Earnings call transcript: Telecom Argentina Q3 2025 sees revenue beat

Telecom Argentina reported its third-quarter earnings for 2025, revealing a notable revenue beat against forecasts. The company posted consolidated revenues of 5.6 trillion ARS, marking a significant 50% increase in real terms. Despite a consolidated net loss, the earnings per share (EPS) exceeded expectations, leading to a slight pre-market stock uptick of 0.55%, with shares trading at $12.77.

Key Takeaways

• Telecom Argentina’s revenue surpassed expectations by 7.84%.
• The EPS beat forecasts, showing a smaller-than-expected loss.
• The company saw a 123% increase in EBITDA in nominal terms.
• Free cash flow expanded to $400 million.
• The stock price saw a modest rise of 0.55% pre-market.

Company Performance

Telecom Argentina demonstrated strong performance in the third quarter, with revenues significantly outpacing forecasts. The company managed to increase its consolidated EBITDA by 123% in nominal terms, reflecting effective cost management and operational efficiency improvements. Despite a consolidated net loss of 272 billion ARS, the company showed resilience in a challenging market environment, driven by growth in mobile, broadband, and pay TV segments.

Financial Highlights

• Revenue: 5.6 trillion ARS, up 50% in real terms year-over-year.
• Earnings per share: -0.2372 USD, beating the forecast of -0.2466 USD.
• EBITDA margin: 30.5%, a 170 basis point improvement.
• Free cash flow: $400 million, an increase of over $150 million.

Earnings vs. Forecast

Telecom Argentina’s EPS of -0.2372 USD was better than the forecasted -0.2466 USD, representing a surprise of 3.81%. This positive deviation from expectations highlights the company’s ability to manage its financials effectively despite ongoing challenges. The revenue of 1.65 billion USD also exceeded the forecast of 1.53 billion USD, marking a 7.84% surprise.

Market Reaction

Following the earnings release, Telecom Argentina’s stock experienced a slight pre-market increase of 0.55%, reaching $12.77. This movement reflects investor optimism driven by the company’s revenue beat and better-than-expected EPS. However, the stock remains below its 52-week high of $15.535, indicating room for recovery.

Outlook & Guidance

Looking forward, Telecom Argentina plans to continue focusing on operational efficiency and aligning TMA’s EBITDA margin with its own. The company also announced a dividend payment of $150 million, signaling confidence in its financial stability. Future revenue forecasts suggest continued growth, with projections for 2026 indicating further expansion.

Executive Commentary

Gabriel Blasi, CFO, emphasized the company’s ability to improve its EBITDA margin despite a challenging environment, stating, "We deliver a strong improvement in EBITDA margin despite operating in a highly challenging environment." Luis Rial Ubago, Head of Investor Relations, highlighted robust cash flow generation, noting, "Our cash flow generation, net of payments for the acquisition of TMA, remained robust."

Risks and Challenges

• Macroeconomic pressures could impact future financial performance.
• Market competition remains intense, requiring strategic adaptability.
• Currency fluctuations may affect profitability and financial projections.
• Regulatory changes could pose operational challenges.
• Technological advancements necessitate continuous innovation.

The earnings call did not provide specific Q&A details, but the company’s strategic focus on operational efficiency and financial stability remains clear.

Full transcript - Telecom Argentina SA ADR (TEO) Q3 2025:

Luis Rial Ubago, Head of Investor Relations, Telecom Argentina: Good morning. On behalf of Telecom Argentina, I would like to thank everybody for participating in this conference call. The participants of today’s conference call are Roberto Nobile, Chief Executive Officer; Gabriel Blasi, Chief Financial Officer; and myself, Luis Rial Ubago, Head of Investor Relations. The purpose of this call is to share with you the results of the nine-month period until quarter ended on September 30, 2025. If you have not received our press release or presentation, you can call our Investor Relations Office to request the documents or download them from the Investor Relations section of our website located at inversores.telecom.com.ar. I would like to go over some safe harbor information and other details of the call. We would like to clarify that during the conference call and Q&A session, we could mention certain forward-looking statements about Telecom’s future performance, plans, strategies, and objectives.

