Good morning. My name is Kamohelo Selepe. I'm part of the Investor Relations team at Telkom. On behalf of the board and management, I would like to welcome you to our internal results presentation for the six months ended 30 September 2025. This presentation is also live via webcast on Business Day TV, on LinkedIn, and through a teleconference. On stage, I have our Group CEO, Mr. Serame Taukobong, and our Group CFO, Mrs. Nonkululeko Dlamini. They'll be taking us through the presentation today. Thank you. Our Group CEO will touch on how our data-led strategy continues to drive growth. He will touch on how our business units have performed for the period. Our Group CFO will give us an update on the financial performance. She will touch on key financial metrics, including the very topical financial metric that is free cash flow. She will then give us details on how our cost efficiencies are improving our profitability. Mr. Taukobong will then come back to give us the outlook and our priorities. We will then go to the Q&A session. Just a reminder, the normal disclaimer applies. With that said, I will now hand over to our Group CEO, Mr. Serame Taukobong. Over to you, sir. Thank you, Kamo. I think next time you do the whole presentation. Good morning. Or should I say a quality morning to you all? These are two phrases that you will learn or hear throughout our entire presentation: quality earnings and growth, and equally sharpening our competitiveness. This is because underlying our presentation has been meticulous planning, preparing for the competitive and challenging environment we have been facing. We have anticipated challenging marketing conditions and have sharpened our propositions in line with what we expected to come through in the market. These results are showing that impact. Data-led growth is ensuring that these quality earnings are sustained. Starting off with top-line revenue, solidly driven by our data-led propositions, resulting in 3.4% growth in our top-line revenue, strongly driven by our data propositions, which I will shed more light on. Key to that and reflecting solid improvement in EBITDA, headline earnings, as well as free cash flow. As Kamo has indicated, Nonkul, far better to touch on those. I'll expound in later details. Shedding more color in terms of what is underpinning this data growth, our unique infrastructure, the bedrock that drives our key data differentiation. Mobile remains a key thrust of this growth in data. Mobile sites expanding, focusing key on capacity and ensuring network quality. Mobile data subscribers, a unique differentiator built on our proposition, now over 75% of our total base. Data traffic equally growing and being monetized. On the fiber side, ensuring that connectivity and home support are equally matched. Also encouraging growth in our carrier services. I'll come back to this as I go through the business unit reviews in detail. These elements demonstrate our key focus on execution, which is a focus on our strategy, matching our data-led propositions, aligning our robust infrastructure to support the principal growth of our strategy. Starting with our consumer business, which in the past, certainly four years or five years, has become the benchmark of mobile growth in South Africa. This year in particular marks a milestone for Telkom Mobile, celebrating 15 years since the days of 8ta in 2010. Since the onset, a data-led proposition. FreeMe kickstarted the drive of data-led propositions. Since then, the team has not looked back. In the past five years alone, over 9 million subscribers added, prepaid being the key thrust of that. Equally, over ZAR 4 billion growth in revenue. Let's look closer at the details of that. As of yesterday, based on reported data, prior to, say, 12 consecutive quarters of leading service revenue growth against a highly competitive market. Telkom Mobile clearly entrenching itself as a market definitive player in South African context. Mobile service revenue maintaining leading growth. Key driver behind that being prepaid. Equally matching that revenue growth, stringent focus on cost management, reflecting an improvement in EBITDA. Not just a focus on top-line revenue, but ensuring that the structured focus on cost management driving profitability as well. Shining light on prepaid, which remains the key thrust and key driver. Targeted CVM through our Monice proposition, which now accounts for just under 50% of prepaid sales, where we are targeting unique propositions which meet customers' data-driven demands that is yielding results, as well as regional expansions. Just to focus on pricing uniqueness, we further enhance our 1 GB proposition with a data richness of 1.2, 1.2 at ZAR 79, further strengthening Telkom's ability to respond not to market needs, but also to competitor pricing. Further, if you look at the growth in prepaid subscribers, we've maintained our pool at our target price of ZAR 60. Openserve, equally becoming our beacon of competitiveness. Another