Good afternoon and welcome to Swisscom's Full Year Results Presentation 2024. My name is Louis Schmid, Head of Investor Relations and with me are our CEO Christoph Aeschlimann, our CFO Eugen Stermetz and Walter Renna, CEO Fastweb Vodafone. Before we move on to today's agenda, a few comments on page 2 on our approach of financial communication this year, obviously affected by the successfully completed acquisition of Vodafone Italia and its consolidation from 1st of January 2025. As you can see on this slide, we will present you today first our financial results 2024 audited and excluding Vodafone Italia. Second, some selected figures on Vodafone Italia 2024 and Fastweb and Vodafone 2024, both pro forma and preliminary to provide a basis for comparison. Pro forma stands for LTM last 12 months figures as Vodafone Italia had been consolidated from 1st of January, restated for harmonization effects, and unaudited. And preliminary means that the restatement and consolidations are not yet final. And third, the preliminary guidance 2025 for the group Switzerland and Italy as it is based on preliminary pro forma financials, provisional PPA, and the new segment naming. Then on March 21st we will send a request for analyst estimates as we usually do and simultaneously provide a restated pro forma Facts and Figures 2024 document for the Group and the new segment Italy on a quarterly basis. And finally on 8th of May with the Q1 2025 results presentation, we will also update our guidance 2025. After these brief explanatory remarks, let us now start the meeting with the agenda for today on page three. As you can see, Christoph starts the meeting with the first three chapters Summary 2024 where he dives into some of last year's achievements commercially, operationally and financially. Strategy Update where Christoph presents Swisscom's strengths for long term success, the new Swisscom chapter and our strategic priorities 2025 review of our business in Switzerland, covering achievements 2024 and our focus 2025 and beyond. Then Walter Renna, CEO of Fastweb Vodafone, reviews our business in Italy. He will talk about the Vodafone Italia transaction and the industrial and financial performances of our Italian business and its plans going forward. After Walter's part, Eugen Stermetz, our CFO, will present Our Financial Results 2024 including the Preliminary Guidance 2025 and in the wrap-up chapter some final remarks from our CEO Christoph. After the presentation we will move directly to the Q & A session. With that I would like to open the meeting and hand over to Christoph for his part. Christoph, thank you, Louis, and welcome from my side to our 2024 annual results presentation. Looking back at 2024, in my view, a very successful year both in Switzerland and in Italy. In Switzerland we have won all service and network tests which are relevant for our customers, proving and demonstrating our leading customer experience. We also had a big year in terms of innovation. We launched many new products as you will see later on in the presentation, and especially a new advanced on the AI front, leveraging on our unique AI infrastructure. We also achieved a milestone in the fiber rollout, covering more than half of Switzerland with our FTTH footprint and delivered a solid financial performance throughout the year. On the Italian side we also had some highlights. We were the second best mobile performer in the market throughout the full year and for the first time in the history of Fastweb, we were mobile number portability leader in the second half of 2024. Also on the innovation front, we will see later on by Walter, we delivered many new products to the market. Especially successful was the energy offering that we launched mid 2024 and we also delivered an AI Factory in Italy to also offer sovereign AI infrastructure in the Italian market, which overall led to a very positive financial result both in terms of growth of revenue of 7% and growth of EBITDA at the end of the year, and of course not to mention the highlight of the year, the successful closing of the Vodafone Italia transaction on 31 December. In terms of RGU numbers we have the following picture. I will first go into the Swiss market so you can see that on the mobile side over the year our measures that we implemented to improve promotional attractiveness and the sales measure we took actually proved successful and you can see a continuous improvement in the net adds quarter by quarter on the mobile front, so showing that our measures are clearly working. On the broadband, we have a roughly stable evolution, slightly improving as well in Q4 and what is a bit more an accidental coincidence in the numbers, you can see that we lost 39,000 broadband RGUs on the consumer side and we won 39,000 RGUs on the Wholesale side, meaning that the number of connections on our network were stable throughout 2024 and we also expect continued Wholesale growth also in 2025. The TV decline was also somehow slowed down in Q4, but still a negative evolution as the TV market is shifting more to OTT and streaming offerings rather than traditional TV packages. On the Italian side, I think we had another outstanding year of growth delivering over 400,000 net adds in the mobile market, bringing us to nearly 4 million RGUs on the mobile side with a very strong Q4, and on the Other side on the broadband market, we can see that we were nearly able to manage to halt the erosion or the loss of RGUs in our consumer business with - 4,000 net adds in Q4 cumulated - 57,000, but compensated largely by our growth in Wholesale of over 250,000 lines, bringing our Wholesale activity to 900,000 lines for the first time in the history of Fastweb. Overall I would say we have a good picture both in Switzerland, but especially on the Italian front. This has led to the following financial results. We have a stable revenue at the group level with CHF 11 billion driven by a decline in Switzerland compensated by growth in the Italian market. Even with the declining Swiss franc euro impact on the EBITDA level, we have roughly stable evolution from an operational perspective delivering CHF 4.552 billion of EBITDA corrected for exceptional costs which were mainly related to the transaction cost and the booking of anticipated synergy cost in total of CHF 227 million, bringing the reported EBITDA to 4.355 billion Swiss francs. CapEx and free cash flow roughly stable. Dividend proposed is CHF 22 stable. Despite our increased net debt due to the Italian transaction, we retain our A1 or A2 rating from Moody's, demonstrating the solid financial stature of Swisscom. On the leverage side, we are now at 2.4x which is slightly better than the leverage of 2.5 we anticipated when we signed the transaction in March 2024. From an underlying perspective, you can see that we had further EBITDA growth in Italy. Erosion of CHF 112 million, which was nearly compensated by the cost savings of CHF 72 million, but not quite to the zero level. Okay, now moving on to slide number nine and looking a bit into 2025 we can see that the industry trends are largely unchanged. Sorry, I need to move. We continue to have rapid innovation cycles, especially on the satellite front, but also on the AI front we see massive change at a very rapid pace. We also see a bit new approach to consolidation in the telco space in the European Union which might impact the future in Italy. And we for sure see changing demands both on the B2C and B2B front, which opens up new opportunities for Swisscom. On the one side we have an increased scale with our Vodafone transaction and the potential for convergence. But for sure we have new opportunities on the AI front to on the one hand, deliver new products to our B2B customers, but also largely improving our product quality and increase efficiency in delivering the same services at a lower cost. Now moving on to slide number 10, you will see 10 reasons why Swisscom is not only strong today, but will be stronger than in the future. And I will now cover all of these 10 points in detail on the coming slides. The basis for our success is our proven strategy on slide number 11, which is based on our vision of innovators of trust. We will continue to focus very heavily on the first pillar of delighting customers, which is the basis of our success, making sure that we deliver the best product, the best service on the best networks, them to our customers and that we have high NPS in our market to impact churn on the one side and incentivize customers to stay with us and buy more from Fastweb, Vodafone and Swisscom on the Other side. We want to compensate ongoing price erosion in the telco market with new growth. For this we need innovation. We invent new products, we bring new services to our customers. We have done so in 2024, launched many new offerings in the last year and will continue to innovate in the coming years to deliver new products and services to our 34 million customer base for the future. Internally, we work on two pillars, achieving more with less, especially driving transformation the way we work and deliver our products to customers by digitizing, automating and adding AI into every process we have internally to be able to deliver at better and sorry to be able to deliver better, faster and at higher quality, lower cost. Then last but not least, we want to perform together working on skill changes, upskilling our workforce, making sure everybody is fit for the future and that we continuously improve the performance of working together between the different teams inside the Swisscom group. This leads to commercial excellence. I believe. Swisscom, both in Switzerland and in Italy, is a leader in digital life and digital business. We have a very strong focus on value. We want to make sure that we are a premium operator, delivering premium service to our customer at the cost premium and we want to offer best in class propositions and go to market. This leads to high NPS as we see in Switzerland but also in Italy, at lower churn rates and generates benefits for both Swisscom and its customers. We are also working on our brand. This is especially important in Italy, obviously with the ongoing merger between Fastweb and Vodafone we need to do a lot of work on the brand to make sure that customer understands what is going on and believe in the brand for the future and that we can keep the good traction in the market. But we also work on the Swisscom brand in Switzerland. We already have one of the strongest brands in Europe today, but we want to make it stronger, more approachable and we will work quite heavily on the branding this year to make sure that the Swisscom brand stands for premiumness in the market. On slide 13, you can see our ambition on the networking side. First, on the Swiss side, we have now reached 52% of FTTH coverage in Switzerland. Our target for this year is 57%, so up by 5%. That's roughly 300,000 sockets that we will deliver this year. And our 2030 ambition is unchanged that we already previously announced. What is new that we announced today? A 2035 ambition. We want to terminate the network rollout in the next decade. This means that we will build roughly 90% of fiber in Switzerland and we'll simultaneously turn off the copper network on a nationwide basis by 2035. So this is an excellent news for the country and also for Swisscom, making sure that the network rollout is completed in the next 10 years and that we can also deliver the operational efficiency increase by turning off the copper network in the coming decade. Next to the wireline, we will also improve and continue to roll out the wireless network and intend to cover 90% with 5G in this year and up to 95% of population by end of the decade 2030. Also we only invest in Switzerland, but also in Italy. We will continue our investments. On the networking side. We don't implement or build FTTH connections ourselves. This is done by FiberCop and Open Fiber. But we intend at the same time to increase our passive FTTH footprint to continue to improve our cost base in the Italian market. And you can see the numbers. But the ambition is to cover 50% by passive services by 2030 and the country should also be covered 90% FTTH by this time. On the mobile front, we now own the best mobile network in Italy. The Vodafone network has won numerous awards, for example from Opensignal, but also from many other companies that test mobile quality. And we are by far the quality leader in mobile in Italy and intend to keep it this way. So we continue to invest in this important asset and also improve the 5G rollout in the next years. I have an echo on my ear, but. So we intend to cover 79% of 5G coverage by end of this year and 90% by 2025. And maybe one important note in this regard, we also have an upcoming spectrum auction in Italy in the next years and I think it is important to state that from my point of view, the frame conditions in Italy are important