Good morning, everyone. Welcome to our third quarter of 2025 results conference call. First, let me introduce our management. We have our former beloved CEO, คุณสมชัย. สวัสดีครับ ค่ะ Our newly appointed CEO, คุณปรารถนาค่ะ สวัสดีครับ Our CFO, คุณธีระค่ะ สวัสดีครับ We have Chief Enterprise Business, คุณภูผาค่ะ. We also have Chief Retail Business, คุณประภาสค่ะ. ครับ สวัสดีครับ Kunnathiya and myself will be briefing you the result and running this session ค่ะ So at this moment, allow me to officially welcome คุณปรารถนานะคะ Our new Chief Executive Officer, following the transition from คุณสมชัย who has successfully led AIS for the past decade through multiple transformation milestones. Kunnathiya has been with AIS close to 30 years and holding CEO position for the past 11 years. Now let us hear from คุณสมชัย as he would like to share a few words with this community. Good morning, investors and analysts. I would like to take this opportunity to thank all of you that support me all the time. For me, it's a very great time. It has been a great journey to serve as a CEO for the past 11 years. I will miss the meeting with all of you, but I never miss the roadshow. If you still invite me, I will be willing to go with Prathana, and I will be by your side and follow up and push Prathana to make more and more return to all of you. นะครับ For me, I will pass this leadership to Prathana, who you all know well, and I am confident he will continue to grow with greater vision and energy. I hope the investors and analysts will continue to support AIS under the next chapter of leadership under Prathana. Thank you very much. We hope to see you in any roadshow that you invite me. Thank you very much. Thank you, คุณสมชัย, for your kind words. We truly will miss you, and we hope that we get invited to the roadshow. Before we begin the quarterly session, let me introduce the new org chart. We now have คุณปรารถนา as our new CEO ค่ะ. Kunpratana also has been with AIS close to 30 years. Before this position, we are familiar with his role as Chief Consumer Business, taking care of mobile service, and then he was promoted to Deputy CEO, Chief Operating Officer, prior to CEO position. Under คุณปรารถนา, we have two Deputy CEOs and now seven business units responsible by C-level reporting to him. At this moment, Kunpratana will be acting as Mobile Business Unit Head, while Kunpathi is acting as Broadband Business Unit Head. The company is in the process of succession plan. Now let us hear a few words from คุณปรารถนา ค่ะ. Very good morning to everyone here in the conference call or analysts. I've been honored that the company appointed me as the new leader of the team. Under คุณสมชัย leadership, AIS has evolved from mobile network operator into a fully—I would like to use the word—integrated digital service providers. We have set—we believe that AIS, under leadership of คุณสมชัย, have set a new benchmark for multiple times, including this quarter for the industry. I'm very committed to build upon the strong foundations of AIS and to drive AIS together with the whole team to a very new era whereby digital and AI infrastructures will play a very pivotal role for country capabilities in the digital economies era. AIS team as a whole is looking forward to work hard internally and with partners across industry to deliver exceptional experience for the customer and exceptional values for our every customer with the comprehensive sets of product service across 5G, broadband, enterprise solutions, retail, entertainment, and about-to-come digital financial services. Again, I'm truly honest, and we are very committed to bringing the best for Thailand and society sustainably. Thank you very much. Thank you very much for your notes, and we now expect to hear more from him in subsequent events. Now let me begin with a short brief and then going directly into Q&A. At this time, you may also reserve to ask the question through the chat box. Please kindly put your name and your corporate name. In the third quarter, AIS continued posting solid results with core service revenue continuing to grow, supported by strong connectivity and content proposition. Despite a challenging economic situation, mobile remained resilient, focusing on 5G and driving more values to uplift ARPU alongside content engagement. Broadband delivered another strong quarter with continued focus on quality subscribers, innovative products, and premium bundles beyond broadband. Enterprise momentum remained solid, driven by EDS and cloud, while we will continue to drive data center growth throughout JV GSK. The retail business grew on strengthened retail strategy in product mix, stock management, and sales capability. Profitability was strong from efficient cost control and lower spectrum costs. Looking at the first nine months of 2025, AIS delivered a quality beat across all key metrics. Our EBITDA margin remained strong at 55% total revenue, with ROIC at 15%. The net debt to EBITDA was at 1.9 times, underscoring a very solid financial position and a low cost of borrowing. Overall, AIS continued to outperform with quality growth in expanding our business beyond connectivity and efficient capital management. We expect to continue delivering strong returns to shareholders. While we are anticipating that this investment community will be interested in the impact from 2100 MHz NT contract expiry and the recent auction cost savings, we have placed an illustration showing the accounting impact in both MD&A and our conference call slides where you can download through our website. Further questions regarding specifically on this, please reach out to IR team after this session. This is the end of the short