Earnings call transcript: Digi Communications sees strong Q2 2025 growth

Digi Communications NV reported robust growth in its Q2 2025 earnings call, with revenues reaching €560 million, marking an 18% increase. The company’s stock, listed under the symbol DIGI, saw a modest post-earnings increase, reflecting investor optimism. Despite challenges, Digi’s strategic expansion in Spain and steady performance in Romania were key highlights. According to InvestingPro data, the company is currently trading at a low earnings multiple, suggesting potential undervaluation. InvestingPro analysis reveals 13 additional key insights about DIGI’s financial health and market position, available to subscribers.

Key Takeaways

• Digi Communications reported an 18% revenue growth in Q2 2025.
• Spanish operations added 2.1 million revenue-generating units over the past year.
• The company is transitioning its Spanish operations from MVNO to MNO model.
• CapEx guidance increased to approximately €800 million.

Company Performance

Digi Communications demonstrated strong performance in Q2 2025, driven by significant growth in its Spanish and Romanian markets. The company reported a group revenue increase of 18% for the quarter, with a more than 20% growth over the first six months of the year. Digi’s strategic focus on expanding its network and operations in Spain and Romania has contributed to its market leadership and competitive positioning.

Financial Highlights

• Revenue: €560 million, up 18% year-over-year
• EBITDA: €168 million, flat compared to the previous year
• Total net debt: €1,580 million
• Leverage ratio: 2.8x, increased from 2.3x at the end of 2024

Market Reaction

Following the earnings report, Digi Communications’ stock experienced a slight uptick, reflecting a 0.82% increase. The stock’s performance remains within its 52-week range, with a low of €55.2 and a high of €90.8. InvestingPro data shows strong returns over multiple timeframes, with particularly impressive performance over the last three and six months. The stock is currently trading near its 52-week high, while maintaining a Fair Value rating that suggests room for growth. For detailed valuation metrics and expert analysis, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

Outlook & Guidance

Digi Communications expects its 2025 EBITDA to be similar to that of 2024. The company has increased its CapEx guidance to approximately €800 million, signaling continued investment in network expansion and market penetration. Digi aims to achieve breakeven in Portugal within the next two to three years and plans to expand its network coverage to 50% of Portugal by the year’s end.

Executive Commentary

Executives expressed satisfaction with the company’s performance, highlighting organic growth as a key driver. "We are very happy with the performance," stated one executive, emphasizing the strategic gains made in core markets. Another executive noted, "Most of the RGUs that we gained during the operation, certainly more than 90%, are the result of organic growth."

Risks and Challenges

• Increasing leverage ratio, which may impact financial flexibility.
• Challenges in the Belgian and Portuguese markets, as discussed during the Q&A session.
• Potential ARPU decline in Spain, affecting profitability.
• Macro-economic pressures that could influence consumer spending and market demand.

Q&A

During the earnings call, analysts raised questions about the company’s challenges in Belgium and Portugal and the decline in ARPU in Spain. Executives confirmed there are no immediate plans for stock buybacks and detailed strategies for network expansion, reflecting a focus on long-term growth and market consolidation.

Full transcript - Digi Communications NV (DIGI) Q2 2025:

Company Representative/Executive, Digi Communications: This meeting is being recorded. Just a few words on the recent announcements, recent developments announced by us. So a few weeks ago, the remaining competition authority, the main competition council has approved that DG and Vodafone take over the mobile operations of OTE Deutsche Telekom Group in Romania. The company is called Telecom Romania Mobile. As as a result of this approval, we have the administrative clearance to take certain assets like frequencies, customers, and prepaid customers, and a certain number of mobile towers from this transaction.

The transaction is not complete yet. It’s in the final stages of completion. It’s just subject to several few amendments or few changes to or few few few few actions to reach the final agreement between three parties I mentioned earlier and the approval of Oncom, the Romanian mobile the the Romanian, sorry, telecom regulator. Another announcement that we that we made mid July is the fact that we streamlined, we simplified our Belgian operations in partnership with CityMesh, our partners in Belgium. As a result of this change, on one hand, the entire group of Belgian companies is controlled by only one company, which is Digi Communications Belgium.

