wholesale) in construction and installation stabilising, and at a slightly lower level, between E5 and E6 billion annuall, compared to 5.5 and E 6.5 in the previous report. Scale colocation investments driven by long-term commitments from cloud providers, digital- first enterprises, content platforms and Al developers. Operators infrastructure, plateauing at E25 to 26 billion annually, compared continue to build out significant future capacity pipelines across bothto only E12 billion last year. This also means that the overall multi- year investment value has increased, from E87 billion from 2025 to 2030, to 176 billion for the period 2026-2031. Compared to last year's model, there are some significant updates. Firstly, we see traditional colocation investments (retail and