Hellenic Telecommuns Org

I am Gail, your chorus call operator. Welcome and thank you for joining the OTEC conference call and live webcast to present and discuss the second quarter and six months 2025 financial results. At this time, I would like to turn the conference over to Mr. Kostas Nebis, CEO of OTEC Group, Mr. Babis Mazarakis, Chief Financial Officer, Mr. Panagiotis Gavrilidis, Chief Marketing Officer, Consumer Segment OTEC Group, and Mr. Evriko Sesebis, Head of IR and M&A. Mr. Nebis, you may now proceed.

Greetings to everyone, and thank you for joining us today for our second quarter results review. Let me start with a very recent significant development regarding the disposal of our Romanian operations. A few days ago, we received the anticipated approval by the Romanian authorities, a key step in the completion of the same transaction that will allow us to optimize our portfolio and allot additional value for our shareholders. Thank you. I expect that we will be signing the required documentation with a counterparty shortly, leading to a possible completion of the transaction within the third quarter of 2025, subject of course to the approval of certain issues by ANCOM, the telecom regulator. Now, when it comes to our operations in Greece, I am pleased to confirm that the strategic pillars we introduced a year ago, when I stepped into this role, are already yielding meaningful outcomes. We have remained focused, disciplined and determined in building the foundations to achieve our vision. And today's results reflect the early benefits of these efforts. We delivered another solid quarter with both revenue and EBITDA increasing once again, supported by growth-based contribution across all segments. A strong commercial momentum, a comprehensive portfolio and continued operational discipline led to an improvement in EBITDA growth this quarter. A clear validation, I would say, of our strategy. In fixed retail, I'm particularly pleased to report a return to revenue growth after several quarters of muted performance. This turning point was driven by multiple key factors. Our network leadership remains unmatched. Our FTTH network, the country's largest, keeps expanding in both reach and customer penetration. As a result, our fiber-to-the-home services continued their strong momentum, reaching a new all-time high of customer submissions across both retail and wholesale, a clear testament to the growing demand for fiber connectivity and the trust customers place in our tech. Our success has been supported by the national fiber voucher scheme, stimulating higher adoption and penetration levels across the market. Broken subscriber trends also turned positive this quarter, fueled by the successful loans and progressive rollout of our fixed wireless access service. Fixed wireless access for 5G Wi-Fi, which is our commercial product name, is gaining traction, addressing customer needs for faster broadband speeds, in full copper-served networks as a bridging technology and until fiber infrastructure reaches them. And we have recently enhanced this product with full-hole service capabilities, further strengthening our proposition to better serve our customers' needs with the new alternative infrastructure solutions and providers. Our TV service remains a strong pillar within fixed retail. Our contact partnership with Nova delivers a compelling value proposition for both new and existing customers, driving roles in our customer base and our pool. Looking ahead, we expect that the implementation of the new anti-parish legislation, cleared by the common ministerial decision a couple of days ago, will further improve the pay TV environment, steering the market towards legitimate services. Turning to our mobile segment, our service revenue growth significantly accelerated this quarter, fueled by the strength and reliability of our network, combined with compelling commercial propositions and a broad, diversified range of services. The continuous migration of customers to contract plans, along with enhancement in our prepaid offerings, are supporting our growth and strengthening our long-term trajectory. Ongoing growth in the mobile business demonstrates the deep trust our customers place in OTEK and reflects our commitment to deliver superior mobile experience through continuous innovation and customer-centric solutions. We remain ahead of competition, operating Greece's only commercially available 5G standalone network. Our network excellence has once again been validated by OUKLA and OMLOU certifications for the best and fastest mobile network in the country. This suite of unrivaled retail services enables us to remain optimistic against competitive challenges