milestone, Openserve celebrating 10 years of existence as the Openserve brand. What is unique to understand in what this competitive difference is, is that if you look at that dot in the middle, for lack of a better word, a splitter, what we are trying to expand there is that from any unique point in Openserve, our ability to connect either our base stations, a home, a building, and a premise is uniquely positioned because of the investment that Telkom has made over the years, allowing us now to expand and leverage our data uniqueness, empowering our data strategy. From each unique splitter, we are almost, if you draw a 500 m circumference, we can touch a home, a base station, a premise covering over 6,000 base stations, over 3 million homes, over 1 million premises. That is the unique strength of Openserve, and that is what is driving our data-led strategy. This is translating into the fiber revenue transformation of Openserve, where we are seeing two consecutive quarters of positive top-line revenue growth. Equally, the focused cost transformation showing positive nominal EBITDA revenue growth, EBITDA value growth. Underlying the positive revenue growth is the intrinsic numbers that are informed by the key elements in there, being the enterprise revenue, the broadband revenue, and also the carrier revenue. It is not just about home's past, as you've always maintained. It is home's connected, ensuring that the infrastructure that we put on the ground, we monetize. Matching that with the highest level of customer quality service, with NPS scores almost at 80%, ensuring that our availability is also at the highest service. That is what delivers the unique customer service that is Openserve. Turning last to BCX. Once again, we did say to the market, we have sent our internal task team to focus on our own initiatives in driving transformation. These are driving results. The disciplined action has shown cost management and also, in certain segments, an upturn in the desired revenue uplifts. The IT businesses are showing the desired outcomes. The cost management initiatives have shown the uplift in EBITDA as per requirements. The planned revenue transition, moving legacy copper to data, is now beginning to see the results that we're seeing in our fiber revenue uplift. We are encouraged with the work that our internal task team is doing in BCX. I will now hand over to Nonkul to take us through the financial overviews. Thanks, Serame. Thank you, Serame. Thank you, Kamo. Good morning, ladies and gentlemen. I will unpack the financial performance that has come out of the delivery of this data-led strategy in a few slides. Just as an overall message to Serame's point, we've seen an improvement in the quality of earnings in our business. This has been driven by the momentum in revenue growth. If we look at H1 to H1 performance over a three-year period, H1 2025, we delivered here 1.9% growth, H1 to H1. Today, we deliver 3.4% growth, H1 to H1, which is an indication of a momentum in revenue growth as we continue to deliver on our data-led strategy. We've also continued with the cost optimization program to ensure that the delivery of our strategy is delivered at the most optimal cost level without starving the areas that are delivering on the revenue we are talking about today. As such, we've seen that overall our costs have grown below the overall inflation rates. Our balance sheet remains strong of financial position. As last year in the closure of the Swiftnet transaction, we were able to focus on repaying a significant part of our debt. This resulted in a very strong leverage level, allowing us to be able to look for growth opportunities where we see fit, as well as just to be able to manage where the requirements are, whether for CapEx and other requirements. We've also focused on ensuring a stable free cash flow positive delivery, having catered for significant CapEx requirements to ensure we deliver on our strategy across the various regions. Also, the numbers I'll be sharing with you were after successfully deconsolidating Swiftnet, as you would recall, we had indicated that we closed the Swiftnet transaction in January before the close of the last financial year. This financial year has been performance with Swiftnet being an external entity, but we continue to receive services from Swiftnet as well, and we've gone through a process of renewing some of our IT-related contracts, which sometimes run for three years, and the upfront payments needed to be catered for in our free cash flow number that we report. Just as Kamo and Serame has highlighted, overall revenue growth of 3.4% reflects quality of earnings driven by the data-led strategy and largely coming from our mobile business as well as the fiber-related data revenue two-digit delivery. This has assisted us in showing EBITDA growth in combination with our cost management program. We also, as I've indicated, saw good growth in cash generation from operations of about 7.9% and