Such statements are subject to uncertainties that could cause Telecom Argentina’s actual results and operations to differ materially. Such uncertainties include but are not limited to: the effects of ongoing industry and economic regulations, possible changes in the demand for Telecom Argentina’s products and services, the effects of potential changes in general market and/or economic conditions, and in legislation. Our press release, dated November 10, 2025, a copy of which was included in a Form 6-K and sent to the SEC, describes certain factors that may affect any forward-looking statements that could be mentioned during this call. The company has reflected the effects of the inflation adjustment adopted by Resolution 777/18 of the Comisión Nacional de Valores, or CNV, which establishes that the re-expression would be applied to the annual financial statements for interim and special periods ended as of and including December 31, 2018.

Accordingly, the reported figures corresponding to the nine months of 2025 include the effects of the adoption of inflationary accounting in accordance with IAS 29. In this presentation, we will also include figures in historical values, which are easier to understand. Our press release is complemented by our earnings presentation. Please read the disclaimer contained in slide 1, slide 2 of the presentation. Today, we will go over our business and financial highlights and end the call with a Q&A session. Now, let me pass the call to Gabriel, our CFO, who will start with the presentation.

Gabriel Blasi, Chief Financial Officer, Telecom Argentina: Thank you, Luis. Good morning and welcome to everyone. Slide 3 summarizes our highlights as of September 30, 2025. Before diving into the main variables and financial highlights, it’s important to clarify that throughout this presentation, we are presenting consolidated financials, including Telefónica Móviles Argentina, or TMA, acquired on February 24, 2025. As such, in this presentation, we will mention consolidated figures that include seven months from March to September of 2025 of TMA’s contribution, figures for Telecom Argentina only, excluding TMA contribution, and standalone figures for TMA for the nine-month period of 2025. Having said that, our main operational and financial achievements for the month of 2025 were as follows: Telecom Argentina’s consolidated revenues totaled ARS 4.1 billion, up to 50% year-over-year in constant Argentine pesos, mainly driven by the incorporation of TMA’s results.

Our consolidated EBITDA margin expanded 170 basis points, reaching 30.5% in the first nine months of 2025 versus the same period in 2024. This margin would be even higher, reaching 32.6% if we exclude the increase in the run rate in severance charges registered in TMA. Consolidated CAPEX amounted to approximately $615 million for the nine months of 2025, a 73% real increase in pesos versus the nine months of 2024. Investment continued to prioritize the expansion of both fixed and mobile access networks, particularly the rollout of our fiber to the home network and 5G infrastructure. Our netted to estimated proforma EBITDA leverage ratio remains at 1.9 times in the first nine months of 2025, underscoring our strengthened ability to sustain a solid trade profile even after incorporating the financing of the acquisition of TMA.

As will be detailed in the following slides, the mobile subscriber base of Telecom and TMA reaches 20.3 and 19.1 million accesses, respectively. In broadband, our customer base has been increasing thanks to the expansion of FTTH accesses, while TMA’s total broadband subscribers are also registering significant growth. Telecom pay TV subscriptions in Argentina have also registered an increase. Our fintech platform, Personal Pay, continued to scale, reaching 4.4 million onboarded clients as of September 2025, maintaining a strong market position. At Telecom, we are focused on enhancing our operational and financial efficiency, reinforcing our purpose of becoming a relevant service ecosystem and delivering the best possible experience to our customers. Each of these priorities reflects our commitment to continuous improvement and to building a stronger connection with those we serve. Yesterday, we announced a dividend payment to our shareholders.

We were honored by Latin Finance Awards two years in a row. In 2024, we received the award of Corporate Liability Management of the Year, and in 2025, we were recognized with the Digital Infrastructure Telecom Financing of the Year award, underscoring the effectiveness of our financial strategy. From slide 4 onwards, we’ll take a closer look at the performance of the businesses, highlighting operational trends, commercial evolution, and the impact of the recent acquisition of indicators. Slide 5 highlights the positive evolution in real terms of service revenues and output trends, both for Telecom and the one provided by our subsidiary TMA. Looking first at Telecom’s standalone performance, service revenues have reached $3.9 billion. Excluding the contribution from TMA, total service revenue grew by 4% year-over-year in real terms, reflecting a solid commercial execution.