while also fueling our growth targets for the future. The ICT business once again delivered another quarter of double-digit growth, underscoring our ability to support the digital transformation of businesses and the public sector across Greece. This quarter's performance underscores a strong track records, the value creation resulting from our strategic investments and the strength of our integrated services portfolio. With a comprehensive range of bundle offerings and network excellence, we consistently deliver superior customer connectivity, fostering deeper customer relationships, higher loyalty, and enhanced lifetime value. With these foundations in place, we remain committed to driving profitable growth and creating long-term value for our shareholders. You are well positioned to capitalize on future opportunities and continue to lead the market with confidence. Babis, on to you. Thank you Kostas and welcome to everyone on the call from me as well. Let's start with Romania. Following up on what Kostas mentioned regarding the upcoming sale of our Romanian operations, let me add that we are currently in the process of finalizing the relevant documentation with the parties involved. We are also awaiting regulatory approvals for certain key elements of the transaction, including the transfer of spectrum and prepaid customers. Once all these steps are completed, we will be in a position to conclude the deal, which we expect to happen within the third quarter of 2025. As we have stated previously, it is our intention to provide an extraordinary distribution to shareholders. However, as you can appreciate, The exact amount to be distributed remains contingent upon the final agreed consideration between the parties, along with several items to be considered, such as adjustments, expenses, provisions, etc. We need to focus now on the key priority, which is the completion of the transaction. Once this is achieved, we will provide the market with all necessary and relevant information. Let's now turn to our quarterly figures. For Greece. Total revenues increased by 1.1% in the quarter, supported by steady performance across mobile, TV, broadband, and ICT services. These gains offset the anticipated decline in wholesale revenues and lower handset sales. On the EBITDA front, we achieved sequential improvement, posting a 2% increase, which strengthens our confidence in meeting our full-year growth targets. Specifically, retail fixed service revenues marked a positive turnaround this quarter, posting a 0.6% decrease after several quarters of subdued performance. This growth mainly reflects a sustained solid momentum in the TV segment, the positive impact of the Gigabit Voucher program, and the expansion of the fixed wireless access services following the rollout earlier this year. Looking ahead, these drivers, alongside the ongoing expansion of our fiber to the home, now covering more than 1.9 million homes in Greece, are expected to continue supporting revenues in the fixed retail segment. On our TV business, we delivered another strong quarter of growth, with revenues up 16%, maintaining the double-digit growth trajectory. These trends reflect the full impact of our sports content agreement. Our customer base increased by 7%, with a positive net gain of 2,000 new customers, a positive outcome, particularly given that the second quarter is typically the weakest one due to the sports program season. Turning now to our Fiber to the Home service, we achieved record retail additions of 30,000 new customers this quarter, bringing our total FETH base to 470,000 and this represents a 45% year-on-year jump. Our retail fiber-to-the-home customers account for 20% of our overall broadband base versus 14% a year ago. This growth, together with continued wholesale demand on our infrastructure, is driving higher network utilization. The market responds to the coupons have gained strong momentum. We are now seeing consistent uptake, which is accelerating customers' migration. To date, more than 70,000 vouchers for connections have been utilized. Supported by the ongoing expansion of our fiber-to-the-home network and our hot-shade partnerships in place, our infrastructure is seeing increased utilization, now reaching a 31% rate, an increase of 7 percentage points, year on year. During the quarter, we passed over 100,000 new homes, bringing total coverage to approximately 1.9 million, and we remain on track to reach our target of 2.1 million homes by end of this year. Turning now to our mobile operations, we see a clear acceleration in service revenues, growing by 3.2%, reaffirming the strong momentum in this segment. Toward the end of the first quarter, we produced new