accommodating the requirements of us delivering on growth in our data-led requirements. If we then look at just the overall numbers from the financial performance perspective, the numbers I would like to highlight here is that our total expenditure, ladies and gentlemen, last year, again, when we delivered H1, we had some ones, of course, that we added in our operating expenditure, which are not repeating. If we look at our operating costs compared to the previous year, H1, we have a 2.9% improvement. However, if you then remove the impact of the ones, of course, mainly related to the work we were doing in terms of the Telkom Retirement Fund, which we were converting from being a defined benefit fund to a defined contribution fund, if you remove those ones off, in fact, our costs have grown only by a mere 2.2% versus inflation that is over 3%, which is commendable and to the whole business in terms of the cost management programs that we have been running. The other element to highlight is the investment income. With the strong cash position after the Swiftnet and after paying debt, we have received ZAR 250 million in investment income on the funds we have invested. Also, our taxation was probably a number we highlighted when we delivered the year-end results, which was at 19.1% at year-end because of the Swiftnet and other non-core assets that we had exited. We did indicate at that point in time that we think we would go back to normalize closer to the 27% range. If I can just confirm then, this H1 has been inclusive of an effective rate of about 26.8%, which has moved back to more normalized levels. Just to unpack the revenue further, what you do see here is this double-digit growth of 11% coming from our mobile data as well as fibre-related data. Again, confirming Serame's point on our focus on the data-led strategy and impact of 12 consecutive quarters in leading the market. To unpack the costs, we have driven a disciplined approach across the business, ensuring that the costs for the operations in terms of direct costs are within check, but also other costs in the operations are in check. If I can give you a sense, impairments at a point in time were very significant in our business. The mobile business drove a very structured approach to ensure that the vetting process for any new intake of customers, but even renewals, is very strict processes. That has assisted us to ensure that the quality of our customer base results in less impairments, but better collections, as well as improved revenue, which is reflecting on the cost base that we see of operating cost of only 1.3%. The direct costs have really been driven by the packages that our customers have been taking up in line with the revenue growth that we have delivered. Net of debt, ladies and gentlemen, comes into EBITDA, which indicates, again, significant growth of 1.1 percentage points on a normalized basis where you take off the gains on sale of properties on both years. We have grown from 25.3% to 26.4% if you remove the impact of property sales. As we indicated in the previous year, the biggest amount of properties that we needed to exit was in the last financial year. We are not expecting significant exits in this financial year. The ZAR 185 million that we are reporting is really related to some of the assets and the auctions we did last financial year that we have been progressing to close out. We have not done any auctions in H1 of 2026. In terms of the quality of earnings, our headline earnings grew by 16.4% year-on-year. Again, confirming the strength of our performance across the three businesses that have delivered this performance. We have looked at our basic earnings per share growth of 12.7%. That has taken into account an increase of about 36.8% per share growth in our performance if you take out the pro forma adjustments of last year in relation to the Telkom Retirement Fund, as I indicated earlier. If I move further then to the financial position, when we closed the financial year at 31st March, we had just closed the Swiftnet transaction and had reserved ZAR 6.6 billion, which led to our cash balance to grow to the ZAR 11 billion. We then in H1 focused on paying debt very early in the financial year, April and May. Our approach was to focus on the pricing to ensure that we reduce the cost of funding. You will then see that coming through in our interest and finance charges expenses and the ease of payment, of course. The cash balance then has come down to ZAR 5.6 billion because in April and May, we focused on repaying all the maturities that were coming through in H1. Where we could negotiate other facilities that we could prepay, we did that at very minimal cost. Secondly, on our balance sheet, we have catered for lease liabilities in relation to Swiftnet being an external entity. Those have been brought into our balance sheet going forward. Our average cost of debt has dropped from the 9.3% that we reported last year to 8.8%. It has been a combination