Ladies and gentlemen, thank you for standing by. I'm Konstantinos, your Chorus Call operator. Welcome, and thank you for joining the Türk Telekom conference call and live webcast to present and discuss the 2024 Q2 financial and operational results. All participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a question and answer session. Should anyone need assistance during the conference call, you may signal an operator by pressing star and zero on your telephone. We are here with the management team, and today's speakers are CEO Ümit Önal and CFO Kaan Aktan. Before starting, I kindly remind you to review the disclaimer on the earnings presentation. Now, I would like to turn the conference over to Mr. Ümit Önal, CEO. Mr. Ümit, now proceed. Hello, everyone. Welcome to our twenty twenty-four second quarter results conference call. Thank you for joining us today. Statements from large central banks and economic data, as well as either complete or upcoming elections, have been in close watch of financial markets. Varying macroeconomic data triggered risk-on and risk-off mood several times, as markets struggled to calculate the probability of hard landing in developed and emerging economies. At home, the CBRT kept its policy rate at 50% since the last hike in March and maintained year-end inflation forecast at 38%. Year-end inflation expectation inched down to 43% in the latest survey, though. Nevertheless, the long-awaited disinflation process has started, and the CPI has gradually dropped to 52% in August, after peaking at 75% in May. The pace of decline in the next couple of months will likely be critical in reshaping 2024 and 2025 inflation expectations. Although recent signs have been encouraging, inflation environment remained challenging in the second quarter. Still, we have secured a performance that broadly mimicked our revenue targets, but run ahead of our EBITDA margin target for the first half. Subscriber acquisition remained in center focus for mobile operators as the sector entered its high season, which was further stimulated by a rich variety of tariffs and summer activities in lack of any price revisions until late June, early July. In fixed broadband, we revised our retail prices around mid-June and wholesale prices at the beginning of July as planned. We continued to feel the impact of widening price parities in our retail acquisition and churn dynamics over the second quarter. Data consumption moved with routine seasonal factors, but stayed generally strong across the board. Usage per LTE subscriber grew by 22% in mobile and contracted slightly in fixed internet year-on-year, the latter being affected by two long national holidays in the quarter. While mobile data usage picked up by 80% Q-on-Q, it dropped by 7% in fixed internet, both depicting the typical trends of summer months. Starting with second quarter financial and operational overview on slide 3. Consolidated revenue increased to TRY 33 billion, with 4% annual growth. Excluding the IFRIC 12 accounting impact, revenue growth was 7%. Consolidated EBITDA grew close to TRY 13 billion at a solid 22% rate annually. EBITDA margin expanded by an impressive 550 basis points year-on-year to nearly 39%. We generated TRY 1.4 billion net income in the quarter, with TRY 7 billion CapEx spending. Investment activity normalized from prior quarters' low level, which was driven by seasonality and Ramadan. Unlevered free cash flow rose to TRY 3.2 billion on a great momentum Q-on-Q, driven largely by the progressive operational performance. Finally, net leverage has continued its drop towards the 1x mark. Slide number five, net subscriber additions. We closed Q2 with 52.6 million subscribers in total, down 110,000 from prior quarter end. Excluding the 213,000 loss in the fixed voice segment, the subscriber portfolios were broadly stable. Fixed broadband base remained flat, around 15.2 million, with near 20,000 net additions in Q2. Subscriber activity was quiet in Q2 due to low seasonality, the impact of which was amplified by two long national holidays. Activations remained short of our expectations, both in the retail and wholesale segments. Churn rate declined both annually and quarterly. The year-on-year decline in the number of churning customers can largely be attributable to last year's earthquakes, and the churn to decline the seasonality and lack of new price revisions in existing customers tariffs, customer tariffs since January. Our retail tariff price revisions in December 2023 and June 2024 versus competitors' late and unmatching actions affected first half of 2024 activation and churn performances. We aim to mitigate the slower-than-expected net add performance so far, with a strong back-to-school season. Mobile segment added 125,000 subscriber on net basis, closing the quarter with 26.3 million customers in total. The postpaid base secured four hundred thirty-eight thousand net additions, beating prior quarter's strong performance of three hundred ninety-eight thousand. This was thanks to a visibly stronger-than-expected activation performance. Accordingly, in excess of one point nine million postpaid net adds in the last twelve months touched a new historic record. Though staying on a declining trend, prepaid base lost three hundred thirteen thousand subscribers on net basis, lower than prior quarters, four hundred fourteen thousand, but still a tad higher than we expected. We successfully managed churn with a flat performance year-on-year and only a seasonal pickup Q-on-Q. As a result, the ratio of postpaid subscribers in total portfolio touched its highest level of 74%. Slide number six, fixed broadband performance. We revised our retail prices in mid-June and wholesale prices at the beginning of July as planned. We also modified the retail contract to three plus twelve structure for new customer acquisitions from nine plus nine, which was introduced in December 2023. We observed other ISPs updating their prices in July and August, but typically large price gaps that emerged since mid-2023 have persisted. Nevertheless, the sector has more or less completed its price revisions ahead of the back-to-school period. We aim to take advantage of high season and make up for the lower-than-expected net add performance in the first half. Re-contracting and upsell performances were in line with our expectations, with re-contracting higher both year-on-year and Q-on-Q, thanks to powerful churn management. 