brief, and we'll start with the Q&A session now. Please be reminded that you may reserve to ask the question through the chat box. Please type your name and corporate name. Also, please limit your first initial questions to three questions at the time to allow others to ask questions as well. You may also come back for the second, third, or fourth rounds. We have Ranjan from JPM for the first cut. Hi. Good morning, team. First of all. Hi. All the best from Somchai. I wish you all the best. It's been a great leadership of AIS under you. All the best to Kunnathana. Look forward to the same execution under you as well. With that, I can come to my question. Kunnathana, can you help us understand your key objectives and KPIs as you look to lead the organization? Also, how you think about capital allocation as well. Thank you. The key objective and KPI of the organization is to bring forward the growth across business, integrating mobile, broadband, enterprise, entertainment, retail, and digital financial service. We truly believe that AIS can play more roles in the AI and digital infrastructure, bringing values to the countries so that we set forward ourselves to go there. Thank you. Can I just follow up on the capital allocation side as well? I mean, given that you're generating such strong free cash flows now, how do you look to use the excess capital? Thank you. Sorry. We didn't hear you clearly. Are you asking about the excess profit, excess cash? Yes. You have strong free cash flow generation of the business. How do you think about capital allocation going forward? Okay. Yeah, I think in the end, first and foremost, every time that we have this, then it's a dividend, right? So I think we're committed to pay a high dividend payout ratio. That's to be expected from our shareholders anyway. But apart from that, I think we are preparing. It's actually good that we have excess capital right now because looking forward, we see a lot of growth paths that we can take. Then Kunnathana mentioned a bit about growing in a few directions: enterprise, infrastructure, also mobile and broadband as well. We still believe there's room to grow. So I think you may see that we may come back with a bit more investment over the next few years, and also in preparation for the spectrum auction that we anticipate to happen in the next year or two. I think that will be a certain requirement to put the money back to work and hopefully to grow the business again. Thank you. And all the best. Thank you. Okay, thank you, Kha Ranjan. We have Piyush from HSBC. Yeah, hi. Good morning. Thanks a lot. First of all, all the best, Kunnathana. Congrats, Kunnathana, on the new role, and wish you the best. I have a few questions. Firstly, if you can discuss about the macro environment in Thailand and how do you see the kind of growth outlook in both mobile and fixed broadband, the ARPU outlook as well. Second question is your nine-month performance has been really strong. So why guidance has been kept unchanged? Are you expecting kind of any headwinds in the fourth quarter on the cost side? Thirdly, if I may ask, there is a sharp decline in admin and other expenses of 21% year on year. What drove it and the outlook for the same? Thank you. Allow me to address the first one in the macro environment. Thailand is now still, I would say, under the period of recovering. Especially the last quarter, we start to see a bit more positive in economy recovering. We believe toward the end of the year and next year will be still under the phase of recovery. In any ways, we do not see a negative sign, but positive sign. For mobile, broadband, and telecom in Thailand, it's very clear that the market is really moving on, focusing on value creations rather than hyper-competitions. You also see from us and our competitors on that particular focus. The profitability has been brought back to the industry, and we both are competing to bring value for customers. In terms of outlook, when we think about how things would grow, I believe that the digital services based on both mobile, broadband, and enterprise will play a very important role to add values. We do expect a positive side of it continuing. On the guidance, we do not expect the surprise for the last quarter. This is now about to end the quarter. We do not have a plan also to revise it. That's what I want to say. On your last question about admin side. In admin, we also book the performance-related item. That's basically the bonus. So there's accrual in particular quarter, especially last quarter, and some adjustment in this quarter as well. Yeah, I'll come back. We have a high base. If you recall last year, we mentioned that we booked the accrual performance base in Q3 for Q2 and Q1 as well. We started the year in 2024 with a very conservative outlook, and we had a very low admin expense in the first and second quarter last year. In the third quarter, we accrued more performance bonus, and therefore, it was a high base. Right. But the third quarter number is a normalized number. There is no reversal of any provisions, right, in this? Hello? In a way, it's not that big of an item. So you may somehow look at the third quarter onward. Okay. Thank you. Thank you. No further questions from Piyush. We have Kunnathana from KKPS. Can you hear me? Yes. Okay. Thank you. I have three questions. Number one, on the mobile phone revenue gap between year one and two, we have seen quite a substantial gap in the past two or three quarters. May I have your view on why the gap exists? Because when I look at the price band of the two companies, they are almost identical. Do you expect the gap to continue in the next few quarters? That's the