544,000 RGUs, similarly, 50% growth year-on-year. Just a few words on our strategy and our and its execution. So in the core markets, in the legacy markets, we are very happy to be able to continue our growth, or continuous, continued growth and development, growth in new customer gain, but also just robust performance in servicing our clients. So Romania, as we mentioned earlier, Romania had an overall 8% RGU growth, which shows the maturity and consistency of the market, and in Spain, we increased 30% year-on-year. We will continue improving our network coverage, particularly in Spain, where we are building rolling out the fixed network fixed networks at the moment. We will continue rolling out marginally our networks in Romania, both fixed and mobile. We continue expanding the 5G footprint of our mobile networks in Romania, and we are also busy in preparing the launch in the two new markets that we intend to launch this year. Of course, it's Portugal and Belgium. Unfortunately, and again, like on previous calls, we will not be very specific about the timing and the size of the launch operations, but for sure, it will happen this year in the remaining part of the year. Once we're there, we will come back to the market with more details on our operation and our operational stance and position. Just a couple of words on the recent developments. At the end of May, beginning of June, we announced that in partnership with Clever Media Group, we signed a memorandum for acquisition of the entire stake in Telekom Romania owned by Deutsche Telekom Group, OTE. This transaction has been submitted to the Romanian authorities for review, and we are waiting for their position and for their on this. Once the transaction is approved and can go forward, we'll certainly come back to the market to provide more information on this operation. We also the beginning of June, we signed a EUR 150 million loan with ING Bank as sole underwriter and arranger. It's a backstop facility to secure repayment of EUR 450 million bonds that become due in February next year. As of today, due to the fact that the Macquarie project in Spain has been approved, we do not intend to draw on this facility. It was really a security for us to make sure that we repay bonds in time and properly. On July the ninth, approximately one month ago, we signed the National Roaming Agreement and the Revenue Sharing Agreement with Telefónica for a period of 16 years. This agreement also has a component for mobile spectrum sharing in the 3.5 gigahertz frequency band. This agreement intends to replace the current MVNO agreement as of January first, 2025, so in less than half a year. It will also, once closed, allow us to build our own network also in partnership with Telefónica. Also, as part of this agreement or package, we signed for 10 years a broadband upstream wholesale agreement with Telefónica to continue expanding our fixed services also on Telefónica's network. So, like I mentioned before, we build our own network and we operate our own network, but we also sell on Telefónica's network, and we intend to continue this activity going forward. The most recent development on the first of August 2024, Digi Portugal has signed an agreement with Lorca, the owner of MÁSMÓVIL in Spain, but also NOWO in Portugal, for acquisition of NOWO for EUR 150 million. This transaction is also subject to clearance by the Portuguese Competition Authority, and we are now in contact with the authority for clearance to proceed. The transaction involves 270,000 mobile users, which operate on a virtual network, and 130,000 fixed telecommunication clients. Coming back to the numbers, basically, we, and I'll repeat some of the information that was provided before, we are very proud to achieve- to have achieved almost EUR 475 million of revenues in the second quarter. Adjusted EBITDA, excluding IFRS 16, was almost EUR 145 million, and as I mentioned previously, total RGUs to the 25.5 million, with outstanding performance both in Spain and in Romania. Also, Italy has grown to 450,000 mobile users in the second quarter of this year. Moving on and looking just in more details at our numbers. So, sales grew 13% year-on-year to EUR 475 million from EUR 419 million a year ago. EBITDA, including IFRS 16 numbers, amounted to EUR 170 million, up 17% from EUR 146 million euros a year ago. CapEx in the second quarter amounted to EUR 240 million, slightly less than EUR 256 million a year ago. CapEx for nine months amounted to EUR 409 million euros. Sorry, CapEx for six months amounted to EUR 409 million euros, and the largest amounts were invested in Romania to accelerate expansion of the 5G network, but also in Spain to build our to expand our fixed networks over there. Looking at revenues, Spain has contin... has grown 24% year-on-year in the second quarter, reaching EUR 192 million from EUR 157 million a year before. Romania reached EUR 276 million, 5% growth, overall growth amounted to 13%. EBITDA was stood at EUR 170 million, including IFRS 16. Without IFRS 16, EBITDA amounted to EUR 145 million in the quarter. Moving on, just a few words on RGUs. Mobile continues to be. Well, mobile is the largest segment in the group, accounting for almost half of our RGUs, having also the highest growth rate of almost 20%. As you see, by the end of the