This meeting is being recorded. Oh, just a few words on the recent announcements, recent developments announced by us. A few weeks ago, the Romanian Competition Authority, the Romanian Competition Council, has approved that Digi and Vodafone take over the mobile operations of OTE Deutsche Telekom Group in Romania. The company is called Telekom Romania Mobile. As a result of this approval, we have the administrative clearance to take certain assets like frequencies, customers, and prepaid customers, and a certain number of mobile towers from this transaction. The transaction is not complete yet. It's in the final stages of completion. It's just subject to several amendments or changes to a few actions to reach the final agreement between the three parties I mentioned earlier and the approval of ANCOM, the Romanian telecom regulator. Another announcement that we made mid-July is the fact that we streamlined, we simplified our Belgian operations in partnership with Citymesh, our partners in Belgium. As a result of this change, on one hand, the entire group of Belgian companies is controlled by only one company, which is Digi Communications Belgium. We, Digi Group, own 51% of this company. It should help us, on one hand, consolidate financially the results of Belgian operations, starting with the second quarter. We hope it will also help us streamline or simplify the management structure of the Belgian operation going forward. Moving on, coming back to the numbers, EUR 560 million of revenues in the second quarter. Excuse me. EUR 560 million of revenues in the second quarter, almost EUR 300 million in revenues in Romania, EUR 240 million in revenues in Spain, EUR 17 million in Portugal, and almost EUR 9 million of revenues in Italy. EBITDA for the quarter, EUR 168 million. As we mentioned, RGUs, 30 million group-wide, almost 19 million RGUs in Romania, almost 10 million RGUs in Spain, 800,000 in Portugal, and 500,000 in Italy. We see this as an outstanding performance and continuation of both our efforts and the commercial momentum that we have in all markets, established and new. Going further into details of our results, we had revenues of EUR 549 million in the second quarter. Revenues excluding other income. With other income, it's EUR 560 million, as I mentioned before, compared to EUR 475 million a year before. EBITDA, including the IFRS 16, EUR 168 million on par with EBITDA of EUR 170 million a year ago. CapEx of EUR 226 million in the second quarter, less than EUR 240 million a year ago, somewhat higher than we had in the first quarter at about EUR 180 million. As we were discussing, group revenues had a very good performance, 18% in the quarter, more than 20% in the first six months, primarily driven by Spanish operations, by the outstanding grossing customers that we achieved. I think we'll discuss Spain in a bit more detail later on, followed by very robust, very good performance in Romania, and of course, followed by the additions to our operations from Portugal. As you may recall, a year ago, we did not have any revenues, any sales in Portugal. EUR 17 million that we generated in the second quarter in Portugal was a pure addition year on year. As I mentioned, EBITDA stood more or less flat, EUR 168 million in comparison to EUR 170 million a year before. If you look at EBITDA less IFRS 16, we had EUR 138 million in comparison to EUR 145 million a year before in the quarter, which is a 5% decline. It's a rare event in our case. In fact, probably since we listed the company and apart from the moment of selling Hungarian operations, we did not have any decline. On the other hand, I just want to say that we see this as a temporary situation, particularly connected to the launch of the Portuguese operations. It's the second quarter of all activities in Portugal since we launched. It's the second full quarter in Portugal. This is the moment when we are seeing most of the costs crystallizing, but we still have to gain more market share to be efficient. This is exactly what we are doing. We are making our operations both more efficient, and we are focusing on sales and distribution to make sure that we are covering these costs well in the future. Coming back to CapEx, which I mentioned a bit earlier, I did mention that we spent EUR 226 million in the second quarter. The overall CapEx spent for the six months of 2025 was somewhat less than EUR 400 million, EUR 395 million. Still in line with our expectation for the full-year CapEx of EUR 750 million, EUR 750 million +, again, a bit higher than in the second quarter in comparison to the first quarter. We will probably discuss it in the Q&A. I think the guidance for the CapEx is increasing slightly towards EUR 800 million, maybe EUR 810 million, EUR 820 million for the rest of the year. This including the telecom acquisition, this includes the CapEx of Belgium once we consolidate the Belgian operations. This should also, of course, include the CapEx that has been already spent. RGUs, we are very proud about the number of almost EUR 30 million. You'll hear this information again during our next call when we will announce certainly more than EUR 30 million RGUs. It's a big milestone for us. More than 30 years of continuous work. Most of the RGUs that we gained during our operations, certainly more than 90%, are the result of organic growth. This basically underlines the strategy and the focus of our group, of our company. This also shows the success of our engagement with our customers, also the trust of our customers, but also the hard