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Mobile Telesystems PJSC (MBT)

Participants
Polina Ugryumova Director of Investor Relations
Slava Nikolaev President & Chief Executive Officer
Inessa Galaktionova First Vice President for Telecommunications
Ilya Filatov Vice President of Financial Services & Chief Executive Officer of MTS Bank
Andrey Kamensky Vice President of Finance
Ivan Kim Xtellus Capital Partners
Alexander Vengranovich Renaissance Capital
Henrik Herbst Morgan Stanley
Anna Kupriyanova Gazprombank
Slava Degtyarev Goldman Sachs
Call transcript
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Operator

Ladies and gentlemen, welcome to the Conference Call of Mobile TeleSystems. At our customers request this conference will be recorded.

As a reminder, all the participants will be in a listen-only mode. After the presentation, there will be opportunity to ask question. [Operator Instructions] May I now hand you over to Polina Ugryumova, Director of Investor Relations. ahead. go Please

Polina Ugryumova

today's and to discuss TeleSystems Mobile Welcome Results. event Financial Operating XXXX everybody to

Before must call forward-looking in are statements or previously update have made following start, XX-F we results certain changes [Technical NVision, any Form Difficulty]. statements. any or also we risks call that I any MTS made and factors I sale to our to wanted comments historical reflect to on to except obligation Important spoken thorough Difficulty] in make [Technical made Annual information disavows [Technical for and to in adjustments Difficulty]. Report other during conference turn our risks. more available of this the mention support [Technical This this previously any statements forward-looking services. remind Difficulty] actual you imply that Difficulty] [Technical

retrospectively Inessa convenience, Bank Officer; press in call. in and file, are Ilya President summary financials of we your loss Galaktionova, website Slava Today's and with For available Filatov, IR statement have for I our Services translate. Nikolaev, President this Vice of Telecommunications; our and Andrey our presentation President Executive speak Kamensky, Finance; Vice Vice Chief and Financial CEO and and who together for is restated will which President presenters profit on MTS of release the First will Russian

[Technical Difficulty]. So with that over [Technical Difficulty] get to Slava to

Slava Nikolaev

start wanted we first few start thanks going a to and as with Polina, and the we I remains Overall today. strategy headed about is Thank joining to where where words unchanged. forward. call you, call This CEO, so everyone my just

mobile an build approach two-pronged while digital execute to continuing leadership. services, to ecosystem out market of are We maintaining

along [Technical preferred and ahead, focus scale a Looking are domestic rapidly can growth to In Russia local concentrating going expect time, content vectors. corporate put preferred we consumer's reach matters. on our sharper commercial see promising to Context Difficulty]. At firepower same to the solution. you

telco a a frankly this opportunity. unique is As

we are X.X% with to revenue all fintech We our contributed verticals. by excellent the one-third it. in of report, cloud way RUBXXX start of year-over-year connectivity upside are than more off areas full up pleased to from total quarter group Difficulty] [Technical Notably beyond take solid to an billion the was four Consolidated going advantage for media. the I am leading as as solutions and of contributions with followed well digital XXXX.

to Turning the waterfall. OIBDA

high-margin group the by and from quarter, from OIBDA few adjusted [Technical the headwinds from year-over-year, which A distributions core the For loss X.X% roaming smaller of services, offset as factors. up MTS revenue words Difficulty]. well on supported more other than Bank as contribution was material

of to like Olga as Development and Marketing. Vice System welcome I'd Ziborova First, President

bundles. see products, and Going be our efforts to Overall, leading forward, robust Olga will ecosystem engagement further and the we across services continue uptake to refine our ecosystem.

Over ecosystem revenue the increased than BXC past ecosystem revenue. penetration around compared clients Difficulty]. client [Technical total from XX% less at from to to That's three of has quarters, XX%

long we sustainable runway So for a still growth. have

content. XX% a a over around for of we past includes for we made In more while available Difficulty] revamping up QX, the threshold. [Technical offer speed the benefit have higher new to of a subscribers and data ads, meant to this high-end unlimited also spending shifted subscription, that to package generous MTS video-on-demand to our Users months. Premium Turning six products. that ecosystem minimum are Earlier, free

new Our in QX. to loyalty program [Technical in draw XX MTS of Cashback registered million continues Difficulty] users