second quarter, we reached almost 12 million RGUs across Romania, Spain, and Italy. Broadband is the second fastest growing market, also the second largest growing market, with almost 6.4 million RGUs and 16% growth year-over-year. While pay TV is at 5.7 million RGUs, represented only by Romania, a 3% growth year-over-year. Romania, 17.5 million users, Spain, 7.5 million users. Spain growing at 30% rate year-on-year, an outstanding performance that was delivered by our colleagues there. We continue to perform very well in terms of portability. In Spain, almost 600,000 mobile users joined our network from portability during the January-June period. Net portability gain amounted to over 400,000 users in the period. And we also added more than 100,000 fixed telephony lines coming from other operators in the market during January-June 2024. In Romania, mobile portability growth stood at 382,000 customers. Just a few words on the financials. So, total gross debt of EUR 1.6 billion, net debt of EUR 1.5 billion, net leverage 2.7x. As you see in the chart, that's on the right-hand side, we have maturities of EUR 639 million coming due in 2025. As discussed previously, the largest of these is a bond tranche of EUR 450 million, which is due in February 2025, and we intend to repay it in the first quarter of 2024, so in less than three months' time. Yes, once we draw the funds from the Macquarie transaction, which we expect to close in September, we intend to, we expect that leverage will decrease to approximately 2x, the net leverage will decrease to approximately 2x. Also, recently, we have been rated first time by Fitch, and we received a BB stable rating, which we see as an outstanding performance in terms of prudence and financial stability, coupled with the growth that we generate as an operator. So we are satisfied with the rating we received, and yeah, we hope that you as investors also appreciate this information as positive in terms of our performance. And just last, it's a recap early in July, we paid a gross dividend of 1.25 RON per share based on the results of 2023. So just a few words to recap our strategy going forward for 2024, but also for 2025. We believe that we have had strong performance in the recent quarters, in the recent periods, both operationally, but also strategically, in terms of availability of resources or transactions that we could conclude in the market, including the remedies that we received in Spain, including the fact that we were able to sell part of our assets in Spain to Aberdeen, but also to Macquarie. Based on this, we have an important amount of resources available for our growth and development, which gives us, puts us in a good position to continue. And not lastly, we have the Telefónica roaming agreement with Telefónica, which puts us in a strong position to develop our operations further. But this also helps us to develop and well, and launch the new service, the new markets and new services in Portugal and Belgium, as we mentioned earlier, in the second part of 2024. So, I think the journey was very satisfying until now, but we also expect it to continue to be so in the near future. So with this, I finish the formal presentation, and we invite all of you to ask questions, and I hope we can be helpful. We have questions here. I hope I and my colleague, Dan, will be able to answer all of them. The first question is from Maurice Patrick: How do the economics of the wholesale mobile and RAN share deal with Telefónica change compared to the prior deal? Do they have a similar or different fixed variable amount? Telefónica implied that in total it was a similar overall amount. So it's somewhat difficult to comment. It's a long-term agreement, it's a 16-year agreement, on one hand. Secondly, it's a slightly different agreement, meaning until now, we have enjoyed only MVNO access. From now on, we will use both roaming but also RAN sharing, with the intention, with the idea that on day one, we start 100% with national roaming. But as time goes by, that we develop our networks, our network, both in partnership with Telefónica, using RAN sharing, but also in independently. And so, and in this way, we optimize the total cost that we have. So from this point of view, it is fair and correct to state that at initially these contracts are similar. However, it is difficult to foresee whether the dynamic of this relationship will be the same going forward. Again, we hope that with the CapEx spend that we will use in the future and with rolling out our own mobile network, we will enjoy better OpEx terms or better OpEx costs going forward. So, the answer is, I'd say mixed. But again, I think the dynamic is a bit more complex than just to answer simply, "Yes, the number is the same," or, "No, the number is different." And second question from Maurice: Do you still expect CapEx of around EUR 600 million-EUR 650 million for 2024? Well, unfortunately, no. I think the new expectation is around EUR 800 million. As I mentioned before, CapEx amounted to EUR 409 million in the first six months. About one year ago, we have said to the market that our higher CapEx of EUR 700 million or roughly EUR 750 million in 2023 was due to accelerated CapEx, but also a new way of financing that CapEx through export credit agencies in mobile segment. We have