Good morning, everyone. Thank you for joining StarHub's full-year '25 results call.

I'm Crystal, I take care of Investor Relations, and today, this morning, we have with us our senior management led by our Chief Executive Nikhil Eapen, CFO Jacky Lo, Matt Williams, Chief of Consumer, Tan Kit Yong, Chief of Enterprise Business Group. As usual, Nikhil and our senior management will bring us through a quick presentation before we open the floor to Q&As.

Nikhil, over to you.

Thank you, everyone. Good morning, everyone.

Thank you for taking the time to spend with us. As we all know, this is a very interesting time, one of real dynamic flux in the sector, bad and good.

Thank you for listening to how we have been navigating really the past quarter and the past year, and how we intend to drive the coming year. Now all of what we do is with a view to positioning for superior outcomes in to the end of this dynamic period, really 2027 and beyond, and to drive long-term total shareholder return.

Just to recap from prior calls, our view of dynamic flux across four areas is as follows. First, in consumer, as we all know, there is sector consolidation underway with the fourth operator acquiring the third operator.

We have seen significant market downdraft, of course, driven by these smaller operators, and this has and will change, and not just because of consolidation. We can talk about that some more in the Q&A.

Now on the enterprise side, in Singapore, there is a very material spend environment on the government and large enterprise side of things driven by smart city, tech refresh, and cloud and AI transformation. There is a much narrower competitive set here than consumer, and we are well-positioned to drive returns.

Number three, cybersecurity, the issue of the day. We're all hearing about UNC3886, and something that's existential.

All critical infrastructure providers will have to invest, but not all are equally positioned. Last, cost and capital spend, all operators have a pressing imperative to reduce cost and free up capital.

With cloud digitization and AI, there is the opportunity to do so, but again, not all are equally positioned. I'd like to take each of these and stay on the same page and align against our current actions and plans, if you would permit me.

First on consumer, we really believe StarHub to some degree sets the tone for the market because we are, in the Singapore market, the only operator that really has a reader leadership position across each of and all of the premium segment, the digital segment, and the value segment, a category leader across each and all of these segments. Now as we stated for the past many quarters, our intent is to be aggressive and take market share ahead of and going into the consolidation.

Really over the last quarter and for the coming year, we intend to do this in a very nuanced way. For instance, in mobile, we intend to reduce sub erosion at the premium end of the market, to hold at the digital end, and to grow at the value end.

To be very clear, we intend to do this not by price-leading strategies, but by growing quality and value differentiation, improving sub monetization, and hence moving the market up. I welcome and encourage all of you to take a close look at these important trends, both for us and the rest of the market now and going forward over the coming quarters.

Now interestingly, while obviously we were significantly down year on year in mobile, when you actually look on a quarter-on-quarter basis in Q4, we were actually zero erosion on revenue, being flat on ARPU and up on subs. We believe we grew revenue market share.

As we had a lead to the number three operator of about 600 basis points before they stopped reporting, and we now believe that lead is higher. We have also improved monetization at both the premium as well as the value end of the market.

We believe the market is slowly stabilizing, and we intend to set the basis for recovery, and we intend to do more of this over the coming year. Now for broadband, similarly for Q4, on a quarter-on-quarter basis, we were also zero erosion, and we are holding quite well with our two brands, first of all, StarHub at the premium end, and MyRepublic, which is our very successful digital-savvy brand focused on geeks and gamers.

Overall, of course, in broadband, we are the number one player, and our lead holds in a market which is 85% controlled by us and the incumbent. Moving on to enterprise, which is really the second pillar of our strategy and very important, we had growth over the past year.

In fact, if you look at Q4, our year-on-year growth accelerated. Now Kit Yong will break this down, but overall, we did this with our modern digital infrastructure model, which is unique as a platform model among the service providers.

We continue to see strong traction with government and large enterprise regionally, but frankly, very much in Singapore. The spend environment is strong, and with our model, we are winning an increasing number of large deals, which we define as over $5 million and over $10 million in what is an increasing order book.

Going forward, you will see us continuing to scale our regional enterprise business and investing to do so in three ways. First, we will continue evolving our modern digital infrastructure platform with more tech, more tools, with partners, but really partners embedded, not a reseller or SI model.

Number two, we will continue to scale our book of business with existing and new customers. Number three, we are growing our org through hiring and rolling up smaller players left by the wayside.

What you see in terms of investment is, in a degree, reflected in our outlook. Now the third pillar, cybersecurity.

All of you have read about the existential threats we are facing at a national level, as articulated publicly by Minister Shanmugam last year and Minister Josephine just earlier this week. Of course, telcos, like in any country, are at the apex of this.

Now StarHub, as a major telco running critical infrastructure and also serving government and large enterprises, for us, cyber is also existential, and we have, and especially this year, we will continue to make significant investments this year in cyber. Now also as a major telco, we believe we are early, and the smaller operators will also need to make significant investments.

This will, to some degree, break down any cost arbitrage that has been enjoyed in the past. Now in the medium and long term, these cyber investments, which add to the security of our platform, make sense.

They secure ourselves, and they secure the modern digital infrastructure platform we are serving our government and enterprise customers with. There is strong awareness in the customer universe of the need for this, which translates into further differentiation for us.

Last but not least on cyber, many of you have been waiting for the news really on the divestiture to our co-shareholder of the 17% stake in Ensign associated with the assignment of rights. I would like to update this is in quite advanced stages, and we should realize material proceeds in a significant gain while, at the same time, retaining a significant stake for strong collaboration in cyber, and we will update further on this in Q1.

The fourth pillar, of course, is cost optimization, and therefore, while we make investments to stabilize and grow our business, it is imperative that we continue to make cost reduction. Now clearly, we have the opportunity to do so by virtue of building platforms as part of our DARE+ transformation, this is really the next phase.

We have, as we updated in the last quarter or two, we have targeted four areas: legacy decommissioning, which is the small leftover piece from DARE+, which is unfinished business to be finished soon; systems re-architecture on IT, where we are moving to a DevOps model, which generates significant savings, but also improves business agility; business simplification in consumer; and network optimization, which is really automation off the hybrid multi-cloud architecture that we built. We're of course pleased to confirm our prior target of $60 million, which we had posted with you, but we're actually also pleased to confirm that we are increasing this to $70 million.

Now these are run-rate cost savings targets, and you should expect us to execute this over 2026, with savings realized at the back end of 2026, but really 2027 and 2028. Then I'd like to conclude on this page by stating that, last but not least, all of our goals are supported by our strong balance sheet and capital structure, with our very significant cash war chest, our desire and ability to continue to do M&A to further our goals, and our ability to support our dividend commitments.