work of many colleagues across all the countries that we operate in. As I mentioned just a bit earlier, 14.5 million mobile RGUs, almost half of our customer base is mobile users at this moment, 7.4 million broadband users, and more than 6.1, sorry, close to 6.2 million Pay TV users. Since we sold Hungary, we were reporting mostly Pay TV users or, sorry, we were solely reporting Pay TV users just for Romania. In the meantime, in the last six months, we launched TV operations in Portugal. We launched TV operations in Spain. As you see, this works very well. All in all, we exceeded 6.1 million. We are almost 6.2 million users. Spanish operations are 9.7 million RGUs. An outstanding growth of almost 30% year on year from 7.5 million RGUs. Romanian RGUs also at a robust growth trajectory of 7%, almost 19 million from 17.5 million users a year ago. The Portuguese operations are 790,000 users, combining both the Novo operations and Digi operations that we run combined in the territory. Not to mention last, of course, Italy had also a good performance with more than 12% growth at 512,000 RGUs in mobile. Excuse me, the PowerPoint is frozen. Sorry. I'm missing my buttons. Now it should be okay. What we want to present here, and this is the first time we go into more details about Spain, and I think this is somewhat long overdue. We were supposed to maybe go into more details about our Spanish operations some time ago. This is a deeper dive into the structure of customers, of networks, of assets. Once again, we are extremely proud to have added more than 2.1 million RGUs during the last year, ending on June 2025. 1.3 million mobile additions, 600,000 broadband additions, and almost 200,000 fixed telephone additions. I mentioned TV earlier, 90,000 customers in the first six months of the operations. From a total of 2.26 million broadband users, 1.8 million are on Digi's smart footprint. Just to explain, the Digi smart network is the network that has originally been built by Digi, some of it owned and controlled and operated by us, some of it owned by Macquarie or our joint venture, Macquarie through Onivia, and some of it operated by our joint venture with Aberdeen. All in all, this is 81% of our customers. As you see, most of our customers are on our network. The coverage of our smart footprint exceeds now 12.4 million homes. These are active homes, serviceable homes, homes that we can address and connect in real time as we speak. This is part of the total commitment to build in the next few years, 20 million homes passed. As you see, in the last 12 months, the increase was from 9.6 million to 12.4 million users, an increase of almost 2.8 million homes passed. This is high speed, given that all this development is organic and is driven by our large and committed teams in Spain. Maybe the last, I hope you appreciate this number, the take-up of smart footprint is almost 15% today. Of course, it varies with older networks having significantly more than 20% penetration and new networks having smaller numbers. Overall, we wanted to share these numbers, which are outstanding. We can't emphasize enough on how both committed are we to these numbers, but also how satisfied are we with these results. 15% penetration on our smart footprint to date. Portability in Romania amounted to almost 380,000 users in the first six months of the year. In the same period, in Spain, gross portability exceeded 670,000 users, of which net portability was close to 430,000 users. It's a continuation of both our efforts, but also the appreciation of the customers for our services in these two markets. This shows the quality of our sales effort in these territories. Just a few numbers, a few words on the financial profile. We have the total net debt at EUR 1.58 billion with leverage at 2.8x. The debt has increased by around EUR 200 million since the beginning of the year due to refinancings and financings that we did both in Spain and in Romania. On the right-hand side, on the upper chart, you see the repayment profile with EUR 72 million due this year, EUR 100 million due in 2026, and EUR 252 million due in 2027. Pretty reasonable repayment profile. We have no expectation. I mean, there was a slight increase in the leverage ratio from the end of 2024, from 2.3 x to 2.8 x. There is no intention for us to go higher. We will certainly remain by the end of the year in this territory of 2.5 to 2.8, 2.9. Eventually, we will decrease at the end of the year, beginning of next year, coming back to 2.3, 2.5 zone at least. No changes in our strategy or intentions or profile outlook. To conclude, I'd say we are very happy with the performance. We are very much committed to our established markets, Romania and Spain, which will continue developing their operations as we go. We are focusing on Spain to improve profitability, especially in the second part of the year, given our transition to Telefonica's RAN-sharing model from the MVNO model that we run up until today. We are also focusing very much on streamlining, on improving the growth, and improving the profitability in both our Portuguese and Belgian operations. This remains our focus. Lots of work to do. We certainly will continue coming back with strong both gross results, but also robust profitability as we did in the past. Having said this, I think we are complete with the formal part. You are welcome to start the Q&A. Sorry. Zoom has changed a bit its interface for showing the questions. We need to figure ourselves out somehow, but we will start. By the way, it looks like a chat