Good morning, everyone. Our apologies for this slight delay that we had due to some technical reasons, but now we can start. So I would like to welcome you to the presentation of the results of the second half year and the full year of 2023. Here with me are Xavier Pichon, our CEO, and Antoine Chouc, our CFO. As usual, you should have received our financial communication this morning. In any case, you can also find all the relevant information on our corporate website. A Q&A session will follow right after Xavier's and Antoine's introductory statements, and I will now leave the floor to Xavier. Thank you, Koen. Hello, everyone. Hope you're well. Welcome to this analysis call for 2023. We'll start with slide number three, I guess. 2023 has definitely been a crucial and pivotal year for Orange Belgium. A major event is undoubtedly the acquisition and the integration of VOO. The milestone event has made us stronger in the market and has significantly reshaped our strategic landscape. Following the acquisition, we embarked on a journey to transform our organization into a unified entity operating as one company. Our goal has been to maximize value creation and materialize synergies resulting from this strategic move. Looking ahead, we have been laying the foundation of our Lead the Future strategy, which is designed to propel us forward in the ever-evolving market landscape. So regarding this, and as it comes to slide number four, so our first pillar of our Lead the Future strategy centers around establishing ourselves as a leader in multi-gigabit networks. As we already announced earlier, I'm proud to say that we have made a significant stride in these directions. We have achieved a remarkable milestone, whereby we are the first operator in Belgium with 95% of household now enjoying very high broadband speeds, up to 1 gig, thanks to our relentless focus on network infrastructure and expansion. Additionally, on our mobile network, we've made substantial progress in the deployment of 5G technology, with 30% of our sites now equipped to deliver the next generation of connectivity. Our investment in the new 5G core SA further solidifies our commitment to staying at the forefront of network innovation. Moving on the second pillar, we placed a paramount importance on delivering exceptional customer experience across a multi-segmented ecosystem approach. Just after the closing of the acquisition of VOO in June, we have made significant strides in this area. We have transitioned to operating as one unified operator, streamlining our commercial strategy and adopting a unified go-to-market approach. Furthermore, our strong and complementary brand portfolio enable us to accommodate to diverse customer needs and preferences, enhancing overall customer experience. Our third pillar underscores our commitment to being a resilient, modern and responsible company, guided by strong human and ESG values. We are proud to announce that nearly 100% of our people now work within our one team organization, fostering collaboration and innovation across the companies. Furthermore, we have exceeded our digital inclusion ambitions, ensuring that everyone has access to the digital resources they need to thrive in today's connected world. Additionally, we are on track with our CO2 reduction target, demonstrating our dedication to environmental sustainability and corporate responsibility. Thus, moving to the slide number five, I will provide an update on the integration of VOO. This acquisition has been a significant strategic move for us, and I'm happy to report that our integration efforts are progressing according to plan. Since the acquisition, our teams have been diligently working to ensure a seamless transition for both of our employees and our customers. We are focused on aligning our operations, system, and processes to maximize efficiency and unlock synergies. With our combined strengths and shared vision, we are well positioned to capitalize on the opportunities that lie ahead and deliver even greater value to our stakeholders. A major element in the integration of VOO is the consolidation of our operations to act as one operator on the market. This strategic alignment allow us to streamline our resources and present a unified presence to our customers. By operating as one operator, we can leverage our combined expertise, infrastructure, and resources to deliver enhanced services and experiences to our customers. This approach also enable us to optimize our market position and drive sustainable growth in the competitive landscape. This commitment to unity and currents underscores our dedication to delivering value and excellence across all facets of our business. We have established also a common and aligned network strategy. This strategy ensures that our infrastructure investments are coordinated and optimized to deliver the highest quality of service to our customers while maximizing operational efficiency. Furthermore, we have aligned our commercial operations and objectives to create a cohesive approach to market engagement. By aligning our sales, marketing, and customer service efforts, we can better meet the needs of our diverse customer base and drive revenue growth. To support these initiatives, a new organizational structure has been put in place to enhance efficiency and agility. This structure enables clearer communication, faster decision-making, and improved collaboration across teams, ultimately driving better outcomes for our businesses. Our synergy plan, which outlined the specific actions and initiatives to capture value