Good morning, everybody, and welcome to the 2025 full-year results presentation. My name is Salvador Anglada.

I'm the Chief Executive Officer of Optasia, and I have on my right Mariusz Dabrowski, the Chief Financial Officer. We're going to both together go through the highlights of our business and our results in 2025.

Mariusz will cover the financial performance in detail, and then I will give you a strategic outlook of how we see 2026. Of course, we will open up after that the Q&A session, and you will have the opportunity to come with your questions after this brief presentation.

Optasia, as everybody knows, the largest AI-powered fintech platform that enable financial access across the emerging markets. We are champion of financial inclusion.

We provide microcredit at scale. We have had a very important 2025 year where we have IPO'd, as everybody knows, our business, and today we are just providing the first set of results of our IPO story.

We have had record growth and profitability on our numbers: $265 million revenue up to 76% growth, and $58 million normalized of one-offs of the IPO net income, which is close to 60% growth. All this coming with strong cash flow conversion or generation, 39% of our EBITDA is being converted to cash flow.

The driver of the growth is our microfinance services that today account or count for 63% of our revenue business and an impressive 149% growth. We have continue expanding our footprint.

We have added two new countries. We have had additional eight deployments as part of the footprint.

Very important, we keep our discipline in risk management. Our default rate is at the level of 1.2%.

Very important, we have meet and achieve all our IPO ambitions, and we have even over-deliver on the numbers that we promised to the market. The growth was expected to be above 50%, and finally it has been 76%.

EBITDA growth at the level of 52%, and impressive also the net income growth from more than 45% up to 57%. All this, of course, with managing properly the capital expenditure and keeping the CapEx below 5% in 2025.

We continue with our model, B2B2X. As everybody knows, we use distribution partners to get access to customer data, disburse, and collect.

We have in our network 50 partners, and the financial institutions, which are the one that provide us with the lending on record on their books, although we keep and we support the underwrite on any default on our loans. We provide, as everybody knows, two type of services: microfinance solutions and airtime credit.

Both of them have grow significantly in 2025. Today, we have 63 deployments, and we have operations in 38 countries.

We have added two new countries to our ecosystem in 2025, and we have added eight new deployments: three on MFS and three on airtime credit. Very important, on MFS side, Cameroon and Congo, that will help us to continue boosting our revenue in 2026.

The diversification of the revenue by country continues being well under control and diversified. We don't have any single country that contribute more than 20%.

Maybe here to make a comment on the Middle East because of the conflict that is happening in Iran. To say that all the people that we have operating our deployments in those countries are safe.

Second, that the deployments are running smoothly, although we have contingency plans. Third and more important, Middle East, being important, of course, is the smallest of our eight regions and count for only a single low digit in the revenue profile, which means that it's not affecting, but it will not affect even if we need to reduce the activity in each of these deployments.

We feel absolutely comfortable with that, much more worried about our people and to be sure that they are safe. We have continue investing, of course, in our technology, in our platform, in our data models.

We are automating a lot of activities, creating scale, and sophisticating the algorithm that we are producing. We have enabled to disburse more than $4.5 billion, which means $15 million of disbursement and distribution per day.

We have been able to handle effectively more than 34 million transactions, loan transactions, per day, just showing the robustness of our platform and our models. We continue investing in talent.

We continue investing in our people. Half of our employees or more or less half of our employees are tech people, tech on the platform side and on the algorithm side.

We are also investing heavily on the front end, on business marketing capabilities, and also to deploy our financial partners ecosystem. We will continue investing across in order to be sure that we are sustaining the growth that is expecting for 2026.

Also very important, we continue achieving the very important part of our business, which is our purpose to create and to enhance financial inclusion. We're proud to say that nearly 900 million people can access or have the ability to access to our services, and in 2025, more than 430 million people have used our services, both microfinance services and airtime credit solutions.

With this introduction, I would like to hand over to the CFO, to the Chief Financial Officer, Mariusz Dabrowski, to go deeper on the financial performance and the insights.

