Good morning, good afternoon, and good evening to everyone joining us for this particular call, where we'll get to discuss our results for full year 2026. Indeed, we are really glad that you could make time to join into this conversation.

My name is Caroline Wambugu. I serve as the Head of Financial Planning, Analysis, and Investor Relations here at Safaricom, and I'll be moderating the session.

We'll take it that you did manage to at least get to listen to the conversation this morning when we released our results, whether from a live session or a post-recording. Having said that, we did confirm that the materials had been loaded onto our website, which we trust that you've been able to download and interact more with them.

This particular session is to give you that opportunity to field your questions to the leadership so that we can be able to address as many questions as possible. For that reason, we'll have a very short update from our Group CEO, Dr.

Peter Ndegwa, followed by some remarks as well from our Group Chief Financial and Innovation Officer, Dilip Pal, who will speak briefly about our results that we announced earlier this morning, and then, therefore, pave way for a longer session to get to field your questions. Before we start, allow me to just request us to go through a bit of housekeeping rules.

First and foremost, please join with your full names for ease of identification. Even when you post your question, just ensure that you have fully identified yourself and the organization for which you work for, just to make the conversations easier.

At the same time, we want to encourage you to post your questions through the Q&A tab, and we'll be able to read them out on your behalf for the leadership to be able to respond to that. We also do have a live transcript that has been made available, as we try to really keep to our promise on diversity and inclusion.

For the comfort anyway of anyone with hearing difficulties, please access this by clicking the CC tab on the bottom of your Zoom application, and you'll be able to follow through with the conversations in a more comfortable manner. Should you require any other form of assistance that may not be directly related even to the subject matter of the call, you could write us to us on the chat platform, and the investor relations and support team will be on hand to support you.

With that, allow me to invite and indeed welcome our Group CEO, Peter Ndegwa, to please make his remarks. Peter, over to you.

Thank you, Caroline. Please confirm that you can hear me.

Okay?

Yes, we can hear you, Peter. You may proceed.

Yeah. Good morning, and also good afternoon and evening, depending on where you are calling from.

Caroline has set out the context, I won't kind of go through the intro, but there is enough of the management that is here today, if you have any question, we can always deal with it. I will just very briefly speak about the results we announced today.

This morning, as Caroline has said, we announced the results. We are very pleased with those results in the context of the shape of growth that we expected, the shape of the P&L that we are delivering, the health of the business that we are seeing in both Kenya and Ethiopia, and the progress, in particular, that we have made in Ethiopia in terms of resolving some of the more external issues that affect the business and gives us a pathway to sustainability in future.

In a summary, I wanted to just take you through three things. One is just highlights or just summary of our read of where the economies are, or macroeconomic environment and how that influences and shapes our business.

The second, in summary, just talk about the results themselves, and then deal with any other issues that I may feel is appropriate at this stage. From a macroeconomic perspective, starting with Kenya, very stable parameters across inflation, GDP growth, interest rates reducing, stable currency.

All the macro parameters look very much under control. However, we know that the country still faces fiscal, and we are going into a finance bill period, and also the whole impact and the unknown impact on the Middle East war.

We feel that stability is helpful, but we need to be very watchful of the impact of the fiscal pressure the government faces, but also the inflationary or impact on customers as far as the Middle East war is concerned. We believe that customers, therefore, will continue to be under pressure, and we saw that in financial year '26 from a disposable income perspective, and then therefore we'll have to continue to offer more value.

Segmentation is important, and more value is important. The good news though, from a regulatory perspective, we've now confirmed and secured our 25-year license, operating license.

I know some of you will have asked in the past because it was extended to '26, what happens after that? Now this has been confirmed, which is great news, provides a level of predictability that is good for the industry, not just for Safaricom, but for the industry.

From a regulatory perspective, we know that there is still residual issues that we need to deal with, especially on the financial services side, whether that the switch, also on the GSM side, the non-terrestrial regulatory framework is still not finalized in terms of satellite. Kenya stable, but prone to risk.

Also we are coming next year to an election year. On Ethiopia, again stable macros, a high GDP growth, inflation stabilized.

Of course all these things is subject to what happens with the impact on the war in the Middle East. The second is Ethiopia also has equally fiscal challenges that it needs to deal with, probably more externally dealt with through the whole program that they have, and Wim I'm sure will be able to update that at some point during the call.

Then of course from a security perspective, elections are coming in about a month, we believe that that's looking stable, but from a security perspective, we continue to watch the space. From a regulatory perspective, we believe or we feel that there has been material progress, especially on the GSM side.

We have been at the issue of driving a more sustainable business, the regulator finally made the decision to allow the industry or to compel the industry to make sure that we sell above cost, but also we have clear infrastructure sharing guidelines, which have now been announced. We have benefited from that from a pricing standpoint.

We've decided to do it on a gradual basis rather than wait until the end. When you look at the results, you need to take them in the context of those two macroeconomic parameters.

Summarizing the results, very pleased with the Kenya results: double-digit growth across the board, very good health of the business, balanced growth, which is also quite important, and benefiting continue to be the powerhouse of the group. In Ethiopia, the benefit in H2 of pricing will show up or has shown up in positive results for Ethiopia.

We have halved the loss in Ethiopia, which also of course has benefited the group. At a group level, we are very pleased with the profile of growth, the overall health of the business, but more importantly, that we are now clearer, I should say, not necessarily clear, but clearer about the path to sustainability from a regulatory perspective in Ethiopia.

I will leave it there, and I'll hand over to you, Dilip.

Thank you, Peter. Caroline, confirm you can hear me well?

Yes, we can hear you, Dilip. You may proceed.

Thank you, Peter. Good morning, good afternoon, and good evening to all participants.

As always, we are very pleased to engage with you following the release of our FY26 results. For those who have not yet reviewed our earnings materials, I encourage you to do so for a deeper understanding.

We know several of you also joined in the morning release announcement, but let me share some quick highlights for the benefit of those that may not have had a chance. Overall, Safaricom Group has delivered a very strong set of results, with solid growth across our core business in Kenya and encouraging progress in Ethiopia.

I'll just talk about a few areas to allow you to ask questions. Starting with Kenya, customer base continues to expand, reaching nearly 58 million on a 90-day basis, with close to 40 million active on a 30-day basis.

This reflects the trust and loyalty we have built over 25 years. M-Pesa remains the engine of our business.

