Thank you, Angela. Hi, hello everyone.

This is Bobby Sarkar, Head of Research at QNB Financial Services. I wanted to welcome everyone to Industries Qatar's fourth-quarter and year-end 2025 financial results conference call.

On this call from QatarEnergy's Privatized Affairs Group, we have Abdulla Al-Hay, who is the manager; Rashid Al-Mohannadi, who is the Head of IR and Communications; and Ahmed Saleh, who is Assistant Manager in Financial Operations. We will conduct this conference with management first reviewing the company's results, followed by a Q&A.

I would now like to turn the call over to Rashid. Rashid, please go ahead.

Thank you, Bobby. Good afternoon and thank you all for joining us.

Hope you are doing great. Before we go into IQ business and performance updates, I would like to mention that this call is purely for IQ investors, and no media representatives should be attending this call.

Moreover, please note that this call is subject to the disclaimer statement as detailed on slide number two of the IR deck. Kindly note that the MS Team link is to display the IR deck on screen.

In case you want to participate in the Q&A session, you must dial in through the telephone lines on the phone number provided as part of the invitation. Now we can move to the call.

On Wednesday, 11th of February, IQ published its results for the year ended 31st of December 2025. Today in this call, we'll go through these results and provide you with an update on key financial and operational highlights.

Today in this call along with me, I have Mr. Abdulla Yaqoob Al-Hay, Manager for Privatized Company Affairs, and Mr.

Ahmed Zakaria, Assistant Manager in the Financial Operations. We have structured our call as follows.

First, I will provide you with a brief overview of IQ ownership structure, competitive advantages, and overall governance framework. Then Abdulla will walk you through the macroeconomic update and overview of the consolidated results and the dividend proposal.

Following that, Mr. Ahmed will present an update on the company financial performance, and later on, Ahmed will guide you through the segmental performance.

Finally, we'll open the floor for the Q&A. To start with, as detailed on slide number five, IQ ownership structure compromises of QatarEnergy with 51% stake, and the rest is in free float held by various domestic and international corporates and individuals.

Rating agencies, such as S&P, reaffirmed IQ issuer credit rating at AA- with stable outlook and confirming IQ Group strong business and financial position. QatarEnergy being the main shareholder of IQ provides most of the head office functions through a service-level agreement.

Operations of the IQ Group companies are independently managed by their respective board of directors along with senior management teams. In term of the competitive advantages, as detailed on slide number eight, the Group is well-positioned with several competitive advantages within its domain strategically, operationally, as well as financially.

These strengths include an efficient and well-maintained asset base; a qualified, skilled, and highly trained workforce; assured supply of feedstock and competitively priced energy sources; lower operating costs; a dedicated marketing team in the form of QatarEnergy Marketing to market the Group petrochemical and fertilizer products; and known JV partners; and most importantly, a well-experienced senior management team. As detailed on slide number 10, from competitive positioning perspective, IQ ranks among the top-tier companies within the regional downstream space across most of the matrices.

In term of the IQ governance structure, you may refer to slide 47 and 48 of the IR deck, which covers various aspects of IQ Code of Corporate Governance in further detail. With that, I will now hand over to Mr.

Abdulla.

Assalamu alaikum. Thank you, Rashid, and thank you all for joining us.

We will start with a brief overview of the macroeconomic environment. After several years of uncertainties driven by high energy prices and geopolitical risks, global conditions improved in 2024 supported by lower inflation and modest growth.

In 2025, uncertainty returned as growth slowed, trade tension increased, and economic risk rose across most regions. Moving to the petrochemical sector, in 2025, the petrochemical industry operated in difficult global environment affected by trade tension, geopolitical risk, and volatile energy markets.

These factors impacted demand, supply chains, and prices while margin remained under pressure. Despite these challenges, the industry achieved modest growth supported by steady demand from packaging, automotive, construction, and consumer goods sectors.

Turning to fertilizer, the nitrogen fertilizer market stabilized in 2024 as price eased and farmer affordability improved. This was supported by lower gas price volatility, steady production, and adjusted trade routes despite sanctions.

In 2025, conditions tightened again due to the strong demand, supply limits, and export controls, especially from major exporters. Price rose sharply, creating renewed affordability challenges for farmers amid ongoing global food security concerns.

As for the steel sector, the steel segment declined in 2024 due to weak demand from construction and automotive sectors along with higher operating costs. The year was also affected by inflation, high interest rates, and geopolitical tension.