Thank you,

Salva, and

hello to all. I have kind of the pleasure to present the results for 2025.

As you can see, we're delivering the tremendous performance, continue deliver at scale. Salvador mentioned serving kind of the more than 400,000 million of the customers in 2025.

We deliver a tremendous growth of the revenue, reaching $265 million, with growth which is outstanding, with 76% year-over-year growth. We did it also controlling the risk.

As you can see and it was also presented during our IPO roadshow, we keep the cover ratio at the 4 times, slightly more than 4 times. At the same time, we're not only the growing our top line, we're also kind of delivering the profitability.

It was always our aim. As you can see, the EBITDA margin being the 43%, delivering $115 million of EBITDA, and more importantly, normalized net profit growing 57%, reaching $58 million of the profit.

We did it, of course, with a low capital intensity, and as was already mentioned by Salva, we make sure that business is very well-diversified and ready for the future. Of course, before going to the top lines, it's quite important to understand the drivers of our business.

Over the years you can see the number of the service users is increasing, and the growth in the 2025 is going to continue, we kind of reaching 45%. That of course drives the distributions.

You can see distributions growing in the same line, reaching 44%. What we are pleased to kind of announce is not only the growth of the MFS business, but also we can see the mature business like ACS delivering substantial benefit with the double-digit growth year-over-year.

That drives at the end of the day the top-line growth, and as I mentioned before, the top-line grow 76%. That is driven, of course, the change of the mix.

Our change of the mix increase from the 44% of MFS in '24 kind of the 63% in 2025. That is supported by the higher take rate and better unit economics.

As you can see, adjusted EBITDA as a percentage of the distribution value is growing. That is linked with the fact that our MFS business have a better unit economics.

However, of course, the adjusted EBITDA margin due to, I would say, the accounting measures is decreasing to the 43%. This is in line with our guidelines.

Of course, the strong performance of total adjusted EBITDA is very visible on the screen. Going to the change of the mix, I think we were repeating this during our IPO, but it's always good to kind of put in front of you an understanding of the shift of the mix.

As you can see, the shift of the mix from the 44% to the 63%, driving of course the growth of distribution to the $5.5 billion of the distribution in 2025, it's changing two elements. One is, of course, increase of the take rate.

You can see going from the 4% to the 4.5%. That is followed by the growth of the default.

The default is slight increasing from the 0.9% to 1.2%, but this is in line with expectation, and this is simply driven by the fact of the change of the mix. As we discussed with you during our IPO, keeping the cover ratio at 4 intact, and that enabled us to kind of the very healthy grow the business over the years, and it will continue in 2026.

Looking at the operational efficiency, of course, not surprising by this level of the increase of the business top line, profitability, and also EBITDA. You can see that we're obtaining the economy of scale, operational cost is dropping year-over-year, and that will continue.

At the same time, the CapEx, even though we are investing more in notional amount from 2024, you can see we invested $12 million for our IP and the development, but still is dropping. In other words, the point I'm trying to say is that the business is kind of the fixed in cost and fixed in nature, and we kind of enjoying the economy of scale going forward as well.

Just talking about the net working capital. As you remember, during our IPO show, we were telling you about the change of the net working capital, which is investment for us as we grow in the business.

During this time, we were telling you that we will be stabilizing the change of the net working capital as a percentage of revenue. What I'm pleased to kind of report to you is that according to our guidelines and in line with the expectation, you can see the decrease of the change of the net working capital from the first half of the year 2025 to the second half of the year.

In other words, we kind of stabilized this ratio in the middle teens, and this is in line what I was presenting to you during our roadshow in November at the IPO time. That also drives, if you look at the cash flow contribution, that also drive let's say the contribution conversion.

You can see that the contribution conversion in the second half of the year in 2025 crossed the 50%, you can see it's higher than 2024. This is linked, of course, the better usage of the net working capital, and that should continue over the next period of time.