of paying debt, but also the reduction in interest rate from the Reserve Bank governor announcements. We are very comfortable with our maturity profile over the years. In 2026, we are very much done with the maturity payments. All that is left is what is amortized payments. We are now working on the 2027 year in terms of our maturity profile. Our fixed to floating is still in check at 69% floating and 31% fixed. Our headroom, ladies and gentlemen, in terms of our cash balance of ZAR 5.7 billion + unutilized facilities that we have with our financial institutions of ZAR 4.3 billion, leaves us with about close to ZAR 10 billion availability of finances that we can utilize to grow our business. In terms of capital expenditure, we've focused on investing on fiber and mobile part of our business and strengthening our core network. Therefore, if we look at H1 to H1, we invested an additional over ZAR 300 million growing by 12.9% in terms of the capital expenditure. The focus was in areas that would ensure that we monetize those assets and ensure we get revenue. This is an important element, as you will see when I then go into the details of the free cash flow that the ZAR 300 million has been catered for in the free cash flow number of ZAR 724 million positive that we have delivered. Just to unpack the free cash flow position, our cash generated from operations grew by 7.9% before we take into account the capital expenditure requirements. As I indicated, the capital expenditure requirements also grew by 11%. All that was catered for in a positive free cash flow position. In terms of some of the one-offs that we have catered for, and just to remind yourselves, ladies and gentlemen, last year, some of the big transactions that we had to speak to was the Google transaction where we indicated that we had upfront payments of ZAR 1 billion. That was about a transaction where we are leasing elements of Google and they are getting landing station and so on from our side. The payments were already done and closed out in the 2025 financial year. There is no cash outflow in relation to that transaction going forward for a good 15 years. All those payments were in the 2025 financial year. We then have had to cater for leases because Swiftnet was part of the Telkom stable. We would then eliminate in the consolidation process overall. We have catered for those leases as it is now an external party. That is over ZAR 300 million. The increased CapEx, as I indicated. Also, as we have spoken at the balance sheet, the lower finance charges have assisted to clear the space for free cash flow and to utilize the cash for other requirements. That is really some of the elements that are coming through in our free cash flow. The one element that I would just like to touch on on the next slide is around cash conversion. If you look at our EBITDA level and what has happened in other cash elements of our business, we see working capital moving by ZAR 509 million. I just want to confirm that we continue to focus on working capital management in terms of collections. We continued to do the handset sale so that we can collect as quickly as possible on our post-paid books. That actually has shown improvement and stability. Secondly, in the working capital management, in terms of the BCX business, there was a BCX business that was great focus in ensuring that collections continue. The ZAR 509 million you see talks to the growth in revenue. If you recall, a significant growth in Q4 2025 in revenue meant that we have some suppliers to pay in H1 of 2026. That is what is coming through in the working capital. We are still very comfortable that it is in check and is really in relation to the step up in the revenue that we have delivered. In conclusion, we have given guidance of 2026 to 2028. In revenue, we continue to track towards mid-single digit and EBITDA margin 25%-27% and capital expenditure 12%-15% intensity with net debt to EBITDA in the range of 0.5x-1.5 x, even though we are at 0.7x at the moment. Thank you very much. Thank you, Nonkul. As always, well received. Now to our outlook and priorities for the remainder of the year. This year also marks another milestone, celebration of 10 years of FutureMakers. Equally, we are also reviewing our sustainability strategy premised on four pillars of prosperity, planet, people, and practice. More importantly, as we celebrate 10 years of FutureMakers, it talks to the pillar of prosperity. In the past 10 years, we've touched many lives and made significant impacts. Over 2,600 SMEs impacted, over 250,000 lives. Our procurement spend through FutureMakers suppliers has now exceeded over ZAR 1 billion. The success of FutureMakers captures the essence of what our new sustainability ambition stands for: driving inclusive digital participation, nurturing local innovation, and ensuring that our growth leaves no one behind. We are confident in meeting our medium-term commitments. We will continue to focus on revenue growth across our key