Furthermore, mobile, broadband, and pay TV services revenues have been growing in real terms, while only fixed voice and data services revenues have been growing below inflation. In this sense, service revenue, without considering fixed and data services, are growing at a higher rate of 7% in real terms against nine months of 2024. If we include the contribution from TMA, total service revenues of the first nine months of 2025 increased over 50% year-over-year in real terms. Considering TMA’s on a standalone basis, service revenue grew 5% in real terms during the first nine months of 2025, reaching approximately $1.6 billion. It is also important to clarify that Telecom does not determine TMA’s pricing strategy. TMA continues to define and implement its own commercial strategy independently, in line with its specific market positioning and operational priorities.

Our evolution remained positive across all segments, with mobile, broadband, and pay TV showing consistent growth in real terms, reflecting our ability to sustain value and pricing. Slide 6 shows the evolution of our products. We will continue to observe growth in most segments of our subscriber base. For Telecom, in the mobile segment during the first nine months of 2025, we continue to observe the effects of our adaptive disconnection criteria for new prepaid ads, which was implemented in July 2024. This change shortened the period of inactivity required to deactivate a dormant prepaid line, mainly explaining a 6.4% reduction in our prepaid subscriber base, reaching 12.4 million accesses as of the first nine months of 2025. Postpaid declined 2.8% year-over-year, reaching almost 8 million accesses.

It is important to highlight that both in prepaid and postpaid, the decrease is mainly due to the disconnection of lines with no traffic. There’s no generating impact on mobile service revenues. The participation of postpaid subscribers over total mobile subscribers is currently 39% of our total mobile customer base. In broadband, we have observed growing FTTH accesses, while our HFC accesses have remained relatively steady. Our subscriber base has registered an increase of 2.5% year-over-year, reaching 4.1 million accesses. FTTH now represents 28% of our broadband base, with almost 1.2 million accesses. In pay TV, our Flow platform continues to perform well, and our pay TV accesses have grown year-over-year. During the first nine months of 2025, Flow unique customers reached more than 1.7 million, increasing by over 180,000 total clients, or 12% when compared to the same period of the first months in 2024.

Pay TV subscriber base in Argentina has grown 1.4% year-over-year, reflecting an improvement in terms of net ads, mostly due to the very good performance of our Flow Flex product. TMA provided figures have shown solid results across its core segments, particularly in mobile and broadband. In mobile, we have seen strong growth in postpaid customers, with an increase of 4% year-over-year, reaching over 9.4 million postpaid accesses. Postpaid customers now represent 50% of TMA’s total mobile base. These figures include machine-to-machine connections, almost 2.9 million, increasing by 12% versus the first nine months of 2024. In broadband, TMA continued to demonstrate a solid expansion. Broadband accesses grew by approximately 6% year-over-year. Over 90% of TMA’s broadband customer base is FTTH technology. In pay TV, TMA has seen a modest decline. The subscriber base decreased 6.9% year-over-year, with net loss of approximately 29,000 customers, bringing the total to 395,000.

When combining the evolution of both Telecom and TMA subscriber bases, we observe overall growth across most product segments, which is a very positive achievement. Prepaid subscribers show a decrease for the reasons mentioned before, with no impact on mobile service revenues, while other segments continue to expand. Slide 7 shows the breakdown of revenues. Consolidated revenues totaled ARS 5.6 trillion, increasing 50% in real terms versus the first nine months of 2024, showing a 119% nominal increase. The breakdown of our consolidated revenues is as follows. Mobile represents 49% of the revenues, while broadband and pay TV add up to another 33%. The rest is composed of fixed telephone and data cell revenues, representing 12% of our revenues, and equipment sales, the remaining 6%. For TMA, the revenue breakdown is slightly different, with mobile services representing the largest portion at 60%.

This is followed by fixed data services at almost 16% and broadband, which accounts for 14%. Equipment sales represent 7%, while pay TV contributes almost 4% to TMA’s total revenues. During the first nine months of 2025, we managed to strongly increase our consolidated revenues in real terms versus the same period in 2024. In all main segments, where mobile, broadband, and pay TV reached a growth of 80%, 29%, and 16%, respectively, on a consolidated basis. In fixed voice and data, the consolidated increase in revenues was 44%. These increases are more to explain by TMA’s seven-month contribution to consolidated nine-first months of the 2025 figures. Moreover, when comparing the third quarter of 2025 to the second quarter of 2025 in real terms, both periods reflecting a full three-month contributing from TMA, we continue to observe positive trends across all service segments.

