Peter Nielsen: Thanks very much, David. Yes, just one question. Sorry to return to Mobile Networks margins. But as you said, near-term dilution from the changing mix, but still expect a stable margin for the full-year for this year, which would suggest quite a strong finish to the year. Can I just ask, when you talk about the offsetting factors and you highlight scale benefits, is that margins in India that will ramp up significantly towards the second half of the year? Thank you.
Pekka Lundmark: Yes. I had a little bit difficulties to hear the question. But if I understood it correctly, you asked about €“ especially about the scale and benefits as a mitigating factor. And you mentioned India. Absolutely, India is the key driver there, but it’s not the only driver. We have also other places where we have growing volumes. So overall, we are €“ as I said, MN, we expect it to be the fastest growing business in Nokia with a lot of additional scale benefits due to the fast growth, especially in India.
David Mulholland: Thank you, Peter. We’ll take our next question from Sandeep Deshpande from JPMorgan. Sandeep, please go ahead.
Sandeep Deshpande: Yes. Hi. Thanks for letting me on. Quick question on network infrastructure. Clearly, you’ve seen a very good trend in the fourth quarter, and you laid out a good plan in the long term. I’m trying to understand, but historically, the optical business was loss-making and the new chips, et cetera, has turned the growth trajectory around. What, I mean, is it new customers that you’re getting on board? Is it the technology that is driving it? Or is it a geopolitical trends that are driving it? I try to understand the longevity of the turnaround in the optical business, given that this has been such a difficult business to turn around over the last decade?
Pekka Lundmark: Thank you, Sandeep. That’s an excellent question, and you actually highlighted the three key levers there quite correctly. It used to be a loss-making business. And when we look into the history, there was one silicon generation that we missed, which we have been recovering from. Now we are in a significantly stronger position. We have excellent feedback from customers in terms of PSC 5. I believe that, as I said, that this is a story that has similarities to mobile networks in many ways. We increased our investment substantially in 2021, 2022. Now we start to be there in terms of technology. And of course, the development does not stop. I mean there is €“ of course, there is more to come. But now the basic technology competitors now starts to be there.
We have excellent feedback from customers. We are accelerating now in terms of the pipeline for new deals, and yes, we are also getting, in some cases, help from the geopolitical situation. It has not been as pronounced as we have seen in Mobile Networks, but gradually, these factors seem to be creeping in into the Optical Business as well.
David Mulholland: Thank you, Sandeep. We’ll take our next question from Sebastien Sztabowicz from Kepler Chevreux. Sebastien, please go ahead.
Sebastien Sztabowicz: Yes. Hello, everyone and thanks for taking my question. How do you see the 5G core projects ramping up right now? Do you see any kind of acceleration in the deployment going forward? Or do you still expect some soft environment there? Thank you.
Pekka Lundmark: Sorry, can you clarify 5G project?
David Mulholland: 5G core.
Sebastien Sztabowicz: 5G core project, yes. Thank you.