first question. The second one, may I have your view on the CapEx outlook for 2026 and possibly 2027? Because right now, your 5G network already covers 95% of the population. The third one, right now, people using the 5G package is already 35%, 36% of your subscriber base. Do you expect the migration pace to continue? What would be the peak? Can it reach 100% in the next few years? Those are all questions I have. Thank you. Allow me to address the first one. In terms of mobile revenue gaps, I would say we look inwards rather than outwards. We have been very focused on the customer needs, acquiring the right segment of customers on the quality basis. That has been helping us to improve the mobile revenue as well as improve the customer experience along the way. By the way, you might remember when we talk about unlimited load plan and all of those, it continued to be tapered off. That has helped improve the ARPU and revenue. On the other side of competitions, I think they will also be putting forward that attempt as well, depending on the speed of each company. I do see a positive trend of both competing on building on values. Whether the gap is wider remains to be seen. We don't know. We will be continuing on focusing on what we are doing, bringing quality and value to mobile services. I think that's number one. On number two, in terms of investment for network, we will continue on making sure that we strengthen our network services with the proper CapEx to fund that particular experience. For the past year, year and a half, the CapEx has been on the low side simply because we have pre-invested in 5G and the capacity is enough. We have seen the continuing growing of traffic for both mobile and broadband. That would require us to make sure that we invest properly to lead in the customer experience continuing on. You can expect that we will fund that in 2026, 2027 onward. On your last question regarding 5G, now we are at about 30% plus penetration. We do believe that 5G penetration can go to 70%, 80%, and 90%. Not so far away from now, everyone would need to use it, and we are confident that it will grow. I think there are a lot more rooms for AIS to build on that piece. Okay. Thank you very much. Now we have Khun Pisut from KSECK. We cannot hear you. Hello. Cannot hear you. We hear you briefly and then disappear. Hello ค่ะ. Hello ครับ. ได้ยินไหมครับ? ค่ะ ได้ยินแล้วค่ะ Okay. Yes. First of all, congratulations on your results, Khun Somchai. Piyush, can you talk closer to the mic, please? Okay. Hold on a bit. I think your mic cut the noise, so you have to put the mic close to your mouth. Okay. Is it better? Yes. Okay. Yeah. If my voice is disconnected, please tell me. Yeah. First of all, congratulations on your good results, Khun Somchai, for your retirement. Hopefully, you have a good time with your baby. And also, Khun Pattana. I will cut off your suggestion for my daughter. Thank you very much. Honored to be that, Khun Somchai. I have three questions. The first one is about your prepaid segment. เสียงไม่ได้อีกแล้วครับพี่ Okay. Is it better? ค่ะ My first question is about your prepaid. If you look at your prepaid ARPU, it went up from $120 to $150. I mean, $120 before the market consolidation to $150 in this quarter. The prepaid revenue has gone up nicely. Do you think this is the right proportion of mix between prepaid and postpaid revenue? Because you see that the prepaid revenue mix has been going up as well. We have seen the two steps when you raise the price for unlimited fixed speed in 2024 and also the. คุณพิสุทธิ์คะ ไมค์ต้องจิ้มอยู่ตรงกลางเลยค่ะ ถ้าบิดไปนี่คือไม่ได้ยินแล้วค่ะ Hello. Is it okay? เบาค่ะ ครับ. Hello. Is it okay? Is it better? Very soft ค่ะ. Okay. How can I do? I don't know. I know. I change to this one. Is it better? Okay. Better ค่ะ. Thank you. My question is about prepaid revenue. Basically, it went up quite a bit. My question is how far your prepaid ARPU can go up further? What do you think is the right mix for the revenue between the prepaid and postpaid? On prepaid, I would like to put the perspective of prepaid and postpaid now that they... Khun Pisut ครับ, it's very much like the method of payment. People subscribe monthly subscription in prepaid, and they do pay monthly subscription. Very large segment, tens of millions of customers paying subscription for data on a monthly basis. So I would say that very close to postpaid in some way. The way they pay for it is through the bank account, bank application, and so on. So it's a mixture now of how they want to use packages and the way of payment among pre and post. Prepaid has been continuing on recovery from past four, five years whereby there are huge amounts of customers, and many of those have multiple SIM and some SIM are inactive. When the country strengthened the personal identification, those numbers have been disappearing from the market in millions. So the number of prepaid and overall shrink a bit for the past three years. At the same time, the market recovered from hyper-competitions of overly providing unlimited data. So that has helped prepaid ARPU to continue on. We do believe that both prepaid and postpaid ARPU will highly depend on the needs of customers to use data. We do expect that the data demand will continue on growing year on year. So that's what I believe it would be. On the prepaid alone ARPU, we still think there is room because the penetration of 5G will continue on growing for both postpaid and prepaid. So you can expect that you'll see a continuation of it. Thank you. Thank you. My second question is about your network CapEx. Your nine-month network CapEx seems below your full-year guidance quite a bit, but you keep the