The risks and uncertainties, actual results could differ from those that are implied by such forward-looking statements. Refer to the risks and uncertainties associated with Digi Communications NV, which include, among 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 NV, and Mr. Dan Ionita, the company's CFO. We may now begin the call. Good afternoon, ladies and gentlemen. Welcome to our nine-month results call for the year 2024. We are very excited to host you and to present our results. Moving to our presentation, so we are very proud to continue our growth, to achieve these outstanding results. So for the third quarter of this year, we generated sales of EUR 492 million, almost 14% growth year-on-year. We achieved 26 million RGUs, again, almost 14% growth year-on-year, most of it an addition of three million RGUs in the last 12 months, of which 1.8 million comes from Spain. So most of our growth in terms of RGUs comes from the Spanish market. Romania grew 7.4% in terms of services offered, with mobile reaching 6.4 million RGUs, pay TV 5.8 million, and broadband services 4.8 million RGUs. In Spain, we've had an outstanding 30% growth of RGUs, with mobile reaching 5.6 million users, broadband services reaching 1.8 million users, and fixed telephony reaching almost 600,000 users in the market. We continued focusing strategically on the sustained growth, continuous growth, as we did in the past quarters. As we mentioned a bit earlier, mobile is the fastest- growing segment in both markets, Romania and Spain. Of course, Italy, with growth rates being 14%, 24%, and 16% respectively. We continue network expansion and investments into our network. In Romania, we have focused and will continue focusing on improving our 5G footprint and the quality of the mobile services. In Spain, we will work next year in transitioning from an MVNO operator to an MNO operator based on the frequencies obtained as part of Orange MásMóvil Remedy package. We are very excited to have launched Portugal earlier in November. We are very excited to have started operations there. I'll speak of it a bit more in the next slides. Similarly to that, we are also keen to start our Belgian operations in the coming weeks before the year- end. Just a few words on the recent developments. I think it was an exciting second part of the year so far. We have fully refinanced the EUR 450 million bond tranche that was due in February 2025. We repaid it using our own cash from the balance sheet, but also some of the financings that we obtained for this purpose. We have signed a new MOU with Hellenic OTE, as well as Vodafone, based on withdrawal of Mr. Tomșa from the previous deal to acquire Telekom Romania assets in Romania. We are working now in this process to complete the transfer of parts of Telekom Romania business to us and to Vodafone in early 2025. We have completed sale of a significant portion of the network that was under our agreement with Macquarie in September. We have delivered 4.4 million homes passed at the closing of the transaction. Based on this transaction, we have cashed a bit less than EUR 500 million by the end of September, excluding VAT. We will continue working on delivering further up to 6 million homes passed over the next three years in accordance with the transaction. We have also finalized the Nowo acquisition in Portugal based on the approval of the competition authority that was received in October. As a matter of fact, we are very proud and very happy that Nowo is now part of the Digi Group. So as I said a bit earlier, a couple of words on launch in Portugal. We are very excited. We have worked hard to launch our services, and we did at the beginning of November. We provide the full package of services, mobile telephony, fixed broadband services, television, and fixed telephony services to our customers. As you see on the right-hand side, the offer, the commercial offer is very compelling. We provide broadband services, internet broadband services for EUR 10 per month for a gigabit package, as well as EUR 15 per month for 10 Gb services. Our mobile services start at EUR 4 per month, and they include at minimum 50 GB of mobile data in the smallest package, and they go up to unlimited data communication. We have also launched TV services with more than 60 channels in the offering, the offering that is being expanded as we speak at EUR 12 per month. So once again, we are very happy to have finally launched. We are very grateful to our customers, to our first customers who joined our services. And we will do our best to continue to grow and continue expanding both in Portugal and in Belgium later on. So coming back to numbers, as we mentioned, we have reached almost EUR 500 million in sales in the third quarter. We have surpassed 26.3 million RGUs, of which almost 18 million are in Romania and almost 8 million are in Spain. Italy is also reaching a landmark number. It is almost