creation, has been confirmed and is operationally on track. By executing this plan effectively, we will realize the full potential of the VOO integration and deliver maximum value. Thus, that being said, I will now pass the floor to Antoine, who will give you more details either on the commercial and the financial results for 2023. Thank you, Xavier. Thank you. Hello, everyone. Thanks for attending this call. So let's take a look at our key achievements of 2023. Our positioning, our more for more approach, and our complementary brand positioning contributed to a very good commercial results. We have increased our mobile customer base by 4% on a comparable basis, reaching about 3.3 million customers. We didn't have such an increase of our mobile customer base since the beginning of 2020. During the year 2023, we increased our cable customer base by 5.5%, reaching almost 1.1 million customers. These results contributed to an increase by 4.6% in total revenues, which reached EUR 1.75 billion, whereby the retail service revenue grew by 6.2%. Because of the increase in retail service revenues and tight cost control, and despite the inflationary and energy prices impacting over the year, we were able to stabilize our EBITDA to EUR 451 million. Comparing on slide eight, our results to our guidance, we see that we have, on a comparable basis, a growth of 4.6% in our revenues. Our outlook originally guided to low single-digit growth in comparison to 2022, which we clearly achieved. When looking at our EBITDA, we are slightly above our initial guidance. That was between EUR 430 million and EUR 450 million. When it comes to ECAPEX for the year 2023, we landed at EUR 304 million, an increase in comparison to 2022, mainly following the implementation of the RAN-sharing with Proximus, the implementation of the 5G network, as well as the upgrade of our cable network to a gigabit network. Nevertheless, we remain clearly within the guidance range we provided, which was between EUR 290 million and EUR 310 million. On slide nine, when looking at our customer base, we can see that we are approaching 1 million cable customers, combining Orange and VOO customers. From a comparable basis, we've increased our base, as I said, by almost 6%, and our mobile customer base by 4%. On slide 10, our revenues have increased by 5.9% for this semester, reaching a bit more than EUR 1 billion, mainly following the growth in retail service revenues. These service revenues increased following our more for more approach in our retail offers, as well as thanks to the growth of our customer base. Our wholesale revenues decreased because of the decrease in incoming traffic, both in the voice and SMS. As you know, this has no real impact on our EBITDA, as the traffic is very, very balanced. Our equipment sales and other revenues also increased over the year. On slide 11, we had the waterfall for our EBITDA for the second semester of 2023. The stabilization of our EBITDA was driven by an increase in revenues for EUR 56 million, which permitted to offset an increase in costs that we had in comparison to last year. Our direct costs increased mainly because of the increase in volumes. So increase in labor has been a consequence of the mandatory indexation of the wages in Belgium, and we also an impact on our indirect costs, as I just mentioned, because the high energy prices we had over the year. On slide 12, we increased our ECAPEX by 4.1% on a comparable basis, mainly following the implementation of the RAN-sharing agreement, the rollout of 5G, and the upgrade of VOO's network towards gigabits. On slide 14, let's look forward to 2024. So we in terms of EBITDA we foresee around guidance is around between EUR 515 million and EUR 535 million. And total CapEx, eCapEx, is expected to be between EUR 365 million and EUR 385 million. With this, I conclude this presentation, and more than happy to answer all your questions. Thank you very much, sir. Ladies and gentlemen, once again, if you have any questions, please press star one on your telephone keypad. ... Our first question is coming from David Vagman of ING. Please go ahead, sir. Your line is open. Yes, thank you. Good morning, everyone, and thanks for taking my question. First, on the 2024 guidance range, the EBITDA, can you elaborate on the different scenario, include the factors in the range, concerning Digi? So and, in particular, whether you expect them to launch a fixed offer or not in your scenario. Secondly, on the CapEx, can you come back on the step up for next year? So also concerning the guidance, so 2024, can you explain the step up in eCapEx? I understand it's mostly HFC related, so can you guide us and explain us whether HFC require even more investment beyond 2024? How could you elaborate a bit on the split, let's say, between maintenance and pure network upgrade in 2024? And third question, on the corporation and the discussion for fiber, could you describe the progress that are being made? I understand it was getting close to the soft deadline set by the regulator in May. Thank you. Thanks, David. Hi. So maybe on, on your first, I would say market-related question, of course, I guess that and, and you can imagine that we won't disclose any specific topic that have been embarked in our, in our plan, of course. What I can do and, in the forefront of what we, what we have experienced in the past, across the group that, as we already said, we, we know what is a fourth entrant or what is a newcomer, I would say, because we experienced that in our several footprint across Europe. We know what could be, of