Going back to the profit after tax, as you can see, due to the one-off costs, our profit after tax is increasing 90%. As we discussed it, there is a two elements of the one-off in nature: one being, of course, the IPO-related cost, and second of all is kind of the IPO management compensation.

This is one-off in nature, and of course, kind of drives the total profitability. What is more important for the business and for the valuation of the performance of the business is normalized net income and normalized kind of net profit.

As you can see, if we normalize these numbers, our baseline is increasing by the 57%, reaching $57.8 million. This is tremendous performance.

This is amazing performance, and I believe let's say it's you cannot find a lot of assets with this type of the growth in the type of the business. Efficient capital structures that support scale: as you can see, we're using the off-balance sheet nature.

In other words, we're using the strength of our partner and the partnership. As you can see, as we're increasing our contribution from MFS, the source of the funding is changing.

You can see the increase of the off-balance sheet financial partner liquidity facility, and of course, the bank guarantee. Both of them is very effective, and both of them is kind of driving the growth of the business and in line with the growth of the business.

This is the summary. Not going to the details and probably we'll go to the question, but I'm very proud of the performance in 2025, especially the performance of the business in the first and second half of the year was quite strong.

We not only delivered the growth, the top line, we also delivered the profitability, both EBITDA and profit. We exceed the expectation of the market.

We improve our kind of net working capital conversion, and we also improve the cash flow conversion. All of this element is a tremendous achievement of the company.

I will hand over to Salvador.

Thank you, Mariusz. As he said, outstanding performance, beating and exceeding the expectation of the market, very balanced in all the metrics of our operation, which is absolutely critical for us.

Let me just give you a little bit of the outlook about 2026. We have already nearly three months over.

You will see that we are going to even upgrade our guidance of this announcement today, and that means we feel very comfortable with the performance of the business, even with the conflict of Iran. We really believe we're going to exceed even the guidance that we provide as part of the IPO.

Of course, we believe the tailwinds will continue in the markets that we operate, either because of the increase of demographics, GDP per capita of those economies, and definitely the establishment of the mobile money as the way of interact in this part of the world. Also, with the favorable regulations, regulating more and more digital lending, that it's very much in favor of what we're doing in a market that it's a huge in terms of unbanked population where the credit is being extended thanks to the technology, and where the type of model that we just apply, the partnerships, I think is the right equation in order to continue scaling our growth.

We have clarity in terms of our strategy. We know what we need to do.

We've presented as part of our IPO a lot of growth coming from our core, our existing deployments. We foresee growth in each of the deployments because of penetration, but also because of denomination.

Definitely, we're going to open up new deployments as we speak, and we will talk about that. The future for us are the new products and the new ecosystems.

You will see the detail in the next slide, and definitely continue betting in Asia as our next destination. We have seven priorities for the company that has presented as part of our kickoff and leadership meeting.

Definitely, the most important: deliver on our promise, always deliver on what we say. We want to be closer to our customers, and that's why we change the organization, create a regional organization and merge in the different line of business, one single front end for our customers.

We are more and more industrializing on what we do, and this is important because we are gaining size, and that will help us to improve the speed and the replicability of what we're doing and expanding our frontiers in terms of products and in terms of markets. All, of course, keeping state of the art of our algorithms, our platform, and our technology, and attracting and retaining the right people across the company and the different markets that we operate.

Being more precise on what we're doing, as I said, we foresee a lot of growth in the existing accounts. We are also investing in marketing.

We are optimizing. We are sub-segmenting.

We are being more sophisticated even in discriminate on pricing depending on the population. There is a significant growth that we will achieve in the existing accounts, although, of course, we continue expanding.

Our next territories that we want to open hopefully this year are the big markets that we are not there yet in Africa. Kenya definitely will be the next one, but also we are very optimistic with Egypt and Ethiopia.

We will expand with new partners, relationships. M-Pesa is coming to the door as part of our deployments this year.

On the future side, we are very active on new propositions and new products. In the first quarter, we are launching two new deployments on small and medium lending propositions that will also be, in my opinion, expanded to most of the territory that we are providing lending to retail.