close to a landmark number of 500,000 RGUs. It's 475,000 as of September. We are also happy to announce EBITDA of EUR 151 million, excluding IFRS 16 impact. So very simple EBITDA numbers, of which EUR 114 million are generated in Romania and EUR 44 million generated in Spain. Delving a little bit more into the numbers, so in addition to sales of almost EUR 500 million and EBITDA of EUR 151 million, we have had CapEx of EUR 159 million in the first, sorry, in the three months ended September. We have had a total CapEx of almost EUR 570 million in the first nine months of 2024. We do expect that CapEx will be higher in comparison to our original expectation, also due to the payment for the Nowo network, which took place in the fourth quarter of the year. So our expectation for the full year CapEx is to be in the area approximately of EUR 900 million. But all in all, we invest significantly, but we also grow, and we are comfortable with the results and with the growth that we achieve. If you just pay a little bit more attention on this slide, on the left-hand side, on the top left-hand side, you'll notice that CapEx to sales ratio is 32%. I believe that it's a long-term trend for us to have, as we grow, also sales, as we enjoy the presence in the markets that we've invested in, we have invested into. The sales to the CapEx to sales ratio is declining. It used to be much higher, as you see on the chart before. So just a couple more words on the RGUs. 3 million RGUs added in the last 12 months. Our mobile segment is the largest out of the entire portfolio of services, with 12.4 million RGUs across Romania, Spain, and Italy. Broadband services are the second largest group, with 6.6 million RGUs, and pay TV includes 5.8 million RGUs in Romania at this moment. Of course, starting with the fourth quarter, we will be reporting TV RGUs also for Portugal, including the Nowo acquisition. And as I mentioned a bit earlier, almost 18 million RGUs in Romania and 8 million RGUs in Spain, and 475,000 mobile users in Italy. So based on the bond refinancing or bond repayment that we made in September, we achieved a net leverage of 1.7, which is, I believe, an outstanding number, an outstanding figure. And the gross leverage at this moment is 2.2 x. Repayments for next year amount to EUR 189 million, and they also amount to EUR 173 million for 2026. This is all very manageable, and we are comfortable both with the leverage numbers, but also with the repayment figures that are in front of us. Just a quick repeat on our focus for 2025. We will certainly be very busy and very focused, very much concentrated on managing the launch and the growth of our new markets, Portugal and Belgium later on. For sure, this will be. Yeah, these activities will consume most of our efforts, most of our attention. Nevertheless, we will certainly continue working with our colleagues and with our partners in Spain in migrating from an MVNO to an MNO operator. Yeah, trying to continue the outstanding work that our colleagues have achieved so far, trying to continue growing in that market. Lastly, Romania will also continue improving or focusing on improvement of the mobile services of mobile network. We hope to continue servicing our customers as we do today, but also to eventually increase the number of customers similarly to the way we do today. Very briefly, this is a short description of our work and our achievements for the third quarter. I think despite the shortness of the presentation, you may appreciate that a lot of work was done. A lot. We have taken part in lots of various processes. The achievements speak for themselves. I do thank you very much for your attention. Probably in a couple of minutes or so, we'll start reading through the questions and answering your questions. Okay, thank you very much. We have our first questions coming in. A question from Vlad N. Hello, thank you for your presentation and congrats for the results. My question is regarding ARPU for Romania. I noticed some growth towards 4.5 this quarter compared to Q2. Can we expect to see future growth in ARPU? I would be cautious to promise growth in ARPU as this is not necessarily our strategy. We try to maximize efficiency through our day-to-day operations. We work very hard on managing our cost base. And our strategy is to provide the best services in terms of quality, but also for the best price. What you see in terms of pricing is not a result of price increases, but it's really a small variation that comes from the combinations of packages, combinations of services that our customers take from us. Yeah, this is it. Now, it may be that we see an improvement in ARPU if we succeed in convincing our customers to take more services from us, which we do, but we don't expect significant changes there in a short period. A question from Maurice. A few modeling questions. What will be the revenue EBITDA impact from Nowo acquisition? What