And we, Digi Group, own 51% of this company. It should help us, on one hand, consolidate financially the results of the Belgian operations starting with the second quarter. We hope it will also help us streamline or simplify the management structure of of the Belgian, operation, going forward. So moving on, coming back to the numbers, €560,000,000 of revenues in the second quarter. Just a second, please.

Just a second. Yes. Excuse me. So €560,000,000 of revenues in the second quarter, almost 300,000,000 in revenues in Romania, 240,000,000 in revenues in Spain, 17 in Portugal, and almost €10,000,000 of revenues in Italy. EBITDA for the quarter, 168,000,000.

And as as we mentioned, RGUs, 30,000,000 group wide, almost 19,000,000 RGUs in Romania, almost 10,000,000 RGUs in Spain, 800 in Portugal, and 500 in Italy. So, yeah, we we we see this as an outstanding performance and continuation of both our efforts and the commercial momentum that we have in both in in all in all markets established and new. Just going bit going further into details of of our results, we had revenues of €549,000,000 in the second quarter. So revenues excluding other income with other income, it’s $5.60 as I mentioned before compared to €475,000,000 a year before. EBITDA including the IFRS 1,668,000,000 on par with EBITDA of €170,000,000 a year ago.

CapEx of €226,000,000 in the second quarter, less than €240,000,000 a year ago, somewhat higher that that we had in the first quarter at about €180,000,000. As we were discussing, group revenues had a very good performance, 18% in the quarter, more than 20% in the first six months, primarily driven by Spanish operations, by the grossing customers, outstanding grossing customers that we achieved. I think we’ll we’ll we’ll discuss Spain in a bit more detail later on, but followed by very robust, very good performance in Romania and, of course, followed by the additions to our operations from Portugal. As you may recall, a year ago, we did not have any operate any revenues, any sales in Portugal. 17,000,000 that we generated in in the second quarter in Portugal is a pure addition year on year.

As I mentioned, EBITDA stood more or less flat, 168 in comparison to a 170,000,000 a year before. If you look at EBITDA less, IFRS 16, we had a 138,000,000 in comparison to 145,000,000 a year before in the quarter, which is a 5% decline. It’s it’s a rare it’s it’s a rare event in our case. In fact, probably we since we listed the company and apart from the moment of selling Hungarian operations, we did not have any decline. On the other hand, I just want to say that we see this as a temporary situation, particularly connected to the launch of the Portuguese operations.

It’s the second quarter of Portuguese of activities in Portugal since we launched. It’s the second full quarter in Portugal. And this is the moment when we are seeing most of the costs crystallizing, but we still have to gain more market share to be efficient. And this is exactly what we’re doing. We are making the operations both more efficient, and we are focusing on sales and distribution to make sure that we are covering these costs well in the future.

Coming back to CapEx, which I mentioned a bit earlier. So I did mention that we spent €226,000,000 in the second quarter. The overall CapEx spent for the six months of 2025 was somewhat less than 400,000,395 million euros. I mean, in line with our expectation for the full year CapEx of 70 750,000,000, 750,000,000 plus. A bit, again, a bit higher than in the second quarter is in comparison to the first quarter.

Now we’ll probably discuss it in the q and a. I think the guidance for the CapEx is increasing slightly towards 800, maybe 810, a €120,000,000 for the rest of the year. And this including the telecom acquisition, this including this includes the CapEx of Belgium once we consolidate the the Belgium operations. And this should also, of course, include the CapEx that has been already spent. So RGUs, we are very proud about the number of almost €30,000,000.

You’ll hear this information again during our next call when we will announce, certainly more than three more than €30,000,000 RGUs. It’s a it’s a big milestone for us. Of course, more than thirty years of continuous work. Most of the RGUs that we gained during the operation, certainly more than 90%, are the result of organic growth. This basically underlies the strategy and the the focus of our group, of our company.