We are active on the new products, Telco BNPL providing telco service on installments or virtual line of credits. Hopefully, Mozambique will be the first deployment that we would launch this proposition.

Definitely, also continue expanding in Asia. Expect to open MFS propositions and services in Malaysia and Philippines as part of the year with a very, very healthy pipeline in terms of number of deals, but also in terms of the potential of those deals in that market.

Let me maybe deep dive in our partnership with FirstRand. As everybody knows, they invested 20%, they got 20% of Optasia in parallel with the IPO.

We've been working with them, trying to understand the potential opportunity working together. I would say that there are significant opportunities and we're working on them.

Maybe just to name three of them: we're working on opening up and help them in the markets that they have wallets to provide microfinance services, and if that will be live during the year; we are also taking the advantage of them becoming our lender on record and finance it in the markets that we both are present, them as retailer and us as microfinance operator; and also, we are working in future innovative proposition that could handle us to become state of the art, specifically in the countries where we both are operating. You will see the benefit of this partnership moving forward in the coming quarters.

Also, very important, today we announce the acquisition, our first acquisition after the IPO, the state of the art platform providing prepaid or credit on the electricity, the utility market. Finergy is a platform with a state-of-the-art technology allowing us to provide credit to people that are prepaid the utility usage.

This is being properly integrated at the meter level. As everybody knows, Africa and also Asia is predominantly a prepaid market on the utility side.

Only in Africa, we estimate that the lending market on the prepaid utility side is close to $10 billion, and we continue growing and doubling this amount in the coming 10 years. These are fantastic market, full prepaid in most of the cases, and the idea is to provide electricity the same that we do with telecom service.

We provide the voucher in advance, and we recover with the ability to recover at the meter side and secure the payback. It's a new vertical.

It's very much in line with our strategy to open up new line of businesses. It was something that it was clear on our side, and we have been able to complete the transaction in this first quarter of the year, and we will launch the operations moving forward.

We foresee impressive growth in this part of the business, but also we foresee important synergies with our business on the data side, on the platform side, and also on the commercial side. All this business, of course, is out of our guidance, and that will enrich and expand the potential opportunity of Optasia growing and providing financial inclusion in different parts of the market.

Maybe to finalize and to reiterate that we wanted to update and upgrade our guidance for 2026. We provide some indications as part of the IPO, but today we are confident that we can beat those numbers.

The revenue growth we expect to be above 30% year-over-year. In the case of our EBITDA, our operating profit, also we expect to grow above 30%.

We are keeping our net income growth at the level or above 40%, and our capital expenditure in the level of 6% of our revenues. With this, I believe it's time just to open up the space for the questions of the different people that are part of this call.

Thank you.

As we said, we have a very rich pipeline as of today. It has been included in one of the slides.

We're talking about more than 160 deals live. That means more than $200 million of annual revenue on those deals.

This is first. Second, yes, I would say the activity is massive at this stage.

We believe we can double the number of signings that we achieve in 2025 across the different geographies. In the case of Africa, it's, of course, in our existing deployments open up with new partners and new services, specifically, and as I have just mentioned, we are putting emphasis in new geographies that we don't have even presence.

I was talking about Kenya, and I will talk about M-Pesa in a second. Kenya is our next destination.

It will happen in 2026, as we already mentioned as part of the IPO. We are positive in Egypt, exactly the same.

We have started to have opportunities in Ethiopia, which is also a very big market. On top of that, we're talking about South Africa, we talk about Mozambique, we're talking about a lot of the West countries, also French-speak West Africa countries.

Yes, I would say I'm not going to provide more detail on that because it will happen at the time that the deployments have been fulfilled. The activity is massive, and if I talk about Asia, I also mentioned that we expect at least two MFS deployments in 2026, mainly in Malaysia and Philippines.

The activity continues, and the opportunities are maturing, and we expect a grateful 2026 in terms of deployments. Maybe mentioning on M-Pesa, as we already mentioned before, the deployments continues as we speak, and we are very positive to deploy with them in two countries in 2026, mainly in Kenya and Mozambique.