which [Technical the more users into active above our reached XX nearly compacted smartphone we've XX% being our MTS gateway Difficulty] in ARPU self-care users in Difficulty] On all hub million the ecosystem, average. side, user half than [Technical network. than more app of of our of critical

combines of increasing between new adds activity our Difficulty] spread of majority ARPU clients their services. than roughly also [Technical previous X.X high which called that daily instead good Encouragingly, is seeing FinTech, customizing and and above [Technical we're Based with higher seeing also Difficulty] towards Difficulty]. with In XX% tracking, default focus now for We Difficulty] actively are and BXC our upside plan shift [Technical the growth seeing line opening retention. the banking the deposits than we and with [Technical in clients, loans. evenly total the outpaced the that year-over-year engagement one We're reached digital frequency of flagship bank with Difficulty] our clients more top [Technical million new on configuration. in average accounts, of open

Historically, media. approached mobile we Turning for users a OTT from three a million nearly QX, vast to our At first ago. just OTT majority year smartphone was with accounting users. the nearly half end offering the users of tripling of

seeing now are diversification We robust platforms. across

it's which drama entertainment differentiated hundreds regional. of across thousands major To increased a well TV rebranded reached TV [Technical we a For as of are which radical In than have of a the serials home KION. bit XX KION linear This and comedy as a launch is balance, last the platform, example, up we make low and time today users Difficulty] compelling select media of titles with licensed features active the of not feature share April, a been more of Smart a has summer and [Technical as documentaries design give calling first since for total. color, on-demand experience. OTT Difficulty] significant and milestone KION films. our times fully

also in episodes are [Technical length. We full the a new format flexibility between which booked we or pioneering Difficulty] gives choosing viewers

we and Difficulty] promoting lifetime a that focus showcasing managing business engagement, will app hold we're around celebrities, estimate laser higher with [Technical more details social and off longer first on sharing We Difficulty] in until we line. we return [Technical on trend KPIs less leading deliberate reached top on launch a installed outlets said As than value. our retention launched fewer is influencers. investment nationwide media Difficulty] a our already millions since keeping have a active out very we've [Technical and and the weeks. priority we in still on platform, seeing advertising just month manner Being exited content, and

ahead, will is media Russia our In the Looking a over we to BXB we and market [Technical Difficulty] update. be be entertainment. a million. with ecosystem. for component that to The hand long-term, OTT can poised three disrupted Inessa me in think telecom KION foundational On let as be player it top XX positive note of

Inessa Galaktionova

we growth the RUB largely [Technical X.X% negative from reflected domestic was from XX a robust also four In communications. on in date. mobile you, billion to extra revenue service XXXX. In basis early Thank Difficulty] Slava. adjustments relatively QX, in leap up on to a the comparable dynamics continued solid demand see was of tariff core impact connectivity There back

addition, see In to Difficulty]. from continue Difficulty] the [Technical percent we [Technical enrollment drop related international in

expect even lower QX in comparables. front or we beginning on revise ahead, Looking

scenarios, Difficulty] expect [Technical roaming to in remain level. even pre-pandemic Although, we year well below the

Our three-month [Technical Difficulty] was in slightly Russia XXX.X%. take

Difficulty] one customer quality share or our as months So XX in well our longer loyal base users. as we [Technical

Residential adds was QX We offers. net expect services as up to and connectivity momentum deepen telephony. in BXC continued when revenue continue [Technical through line, to broadband. fixed Instead also our differentiate away bundle Difficulty]. engagement successfully broadband year-over-year X.X% sustained excluding we in service. a In from complementary stand-alone

is continue and a build [Technical only we build connectivity of more retail, saw in demonstration our accessories. will our timing our all an set also XX.X% In last to they This is members Difficulty] exclusive cycle. we project. help demand facilities part to offer year-over-year than achieve help [Technical and executing are and and XXXX the device sales to on first in March, first fund phase. the digital and to given social able year the foods cities. clinics. future so priority in BXG However to medical top in we're final a spike -- We'll growth likely is Overall, important projects of due and double-digit commitment such a to XX our In continue of Difficulty]. executing now goals we further invest we of handsets upgrade third issued very the we of reflects This for our to bond strong

sales channel showrooms some gaming, These malls stores Moscow dedicated home in In launch to provides e-commerce districts. and We shopping also experience a richer year-over-year. of traffic continue comparable with strategy city's highly execute smart have new diversification launched on the with of we our devices doubling shopping gadgets.