In 2025, global demand and price stabilized, but risk from trade barrier and geopolitical remained. Regionally, the steel market stabilized and then grow stronger supported by large infrastructure and mega projects.

Growth was further supported by normalizing oil production and rapid expansion in non-oil sector. Regional supply moved towards self-sufficiency with plans for further export growth.

Now looking at our financial performance, the Group reported a net profit of 4.3 billion Qatari riyals, equivalent to 0.71 Qatari riyals per share for the year ended 31st December 2025, representing an 8% decline compared to the restated figures in the previous year. While net profit and earning per share declined, the EBITDA remained broadly stable supported by marginal stronger operating performance and resilience underlying profitability.

Turning to dividends, and despite ongoing funding requirement for current and future capital projects as well as cautious short- and medium-term macroeconomic outlook, the board of directors has proposed a generous second-half 2025 dividend of 2.7 billion Qatari riyals, equivalent to 0.45 Qatari riyals per share. This brings the total dividend for the year to 4.3 billion Qatari riyals or 0.71 Qatari riyals per share, representing 100% payout of the net earning for the full year, subject to the approval of the upcoming AGM.

This proposed distribution underscores the board's strong confidence in the Group cash generation capability, financial strength, and commitment to delivering sustainable and attractive return to shareholders. With that, I will now hand over to Mr.

Ahmed, who will walk you through the financial and operational update for the year.

Thank you, Mr. Abdulla.

Good afternoon, everyone, and thank you for attending this earnings call. Diving into the financial performance, as reported on slide 15, IQ Group reported a consolidated net profit of 4.3 billion riyals for the year ended 31st December 2025, a decline of 8% versus restated 2024 results.

Earnings per share for 2025 was 0.71 Qatari riyals versus 0.77 riyals for 2024. EBITDA for the year was 6.4 billion Qatari riyals with an EBITDA margin of 34% compared to an EBITDA of 6.4 billion for prior year with an EBITDA margin of 38%.

Group revenue for 2025 increased by 11% to reach 18.6 billion Qatari riyals as compared to 16.8 billion Qatari riyals in prior year. Improvement in revenue for the year was due to an overall increase in both average selling prices as well as sales volumes.

Going through IQ's net earnings for 2025 versus 2024 as detailed on slide 16, the Group's financial performance for 2025 was largely attributable to the following factors. Blended product prices rose 4% year on year to $477 per metric ton, contributing around 542 million Qatari riyals increase to net earnings.

Fertilizer prices remained resilient supported by strong agriculture demand, supply disruptions, and export controls. Petrochemical demand remained weak due to overcapacity.

Steel demand was mixed with strength in India, Asia excluding China, and the Gulf region, while China demand remained weak. Moving on to sales volumes, sales volumes for the year ended December 2025 increased by 6%, contributing 1.3 billion Qatari riyals improvement to net earnings.

This increase was driven by higher production, primarily coming from the steel segment, and stable demand amid easing macroeconomic pressures. Now continued supply constraints, including export restrictions by major producers, further supported volumes, enabling the Group to capitalize on favorable market conditions.

Operating costs for 2025 increased moderately versus prior year. This year-on-year increase in operating costs was driven by a few factors, namely higher sales volumes, increased feedstock costs which were linked to average product prices, recognition of site restoration and decommissioning costs, coupled with general inflation.

The financial performance for the year was also impacted due to lower one-off non-operating income in 2025. Now during the year, the Group recorded total non-operating income of around 0.9 billion Qatari riyals, comprising interest and investment income of around half a billion Qatari riyals, as well as other non-operating income of around 0.4 billion Qatari riyals.

Now this other non-operating income includes a 222 million Qatari riyals relating to reversal of impairment of facilities which were previously mothballed within the steel segment. On a comparable basis, total other non-operating income reported in 2024 was 1.7 billion Qatari riyals, resulting in a notable reduction in 2025.

Now this reduction was due to lower interest and investment income on account of lower availability of investment funds coupled with lower interest rates. In addition, the Group also recognized around 0.4 billion Qatari riyals gain on acquisition of a subsidiary during the year ended 2024.

Moving on to the financial position of the Group, as you can see on slide 15, IQ Group's financial position remains robust with proportionately accounted cash and bank balances of 10.3 billion Qatari riyals as of 31st December 2025 after payment of dividends relating to second half of 2024 and first half of 2025 amounting to 2.6 billion Qatari riyals and 1.6 billion Qatari riyals, respectively. Currently, the Group has no short-term or long-term debt obligations.