course, the strategy of these bodies, but actually we don't know what will be the choices that will be made by the newcomers. I said that there is not only Digi coming up, but also, you know, Telenet in the south as well. So we have embarked, of course, some impact in this guidance, but we won't disclose anything on that, moving forward. Maybe on your question number two, and I will let Antoine having some specific potential information on that. But of course, we have planned to starting FTTH rollout, as we said in the past. We do have a kind of agnostic technical policy for customers, which mean that now we are lead-lead, we do have the leadership in terms of very high broadband all across the country, with around 95% 1 gig coverage. And of course, we will start, of course, rolling out fiber. But also on this topic, we won't disclose any specific with the strategy. Just say that we'll do that, of course, in the course of our what could be split across either the country in the south, but also that could be something with partners, as you said, on your last point. So no change. We will do what we said. I would say moving forward on the FTTP, but sorry for that, but we won't give you any precise information. Just add a few things. So as mentioned by Xavier, yes, this behind the increase of our CapEx, there is the first FTTH rollout in Wallonia and Brussels. By the way, we have also some CapEx to install our active FTTH equipment in Flanders, leveraging on our wholesale agreements with Wyre. We have also a peak of our CapEx when it comes to the RAN-sharing and the 5G rollout. So 2024 should be the peak of this project. And that's the two main impacts that explain the increase of our CapEx for 2024. Maybe the last question regarding the fiber cooperation. Yeah, as I said, and as we said, so- Sorry. Sorry. So as we said on your last mile, and on your last point, so we said that. And we are maybe the first one just to ask for more, I would say, collaborative topics, including regulatory, upfront on the FTTP. But we'll see, depending on, of course, our negotiation with the stakeholders across the market, what could be the best way to deliver value, to create value on that side, including the fact that, the time to market, the cost, of course, of the rollout, of course, is key in our strategic plan. So there is no, I would say, specific information at the time. And then since we would have agree with something with somebody, okay, we will keep you posted. But one thing is very clear that we will count on both architecture, either HFC and FTTP- ... The line, an operator will be with you shortly. Hello, this is the operator. Is this for the Orange call? Okay, I don't know what's happening, but your line went to silent. I will put you right back in, one second please. Stay on line. Your line will be live. One moment. Hey, ladies and gentlemen, the speakers have rejoined. Please go ahead, gentlemen. That good? Okay. Sorry. So again, on David, on your point number three, so we've always said, and we've been, of course, in favor of encouraging potential collaboration in the south, of course, and then the south of Brussels as well, with either partner or operator on the FTTH rollout. So far, we don't have any, I would say, precise information to give to you and to the market. One thing is, of course, we'll start in 2024, rolling out, deploying the FTTH in our footprint, and then as said by Antoine, also to invest on active equipment in the north. But so far, okay, we can't provide any specific information on that side, on the collaboration with potential partners. Okay. Thank you, David. Thank you much, sir. Maybe Antoine, about the, let's say, the normalization of CapEx going forward, let's say, does HFC require more investment also beyond 2024? After 2024, we will have a slight increase of our CapEx, even if we don't give a formal guidance, but it will be linked to our FTTH rollout and not HFC modernization. Thank you very much. Thank you very much. What we'll do now is we'll move to our next question, which is coming from Nicolas Cote-Colisson from HSBC. Please go ahead, your line is open. Hi. Hi, everyone. Just back on the guidance, I appreciate you can't provide all the moving parts and all the details, but can you tell us if you have synergies or rather integration costs embedded in your forecast for EBITDA? And also, if you can remind us, what would be the average price rise expectations for 2024, and would you expect this to translate into additional EBITDA, something we haven't seen in 2023? I've got another question about kind of a long-term or kind of a philosophical question about your assets and the control you may have, in theory, whether you are more inclined to keep control of your cable slash fiber and mobile towers in the future? And I may have a follow-up question after that. Thank you. So maybe we'll start with the last one, Nicola. Hello? Okay. So of course, the moment where we are at the moment is much more focused to invest to take the leadership either on the fixed and mobile, of course. So this is why we decided to buy this asset, of course, the HFC. I would say we will speed up. We have speed up a little bit on the DOCSIS 3.1 installation to make sure that we will keep the leadership. So the question to us is, at the moment, to make sure that we will keep the leadership, but also the ownership of these assets. This is very, very important. You know that elsewhere in the group, this is something we can count on, and the question would be in Belgium to replicate this strategic, of course, position and to make sure