Revenues grew 13.4% year-on-year, again another double-digit growth delivery for M-Pesa, now contributing 45.6% of the service revenue for Kenya. Within that, payments revenue grew nearly 18%, both supported by consumer and business.

Our merchant base more than doubled to 3.1 million, with revenue up 36%. Credit customers doubled to 18 million.

Also our wealth products are now gaining scale, with over 21 billion shilling asset under management. The M-Pesa app, I'm referring to the old M-Pesa app, have really gained traction last year, with usage up sharply and also contributing more than 10% of M-Pesa revenue.

Connectivity business, which accounts for almost half of our base revenue, also performed well. Mobile data grew 14.4% year-on-year, driven by wider adoption of 4G and 5G devices, with average usage per customer rising nearly to 5 GB per customer per month.

Voice revenue recovered in the second half. You recall our discussion in the H1, we had a decline in voice revenue, but we also signposted that H2 we expect it to be better, and actually that has helped with recovery, ending the year slightly in a positive note, with about 1.3% growth.

Fixed revenue also grew 12%, 12.2%, with strong momentum in the consumer segment, which grew 19.5%. We maintain our cost discipline.

Direct costs were broadly flat, and operating costs rose mainly due to forex and the advertising and promotion expenses relating to our celebration of Safaricom at 25 and also as M-Pesa at 18, leading to a very strong contribution margin of 75% and opex intensity stable at 18%, of course supporting a healthy bottom line. Turning now to Ethiopia, we are seeing rapid scale.

Active customers reached 13.6 million on a 90-day basis, with mobile data and voice usage growing sharply. Service revenue more than doubled in last financial year, with mobile data contributing two-thirds of the total.

Voice revenue also more than doubled, now accounting for 21% of service revenue. Importantly, on financial metrics, losses are now narrowing.

EBITDA losses reduced significantly in the second half, and start-up losses declining by over 40%. The pathway to break-even is becoming clearer, and we are confident in Ethiopia's long-term potential.

At group level, the numbers are very strong. Service revenue grew 11%.

EBITDA rose 35%. Net income excluding minority grew 67%, excluding impact of IAS 29.

Operating free cash flow was up over nearly 40%, supported by lower capex, overall group capex, and stronger earnings. Debt levels remain stable, with a healthy long-term profile and reduced interest cost.

In summary, Kenya delivered record results across all key metrics, while Ethiopia showed strong customer growth and reduced losses. You have seen that board has also recommended a dividend, the full year dividend of 2 shilling per share, which of course 85 cents was paid interim, and the balance 1.15 per 1.15 shilling per share would be paid after it's approved in the Annual General Meeting.

This is the highest dividend that we have ever paid. Together with all of this performance and our record dividend payout, this performance truly underpin our Vision 2030 strategy, and FY26 was the first year of that strategy, and give us confidence as we move into FY27 with solid momentum.

That's all I wanted to say, and thank you very much. Back to you, Caroline, for Q&A.

Thank you, Peter. Thank you, Dilip.

Analysts and investors, what I'll do, I have seen lots and lots of questions come through, I'll try and theme them so that we get maximum benefit from this call in the short time that we have together. I see a question from Mike of Avior and Rohit of Citi with respect to the Ethiopia guidance.

Allow me to combine those two. Dilip, I'll request that you respond to this question.

The question in a nutshell is, can we provide more color on the Ethiopian guidance, particularly the key underlying assumptions, and, for example, what level of subscriber additions are we targeting for FY27? What effects assumptions are embedded?

I know Rohit you're asking too much of the detail. Really what Rohit is positioning, which is also the question coming from Mike, is given that depreciation and amortization is approximately 22 billion in FY26 and guided that FY27 EBIT losses will be in the region of 12 to 15 billion, this would imply a positive FY27 EBITDA of about 7 to 10 billion assuming depreciation remains broadly unchanged.

Does that imply that the business is expected to exit FY27 with positive EBITDA and not just break even during the year? I think Dilip is just some color around the Ethiopia guidance in terms of some of the considerations.

Having said that, I think Rohit, just to help you and for the benefit of the rest on the call, if you could go to page 37 of the results booklet, it gives you the numbers with and without IAS 29. Remember we guide without IAS 29.

The numbers exclude IAS 29 adjustments. The 22 billion you're actually quoting for D&A is 15 billion excluding IAS 29.

Remember that's where most of the unwinding is happening. Please note that the base number to use is the numbers excluding IAS 29.

Having said that, Dilip, if you could please respond.

Thank you for those question. I think maybe I'll start with the one on the EBITDA.

I think looks like you have done quite a bit of calculation, and of course we don't guide on our EBITDA other than the fact that we have reconfirmed the EBITDA break-even in FY27. Now, EBITDA break-even in FY27 of course means that it could turn into a positive.

I'm not able to confirm you on EBITDA because that's not what we guide for. Of course you have seen the EBIT number, and EBIT number, I think we spoke about that the EBIT losses now coming down significantly.

It's half of what losses that we reported for FY26. I think this is also coming from the fact that if you look at the EBITDA, to look at your EBITDA question, the way to see is the FY26 EBITDA split of the H1 and H2.

For the 15 billion loss, 15 billion-plus loss for FY26, we had about 12 billion, 12. 12 and a half billion loss in H1, and that loss reduced to 2.7 billion in H2.

Obviously the trajectory is what gives us the confidence that and also the service revenue growth profile, you have seen that the Q4 revenue growth momentum is the best that we had in the entire year, which is also supported by the price revision that we took in December, January, and that it's just a one quarter impact. Although you can see the split of H1 and H2 revenue, H2 revenue trajectory is much better.

Remember, there is only one quarter impact of the full price revision that has actually come in FY26. As Peter was mentioning, that the full impact of that will be visible in FY27.

Without getting too details into it, I think yes, we reconfirmed our EBITDA break-even for Ethiopia in FY27. Now, on customers and on currency, Rohit, to your question, I think on the currency, it's not necessarily something that typically we do few scenarios, what has been the currency scenario in the past and how it can play out.

Of course, we don't have a full view or full understanding about how the Middle East war will play out. By the way, that applies both for Kenya and Ethiopia.

For Ethiopia, I think there is that part of not necessarily so much on the fuel cost because we don't have reliance of diesel a lot on Ethiopia, it's mostly what happens because of the fuel cost-led inflation, which could change the trajectory. At this point in time, we don't necessarily have a full visibility, a full assessment of how this will shape up.