to be able to actually achieve this commitment. And I think what we can say is the industry is probably in no position to sustain the same level of spectrum auction costs that we have seen at the last spectrum auction. and we are also discussing with various stakeholders and we believe it would be much better for the digital infrastructure in Italy if there could be, for example, an extension for a couple of years for free of the current spectrum in exchange for coverage or capacity commitments that we intend to take to make sure that Italy continues to have a great digital mobile infrastructure in the future. Now moving forward to page number 14, you can see some of the highlights of our innovation in the past year. so we have launched many new services, for example Swisscom Sure in the insurance space, Swisscom Sign in the digital documents signing space, or Fastweb Energia which already has won over 60,000 customers. and maybe Walter will talk a bit more about this later on. We are also investing heavily on the B2B side. We launched new workplace offerings for SME, new cybersecurity offerings both in Italy and in Switzerland, and of course the AI Factory or Swiss AI Platform both in Italy and in Switzerland, which is an important basis for future growth in both countries. We are also working on the connectivity side and I will talk a bit more about this later on in the B2B chapter. On the AI front we are working on two sides of the medal. The one side is our offering for B2B customers which is based on NVIDIA infrastructure which we installed both in our Italian data centers and the Swiss data centers to offer a sovereign national infrastructure which is fully compliant with all local regulatory and legal aspects. And on the Other side we are working very heavily on introducing AI in our internal processes, for example copilots for our call center agents, AI driven bots for the digital interactions between customers, but also internal tooling for other customers, other employees internally with Swisscom GPT or Fastweb AI and lots of AI personalization and targeting going on on the sales front in the B2C or also on the technology side working on network quality, rollout, efficiency, fault detection or basically improved maintenance predictions based on AI. So this is really one of the key topics for the future, both for the offering side on the B2B space, but also making sure that our products are better, faster and can be delivered at the lower cost to our customers in the coming years. We will continue to invest heavily in this technology as we believe it is really transformative for our company. Now, one word about our ESG strategy, which is unchanged. We still have the SBTi commitment of being net zero in 2035, which is a very ambitious target. We want to be frontrunner on this commitment to the planet and go ahead as a good example. We are also working on energy efficiency to use less energy or electricity especially, which is also an important driver of cost savings for the future. We also not only commit to the environment, but we also commit to the society and local communities. We are very heavily invested in media trainings for the general public. We have an academy both in Italy and in Switzerland where we train people on digitization. And we also want to be a responsible leader, especially in the trust and ethics area. We want to behave in the right way, make sure that data are protected and that we have an ethical and fair behavior in our supply chain, but also towards our customers and the employees locally. And you can see that this is honored by the various ratings. I think we are one of the only leaders which have the platinum medal in the EcoVadis space. We are the number one in the Ethos ratings of which we are very proud. The seventh important point, why we are stronger tomorrow is the Italian transformation that you can see on slide 17, the acquisition. Sorry, maybe as a reminder, why did we engage in this important transaction? For Swisscom, we bought 100% of Vodafone Italia for EUR 8 billion. It offers us three distinct advantages. One, increased scale, which is important in the telecom sector, better convergence for our customers in mobile and wireline and control and cost economics of the mobile infrastructure. We believe that this will deliver benefits for all customers and also for the country with an operator which is stronger, that can deliver better quality and invest more in the digital infrastructure of Italy and through the tangible cost synergies of EUR 600 million. It will also deliver the benefits to our shareholders by increasing the dividend over the coming years. First step next year, increasing the dividend to CHF 26. This brings us to a new Swisscom Group profile that you can see on slide number 18. Our revenue will increase by 40% to CHF 15.3 billion. It is composed of three segments. The Blue segment is Swisscom or is Switzerland, which is essentially Swisscom Switzerland, the telecom and IT business. The yellow part, yellow orange part is the Italian segment which is comprised of Vodafone and Fastweb. And we have the gray segment of CHF 400 million, which is the other segment, our related and emerging business network construction, local and broadcasting services which are mainly domiciled also in Switzerland and deliver an important contribution to the group. Now what is interesting to see on this slide, I will not bore you with all the numbers, but you can see that we have now a very balanced setup within the group. Revenue pretty much split half half between Italy and Switzerland. We have a half half split between B2B and B2C. We have a pretty half-half split between mobile and wireline, and in this case a very balanced setup to take advantage of the different markets. What you can also see is that IT is already a very important aspect of the group. In Switzerland we generate 20% or CHF 1.5 billion with our IT activities. In Italy it's EUR 1 billion representing about 14%. This share of wallet will continue to grow over time as IT services are growing much faster than the telecom side. On the market share side you can see we have a very strong position in Switzerland with around 50% market share and a very good and solid position now in Italy between 26%-30% which gives us the required scale to operate at an interesting cost level. Now summarizing our roadmap to success and long-term value creation. We have three priorities for every country. In Switzerland it is all about stabilizing the telecom revenue top line, making sure that the erosion is as low as possible. We continue to work on our cost base to compensate effects of declining telco revenue. And at the same time we want to deliver profitable IT growth to compensate also some of the telco service revenue erosion. On the Italian side, of course, priority number one is the integration of Vodafone Italia together with Fastweb and capturing the synergy potential. Also in Italy we need to work on the telco top line, especially the B2C mobile space where we will invest a lot of energy and time to make sure that we can stabilize this over the coming future and grow beyond the core, for example with energy offerings and at the same time also scaling up our B2B IT business and continue the Wholesale growth. This is the overview of the group in general and I will now go into the second chapter talking more specifically about Swisscom Switzerland. I will now move on to slide number 21. Looking back into 2024, as I mentioned, we had many successes. We have won all the relevant service and network tests in Switzerland, we have launched a new loyalty program which was very well received by our customers and very appreciated. And we have launched many new products in Switzerland in the last year. We both in the B2C and the B2B space launched new entertainment products, new football products, new insurance portfolio and a new internet box with Wi-Fi capabilities. And on the B2B side we launched a new mobile offering but also many new IT services with SME IT, the AI platform and many more that has been delivered last year. Also I think the important point in Switzerland I already mentioned before is the milestone of 52% FTTH coverage in Switzerland that we intend to push to 57% this year. On the cost saving front, you have seen that we have delivered CHF 72 million of telco cost savings. We will continue to work on the cost saving front and make sure that we achieve more with less, mainly driven by digitization, automation and AI. You can see some of the examples on the slide where we are the areas where we are working on. This brings me to Consumer Telecom. You can see I would like to maybe talk first about the chart in the middle, market shares. We typically show market share based on RGUs. It is true that from an RGU perspective we are sometimes losing market shares in relative or absolute numbers, but what I find interesting that if you look at the market share from a revenue perspective, we can actually see that the Swisscom revenue market share is completely stable over the past three years at 57%, and we have one competitor which slightly lost market share and the other main competitor which is slightly growing. We are very focused on market revenue shares because we want to make sure that we continue to have a healthy development in the market. This was achieved by ARPU stimulation. You can see that the wireline ARPU are flat in our market at CHF 89 from a wireline bundle. Wireless ARPU has been slightly declining to CHF 49 which is based on the ongoing shift from the main brand to the second brand. If you look at the ARPUs on the main brand and the second brand separately, you will actually see that ARPUs are stable on all the brands, which is an important effect that was achieved with many, many different measures we implemented last year, migrating from let's say older subscription models to the new more high value subscription models. We also selectively increased prices in the last year that helped us to sustain stable ARPU over time. Unfortunately, the pricing measures we took in the last year also had an impact on NPS. You can see this at the top, right, our NPS slightly reduced from 21 to 17. And we will make sure this year that we will reinforce our NPS leadership. But you can still see that we are at a very large lead in compared to our two competitors at seven and minus nine. One of the priorities of this year is to continue to work on the reach of our brand. We want to make sure that we are present at enough sales level. We will continue to work on the Swisscom Benefits to increase loyalty and we want to maximize the inflow on our main brand. And we launched for this effect about two weeks ago a new family offering in Switzerland to make the main brand more attractive from a price perspective in the mobile market. On the RGU front, we are largely flat. I would say the decline is mainly driven by the voice decline, which is a structural decline in the market. People are giving up, giving up the voice connectivity in exchange for a mobile number. And we expect this trend obviously to continue on for the ongoing for the next years. I think we became slightly more promotional this year. We adapted our approach. But what is important, we continue to be a price follower. We want to be a premium brand and win customer through quality and not through price. And what I think is worthy of highlighting is our churn rates. They are roughly stable. We have record low churn rates around 8%-9% in the market. And I believe this is a real testimonial to the quality that we deliver to our customers, which is really best in class. And you can also see that the penetration of the blue portfolio has still increased this year only also due to the measures we have taken of phasing out older subscription plans and moving customers onto the new blue portfolio which was up by 3% on the mobile side and by 1% on the wireline side. Important for this year, as mentioned before, is the Multi Mobile family offering that we launched to increase the inflow on the main brand. But at the same time we also want to make sure our second and third brands remain attractive in the market so that we have a stable and healthy RGU development both in mobile and in wireline. One last slide, number 24 on B2C Telco on the offering space. We believe we have the best entertainment proposition in Switzerland and we continue to work on it. To make it even better, we launched a new bundle offering called blue Binge. We launched a new XXL TV offering and expanded our football coverage. And we will continue to work on this both on the streaming side with OTTs, but also on the sports side to make sure that we can continue to grow in this space. You can see that last year we managed to generate 13% growth of subscriptions in the blue Sport area, which is an important aspect also for this year. We will continue to work on generating growth on the sports