business segments and consumer, ensuring that we drive the focus on prepaid, the focus on postpaid, and increasingly entrenching our unique price propositions, as well as our CVM ecosystem, and expanding into the regional niches where we are making impact. Equally, with the growth in Leo propositions, we are in the middle of commercial discussions. Smart CapEx deployment, as Nonkul has highlighted, focusing on capacity for our mobile network, as well as smart connect-led homes passed. We will ensure that we focus on profitability through our constant and intentional structured cost management proposition. Of course, keeping a close eye on free cash flow through our disciplined cash management. The quality of our growth is unlocked. We will continue on executing our data-led strategy as one Telkom. We base our competitiveness on our unrivaled infrastructure, which gives and results in our momentum. As the backbone of South Africa's digital infrastructure, which has given as a backbone of South Africa's digital infrastructure serving our customers, we are relentlessly focused on delivering hard results for our stakeholders. Excellent execution of our data-led strategy is key, and we are committed to sustaining our ambitions. The Telkom team here present and back at the office deserves our respect. I thank you all for the one Telkom execution. We have delivered on our promise. We don't stop here. We continue to ensure that our strategy is executed continuously and may quarter 13 also deliver another quarter of unparalleled revenue matching customers and expectations. Thank you all. Thank you, Mr. Taukobong and Mrs. Dlamini, for that insightful presentation. I'm going to go on a limb here and say that I think we're looking at 15-minute talk show meetings in the coming days. We will now go into the Q&A session, and this is how we're going to run the Q&A session. We'll start in the room. There's a room mic. Please wait for the mic. Firstly, raise your hand. Please state your name, the company you're from. Then we'll go to the webcast questions after we take the questions from the room. We'll then check with the teleconference if there are any questions. Good morning, everyone. Well done on another set of great results. I have a lot of questions. In terms of your medium-term guidance, you are probably on the top end of your EBITDA margin guidance of, let's say, 26.4% on a clean basis. What could be some of the pressure points that could derate it to 25% over the next two years? On your leverage targets, you are at 0.7 x net debt to EBITDA. Why have you maintained that quite a wide range, up to 1.5 x? That is on the medium-term guidance. On mobile outperformance, I think I ask this question almost every results presentation, what is the secret sauce behind this? We are constantly surprised around mobile outperformance. You are the only teleco that we've seen accelerated service revenue performance. What are you doing different to the rest of the sector? Your Monice propositions have really transformed. I mean, I think in the last five years, if you can touch on the CVM IT engines behind that, what is the key differentiator? I mean, do you have right now the right people in charge in trying to monetize that customer base? On free cash flow, if you can comment on the shape and seasonality effects. Are you still comfortable with your full-year internal targets on free cash flow? Working capital was negative, as you highlighted, based on a number of factors. How can we see that unwind to a more positive trajectory in the second half? Any updates on ROICs? I mean, we used to get this on a full-year basis. Any color around where you're tracking? Is it above WACC? Yeah, thank you very much. Thank you for those questions, Luis. I think our Group CFO will take the EBITDA and ROIC questions. Our Group CEO will take the mobile questions. What, do you think I can't answer EBITDA? You can go. Just between the work, sir. Okay. I can actually answer EBITDA. Group CEO gathers his thoughts on many of those. Remember, Luis, the EBITDA guidance was made up of all three BUs coming into shape. It's not just mobile topping up currently at 27%. We also steered it in terms of Openserve must come in at a certain number, BCX must come in at a certain number. It's a combination of all three hitting the right sweet spots to get that number, right? That's what comprises the total mix coming into that guidance of 27%. In the mobile secret sauce, that's why it's secret. I can't give it to you. But as we said, it's been driven on the fact that it's data-led. The market is looking for that. If you look at the price points, that's number one. Key, what are customers looking for? They're looking for data-based packages and the ability to use data packages how they want them. Luis, you do a very interesting price comparison. Go look at the shape of WhatsApp bundles and what you can do in those WhatsApp bundles. The secret lies in there. I'll give you that hint. That's it on my