guidance unchanged. You may not want to change the core revenue goal target or EBITDA target, but in terms of the network CapEx, do you think it is possible for you to under-spend what you target to spend for this year? This means that you're going to have the higher free cash flow to make more aggressive capital management for this year and next year. Allow me to address this one. We are very committed to network quality, supporting our customers. It will be on schedule on our plan. There are many works in progress that may not immediately reflect in Q3, but that's on plan. My last question is about on the electricity front. The NBTC has been trying to impose some of the budget package to help to assist the cost of living of the people. I think first thing that's about to come out. And also what I heard from the NBTC is that it's about to revisit the ceiling rate for voice and data. Not counting what's happening next year is about the 3.5 gigahertz spectrum plan that could be optioned in 2027. Could you please make some comments on these three things on the electricity front? Thank you. On the attempt of the regulators, we see as a very positive trend that the government does see a very strong value of digital services. It will be part of everyone as well as the government service through that digital services. That's why mobile and broadband has been highlighted how the government would support Thai to have access to all of those in a very economical way. What we have been providing AIS and the industry is a very competitive telecom services. We are the third from the lowest price in the world in terms of price per gigabyte or even broadband service. We see a very good trend, Khun Pisut, even though it looked like there will be more imposed. We will work with regulators to bring the best for the consumers. That's what I would say. The cost structure itself also is unavoidable anyway that we have continued on cost structure of spectrum network investment and many more. If we continue on to be in next year, the new spectrum come, it will be more. But with the economical of scales and the technologies, we believe that we will bring in value. Continue on even with those structures. Thank you very much. Thank you very much. Next, we have Khun Wasu from Maybank. Good morning. Good morning. I'm Wasu from Maybank. I have three questions. The first one is about the admin expense. Can we expect the admin expense to be relatively stable Q1, Q2 in the fourth quarter? Or alternatively, can we use the number that we saw in Q3 as the base going forward? That's the first question. The second question is about the marketing expense. I'm aware that for Q4 is usually the highest for the marketing expense. But for this year in particular, is it reasonable to assume that the marketing expense will drop year on year because of the morning period that we are seeing this year? That's the second question. The final question is about the CapEx trend over the long term. Given that Khun Pattana just mentioned that the data usage is rising and also just completed the network consolidation process last month, should we expect AIS to increase the network CapEx in 2026 and 2027 to maintain the network quality leadership going forward? On admin side, it may be difficult to gauge where the numbers will land. However, in third quarter, because there are some adjustments on both the staff-related and IT rationalization, so likelihood is fourth quarter, it could be higher on the admin side. Marketing-wise, yes, it's morning period. However, we also do have plans on certain marketing campaigns also relative to the content engagement. Normally, it's a high season. Still difficult to say what the number will be, but we expect that we will continue to try to manage the marketing campaigns as properly. CapEx trend in the future. So maybe just remind you a bit that two, three years back, if you recall, we did invest quite heavily on the 700 megahertz for 5G. So that also gave us quite a lot of capacity over the last few years. As we are moving forward, we also, as Khun Pattana mentioned, we want to ensure that we lead in the network quality leadership and customer experience, including some new features of the network that we want to build upon. So the tendency is we are looking at the higher trend of the CapEx versus this year. Thank you. Thank you. Next, we have other from Citibank. Hi. Thank you for the opportunity. Firstly, all the best to Khun Somchai. Congrats to Khun Pattana on taking the hot seat. Several questions, please. Firstly, you mentioned digital and AI services as a key focus area. How should we see this from an investment and CapEx standpoint? Are you, for instance, looking to invest more in additional data center capacities outside of the JV with Gulf or things like GPO as a service? I'm just wondering how this impacts CapEx and earnings volatility going forward. Second question I had is with regard to mobile. AIS has been gaining market share over the last two quarters. What do you think it's been doing differently? Both of you seem to be quite rational and focused on quality subscribers. I'm just wondering what's driving the gap. Is this mainly because of the churn related to their network outage? Has that started to change into the fourth quarter? Thank you. Thank you, Khun Arthur. The first one regarding AI and digital infrastructures. We are pursuing with the joint venture structure with GSA, Gulf Intel AIS, as well as GAIS. I believe we have also released information regarding the joint investment with Gulf on that. We do see a very strong demand and needs of investing in AI infrastructures. That would also relate to GPU and AI