{"segments": [{"speakerId": "spk1", "sentences": [{"start": 1, "end": 9, "text": "Good morning, everyone, and welcome to Elisa's first quarter 2024 Interim Report Analyst meeting and conference call."}, {"start": 9, "end": 16, "text": "I'm here at the head of Investor Relations, and now we have a new team here."}, {"start": 16, "end": 23, "text": "And I'm happy to introduce our new CEO, Vesa Sahivirta, who will cover highlights of the Q1 2024 report."}, {"start": 23, "end": 28, "text": "And then, of course, we have CFO Vesa Sahivirta to elaborate more on the financials."}, {"start": 29, "end": 30, "text": "But now we are ready to start."}, {"start": 30, "end": 32, "text": "So I give the word to Toby, please go ahead."}]}, {"speakerId": "spk2", "sentences": [{"start": 33, "end": 38, "text": "Thank you. Thank you, and good day, everybody."}, {"start": 38, "end": 39, "text": "Both here in the room."}, {"start": 39, "end": 45, "text": "And for those who are participating remotely, welcome to this quarterly earnings call of Elisa."}, {"start": 45, "end": 48, "text": "Also on my behalf."}, {"start": 48, "end": 57, "text": "Um, as Vesa was alluding to, I have now been, uh, the CEO of Elisa for seven weeks."}, {"start": 58, "end": 65, "text": "And prior to that, I served three years as a board member of Elisa."}, {"start": 65, "end": 73, "text": "And of course, in that capacity, I have been participating in the strategy formation of the company."}, {"start": 73, "end": 112, "text": "And, you know, looking at the company from the board's vantage point, before this job, I spent five years in aviation and 20 years in the financial industry, needing to deal with all kinds of ups and downs, and the common denominator for all of the roles that I have had in these different industries has been that they have all had a significant technology component, and they have all in their own ways dealt with digital services."}, {"start": 113, "end": 130, "text": "And now, having spent these seven weeks at Elisa on the ground, meeting a lot of people, I must say that I'm really impressed by the culture of the company, the continuous improvement culture, and the capabilities of our people."}, {"start": 130, "end": 136, "text": "I have been participating in the strategy formation as a board member, as I said."}, {"start": 136, "end": 149, "text": "So together with the entire Elisa team, I'm committed to continue down the lane of long-term value creation that Elisa is known for."}, {"start": 149, "end": 155, "text": "Um, I think Elisa has a distinct strategy in many ways."}, {"start": 155, "end": 160, "text": "Um, and as I stated, there will be a lot of continuity."}, {"start": 160, "end": 168, "text": "But having said that, I do see further profitable growth potential."}, {"start": 168, "end": 179, "text": "Both in our home markets, in Finland and Estonia, and also internationally in the digital service space."}, {"start": 180, "end": 198, "text": "And more broadly speaking, these growth areas, in my view, are related to the international digital services business that we are currently growing, but they are also related to IT services in our home market."}, {"start": 198, "end": 200, "text": "You know, cybersecurity."}, {"start": 200, "end": 204, "text": "I clearly see being on the rise."}, {"start": 204, "end": 218, "text": "And I think that there is an opportunity to increase the share of wallet of Elisa in our consumer customer base with all kinds of value-added services centered around home, in our customer base."}, {"start": 219, "end": 225, "text": "So with that short introduction, let's look into the highlights of Q1."}, {"start": 226, "end": 234, "text": "The headline revenue of Elisa during Q1 decreased by 1% or 5 million."}, {"start": 234, "end": 239, "text": "And this was predominantly due to business divestments."}, {"start": 239, "end": 243, "text": "Decrease in equipment sales contributed with some €7 million."}, {"start": 243, "end": 249, "text": "And also the interconnection revenue needs to be taken into account."}, {"start": 249, "end": 258, "text": "The business disposals, namely the divestment of DNA Tower Finland and the discontinuation of Viaplay cooperation."}, {"start": 259, "end": 265, "text": "And then, you know, a very small increase coming from a strategic acquisition."}, {"start": 265, "end": 270, "text": "The net disposals amount amounted to some €8 million."}, {"start": 270, "end": 278, "text": "So eliminating that, we saw a small increase in revenue."}, {"start": 279, "end": 279, "text": "Interconnection."}, {"start": 280, "end": 285, "text": "Interconnection revenue that amounted to €4 million is related to that."}, {"start": 285, "end": 289, "text": "We need to remember that that is EBITDA neutral."}, {"start": 290, "end": 294, "text": "So the comparable EBITDA was the highlight of the quarter."}, {"start": 294, "end": 303, "text": "Developed well with a 4% increase amounting to €190 million."}, {"start": 303, "end": 309, "text": "The mobile service revenue was strong and increased by 6%."}, {"start": 310, "end": 312, "text": "In international digital services."}, {"start": 312, "end": 320, "text": "We turned to a small growth after a couple of challenging quarters."}, {"start": 321, "end": 326, "text": "The overall economic situation in the international markets is still impacting this business."}, {"start": 326, "end": 329, "text": "We have a strong order backlog."}, {"start": 329, "end": 338, "text": "But customers are still somewhat delaying their projects."}, {"start": 338, "end": 345, "text": "But toward the end of the quarter, we started to see things picking up."}, {"start": 345, "end": 353, "text": "In Finland, postpaid churn improved and was around 15%."}, {"start": 353, "end": 368, "text": "The postpaid subscriptions grew by 18,200, and that includes the machine-to-machine and IoT subscriptions that rose by approximately 30,000."}, {"start": 369, "end": 374, "text": "The fixed broadband subscription base increased by 3,300."}, {"start": 374, "end": 380, "text": "We enjoy good momentum in the 5G business."}, {"start": 380, "end": 385, "text": "Our network has the best coverage in Finland."}, {"start": 385, "end": 389, "text": "The population coverage now amounts to 93%."}, {"start": 389, "end": 395, "text": "In Estonia, we are looking at a number of 76%."}, {"start": 395, "end": 407, "text": "And last week we had our AGM, and the AGM decided on a €2.25 cent dividend distribution per share."}, {"start": 407, "end": 415, "text": "And with that, we have now ten consecutive years of increasing dividends."}, {"start": 417, "end": 423, "text": "So, looking at the numbers in a bit more detailed fashion."}, {"start": 423, "end": 426, "text": "I think that we already covered much of the revenue story."}, {"start": 426, "end": 460, "text": "So, when we look at the business disposals, when we look at the service number regulation change that amounts to €1 million, the equipment sales decrease, which is very much driven by the overall challenging macroeconomic environment, and consumers and corporates being careful in their purchases, and then the interconnection of €4 million, all of those decreases amount to €20 million."}, {"start": 460, "end": 467, "text": "And that needs to be taken into consideration when interpreting the revenue development."}, {"start": 467, "end": 473, "text": "The increases came from mobile service revenue and from international digital services."}, {"start": 474, "end": 481, "text": "Improving the mix of the business that is visible in the EBITDA and the operating leverage."}, {"start": 481, "end": 488, "text": "So the EBITDA improved, the margin improved to 35.5%."}, {"start": 488, "end": 497, "text": "And that stated that was driven by the mobile services, mobile service revenue, and also the efficiency improvements that we have started to do."}, {"start": 498, "end": 501, "text": "Started already at the beginning of the year."}, {"start": 501, "end": 513, "text": "We see some of the impact on our numbers right now, but the bulk of the efficiency improvements will be visible in later quarters."}, {"start": 514, "end": 522, "text": "The business disposals, while they decreased the revenue, they improved the EBITDA and the EBITDA mix."}, {"start": 523, "end": 534, "text": "Mobile service revenue, as stated, was strong at 6% and that was driven by ARPU, an increase of 6% in ARPU."}, {"start": 535, "end": 542, "text": "And when we look at that, the ARPU is really coming from 5G upsells."}, {"start": 542, "end": 546, "text": "So from 4G to 5G, that is the main driver."}, {"start": 546, "end": 552, "text": "But also upselling within 4G is contributing nicely."}, {"start": 552, "end": 556, "text": "The competitive situation remains keen."}, {"start": 556, "end": 563, "text": "In the 5G space, the competitive situation was largely unchanged."}, {"start": 564, "end": 578, "text": "In the 4G, we started to see some campaigning from our competitors and, you know, some below-the-counter offers in that space."}, {"start": 578, "end": 582, "text": "Our long-term approach, however, remains intact."}, {"start": 582, "end": 589, "text": "And that means that we will be keeping our market shares in the connectivity business."}, {"start": 592, "end": 608, "text": "So looking at the segment reporting, in consumer customers, when we interpret the revenue, we need to take into consideration the Viaplay end of contracts, the equipment sales, and the interconnection and the traditional fixed-line services."}, {"start": 608, "end": 612, "text": "EBITDA growth of 7% is certainly noteworthy."}, {"start": 612, "end": 641, "text": "So profitability in this segment, picking up nicely with the margin of 40-41% in corporate business, we saw a notch up in terms of the margin to 28% EBITDA, experienced some headwinds, with 4%, some of that is coming from the regulatory change related to corporate numbers."}, {"start": 641, "end": 646, "text": "And then the rest from the IT services business."}, {"start": 648, "end": 660, "text": "So, as stated, our strategy has been distinct and at the core of it, we have our mission: sustainable future through digitalization."