Ladies and gentlemen, apologies for the delay. Good afternoon to everyone who has joined. Welcome to Telkom SA Limited's international analyst conference call. All attendees will be in listen-only mode. There will be an opportunity to ask questions when prompted. If you should need assistance during the call, please signal an operator by keying in star and then zero. Please note that this event is being recorded. I will now hand over to Kamohelo Selepe of Investor Relations. Please go ahead, sir. Thank you, Judith. Good afternoon, and welcome to our conference call for the financial year ended 31 March 2026. In the room with me is our Group CEO, Mr. Serame Taukobong, and our Group CFO, Mrs. Nondyebo Mqulwana. We are also joined by our Chief of Corporate Affairs, Mpho McNamee. My name is Kamohelo Selepe. I'm part of the Investor Relations team at Telkom. I will first take you through the key performance highlights for the year we reported on. We will then go into the Q&A session. After the Q&A session, I will hand over to our Group CEO for any closing remarks. Before we begin, the customary disclaimer applies to this call, and it is included in our results announcement material published in the morning. This has been a year of quality and resilient growth. Our data-led strategy is working and is clearly reflected in the results. Group revenue increased 1.4%, with continued momentum in the data-led services. Data revenue now contributes close to 60% of group revenue, reflecting a meaningful improvement in revenue quality. EBITDA increased 5.8% to ZAR 12.5 billion, with the EBITDA margin expanding to 28.1%. If you exclude the property sales, the group EBITDA margin is at 27.6%. Headline earnings per share increased 1.5% to ZAR 7.09. Free cash flow increased 10.4% to ZAR 3.1 billion. This enabled us to increase the dividend by 65.7% to ZAR 2.70 per share. At a group level, the shift in revenue mix is clear. Data-led revenues are growing strongly, while legacy revenues continue to decline, which is the intentional migration away from legacy revenues. Let me now touch on our growth engines. Mobile continues to lead performance. We recorded the 14th consecutive quarter of market-leading service revenue growth. It reached a milestone by reaching over 25 million subscribers, with strong prepaid growth at 10.3% on the service revenue side. The ARPU of the prepaid segment was stable at ZAR 60. Mobile data revenue reached ZAR 17.7 billion, supported by 18.5% of data traffic growth. Going to Openserve, it has reached an inflection point. We are seeing broad-based growth, with growth across enterprise, broadband, and carrier services showing good growth. Overall revenue for the business increased by 2.3%, with fiber revenue increasing and EBITDA margin expanding to 3.8%. BCX remains a focus area. The market environment remains challenging, with revenue and EBITDA under pressure. We are taking decisive action, improving execution, tightening cost discipline, and repositioning towards higher-margin digital services. Just to conclude with some key highlights from the financial performance. Cost income ratio improved to 73% from 70% three years ago. This was driven by the structural cost efficiencies we drove during the year. Working capital optimization is a continued focus, and we are comfortable with its management. The dividend payout was increased, with a higher dividend declared at 45% of free cash flow. We are maintaining our medium-term guidance and will continue to balance growth investment with cost discipline. I will now hand over back to the operator for the Q&A session. Thank you, sir. Ladies and gentlemen, we will now be conducting the question and answer session. If you'd like to ask a question, please key in star and then one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may key in star and then two to leave the question queue. Our first question comes from Preshendran Odayar, 36ONE. Please go ahead. Thank you, operator, and congratulations on the results, Telkom team. I've just got two questions to start off with. First, can you give us a sense of how much of revenue still comes from your copper, and approximately what margin does that generate? I know in the morning call, Serame did say that it was mainly government contracts that were still on legacy copper. I just want to know how much of an impact does that still has on your business. The second question is more on BCX. Just wonder what levers are you looking to pull to drive growth there? Previously, you spoke about scaling back on IT hardware sales because it was low margin and quite chunky. If I look at your numbers, that ramped up quite a bit in the second half. I just want to know if you're going back on that strategy or some more color on what you plan to do for that business. I'm just battling to figure out what are the strategies you're putting to actually get that out of the red. Thanks very much. We'll take one more. You want me to ask another question, Serame? I can. Not from you, please. Judith, you can take that one. All right. Super. Thank you very much, sir. Next question comes from Jono Bradley of Absa. Please go ahead. Good afternoon, Serame, Nonku, and Kamo. Thanks for the opportunity to ask questions and congrats again on a great set of results. Just three questions from me, please. Firstly, on the cell captive dividend, you mentioned this morning the insurance business, I think, was over-capitalized, allowing you to pay out a dividend. Just want to know, is this because of much higher profits in the last year? Should we be penciling in similar sort of numbers into our assumptions going forward? Was this more of a once-off? The second two questions, more on the mobile business. Just on the price increases on postpaid, I think those were implemented 1st of April. Can you tell us what the overall price increase was? Did you do any price adjustments on your prepaid book? The last question from me, please. The decline in mobile handset sales just sort of accelerated into the second half, as well as the last quarter. I was just wondering if you could give us a sense on how to think about this sort of run rate, going forward. Related to those device sales, how we should think about the handset receivable book sales in that context. Obviously the base, I think this year you did about ZAR 1.2 billion. Given