Good morning, everybody, and welcome to this results presentation. Interim results for Optasia first half of 2026 that we have released this morning. I am Salvador Anglada. I am the Group Chief Executive Officer, and with me, I have Avi Lasarow, the Finergi CEO, and also Mariusz Dabrowski. He is the Group Chief Financial Officer. In between the three of us, we are going to run this presentation today. We are going to go through the highlights of the first half of the year, also go deeper on the financials. I want also to deep dive on the last acquisition we did, Finergi, that was completed in the first half of 2026. For the people that maybe they are joining us for the first time, just to say that Optasia is the leading platform enabling our partners to scale the financial inclusion, scale the credit across the different geographies. We are the intelligence layer. We are the ones that are able to understand the patterns, the behaviors, the unstructured data that exists in the market. With this, we are able to understand the affordability of people, in order to get a loan. It is not about if they are affordable, they are eligible. It is about how much in order not to default. That is why we are able also to underwrite the risk. We are doing that at scale, and that means 35 countries, and that means providing service to more than 100 million unique customers per month, and also to distribute this first half of the year, $3.5 billion. We like to say that our purpose is turning our potential into financial progress, and our vision is a world where financial progress reaches everyone. Having said that, as a form of introduction, let me jump into the numbers for the first half of the year. Impressive growth all across the different dimensions. We have pushed our top line up to 50%, more than $185 million. Our adjusted EBITDA is close to $80 million, and that means 45% growth year-over-year. Our normalized net income also grew 40%, close to $39 million. This growth comes with a strong cash generation. If you compare with one year before, our free cash flow reached close to $33 million, which means 150% more than one year before. The free cash flow conversion reached 42%. On the back of this growth, what we have is our MFS business that continue growing significantly. Only this first half of the year, the growth was 84%, and that means that the mix is shifting, as you know very well, from ACS to become an MFS company, micro finance solutions company, and the mix now is 72% coming from 62% one year ago. Also, just to highlight how we continue managing the growth, and managing the credit performance and the risk. Our default rate, it is at the level of 1.3%, blended with all the services, and the cover ratio, which is the ratio between the revenue and the default rate, it is above 4x. To highlight that not only the performance is on the financial side, but also we are progressing in all our strategic objectives. We continue growing our deployments. We are launching new deployments. We are expanding the catalog of products, and we will talk about that. We are expanding the distribution rails. Very important, our third vertical, Finergi, will start contributing in revenues in 2027, but also banking as a rail. I will talk about that also as part of this presentation. When we compare our numbers with full year targets, we can see that we are well ahead in most of the parameters, and especially on the top-line growth. What I can say as well is that we are in a very good trajectory to deliver these full-year targets. Also, to highlight that we have updated these targets, and we will comment on that at the end of this presentation. I want to alert everybody that we should not just compare the growth and translate the growth of the first half of the year to the second half, because there were some specific developments, elements that will create a very interesting second half of the year with high growth as well, but maybe lower than the one that we have had in the first half of the year. Some of these factors are well-known, and I will talk about that. Definitely one of them is the suspension of the service in Nigeria that happened in the second quarter of the year. As everybody knows, the service has been resumed, but the speed of recovery and the structure of the market has changed, and I would like to comment briefly in the next slide. Also, to highlight that we have the transition of one service, overdraft service, from one of our partners to be delivered in-house, and this will have some impact in three markets. Two of them already completed, which is Uganda and Ghana, and the third one, which is Cameroon, should happen any time in the second half of the year. It is important to highlight that because it will have some impact on our revenue growth profile, but definitely much less impact on the profit of the service because it was a low-margin service with high volumes, the one that has been transitioned to be delivered in-house. Last but not least, the currency has impacted us positively in the first half of the year. The strength of some of the currencies against US dollar has helped the top line. It is not expected that this will continue in the second half of the year. So I think it is important just also to discount the effect of the currency in our figures. If I jump into Nigeria specifically, just to say that the service has been resumed. For the ones that are not aware, there were a regulatory situation issue in between two regulatory bodies to which one has the authority to regulate it. I think the situation, first of all, is much more clear now in between these two entities. Second, also, we have all the relevant authorization coming, in this case, by the Competition and Consumer Protection Commission to operate the service. The service was resumed by all the operators