continued this method also in 2024. And as of Q2, we have signed new financing of approximately EUR 120 million that for rolling out 5G networks in Romania for continuing rolling out 5G networks in Romania, but also for expanding in Portugal. So, due to continuation of both the accelerated CapEx in mobile, but also accelerated payment, which comes with export credit agency agreements, we expect this year's CapEx to be somewhat higher in comparison to 2023 and to amount to EUR 800,000 million. EUR 800 million, sorry. A question from Ganesh, from Barclays. Is your mobile tariff launch in Belgium delayed? Also, how is your fiber network deployment in Belgium progressing? Did you approach for fiber JV rollout in Flanders? Well, we have not delayed our Belgium start. As we announced last year, we have signed an MVNO and national roaming agreement with Proximus. We are in the process to implement this agreement, and as I mentioned, we will launch the mobile services-... In the second part of the year, in the following months, but I cannot be more specific than that on this call. I think the launch is not very far both for Belgium and Portugal. By far, I mean, it's a few months away, I'd say. But again, we will be more specific when we launch these services. We are developing at this moment a fiber network with our own resources in Belgium, and when we launch our mobile services, we will also launch the fixed services in the areas where our network is complete, is finished. How do you see the Belgium pricing environment, given the secondary brands in Belgium market are already pricing lower? What opportunity do you see in the market? Any color on pricing would be very helpful. Well, we believe that we have a niche which is not necessarily driven by price. It's driven by high quality services based on latest technologies. Either fiber optic, when we speak of fixed services, or 4G, 5G networks, when we speak about mobile, with generous, attractive packages in terms of speed offered to customers, but also... Yeah, so and of course, these services are priced correctly. So I wouldn't be able to say more. We can't really comment the pricing of the competition, and we believe that regardless, we have an opportunity in all markets where we operate, Belgium included. Question from Piotr Raciborski. What are your CapEx expectations for 2024 and 2025? So for 2024, I did mention already, it's around EUR 800 million. For 2025, it's too early to say for us on precisely. What level of total CapEx do you expect to spend on rollout of network in Portugal and Spain? Well, it's a complex question, and what's easier to say, what's easier to reflect upon is that, today, our CapEx spend in Spain has a magnitude of EUR 300 million, and today, our CapEx spend in Portugal has a magnitude of EUR 120 million-EUR 150 million. So this is the level of CapEx spend that we have today. But, And of course, the Spanish market is considerably bigger, and the opportunity to spend this market is longer, despite the fact that we are present in that market for a longer time, and we develop networks for a longer time. But more than that, it's difficult for us to comment. And also, in terms of Portuguese presence, we will certainly spend in the first five years in the magnitude of EUR 500 million in that market or more. Can you provide more details on Telekom Romania? It's a question from Laura Homsy. Can you provide more details on Telekom Romania? What is the purchase price and multiple paid? What is combined market share in mobile? Thanks. Unfortunately, it is difficult for me to comment and disclose more information at this moment. It still remains confidential. We will release this information to the market once the transaction is approved by the Romanian authorities. It is work in progress, and this is as much as I can share at this moment. A question from Flavio: We know Digi is facing challenges in terms of content licensing, namely getting contracts with the three major TV groups in the country. To what extent did the acquisition of NOWO solve this issue? I think, NOWO- the NOWO acquisition, came suddenly in the last one month or so, and we have embarked on this transaction for several reasons. On one hand, we were very keen and interested to integrate the mobile spectrum that NOWO acquired back in 2021. We are also keen to integrate the operations of NOWO, helping eventually us to expand our market share and our presence in the market somewhat quicker in comparison to what we did before or to the standalone strategy. In terms of discussions with various content licensing partners and operators on the market, these discussions are ongoing in case of DG, regardless of NOWO, and we hope, and we intend to resolve these issues in the coming months before the services are launched. Once again, having NOWO somewhat helps, because indeed, if we do not have this contract, then NOWO has the contract. But these are separate work streams for us so far. And I hope this answer is, and this description is helpful to you. A question from Nora Nagy. Actually, three questions. First, what is your CapEx outlook for full year 2024? We did mention it, it's EUR 800 million. Are you planning to use the EUR 150 million term loan for NOWO acquisition in case the deal will be approved? So this is something we are still