}, {"start": 660, "end": 666, "text": "We have our three strategic focus areas and they remain intact."}, {"start": 666, "end": 673, "text": "We want to increase our mobile and fixed service revenues in our home markets of Finland and Estonia."}, {"start": 673, "end": 681, "text": "We want to grow in digital service businesses both in Finland and Estonia as well as internationally."}, {"start": 681, "end": 700, "text": "And then certainly the continuous improvement culture that contributes to continuous improvement of efficiency and quality is a significant strength of the company, and that certainly needs to be nurtured going forward."}, {"start": 702, "end": 708, "text": "So the migration to higher speeds continues."}, {"start": 708, "end": 712, "text": "The overall message here is steady as she goes."}, {"start": 713, "end": 724, "text": "So, 55% of voice subscriptions are at speeds above 200 megabits."}, {"start": 724, "end": 726, "text": "Customers value speed."}, {"start": 728, "end": 730, "text": "And they are willing to pay for it."}, {"start": 730, "end": 737, "text": "So the average billing increase when moving from 4G to 5G is €3 per subscription."}, {"start": 737, "end": 743, "text": "And that has remained as it has been."}, {"start": 743, "end": 752, "text": "So, linear growth in this we continuously see, you know, more and more phones being 5G devices."}, {"start": 752, "end": 761, "text": "And that means that there is a lot of potential in the upselling story to continue going forward."}, {"start": 763, "end": 771, "text": "So in terms of 5G capabilities, we already covered the network coverage."}, {"start": 771, "end": 776, "text": "We already covered the billing increases when moving from 4G to 5G."}, {"start": 776, "end": 786, "text": "What is noteworthy during this quarter is that we launched the first services utilizing 5G standalone network."}, {"start": 787, "end": 797, "text": "So the 5G standalone network as such, we already launched a couple of years back as the first operator in the Nordics."}, {"start": 797, "end": 806, "text": "But now during the quarter, the first eight devices that are capable of using the 5G standalone came to the market."}, {"start": 806, "end": 816, "text": "And we immediately launched new services, 5G standalone subscriptions, to the market."}, {"start": 817, "end": 830, "text": "We have two subscriptions, 5G Plus with the price point of €40.99 and 5G Premium with the price point of €60.60."}, {"start": 830, "end": 836, "text": "As stated, customers value speed and they are willing to pay for it for the time being."}, {"start": 836, "end": 854, "text": "These are not volume products, because there are not that many end devices that are able to use the standalone network, but this still represents a continuum in our 5G upselling story and future potential."}, {"start": 856, "end": 860, "text": "Customers benefit from the standalone network."}, {"start": 860, "end": 863, "text": "5G standalone network in many ways."}, {"start": 863, "end": 872, "text": "More speed. Better quality of the network, less energy consumption and thereby improved battery life in customers' phones."}, {"start": 872, "end": 880, "text": "But one of the capabilities that the standalone network introduces is also so-called slicing capability."}, {"start": 880, "end": 903, "text": "And for that purpose, we introduced a new product called 5G Home Broadband, which effectively means that the customer gets their own slice of the network, which is congestion-free and therefore not impacted by any other traffic in the network."}, {"start": 903, "end": 928, "text": "So, also getting and receiving good feedback from the customers for that product, these product launches are yet again underlining that we have a frontrunner position in terms of utilizing technology and bringing value to customers."}, {"start": 930, "end": 939, "text": "Expansion of fiber continued, and we also brought G.fast technology available for residential properties."}, {"start": 939, "end": 953, "text": "So this is a local loop technology for very short distances and allows the speed of buildings' copper indoor network to be upgraded to the speed of fiber."}, {"start": 956, "end": 962, "text": "Then, looking into the digital services business as stated."}, {"start": 962, "end": 968, "text": "So we came back to growth on a year-on-year basis during the quarter."}, {"start": 968, "end": 974, "text": "Small growth of 2%. Customers are still delaying the projects."}, {"start": 974, "end": 990, "text": "But toward the back end of the quarter, we started to see things picking up in important verticals like the semi industry and high tech industry, which is especially important for our industrial software business."}, {"start": 990, "end": 1014, "text": "We have a strong order backlog and therefore we are able to repeat now the earlier stated view that we think that in the digital services business, the first half of the year will be still somewhat soft, but the second half of the year will be better in terms of revenue growth and on a full-year basis."}, {"start": 1014, "end": 1019, "text": "We are expecting double-digit organic growth."}, {"start": 1021, "end": 1023, "text": "In Elisa's digital services business."}, {"start": 1023, "end": 1027, "text": "We saw a strong order intake during the first quarter."}, {"start": 1027, "end": 1035, "text": "Also, a couple of interesting customer deals in Saudi Arabia with the local telecom operator called Zain KSA."}, {"start": 1035, "end": 1048, "text": "They took some of our analytics software into usage, utilizing that in their 5G monetization and cross-selling for 4iG Group is a Hungarian telecom operator."}, {"start": 1048, "end": 1054, "text": "They have been purchasing the previous Vodafone Hungary business."}, {"start": 1054, "end": 1062, "text": "And they are taking our whole network automation suite into use."}, {"start": 1063, "end": 1065, "text": "In the industry business."}, {"start": 1065, "end": 1085, "text": "We continued with the organic growth strategy, but also with bolt-on acquisitions, buying a small company from Salt Lake City called Romaric Corporation, strengthening our foothold in the US and also our product offering."}, {"start": 1085, "end": 1090, "text": "And then, we have now signed another acquisition, Leanware Oy."}, {"start": 1090, "end": 1101, "text": "Where in Finland, assuming that the deal will be closed after the competition authority approvals later in the spring."}, {"start": 1101, "end": 1108, "text": "We will be getting around 100 more colleagues from that business to Elisa."}, {"start": 1108, "end": 1120, "text": "And the rationale of that acquisition is twofold, to strengthen our product offering in the industry, especially with warehouse management software."}, {"start": 1121, "end": 1132, "text": "And secondly, also bringing in some Finnish customers because in the industry business, we haven't had many Finnish customers so far."}, {"start": 1134, "end": 1136, "text": "Am I with this solution?"}, {"start": 1136, "end": 1145, "text": "The distributed energy storage solution receives quite a bit of interest from telcos around the world."}, {"start": 1145, "end": 1159, "text": "And we have now signed the first deal in this area, DNA Tower Finland, part of Telenor Group, announced their rollout of the solution."}, {"start": 1159, "end": 1165, "text": "So therefore we are seeing the first commercial deals in this space."}, {"start": 1165, "end": 1172, "text": "We are in the startup phase with this solution, but we see good potential going forward."}, {"start": 1174, "end": 1176, "text": "In the digital services."}, {"start": 1176, "end": 1194, "text": "When we look at domestic digital services, entertaining video services there with Elisa Viihde's original series, we are getting quite nice international attention with some of our series from CANNESSERIES and MIPDrama."}, {"start": 1195, "end": 1201, "text": "You know the names of these series being The Icebreaker, Valhalla Project, and Moneyshot."}, {"start": 1202, "end": 1213, "text": "And then in the IT services solution, I think that it's worthwhile to mention that in the IT services space, our journey started some ten years ago."}, {"start": 1213, "end": 1238, "text": "And now when we look at the market where we are offering solutions for our customers: hybrid cloud, workstation management services, cybersecurity, AI, and so forth, our market share in Finland is approximately 10%."}, {"start": 1238, "end": 1240, "text": "So that basically tells two things."}, {"start": 1240, "end": 1245, "text": "First of all, we have established our position in the market."}, {"start": 1245, "end": 1262, "text": "Secondly, it clearly indicates that we also have the possibility to grow in that market with the kind of concept that would be generating clearly above average profitability for the market."}, {"start": 1262, "end": 1268, "text": "So therefore we see growth opportunity in this space."}, {"start": 1271, "end": 1274, "text": "Finally, related to sustainability."}, {"start": 1274, "end": 1276, "text": "I mean, this is very much in the core of our strategy."}, {"start": 1276, "end": 1283, "text": "We have ESG indicators that we are following closely in our business."}, {"start": 1284, "end": 1288, "text": "The baseline is set for the end of 2021 level."}, {"start": 1288, "end": 1307, "text": "And now when we look at how we are proceeding toward the targets in terms of energy consumption, clear positive progress, in terms of population coverage of our high-speed connections, basically the same proportion of female and supervisor stable."}, {"start": 1307, "end": 1312, "text": "So clearly we have more to do in this space."}, {"start": 1312, "end": 1319, "text": "What is noteworthy also is that our patent portfolio is developing nicely."}, {"start": 1320, "end": 1326, "text": "We have received quite a bit of recognition during the past months related to sustainability."}, {"start": 1326, "end": 1339, "text": "Corporate Knights selected us as one of the top 100 companies worldwide for sustainability, and more recently, KDB."}, {"start": 1339, "end": 1347, "text": "That was originally established as the Carbon Disclosure Project and now runs this environmental disclosure system."