side to make this to continue the growing revenues on this side. Another aspect of the value added services is the Swisscom Sure insurance portfolio we launched this early last year covering various different insurance products. We will continue to work on these products this year and especially on the market push to make sure that the basis we have built last year that we can now scale up and win more customers for these new offerings. Now I will move on to the B2B Telco side. On slide number 25, we launched a new mobile portfolio offering in the market which is targeted especially as SMEs, which was very well perceived. And we have now started the migration of all our SME customers to this new product portfolio. This will still be ongoing also this year and next year. But it's important that we can move our customers to this new product portfolio as it has completely digital support processes as well, which will allow us to better serve the customer at the same time generate cost savings in the future. We are also successfully migrating our customers to the new wireline connectivity portfolio that we already launched two years ago, the Enterprise Connect portfolio. These migrations are also still ongoing this year and will be completed by end of 2026. Another important aspect of future cost savings on the B2B telco side, I think the new offerings also generated new and high customer satisfaction. You can see that we have achieved record high NPS values both on the corporate side and the SME side with 43 and 35 NPS ratings which was up very significantly compared to last year. And this is also, I think, demonstration of our commitment to quality, both of the product, but also the service side for our B2B customers. Unfortunately, we continue to see pricing pressure in the market which you can see in the decline of the ARPUs on the wireless side, down from 27 to 26 and 49 to 47 on an aggregated number across all products. And we expect this pricing pressure to continue this year, especially in the SME space. And this is also why we decided to work on a new next generation connectivity offering where we will completely bundle together security and connectivity because we believe that the future of connectivity is not just naked connectivity, but secure connectivity. And we want to bring this quality or this product in an easy way to our customers and we will launch this new offering in the coming year. I cannot say more at the moment, but we will communicate in due time once we have launched the offering. And we believe this will be an important pillar of the B2B telco evolution, especially if you look at next year and beyond. On the Wholesale side we also had a successful 2024 with nearly stable Wholesale revenues. On the one side we had our IRU business which was slightly declining and on the access side we have seen a growth which is mainly linked to the FTTH rollout and increased FTTH footprint, and we intend to continue to monetize our FTTH rollout through our Wholesale arm where we plan more growth on the fiber connectivity side. And you can see in the middle of the chart that actually our fiber penetration on the Wholesale side is already starting to increase, so we have more lines sold over the year from 692,000 to 731,000 and you can see the fiber penetration went up by nearly 5% in the Wholesale portfolio and we have now already fiber penetration beyond 25%. We want to continue to materialize this growth on the FTTH side and we also look at expanding our MVNO business to win new customers on the mobile side. On the telco cost front we have lots of work going on. This is a super important topic to us. It has always been. Swisscom has always worked very heavily on the cost base in the past years and we will continue to work on our cost base in Switzerland in the coming years. As I already mentioned, this is very highly linked also to digitization and AI and we will continue to reinforce these activities in 2025 and 2026, and you can see some of the benefits for example of the digital push. We have 4% more on e-care, we have 6% reduced contact center workload which directly reduces our cost. We have very encouraging result on our AI-driven gen AI-driven chatbot with increased automation and solution rates. It's not just about digital and AI. It's also about physical changes. We are experimenting with new shop formats, intersection of physical and digital shops. We are working with pop-up shops to basically expand our shop footprint at a much lower cost. This we will continue also throughout 2025 to continue to transform our shop footprint and we will also continue to work on the sourcing side so making sure that some of the services can be produced in lower cost areas. Especially by expanding the near-shoring of our call center capacity and moving it into Kosovo, Poland and Bulgaria. On the networking side we have initiated the gradual copper phase-out. We are now at about 1.8 million copper lines, which is down by roughly 100,000 lines. So we are already behind peak copper, I would say. And we intend to reduce the Copper Estate to zero by 2035. As previously mentioned, in line or linked to the ongoing fiber rollout throughout the country. This will also lead to a significant decline of production locations. So these are central offices or street cabinets that will be dismantled. And we expect a reduction of about 50% of those locations. We also worked on reliability and resilience. You can see that we managed to further improve the quality of our network. We have less incidents, we have improved the time of repair, we have less reports. This leads not only to less cost on the networking side, but obviously also to less cost on the call center side. We have less calls, less truck rolls to remediate issues. We will continue to invest in this area to make sure that our reliability and resilience will continue to increase in the coming years. This is also closely linked to ongoing simplification. If you have a simplified IT and network estate, it is easier to operate and cheaper. We will continue to phase out IT applications, continue to phase out network platforms. We have already achieved 23% reduction on the IT platform side, roughly the same on the networking side. We will continue to this important work in the coming years. Another important aspect is cost of production also on the IT side. There we are scaling up our own DevOps centers in Riga and Rotterdam. You can see that we went from 500 to 600 people in 2024. We are very happy with the scale up and the quality in the centers. We'll continue to invest in the center to reduce our daily cost of production on the network and IT side. Now moving on or leaving behind the telco space, we move into the IT space which is linked to B2B on this side. I'm happy that we managed to grow by 3.2% to CHF 1.2 billion service revenue. On top of this, you have to add around CHF 300 million of reselling hardware revenue. Which brings you to the famous 1.5 billion service IT revenue, or the 20% of the overall Swiss revenues. We have strong demand on the IT infrastructure side. On security side, we have high growth on the AI side. With the AI practice has grown over 40% in the last year. We will continue to expect growth in these areas. On other aspects of the portfolio are slightly declining. As you know, we had the UBS Credit Suisse merger, which impacted us to some extent as Credit Suisse was a big customer on the IT side and we also have ongoing technology shifts on the workplace side, for example, Cisco or Webex being replaced by Teams or other offerings which lead to lower revenues. But overall we have a good balance of products which are more on the sunsetting side and many products which are on the growth side which will allow us to continue to generate growth in the IT space in 2025. An important aspect of the IT business is profitability. On slide 30, we want to have the ambition to increase IT profitability by 50% in the coming years. To do this, we will continue to simplify our IT product portfolio. We will phase out older products or legacy products which are no longer required by our customers to decrease our cost base. We are working on our project methodology to deliver projects at a higher margin. And at the same time we will also transform our operating model this year with a reorganization to make sure that we can become more efficient in selling IT solutions and being better in or increasing operational excellence on the delivery side when we deliver these projects to our customers. This brings me to our or my last slide summarizing our Swiss ambition. We are working on our telco top line to decrease the service revenue decline both in B2C and in B2B. We need to continuously optimize our telco cost base to make sure that we can decrease our cost. We are working on CapEx efficiency to slightly decrease our CapEx envelope in this year. We will continue to work on FTTH and the profitable IT growth. Our ambition in Switzerland is very clear from a cash flow perspective. We want to deliver stable free cash flows from the Swiss business in the coming, not only in 2025 but in the coming years ahead of us. With this I am closing on our Switzerland chapter and handing over to Walter for Italy. Thank you, Christoph. Thank you, Louis. Good afternoon. Also from my side, I'm very happy to be here with you today presenting the results of Fastweb in 2024, which has been an outstanding year for Fastweb, which ended with the transaction with Vodafone Italia, which is a fantastic news because we are now building a leader in the Italian market. But let me go through the key achievements of 2024 along the lines of our strategy. So in terms of the light customers, we have achieved outstanding results in the mobile, especially in H2 2024 we've been leading the mobile number portability. Our NPS is at record high in all the segments. The IT has been reinforced with new products and wholesale has exceeded the 900,000 customers, which is an amazing result in terms of innovation. We've launched several services and products. The first one, Fastweb Energia launched in April last year. We are now at over 60,000 customers, proving that is very effective and the feedback from our customer is very positive. The second one is related to artificial intelligence. We launched our strategy, we launched our AI Factory. So we have switched on the first supercomputer of the latest technology with NVIDIA. And we've also released our large language model natively trained in Italian. Last but not least, a partnership with EOLO to open new coverage for wholesale clients with a new technology delivering ultra broadband speed in very remote areas. For achieve more with less remarkable the sale of FiberCop stake for over EUR 400 million. We have reinforced our partnership with AWS from cloud to AI and we are continuing the implementation of AI within the company. Now over 60% of our employees use AI tools every day. So, moving to page 34, I said Fastweb Vodafone is a unique opportunity to build the number one customer choice in Italy by combining two very complementary companies. We confirmed the strategic rationale. This slide you have already seen. But we would like to underline the complementarity of infrastructure assets and skills. Of course, also the market positioning is very complementary with the two different DNAs coming together. One fixed with the special focus on cloud and cybersecurity, the other from Vodafone on mobile and beyond the core services related to mobile. Also in terms of customer segments, we cover all the segments from individual residential customer to large corporate and public administration, but also wholesale customer. In terms of innovation, we have a very wide product portfolio and of course we have the best assets in Italy. Regarding the telecommunications market, the best of fiber, the best of mobile and the best skills available in terms of scale. Page 35, you see that combining forces Fastweb and Vodafone Italia has become a company of over EUR 7 billion revenues, EUR 1.8 billion EBITDA. We invest EUR 1.4 billion CapEx in 2024 for an operating free cash flow of EUR 500 million. But also in terms of positioning, we are in a very good situation because we are the only operator which can deliver fixed mobile convergence with proprietary infrastructure. And we cover all the services, all the markets from B2C, B2B and also Wholesale, fixed and mobile. Page 36. It has been a journey since March 2024 which end up in December 2024, 31st December when we did the closing after obtaining all the authorization and since then started this new journey. On the 7th of January we did a big event to celebrate the real day one of this new company Fastweb Vodafone. Which is with our new motto insieme per un futuro together with a future. So we have launched our commercial campaign and we want to tell to our customers they will be the one that will benefit more from this union