will be the quarterly impact on leases EBITDA from the Spain fiber sale to Macquarie? What CapEx do you anticipate at group level for 2024? So just starting taking these questions from the end, for CapEx, I did mention that together with Nowo acquisition, we do expect to spend approximately EUR 900 million for CapEx in 2024. In terms of impact of the Macquarie transaction, I think this question was asked also last time. So it's early on because we've just sold the network, I think, in the first days of September. And we don't see, you don't see, nobody sees properly the result of Macquarie costs in our cost structure. But probably the easiest way to address it that we expect Macquarie to be between 5%-10% of sales on a long-term basis. So maybe I hope it's a good guidance for you to see through this cost item going forward. And speaking of Nowo, so it's very difficult to speak of EBITDA because we are in the process both of combining, integrating the Nowo operations, but we're also launching our operations. And lots of things take place simultaneously and in a very short period. I will not comment on that. Probably it's useless to comment on that, sorry to say it better. In terms of revenues, Nowo historically generated revenues of approximately EUR 65 million per year. One more question from Maurice. Can you please confirm intention to launch in Belgium in 2024 per your earlier remarks? Indeed, we do remain consistent here. Our colleagues are working very hard to launch services in the coming weeks, so certainly before the end of 2024. Question from Tiemen Swijngedouw. Could you give some more details on the commercial launch in Belgium? You're planning to launch still this year, but there are only a few weeks left before the Christmas holidays. Thank you. So thank you. Just a repeat to an earlier question by Maurice. We are committed and keen to launch in the coming weeks, and indeed, there are not too many left before the end of the year, but this is how much we can say. We will not be more precise, but again, I think from my point of view, the launch is imminent. It's just a matter of not too many weeks ahead, so it will happen. You said EUR 900 million. So question from Maurice. You said EUR 900 million CapEx, including Nowo, versus EUR 800 million in the second quarter. Did you say that includes the acquisition price of Nowo? I think, so Maurice, I'm not so sure. I don't think I was able to pronounce when we had the call. Well, what was it? No, no, no, no. Sorry, sorry, sorry. On August 14th, sorry, on August 14, when we did have our second quarter call, we have already announced the acquisition of Nowo and the price of the total enterprise value of EUR 150 million. So I'm not sure what the EUR 800 number was at that moment, but it was supposed to be without Nowo because EUR 900 million includes Nowo. I hope it is helpful. And a follow-up question also from Maurice. Can you please explain what is meant by transition to MNO in Spain? Will you roll out your own sites or use Telefónica's existing sites? Thank you. It's a complex question, and your focus is correct. There's no full answer, or there's no precise answer to what you have asked because it's an open question for us. It's something we are working. We will continue working in the coming months, but the idea is the following. As part of the Orange MásMóvil transaction, we got a spectrum in 1800 MHz, 2100 MHz, and 3500 MHz bands. This spectrum will become available to us after the middle of 2025, and yes, we intend to launch our own mobile network alongside Telefónica's network or in cooperation, in partnership with Telefónica's network, so that we can service our customers both through our own network, but also through the national roaming agreement with Telefónica Spain. Now, more precisely, how much of that will be ours, how much of the traffic we will take, there's no visibility at this moment, but there is a process and there is work towards this goal. A question from Cristian Petre. Hello, can you detail what change from MVNO to MNO Spain means in terms of your operations and financials? So yeah, I hope I just did mention there are no estimations on the cost CapEx side because we are still very early on. In any case, we will try to be efficient in our migration from MVNO to MNO. So a question from Ganesh from Barclays. Could you please help us understand the reason for the delay in the launch of Belgian operations? Will it be fair to assume price level in Belgium will be close to the ones that you launched in Portugal? Could you please provide some color on your fiber deployment status in Belgium? Yeah, well, thank you. And congratulations for the results. Thank you very much for congratulating us. We are very happy also for the fact that you like them. So speaking of Belgium, there's no any particular reason for us to be delayed except that any launch is very complex, very intense in terms of