considering. We have not decided. This is certainly one of the options. Can you share the purchase price for Telekom Romania, please? I, yeah, so we touched upon this. It remains confidential until now, and we will come back to the market once the transaction is approved by the Romanian authorities. Are you going to offer a Pay TV service right from the start, or are you postponing this ambition to a later date? It's a question from Flavio, and I think he refers to Portugal. He continues to refer to Portugal. Yes, we are intending to start all services from the very beginning. We are intending to start TV services, broadband services, but also mobile services. So one more question from Flavio. Who is Digi supplier of 5G network equipment in Portugal, are you using any Huawei equipment? No, we are not using Huawei equipment or other Chinese equipment. Our mobile vendors in Portugal are exclusively Ericsson and Nokia. A question from Piotr Raciborski: When do you expect Digi to return to average industry CapEx sales level? Well, Peter, to be honest, I don't know. But maybe on a different note, to mention, I understand that maybe we are not comparable to the rest of the industry or to many other operators, but we believe that there is something unique about Digi. It's the fact that we have the opportunities, and we exploit these opportunities, the growth opportunities, I mean, heavily. So from this point of view, I think we have lived through this pressure to grow and intention to grow since I'm with this company, but certainly also before, so in the last 30 years, and I sincerely hope it will last as long as it can. So yes, maybe we will not generate 50% CapEx to sales ratio going forward, but we certainly want to have the opportunity to grow, and we want to address it as much as we can ourselves, and not... Yeah, ourselves. Sorry. Yeah, a question from Emil. Congratulations on the result. Thank you. And congratulations on the M&A. Thank you second time. Thank you very much. However, the last purchase from Portugal seems at a rather high price compared to what you're used to. If you can, please detail what led to the payment of such a high price. I'm not sure. I think the beauty is in the eye of the beholder. I think these appreciations are subjective. The NOWO transaction is important strategically to us. We wanted very much to consolidate the mobile frequency, the spectrum that NOWO acquired competitively in 2021. And as I said, secondly, we are also integrating an existing broadband and cable operation, and which is very much aligned with what we intend to do. Of course, NOWO has an HFC network, which will have to be replaced by our fiber optic network, but we believe that this all is a very synergistic operation, and it is helpful for our strategy going forward. So I would disagree that the price is rather high to what we're used to. Also a question from Flavio: Can you provide more details on your pricing strategy in Portugal? Well, we refused to answer precisely this question in the past, and we continue doing so. But once again, we just do not want to preempt the proper launch, which will happen in the following months, as we said. In any case, we sincerely want to offer very attractive prices in Portugal, both for mobile user, for mobile users and for fixed line users. But I think we will be more precise, and once we launch, and it will come soon. A question from Oliver Berg: how much capital are you expecting to invest in building out the Spanish mobile network in coming years? Will you focus just on urban areas or nationwide? It's a good question. I will not be very precise. We're interested on the whole country coverage. However, once again, we operate in the context of remedies with limited amount of spectrum, but also in the context of most likely, or potentially, or expected long-term deal with Telefónica. I use this conditional language because the transaction is still requires approvals by the authorities. We have not received all the approvals as of now. This is work in process, and we expect it to complete in the coming months. So, once it is complete, we will decide, but in any case, it will be a mix of RAN sharing, spectrum sharing, and our own network. But this mix has not been decided. In any case, we're interested to operate nationwide. A question from Emil: What can you tell us about testing the fixed internet market in Turin? Is it as expected, will you continue in other cities in Italy? Well, we did mention this. We are continue to roll out the network. We continue to roll out the network in Italy. It has not generated significant results until now. And yes, I think it's a valid question. We will concentrate a lot more resources on all other markets, Portugal, Belgium, Spain included, in the coming future. Dan Grillo, can you comment some more on the competitive dynamics in Spain? How do you see this developing? Well, I think it's a difficult question, and a lot of transformations have happened recently, including the Orange-MÁSMÓVIL merger, including the Vodafone sale to Zegona, but also us being able to agree with Telefónica, 16-year national roaming deal, and RAN sharing and spectrum sharing deal in Spain. So I think the market is more consolidated now than a year ago, and probably the market is more decided on its standing