in the market end of June. Maybe the difference now on the way that this service is going to be recovered are two. First of all, the path of recovery. The service is now running a significant less volume than it used to be, and in my opinion, it will take six to nine months to recover the full speed that we used to be in the past. Second, also very important, the structure now of the market has been equalized across all different players. In any of the cases, we are not providing the service standalone. We are going to provide the service in a marketplace, and the customer allocation will be based on performance. We will see how much we are going to be able to recover in terms of share of wallet. Although I have to say that we are optimistic, of course, take into account our trajectory and the way that we perform the services. When we try to summarize this effect, I think this slide is important because I want to create the right expectation also moving forward. There are impacts that are transitory impacts, and this is the case of the Nigeria ACS run rate that will recover. But we need to understand what is the pace of that recovery, the speed of that recovery. Only for everybody to know, we try to be conservative in our outlook and also to get upside as much as the recovery is faster. There are aspects that are more permanent. This is the case of the transition of the overdraft service from one single partner that will not contribute to our revenues in the second half of the year. Definitely, the FX effect, we don't know, but we believe that the positive effect that we've seen in the first half of the year should not be repeated, or at least it will be much lower than the one that we've seen it in the first half of the year. That gives a very good illustrative base for H2. We build the bridge in between H1 and H2. From here, of course, the growth is going to be significant, underpinned by our organic growth, underpinned by our underlying growth, and also we believe the contribution of Nigeria moving forward in the next six months. Going towards our strategy and how we continue evolving our propositions and our markets, we are quite satisfied in the way that we're opening up new sources of revenue. First of all, because our existing deployments are performing very well, and I will give some details in the coming slide. Also because our pipeline is rich, and our developments in delivery are also high, and I will give also details. But we can expect this year to have at least 11, if not 12, new deployments up and running on the overall year. The propositions also are being expanded. We have the opportunity to launch a new lending service for merchants that will be very important for us in the future, and I will comment also about that. Even more important, we are expanding our distribution rails. We believe that banking is going to be very important rail for us in the future. You will see some examples later on. Finergi, the utility market, the opportunity to provide advance in the utility market is a greenfield for us. We believe it is going to be a big contributor of our revenues in the future. Talking about our existing deployments and our new deployment, it has been a very fruitful first half of the year in most of our deployments, both in Asia and in Africa. I have just highlighted some of them. Pakistan is doing very well. We are expanding the customer base and the eligibility, and also the denomination of the different classes. We continue going up in terms of the value of our loans. Congo-Brazzaville has been a very nice opening in 2025 that it is scaling very well across the first half of the year. Of course, we have Ghana that is working very well. It is a multi-partner, multi-proposition jurisdiction also, in this case, helped by the strength of the Cedi. Also Indonesia continues performing at a high speed. In terms of the new deployment, we have, as the closing of the first half of the year, three. If we talk today, we are talking about five live and two in a soft pilot, which means they are ready to go. But the ones that we can report now, because this is first half of the year information, are two new countries, which is Gabon and South Sudan, and a new proposition in an existing country, which is Ghana. As I said before, we are evolving in 12 new deployments that all of them are in a delivery phase. As I said, the minimum we are going to get this year will be 11. Hopefully will be more if you compare with the seven that we did last year. Clearly accelerating in our capacity to deploy across geographies and markets. three markets continue being under development, very important for us, Ethiopia, Mozambique, and Kenya. We are progressing quite nicely, but I am not sure some of these will be the ones that are going to be live in 2026. Definitely, I would say all of them with services up and running on MFS in 2027. When we talk about our propositions, as I said, always one way of expanding our business is to launch additional propositions and complement existing ones that allowed us to segment it better the market, that allowed us to increase the eligibility of our customers. Proposition that can be launched in existing deployments, proposition also that can be launched in new deployments. Maybe to highlight the importance of the merchant lending proposition that was live in Ghana in the first half of the year and now is live also in Uganda. Very important because it comes with a need that exists in the market. I would say we have a rich pipeline of merchant lending proposition across the different jurisdictions because there is no clear differential proposition in the market looking at how to help financing the working capital, providing flexibility in terms of the loans, also the repayment, the possibility to include installments. All those are the