Good afternoon, everyone, and welcome to Converge's full year 2025 investors' briefing. I am Owen Ocampo, the company's Head of Investor Relations, and I am supported by our IR supervisor, Julienne Padopio.

Please allow me to give a few housekeeping reminders. Kindly mute your microphones while the presentation is ongoing.

We will have the Q&A portion once the full presentation is finished. If you have any questions at any time during the presentation, please send them through the Zoom chat function and we will tackle them afterwards.

Lastly, please note that this session is being recorded. This meeting is being recorded.

I'd also like to inform everyone that our full press release is available on PSE EDGE portal and on our website. You may download a copy as reference on your earliest convenience.

Let me now introduce the management team who will be presenting today. We have Mr.

Dennis Anthony Uy, CEO and Co-Founder; Ms. Grace Uy, President and Co-Founder; Mr.

Robert Yu, Chief Finance Officer; Mr. Benjamin Azada, our Chief Operations Officer; and Attorney Laurice Esteban-Tuazon, our Corporate Compliance and Data Protection Officer and Corporate Sustainability Officer.

Let me now hand you over to Sir Dennis for his opening remarks. Thank you.

Thank you, Owen. Good afternoon to our investors and friends.

We have already released our full year financial and operational performance last Monday. Thank you for coming today to our briefing and hear our story behind that report.

Connectivity is now seen as a utility as important as electricity and water. Connectivity's impact bigger when people can afford to be used in everyday.

For us at Converge, we deliver connectivity through long-term infrastructure investment, discipline, innovation, and sustained public-private collaboration. We believe that true digital inclusion is achieved when there's access, affordability, and quality.

In terms of access, we will roll out nearly 1 million ports this year. This will mean higher service coverage overall.

With affordability, we have already, of course, our Surf2Sawa prepaid fiber plan. We have seen impressed growth from the prepaid space and explore more growth on the long term.

Lastly, we put the quality at the center of everything. We offer Filipinos, may they residential or enterprise consumers, clear evidence of this in the fact we again took home the top accolades from Ookla from the third and the fourth quarter of 2025.

We are awarded the Philippine best fixed network, and the fastest fixed network, and provider with the best video experience in Barcelona at the Mobile Congress World two weeks ago. In December last year, DICT proclaimed Converge is the national broadband leader in the industry.

Among the major players, we have the best average download speed and the best average upload speed and latency. For us, a reliable network is not a one-time build.

It is permanent commitment. We don't upgrade network once; we care for them continuously, and we commit to improve the experience of your customer every time.

Demand will continue grow from cloud, AI, streaming, fintech, and e-government. The network must scale while maintaining reliability and best customer experience.

This is why we consistently invest in capacity, expansion, network resilience, automation, and efficiency. We are glad to announce that this month, we will be celebrating the launching of our Angeles data center and the completion of our National Digital Infrastructure.

This is a significant infrastructure milestone for us. This sets the stage for more services and more capacity serving the Filipino people.

Through Connectivity Plus, connectivity-enabled solution, all this are part of our innovation into the future-forward technology company. Thank you, and let me hand over this to Grace for her report.

Thank you, Dennis, and good afternoon to our investors and analysts. I'm Grace, the President and Co-Founder of Converge.

Converge reached its full year financial targets from the guidance announced last August. While the year presented its share of headwinds, this result is a testament to our operational agility and resilience.

First, consolidated revenue grew to more than 44.8 billion during the year. This represents an increase of 10.2%.

This performance is supported by growth of both residential and enterprise segments. Second, the residential revenue grew by 8.4% to more than 37.3 billion.

This is brought about by the growth of our subscriber base. Consolidated fiber net adds reached around 428,000 in 2025.

Demand for all brands remained strong, with 1.23 million gross adds during the year. Solid performance across all enterprise subsegments drove consolidated enterprise revenue growth to 20.3%, totaling 7.4 billion.

Fourth, the profitability margins remained very strong. Our EBITDA grew by 10% year on year, reaching 27 billion.

This represents an industry-leading 60.4% EBITDA margin. Lastly, our net income after tax increased by 9.6% year on year to 11.9 billion.

This represents a margin of 26.5%, and this is achieved due to the prudent cost management efforts. ROIC ended at an industry-leading 17.7%, slightly higher than guidance due to the delayed CAPEX deployment.

With our strong 2025 performance, our Board of Directors has approved a regular cash dividend payment of 49 cents per share to be paid out this April 1, with a record date of March 23. This is to share a part of the profits to our common shareholders.