side. You have leverage, free cash flow, working capital, ROIC. Thank you. If I can just start with the free cash flow, Luis, indeed, there is an element of seasonality in our free cash flow. We've seen over the past three years that generally the first half is a particular level of free cash flow and the second half with things like Black Friday, the festive season, and the campaigns that the various parts of the business would be running. We would continue with that focus. Secondly, in terms of free cash flow, we are focusing on ensuring collections are driven as hard as possible across the business. I think when we look then at the impact of the improvement in revenue resulting in some supplier payments flowing through the next reporting period, that's a step up which should unwind itself. I think as we continue to work towards our midterm guidance of revenue, there may well be continuation of those elements as we continue to step up reporting period to reporting period. We are saying it continues to be on check and where it moves a particular direction, if it is driven by the delivery in terms of performance, we will continue to watch that. The seasonality will come through also because if you look at capital expenditure, generally we also just want to get that done as quick as possible in the financial year and ensure we get the revenue coming through from it. We will see how we then deliver the H2 numbers with regards to that. Return on invested capital is certainly a focus, but I think what we have said is there is a number of elements we are driving in the business. In the last reporting period, as an example, we introduced a detailed reporting on the cost-to-income ratio, which gives you an indication of our focus on continued improvement on revenue and management, of course, which will then contribute to an improved return on invested capital whilst we continue to monetize and drive the smart CapEx approach. However, we're not yet at a point where weighted average cost of capital is below the return on invested capital, but we are certainly giving it atmospheric focus across the business and we'll continue to report on that. In terms of the leverage level, indeed, there is a wide range. I think as we continue, and Serame will touch on this, our approach has been to keep the range at this level as we continue to work on strategies to improve the business, to create space for opportunities for growth, which at a point where we have specific ones, we will come and share with the market. When we are comfortable to close it out to the lower end, we will certainly do that. I do want to confirm as well that we are very prudent. We will continue to be prudent in terms of how we utilize the facilities from the strong balance sheet. It leaves room for expansion. Currently, big focus is on Lunga and duties network expansion. They are the biggest consumer of CapEx. That is the first point. The second point, as I had also highlighted, is IT. With both growing quite significantly, we need to be looking in terms of our digital ambitions in really enhancing our internal IT expansions to ensure that end-to-end digital experience, both at consumer touchpoint and also enabling our own internal digital expectations, we need to really do a big IT cleanup internally. That allows us the flexibility to do that here. Thank you for those responses. We'll take another hand in the room. I think Luis took all the questions. We'll now go to the webcast. There's a question from Perge regarding the properties in terms of how much of them are left in the balance sheet, the non-core properties. I think as Nonkul indicated, they are really just small operational disposals. If any, there might be one minor, but nothing really to the quantum that we saw last year. It's really operational disposals, yeah. Okay. Thanks, Mr. Taukobong. We have a question from Nadim from SBG Securities. Well done on the strong performance in mobile. Competitors have recently launched quite competitive price plans or promotions in mobile data. Has this affected Telkom, and how well is Telkom positioned to defend against this? The second question from Nadim is does management expect mobile EBITDA margins to moderate in H2? Kindly explain the reasons behind this. I think in terms of the first question, the results show I think we have been resilient for the past 12 quarters in responding to competitor activity. In the EBITDA margin, as Nonkul has indicated, the team will obviously respond in seasonality in line with traditional market activity, and we will hold in resilience in line with our guidance, yeah. Okay. Nadim has asked as well, where does management currently see significant opportunity for future cost management? Should I take that? I think in cost management, as we've said, it is a structured approach and a journey that we're taking. We've not gone for tactical jabs, but given each BU a steer where we've said, this is your EBITDA target over the years, which then contributes