factories that later on you probably will see. Allow me to not go into detail today, but that would be part and parcel of our plan to go for very strong demand. It will be in the form of the joint ventures with partners and maybe more that to be released later. That's the first one. The second one regarding mobile. We are very focused on quality, supporting existing customers and the quality acquisitions. We did not change our strategy at all for the past 24 months, and I think it is the right strategy to make sure that customers have the best product. We hope to continue on. The competitors, someway, somehow, moving the same directions, and I believe they will also see a very positive trend later as well. Thank you. If you could just allow me a third question, I'm just wondering about pricing for the mobile services. Consolidation has happened two years ago. We've not really seen any notable changes for pricing in the industry, even with inflation and all. I'm just wondering the outlook for 2026. Do you expect this to remain static and the strategy will just remain on upselling and bundling? Or is there room for prices to finally move? The whole mobile base is beyond 90 million. All those are all in different price plans. The pricing in the market for new acquisition has been improved in the ways that the unsustainable price plan has been eliminated or continue on to be improved in terms of value offering. With that, on the surface, we may not see the price hike. But if you look closer, you will see the elimination of those unsustainable plans. That's the whole fundamental of it. With the base and the new customers coming in, we see the demand to use more data continue on. That gives us opportunity to offer them individually with the proper packages for the upsell and cross-sells. That also, again, has helped improve our revenue and profitabilities. We see that one continue on rather than price hike. Got it. Thank you very much. Got it. Thank you very much. Thank you. We have Ranjan to follow up. Hi, can you hear me? Yes. I have a follow-up question. Thank you for giving me the opportunity. It's actually coming from an investor. So I want to ask them on your behalf. Can you give more clarity on future CapEx and how that's going to evolve? How are you going to allocate that between mobile, broadband, data centers, digital banks, and the other initiatives that you might have? So the question is around the total CapEx spending in the coming periods and how it's going to be allocated between the different businesses, existing and new business. Thank you. I think you're asking for the future plan that we are still working with the shareholders in the board. But in terms of the trend and direction, as I think Khun Nathiya mentioned, the past two years, I think we minimized the spending on CapEx because we invested earlier when we expanded 5G. The next two years, what we'll do, as Khun Pattana mentioned as well, is we will try to come back to make sure we have the best network in the market. You see the trend of data usage still going up, so we want to make sure that we have enough capacity to serve the customers. In terms of how we separate that, I think it's hard to say because mobile broadband is easy. I think you can project that. You can use a certain percentage to revenue. We have more customers. We have more usage in our network, so we need to invest a bit more there. Also, when we acquired 3BB, we also didn't spend a lot in terms of CapEx for network on the broadband side. After two years, then it's time to actually go back and start to make sure we have enough ports to expand the service again. But when you roll in data center and other big ticket infrastructure, that sometimes takes a bit of time to build up. Also, we're going to invest when we also get some security on future cash flow so we can toy the numbers out. But I think let us get that plan finalized with the board and we give guidance next year. But whatever we spend on data center or even the AI infrastructure, it will need to link to certain anchor demand that we feel secure with. That number, because it's a JV, so it won't show up as part of the CapEx that we're going to guide. But maybe in terms of investment that we're going to put into the JV, we're still working out all those formulas. Hopefully, when we do guidance for next year, then we can give you a bit more clarity on that. All right. Thank you so much. Thank you so much. Next, we have Natapok from TNS. Good morning. Thank you very much. I think since you have reclaimed number one market share in mobile again, right now maybe looking for the new revenue stream. So may I start the first question on enterprise business that we see a lot of new investment in AI data center globally. Do you see an uptick or accelerating demand for big corporate or even small corporate in Thailand to take up this kind of basically to propel your enterprise business? That number one. Do you think Thailand needs some three, five years' time before that to grow? Second one is on the product sales also. We have seen a big improvement in terms of margin, but I think over the past few years sales revenue or product sales revenue is quite stable. So can we expect more of the margin improvement or the sales improvement to boost that portion later? Because I think you have to do a lot of the renovation of your branches, of your service points. Can we hope for the growth on that? Lastly, for Khun Pattana, do you think that are you still happy with these four pillars, if I'm not wrong, to drive AIS further? Do you think to get the new revenue stream or to move the company further, do you expect another pillar to be added going