The 49 cents per share represents 30% or the higher end of our payout policy range. Let me now hand you over to Robert to give you more details on our financial performance.

Thank you, Grace. Good afternoon, or as we say here in Converge, good morning all the time, to our investors and friends in the investment community.

Our consolidated revenues grew 10.2% year on year, as Grace mentioned, reaching 44.8 billion, with the residential segment growing by 8.4%, contributing approximately 83% of total revenues, while revenues from enterprise segment increased by 20.3%, representing a 17.3% revenue contribution string period. Just as a comparison, enterprise last year contributed 16% of revenues.

As this has been a big push for the company. In line with revenue growth, EBITDA grew by 10% to 27 billion, ending with a strong margin of 60.4%.

Net income also grew in line with revenues by 9.6%, with a net income margin of 26.5%. The same as previous quarters, our ROIC remained to be industry-leading locally and regionally at 17.7%, showcasing our efficient use of capital.

Moving on to capital expenditures, cash CAPEX for 2025 totaled to 17.7 billion, coming in below our guidance range of 20 to 25 billion. This variance was primarily due to weather-related disruptions towards the latter part of the year, which delayed the timing of several network and infrastructure deployments.

Despite these delays, we continue to progress on key projects, including our Caloocan and Angeles data centers and our international subsea cable systems, while expanding our network in Visayas and Mindanao. As a result, a portion of spending originally planned for 2025 will now carry over into 2026.

For 2026, we are guiding for CAPEX of around 18 to 23 billion. This includes carryover spending from 2025, while the remaining increase in business-as-usual CAPEX reflects a more aggressive ports rollout to support the network expansion, to which Dennis alluded to, we plan to roll out around slightly less than 1 million ports this year.

Our balance sheet remains stable, with no significant changes in debt levels. We continue to maintain a moderate leverage position, with debt totaling to around 24 billion.

Our cost of debt remains stable at approximately 5.34%, and our debt to equity remains low at 0.2 times, and gross debt to equity at 0.4 times. DSCR remains stable at 3.5, significantly above our bank covenants.

Looking ahead, despite everything, especially of what's going on, we remain highly vigilant. Interest rates may continue to fluctuate, and will continue to fluctuate, and we are closely monitoring opportunities to capitalize on potentially lower interest rate environments when it is financially advantageous to do so.

To close my section, I'd like to share our full year 2026 guidance. After a resilient 2025, we expect a slightly lower, but comparable performance this year.

We are targeting an 8% to 10% consolidated revenue growth, a 58% to 59% EBITDA margin, and an ROIC of 15.5% to 16.5%, reflecting the high CAPEX as we continue to invest for future growth. I'll pass the floor now to Bench, who will report on our operating performance.

Thanks, Robert, and good afternoon to everyone. First, let me talk about our residential business.

Demand in fourth quarter remained strong for all three brands, leading to a quarterly gross adds of 315,000, the highest for the whole year. Net adds, however, is at 59,000 due to the usual seasonal headwinds from rainy weather and after-effects of manpower issues.

To drive long-term retention and mitigate churn, we are executing a dual-track strategy: aggressively scaling our technical and repair teams to ensure superior service delivery in certain areas, focused mainly in Metro Manila and surrounds, while simultaneously deepening customer engagement through intensified marketing, churn prevention, loyalty, and win-back programs. With our superior product offerings, network expansion in new areas, and on-the-ground brand-building and sales efforts, we reached 2.98 million subscribers at the end of the year, with 428,000 consolidated net adds.

Consolidated churn rate was 2.9% for Q4, but we are well on our way to reaching our mid-term goal of 4 million subscribers by 2027 as we continue to serve the unserved and underserved across the country. This translates to a fiber port utilization of 37.4%, considering all used ports, including those used by SME and large enterprise customers.

We still have 5.2 million fiber ports still available for service to support future growth. For 2026, our focus will be on expanding in Visayas and Mindanao, including areas such as Capiz, Samar, Bukidnon, Davao de Oro, and Sultan Kudarat, which we see as key growth territories.

Our enterprise segment delivered 18.9% year-on-year revenue growth. The SME subsegment, which accounts for nearly 28% of total enterprise revenue, posted a 24% increase year on year with an increase in our subscriber base.

Additionally, our wholesale subsegment posted the highest growth, with a 25% revenue uplift. This reflects our ability to serve other industry players as well, indirectly, we are serving even more households and businesses nationwide.