pricing initiatives in the prepaid segment, with the introduction of €15 top-up instead of €15 across our physical channels. This adjustment is supporting our art revolution while also facilitates the ongoing and successful migration from prepaid to postpaid plans. Our postpaid base continues to grow, recording a 6% decrease in the quarter, with 46,000 positive net additions, driven by both conversions from prepaid and customer acquisition. Our position as a network leader remains a key differentiator, with 5G now covering more than 99% of the population and 5G+, surpassing 70%. Data usage was once again up, reaching 17.5 GB per user per month, representing a 33% year-on-year increase. In wholesale, revenues decreased by 3.3% this quarter, bringing the six-month impact to 12.7 million euros, of which the national wholesale revenue accounted for 7.4 million euros drop, which is largely in line with our full-year expectations. The drop is driven by lower international transit traffic, and the natural revolution in the national wholesale stream as competitors expand their own fiber networks. However, our existing wholesale agreements are generating higher wholesale volumes from competition with a record of 34,000 wholesale additions in Q2 that allow us to partially mitigate the downside and further increase the utilization rate of our fiber-to-the-home infrastructure. On the rest streams of the revenues, our system solution, the core part of our ICT segment, delivered a robust 17% growth in the quarter, continuing the strong momentum from prior periods. Building on these trends, we expect the strong growth in this segment to persist throughout the year. The growth in ICT partially offset the drop in the housing revenues, which is largely due to discontinuation of very low-margin activities. Total operating expenses, excluding depreciation and amortization and one loss in Greece, increased by €3.2 million in the quarter, broadly aligned with revenue trends. The majority of this increase is driven by costs directly linked to top-line growth, including third-party fees within other operating expenses related to the strong momentum in our ICT segment. We continue to exercise cross-control measures across the board, With on-going savings particularly evident in the personnel front, where we once more again experience the benefits from the voluntary exit schemes. While we are increasing spending in strategic areas and our commercial activities, our overall indirect costs declined by almost 2% in the quarter. As a result, adjusted VDA after leasing in Greece increased by 2% in the quarter, compared to 1.8% in prior quarter and 1.6% in the full year of 2024. This definitely reflects the continuation of positive momentum we have seen in the recent periods. Our EBITDA margin improved to 39%, up 40 basis points year-over-year, driven by retained services revenue growth, particularly mobile and TV, which never offset the expected declines in legal services and the national core sale, along with certain cost efficiencies that I just mentioned. Overall, this performance reinforces our confidence in achieving our full-year EBITDA objectives. A few words about the operations in Romania, which were down 8% in the quarter, reaching €61 million. This drop was primarily driven by ongoing pressure in post-paid segments. Our operations in Romania are still facing a demanding market environment, particularly in the post-paid where competition has further intensified. As a result, Telecom Romania Mobile's adjusted TPTA after leases was impacted by ongoing pressure on the top line. Let's now have a short look in the rest of the group items. Depreciation was up by 24.7% in the quarter, totally attributing to €40 million write-down, recuperating the quarter related to Telecom Romania Mobile. If we exclude the write-down depreciation, that would have been lowered by €2 million. Finally, a few words on the cash flow statement. TAPEX was up nearly 17% in the second quarter, largely reflecting the investments for the STTAs throughout and higher payments in the quarter related to TV. Previous low asset leases stood at $155 million compared to $121 million in the comparable quarter last year. The increase is primarily driven by lower income tax payments, which expect to be offset in the second half of 2025, when the corresponding tax payments by OTE are due. Now, regarding our guidance, as a last word, as we have released today, this remains unchanged, and pending the completion of the Romanian Disposal, when we will be in a position to adjust our key figures and our communication. Now, turning to operator, we are now available to provide any further clarification to your questions.