and its position and the future. Having said this, we operate as usual now in 2024, very similar to 2023, but also to 2022. You can see this from the results. You can see them from the dynamic, and we sincerely hope that little will change from this perspective going forward. So I'd say the answer is yes and no. A question from John: Can you elaborate on the progress of negotiations for a national roaming agreement in Portugal? If no agreement is reached before launch, how robust and wide do you expect Digi's mobile coverage to be in Portugal? Thank you. Well, it's a fair point. We wish we had also a national roaming agreement. Unfortunately, the offers we received from the incumbent operators were not satisfactory. If we are able to achieve roaming or agree roaming, this is something we're still keen and interested to do. In any case, and I come back again to the previous discussions we used to have on this conference call. The main scenario is to go on with our own network, and we believe our own network covers well enough the entire population of Portugal. And we are very busy in the last stages to launch the services later this year. So, while it's difficult to answer precisely to your question, in general, we will launch certainly without the roaming as well. If roaming would be available, we are keen to, we are keen to operate with roaming as well. What will the group net debt ratio be, and if and after all upcoming transactions, Telekom Romania, NOWO, authorized? Thank you. So, I think it's a valid question. It's a good question. What is missing from the list, it's the sale of network to Macquarie, and these two have offsetting nature. Basically, the Macquarie transaction decreases the leverage to two and below 2x, Telekom Romania and NOWO are increasing the leverage. However, we expect still to remain in the 2.5x area. A question from Emil: In the presentation, the Dutch flag appears, the Netherlands, and in the same annual report, you refer to the Netherlands. Does this mean that you have entered the Dutch market? No, no, it's, it, it's a confusion. Our Digi Communications N.V. is a Dutch company. It's a, it's, it's our Dutch holding company. However, we never had, and we are not in the process of establishing, commercial operations in Netherlands, at this moment. So, the flag just refers to our, domicile, in Netherlands. A question from Russell Waller: What multiple of, EV, EBITDA and EV FCF is, the NOWO acquisition, please? I think, so I will not comment on the numbers, excuse me. Once we close the transaction, once we publish the results, I think it will be clear for, clear from the financials. But once again, to analyze this acquisition, you'd rather have to apply the sum of the parts, sum of the parts approach, because, the company has a clear asset, which is, the mobile frequency, and we value it separately, and then we have the operations. How does the Spanish fiber sale reduce leverage to 2x? What is the impact to net debt and EBITDA, please? Well, it just does so. I mean, when we sell the assets, we will have a lot of cash on our balance sheet. Yeah, I'm not sure I understand the question otherwise. A question from Ovidiu. If you acquire Telekom, it will remain a standalone provider in the Romanian mobile market. If so, how the price policy will change? Well, I will abstain from commenting, so this is working process involving the approval and the authorities. And, I think, the exact acquisition structure, the price, but also the final strategy, will be decided once the process is finished, once the process is complete. A question from Andrew Webb: Can you outline the Portuguese FTTH rollout so far? Are we thinking about fixed line launch, fixed line at launch? Are you looking for wholesaling, wholesale agreements? Do you plan to roll out fixed line infrastructure broadly in the market? Yes, we intend to launch services. We intend to start services in most areas of Portugal, in the main cities of Portugal, on our own network. We are open to also use wholesale infrastructure provided by other operators. However, we have not signed these agreements so far. We will come back with more precise numbers in terms of coverage as we approach the launch. Can you help us with the timeline for the Macquarie Fiberco proceeds in Spain? Is it reasonable to assume proceeds will follow the lines delivered, for example, EUR 425 million of the 6.6 million delivered in September? Yes, it is reasonable. I don't have, sorry. So, we expect closing to take place in September. We expect closing to follow the intended announcement, so at least 4.25 million out of 6 million homes to be delivered in September. And as a matter of fact, I think the number is somewhat higher, because time has passed since the contract was signed early in April, and in the meantime, we have more homes passed to sell. So, I think all is as expected from this point of view. Are you seeing any changes in the Spanish fixed market following some ownership changes? It sounds like some of the larger players are focused on lower-end fixed-line share with new offers, including TV content. Well, difficult for me to comment. I think the Spanish market was and continues to be, very competitive, but also innovative. As I mentioned earlier, we have a, a good growth, dynamic, and, we want to continue