This also shows the success of our engagement with our customers, also the trust of our customers, but also the hard work of many colleagues across across the all the countries that we operate in. As I mentioned just a bit earlier, 14,500,000 mobile RGUs, Almost half of our customer base is mobile users at this moment. 7,400,000 broadband users and more than 6.1 sorry. Close to 6,200,000 pay TV users. The portion so so far since we sold Hungary, we were reporting mostly pay TV users oh, sorry.

We were we were solely reporting pay TV users just for Romania. In the meantime, in the last six months, we launched TV operations in Portugal. We launched TV operations in Spain. And as you see, this works very well. So all in all, we exceeded 6,100,000.

We are almost 6,200,000 users. Spanish operations are 9,700,000 RGUs, an outstanding growth of almost 30% year on year on year from, 7,500,000 RGUs. Romanian RGUs also it’s a robust growth trajectory of 7%, almost 19,000,000 from 17,500,000 users a year, ago. And the Portuguese operations, 790,000, users combining both the Novo operations and DG operations, that we that we run that we run combined in in the territory. Not not to mention last, of course, Italy had had also a good performance with more than 12% growth at 512,000 RGUs in in mobile.

Excuse me. The PowerPoint is frozen. Yeah. It’s yeah. Sorry.

I’m I’m I’m I’m missing my buttons. Now now should be okay. Yes. So so what we want to present here and this is the first time we go into more details about Spain. And I think this is somewhat long overdue.

We were we were supposed to maybe go into more details about our Spanish operations some time ago. But this is a deeper dive into the structure of customers, of networks, of assets. And once again, we are extremely proud to have added more than 2,100,000 RGUs during the last year ending in the second ending on June 2025. 1,300,000 mobile additions, 600,000 broadband additions, and almost 200,000 fixed telephone additions. I mentioned telephony earlier I mentioned TV earlier, 90,000 customers in the first six months of the operations.

From from total of 2,260,000 broadband users, 1,800,000 are on the DG’s smart footprint. And just to explain, the DG smart, DG smart network is the network that has originally been built by DG. Some of it owned and controlled and operated by us. Some of it owned by Macquarie or our joint vent Macquarie through Olivia, and some of it operated by our joint venture with Aberdeen. All in all, this is 81% of our customers.

So as you see, most of our customers are on our network. And the coverage of our smart footprint exceeds now 12,400,000 homes. These are active homes, serviceable homes, homes that we can address and connect, in real time as we speak. This is part of the total commitment to build in the next years in the next few years, 20,000,000 homes passed. So we are and as you see, in the last twelve months, the increase was from 9,600,000 to 12.4, million, users, an increase of almost 2,800,000 homes passed.

This is high speed, given that, all this development is organic and is driven by our, large and committed teams in Spain. And maybe the last, I hope you appreciate this number. The take up of smart footprint is almost 15% today. Of course, it varies with all the networks having significantly more than 20% penetration and new networks having smaller numbers. But overall, we wanted to share these numbers which are outstanding.

And, yeah, we we can’t we can’t emphasize enough on how those committed our interest to these numbers, but also how, how satisfied are with these results. So 15% penetration on our smart footprint, to date. Portability in Romania amounted to almost 380,000 users in the first six months of the year. The same in the same period, in Spain portability, gross portability exceeded 670,000 users of which net portability was close to 430,000 users. It’s a it’s a continuation of both our efforts, but also the appreciation of the customers for our services in these two markets, and this shows the quality of our sales effort in these territories.

Just a few numbers, a few few words on the on the financial profile. We have the total net debt at €1,580,000,000 with leverage at 2.8 times. The debt has increased by around €200,000,000 since the beginning of the year due to refinancings and financings that we did both in Spain and in Romania. On on the right hand side, on the upper chart, you see the repayment profile with €72,000,000 due this year, a 100,000,000 due in 02/1926, and 02/2020 €252,000,000 due in 02/1927. So pretty reasonable repayment profile.