device On aimed touch conversion XX. point plus which and the within product tariff device across progress rate our And launched our enhancing subscriber new sales. bundled side, on recently making base topping network, good Samsung we from at with transaction together boosting we're quality are

on update Finally, BXB. a brief

level. digital As at last was time global you know for acceleration year unprecedented the

process. Russia. We in QX cloud nearly experience proud as best solutions with roll to continuing MTS transformation providing rapid is trusted recently up XX% a partner that year-over-year. awards are In be customers the and digital embrace Our customers growth in and vertical BXB revenue to double-digit digital customer service in world the our recognized were

for to continue that let promising also indicator update. With We clients, in IoT XG be enterprise the private it future leader projects. hand to a towards financial a Ilya me for

Ilya Filatov

Difficulty]. executing saw card one loan results first But half loan in steadily which to loan Thank the the In the and data, largest on our you, [Technical reached bank dynamics MTS on MTS our overall provisions full as In that based digital as for credit first before first, strategy our to healthy strong QX quarter XX% credit served Inessa. In point-of-sale Fintech Bank product by in driver more to growth. continue year-over-year QX, eighth Russian would for we channels. key on Bank. portfolio time was XXXX, of the note of our present happy growing a and the retail all we growth. number focus we recognized portfolio I developing than I'm sales with year terms like bank portfolio

portfolio half ago fee to retail X pandemic for loan [Technical the back income additional RUB double billion of nearly RUB the operating last the income NPL Difficulty] QX. a X.X cost interest overall the products billion. provisions X.X% segment, and quarter. operating income share XX% retail increased X.X% at [Technical The income. a year versus reaching Net for increased active reserves of before year, increased more to with at retail level Moreover, Difficulty]. On slightly ago. return year-over-year on the [Technical the income to to and conservative income from on X.X% the XX% loan issuance risk in remains portfolio. of commission accounted of of quarter retail Overall, than of remain risk billion approach standing of total declined commission QX RUB in net X provisions. year-end comfortable fee bank non-performing during contributing X.X% versus X% XXX%. over X.X% XX% retail and coverage committed loans lack to declined and We In Difficulty] and of loan in this provisioning Cost the of Net expanding to growth digits reflecting

April, our environments As of margin NX [Technical Xst of reflects Difficulty] regulatory of XX.X%. minimum a which above safety

base growth customer are MTS. synergies Looking ahead, continuing to and and promising our we realize expand ecosystem see we opportunities with

Now, floor let me the Andrey. to give

Andrey Kamensky

Thank RUB In group XX.X Ilya. Difficulty] the year-over-year decreased process billion. Net from net as impact to quarter first year-over-year a the decline you, of debt positive [Technical X.X% in profit cost on well supported a as basis. was

a effect a ago operations was due in with to non-cash In derivatives. growth addition, impact constrained and FX from a the effect quarter base high by year significant

last year-over-year. this group profit increased factor Excluding Difficulty] net [Technical

announced last our three a At There CapEx. call that in on words higher increase. we CapEx driving XXXX. March, are planned few factors a for Now

drag First, fixed in procurement. a equipment

rate. stood gave invest group deliberate a areas. ramp-up a expenditures year. proceeds Moscow. Bank In our in in context XX.X the free MTS the swap And second for excluding to the We sale this of Vodafone of regard the first major cash radio Ukraine quarter the capital third, three intensity run from as a not flow months at temporary in line RUBXX.X future for the we as allocation and you, amounted in this cash new we In with billion outlook higher project CapEx growth The new RUB billion. investments first short-term

to balance Turning the sheet.

in Our made we optimizing team our portfolio debt seen have great the treasury the progress interest rate past in meet lower few has environment and years.

Difficulty] company's fixed the the debut are large As happy Capital Association. during first line We institutions we smaller see in International we principles and investors rate issuance. or Markets vendors. At were that building ratio. Difficulty] the we well of Due with begun very We to at the very we debt we issued dozen and Inessa our leverage continue [Technical weighted which feel [Technical Difficulty] position remains recently at in retail from EBITDA typical see bonds social that a refinancing income including to few now enjoy total rates to gross mentioned, to and increase. of believe Moreover, actions X.X%. end healthy X.X to level average lever about a have good [Technical timed net debt our interest comfortable our stood our so