Service revenue improved in real terms in the third quarter of 2025 versus the second quarter of 2025, with growth rates ranging from 11% to 19%, underscoring the sustained strength of our commercial performance and effectiveness of our pricing and portfolio strategy. Moving on to slide 8, we will review the performance of our regional operations. Our operations in Paraguay continue with good performance. Revenues have grown 3% year-over-year in US dollars, and we have almost 2.7 million mobile customers, which have grown 8% year-over-year. Our fixed broadband and pay TV offering in that country also continues to show good results. Our broadband and pay TV subscribers amount to 365,000 and 112,000 subscribers, respectively. Personal Pay onboarded clients in Paraguay amount to over 950,000. EBITDA has grown 9% year-over-year in equivalent US dollars, while also showing a strong EBITDA margin of 53%.

Our operations continue almost unlevered, with a net debt EBITDA ratio of 0.3 times. Our operations in Uruguay is currently focused on pay TV, and we have 104,000 pay TV customers there. We have potential to grow with the local broadband market, where we began adding customers at the end of 2024 and anticipate a subscriber base growth throughout 2025. Personal Pay has reached 4.4 million onboarded clients, reflecting 33% annual growth. The platform achieved a remarkable increase in total payment volume, TPV, which increased 2.2 times and a growth of almost 32% in total payment number, TPN, when compared to September 2024, achieving more than ARS 367 billion in remunerated clients’ account balances. In slide 9, we provide an overview of our EBITDA margin evolution.

During nine months 2025, consolidated EBITDA increased by 123% in nominal terms versus nine months 2024, generating a nominal EBITDA margin of 31.4% during the first nine months of 2025. The EBITDA margin in constant currency was 30.5%, representing an increase of 170 basis points versus the margin reported in the first nine months of 2024. We will make some special considerations in this regard in the following slides. Slide 10 shows the evolution of EBITDA year-over-year and the impact of the different components of revenues and costs. As a result of the incorporation of TMA in our consolidated financials, our total cost increased in absolute terms. However, the DSO at a slower pace than our revenues, which led to an improvement in profitability. In real terms, EBITDA increases by ARS 633 billion, or 58% year-over-year, reflecting both the positive contribution from TMA and our ongoing efficiency efforts.

The lines that contributed the most to this margin expansion were fee-for-services, maintenance, and materials, mainly due to lower costs of maintenance, materials, and supplies, programming costs and content costs, and lower labor costs associated with right-sizing of our operations. It is important to highlight that if we include the effect of decreasing the run rate of service charges of TMA during the first nine months of 2025, the consolidated margin would reach 32.6%, just the registered year expansion of 380 basis points versus the first nine months of 2024. Slide 11 shows that over the past years, we have been increasing our productivity, while also demonstrating our commitment to efficiency, innovation, and sustainable growth.

In this sense, since 2017, we achieved a huge increase in the ratio of subscribers per employee, considering Telecom in a standalone basis, moving from 1.2 thousand in 2017 to 1.8 thousand as of the first nine months of 2025. This reflects our ability to scale efficiently while optimizing resources. On the right, you can see the evolution of our EBITDA margin. Despite severance charges impacting results in some periods, we have been able to register an important improvement in our margins, reaching 33% the first nine months of 2025. These improvements are supported by operational initiatives and digitalization and transformation efforts, including our award-winning SAP Cash Flow Optimization, which earned the 2025 ASUP Innovation Award. In slide 12, we show the improvement in TMA profitability and the key figures as of the first nine months of 2025.

TMA has been executing an efficiency plan and aligning its EBITDA margin with Telecom’s margin. In this regard, TMA has implemented several measures, including the elimination of management and brand fees, as well as optimization of handset and SIM card procurement. Additionally, TMA is advancing initiatives to reduce video platform operating costs. Looking ahead, the focus remains on further efficiencies in programming expenses and optimization of its commercial network to enhance channel performance, reduce overhead, and streamline operations. The objective of this plan is to bring TMA’s EBITDA margin closer to Telecom’s margin. This process is already delivering meaningful improvements as TMA’s nine months of 2025 EBITDA margin, excluding the impact of higher severance fee charges, stands above 28% versus 11% in the fiscal year 2024.