The first question is from the line of Drazioc Stamatis with Europe Bank Equities. Please go ahead.

Yeah, hello there. I hope you can hear me well. Thank you for taking my questions. A couple of questions from my side, please. Firstly, on Romania, you mentioned further 40 million write-down in Q2. Could you just clarify what the remaining book value of the Romanian assets is, please, and also confirm whether all net proceeds will be given out as a cash in dollars? rather than an extra buyback, I mean. And secondly, on REIT, I mean, you've been flagging that REIT appears to be tracking close to your plus 2% full-year target in terms of growth, I mean. What has been outperforming your expectations so far and what may be lagging? Is there any... lagging component. And related to that, while it's still early, are there any initial thoughts you would like to share with us on what could be a sustainable EBITDA growth rate beyond 2025, assuming obviously the macro backdrop holds around 2% GDP growth in Greece, please? Thank you.

Let me start by taking the last question first and then we will hand over to Babis for the Romanian details. First of all, we are not surprised or we are not lagging behind any particular business line. Hence, we are reiterating our initial outlook for the year around this 2% of EBDA growth. This for sure is an indicator, I would say, of what you would expect going forward. Ideally, even more in the market and the whole macro-environment would allow us. And when it comes to Romania, the current value at the group level is around 50 million euros, after all the accounting settlements. And as we were very clear in the presentation, that the net red crossings, once they are definite upon the closing, On the deal, they will be announced and they will be distributed to the shareholders. Now, the mix between cash and share buybacks will be decided based on the size of this amount. But this one, please bear with us for hopefully not so long from now, when we complete the transaction in order to Okay, got it.

Thank you. And just a follow-up, if I may, because obviously the key benefit for OTE is the tax benefit, in essence, stemming from the disposals next year. So how are you thinking about deploying this windfall? Do you have a targeted distribution ratio in mind also considering the potential spectrum needs in 2027. Thank you.

Yes, this, as you said, the realization of the tax break requires first to complete the transactions, that's step number one, then it will be realized next year, in 2026, and we will announce the liberation policy, second liberation policy, in the beginning of the next year, We will make quite clear how we plan to fold all what you said in. So it's in our radar screen. It will come back very precisely when the time matures.

Thank you so much, Jan. Thank you. Thank you.

The next question is from the line of the party staff. It's with Axio Ventures. Please go ahead.

Hi, all. Congrats for solid execution. I've got one left, actually. Actually, can I follow up on the Romanian tax asset? Is it just about 100 million, if we can confirm that? And then on the Greek operations, can we get a call about post-PPC entry, what do you see on the ground, and also how close are we in a potential telecom-slash-energy offering from OTE either combining with Proteg has been a potential rumor, if you can comment on that please. Thank you.

Okay, let me start with the last question. First with regards to PPC, I mean PPC's entrance into the tempo market is not a surprise to us. We have been monitoring their efforts since late last year with some pilot propositions as well as go-to-market initiatives. I mean, the only thing that I can remind at this point in time is that their footprint remains to be limited. So they're covering less than 10% of the broadband market. And in this particular area where they have decided to roll out, a big portion of our customers, be it on retail or wholesale, have already migrated to our fiber infrastructure. When it comes to how they are approaching the market, they are approaching the market with a fixed broadband only product, while we offer a far more comprehensive portfolio of fixed voice, broadband, pay TV, and mobile services, bundled in FMC constructs, which have been recently actually enhanced with additional benefits around ordering, payments, insurance, hardware purchases, you name it. These are all provided by the Magenda 1 proposition. By the way, 70% of our fixed broadband base is already in this Magenda 1 proposition, receiving all these benefits. And on top of that, as you indicated already, we have the cooperation with our energy partner, METLEN or Protergia, which also provides for another €5 discount per month on the telco bill of our customers who choose Protergia as their energy provider. So, all in all, as you understand from my presentation, I mean, we consider so far the TPC challenge as manageable. And so we are equipped with an extensive set of differentiating elements in our portfolio to allow us to defend our customer base. Of course, always ready to adjust our propositions as per the market dynamics developed going forward. And with regards to the clarification of the Romanian facts? Yeah, the exact amount, obviously, you know, defined, we need to have the transaction completed, but in the magnitude is exactly or close to what you mentioned.

Thank you.

The next question comes from the line of Raikitsa Zik-Sofria with Goldman Sachs. Please go ahead.