Hence, as Jacky will confirm with you, we are reaffirming our 6 cents per share for 2026 as we navigate this dynamic flux period in the telco sector here in Singapore. Just covering briefly our financial highlights on the next page, profiling some of the numbers, our service revenue was down 1.3% for the year, down 5% for the second half.

Our EBITDA was down to about $400 million for the year, 12%, and our net profit was down about 29% to $100 million. Now these results were reflective essentially of a consumer telco market, primarily in mobile, that has been in a hyper-competitive vortex that continues to shift downwards from premium to value, which has been ongoing for the last couple of years, where the smaller operators, and particularly the fourth operator, has driven its low-cost models.

We believe that will reverse with consolidation, but more important, critical infrastructure service provision requirements, which necessitate significant investments in cybersecurity and resilience. Now this downward shift in mobile in particular of 8% in service revenue, when applied towards telco operating leverage, hence the telco fixed cost structure, then magnifies EBITDA reductions.

Then when you apply them against fixed capital charges in the form of depreciation, really become quite large net profit reductions. Moderate percentage reductions get multiplied to very significant percentage reductions in net profit.

Now as mentioned, the pending consolidation is a change, and also a change in the critical infrastructure provider landscape, which is perhaps underappreciated, but just as important, and we believe this will introduce greater cost parity across the operators, major and minor. Now all of these negative trends are offset to some degree by growth on all metrics in our regional enterprise business, but not enough as we continue to invest in scaling the business and making investments up front for future growth.

Then last but not least, again, I'd like to restress, nevertheless, our balance sheet cap structure and cash remain very strong, allowing us to continue our commitment to shareholder return through this flux period for the telco sector in Singapore. Jacky, over to you.

All right, thank you, Nikhil. Since Nikhil has already covered some of the financial highlights and strategic context, I'll focus on a few key points.

As a reminder, our 2024 numbers included two months of Dextra contribution prior to its divestment in February 2024. There's a slight base effect when comparing year on year.

Turning to 2025 performance, total operating expenditure was up 3.2% year on year, mainly due to higher cost of sales and operating expenses. Cost control remains a priority for us, and we continue to scrutinize discretionary spend as part of our broader cost optimization program, and I'll provide more updates in the coming slide.

Other income was higher for the year, primarily due to income grants. EBITDA for 2025 came in at $403.6 million, reflecting lower gross profit from segments facing revenue pressure alongside the higher operating expenditures I just mentioned.

Reported net profit attributable to shareholders was $86.4 million, down year on year due to lower EBITDA and higher depreciation and amortization. This translates to earnings per share of 4.5 cents.

Free cash flow was negative $24.7 million for the full year, largely driven by the earlier spectrum payment in the first half of the year. Excluding this impact, underlying cash generation remains intact, and we are on track to return to positive free cash flow in 2026.

On financing, we have proactively managed our maturity profile. We refinanced borrowings due in 2025 and raised $300 million in bonds in November last year to refinance bonds maturing in June 2026.

We also drew down the spectrum loan last June. Net debt to EBITDA ratio stands at 2 times, factoring in the spectrum loan.

Interest coverage remains healthy at 9.4 times. Overall, our liquidity position remains strong and well within covenant thresholds.

Now next slide. In terms of our actual performance versus outlook previously provided for 2025, we have delivered across all key metrics.

Service revenue performance was supported by continued growth in enterprise managed services, which helped offset pressure in other segments. EBITDA came in at 92.2% of 2024 adjusted EBITDA, ahead of our guidance range of 88% to 92%.

CapEx commitment was 6.7% of total revenue, better than our expectations, reflecting disciplined capital allocation. We are proposing a final dividend of 3 cents per share, bringing total 2025 dividend to 6 cents per share.

While this exceeds our policy range in percentage terms, it reflects our confidence in the underlying cash profile and balance sheet resilience. I'll now hand over to Matt for the consumer update.

Thank you, Jacky. Good morning, everybody.

Great to be able to share with you a view of the consumer business. On the performance itself, the market has remained highly competitive in this quarter, but in that very competitive market, we have had improving stability of the business, stable from Q3 to Q4, as Nikhil mentioned.

When we look at the two main lines of business, in mobile, we retain our strong number two market share position, and that is with stable ARPU despite the levels of price competition in the market, and growth in subs, gaining 18,000 subscribers in the quarter. Some of the highlights there are the launch of our 5G Unlimited Plus plans under the StarHub brand, where we're seeing very strong customer response, and continued growth of our eight mobile business.

In broadband, we have retained our number one market share position, again with stable ARPU despite the intense price competition in the market, and also stable customers here. One thing to note in terms of revenue performance is we did see a shift in the treatment of our Netflix bundles, moving some revenue from broadband to entertainment, but aside from that, the business was largely stable.

If we turn to some of the highlights from the quarter, again, in the market, we saw a lot of price competition. In mobile, we continue to see value players orientating around the $10 or $12, including with a number of offers for seniors at $5 or $6, which as Nikhil said, are very low prices by any measure.

On broadband, we see increasing price competition, with more and more players offering at the $30 mark or even below, including for the 10-gigabit-per-second plan. In that context, we continue to lead the market with some of our initiatives, including around StarHub on mobile, the launch of the 5G Unlimited Plus plans, where we are really setting out to fully meet the needs of consumers, with unlimited data, roaming included, other benefits like cybersecurity.

We're seeing a very strong consumer response to those plans. We're seeing an uplift in the customers joining us and also strong positive movements of customers in the base.

That's tracking very well, and we'll continue to see that through the course of 2026. In entertainment, we have continued to build the partnership of Mediacorp that we announced previously.

This is really about two things. One is the monetization of our content by getting that to the Mediacorp subscribers through mewatch in particular, and also monetizing our media through the combined ad sales of course across the Mediacorp and StarHub properties.

On broadband, in this very tough market, we remain fully competitive, and so we have been expanding our distribution reach and will be aggressive in matching on prices wherever we need to. We are the market leader, and we will continue to be that.

Finally, on market reach, we have re-energized our StarHub brand with our Hubbllings Green Men campaign launched in Q4, and also expanded our market reach with a new retail store in Suntec, which is doing very well. In our eight business, we continue to grow subscribers very successfully, and are now shifting to monetize those subscribers, particularly in mobile, in seeing a strong shift of customers moving from the 4G eight in $11.80 plans to the 5G $14.80 plan.