functions and the features that were included as part of the proposition. As I said, it will be expanded across the different geographies. Very important, the evolution of our partnership with FNB, with FirstRand. Everybody knows that increased their shareholder position in Optasia in this first half of the year, reaching 26.9%. But here, more than that, what is important is the evolution of the partnership, the opportunities that we see when we put both companies together and the capabilities of both companies together in the different markets. Maybe the good news is not only that we have a rich pipeline. The good news is that we have been able to launch in record time the first two propositions working together. The first one is Airtime Advance. We are supporting FNB Connect airtime services in South Africa. So we embed our capacity to credit score their customers and to provide Airtime Advances to them. It's live only two weeks ago, ramping up importance in the market, but very satisfied with the approach, the collaboration, and definitely the speed of the deployment. Even more important, the first MFS proposition launch in between both companies, a cash advance proposition that is going to be embed in the FNB wallet ecosystem in South Africa. It was live last week. It's live now, and we will see also how it's going to progress, but it's a very good example of how we can collaborate with FNB. We can collaborate and we can use banking as a rail and also the opportunity, specifically with FNB, to expand our services in other geographies where we have presence and they have also a presence. Let me just finalize and I'm going to hand over to Avi to continue with the utility, but maybe to give some snapshot, some information how we continue progressing, investing in our platform, in our models. It's a lot of activity allowing us to be better, to automate process, to allow it to go faster, but also to enhance the profitability. The new models that we are start to expand in some of our deployments. The reinforcement learning decisioning methodology that it's also been under deployment is helping us to enhance and improve our profitability with the same customer level and with the same activities. More about how precise we can be also improving and enhancing our models. And also to say that other functionalities has been added to our platform. We can talk extensively about that, but I would like to highlight at least one that for me is absolutely critical, is what we call dynamic pricing, that allowed us to personalize offer to the customers. Until today, we have the same type of proposition for the different customers. Of course, not the same limit, but yes, the same type of proposition. With this new functionality that we have developed, we will be able to personalize depending on the affordability and also the credit worthy of the different people, allowing us, in our opinion, to enhance and improve the eligibility and the penetration within the market. With this first introduction, let me hand over to Avi. Avi is the CEO of Finergi. He joined at the time of acquisition, and he's doing a fantastic job, and I would like him to go deeper and give you a lot of color on what we're doing in Finergi. Avi, please. No, thank you, Salva, and good morning, everybody. I am going to take 10 minutes talking about Finergi. Finergi is Optasia's third vertical, lending vertical. As you know, you all know XtraTime, which is for the advancing of airtime, XtraCash for the advancing of mobile money, and now we have XtraPower, which is essentially the advancing of electricity. With XtraPower, it is underpinned by a similar sort of credit decisioning engine and recovery mostly at the meter. What is really important is XtraPower points at an essential need, which is to help consumers get electricity when they run out. What is driving this market, very important, is the acceleration of the rollout of prepaid meters. This rollout of prepaid meters ultimately solves the debt problem that municipalities and utility companies have. At the same time, what it does is it creates a consumer problem and creates the problem for the consumer. Many of our target consumers that we serve actually have small irregular incomes and will not always pay for the prepaid electricity. That is what XtraPower actually solves. It gives that ability as needed, when needed. It is very important to say that the market is actually being driven by the need for acceleration of electrification through programs such as Mission 300. Mission 300 is supported and advanced by the World Bank and African Development Bank, and ultimately have signed energy compacts with 17 priority countries, in total approximately 30 + countries on the continent. This is really important because there is a policy incentive to actually roll out these prepaid meters, of which Finergi has approximately 53% of patent protection in these Mission 300 countries. Just to say, from an Optasia perspective, it is very exciting because it provides a new rail, a potential future rail for recovery, and of course, a new distribution rail as well. What we see potentially, of course, subject to regulation, data protection laws in various countries we operate, is that it might be possible, for example, for some of this data to be used to enhance the Optasia data to get better eligibility and so on. Of course, differentiated IP, because what we do as Finergi is we actually plug into the utility's billing system, which means from a recovery perspective, we can read the central debt ledger and work out how much is outstanding before maintaining that recovery position. At very high level, how the service works, consumers have a need, as I said, when electricity runs out, what do they do? Typically, they can either be eligible for a service that might exist on an existing