room, so every person has its own room. If you ask questions later and we don't see them, we'll have to figure out how we do about it. Yes, but first question is from Ganesh from Barclays. Could you please provide some color on why RGU momentum slowed in Belgium in the second quarter and how do you see the trends ahead? I think we experienced more or less the same dynamic in Portugal and in Belgium. The fact that there was great expectation, big expectation from the market, from the entrance of the new operator that has been satisfied to a certain extent by the launch of our operations in November and December, but also during the Q1, which has stalled somewhat in the second quarter. Having said this, we are busy in both markets in establishing further, increasing our distribution channels. As we know, this is the most important way of doing sales from our past experience, both in Romania and Spain. We will certainly regain this momentum in the coming quarters. I think this is the very simple answer to your question. The second question from Ganesh. Are you considering taking the wholesale route to offer fixed services in Belgium? Look, we are always open to any opportunities in all markets. We are offering wholesale services in Spain, and we can offer wholesale services in any other markets. So far, we were not able to reach agreements or terms with other operators that would make this attractive. We're not considering this at this very particular moment. It's not a no. We move forward. We have two questions from Piotr Raciborski. You have revenue in Portugal in second quarter 2025 declined versus first quarter of 2025. I'm not sure, Piotr, I'm not sure. I follow you. We don't have revenue declining. The revenue is certainly higher, both combining our Novo and our Digi operations. If you refer to something else, kindly rephrase. The second question from Piotr. The net adds in Portugal don't seem especially strong. Are you satisfied with the performance in this market? I think I've already touched on answering Ganesh's question a bit earlier. We see the same dynamic both in Portugal and in Belgium. We don't see this as resolutely or final in any way. We are working to connect to the customers that are interested for Digi services. We certainly intend to improve it in the quarters coming up. Yeah. Oh, sorry. Just coming back to Piotr's question, and Dan has corrected me. Indeed, there's a slight decrease in revenues in Portugal in the second quarter in comparison to the first quarter. It comes only from the fact that we are migrating Novo customers to Digi. The migration is done on the ARPUs of Digi, which are smaller than historically what Novo customers paid in the past. Basically, that's why we have a decline. We don't have a decline towards our expectation. We are pretty satisfied with our revenues in Portugal at this moment. Oh, yeah. A question from Bojan Djurickovic. Could you please explain tax income tailwind in the second quarter? The tax income tailwind in the second quarter comes from the Portuguese operations. Of course, being at the beginning and having large operational losses, they come also with the opposite effect of deferred tax assets, and that is the result. A question from Cristian Petre. Hi. Congratulations for the results. When do you expect profitability to improve? What are the financial implications in changing Spain from MVNO to MNO? Thank you very much for the appreciation, and thank you very much for the question. First of all, if you look at 2025 overall, we do not expect 2025 to be worse than 2024. What we see now in the second quarter is, I'd say, a cumulative effect of the fact that we have just launched the Portuguese operations on one hand. Second, we also see, to a certain extent, less profitability in Spain given the fact that we have adjusted the pricing of certain packages, and ARPU has declined, as you have seen probably from the presentation, from EUR 8.8 a year ago to EUR 8.1 per RGU this year. These two factors have impacted us. If you look on the EBITDA level, if you look also at the net income level, there was a less material factor in Romania, particularly Forex. We had a forex loss of about EUR 10 million in the second quarter related to the depreciation of RON from 4.97 level to approximately 5.07 level by the end of June. Of course, we all know this happened somehow in the context of the Romanian elections, but most likely, this reset and the psychological jump from less than 5 to more than 5 is going to continue. On the other hand, our expectation for the exchange rate is to remain continuous, so we don't expect further losses from here. Coming back to the main factors, coming back to the most important ones, and I repeat myself, but I will try to repeat myself as many times as possible. The largest operational loss comes from the Portuguese operations, and we do not expect these losses to be higher than that. We will do our best efforts to maintain it and to certainly improve it. One, by growing our customer base. Second, also managing and controlling the costs as we do everywhere. In terms of Spain, it's a bit different. Spain benefits from growth in customers. As we continue our operations, the Spanish profitability improves. Yes, Spain is also changing its model from MVNO and MNO. These changes itself, the natural growth and the change in model should add at least, I'd say, EUR 25 million-EUR 30 million of addition to EBITDA in the second half of 2025. Our Spanish operations are turning around, improving rapidly, having very strong