Clear signs that even the very price-sensitive eight customers value quality and are prepared to step up their spend to get it. We also launched broadband, and we're seeing a very strong traction around that, a very good initial customer uptake at the end of the quarter, with eight customers wanting all of their connectivity needs met, which is of course what we're doing now by offering broadband to those customers as well.

Then finally, on MyRepublic, we concluded the acquisition, have made strong progress on the integration, but also have built even better momentum in that business. That's despite those very tough market conditions.

That really comes about because of the differentiation that is built into that business, with that we are now expanding further with things like our very unique Card Arena store also at Suntec, where we're seeing an amazing level of uptake of selling things like Pokémon cards. It's really going deep into the segment, but so far, proven to be a very strong competitive position for us.

Maybe if we turn to the next page, I wanted to share with you a view of our strategy, particularly as we look to 2026. Probably the key thing here is that we have a very clear strategy that we are now very tightly executing around throughout the StarHub business.

That's really in two parts. The first is, with StarHub, we are taking a lead as the quality provider in the market, obviously offering a complete suite of mobile, broadband, entertainment products, but really offering complete packages, high quality, complete value propositions, a high-quality network, and high-quality service, and then all of the other features including those entertainment benefits.

We see growing momentum in this business, and we are really positioning very strongly for market recovery. In addition to that, we are also very clear in terms of our focus on serving all other segments with our challenger brands.

There are three that we have here. There is eight, which of course serves the value seekers in the market, where we've seen very strong growth, and we now have quite a sizable customer base in this business, which is really about continuing to take a lead on value, sustain that rapid growth, but more and more monetize that growth by offering those customers better and additional products, too.

In giga!, we serve the digital-savvy segment. We're seeing this very stable.

These customers love the giga! brand, and so here, we are really looking to see how we can get it to more customers across Singapore.

Then finally, as mentioned, MyRepublic, this is really serving the geeks and gamers. Here, we're building out a business with strong differentiation, and as a result of that, we're seeing sustained and even accelerating growth of that business.

Very clear strategy overall, but also providing comprehensive coverage of the market, leading us positioned very well for the improving market structure and expected market recovery. With that, I'll pass to Kit Yong to talk about enterprise.

Thank you, Matt. Now when it comes to enterprise segment itself, as mentioned, that managed services, FY '25, we grew 5.3%, right?

Overall regional enterprise business at 2.9%. That is second half, we have marginal year-on-year down as due to project services recognition.

There's so much to the part. More importantly, if you look at the regional enterprise business itself, our integration with the Malaysian entities is progressing very well for us.

We are seeing joint wins, right? The most cynical would be the RTS Link, the Johor and Singapore line, because of capabilities both in Malaysia and Singapore.

We won the business, and that is a good proof that our integration is working, and the market is actually recognizing it, that we have a robust, interesting conversation to have when it comes to cross-border capabilities. Also, not to forget the terrestrial connectivity business we have between Singapore and Malaysia.

We are also seeing early signs of traction. We continue to look at the Singapore and Malaysia business as an integrated business entity.

This year, we're definitely be looking at building our regional delivery center there to build our capability to support Singapore business, to lower our cost for our enterprise customers, at the same time, building capabilities for Malaysia business, right? This new capability will help them to expand their business into enterprise market where they operate, and they will have better synergy and better capabilities to serve the local market.

It brings a double synergy for both Singapore and Malaysia market, and we're everyone is very looking forward to grow this piece of business together as one team. Now you also look at the enterprise growth on the cybersecurity services, right?

It's growing year on year as well, and there's a strong, robust demand for cybersecurity. We see that it will continue to grow as well.

Overall, the enterprise segment is heading in the growth phase for us, right? Next.

Now if you look at the state of play that we have, and there's a very strong demand from the government, enterprise, and the spend is around the cybersecurity, and because of regulation, compliance is coming in, the more attention is given to cybersecurity. You can see the spend will grow significantly.

On top of that, all enterprise, governments is moving into digital transformation as they continue cloud, AI, data. All these are very critical infrastructure that they need to build for themselves.

We see that we are well-positioned these because in between the digital and the hard infrastructure they have is a is a platform. The platform gap is the real gap that StarHub today we are plugged in through our modern digital infrastructure to enable them to integrate between the hard infrastructure, traditional silos that they have, and the digital things that they are doing.

We are able to integrate and make it work all together. That is the advantage that we are shifting into.

Because we have this platform itself, we can enable speed, expertise that we've invested in it. Because connectivity is the commoner for all clients, and we are we know them, they know us, and that's how we're going to grow together with them in their journey into intelligent enterprise or a smart nation.

Now just now I mentioned about strong Singapore-Malaysia integration gaining momentum, and we underway, and we're building the regional delivery center to power our growth and boost our profitability as well, and operational efficiency. Now at the back of the strong demand of government, enterprise demand, you can see that the things we do is actually not pure SI, nor pure telco.

It's actually somewhere in between, where this is a space where there's very little competition. That is where managed services will grow because you cannot have a subscription-based services that is highly robust, and it has to be managed.

Managed services, for us, is a key theme where it drives the whole platform business. We're seeing good traction from the clients in adopting managed services as a way of engaging StarHub in a new way.

You'll see the continued growth in our business in that sense, right? Next slide.

If you look at the evolution of our enterprise strategy, it's not born overnight. Started since 2013, with when we talked about modern digital infrastructure, where we have Cloud Infinity, hybrid multi-cloud architecture, that sets the foundation for us to build a modern digital infrastructure, and we layer with our platform on top of that.

Last year, we scale our business. We integrate Singapore-Malaysia business.

We have more, like what Nikhil had mentioned, we're actually more multi-million dollar recurring contracts, recurring revenue contracts with our enterprise clients. We look forward very much this year.

You can see that, last year, we also have a grow growing order book every year as we progress since 2023. Coming to today, 2026, and next year, 2027, it's a year of capital deployment where, with the sponsorship of Nikhil and Jacky, we're looking into selective M&A to do what?

To scale capabilities, to accelerate our ability to develop platform that suits the customer needs, and they just engage our platform without doing development. It's a tested, proven, resilient infrastructure platform that we build for them and accelerate their needs into increasing needs of cybersecurity resiliency, accelerate the use of digital, accelerate the use of data, accelerate the use of IoT for the use cases.

That's where we want to accelerate together with our clients. Finally, the future shape, the goal for us, is that we had to expand beyond the mature telco revenues because the telco revenues is is a passive network.

As we build modern digital infrastructure, it become an active, intelligent platform. Now we'll be applied with the world-class, engaging new use cases, using 5G, data, AI, analytics, and powered with automation, observability, that is super critical for us.

