Good afternoon, ladies and gentlemen, and welcome to the Digi Communications N.V. Investors H1 2026 Financial Results Presentation. A copy of the corresponding report is posted in the investor relations section of Digi's website at digi-communications.ro. 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 investment 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., Mr. Dan Ioniță, the company's CFO, and Mr. Marius Vărzaru, DIGI Spain CEO. We may now begin the call. Thank you very much, Mariana. Good afternoon, ladies and gentlemen. Welcome to our first half 2026 results presentation. Very happy to see you online, listening in to our results. Let's go to discuss this another great quarter that we just completed. In the first half of 2026, Digi Group achieved sales of EUR 1.2 billion, a 10% increase year-on-year in comparison to the first half of 2025. RGUs continues very strong growth at 14%, again, year-on-year group level, reaching almost 34 million units and an amazing over 4 million growth in RGU numbers again in the last 12 months. EBITDA has improved significantly, 90% in the same period in the first half of 2026 in comparison to the firs t half of 2025. Of course, Romania is our largest and most mature, most establish ed market. RGU grew 9% in this period, mobile reaching 8.4 million RGUs. One very important thing to mention. Recently, a few weeks ago, the Romanian national regulator has issued December 2025 market report, and Digi is the number one operator on the market by the number of mobile SIMs active in the market. We are extremely proud of this achievement. It took us some time since 2007 when we launched first our mobile services, but we are very happy to have reached the number one position in the mobile market. As you see, mobile continues to be our most dynamic growth segment in the market, and we will continue delivering strong results in the coming future. On the pay TV market, we exceeded 6 million users, reaching 6.1 million RGUs, and in broadband, we are at 5.2 million RGUs. Spain, outstanding results, 23% growth year-on-year in total RGU numbers, with mobile reaching close to 8 million, 7.8 million users. Broadband also approaching closely 3 million users at 2.9 million and fixed telephony approaching 1 million users at 900,000 users. All in all, with 20%-30% growth across these three segments. Of course, the most important development by far this year is the listing of Digi Spain that was completed successfully on July 16, 2026. We have sold somewhat less than 20% of Digi Spain shares, 51.3 million shares at EUR 5.6 per share, ra ising up to EUR 287 million, depending, of course, also on the results of the greenshoe that is trading now in the market. All in all, reaching a valuation of EUR 1.7 billion. Once again, I think it is a landmark financial transaction, but more importantly, it is a landmark strategic transaction, showing the value achieved by Digi Spain by the hard work of our colleagues in the Spanish market, but also by the openness and, yes, well, openness of the Spanish public, Spanish market to our services. As we have said it repeatedly, also in this call, but also in the previous calls, Spain is and will remain our most dynamic and probably most successful growing segment for a good number of quarters and years to come. Thank you very much, and also to investors that have embraced our story. Also, thank you very much to our colleagues for the hard work and the achievements so far. These are quarterly results, EUR 612 million of revenues in the quarter. Almost EUR 170 million of EBITDA. EBITDA improving both in Romania and Spain, our main markets. EBITDA loss improving in Portugal. Still marginal improvement, but I think it is a very good result. Overall, we are on a good path and a good trend to grow. Going a bit more into details. As we mentioned, EUR 612 million revenues, including other income, EUR 608 million revenues all in all, in Q2. Simple EBITDA, the high EBITDA number, EUR 203 million. EBITDA adjusted for IFRS leases, EUR 169 million in the quarter. All numbers growing. The EBITDA ex operating leases grew by 23% in the quarter, or overall EBITDA grew by 12% in the quarter. CapEx amounted to EUR 191 million for the last three months, April to June. In the first half of the year, EUR 347 million, a decrease from last year's figures of approximately 10% and more. We are very happy about this. This confirms the trend that the highest spending moment has pass ed for the Romanian market. The other markets that we operate, of course, Spain is large, Spain is significant and CapEx effort will continue over there. Marius will say more on this in a few slides. The smaller markets that we started to operate, including Portugal, consume less CapEx that Romania has released as potential. This is the trend that we expect going forward. Going into customer numbers. As you see, outstanding results. Mobile segment growing by 19%, reaching 17.3 million RGUs across Romania, Spain, Portugal and Italy. Broadband reaching 8.3 million RGUs with 12% growth. Of course, these are the largest growing segments. Spain, 23% growth. Romania, 9% growth. An outstanding number given the size and maturity of our operations here. And of course, last but certainly not least, 22% growth in Portugal, reaching 960,000 RGUs, close to one million, from 790,000 RGUs a year ago. Overall, moving on a good trajectory and a good trend. Portability numbers remain in line with our previous quarters, with Romania adding 361,000 users through portability, gross users, in January, June period. Spain adding 337 net