the decline in mobile handset sales, can you sort of keep this level above the ZAR 1 billion? Does this naturally sort of slow alongside those slowing handset sales? Thanks very much, guys. Thank you, Jono. Thank you. Let me go back to Presh. I think if we look at the total fixed line revenue mix that's still left in the book, I think it's quite clear in that booklet. It's just under ZAR 3 billion is the total mix of the fixed line revenue. That's the voice and the CPEs as a whole. I don't think we generally give color to the margin of that. Historically, we have, because it's a combination of both the voice revenue and the CPE. It's about ZAR 3 billion that's left in there, Presh. To your answer on BCX, yes, what we did look at is what the guys were doing, particularly on the devices, is to look at the mix of the devices that they were selling. What we pushed the guys more is to look for a higher value device ecosystem, and that's what you're seeing there in those device sales in BCX. It's your higher margin device sales. Also we do need to be selling devices to secure business. When you're renewing or extending your contract, for instance, in Absa, part of that mix is also follow-me devices. What we were pushing the guys from is where they were doing once-off device sales, which were not attached to annuity contracts. That's one of the levers that we're looking at in there. We've not moved away from the strategy of move away from high cost, once-off device sales. Where there's a device sale that's attached to renewing of a contract and it's a high value, we encourage that. Those device sales are actually attached to IT solutions growth, and that's why you're seeing the two growing both in tandem. I hope I've covered you there, Presh. To Jono. The postpaid increase was in line with inflation, I think it was about 5% odd. We've seen that come through quite nicely. In terms of the decline in the prepaid handset sales, it's actually not a decline as a result of lesser devices, but more in the mix of the devices that we were selling. As we indicated, customers are choosing to go for lower end. Not as many high-end iPhones and Samsung Galaxy A55, but a more lower end device ecosystem. It's not that we've reduced the number of units, but it's the value of the units that we sold. We don't see that having a negative impact on the value of the book, going forward. I think that was the big questions. Oh, then cell captive. Yes. Jono, if I can touch on the cell captive. We've looked at the, call it, the retained earnings and the cash that is sitting in that cell captive over the years. We may not necessarily repeat at the levels of ZAR 240, but it's something we're monitoring, and the withdrawal may continue into the future, but maybe not at the levels of the ZAR 240. It was just over-capitalized in terms of the solvency requirements at this point in time. It's something we'll continue to assess, and this, as I indicated, relates to the insurance in relation to the devices that we have. Not at the same level. We will monitor and ensure that we are adequately covered for solvency requirements, and where there is an opportunity to withdraw, we would then do that into the future. There was a question on prepaid price increases from Jono. There were no prepaid price increases effected at this stage, Jono. Thank you, Jono. We can take another round of questions, Judith. Thank you. Ladies and gentlemen, just a reminder, if you'd like to ask a question, you're welcome to key in star and then one on your telephone keypad. The next set of questions comes from Jonathan Kennedy-Good of Prescient Securities. Please go ahead. Good afternoon. Thank you for the opportunity to ask questions. Two questions from me. The first one being around working capital. If I have this correct, it looks as though there's been a down payment of your accounts payable. I just wanted to check if that was related to the timing on the Google Fibre pay and whether that's unlikely to recur in the year ahead, if that was the case. Secondly, a broader question. Obviously, we haven't had any restructuring of Telkom for a while, which has obviously been quite welcomed. Just trying to get a sense of your understanding of employee headcount and fit for the business as we stand today. What is the natural attrition rate that Telkom is experiencing at the moment, i.e., could that be a source of savings going forward as people move on or retire? We can take a question from another person, Judith. Thank you. Next questions comes from Nadim Mohamed of SBG Securities. Please go ahead. Nadim, your line is open. You can ask your question. Good afternoon, everyone. Thanks for the opportunity to ask questions. Just two from my side. Firstly, in the results presentation you mentioned increased CapEx allocation to IT modernization and platform transformation. If I understood it correctly, that relates to your OneTelkom strategy. Just want to try and understand what exactly the spend is being allocated to and how that will enhance the business overall. Just secondly on BCX, I just would like to understand now that you've had a relook at the business and there's new management, would like to understand how you see the long-term prospects for some of the equipment businesses. Do you still see this core to the BCX offering, and how does it integrate into your go-to market? Thank you. Okay. Thank you for those. I'll start with Jonathan. Jonathan, in terms of the restructuring, I think as we've always indicated, it will be part of our evolution as we go into technology. At Telkom, as we said, we face two interesting challenges. One, we do have a relatively older workforce. Yes, as we are retiring, we also need to be ingesting younger new blood, particularly with the focus on AI. Yes, as we do retire, it doesn't mean that we will be saving costs because we will need to be ingesting fresher blood. As we also go with newer technology and digitizing the ecosystem, where we find opportunities to reduce costs, we will do so. I've also said that in ecosystems, particularly like in BCX, where we exit certain propositions where there is high staff requests, so staff population. For instance, areas like managed services, that's where you'll see quite large exits of people. I will touch on, before Nonku talks to the down payments of Google, to the