With that, that will definitely improve our revenue quality and our margin quality as well. With that, I hand over to Jacky.

Thank you, Kit Yong. As Nikhil mentioned, we have expanded our cost optimization efforts into a structured, multi-year strategic program aimed at achieving minimum efficient scale.

The objective is very clear. We are resetting our foundational cost base in order to build a leaner and more agile StarHub that is structurally positioned for profitable growth.

The program focused on four pillars: legacy decommissioning, network optimization, systems re-architecture, and business simplification. We previously shared that we expect to achieve total savings of $60 million between 2026 and 2028.

In the last quarter, we have continued to make progress and identified an additional $10 million of savings under network optimization on top of what was communicated before. This increases the total expected savings to $70 million across 2026 to 2028.

This is not a one-off exercise. It's a disciplined and iterative process.

These are early savings opportunities identified, and give us confidence that further opportunities will continue to emerge as we move deeper into execution and implementation. We'll continue to provide transparent updates on savings identified and realized in future quarters.

Next page. Turning to 2026.

We see 2026 as a year of disciplined execution. In consumer, we'll continue to defend market share while focusing on service differentiation.

In enterprise, we'll continue to invest to drive growth in managed services and modern digital infrastructure platform solutions. We expect EBITDA to be in the range of 75% to 80% of 2025's EBITDA.

This reflects sustained competitive intensity in consumer and our decision to retain commercial flexibility when needed. This will be partially offset by stronger performance in enterprise and early benefits from our cost optimization program.

CapEx commitment is expected to be 13% to 15% of total revenue, including investment in IT, network, and most importantly, cybersecurity. These are disciplined investment aligned to long-term competitiveness and operational resilience.

On dividends, for 2026, we are targeting to distribute 6 cents per share or in line with our dividend policy, whichever is higher. It takes into account business conditions, cash flow generation, and ongoing investment requirements.

Our balance sheet remains healthy. Cash balance stood at $857 million as at the end of 2025, and we expect positive free cash flow in 2026.

Net debt to EBITDA ratio stands at 2 times, providing adequate headroom. Overall, 2026 is about absorbing near-term pressure while tightening structural costs and continuing to invest selectively.

These actions are intended to position StarHub for improved operating leverage and earnings resilience beyond 2026. With that, I'll hand the time back to Nikhil to close.

Thank you, Jacky. Yes, to summarize and to conclude and summarize our priorities for 2026, first in consumer, if consolidation happens, this will be, roughly speaking, in revenue market share terms, a 50-25-25 market today in mobile.

In broadband, we are number one with over 40% revenue market share. We intend to continue organically accreting our market share upwards over the year, but with quality and differentiated value, not price.

Hence, we intend to do this by increasing customer lifetime value and raising monetization across all our brands, from StarHub at premium to giga! and MyRepublic at digital to eight at value.

Now in enterprise, as you heard, we will continue to aggressively grow our modern digital infrastructure platform in our government and enterprise customer environments. The opportunity remains strong.

We have a unique infrastructure-based platform model that our customers prefer and continue to come back to. We intend to invest to scale our platform to serve our existing customers more while growing our base of new customers whom we have seen ramp up with us quite quickly.

Number three, as we talked about, cybersecurity is an existential threat. We intend to invest in cyber defense materially in line with the national agenda, and over the mid to long term, this will add to our differentiation and our strategic positioning for ourselves as well as with our customers, and in essence, modern digital infrastructure is secure modern digital infrastructure.

Last, cost optimization, we have a very significant funnel of run-rate savings that is granular and bottom-up, leveraging the DARE+ platforms that we have built, and we will execute methodically against this funnel, and hopefully also add to this funnel as we continue. Through this year, as we execute, we reaffirm our commitment to shareholder return through dividends and otherwise, and look forward to keeping you posted on our progress quarter on quarter.

Thank you very much.

Thanks, Nikhil. We will now open the floor to Q&As.

As usual, to join the question queue, please click on the Raise Hand button. We'll call upon your name when it's your turn to speak, and then you can unmute yourself to converse.

I think we already have a lineup, first, maybe Hongwei.

Oh, hello. Thanks for having me.

I'm Hongwei from OCBC. I just have three questions.

On the first, I noticed that EBITDA fell. Actually, it fell more than what revenue fell for mobile also.

Mobile, I think it fell by about 40-plus million, and service EBITDA fell by more than 50 million. My first question is that are there some mobile customers that are not really EBITDA contributing, and or does it mean that other segments are seeing margin compression?

That means non-mobile side is also seeing margin compression. That's my first question.

Then my second question is that you mentioned that 60 million to 70 million cost savings per annum, but EBITDA is still guided to come down and is coming down quite fast next year. Granted you mentioned about consumer business competition, but how does that actually square against the cost savings you are saying?

The other part is about lifetime value. How do we think about lifetime value when EBITDA is coming down very strongly next year?

This in 2026? Does it mean the EBITDA after 2026 should be going up very strongly thereafter?

Maybe my final question is on the sustainability of the cash flow. The dividends that's been declared is actually higher than the dividend policy.

Do you think that this is sustainable? Net debt to the EBITDA, trailing 12 months EBITDA, is already much higher than where it was before.

Is there any plans to push it down? Related to this is also CapEx.

CapEx of 13% to 15% is higher than before. Why has this climbed up, and what's your view on this?

Okay. Let me cover all five questions very briefly, and then I'll hand off to my colleagues to take them piece by piece, Jacky as well as Matt.

On your first question, EBITDA falling by more in dollar terms than the reduction in consumer revenue, it's not that we have non-EBITDA contributing customers. We do have incurred costs on things like cyber and other things, but Jacky can elaborate.

Second thing, in terms of our cost savings and our run rate and how they impact kind of 2026 and 2027, we will be executing on this $70 million targeted run-rate cost savings methodically through 2026. A small portion of it will come through by the end of 2026, but really the vast bulk of it will come through in 2027 and 2028.

I'm very sensitive and applaud the question because, with the prior DARE+ cost savings, we realized the DARE+ cost savings, and then frankly, we gave those cost savings away to the consumer market. We do believe that will change.

Our intent is for these cost savings to hopefully flow through into our run-rate OpEx and frankly, our run-rate EBITDA with a turnaround in that EBITDA trajectory. You asked a question around lifetime value, and I'll hand off to Matt on that.

Yes, the market is coming down, but we expect the market to stabilize and recover. To some degree, that process has already started.

We expect to gather pace towards the end of the year and beyond. Frankly, it's more important is what we do.