users in January, June for mobile and almost 114,000 net users in fixed services. We are the number one portability destinations both in Romania and Spain, and this once again highlights the quality and attractiveness of our offerings. I let Marius mention just briefly the results of his operations. Yesterday, we had the opportunity to speak directly with our Spanish investors for the first time as we had our first investor call after the IPO. But of course, he will present briefly the results that are relevant for the group as well. Thank you, Serghei. Good afternoon, everybody. Glad to be with you today and to walk you through the progress of our operations in Spain. Another excellent quarter. Marius, we cannot hear you. Hello? Can you hear me? Yes, we hear you now. Thank you. Yes. Hello. We hear you very well, thank you. Please go on. Thanks, Serghei. Good afternoon, everybody. Sorry for the microphone. Glad to be with you today and to walk you through the progress of our operations in Spain today. Another excellent quarter of growth for us in Spain as we continue the fast expansion of the SMART footprint and the accelerated growth of both fixed and mobile services. The speed of deployment of the FTTH network continues to be high. In the second quarter of 2026, we rolled out 621,000 homes passed, 1.2 million in the year, reaching a t otal of 14.8 million homes passed. We cover now with the SMART footprint, half of total addressable market in Spain. Our goal is to continue to deploy and to reach a total footprint of 21 million homes not later than 2030, when we will cover in the range of 75% of the total addressable market. As you know, the deployment of the FTTH networks in Spain, in a vertically integrated model with our own employees, is the key of our success in Spain. The solution of deployment allowed us to roll out and to operate on a daily basis very good quality networks. To deploy a future-proof network with the best available technology in the market, XGS-PON services. We cover now 95% of the network with this technology leading in the market in this sense. Based on the economies of scale, synergies, and cost efficiencies we managed to extract, we achieved a strategic competitive cost advantage both for CapEx and OpEx on the SMART footprint. For example, by June 2026, for the 14.8 million homes passed of the SMART footprint, we reached an overall historical average cost of deployment of EUR 50.8 per home passed, less than half of the historical cost of our competitors in Spain for net deployment. On the bottom part of the slide, you can see how the constant evolution of the penetration rate of the SMART footprint reached the 16.7 points of percentage level by the end of the last quarter. Its growth means that we are growing the customer base even faster than we are deploying the network, so more accelerated growth in this sense. On the top of the slide, you can better interpret this blended average penetration rate by the individual penetration rates of each of the cohorts of the network, depending on the year when they were built. Our SMART footprint convergent commercial offer is very competitive and generates constant growth in all cohorts, including in the initial ones, the blue line and the red line, 2019 and 2020 cohorts, which reached level of penetration of 28% and 26%. Also, newer cohorts benefit from higher take-up and faster ramp-up compared to these initial cohorts. If initial cohorts started with 3% or 4% in the first year, newer cohorts now start with 6% or even 7% in 2025. Lastly, SOTA network deliveries continues to be ahead of the initial plan, with more than 5.7 homes passed already delivered, and the remaining 275,000 homes passed will be delivered during this year until December. We still remaining EUR 120 million cash of inflows from SOTA that will be received during the next two quarters, mostly by December 2026. Now continuing on the next slide. We can appreciate how these outstanding results in terms of deployment reflect in our accelerated growth momentum in Spain, consolidating the 2025 best year of net growth trend both for fixed and mobile services. We are the market leader in terms of net gains since 2022, both for fixed and mobile services. For fixed broadband, we reached a total of 2.9 million customers with a record growth of 317,000 net adds in the first half of the year. 100% of the net growth since 2022 comes from SMART footprint and the SMART fixed broadband customer base reached 2.5 million customers with an outstanding growth of 35% year-on-year, benefiting also from the higher demand with the launch of more competitive products for this footprint back in October 2024, which is reflected also in the gradual decrease in ARPU as new customers joining Digi are subscribing products with lower pricing. These excellent results lead us to become officially the third fixed broadband operator in Spain by June this year. An impressive achievement taking into account we launched our services starting from zero back in 2018, and all the growth is completely organic. We reached a market share of 14.5% with a remarkable increase of 2.8 points of market share during the last 12 months. This increase is achieved only by the net growth in SMART footprint, covering still only half of Spain, meaning that in the SMART footprint area, we are growing the market share at a much higher pace than 2.8 points of market share per year. This reinforces our determination to continue to expand the SMART footprint towards the 21 million goal of homes passed and replicate in other areas of Spain the