}, {"start": 1347, "end": 1357, "text": "They A-listed us. So, this is the best category in their rating that we have received after the quarter."}, {"start": 1357, "end": 1367, "text": "Now in April, we received a 100 million sustainability-linked loan from Nordic Investment Bank."}, {"start": 1367, "end": 1371, "text": "And that further accelerates our sustainability."}, {"start": 1372, "end": 1373, "text": "Sustainability goals."}, {"start": 1376, "end": 1381, "text": "So with that, I think that it's fair to say that it was a good start for the year."}, {"start": 1381, "end": 1389, "text": "The highlights being the well-developing EBITDA and the mobile service revenue."}, {"start": 1389, "end": 1394, "text": "Um, and we are able to reiterate our guidance."}, {"start": 1395, "end": 1404, "text": "So, meaning that we expect revenue to be at the same level or slightly higher than in 2023."}, {"start": 1405, "end": 1407, "text": "And the same goes for comparable EBITDA."}, {"start": 1407, "end": 1413, "text": "We expect that to be on the same level or slightly higher than last year."}, {"start": 1414, "end": 1422, "text": "In terms of CAPEX, we expect CAPEX to be 12 to 13% of revenue."}, {"start": 1422, "end": 1444, "text": "And here it is important to note that our mid-term target is to come back to the level of 12% of CAPEX to revenue, meaning that we will be keeping our very focused and carefully prioritized way of doing investments also going forward."}, {"start": 1445, "end": 1453, "text": "It contributes positively to free cash flow and cash conversion."}, {"start": 1455, "end": 1464, "text": "So with that, I think that I'm able to stop here and hand over to Kati to go through the financials."}, {"start": 1464, "end": 1467, "text": "And then we can take the questions afterwards."}, {"start": 1468, "end": 1468, "text": "Thank you."}]}, {"speakerId": "spk3", "sentences": [{"start": 1478, "end": 1480, "text": "All right. Thank you."}, {"start": 1482, "end": 1486, "text": "So, let's start with profit and loss."}, {"start": 1486, "end": 1500, "text": "The year started well, especially in terms of earnings, in fact, the best ever Q1 EBITDA in the history."}, {"start": 1501, "end": 1505, "text": "Uh, but let's first go to revenue."}, {"start": 1505, "end": 1509, "text": "Headline: Slightly down."}, {"start": 1509, "end": 1512, "text": "Uh, 1% of 5 million."}, {"start": 1513, "end": 1516, "text": "However, there are."}, {"start": 1517, "end": 1523, "text": "Several impacts that."}, {"start": 1525, "end": 1549, "text": "Interconnection price changes at the beginning of the year had a lesser impact on the EBITDA, impacting interconnection revenues by 4 million."}, {"start": 1549, "end": 1555, "text": "Approximately the same in interconnection expenses."}, {"start": 1555, "end": 1559, "text": "So it was, uh. No. No impact."}, {"start": 1559, "end": 1574, "text": "The general economic situation has somewhat impacted equipment sales, resulting in a 7 million negative change."}, {"start": 1575, "end": 1578, "text": "Uh, in, uh, equipment sales revenue."}, {"start": 1579, "end": 1599, "text": "In the corporate segment, service revenues saw positive development in both mobile and domestic and international digital services."}, {"start": 1599, "end": 1610, "text": "However, that was sort of neutralized through the divestment impact."}, {"start": 1610, "end": 1619, "text": "Also, there was a continuation of the traditional fixed voice decrease."}, {"start": 1620, "end": 1627, "text": "A regulation change in corporate number regulation change impacted negatively."}, {"start": 1628, "end": 1644, "text": "In the consumer segment, strong growth is continuing with mobile service revenues and very much upselling into 5G."}, {"start": 1645, "end": 1650, "text": "Also, as mentioned by topic as well."}, {"start": 1650, "end": 1675, "text": "Also, the divestment or ending of the Viaplay cooperation agreement last year had a negative impact on domestic digital services in the consumer segment, also traditional."}, {"start": 1676, "end": 1682, "text": "Fixed voice revenues continued to decrease."}, {"start": 1684, "end": 1689, "text": "EBITDA growth 3.6%."}, {"start": 1689, "end": 1692, "text": "Well in line with our expectations."}, {"start": 1693, "end": 1699, "text": "Mid-term financial targets higher than 3%."}, {"start": 1699, "end": 1707, "text": "Growth and margin improved significantly to 35.5%."}, {"start": 1707, "end": 1720, "text": "Reported EBITDA included 10 million of restructuring charges relating to personnel reductions."}, {"start": 1720, "end": 1731, "text": "And, like we said in the Q4 report, we implemented some accelerated cost efficiency measures."}, {"start": 1732, "end": 1734, "text": "In the first quarter of 2024."}, {"start": 1735, "end": 1741, "text": "A bit comparable. It increased by 4.3%."}, {"start": 1741, "end": 1745, "text": "Also, EBITDA margin improved to 22 points."}, {"start": 1746, "end": 1752, "text": "8% increase in financial expenses."}, {"start": 1752, "end": 1765, "text": "There was a change by €3 million, €3.2 million."}, {"start": 1765, "end": 1768, "text": "And that includes, besides."}, {"start": 1769, "end": 1782, "text": "Interest expenses and share of associated company profits impacted 1.2 million of that change."}, {"start": 1782, "end": 1789, "text": "So, the change in financial direct interest expenses was."}, {"start": 1790, "end": 1799, "text": "Uh, 2 million. EPS. Uh comparable EPS was, uh, same level as last year."}, {"start": 1800, "end": 1810, "text": "Uh, €57. Um, in Estonia."}, {"start": 1810, "end": 1813, "text": "General economic situation."}, {"start": 1814, "end": 1818, "text": "Elisa had some impact on the revenue."}, {"start": 1818, "end": 1831, "text": "There was a 5% decrease or a 2.7 million decrease in revenue that was completely coming from lower equipment sales."}, {"start": 1831, "end": 1840, "text": "And also in Estonia, lower interconnection prices impacted Q1."}, {"start": 1842, "end": 1853, "text": "Underlying service revenue, especially mobile service revenue, is also in Estonia, growing and developing well."}, {"start": 1855, "end": 1873, "text": "Even though there was a decline in revenue, EBITDA progressed positively and increased by 1.2%, with margins improving quite clearly to 31.4%."}, {"start": 1874, "end": 1889, "text": "Operationally, good positive development in the mobile postpaid continued and a 2400 increase in the postpaid base."}, {"start": 1890, "end": 1898, "text": "And churn rate continued at that low level, 9.5%."}, {"start": 1901, "end": 1935, "text": "Then, moving to investments and guided CAPEX, excluding licenses, lease agreements, and acquisitions, was 58 million in line with the guidance, and main investments continuing in mobile 5G coverage extension and on the fixed side, fiber, and IT investments."}, {"start": 1939, "end": 1947, "text": "Cash flow was developing positively and continued to grow, improving comparable cash flow."}, {"start": 1947, "end": 1959, "text": "21% increase to 82 million, a positive impact from net working capital change."}, {"start": 1959, "end": 1964, "text": "And this is now the fourth."}, {"start": 1966, "end": 1978, "text": "Consecutive quarter, with positive net working capital change, rolling for quarter change positive 30 million or so."}, {"start": 1978, "end": 1992, "text": "Lower license payments have a positive impact, while higher taxes and interest payments negatively impact the reported EBITDA."}, {"start": 1994, "end": 1997, "text": "Gas conversion."}, {"start": 1998, "end": 2002, "text": "Co or EBITDA comparable EBITDA."}, {"start": 2002, "end": 2013, "text": "Cash conversion was improving clearly and was 69%."}, {"start": 2018, "end": 2027, "text": "Balance sheet and capital structure continue to be strong and solid."}, {"start": 2028, "end": 2056, "text": "Net debt to EBITDA at 1.7 times, in line with the target range, and equity ratio at 43.8% at the end of the quarter, and return ratios continue at a good level, return on equity at 30.6% and return on investments at 18.3%."}, {"start": 2057, "end": 2061, "text": "In terms of financing."}, {"start": 2061, "end": 2066, "text": "In March, we paid 200."}, {"start": 2067, "end": 2087, "text": "48 million bond. And in this month, agreed with a new 100 million, 7-year sustainability-linked loan and the current interest expense."}, {"start": 2089, "end": 2094, "text": "It sat at 2.8% for interest-bearing debt."}, {"start": 2099, "end": 2106, "text": "And uh, Elisa decided on two points."}, {"start": 2107, "end": 2111, "text": "Uh, 25 euros dividend."}, {"start": 2111, "end": 2116, "text": "Paid in two installments."}, {"start": 2117, "end": 2147, "text": "Representing 4.7% growth against last year and being the 10th consecutive year of growth in dividends and payout ratio, 95%, and dividend yield, 5.4%, against the share price at the end of last year."}, {"start": 2147, "end": 2149, "text": "Additionally, there was."}, {"start": 2150, "end": 2159, "text": "The authorization for a maximum of 5 million shares buyback and all this."}, {"start": 2160, "end": 2167, "text": "Confirming a strong commitment to competitive shareholder remuneration."}, {"start": 2170, "end": 2172, "text": "Now. I came to this place."}]}, {"speakerId": "spk1", "sentences": [{"start": 2175, "end": 2178, "text": "Thank you. And now we move on to the Q&A part."}, {"start": 2178, "end": 2181, "text": "And we start with the audience."}, {"start": 2181, "end": 2183, "text": "And the first question comes from here."}, {"start": 2183, "end": 2184, "text": "Certainly, please."}]}, {"speakerId": "spk4", "sentences": [{"start": 2185, "end": 2189, "text": "Okay. Thank you. Sam from Danske Bank, I have three questions."}, {"start": 2189, "end": 2191, "text": "We'll take them one by one."}, {"start": 2191, "end": 2193, "text": "The first one pertains to a topic."}, {"start": 2193, "end": 2202, "text": "In the presentation, you mentioned home-related value-added services and corporate IT services as potential new areas of growth."}, {"start": 2202, "end": 2204, "text": "How will you address these opportunities?"