platform, or if they are not eligible, what they are able to do is potentially go to a point of sale service at a market or in a street, for example, to get their electricity. If they cannot get there, it is the middle of the night, what we are able to do very quickly through the meter is provide a credit score and ultimately advance electricity at time of need. Very important for the utility company, electricity generated and not used is lost. What we actually do is we provide efficiency for the utility company because they are able to essentially sell more electricity at a time of need. Very briefly, we access or consumers access us through the regular channels that we know, USSD, SMS, WhatsApp, et cetera. There we go. Thank you. If you look at our process towards commercialization, I am very excited to say, looking at the map, I am very excited to say that we now have pilots live in three countries, Namibia, Uganda, and Lesotho. In H2, we are expecting to have pilots up and running in Zambia, Guinea, Conakry, and later on, of course, in the pipeline, we have Ghana, South Africa, Zimbabwe, Botswana, and Ethiopia. Future pipeline, of course, is Indonesia, Egypt, Benin, Kenya, Rwanda, and Cameroon. What you see on the right is you see a funnel, and you can see that Finergi, in almost all cases, goal is to connect into the utility's switching platform, which is their billing system, their central debt ledger. That is really where we are able to, throughout the ecosystem, obtain the recovery. Consumers would normally take an Electricity Advance through a regular channel. It could be a retailer, it could be a POS, a vendor, it could be an MNO. Ultimately, what we seek to do through integrating with the utility is obtain that recovery anywhere else they go into the market, which is very important. Within our go-to-market strategy, we have discovery, commercial, pre-utility, and utility. Our goal is to get to the utility as the primary objective for us as the Finergi business. Inside these POCs that we are doing, you can see we are actually validating various elements of the commercial model. For example, you can see demand. We have validated the advance that has been taken across the pilot projects, recovery across the full life cycle of the product itself. Of course, now we are testing the final unit economics at scale, as well as the distribution at scale of the product across the ecosystem. Thank you. Over to Mariusz. Thank you, Avi. Thank you so much. Good morning, everybody. In the next couple of slides, I will have a pleasure to present the financial performance of the business. Very strong financial performance of the business. What I will show you is also how the growth is translated to profitability, how we create the values by increasing the cash conversion, and how the headlines EPS develop over the period of time. At the end of my presentation, I will also present how we see the funding and how we see the strategy about the capital allocation. Let me jump to the numbers. I will not spend a lot of times on these numbers because Salva already present you a lot of the details. What I would want to show is that first of all, to highlight a few points. The growth of our business of the distribution value when we help our partners to provide the financial services to the end customers increased by 46%. Our revenue increased even with a higher speed of 58%. We are not only the growth company, we are also the company who deliver the profit. You can see that our profitability increased the same speed, delivering $77.9 million of the EBITDA, with the same time having the normalized net income growing by 40%, close to $40 million in the first half of 2026. What is important to mention and highlight is the tremendous and the strong growth of the cash flow generation, which I am very proud of. You can see that the cash flow generation, free cash flow increase over the period of time, within one year time, by 150%. We do it because our cash conversion increased to 42% from the adjusted EBITDA. We do it at the same time, keeping the risk in the same level. What I mean by this, our cover ratio is four times. You remember during IPO, we guide the markets that we want to keep our cover ratio in this range, and we are just exactly in the range of the four times. Our gearing stays very healthy, the gearing being below 1%, that was our guidance. Actually, it is 0.2%. Let me jump to the growth and how the growth is generated and what is the driver. As I mentioned before, we have a significant growth of the distribution value of 46%, but what is more important is the shift between the products. What I am trying to say is that, the growth of the MFS is even more. We double the distribution of MFS. Financial product increased more than 100%. That drives, of course, the change of the shift of the mix. We are increasing the MFS business from 62% - 72% within one year time. That enable us, of course, due to the fact that the MFS have a higher take rate, to grow our revenue faster than the distribution value. Therefore, this is the reason why our revenue is growing by 58%, comparing to 46% on the distribution value. As I mentioned before, the adjusted EBITDA follows, increasing, over the period of time, the same speed. Of course, it is also interesting to understand how the dynamics of the revenue and the default count works and why it is driven by the change of the mix. I think the biggest driver of this change is, of course, the fact that our distribution value of MFS increased, as I mentioned before, to $1.9 billion, so doubling comparing to the previous year. That drives two things. First of all, our take rate increased from 4.9% - 5.3% in this period of time, and slight increase of the default from 1.1% - 1.3%. As I always keep repeating, and I will be just repeating over- and- over