We have no expectation I mean, there was a slight increase in the leverage ratio from the end of 2024 from 2.3 times to 2.8 times. There is no intention for us to go higher. We will certainly remain by the end of the year in this territory of 2.5 to 2.8, 2.9. And eventually, we will decrease, at the end of the year, beginning of next year, coming back to 2.3, 2.5 zone at least. So no changes in our strategy or intentions or profile outlook.

And to conclude, we are I’d say we are very happy with the performance. We are very much committed to our established markets, Romania and Spain, which will continue developing their operations as we go. We are focusing on Spain to improve profitability, especially in the second part of the year given our transition to Telefonica, brand sharing model from the MVNO model that we run, up until today. We are also focusing very much on streamlining, on improving the growth and improving the profitability in both our Portuguese and Belgium operations. So this remains our focus.

Lots of work to do, and, we certainly will continue, coming back with, strong both growth results, but also, robust profitability as we did in the past. As having said this, I think we are complete with the formal part, and you are welcome to start the q and a. Yeah. Sorry. Zoom has changed a bit its interface for showing the questions.

We need to figure ourselves out somehow, but we will stop. So so and by the way, it looks like it looks like a chat room, so every person has its own room. And if you if you ask questions later and we don’t see them, we’ll have to figure out how we do about it. Yes. But first question is from Ganesh from Barclays.

Could you please provide some color on why RG momentum slowed in Belgium in second quarter? And how do you see the trend the trends ahead? I think I think we had we experienced more or less the same dynamic in Portugal and in Belgium. The fact that there was great expectation, big expectation from the market, from entrant from the entrance of the new operator that has been satisfied to a certain extent by the launch of operations in November and December, but also during the q one, which has stared somewhat in the second quarter. Having said this, we are busy in both markets in establishing further, increasing our distribution channels.

As we know, this is this is the most important way of doing sales from our past experience both in Romania and Spain. And we we will certainly regain this momentum in the coming quarters. But I think this is the very simple answer to to your question. The second question from Ganesh, are you considering taking wholesale route to offer fixed services in Belgium? Look, we are always open to any opportunities in all markets.

We are offering wholesale services in Spain, and we can offer wholesale services in any other markets. So far, we were not able to reach agreements or or terms with other operators that would make this attractive. So we’re not considering this at this very particular moment, but it’s it’s not a norm. Now we move forward. So we have two questions from, Piotr Achiborski.

You have revenue in Portugal in second quarter twenty five declined, versus 2025. I I’m not sure Peter, I’m not sure I follow you. We, we don’t we we don’t have revenue declining. The the revenue is certainly higher both combining our Novo and our DG operations. If you if you refer to something else, kindly rephrase.

And second question from Peter, the net adds in Portugal doesn’t seem especially strong. I’m satisfied with the performance in this market. So I think I’ve already touched in answering Ganesh’s question a bit earlier. We see the same dynamic both in Portugal and in and in Belgium. We don’t see this as a resolute or final in any way.

We are working to connect to the customers that would be that are interested for DG services, and we certainly intend to improve it in the in the quarters coming coming up. Yeah. Oh, sorry. Just coming back to Peter’s question, and, Dan has corrected me. The, indeed, there’s a slight decrease in revenues in Portugal in the in the second quarter in comparison to the first quarter, and it comes, only from the fact that we are migrating Novo customers to DG.

The migration the migration is done on the ARPUs of DG, which are smaller than historically what Novo customers paid in the past. And, basically, that’s why we have a decline. But we don’t have decline towards our expectation, and, yeah, we we are we’re pretty satisfied with our revenues in Portugal at this moment. Oh, yeah. A question from, Boyan Dorikovich.

Could you please explain tax income tailwind in the second quarter? So the tax income tailwind in the second quarter comes from the Portuguese operations. Of course, being at the beginning and having large operational losses, They come also with the opposite effect of deferred tax asset, and that is that is the result. The question from Christian Petrie. Hi.

