Infrastrutture Wireless Italiane S.p.A.

Good morning, this is the Coruscant conference operator welcome and thank you for joining the invite first quarter 2026 results conference call. As a reminder, all participants are in a listen only mode after the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call they may signal an operator by pressing star and zero on their telephone at this time. I would like to turn the conference over to Mr. Luigi Minerva, Strategy, M&A, and Investor Relations Director of Inuit. Please go ahead, sir.

Thank you, and good morning, everyone. Thanks for joining us today. I have with me Diego Galli, Inuit General Manager, and Emilia Trudo, Chief Financial Officer. Before we begin, please allow me to draw your attention to the Safe Harbor Statement on page two of the presentation. Following a brief presentation on the Q1 2026 result, we will open the floor to questions. Over to you, Diego.

Thank you, Luigi, and good morning, everyone. In today's session, we share our Q1 2026 results, which are consistent with our full year 2026 guidance, reflecting the current telephone market context. A reminder of our 2026 guidance and medium-term baseline outlook, both of which are fully reiterated. And a recap of our key strategic points of strength quality and unique network. The telco sector in Italy continues to go through a challenging phase with low returns and the minimum investment from operators. Neutral host infra players can play a key role in this context, leveraging on sharing economics to deliver investments in digitalization in the most efficient way. Our MSAs create value thanks to the consolidation of infrastructure and the unlocking of sharing synergies to the benefits of all parties. As you already know, our anchor tenants sent us early termination notices in March. We have been clear that both fall outside the legal framework of the MSAs and have taken legal actions to protect them. Anyway, our wish is to move from DeWitt remains committed to invest while collaborating with its customers to identify shared value-for-value solutions. Moving to the next slide, PUA results are consistent with our full year 2026 guidance. New signs and new pops reflect the current market context, while the pace of real estate transactions remains sustained. As we anticipated, revenues on reported basis are declining year-on-year by around 1%. Revenues are impacted by the absence of uncommitted revenues linked to discretionary project-based revenues. If we were to remove such discretionary project-based A bid after leases margins at around 72% are in line with guidance. Our leverage ratio remains stable quarter over quarter at 5.2 times. In a few days, we will pay about $500 million in ordinary dividend, which implies a dividend yield of more than 7% at current levels. reflecting the current undervalued share price. I hand it over to Emilia now for a review of KPIs and the financials.

Thank you, Diego, and good morning, everyone. Operational KPIs in the quarter reflect the current challenging market context. Setting new towers in Q1 is a soft start, and we expect a pickup in H2 in line with our targets of around 200 new towers in 2026. Around 300 new POPs in the quarter, with tenancy ratio growing to 2.39. We are aiming for more than 1,500 new POPs in 2026, with year-over-year continuous growth in tenancy ratio. 60 new dedicated PAS covering premium indoor locations across multiple verticals for a total of around 850, targeting approximately 900 locations in full year 26. 400 real estate transactions in the quarter confirm our strong track record, aiming for a total of approximately 1,600 transactions in full year 26. The normalized 2025 total revenue base takes into account the lack of project-based, non-committed revenue components, which we have developed over time with operators, capturing their discretionary, flexible budgets. As discussed during our full-year 2025 results conference call, such discretionary budgets have been put on hold at this stage. Given the current context of limited budgets, and stagnant relationships. Adjusting for this one-off step-down, we delivered over 3% normalized revenue growth in Q1 2026, driven by the following components. Inflation CPI link, based on a 2025 average index of 1.4%. Anchor commitments, new towers, new POPs, and EAS deployment in line with MSA. oil growth with steady pace across other MNOs and IoT, smart infra growth in indoor DAS across premium locations and smart city verticals. The one revenues were minus 1% year-on-year at 264 million euros, representing over 3% normalized revenue growth year-on-year, as we just discussed. Revenue components, including Tower Anchor's revenues up 2%, supported by inflation and MSA commitment.

OLOs and Smart Infra revenues down.