50 Mb and above packages made more than 60% of new sales in the second quarter, compared to 51% in Q1, and 35 Mb and above packages made 66% of re-contracting, compared to 64% in Q1, both confirming the strong trend in demand for high-speed packages. Average package speed of our subscriber base increased by 43% year-on-year to 55 Mb as of Q2. With that, 59% of our subscribers are now on 35 Mb and above packages, compared to 44% a year ago. A similar comparison shows that 41% of our subscribers now use 50 Mb and above packages, compared to 28% a year ago. ARPU growth moved up to 6% from 5% in the prior quarter in an anticipated trend. We expect to see a visible leap up in Q3 fixed Internet ARPU growth following June, July price revisions. It is important to note that the new prices become effective for new and re-contracted customers in retail segment, but they become effective immediately for the wholesale base. Revenue growth moved up to 8%, with a 2.3% expansion in average subscriber base annually. Moving on to mobile performance, slide number seven. Mobile continued its relentless ride with another set of very strong numbers. Before diving into the details of Q2 drivers, it is important to note that the first half performance is not simply about strong numbers, but full of qualitatively assuring features in competency, resilience, and customer engagement, which grant us a flexible structure and large room for maneuver in managing our business and shaping the sector we believe. Surely, this is a result of long years of investments and know-how accumulation in this area, which we will continue to leverage in further growing our mobile business. Q2 has been the third quarter in a row we observed a fierce race for subscriber acquisition, this time fueled by the high season. Similar to Q1, we pursued a balancing act between ARPU and subscriber growth in an environment of all quarter-round promotional activity. After we initiated 2024 price revisions in January, it took mobile sector to complete the first round of pricing till mid-February. And it was not before end June, early July, the second round of pricing has kicked in. This time, all operators completed their tariff revisions in a short period of time, though. Additionally, the widely distorted price parities have more or less converged back to levels that prevailed by the end of 2023. Postpaidization continued to be the trend, with both customers' preference and operators focus heavier for postpaid tariffs. Although most of the campaigns were short-lived and tactical, one followed the other with regional, thematic, and seasonal alternatives throughout the quarter. Though attracting less interest, varying prepaid tariffs also hit the market to further enrich offerings in mobile's high season. The MNP market slightly contracted year-on-year from a relatively high base, but stayed near flat Q-on-Q. Following a one-quarter pause, we reclaimed our leadership in the MNP market, as the price parities have resettled on more meaningful levels. Mobile blended ARPU secured a hefty 15% growth, with respective 9% and 14% increases in the prepaid and postpaid segments. That, combined with a 2.4% average subscriber growth, paved the way to 20% mobile revenue growth year-on-year. Although we see regular pricing actions in mobile sector, we have been highlighting the shift in competitive landscape towards much heavier promotional activity over the last few quarters. Continued into the July, September period even more aggressively, this trend, which is driven by competition rather than demand conditions, cannibalizes the implied impact of pricing actions and sector's overall potential to grow ARPU, in our view. We have a clear preference for rationality in the sector, which is only attainable through a shared responsibility by all players, of course. We are extremely pleased to see significant improvements in our operating profitability and cash flow in the second quarter, affirming the precision of the measures we have put into effect over the past few quarters. Even more pleasing is to have the confidence that our performance will excel in the second half of the year, to help us comfortably achieve our full year targets. We managed to secure the momentum we have been looking for in our businesses this year, and we will make every effort to maintain this trend over the coming years, both in the core and adjacent areas we operate in. Finally, we continue to make important progress in the concession renewal process. The Privatization Administration, which has been mandated by the Turkish government for the task, has conducted a comprehensive due diligence process with us and submitted its special report to the Ministry of Treasury and Finance. We believe the whole exercise was utterly beneficial and fruitful, hence, maintain our view that the renewal of the fixed line concession agreement can be completed within 2024 in growing confidence. This concludes my part. Thank you. Kaan, over to you now. Thank you very much. Good afternoon from Istanbul. We are now on slide eight with financial performance. Consolidated revenues increased by 4% year-over-year to TRY 33 billion in Q2, taking the first half figure to TRY 63 billion, up by 5% year-over-year. Mobile, fixed internet, and call center were the main contributors to this quarter growth, excluding the IFRIC 12 accounting impact. Second quarter revenue was TRY 31 billion, up 7% year-over-year, with increases of 8% in fixed broadband and 20% in mobile, versus contractions of 16% in fixed voice, 3% in corporate data, and 13% in international revenues. The gap between consolidated and operational revenue growth within the quarter was once again owing to the low IFRIC 12 revenues. Excluding the IFRIC 12 accounting impact, first half revenue was TRY 61 billion, up 8% year-over-year, in a trend we consider compatible with our 11%-13% guidance for the full year, along with expected second half financial performance, which will be highly affected by inflation dynamics and the price adjustments we have recently implemented. The preliminary July results also confirm that our view on revenue outlook is well-grounded. Fixed internet and mobile together make almost 75% of second quarter operating revenues. The two lines of businesses together make significant contribution to growth with more than TRY 3 billion higher revenue compared to same period last year. Corporate data revenue improved 11% quarter- over- quarter. The decline in international revenue year-over-year was mainly driven by the change in exchange rates, remaining well below inflation in the period. Contraction in voice revenue also continued into the second quarter, slightly offsetting the growth in data revenue. The 8% annual increase in fixed internet revenue was driven by respective 2.3% average subscriber growth and 6% ARPU growth in second quarter. The 20% impressive increase in mobile segment