In 2025, we onboarded a diverse group of leading connectivity partners, including global satellite operators, international backbone carriers, national telcos, and local internet service providers. Just to give you a flavor of how our enterprise business is growing, some of our client wins on the enterprise last year include two of the largest banks in the Philippines, the premier hospital in the country, a leading teaching hospital and university, and an international internet carrier.

We've also been making significant progress in our resiliency and capability-enhancing initiatives for the enterprise segment. We've made critical investments in upgrading our enterprise network, including augmenting our backbone transmission capacity for satellite customers' backhaul requirement, broadening network reach with additional 30 routes, and enhancing the network's resiliency, and improving international connectivity with the activation of two new international subsea cable systems this year.

With these capital-intensive investments, we are able to expand, improve, and future-proof our enterprise solutions to include cloud offerings, data center colocation, and CLS interconnectivity. As of February 2026, our manpower acquisition and resiliency investment strategy has been making major progress, with 50% of our targeted repair crews now onboarded and active.

This aggressive hiring is complemented by robust infrastructure rehabilitation, having successfully laid over 400 kilometers of fiber resiliency and redundancy. With more field teams and stronger network infrastructure, we have improved our operations by lowering the aging of our tickets and improving the response times as well across our social media channels this year.

These improvements are helping increase customer satisfaction metrics, as well as NPS scores, reflecting a more reliable and responsive network. I'll now hand you over to our Corporate Sustainability Officer, Attorney Laurice Esteban-Tuazon.

Thank you, Bench. Good day, everyone.

We are proud to present our 2025 sustainability highlights. Driven by the vision of our Board, management, and employees to deliver next-level digital experiences for Filipinos, our sustainability efforts focus on technology that respects both people and society.

Across our operations, we continue embedding environmental, social, and governance initiatives that create lasting value for our communities and stakeholders. Converge has maintained a consistent upward direction in global ESG benchmarks.

Our recent upgrade to an MSCI AA rating officially places us in the leader category, a result of years of dedicated improvements in data security and ethical governance. This momentum is mirrored in our LSEG ESG score upgrade to B, and our dominant showing at the 2025 ASEAN Corporate Governance Awards.

By securing five Golden Arrow awards and ranking among the top five publicly listed companies in the Philippines, Converge continues to prove that sustainable business practices and corporate success go hand in hand. For 2025, Converge Global Business relaunched the Cyber Resiliency Bundle, a comprehensive solution that combines reliable connectivity, advanced cybersecurity, and a turnkey approach.

Beyond safeguarding operations, this bundle supports resilient and efficient business practices, helping companies reduce risk, optimize resources, and pursue future-ready sustainable growth. Strengthening our network also remained a key priority to support resilience and service continuity.

In July 2025, the Caloocan data center received Tier III certification from the Uptime Institute, becoming the first fully Tier III certified constructed facility in the Philippines. This certification reflects global standards for design and reliability, ensuring our critical infrastructure can support core network operations and maintain service continuity under any conditions.

In terms of workforce welfare, we achieved an average of 43 training hours per employee, exceeding our 2025 target of 40 hours. We also established the Converge Credit Cooperative to support employee financial resilience.

Additionally, we launched our Diversity, Equity, Inclusion, and Belonging policy, which complements our existing governance frameworks, including the Human Rights Policy and the Code of Business Ethics. The DEIB policy outlines our approach to non-discrimination, fair recruitment, career development, and inclusive workplace practices.

On energy and emissions, we deployed over 110 hybrid and electric vehicle units in 2025, with a majority assigned to support merienda's installation and field operations, and the remainder acquired through the employee car plan. As part of our ongoing sustainability program, we also conducted dedicated training for an initial selected supplier in collaboration with a third-party provider.

These sessions covered GHG emissions, Converge decarbonization targets, and the critical role of the supply chain in achieving our net zero goal by 2050, strengthening supplier awareness and alignment with our sustainability objectives. Through local sourcing and supplier development, we trained over 1,000 community partners and onboarded 1,500 new sales agents under the Surf2Sawa program, promoting inclusive growth and empowering local communities.

These initiatives reflect Converge commitment to building a sustainable, inclusive, and digitally empowered Philippines, where technology, people, and the world thrive together. With that, I now turn you back over to our host, Owen.

Thank you, Attorney Laurice, and thank you to the management team for the presentation. We're now opening the floor for questions.

We'll start with those that have been queued. Feel free to add more to the queue as we go along the question and answer portion.