The growing number of spots and dust locations covered. EBITDA down 1.9% year-on-year, to 239.5 million, with an EBITDA margin of 91 percent. EBITDA releases down 2.2 percent year-on-year to about 190 million euros, and margin of 72 percent, reflecting in-width structural operational efficiency. Recurring free cash flow at 176 million, with a front-end loaded profile for the year, and a debt at approximately €5 billion, including IFRS 16 liabilities, resulting in a 5.2 leverage ratio in line with December 2025. The current cash flow in 2026 has a front-end loaded profile while remaining consistent with 2026 school year guidance. In Q1, recurring cash flow reached 176 million euros, up by 11% year-on-year, with 74 cash conversions. This was driven by structurally low recurring capex, no taxes cashed out with a tax payment schedule for Q2 and Q4, as per usual seasonality, positive net working capital of approximately 10 million euros, and financial charges reflecting an efficient debt profile and the specific phasing of interest bond payments. Below the recurring free cash flow line, growth capex was just below 80-90 million euros due to phasing. We closed the quarter with free cash flow to equity of nearly 88 euro million. Leverage ratio is stable at 5.2 times in language Q4 2025, and we have an efficient debt file, out of which 85% is fixed, 15% floating, with a current average cost of debt of approximately 50%, and average bond maturity of 4.3 years. Furthermore, we have just extended our 1 billion euros bank facilities originally maturing in 2027 to 2031, backed by a pool of primary banks. And I'll hand it back to Diego for the guidance in the closing section. Thank you.

Thank you, Emilia. We reiterate our 2026 targets and medium-term baseline outlook reflecting the current market environment. Even in the unrealistic scenario in which the market remains stuck over the medium term, we would be able to have a decent organic growth, an attractive dividend, and a solid balance sheet. The baseline outlook does not include the potential upside related to the normalization of the industry dynamics. At the same time, the baseline outlook does not include the downside risks of MSA termination, as we don't believe this is a likely or realistic outcome. Moving to the next slide, we are protecting the integrity of the MSA and in with rights to the legal path, and we are confident on the strength of our argument. However, we would rather focus on investing efficient growth and value creation for all parties and stakeholders. It's not appropriate to enter into legal details considering that the case is open. Let me just say that timing-wise, it's moving on as expected, given the complexity of the case. I'm also keen to reiterate the contract in fairness and good faith. Of course, being open to discuss with our customers, as by the way envisaged by the contract itself, to further optimize the commercial opportunities within the contract framework. At the same time, good faith discussions require the identification of solutions that create value for our parties. being also mindful of the impact on all stakeholders, including the public interest related to the strategic nature of our infrastructure. Moving to the next slide, let me reiterate a few important considerations on our MSAs, prices, and terms. MSAs fees are competitive and intrinsically linked to the structure of the sales and impact transactions, industry standard. The higher the upfront amount paid to the operator, the higher the resulting tower MSA fees. With regard to in-width, the MSA terms and conditions are an integral part of the overall transaction carried out in 2020. The average total fee per pop is around 20,000 euros. This is the combination of sales and risk-backed hours. new towers and new pops we can estimate that broadly half of the fee is related to the financial component of the transaction which is comparable to the interest prices and in lambda market they are even more attractive because the msa fees also include the benefit of anchors. On the left-hand side of the slide, we show once more a benchmark of our MSAs, tenancies, which are competitive and well below the European average. Finally, we are aware we benefit from an uncapped escalator linked to the inflation. This is a better feature than in other European MSAs. We paid for this, as for all the other components of the MSAs in the 2020 sales and respect transactions. Looking at the five years or 10 years time framework, the average inflation that we applied with our escalators has been about two or 3%, basically in line with historical trends and expectations. Anyway, we understand that the uncapped escalator created some specific impacts and going forward Telecom Italia, Vodafone, and Inuit, where we could take the benefit of first mover advantage to build top quality sites in the best available location. 35% of our sites are in unique locations. This means that there is no other tower company within relevant distance range. For 40% of sites, there are other alternatives within the relevant range. However, either there is no space available on the towers or there are technical issues that prevent the same quality. Our network is available to our anchors on the all or nothing basis. As I said, our network is the result of the consolidation of multiple networks and is a material source of efficiency within the industry through the benefits of sharing economics. A consolidated and optimized network is also a way to reduce the use of natural resources. Greenfield initiatives in a mature market create infrastructure duplication and fragmentation.