forward? Thank you. Allow me to take the first questions about the enterprise and the uptake on the AI and data center. We still see the strong demand from the enterprise customer, the big customer, including the hyperscaler that is coming to Thailand. We still see around 18% to 20% market growth and strong demand on that one. If you're talking about how they adopt the AI, I think all the enterprise customers talking about the AI, demanding more on the network infrastructure because the AI also requires the download and upload more. We see business from the hyperscaler who invested and expanded in the data center in Thailand. That's, I think, the information that I could share. From the sales side, the first nine months that we performed is about 13% growth comparing to last year. That is, I think, driven by the apples that we are actually a lot in September. In terms of the margins, the contribution margin is growing about 7.5%. It's about 8% comparing to last year. We are going to keep momentum of this momentum until the year ends. For the For the sales side, I think we're going to achieve more than a double digit for the year end also. That is my perspective in terms of the sales. For the expected margin improvement, we're going to improve about maybe 10% comparing to last year also in year 2025 comparing to 2024. What we are going to achieve is the first one, we are going to focus on the product, which is the Apple, which is the highest season of the fourth quarter of retail. The second one, we're keeping on the renovations, which is we're going to have more 20 locations that we're going to renovate to make the atmosphere and also the appearance of the store. We're going to focus on our own brand, which is Linga. I think all of you got the sample last time. I think we get, in terms of the sales, a bit growing. I think the margin is improving also on that one. Last, but very important is about the financing focus, which is how to make the people come to the store and easy to buy. I think that is going to work closely with the bank and non-bank. I think those are the four focuses for retail. The last very important that we're going to introduce, actually, we are on the trial phase, is about the Omni channel. Once you go to the retail store and you cannot find the model or the color that you want, from now on, you can order and you can pay at the store. You get the point of the AIS point, and then the port will be shipped to your house within the certain days that we are going to focus on this one. The last one regarding the growth pillars, I like to address in the ways to reflect the markets and the stage of Thailand. In mobile, our number one core pillar, once again, we are only at 30+% 5G penetration. There is a lot more room for us to better serve customers in the deeper penetration of 5G. In other countries, it goes beyond 50%, 60%, 70% already. That pillar is still very strong for us to do more work to serve customers and grow the company in mobile pillars. The second one, broadband. The broadband, fundamentally, every home will need broadband in the future. Thailand is at about 50% household, living household penetration of broadband. We do see rooms for us to grow. As Khun Thi mentioned earlier, we make sure that our investment will support that strongly to get every home broadband available. Thirdly, a very important pillar is the enterprise, of which every enterprise in the future would be digitalized. We are just starting the journey of enterprise in terms of enterprise telecommunication solutions, as well as the digital infrastructure, AI infrastructure for the future enterprise, as well as the digital government. Those are three fundamental pillars that I believe continue on to be very important for us to make sure that we meet the demand and provide the best product and services. On top of that now is entertainment, retail, digital financing coming on top to serve the customer. With these three plus three pillars are our key pillars to move forward. There will be more to come. Later on, when the time comes, we will release the information. Thank you all. Next, we have Isari from Macquarie. Hi, good morning. Good morning. I have a question on the AI infrastructure. Just wanted to get a sense in terms of the competitive landscape, especially when it comes to the DC to DC connections, the terrestrial fiber wholesale part of the business, which I believe is parked under your EDS segment. With the hyperscalers coming in Thailand and also in ASEAN in a big way, how has that changed in terms of negotiating with these key clients of yours? Are we seeing any competitive pressures coming from smaller private companies trying to provide similar services in terms of connectivity? Just want to get your thoughts on that. Allow me to take these questions about the AI and infrastructure. Actually, the way that we see is relating to the data center business and also the software on top of that. We have the strong partnership and strong position on the pricing point on the electricity as well. When we build the data center, normally we would have the anchor customer or some secure customer before we build. Those customers come to us because of the TCO and mostly coming from the cost of electricity that we can manage the price. That is a key issue that I want to share. The second one about the DCI, the data center cross-connect interconnectivity. We have the solid foundation that is ready to serve the upcoming demand of the data center. As we see now, we have around 40, this is a roughly number of the data center around Thailand. We see the growth around 20% or the demand of around up to 1 gig in the near future. Our infrastructure