back it hand remarks. will I Slava to his Now, for closing

Slava Nikolaev

Andrey. travel in and we X% growth and some That this revenue for in gave this CapEx there I'm could billion year, very performance [Technical in are solid back on deliver on it said are by resumes to OIBDA in March the delivered to full be the time, of we of RUBXXX a to depending summer. QX and and year. Difficulty] at roaming least results. you, that full our particular revise much existing Thank potential results later RUBXXX how We our billion. outlook At and encouraged strong reaffirming we year you track

shareholder billion already In Board more RUBX Directors of RUBXX and buyback in of March, further returns. billion program. than authorized to spend we stock the a Turning will the

shareholders In the addition, has Board AGM. Difficulty] recommended a approved to by dividend at of year ordinary [Technical XXXX full share be the

continue XXXX in paid payout dividend we to above RUBXX.X We calendar year the [technical difficulty] XXXX. in target

recently Finally, corporate governance responsibility. we transparency corporate, recognize aimed for dedicated enhancing around committee, the initiatives, decision-making also process ESG. their strengthening disclosure environmental committed to like as and investors factor Board I'd our highlight and that are social up an set and a at important increasingly to in ESG ESG We

it for the Polina back hand that, to Q&A. let me with So,

Polina Ugryumova

you, Slava of lines With questions. thank [Operator this Thank let's the Difficulty]. Instructions] open for to you rest the [Technical the and

Operator

Thank is question you. [Operator we've from first Instructions] And the received Ian Kim.

line Your is Go ahead. open. now

Ivan Kim

questions I Few afternoon. if good may. Yes,

start adjust of the too it well end January First operators did the March higher as know from their see and and year? other you price prices at first That's of the February felt question. in raised I the to

The second question is EBITDA. on factors influencing

of comment And was influencing whether please and [Technical technical you on paid remainder RUBX.X question on a anything this we in year? other OTT the EBITDA difficulty] billion of similar can subscribers. quarter probably So, year-on-year can your expect the the factors just

Polina Ugryumova

repeat OTT? Can to related the which third you paid question, please

Ian Kim

Yeah.

eligible subscription? Thank of within some they of paid parts, the have. services Because number subscribers. of them Just was are many how those those show just I you are many the how or total wondering, of OTT all are for they their you.

Inessa Galaktionova

take the is Okay. Inessa, responsible Ivan, question. I telecom. will This for first

practice beginning telecom market to is the quarter. do practice telecom indexation there beginning this later on the in operators of make that first price We usually it tariffs So a year, review the for of did the so [Technical to Difficulty] quarter.

on of So the in our of mentioned the you as market end February, so prices beginning review March, colleagues quarter. first correctly also

Andrey Kamensky

This Yes. is Andrey.

factors the the quarter from [Technical in on the on other neutral that positive in low first in basis, to be the Difficulty] question of impact second that OpEx factors, relates half resulted The a first transition Difficulty] year. overall on so regard with expecting QX the in [Technical to OIBDA, a primarily to of EBITDA one-off XXXX year-over-year the pace from effect

Slava Nikolaev

And last question.

are paid whether similar of users the the the with are the what that to I The you it's similar and possible question And subscriber? users class difficult very at user Because They for practice, will would we it's look paying. have that OTT service. difficult, [Technical big think, define, paid most [Technical are explain, guys not. [Technical Difficulty]. see Difficulty] because example Difficulty] really you why. other market is, performance there I those practice access have if or is --

becoming now. We don't possibility But advertising the value looking have much commercially the think are including you will of this not OTT Difficulty] I this [Technical viable. makes into system is It's not that, So this come. revenues could term, which the I that to by any including, tell looking way for any that online the the we company, bring to advertising again. users system can target more because

the company But generally. report, get So channels. not they that revenue we they're [Technical users through the servers usually of Difficulty] subscribers odd different free include to number

the it's a maybe -- as long, it little is that's as not So looks. but question easy

Ian Kim

clear, that, the on may Very much I just very for you thank follow-up provision.

that it's So neutral said first overall you the did going half. I understand to that, for correctly, be

yeah. be sure So some to will how understand -- there not I'm that.

be So the impact some or? second on there negative quarter will

Andrey Kamensky

Therefore, Hey, the when XXXX Ian, low-base this half compare now Yeah, previous mentioned. provision. That's year if And I I be mentioned neutral. we that, see to was the year made XXXX Yes, we of actually would to XXXX because compare it this it positive that of this what if the it year comparison, XXXX, neutral. the impact. of you -- would the we be first

Ian Kim

you. Thank Okay.