revenue can also be decomposed into similar 2.4% average subscriber growth, but higher 15% ARPU growth. Moving on to EBITDA, starting on the OpEx side, direct costs declined 7% year- over- year, with contractions of 29% in interconnection and 22% in equipment and technology sales costs, whereas commercial costs and other costs rose 6% and nearly 1% respectively. While commercial costs continued its upward trend annually in the second quarter, the pace of growth slowed significantly from 28% in the first quarter. Flattish look in other costs year over year was driven by personnel and network costs. The thirteen percent year over year increase in personnel costs was largely mitigated by seventeen percent decline in network costs. As such, OpEx to sales ratio dropped to 61% compared to 67% in the same period of last year. As a result, consolidated EBITDA rose 22% annually to TRY 13 billion, with EBITDA margin expanding by 550 basis points year- over- year to almost 39%. Excluding the IFRIC 12 accounting impact, EBITDA margin slightly exceeded the important 40% mark. Looking into half years, half yearly number, OpEx to sales ratio dropped to 62 compared to 68 in the same period of last year, paving the way for a 530 basis point improvement in EBITDA margin year- over- year to 38%. First half, EBITDA picked up by 22% year- over- year to TRY 24 billion. All the EBITDA, EBITDA margin evolution have been stronger than our expectations so far. We maintain our guidance unchanged, mainly because of the personnel salary adjustments that we implemented, effective from August. The move was driven by recent market practices and our motivation to remain competitive in talent management. Although decision comes as a deviation from our earlier plans, it is well manageable within our existing budget, thanks to the EBITDA outperformance so far. In addition, all the network expenses remain subdued. So far, thanks to lower energy costs in lack of electricity tariff increases, as well as to lower maintenance costs, it will be fair to assume some pickup in this cost item starting from third quarter, following an electricity tariff hike introduced in July. Nevertheless, we feel rather comfortable with our full year EBITDA margin guidance range of 36%-38%, as the first half performance hovered around the high end of our target. In addition, we aim to maintain this performance and stay closer to the high end for the full year. Down at the operating profit level, the figure was TRY 2.6 billion in the second quarter, comparing favorably to TRY 0.4 billion operating loss in the same period last year. That takes us to TRY 3.8 billion on half-yearly basis, again, comparing much higher to TRY 2.3 billion operating loss in the first half of last year. This was largely suppressed by the earthquake impact. Coming to the bottom line, TRY 6 billion of net financial expense dropped 33% year- over- year in the second quarter, swinging from an increase of 78% in the first quarter, but remained more or less stable quarter over quarter as we expected. In other words, while first quarter felt the negative impact of last year's low base in the same period, second quarter conversely enjoyed the positive impact of a high base. The widely known shift in monetary policy was the obvious reason behind the large swing in the first and second quarters, the rates of change annually. As such, net financial expense dropped slightly to TRY 12 billion in the first half, thanks to a stabilizing financial market in annual comparison and successful management of financial risks in this environment. Finally, with about 18% effective tax rate, we recorded TRY 1.4 billion net profit, which took the first half figure to TRY 2.5 billion, comparing favorably to TRY 2.3 billion net loss in the same period of last year. We are now moving on to slide number nine. CapEx spending normalized from prior quarters' low level, which was driven by seasonality and Ramadan, and materialized around TRY 7 billion, up 7% year- over- year. At TRY 12 billion, first half investment spending pointed to 19% CapEx intensity ratio for the period, well behind our full year guidance range of 27%-28%. Typically, our CapEx spending picks up in the second half, with particular acceleration in the final quarter of the year. Therefore, our CapEx intensity guidance also remains unchanged at this point. Moving now on to slide number 10 with debt profile. Net debt to EBITDA has continued its downward trend towards one multiple, thanks to stable currency and improving operational performance. Cash and cash equivalents, of which 44% is FX based, total TRY 7 billion. This excludes the $260 million equivalent of FX- protected time deposits that you book under financial investments. The share of local currency borrowings within the total debt portfolio was 19%. The FX exposure included U.S. dollar equivalents of $1.7 billion of FX-denominated debt, $1.6 billion of total hedge position, and close to $100 billion of hard currency cash. The hedge amount includes a $260 million equivalent of FX-protected time deposit, which stayed flattish quarter over quarter. In this quarter, we issued a five-year $500 million sustainability bond through an extremely successful transaction in May. At the same time, we tendered back $300 million of the February 2025 notes. That means that outstanding 2025 notes, it's now only $200 million. Also, we secured two separate long-term ECA facilities for respective $120 million from Citibank and EUR 80 million from Exim Bank of China in April and May. As such, we attained a more balanced debt profile, debt maturity profile as of the second quarter, as you will see on the top right chart. For the near term, we remain comfortable with the existing debt portfolio, especially given the reinstated strength of our cash flow, which is set to further enjoy progressive EBITDA generation and the high season ahead. Admittedly, we may be in need of fresh financing next year, or so if there is concrete progress in the ongoing process for the renewal of fixed line concession of the official 5G rollout plans. We are now moving to slide 11. Our short FX position was close to $70 million by the end of the quarter, excluding the ineffective portion of the hedge portfolio, mainly participating cross currency swap contracts. Foreign currency exposure was $260 million. Total exposure, as expected, PCCS portfolio significantly contracted following the maturity of June 2024 notes, as several transactions expired together with the hedged bonds. According to the sensitivity of the P&L statement to exchange rate movements, a 10% depreciation of lira would have TRY 700 million impact on Q2 profit before tax, assuming