Congratulations for the results. When do you expect profitability to improve? What are the financial implications in changing Spain from MVNO to MNO? Well, thank you very much for the for the for the appreciation, and thank you very much for the question. First of all, we do not ex if you look at 2025 overall, we do not expect 2025 to be worse than 02/2024.

What we see now in the second quarter is, I’d say, is a accumulation cumulative effect of the fact that we are we have just launched just launched the Portuguese operations on one hand. And second, we also see, to a certain extent, less profitability in Spain given the fact that we have adjusted the pricing of certain packages, and ARPU has declined as you have seen probably from the presentation from €8.8 a year ago to $8.01 €8.1 per RGU this year. So so these two factors, these two factors, have impacted us. If you on the on the EBITDA level, if you look also at, net income level, there was a less material factor in Romania, particularly forex. We had a forex close of about 10,000,000, euro in the second quarter related to the depreciation of Rome from four from 4.9797 level to approximately 5.07 level by the June.

Of course, we we all know this was this happened somehow in the context of the Romanian elections, but most likely this reset and psychological jump from less than five to more than five is going to continue. On the other hand, our expectation for the exchange rate is to remain continuous, so we don’t expect further, further losses, from here from here. Coming back to to the main factors, coming back to the most important ones, and I repeat myself, but I I will try to repeat myself as many times as possible. The largest operational loss comes from the Portuguese operations, and we do not expect these loss to be higher than that. We we will do our best efforts to maintain it and to certainly improve it.

One, by growing our customer base. Second, also managing controlling the costs as we do everywhere. In terms of Spain, it’s a bit different. Spain benefits from growth in customers. And as we continue our operations, the Spanish profitability improves.

And, yes, Spain is also changing its model from MVNO and MNO. And this change it’s and these changes itself, the nature of growth and the the change the change in model should add at least, I’d say, $2,530,000,000 euro of addition to EBITDA in the February 2025. So so our our Spanish operations are turning around, improving rapidly, having very strong momentum. Our new operations are basically in the in the most difficult part, launch relative relatively low number of customers and lots of work for us to adjust and to improve. But all in all, we do not expect a decrease.

We expect rather a small increase in EBITDA for 2025 in comparison to 02/2024. And, of course, we we expect further growth in EBITDA more or less in line with, with our previous results going forward. Next question for Christian for Christian. How would you characterize Belgium operations or Portugal operations start? Is it according to plans?

I think I mentioned it many times. We don’t have rigid plans, and we have in our view, we have very good response from the customers. We have very good think we we see customers that, have expected services like ours, and we see continuous demands. So it’s really, it’s really for us to adjust our activities, to adjust operations, and just to connect our to our customers or to our future potential customers through the appropriate, sales channels. So it’s lots of work to organize sales as we we go forward.

But having said this, yes, we once again, we we see we see good demand, we see good traction, and we see good response from the customers in these territories. And this is this is the most important for us. Question from Andre. When do you expect to start the stock buyback approved in shareholders meeting? I mean, we the the board is authorized by the shareholders meeting to buy stock for for certain reasons.

There’s no immediate plan to do so. If if we change our decision, we’ll certainly announce the market, but there’s no immediate plan to do so. How do you see the profitability in the 2025? So I think I described it certainly improving in comparison to the 2025 in line and higher with profitability of 02/2024. So, yeah, I hope this is this is helpful.

A question from Giovanni Reichenbach. Can you please update us on, one, amount of undrawn credit lines available to the group as of second quarter two thousand twenty five? And second, number of homes passed and size rollout in Portugal. Thank you. In Portugal.

Giovanni, I think we owe you this answer from our last call. Let us come back to you in the coming minutes as we speak. A number of homes passed and sites throughout in Portugal, we’re not disclosing this number. So what I mentioned on the previous calls is we are working towards the we are working towards the end of this year, beginning of next year to more or less cover half of the Portugal, and this work is on track. But we are not publishing more detailed results at this moment.