Over the last quarter, with our new plans, the 5G Unlimited Plus, as well as other measures that we are taking, actually we have grown our customer lifetime value in a way that is contrarian to the market. We hope to continue that.

It's still early days. We hope to accelerate the momentum of that, and that flowing through to the rest of 2026, but more important, 2027, we don't offset those cost savings that we generate, and frankly, we actually generate more customer-driven value and revenue.

Do be patient with us. On the sustainability of cash flow and dividends, yes, very much sustainable.

Our balance sheet is very strong. Our cash balances are very strong.

Free cash flow goes up and down in terms of working capital and one-off needs like the 700 MHz spectrum. The cash flow fundamentals are strong to add to an already strong balance sheet.

Jacky can elaborate on that. Then number five, to your point on to your pick up on the CapEx as a percentage of revenue moving up, as I mentioned, we are making significant investments in cyber.

We have already made significant investments in cyber. We intend to do more.

We are front-loading that because it's the right thing to do and want to build long-term differentiation. As I said, others, in particular, the smaller operators, will also have to make investments.

With our thesis, we think it's existential. We're doing this, it's the right thing to do.

Long term, it will create benefit, and that's what's taking up our CapEx as a percentage of revenue. Maybe we'll just double-click on each of those quickly.

Yeah. Sure.

Hongwei,

on your first questions, right, I think you look at the for consumer side, that's also an increase in 5G cost, so that continues to increase, and without the benefit of the revenue from pricing. That's number one.

Number two, if you recall in 2024 in our cost, that's actually a reversal of 26 27 million for DARE+ provision we make in prior years. We actually utilized that and reduced our cost in 2024.

It's a one-off, if you normalize that year on year, then that you can see why this kind of increase in cost and lower our EBITDA more than revenue decline. I hope that answered your questions on

To be clear on the 5G, the typical structure, and it was the same with us in 4G, is that was CapEx and was depreciated, but effectively with the Antina model, where we pay wholesale cost, that moves to OpEx.

Okay? Okay.

In terms of 2026, the way we look at it, cost savings obviously it will gradually help reduce the run rate, but it's a three-years program. For 2026, most of the savings from that 70 million will be coming from the legacy decommissioning and also from business simplification, but a majority of the 70 million is on systems and on network.

These are structural changes which will take time to scale up, and they will be occurring in '27 and 2028. That's kind of the cost savings, but we are intend to continue to reduce and find more opportunities.

In terms of EBITDA, if you look at 2026, consumer remains very competitive. That's pressures on margin, and also I think we want to retain some flexibilities in terms of just maintaining and gaining market share.

I think that's very clear. Also, on the enterprise side, I think Kit Yong mentioned earlier, we actually want to build up the capabilities and scale up the business.

That would be a significant investment to actually drive that growth and build for the medium to long term. That's the investment we're going to make in 2026.

That answer hopefully answer your cost savings questions. In terms of sustainability of cash flow, if you look at our cash balance at the end of the year, we have over 850 million, and our leverage ratio is still low.

We actually have room and to increase the ratio. Also, even if we pay off the bond maturing in June this year, we still have sufficient cash flow.

As I mentioned, in 2026, we expect free cash flow will return to positive. All these we are in a very good cash positions and so we'll be deploying the cash to drive organic growth, inorganic growth, and also return to capital to shareholders just to drive total shareholders return.

Definitely we have the capacity to do that. CapEx, I think Nikhil already explained, the majority of the increase is coming from the cybersecurity side, and a lesser portion will be coming in on the network as well, yeah.

Jackie, I might just

Yeah,

just to add on customer lifetime value. If we break down customer lifetime value and link it back to the very clear, strong, and fully refreshed strategy that we have for our consumer business, if you think about those three pieces of customer, lifetime, and value, on customer, we are very active and very competitive in market to continue to grow our customer base, which we have done successfully in the last quarter.

That's important because, as the market recovers, there will be significant value in having a larger rather than a smaller number of customers. In terms of the value, we're also very deliberate in building out value by offering those better-quality products, as I gave the example of monetizing 5G with our eight customers.

Those mechanisms are well in place and are starting to show the green shoots of growth around the spend from customers. Then finally, on lifetime, we are also uplifting the experience and quality across all parts of the business to make sure there is never a reason to leave StarHub.

Those things together, as a core part of our strategy, will lead to that strong growth in customer lifetime value, particularly as we position for the market recovery.

Thank you for the comprehensive answers.

Hopefully, that overlapped with some others' questions. Sorry to take so long with the answers.

Maybe we have Arthur next.

Hi, Arthur.

Hi, good morning. Hi, thanks for the opportunity.

Morning.

Several questions, please. Firstly, if you can help us reconcile on the numbers, when DARE+ was launched in 2021, the target then was to grow profits by 220 million.

That was a stated target then. When you look at the revenue erosion for consumer business over the same period, you've seen this decline by around 50 million since that's happened.

Yet the earnings impact has been far more pronounced. What has happened to the plan benefits for DARE+?

Was it eroded away with other segments like enterprise, for instance? That's the first question.

The second question is with regard to the EBITDA outlook for 2026. Does this include the removal of your cyber business, which could be sold, I understand, maybe in 1Q?

I'm just trying to figure out how we're going to 20% to 25% EBITDA decline when we're actually looking at cost savings as ramping up from 60 million to 70 million over the next two, three years. That's the second question.

Third question is just with regard to revenue guidance for 2026. Where do you see the industry revenues as headed into 2026?

Thank you.

Again, if you don't mind, maybe I'll do the short-blush answer on all three things, and then I'll leave it to, Jacky and Matt because I think you're really talking about consumer telco, right, on the industry side, Arthur.

That's great.

Okay. Just to go back to DARE+, and maybe I'll start since since Jackie wasn't here, although I'm sure he's familiar with all the numbers.

We, when we launched DARE+, we posted kind of an aggregate increase target of $500 million, but that was, kind of cumulative in dollar terms, which was about $280 million in cost savings and $220 million in revenue. What we said at the time, if you recall, was that would translate actually not to $200 million, but actually $80 million incremental net profit, $80 million incremental net profit, but applying the same percentages.

Therefore, that would be something like about 60% from cost reduction and about 40% from, gross margin increase through increase in revenue. Just taking each of those pieces, on the revenue side of things, whilst we were able to grow the enterprise business, sadly, in terms of the consumer telco market, that went the other way for reasons we're all acutely familiar with.

Going back to the cost side and the 60% or 56% rather of that 80 $80 million, we were able to generate most of that. The the piece of that that is continues to be delayed, which we hope to realize this year, are the decommissioning of the legacy savings, which weren't particularly significant, and certainly not significant relative to our current funnel.