}, {"start": 2204, "end": 2206, "text": "Are you looking at partnerships?"}, {"start": 2206, "end": 2210, "text": "Will you be acquiring, or will you be building the offerings yourself?"}]}, {"speakerId": "spk2", "sentences": [{"start": 2211, "end": 2240, "text": "I think that you should consider those three elements that I mentioned as indications of where I see opportunity and, right now, after seven weeks, it's too early to go into specifics, but more generally speaking, we have an organic growth strategy supplemented by bolt-on acquisitions."}, {"start": 2240, "end": 2257, "text": "So certainly, we are utilizing that playbook in the IT business, when the right opportunities arise, I could easily see something like that happening equally for corporate business or for consumer business."}, {"start": 2258, "end": 2271, "text": "And partnering in general is something that I think we need to be open to, so this perhaps gives you a bit of flavor."}, {"start": 2271, "end": 2277, "text": "How I think in generic terms, as I stated, the specifics will need to be addressed later."}]}, {"speakerId": "spk4", "sentences": [{"start": 2279, "end": 2280, "text": "Okay. Second question."}, {"start": 2280, "end": 2287, "text": "In Q1, there was maybe a bit unexpected step up in mobile service revenue growth."}, {"start": 2287, "end": 2289, "text": "What sort of explains this?"}, {"start": 2289, "end": 2294, "text": "And do you expect the level to taper off during the remainder of the year?"}]}, {"speakerId": "spk2", "sentences": [{"start": 2294, "end": 2306, "text": "Well, as I stated, the mobile service revenue was driven by growth of 5G and the upselling, also the upselling within 4G."}, {"start": 2306, "end": 2309, "text": "So that is the bulk of it."}, {"start": 2309, "end": 2314, "text": "There's a little bit of a technicality in the mobile service revenue."}, {"start": 2314, "end": 2326, "text": "Related to the mitigating actions that we took related to the corporate number regulation change, some of the revenue shifted from fixed service to mobile service revenue."}, {"start": 2326, "end": 2334, "text": "And that accounts for something like a 1% unit in the mobile service revenue."}, {"start": 2334, "end": 2343, "text": "So looking forward, we expect the mobile service revenue to be in the mid-single digits as we have been stating previously."}]}, {"speakerId": "spk4", "sentences": [{"start": 2344, "end": 2348, "text": "Okay. And then finally, maybe a question for you."}, {"start": 2348, "end": 2354, "text": "I think you were initially guiding for about €5 million of one-off costs in Q1."}, {"start": 2354, "end": 2357, "text": "The amount ended up being double that."}, {"start": 2357, "end": 2360, "text": "So what explains the difference?"}, {"start": 2360, "end": 2362, "text": "And what did you actually do in Q1?"}]}, {"speakerId": "spk3", "sentences": [{"start": 2363, "end": 2369, "text": "Indeed. So that was an estimation at that point in time."}, {"start": 2369, "end": 2389, "text": "So we were just planning for the actions and the accelerations, and it turned out that we were finding more opportunities and the exercise was a bit larger than we thought in January."}]}, {"speakerId": "spk4", "sentences": [{"start": 2390, "end": 2394, "text": "Okay. And any examples of concrete actions you took in Q1?"}]}, {"speakerId": "spk3", "sentences": [{"start": 2397, "end": 2409, "text": "Well, there were a lot of efforts in different parts of the processes at different parts of the organization and organizations."}, {"start": 2409, "end": 2428, "text": "And, uh, this restructuring charge relates to reductions in the number of employees as a result of these, uh, actions, and, uh, approximately 130, uh, reduction."}]}, {"speakerId": "spk4", "sentences": [{"start": 2429, "end": 2429, "text": "Okay. Thank you."}]}, {"speakerId": "spk1", "sentences": [{"start": 2431, "end": 2433, "text": "And next question, please."}]}, {"speakerId": "spk5", "sentences": [{"start": 2435, "end": 2438, "text": "Yes, I promise. So welcome, Toby."}, {"start": 2438, "end": 2458, "text": "And I would like to start also with a more strategic question, and I understand that the key pillars will be still in place and intact, but maybe thinking about the acquisition strategy and, for example, looking at international digital services, which is still a fairly small business for you, how do you see the future of Elisa?"}, {"start": 2458, "end": 2462, "text": "Are you prepared to be more active in terms of, uh, potential going forward?"}, {"start": 2463, "end": 2464, "text": "So maybe this is the first one."}]}, {"speakerId": "spk2", "sentences": [{"start": 2465, "end": 2486, "text": "Well, um, I think that to start with M&A and, you know, focused, uh, M&A on M&A with very clear criteria and the ultimate criteria being, you know, value creation for shareholders has been part of Elisa's, uh, playbook previously."}, {"start": 2486, "end": 2492, "text": "And now lately, we have seen, you know, some increase in, in that activity."}, {"start": 2493, "end": 2500, "text": "Uh, and I would expect us to be active on, on the bolt-on M&A acquisition space."}, {"start": 2500, "end": 2515, "text": "Also. Also going forward, we have an organic growth strategy supplemented by bolt-on M&A in order to find growth, uh, for the business."}, {"start": 2515, "end": 2521, "text": "But that stated, you know, it always depends on what kind of opportunities emerge on the market."}, {"start": 2521, "end": 2524, "text": "And we will stay disciplined with the criteria."}]}, {"speakerId": "spk5", "sentences": [{"start": 2525, "end": 2527, "text": "Yes, that's very clear."}, {"start": 2527, "end": 2534, "text": "And the second and last question from my side is related to distributed energy storage."}, {"start": 2534, "end": 2541, "text": "And just, uh, thinking about upgrading your own battery packs at base stations."}, {"start": 2541, "end": 2544, "text": "We have been discussing it, uh, for example, last quarter and so on."}, {"start": 2544, "end": 2546, "text": "When do you expect this process to be completed?"}, {"start": 2546, "end": 2554, "text": "What comes to your own network and what type of what is the magnitude of storage capacity you would be having at that stage?"}]}, {"speakerId": "spk3", "sentences": [{"start": 2556, "end": 2558, "text": "Well, the upgrade of batteries."}, {"start": 2558, "end": 2564, "text": "It is happening in, uh, several, uh, years' time."}, {"start": 2565, "end": 2570, "text": "Um, we started last year continues this year."}, {"start": 2570, "end": 2578, "text": "And also, uh, next year, the capacity is 150."}, {"start": 2578, "end": 2585, "text": "Uh. Megawatts are what we are building over the time."}]}, {"speakerId": "spk5", "sentences": [{"start": 2586, "end": 2588, "text": "Okay. Just very clear."}, {"start": 2588, "end": 2588, "text": "Thank you."}]}, {"speakerId": "spk1", "sentences": [{"start": 2589, "end": 2591, "text": "The next question, Felix."}]}, {"speakerId": "spk6", "sentences": [{"start": 2593, "end": 2596, "text": "I feel excited to consider also welcome on my behalf."}, {"start": 2596, "end": 2597, "text": "I have three questions."}, {"start": 2597, "end": 2598, "text": "I'll take them one by one."}, {"start": 2598, "end": 2610, "text": "Firstly, starting on pricing, the Finnish mobile market has been quite rational, and we were able to introduce a number of 4G price hikes last year."}, {"start": 2610, "end": 2617, "text": "So the question is, how large of a contributor were those to Mobile Service Revenue growth in Q1 and going forward?"}, {"start": 2617, "end": 2627, "text": "Would you expect it to get tougher to continue to drive price increases, given the comments you made on campaigning and also inflation, perhaps tapering down a little bit?"}]}, {"speakerId": "spk2", "sentences": [{"start": 2628, "end": 2642, "text": "So, when we break down the Mobile Service Revenue growth, there's some impact from the price increases that were conducted earlier, at the end of last year."}, {"start": 2642, "end": 2646, "text": "But the bulk of the Mobile Service Revenue is basically coming from the upsell."}, {"start": 2646, "end": 2651, "text": "So, 5G upsell as well as upsell within 4G."}]}, {"speakerId": "spk6", "sentences": [{"start": 2654, "end": 2662, "text": "And what about price reductions for this year, would you expect to be able to implement sticky price increases as well?"}]}, {"speakerId": "spk2", "sentences": [{"start": 2663, "end": 2675, "text": "I stated that competition is keen and in the 5G space it has remained as it has been in the 4G space."}, {"start": 2675, "end": 2678, "text": "We have been seeing some campaigning going forward."}, {"start": 2678, "end": 2699, "text": "So when we look forward, when we consider our expectation of mid-single digit growth for Mobile Service Revenue, that will be coming from the upsell and also from us keeping the market share in terms of subscriptions."}]}, {"speakerId": "spk6", "sentences": [{"start": 2701, "end": 2713, "text": "Right. Then I guess the next question is to piggyback on that one, you've sort of reported mobile postpaid net adds down some 20K in Finland, excluding machine to machine for the past couple of quarters."}, {"start": 2713, "end": 2718, "text": "So could you sort of provide some color on this, and how much of this is due to competition?"}, {"start": 2718, "end": 2722, "text": "How much of the pricing actions you've taken any sort of color on this would be appreciated?"}]}, {"speakerId": "spk2", "sentences": [{"start": 2723, "end": 2746, "text": "Yeah. So, I stated, you know, competition in the grand scheme of things, competition has been pretty much as it has been in the past, what we need to take into consideration and what was mentioned earlier is that during Q1, we carried out a number of accelerated efficiency measures."}, {"start": 2747, "end": 2760, "text": "And during Q1, that meant that we were temporarily a bit more inward focused than we would usually be, or we would be right now when those measures have been conducted."}, {"start": 2760, "end": 2767, "text": "And that also impacted some of our timing of our sales and marketing campaigns."