all else constant. Finally, second quarter unlevered free cash flow was TRY 3.2 billion, compared to TRY 2 billion a quarter ago, in a progressive trend that took the first half unlevered free cash flow to TRY 5.2 billion, compared to near TRY 0.5 billion in the first half last year, underlying the robust internal operational performance, in addition to low base owing to last year's earthquake and macro volatility. This will conclude my presentation. We can now open up the Q&A session. Ladies and gentlemen, at this time, we'll begin the question and answer session. I would like to inform you that Türk Telekom will have translation during the Q&A session. Anyone who wishes to ask a question may press star followed by one on their telephone. If you wish to remove yourself from the question queue, then you may press star and two. Please use your handset when asking your question for better quality. Anyone who has a question may press star and one at this time. One moment for the first question, please. The first question comes from the line of Singh, Maddy with HSBC. Please go ahead. Yes, hi. Thanks a lot for taking my questions. I have a few. So just the first question is on your margins. Given that in second quarter you had actually very good performance, very close to 40%, I think, which was the trigger for you to think about dividends again. So if you could update us on that, if you do indeed cross the 40%, would you be resuming dividends? And what would be the timing on that after reaching the 40% level? And related to that is whether you would prioritize further deleveraging or you are happy with the current leverage, you know, levels. And then second question is on your options around infrastructure assets. You have, I think, very good fiber asset and as well as, you know, towers. So any plans to monetize any of these assets? What are the options you are considering around it? And then final question is on state of competition. Currently, which operators are, you know, aggressive? Are you comfortable around, you know, being able to pass on the price hikes to consumers without affecting either market share or the usage levels at the customer level? Thank you. Well, let me start with the first part of your question, which was around margin and, you know, impact on potential dividend payout. So as you mentioned, we had a very good progress in the margin improvements. That was actually an important factor in our beginning of the year storyline. We said it's going to be a year with, you know, real revenue growth, as should, I mean, the inflation scenario takes place as we predicted. And also we should be seeing, you know, margin improvements compared to last year. I think it's happening. It's moving in the right direction, as it's reflected in the second quarter results. One factor, you know, when we look at the outlook for the second half of the year in terms of the margin, so one factor to take into account, as I mentioned in my part during the presentation, we made a salary adjustment in August. So that wasn't part of the beginning of the year plan for us. But we should be seeing again, you know, excluding that adjustment, normally we will be seeing further, you know, improvement in margin. But even with that, we should be staying within our guided range of 36%-38%, converging towards the, you know, high end of the margin. But when we try to translate this performance into the potential, you know, dividend payout scenarios, obviously, you know, operating margin is not the only, you know, component to decide on the dividend payouts, so we should be closer to the year-end, you know, to understand especially what we should be expecting the, you know, financial expenses effects, different effects, losses line to see the bottom line, and also we should probably be looking at next year's, you know, investment requirements. So, it looks like it's going to be a bit busy since we started discussing, you know, as our CEO mentioned, potential extension of the fixed line concession and possible, you know, a 5G tender at some point, maybe next year. So, I think the year-end, when we announce the numbers, there will be more clarity about the timeline and the calendar of such, you know, substantially large scale investments. And also we will definitely have the year-end numbers with the financial results. So it will be really too early to make an assessment on the dividend payout, especially for next year. So, our CEO will take the second part. [Foreign language]. You know, we have been seeing that the main focus of the mobile market for the last three quarters has been shifted to the subscriber acquisition, not solely the subject of this quarter. [Foreign language]. We have been observing that, the price gaps are occurring because we have been increasing the prices of our tariffs, but the other operators are following with lower rates and also with later, like, dates. [Foreign language]. We have been observing that the market and increasing its competitive environment with campaign intensive focus for subscriber acquisition. [Foreign language]. Of course, this situation is definitely reducing the ARPU growth potential of the sector generally. [Foreign language]. I'd like to repeat that our preference in the mobile sector is for competition to continue under rational conditions. [Foreign language]. You know, acting with our responsibility of price leadership on the fixed side, we did not compromise on inflationary pricing, and we have revised our retail prices. So we would like to see the same to occur in the mobile market as well. [Foreign language]. Let me crown my explanation with an example. You know, we have added 109,000 net adds in this quarter, and the other operators, I mean, one other has added 113,000, the other added 474,000 net adds. So this actually puts forward the fact that we are not actually playing the game over subscriber numbers. We try to stay on the rational and the realistic side of the market. [Foreign language]. The numbers are, the numbers I have just shared were recorded within the first half of the year. Also, I'd like to give another example. In the last quarter, we had increased our service revenue market share by 1.5% with the telecom. Another operator has come down two points down, and the third operator only added 0.4 points to their service revenue market share. Thank you. Sorry, and the question on the infrastructure asset monetization options, if at all? Yeah, we are. I was about to open my line to answer this. Yes, I mean, you're right. There are such cases across the world through which, you know, operators try to create, you know, cash by selling and leasing back their