Leading initiatives would divert context and delivery capacity away

that the Italian market needs to make the much-needed progress on digitalization. Final remarks from my side. Q1 results are consistent with our 2026 guidance. The Towers business model is based on long-term contracts that create value for all parties thanks to sharing economics and network efficiencies. The Italian telco market continues to be under pressure with low prices and subpar returns. And telcos are offloading challenges also on the infraplanes. According to context, the legal path will move on as expected, and we are confident on the strength of our argument. For us, it's key to protect the integrity of the MSA as a long-term contract. We are open to optimize further the terms of the contract, particularly on new investments, and we remain committed to collaborate with our customers and identify shared value-for-value solutions. The industry needs material investment for densification, which may unlock With this, we thank you for your attention. We aim to provide you with an update business plan as visibility would allow it. We will now open the floor to Q&A.

Thank you. This is the Coruscall conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Andrei Chabeshek from UBS.

Yes, good morning, everyone. Thank you for the presentation. My question was really on the guidance, the fact that you are now able to date and if this includes even the anchors and then related to that you've been you mentioned that in the second half of the year you may be able to provide a mid-term outlook so how should we think about that statement in the sense of obviously you having less visibility given what's going on with your anchors so are there any you know or is there any progress and

and uh or should we look at this as some kind of progress in talks or pick up in market activity or what is this actually driven by thank you very much thank you andre um yeah the um as as as we shared the baseline plan is the result of the respect of the committed growth with the agreements there is no addition business, but is reflecting the ongoing activities which are moving on in consistently with the committed revenue profile and investment profile. With regards to your second question, clearly now we are in a situation where actually at operational level we keep on than before. There is a legal case which is ongoing. There is no ongoing discussion or negotiation with the ANCORs, though we do expect visibility gradually to improve and we would expect to be in the condition to give more clarity by the second half of the year.

Thank you. And if I may follow up specifically on these 1,500 new pubs that you expect to have this year, Can you just give us color in terms of the breakdown between the anchors and the OLOs, perhaps?

Yeah, in the current context, let me say that the majority of it is related to OLOs as a mix of other MNOs, utilities, and IoT.

Understood. Thank you very much. You're welcome.

The next question is from Roshan Ranjit, Deutsche Bank.

Morning, everyone. Thanks for the questions. I've got two as well, please. You built 30 new sites this quarter, and I think your competitor built three. Obviously, very, very limited progress, as you mentioned, Diego, the dry market. At what point do you think the regulator, or in fact the government, kind of steps in here? Clearly there is this lack of investment and it is dragging on the telco sector. So do you envisage a scenario where the government will step in here to move things along quite quickly? Because per the timeframe that you have outlined, this could really drag on. And my second question is regarding the discussions. I think last week one of your customers kind of suggested that they tried to have a discussion, but the discussions weren't perhaps entertained. Is it more the topic of the discussions or there just haven't been any talks that have been ongoing? Thank you.

Thank you, Sean. Yeah, no, I think your point, the point you're raising is quite valid. The industry and the market in Italy requires investments to catch up and to accelerate on densification and digitalization. The market has been, I think there is a strong consensus that has been invested because it's a market which is impacted by strong pressure on the top line and low or very, very limited returns. I think that it is worthwhile to mention that there is the frequency renewal process which is going on, and I think that can be a catalyst trigger, and that's probably by the end of 2026, beginning of 2027, that there could be re-accelerate again for the benefit of the overall industry and digitalization of the country. With regard to the second question, clearly we've been talking, as I always share with our customers, trying to identify a solution and opportunities too. to optimize the contract and the relationship. Though our approach is based on win-win approach, so on solution which should create values, value for all the parties. And this is for us, is the meaning of fairness and good faith. And while we have not engaged in discussions where the approach is win-lose and there is a net transfer of value. That's what we mean when we do say that we want to defend the integrity of the MSA framework. Let me also say, just to be even more specific, that when conversations told, based also on different assumptions of the contract, we proposed to have an arbitration for actually two times, and that has not been accepted by the customer. Just to show again on concrete and tangible terms how And as I said, the legal path continues, but overall, we would prefer to focus on investment and growth, and we remain open always to collaborate. That's great.

Very helpful. Thank you. Thank you.

The next question is from Paul Sidney Barenberg.