on that one is ready. When you talk about the EDS, we also have the feature that we call the self-network management, which allows the customer who are in the data center to manage the network by themselves and increase our time to market, also the service quality to our customer. For our competitors, we don't see the significant competitiveness or the price point fighting on that space a lot. It may be easy because we have very big infrastructure to serve the demand already. Instead of seeing the competitors, we see them as partners. We partner with them, we have the model to go to market and expand our adoption through the partner as well. That is our strategy to do this year and next year. All right. Thank you so much. All right. Thank you so much. Thank you. We have Khun Supachai's question from the chat box. The first question is, can you explain the slower year-on-year growth in enterprise revenue in the third quarter compared to the first half? What is the trend in the fourth quarter? Actually, the reason that we see, even though the slowdown on that one is very limited and very minimum. The explanation is about the problem that we have on the border. We are working on to recover that one. I think that's a short answer for that question. What is the trend in the fourth quarter? I think we will be able to catch up to the expectation from the shareholders on the enterprise revenue. The second question goes to retail from Khun Tong Yuanta. What is the recent development in the retail business? After introducing your house brand Ling Up, what is the feedback on this brand particularly? Any new initiatives to share? We launched in July this year, and I see the growth until today is about 56% growth comparing to the first launching. We're going to complete about maybe $15 million, which is, if you see from the number, it's not that much comparing to the other revenue that we have. But anyway, the margin of the on label of the house branding is extremely high comparing to what we are currently selling in the store. That is the first milestone that we achieved. The second one is we're going to increase in terms of the SKU, the number of the Ling Up. We're going to add up another three more items, which is related to the iPhone 17, which is going to boost up the sales of the 17 also. That is our own brand. The third one is we're going to sales in more channels. We just started selling in our own location, which is operated by the AIS, but we're going to expand to the partners of AIS. That is the Ling Up in the summary. Like I said before, the online sales in our own channel is going to be one of our focuses. The only channel, once you go to online, we can shop offline. You can go to offline. You can go online also. That is the three things in short that we are going to focus differently comparing to last quarter. Thank you. Third question, what would be a big change Khun Pratana would like to bring to AIS in the next three to five years? First of all, I must say that we, under Khun Somchai's leadership, we have set the industry benchmark, bringing the company into a very strong integrated digital service provider. Number one is not change, but to build on the strength and the fundamental asset that we have on integrated digital service providers. Number two, as I mentioned earlier at the beginning, is that we are very clear that in the digital and AI infrastructure era, AIS could play a very important role serving the country, bringing a pivotal point of these capability products and services to the country and to every customer. We do intend to do so. Thank you. On a side note, he asked me to also make congratulations to Khun Pratana and thank you, Khun Somchai, for your leadership and support. I am learning a lot from watching you lead. I wish you a happy retirement. That's from Khun Tong Yuanta. Next, we have Khun Pisut from KS again. Okay. Yes, can you hear me? Yes. Thanks for another opportunity. I have two follow-up questions. The first one, you and I monthly mobile revenue grew 5% versus the GDP growth 2% plus minus, even below. I remember that Khun Somchai's management used to mention that the mobile revenue growth will be similar to the GDP growth. This is much better than what you have said before. So next year, GDP growth would be not much different from this year or even slower. Khun Pratana's comments recently implied some confidence that AIS will outgrow the mobile revenue with the GDP growth again next year, if my interpretation is correct. What do you have an idea on this one? Currently, we are entering into the phase that everyone, every business, will require to use digital services to even live or do work. I think it's fundamental that digital infrastructure funds the growth of the countries. We do hope, Pisut, next year's GDP would be better than what you said. We do really hope for that. Once again, the 5G broadband enterprise, we have started a lot, but there are a lot more things to do. In mobile in particular, as mentioned, 5G is just 30% penetration, and we expect to be more. I would say that it will be ongoing. Hopefully, I can say growth and development of customer behavior as we start to see growth coming back and new applications will come in. I'm very positive about that. Thank you. My last question: with your revenue keep growing, right, and your CapEx could be higher in the middle term, but your CapEx to sales or CapEx intensity could be stable or even lower. Am I on the right direction on this one? I think you should look at the long term compared to the past, not compared to just this year or last year. I think it will go back a little bit higher than these past two years, but it won't be as high as when we start expanding the 5G. I think the reason for that is, as mentioned, we want to modernize our network as well and also prepare for new growth. That's something that we need to put some of the money upfront so that we can grow the business more than just the current mobile broadband services. But as I mentioned,% to sales, you can look at that as a benchmark. It varies within those ranges. Thank you. Next, we have Khun Min Ling. She leaves us a question in the chat box. Can you compare 2100 MHz, which will expire in 2027, with 3500 MHz? Which one do you prefer? If you can get 3500 before 2027, will 2100 MHz still be needed? 