Those are the first two countries, and yes, we believe it's going to happen mid or end of first half of the year or beginning of the second half, depending on the regulatory approval. We are exactly in the same page that we were only three months ago, and we expect to announce that as soon as the deployments are live.

I think the whole collaboration is fully arm's length. It's based on the opportunities in the market.

What we are doing with them is just because of this strategic partnership is to find out where we can create value and where we can enhance collaboration. I was mentioning that for them, us being their engine of providing microloans in the market that they are operating with their wallet is a big win, and it's absolutely a great opportunity for both: for us because we will have a new deployments, also because we are entering in a new ecosystem which is the digital banking; and for them because that will create value proposition in their own market.

It's absolutely market-driven. There is nothing to protect to the rest of the shareholders because it's the other way around.

What we are going to do by this is creating additional value. On the other side, having them providing as a lender on record in some of the operations, it's also arm's length.

It's not exclusive at all, but it's an additional entity, financial institution, that allow us, because as everybody knows, we diversify always the sources of financing. It's great news, and the IP that it has been mentioned is not to use our IP; it's to use our services.

Thank you so much. I think we discussed about this during the IPO.

I think, of course, because of the change on the ACS to MFS, we have kind of the different way of the invoicing, because as let's say our way to the cash increasing from the 3 months, if you're talking about the ACS, to the 5 months. Of course, because of the change of the mix, we experience in the increase of so-called the matrix KPI, which was used and also presented in our financial statement, defined as a change of the net working capital as a percentage of the revenue.

Of course, the change of the net working capital as a percentage of the revenue is a key parameters of the cash conversion. First, I will deal with the change of the net working capital.

As you can see, we already proved that, let's say, these parameters, and I was discussing this during our IPO process, we stabilizing in the middle teens. We already proven that, let's say, these parameters already stabilized, actually improved, of the first half versus kind of the second half, and that will continue.

In our guidance, we're also telling to the readers is that as we stabilize the growth, this parameter should kind of go to the kind of the high single digits, and we on the way to deliver this over the next couple of years' time. At the same time, if you even take kind of the cash conversion, the cash conversion is quite stable.

It's more about linked with the growth, and we are in the range of the 40% of the cash conversion of the EBITDA, and that will sustain. In other words, as we are kind of expanding, the moment we reach maturity, of course, can expect this parameters go up.

As we speak right now for the kind of foreseeable future, I'm expecting this parameter to stays at the level of 40%.

Maybe, yes, to add that it was in the presentation, you see Mariusz just referred, the difference in between the first quarter the first half of the year and the second half of this year. It was being we refer to that as part of our IPO, and I think it's a very interesting data how it has evolved, all in line with our expectation.

We do not disclose much more information about the users, but, of course, as much as we are expanding the service, as much as we are growing our base. We have expand significantly the service in Pakistan, which is a great market.

That means more user coming to the equation. Ghana, Uganda, exactly the same, but also in places like Congo, the DRC, it's another area that we have expanded.

You see we never provide this information before, and that's why it's a surprise, but it's very much in line with the fantastic growth that we have had during the year in the MFS service. As much as we are going to open up new deployments, as much as you're going to see this growth going up.

It's very interesting to see how much the distribution has also evolved during the year. It's much more closer now to ACS.

I can foresee that that will be close to ACS or even not higher during 2026. Exactly the same in terms of users, you can expect a increase on the MFS customer base as we grow our business there.

The normalized OpEx as is as you can kind of see it was affected by the IPO here, yes. Going forward, you should expect the increase of economy of scale, which you already kind of see looking at the results 2025.

Going forward, you should expect these parameters, in other words, OpEx as a percentage of the revenue, further going down. Why?

Because, let's say, our cost is a fixed in nature, and as Salvador mentioned, we using a lot of kind of the AI in our processes within the different functions, so that will bring the benefit for the business.