}, {"start": 2767, "end": 2770, "text": "So in this respect, quarters are different."}, {"start": 2770, "end": 2775, "text": "And as stated, the bottom line is that we will be keeping our market share also."}]}, {"speakerId": "spk7", "sentences": [{"start": 2776, "end": 2776, "text": ""}]}, {"speakerId": "spk3", "sentences": [{"start": 2777, "end": 2790, "text": "Extending the change in the subscription base in that way that it includes also a substantial number of unused subscriptions."}, {"start": 2790, "end": 2798, "text": "So in the customer base, there are subscriptions that are at very low use."}, {"start": 2798, "end": 2805, "text": "It's not used. And as there have been some price increases in the past."}, {"start": 2805, "end": 2813, "text": "So these low usage subscriptions have been reducing."}, {"start": 2813, "end": 2822, "text": "And also in this quarter, the change in the subscription base includes those kinds of subscriptions as well."}]}, {"speakerId": "spk2", "sentences": [{"start": 2822, "end": 2825, "text": "And the revenue impact of that has been very small."}]}, {"speakerId": "spk6", "sentences": [{"start": 2828, "end": 2835, "text": "And then finally, I just wanted to revisit your thinking regarding CAPEX for this year, as we are three months into the year."}, {"start": 2835, "end": 2841, "text": "Do you still believe that CAPEX will return to 12% or below in 2025?"}, {"start": 2841, "end": 2847, "text": "And what are the sort of biggest buckets for CAPEX for this year when it comes to fibre and 5G and that?"}]}, {"speakerId": "spk2", "sentences": [{"start": 2847, "end": 2855, "text": "So, first of all, when we look at this quarter in terms of CAPEX, you need to remember that quarters are different."}, {"start": 2856, "end": 2858, "text": "Uh, so that's one point."}, {"start": 2858, "end": 2888, "text": "Now, the temporary increase in terms of CAPEX to 12 to 13%, you know, relates to the fact that right now we have pretty attractive business cases for investment. For example, we stopped 3G network and now we can use some of that spectrum for the purposes of 4G and 5G networks, strengthening the network and making some investments in that space."}, {"start": 2888, "end": 2897, "text": "Another opportunity that could be mentioned is the distributed energy storage and the battery capacity, an example that was already addressed."}, {"start": 2898, "end": 2911, "text": "So, that is the story for this year and then looking forward, yes, we do expect to come back to the 12% cap that we are known for."}]}, {"speakerId": "spk6", "sentences": [{"start": 2912, "end": 2913, "text": "Thank you. That's all from my side."}]}, {"speakerId": "spk1", "sentences": [{"start": 2914, "end": 2917, "text": "Thank you. And next question, please."}]}, {"speakerId": "spk8", "sentences": [{"start": 2918, "end": 2920, "text": "Yes. It's a statement from open markets."}, {"start": 2920, "end": 2923, "text": "Welcome also on my behalf on board."}, {"start": 2924, "end": 2932, "text": "One question on the corporate side, I guess we are all happy with the EBITDA growth or the headline growth that Elisa is achieving."}, {"start": 2932, "end": 2939, "text": "But digging into the corporate customer numbers, I think this is the fourth quarter that EBITDA is coming down year on year."}, {"start": 2940, "end": 2957, "text": "A comparison. So, is this something that you're willing to mitigate with the cost actions that you are now doing, or are there any big growth opportunities also in this business, how do you tackle the current situation."}]}, {"speakerId": "spk2", "sentences": [{"start": 2957, "end": 2977, "text": "So when we look at the corporate segment in total, I think that we need to separate a bit between the corporate business that we have in our home markets and then the international digital services business, and you know, international digital services is in a growth acceleration phase."}, {"start": 2977, "end": 2988, "text": "And, you know, the revenue has been, as we just went through, impacted by the overall macroeconomy and those challenges internationally."}, {"start": 2988, "end": 3000, "text": "But now we see the revenue picking up and we see that it will be picking up in a little bit more speed during the second half of the year."}, {"start": 3000, "end": 3007, "text": "So, international digital services' EBITDA challenge will be addressed through growth."}, {"start": 3007, "end": 3019, "text": "And we expect to come back to positive EBITDA in international digital services at the end of 2025 on a run rate basis."}, {"start": 3020, "end": 3033, "text": "Then when we look at the corporate business in the home market, for sure, the challenging economic environment has been impacting a bit."}, {"start": 3033, "end": 3038, "text": "So corporates are generally more cautious in making investments."}, {"start": 3038, "end": 3047, "text": "The particular situation during Q1 with the strikes in Finland impacted us a lot less than many other businesses out there."}, {"start": 3047, "end": 3051, "text": "But it still had some impact."}, {"start": 3051, "end": 3062, "text": "I think that we are talking about a €1 million to €2 million impact, indirect impact of less activity with the corporates."}, {"start": 3062, "end": 3081, "text": "So, revenue growth will also be on the agenda in home market corporate business with cybersecurity and IT services being examples of areas where we see profitable growth."}, {"start": 3081, "end": 3095, "text": "But then for sure, these accelerated efficiency measures that we have taken are also impacting the home market corporate business and will be visible in the segment figures during the quarters to come."}]}, {"speakerId": "spk8", "sentences": [{"start": 3097, "end": 3097, "text": "Okay. Thank you."}]}, {"speakerId": "spk1", "sentences": [{"start": 3100, "end": 3102, "text": "Okay. Any further questions from the audience?"}, {"start": 3103, "end": 3105, "text": "Not at this point in time."}, {"start": 3105, "end": 3110, "text": "So, we'll take the first question from the conference call lines, please."}]}, {"speakerId": "spk9", "sentences": [{"start": 3115, "end": 3123, "text": "If you wish to ask a question, please dial Pound Key five on your telephone keypad to enter the queue."}, {"start": 3123, "end": 3129, "text": "If you wish to withdraw your question, please dial Pound Key six on your telephone keypad."}, {"start": 3136, "end": 3140, "text": "The next question comes from Andrew Lee from Goldman Sachs."}, {"start": 3140, "end": 3142, "text": "Please go ahead."}]}, {"speakerId": "spk10", "sentences": [{"start": 3143, "end": 3145, "text": "Stop in to review your visa."}, {"start": 3145, "end": 3147, "text": "Um, I had two questions."}, {"start": 3147, "end": 3149, "text": "Um, the first question was just on IDs."}, {"start": 3149, "end": 3165, "text": "So, um, I think you said, uh, in your comments around IDs in the presentation that you expect IDs to get back to double-digit growth, um, this year, but for the full year."}, {"start": 3165, "end": 3167, "text": "So improvement in the second half, it's back-end loaded."}, {"start": 3167, "end": 3171, "text": "But, um, uh, that you'd achieve double-digit growth for the full year."}, {"start": 3171, "end": 3173, "text": "Is, is that what you said?"}, {"start": 3173, "end": 3180, "text": "Because, um, I think previously the commentary had been that you'd hit double-digit growth in the second half rather than for the full year."}, {"start": 3180, "end": 3184, "text": "Um, to just get a clear clarification on that."}, {"start": 3184, "end": 3192, "text": "And then I know there's been lots of questions on, um, bigger picture thinking on IDs, I wonder, or kind of specifics on ID."}, {"start": 3192, "end": 3198, "text": "So I wonder if I could just get a broader, um, gist of what you're thinking on, um, IDs."}, {"start": 3198, "end": 3205, "text": "Do you think within that, um, business unit, you're more likely to be acquiring than selling assets?"}, {"start": 3205, "end": 3222, "text": "Um, and then just that second question on your mobile service revenue growth, uh, topic, you mentioned that most of the mobile service revenue growth comes from or the underlying mobile service revenue growth comes from upselling, uh, less from price rises."}, {"start": 3222, "end": 3228, "text": "Um, but I think you guys have said in the past that it takes around six months for price rises to hit revenues."}, {"start": 3228, "end": 3239, "text": "Um, so should we expect a greater, um, support for, for mobile service revenue growth in the second quarter from price rises, given you did some pretty big ones at the back end of the summer?"}, {"start": 3239, "end": 3240, "text": "Thank you."}]}, {"speakerId": "spk2", "sentences": [{"start": 3241, "end": 3244, "text": "And thank you. Thank you, Andrew, for those questions."}, {"start": 3244, "end": 3253, "text": "So, uh, when we first address the issue of IDs growth during the full year."}, {"start": 3253, "end": 3259, "text": "So yes, it will be back-end loaded for, for the second half of the year."}, {"start": 3259, "end": 3266, "text": "But we see we do see things being up and we expect double-digit growth for the full year."}, {"start": 3266, "end": 3271, "text": "Um, so I hope that that addresses the first question."}, {"start": 3271, "end": 3280, "text": "Then the second question was more general about how I see IDs and especially our assets."}, {"start": 3280, "end": 3284, "text": "And, you know, the bolt-on M&A, uh, agenda."}, {"start": 3284, "end": 3296, "text": "Uh, when we look at IDs, when we look at, uh, Polystar, when we look at industry, I like the portfolio of assets that we have there."}, {"start": 3296, "end": 3299, "text": "We have divested Videra, uh, recently."}, {"start": 3299, "end": 3311, "text": "So, uh, so, so with that, the portfolio of assets, uh, is of the kind that it has, uh, growth potential in, in, uh, in my mind."}, {"start": 3311, "end": 3329, "text": "And then certainly, uh, you know, many of our bolt-on M&A have been directed to IDs, IDs, uh, business during the quarter we announced Dramatic in, in the US and then Leanware in Finland."