commercial success of the existing cohorts. For mobile services, we reached a total of 7.8 million mobile lines with a net gain in the quarter of 246,000 mobile lines, driven by growth in postpaid of more than 282,000 mobile lines. As 90% of the net gain are convergent, underlining once more the strength of Digi's commercial convergent offer as customers are subscribing all the services with us. With this, let's turn to the next slide, where we reflect the constant growth of the revenues for the last five quarters, which is a mixed result of the accelerated customer base growth and ARPU dilution. On the bottom part of the slide, we are sharing with you the gross margin evolution for the fixed broadband for the last five quarters, which gradually improves due to strong operational leverage, expansion of the SMART footprint, and the increase of its penetration rate. On the mobile side, the margin evolution for the past five quarters is determined by a couple of moving parts. First of all, starting with 1st of July last year, as you remember, the new model of mobile cost, the MNO economic, as we call it, started to apply, improving significantly our margin starting with Q3 2025. In Q4 2025, the margin decreased as an effect of the latest commercial offer update from September 2025. Lastly, in first quarter of this year, a step up of EUR 4 million per quarter compared to previous quarter of fixed cost related to the exp ansion of the mobile network decreased the margin for mobile telephony. Most of the transition of the MNO economics model is well advanced, and Q2 2026 gross margin reflects, for mobile telephony, a stable picture now of the change of the model from MVNO to MNO. Continuing to the next slide. We analyzed the evolution of the adjusted EBITDA ex operating leases for the last five quarters, which translates the effect of both fixed broadband and mobile growth margin evolution. With no more moving parts during the quarter, we achieved in Q2 2026 an adjusted EBITDA ex operating leases of EUR 53.5 million, with an outstanding growth of 49% compared to Q2 last year and 5.7% compared to Q1 this year. Adjusted EBITDA margin grew as well to 20.4%, a trend that we expect to continue for the next quarters. Based on these excellent results, we are reconfirming our guidance for 2026 for Spain, for all of its components, revenues, EBITDA margin, and total CapEx additions. All in all, I would say an excellent quarter of growth for Digi in Spain, with accelerated growth of the customer base, confirming our strategy for continuous growth for the years to come based on three factors. The expansion of the SMART footprint up to 21 million homes passed. A predictable growth of the customer base on this footprint towards the 25% penetration levels that we already have seen in the initial cohorts. Together with a significant operating leverage potential, leading to improved profitability with levels of adjusted EBITDA margin above 30% of revenues as shared with the market through our midterm guidance for Spain. Now back to you, Serghei. Thank you very much, Marius. Thank you very much both for the presentation, but also thank you very much for these outstanding results. Yes, just quickly, our gross debt as of June 2026 was almost EUR 2.1 billion. Net debt was EUR 2.050. Well, EUR 2 billion and 50 million rounded. If we adjust the debt position with the cash that was the net IPO proceeds, basically, the pro forma net debt is below EUR 1.8 billion at EUR 1.79 billion. This is also reflected in the leverage ratios that you see on the right-hand side of the slides. So ranging from 3.26 gross as of end of Jun e, 320 net, and of course, less than 2.8 to 2.79 times pro forma with the IPO proceeds. So IPO was, of course, helpful from this point of view as it has immediately readjusted our leverage and our financial position. Yeah, once again, one more reason for us to be very happy about the outcome and the result of this transaction. Having said this, maybe just few words to wrap up the mid-year and the presentation. I think continuation of our efforts is the key word, both on this slide, but also on what we focus. We continue to improve the quality of the mobile networks and mobile services in Romania. We continue to roll out services to new customers as we speak. We also marginally continue expanding the fixed networks and investments into the fixed networks. Spain will be the main focus in our group in terms of CapEx expansion and spending. But also with the highest and the most visible results in terms of customer additions and also revenue growth for a good number of quarters to come. Of course, last but not least, the new markets. We are still early on. There is still lots of work for us to do in Portugal, Belgium, U.K. But we are, I think, on a good track, significantly better in Portugal in comparison to Belgium or U.K., where we are still early on. But all these markets will certainly reach the necessary maturity in the coming years and will certainly be comparable to our traditional core markets, historical markets. All in all, we are very happy about our operations, our activity, and we will just continue executing the strategy as we did so far. Before I finish our presentation and before we open the questions, just a small admin announcement. On September 15, we will host our general meeting of shareholders, discussing two items. Appointment of Simona Stavrositu as non-executive director of the company. Currently, we have a six-person board in our Dutch holding company. Simona will be the seventh member of the board, and we will