momentum. Our new operations are basically in the most difficult part, launch, a relatively low number of customers, and lots of work for us to adjust and to improve. All in all, we do not expect a decrease. We expect rather a small increase in EBITDA for 2025 in comparison to 2024. Of course, we expect further growth in EBITDA, more or less in line with our previous results going forward. Next question from Cristian. How How would you characterize Belgium operations and Portugal operations' start? Is it according to plans? I think I mentioned it many times. We don't have rigid plans. In our view, we have very good response from the customers. We have very good, I think we see customers that have expected services like ours, and we see continuous demand. It is really for us to adjust our activities, to adjust our operations, and just to connect to our customers or to our future potential customers through the appropriate sales channels. It is lots of work to organize sales as we go forward. Having said this, yes, once again, we see good demand, we see good traction, and we see good response from the customers in these territories. This is the most important for us. Question from Andrei. When do you expect to start the stock buyback approved in shareholders' meeting? The board is authorized by the shareholders' meeting to buy stock for certain reasons. There's no immediate plan to do so. If we change our decision, we'll certainly announce the market. There's no immediate plan to do so. How do you see the profitability in the second half of 2025? I think I described it, certainly improving in comparison to the first half of 2025, in line and higher with profitability of 2024. I hope this is helpful. A question from Giovanni Reichenbach. Can you please update us on, one, amount of on-drone credit lines available to the group as of second quarter 2025? And second, number of homes passed and size rollout in Portugal? Thank you. In Portugal. Giovanni, I think we owe you this answer from our last call. Let us come back to you in the coming minutes as we speak. Number of homes passed and size rollout in Portugal. We are not disclosing this number. What I mentioned on the previous calls is we are working towards the end of this year, beginning of next year, to more or less cover half of Portugal. This work is on track. We are not publishing more detailed results at this moment. I hope it's helpful. The next question. Can you please comment on the EBITDA impact that we'd expect from the consolidation of Belgium for third and fourth quarter 2025? Yeah. Thank you very much. Indeed, we expect negative EBITDA because, of course, we are beginning our operations in Belgium at this moment. This expectation is in the area of EUR 10 million - EUR 20 million for the second half, all in all, for 2025. For 2026, I don't have a guidance at this moment, but we would do our best so that this number is not deepened, but to the contrary, is improved. A question from Laura Homsy. What is the consideration for Telekom Romania assets, and does this mainly include Spectrum? Thank you for the question, Laura. We will abstain from going into details on this topic in any case before the transaction is completed. We cannot comment more on this point of view at this point. Certainly, the transaction includes Spectrum, and Spectrum is important to Digi as we are a growing operator in Romania also. The second part of the question, can you confirm full-year 2025 CapEx guidance of EUR 750 million? I just repeat what we mentioned a bit earlier while going through the slides. Looking at our results so far, we are more or less in line. However, with the consolidation of Belgium and with the acquisition of Telekom, this number may go up slightly towards EUR 800 million. Yeah, EUR 800 million and maybe just above EUR 800 million. Thank you, and I hope it's helpful. Will you consolidate Belgium going forward, given your 51% stake? Yes, I believe so. It's an accounting question, but this is our intention. Do you still expect Portugal to reach break-even within one to two years? Thank you. It's a question that is very much on our minds as well. We certainly aim to, I mean, we certainly want to improve to reach break-even in one to two years. It may be that the break-even comes in two to three years. More or less, we are in line with your expectation as well. A question from Jeremy Ben- Nathan. How will consolidating Belgium impact leverage? How much CapEx do you expect to spend in Belgium on fixed and mobile? Is the plan still to get to 50% fixed coverage in Portugal by year-end? What is the current coverage? Thank you. The first question. Our Belgian operations do not have any financial debt at this moment. Consolidating the Belgian operations is neutral on the leverage from the debt perspective. From the EBITDA perspective, there's certainly a small decrease, as I described earlier. However, at this moment, this decrease is compensated by the growth elsewhere in the group. We do not expect the addition of Belgium, consolidating Belgium at this stage, to change our leverage. Once again, this is not our intention to worsen the leverage for any reason, also for the reason of Belgium. I do hope that my explanation is both helpful and clear. How much CapEx do you expect to spend in Belgium on fixed and mobile? While we are consolidating Belgium and while we are operating Belgium with 51% ownership, it's still a partnership in which we participate, both of us, us and the Citymesh Group. We expect that going forward, the Belgian operations