Good morning. Thank you very much. I also have two questions, please. Your two Anka customers and the MSAs recently set out their view that they believe a move away from InWed is possible in 10 years. I think one said it explicitly in another. I feel it's easy to put it in a PowerPoint slide, but could you outline some of the practical considerations and challenges from Inuit in such a short timeframe. And just in terms of the preferred supplier clause, I know you set this out at the end of March in your call, which is very helpful, but I just wondered a month on, have you had any further thoughts on the supplier clause, the legal implications, the robustness? of that clause and what that could mean in terms of going forward if some of your customers did look to build out their own towers. Thank you.

Thank you, Paul. Yeah, see, we saw this light as, I guess, everybody, and I don't want to enter into commenting on a specific basis, but I would say that in general, Greenfield projects in mature markets have never been done. The switching of the network as material, switching cost operationally is very, very complicated. the big Italian cities or touristic areas is extremely difficult, also considering the regulations which have been implemented in the last 10 years by the municipalities. Also, in rural areas, it's not as easy as people may think for the next generation of EU projects on 5G in white areas. Actually, I think it's on a newspaper today, the kind of opposition from local municipalities has been amazing. So from an operational point of view, from a financial point of view, from an environmental point of view, it's clearly very, very complex and It would be value creation for the industry to focus on the new investments which are required for the identification instead of, again, investing resources for duplication and fragmentation. With regards to the preferred supplier, there is a close whereby on the new towers in with the right of the first offer and last call. And we think that we will be able to match all the potential alternative offers based on our financial strength even more. in a very efficient and timely manner. Clearly, in the last few years, we set up an organization which is best in class across all the chain of the delivery machine, from site search to permit to build to maintenance. So we think that, again, from a financial and industrial point of view, we can match Uh, all the potential alternatives, so we need the condition to, um, to, to, to, to use the preferred supplier closer to.

That's great. Thank you very much. Could I just have a quick follow-up? Apologies. I missed the number of towers, Diego, that you said. I think it was in your introductory marks on slide 12, but the number of new sites that you believe that Italy needs ultimately. I'm sorry, I just missed that number. I wonder if you could just clarify.

Yeah, we think it's broadening the range between 7,000 to 12,000 new towers. So let me simplify. 10,000 new towers to for network densification to address the capacity needs in urban areas, the coverage and densification needs in suburban, and also to provide coverage in the corridors and the transport corridors related to road and rail. That's perfect. Thank you very much. Appreciate it. You're welcome.

The next question is from Fabio Pavan, Mediobanca.

Yes, hi, good morning. Thank you for taking my two questions. The first one is if you are exploring in the meantime some opportunities to secure additional external growth. And the second question is clearly with a mid-long term horizon. I know there are already discussions ongoing over the future 6G network, which many think should be AI native, implying higher need for densification, low latency and densification. So are you already having some discussion on that kind? What's your view? on this future demand. Thank you.

Thank you, Fabio. Yeah, we, as part of the last year business plan, we laid down the direction for growth and clearly on top of towers and real estate optimization, we are growing organically significant matter on what we call the smart infrastructure, so indoor coverage and dedicated coverage with important projects. Let me mention a couple of those. One is the 5G coverage of the new tube in Milan from the airport to the center done last year, and the 5G projects, smart city projects in Rome, which again will bring 5G coverage across the metro line and across 100 city squares where we will bring 5G with small cell readiness, Wi-Fi, IoT and cameras for security. So it's a major digitalization for smart city initiatives. So That's almost organic and is embedded in our growth path. On top of that, we think that the avenues for future growth are related to the edge data center and active equipment. These are the two areas where there is potential synergies to our existing core business, and that's where we clearly are open to talk with the customers about playing a role on the management, ownership and management of the active equipment through the role of a neutral host.

Also on edge computing capacity at the edge of the network.

And we are very well placed on that because we have the more distributed network in the country with 26,000 points of presence across the full nation, and that is a unique asset which will be even more relevant in the mid-long term as long as 6G low latency digitalization will move on. We have also focused on that, and as consistently with our strategic plan. Thank you. You're welcome.

The next question is from Abhilash Mohapatra, BNP Paribas.

Thank you.