also want to finalize appointment of Deloitte as group auditor for the coming years. I hope you, the shareholders that are present on this call, can attend and can vote on these topics. Thank you very much, and we now open the panel for Q&A, and we will start answering the questions. The first question comes from Yorick Dupon. What is happening in Belgium? There is still no CEO. T here has been EUR 82 million loaned to the joint venture, and the growth rate is stagnating at around 9%. Have you misjudged the difficulties in the rollout of Belgium? Well, I think the question is maybe a bit emotional, but certainly I will address. First, we have a CEO in Belgium. His name is Valentin Popoviciu. Valentin Popoviciu is also member of Digi Group board, vice president of Digi Group board, and he has been the CEO of our operations in Belgium since day one, so there are absolutely no changes. Of course, you refer to departure of Jeroen from his position of general manager in Belgium. Indeed, this happened a few weeks ago. I think it was a personal decision of Jeroen, and we are grateful to him to have been colleagues with us in the last three years, two or three years. I am not sure to be exact, but I think it was a personal decision, so there is little to comment, but no disruption in terms of management. We have continuous management in Belgium and no changes here. In terms of growth, you are right, and I think we have been very open about this. Belgium is the youngest of the markets that we operate in except for U.K., and Belgium is certainly demanding longer time to roll out both fixed and mobile networks, and this determines the speed of growth. Having said this, we are committed to continue to invest and albeit at a very controlled pace, trying not to lose resources and being efficient. Yes, we do not expect huge changes, significant changes in the coming periods, but we will continue our growth, and we will continue building out of the networks because this is the way to develop a telecom operator, at least the way that we control. But thank you very much for the question. Question from Alina Sandu. Could you provide some color on the expected revenue phasing of the SRI framework agreement over the four-year period and on the EBITDA conversion, given the mix of hardware, software, and subcontracted services? Well, thank you for the question. We do not expect this contract to bring any significant profit or EBITDA. T hat was not the reason for us to participate in this procedure. It is a complex setup involving both installation of significant hardware platform, but also involving development of complex software platforms. I think the revenues will be consumed by expenses as we go on. But having said this, we do not expect our results to be significantly impacted by this contract. The next question comes from Piotr Raciborski. What total group CapEx and adjusted EBITDA do you expect to generate in 2026? I did mention that CapEx for the first six months was between EUR 345 million and EUR 350 million. In our previous calls, we mentioned that CapEx is expected to be around EUR 720 million, maybe slightly above. I think we are keeping this guidance, so EUR 720 million to eventually a maximum of EUR 750 million by the end of the year. But the intention is not to spend EUR 750 million. The intention is rather to manage CapEx to be closer to EUR 720 million. In terms of EBITDA, there have been good growth so far in terms of EBITDA in the range of 20% in the first six months. We do expect to continue this trend going forward. All in all, our EBITDA growth for the group should be in the area of 12%-20%. This is driven by the improvement of profitability in Spain, as Marius has mentioned. This is also driven by certain marginal improvements of profitability in Romania. This is also driven by tight control on costs and improvement of the loss position in Portugal. All in all, these are the explanations. The second question from Piotr. Do you plan to increase your stake in Belgian segment? Do you plan to start consolidating it fully at some point in time? Well, we are running a joint venture with our partners at Citymesh. So far, no changes or no planned changes in terms of neither consolidation in terms of acquisition of shares nor accounting-wise. So far, no changes. What margin do you expect on the cybersecurity contract worth EUR 196 million? Well, too early to say. We are not budgeting or planning margin or we are not guiding the market with extraordinary results from this contract, as I tried to explain previously. We see this as business as usual. The question from Sheikh Ali. When do you expect EBITDA breakeven in Portugal and the other segment? Well, too early to say. Of course, we wish EBITDA breakeven to come rather sooner than later. It is difficult to say how soon, but we should see important signs of improvement also in 2027, although not necessarily breakeven. Probably we will be in a better position to show the exact breakeven next year. A question from Ikap Pooks. Based on the financial report, it appears that the pay TV sector is the one in which Digi is growing the least in Portugal. From reading some user forums, it appears that many consider Digi's Android TV app to be the least att ractive in terms of user experience compared to those of competing operators with difficult navigation, no video club, and no access to recording series and streaming. Even Nowo's Android TV app is considered much more advanced than Digi.TV's. In addition, some channels with higher viewership in Portugal are still missing, such as Canal 