Operator

you. next Renaissance of Vengranovich question The Thank is Capital. Alexander from

now line Please open. ahead. Your is go

Alexander Vengranovich

Yes. Thank you. side. my Three questions from

this order use sort on have one, remind possible by for the first roaming your revenue of understand less can for the we question. year. geographies forecast, That's more travels you you or first tourists? the lifted, what assumptions travel potential have for you restrictions for of if upside So quarters, in because Can perhaps for what that, if roaming revenues outlook to sort a the core or

network. mobile is on your question Second retail

basically quarter of to what So the I you've the retail a optimization think growth the to remains surprised saying is intact. -- the been was the number stores, bit a of contradicting second mobile bit I which see of long-term network before, of target as

KION. until that. wondering situation the that your the achieve do which competitive Can you goals is of the number or it top the KION be of on the scale position network the users just of and what investments sort feel market? this which some be So XXXX your prevents was to required the of effect on really question issues further? showrooms, optimize key was to new And KION year, for your timing they to I'm that you. Thank related indicate achieve what related is opening Whether you driving to on the think you please a again do might think the third maybe, you and could targets. And of content three to there these

Slava Nikolaev

on Okay. I will take the forecast. revenue roaming first question,

Of course, made any that. firm on assumptions we never

reflected and part that of conservatively We in was assuming generally presentation. that are rather my

a particular. will nothing the pure all to be would when be So -- go, set this speculation limitations will It lifted. date

to Second Inessa. question goes

Inessa Galaktionova

retail Regarding network.

the are all we Alexander, So, that figures with careful actually, we – retail. for we appreciate provide very

in In I quarter as coming made we year, promised. we that because mean, don't so we quality. less some attention that is want the we'll I are a optimization, plan make than carefully like and those stable small require optimization. those quality less number you of in figures, more more example, the was dealers be why big new in pay attention retail we your This our distribution very searching one actually and just small year ask ago. which to local not of -- local as half announced just it again, Right normal any I to That's very repeat does because, are locations terms coming invest we some -- behind lower, calculating. to any actually address good X%, And it that. which But to we is sometimes regions And and shops operational business, are such the for expect closed, now for months fluctuations, you is chain, a or that. don't not our huge to strategy stores coming requires any actually in which own channels in reflect

this I you, [Indiscernible] in our small of that. be that Right share in have we with iteration strategy definitely the plan, the kind we'll the as soon is just changes strategy. will mean strategy. of a now, because behind something As

Slava Nikolaev

of figure. question exact And on not particular can you investment, disclosing But -- the groundbreaking. I the third tell content it's we not then are scale the that,

being in And the time our included capital overall are We spend. with they those investments. very same at accurate are

it in and it's change all there So so as much, doesn't --

Alexander Vengranovich

potential or maybe great. the more regarding some challenges, that, be issues And on can you will details Yes. provide

Slava Nikolaev

competitive It analysis, could And the the our really be think, table challenges start, we all I KION's only if own for of is success goes originals well, that given would go very I is the that, course, into it well. now. -- say be environment off looks there. the that possibility would SWOT Well, bad

is on player that. have that to lot We money a able a spend of

of player, lot able another which a traffic their have into is redirect to platform. We search

And very market we a with time, team So, own believe product product at same the in this originals. on team are opportunities. I currently our playing and the best see And of that itself. can you strong the making with

we confident pretty for market. I'm in are set that this So, growth

Alexander Vengranovich

you. Thank

Operator

of Thank Herbst you. go It next is Stanley. Henrik Then we Morgan to question. the from

now is Please open. line go ahead. Your

Henrik Herbst

three Yes. questions very I had much. Thanks, thanks actually.