First question, what expense as a percentage of revenue or margin are we expecting to increase that will dilute EBITDA margins from 60% in 2026? Sir Robert?

Sure, I can take that. The biggest drivers probably revolve around marketing and customer experience spending, right?

The other one is more aggressive maintenance for on our network. Now, key here really is that we have invested in this, but since we also are growing at 8% to 10%, we're not getting the operating leverage that we want out of this.

We can easily get back to the 60s once we get the growth back in order to the mid double-digit growth.

Thank you, Robert. Next question.

What are the challenges inhibiting hiring, temp sourcing, temporary outsourcing? Is there visibility on churn figure attributable to the lack of manpower service?

I can take that, and maybe I think there's also another question on manpower and how it's going to look like in Q1, and as well as something on churn. I'm going to try and tie it all together, right?

Starting with manpower, we've been onboarding talent since second half of last year, right? As of February, as I said a while ago during my presentation, we've been able to onboard almost half of our intended manpower complement.

Now you need both crews for repair and installation of the subscriber line, meaning that's the last mile, but also you need kind of more advanced, more skilled personnel for network repairs, right, the middle and line middle mile and backbone. If we're able to have that full manpower complement in the areas that matter, and in this case, it's especially a challenge in Metro Manila, right?

If we're able to get that, we're able to reduce the mean time to repair on both the last mile and all the other segments of the network. Because, it's obviously the hiring situation, labor market in the Philippines, in Metro Manila is very competitive, right?

That's been the challenge, right? In the meantime, we've been engaging subcontractors to help fill in the gap.

Really, if we want to nip this in the bud properly longer term, we need to have a integrated technical talent program, and that's what our people and change people and culture team, our HR team, are working on right now. Focusing more on graduate recruitment, partnerships with technical schools, tech-voc schools, right?

Also having a more a career ladder for these technicians so they can start with simple installation and repair for GPON, but move up to the more complex backbone, fiber splicing, underground digging, and such. That coupled with the proper remuneration strategy and the whole kind of womb-to-tomb kind of care for this technical talent is what's going to really permanently address this issue.

That's only half of it, right? The other reason why, we've experienced delayed repairs, which inevitably resulted in some churn, right, some elevated churn, is that we've been having more incidents as of late.

It started off first maybe in the backbone in Southern Luzon, but then more recently, and then maybe in the third and fourth quarter, it was really more of NCR kind of middle and last mile, right? Because Metro Manila is more, more urbanized, and there's more traffic and, some of it's more one or more of it is underground, things like getting all the ducks in a row to finish the repair is more challenging.

We're that's why we have to also work on the rehabilitation and redundancy of the network in certain areas, like in Northern Metro Manila and also Eastern Metro Manila. That's underway.

We're hoping to finish all of that rehab in the critical areas by middle of Q2, right? That so you'll see that calm down, and also so that the number of tickets coming in will naturally come down, and we don't and the manpower shortage to address these tickets will also be addressed.

In terms of how this relates to churn, as I said a while ago, if people if people's experience is that it takes too long to repair, and for them they really need the internet for work or school, they will go and look for another provider. Our aim is to bring down the repair times, especially on the last mile, to 2 days, right, 48 hours.

We're progressively working on that. Some of our areas we've already achieved that, but not in all areas.

Because of the prolonged times, right, we've found that the churn is elevated, and we notice that out of the for customers who have churned, more than much more than half, like 70%, 80% of those who have churned are those who have experienced either an outage or some sort of service disruption. By reducing that service disruption through faster repairs, network resiliency, and more manpower to achieve that, right, we'll be able to bring down the churn significantly, hopefully, in the coming quarters.

very long-winded answer to try and tie everything together.

Thanks, Bench. Looking now on to the next question, I think you've tackled a bit of this, but maybe you there's something that you'd like to add.

Can you please share how long it took to repair the network systems in Q4 2025, when you experienced technical staff constraints compared to previous normal period, and the competitor's benchmark? How much improvement have you made on this matter in Q1, and expectations for this year?

I think that has been explained, Owen.

We don't share specific MTTR numbers.

Yeah. Thank you, Bench.

Trust that it's coming down.

I think just give an example, the CAMANAVA, Valenzuela, Navotas, we have zero ticket today, okay? We addressing simultaneously to fixing this, no?

I think once we fix this one, we fix this one, we will have permanent solution all of this, no? We can bring down the zero ticket in that area today.

Correct.

Thank you, Sir Dennis. Thank you, Miss Grace.