but also the country and there is a lot of excitement also among the employees and this is for sure a great start for this new venture together. Page 37 we confirm the synergies of EUR 600 million up and running and we also confirm the mobile synergies of EUR 200 million thanks to the migration of mobile customer of Fastweb to the Vodafone network. This will help us in saving roaming costs and we also confirm the synergies related to optimization of the Vodafone services that we currently source from the group. Up to EUR 150 million in terms of integration costs is confirmed, EUR 700 million with a different timing because we have anticipated some costs to 2024 following the early closing as opposed to what we anticipated before. Next phase between signing and closing with the time to work on our integration roadmap. So we have a robust plan and we have clear synergies to achieve and clear milestones. We started the year with the new corporate brands Fastweb plus Vodafone, but we will continue to rely on our three commercial brands Fastweb, Vodafone, and ho. We started the year the 7th of January also announcing the new ExCo that will lead the company in the next years, and we are now working to complete the organization and the reorganization in order to have as soon as possible one single team leading this new company. In terms of B2C, the focus is to make available as soon as possible the benefit of the two companies to our customer. We have already started by making available the Fastweb Energia product to the Vodafone customer, and we are gradually integrating also the go-to-market that will be up and running in the second half of this year. B2B and Wholesale slightly different approach because we have a few big customers. We have already put in place joint team in order to offer to our customer a single point of contact and this will for sure help not only in continuing developing the business together but also to avoid any disruption due to this transaction. On IT the focus now is to really ensure the business continuity, enable the employees of the two companies to work together and take our time to create a robust plan for the consolidation of the two IT stack. Because we expect not only synergies but also to modernize the complete IT ecosystem on network. We are very on track on migrating the Fastweb customers on the mobile network of Vodafone. And for the next year we are preparing also the migration of the Vodafone fixed customer on the Fastweb fiber footprint. Let's go into the business unit. On page 39 you see the B2C wireline. The title is very clear. The ambition is to stabilize the core while growing on the energy business. And we were very successful at Fastweb in 2024 has been an amazing year because our value strategy is paying off. Because our customer base is flattening, we are reducing the slowdown. We have slowed down the reduction of broadband customer whilst we are still growing a bit on the ultra broadband. And most of all the ARPU is flattening. This is the result of our effort to deliver a superior quality of service. And you can see that our NPS is five basis points higher than last year which is our record ever. On top of that, we have launched our energy offer in April 2024, and so far we can account for over 60,000 subscribers on a growing trend. This is for sure helping in stabilizing the broadband customer base. As you can see, 80% of the sales were on the fixed customer base. With regard to Vodafone, it has been a transition year because the company changed the commercial strategy. There is more focus on value rather than on volume with higher prices. This had an impact on the customer base as you can see in a reduction by 4 basis points. 4%. Sorry. Nevertheless, it has been a very important year because several commercial initiatives have been implemented that will have a positive impact in 2025. The first of these initiatives is for sure the extension of the FWA footprint. The mobile network of Vodafone is also offering an opportunity to deliver an ultra broadband connection in remote areas. This will for sure help in 2025. On top of that, an important partnership with Telepass which is helping us offering to our customer smart mobility services and creating store traffic which is very important to drive sales in the future. Last but not least, the launch of Sempre Connessi, a mobile backup product for our Wi-Fi customers. Looking at the future, the focus will be on quality again. We truly believe that customer deserve better quality and happy customer will stay with us. This will drive low down the churn and will also help us to sell new services like Energy, which is a growing product that we would like to exploit over the course of 2025 and next year's together with the proximity. Because combining the two retail chains, we have one of the most extensive and largest retail chains in Italy with roughly 10,000 shops. So we really want to be as close as possible to our customers in order to explain our multi-service proposition and grow on the core and beyond-core services on wireline for Fastweb has been an incredible year. Over 400,000 net adds and, as I said, again we were leading the mobile number portability market in 2H24. This is an amazing result. We are very happy and this is not only related to our very convenient proposition on 5G but also to the quality of service that we deliver. Again also mobile + 5 points growth in terms of NPS is an outstanding performance. This means that our customers really consider our service superior to the others in terms of moving to Vodafone. Results for 2024 again the transition year due to this change in strategy more focus on value rather than on volume and also a fair treatment of the customers which means no straight price increase in the customer base. This has had an impact on sales lower sales which has led to lower customer base. But the churn will benefit especially in 2025. The second brand ho. is continuing to grow by 5% and is great asset also for the future. Looking ahead for us 2025 onwards again the quality will be at the center of our strategy. Infrastructure will be key. We have today the best mobile network in Italy. As Christoph said, it is not only our analysis. It is also specialized companies that have awarded us as the best mobile network in Italy. It is not only infrastructure. We need to work also on the customer experience and improve as maximum we can the loyalty of our customers. Also leveraging on artificial intelligence tools that we have already implemented successfully in Fastweb. Last but not least, we have three brands, three commercial brands, and we would like to use the three brands to better address all the market segments from the premium market to the entry market. Especially thanks to all moving ahead B2B also year strong year for Fastweb revenues up to EUR 1.2 billion double digit growth and especially thanks to IT that now represent 46% of our total revenues. Cybersecurity cloud has been the enabler of this growth. We are very happy also about the AI proposition that we have launched in the market last year with the supercomputer and the new Italian LLM regarding Vodafone 24. It was a good year also for Vodafone with growing revenues especially on IT related to some framework agreement in the public administration. Also the mobile customer base is growing thanks to the TM9 contract which is the framework agreement for the mobile customer in the public administration space. Looking in the future, we start with the very strong position in the market with a very strong market share both on fixed and mobile. We would like to continue to work with our customer and our customer base to do so. We will of course invest in quality but we have. We will also leverage on our large salesforce. We have over 1,000 employees that can really take care of our customer and exploit the best out of it. We'll continue to grow in IT. We have very wide portfolio and we are present in all growing markets because cybersecurity, cloud but also IoT and mobile private networks are all markets that are growing double-digit and we would like to exploit this opportunity. Wholesale also for wholesale has been an incredible year. As you can see, over 900,000 UBB lines for Fastweb + 40% growth. New customer Edison signed last year and in terms of revenues + 16% is a very strong performance. In 2024 we signed two important partnership with Wind Tre. We now can offer over a footprint of 3 million also an FWA ultra broadband service for our customer and this is very important because it's covering areas where today there is no fiber. Another important partnership with Unitirreno. We have now the possibility to leverage on submarine cable from Sicily to Genoa and we can really address all the traffic that is coming from the Middle East to Sicily and be a reference also for the international carrier regarding the Vodafone EUR 300 million revenues stable with a very good portfolio of customers and the new signed customer CoopVoce is migrating in these days. Looking at the future we have a unique position in the market because we can leverage on a convergent proposition also on the Wholesale. So we will exploit and leverage our portfolio of customers to start doing cross-selling and upselling of fixed and mobile leveraging on the best network but also the best service that we can deliver to them. Final remark also on my side again, Swisscom Futura. This is our motto: Together we are future. The focus of this year is really to build one team to build one organization. One winning organization and one winning culture, so focus on people first but then focus on the results. First of all, synergies. CHF 600 million confirmed, up and running. We have a solid plan. We know what to do. We need to deliver as fast as we can. On top of that, stabilize the B2C telco is fundamental. We know that is the most competitive market. We have a strategy there. We need to deliver on stabilizing revenues but at the same time grow beyond the core. We will also leverage on the B2B IT and Wholesale business that are going very well. So we would like to continue this growth also for this year. At the end, the ambition is for the medium term to grow our free cash flow. So I said that to you again. Thank you, Walter. Thank you, everybody, and hello, everybody. Also from my side, we will have to cover a lot of ground today given the closing of the transaction on 31st of December. So let me start somewhat unusually with summary before I actually get started. So first of all, full year 2024 results exactly in line with guidance and with our expectations. Point number one, point number two, Vodafone Italia 2024 numbers exactly as expected and exactly as presented on March 15 when we signed the transaction. Third point, outlook on Italy confirmed, as Walter said and expect exactly as guided on March 15 when we announced the transaction. Which means synergies and synergy ramp up confirmed. Integration cost and integration cost ramp up confirmed. Deleveraging path confirmed and dividend outlook confirmed. So I could stop now and we can move to Q & A, but I won't. So I go step by step through all the numbers, but I wanted to get that out of the way unless we get lost in the details. So as usual, I'm going to start on the group level with revenue and EBITDA. So revenue was CHF 11 billion. Net of currency effect up CHF 24 million. Obviously quite a different mix. Switzerland down CHF 141 million and Fastweb up CHF 171 million. On the Swiss side it was a mix of lower telco service revenues but also lower hardware revenues. We sold a lower number of handsets and a plus in revenue from the IoT business which compensated part of the loss on the telco side, but not fully. The quarterly evolution on the Swisscom side is pretty stable throughout the quarters with one exception which is Q2 where we had better hardware sales than in the other quarters. On Fastweb growth, EUR 171 million +6.7%, obviously a huge success driven by B2B increase in B2B revenues, mostly IT services, driven also by Wholesale. The B2C revenue was roughly flat. The quarterly evolution stable growth throughout all the quarters. Maybe two spikes, one in Q2 and the other one in Q4. The one in Q2 was due to IT business generating higher revenues and euros compared to the prior year. The one in Q4, the spike in Q4 was due to B2B IT business and there was also quite some hardware in there. This is the overview of revenue. I'll now get to EBITDA, which is a bit more of a complicated story. I'll spend some time on that to make sure that you understand all the bits and pieces. So revenue was CHF 4.355 billion 267 million down exactly in line with the guidance that we gave on the 2nd of January after the closing of the transaction. Now obviously this decline compared to prior year is almost entirely due to costs in relation with the transaction. You see the bar with adjustments and currency of -CHF 220 