again, what is more important is the relation between the revenue and the default. As you can see, this relation is defined as a cover ratio, and we just keep it constant, four times. That we should expect it from us as a business, that we keep the risk unpacked. We are actually controlling the risk. With the control of the risk, we are able to drive the growth of the business more than 100% year-over-year. The revenue, of course, drives another metrics, which is quite good for us. What I am trying to say is we kind of get the economy of scales. If you can see on the slides, we will be presenting to you parameters, how our operating cost is compared to the revenue, how these metrics develop over a period of time, and how the CapEx develop over the period of time. The absolute value grows, of course, but the economy of scale enable us, these parameters to be the better. What I am trying to say is operating expenses as a percentage of revenue drops from the 13.2% - 11.6%, and our CapEx is below our target level, 6%, being the 4.5%. All of these elements is quite favorable for us. Of course, they drive later on the cost contribution. To understand the cash conversion, you have to also understand the working capital intensity. What I am trying to say is for us, the working capital is an investment. So in other words, whenever we start a new deployment, whenever we would like to kind of increase our platform capability, we have to invest in the working capital. So in absolute value, our net working capital increased over a period of time by the 43%. But we have to read these numbers in the context. You have two numbers, which I already kind of mentioned in my presentation. One being distributed value. The distributed value kind of increased at the same period of time by the 46%, and the revenue, which is actually the main drivers of the net working capital intensity, drive by the 58%. So the point I am trying to kind of bring home is that our effectiveness of the net working capital increased, over the period of time. So in other words, net working capital drive increased slower than the growth of the business. At the same time, the parameters, which is defined as a change of the net working capital as a percentage of the last 12 months revenue, also decreased. You also remember during our kind of investors meeting and the different presentation, I was guiding you that the increase of these parameters is temporary because we invest in the business, and these parameters will be dropping. You can see it as a proof point that we are dropping these parameters to 12%, and we are expecting these numbers to kind of go further down to the high single digits over the next period of times. Of course, that better performance of the net working capital, let us say the development, drives the adjusted free cash flow conversion. So you can see that we increase our cash conversion, so that absolute cash generation by 150% within the one year time. That also kind of enable us to increase the adjusted free cash flow percentage to the 42%. That element, you can expect it to kind of continue. We are the business which is not only generating the profit, but also of course, the cash flow. That, of course, I will elaborate about these elements during my capital allocation strategies in the few slides. What is important, of course, for you as the shareholders, is the way how we kind of perform in the different metrics related with the earnings. On the slides, you can see the three parameters we just pick up for this presentation. All of them is growing kind of more than Let's say you can expect it from the market. So we're growing the normalized income by the 40%, the profit after tax reduced with all of the one-off adjustments growing even higher by the 58%, and the headlines EPS is growing by the 50%. All of them is very strong performance, and I'm quite pleased to kind of announce it that that's, of course, driven by our diversification because of the strengths of the growth, change of the strategy. Everything drives these numbers up. You can ask about the funding. What happened of the funding and why getting this efficiency? So I give you the few numbers in the perspective. Of course, we talk about these numbers in the few slides before. The revenue is growing the 58%, adjusted EBITDA growing by the 45%. But look at what happened with the other parameters, which is driver of the growth in the futures. We cannot get efficiency, and I was always telling you that the more we go, the better efficient we can be, and this is the one of the representation of this element. You can see that our cash collateral is increasing at the same time below the 10%, and the bank guarantee increasing only by the less than 4 percentage points. The debt actually stays stable, no increase. The reason is, of course, the more we go, the more experience we have, the better performance we have, and the less collateral and then less investment you can put into the business, still driving the growth. This is one of the effect of the efficiency, which you can expect it from us in the futures as well. With the location, I think this is more about the framework, and this is more about the strategy. It's kind of the reminder, I will not be talking anything which is surprising to the market. You always expect the business like us growing quite fast with the high return from the equity will invest in the organic growth. Investing in the CapEx, investing in the platform, and all of these elements, as we guided to you, we'll be investing 6% of our revenue in our organic growth, and that will stay. The next element, which you can consider as a healthy business, of course, to looking for the M&A. But we'll be looking the opportunistic. This is the selective approach to M&A. Only if something happen and only if this opportunistic