Thank you, sir. Thank you, Bench.

Next question. What was the reason for the relatively weaker net adds in Q4?

What is the outlook for 2026 for this metric? I think we've also tackled this.

Basically gross adds is very strong, but because of churn, net adds was weaker. That's it.

Thank you, Bench. What is the breakdown of your top line growth target 8% to 10% this year between residential and enterprise businesses?

What are the key drivers for each segment?

Sure, I can take that, Owen. Roughly in line with 2025, call it mid to high single digits for residential, which are probably the most affected by churn.

Enterprise, call it high teens, low 20s. Very similar outlook to 2025.

For our enterprise, again, this is a big focus. We have a separate overlay and network for enterprise also, we do expect to maintain the momentum there.

Thank you, Robert. We have another question.

Have the competitive landscape changed? Is Globe being more aggressive with GFiber?

How and why did they grow faster?

Maybe I can take that first, Owen. Look, we obviously look at our competitors and see how they're doing, right?

We have our own strategy, which is providing the right internet product at the right price to the Filipinos, right, versus Globe primarily has focused on, I guess, 100% prepaid at this point in time. In our view, there is still untapped Class ABC markets where you can still generate high ARPUs, right?

There's still demand for them, as you can see with gross adds, and we're seeing it year-to-date so far. Our strategy really revolves around that, rather than looking for I guess highlights, right?

We want to be sustainable in how we grow with the right product, the right price.

Thank you, Robert. Next question.

Enterprise revenues grew 31% in the fourth quarter versus 12% in third quarter 2025. Can you add color as to where the acceleration came from?

Sure, I can take this, Owen. As Bench mentioned, we won several big contracts this year, good portion were in Q4.

Generally speaking, enterprise accounts initially have two components: the recurring revenue component and an implementation component. As we successfully implement, there's a big bump up in revenue, and so that's why there's a very strong acceleration in 4Q versus 3Q.

Thanks, Robert. Next question.

Can you break out power and fuel as a percentage of revenues?

I can also take this. This has been a big push for us.

Even this went up to the board level. To be honest, it's small at this point in time.

Utility costs, which I think you'll be able to calculate from our disclosures, it's around 1%, and fuel is about half a percent. It's not a big driver of cost.

We run some scenarios around oil pricing and how high it could get, at $150 per barrel, the additional expense that we would have is not material to will not have a material dent on EBITDA margins.

Thanks, Robert. Based on historical experience, how significant is inflation's impact on net adds and or churn?

I can Bench, if you don't mind. Historically, we've had high inflation in 2022, 2023, not really a big driver of churn.

We shall see. Obviously, the war is a very different dynamic than just regular inflation.

That's right. I think the Philippines has crossed over into the realm where internet is a necessity for most.

What it might do, and this is just speculation, is that it might even actually accelerate gross adds on the prepaid side, on our maybe and also on our lower plans, while it might moderate the gross adds on our higher plans. That's about it.

It won't I don't think we will see an impact on net adds or churn, not significant or directly attributable, anyway.

Thanks, Bench. Next question.

Do you see the drop in ROIC guidance as temporary, or is it an effect of moving towards less densely populated areas or higher percentage of lower value products and others?

I can take this. Really temporary.

If you look at our history, we do tend to drop down in ROIC if we have a if we are in a high CAPEX year, and then we move back up. I think in the last 2 years, we went from 16% all the way up to 18.5% given the high CAPEX the last 2 years.

We expect to drop back down, but generally speaking, this is temporary as we continue to invest in the network.

Thanks, Robert. Next question.

What is the latest status on the KPA initial access list? How do you expect this to impact you?

There's a

questionnaire that went out with on the list,

and

we answered it, but that's it went to them, and that's all we know for now, right?

We've spent time with the regulator. I had a 3-hour call with the regulators, I think last month, I can't even remember, but it was several weeks ago.

Still waiting on when that will come out. Impact, look, we've talked about it ad hominem at this point.

We are prepared. We have this business model in mind even before the KPA was, I guess, contemplated by the government.

I don't know when they contemplated it, but we announced the network-sharing arrangement with Sky in July 2024. It's been something that we have been considering this with or without the law.

Thanks, Bench. Thanks, Robert.

Next question. Revenue increased 10%, but trade and other receivables increased faster at 21%.

Could you please help us understand why? Thanks.

Yes, I can. For enterprise, right, we have terms compared to our residential customers, which are, mostly in cash.