The Group's reported total assets and total Group equity reached 43.1 billion Qatari riyals and 37.9 billion Qatari riyals, respectively, as of 31st December 2025. The Group also generated positive operating cash flows of around 4.9 billion Qatari riyals and free cash flow of around 2.6 billion Qatari riyals.

Now let us move on to the segmental review. To start with, let's look at the petrochemical segment.

As detailed on slide 24, the petrochemical segment reported a net profit of 733 million Qatari riyals for the year, representing a 46% decline compared to last year. Now this decrease was mainly driven by lower revenue by around 11% and a reduction in operating margins influenced by an increase in operating costs.

Revenue declined due to a 5% drop in sales volumes and a 6% decrease in average selling prices. Both were impacted by a mix of internal and external challenges.

Selling prices were lower compared to last year, mainly due to macroeconomic headwinds including weaker demand, oversupply from excess capacity and cautious buying behavior, geopolitical tensions, and crude price volatility. Additionally, volumes were affected by higher shutdown days within both the polyethylene and fuel additive segment.

On a quarter-on-quarter basis, net earnings declined sharply by 92%, primarily due to margin pressure arising from lower revenue and significantly higher operating costs. Revenue decreased by 6%, reflecting the combined impact of a 5% decline in prices and a 2% reduction in sales volumes.

Operating costs rose sharply, mainly due to inventory movements, higher maintenance expenses, coupled with the recognition of site restoration and decommissioning costs in the fourth quarter of 2025, which materially impacted our operating margins. Sales volumes declined marginally amid lower production while prices remained subdued against ongoing macroeconomic headwinds.

Moving on to fertilizer segment, as you can see on slide 30, this segment delivered a robust net profit of around 2.7 billion Qatari riyals for the year, representing a strong 36% increase year on year. Now this improvement was primarily driven by an 18% increase in revenue underpinned by a notable 20% rise in average selling prices, which more than offset a marginal 2% decline in sales volumes.

Nitrogen fertilizer prices improved significantly on a year-on-year basis, supported by both demand and supply-side factors. On the demand side, consumption continued to strengthen and stabilize, driven by rising global food demand, expansion of arable land, improving farmer affordability and profitability, and producers' access to more reliable feedstock supply chains.

On the supply side, availability remained constrained due to tighter exports from key producers such as China, alongside export restrictions from countries including Russia and Belarus. Sales volumes declined marginally, in line with marginally lower production volumes during the year.

On a quarter-on-quarter basis, the segment's net profit declined notably, down to 533 million Qatari riyals, primarily due to pressure on operating margins stemming from lower revenues and higher operating costs. Segment revenue declined moderately compared to third quarter of 2025, mainly driven by a sharp 13% decline in average nitrogen fertilizer prices during the quarter.

Now prices came under pressure due to seasonal demand weakness, lower natural gas feedstock costs, increased ammonia supply, elevated inventory levels, and weaker farmer purchasing power, all of which exerted downward pressure on prices. Sales volume, however, increased marginally by 5%, supported by underlying demand-supply fundamentals.

Operating costs increased notably compared to the previous quarter, reflecting higher sales volumes as well as the recognition of site restoration costs in fourth quarter of 2025, which further impacted margins. Moving on to the steel segment, as shown on slide number 36, the steel segment reported a net profit of 713 million Qatari riyals, significantly higher than 2024.

Now this was mainly driven by a 29% increase in revenue, stronger operating margins, and higher other operating and non-operating income. Revenue growth was supported by a 42% increase in sales volumes, reflecting the 26% higher production following facility restarts, despite a 9% decline in average selling prices amid softer global steel prices.

The performance of the segment was further supported by a one-off impairment reversal of 222 million Qatari riyals, which was partially offset by weaker contributions from associates. On a quarter-on-quarter basis, net profit improved significantly by 360% compared to the previous quarter, mainly driven by the recognition of one-off non-operating income relating to the reversal of impairment on property, plant and equipment, as well as stronger operating margins supported by improved product prices.

Segment revenue increased by 6%, primarily reflecting a 10% improvement in average selling prices supported by supply constraints, strong demand from both the infrastructure and automotive sectors, as well as improving mill margins, despite a 3% decline in sales volumes. Now with that, I hand over back to Rashid.