that we will lead the future in term of gigabit network. So broadly, I guess now we are moving forward on keeping this leadership in the future to first finalize and end, I would say, the RAN-sharing operations on the mobile, to make sure that also we'll have the 5G deployed across all the regions. But also on the fixed, to continue to modernize and expand a little bit the network on HFC, and then invest on FTTH. So this is why also this ambition is nationwide across all regions, thanks to also the agreement we signed with Telenet Wyre in the north. Sorry, just on the HFC and the expansion you just mentioned, is that like the 95% going to 100, or is there something else? I guess what we said a couple of weeks ago is we aim to maybe move a little bit from 95% to 97%, or I would say 98% at least, but we won't have 100%. And of course, Sure. This is not affordable in terms either on cost and ROE, so- Mm. This is it. But having maybe much more 97 would be a big deal in terms of value creation and position of leadership. ... Regarding your first two questions, the first one on synergies, of course, we have a significant bucket of synergies embedded in this guidance. We completed at the end of 2023, migration of all VOO mobile customers on Orange networks, and that was successfully done, and we are very, very satisfied of this achievement. We are delivering the first purchasing synergies. Of course, it's still the beginning, and we are far from the run rate of purchasing synergy in 2024. But it's already quite promising. So yes, we have a very nice positive impact of all the. I'm talking of the net impact of all the synergies in 2024. Most of the integration costs you mentioned were booked in 2023, so it should be rather limited in 2024, except for maybe a few IT CapEx linked to some IT projects that are linked to the integration and that will enable us to unlock further synergy in the future. On your second question, yes, we had some price increase at the beginning of the year, always in our compliance with our more for more strategy. So we give more value to our customers, and in relation with this small price increase. And what I can tell you is that, yeah, it will have a positive impact on our margin in 2024, compared with 2023, where we had major cost impact due to inflation and energy price hike. Okay, that's, that's very clear. Thank you. And so my follow-up question is on what you announced back in November about this 25% of VOO. So you said you were to issue new shares 11% eventually to Nethys to buy the minority stake. Can you just help reconciling the EUR 279 million liability you still have on the balance sheet? Because I can't reconcile that with the lower value embedded in your market cap. So just to understand, what am I missing here? I won't comment in detail this transaction because all the surrounding governance is currently being done. So, we have the independent directors who were assessing the transaction, where auditors are assessing the transaction, and the board didn't, as it will still have to review the whole documentation, et cetera. So, we will provide you with all the relevant information on this transaction, I hope in March, and it will be, all the documentation will be disclosed at this moment. What I can tell you, specifically regarding your question, is that the equity value of VOO at closing, which is the 279 million euros that we have in our balance sheet also, and that we disclose. This includes significant synergies that will be. This include all the synergies that we embedded in our purchase price for VOO, including some synergies that will be realized and captured at Orange Belgium level. Especially, notably, all the MVNO-related synergies. That means that when you have to assess the fair market value of VOO, to define the exchange ratio and the 11% you mentioned, we don't have, we can't value this synergy at VOO level, and we value them at Orange Belgium level. So that's explain most of the difference between the fair market value of the equity value of VOO and EUR 279 million. But we will- So it means, yeah, it means that sometime in March, when the deal is completed and agreed with the board and so on, eventually, these 270... Well, there could be some upside here. Well, if I mean, not sure to understand. Well, you don't have to answer. Okay. Not sure to understand the question. There won't be, there won't be upside on that on, on this topic, this topic will be treated, I would say, including the fact that, there will be, some exchange between, VOO and Orange for the Nethys, minority stake. Of course, they will become, minority shareholder at OBE, and then this, EUR 280 million will be treated as well. But it is something that will be, I would say, as Antoine said, disclosed in March, but there won't be any upside on that side, of course. Okay. Okay. Thank you. Thank you, Nicolas, and talk soon in March, we get, we hope, yes. ... It's on its way. Thank you very much. Thank you very much, Alvin. Our next question we can move from Joshua Mills of BNP Paribas Exane. Please go ahead, sir. Hi, guys. Thanks for the questions. A couple from me. The first is, could you provide us with the pro forma revenue, EBITDA and CapEx basis for 2023, assuming that you were consolidating VOO for the entire 12 months rather than just the 7? And just trying to use that to work out the underlying growth which is implied by the guidance, because if I take the run rate of the second half EBITDA, for example, it looks like the guidance for EUR 515 million-EUR 555 million of EBITDA next year is assuming a