to the group direction. So each BU has their own targets, which then informs the overall group direction. That's taking us then on a structured journey of our EBITDA ambitions and EBITDA journeys, which then informs how we take our approach to cost. Thanks, Mr. Taukobong. I would like to check if we have any question on the teleconference. Thank you. Yes, sir. We have a question from Jonah Brady of AMSO. Please go ahead. Yeah, thanks very much for the opportunity to ask questions. Congrats on a strong set of results. If I could just ask three questions, please, starting with the excellent performance in your mobile business. We've heard from two of your competitors that they're pushing more aggressively on offers and pricing on the prepaid market to try and drive growth there. Have you seen any noticeable impacts on your customer activity as a result? Has Telkom Mobile responded in any way to any of those actions by the competition? I mean, if you could provide any color on the prepaid environment as you've exited the second quarter and into this new quarter, that would be helpful. The second question on CapEx, and that ramped up in the second quarter to, I think it was the 15% sort of level. It is the upper end of your guidance range. Is this the sort of level we should be penciling in for the third and fourth quarters, or does that sort of moderate into the end of the year? Lastly, just a follow-up on working capital. I just wanted to know what the size of the handset receivable sales was for this period. Thank you. Thank you, Jonah. Thanks, Jonah. I think in terms of the pricing activity in the early stages, we've not seen anything that has significantly impacted our activity. In fact, I think Lunga and his team can attest that our entry into this quarter has been actually quite encouraging. We've seen recharges holding steady, which is usually an indicator. As I've always said, we look at seven-day active base. We've seen no movement in that. We are holding steady and holding forward and doing our own. I'm sure the competitor activity is actually impacting themselves. The CapEx, as we said, we were pretty much front-loading and ensuring that we build the capacity for the team upfront. That number will hold. It will not increase into the second half. The team has rolled out what they needed to roll out to drive the capacity. Any further expansion will be really where we need to tactically expand for roaming. It will not be any significant increase beyond the number that you see now, Jonah. Nonkul? Yes. If I touch on the handset sale, Jonah, we have always indicated to the market that in each financial year, at least for the past two, three years, we've targeted to drive ZAR 800 million to about ZAR 1 billion of the handset sales in each year. For this H1, we have been able to do just over ZAR 650 million, which gives us comfort that for the full year, we probably will still be able to get to the levels that we are driving for. Just over ZAR 650 million. Thanks, Ms. Dlamini and Mr. Taukobong. Do we have any further questions on the teleconference platform? Thank you. The next question comes from Jonathan Kennedy-Good of Prescient Securities. Please go ahead. Good morning and congrats on your results. TJ, given that Cell C is looking to come to market, would Telkom consider bidding for Cell C if the price was right, I guess? If not, what are the key issues that would hold you back? Thanks, Jona, for that very left-field question. If we go to the past, why we had considered Cell C, it was because we were looking for spectrum. That was the reason why we did not consider Cell C then. In the current market conditions, the answer would be no. Why I say a very quick no? The shape of our base, now that especially with Cell C publishing the shape of their base, we do not see any synergies in regards of why we would consider that. As you know, with many of these propositions, synergies is somebody that disappears after the deal is done. The answer is no, Jona. Thank you, Mr. Taukobong. I will now come back to the room. Thank you. Thanks, Jonathan. I will come back to the room to check one last time if you have any questions. Okay. Thank you very much. Before I hand over to you, Mr. Taukobong, I just want to take this opportunity to thank you and the entire ESCO team for your excellent leadership in delivering these results. Your leadership makes us proud to be Telkom employees. I also would like to thank you, our Group CFO, all executive members for your support and guiding us in preparation of these results. Most importantly, I would like to thank you for the chicken-leg N ando's during the late nights at the office. I will now hand over back to you, sir. Thank you. Thank you, Kamo. If I may be allowed for delayed protocols, I would like to thank all board members here present. Thank you for your continued support and guidance. Thank you to all our shareholders for your continued support. Have a pleasant and, of course, quality morning.