Over to you, Rashid.

Thank you for your attention. That concludes our presentation.

We will now open the floor for the Q&A.

Hi. Thank you for the call.

A couple of questions from my side. The first one is related to plant turnarounds.

Can you give us color on your plant turnarounds for the full year 2026? The second and third are related to the blue ammonia project.

Can you confirm the timeline of completion of the project, and what utilization rates do you expect from it? Plus, the blue ammonia versus gray ammonia premium, can you give us some color on that?

The suspension PVC project, when do you expect it to be operational, and the utilization figures, please?

Thank you for your question. For the turnaround, later on, Mr.

Safwan will provide you with the plan for the year 2026. Related to your question of the blue ammonia project or the QAFCO-7 project, I would say that we will be arriving to the completion of this project during the first quarter of 2026.

Are we going to produce a blue ammonia or a gray ammonia? This will be depending on the completion of the carbon capture project, which will not be completed this year.

It is still under the construction. Basically we will be starting this as a gray ammonia.

Going forward, once the other facility will be ready, then at that time the market also will be much more looking for greener product, we can start selling the blue ammonia at that time. For the PVC projects, the facility already in operation.

We managed to sell some of the product during the month of December 2025. We should see the full production of that and utilization of this facility during the 2026.

Now Safwan can speak about the turnaround of 2026.

In 2026, the major turnaround will be within the fertilizer segment. There'll be one major planned turnaround within fertilizer because fertilizer facilities have 12 12 trains.

Always every year, we have one planned turnaround within them. This year also, as usual, we'll have one turnaround within one train, most likely to be QAFCO-2.

I don't want you to really worry about the turnarounds. This is a routine things happen for such kind of assets where these turnarounds are designed to be conducted on I believe every five years for each plant.

We shouldn't be worried. The production level will be the same.

It's not going to massively impact the overall production. You don't need to worry about this thing.

In fact, that's right. The idea to improve the reliability and to maintain the production.

Exactly.

Okay. Thank you.

Just so there will be only a turnaround in the fertilizer segment? There won't be any turnaround in the petchem segment?

The planned turnaround only will be in fertilizer segment.

Okay. Regarding the new ammonia plant, we can expect it to be completed by end of Q1 2026?

What do you expect as a utilization rate for the plant for the rest of the year?

This is a production facility, we will start ramping up this production gradually until we arrive to 100% utilization. This facility, or the QAFCO-7, should give us a 1.2 million metric ton per year.

This is our target, and we usually achieve our target as well.

How long does it take to fully ramp up the plant, on average?

This is, I would say, maybe technical question, but as far as I know that it will start the production by the second quarter. As any facility, you cannot go to the full utilization from the beginning, but this, I would say, we will achieve our full utilization during the year.

Thank you. That was very helpful.

Yes, hi and thanks for the opportunity to ask questions. I have a few, if you don't mind, I'll ask them one by one.

Just in terms of obviously we've noticed that this quarter, you've started taking a new provision for decommissioning of certain assets. You have a 46.7 or 8 million charge that is allocated to the depreciation and amortization, and then there's also another charge allocated on the financial cost of around 30 million.

Just to kind of reconcile some of these numbers, is this just at the fertilizer level, and is this just for the quarter, should we annualize this figure going forward, whereby you have an extra expense of around, call it 80 million per quarter that didn't exist in the past? That's my first question.

Thank you for your question. I believe we have started to do the, I would say, the good practice by putting the provision for the decommissioning for the huge assets that we have and the aged assets as well.

We have started to book the provision during the Q4 of 2025. The numbers that we have, it is for one quarter, which is the fourth quarter, where you need to annualize that number.

We are implementing this decommissioning provision on the fertilizer plus the petchem assets as well.

There should be an additional charge as well hidden in the associate or the JV, or income from JV line, right? Technically, you have one that is consolidated, and another one that we do not see.

Is that correct?

Correct. Yeah.

Okay. Just roughly if we kind of combine all of that together, it's approximately around 400 million a year, right, of extra provisioning?

Is that the right figure?

I have my colleague, Ahmed, here. He's saying this is approximate number.

It's an approximation, and I would caution you as well, because when you try to annualize the number, because there are many, many variables that go into the calculation of that provision for decommissioning, and some of these variables can change from one year to the next. The provisioning number and the annual impact is highly sensitive to some of these assumptions and variables.