will be funded, will continue to be funded by both of us. Speaking of our share, I'd say that the CapEx spent on Belgium should be in the area of EUR 50 million per year. Is the plan still to get to 50% coverage in Portugal by year-end? What is the current coverage? We are not really disclosing the coverage, but yes, we are working towards that, as we mentioned earlier, be it the year-end or soon thereafter. The question from In ê s Miguel. How many RGUs added along this quarter, not counting Novo existing clients? How will you control costs in Portugal to improve the losses? I think it's a valid question. The additions that we have, the 34,000 RGUs that we added in the quarter, these are mostly the additions to Digi network because we are focusing on sales mostly in Digi's operations and less so in Novo operations. I think the answer is relatively simple. We, of course, have churn in Novo's operations, which gives the total number of gross additions in Digi somewhat higher, but I don't have the numbers handy to reply at this moment. How will you control costs in Portugal to improve the losses? At this moment, as I mentioned during the presentation, we are in the second full quarter of operations. We have set up mostly all the necessary systems in terms of technical teams, sales teams, customer support teams, but also the network setup is there, and so on and so forth. Of course, being at the beginning, the share of fixed costs in relation to particularly the mobile network is pretty high, and it's there to stay. We are working to increase the number of customers. We will not expand into any other areas except sales to make sure that our operations are streamlined rather sooner than later. This is, in a few words, these are the areas of focus for us going forward. A question from Mihai Nedelcu. Will you deliver another part of the Spanish network to Macquarie this year? The agreement was to deliver over three years, if I'm not mistaken. What will be the impact of the delivery on Digi's P&L? Yes, we continuously deliver homes to the Spanish Macquarie network. Basically, sale of homes passed to Macquarie is a profit to us. Sorry, I don't have numbers handy, but basically, any sale that we generate generates profit. Question from Nora Nagy. If Altice decides to sell its Portuguese subsidiary, would you be interested in it? Look, I mean, it's not our focus. As we mentioned throughout most of our discussions, we are an organic player. MEO, Altice Portugal, is the Portuguese incumbent. It's a very large company, so not a typical target for us. Yeah, you never say never. This is something we can say we are not working on at this moment. What is the EBITDA outlook in Spain in the second half of 2025, given the affordable products in place and the transition to MNO model? I think I mentioned that we intend to increase EBITDA in Spain in the second half of the year by at least EUR 30 million from what we achieved in the first half of the year. The growth could be EUR 20 million - EUR 30 million, but the growth could be higher. When can we expect the consolidation of Telekom Romania Mobile? This is a work in process. I think all parties aim for completion in the coming weeks, but there's nothing more to report at this moment. When it will be finished, when it will be completed, we'll come back to you with our results. I have to apologize, I think, in a way. There was some change to the Zoom interface, and we were getting questions in a strange manner. We hope we answered all of them so far, but that's all that we got. Thirty minutes of discussions. If there are questions that we couldn't answer for technical reasons, we kindly invite you to send us emails, and we will respond to you, if not today, in the coming days. Yes, so far, so good. These are all the questions. We'll stay on the line for a couple more minutes, and if there'll be no questions, we'll leave. Sorry. Excuse me, Giovanni, I sincerely hope you're still on the line. With the on-drawn facilities, as of June 30, were EUR 280 million, comprising the Romanian facilities and the Spanish facilities. Close to EUR 300 million. If you think of liquidity, you should also add basically the stream of funds that we continuously receive from Macquarie, which also act as a boost of external liquidity unrelated to EBITDA or to current operations. Yes. A question from Mark Chapman: What, if any, cash costs are associated with the change in structure in Belgium? I'm not sure I followed the question. If you refer to us having to pay for this restructuring, the answer is no. We were in an almost equal partnership with Citymesh in Belgium, and rebalancing of a few percentages between the two of us did not involve cash payments or any financial costs. I hope I understood the question, and I hope this is the answer. I hope this is what you're looking for. The second question from Mark: How much of the ARPU decline in Spain is about lower prices per product versus about the changing mix of products? I think it's both, but it's difficult for me to answer. I hope I'll cover this better during our next call, or I will do my best to invite my colleague Marius, the CEO of our Spanish operations, to present this personally. At this moment, we've run out of questions, no new appearing. We thank you very much for joining us on our first half results call. We look forward to speaking to you on November 15 or around November 15 for the third quarter results. Thank you very much once again, and have a good rest of the summer. Bye-bye. The recording has stopped.