11, Cinemundo and Syfy, all of which are available on Nowo. For the user, Nowo's TV experience is superior to Digi's, both in terms of the Android box, and the functionalities of the Android TV app, and in terms of the available channels. What does Digi plan to do to ensure that Nowo's TV customers don't feel that switch? Well, thank you very much for this extensive feedback. We'll certainly take this into account, and I'm sure our colleagues on the ground are fully aware of this. We will certainly do our best to both expand the TV offering, but also the functionalities of our Android app, but also to preserve the Nowo features that we have there. So thank you very much for the feedback. What does Digi plan to do to ensure that Nowo TV customers don't feel I think I'm just reading the end of the question just again. So, yeah, I'll skip. Thank you very much. A question from Russell Waller. How important is the new duct access regulation in Belgium as part of the Proximus joint venture approval? Will it reduce the cost to roll? If yes, to what cost per home passed, and by what percent, please? Well, any regulatory intervention is very important. We are now assessing the impact of this on our business, but I think it's somewhat early to tell, and so far, we're still building our network. So, yeah. Once again, not too much to report on at the moment. Question from Daniela Mandru. From July, you indicate that Romanian prices have been aligned to EUR. How should we think about revenue and EBITDA growth in Romania in the second half? Does the EUR pricing change materially reduce the FX exposure that affected the H1 results? Yes. Well, thank you very much for the question. I think it's an important one. We did not stress this during the presentation. It's true. In June, we have announced conversion of most, if not all, of our pricing tariffs in Romania from local currency, from RON to EUR. It helps us insulate operating results, mostly revenues from foreign currency fluctuations. It does not insulate our balance sheet from foreign currency fluctuation because our functional currency is the local currency, which for Romania is the Romanian leu, but our presentation currency is EUR. But still, presentation is affected by the functional currency. Having said this, I think overall, our financial structure is much better and robust, and that was the intention, again, to become more insulated from the day-to-day fluctuations. Because while the functional currency depends and is sensitive to the currency fluctuation, still the cash flow is not affected because our revenues will be generated in EUR and our ability to meet our OpEx expenses, but also to pay our financial maturities in EUR is enhanced. So it's a complex dynamic. I hope my answer helps you understand this. But yes, as an immediate effect, there will be an improvement in EBITDA margin, as I mentioned a couple of questions before. Second question from Daniela. Having reached the number one position in Romanian mobile by subscribers, how much runway is left for further growth? Do you still see meaningful scope for market share gains, or should we expect subscriber growth to moderate from here? Well, again, thank you very much for engaging so much, and also during the presentation. Yes, I think at this moment the three operators, us, Orange, Vodafone, we are more or less equal, with us being slightly ahead. You can say we have more or less equal chances. I think the market is open. So each operator roughly has one-third, one-third, one-third. I mean, this is a very general setup. And as you can appreciate, there's still two-thirds of the market to grow, and I hope you see the smile on my face. So yeah. But thank you very much for the question. And question number three, for Portugal, how should we think about the loss for year 2026 now, and do you expect the pace of improvement achieved in Q2 to accelerate in the second half? Well, yes, we want to continue marginal improvement in profitability in Portugal. Of course, coming from new sales as new customers are bringing margin to the business and from trying to contain the costs as much as we can. And yeah, that's our focus. So yes, we do expect further improvement in the second half of the year as well. A few more questions from Daniela. So next one. Equity accounted losses reached EUR 18 million in the first half of 2026. Should the Q2 run rate of around EUR 9 million be extrapolated to the second half of the year, or do you expect losses to peak and begin declining before year-end? What should investors assume for the full year contribution from Belgium? Well, I think, look, it's a complex question. Let us just address it generally because it's very complicated to speak in a very precise manner. But overall, we expect higher profit from Romania. We expect higher profit from Spain. We expect less losses from Portugal, and we expect constant result from Belgium. So this is roughly the picture or the very high level picture. And all in all, this should improve profitability and this should put us into black from red in the second half of the year. So look, I think the question was very general and my answer is also general, but I think you see the trend. Next question. Should investors treat the first half FX loss as largely non-recurring, given the move towards euro-linked pricing in Romania? And what would be a reasonable run rate for the net finance cost in the second half? So I think we have covered it in the first question that we answered in the series. So maybe we just move on. Question number 6. Could you clarify the remaining