I hope it’s helpful. The next question, can you please comment on the EBITDA impact that we’d expect from the consolidation of Belgium for third and fourth quarter two thousand twenty five. Yeah. So thank you very much. Indeed, we expect negative EBITDA because, of course, we are beginning our operations in Belgium at this moment.

And this expectation is in the area of 10 to 20,000,000 for the second quarter for the second half all in all for 02/2025. For 02/1926, I don’t have a a guidance at this moment, but we would do our best so so that this number is not deepened, but but to the contrary, is improved. A question from Laura Holmesi. What is the consideration for telecom Romania assets, and does this mainly include spectrum? Thank you for the question, Laura.

We will abstain from going into details on on on this topic, in any case, before the transaction is completed. So we cannot comment more on on this point of view at this point. But but certainly, the transaction includes Spectrum, and Spectrum is important to DG as we are a growing operator in Romania also. And second part of the question, can you confirm full year 2025 CapEx guidance of 750,000,000? So I just repeat what we mentioned a bit earlier while going through the slides.

Looking at our results so far, we are more or less in line. However, with the consolidation of Belgium and with acquisition of Telecom, this number may go up slightly towards 800,000,000. Yeah. 800 and maybe just above 800. Thank you, and I hope it’s helpful.

Will you consolidate Belgium going forward given you 51% stake? Yes. I believe so. It’s an accounting question, but this is our intention. Do you still expect Portugal to reach breakeven within one to two years?

Well, thank you. It’s a question that it’s a question that’s that is very much on our minds as well. And we certainly aim to I mean, we certainly want to improve to to reach breakeven in one to two years. It may be that the breakeven comes in two to three years, but more or less we are in line with your expectation as well. A question from Jeremy Ben Natan.

How will consolidating Belgium, impact leverage? How much CapEx do you expect to spend in Belgium on fixed, and mobile? Is the plan, still to get to 50%, fixed coverage in Portugal by year end, and what is the current coverage? Well, thank you. So the first question, our Belgian operations do not have any financial debt at this moment.

So consolidating the Belgian operations is neutral on the on the leverage from the debt perspective. And from the EBITDA perspective, there’s certainly a small decrease as I described earlier. However, at this moment, this decrease is compensated by the growth elsewhere in the group. So we do not expect the addition of Belgium Belgium or consolidating Belgium at this stage to change our leverage. And once again, this is this is not this is not our intention to to worsen the leverage for for any reason, also for for the reason of Belgium.

I do hope that my explanation is both helpful and clear. How much CapEx do you expect to spend in Belgium in Belgium on fixed mobile? So while while we are consolidating Belgium and while we are operating Belgium with 51% ownership, it’s still a partnership in which, we participate, both of us us and the CityMesh Group. So, we expect that, going forward, the Belgian operations will be funded, will continue to be funded by, both of us. Speaking of our share, I’d say that, the CapEx spent on Belgium, should be in the area of €50,000,000, per year.

Is the plan still to get to 50% coverage in Portugal by the year end by year end? And what is the current coverage? So we are not really disclosing the coverage, but, yes, we are working towards that as we mentioned earlier, be it the year end or soon thereafter. The question from English Miguel, how many RGUs added along this quarter, not counting Novo existing clients? How will you control costs in Portugal to improve the losses?

Yeah. Sorry. I think it’s a it’s it’s a it’s a valid question, and it’s it’s a it’s a valid question. But but but the additions that we have, the 30 yeah. One second.

The 37 the 34,000 the 34,000 RGUs that we added to the in the quarter, these are mostly the additions to to DG network because we are focusing on sales mostly in regions operations and less so in Novo operations. So so I think the answer is relatively simple. We, of course, have churn in Novo’s operations, but which which which gives the total number of gross additions in DG somewhat higher, but I don’t have the numbers handy to reply at this moment. How will you control costs in Portugal to improve the losses? Well, at this moment, as I mentioned during the presentation, we are in the second full quarter of operating, of operations.