Firstly, bit in I you And you and beginning terms or follow-up seen I -- increases Any also year? I guess years. of a the I from for last talk price investment. you've been what you've content churn customer wanted Can different mean the to about price perception now, change on few follow-up a KION, increases increases? on on doing to guess, wanted price of your little then, Can year. anything in I

content then, up to us be to I beginning investment from you Firstly, I And here ramping get perhaps guess sort when question content going? content of down explicit realize stable explicit guess bigger here, the on is is about investment sort the directionally you give can't lot bit, content quite a and more operations a are than from so investment. coming of little XXXX should or now sort numbers? picture any we a of And I the But the numbers. think investment, investing

about and I from the same one minds. trying much. do differently, bit Can what's maybe about now of with the why thing. invest doing the little investment. of lack have Thanks think -- talk different you I of the of shouldn't we changed very exited you're be look think guess latest guess worried most either MTS, success guess, what you that Time you I telcos or Warner sort content why I AT&T sort a tried telcos if globally, sort to in you their

Slava Nikolaev

Okay.

interesting First of all, you thank for your questions.

easy first question is The answer. to

we allows years few appreciate subscribers I in way. a to those this we transparent very quite see time have us way. increases our came always came a model a and to They how if change want on two tariff, three reflection the to that we the being stay years, last NPS therefore, can they they don't -- after on wouldn't price any think tariffs And which increased. our ago. price that are or And we increases. of do suggestions see It in

confident accurately, So, that afterwards. we're that monitor all we are doing very and changes we

So, when far. the going of has, the so subscribers interest different the and interest and on everybody we Time have a last are subscribers, our idea model and content confident here. AT&T, the in I And then, purchasing would well, On much. the we seems I this to Warner on maybe say have the with many of notch investment, the go will by same we if because this on that but that dilemma how very I'm how is market new higher is existing of into it see it the And continue could possible. working existing that situation to content question get not say pretty much provider level, content we originals to often going keep most the behind and an provider, pretty comparison the distribution would okay XXXX widest is KION, from because investment duration have XXXX, telecom

this the to So, really basic problem And value. behind one eliminating us. is decrease will its operator this distribution

are Our to the that. case not different is world we conquer very with because planning

of are include content are existence And there both most the We we we libraries. that the very making that model them then product important and platform. of investment and think libraries And with this enough libraries our are into our purchase can I work and libraries really increased that constantly And subscribers to the out. local difference see from excellency specific on own is majors number course this we of with created keeping the content.

So that's pretty much it.

Henrik Herbst

well? of content also you. you kind drag sort investment Thank mainly Can is follow much. is terms it very CapEx? strategy up there in Thanks So EBITDA your perhaps your a of as any investment Okay. on margin? OpEx of on significant Is

Slava Nikolaev

very as It's being really. not very, No, moderate.

Now done the application own by is teams. our being

we a will by core the OpEx, grow. but have vendor, be the ourselves. all there base And we then will systems platform create We of only -- when big again the around from subscriber but it some

would it's only impact all I dynamic So say. positive and

Henrik Herbst

Thank much. very you

Operator

there [Operator you. Instructions] this further is Thank At question. moment, have from Difficulty]. questions. received no another are We [Technical It

Your open. go ahead. Please line is

Unidentified Analyst

of Hi. for you question. thank One And I if Ivan's have I the follow-up on is a earlier presentation. couple may. a questions

you the quarter the misunderstand completely one-offs numbers, I maybe and from look year similar of answer, the more even So had last the when you of look but in one-offs XXXX. at in kind I at annual if XXXX, then second base the XQ in

we're of one-offs XXXX, that flat second kind semiannual does indicate negative in expecting quarter maybe there's some is understanding that basis that's a impact or and of that say correct year-over-year when else. you something on So not the

clarification any be would appreciated. So

Bank. on may MTS I if question Second

kind return your year this that you maybe XXXX? So keep your you you maybe XX% think And increase? the without very good is in before can equity double-digits that finally to get terms Are numbers of still in this And you that on maybe is target achievable target at any quarter. confident capital Score -- and progress your Score down. the recently the Score going Promoter entire up Net market their competitors the is Net you of Markets on you would saying Promoter mean Promoter Net well on that Capital of of that was the is there, but going as while one on mentioned Day the

for the also way that much. on what you So differently, or perhaps seeing that trajectory you clarify the very that Promoter can something measure you Thank Score you MTS? are is is Net currently

Andrey Kamensky

Andre, you much. thank very

me first one. start Let the with

the of However, on that add, half effect of first would this said already actually XXXX the to our the not much XXXX item. actually assumption that neutral be can for year, there's I other I've on based specific

it. So that's actually

Ilya Filatov

[Foreign Language]

Polina Ugryumova

equity for area Andre, to question I'm the be this. like this on [Technical remain the thank bank. double-digit We on bank expect taken as your answer very which of really in return on Yes, the end the will very year, could do by around much you XX%. happy specific the Difficulty]

Ilya Filatov

Language] [Foreign

Polina Ugryumova

the targets, for them. re-announced As recently we XXXX have

on So we remain track.