possibilities drive the growth for our shareholders. The last, but not the least, quite important as we're generating the cash, and we have a quite high cash conversion, we'll be, of course, sharing this benefit of the high conversion to our shareholders. We can share it in two forms, one being the share buyback, and second one, the dividends. If you ask me the question, which one is the most important for us? It depends on the share price. So of course, you can calculate the model, and depending on the share price, we use one of these two, depending on the situation. So just before I hand over to Salva, summarizing, very strong growth translated to profitability. At the same time, we are generating very strong growth of the free cash flow reported. Salva, hand over to you. Very good. Thank you. Thank you, Mariusz Dabrowski. Let's finalize, and let's open the room for your questions. Let me maybe give you a view for the end of the year on our targets, the one that we want to achieve. We are confident we are going to be able to deliver on our targets, and we are confident enough to upgrade those targets and expand those targets as we speak. We are foreseeing growth and revenue unadjusted EBITDA in between 30%-40% in the global year end. We are also upgrading our guidance from 25% - 35% growth in normalized net income back to 30%-40%, keeping the CapEx at the same level, 6% over revenue. This, of course, as I mentioned before, is supported by the extraordinary growth on most of our deployments and our diversification strategy. Also, and I want to say, it includes a very conservative view of Nigeria and the recovery that we believe is going to be honestly better than the one that we have included here, but we want to be conservative in that front. At the same time, also, we have a stable view of the currencies, of the different currencies against the US dollar in the next months. Those are elements that have been included in those specific numbers. For us, of course, it's not only about delivering on the 26th. As everybody knows, we are working also for the future. We are investing in new railways. We are pushing across our deployments, the new deployments, the new products, and the new distribution rails. Very, very important for us to deliver on our new deployments. As I said, at least 11 need to be live, at least this year, if not more, and this is the number that I can also share with all of you. We continue scaling our proposition. Now that we have merchants live, we want to have additional deployments in the pipeline, and this is what is happening. Also, we want to complete some other services that I have not talked about, but are in the process to be completed. Very important, the line of credit. This is a new proposition. This is a revolving proposition that allowed to provide amount to the customer that they can draw and they can pay, and withdraw again in a given period of time. It works like a credit card. It's like a virtual credit card embed on the wallets. Also, this proposition is on the way, and there is our first customer coming, of course, taking it, and we believe it is going to be expanded across the geography. The same as Telco Buy Now Pay Later, which is a way to provide installments to telcos and to convert prepaid proposition to postpaid without taking the risk. Last but not least, of course, the diversification. Finergi is one. All what we are doing with FNB, but also to say that we are opening up the pipeline of additional opportunities on the banking side. Not just banking being the lender on record, but banking, of course, being the distribution channel to provide services to our customers. We are focused on execution, and we believe all this will not only fit what we are doing in H2, but definitely 2027 and onwards. With this, I believe it is time to open up for question for everybody. Thank you very much for your attention. Thank you, Salva, Mariusz, and Avi. Good morning to everyone who has joined the call. We will now start taking your questions. As a reminder, you can submit these via the Lumi portal or via email to ir@optasia.com. Our first question is from Nadeem at SBG. This is to you, Salva. Ghana merchant lending scaled impressively. Does the product work in the same way as MFS, which relies on telco and financial partners? Yes. Well, the answer is yes. We are creating the same ecosystem. We have financial partners, as usual, because we need to provide loans, and we need to have the lender on record and the coverage on the regulatory side. On the distribution, yes, it could work with telcos, but also it could work with banking wallets. In this case, it is first with the telco, but in the future, I would say you will see more and more also on the banking side. The product, what it does is provide loans to the merchants, helping them to finance the working capital, allowing them to have flexibility in the way that they manage their liquidity. What we see is that this is only the beginning of the journey, because there is not real good products in the market. We are doing a big effort to try to understand the insights and to come with a very interesting pipeline of functionalities that we will add to the products in the future. As I said, Ghana is the first one. Uganda is coming second, and you will see hopefully in the future, a very rich pipeline of opportunities across the different geographies. Thanks very much. The second question. Please could you expand on the FNB wallet cash advance opportunity? Do you see it as a substantial market opportunity, and how does it differ from other cash loans in the market? Well, of course, we are enabling FNB, and they are the ones, of course, they need to run their channel and to acquire customers being helped by us. The answer is yes, I believe it's going to be a very interesting