million. So before I go to the operating results, I'm going to walk you through the individual pieces in this column because it's quite important to understand also going forward. So within these 220 million there is three things in there. Number one, transaction related expenses of CHF 227 million. And I'm going to break them down later. Secondly, there is the regular year -over- year changes in our adjustment related to regulatory proceedings, restructurings, etc. It's a small amount, it's +CHF 26 million. Finally, there is the currency in there with - 19. The main bulk of these 220 million 227 million is transaction related. By the way, just in case I confuse you all the details on these numbers on pages 62 to 64 in the analyst presentation. I'll now dive into the 227 transaction related expenses. There is two pieces in there. One is integration cost CHF 167 million and the other one is transaction cost CHF 60 million. Now the transaction costs are basically one-off and gone. We booked everything related to transaction costs already in 2024, by the way. We booked it in the Swiss segment which might have caused some confusion in the consensus. This is basically done and dusted and we can forget about it. There is no more to come in 2025. So let's talk about the integration cost. Integration cost is CHF 167 million. That's originally a euro number, that's EUR 176 million. And this is costs in relation to the exit of our MVNO agreements and then our network sharing agreements in Italy. Obviously to make way for the migration of our customers from the TIM and Wind Tre network over to the Vodafone network. There is two pieces in there and they are a bit different. So this is why I highlighted there is one piece in there of EUR 104 million. This is provisions for the exit from the MVNO agreement. We booked this provision on 31 December. It's related to costs that we will incur when we exit the MVNO agreements. These costs have no impact on free cash flow in 2024. As you shall see. But obviously they will have some impact on free cash flow in later years, 2025 and, to some extent, also 2026. More importantly, these EUR 104 million are a part of the EUR 700 million cash integration costs that we announced on March 15. The total is unchanged, as Walter already mentioned. So in other words, there is EUR 600 million to go. We spent on the brackets; we spent EUR 104 million. There is EUR 600 million to go. The second piece within this EUR 176 million is EUR 72 million. And that is quite different. This is an impairment on some assets that are related to a network sharing. The 5G network sharing agreement with Wind Tre, which is separate from the MVNO 4G agreement. This is an impairment on some assets. So there is no cash associated with that, neither in 2024 nor in 2025. And also important to understand in the broader context, these CHF 72 million are not part of the CHF 700 million cash integration cost that we announced on March. Some of you might have seen the footnote we had in there in that presentation. There was a footnote in there that said there is up to CHF 150 million of non cash integration costs. And these CHF 72 million are part of this footnote of up to CHF 150 million non cash integration costs. So transaction costs gone and CHF 100 million out of CHF 700 million total integration costs booked with CHF 600 million to come. That's the bottom line. So with that out of the way, I can finally focus on the operating developments in 2024. So the underlying business EBITDA from the underlying business was down CHF 47 million, fully in line with guidance on the Swiss side, -CHF 41 million. So this was cost savings compensating a significant part of the service revenue decline. So this is essentially the spread between service revenue decline and cost savings. And it's exactly what we talked about one year ago in the same place. Service revenue decline essentially was a bit more pronounced than we anticipated at this point in time. And cost savings were a bit stronger and the spread essentially the same. On the Fastweb website we had CHF 9 million of EBITDA growth on the back of CHF 171 million revenue growth. Now that looks like a bit of a mismatch. Very strong revenue growth and a bit weaker EBITDA growth. Behind this story is a significant shift of revenues and then shift in the mix of revenue with different margin profiles. And I'm going to talk about this later. Finally, in segment Other, we are down CHF 15 million. This is exactly the increase in IFRS pension costs that we highlighted already back a year ago. On to the next page, page 46, and this will be briefer, I promise. So that's on group CapEx and operating free cash flow. Group CapEx at CHF 2.3 billion was fully in line with the guidance, a bit up compared to prior year because CapEx in Switzerland was a bit higher, and I'm going to talk about that in a second. The quarterly fluctuations in CapEx that look a bit weird are fully due to the fact that in 2023 our fiber rollout was halted in the first quarters due to the switch from point to multipoint to point to point, and so the dynamics over the year were completely different in 2023 and 2024. In the early quarters of 2023 we had rather low CapEx in fiber investments and in the fourth quarter of 2023 we had very strong fiber CapEx. In 2024 it was a bit more evenly spread over the quarters. Operating free cash flow in the group CHF 1.752 billion, CHF 290 million down. Obviously for the same reasons and adjustments that I explained before. The underlying number is CHF -85 million, mainly due to lower EBITDA in Switzerland and higher CapEx in Switzerland. Talking of Switzerland, I will move to page 47. Speaking about revenue and EBITDA in Switzerland, revenue was CHF 8 billion in Switzerland. If we look, CHF 141 million down, at the individual segments, it's mainly due to B2C -CHF 133 million. However, this looks a bit worse than it is. The service revenue decline was just. The rest is mainly lower handset sales, less hardware sales in particular. In the first quarter, B2B revenue stable with +CHF 2 million. So essentially it was possible to compensate the service revenue decline with growth from the IT business which was CHF 62 million including the hardware. Other than the IoT service revenue and the quarterly fluctuations are essentially due to the more volatile parts of the business like hardware and IT business. On to EBITDA. EBITDA CHF 3.561 billion in Switzerland, CHF 184 million down. Obviously also here a lot of adjustments compared to prior year. One is we booked the transaction costs as opposed to integration cost. The transaction cost of CHF 60 million we booked in the Swiss segment. So this is part of the CHF -107 million adjustments. Then in the last year in 2023 we had a significant release of a regulatory provision which obviously now shows up as a negative. This is how the CHF 170 million add up and the operating effect of the underlying business is actually CHF 41 million down. If we look at the individual segments, B2C down just CHF 10 million, which is excellent. In the B2C segment it was possible despite the service revenue decline to almost maintain EBITDA. This was due to significant cost savings in the indirect costs on the one hand and on the other hand also due to lower subscriber acquisition costs in 2024. B2B unfortunately a bit of a different picture. CHF 69 million down EBITDA. Basically the service revenue decline fell down to the bottom line. Increased margin from the IT business was not able to compensate. Indeed, if you look at the fourth quarter, we had a quite bad quarter for the IT business. We did a review of some large projects and out of this review we booked some provisions. So this explains the CHF -35 million in the fourth quarter. Hopefully a one-off event that will not come back in 2025. Wholesale was stable. Infrastructure and support functions up CHF 35 million. This is where many of our cost savings that Christoph talked about before flow through. They were biased towards the fourth quarter or the third quarter and fourth quarter of this year as we flagged quite a number of times over the course of the year. I'll move on to page 48. Deep diving into the Swiss P&L. Now in the top part P&L by line items, the two most important items are obviously as always, service revenue decline. On the one hand, CHF 61 million on B2C and CHF 51 million on B2B, in total CHF 112 million down, and on the other hand, compensating for that, savings in indirect Ericsson costs of CHF 72 million. The spread between the two, the CHF 40 million, basically defines the decline in the EBITDA in 2024. On the Swiss side, I move on to the bottom left of the chart, Service revenue evolution. You can already see 2024, CHF 112 million; 2023, -CHF 72 million. So 2024 was a bit tougher in terms of service revenue compared to 2023. However, if you look at the individual segments, B2B was quite similar to 2023. In 2023, we had a decline of -CHF 54 million; in 2024, -CHF 51 million. So basically same same but different on B2B. In B2C, it was indeed a bit tougher. We had -CHF 61 million service revenue decline against -CHF 18 million in the previous year. So what happened? First of all, you need to remember that we did not pass on the VAT increase to our customers. So that's a CHF 15 million effect. So actually, the comparison between 2024 and 2023 dynamics is a bit better than it looks like at first sight. It's a bit overstated with the CHF 61 million. It's rather 40-45 plus minus versus the - 18 in the year before. Nevertheless, promotional intensity was quite strong in 2024 in the Swiss market. We still had very low churn, which is very good. But generating net adds was tough in this environment. In particular on the second and third brand. So this explains the development on ARPU. As Christoph already mentioned, we did a very good job basically maintaining the ARPU on the Swisscom brand and on second and third brands. With the one exception, the effect we always have the change in mix of revenues from first brand to second and third brands. But apart from that, ARPU is stable. So our measures to stabilize ARPU and actually increase ARPU on the wireline side worked quite well. One word to Q4, you see the Q4 number with - 34 which looks a bit stronger than the previous quarters. So my warning is this is not a trend. Okay, don't read too much into it. Obviously on the B2B side, B2B is always a bit more chunky. Service revenue evolution in the quarters depends sometimes on some large customers coming on stream or leaving with a lot of individual lines. So on B2B it's always more volatile. On B2C, the -17 that look worse like the -13, there is some CHF 2 million to CHF 3 million one-off in there in connection with roaming. And please don't forget that the baseline number for these change numbers is still CHF 1 billion per quarter roughly on the B2C side. So don't read too much into this, what looks like a trend graphically on this slide. And that takes me to the outlook for service revenue, which is always an important topic for you. We assume in the guidance, which I will come to later, a service revenue decline on the Swiss side of about CHF 100 million. So this is what we saw in 2024 roughly without the VAT effect on the B2C side. I'll move on. Operating free CapEx and operating free cash flow. We can do this quickly. CapEx was CHF 1.7 billion on the Swiss side or CHF 1.725 billion, a bit higher than in 2023, mainly due to some one-off items. So we bought a data center in the French part of Switzerland. We invested more in the mobile core. So due to these rather one-off items, CapEx was a bit higher. This will not translate into next year. As I would explain in the guidance, operating free cash flow CHF 1.6 billion down CHF 190 million. Obviously the really relevant number here is the adjusted number CHF 83 million. And given that some of the CapEx increase compared to previous year was some one-off items. As I mentioned, the reality of operating free cash flow evolution in Switzerland is actually much more stable than this number suggests. I'll get back to that when I talk about the guidance on to Italy, page 51. Revenue EUR 2.8 billion + 17.6%. If you look at the individual segments, the B2C segment was stable with mobile revenues increasing and wireline revenues decreasing and in the end stable even a bit increasing. In the third and the fourth quarter we heard about Fastweb Energia. So the numbers are not big yet there on that business. But still they also helped in the third and fourth quarter to come out with a positive balance year- over- year in service revenue in B2C at Fastweb. B2B very strong growth, EUR 115 million. Mostly IT business, also some hardware in there in particular in the fourth quarter. So this is why you see the spike in the fourth quarter. Very pleasant growth in Wholesale in particular because it's high margin + CHF 54 million or 16%. So quite impressive. The quarterly