The rest of those cost savings, frankly, were given away to the consumer through the hyper-competitive vortex that we saw. That's some quick clarity.

On the EBITDA, yes, the EBITDA reductions, I believe, include the deconsolidation of cyber with the 17 as we go down to a 40% stake. I don't want to overstress that because the contribution to EBITDA, of the cyber of Ensign is is not particularly significant at at all.

Then number three, in terms of industry revenues, really hard to speculate, but as we said, we see early signs of stabilization in the market. We believe that will, continue and perhaps hopefully even accelerate in the back half of this year.

As we said, that's partially dependent on consolidation, but partially, also frankly from the fact that, I think the the the let's call it the cost free ride, goes away because everyone is now going to be is is, if you haven't already been, they're going to be designated a critical infrastructure provider, so much more cost to come. Yes, I think 2027 and beyond, industry revenues, should rise if everyone does the right thing, which is a logical thing to do because pricing increases, as we've seen from other markets, drops right down to the bottom line.

Unfortunately, so far, we've been the other way, right? The operating leverage has not been positive, it's been negative.

With that, perhaps I'll hand off to Jacky to take the first two.

Sure. I don't have much more to add to the DARE+.

I think Nikhil touched on that. In terms of the 2026 EBITDA decline, Arthur, let me try to reconcile for you.

Ensign's impact is very insignificant, so that's not the reason. As I mentioned earlier, the major impact is coming from first of all consumer side.

We see the industry continue to be very competitive. There's pressure on profitability and on the margin.

Also we talk about we want to defend and gain market share, we will be focusing on that and preserve to actually fight in that area. That's number one.

Number two, we talk about the significant investment in the enterprise side to help Kit Yong build the scale and the capabilities, there will be significant investment in that in the enterprise side. On top of that, there's a OpEx impact for our investment in cybersecurity, and last but not least, there will be either higher year on year in terms of depreciation, interest because of the spectrum rights we obtained in 2025.

There will be a full-year impact in 2026. All these costs EBITDA to decline year on year.

That will be offset obviously by the cost optimization exercise, but also for the enterprise growth, but that would not be enough to offset some of these investments and also the pressure on short-term OpEx. We are doing the right things to actually build profitability, resilience for the medium to long term.

Can I just Matt, on Go ahead, please.

Go ahead. Please, Arthur, go ahead.

Can I just clarify with regard to the spending for the enterprise and all, is that coming in as CapEx or OpEx? If it is OpEx, is it just front-loaded and we should expect things to decline from the next year onwards?

Is that how we should look at this?

Let me take that, and Kit Yong, if you want to add details, please. There's a bit of CapEx, and there's some OpEx.

The OpEx that is being spent is to scale the organization. Is it front-loaded?

Let me just be very specific. It increases the run rate, but there is a lead time that we have observed in the past where we will have a return through increased contracts, increased revenue, improved margins on the business that we do because we're controlling our own resources, and we've seen that coming through quite well in the past.

We're essentially continuing, that kind of cycle of growing the business, invest in more resources and capabilities, generate the return on those resources and capabilities, and then continue growing our returns in the business. Anything to add?

No, I think you have addressed that. It's definitely a mixture of both CapEx and OpEx,

yeah,

where we invest in CapEx is to build our infrastructure, which is network-based, because today our network is built currently for consumer use. As we move to enterprise business, we build modern digital infrastructure, we need to retool our infrastructure to be more dedicated, to be more secure for enterprise use case, especially for government use case.

That's where we deploy CapEx into our own network infrastructure and into the cybersecurity, which is super critical for our clients. That is a requirement.

It's not a if, it's a must-have, right? Now and then when it comes to OpEx itself, like what Nikhil alluded to, right, we also looking at definitely has the capabilities in terms of people, OpEx on technology services, we're increasing a lot of that is also OpEx-based.

With the mixture of both coming together to deliver managed services, because it's recurring revenue, you usually have a consistent cost as well from our partners, and we're able to appropriately invest into our CapEx so that we can operate this for multi-years, over the years so we can amortize over it. There's a mixture of how we are looking at enterprise business.

Arthur, I just wanted to maybe just share a little bit of a flavor if it's not already if it's not because it may not be sort of easily apparent. On the enterprise side, we're not in the business of selling leased lines and all that short cycle, right?

The business is with large deals with government and enterprise, and it's long sales cycle. With a long sales cycle, either these deals are already in the order book that we've built, so that means signed contracts, or they are in advanced stages of pipeline and about to make it to the order book.

These are contracts that are $1 million, $5 million, over $10 million. When we invest against that, whether it's CapEx or OpEx, we actually have a very, very high degree of visibility on the return that we're going to make, either for deals that are already in the order book or through long sales cycle in very advanced stages.

The return comes from, number one, fulfilling that revenue and moving into billings and bookings, number two, through co-creating new use cases with existing contracted customers of ours to add more modules and more revenue, and then number three, in order of delivering these against these contracts at higher margin because we're doing it more with, kind of our own resources, the ratio that we're doing it more with our own resources keeps increasing and increasing. Just to give you a little bit of a flavor, this is, high visibility against the investments we make.

Arthur, if that answers that question, I might just add a comment on the market recovery, market structure, and maybe bring it back to customers from their point of view. We all live our lives now through the connections that we have through our phones, and what we see very clearly is consumers do value the quality of that experience, the complete inclusions, the quality of the network, the quality of the service.

We see very clear evidence that, as we've put together better and better packages and offerings for our customers, they do step up their spend, as per the example I gave of eight and the shift to 5G, what we're seeing with the StarHub 5G Unlimited Plus plans, what we're seeing with the MyRepublic broadband offerings. We can see that that is how consumers are responding to the offerings.

The other thing about these businesses, of course, is that these have high operating leverage. We have a laser focus on this because, as we rebuild that spend by offering those better services and packages to consumers, they increase their spend with us, which then has a very sort of powerful effect in uplifting the profitability of the business.

That's clearly where we are focused.

Arthur, we do believe that will translate to the industry as a whole. I think, with the incumbent, clearly that every day see life in similar ways to the ways we do.

There were clearly smaller operators that kind of led the charge towards no-frills, low price. I think, to some degree, those days may be over as the cost structures equalize with the critical infrastructure provider landscape.

Plus, just sheer economic logic, there's a consolidation happening. You have to defend, not just attack.

Then number two, operating leverage has the opportunity to work the right way. That's not lost on anyone.

Understood. Thank you very much.

Next, Husaini, please.

Sure. Thanks for the opportunity.