assets. But it's not gonna be part of our, you know, short to midterm projects. We will be mainly focused on working, you know, on the license extension agreements, defining the conditions, so on it. And from a regulatory perspective, there is also the fact that, you know, our regulatory environment is significantly different than the rest of the world when it comes to ownership of the network infrastructures. So government has a strong say in defining, you know, the temporary or permanent ownership of the assets. So that also complicates the picture. So considering everything together, it's not gonna be within our immediate plans. But would you be open to infrastructure sharing, especially on the mobile side, if not monetization? Definitely. I mean, as a late entrant to the market, which we in the older days had difficult time to you know create coverage in our mobile network. Fortunately, we brought our network into a very you know good coverage level. But we also always pushed for sharing, at least you know the passive infrastructure elements with other operators. It didn't work always as smooth as we expected, but we are always open to have a better sharing of mobile network assets, especially towers, and Türk Telekom will be the leader in that if the other operators you know tend to be more open to share their network as well. Thank you. This is very helpful. Thank you. The next question comes from the line of Mandacı, Ece with ÜNLÜ Securities. Please go ahead. Hi, thank you for the opportunity to ask questions. I have a couple of questions. The first one is a follow-up question regarding your revenue growth performance. Since you have maintained your guidance for two thousand and twenty-four, it's, I calculate that for the second half, there should be some double digits, maybe, revenue growth on a year-over-year basis. So what will be the main driver for that? You have already mentioned, about the price adjustments, but you also highlighted, the increasing competition in the market. Could there be any possibility of additional price hikes in the second half, or, do you expect some normalization or rationalization, going forward with the back-to-school, period? And, additionally, I'm seeing that your corporate revenues were lower on a year-over-year basis in second quarter. Will this continue, and what's the main reason for that? Another question is about the working capital. In the last two quarters, we are seeing an increase in your working capital needs. Is this the new normal now? Should we take into account this new working capital over sales ratio, or could there be any possibility for improvement going forward with the increase in your revenue base? Thank you very much. Thank you very much. Let me start with the revenue outlook for the rest of the year. Obviously, we now have in our lives the reality of the inflation adjustment. So when we look at the operating performance, and when I say operating, you know what happens in the revenue, you know, the historic revenue and the drivers behind it. So we still see a strong second half of the year, which is also being confirmed by the first two months of the second half, since we see the number. But the other factor which impacts the growth rate obviously is now the inflation level of the inflation. Because we are adjusting both last year's numbers and also this year's numbers in line with the inflation indexes of the relevant period. And the inflation index for a quarter, when we report the quarter, is mainly the average inflation of that quarter versus the average inflation of the same quarter of last year. So when we look at the second quarter's average inflation, we have around 72%. So that was. This is the highest of the last six quarters. And when we completed the quarter, now we started seeing the decrease in the headline inflation, which is the point to point, you know, 12-month inflation. And we are still keeping our inflation estimate for the full year at around 42%. So these quarterly numbers, quarters, quarterly averages, we should expect under this scenario, come down from 70+ levels of second quarter first to 50% + numbers, and then 40%+ numbers in the last quarter of the year. So mathematically, that will push our you know revenue growth inflation adjustments, adjusted revenue growth up and very visibly. So this is why we stay strong on our revenue outlook for the second half of the year. And we should also see you know the gap between the growth rate of the fixed line fixed broadband business and mobile business to narrow. So that will be very strong. You know, we expect to see a strong revenue growth, or keep the revenue growth strong in the fixed broadband operationally, and the gap will get narrower compared to mobile. That will also help us operationally to generate, you know, a strong revenue growth in the second half. Again, operationally, we have better clarity, but the other component, which is the inflation, as I said, we expect to see it at 42% when it comes to the year end. If there is deviation, you know, from that number, obviously, that, that's also- that will also impact the real revenue growth versus last year when inflation adjusted with the inflation. So the competition is high, as you mentioned. So there will be, you know, probably changes in the way we manage the business by looking at the competition. We will mainly try to, you know, keep the discipline in place without getting too much involved in this, you know, game of getting more customers at a lower price. Whatever we do, you know, operational, there is limited time left until the year end, and in our world, as a telecom operator, it's not easy to positively or negatively impact the remaining few months, even you start doing radical price movement. In that sense, we have more confidence on the full year outlook. For the corporate revenues, as you will probably remember from prior discussions, especially on the fixed broadband and partially on mobile, we are operating on fixed price contracts. Fixed price contracts are a bit, you know, longer in the fixed line business. We started with twenty-four months as a industry standard. We are now at fifteen months, and mobile is twelve months. The reason why we see, you know, a bit late acceleration in fixed broadband is exactly the reason why the contract term are longer in fixed broadband business. Now the fixed broadband growth will start catching up with the mobile growth. But when we look at the corporate, especially corporate data business, the contract terms are even longer. So these are big customers, customers generating sizable revenues in one single contract. Some of them are government-related entities, and