evolution that you see is due to the fact that apart from the UBB business which defines the underlying trend in these numbers, there's also the UBB business which jumps around a bit. So in the second quarter we had a strong growth due to lower UBBs in the previous year and you had the opposite effect in the fourth quarter. It looks like slow growth, but it's actually just high UBB sales. In 2023 the underlying growth is very impressive from the UBB business. EBITDA CHF 706 million. In 2024, CHF 92 million down again here in the adjustments. Obviously all the CHF 176 million of integration costs that we booked. And then there is one factor going against this. In 2023, at the end of the year, we announced the strategy change for the fixed wireless access business and had a one-off charge in 2023, which now shows up as a positive number. So the balance between the two integration cost in 2024 and strategy change in 2023 defines the EUR 102 million. If we leave all of this aside, focus on the underlying business or development of the underlying business. Adjusted EBITDA is up EUR 10 million. This is the euro figure. We saw the CHF 9 million figure before for EUR 10 million up. So where does it come from in terms of segments? B2C was down EUR 39 million. Maybe surprisingly at first sight given the stable or even slightly increasing revenue. What's happening here? High margin wireline revenue drops out, and on the margin level cannot be compensated by the wireless revenue that comes in. The wireless revenue is by definition lower margin because as you know we are in MVNO. Also it's even more low margin because given that we are in MVNO, we pay for higher data consumption. The data consumption went up in our customer base, not only in the new customers but also obviously in the customer base. The additional margin generated by the mobile business was very low, which obviously is one of the main reasons we do the transaction we talk about so much. So I move on. B2B was flat on the EBITDA line with minus two million despite the impressive growth. A similar effect going on here. Traditional telco wireline business dropping out, very high margin. So it takes a lot of IoT business revenue growth with lower margin or to make up for this loss, which was successfully done in 2024 with keeping EBITDA essentially stable. Wholesale +CHF 29 million. Obviously this is the very good news in this P&L: high margin revenue growth. The wholesale EBITDA essentially defined the EBITDA growth at Fastweb in 2024 together with cost savings. So we had lower costs of CHF 22 million in the infrastructure and support functions, which was mainly due to lower energy cost in 2024. I'll move on page 51. CapEx was stable at CHF 628 million in Italy. A bit less on the wireless network due because we stopped the dedicated network for fixed wireless access last year. And a bit higher on customer-driven CapEx given the activations of the wholesale customers and FTTH migration. Operating free cash flow number CHF 28 million. Practically meaningless given all the adjustments. So the adjusted number is CHF 204 million, CHF 10 million + year -over -year, which is exactly the CHF 10 million we also saw on EBITDA. I will move up back to the group level to the free cash flow bridge. Free cash flow was very strong at CHF 1.437 billion, slightly below a prior year, roughly in line with the number that we had over the last 10 years or so. All of you know our dividend is CHF 1.14 billion. So the dividend is very well covered also in 2024. There is two noteworthy things in that bridge. One is all the transaction costs I talked about in the adjustment. Oh sorry, not the transaction cost. The integration costs are not cash effective. So they don't show up here. They actually show up in the net working capital bridge where you see a strong plus. This is obviously the costs dropping into EBITDA but then not dropping down into free cash flow. That's the one thing I would highlight like to highlight. The second, second thing is we did have much lower net interest paid in 2024. This is basically the proceeds of the funds we raised for the Vodafone transaction that we invested and that lowered our net interest paid in 2024 quite significantly. Finally, on the group level, the net income bridge, net income is CHF 1.542 billion. This one is affected by all the integration costs that we incurred in 2024. So it's CHF 169 million down. It's basically due to these integration costs and in particular the closing on the 31st of December. As you know, we anticipated the closing originally to happen in the first quarter of 2025. Had this happened as originally planned, the net income would basically have been stable. Obviously, we are very happy that closing took place on the 31st of December. I now leave the realm of audited 2024 financials, and I would like to give you a first impression of the financial statements of Vodafone Italia in 2024, of the pro forma combined, of Fastweb Vodafone 2024 and then of pro forma combined group Swisscom Group 2024. As a jump off point, before we talk about the guidance, Louis pointed it out at the start and this is really important. These numbers are preliminary. We have not yet completed all the accounting restatements and reporting restatement and consolidation. So these numbers are still subject to change. This is why we show CHF 0.x billion rather than precise numbers which we will finally show on the 21st of March. But we believe it's important to talk about these numbers. There has been no reporting on Vodafone Italia for more than a year, neither by us nor by Vodafone. And we believe the numbers we have now are sufficiently stable in order to give you an impression where we stand and about the direction of travel. So first of all, on March 15th we talked about our expected numbers or about our estimates for Vodafone Italia 2023 numbers. And these estimates were EUR 1 billion EBITDA and EUR 300 million operating free cash flows. These numbers for 2023 have been confirmed and they are actually stable into 2024. So the EBITDA number and the operating free cash flow number for 2024 are also EUR 1 billion and EUR 300 million. Obviously a lot is going on underneath and I would like to cover the most important factors briefly. One is important is service revenue. So service revenue was down in 2024, roughly CHF 200 million. This is mainly from mobile and within mobile mainly from B2C. So there was a strong decline in subscriber numbers and also ARPU declined a little bit, with ARPU among other things being driven by a rather technical factor which is mobile termination rates were reduced from 2023 to 2024 in Italy and this shows up in the B2C service revenue decline. This was just one component. The subscriber numbers is obviously the major one, but on OpCo this is what's happening. Also B2B mobile was down despite the growth in subscriber numbers. So what's going on here? Vodafone Italia won the so-called TM9 framework agreement with the public administration which will add a lot of users over time. However at pretty low prices and the ramp-up is in full swing. In 2024 it was not possible for this TM9 ramp up to compensate the general decline in ARPU with a different outlook into 2025 as we will cover later now. Mobile, by the way, was roughly stable with B2C a bit down and B2B a bit up. The challenge in terms of service revenue in Vodafone Italia is mainly related to B2C mobile. Then, against the service revenue decline, there was a strong growth in the IT business. What we saw in Fastweb and what we knew we would also see in Vodafone was confirmed the strong growth in the IT service revenue related to public administration framework agreements mainly + CHF 100 million. The net change in revenue year -over -year was -CHF 100 million. There were also cost savings in 2024 of about CHF 100 million. Here again, energy savings coming down. Unfortunately, not something that translates immediately into the same amount of savings in the next year. But in 2024 it was an important component of savings and also some slower smaller personnel expense such that in the end, as I mentioned at the start, EBITDA was stable as was operating free cash flow. So the baseline is as expected. The decline is as expected. We always said we assume a further decline in the mobile business. But that obviously also means, as Walter already pointed out, that next to realizing the synergies, stabilizing B2C and generating further growth in IT and other areas is a key priority going forward in the Italian business. I will move on, and I will try to, in a couple of steps, take you from the old world of Swisscom audited 2024 financials to the new world of what Fastweb, Vodafone and the Group looks like in the main financial KPIs on a pro forma combined basis of 2024, also on an adjusted basis, because this will give us the perfect jump-off point in order to talk about the guidance. So, I'll start on the left-hand side. In the old world, step number one is in the future we will focus, as many other telcos do, on EBITDA rather than EBITDAaL as the main operating financial KPI. Why is that? With the acquisition of Vodafone Italia, we acquired quite significant lease expenses, among others, in connection with the tower agreement with INWIT, but also in connection with subscriber lines. Leaving these costs out would make EBITDA quite less useful as a measure of profitability and for internal financial steering. So we move to EBITDA. So the EBITDA numbers for the Swisscom group are CHF 4.1 billion. That's basically CHF 300 million lease expense deducted from the CHF 4.4 billion EBITDA. So CHF 4.1 billion is the starting point on the group, CHF 3.3 billion in Switzerland and CHF 0.7 billion in Italy. Step one, then step two, in order to build the story for the guidance later on, we focus on adjusted numbers. So at the group level the CHF 4.1 billion EBITDA on adjusted basis are CHF 4.3 billion. So this is the whole transaction integration cost story that I talked about before. And at Fastweb, that's CHF 0.8 billion instead of CHF 0.7 billion. Now step number three, adding in Vodafone Italia with the numbers that we just saw on the previous slide. Also taking into account consolidation, which really plays only on revenue, has basically no influence on EBITDA and operating free cash flow, but takes out close to EUR 100 million of revenue in the consolidation process between the two companies. So on the Italian side, rightmost column of this chart, we end up with a starting point pre-merger 2024 numbers of EUR 7.3 billion of revenue, EUR 1.8 billion of EBITDA and EUR 500 million of operating free cash flow. And you can read the group numbers for yourself once we add in, once we add in Switzerland. Just one further note, the Italian numbers do already include the accounting restatements, harmonization of accounting policies that we already did. We focused mostly on IFRS 16 because these are the big tickets where things change. For most of these adjustments, actually operating free cash flow does not change. So that's very important. Operating free cash flow is typically untouched. So it's just between EBITDAaL and CapEx. And for one important change on subscriber lines, not even EBITDAaL is changed. But only EBITDA has a change. So these numbers, despite all the accounting harmonization that we have to do, are quite stable. Before I get to the guidance, let me talk about leverage, net debt and leverage. Why do I do this here and not under the audited financials? The Vodafone acquisition is already in our balance sheet as of 31st of December, but obviously it's not in the P and L. So in order to have a meaningful discussion of leverage numbers, we need the adjusted numbers. Sorry, we need the pro forma numbers that we just talked about on the previous pages. Note number one. Note number two. I mentioned that we move to EBITDA as a main financial metric, but for cash, sorry, for leverage, we stick to EBITDA. Why is that? Our leverage target or leverage cap from the government of 2.4x is simply defined as net debt including lease liabilities divided by EBITDA. So for leverage purposes, we stick to EBITDA. So let me walk you briefly through the net debt evolution first. So we started out with CHF 7.1 billion of net debt at the end of 2023, increased by CHF 8.5 billion over the course of the year, or actually not over the course of the year, but mostly on the 31st of December of 2024, ending up with a net debt of CHF 15.6 billion. Obviously almost all of that is due to the acquisition of Vodafone Italia. You see the yellow bars on the left, CHF 7.4 million, the purchase price. So you might remember the EUR 8 billion enterprise value that we announced. We actually paid EUR 7.8 billion on the basis of the provisional purchase price adjustment, net debt, net working capital, etc. And the EUR 7.8 billion or CHF 7.4 billion. Then by acquiring Vodafone Italia, we acquired significant lease liabilities of EUR 1.7 billion. Large part of it related to wireless infrastructure. So a big contract in here is obviously the INWIT MSA, the tower agreement. And together with the free cash flow, which obviously reduced net debt, the dividend which increased net debt, and the proceeds from the first FiberCop sale and some other effects, we end up at CHF 15.6 billion net debt. Finally, the accounting restatement leads to an additional lease liability of EUR 0.3 billion. So that takes us on the pro forma basis, end of 2024 to a net debt of CHF 15.9 billion. To this we can compare a pro forma EBITDA. The pro forma EBITDA for 2024 is CHF 6 billion. How do we get to that number? You remember the CHF 5.2 billion EBITDA from the previous page. Taking out again the adjustments to get to a reported number is CHF 5.0 billion and then we have CHF 1.6 billion of lease expense in our P&L pro forma 2024. So adding that back in we get to CHF 6.6 billion of EBITDA and dividing one by the other gives a leverage point of 2.4 at the end of 2024. A couple of more words on the balance sheet and on the debt, our leverage is stable at 2.4. The rating agencies did exactly what they said they would do. So after the closing they downgraded us by one notch and we still end up with one of the best ratings in the sector. Actually with Moody's we end up at the exact same rating we had for pretty much the last 10 years because they upgraded us just a year or a year and a half ago and now we got the downgrade by one notch. So everything completely as expected. Our financing is very conservative. 