decline. And the second question is, again, similarly related, but it looks like on a comparable basis, EBITDA growth and broadband net adds weakened this semester versus first half of the year and then the second half of last year. So it'd be great to get a bit more color on what's happening to the underlying growth and the mix shift within the base. Are you seeing continued strong broadband net add growth on Orange Belgium and losses at VOO, or have both the Orange Belgium and the VOO broadband net adds slowed down relative to last year? Thanks. Hi, well, thanks for this question. On the, I think we already disclosed the pro forma for 2023 for 2022, yeah, for the whole year, so it can give you an idea. And, yes, we'll have a nice EBITDA growth year-on-year if we on a comparable basis, and if we include value Orange for the VOO for 12 months instead of seven months. It's the EBITDA pro forma EBITDA is a bit less than EUR 500 million. I think it's EUR 495 million for 2023, when it comes to EBITDA. So if you compare it with our guidance, you see that we have a nice EBITDA growth, or we plan to have a nice EBITDA growth over the years. When it comes to the net adds, we have slightly less net adds at VOO level in S2 in 2023, compared with S2 in 2022. But it's not very material. It's offset by better net adds at Orange Belgium level. So yeah, that's, and that could be also explained by the migration of VOO client to our mobile customer base. The mobile network means that the focus one was more over the last semester on this migration and on the management of the customer satisfaction all over this journey rather than on new customer acquisition. But we are still very, very satisfied with the VOO performance in terms of upselling to their fixed of a broadband customer base, upselling some mobile mobile offers. Okay, great. Thank you. Thank you, Mr. Mills. Our next question is coming from Konrad Zomer of ABN AMRO ODDO. Please go ahead. Hi, good morning. Thanks for taking my questions. The first one is on energy prices this year. They've come down significantly from the peak a while ago. Do you have any idea what the year-on-year impact would be on your EBITDA in 2024 versus 2023? And my second question, it does come back to your guidance, and I know you've already talked about it in two previous questions, but it's a bit difficult for us to assess what the breakdown is of what is included in your guidance. So maybe you can clarify again, what's the full year consolidation effect of the additional five months of consolidation this year? What do you intend to achieve in synergies, and what the underlying growth is for your existing business, please? Thank you. Thanks, Konrad. For the first question, yeah, we'll have a very positive price effect when it comes to energy prices this year compared in 2024, compared with the prices we had in 2024, 2023. Where, by the way, we are now entirely hedged for 2024. The EBITDA impact year-on-year should be around EUR 6 million. Because this price effect is partly offset by the volume and volume impact means that we consume, well, we plan to consume more, a bit more energy year-on-year, because of the... Notably the 5G, the 5G rollout and 5G antenna consumer. As you add more bandwidth on your network, you also have more energy needs. So but the net impact will be around EUR 6 million, so that's quite positive. Yes, I understand it's quite difficult for you to have a full breakdown of our guidance. But as Xavier said at the beginning of this call, we can't disclose all our, I would say, business assumption on the market for 2024. So we can't disclose this detailed breakdown. But yeah, for the, we have some some market impacts that are more than offset by our our synergies and our more for more approach. That's what I can tell you. Okay. Thank you. Thank you very much, sir. Ladies and gentlemen, once again, if you have any questions or follow-up questions, please press star one. At this time, we'll move to Roshan Ranjit of Deutsche Bank. Please go ahead, sir. Great. Morning, everyone. Thanks for the questions. I've got two, please. Just going back to the guidance, and on CapEx, I know you've highlighted the upgrades of the fixed network, but you also highlight the RAN investment. I guess that's part of your mobile JV, and any equipment for it. Is it possible to just give us a sense of what part of the step-up in CapEx comes from that component, so the mobile JV investment, please? And secondly, I guess we haven't got any ARPU trends this quarter, given the VOO integration, but can you just give us a sense of how that has tracked in comparison to your price increase? I think price increase last year was 5%. Should we, has that been a direct translation through to the ARPU, bearing in mind the, the dilution that you can have from the, from the VOO base? Are they moving across to some of your, you know, own mobile plans, as well? Anything you can say there will be very helpful. Thank you. Well, thanks. For the first question regarding our guidance CapEx and the split between what comes from the fixed network and what comes from the RAN investments, you have more or less 40% of the increase into the RAN-sharing, and 60% coming from all the fixed network. And when I say fixed network, it also includes the customer equipments. It includes, of course, the rollouts, the start of fiber, et cetera. So it's a bit less. It's 35%, 65%, you can more or less. On your second question, we won't disclose our ARPU forecast for the year behind that are behind the guidance. But what I can tell you is, our price increase