We have set up mostly all the necessary systems in terms of technical teams, sales teams, customer support teams, but also the network setup is there and so on and so forth and so and so forth. Of course, being at the beginning, the share of fixed costs in relation to particularly the mobile network is pretty high, and it’s there to stay. So we are working to increase the number of customers. We will not expand into any other areas except of sales to make sure that our operations are streamlined rather sooner than later. So so this is in in a few words, these are the the areas of focus for us going forward.

The question from will you deliver another part of the Spanish network to Macquarie this year? The agreement was to deliver over three years, if I’m not mistaken. Will be the impact of delivery on Digi’s, p and l? So, yes, we we continue we continuously deliver homes to the Spanish Macquarie network. Basically, sale of sale of homes passed to Macquarie is a profit to us.

I I I difficult sorry. I don’t have numbers handy, but basically, any sale that we generate generates profit. Question from, Nora Nag. If Altice decides to sell its Portuguese subsidiary, you be interested in it? Look, I mean, it’s not our focus.

As we mentioned throughout most of our discussions, we are organic player. MEO, Altice Portugal, is a very very is is the is the Portuguese incumbent. It’s a very large company, so not a typical target for us. But, yeah, you never say never. So but this is something we can say we’re not working on at this moment.

What is the EBITDA outlook in Spain in the second half of two thousand and twenty five given the affordable given the affordable products in place and the transition to m and o model. So I think I mentioned that we intend to increase EBITDA in Spain in the second half of the year by at least €30,000,000 from what we achieved in the first half of the year. But the growth could be 20 to 30,000,000, but the cost but but the growth could be higher. What when can we expect the consolidation of Telecom Romania mobile? So this is a work in process.

I think all parties aim for completion in the coming weeks, but there’s not nothing more to report at this moment. When it will be finished, when it will be completed, we’ll come back we’ll come back to with our with our results. Yeah. So so I have to I have to apologize, I think, in a way. There was some change to to the Zoom interface, and we were getting questions in a strange manner.

We hope we answered all of them so far, but this that’s what what all that we got, so thirty minutes of discussions. If if there are questions that we couldn’t answer for technical reasons, we we we kindly invite you to send us emails, and we will respond to you, if not today, in the coming days. But, yes, so far so good. These are all the questions. And, yeah, we’ll stay on the line for a couple more minutes.

And if there’ll be no questions, we’ll we’ll leave. Yeah. So sorry. And yeah. Excuse me, Giovanni.

I I see Silicope is still on the line. With the undrawn facilities as of June 30 were 280,000,000 comprising the Romanian facilities and the Spanish facilities. So so close to close to €300,000,000. On top of that, if you think of liquidity, you should also add basically the stream of funds that we continuously receive from Macquarie, which also act as boost of external liquidity unrelated to EBITDA or to to current operations. Yes.

And a question from Mark Chapman. What, if any, cash costs are associated with the change in structure in Belgium? I’m not sure I followed the question, but but but if you refer to us having to pay for this restructuring, the answer is no. So we we were in an almost equal partnership with CityMesh in Belgium, and rebalancing of few percentages between the two of us did not evolve cash payments or any any financial costs. Once again, I hope I I understood the question, and I hope this is the answer.

I mean, I hope this is what you’re looking for. And the second question from Mark, how much of the ARPU decline in Spain is about lower prices per product versus about the changing the changing mix of products? Well, I think it’s both, but it’s difficult for me to answer. Yeah. I hope I’ll I’ll cover this better during our next call, or I will do my best to invite my colleague, Marius, the CEO of our Spanish operations, to present this personally.

Yeah. So I think at this moment, we we’ve run out of questions. No new appearing. We thank you very much for joining us on our first half results call, and we look forward to speak to you on November 15 or around November 15 for the, third quarter results. Thank you very much once again, and have a good rest of the summer.

Bye bye. The recording has stopped.

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