86% of the financing mix is fixed interest. The currency mix is aligned with the EBITDA currency mix in order to insulate us from any fluctuations in the euro, Swiss franc exchange rate. Interest rates still very low, so the average interest rate is still about 1.8%. The incremental interest expense from the transaction was just CHF 200 million and the maturity profile is well diversified over many many years. The two high towers you see here in 2027 and 2029 are due to the term loan that we took on to finance part of the transaction. Obviously we probably not pay this back as a bullet payment at the end of the term, but refinance in the meantime as we go. With that I finally get to page 57, the guidance. On the left hand side you see again the pro forma numbers 2024 to have a point of reference and on the right hand side you see the guidance numbers for group, Switzerland and Italy. Please note that there is a third segment Other which we don't show here because the numbers are pretty small. Please note also that Italy is in euros so don't try to add up the Switzerland and Italy numbers. They will not fully give the group number. Final word before I get going on the guidance. This guidance is preliminary for all the reasons that Louis gave at the start. So once we will be done with accounting, reporting, consolidation, and all that, we are just owners of the business since six weeks, and in particular, once the purchase price allocation is finalized, which is at the moment provisional, we will update the guidance on the 8th of May. So this is the best we know today. I'll start with Switzerland. So for Switzerland the revenue guidance is CHF 7.9 billion-CHF 8.0 billion. Slightly down with telco service revenue decline of about CHF 100 million that I mentioned before, but partially compensated by revenue growth from the IT segment. EBITDA guidance CHF 3.3 billion-CHF 3.4 billion. Slightly down year -over -year, we again expect a negative spread between telco service revenue decline of CHF 100 million and cost savings of about CHF 50 million. CapEx guidance about CHF 1.7 billion. Flat or rather slightly down given the one-offs that I mentioned we had in 2024, such that finally the operating free cash flow guidance on Switzerland is CHF 1.7 billion. As Christoph already mentioned, stable free cash flows from Switzerland, very important component of our guidance. I'll now talk about Italy. The revenue guidance is approximately CHF 7.3 billion, so stable. However, with lower telco service revenues CHF 100 million-CHF 200 million lower compensated by CHF 100 million-CHF 200 million higher revenues from other businesses like IT, Energy and Wholesale. EBITDA guidance CHF 1.6billion-CHF 1.7 billion. Underlying decline of about CHF 100 million, driven obviously by the service revenue decline of CHF 100 million-CHF 200 million which is only partially compensated by the incremental margin from it and wholesale and by the synergies which in 2025 are still quite low. As you know. On top there will be integration costs in EBITDA. Integration cost in OpEx of about CHF 50 million. CapEx guidance CHF 1.5 billion-CHF 1.6 billion. Very important. The underlying number is stable. We are not going to spend more on CapEx. In Italy the underlying number is CHF 1.4 billion. However there is 150 million of integration costs that we will spend in 2025. And there is a further item of about 50 million of CapEx that we will get compensated for by Vodafone. It's in relation with the original INWIT agreement. It's CapEx, but we will get compensated for this. So we'll adjust for this in the end. But in the reported numbers it will be part of the numbers operating free cash flow guidance. Basically the sum total EUR 0.1 billion-EUR 0.2 billion. Very important. On an adjusted basis this is CHF 400 million. So an underlying decline of about 100 million which comes down from the EBITDA. And on top, integration costs of CHF 200 million: 150 in CapEx, CHF 50 million in OpEx, plus the adjustment of CHF 50 million in CapEx that I mentioned. So in a nutshell, stable free cash flows from Switzerland. Certainly a transition year in Italy with the full integration costs already hitting the 2025 numbers and the synergies still being quite minor but in line with what we presented on March 15. So let me summarize the guidance on the group level. Revenue, now Swiss francs obviously, CHF 15 billion-CHF 15.2 billion revenue. That's down from pro forma 2024 on the one hand due to a slight decline in Switzerland, but mostly due to the fact that for the guidance we assumed a euro Swiss franc exchange rate of 0.93 versus a euro Swiss franc exchange rate of 0.95. In the pro forma combined numbers that gives a CHF 150 million downdraft on revenue. Next, EBITDA guidance approximately CHF 5 billion slightly down in Switzerland, about CHF 150 million down in Italy. For the reasons that I mentioned, including integration costs CapEx CHF 3.1 billion-CHF 3.2 billion underlying flat at about CHF 3 billion and the rest the increase is integration cost in Italy. The guidance for leverage is also stable 2.4x end of 2025 we expect a roughly stable reported EBITDA and a somewhat lower net debt and this will end up in roughly the same number on leverage in 2025. Finally, we reiterate our dividend guidance for the dividend to be paid out in April 2026, which is CHF 26 per share and is as always subject to Swisscom achieving these financial objectives that are set out here in the guidance. I'll move on to my last chart. I would like to give you an overview or a perspective on our financial policy or essentially confirming our financial policy, our leverage outlook and our dividend outlook. I'll start with the financial policy which rests on three pillars. Long-term value creation, which basically means free cash flow accretion, so stable free cash flows from the Swiss business and growing free cash flows from synergies in Italy, but as we know, it's not only about synergies. The equation has actually three parts. One is realizing synergies, the second is stabilizing B2C decline. The third one is generating profitable growth with other businesses like IT wholesale and Energy. Second pillar of the financial policy, attractive dividend, so we always pay out a high share of free cash flow. We like the dividend to be covered by free cash flow even if it will be close in 2025 and probably an exception. The dividend will grow in line with free cash flow evolution as announced previously. Third pillar, strong balance sheet. So our target leverage is below 2.4 and the target rating remains the A rating. I'll briefly talk about the leverage Outlook bottom right so I already said we expect a leverage of 2.4x in 2025 and in principle leverage will decline over time. With EBITDA from the Italian business growing, there is one bump in the road that some of you already know. We talked about this on March 15th last year. In 2026 leverage will actually go up a little bit. We assume at the moment that we will renew the INWIT tower agreement at this point in time, which will add significant lease liabilities. Although we will certainly take a close look at this agreement and probably also look at alternatives, but for the moment we assume a prolongation of that agreement and therefore a bump in the road of deleveraging. I'll move on to the dividend outlook. I reiterate our ambition to increase the dividend over time as free cash flow accrue from synergies in Italy, and for the avoidance of doubt, we are fully aware that in 2025 the payout ratio will be in the range of 100%. However, I want to be clear. Our dividend guidance of 2026 does not depend on the details of this payout ratio, whether it's 95% or 100% or 105%. Our dividend guidance of CHF 26 per share depends entirely on us achieving the financial objectives set out in the guidance on the guidance page. So my closing statement is or my closing message is 26 in 26. And with that over to you, Chris toph. Good. Thank you very much for bearing with me for one last slide before we go into Q & A. Swisscom is strong today and will be stronger tomorrow. As you have seen, we have a strong long term value focus both in Italy as well as in Switzerland and we have a proven and working strategy. We will continue to invest into our future, building the best networks both in Switzerland and in Italy. We will continue to work on retaining our number one position in Switzerland to make sure that free cash flow generation remains stable in Switzerland. And we are already working very hard on becoming the number one customer choice in Italy to generate the future cash flows based on future growth but also the realization of the merger synergies. This will lead overall to an attractive shareholder return. First step next year is to pay out a higher dividend, CHF 26 in 2026. But then continued growth of the dividend as we continue to grow our free cash flow generation in the future. Thank you very much for your attention, and now I hand over to Louis for Q & A. Thank you, Christoph. Now it's time for the Q & A session. Some remarks to people being registered. Raising questions. Use the raise your hand feature to ask questions. The moment I'll give someone the floor, please switch on your microphone or unmute it and speak loud and clear so that people on the webcast can also follow our discussion. And thanks also for indicating your name and institute you're representing at the beginning. With that, I would like to open the second part of today's meeting with the first question coming from Polo Tang. Polo, the floor is yours. Yeah. Hi. Thanks for taking the questions. It's Polo Tang from UBS. I have three questions. One on Switzerland, two on Italy. So the first one is in terms of Swiss price rises. Sunrise and Salt have announced price rises of 1.8%-2% from March. So what impact do you think these increases will have on the broader Swiss market and on Swisscom? So, for example, do you see any room for price adjustments for either new Swisscom customers or existing Swisscom customers? And I noticed that in your commentary on Swiss service revenues in 2025 you expect a decline of -CHF 100 million. So this implies not much of an improvement outside of the VAT headwind dropping away. Is this not conservative? And then just in terms of Italy. So two questions for Walter. It's been six weeks since you've closed the deal to acquire Vodafone Italia. As you spent time with the business, is there anything that has surprised you, either positively or negatively, about the Vodafone Italia business? And the second question on Italy, can you talk about what you're seeing in terms of competitive dynamics? So are you seeing any changes in Q1 versus Q4? And what are you seeing in terms of Italian mobile in particular? Thanks. Thank you, Polo. First question goes to Christoph. Second and third question to Walter. Okay, so Polo, on the Swiss competitive environment. Actually, we do expect quite a similar environment this year versus last year, as you pointed out with regards to the service revenue guidance. The reason being that even though Salt and Sunrise increase their prices on their back book or existing customers, they continue to remain very aggressive in the market trying to win new customers with promotions, typically lifetime promotions around -50% to -70%. We have second brands in the market that are calling