Ilya Filatov

Language] [Foreign

Polina Ugryumova

potential some are additional the capital as the see of capital injections, injections, currently down will on retail As for market. the regulators -- the made towards potential of regulators cooling so initiatives initiatives really a regulators, lot we the depend

we will enough have not bank's we year, the do certainty do capital. any for do. enough regulator clarity next the So this have And further plans on clear year, to specific not for the increase what still

Slava Nikolaev

it on fintech to that And if and wanted I nothing that healthy grow change continues figures, really make is it's we drastic in at just going that fast. rate, we that additional ROI the that are with hope is really Not financing. would but that possibility. ready our see see given a we think, really we growing, to to that is growth support a growing a I some again this add really there and

So go ahead.

Inessa Galaktionova

Yes.

that So take I'll question on NPS.

the So or difficult referring we comment which know mentioned information, comment. And was report last to due happened the it's year, materials see then a market mostly pandemic mood, trend NPS but is we is the only for we especially to. on actually to That's don't pretty by don't that we on is see. this competitor modest which which why the has on overall,

comment competitor. we that's why our of comment don't So on the

Unidentified Analyst

no I believe during because much. be year, is say being a there just is very Any XXXX the in I this other I CapEx line. clarify? appreciated. thing think? that Can were the was clarity to Is if a this there kind you way higher. comment multi-year presentation a one-off you of may a or temporarily would one Thank questions Maybe follow-up about

Andrey Kamensky

the much. actually That early that be give to that's what And our yet run understanding or any guidance thank be that was mention that it's Andre, the a expect but lower. to future. speech I for part actually It's that going is you wanted might for not years my rate whatever, to very next new moment. of we at the Yes, too

Unidentified Analyst

spike So current working the your one-year would assumption? be

Slava Nikolaev

is Andrey I'm sorry. what This said,

Andrey Kamensky

Yes. Yes.

Unidentified Analyst

very much. you Thank

Operator

ahead. open. comes go question. another received We've from Gazprombank. is you. now Kupriyanova [Technical Thank of It Difficulty] Please Anna

Anna Kupriyanova

terms correctly music will estimate the of a for effects trend margin. what the subscribers. margin I year-on-year to I question. into nine I year? my roughly get provision understood year-on-year, first slightly of next down. questions exclude have your couple question if that Russia from we And now year, much. last This expect my Hi. that correctly they're coming if I margin months If is going flat Good to to could this of afternoon. Thank your be comments. in back you be we And regarding we see your very will OIBDA second OIBDA

this how expect number do promising of direction should a we And consider what understand your final missed going future multi-product and I Just this my think, the part you media question, develops I users. of in to forward? as division your

If you could repeat that please?

Andrey Kamensky

I'll question thank the much. Anna, first this you very take Andrey. Yes,

margin In terms the business of on are actually OIBDA speaking margin. not much our the provide we any frankly we on on itself. not guidance focused margin so do And OIBDA

the for to refer actually OIBDA therefore X% And numbers. the can plus growth on focused year more you giving stick we the guidance are that that to. we on are We

answer the to your question. that's So first

Slava Nikolaev

partnership directions really to -- there. but is currently core didn't there. this it's Direction a have is is one-off But changes any MTS music included major not on focused music on movie I nothing later, music. part. probably subscribers and it's speaking Spotify the on this with see I And MTS can in with Media number. not change subscribers, online we Media. working this One drastic Frankly on several follow-up

-- have Apple have which with Music partnership applications. also our partnership a with own also application still have we We is we and

So major will did multiproduct not We users this on disclose number the -- this that but on I business nothing year. quarter. last check in a happened I again will

growing, So this didn't have number. we exact but no it's

Anna Kupriyanova

And much. more Thank ask you very revenues. on please may a bit major your

of segment to terms mean which I How of growth revenues does came it fixed overall Not compare from In and users, fixed share of line in line TV? terms increase? but are in revenue revenues. in... TV the

Slava Nikolaev

business to answer artificial. And cannot difficult going it and And revenue very in from everything this for we the you understand more attach more it question, is bundles. coming different the forward but as bundle diversify lines business will to coming revenues now. different way because I be

that line this from it want part way. say part to which realize everybody which which TV, work comes would your impossible -- really sorry. goes But from because it's comes but So doesn't efficiency unfortunately fixed to cost

Anna Kupriyanova

can business When question. terms final by new then a of results new expect we in disclosure And your segments?