Good morning, and thank you for taking my questions.

based on committed growth, or is there some uncommitted targets that are baked into that as well? And then secondly, just a broader question, Diego, I don't know to the extent you'll be happy to comment, but you made a reference to the uncapped CPI, that's been viewed as a problem. Given your comments around not being ready to take a win-lose approach, should we take that to essentially mean that you would not be ready to sort of consider reversing some of those past CPIs and therefore giving a discount on the MSA. I appreciate that's not something you may want to comment, but yeah, just wanted to ask. Thank you.

Thanks, Abhilash. Yeah, on the first one, the 200,000 are committed as part of the MSA and the finalization of the next generation EU plan. On the second one, Yeah, we did it down a little bit on this topic of inflation. We are, because we understand that there is, that is a specific clause, quite, quite, let me say, is a specific feature of our MSA. And honestly, overall, framework of a win-win approach where there can be gives and takes. The balance of give and takes can be positive for all. And that's where inflation can be part of the overall equation where considering the dramatic need for a

Thank you, Diego. Thanks.

The next question is from Andrea De Vita, Intesa San Paolo.

Yes. Hello to everyone. Thank you for taking my question. It's basically on discretionary investment by other operators. I thought that most of the discretionary was on ANCOR, so I'm asking the split basically for the last year and then the expected for this year of the potential revenue lost from discretionary between ANCOR and other telephone operators.

Thank you. Yeah, the project-based discretionary revenues is something which has been particularly strong on Anchor, considering in this specific year, considering the current context, has been part also of the normal business we do with the other customers and with the other customers, depending in the overall growth path. Clearly, this year, the combination of this impact on discretionary project-based revenues on August, and in particular on arm courts in the current market condition, is visible and cannot be offset, and that's why we reported in revenue decline. The The key point to underline from my side is that somehow 2026 sets a new base, considering that the discretionary project-based revenues is extremely, extremely limited. So that's why from 2026 onwards, we will show also in the reported line what is the normalized revenue growth

Basically my question amounts to what's the proportion roughly of discretionary investment in your other operators total revenues last year? Just to have an idea where to start from.

I think that clearly we don't need this level of details, but you may figure it out from the line of all those revenues. So the minus 6% is part of the termination of some project-based projects and partially offset by the recurring organic growth coming from the independents.

Okay, thank you.

You're welcome.

The next question is from Victoria Ade, Barclays.

Good morning. Thank you for taking my question. I actually have two regarding refinancing. So you just mentioned during the call that you have extended your bank maturities during 27. So that's great news. Just wanted to confirm that it's both the RCS and the term loan that are extended to 2031. And then I was wondering if you have any plans on the refinancing of your coming Euro bond during 2028.

Good morning. Yes, I confirm that we have extended both the term loan and the RCF to 2031 for an overall amount of $1 billion. Of course, the term loan was drawn while the RCF was undrawn, so it gives us a liquidity margin on top of the cash. And concerning the next refinancing need is the bond expiring, let's say the relevant maturity is the bond expiring in October 2028, that we will refinance that due time, let's say that we have time to the end of 2027. So more than 18 months, and we will evaluate the most appropriate funding strategy, also taking into account the development. But we have a strong focus on our debt and maturities management with a proactive approach.

Thank you.

That's approved. The next question is from Milo Silvestre, Equita.

Yes, good morning. I have some question about regarding the immigration plan. So if you have started already discussion with FASB and how can we think about the maximum duration of the immigration plan and the remuneration? Should you be remunerated based on the number of actual hospitalities?

Thanks, Milos. Yeah, clearly a key pillar of the MSA is the all-or-nothing clause whereby the full estate, the full infrastructure is considered as a block and all together, again, based on the all-or-nothing clause. The other MSA clause is related to timing. And the MSA says that the timing issue cannot be shorter than three years. So it's at least three years. So these are the two correlates of the two pillars, both very clear in the contract. And we are not talking, no discussion is started with the customer on that. But when it will start, that is the framework we will work on. Immigration plan has to be agreed between parties, and clearly we'll have to respect the needs and opportunities for and of both parties.

Okay, thank you. And how should we think about the immigration plan that is It may last for five years. Should we expect, I mean, something whose remuneration is broadly aligned with the number of sites?

I've read what is public, and honestly, I've read five. I've read about 10 years. Could be also heard about a longer timeframe if not everything goes well. So honestly, for me, I cannot comment. because I don't have any specific detailed plan from the customers. Again, let me reiterate, all or nothing clause, at least three years in a framework of a contract, which has eight years renewal cycle, and the fact that, again, discussion and negotiation will be good faith from our parties and to respect and create the opportunities and needs of both parties. Thank you.

