Marc Spieker: Yes. All right. First question on the buffer, I can make it — it’s a buffer. It’s not a stretch, so nothing has happened, period. Otherwise, it wouldn’t be a buffer, I would follow the stretch. On the second one, look I take this as extremely positive that you’re wondering about and eager to understand, what next March communication will bring about. So, that’s good. Stay tuned. Generally, first of all, the energy transition is a huge investment opportunity for us, point number one. Point number, two. Yes, of course, as always it’s also about the economic returns and incentives that are being set to do this. And this then ultimately, also what’s going to be decisive for our decision-making about, what is then the right timing of investments.
So, I think instead of portraying whether there is an opportunity or not, the opportunity is there, it’s huge. I mean it’s more a question about what is the phasing and the timing. And in that sense, I think we are demonstrating that we are ready. We are making extremely good progress. And that’s why we are stressing that so much in increasing the delivery capacity, of our organization. That’s a huge optionality that we now have. And we will come back in March, to what degree, we will then make use of that optionality. But for sure, if we make use of the option value will be positive.
Q – Sam Arie: Okay. If you forgive just, a very short follow-up. But should we take away then that the CapEx spending is really independent of the economic backdrop. You don’t see any economic scenario in which you might get nervous about, not about capability or returns, incentives and some but just about balance sheet capacity.
Marc Spieker: Look, it’s as many or more things in business, it’s multi-causal, multifactorial. If I tell you the unbroken boom in network connection requests, which are coming from the solar side, which are coming from on the heating side. Then honestly, the last thing that I’m worrying about is, that there is a lack of customer interest for what we have on offer. But of course, the general question then about affordability and how fast you deploy things, that’s a relevant question. But this does not put a question mark under our fundamental growth opportunity. And in that sense, it’s a relevant topic that you are touching up on. But if you look at our — what we as a company propose, it’s certainly not going to put a question mark about what we committed in the past and it’s only about, how much more can and should we be committing for the future. And with that, I refer you to our large communication next year.
Q – Sam Arie: Thank you very much.
Marc Spieker: You’re welcome.
Iris Eveleigh : Thank you, Sam.
Marc Spieker: By the way has the bottle of wine arrived because Sam was so nice to talk to our Finance executive a month ago. You got a gift of a bottle, has that arrived….
Iris Eveleigh : I hope so
Marc Spieker: You hope so, Okay.
Iris Eveleigh: We will follow-up.
Marc Spieker: It was not a bride. This was a thank you for delivering that piece for us. I’ve got this before. So next one. There’s clearly marketing for anyone, to raise the hand if you want to talk to our executives.
Iris Eveleigh: Exactly. Next question comes from Louis Boujard. Hi, Louis.
Louis Boujard: Hi. Good morning.
Iris Eveleigh: Good morning.
Louis Boujard: Thanks for taking my question. Congratulations on the release today. Maybe two topics a bit details on some geographies notably on the retail business going into the UK market, I would like to know in the Q4 we know that we have some seasonal effects that could hit a little bit the performance here. At the same time, the performance over the last nine months was pretty strong. How do you see the — so Q4 evolving? And do you see the competitive pressure having some impact as well going forward namely in 2024 compared to what you achieved this year? Also on Romania and Hungary and more specifically in the other business but I see Romanian Hungary has maybe been quite a good driver of performance in this division in the retail.
It has been pretty good year until now compared to last year with some of course one-off effect and reversals. But at the same time, I would like to know, if you have some forecast to share with us at this point in time considering the price adjustments that you can see and the competitive pressure of policy cap pressure that you can see in this market which have been a bit tricky in the past. Thank you very much.
Marc Spieker: Yes. Thank you, Louis for the questions. On the first one kind of the nine months Q4 and 2024. I think it is what I said in the speech. We have an extremely strong delivery at nine month stage. I talked about the margin compression in the fourth quarter in Germany and there is buffer, I don’t need to repeat that. And for 2024 against the backdrop of current competition in stage of market opening and we do expect a margin expansion earlier. More I can’t really say. We cannot go into the different markets. But I guess generally, it’s enough to say that, across the market churn rates are below a crisis level. And I think the UK essentially is the last market, which still hasn’t really opened up, but if I take the evidence from other markets the expectation also would be there that churn rates will not go back to the levels we had pre-crisis.
