We expect about NZ$60 million of gross savings in fiscal 2024 (ending June 30, 2024) as Spark pursues a cost reduction target of NZ$125 million-NZ$175 million by fiscal 2026. Our adjusted debt to EBITDA will be about 1.7x in fiscal 2024, after peaking in first half of fiscal 2024 to about 1.79x. We project free cash flow of about NZ$400 million and margins of about 29%-30% in fiscal 2024. Spark?s capital expenditure will be about NZ$520 million in fiscal 2024.Spark maintains an adequate liquidity position, with NZ$371 million in debt (commercial paper and domestic retail bonds) maturing in the next 12 months. Growing beyond mobile and broadband. The company will likely prioritize opportunities in digital infrastructure investments including: 5G, Data center