work. And yeah, we are just busy with lots of internal things to make sure that when we launch, the network is up and running, that we are able to meet the requests of our customers, that we are able to provide and deliver services and so on and so forth. So it's a complex process, and launching two markets in one quarter is an achievement in itself. Yeah, we keep fingers crossed for all of our colleagues, both in Portugal, but also in Belgium, given the huge amount of work and adaptations that they need to go through at this moment. Yeah, I hope it's a long explanation, but the reason is actually very, very simple. On the prices, let us not comment before the launch. I think if you look at Romania, Spain, Portugal, I don't think Belgium will be an outlier of any sort. I think there's no need to comment today. We will all see these prices in the next few weeks as discussed. Speaking of the fiber deployment status in Belgium, we are developing networks. We are growing our networks. It's a very long-term commitment to the market, and the process will be according. A question from Justin Funnell. Do you plan to build a nationwide mobile network in Spain? Again, this is a very right, but an impossible question to ask. Certainly not a nationwide network. We have a small amount of spectrum that is available to us, and we will be looking to optimize the usage on our own network, on our own spectrum, and on Telefónica's network. So I mean, I hope this gives you the picture of what we intend to do. But with the spectrum that we have today, there is no reason or there is no capability to build a nationwide mobile network or a full network that is comparable to the three existing MNOs in the market. A question from Thomas Coudry. Can you disclose where are you now in terms of fiber homes passed in Romania, Spain, and Portugal? So I don't have the numbers handy. Hi, Thomas. I don't have the numbers handy. Romania, but from the top of my head, Romania is over nine million. Spain is over 10 million. And for Portugal, we have not disclosed the number. But for you to understand the dynamic of our network, we currently provide services to approximately one-fifth of the country, and we are working to expand and continue the availability of our network in the coming periods or as we speak. On Telekom, a question from Bojan Vrucini c. On Telekom Romania, which assets do you intend to acquire from Telekom Romania? Can we assume that a certain number of customers will be acquired too? Also on the deal, why did you didn't go along to acquire Telekom Romania instead of now going with Vodafone? In line with our previous communication, we are interested in certain parts of spectrum. We are interested in certain parts of radio tower infrastructure, and we are interested in certain parts of customers. At this stage, we cannot really say more or be open more, and speaking of why Digi can do this transaction alone, I think it's a matter of market opportunity. It's a matter of availability of interest in terms of sellers, buyers, but also authorities because a transaction which involves migrating from a four-operator market to a three-operator market, no matter what the form or shape, is a very complex one in any of the markets, and we're just trying to do a deal that is both efficient and quick. This gives you the context for what we are doing, for what is happening in terms of this acquisition. I don't think we can be more specific than that. On Portugal, regulator ANACOM warned that some coverage obligation with regards to 3.6 GHz band may be imposed to Digi. Could you please comment on that? Does your range of EUR 100-EUR 120 million CapEx per annum still hold for Portugal? Well, coming to the end of the question, I think the simple answer is yes. And in terms of coverage obligations with respect to 3.6 GHz band, we offer 5G services in 3.5 GHz band at the moment. And yes, we will certainly be working to provide coverage also in line with ANACOM's expectation. Given the recent development in your business, both from the sales, FTTH, and acquisition side, how do you see your dividend policy being impacted by those developments? We don't see changes to dividend policy for 2025 and beyond. We expect dividends to continue as they did before, at least at the same level, if not an increase. But whatever the final result will be, it will be decided later, and it will be announced as usual at around April 2025. The fourth question from Bojan. Could you please elaborate on your additional EUR 400 million borrowings in Q3 2024? What are the new instruments? What is your target leverage for 2025 and going forward? I believe I will check with Dan, but I believe EUR 400 million does not refer to Q3 2024. In fact, it refers to the entire period of nine months of 2024. So what you see is not a result of three months of work. It's a cumulative result for the nine months of 2024. What is our target leverage