P&L SOTA contribution for 2026? You recognized EUR 15 million of FTTH-related other income in first half. What should we expect to be recognized throughout the P&L in the second half? So I think this is all detailed in the prospectus that our Spanish colleagues have published and also in the information they have been releasing to the market. But I'll ask Marius to comment briefly. Marius, if you can. Yeah, one second. We just need to unmute Marius. Yes. Can you hear me? Yeah, we hear you. Yeah. Cash-wise, we still have to collect EUR 120 million from SOTA during quarter three and quarter four. We account for this amount as sale of inventories, and part of it's already recognized in the past as it was part of the sale of fixed asset at net present value. So most of this amount will be recognized as the gain, and part of it will be recognized just as a cash-in, so the difference between the result and the interest for the net present value of this amount. But most of it will be recognized as a gain on the P&L as well. No, apologies. Part of it was already recognized in the past. So the initial part for the 4.4 million homes that were sold during September 2024. For the rest, it will be recognized on the P&L. So cash-wise, EUR 120 million and part of it on the P&L. As Serghei mentioned, I think very well, very detailed described on how would it be accounted for in the prospectus. Yes. Thank you, Marius. Another question from Sheikh Ali. Do you expect any further capital raises leveraging the listed Spanish asset to fund expansion in U.K., Belgium, Portugal, Italy? Well, the simple answer is no, but the full answer is, of course, much more complex. We have given to our Spanish colleagues the necessary flexibility to access both the capital markets and the debt markets and to be able to raise equity and to raise debt whenever needed. However, the intention and we more or less benefited from the IPO, let's say roughly half and half, both our Spanish colleagues through primary issuance and we through secondary issuance. However, going forward, there's no intention to leverage or to use Spanish stock for development of other group operations. We will use the Spanish resources, including the Spanish shares, only to fund and only to expand the Spanish operations. Having said this, we'll monitor the market and we'll see if there are opportunities to offer more shares or to issue bonds or to do any other financings in the future. But once again, we do not expect these to finance other operations of the group, just Spain. Another question from Russell Waller. Are you still rolling out fiber in Portugal? How many homes passed will you get by the year-end, please? No. Well, we are rolling fiber in Portugal, but these are marginal. These are small areas for now. We're concentrating more on Nowo areas to be able to migrate Nowo customers to fiber network. So meaningfully, there'll be no significant changes in the coverage in the near future. Question from Ines Miguel. Two questions regarding Portugal. Why is ARPU falling? Well, we have improved the pricing of certain mobile packages that we offer to our customers, and we believe that this is the correct offering for the market, and we wanted to make sure that all our customers benefit from the right pricing. So very marginal decline comes from there. But I think the bigger move is really the migration of Nowo customers from Nowo prices to Digi prices. So this is the explanation in the ARPU decline. Nothing else. Having said this, there are no other expectations to change pricing, certainly not to increase, but also not to decrease. A second question from Ines. MEO announced that it has already finished the modernization of the Lisbon Metro, with only three station left in the red line. Do Digi clients already have access to communications in Lisbon Metro? Yes. The answer is, we are present in the whole Lisbon Metro, just like MEO does. No difference between Digi and MEO. Both Digi's and MEO's customers benefit from the same services in the Lisbon subway. Question from Yorick. No, from Piotr. Excuse me. From Piotr. What total CapEx do you expect to spend in U.K.? What are your targets in this market regarding the coverage? Do you plan to become a mobile network operator in U.K. to focus on FTTH rollout and be only MVNO? I think it's impossible to become a mobile network operator in U.K. at this stage, given that all frequencies are operated by the incumbents. The only strategic option is only to operate an MVNO operation. Our options are open and yes, we will consider both fixed and MVNO opportunities going in the future. Having said this, it's too early to mention the total project volume or the total spending intention. Also, having said this, our CapEx for U.K. remains limited at probably 5% or less of the total CapEx spend for the group for now. We are developing our network, we are developing our operations there, but we are doing small steps just to maintain both financial discipline and rationale. So far so good. We are out of questions for now. We will wait on the line and if there'll be more questions, we'll certainly cover. Thank you very much. I think we have covered all the questions. Thank you all for being with us on this call. Once again, thank you very much. We are very grateful to you being part of our story and sharing with you these outstanding results. We'll speak mid-November discussing our third quarter's results with you all. In the meantime, we'll see some of you at our general meeting of shareholders on September 15th. Thank you very much and see you all. Bye.