their contract terms are even longer than 24 months, going up to three, four years. So once we reprice those, you know, loan contracts, there is immediate, very sizable, visible revenue uplift. But from one year to another, sometimes we have just the same revenue generated from those big accounts. And since then, it is a game of, you know, small number of customers creating most part of the revenue stream. We are a bit stuck with lower revenue growth in that line. As I said, we are now started, you know, even this quarter, repricing some of the big contracts, and we, you know, growth rate should be improving going forward. And, what was the, c an you remind me the last part of the question? About working capital, being huge in your working capital. Yeah. I mean, obviously we are, we are going through a very, sizable revenue growth period. One, in fact, is definitely, you know, higher level of receivables when we have such, high growth rate in our revenues. But some of it is also related to temporary, you know, issues like, you know, I remember that in the prior quarters, in several quarters, we had long, bank holidays, where we had to make the, you know, the delay the payment cycle to the, to the next quarter. And suddenly, you know, that changed the, accounts payable, level for, for both quarters. And then when we, repeat, you know, in the years to come, then suddenly it, it gives us a, different, you know, working capital outlook. Most of it will be temporary, I would say. So, so when those factors are adjusted, especially in the full year, when we look in full year, it's gonna be a more normalized level. But all in all, you know, not only for the working capital, but overall for the cash flow performance, I would expect to see a healthy, you know, growth in full year in the operational cash flow that we generate. I think margin improvement, revenue performance will definitely help that. And there will be real growth and sizable real growth in the cash that we generate at the end of the year. Miss Mandacı, have you finished with your questions? Yes. Thank you. Thank you. The next question comes from the line of Bystrova, Evgeniya with Barclays. Please go ahead. Thank you very much for the presentation, and congrats on the results. I have just three questions. So my first question, you mentioned that, with the potential concession extension as well as 5G tender, you could, evaluate your financing options and maybe require some more financing. Are you considering, coming back to the market, or is it going to be a bank loan, in your opinion? Then my second question is, with regards to the 5G tender, could you provide any comments with regards to, the timeframe that you're expecting, there? And, finally, my last question is with regards to, the comment that were made, this morning about, potential merger with Turkcell, as well as joint infrastructure, for the broadband, as far as I understand. I was just trying to understand what is the background or the grounds for these types of comments? Thank you very much. [Foreign language]. Let me start by answering your last question about are we considering any, is it possible to have any merger with Turkcell or any other institution. There is no such thing, and it is not possible to consider such a merger or anything with any company, including Turkcell. Also joint infrastructure company kind of things are also totally out of the table, so they're not a possibility for us. [Foreign language]. I mean, it's not possible to do for many reasons. First of all, you know, we are both under Sovereign Wealth Fund of Türkiye, and our shareholder structure, there is drastic differences, and also it is not possible to do it technically as well, because how strategically, in the strategic plans are not aligned, so it's not possible to do it. It's not on the agenda. [Foreign language]. You know, recently the Ministry of Transport and Infrastructure stated that we are aiming for 2025 for the 5G standard and 2026 for the year of service delivery, so we are getting prepared accordingly. [Foreign language]. Also, Minister of Transport and Infrastructure also made statements related to the concession renewal of Türk Telekom, and that is planned to be completed within 2024. Just recently, the Privatization Administration, which was assigned to the matter, carried out a comprehensive due diligence process, which, and they submitted their report to the Ministry of Treasury and Finance. We believe that in the upcoming period, there will be an enhanced traffic related to the, you know, the terms and conditions and everything, and the decision process will come to the fore. [Foreign language]. Related to 5G, you know, the price, the financing and the type of the tender and auction. So we are all following the relevant authorities and preparing accordingly. Again, for the fixed concession, renewal, you know, we believe that the framework of it, you know, the payment and everything will be mainly focusing on the sustainability of our company. So we will definitely consider the healthy turnover of our company and also the continuity, ensure the continuity of the investments, accordingly. Let me add the first question, so which was about the potential financing of the next year's investment. Let me start from where we are as of today. In total, I mean, including this, you know, currency protected account and everything, we are close to $500 million equivalent of cash. And as I mentioned during the presentation, we recently signed several ECA deals, agreements through which we have $400 million signed, committed, but non-utilized balance. And also we are now approaching to almost one multiple in terms of the leverage. We see that gives us from a balance sheet perspective more relaxed, you know, way of considering potential large scale investments. But I think which is really important as we experienced during our latest issue of Eurobond. Now we have full availability and also easy way to access of different, you know, financing structures and because the regulations have been changed and the outlook of the country has improved significantly, which also through which we also benefited as a large corporate in this market. We have easier access to anything that we want to be part of, either it's a financing transaction or it's a hedging transaction. T here is also liquidity availability in those instruments. There is also supply in those instruments. I think it wouldn't be, you know, wrong to say that if there is, you know, in the same year, an expansion of fixed line concession plus a 5G tender, we will be look at its different, you know, options. We should maybe one of the options. As you know, we