Slava Nikolaev

this you Could results you of by mean do what specify, please new business segment?

Anna Kupriyanova

The disclosure as in business of of terms media, FinTech, segments, your results by presentation direction new digital?

Slava Nikolaev

of the little this results table, here are at bit business lines. our because a bundles We're giving we

specify the I why you asked to question. that's So,

Anna Kupriyanova

we stage, see mean, What I these At by your media to example, your don't I your new four given revenues, revenues directions. be this would revenues. interested your when understand media major can disclose revenues, directions. the it's digital you for

something. I if Sorry, missed

Slava Nikolaev

given think your will most help out some much process solution. the are I with and again, artificial. services will request bundles, try this that was We we come in But, all given that pretty of you. to But,

you. consider we'll So, it. Thank

Anna Kupriyanova

Okay.

Polina Ugryumova

Polina. is This

have we whole behind each specific route the ecosystem are surrounding you time the long building And in a idea the for a bundle. around As paradigm the message the this quite a selling say. already that given client, to you're services market, is let's ecosystem specific

CLV, and you transparency by kind how here of which whole perspective, more of the type in how very the really breakdown understanding higher for and life can would less for business associated clients. understanding. NPS, in value. in life From the some our the at is services you is the develops is division, the profits, increase increasing increase lifetime NPS, OIBDA make But it to even client, can and generated customer which keep you What or sense this of of anyway, see give is the provides may are that negative. between we other strategy, especially that do us which the less division. this is profitable, the as a be our level implementation the our the While forward going results, more to end important absolutely transparent longer fulfillment that of to which make a disclosure example, of our and bundling services, of it's better our And terms ecosystem friendly in which of zero clients of with the be understand evolves

Anna Kupriyanova

Thank comments. you very for much your

Operator

Slava next The Goldman of from is Sachs. Degtyarev question you. Thank

line open. go Your is Please ahead.

Slava Degtyarev

OpEx is Yes. much One across any like the call. most in for pressure lines Do be the effective? inflationary question me. aware looks effect can globe, it putting medium-term There quite on of, Thank Thank a CapEx Russia that be the you. and very you inflation which here. you large is either we should exclusion general spike for not an the side in and see or

Slava Nikolaev

say but Since and it on a influence you're mentioning global and CapEx of probably would has every that person is this in specific that course, everything. effect, with the I terms of every company

think our this have We as have our else. specific vendors and with no, I relationships with everyone to company don't something long-term we just that regard,

Slava Degtyarev

very you much. Thank Okay.

Operator

Thank UBS. you. line [Indiscernible] And next is go the ahead. from question [Technical of difficulty] is now open. Please

Unidentified Analyst

I have a your Thanks. Hi. for patience. Thanks follow-up.

one the your vocal were last may remote especially regions have separate competitors reports your towers something a your in of up more press especially very do be Following quarter results, there you about, we to being into trying kind most maybe of be putting And to in, that et that, network of of this paths Russia, comment interested some infrastructure you and it potential ready and something kind Is cetera. cetera? comes deals sharing or you're sharing would what et comes on to to when when it company.

Slava Nikolaev

Yeah.

answer. easy very very, have We

opportunities. this of nothing are anything what's We yet. top, we're realize happening. We on to And the And we're negotiations not looking closely, at in ready we all lot of course, happened but area. are the disclose very yet. there market, are a In

Unidentified Analyst

much the a to network ago? years different something in kind comes you is is of has been field more from to say on would perspective, this? difficulty] But can past opposed your that you it quality [Technical consider now, Is market to et cetera, the MTS level-playing maybe compared as when very coverage, the situation bit now it maybe five

Slava Nikolaev

repeat, I only can I've what already said.

is going -- And course, life yeah going we this on. are Of on.

opportunities. for we to the ready are at we looking me. are disclose that, will do believe We you, And any whenever news

Unidentified Analyst

Thank much. you very

Operator

Thank you.

would I to hand As to back no further there are like questions you.

Polina Ugryumova

you Ladies and listening. very thank gentlemen, for much

website, IR on future. As available near call usual, we this make will our the replay in of a

to If you have Investor Relations, do not any any questions, to at reach time. further please hesitate out

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