it, we want to continue to be so. Coming back to, to the mention of TV services, we're also keen to launch, TV services in the near future in the Spanish market. A question from, Maurice Patrick: How many homes have you passed in Spain with, the fiber, fiber networks? I think it was 9 million at first quarter. I think so as well, and I think that in the meantime, we have, passed more than 10 million homes passed. Of course, part of it will be sold to Macquarie, but ultimately available to us on a wholesale basis, fully. I hope it's helpful. Question from Flavio. Portuguese customers are usually bound to their operators for two years. What are your targets in terms of clients and revenue, and will you provide competitive offers with lower binding periods? We will. So I think this is too detailed for me to answer now. We hope that our offers will be attractive, so that other customers will be incentivized or keen to move to our services. Whether we will bind other customers with closed contracts and closed terms. I'm not so sure. Usually, this is not our strategy. Our strategy is to offer fair services for good prices, allowing our customers to enjoy good services. So this is not our intention. So a question from John. Have you reached any wholesale or FTTH network sharing agreement with other operators in Portugal? No, not at the moment. So at the moment, we are developing our own network, and we have acquired NOWO, which operates an HFC network, but also has an FTTH network of its own. So and but we do not have wholesale agreements as of now. And how many homes do you expect to have covered nationwide? So, as I mentioned, we are not disclosing these numbers now, but we will do so close to launch. A question from Maurice. Can you please comment on the impact on EBITDA from the Spain fiber sale to Macquarie? Yes, there'll be an impact on EBITDA because we will rent the network. Going forward, these costs will stabilize at EUR 50 million-70 million per year. However, we are not referring to the first year of operations. A question from Oliver Berg on funding. Adding together your high CapEx, the EUR 120 million being spent on Spanish spectrum, EUR 150 million on NOWO, and however much you spend on Telekom Romania, there are a lot of cash outflows there. I understand that the fiber sale helps cover the 2025 bond maturity, but how do you intend to finance all of these transactions? Would you consider raising additional bonds, or will this all be via bank facilities? Well, starting with the end, we are not working, or we are not considering bonds for the moment. However, we remain fully opened, and we may come back to the market later in 2025, six or seven, whenever we seem this is reasonable. But once again, this is not our focus at the moment. However, coming to the first part of the question, I think a couple of corrections are needed to be made. While the assumptions are very correct, so we will spend EUR 120 million on Spanish spectrum. However, it will be paid in installments, so it will not be paid neither in 2024 nor in 2025. It will be paid in installments over the next four years. The NOWO acquisition will be paid on spot after clearance from the Portuguese authority and Telekom as well, but we will have to come back with more information on this once the transaction is cleared. Speaking of the cash flows in general, the Macquarie transaction is not covering the 2025 bonds. The Macquarie transaction will be used to repay a part of outstanding maturities of our Spanish subsidiary, and it will also be used to repay a part of the intercompany loan that Spain owes to the Romanian mother company. But beyond that, a bigger portion of the sale will be retained by our colleagues in Spain for their CapEx plans. Speaking of 2025 bond maturity, in particular, we are repaying it using our cash on balance sheet, our existing undrawn facilities, and this is it. Basically, we're not using Macquarie as a means to repay bond. A question from Dan. You said that the last transactions, NOWO, Macquarie, and Telekom Romania, have offsetting nature. We know NOWO is EUR 150 million, and Macquarie is + EUR 750 million. Can we assume that Telekom Romania is around EUR 500 million to give us 2.5x leverage? Certainly not, certainly not. However, we will not comment on the price otherwise. A question from Sara Ribeiro. A question, whether offers in Portugal will not have a loyalty period. Once again, it's probably too early on to ask for this now, at this moment, although I think the launch is due in couple of months, but this will not be our focus. So our focus will be to convince or to engage our customers, offering them high-quality services and attractive pricing. So there's a moment of silence. We have run out of questions so far. We'll wait on the line, looking for more. Well, thank you very much. I think it's been very engaging and entertaining. Thank you for the quality of the questions. We hope you enjoyed our results, but also the discussion, and we look forward to see you all later in November, when we will be discussing the third quarter results and the progress of our projects, strategy, and initiatives that we are engaged into. Once again, thank you very much, and a very good end of summer to all of you, and especially to those who did not have a vacation yet. Bye.