Beyond that, I think on the currency, you have seen that throughout the year, H2 ETB to dollar remain mostly stable. I think probably the slowest decline of currency that we have seen.

The euro to ETB although was a different story, but that was not specific to only Ethiopia. That happened in pretty much every countries, including Kenya.

I think there are few scenarios that we normally do when we build our guidance, and then we go ahead with what we think is the most likely scenarios, and that has also implication of currency and also remember the point Peter has raised that the price revision is a staggered price revision. The impact of the full revision is still not seen because the full revision of price has not happened.

You will see probably in the coming days more price revision coming to place, and that is also part of the assumption. I think on customers, we had a very good momentum in FY26 moving from 8.8 million to 13.6 million on 90-day basis.

We have seen across voice, mobile data, customer growth. Of course we remember our discussion around the medium-term outlook of the scale business, which is on customer about 15 to 20 million, and then base stations or sites around 4,000.

We are not far away from that. Obviously on a scale business, that's what we believe that we will be coming closer to that in FY27.

You can assume that the numbers will be broadly around that, both for sites as well as for customers. Caroline, I hope I have answered all the questions.

Yes, yes. You have, Dilip.

Thank you very much for that. It's given us some good flavor.

Still speaking to guidance, Dilip, maybe you can also make mention on the capex, the question being, what is driving the lower capex outlook for Ethiopia? Are we increasing reliance on external or shared network infrastructure?

How should we think about the margin implications of this approach?

In our past discussion, if you recall, again I'm referring to our medium-term outlook that had on the scale, on customer, that spoke about sites, and that also spoke about EBITDA break-even and the investment period. What we have spoken about in the past that we are coming out of the peak investment period, and getting closer to the scale business, that's what is coming in this year.

The reduction is very much part of the planned capex that we have planned for. It doesn't mean that we are not going to invest in future.

It just means that the way we plan for our business to scale with the level of capex that we wanted to put in, it is how that it was planned for, and this does take care of we are not compromising on our ambition to reach to the scale business in terms of the number of sites. That very much part of our plan, and that's how the number is.

I think we did signposts in the past that the group capex, which actually increased significantly in the past, is likely to come down, and you have seen in the last 3 years every single year overall group capex is coming down on the back of reduced capex from Ethiopia. Having said that, I think we'll always look for opportunities to see as any scale business, look for opportunities to grow the business beyond the scale business, and that will also show up in some form of shape, but that's not necessarily part of the way defined our investment period.

The capex guidance that you see is in line with what we have provided you kind of investment period, and therefore the capex investment that we have planned for. Caroline?

Yes, thank you, Dilip. Peter, would you like to add something on that?

Yeah. Dilip has covered it pretty well.

Probably the one dimension I wanted to add is to say that we, in sizing how we face capex, we've also looked at ability to sweat the asset, as Wim calls it, which is we've invested a lot, we are everywhere in the country, are we utilizing the asset base that we have in the way we want it utilized, and also to secure the kind of margins we want into the future. Then the third thing, and Wim will be not happy well, but will react to this, is we also want to hold ourselves to account for delivering break-even within the profile of capex or site size in that we wanted.

Then once we're in a good place, and actually a lot of the regulatory issues have been confirmed, then it's easier to now have a path that allows us to accelerate, but with much clearer cash flows implications and less kind of risks around it. That's also one of the other dimensions.

We are not kind of denying the business capex with growth potential.

Thank you. Thank you, Peter.

Now that you have the mic, Peter, I'll request you respond to questions around the M-Pesa app, generally the query being around how long the M-Pesa app disruption lasted, and whether we expect to see any impact in our performance from that. Peter.

I think my iPad was making sure that I don't answer the question. Probably it was going to call someone else to answer the question, but very happy, very happy to answer the question.

When we announced the results this morning, I said that we did not get the actual launch right. The actual design of the one app is very strong, and the intention is to create a house of value that brings together Safaricom and M-Pesa app into one kind of properly designed and with the same design principles that allow our customers not to come into the app because they're coming for GSM services or because they're coming for M-Pesa services, but to come to a house of value for Safaricom.

The philosophy is right, the design was okay. The way we launched it was not great, I have to say, because we caused unintended consequences.

The first is we realized that there was lots of customers that had set the M-Pesa app, or rather their app, whether it's M-Pesa or Safaricom, for auto-update, therefore they were upgraded to a new version, they were not aware of it. I don't think the team understood that we would have as much kind of flow, and it was a large number of customers.

Then the second, for our diaspora and roaming customers, there was complications about authentication because one of the things we designed into the new one app was to make sure much better security features in the back end, and that required fresh authentication. That's one of the reasons why, and I saw a question on why we are asking customers to use Safaricom SIM, that's one of the reasons, because what we realized is fraudsters were directing fraud depending on your level of vulnerability.

We wanted to secure that. As a result of that, we got a lot of customer feedback.

We set up a crisis team, and I have to say we have seen significant improvement in terms of functionality and experience. We have been testing with customers every 2 days, especially on the Android.

We actually have made very good progress, and we are in very good territory. On iOS, there is still work to be done, and certainly on diaspora, there is work that has happened, and there's now beta testing on an app that we want targeted at that, and a specified focused care, whether that is email or otherwise, that will allow us to make sure that we channel the issues that non-domestic customers have.

My belief is that we will end up with much better UI/UX, with much better experience for customers, and with a much better app. Of course there's legacy feeling from customers that we should have launched it better, and that we have to continue to manage.

We apologize for that, and we continue to really, really stay close to this issue. I wanted just to leave it there, but saying it's being handled, it's improving, and we believe that it'll make a big difference.

In terms of revenue, remember that the reason why we are setting it up is so that it delivers the right experience, and these customers, we have not seen any major impact from a revenue perspective. We don't want to focus on revenue at this stage.

We want to focus on ensuring that we get intuitive, secure UI/UX and experience that we wanted everyone to have. Caroline, I hand over back.

Thank you. Thank you very much, Peter, for that.

Wim, I'll request that you respond to these next questions, actually two questions from Tracy of SBG Securities. The questions are, the first one is, how is Safaricom Ethiopia positioned in pricing versus competition post the price increases?

She's basically seeking to understand premium, discount sort of variations in the voice and data pricing versus competition. Then you can also respond to her second question around population coverage, how the population coverage for Safaricom Ethiopia compares to competition.

Wim, over to you.

Thanks, Caroline, for the question. Let me take it on the pricing.