in the beginning of 2023 translated into ARPU, just according to the plan. We didn't have significant down-sell following the price increase and the more for more for the more data allowance. So, we had obviously a bit less out-of-bundle consumption. That's also part of the plan, is to reduce the out-of-band from our clients so that they don't have any surprise at the end of the month. But all in all, yeah, it all went according to our initial forecast for 2023. That's great. Thank you. Thanks, Roshan. Thank you, Roshan, sir. We also now have a follow-up question from Nicolas Cote-Colisson of HSBC. Please go ahead, sir. Yeah, sorry. It's gonna be a short one. Just to make sure I got the number right, can you just repeat the pro forma EBITDA for 2023 you mentioned earlier? EUR 495 million. EUR 495 million. Okay, and just another easy question. You don't, you don't provide any more the convergent customer base, neither the, ARPU for the different, products. Why is that? Why are you reducing the, the disclosure on that front? Nicolas, globally, I would say, roughly speaking and, and globally, across, this particular year that we, that we will enter, I would say in, in 2024, sorry to be a bit deceptive on several, I, I would say, in items. You, we talked about, network gigabit with the spread, with HFC fiber. We talked about, our market potential assumptions for 2024 and all these newcomers and this, of course, disruptive environment that we could face. And in the line of that, okay, we decided to shrink, the number of, of item that, that, that we disclose. Sorry for that. We know that it's a bit hard for you- No ...to guys, for you guys to live with, but this is it. You know that this particular year, 2024, will be different. And so that was the decision we made for several items we disclosed in the past. Sorry for that. ... No, so completely, completely understand that. Just wanted to check it was- Yeah. There was a reason why. And a very short one. Mm-hmm. Any upfront cost ahead of Telenet taking your wholesale offer in Wallonia? I'm just wondering if there are any fixed costs that, or upfront costs on your side. Honestly, not much. We are working well with Telenet, and of course, we will respect our obligation up front them, but there is no major cost issue on that. And totally, of course, and totally, totally, of course, embarked in our guidance for 2024 on that side, of course. Understood. Okay, thanks very much. Thank you very much, sir. We also have a follow-up question from Joshua Mills with BNP Paribas Exane. Please go ahead. Hi there. It's similar to that last one. I think it may just be I've missed this, but have you actually disclosed that pro forma EBITDA in any of the documents? And if not, could you also give us the same numbers, if you can, for revenue, service revenue and CapEx in 2023? It would just be a really helpful way of thinking about modeling the growth on a pro forma basis for 2024. Thanks. Yeah. It's not, it's not disclosed yet. But of course, we will disclose all this information when we publish our 2024 results in July, and of course, in February 2025 to enable this comparison. So you've obviously given the number for EBITDA. Could you, would you be willing to give a number for revenue as well, so that we could help us with our modeling? What I can tell you is that we will have a slight increase of our revenues over year-on-year and including this pro forma. Okay. Thank you. Thank you very much, Mr. Mills. Ladies and gentlemen, as we have no further questions at this time, I turn the call back, back to the organizers for any additional or closing remarks. Thank you. We still, we still have some questions which are coming from the chat, which are from Ganesh Nagesha, from Barclays. So the first question is: What is your view on the regulatory co-investment framework? Are the discussions underway with your peers? And the second question is: Will VOO network modernization will be largely complete in H1 2024? Could you please provide some color on progress so far? Yes, thanks. So on your first maybe topic. So as we previously said, so we were, of course, encouraging in the past some open discussion and in every single, I would say, areas, including very dense, mid-dense, and rural areas. So this is something moving forward, but we won't specific, and we won't, sorry, disclose specific information on that at the moment. And maybe on your question number two, sorry for that. Will the VOO network will be largely complete? Largely, yeah, as we said, so we are working on, I would say, having and, of course, on a short-term basis, but also on a long-term basis, the network leadership in terms of gigabit and then multi-gigabit speed in the future. So of course, we will continue to either modernize and expand, as I said, from 95 maybe to 97, or something like this, our footprint in the south of the country. Not so sure that it will be totally complete in H1, but I think 2024 and maybe last mile in 2025, as said by Antoine, on that HFC network will be done. The future is much more colored on the FTTP, FTTH, network investment and potential co-investment. Thanks a lot. Okay, as there are no further questions, I would like to thank you for the participation in this analyst call. Would you have any follow-up question later on? Don't hesitate to contact us for any more information that you would need. Thank you very much, and have a nice day. Thank you very much, sir. Ladies and gentlemen, this concludes today's presentation. Thank you for your attendance. You may now disconnect. Have a good day and goodbye.