Turning to the reported figures as of the first nine months of 2025, consolidated revenues and EBITDA for TMA reached nearly $1.7 billion and almost $0.4 billion, respectively. Looking at the figures on an annual basis as of the first nine months of 2025, TMA generated over $2.2 billion in revenues and an EBITDA greater than $500 million, against the $265 million reported in the fiscal year 2024. This underscores the strong execution of the efficiency plan by TMA, which has been able to almost double the EBITDA generated annually for the reported figure as of fiscal year 2024. Now, let me pass the call to Luis, who will continue with the presentation. Thank you, Gabriel. Slide 13 shows the company’s consolidated net results and EBIT.

Our consolidated EBIT increased in the nine months of 2025 as we registered an expansion of the EBITDA in real terms. We recorded an operating income for the nine months of 2025 of more than ARS 352 million. The operating margin during the nine months of 2025 was 6.3% of consolidated revenues in real terms and, in historical figures, the same margin was almost 25%. During the nine months of 2025, the company recorded a consolidated net loss of ARS 272 billion, compared to a net income of almost ARS 1.25 trillion in the nine months of 2024. The result obtained in the nine months of 2024 was financial in nature. The strong real appreciation of the peso during that period generated significant gains, mainly related to our foreign currency-denominated financial debt.

This appreciation led to positive exchange differences in real terms, which accounted for most of the net income reported in the nine months of 2024. During the nine months of 2025, conversely, the evolution was different, with inflation being lower than the peso devaluation and generating FX exchange losses that impacted our financial results. Slide 14 displays a summary of the company’s consolidated CAPEX in PP&E and intangible assets during the first nine months of 2025, which amounted to over ARS 849 billion or an equivalent of almost $615 million at the official FX rate. This represents a consolidated intensity over revenues of 15.1%. This amount is 73% higher when compared to the previous year in constant pesos. Technical CAPEX was mainly composed by investments in our access network and technology, representing 56% of the CAPEX during the nine months of 2025.

Over the course of these first nine months, 89 new sites were deployed, while nearly 337 existing sites were upgraded. We also added over 350 new 5G sites operating in the 3.5 GHz band during the year. In our fixed access network, we increased the deployment of new FTTH over 7,700 new blocks, and we performed overlay of almost 10.2 thousand blocks of HFC network. Approximately 34% of our CAPEX of the nine months of 2025 was allocated to installations and customer premise equipment, or CPE, which are installations and equipment in the homes of our clients, and 3% to international operations. Slide 15 describes our consolidated cash flow generation during the nine months of 2025, compared with the same period of 2024. Our cash flow generation, net of payments for the acquisition of TMA, included in investment activities, remained robust.

Free cash flow before dividends and interest payments during the nine months of 2025 was $0.4 billion, or $400 million. Compared to the free cash flow obtained as of the first nine months of 2024, we generate an expansion of over $150 million, which could have reached an expansion of approximately $220 million, excluding TMA’s extraordinary tax payments. Slide 16 shows our key figures for the nine months of 2025. The conversion to US dollars is obtained dividing the figures in constant pesos as of the end of each period and using the end-of-period spot FX for each year. EBITDA was equivalent to almost $1.7 billion for the last 12 months as of September of 2025. This figure considers the sum of Telecom’s standalone EBITDA and an estimated performance EBITDA for TMA.

Our gross debt amounted to $3.7 billion as of September 2025, due to the incorporation of financing of the acquisition of TMA. As of September 2025, the company holds cash and equivalents for almost $1.5 billion, and thus our net debt was $3.2 billion. Consequently, our net debt to estimated performance EBITDA leverage ratio stood at 1.9 times in the nine months of 2025. In slide 17, we will address the company’s resilience to FX fluctuations. As mentioned in other earnings calls, during December of 2023, the Argentine peso experienced a significant devaluation that impacted our fiscal year 2023 figures.

Subsequently, our equivalent EBITDA figure in US dollars recovered back to the levels of the third quarter of 2023 in only six months, as reflected in the last 12 months’ second quarter 2024 EBITDA reported, showing a rapid rebound thanks to effective pricing of our products in a highly competitive environment, demonstrating the solid resiliency of our business. As shown in the nine months of 2025 figures, the acquisition of TMA did not impact on our relative leverage ratio, as the EBITDA contribution from our new business helped to maintain our financial balance, adding a substantial contribution to Telecom’s EBITDA. The recent FX depreciation during the third quarter of 2025 had a low impact on our EBITDA figures and almost no effect over our leverage ratio. Additionally, as seen in the graph depicting the evolution of the FX and inflation, the inflation rate is quickly matching the depreciation rate.