Okay, thank you. Just a quick follow-up on the financing side. Do you plan to finance the payment of dividend considering that you have 300 million of cash available and the cash out is roughly 500 million?

Basically, the dividend we have, we will fund the dividend through the cash available and, let's say, the tactical and temporary use of revolving credit facilities for the remaining part.

Okay, thank you.

The next question is from Ben Rickett, a New Street Research.

Hi there, guys. I have two questions, please. The first question was a report a few weeks ago that you were looking at buying data center assets from Wintrae. And I don't know if you can talk specifically about those reports, but generally, can you discuss whether you would be interested in buying more, buying data center assets? And then the second question, I'm just trying to understand why your OLO revenues are being impacted by this dispute, because obviously the OLOs are not party to the dispute. So why are you seeing an impact to that revenue line? Thank you.

Thanks, Ben. Let me start from the second one. Actually, yeah, no, you're right. There is no impact from the district on the OLO revenues. It's two different things. As I said before, actually, the OLO revenues have had some fluctuations also in the past related to specific initiatives, project-based initiatives that we have deployed over time also with OLOs. Let me say also that there is no correlation with the district, market environment with investments are dry and the investment in the industry from everyone, all the operators are very limited, so it's low capex probably also in the On the first topic, we are not interested in the potential opportunity for growth in big data centers, in hyperscalers. That's different business, and we don't see synergies. We may be interested, and as part of our strategic plan, about integrating our distributed network with distributed point of presence across the country. We are, it's the business model, it's very similar to our current one, playing a role of neutral host. Also leverage on our expertise in terms of site search, maintenance. So there are plenty of synergies. Sharing the view of a fully connected and digitalized society and economy where there will be the need. So we think we can play a role, and we will keep on assessing opportunities according to our approach, which is creating industrial synergies and healthy returns consistent with our business model based on investment and long-term visibility of revenues and cash flows generation.

That's clear. Thank you.

Welcome.

The next question is from Rohit Modi, Citi.

Hi, and thank you for taking my questions. Apologies, I missed a bit of a start, so if my question has been answered, my apologies in advance. Two, please. One is, I understand you mentioned about the environment. I mean, the investment in the industry is basically very low. I'm just trying to understand, if operators get the relief on the spectrum side going forward in the second half, does that change your medium-term outlook? Do you expect more investment coming into the second that can benefit your your top line and kind of, you know, upsizing your medium-term guidance given it's a baseline guidance as of now. Second question is basically, and apologies for my ignorance, but I'm just trying to understand, you have two processes going on, legal processes going on with injunction process decision expected sometime in June, July. I'm just trying to understand if that decision comes in your favor does that change anything given you have another process going on which is kind of bit long term goes into 2029 so what changes you know with injunction process um and just give a bit more details thank you yeah no thanks for the questions right on the on the first one yes the current market environment is dry and we think that uh

the frequency renewal process may be a catalyst for the start of a new investment cycle. In Italy, there has been underinvestments for a long time. There is the need to catch up and accelerate, and there have been discussions about getting frequency renewals a new investment cycle with potential benefit for the industry and, of course, for Inuit as well. On the second question, yeah, I should share that the legal path is moving on. we are confident on our arguments and at the same time we think that the preferred path overall for us, for our customers in the industry, to start as deemed the right time to happen.

But any decision in June, July, does change anything from in which perspective? Just if it comes in your favor in June.

I think again that the... if there is more clarity and if there is more clarity about the termination being not valid and the contract being valid up to 2038, it may help, but it should help in the framework of discussions, constructive discussions in good faith with the customer. Ultimately, I think that the overall situation should be addressed, not on the legal ground, but on the industrial approach, again, for the benefit of our customers, for the benefit of INWIT, and for the benefit of the development of investments, natural densification, and digital solutions.

Thanks, I go very clear.

Thank you.

Mr. Minerva, gentlemen, there are no more questions registered at this time.

Thank you very much, operator. We are available for any follow-up. Thank you so much for your attention today and speak to you soon. Thank you.

Ladies and gentlemen, thank you for joining. The conference is now over and you may disconnect your telephones.

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