Hi, thank you very much. I have two questions. The first one is in the Greek fixed market. So I'm just wondering, how are you thinking about your fixed growth into the second half of the year and into the 2026, given that it has inflected now? How much of this growth will be driven by SETH and how much by PayTV? And how is your recently launched FWA product progressing? That's the first question, all on fixed. And the second one is on the cost efficiencies. So beyond personnel and energy cost savings, do you see scope to increase efficiencies elsewhere? Thank you.

Thank you, Sofia, for the question. So let me start with the fixed retail market. First of all, I would like to repeat what Babi said before, that we are extremely pleased with the fact that our fixed retail service revenues have turned to the positive territory. for the first quarter after several periods or years of weak performance. And we are optimistic that we will stay on the same positive year-over-year territory, at least for the remaining of the year. And of course, looking into 2026. Now, it is important that we highlight a few underlying drivers of this turnaround. For sure, the strong gap of pay TV business growth has been one of them. The second thing is that we see an improving fixed broadband growth in revenue. Also backed up by the fact that we have turned into the positive territory when it comes to the broadband net adds. So we generated 6,000 net adds this quarter. This is the result of a couple of things. First of all is the great momentum of our fixed wireless product. We introduced it earlier in the year. So far we have managed to attract 20,000 customers on this product. Actually, we have recently also enhanced this product by adding the voice element, which was missing from the service, in order to accommodate the needs of even more customers in full copper-served networks. This is one, and the second is, of course, the growing fiber to the home base. I mean, we recorded a new outstanding quarter this year, the best net ads that we have had so far, and to a great extent, this is also supported by the demand coupons. So all in all, we are happy that we have managed to turn around the retail fixed revenues and we remain optimistic for the remaining growth of this year, but also looking into 2026. Regarding the cost efficiencies, let me clarify here that the root cause for seeing all these reductions in the personnel and the energy is that our primary focus is to transform the way we operate and change the underlying, let's say, processes and workflows, which then are resulted to more efficiencies, also using AI tools that we have available. So all these now are gradually being translated, and we see the first signs, and this is how then we can operate with much more efficient human resources and energy. On the other side there are elements in our post-production which are inflated even like the labor intensive services we buy from the vendors and the fact that there we manage to keep it very stable or with slight increases again is due to the fact that we also change the way we operate. So all this in production is just to say that the savings we are seeing are sustainable in terms of what we use in personnel and other areas. On the energy side specifically, we are also benefiting from agreements that we are making, but this is a volatile environment and although we are introducing quite a few PPA agreements, so we can stabilize our costs, this is an element that although it has helped us in the first quarter, and in the first or second quarter of the year, depending on the developments in this market, we may see some adverse looks in the coming months and quarters, but again, we are protecting ourselves through the PPAs. So this is how the whole cost efficiencies work. If I could add something, especially to pick up on this AI-based operating model transformation, we need to understand that whatever efficiency we have been delivering so far. I mean, AI has played only a small role in some parts of our operating model. We have been having a complete overhaul of our entire operating model, trying to find ways and areas where AI could really deliver a far more efficient way of working going forward. So I would be extremely optimistic looking into the outer years when it comes to how we make the most out of this technology across every single element of our operating model, progressively rolling out in the next, I would say, quarters and years.

Thank you.

The next question is from the line of Sonia J. with J.P. Morgan. Please go ahead.

Hi, guys. It's AJ here from J.P. Morgan. I've got three questions. The first is around your Romania project. Precast for headwinds, you said for this full year, I think you said it's going to be at 70 million. So what's the headwind been so far in H1? My question is around your fixed wireless network of net ads. So you're obviously in good take up here. Do you expect these to soften out after the summer period? And are these contracts monthly rolling or are they locked in for 12 to 24 months? And the last one is just what's the impact been from the PPC office so far and what's the overbuild in your current base from what you can see at the moment? Thank you.