While you can annualize the expected impact for next year, you have to take it cautiously in a sense if there's a change in any of the assumptions with regards to inflation rate or discount factor as well as the timing of the decommissioning activity, which are highly uncertain, then that number in 2026 will move, will change. Just bear that in mind when you do your analysis and estimates for 2026.

Obviously, this is a non-cash expense, it does not impact your free cash flow generation in any way, but will it impact the dividend distribution potential of the business? Because if you are at 100% of EPS, if, let's say, you realize the same level of profitability this year versus last year, and you have an additional 300 million of expenses, obviously you've had the 100 million in Q4, would that result in a lower dividend, or would the company look at dividend distribution going forward on a free cash flow basis rather than on an EPS basis?

I agree with you it is non-cash item, but at a certain point of time, while moving forward, you'll be at a certain time, God knows, after 15, 20 years, 30 years, you decommission some of the assets or you put more capex towards that asset. At the end, this cash will be required.

Going back to your question related to the dividends, maybe you need to see the historical behavior of Industries Qatar, and in that historical behavior, we have not seen that the dividend was more than the earning. God knows maybe in the future if any strategical decision been there to pay more than the earning, maybe it will also be announced or a decision to be taken in the future in case that the strategy have been changed.

However, if you go to the trend, you can see it in the screen that we always pay below or 100% of the earning. Yeah,

100%, yeah.

Maybe just a last question. Sorry, I've asked a few.

Just on the capex guidance that you've provided of 10.5 billion over the next 5 years, this is effectively across all assets, right? This is not from an IFRS reporting standpoint.

How should we think about

Yes. Yes.

How should we think about how much is allocated to the consolidated business from the 10.5?

What do you mean by this is the entire So are now if we're taking This is entire, but

if we're trying to estimate how much free cash flow from an IFRS reporting standpoint is at, what is allocated for QAFAC and QAFCO at this stage for the 10.5 billion? No,

this is for all segments regardless how the accounting been done. Proportionate, this is basically proportionate to all of the capex in the petchem, fertilizer, and the steel segment, regardless how we account for it.

Perfect. Would it be possible to maybe give us the carve-out in terms of what's for QAFAC and QAFCO from the 10.5 billion?

I don't know if we have the

On a percentage basis, 50 80% goes into QAFCO.

QAFCO,

yeah.

QAFCO. Okay.

Fair. Thank you.

Thank you, gentlemen, for taking my call. My call actually is pertaining to the steel division.

It looks like overall revenues has got affected due to some marked decrease in volumes in your DRI/HBI facility. I wanted to have some color on this.

What has been the reason behind it during the fourth quarter? Yeah.

Can you repeat the question? Did you mean increase or decrease?

There has been a decrease in volumes in your DRI/HBI facility on Q-o-Q basis. Can we know what is the reason behind it?

If you look at slide number 39, if you look at DRI/HBI, fourth quarter is around 255,000 metric tons, right, sales. All

right.

There is a drop from 314,000 from the previous quarter, right? Yeah.

That's your question, right? The drop.

It's, for example, second quarter was abnormally high, which we can understand. You've mentioned about sales of semi-finished goods which drove the sales in second quarter.

Then third quarter and fourth quarter, we are seeing a drop as compared to what we were previously assuming at the beginning, which you mentioned that you will be focusing more on this. Wanted to understand what is going on there in terms of volumes, and how we look forward in, say, first quarter, second quarter 2026.

This depends on the orders that we receive either to take the decision to take the DRI/HBI into the next step and convert it to the rebar or to sell it as DRI and HBI. What you need to focus on that this year, we have restarted our mothballed facility, and we have increased our production.

This give the investor that there is some market for the semi-final product where we can see that we can sell in the region. Also, there is a market for the final product that we are selling locally in Qatar and even in the region.

The allocation is basically based on the market demand.

Yep. Okay.

Sir. Understandable.

Just in a general question point of view, the physical market in your petchem segment, we are seeing it quite weak. We are seeing the trend also over the last few quarters.

Given the fact that I believe further capacity additions could be coming up, especially in Asia region over the next few years. Wanted to have an understanding about how you look forward in the first half of 2026 for petchems.

Petrochemical market, it is under pressure due to the excess supply plus the lower demand, lower activities impacted by many regions. A lot of factors.