This means that in this type of environment, where FX is more stable, we can dilute the effect of the FX depreciation as we did during 2024, following the trend which we discussed previously. On slide 18, we highlight the substantial improvement in our debt maturity profile achieved through recent liability management transactions. Despite a challenging macroeconomic environment during the past years in Argentina and globally, we have successfully maintained a competitive financial cost while extending the average life of our debt. Our strategy allowed us to keep the average cost of dollar debt relatively stable, even as loan rates and risk premiums fluctuated significantly. At the same time, we extended the average life of our debt to four years compared to 2.8 years in 2024, reinforcing our long-term financial flexibility.

Additionally, during 2025, we have been able to obtain financing for a total amount of $2.7 billion, which is unprecedented in the history of Telecom since 2017. These achievements have also been recognized at the highest level of the financial community. During the CFO Summit organized by El Granista and Apertura, Telecom was honored with the CFO of the Year award in 2025, a distinction that has been received by our CFO, Gabriel Blasi. Additionally, in 2023, he was also nominated and achieved second place for the same award, also honoring Telecom Argentina. Furthermore, in 2024, Telecom received the Latin Finance Award for Corporate Liability Management of the Year, and in 2025, we were honored with the Digital Infrastructure Telecom’s Financing of the Year award. These distinctions underscore the leadership and strategic vision driving our financial management initiatives. Slide 19 shows the breakdown of our maturity debt profile.

During 2025, the company executed transactions totaling approximately $2.7 billion, including loans for the acquisition of TMA, the international bond maturing in 2033 for $1 billion, local bonds, and loans for both local and international institutions. These transactions underscore Telecom’s robust financial position and its ability to access diverse funding sources. As of September of 2025, our total outstanding debt amounts to approximately $3.65 billion in terms of principal. Looking at our upcoming maturities, we remain focused on proactively managing our debt profile as our major financial commitments scheduled for 2025 have already been addressed, and we do not face any important debt maturities for the remainder of the year. Our maturity profile for the upcoming years remains manageable, and we will continue with our liability management strategy, aiming to reduce costs and expand tenors.

Additionally, we maintain a very good relationship with the multilateral and export credit agencies and have availability of financing from local banks. Thank you, Luis. Finally, we will repeat some key takeaways from this period. We deliver a strong improvement in EBITDA margin despite operating in a highly challenging environment. This reflects the resilience of our business model and effectiveness of our cost efficiency initiatives. We successfully expanded our combined customer base in postpaid mobile, pay TV, and broadband, even in a very competitive market. We were able to generate a significant improvement in top-line performance in real terms, supporting revenue growth across all major segments. We maintain sound financial management with solid free cash flow generation and a strong cash position, primarily in US dollar-denominated instruments, providing us with flexibility and stability.

We continue to strengthen our debt maturity profile, extending the average life of our debt while preserving a competitive financing cost. This action position has helped to navigate volatility and sustain long-term growth. Thank you very much. Thank you, Gabriel. Additionally, we wish to make some takeaways regarding the dividend payment we announced yesterday. We announced a dividend payment equivalent to a total of $150 million, consisting of $130 million in kind with global bonds of the Argentine Republic denominated in US dollars and maturing in 2030, and $20 million in cash in pesos. Such cash dividend distribution will be mainly applied to the recovery of the amount paid by the company in respect of the personal assets tax corresponding to the 2024 fiscal year.

It is important to remark that Argentine companies such as us must assess and pay the personal assets tax corresponding to the shareholders that are Argentine individuals and non-Argentine resident persons. Pursuant to the personal assets tax law, we are entitled to seek reimbursement of such paid tax from the applicable Argentine domiciled individuals and our foreign domiciled shareholders. Therefore, any applicable deduction related to state tax will be only applied to the cash dividend where appropriate. For further information, we invite you to refer to all the 2024 20F. The dividend in kind payment will be paid as usual, with no changes in the procedure from previous distributions. Additionally, we would like to say that this dividend payment reflects the company’s strong commitment as it has distributed dividends to its shareholders every year since 2017.

With this, now we are more than pleased to answer any questions you may have. The Q&A session will be open immediately. Thank you very much.

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