}, {"start": 3329, "end": 3349, "text": "So, uh, so, so uh, with the bolt-on acquisitions, we are especially targeting the in the IDs space and looking to, you know, strengthen our offering and also looking to increase our geographical, uh, footprint and customer base internationally."}, {"start": 3350, "end": 3357, "text": "And then the third one was around MSR and, um, and how we see the price increases there."}, {"start": 3357, "end": 3363, "text": "So, my earlier answer was very much about the front book impact."}, {"start": 3363, "end": 3373, "text": "So, uh, so, so uh, uh, that front book price increases, you know, we will be seeing less of, uh, going forward."}, {"start": 3373, "end": 3378, "text": "So predominantly, it will be coming from the upselling."}, {"start": 3378, "end": 3384, "text": "And then I don't know if you want to address the back book, part of the earlier made price increases."}]}, {"speakerId": "spk3", "sentences": [{"start": 3385, "end": 3399, "text": "Well, we have said that overall mobile service revenue growth for this year as well is in the range of mid-single digit growth."}, {"start": 3399, "end": 3421, "text": "And, that is what we like to continue saying and, for the individual quarters, there can be some differences for different reasons, but on average, we are in the mid-single digits."}, {"start": 3421, "end": 3424, "text": "Mobile service revenue growth for the whole year."}]}, {"speakerId": "spk10", "sentences": [{"start": 3425, "end": 3427, "text": "Okay. Thank you very much."}]}, {"speakerId": "spk2", "sentences": [{"start": 3429, "end": 3429, "text": "Thank you, Andrew."}]}, {"speakerId": "spk9", "sentences": [{"start": 3436, "end": 3441, "text": "The next question comes from Oskar Enqvist from ABG Sundal Collier."}, {"start": 3442, "end": 3443, "text": "Please go ahead."}]}, {"speakerId": "spk10", "sentences": [{"start": 3444, "end": 3445, "text": "And thanks for taking my."}]}, {"speakerId": "spk11", "sentences": [{"start": 3445, "end": 3447, "text": "Questions are welcome in our piece."}, {"start": 3447, "end": 3460, "text": "So just to clarify on the fixed revenue, which I believe was a little bit lower this quarter with a 3% decline, following, I mean, a few quarters of pretty stable growth."}, {"start": 3460, "end": 3469, "text": "So I think you mentioned that the mobile service revenue was a bit supported by a sort of shift between the fixed revenue and the mobile."}, {"start": 3469, "end": 3485, "text": "So I just wanted to clarify, did you say like one percentage point on the mobile service revenue, was it like two and a half, 3 million or something that was shifted from the fixed revenue to the mobile service revenue, or how should we otherwise see the decline in the fixed revenue?"}, {"start": 3486, "end": 3486, "text": "Thanks."}]}, {"speakerId": "spk3", "sentences": [{"start": 3486, "end": 3493, "text": "Yes, indeed. We had a change in the corporate number regulation change."}, {"start": 3493, "end": 3497, "text": "And in order to mitigate the negative, uh."}, {"start": 3498, "end": 3502, "text": "In fact, we have made some product changes."}, {"start": 3502, "end": 3505, "text": "And your conclusion is correct."}, {"start": 3505, "end": 3521, "text": "So there is, because of this change, a negative impact on fixed service revenues and a positive impact on mobile service revenues, amounting to two and a half to 3 million."}, {"start": 3521, "end": 3523, "text": "What you mentioned is, uh, size-wise."}, {"start": 3523, "end": 3524, "text": "Correct."}]}, {"speakerId": "spk11", "sentences": [{"start": 3525, "end": 3527, "text": "Oh, thank you. Just to follow up."}, {"start": 3528, "end": 3532, "text": "So, this will have an impact over the coming few quarters as well."}, {"start": 3532, "end": 3535, "text": "Just on the growth side, I mean, before you start to lap this."}, {"start": 3535, "end": 3538, "text": "Right? So, this is not just a one-off effect in Q1."}]}, {"speakerId": "spk3", "sentences": [{"start": 3540, "end": 3542, "text": "But the effect is continuing."}, {"start": 3542, "end": 3543, "text": "Yes, during the year."}]}, {"speakerId": "spk11", "sentences": [{"start": 3545, "end": 3546, "text": "Excellent. Thank you."}, {"start": 3546, "end": 3556, "text": "So, just the next one, um, on the 5G standalone launch, I think it obviously opens up potential new revenue opportunities."}, {"start": 3557, "end": 3562, "text": "And I'm specifically here thinking about the B2B applications also to further improve monetization."}, {"start": 3563, "end": 3565, "text": "I think you mentioned standalone 5G network slicing, for instance."}, {"start": 3565, "end": 3567, "text": "I'm also thinking about private networks."}, {"start": 3567, "end": 3572, "text": "So do you have any early indications on the sort of demand from the B2B side?"}, {"start": 3572, "end": 3574, "text": "On the standalone networks?"}]}, {"speakerId": "spk2", "sentences": [{"start": 3575, "end": 3579, "text": "Thank you. So, uh, no, not really at this point in time."}, {"start": 3579, "end": 3584, "text": "So, it is very fresh, as stated."}, {"start": 3584, "end": 3594, "text": "You know, the devices that are able to handle and utilize the standalone 5G network basically came to the market in February."}, {"start": 3594, "end": 3598, "text": "So we have the first use cases predominantly in the consumer space."}, {"start": 3598, "end": 3608, "text": "But of course, you are quite right that, you know, those use cases are applicable in the corporate space, in the B2B space, in a similar fashion."}, {"start": 3608, "end": 3611, "text": "And uh, we are working on those opportunities."}]}, {"speakerId": "spk11", "sentences": [{"start": 3613, "end": 3614, "text": "Perfect. That was all from me."}, {"start": 3614, "end": 3614, "text": "Thank you."}]}, {"speakerId": "spk9", "sentences": [{"start": 3622, "end": 3626, "text": "The next question comes from Nick Lyle from Bernstein."}, {"start": 3626, "end": 3628, "text": "Please go ahead."}]}, {"speakerId": "spk12", "sentences": [{"start": 3630, "end": 3632, "text": "Hello, everybody. Um, hello to you as well."}, {"start": 3632, "end": 3633, "text": "And it was two questions, please."}, {"start": 3633, "end": 3637, "text": "Just going back to the fixed revenue."}, {"start": 3637, "end": 3647, "text": "You just mentioned the 2.5 million impact from the corporate number regulation change, but that still leaves about 3 or 4 percentage points of a decline versus the growth over the last two years."}, {"start": 3647, "end": 3650, "text": "Where does the rest of the impact come from in the fixed revenue?"}, {"start": 3650, "end": 3652, "text": "Please. For this quarter, it seems quite weak."}, {"start": 3652, "end": 3661, "text": "And then the second point was, I think you mentioned in the presentation topic as well, or I'm not sure, on the benefit to EBITDA from asset sales."}, {"start": 3661, "end": 3664, "text": "Could you just quantify that for us as well, please?"}, {"start": 3664, "end": 3665, "text": "Thank you."}]}, {"speakerId": "spk3", "sentences": [{"start": 3665, "end": 3673, "text": "Well, in fixed services, of course, traditional fixed voice."}, {"start": 3673, "end": 3678, "text": "Long term, declining trend."}, {"start": 3678, "end": 3684, "text": "And, there is a negative impact from that."}, {"start": 3685, "end": 3712, "text": "Also, some corporate networks areas have had negative development, but the biggest ones relating to this corporate number regulation change and traditional fixed voice decreasing."}, {"start": 3713, "end": 3718, "text": "Could you repeat the second one?"}]}, {"speakerId": "spk12", "sentences": [{"start": 3720, "end": 3721, "text": "Sorry, just to clarify."}, {"start": 3721, "end": 3725, "text": "I think you mentioned there was a benefit to EBITDA from the asset sales."}, {"start": 3725, "end": 3729, "text": "So presumably, this includes items like video and may involve more losses."}, {"start": 3729, "end": 3736, "text": "Could you quantify the EBITDA benefit in the quarter from the asset sales, just to understand the underlying run rate, please?"}, {"start": 3737, "end": 3738, "text": ""}]}, {"speakerId": "spk3", "sentences": [{"start": 3740, "end": 3742, "text": ""}, {"start": 3742, "end": 3756, "text": "Okay. You are referring to the divestments of Elisa Viihde and changes in the cooperation agreement regarding streaming services."}, {"start": 3756, "end": 3764, "text": "So these were slightly positive in EBITDA."}, {"start": 3767, "end": 3771, "text": "So that's what we can say about those."}]}, {"speakerId": "spk2", "sentences": [{"start": 3771, "end": 3777, "text": "The revenue impact of the disposals was €8 million."}, {"start": 3777, "end": 3781, "text": "Net and EBITDA impact slightly positive."}]}, {"speakerId": "spk12", "sentences": [{"start": 3783, "end": 3785, "text": "Well, it is a very small single digit."}, {"start": 3785, "end": 3787, "text": "You think for the EBITDA."}, {"start": 3787, "end": 3789, "text": "Okay. Thanks very much."}]}, {"speakerId": "spk9", "sentences": [{"start": 3798, "end": 3802, "text": "The next question comes from Jacob Bluestone from BNP Paribas."}, {"start": 3802, "end": 3805, "text": "Zain KSA, please go ahead."}]}, {"speakerId": "spk13", "sentences": [{"start": 3808, "end": 3811, "text": "Hi. Thanks for taking the question and welcome as well, Toby."}, {"start": 3811, "end": 3813, "text": ""}, {"start": 3813, "end": 3823, "text": "Firstly, as you described, it sounds like there's a bit more emphasis on moving into slightly more adjacent business areas, such as cybersecurity."}, {"start": 3824, "end": 3825, "text": "I'd be interested in hearing a bit more."}, {"start": 3825, "end": 3830, "text": "How do you measure success with this move, and what specifically are you targeting?"}, {"start": 3830, "end": 3834, "text": "Is it accelerating EPS growth, or is it more about free cash flow?"}, {"start": 3834, "end": 3840, "text": "Just if you can help us understand a bit about how you think about this move from a financial perspective?"