It's early days. Definitely, we always say that our business is not so much linked to the macro; it's much more to the micro, and this is what we have seen in the past.

I would say that the only thing that I can foresee if the conflict continues and it is true that inflations pop up, could be in the medium term some devaluation of the currencies, that today are quite stable, but it's something to look at. We are not worried about the disbursements because, as I said, there is no correlation or not big correlation.

We will need to observe the inflation more from an FX perspective than any other thing.

Let's say, we always follow, let's say, the IFRS 9 and let's say this guideline. Presenting the ECL at disbursement was always our policy, it's not, I would say, change for us.

Change of the MFS as a nature is probably to state that we are controlling the risk, we are defining the risk. As you can see, the strong performance of the business and the fact that our default is only grew from 1% to 1.2%, you have to look at the context.

At the same time, if you look, let's say, the growth of the take rate, in other words, our revenue as a percentage of disbursement grew from the 4% to the 4.8%. It's simply change of the mix, but the risk, as it is, as we state, if you look at the country basis, it's stable, yeah?

We are controlling the risk. That will not change, and the recognition is always upfront and will be always upfront.

The increase of the business will not change the trajectory of the default. Okay.

I think it's as Salva mentioned, there is a lot of opportunity in front of us, and all of this opportunities is discussed on the arm's-length basis. In other words, of course, with the discussion with the FNB, how we can improve the usage, this partnership.

Of course, it will create some efficiency coming from the efficiency of the cost of the financing, the first solution linked with the edges. It's worth to state that the FNB is not only the bank we operating.

We have got multiple banks we operating, and this is always the case. It's more like adding one partner with the strength to use it and, of course, gaining efficiency, nothing else.

I think that, as we already mentioned, our deal signed at group level, and now we are working as country level, which is that what is important for us. It's a normal deal that will allow us to deploy in the different countries that we have, the same way that we do with MTN or with Orange.

The first country that it will be live, in my opinion, is going to be Kenya. We are pretty well advanced there, and I hope that it will be mid of this year, allowing us to launch micro extra cash or cash loan service with them.

The second one is going to be Mozambique. We are going to launch, for the first time ever, a virtual line of credits over there, using the M-Pesa platform.

Expectation will be more closer to the second half of the year, for sure, because the regulatory approvals are a little bit slower there. Third country where M-Pesa is quite active, I believe we can build a deal and partner with them is Ethiopia, but it's still early days.

I would say that the first two countries are the one that I have mentioned, and I believe that both of them will be live in 2026. I want to remark that will be two out of all the deployments that we're going to do across Africa and East Asia.

As I said, we have a big ambition this year to try to maybe double the number of deployments that will be live during 2026.

If you think about the capital adequacy ratio, you have to understand we strengthen our capital and balance sheet structure. During the IPO, kind of the raise the primary, and of course, primary kind of increase kind of the capital strength as we speak right now.

This is point one. Second point is that the bank guarantee increase will kind of follow the increase of the business, and we keep kind of always the ratio of the bank guarantee provided to the business at the same level.

Initially, the bank guarantee is normally higher, and later on, when it kind of progress, the bank guarantee is getting kind of lower and lower. That's probably two elements to understand.

What is important to get it, the structures we're creating, the bank guarantee is very cost effective. You think about the cost of the bank guarantee is at least 3 to 4 times lower than any cost of prefunding.

It's kind of getting efficiency. It's normal type of the business, very effective, and we are have a strong capital, no worry.

For the first question, we're not going to use debt to finance that. We have cash, and it's a combination of cash and shares.

This is how we're going to finance the Finergy acquisition. For the second one, which is the leverage level, I believe.

This is what the question, the second one?

I always looking at the leverage, we have kind of provided the leverage always be below 1. If you look at what is our leverage currently, is draw to kind of the very very low level.

Of course, we're talking about very small acquisitions, this transaction will not really influence our leverage.

I think it's probably to what I discussed before. You have to think about the portfolio effect and country effect.

If you look at the country effect, our default is very stable. We do it in the very methodical ways.