That's why faster acceleration on receivables. As you can see, enterprise grew much faster this year compared to residential.

Thanks, Robert. Approaching the last questions, if there are any other questions you'd like to chime in, please queue them up.

Next question. Excluding CAPEX carried over to this year, would CAPEX be down year on year?

No, it would be up. Generally, in the last 2 years, we've been guiding to 500,000 ports per year of, call it, business-as-usual CAPEX network expansion.

This year, as we had mentioned, we will be rolling out at a much faster rate of slightly under a million, 900,000 ports or so. It'll be a bit higher.

Thanks, Robert. I think this is a two-pronged question which we've tackled a bit, but let me just quickly check.

EBITDA margin is expected to decline this year, while your port utilization should continue to increase, theoretically, should be positive for profitability. Can you help us understand what is the reason behind expected decline in EBITDA margins, which I think Robert mentioned already, and what would be a sustainable level going forward?

Sure, I can take this. Again, as I mentioned, we are continuing to invest in, call it, customer experience initiatives.

Again, Bench also mentioned that we are hiring more people for proactive maintenance, and so we are carrying the cost as overhead at this point in time. Given the slightly lower growth compared to previous years, that's why we're not getting the operating leverage that we want to on day one, but eventually, we will get back up to 60%, 61% margin, and I think that is a sustainable level moving forward.

Thanks, Robert. I think that is the last question in the queue.

Oh, no. There's two more.

Okay. Net debt is stable in 2025.

Are you comfortable with your current financial leverage, or are you looking to reduce leverage further, Robert?

I can take this. We're not actively looking to pay down debt, right?

We are quite conservative at this point in time, given the state of affairs, but we're also cognizant that we might need to actually borrow to fund our CAPEX if things are a bit tight, to get us more leeway on cash. We are closely monitoring where interest rates are and what we can lock in and get us some breathing room if we have to.

Thanks, Robert. Next question.

Could you please provide more details on why you are looking to be more aggressive in your rollout of ports in 2026?

I can talk about that, but maybe Dennis or Robert would want to add. Basically, there's still many cities and municipalities across the country where we have not reached, especially in Visayas and Mindanao, and I described some of the areas where we're planning to enter, in Visayas, it's one major island where we really haven't penetrated yet, which is the easternmost large island called Samar.

In Mindanao, most of our ports are just rolled out in the major cities where our backbone passes, but so Davao, Cagayan de Oro, and more recently Zamboanga City, but we haven't gotten to the secondary cities yet, and neither have we actually penetrated the suburbs of those cities, meaning the adjacent municipalities and towns where most of the residents actually live whilst working in the main city. This is still we see as a major opportunity for us, and that's why we are rolling out more, but it will be very focused either on the new areas or in certain areas where certain neighborhoods in, let's say, Metro Manila or Southern Luzon where our ports are actually already close to filling up.

I think in the Philippines, we have this 1,600 municipalities with 79 or 80 provinces. We have 145 major cities.

In the municipality level, I think we are not even close to 50% on that third, fourth-class municipalities. This we are sometimes second-class municipalities.

We need to make sure we can have a space able to roll out all the Filipino households. This market, I think, is a bit complex with low-end a bit low in the prepaid and There's some, the city proper or municipality proper, but we have Mindoro.

Mindoro now is getting a lot of prepaid subscriber. This is our market we are looking at on this kind of expansion.

Thanks, Bench. Thanks, Sir Dennis.

Next question. Could you give us insight into the net adds during the first quarter?

Should we expect a recovery of FiberX subscribers?

Can't disclose yet.

Yeah. Too early to say.

Yeah.

Thanks, Bench. Thanks, Robert.

I think that closes our Q&A. There are no more questions on the queue.

Yes. Okay.

Let me close. To summarize, our full year financial targets ended well within or above our guidance for 2025, with revenue growth at 10.2%, EBITDA margins of 60.4%, and ROIC at 17.7%.

Demand for our residential business products remains strong, with more than 1.2 million gross adds, while enterprise business also showed strong growth with key wins mentioned by Bench and the improvements we are developing on our network. To close, as mentioned by Miss Grace, we have announced a regular dividend payout of 49 cents per share, or 30% of our 2025 net income, which is at the higher end of our dividend policy.

This is a testament that we remain focused on delivering shareholder value, keeping in line with sustainable long-term value. Thank you very much for your time and participating in today's presentation.

If you have any further questions or would like to have further discussions, please don't hesitate to reach out to us at [email protected]. Thank you, and have a good day.