On data, Safaricom has a slight premium, 10 to 15% overall on average. It also depends on some of the packages, especially on the big volume bundles, we are more expensive than competition, but blended on average about 10 to 15% price premium.

We think we can afford that because we are offering still the better user experience, so that premium comes also with much better speeds. On the voice, it's slightly different, especially on-net voice, we are discounted versus competition.

Which is logic because we are the data network primarily. That's how we entered the market, and now on voice, we are a bit discounted versus competition.

You've seen in our results that the voice revenue is actually growing disproportionately, so that strategy is working to get more relevance and converting more customers from just data users also to upsell basically voice services to them. On voice, we're slightly discounted versus competition.

Population coverage, 4G population coverage, you know that we roll out a network 2G, 3G, 4G. All our sites are 4G coverage, we have 60% population coverage.

Competition claims 70 to 75% 4G population coverage. There is no independent study or assessment made by the regulator to confirm this data, not be able to comment on that.

Our 60% is for sure real, and it used to be higher than what competition has done. I'll leave it at that.

Cannot comment on competition population coverage at this stage.

Thank you. Thank you very much, Wim, for that.

Then coming back to you, Dilip, two related questions, one asked by Maddy and the other one by Tracy, with respect to M-Pesa performance. The question being around why there was a decline half-on-half with respect to the growth of M-Pesa revenue, if you could discuss any drivers around that versus trends, just the deceleration in growth of M-Pesa half-on-half.

I think there is nothing on operational or commercial execution part that comes out specific to this H1, H2. I think we have always been signposting that we continue to grow M-Pesa with double digits, and we have been growing.

I think also depends on sometimes the base effect of that, but what we can confirm you that there has not necessarily been any commercial reason or rational or any particular part of the business that is slowing down or caused any concern on that. I think overall, M-Pesa revenue profile, the growth profile, volume, transactions, and monetization pretty much remain similar between H1 and H2.

This is not a concern other than the fact that it could be a base effect or it's just the seasonality on how things shape up. We continue to grow, as you have seen, that we talk about growing M-Pesa revenue double digit as far as our medium-term outlook is concerned, and we continue to deliver that as well.

Back to you, Caroline.

Thank you. Thank you, Dilip, for that clarification on the growth of M-Pesa.

With that, I'll request, Peter, if you could respond to this next question from Maddy of HSBC with respect to FX availability. The question reads, can you please discuss the FX availability situation in Kenya?

FX rate looks quite stable despite the global FX trends being very volatile. Are we able to get enough FX for capex and dividend distributions to internationals, any issues in getting money out of Kenya right now, just for some color on FX availability, Peter?

That's a great question. I know that we faced liquidity challenges, or at least investors faced liquidity challenges sometime 2021, '22, '23-ish, and there was a long time that was taken to be able to deal with some of those challenges.

I think the benefit that we have seen with the current governor is he has been very deliberate in ensuring that the market continues to operate in the way it's always operated. Liquidity is very good.

The import cover is very high. I believe, Dilip, you can confirm, but it's closer to 6 months, which says that liquidity for the country is good.

Who knows how it will be affected by the current war in the Gulf because liquidity was also improved because of the way that the country was also sourcing oil for the country or refined oil for the country. When you go on the private side, we have not had or faced any issue, certainly not us.

Remember we also have access to IMT flows, but that notwithstanding, even from a customer perspective, we have not felt that the market has faced any challenges, and we don't hear anything like that from banks. I do not believe that there's any issue that was experienced before.

That is before we factor in any implication of the current issue in the Gulf. Dilip, feel free to add any further color.

No, thank you, Peter. I think you covered pretty much everything.

Maddy, from a reserve perspective, yes, absolutely I think the highest level Kenya Central Bank had ever had, there is no liquidity issue market for even normal consumers. I think that's absolutely there.

I think the issue could be because fuel is the biggest part of the import, and then how prices shape up in the future and what are the other implications is something for watch out. Right now, it's quite comfortable.

Thank you. Thank you for that, Peter and Dilip.

There are a couple of questions on fuel and energy costs, which I believe are coming from a place of the fact that there is potential exposure with respect to Middle East war. Maybe, Dilip, and maybe Peter could add on, maybe just some color around the Middle East war impacts in terms of potentially what we see right now in as much as it's still early days.

I think that's one of the emerging issues that Peter spoke about in this morning's presentation. In a very stable macro environment, the Middle East war is what is now the emerging risk, which you don't have a full assessment at this point in time.

I think I'll try and see. From what is happening in Kenya, initially we didn't have much of impact coming in because the prices were negotiated before, and then there was availability, there was no issue at all.

Then we have seen an increase in the diesel price along with the reduction in the VAT, but still an increase in the pump price of diesel, which does impact. I think to that extent, you can say that risk is already crystallized and that we are aware of, and you could say we have factored in.

Beyond that, there are other issues linked to that. One is availability, and then the ripple effect of fuel price in the overall inflation and logistics.

I think that's what we need to watch out how that plays out. From an availability perspective, we typically are able to secure about 2 months of stocks at any given point in time.

We store them based on our contract with the oil marketer. We cannot guarantee price, at what price we'll buy, but at least it will be available.

Both Kenya and Ethiopia, the telecom is an essential service, and therefore whatever at any point in time, it is prioritized for the telecom operators. For Ethiopia, I think beyond that, the actual reliance and actual impact on the fuel is minimal.

I think Wim can add on to that. It's not necessarily a big impact on the cost side because we have less reliance on diesel.

The challenge is on the impact of the fuel price increase on everything else, and therefore inflation. You've seen the inflation, the lowest inflation in the last how many years, maybe 10 years or 8 years, this is the lowest that we have seen we had a single-digit inflation.

That could change, and that could also have an impact. It is fair to say that what we know now is what is factored in in our guidance in both Kenya and Ethiopia.

What we don't know, you don't know, and obviously you have to assess and see how this shapes up in the balance of the year, and I don't think any one of us have any better view on this beyond what we know now today and which is what we cannot comment on. This is confirmed that an emerging risk we are monitoring and tracking very closely, both from availability, ensuring that customer services is not disrupted, but also on the cost of fuel, as well as the implication on the inflation.

Peter, Wim?

Let's start with Wim on Ethiopia, but happy to comment on Kenya briefly, just to add to what you've said. Actually, I may as well do it now rather than hand over to Wim and then revert back.

One of the other elements that is making us feel that our strategy has worked is over the past 2, 3 years, we have been on a big energy modernization program where we are solarizing and also modernizing our energy needs, especially on sites. As a result of that, we now have 2,000 fully modernized.