}, {"start": 3840, "end": 3862, "text": "Secondly, you've made a comment a few times, as you guys have in the past, about keeping the market share stable in mobile, but I'm trying to understand what market share we are actually talking about, given that you've got declining subscriber numbers, but then that's largely because of these non-paying customers."}, {"start": 3863, "end": 3874, "text": "So are you aiming for a stable subscriber market share, excluding these subscriber losses, or what are you actually targeting?"}, {"start": 3874, "end": 3881, "text": "And it might just be helpful to give us a bit of a sense of how big these non-paying customer drags are?"}, {"start": 3881, "end": 3889, "text": "I think this is now the second quarter in a row where you're losing 20,000 postpaid subs, excluding these, and so it would be helpful to understand that."}, {"start": 3889, "end": 3893, "text": "And then maybe if I can just sneak in a final one just around fixed line investments."}, {"start": 3893, "end": 3895, "text": "I mean, you talk about investing more into G.fast technology."}, {"start": 3896, "end": 3904, "text": "I think most of the telcos are obviously talking more about fibre investments, so I'm just curious about how you think about investing more into fibre in fixed line."}, {"start": 3904, "end": 3904, "text": "Thank you."}]}, {"speakerId": "spk2", "sentences": [{"start": 3905, "end": 3907, "text": "Thank you, thank you, Jake Jacob, both of those."}, {"start": 3907, "end": 3916, "text": "So, uh, I mean, you know, the first question about generally, how do I think about, uh, shareholder value, value creation."}, {"start": 3916, "end": 3929, "text": "I mean, first of all, what needs to be stated is that we obviously have the strategic targets and the financial targets that we have communicated, and those will stay intact."}, {"start": 3930, "end": 3938, "text": "Then, more generally speaking, the bottom line is shareholder value creation, obviously."}, {"start": 3938, "end": 3949, "text": "And when we look at shareholder value creation, EPS obviously is a good proxy for that shareholder value creation."}, {"start": 3949, "end": 3962, "text": "And when you look at the valuation of Elisa and the multiples that we have, free cash flow and cash conversion certainly has been a big part of that story."}, {"start": 3962, "end": 3966, "text": "And also, you know, the very disciplined CAPEX that we have been having."}, {"start": 3966, "end": 3969, "text": "So, these are significant strengths."}, {"start": 3970, "end": 3982, "text": "So, looking forward, also considering how to grow, for example, in digital services, we will be keeping these strengths and virtues in mind."}, {"start": 3982, "end": 3990, "text": "And then we will be disciplined in financial management and decision making."}, {"start": 3991, "end": 4002, "text": "So I guess that would be the first part of the question, and then the second one, how are we sort of?"}, {"start": 4003, "end": 4009, "text": "Considering the market shares in terms of connectivity, the connectivity business."}, {"start": 4009, "end": 4015, "text": "Um, there, you know, I think that predominantly we are looking at two numbers."}, {"start": 4015, "end": 4019, "text": "We are looking at the market share in terms of revenue."}, {"start": 4020, "end": 4031, "text": "And we are looking at the market share in terms of subscriptions, in revenue, market share, especially given the 5G upselling."}, {"start": 4031, "end": 4037, "text": "Uh, we are in a strong position in this market for sure."}, {"start": 4037, "end": 4043, "text": "Uh, and then that, that, that is a position that has been consistently built over the years."}, {"start": 4043, "end": 4046, "text": "And we will be staying on that track."}, {"start": 4047, "end": 4056, "text": "We will be mindful of the number of subscriptions and our market share in that space."}, {"start": 4056, "end": 4059, "text": "And we will be aiming to keep our market share."}, {"start": 4059, "end": 4071, "text": "But let's put it this way, we are not obviously overly concerned if we are, you know, losing some subscriptions from non-paying customers because they don't contribute to the revenue."}, {"start": 4071, "end": 4078, "text": "So perhaps this gives you a bit of flavor of how we are thinking about the market share question."}, {"start": 4079, "end": 4083, "text": "And then the final question was related to investments."}, {"start": 4083, "end": 4092, "text": "And, you know, G.fast and fiber, G.fast is a good use case, but there we are not talking about significant investments."}, {"start": 4093, "end": 4097, "text": "I mean, those are not moving the needle in terms of CapEx."}, {"start": 4098, "end": 4102, "text": "So it's a good, good added service for our customers."}, {"start": 4102, "end": 4109, "text": "And the customer value is the key point in that one."}, {"start": 4109, "end": 4125, "text": "Of course it can. You know, it can prolong the timing need for some of the fiber investments and enable us to optimize the fiber investments over time a little bit."}, {"start": 4125, "end": 4133, "text": "But as I stated, the impact of that should not be considered as something that would be really significant."}, {"start": 4133, "end": 4137, "text": "And then more generally related to the fiber investments."}, {"start": 4138, "end": 4147, "text": "I mean, we have been announcing last year that we will be investing 200 million in fiber during the next couple of years."}, {"start": 4148, "end": 4158, "text": "We make sure that we safeguard our long-term market position with fiber investments."}, {"start": 4158, "end": 4167, "text": "We will be making considered fiber investments, especially in the high-density areas of the country."}, {"start": 4167, "end": 4178, "text": "And now we are especially targeting the SDU space with fiber investments around the country."}, {"start": 4178, "end": 4182, "text": "So, fiber investments will be part of our approach."}, {"start": 4182, "end": 4188, "text": "And we will be making sure that on one hand, we keep the long-term market share."}, {"start": 4188, "end": 4194, "text": "On the other hand, we steer clear from potential other investments in the market."}]}, {"speakerId": "spk12", "sentences": [{"start": 4195, "end": 4196, "text": "Very helpful. Thank you."}]}, {"speakerId": "spk9", "sentences": [{"start": 4203, "end": 4206, "text": "The next question comes from Andre, from Cabot."}, {"start": 4207, "end": 4208, "text": "Please go ahead."}]}, {"speakerId": "spk14", "sentences": [{"start": 4212, "end": 4213, "text": "Hi, I'm Julie from EBS."}, {"start": 4213, "end": 4215, "text": "Thank you for the question."}, {"start": 4215, "end": 4219, "text": "And welcome to the, I've got one follow-up and a couple of questions."}, {"start": 4219, "end": 4223, "text": "Just a clarification on the service revenue administration."}, {"start": 4223, "end": 4231, "text": "So you've said you expect something like a 5 million negative impact out of a 15 million revenue base in 2023."}, {"start": 4231, "end": 4239, "text": "And so we're getting exactly that number if you're talking about like a one percentage point contribution growth on mobile service revenue."}, {"start": 4239, "end": 4248, "text": "So that is fine. I just wanted to check, is there anything coming from interconnection as well as from fixed or is the entire impact coming from fixed?"}, {"start": 4248, "end": 4250, "text": "That was just one clarification, please."}]}, {"speakerId": "spk3", "sentences": [{"start": 4252, "end": 4258, "text": "The line was not very clear, I hope I heard correctly."}, {"start": 4258, "end": 4283, "text": "So the interconnection impact, as a result of reduced interconnection fee in Q1, is approximately 4 million and for the whole year, it's around 15 million."}, {"start": 4283, "end": 4285, "text": "I hope that was the question."}]}, {"speakerId": "spk14", "sentences": [{"start": 4287, "end": 4291, "text": "Thank you. And then, one, I hope I'm clear now."}, {"start": 4291, "end": 4305, "text": "So I just wanted to follow up also on CapEx because there was a comment saying that the 12% ambition or the return to 12%, as a percentage of sales would be a medium-term target."}, {"start": 4305, "end": 4315, "text": "But in the last quarter, we've been told that the 13% CapEx is at 2023 and 2024 isolated events."}, {"start": 4315, "end": 4321, "text": "So can you tell us about maybe, in more detail, the outlook in terms of CapEx beyond 2024, please?"}, {"start": 4321, "end": 4344, "text": "And second question, if I may, if you can describe for us a bit the contribution from the two acquisitions that you've done or announced, and the idea space in terms of are they already at the positive, what kind of contribution can we expect on revenues and EBITDA for the full year from those two, please?"}, {"start": 4344, "end": 4344, "text": "Thank you."}]}, {"speakerId": "spk3", "sentences": [{"start": 4345, "end": 4354, "text": "The CapEx guidance for this year is unchanged, between 12 and 13%."}, {"start": 4354, "end": 4363, "text": "And like we said already, in the Q4 report, that after this year."}, {"start": 4363, "end": 4371, "text": "So we are targeting 12% to meet our mid-term financial target, 12%."}, {"start": 4371, "end": 4388, "text": "After this year, regarding acquisitions, the contribution in Q1 was low."}, {"start": 4388, "end": 4399, "text": "So in practice, EBITDA contribution was zero and revenue contribution was a couple of hundred thousand."}, {"start": 4399, "end": 4403, "text": "And so it wasn't changing."}, {"start": 4403, "end": 4406, "text": "The numbers."}, {"start": 4407, "end": 4411, "text": "Almost all in Q1."}]}, {"speakerId": "spk14", "sentences": [{"start": 4413, "end": 4416, "text": "Thinking maybe one quick follow-up on the IDs, please."}, {"start": 4416, "end": 4424, "text": "So, if the contribution was really small and with this very high base that you already had in Q1 2023, you managed a positive result."}, {"start": 4424, "end": 4435, "text": "Can we expect that this is probably the lowest growth rate that you expect in 2024, in terms of a quarterly number and its revenues?"}]}, {"speakerId": "spk3", "sentences": [{"start": 4436, "end": 4453, "text": "Yes. As we've been saying, we expect the first half to be slower in ideas revenue growth and the second half's growth to be stronger."