Lutz Schüler: Yes. Thanks, Angel. Obviously, Virgin Media O2 is not a shareholder of next fiber. So we are building the network, the shareholder of Virgin Media. It’s Virgin Media. It’s Telefónica, Liberty Global and InfraVia. But I can reassure that we keep accelerating the rollout from this year to — from ’22 into ’23. So obviously, we have been doing that from ’21 into ’22, and we will continue doing that. And your question concerning possible consolidation in the market. I mean, Altnets have now built 7.6 million fiber homes in the U.K. You see that the penetration of these Altnets is around 15% to 18%, so very low. And therefore, with increased capital cost, it is indeed a question, how many will be long-term sustainable. And of course, we will — the shareholders I just mentioned will have an opportunistic view on it, and we will be open for consolidation, as you can expect.
Operator: We will now take the next question. It comes from the line of Georgios Ierodiaconou from Citi.
Georgios Ierodiaconou: Yes. I had one follow up on Spain from the first question. I think Angel, you mentioned you gave us a lot of color on the KPIs. I was wondering if you could also clarify your comment about EBITDA improvement, whether that space for the whole year or just for the start of the year? Because I understand the comps on the labor cost, in particular, are a bit favorable initially, maybe not so favorable later in the year. So if you could perhaps give us a bit of an idea whether we should look at the much better 2023 or just the start of it. And also on that, if you could comment also on whether the promotional environment, obviously, is better, whether you are seeing any downtrading in Mi Movistar? Or whether on that respect, you are also seeing your behavior exceeding your expectations?
And then my second question is more on an industry-wide, and I appreciate as an area that there’s probably going to be some statements coming out from the commissioners in the coming days. I’m just curious, you’ve mentioned earlier the spectrum terms improving across Europe. What else are you expecting to see over the course of the next couple of years? And when do you think we get some clarity on the support that the industry may be getting from regulation and maybe other actions that are taken?
Angel Vila: Georgios, I’ll take the first questions on Spain. You were asking about OIBDA, let me give you a wider view on the outlook, which is not guidance, as I always have to say for Spain in 2023. We expect for the year, the revenues to continue showing year-on-year increase. We have very good momentum. We have now several quarters in a row of growth. We are already growing in service revenue. And we believe that the service revenue will keep on growing in 2023, in the year, leveraging on several levers. First, the trading recovery, the tariff upgrade and the evolution of NPS and churn leads us to expect a solid conversion ARPU. We are getting revenues from new digital services ecosystem, clearly, B2B, in communications and IT is growing.
The impact from European Union recovery funds should be more notable. And despite some headwinds of lower wholesale TV revenue because we have this content. Now we keep expecting, and we see service revenue continue to grow year-on-year. Handset sales could decline. But all in all, the full revenues will continue to expect, year-on-year, will continue to show a year-on-year increase. This behavior of revenues, combined with strict cost management, will contribute to continue the year-on-year recovery trend that we have seen in OIBDA in 2023. As you can see in the second Spanish slide, every quarter, the year-on-year evolution has improved, and we expect that to continue to be the case in 2023, reaching at some point in the second half, we don’t know in which quarter, stabilization of year-on-year OIBDA when we are in the second half.