principles of Nadim, he asked of the IT spend. It is primarily focused in consumer on our BSS and OSS upgrade, and this is end-to-end. The first part is really on the OSS, BSS ecosystem, and then the subsequent layering then, which goes all the way to our various touchpoints, call centers, enabling our retail ecosystem as well. It is quite a comprehensive project that is going to run over the next two or three years. You will see roughly around about that shape of investment, enabling us to really digitize our customer service end to end, and also integrating a OneTelkom go-to-market proposition, both in Openserve and consumer, to make sure that at the retail touchpoint and even at a website touchpoint, that we can offer to customers, for example, a converged FMC type proposition. In BCX, equipment in terms of the long term, it is where, as I've answered earlier on to Presh, it adds value to our customer proposition. If it is in the purpose of, one, delivering high value-Service to our customers. We are moving away from short-term, high cost, low margin equipment. Hardware that enables us to then sell our critical IT solutions in our customers, which therefore gives us the value. If it's hardware that's enabling cloud services and cyber securities, that should be the focus of the hardware. I hope I've covered you there, Nadim. I think on Google, there was an issue on the. On the working capital question. Working capital. Yes. Jonathan, if we look at the working capital, I think it was already a discussion we had when we went through the H1, where the movement in the working capital was just over close to ZAR 600 million. What we did say was that there is an element of a timing difference. I can confirm that there is no Google impact in the 2026 financial year, because in 2025, we had indicated that there was just over ZAR 900 million in the accounts payable that related to the Google payment. I think that we said was sitting more in the less liability payment, more than the accounts payable. If you look at the accounts payable impact, it really is coming from the elements we highlighted in H1, where we said, if you look at the consumer business and the BCX business and the revenue activity we saw in quarter four, you would've seen an uptick in revenue and the accounts payable with the 90-day journey that we normally take with our suppliers coming through in H1 of 2026. It becomes a timing difference, if there is cash to be paid to suppliers, and that there was a combination of impact from both BCX and the consumer business largely impacting our payment to suppliers. The Google impact was completed in 2025 with all the inflows and the outflows. We can take the next set of questions, Judith. Thank you. Ladies and gentlemen, just a final reminder, if you'd like to ask a question, you're welcome to key in star and then one. We have a follow-up question from Jono Bradley of Absa. Please go ahead. What we've been- Yeah, thanks very much. Just one additional question. On the payments to other operators line. In the first half, it was sort of flat year-on-year, and in the second half, there was quite a sharp decline. I think if I look at the numbers, about 11% or so decline in the second half. Is that the sort of run rate given the increased CapEx, that you've sort of rolled out in the latter half or the second half? Is that the sort of run rate we should be thinking about going forward? Is this tied to that higher CapEx level, or is there sort of some repricing elements as well coming through? Thank you. I wouldn't model the second half. I think I'd rather stick to the whole full year. We've just concluded the new contract. It's a balance of the CapEx, a bit of the new contract coming in. For your modeling purposes, I'd say take the full year impact of that, which will give you a better flavor of what it would look like. I think the best side of that would be, let's see where we land in the next reporting period. Probably in H1 to get a better picture of what the new terms and conditions, look like. We have signed a new contract, and as the name, is quite a ruthless negotiator. Thank you. Next, we have a follow-up question from Preshendran Odayar of 36ONE. Please go ahead. Yeah, thanks, guys. I just got a more nice bundle, so I've got another free question. Just on this, your roaming cost and CapEx. There's always a question around Telkom Mobile's CapEx spend. I know there was a bit of a ramp-up in the last quarter on mobile CapEx. Can you give us a sense of how much network headroom you have with your current spectrum stack? Coupled with that, if you can just remind us on how much of your network revenue or traffic is on roaming. Basically, how much you rely on the other operators for that. It's kind of linked to Jono's question as well. Thanks. Sure, Presh. I mean, if you look at our headroom from a capacity perspective, the guys always keep between, I think 30%-40%, of their headroom at various nodes. If you're talking of core, the core always has between 30%-40% of headroom in there. The RAN, I think it ranges across the board, so they certainly do have more than enough headroom. If you go down to massive MIMO and those various nodes, I think they have more than ample headroom. If you look at in terms of the roaming traffic, it is 2% of our data traffic is what is roaming. Am I coming there, Presh? One moment. I'm going to recall him back into the call. Yeah. No, thanks. They recalled me. Okay, lovely. Does that conclude your questions? Yeah. That was it from me. Thank you. Lovely. Thank you very much. Ladies and gentlemen, with no further questions in the question queue, we have reached the end of the question and answer session. I will now hand back for closing remarks. Excellent. Thank you very much for attending our call. I think as we said in our call, quality growth unlocked. The data led strategy is working. The infrastructure is unrivaled. The focus now is on execution with a particular focus on revenue and ensuring that for BCX, it is about one, bedding down the platform and ensuring that the portfolio mix will be delivered, but over time. Thank you for your attention, and thank you for your support for Telkom. Wishing you a quality evening ahead. Thank you, sir. Ladies and gentlemen, that concludes today's event. Thank you for joining us. Anyone, I'll disconnect your line.