A few questions Thanks, Nikhil. Three questions from me.

First is on CapEx, means the range, which is 13% to 15%. Frankly means if I look at your, revenue structure, a fair bit of the revenue comes from enterprise, which I understand is a relatively low CapEx model, it is more of an OpEx model, that's my understanding.

Then, at the same time, broadband is, the infrastructure is provided by NetLink Trust. Just trying to understand that if we take out those segments, then isn't it the CapEx to sales for the normalized business which needs infrastructure is appears to be very high.

That's my question, if you can help us to understand. The second question is on the balance sheet, which is already 2 times net debt to EBITDA.

Trying to understand where is your comfort level in terms of leverage, and as Jacky said that you are still open to M&A opportunities, inorganic opportunities. Finally, on the guidance, again going back to Arthur's question, if we look at 75% to 80% of 2025 EBITDA as a guidance, then it appears like a decline of almost $80 million to $100 million.

Just trying to understand is there a change in business model on the enterprise side where you are incurring more OpEx? Means why all of why such a big, increase in OpEx linked to development of new services?

Thank you.

Jacky, you want to clarify again the CapEx point, and take it from there?

Yeah. I think, Husaini, if you look at our BAU CapEx, it's I think I mentioned before, after we finished DARE+ or that transformation, it will come down for our BAU CapEx.

I think it's reflected in our 2025 CapEx as a percentage of revenue. I think, for 2026, we talk about there will be significant investment in terms of cyber, and also there will be investment in network as well.

We are actually enhancing our network quality, and so it's kind of investment to actually achieve some of the savings for network optimization in the program. Overall BAU CapEx will be coming down.

For enterprise, it's actually in CapEx in our guidance, that's investment on the enterprise side. I think Kit Yong mentioned earlier, so that's kind of what drove up the guidance as a percentage of revenue for 2026.

Husaini, I just want to repeat the point that I made, that the increase in the investment which is reflected in the uptick in the CapEx as a percentage of revenue is cyber. It is cyber.

The vast majority of it. Go ahead.

Jacky. Then the balance sheet, and Husaini asked about the balance sheet and 2 times net debt to EBITDA and our comfort level with that, and then also I believe it was a dividend, right?

I think I mentioned earlier, we have very confidence in terms of our balance sheet. In terms of cash balance, the leverage ratio at 2 times is still below our covenant ratio, we have sufficient headroom.

That was actually help us to support any M&As that we talk about for enterprise. I think we are in a very comfortable position in terms of our balance sheet, right.

Husaini, does that answer your questions adequately?

Maybe a bit on guidance, why such a big increase in OpEx? Is there a change in some business structure in terms of operations?

Maybe, Nikhil, on the CapEx, on the cyber-related investments as well, maybe you must definitely be discussing with the regulators. Is it more of an industry-wide initiative, or is it that StarHub is taking on its own, and that in turn will help you to differentiate in terms of your services or things like that?

Thank you.

Maybe I'll take that and then hand off to Jacky for the prior question. It's clear that the what is needed to be done as a critical infrastructure provider in terms of cyber and the capabilities and the platforms, et cetera, et cetera, for cyber defense, that has been up-leveled because the threat landscape has been up-leveled, right, as we've all heard ad nauseam.

In line with that, we are making those investments. We feel they are extremely necessary to be who we are and to do what we do, and in line with a national agenda, but also for us.

Now is it an us issue or an industry issue? It is absolutely an industry issue.

I think we are early. I think a lot of the spend and the things that we're doing in terms of the outcomes that we achieve, are not absent from They actually leverage some of the platforms that we built in DARE+, which give us the ability to do a lot of interesting things around data, observability, and otherwise.

We are making incremental investments that are quite significant, and those are an up-leveling of cyber posture. It's not just a StarHub issue, it's an industry issue.

We believe we are early, and we believe others, including the smaller operators, will have to make those investments. That will be, I think, an interesting dynamic as we look at the propensity for market stabilization and recovery because, I think unit costs going forward is not going to be the same as it was in the past for those who might have enjoyed, kind of some unit cost arbitrage.

I hope that answers your question, and then I'll hand off to Jacky for the OpEx question.

Yeah. I think on EBITDA, yeah, in short, that's no structural changes to the business.

It's more about the investment. I think we talk about the investment.

We are front-loading the investment in the enterprise side to scale the business, to build up the capabilities in-house. All this is actually for 2027.

If you look at the timeline that Kit Yong walked through, this is the year that we will make that investment. That requires significant OpEx investment.

Also on the cyber front, that's also investment. I think that's kind of what impact the EBITDA year on year.

Thanks a lot. Thank you.

Michael, right?

Then Michael. I just have three questions.

I think the first of which It's been asked a lot, but I'm still trying to better understand the dividend policy because, given your guidance, we're seeing going to see drop in EBITDA, and we're going through a higher CapEx cycle, especially going towards cyber and all of that. Last of which, we're still going to expect to see the cost savings from the legacy decommissioning coming in not even in the upcoming year, but in up after that, the next two years, hopefully.

I'm trying to understand the maintenance and sustainability of the dividends being above the dividend policy. Maybe a bit more on that.

That's the first. The second of which is more on the strategy, perhaps more on Matt.

For mobile, now we're seeing in this three segments of budget, value, and premium, but with the focus in terms of this offering a quality, how are we avoiding more or less the cannibalization between especially the budget and value where we can see erosion in the value that is seen in the value segment? Finally, maybe more on Kit Yong is, for the enterprise, I think a key crux in the recurring managed services is the hybrid multi-cloud.

The last time in one of your investor days, you did say that you had a competitive gain advantage. With a lot of investment going into AI and data centers and more players coming into towards that segment, can I just check where do you still see that advantage, and how long more do you think your competitors have to be able to catch up to you in terms of that advantage?

Perhaps one last other question is, could you also remind us for your managed services, what's your average contract life?

Sure. Okay.

Jacky, Matt,

Matt Yong. Sure.

I think on the dividend policy, Michael, I think, first of all, our priority is total shareholders return. That's including organic growth, inorganic growth, and also dividend, right?

That's number one. The cost savings, I just want to clarify, is a three-years program, but we do expect there will be savings in 2026 as well.

In terms of sustainability of making the dividend payment, I mentioned earlier, we have sufficient cash balance, we have over 850 million cash. Our leverage ratio is low.

We expect to return to positive free cash flow in 2026. Also, I think Nikhil mentioned in his prepared remarks, we expect there will be cash proceeds from the Ensign divestment as well.

It's all this actually gives us a very healthy cash balance and also financial position to continue the 6 cents dividends in 2026.