Others are already in flight for this financial year. As a business, we believe we'll be more resilient long term, not short term, of course.

Short term there's still a lot of implication, but certainly we believe that investment will pay off and is starting to pay off even as we mitigate, because we'd have had a much bigger risk if we didn't have this program in place. Wim, you can answer some of our prioritization in Ethiopia.

Thanks, Peter. I can confirm what Dilip was saying.

We do not have a high dependency on fuel for our network operations in Ethiopia. 98% of our sites are connected to the grid, and as you probably know, the grid in Ethiopia is 100% hydro.

The fuel cost, I think that was one of the questions on the chat that I saw, the fuel cost as a standalone line item is about 3% of the total opex structure. In terms of cost, we are not heavily depending on price fluctuations.

Where we are more vulnerable is the inflation impact, the purchasing power impact, more of the macroeconomic point of view, but not necessarily as a major contributor to our cost structure.

All right. Thank you.

Thank you very much, leaders. I'll come back to you, Peter.

I have two related questions from Maddy and Tracy with respect to the license. The question is around if we could clarify what was the cost of the license renewal, and is it all the licenses or only specific services?

Just some color around the license that you spoke about in the morning.

Yeah. On a lighter note, I thought that Maddy and Tracy will be extremely happy and shouldn't ask me questions about cost and so on.

Actually on a kind of more serious note, we were quite anxious that especially when the Communications Authority did not have enough time to renew those licenses and had to extend it for 2 years to 2026. Now that we have had that renewal confirmed, that is actually very, very good for us.

I would say we've done this as a kind of normal business. We normally don't necessarily disclose license fees and all those things.

These are part of the regulatory frameworks that the regulators have, but we are secure as far as licensing is concerned. That's what I wanted to say because there was a bunch of licenses that were coming up for renewal by the end of June this year.

Thank you, Peter. Now that I still have you, Peter, just a question around the regulatory environment from a policymaking perspective from Maddy, and he's asking, what are the risks of higher taxes on consumers or corporates, and are there any proposals to increase VAT, excise rates, and the like?

On a positive note, we are always very proactive in understanding the framing of tax proposals as leading up to the finance bill. Remember I said at the beginning that we know that the finance bill is coming soon, next year is an election year, we are waiting to see the shape of the way the government wants to raise its revenue and which areas they are likely to deal with.

We are very connected with various bodies, whether that is private sector industry bodies, and also of course with the relevant ministries, to ensure that the issues that affect the industry are understood, our needs are actually understood. More importantly, that especially where taxes may lead to higher pricing, that there is understanding, and especially given what is happening in the environment.

We do not have sight at this stage of the framing of actually the finance bill, and when we do, of course, if there's a big risk, then we'd be able to get in touch with you guys through our IR team. Count on us to be proactive in managing this.

However, we can never rule out whatever the Treasury intends to do so that they balance the books. That's why we said that the outstanding issue both in Kenya and Ethiopia is the fiscal space, and therefore tax will always be an instrument.

We'll wait and see.

Thank you very much, Peter. Dilip, moving over to you, some question on the Kenya numbers from Samuel Ndegwa here, and he does say that you highlighted that euro depreciation contributed to higher operating costs in Kenya.

If you could help quantify the main areas of euro exposure within the Kenya business, and explain how the FX movement impacted costs in that period. Then the second question still from Samuel is on the ECL provisions, the fact that they declined materially during the year, if you could please shed some color on the same.

I think I did mention about, yes, on the euro depreciation impacting the operating cost. This has been pretty much in every markets, it's not Kenya alone, same happened in Ethiopia as well.

Now our exposure in euro is for example, the capex that we have two vendor policy. We have Nokia, as well as we have Huawei.

Nokia of course, our payments are in euro to the extent to import. Also few other services that we be it in opex, or be it in capex, that we import from the Eurozone where the currency is in euro.

In overall, and I can't quantify exactly how much is that, but I think our split between euro and USD is about 50/50, 50% in euro and 50% in dollar. When the euro depreciated, and you've seen that impact.

It's yes, of course, on an opex it does impact, and this time, I think the depreciation was, if I recall, the number was about 7.3%, and that's what is impacted the number. It's not a big number because we have, over a period of time, we actually localized many of our vendor payments in local currency.

That was one step that you have taken deliberately. If I can share with you the number, I think we pay mostly 70% of our payments in Kenya through local currency.

That's the exposure that still we have, but these are imported, and then you cannot have any choice. On ECL, you'd recall last year's ECL provisions, it's in the context of you have to go back and see that we had an increase in ECL provision last year driven by mostly from the handset device financing.

We did accelerate our device financing proposition, and of course still makes sense in terms of the overall business case, but it does impact an ECL when the collection falls short. There was also I think there was the technical issue of the way, and also the way we wanted to give the customer propositions.

We took a pause, and then kind of did a reset on not only doing through our own device financing through our own balance sheet, but also we decided to explore markets like open market and to the partners who are also in this business. That reset is device sales, which is what we buy and sell from our EDAK facility, has also declined.

You have seen a lower growth in our direct cost is also coming from the lower device sales. It's a combination of lower device sales and also a very small device financing, what you call the Lipa Mdogo Mdogo proposition compared to what we have done in the previous year, is what has caused that reduction in the ECL.

Remember that ECL reduction is in the context of a higher growth that we have seen in the last financial year.

Thank you very much, Dilip, for that. Wim, I'll be requesting that you respond to this question from Linette of Absa.

The question is around M-Pesa in Ethiopia. Please advise on any updates regarding management's tactical approach to boost M-Pesa penetration in Ethiopia.

Do we have any recent partnerships under consideration? Just some color around the M-Pesa strategy.

Thanks, Caroline. Yes, today we are 20 at 25% penetration of the M-Pesa users in the Safaricom base.

25% of 30-day telco users are also active M-Pesa users. The primary usage today is buying data bundles.

That is the carrot that we're holding, and now we are upselling additional use cases primarily focused around payments. That's why we are accelerating the rollout of our merchant network.

Today we have 70,000 30-day active merchants, so that becomes quite significance because we're getting more relevance out of the M-Pesa wallet. Instead of just buying our own Safaricom products, now also at 70,000 outlets, you can do actually M-Pesa payments, and that will then allow, going further, to start upselling real financial services, because you have now a history around doing payments, you can then start offering OD, buy now pay later, term loans, saving products.