for 2025 and going forward? We will be happy to be in the 2x, 2.5x area. Should we expect a question from Justin? Should we expect similar pricing by Digi in Belgium as in Portugal? I did address this question earlier. Rather than speculate, kindly wait with us for a few weeks, and we will announce the prices. We will happily announce the prices for Belgium. A question from Mohamed. Hello, I'm Mohamed from Bordeaux, and I have two questions. How many homes or population can you commercialize? Sorry, how many homes or population can you commercialize your fiber plan, which started at 10 million at EUR 10 million in Italy? We offer services in Italy, in Torino, as we mentioned earlier. We're still in the test phase as we continue developing our network there. It's too early for us to say what the result of the tests are. I think from our point of view, we're still in the test phase. And the second question from Mohamed. What is also your fiber coverage in Spain and Portugal with your own network? So I did mention that we have more than 10 million homes passed in Spain. In fact, I should have said it slightly more correct. We have more than 10 million homes passed in Spain, of which 4.5 million were sold to Macquarie. However, internally, we count them as our coverage because, yeah, we provide the same services, the same packages, the same sales incentives to our customers on this network as on our network. And for Portugal, I did mention a bit earlier. Today, we cover approximately one-fifth of the residential market, and we are continuously working to expand this position and coverage. So José Antonio Suárez, two questions. Which market quota are you expected to reach in Portugal? And second, how many households does your fiber currently cover in Portugal? So the second question, I think we addressed. And for the first question, it's too early for us to say. At the beginning, we have just launched. We are very grateful to the customers that have responded to our offerings, to the news that we have started, just to the news that we have started services, and which have already signed up with us. But we will have to work in the next quarters to see the dynamic, to see our engagement with customers, the satisfaction of our customers. And hopefully, based on that, we will understand better what can we achieve for Portugal. In any case, even if we had more visibility, the question is very forward-looking, and it is difficult to answer. A question from Nora Nagy. What is your CapEx outlook for 2025? So our CapEx outlook for 2025 is in the area of EUR 700 million-EUR 750 million for all five markets: Romania, Spain, Italy, Portugal, and Belgium. Which parts of Telekom Romania will belong to Digi after the acquisition? I think I did mention a bit earlier. I can't add more to my earlier answer on Telekom. When shall we expect the rental expenses for use of the FTTH network in Spain to materialize? Well, we already pay rent to Macquarie since September. And I think the guidance or the general level that I mentioned earlier when I did answer Maurice's question still holds. So one more question from Tim. Can you give us some color on the commercial launch in Belgium based on your recent offering in Portugal? Will you have the same offering for the same price? Of course, both markets are different, but still. Sorry, just we're asking for patience. We'll address this firsthand when we do launch the services in the coming weeks. A question from Cristian Popescu from Swiss Capital. Could you tell us the net profit for the first nine months, excluding the one-offs? So the net profit for the first nine months, excluding the one-off, I believe is in the area of EUR 72 million-EUR 73 million. I hope it is helpful. So a question from Giovanni Reichenbach. Can you please elaborate more on run rate annually EBITDA impact from the Macquarie transaction? I recall something around EUR 50 million- EUR 75 million. So Giovanni, as I mentioned earlier in answering Maurice's question, but also referring to Nora's question a bit just before, so we expect the cost with Macquarie to be between 5% and 10% of our sales going forward. CapEx guidance has gone up by EUR 100 million from EUR 800 million. Is that all due to Nowo, or are there any other moving parts? If yes, what are they, please? Yes. CapEx guidance went up due to Nowo. In Portugal, can you generate enough EBITDA to cover CapEx with the current prices, or will they have to go up? It's an open question. We are new investors to this market. We have just launched our services. We are working hard to make sure that we will generate enough EBITDA to cover our operating costs, our CapEx, and of course, to generate EBITDA, net income profitability, but also free cash flow. It's all early on. As you appreciate, we have just started our operations. I don't think 2025 will be of reference in terms of our revenues, cost structure, but also