If you look at the regional political situation right now, there are a lot of uncertainty there. I would say we need to focus on our excellence in the operation.

Final product prices will be driven by the entire market. We need to target the best market, I would say, to get with the best return on our petrochemical segments.

What you will notice that we will be performing better than others if you are doing any kind of comparison in term of the, I would say, margin, whatever, you will see that we are still performing due to all the assets being in Qatar. Other players, maybe they have assets in different, I would say, regions where their margin really got impacted more than us.

I would say we will be doing, inshallah, great even if the prices are under pressure.

Okay. Understandable again on this.

Just to look something like an positive offshoot, you mentioned about QAFCO-7, your blue ammonia project, and you mentioned about first quarter likely starting and all that. I wanted an understanding about can you give some guidance on the revenue and EBITDA levels say, for example, for 2026?

What can we anticipate? I think

this is basically it can be tracked by the other facility or by the other product that we are producing. We have overall six trains.

Our margin stood at around maybe 35%. What is our margin today?

Around 34, 35, or 40% here.

In the fourth quarter.

In the fourth quarter. I would assume this is a newer facility, should have also a better efficiencies.

Let's hope that we maintain either the same or the above margins.

Okay. Thank you.

Thanks a lot.

Thank you for the opportunity. Just quick follow-up on the suspension PVC project.

Could you guide on what is the utilization level for the project upcoming time? What are the prices are you currently seeing for the PVC?

The second one is regarding the steel market. How do you see the supply-demand dynamics and price going forward for medium term?

Thank you.

The first question, I believe, related to the PVC utilization. If I'm correct, we have highlighted before that we started the production of the PVC in the month of December.

We sold all the product locally. Our plan is to go with the full utilization during the year 2026.

This unit should give us around 350,000 tons per year. We will be reporting the performance of this PVC, inshallah, during the year.

Regarding the steel market, I would say that the regional market is having activities. We see that there is activity in the Saudi Arabia.

There is a huge projects going on in the United Arab Emirates as well as our local project. We are been able to sell all of our products.

We've been able to generate profit for the steel during the year, which is a very difficult business, I would say. We see that the business will continue during the 2026.

Okay. Thank you.

Just quick follow-up. What are the current pricing dynamics you are seeing in the market, PVC market?

Pricing dynamics PVC.

Pricing dynamics, to be honest, maybe you need to look at the VCM market where the PVC is, I would say, having the same trend of the PVC market. I would say this is a new product for us.

We will be looking and monitoring that PVC market. We'll be also looking at who is our, I would say, consumer of the PVC.

Is it going to be consumed locally, regionally, or we will go to other continents in Europe or Asia? These things are yet to be disclosed.

We'll be disclosing more information when we have more clarity on the PVC.

Thank you, gentlemen.

Thank you.

Thank you so much for taking my question. Could the management please remind us of the feedstock pricing agreement and whether it's linked to product prices average over the last 12 months?

Thank you.

Yes, thank you so much. I think this is very important question, and on every earnings call, we receive the same questions.

We have the formula for the feedstock, which is pretty much linked to the final product prices. In the fertilizer segment, it will be linked to the full-year, I would say, average of the product price.

However, in the petrochemical segment, it's restated on a monthly basis. We see this formula is a dynamic formula which give us that flexibility, which give us even to maintain, I would say, a good EBITDA and a good margins during the year.

Just maybe one follow-up in the fertilizer segment. For 1Q 2026, we should look at 2025 full-year average prices, or how does it work?

It's getting adjusted at the beginning of the year. Every year, it will get refixed.

For 2026, it will be adjusted back.

I'm sorry, what do you mean by adjusted? That goes back to the base?

How does it work, basically?

For the 2026, it will get adjusted again. Every year, you will get rebased it.

So 2025 it will be based on 2025 prices, and 2026 based on 2026 prices and on a year-to-date basis.

Okay. We'll start basically rebasing based on the Jan, Feb, March prices, basically.

This will be the average for 1Q.

Exactly.

Great. Thank you so much.

Hi, yeah, just a quick follow-up on the capex. I want to just get clarification.

This 10.5 billion figure is IQCD's share of capex, correct?

Yes.

Thank you. Thank you so much.

Thank you, Angela. If there are no further questions, I would like to thank management, Abdulla, Rashid, Ahmed, and Safwan for taking the time to answer our questions.

We will pick this up again next quarter. Thanks, everyone.

Thank you.

Thank you.