It's really a journey of getting the customers on board with a attractive value proposition to buy Safaricom products, then converting them into customers using M-Pesa to do payments, and then thirdly, you push them to the more sustainable truly financial services around saving and lending.

Thank you for that, Wim. I trust, Sheila, that also does answer your question around M-Pesa in Ethiopia as well.

Just to acknowledge from the investors and analysts, we do appreciate you for the congratulatory messages you're putting also on the Q&A, we do appreciate you for that. I'll request Dilip, if you could answer this question from Baiju.

The question is, we have not heard much about data center capacity and utilization in both Kenya and Ethiopia. Would you be able to give an update on this?

Okay. It didn't come through probably in the way we present.

We don't necessarily go through that level of detail in data center. You'd recall that we installed the one of the most modern data center in Limuru, and that's fully operational, and the Fintech 2.0 that we have put into operation.

I think then the whole environment is in the new data center. Beyond that, we are actually using pretty much what you have, and currently we are in the phase of building the next data center close to where we have the first data center in Limuru.

That progress is going on. We are constantly monitoring and assessing the requirements of the usage, and we have seen that the usage is growing.

Kenya is one of the probably leading countries where there's a lot of AI usage, and that also puts a significant demand on the capacity. We do have our own data center, and we also leverage our partnership that we have with quite a few data center in Kenya, and I think you're quite familiar with them.

They are, whether it's IXAfrica, Colo. We leverage the ecosystem, but also we are expanding our data center to a much bigger and broader capacity.

We do have ambition to take it even further to build capacity now that we can serve the customers that we are not serving now. Currently, we are not necessarily under any pressure.

Capacity is adequate, but we need to move fast in terms of building more capacity, be it by ourselves or any other partnership model that we can leverage on. I hope that answers your questions, Baiju.

Thanks, Dilip, for that. The second question still from Baiju—

I did not answer the Ethiopia questions.

I think probably

Ethiopia data center, I think we are fairly capacitated. To a point, I think we are saying maybe we have opportunity to do beyond what we are serving our own needs, and probably get more customers and more colocation in our data center.

That will happen probably at an appropriate time. I don't know, Wim, you have any colors to add there, but I think you are fairly capacitated at this point

in time. Yes, Dilip.

Nothing really to add. As Peter has mentioned, we're in a sweat the asset phase, there's no immediate plan to expand on data center.

We have enough for now. Of course, in the long term, probably need more, but there are also quite some opportunities in Ethiopia to do leasing if that would be required.

No particular urgent need for any capacity expansion at this stage.

All right. No, thank you, Dilip and Wim.

Dilip, just still from Baiju, and this is with respect to satellites. On your increased data usage for fixed and mobile, how much has partnering with satellite companies contributed to the data consumption and economies of scale?

Then on a longer-term basis, what's our strategy around this new infrastructure partnership? If you could just comment around that and the strategy around satellite, yeah.

I think Peter alluded this in the morning. Our satellite strategy is not necessarily relying on only one particular operator.

I think in the half yearly or even I think the full year results then we spoke about that we are in discussion, and then I think in the half yearly results that we spoke about that we concluded our partnership with one of the operator, which is Starlink, for two areas, which is one is on the backhaul and also potential replacement for VSAT with the services that they offer. We have concluded that agreement along with other Vodacom markets, and actually this was also announced publicly.

We also had the other agreement signed for the enterprise offerings for their dish, the services that they provide. Yet converted that into an actual execution simply because Peter mentioned about it that I think the regulatory environment is still evolving, and there has been the requirements from the regulator side for any satellite operators, they come into Kenya, need to have certain regulatory compliance and regulatory licensing that they need to do.

What we are hearing is that that's what probably currently ongoing, unfortunately, although we have the agreements in place, we have not necessarily been able to fully put that agreement into action, but hopefully that gets sorted out in future. We are also I think we spoke about our testing with AST Mobile.

We have spoken to the other operators, including Kuiper, Amazon Kuiper. The satellite will be a much more broad-based arrangement rather than just relying on one operator, but you also have to watch out how this particular regulatory environment plays out in Kenya as we wait for the more clarity.

Till such time, we have the agreement, but we'll only launch only when we have the full regulatory clearance in place.

Thank you. Thank you, Dilip.

I have two questions, related questions from both Farouk and Jonathan. Peter, I'll be requesting that you kindly respond to this one.

It's with respect to the Vodafone Kenya government stake sale, and the question is around with the court process, whether there's any update we can give on when to expect a ruling. Then the follow-up related question is, given the ownership changes expected, how does management think about maintaining political and regulatory goodwill whilst still earning attractive returns?

Peter.

Those are the questions I'd say they are set-up questions. On a more serious note, I think it's a fair question, but I think the chairman this morning did respond to it, what the characterization of this is that, remember, us, we are running our business as management.

This is a transaction between two shareholders who are the big shareholders of Safaricom. Other than minor roles that we play, we actually are not involved in the actual transaction.

It's not in my gift to actually guide on what the process will be. From what we know is that the process has been managed well so far, at least from what we see, because the parliamentary process is now complete, there's a court process, and that will take its time.

For us, we cannot express a view as to when the court will rule. Yes, there's a next court process, but I would prefer not to comment on that and wait for when that concludes in the fullness of time.

Of course, once the share exchange happens, then the next steps will happen. In terms of your question on post share sale by government, I will say what I've said in the past and what I also have said to any stakeholder who have asked me this question.

I think Vodafone, Vodacom are not new to Safaricom. They understand our strategy.

They have been part of our strategy for a very long time. Our expectation is the strategic direction is not going to shift, and actually the reason why there is interest in Safaricom is because of the quality of franchise and the just diversity of the business and the whole purpose story that we drive.

In terms of impact on our influence, government will continue to be a major shareholder at 20%, and we'll have directors on the board. Treasury will still be part of our board as in Treasury representatives as shareholder on behalf of government.

Then secondly, this is a regulated industry, you do expect that that will continue in the normal course. Safaricom's role in this country has been related to the way we play the role for the country rather than purely with the shareholders that we have.

I don't want to comment on any changes. I would prefer that we wait until that time.

I do not see a material shift in the way the government thinks about regulating our industry just because this shareholding has happened.

Thank you, Peter, for that. Maybe, Dilip, just to close the loop on still a related question on the Vodacom acquisition, there's a question from Nancy, more accounting-related question, and the question reads, with that acquisition that will have a controlling 55% stake in Safaricom, given that it will trigger full IFRS consolidation of Safaricom results into Vodacom, could management clarify or give some color around what operational and structural changes are being considered under the new ownership dynamic, and whether there are any plans maybe to centralize any functions into South Africa?