profitability. We will see what the dynamic of our operations is, and we will adjust whatever we need to adjust accordingly. But for now, it's really an open-ended question. For Portugal, a question from Calero Fernandez Alvaro. Can you comment on the number of FTTH homes you launched with? So it's approximately one-fifth of the country. What are the broader FTTH rollout plans? How are you thinking about build versus buy? Broadly speaking, we intend to cover the entire country of the entire Portugal. Our colleagues are working on that. And what is our thinking on build versus buy? Well, whatever is more efficient will do any. So we are open both to building and buying. So far, building has proved more efficient. Question from Russell Waller on CapEx guidance for 2025. I believe we intend to spend between EUR 700 million- EUR 750 million in CapEx for next year, as I mentioned a bit earlier. A question from Cristian Caracas. You have made first delivery of FTTH network in Spain. How much is the remaining part, and when is it expected to be received? Thank you. Our transaction, our deal with Macquarie, covers 6 million homes passed. We've sold approximately 4.5 million homes, and we will deliver the remaining 1.5 million homes over the next three years. That is the intention. A question from Giovanni. Do you expect the OTE deal in Romania to have to be reviewed by the European Commission, and will it be considered as in-market consolidation transaction from four to three? Yes. The way the transaction looks now, it is an in-market consolidation from four to three with an existing operator leaving the market and its operations being split between two other operators that already are present in the market. With reference to the first question, I think it's somewhat early to fully answer this question. The lawyers are working on this, but the expectation due to the sharing, due to the split of the assets, due to the split of operations, for this to be a transaction that is subject to the local authorities and not the Brussels authorities. While there is no clear visibility on that, that is the expectation. One more question from Justin. Could Digi Italy buy any assets from Fastweb or Vodafone in Italy as part of the antitrust remedies for the deal? I think it's a theoretical question, and yeah, theoretically speaking, why not? Question from Alexandro. Congratulations for Portugal. Thank you. Can you elaborate on the transition of Spain to MNO next year? Will we witness a successful rollout of your own mobile network sites? So I did mention it previously. I hope my answers were helpful. Basically, we intend to establish, to set up our own mobile network alongside the Telefónica networks, the Telefónica's networks. And we will certainly continue using or benefiting from the national roaming agreement. So broadly speaking, this is the plan. But certainly, yes, we will also launch our own mobile network sites. A question from Russell Waller. What percent of Portugal homes passed probably do you intend to cover with fiber eventually? We intend to continue developing, and we intend to roll out our networks in the entire country, certainly comparable to all the existing incumbents. A question from Alexander Peterc. How do you plan to come back to the bond market to finance CapEx needs going forward? Would you consider selling the Italian unit given mixed results over the past years? Thank you. In terms of bonds, we do not have any immediate imminent plans to come to the bonds market. We monitor the bond market continuously. If we feel that the market is right or we have good opportunities to finance in the bond market, we will come back to the market. No visibility at this moment to do so. In terms of selling the Italian operations, I think our colleagues in Italy are, despite this being our smallest market, doing a good job. We are certainly committed also to this market and to our customers there, to our colleagues there, to continue to develop as much as we can. The simple answer is no, we're not looking to a sale. A question from Simas Kontrimas, Covalis Capital. How is the commercial momentum doing in Portugal after launch? Thank you for the question. I was hesitant to give more color. We have a pretty live, pretty engaging response from our first customers to whom we are extremely grateful, both for their interest, but also for their patience because at the beginning, having just launched our services, we are still in the testing mode. As a matter of fact, the mobile services are offered to any customer that wants to use our services also in test mode before the end of the year, before the end of 2024. I believe if I were to respond qualitatively to your question, it's a very lively and a very good response for our customers. And again, we are both very happy and very thankful, very grateful to our customers for that. We will not really share any numbers at this moment, but