have repayment of the 2025 in February, which is now down to $200 million. When we make the repayments, we will only have one tranche left. W e always had two of them in our balance sheet, so there will clearly be room for accommodating another one. Plus, any type of other financing structures, including ECAs, club loans or anything similar. So I hope that answered your question. Yes. Thank you very much. The next question comes from Özdemir, Alper with Azimut Asset Management. Please go ahead. Hello. Thank you. Can you give us any hints that might put some light on the structure of the potential concession deal? And as my second question is about if you see any signs of affordability problems on the customer front, and maybe related to that, you can give us some hints about the MNP activity after a series of price increases. I mean, considering the nominal levels of the tariffs, I want to understand so how long can you sustain above inflation revenue growth? Thank you. Let me start by answering your second question. You know, we are continuing with our inflationary pricing actions, and so far I can clearly state that we haven't seen any affordability issues or any resistance from the consumer side, and we have followed the consumer behaviors. We have analyzed them, so we haven't seen any misconduct. [Foreign language]. Of course, we know that there is an economy program that is in place and implemented, and it has some effects in all factors, and maybe one day it can affect, but so far we have not been affected, I can say. [Foreign language]. About your first question related to the possible terms of the concession renewal. I can yell you that the main model for us and the main number for us will be within the framework of considering. Our company is owned by the government directly or indirectly, 87%. So, we believe that our stakeholders and shareholders will always consider the healthy balance sheet structure and ensure the investment continuity of our company. So, this is the main understanding that we expect from the model and the number, in terms of the money to be paid. When we discussed with the Privatization Administration and when we shared our documents and information with them, we have felt that we are well understood by the government. Mathematically, let me add just one thing, if you go back to earlier days, like when this inflation period started back in 2020, 2021, on a cumulative basis, we just started to catch up with customer inflation. So, I mean, it's not a secret, our industry was not prepared to accommodate such high inflation. Especially that impacted our cost items, because everybody knows we used to operate on fixed price contracts with most of the customer base. So, we were lagging behind the inflation when it came to revenue growth. This is just only catching up with the Consumer Price Index. When you look a the Producer Price Index, which is a better indication of the impact of inflation on our cost base. We have still a way to go there. We had to provide fixed price for a very long period. During that period, we had to absorb very high cost inflation in our cost base. It also showed in our margin story. So last year, a year before that, those were the years that we lost margin due to this factor. Now, it's getting back to where it was. So, it's not about getting additional or incremental price adjustments on top of inflation over a longer period of time. Thank you. The next question comes from the line of Campos, Gustavo with Jefferies. Please go ahead. Hello. Thank you very much for the presentation. Congratulations on the results. Just a few questions on my end. The first, in light of the 5G tender, the potential concession renewal, where, where do you expect the CapEx as a percentage, as a percentage of sales to be, in 2025 relative to 2024? That's the first question. Thank you. You mean including the cost of the expansions and new license, or excluding those factors? Including those, if possible. Thank you. That will be extremely speculative. Because the 5G package is not even defined in terms of what type of frequencies will be included into that, given the term of the contract in terms of how many years will be covered is not even defined. With all those unknowns together, it will be very difficult to say something about it. No worries. No worries, and if it was excluding those, those expected investments, then what would be your, i f you have, like, any estimates, that would be helpful. Thank you. Normally, you know, again, anything that will come from those new big-ticket items, we should be around a peak level, you know, in a long-term trend, this year. So we got closer to 30% in terms of CapEx to revenue intensity. For this year, we guided for something lower than that. T he revenue growth is also supporting, you know, the reverse trend in terms of CapEx intensity. Clearly, that was the factor that pushed those numbers towards 30%, you know, last year and year before that. Because, I mean, the cost inflation on the investments that we made was much higher than the revenue growth. A t some point we tried to, you know, rationalize our the amount of investments we did up to a certain point. But still it impacted, I mean, it gave us a much higher CapEx intensity. And going forward, I would also expect to see a reverse trend in those parameters, revenue growth being higher, the cost of the CapEx investment staying lower than the revenue growth. E ven with a similar similar, you know, number of units into which we invest, we should see a lower percentage. W e should be slowly and slowly converging to, you know, low twenties going forward. Thank you very much. That's very helpful. My second question is on your hedging policy. If you could provide any updates, whether you planning to obtain a new PCCS contract for the new bond? That's the second question. Thank you. Not for the new bonds, but for the existing bond, actually there's only $200 million left until February. We tapped that market with participating cross currency swap contracts, just to have a feeling of, you know, how it's working, whether there is availability there. And we also acquired, you know, almost a number similar to the exposure that's left to such with 2025 maturity. And for the longer, for the new one, we see we will expect to see, you know, even better markets, you know, and see lower rates. And then we may have a plan around, you know, hedging this new $500 million bond. Until that time, we are hedging the total exposure, which also includes the new bond, with short-term contracts, and keep the exposure at around $200 million-$300 million short position level. We will, in the foreseeable