I know it's early days, but, Dilip, any color you'd give from a consolidation perspective that would point us in that direction?

I think I won't comment on anything which gets consolidated, anything that gets done by South Africa or any other countries, but your point of the full IFRS consolidation, is one of the impact of the change in ownership, and we are very much aware of it. Of course, you will have to wait till the time the transaction is happening, but internally, we are very much aware.

We know what efforts and what systems and what processes need to change.

Caroline, I think Dilip is having challenges.

Can you hear me now? I switched off my video.

Yes, yes. I think we can hear you much better.

Maybe you can just summarize again.

What I was saying, the requirement of the IFRS consolidation, full consolidation, is very well understood by us based on our engagement with the Vodacom team. Remember, we do still report, but report on a much smaller scale, the number of lines that need to be reported.

The whole, I think there is a whole exercise which was done as part of the due diligence exercise. What I was confirming to you is that we are aware of it.

We understand what ships are required, and also we know that we can prepare well as and when this is required. This will require a little bit more capacity within the Safaricom accounting and reporting environment, and we don't think this is going to cause any major concern, which is pretty much manageable.

I also said that we don't know, or we don't anticipate at this point in time, any change in or any consolidation of anything that will be done from a South Africa perspective. Right now, it is business as usual, with full preparation in anticipation if that happens, that we should be able to report, and report in full compliance of IFRS.

Thank you. Thank you, Dilip, for that detailed response.

I trust that you were able to capture it. We apologize for that network disruption there.

Coming back to you, Peter, there is a question from John Davies of Bloomberg Intelligence, and the question is around the fact that Central Bank had a proposal last year to cap mobile P2P charges at an average of 10 shillings by next year. Is that still a live discussion?

John, yeah, that's that's a good question, and it's a question, and it's something we are aware of. It wasn't a formal view or even policy or position of the bank itself.

It came from a recommendation that was initiated through a process of research and so on, funded externally. It wasn't something that the Central Bank came up with a policy.

That notwithstanding, as you know over the past 4, 5 years, we've been on a journey to ensure that we have more affordable services on M-Pesa, in particular P2P. Many of you know that we have guided you over the years, over the last few years, on how we continue to to reduce, either to avail more free services or actually to reduce the cost of various services, and we'll continue to do that proactively instead of waiting for the regulator.

One of the things that the regulator mentioned, or rather that report mentioned, is that the cost was high, and the cost was in relation to what was being charged. What was excluded is all the transactions that are free that had been excluded from that competition, and we and we did feedback into into the Central Bank that there's a lot of transactions that are free.

This morning, when we released results, we did give the the detail of the split between chargeable and non-chargeable, and 58%, mostly what we call Kadogo, of transactions on M-Pesa are free. We we need to continue to demonstrate to the Central Bank and to anyone else that we're actually offering services that are affordable, and we'll continue to have this dialogue and keep you informed.

Thank you. Thank you very much, Peter.

Dilip, coming back to you, a question here from Farouk on M-Pesa revenue contribution. As it approaches 50%, will group margins and returns continue to improve, and where do you see M-Pesa revenue contribution in 5 years' time?

Farouk, this is one question I was asked in the morning in another interview. What we said, we don't necessarily look at what will be the contribution.

Contribution of M-Pesa revenue is not management's target. What we've spoken about is how you're going to grow the business overall, within that M-Pesa is also very important part of the growth story.

You recall, Farouk, that we spoke about for Kenya a medium-term outlook. That outlook, especially on the top-line side, we said the three streams of revenue or three business segments that we track and then we report to you: connectivity business, fixed business, which also include fixed wireless, and the M-Pesa business, and we've given a color what we believe in the medium term we can sustain a growth.

On connectivity, we said that we expect to continue growing the say a high single digit. You have seen the number from the report, we delivered close to 7%, a 6.9% growth for the full year in connectivity business, of course driven majorly by mobile data, which contributed 80%, 82% of the growth.

Within that, we said that we expect, given the current penetration and the growth trajectory and also still the penetration and the untapped market opportunity that we have with 30 million-plus devices, only half of them are using only 1 GB per customer per month, we believe that there is a runway to growth double digit in mobile data. Then we spoke about M-Pesa.

We said that we believe we can sustain a double-digit growth in M-Pesa, and that confidence is coming from the expansion in the ecosystem that you continue to see, driven by the new product launches that we continue to do, which is visible. You have seen the numbers, we grew 13.4%, but within that, the quality of growth is quite broad-based even within M-Pesa.

It's not just traditional businesses that we are growing, even the newer segments, including financial services segment, you have seen the merchant payments growing 36%, we have seen the credit recovery growing 20%-plus. It's a broad-based growth that we see, so that's what we said we can grow mobile financial services, the M-Pesa, can sustain a double-digit growth.

Then comes the fixed. Although on a small base, we said we can also sustain a double-digit growth.

This is one area we're investing, and we believe it will give us the return on a long-term basis. I think if we do this, this is what we management said as part of our outlook, then whatever comes as part of the contribution of M-Pesa is an outcome, and you have seen that it's now touched 45.6%.

We don't know when it will touch 50%, but I think from a margin perspective, the mix of that you have seen that we used to talk a lot about the monetization take rate. The newer services that you are launching have lower take rate, but it also has lower cost, therefore margin is still protected.

You have not seen a dilution of M-Pesa margin just because we have more moved into newer services. What we are conscious and what we do and we'll be doing consciously is about giving value back to the customers in any form and shape that you are able to do.

The small-value transactions Peter spoke about is one way of giving back. Sometimes it doesn't show up, there you see that we are able to grow the revenue, but you're also give back to the customers.

I think that business model is working well for us, launch more newer services, create the loyalty, to ensure that the ecosystem grows, and then we are able to grow revenue. To your question, yes, we don't necessarily have any target that you are aiming for to have a particular revenue to have a mix of this.

What we are driving for is what I spoke about in our medium-term outlook, and we don't believe that there is any threat on the margins just because proportion of M-Pesa could grow beyond 50%. Hope that answers your questions, Farouk.

Thank you. Thank you very much, Dilip.

Just maybe some color, Dilip, Sheila's questions here on MTRs, that there was no mention of lower MTRs, but what was the impact of lower MTRs in FY26? Maybe just some color around that, but more specifically around how we should think through voice revenues going forward now that there is a regulated glide path.