yeah, they will speak for themselves next year when we report on Portugal. So a question from Russell Waller. Any long-term subscriber targets for Portugal, mobile, or broadband? Thank you. Not yet. It's too early. We focus on each step sequentially. And the step for now was to launch our services, which we did. We will work with our customers. We will work to expand our presence, coverage. And yeah, we'll probably start thinking better of the long-term plans as we go ahead. Question from José Antonio. With your current prices, how many clients would you need in Portugal to break-even in terms of cash flow? Yeah, I don't have a number to share. Certainly, break-even will not come in 2025. We will probably discuss break-even as we go in a year's time or so as we have more data on Portugal. Thank you. Thank you for your patience. So far, so good. No other questions. We will stay on the line. And if there are more, we will answer. If no, we will eventually close the call. There's one more question as we speak. How much of your new clients in Spain or Portugal take a bundle of fixed and mobile? Well, for Portugal, this question is not relevant. We adjusted at the very beginning. And for Spain, most of our fixed- line customers are also our mobile users. So a question from Keval. We've seen a number of fiber network deals in the Spanish market. Do you see opportunities to keep rolling out, or do you see the fiber rollout as mostly complete? I don't know. I can speak only for ourselves. We have built the network. We have built more than 10 million homes passed. We will continue building the network. So we do not intend to stop. And the second question is, how would you describe the Spanish competitive intensity currently? It looks like the low end of the market is getting more competitive given a number of price cuts or increased data allowances. What prompted your recent price cuts? I'm not sure you can describe our pricing policy as price cuts. From time to time, we launch new products which may be less expensive but also provide smaller services like 300 Mb per second in comparison to what we offered so far. And again, I think it's difficult for me to comment on the market. What we really can say is that so far, our colleagues were able to perform consistently with a 30% growth rate year-on-year in terms of RGUs. We are grateful to our customers for choosing our services. And we believe that at this moment, we have the right mix of products, services, and prices that we offer to our customers. So I think we are very consistent with our pricing policy. And yeah, we will just continue operating as such. It looks silent. So we will end our call here. And yeah, sorry, sorry. Once again, as we speak, there are a few other questions popping up. Just one second. A question from Justin. What is your fiber build cost, CapEx per home passed in Belgium? We are hesitant to mention any numbers. We are still early on. We just started properly building networks this year. There's not too much to comment. Thank you very much. A question from Russell. Do you know how many customers you need? No, I think that one, sorry. Russell wants to clarify if we are not open about the break-even users in Portugal because we are not sure whether our plans are still evolving. Russell, honestly, both of them. We are certainly, yeah, we are certainly following this market. We have invested a lot of our resources and efforts. We will do our best to grow our presence in that market. We have also acquired the Nowo operations, which makes life a bit easier from this point of view. But it's really impossible to say. It's really impossible to tell. We are early on, and maybe some of the costs are a bit visible to us. Some other costs are still being settled. I mean, we will need certainly more employees, more resources to handle our customers. All these numbers are changing as we speak. They vary in comparison to our original estimates and so on and so forth. So it's too early for us to tell. Once again, thank you for your patience, and a question from Stephane Beyazian. Can you consider mobile handsets subsidies in the future in Spain or Portugal to address an even bigger market for clients that want a device with a SIM plan? I don't think we have a policy of our own in this view. I think the handset policy is really a market thing rather than an operator thing. We will follow whatever the market does. For now, we don't see this being a priority, neither for Spain nor for Portugal. So for now, we focus, we concentrate on selling our services, selling our SIMs, but not devices. Yeah. So certainly lucky we are trying to close our line. No questions so far in the last couple of minutes. But once again, thank you very much. Thank you very much for attending our results call. Thank you very much for the insightful questions. And hope to see you all soon in the middle of February. Bye-bye. The recording has stopped.