In other words, we have it around the baby-sitting period whenever we launch the project, we grow the business when we kind of be comfortable with the default, and we control the default, we define the default. The reason why you kind of have increase of default, it cannot be seen in the isolation of the increase of other parameters.

What the other parameters, is the take rate. If you look at the increase of the take rate, and I give you an example, I can repeat this example one more time, you can see the take rate is growing from the 4 times, sorry, 4% in 2024 to the 4.8% in 2025.

Of course, if you change the portfolio mix, you should expect default growing. We always say what is important is a relationship, and the relationship is very healthy.

Our take rate is 4 times more than default. We call it cover ratio.

4 times more. In other words, default have to increase 4 times before you break even.

Sorry, what was?

more acquisitions?" The timing that happens, well, Finergy just happened after the IPO.

It was definitely part of our strategy to build up a new verticals, and we have been able to execute that once we concluded the IPO. We believe that it's a market that it could evolve and grow significantly.

We have a unique position, unique patent, the one that we have acquired. We are able to intercept the credit at the meter level, which is unique.

I think the opportunity is fantastic across the different markets that we have already operations and services with our other line of products. If we expect more acquisitions, definitely, always we said that we will be selective.

Always we said that means to be value accretive. Always we said that need to complement what we're doing.

The answer is yes, if all this ticks happen. We are not eager to do acquisitions because of acquisitions.

We are very selective, and we're going to choose the right ones that complement either our geographies or our product lines.

As was discussed during the IPO process, we were presenting to the investors that the first dividend payment will going to happen after the closing of 2026, and will be paid in 2027. As we speak currently right now, we're keeping this guidance, there is no change.

I think we follow absolutely King V recommendations related to third-party transactions. It is a small third-party transaction.

We covered the market. This is a specific platform and it's a very unique platform, unique IP.

It's not easy to find out. We're looking at something that it has a significant competitive advantage.

We believe that it's the right time to do the acquisition because we want to get the benefit of the growth of the market from a transaction perspective, a governance perspective. As I said, everything was, of course, arm's length.

We have the independent directors assessing the whole process. We do not need a third-party assessment, but we asked for it in terms of the process and the valuation.

I would say the full transparency in the way that we have run and analyzed and approved the transaction coming, of course, from the independent directors.

That's a very good question. That, of course, it was always a potential alternative, build instead of buy.

The reality is that by buying this and this specific stage, it will allow to run very fast on the deployments. Today, Finergy is a reality.

They have the ecosystem been built. We have a fantastic pipeline.

We have a proof of concepts and pilots in four different countries. They have the technology and the proprietary of the IP.

For us, if we try to build that, it will take much more time. We will lose the opportunity of the timing, the time to revenue at this stage.

To be honest, the last and most important thing for me is that we need to be sure that we have the bandwidth to do all what we're doing. Remember, we are growing in our markets, we are opening new geographies, we are launching new products, we are building up in Asia.

For me, doing this acquisition at this level will allow to start running from now on, to build up an operating model that allow to grow this business as an independent line of business, and gradually to apply the synergies that we are looking at. It was being evaluated, but definitely the value creation that we're going to have with this acquisition is going to be by far much higher or higher than whatever we can do trying to build that internally.

This is, as you remember, this is a small part of our business. We continue trying to see how we can use the data that we handle in our platform.

The whole idea here is to try to offer a mobile service taking into account the intelligence that we have with a CVM type of approach. We are able to intercept someone out of credit and provide that with this type of service.

We launch initially in Nigeria. We are in a baby-sitting period.

We are looking at a second market, most probably in 2026, and based on that, we will see how much we can expand the service. It's a third line of business that we always talk about the idea of using some of the data to provide additional services in partnership with the telco.

This is exactly what it is.

No, we have not launched anything yet. As I said, the first set of services will be us providing them on the geographies that they have a wallet the possibility to provide cash advances or microfinance.

That is the idea that we have, and I hope that we will see some of these markets live during 2026.