Matt, cannibalization.

Cannibalization. The thing that we've done is, as we have refreshed and strengthened our strategy, we've also got very clear in terms of those areas of focus in the market, but also how we operationalize those, how we go to market.

As a result of that, we're now very deliberate in making sure that we are targeting the right customers. I guess one way to think about it is, if you think of, for example, car manufacturers, you have Toyota offering both a Lexus as well as the Toyota brand.

It's a very deliberate strategy to meet the needs of different consumers, and that's what we're doing. There is, of course, the free choice for consumers to take any of the offerings that we have, but we are very deliberate now in targeting those.

We make sure that we're meeting the needs of each consumer group directly, and as a result of that, we don't see significant levels of cannibalization now, and we feel like we're getting to a very healthy balance in the business. As we go forward, I feel very comfortable that we can make sure we balance all of those together, meeting the different parts of the market, but also consistently across all of those.

There is this very clear theme now of offering better-quality experiences to truly meet the needs of each of those segments. In return, we see clear signs of consumers willing to pay a bit more relative to what they have been paying to get those experiences.

The whole sort of mechanism is starting to work quite well, and I can see will really help us as the market recovers.

Right. First questions first is the recurring managed services.

With people spending on AI and cloud and where is our competitive advantage? When can competition catch up with us?

Now, I would say that we operate a very unique space in our where we are heading to a modern digital infrastructure. It's a space It's a It's more like a no man's land where it's either occupied by SI or carrier who sell capacity, SI who build.

As we build a platform and become a unique value proposition based on hybrid multi-cloud architecture, and as actually I see as a advantage, increased advantage given the cybersecurity threats that we are seeing. Our enterprise client, government, always have a dual strategy, a dual-carrier strategy.

The incumbent is definitely the the longest-standing who has been there, and they've been dying to waiting for us to come out with a point of view that how can we be different and differentiated. Today, we are able to see some signs that they see on their with difference with our platform.

Because we are nimble and we have less legacy technologies, we are able to build a digital core digital core upfront now from 2023 until today. Now we have developed the platform proposition to co-creation with them.

I see that, if you ask about competition-wise, I don't have traditional SI. In fact, I will replace the traditional SI that try to work on telco and integrated projects.

I will see that the telco continue to sell capacity while the rest is more consumer telco. They are really not in the space that we are operating.

I see a very positive outlook for ourselves given that they need dual strategy, you need to have the latest digital core to enable APT-resistant architecture. I think we're well-positioned with our modern digital infrastructure for our managed services.

To the question of the average contract duration, if today we sell a typical commoditized core telco services is about one-year contract, maximum stretch to two. When I move to managed services contract with adding a bit of ICT inside, my contract goes to three years to five years.

When I look at a modern digital infrastructure, I will expect our contract minimally with five years to 10 years. Why?

Because there is a heavy CapEx involvement, and the deployment is not at the enterprise environment, it's going to be island-wide deployment. That is where we see that the the contract needs to be longer for our modern digital infrastructure, especially for those large engagements that we are dealing with.

It will be of that scale, and that's why capabilities investment needs to be upfront, and we need to able to deploy capital to make it a long-term contract and beyond for our clients, our enterprise and government. That's how I see.

I hope that answered your question.

Just one bit is more on how far ahead do you think you are before any of your competitors could even attempt to catch up?

If you ask me last year, I would say probably five. You ask me now, probably it will go up to seven years before competitors can catch up with us because the ever-increasing complexity of the technology stack we need to put in, and the know-how integrating all this thing together as a platform is going to be more difficult, and you need a lot of subject matter capabilities to put this in place and to co-creation with the clients with the use case.

It will be quite difficult for them to replicate so easily. That's how I see that that's advantage for the modern digital for the time being.

Maybe I can add to that. As Kit Yong said, the two competitive universes are, number one, SIs, and number two, big carrier, right?

The smaller operators really not relevant at all in this segment. With the SIs, it's an aggregator model.

They don't have their own infrastructure. They don't drive their contracts off a platform.

They bring together, little bits and pieces of technology from different providers, put them together, maybe put an orchestration engine on top, which is really not app development. That's a very different model.

It's really not suited for the sort of modern digital infrastructure type use cases that we do. It can't compete in terms of speed, it can't compete in terms of value creation for the client, and it can't compete in terms of, even things like price, right, because you're just aggregating margin.

In terms of, the big legacy carriers, it's hard to do because you need to re-architect your core quite a lot, and the bigger and the older and prouder you are, makes it more difficult. Now clearly, there's a degree of capability there, and we're very respectful of our competition, not to say it can't be done, but there's some real hurdles, and those hurdles, as Kit Yong talked about, have actually been made more complex over the last year or two by all that we've been talking about in terms of cybersecurity and otherwise.

That's what we'd like to say.

Yeah. Not to worry with that there's always a dual-carrier strategy.

Right? Each one will have to show their own unique differentiation.

To me, it is something that we need to work together with the client,

and

as we creating not just a modern digital infrastructure architecture, the plus point is that it is a CI-managed services. That make it even more complex, and every CI is different.

The earlier we co-create with the client, now we have industry knowledge, process know-how, joint response in cybersecurity incidents for different industry solutions. Different industry will be super powerful for us, and it will be increasingly differentiation for us, and help us to grow our future revenue in digital services where we'll be able to have digital services industry solution with the very, very strategic clients that we have.

That will be our strategic advantage moving forward that we hope to capture through our journey with our clients.

Just like to highlight one good point from Kit Yong. This is not consumer, right?

It's not a vast competitive set, which, by the way, itself is changing, right, with a dogfight on the street every day. There's a much narrower competitive set, and the buyer set has a complex set of needs, and the spend environment is very strong because transformation everywhere is underway.

There was cloud transformation, first it was tech refresh, then it was cloud transformation, and now there's all this stuff you need to do with AI, and you need a core digital core at the in the middle. I think there's a lot of spend.

There's a lot of room. Customers on the enterprise and government side make that choice.

There's plenty of room, and they make that choice according to what suits them best. The good thing for us is we do it off a platform, it's incredibly value-added and accretive, not just for the customer, but also for us, and we will have our natural customer base who loves what we do.

The good news is that customer base is growing. I think it's heading in our direction, but there's room for everyone.

Thank you.

Given that we've already gone over time, I guess any follow-up questions, still feel free to reach out. Otherwise, we'll end the call here today, wishing everyone who's here Happy Lunar New Year and speak again sometime soon.

Thank you.

Thanks, all. Thanks for taking the time.

Thank you.