product. South Africa is a different market. It's very bank from one side, but also you have a lot of people that either don't use or nearly don't use their bank account, and they do cash out very often. I believe that the opportunities in the low end of the pyramid, the opportunity will allow us to provide loans to this market that is not necessarily well-served across other players. I believe we have, to be honest, high expectations, both FNB and us. We are working together, and the whole idea is to expand. The number of users in the wallet is something that need to be unveiled by FNB, but I have to say that it's substantial. Thank you. For this partner where overdrafts are transitioning in-house, do you expect the overdraft proposition to move in-house in other countries? Do you expect the partner to take other products in-house over time? Well, the answer is no, at all. This is something that is very specific, unique from one single partner, first. Second, it is something that has been planned for the last two years. They wanted to have these capabilities in-house, and I have to say that we have worked and helped on this transition. Not all the overdraft proposition are going to be internalized at all, even more, and you can see that we are launching new overdraft proposition. What it is true is that it is a service that is a checkout proposition, low value in terms of the loans, very quick recovery, very low default, and also very low margin or lower margin than other services on that. So my answer is no. It is very specific. They want to do it. We are helping to do that. For me, we will continue progressing with all our propositions, and we have a very interesting pipeline of overdraft services across different geographies and different partners. Thank you. Question from James at SBG. How do you think about managing default rates, particularly with new products being planned for the future? Yeah. I think it's, as we always keep saying, we're controlling the default. The default is always in our hand because of our capital capability. I'm not expecting the default will change, and you could always look at the default in the relation to our take rate. We're not expecting to change any kind of the default trajectory, and to still keep the default in the range of the 4 x cover ratio. Thank you. Do you expect heightened defaults as you build experience in these new products? Well, it's like the defaults, of course, the more what you're expecting, and we're also showing to the investors in our roadshow that wherever we just launch the product, initially, we have the babysitting period. Over a period of time, the more we can have the good experience. We have more customers, which is repeating customers. Of course, repeating customers have a lower default, so that overall, we know more about the customers, and that drives the default lower. You have a blended kind of the effect of kind of the getting more experience with the lower default rate. But as we're expanding, and we see the quite ambitious plan of expanding, we have also the new deployments coming. If you look at the individual deployments, we're expecting the improvement of the default. But if you look at the blended portfolio, it will kept constant. Thank you. We've got a question from Anthony at Investec. Please could you provide more color on the impact of the forgone overdraft business on take rate and adjusted EBITDA margin, given your comment that this is a lower margin business? I think, well, as you can see, we do not expect the impact on the take rate in the future. Also take into account the volumes, but also the difference in between one service on the others. On the margin side, what I can tell you or I can say to the market that these three deployments, the net margin contribution last year was below 4%. The impact is not important, is not material, and we are able to absorb. We are absorbing the impact on the profitability side. Perfect. We've got a question from Asanda at Mazi. Are there any other countries where you anticipate challenges similar to those experienced with ACS in Nigeria? Well, the answer is no, but also the answer is that everybody need to understand that we operate in 35 countries, 35 jurisdictions. Each of them absolutely different with a different regulation. Also, what we need to be alert all the time for any development, any change on the regulation. One of the things that we have done during the last nine months is to invest heavily on our compliance and regulatory team that we have expanded across Optasia. The whole idea is to learn and to anticipate whatever situation we can find. I believe the situation of Nigeria is quite specific. It's not going to be replicable in a single place. But I need to say that we are all the time trying to understand what changes are happening in the regulation, anticipating what it could be, and I think creating a huge expertise also at the time that we continue expanding on our geographies. Thank you. A second question from Asanda. On the energy rail, do you pay the utility upfront? A good question. It depends on which country you are in. For example, in two countries, one of them being Zambia, the other one being Zimbabwe, we have been actually awarded a super vendor contract. In that case, as part of our go-to-market strategy, if we are going to buy electricity upfront, then we would pay that to the utility company upfront. Again, it depends on each market specifically. Thank you. A question from Harold. Is the business primarily cash-based, or do you also extend credit to debtors given the significant trade receivables balance? No. The trade receivables also link because we have to understand that we are B2B2C business. The trade receivables, which you have in our balance sheet, is linked with the invoices which we are charging our