Thank you. Thank you, Sheila, for that question.

The reason I haven't spoken about MTR, because the impact in FY26 was only for 1 month, and I think you rightly pointed out to the glide path that is now putting into place. The glide path is in a way will not impact any particular year's performance.

Yes, it does change the incoming revenue a bit, but it's not necessarily a big change in the way it will show up, and I didn't talk about it because it was just for 1 month in FY26. We welcome the glide path, the way it has been framed by regulator, and it's actually is good for the industry because that's what we have been talking about it that any big drop in MTR in one single year, it does impact industry, it should be a glide path.

We see that that's how regulator has also framed it, we are happy about it, but of course, as I said, there was not much impact in FY26.

Thank you. Thank you, Dilip.

Samuel, I see your question around the initiatives of reducing FX exposure. I think quite a bit of that was addressed, happy to touch base offline if you need some quantification.

Having said that, Dilip, there's a question on fixed broadband monetization strategy from Samuel. Maybe actually this one I can request Peter to respond, and Dilip you could add on, with something that, Peter, you mentioned in the morning, that whilst higher speeds at unchanged pricing support customer retention and preserve ARPU, some users may see limited incentive to migrate to higher-priced packages.

Beyond speed upgrades, are there plans to deepen monetization through bundling or cross-selling additional products and services within the household ecosystem? He says that Safaricom had previously explored adjusted offerings such as bundled insurance products, could management provide an update on the strategy for non-telco services within the fiber customer base going forward?

Peter, some thoughts around that.

Yeah. I think it's a very, very good question.

The way that I would think about it is to say we need to get our basics right in fixed before even we think about bundling, loyalty, retention, and all those elements. Here what I said in the morning, that one of the biggest thing that we have done is to realize that we are serving only a layer at the top at price points that were beyond reach for your medium to low/budget users.

In the past say 6 to 9 months, now we've done all the work that allows us to look at the economics of serving those two customer segments. Therefore we are more confident as we get to '27 that we have propositions and cost profile that allows us to price, but also to deliver the actual experience we want for medium and also budget segments.

A good example is affordable housing. We're already involved with the affordable housing project where we are one of the primary providers of connectivity.

When these houses are open, we already have connected, and all we are doing is to migrate those customers to propositions, but the actual fiber is installed. The second thing that we have done is to make sure the cost profile is right, and we've done a lot of re-engineering, and we've been able to reduce the cost by in some cases up to 50% by actually working through the value chain or the supply chain to ensure that we get materials that allow us instead of starting with bulk fiber or connections, we can actually make it much simpler.

Then the third thing which is important is we are also piloting, and you've seen it with smaller ISPs, we are piloting tokenized Wi-Fi to see whether we can democratize access based on use when you just want a token, a one token, and not actually a bundle, or even a plan. Once we get that right, and I wanted to add to the question that had been asked on M-Pesa in terms of whether we are targeting what happens when we are closer to 50%, we now want to move in future to more we are offering services to segments of customers that are converged, whether on the consumer side or actually on the enterprise side, say for merchants.

Therefore we are less concerned about product that we are bundling together, and we are more interested in having converged solutions for segments of customers. We talk about bodaboda, which is bodaboda rider, farmers, we are targeting farmers, we are targeting various components within our customer segments.

Therefore, when you bring it to fixed, we will actually also use the same philosophy once we have gotten our act together. In particular, one of the reasons why we increased speeds is we were also seeing more churn because we didn't have levels of quality of experience that we needed to be able to ensure at peak demand that we have the right experience.

We will use it. We'll use the same converged philosophy in fixed, but we need to get the basics right first.

Yeah. Thank you.

Thank you very much for that, Peter. I'm looking now towards closing the session.

Before I bring back Peter to make closing remarks, we have responded to your questions, a lot of them. The team has been responding also offline, and especially with respect to anything requiring quantification, so that is coming your way.

Should you have any other follow-up post that, still feel free to get in touch with us through the main channel, the Investor Relations email address, and we shall still address that. I'll request Dilip to respond to this last question.

I had sort of saved it for last from Maddy with respect to the dividend payout. I think the expectation is that he would want more dividend, he's saying the dividend payout ratio has increased, is there more upside, before I bring on Peter for closing remarks.

Dilip.

I don't know what calculation Maddy you have done. It's very happy to engage with you.

Actually, dividend policy have not changed. What exactly we have paid is 80% of our net income at consolidated level, excluding IAS 29 impact, and adjusting minority interest.

To that extent, we haven't changed. The growth obviously is coming from the reduced losses in Ethiopia and of course a solid performance, solid growth of 24.7% growth in net income in Kenya.

Happy to engage with you separately. There is no plan or there is no intention to change dividend payout, we actually just applying our existing policy, and that's how we're paying our full year dividend as well.

Back to you, Caroline.

Thank you. Thank you very much, Dilip.

Once again, feel free to reach out to us for any other follow-up questions. For now, we'll bring the session to a close as I request Peter to give his closing remarks.

Peter.

Thank you, Caroline. Thank you, Dilip, and thank you to Wim for answering the questions, and thank you to everyone for attending this session.

Incredibly good questions. Hopefully we have done justice in terms of answering your questions.

If there's any residual concerns or questions, Caroline and the team will be able to answer them in the background now that we've finally announced our results, and if there's any clarification, we can deal with it. In closing, I want to say we are very pleased with the results that we have announced, very pleased with the very strong Kenya franchise, and still very clear that there's still more opportunity to continue to drive performance in Kenya.

Then really encouraged, I should say, by the path that we now see that is clearer in Ethiopia through the regulator-led pricing moves. Hopefully, if the industry does follow through, we believe that then we have a more sustainable industry.

On a lighter note, I was surprised that there was not enough questions on are you still staying true to your EBITDA-positive not guidance, but intention. Also, I was asking Dilip and Caroline to tell me through individual investors, what's their models say, whether they still say 2029 and '30.

That is for another day. Really really great to have this chat, and thank you, and a very, very good evening.

Thank you. Thank you, Peter.

Thank you, Dilip. Thank you, Wim.

Thank you, team. All from us here is to wish you a good evening and a good day, and to keep engaging us, as Peter has said.

This is just the beginning of many conversations, I'm sure we'll be getting in touch with you in various forums. Otherwise, have yourselves a good day and keep well.

Thank you very much.