Like water, yeah. When we say electricity, we talk about electricity, water, and gas.

It's the utility. It is true that we are focused more on electricity because it's 70% of the total meter base, but that doesn't mean that we will exclude in the future water or even gas.

Now in terms of execution, in terms of what we're doing, we are very, very focused because it's the largest market.

We don't have a limit today. Yes, we are increasing the sizes.

Yes, some markets this year, you will see that in Pakistan, you will see that also in our case in Uganda. The answer is we have not reached the limit at all.

As much as we're growing, as much as we are expanding our customer base, as much as we feel comfortable with it, we will expand. Just to be concrete, this year, you will see the increase in Pakistan and in Uganda.

In terms of default? Default.

Go ahead.

I think you have to probably understand, I think we were trying to explain during our IPO process, the way that the people who are getting the higher loan is normally the high-quality people. In other words, they stay with us longer, and normally you should expect, let's say, the people who are taking with us kind of the third, fifth, or kind of the sixth loans had by definition the lower default rate.

I would even argue the increase of the ticket size should kind of contribute to lower default in the future.

It's more about selection of the customer base, and sub-segmentation is what we're doing. We are very sophisticated.

It's not one single segment in a country, but different sub-segments, and for this type of loans that we're talking about, sub-segments that normally have a lower default than even the lower-end part of the pyramid.

As we discussed before during the IPO process, we're talking about the portfolio blended, yeah? You can have a change of the portfolio blend, you can experience from the point of time some deviation of the take rate.

In general, you should expect, the take rate to increasing slowly over a period of time, longer period of time. You shouldn't expect decrease of the take rate.

It's simply the change of the mix of the portfolio, nothing else.

There are two elements: the portfolio have the ACS and MFS overall, and inside MFS, which is what Mariusz referred, depends on the countries. The take rate will evolve in MFS depending on the take rate on the different countries.

You can expect some fluctuation, but I think the overall trend, as he mentioned, in the future will be always going up.

As I mentioned before, we are always looking potential platforms or a company that could complement what we're doing, and this is an active practice. Far, there is nothing in the pipeline to come immediately, but it's an active situation.

If we are able to find a platform that allow us to open up a vertical like the case of Finergy and there are synergies with our operations, we will look at it. If we are able to find a company that allow us to increase our penetration in Asia, for instance, by doing the acquisition, we're going to look at this.

We always said that it's about selective acquisitions, and this is what we're going to do. If they are value accretive and can create value for the future, we'll look at it.

We're not going to provide details on the earn-outs, but that is definitely based on a business plan, which is aggressive and we will welcome these payments if it's been achieved because it's a really aggressive business plan. We will not provide any detail.

In terms of the business itself, what you can expect is a contribution of our top line in 2027, I would say more contribution on the profitability '28, and definitely cash conversion in '28, '29. This is the outlook that we have because at the beginning, as you can imagine, we are prioritizing the growth over anything.

Until the contracts are not properly signed, we don't want to open up. The answer is yes, I would say we have active discussions with absolutely, I would say, 95% of the operators, the big operators in Africa.

Of course, we have operation with MTN, Orange, Airtel, as you mentioned, Safaricom, we have operations with Vodacom. There are others that are happening.

I'm not going to mention them, but I would say you can expect a new names coming to the deployment list in 2026 from groups that we do not provide service as of today.

You have to think about this question in the context. We're already having, let's say, more than 60% of the business around MFS.

You shouldn't expect so dramatic increase of the take rate and default over a period of time. It'll be kind of a small increase, trajectory going up.

Where it's going to be going? I think it's difficult to kind of say at the moment.

I would say trend is upwards, and will probably, in some future time, will probably cross the 5%. If it go further, it depends on the mix.

In default rate? The default rate

will follow the increase of the take rate, simply as you remember and we always talking about, we keeping so-called the cover ratio. This kind of the golden rule, the 4 times cover ratio.

If your take rate is increasing, of course default can increase.

Thank you very much.

Thank you.

Thank you.