future, continue implementing that strategy. Again, mostly by using, you know, local markets supplies, short-term hedge contract. But the good news is there is availability even in the local market for participating cross currency swap contract. Understood. That's crystal clear and very helpful again. Thank you. My last question would be on the new Bank of China, Citibank facilities you recently signed. Do you have an expected use of proceeds? And is my understanding correct that they are fully undrawn and available at the moment? Partially, but all in all, total unutilized portion of everything that we agreed and signed with under ECA agreements is close to $400 million equivalent. Okay, thank you. And now, what is the expected use of proceeds? Are you planning on drawing those facilities in the near future, or are you just planning on leaving them available for a rainy day? Yeah, it will be fully aligned with the amount of procurements that we have from related, you know, suppliers. So they are backing, you know, the purchases through Nokia, ZTE, and Huawei. So these are our big suppliers in terms of network equipment. It will be a smooth, you know, process in line with the way we invest into our, you know, core business. Understood. So these are Bank of China and Citibank facilities will be mostly for working capital purposes? Fully used to finance the CapEx for the CapEx that we have in our balance, in our numbers. Okay, sounds good. Thank you. The next question comes from the line of Demirtaş, Cemal with Ata Invest. Please go ahead. Thank you for the presentation, and congratulations for good operating results. My first question is about the pre-inflation accounting figures. Could you share some metrics like margin and net income pre-TFRS 29, if possible? And going forward, in the industry you're operating, do you have any ROE guidance? Not a guidance, but maybe indication going forward. What could be the ideal ROE for a company like you? That's my question also. T he last question is about the following year in terms of inflation accounting impact. If we are assuming that inflation will come down and the interest rates will come down, what would be the effects on your financials in a ballpark, just to see how the, you know, the real growth side and, margin side will be affected in case of, you know, transition from high inflation to low inflation. Thank you. Well, disclosing the three inflation adjustment numbers, I think our current standing is that it's already complicated to even understand the, you know, adjusted numbers when we do start, you know, as we did in the prior quarters, just to, you know, make a transition to the new era. But if you continue doing that, I think it will be very difficult for all of us to analyze the numbers, and it will be confusing to compare those two sets of numbers and come up with an idea on the business that we are managing. So this is why we stopped, but we took our notes. So if there are more, you know, requests around this, so we will evaluate, and we will also share this with the Capital Markets Board, you know, contact, to see whether we should continue on anything like this. So, if the change in the inflation, I mean, overall, so obviously in the short term, it impacts the real growth in the revenue line. So, if suddenly we see a dramatic change in the short term, again, I'm underlining this, since we have a bit limited ability as a telecom operator, this is because how we operate as a large telecom operator, since it's a bit difficult to impact the money that we are charging to our customers. So the short-term impact obviously gives us a lower than or higher net growth in the revenues. But it's not as static, you know, there is nothing static here. So if we see that inflation is moving in a different direction, then we took the necessary operational, you know, actions to really follow the inflation trend. And in the mid to longer term, obviously, we should be get closer to the inflation and try to deliver real growth. But in terms of margin, especially operating margin, not the level or the number that we report, but the margin that we report, the inflation has very limited impact. So, it changes the growth numbers, either we deliver real growth in the margin, but the percentage margin that we report is not being very much impacted. And ROI, I mean, it's a very good question. I think since we are using a very large, you know, capital, the ROI, you know, should be a good indicator. But again, there are other complexities in doing that, first with inflation, and then the other with the ownership of the assets. So as all operators, we are operating with assets that are owned by the government at the end of the day, and we revalue those assets and, you know, included difference into our equity, you know, pool because of the inflation adjustment. So it will be very difficult to now measure, you know, properly as other, you know, maybe operators around the world will do, to give a return on those on the equity numbers. First, as I said, because of inflation adjustment, and the second, ownership of the assets. Let's consider this. Let's try to come up with something maybe similar, you know, that will at least give us how we can- how we, how much, you know, benefit or real value we generate for the equity owners. But ROI may not be the best case in our situation. May not be the best solution in our case, that one. Thank you. The next question comes from the line of Lima, Filipe with Banco Finantia. Please go ahead. Thank you for taking my question, and congrats on the results. Just following up on your need for additional funding for the concession renewal and the 5G tender, how much should we expect leverage to increase, or what is the level that you are comfortable with? I mean, again, let's really have the details of the, you know, conditions in both, you know, agreements. I mean, the concession and 5G. But, again, as I mentioned, we came down to almost one multiple. And again, both the cost of funding is coming down, also the availability is being stronger and stronger every day. So I would rather, you know, focus on the conditions of those extensions, rather than the possibility to finance those instruments. So the first part will be more important and more definitive for the, you know, for the business. I will be more relaxed on how we will finance the CapEx requirements. Understood. Thank you. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Türk Telekom management for any closing comments. Thank you. Thank you everyone for being with us today. Thanks one. Thank you. Bye. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for calling. Have a good afternoon.