Just to clarify, your second question was about fixed wireless access or a different product because the line was not very clear.

Yes, fixed wireless access is just you've already had a good take-up of this. Do you think that's because of the summer period? In which case would it tail off into before? And then on those contracts, are they monthly rolling or are they 12 to 24-month contracts?

Yeah, I mean, the majority of the customers that signed up to this product are on 24-month contracts or contracts. So some, I would say, fixed broadband contracts. This is where we see the majority of the customers. I mean, when I say the majority, it could be 99%. This is one. For sure, just before the summer holidays, as BRICS start visiting their second homes, we have a peak in demand. But at the same time, the way we have positioned the product and the way we are rolling it out progressively is always trying to find which are the copper-based customers who are not satisfied by the speeds, notwithstanding whether these are prime houses or secondary houses. and then approach them practically or reactively based on demand. So I would not expect that the demand for the product will go materially down, with some seasonality, of course, during the before summer months. Now, the third question was... No, no, no, there was another one. Overbuilt. As I have already commented, I mean, BPC's overbuilt is still addressing a small part of that. In these networks, we have already migrated quite a lot of our customers, or at least the ones who need these FTPA speeds to our fiber infrastructure, so I would say immaterial impact so far. Nothing to comment further on that. Your question about Romania, yes, in the previous call we had mentioned that If we were going to operate Romania for the whole year, the cash flow would have been minus 70 million euros, 7-0. We expect now, and this is just an estimate, it may change also in the remaining period we have the company. You can estimate that probably we will deplete close to 60 million euros out of this. But this all depends on the timing and on the payments because of what the capital undertakes.

Okay, so if they're 60 million already gone, then there's not a huge amount of free capital upside for your full year from selling this asset in October then, or September also over time?

Yes, well, the amount is huge because there are certain... world capital undertakings and obligations undertakings that need to be satisfied in order to be able to complete the transaction. So, out of the initial, let's say, thought, probably we'll have about 10 to 15 million euros unused out of this.

Okay, thank you very much. Thank you.

The next question is from the line of Karidis John with Deutsche Bank. Please go ahead.

Thank you. And hello, everyone. So I've got some OPEX and CAPEX questions, please. So firstly, regarding the, actually, a revenue question. So regarding the revenue erosion because of national wholesale, so the national wholesale revenue erosion, What was it last year? What do you expect it to be this year to an extent? How do you expect that to be affected by the FTTP wholesale agreement that you have? Secondly, regarding the FTTP wholesale agreement, are your partners, Nova and Vodafone, pulling their weight? Or do you think that Otter might need to spend extra capex to cover any gaps in geographic coverage, for example? Thirdly, regarding the linking of the Cosmote and the Telecom brands, are you likely this year to incur exceptional costs, exceptional opex, in order to boost customer awareness? And if so, what would be the details? And then lastly, what's the outlook for personnel cost savings this year and in future years, please?