partners, being the bank or the telco. Of course, our product which we are helping our partner to distribute is not presented in our balance sheet. Thank you. We've got another question from Nadeem. Please could you disclose Finergi's annualized revenue and profit/losses? How do you expect this to scale over the next two to three years? We are not reporting yet. The figures stand alone, but we will. We will at the time that are material first. Second, the expectation is to have revenues growing up in 2027 and to be EBITDA neutral in 2028. Those are the internal targets that we have. Last but not least, by 2029 or 2030, we believe that this business will be longer and larger than our current ACS business. These are elements that we're handling. Of course, it could vary depending on the speed of the deployments, but we are very positive on the contribution moving forward. Thank you. We've got a question from Vanessa at Ninety One. What portion of the 1.9 billion of MFS distributed value comes from the MFS overdraft product? I don't have that figure in mind, but we can suspect that out of the 1.9 billion. First of all, we are not disclosing overdraft on MFS services. That's something that we can do in the future. I don't think there is a problem. Definitely, when we consider the amount that we are talking about, the one that is going to be internalized, we are not talking more than 10% of this figure, I could say, but I need to confirm that, okay? Thank you. We have got another question from James at SBG. You have provided CapEx guidance for full year 2026. Beyond 2026, can you give an indication of how much additional CapEx you expect? Well, we keep consistent in the way how we are perceiving the CapEx. As I mentioned, the CapEx for us, we are investing in the new deployments, and we are investing in the kind of our platform. Both of them, this is the futures of growth of the business. We keep our consistency. We are investing up to the 6% of our revenue. No change. Thank you. On that expansion CapEx, how should investors think about the interaction between that and returning capital to shareholders? Well, it is a kind of the waterfall, as I kind of told you. If you think about it, let us say that our business, the return from the equity from our business is quite high. Of course, from the shareholders' value generation, first of all, you want to invest it in the internal capability, and then later on expecting the opportunity. When there is a big cash flow available for the shareholders, as I mentioned in my presentation, we are willing to share it in the two forms, either it being the share buyback or the dividends, depending on the price of the shares. Thank you. A final question on the CapEx. When do you expect the business to reach sufficient scale across countries and products for expansion CapEx to take a backseat to capital returns? Well, if you think about the CapEx and the deployments, we as a company, we are the company who is always developing. We just look for the opportunities. We try to grow the business. I am not expecting the foreseeable future that we will stop investing in the CapEx or our platform. I think this is one of the reasons we are the first in class in the market. This is the reason we have the strong performance because of this investment. Thank you. A question from Catherine Child. Please could you explain the difference between ACS and MFS and why MFS is now 72% of Optasia's revenue? You want to go through that? Why is this one? The difference. I mean, explain the difference. The difference between ACS and MFS as products. Well, of course, the difference between the ACS, MFS, for the ACS service, we are simply selling the commodity, which is how we call it, the airtime and the data. In the case of the MFS, we are selling the commodity in the form of the cash and the money, which will be reimbursed in the wallet. In both of the cases, we are enabler. So we are enabling our partners, in the case of ACS, enabling telco to sell the product to the end customers. In the case of MFS, we are enabling banks to distribute the value to the end customers. The reason why the MFS is growing so fast is the dynamic of the market. First of all, you have the higher growth of the wallet within the ecosystem. You have the higher ticket size, and you have also the higher take rate. The combination of these three elements drive amazing ecosystem, which can enable us to grow faster of the MFS comparing to the ACS. Great. Thank you. Maybe to add that in the ACS side, we act as an agent for the telco, and that means we recognize only the revenue related to our part. While in the case of MFS, we are leading the whole product. We recognize the whole take rate, and we distribute the different payments to the different stores in the ecosystem. That is why, of course, the unit economics are different and also the profitability of the service also is different. Perfect. Thank you. A question from Mathusi at Benguela. Does the full year 2026 guidance assume neutrality on foreign exchange, or have you embedded further US dollar weakness or strength scenarios? No. What we assume, we assume the normal gradual deterioration of the emerging currency. We are not assuming any strength and the major movements. In other words, what you can expect, in the second half of the year, that the currencies will stay the same levels as they were the year before. In other words, we are not expecting that the headwinds or the tailwinds coming from the FX. It is going to be a neutral effect. Neutral, yes. That is what he wants to say, yeah. Great. Thank you very much. I think that's all the questions we've got time for today. Thank you very much to everybody for joining, and have a great rest of the day. Thank you. Thank you. Thank you very much, everybody. Have a good day. Thank you. Thank you.