}, {"start": 4454, "end": 4457, "text": "So that view is unchanged."}, {"start": 4457, "end": 4465, "text": "And we expect improvement throughout the year."}, {"start": 4465, "end": 4471, "text": "So one could estimate that this is the lowest growth number."}]}, {"speakerId": "spk14", "sentences": [{"start": 4473, "end": 4474, "text": "Thank you very much."}]}, {"speakerId": "spk9", "sentences": [{"start": 4479, "end": 4483, "text": "The next question comes from Usman Gazi from Berenberg."}, {"start": 4484, "end": 4485, "text": "Please go ahead."}]}, {"speakerId": "spk15", "sentences": [{"start": 4488, "end": 4490, "text": "Hello. Thank you very much for the opportunity."}, {"start": 4491, "end": 4493, "text": "I have two questions, please."}, {"start": 4493, "end": 4496, "text": "I just wanted to."}, {"start": 4496, "end": 4498, "text": "First of all, it's a housekeeping question."}, {"start": 4498, "end": 4509, "text": "Could you just remind us what the total impact or the total one of the impacts were in the quarter with no EBITDA impact?"}, {"start": 4509, "end": 4524, "text": "I think you mentioned around 20 million in the presentation, but I just want to confirm, so these were kind of 4 million interconnection headwind, 8 million from the federal disposal, 2.5 to 3 million from the regulation change."}, {"start": 4524, "end": 4528, "text": "And I guess the remainder is coming from the end of the wire agreement."}, {"start": 4528, "end": 4533, "text": "But yeah, if you could just confirm those numbers, please."}, {"start": 4533, "end": 4539, "text": "My second question was just going back to IDs."}, {"start": 4539, "end": 4559, "text": "So, you know, I mean, you see the amount that NASA is paying for these bolt-on acquisitions, you know, 20 to 30 million, which we've seen in Q4 and Q1 is quite high, I guess, relative to the financial contribution that we're seeing from these businesses."}, {"start": 4559, "end": 4563, "text": "I mean, you mentioned that the EBITDA contribution is pretty minimal."}, {"start": 4564, "end": 4592, "text": "So, you know, I just wanted to understand, you know, when you're paying these amounts, what is your thought process in terms of the multiples that you're paying for these businesses and the proof points that you mentioned, you know, how quickly do you expect the proof point to become visible to investors as a result of this continued bolt-on activity."}, {"start": 4592, "end": 4592, "text": "Thank you."}]}, {"speakerId": "spk2", "sentences": [{"start": 4593, "end": 4595, "text": "Okay. So, um, thank you for those questions."}, {"start": 4595, "end": 4598, "text": "So related to the first ones, indeed."}, {"start": 4598, "end": 4605, "text": "I mean, those special items related to revenue in total amount to €20 million."}, {"start": 4605, "end": 4610, "text": "So, €8 million is coming from the business disposals."}, {"start": 4610, "end": 4623, "text": "And that is a net figure, that includes Videra divestments and the end of contract with Viaplay. Equipment sales amount for €7 million."}, {"start": 4624, "end": 4639, "text": "The regulatory change related to corporate numbers, you know, approximately €1 million and the interconnection, regulatory change, amounted to €4 million."}, {"start": 4639, "end": 4651, "text": "And the interconnection, as stated, is EBITDA neutral because, you know, the decreased revenue elsewhere in the P&L, we get the similar decreased cost."}, {"start": 4652, "end": 4676, "text": "And then related to your more generic question related to how we are looking at the ideas business, we are in the scale-up phase of ideas at this point in time, and we will be addressing the profitability challenge predominantly through, through growth, through organic growth."}, {"start": 4676, "end": 4680, "text": "We expect to see, you know, double-digit organic growth for the full year."}, {"start": 4680, "end": 4684, "text": "And then through inorganic growth."}, {"start": 4684, "end": 4698, "text": "And, as we have been stating previously, we expect to come to positive EBITDA numbers at the end of 2025 on a run-rate basis."}, {"start": 4698, "end": 4710, "text": "So we see a medium-term, attractive business case in the ideas that justifies the bolt-on M&A that we have been making."}]}, {"speakerId": "spk15", "sentences": [{"start": 4712, "end": 4714, "text": "Thank you. This is a follow-up on that."}, {"start": 4715, "end": 4722, "text": "Could you perhaps indicate, I mean, you know, what is the return on capital, kind of, you know, profile that you see for this business?"}, {"start": 4722, "end": 4728, "text": "In the more accustomed to long term, once the profitability begins to scale up."}]}, {"speakerId": "spk2", "sentences": [{"start": 4730, "end": 4733, "text": "Yeah, I think that we will need to come back to those discussions as stated."}, {"start": 4734, "end": 4742, "text": "For the time being, you know, the items that I mentioned, they are the ones that we have been communicating."}, {"start": 4742, "end": 4748, "text": "And that is basically the strategy and the plan that we are following as we speak."}]}, {"speakerId": "spk15", "sentences": [{"start": 4750, "end": 4751, "text": "Thank you."}]}, {"speakerId": "spk9", "sentences": [{"start": 4756, "end": 4759, "text": "The next question comes from PSI from Citi."}, {"start": 4759, "end": 4761, "text": "Please go ahead."}]}, {"speakerId": "spk16", "sentences": [{"start": 4764, "end": 4765, "text": "Hello. Good morning."}, {"start": 4765, "end": 4768, "text": "Thank you for your question for the time."}, {"start": 4768, "end": 4770, "text": "And I have two questions, please."}, {"start": 4770, "end": 4773, "text": "The first one is on the corporate mobile ARPU."}, {"start": 4773, "end": 4779, "text": "I think over the last few quarters we haven't seen corporate mobile ARPU grow."}, {"start": 4779, "end": 4786, "text": "And one of the reasons mentioned on the conference call was the competition in the corporate area."}, {"start": 4786, "end": 4789, "text": "But this quarter we see ARPU grow by 4.6%."}, {"start": 4790, "end": 4807, "text": "I'm just wondering if you can comment on the competition dynamic in the corporate segment and whether we actually see an improved market dynamic, and therefore, we should continue to expect the ARPU to grow at a similar level to the consumer segment."}, {"start": 4807, "end": 4810, "text": "And the second question is on the restructuring costs."}, {"start": 4811, "end": 4827, "text": "And looking in the past, it seems that if you have done a bigger restructuring in this year and wondering if you can comment on which area that you are a lay off staff, for example, Mobile Fix or its title business."}, {"start": 4827, "end": 4838, "text": "And also, I'm wondering if we should expect this type of restructuring to become a normal going forward, that you will you will run this kind of program each, each year."}, {"start": 4838, "end": 4839, "text": "Thank you very much."}]}, {"speakerId": "spk17", "sentences": [{"start": 4840, "end": 4840, "text": "Uh."}]}, {"speakerId": "spk3", "sentences": [{"start": 4843, "end": 4847, "text": "Regarding, uh, the second one, uh, the restructuring."}, {"start": 4847, "end": 4855, "text": "Um, so, as I said earlier, um, um, we made in different parts of the organization."}, {"start": 4855, "end": 4872, "text": "Uh, uh, restructuring and, uh, and the, um, the there is no, no sort of, uh, one single, uh, um, process or, uh, source of the."}, {"start": 4873, "end": 4878, "text": "Uh, of the chains or, uh, restructuring thoughts."}, {"start": 4878, "end": 4886, "text": "But it is really, uh, be more efficient in the, in the future in the different, uh."}, {"start": 4887, "end": 4898, "text": "A part of the process is utilizing more automation, utilizing AI, machine learning, and having a."}, {"start": 4899, "end": 4915, "text": "Having, uh, less silos, uh, and, uh, having, uh, more efficient teams. So it is uh, uh, many things that, uh, that we changed and, uh."}, {"start": 4917, "end": 4924, "text": "Um, it's not, uh, not one single, uh, sort of, but, uh, part of the organization."}, {"start": 4924, "end": 4933, "text": "So it, it was in the sales and, and production and, and different business units and."}]}, {"speakerId": "spk2", "sentences": [{"start": 4933, "end": 4938, "text": "To, to, to build on, build on that one as, as you are you are saying automation."}, {"start": 4938, "end": 4941, "text": "And I certainly has a role in this."}, {"start": 4941, "end": 4953, "text": "You know, the productivity increases and then the streamlining of the organization also, uh, addressed some of the managerial ranks in the, in the company."}, {"start": 4953, "end": 4959, "text": "Uh, and, and and that is, that is of course, not something that you would be doing every year."}, {"start": 4959, "end": 4963, "text": "So that is not repetitive as such."}, {"start": 4963, "end": 4974, "text": "Whereas the AI and the automation bit is, is something that, uh, that we certainly will be working on continuous basis going, going forward."}]}, {"speakerId": "spk3", "sentences": [{"start": 4976, "end": 4990, "text": "Regarding corporate customers, uh, situation and uh, and uh, and uh, I guess competition situation there hasn't been really big changes."}, {"start": 4990, "end": 5012, "text": "Uh, some customer. Cases where we see, uh, uh, quite low, uh, uh, proposals from, from the competition and uh, and uh, we pick up the cases where, where we do two things, but, uh, no major changes in the situation."}]}, {"speakerId": "spk16", "sentences": [{"start": 5016, "end": 5017, "text": "Thank you very much."}]}, {"speakerId": "spk1", "sentences": [{"start": 5025, "end": 5028, "text": "Okay. Thank you for all for your questions."}, {"start": 5028, "end": 5030, "text": "I think we have used well over time."}, {"start": 5030, "end": 5037, "text": "And, uh, so at this point of time, we said, have a nice afternoon and goodbye for now."}]}, {"speakerId": "spk2", "sentences": [{"start": 5037, "end": 5038, "text": "Thank you for participating."}, {"start": 5038, "end": 5039, "text": "Thank you. 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