Thank you, John, for the question. So let me start by taking something about this field for you to chip in. So as far as the wholesale developments are concerned, Let me highlight a few things. So we have had a record high quarter when it comes to our FTP8 net ads in wholesale. So 34,000 net ads compared to 28 in last quarter, which was another record quarter, which is a validation, I would say, of these wholesale agreements working. And both Vodafone and Nova moving using our infrastructure, where they are addressing the retail customers, When it comes to how they're rolling out, they're rolling out more or less in line with our expectations and vis-a-vis the wholesale agreement volume discounts, so nothing to flag there as a potential risk. Moving on to the branding topic, I mean, yes, this year we have been investing a bit more in marketing, but this is more, I would say, relates to the market competitiveness, which is stronger and heavier compared to last year. And also, we need to support a number of initiatives including our position in the market in order to strengthen our position and differentiate ourselves stronger. So this is it I would say. So whatever you see as a result of a number of different initiatives, initiatives that were new in the market that we had to bring in order to support our new positioning are effectively justifying this extra investment in half one this year compared to half one last year. Let me take the next two questions. For national for sale, our forecast, first of all in the first half of the year, the national for sale went down by almost 7.5 million euros. 7.7 is the exact amount. That was in line with our expectation for the year. We should expect an amount of about 15 million euros, which is not very different from what it was in the previous year. I must say that this one has been partially mitigated by the fact that, exactly because of the wholesale agreements, we are wholesaling now. lines that are in FTTH versus what worked before in LLU or Copper. So this is a critical factor that allows us to partially offset, of course, the natural reduction of the access lines because of competition migrating to their own networks. On the personal level, I can say that if we look in the back, we see that this optimisation and transformation we are doing is helping us to reduce the human resources costs. And the trajectory we saw in the first half, we should expect this also to be more or less the same also in the second half. Now, looking forward to the next year, as we said, the aspiration is that we will continue to optimize and transform. I won't put a specific number of reductions for 2026 versus 2025, but we should see a gain, personal cost being lower in 2026 versus 2025, exactly because of this transformation and the actual attrition.

Thank you both very much.

The next question is from one of our webcast participants, from Mr. Patryok Reziporski with Wooden Co. And I quote, Assuming the Telecom Romania deal is closed in third quarter 25, what should be the impact of the sales on your CapEx and SCF expectations for 2025?

This is the... On the CAPEX, it will depend. What will be the amount is roughly about 15 to 20 million euros, the CAPEX that will have been completed, but this is something that remains to be seen. On the free cash flow expectation, as we discussed before, and as we had actually clarified back in our previous call, if we take out entirely Romania out of this year, from what we had communicated in our previous call, the performance of Greece, the forecast flow of Greece would have been around 530 million euros. And by taking out the 70 that we had expected for Romania this is how the 460 million euros which are guidance in the distribution level was taken out. Obviously all these numbers are subject to completing the transaction. I want to stress it because the timing is very important when we will sell the business. This is when the effect of Romania will go out. But in the grand scheme of things these are the underlying numbers.

Thank you. The next question is from the line of Minister Osman with Ambrosia Capital. Please go ahead.

Hello. Many thanks for your time. Just on fiber coupons, is it possible to give some color on how many more quarters of support should we expect? And related to that, given the strong fiscal position and continued focus on digitization by the state, When this runs out, could we expect a similar program or something in that range to continue to support the sector? Thank you.

Thank you, Osman. As far as the coupons are concerned, we have already commented on this one, but let me repeat the figures. So we have two coupons. One is the demand coupon, which goes straight to the consumer. There we have already consumed roughly 70,000 coupons. We're on track to reach 100 or slightly more by the end of the year. which is roughly 50% of the market and the other part of the coupons goes to the in-building installation. There we have already processed roughly 30,000 and we intend to go up to 40 or slightly more by the end of the year. So both coupons are progressing well and in line with our expectations, what we have baked into are planning at the beginning of the year. Now, with regards to the ICT business, the truth is that we have delivered another WBG growth quarter. To a great extent, this is on the back of a number of digitization projects for the public sector. there is still room to go, both towards the Greek public sector, but also the European public sector. We have a strong presence in Brussels, so both these, I would say, areas will feed our growth, at least for the next year or so. While at the same time we are positioning ourselves stronger in the private sector, focusing on particular verticals like security, for example, We are doubling down on people investments there, but also on how to help the businesses make the most out of AI technology. So we feel confident that both towards the public, local and Russian, but also towards the private sector, we have enough growth levers looking into the next years.

Thank you. Thank you very much, Kostas.

Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to management for any closing comments. Thank you.

I would also like to thank you for your attention, questions, as well as a lot of interest in our tech. We are looking forward to our next discussion, which is scheduled for November, commenting on our third quarter results. In the meantime, have a nice day, and for the ones not yet there, enjoy your summer holidays. Thank you.