2100 is on schedule to be re-auctioned as it is expired. NBTC and the country are looking at all spectrum bands, whether they may be available to the public for auctions. We cannot say right now in particular. As Khun Somchai always mentioned that we look at every spectrum both individually and collectively. Value in combined. So we see later when NBTC announced which one is available. We will be participating. The 2100 is a fundamental band for our network and competitor network, for sure. 3500 would be new to the industry, previously sourced in-between telecom and television satellites. We believe that the schedule of 3500 will be part and parcel of the whole thing related to satellite television as well. We cannot say whether it's going to be available sooner than scheduled. It remains to be seen, but we will consider it individually. There will be more spectrum as well that NBTC might put it for auction. So we will look at everyone, as mentioned. Thank you. The last question from Khun Siriwan PST from the chat box. First, congratulations on your results. I have two questions. First, could you share how the upward momentum looks for the mobile and home internet business in October? Second, what is your revenue guidance for the fourth quarter and what positive factors are you expecting to support it? We see a good trend. The government has been supportive of countries to recover. For the past few weeks, the stipulation program also helped every business. And even though it's not direct to us, we see a very positive trend ongoing for mobile. I think for the fourth quarter on the broadband side, I think we will still see the positive trend continue. But given normally the last month, we won't get to sell a lot anyway. So I think we still expect a good result. But in the end, it's also depending on the competition in the market. After we announce our result and also our competitor announces the result, then I think both sides will go back and try to revise their strategy so that's still the unknown factor that can impact the performance towards the last two months. We would like the last questions from Piyush to follow up from HSBC. Yeah, hi. Thanks for the opportunity. I have two questions. Firstly, on home broadband, could you share what drove the ARPU quarter on quarter by 2% and what other initiatives companies are undertaking to continue this ARPU growth in home broadband? Secondly, on the mobile side, 5G subscriber penetration is still hovering around 34%. So what is the limiting factor? What initiatives a company could take to further improve this penetration? And if you can share the split of 5G subs between prepaid and postpaid. Thank you. I think on the broadband ARPU, the strategy for sure is right now we try to offer a higher quality broadband service to the higher segment. The more we can get the people who have money to spend to subscribe to a better service, then it's better for us. We are not looking at increasing ARPU across the board. Normally, we will have new products and services launching in the last quarter of the year as well. But this year, we refrain from that because we are doing the IT migration of the system. So the new product and service is going to come out probably early next year. That will be the continued effort in trying to lift the ARPU up. We're looking at increasing the number of services that we have with existing customers as well. That hopefully will continue to fuel the ARPU growth for one to two, three more years. For mobile 5G, the growth of 5G is going along with the 5G device penetration in the markets. Thailand markets are not under the highly subsidized markets. Customers purchase the phone individually rather than highly subsidized to fund the growth of 5G. So the key factor is 5G device penetration and 5G device injection to Thailand. We see a positive trend of more and more models continuing on being a better offering of 5G model. Bit by bit, 4G and 3G, I would say 4G mostly is still widely available at a very economical price. So it will take a bit of time as well for 5G to bring down into those levels of price, but we see a positive trend. To really support customers, as our retail, Khun Prapat mentioned, our footprint, our service direct to customers would be able to help AIS to support customers into the 5G era. We continue on seeing a very strong trend of customers adopting better phones with financial services that we, together with our partners, provide, and later on next year would be also from ourselves supporting customers as a part of the plan. That would be the engines that we will do a better job for our customers. To support on this, we also see 5G handsets growing at 30% year on year. If you look at 5G package subscription, growing at 36%. So there are growing hand in hand. Thank you. Thank you, Khun Prapat. There are no further questions, and our time is up. Therefore, thank you everyone for participating and see you in the next meetings. ขอบคุณค่ะ สวัสดีครับ สวัสดีครับ สวัสดีทุกคนครับ สวัสดีครับ Thank you.