our customers to try to win them back in a very aggressive approach. This is also why we believe this strategy is not sustainable in the long run of the other brands, like increasing prices for customers and trying to win aggressively on the market. This also prevents us from executing back book price increases as we already have a very substantial ARPU delta with the other brands in the market. As long as they continue to be so aggressive on promotions, we basically cannot move on our back book pricing. This is why we expect quite a similar evolution this year versus last year. Walter? Yeah, thanks Paul. In terms of surprises after six weeks, I would say no negative surprise so far for sure. A couple of positive. One, the first one is on talents and people. Honestly very high quality, very good people culture which is similar to the one of Fastweb and this is a great start to working together for building a winning organization. The second one is related to the mobile network is better than expected. So we are really impressed by the quality of the mobile network. This would be an asset that we leverage on in the coming future in the terms of competitive dynamics. To be honest, I don't see big changes in the competitive dynamics so far. Probably some sign of relief, but I cannot say that is a recurring trend at the moment. So the market is quite competitive both on fixed and mobile. There are attackers and newcomers and the competition is quite tough. Thank you. Thank you, Polo. Next question comes from Andrew. Yeah, good afternoon everyone. It's Andrew Lee from Goldman Sachs here. I just had two questions. One, essentially a follow-up from Polo's, just on the B2B side. Has competitive intensity changed there at all? You mentioned in your commentary, through your presentations, that we shouldn't read too much into the fourth quarter in B2B, but obviously one of your competitors is guiding on share gain to deliver growth. So any change in B2B competition in Switzerland will be helpful. And then second question just on the cost cutting. This year you achieved about CHF 80 million underlying cost savings. So significantly above the guided CHF 50 million. You're guiding for CHF 50 million + in the midterm. But do you think you can continue to achieve a bit more than CHF 50 million in the near term or materially more than CHF 50 million in the near term? Thank you. Thank you, Andrew. First question goes to Christoph and the second one to Eugen. Okay, so on the B2B, I think indeed it's important that Q4 is not sort of a general trend that you can just multiply by four, especially in the corporate segment. In Q4 we had two or three large customer contracts that ended in Q4 or in Q3 that actually impacted Q4 quite heavily. This will obviously not repeat itself in the next quarter, but B2B remains a segment which is very competitive. It has always been competitive in the past two, three years and we expect the same competition to remain in place also this year. You can see that from RGU basis we are actually not losing RGU. So we maintain we are in a position to maintain our market share in the corporate space. We actually won back more customers from competition than we lost throughout the year, which shows that we are competitive. But we have remaining pressure on the ARPU in the B2B sector, especially on the SME space, which is what both of our competitors are actually targeting when they talk about revenue market share gains. They are more in particular looting the SME segment where we are experiencing quite a lot of pressure, especially on the mobile side. And this is a topic we are working on intensively since last year to let's say soften the impact in the coming months. But let's say for this year we do expect something similar as we have seen last year in the prior year. On the second question, so I would not systematically expect an outperformance compared to our midterm guidance. On the topic of cost savings, yes, we had CHF 72 million this year against the CHF 50 million + that we announced. There will always be variations around that number. It can be up like this year, but can also be down. As you know, we go about cost savings in a very long term manner. There is no low-hanging fruit anymore. So we tackle the tough things like fiber rollout which reduces maintenance costs and customer care costs. We tackle digitalization of the customer interface which reduces customer care costs. We tackle the very tough nuts like IT simplification. This is very long term stuff. And so the CHF 50 million that we believe we can save over a couple of years per year is well informed. Yes, there will be variations up and down, but not systematically in one direction or the other. Thank you, Andrew. Next question comes from Josh Mills. Hi Josh. Hi guys. It's Josh Mills here from Exane BNP Paribas. I have three questions all on Italy please if I may. I'll focus on the guidance for slide 57. I know that you haven't put the 2023 numbers on this slide, but I think if I stitch them together it would look like on the revenue front you were growing slightly in 2024 versus 2023, perhaps stable in service revenues. Now for 2025 we're guiding for stable revenue but with service revenue declines. The first question is at what point do you assume that you will stabilize the overall service revenues in the Italian business? The second question, if I move on to EBITDA after leases, you're going for $150 million lower. Restructuring costs of $50 million broadly net out the $60 million synergies that you're guiding for. So let's call it an 8% organic EBITDA decline in 2025. Again, that's worse than the pro forma trend that we saw in 2024. So if it is an 8% EBITDA decline in Italy, how much of that is due to the mix shift you identified during the call and how much of it is due to the additional investments you're going to need to make to turn Vodafone around? Perhaps if you could elaborate and say what point you think you'll get to stable EBITDA in Italy. And then the final part of the question. Sorry to go on. On Telecom Italia's call earlier today, they called out the fact that they expect to win a new MVNO business to broadly offset the revenue losses they're seeing from Fastweb. The only MVNO in the market that could be is Poste Italiane, which is currently on the Vodafone network maybe contributing EUR 50 million-EUR 100 million of revenue. Does this guidance you're presenting here today include the assumption that you will lose MVNO revenues over the coming years? Thanks very much. Thank you, Josh. The first two questions will be covered by Eugen or answered and the last one by Christoph. It was three long questions. Okay, so I'll try my best. On revenue, the outlook is stable revenue with service revenues coming down and IT and other revenues going up, balancing out at zero. We have not shown 2024 pro forma combined numbers for Vodafone and Fastweb in any details, but this is roughly the picture that we also see in 2024. So there was a service revenue decline, as I mentioned on the Vodafone side. There was also a small service revenue decline on the Fastweb side, which we didn't talk about in the past, but it's all being compensated by growth in the IT. So what we actually guide for 2025 is a gradual reduction in the service revenue decline from what we saw in 2024 and 2025. For 2026, you know, you ask when is it, when is it going to stabilize? Let me first talk about the, let's say tactical elements of 2025 versus 2024, and then we can speculate about 2026. So why is 2025, with CHF 100 million-CHF 200 million, a smaller decline than what we saw in 2024? There is at least two elements in there. One is on B2C mobile and mentioned that a part of the decline in 2024 was due to the reduction of the mobile termination rates. So that reduces ARPU. This will not going to repeat itself in 2025. So that reduces all or already the downdraft on the service revenue. The second element is on B2B mobile where we saw a decline in 2024 despite the win of the TM9 contract. So a big framework contract with the public administration for provision of mobile phones, and this contract will have its full effect in 2025. So the numbers on B2B should also be better than in 2024, and finally there is a technical effect. Obviously the exchanges between the Vodafone brand and the Fastweb brand come down dramatically. This is on an ARPU level a zero-sum game. But on an ARPU level this should help sustain the ARPUs in the mobile business. So these are the ideas behind the evolution from the 2024 numbers that we saw to 2025 service revenue and 2026. We do not provide a guidance today just as a general rule. So here we are talking about the general trend into 2026 and what's going on strategically. I will hand this over to Walter if I may at a later stage. I just try to cover your second question before we get there. So on EBITDA, you're basically saying that when are we going to see. When are we going to see stable EBITDA and what is different between 2025 and 2024? So maybe on the difference between 2024 and 2025. One that I did not talk about is that in 2024 on the wireline side costs came down. I mentioned a roughly CHF 100 million reduction in costs. We do not assume a cost reduction in 2025. Obviously there will be cost reduction in the future as synergies kick in, but we are not there yet. That's quite clear. Quite to the contrary, some of the costs increase from 24 to 25, such as the tower agreement with INWIT. So eventually EBITDA that we got a bit lower in 2025 will stabilize once the downdraft on the B2C mobile business is compensated by the increased margin from the other business revenues. But much more importantly is compensated by the synergies. And as you know from our synergy outlook, we expect the mobile synergies to hit already in 2026. So we will start migrating the mobile customers in 2025. We plan to complete this migration by the end of 2025. So from 2025 to 2026 without going into guidance discussion for a year ahead, it is safe to assume that these CHF 200 million in synergies will happen from 2025 to 2026 and should certainly be enough to compensate any further downdraft from the rest of the ongoing business. Then number three was on the MVNO. Yeah. Right. Okay. On the MVNO question, I mean, obviously we don't know to which MVNO Pietro was alluding to that he wants to win back as Vodafone has several MVNO customers, not just PosteMobile, but several others. I think if I'm right, he talked about 2026 going onwards. This topic does not impact our revenue guidance for 2025 that we have published today and we will not publish a revenue guidance for 2026. This topic is more sort of a midterm topic that we need to address. What I can say is, from my point of view, somehow it doesn't make really sense because if you've seen that Vodafone has won CoopVoce and they actually won CoopVoce from TIM. TIM is now CoopVoce is now migrating away from TIM onto our network. This is ongoing. On the Other side we have said that we have the best mobile network in Italy. I don't really understand why TIM by PosteMobile would migrate on a worse mobile network and actually decrease customer experience for their Poste customers. Doesn't seem like a very sustainable strategy to me. If TIM wants to compensate the loss of revenue that we are generating today with Fastweb, this would actually mean that Poste has no economic benefit or lower prices for moving from Fastweb Vodafone onto the TIM network? Should TIM, you know, be in a position that they want to really aggressively lower the prices to make it more attractive for Poste at the end, you know, it might even have bad repercussions on TIM by further accelerating aggressiveness on mobile in the market by having a very aggressive MVNO. So, I'm not even sure if it's in the interest of the industry that this happens. I think overall we will see. I mean, from what I can tell, the MVNO customers are very happy Vodafone customers. They're happy with the service they get from Vodafone today. We will obviously make sure that they remain happy, and we will also fight for those customers that they remain on our network, and then we will see in 2026 how it has finally played out. Right, Walter, maybe a short answer. So on 2025 onwards, the ambition is to gradually stabilize the service revenue, especially on the B2C mobile that we know is the main driver of this decline. There are two technical effects or two inertial effects. One is related as I said, you know, the lowering down the exchange between Fastweb and Vodafone. This will have an immediate impact and come down the decline of service revenues from one side from the Other side. The other technical effect is that or inertial effect is that the difference between the front book and back book will gradually go away on top of that there is a clear strategy from our side to work on inflow ARPU to increase the inflow ARPU. This will allow to compensate the back book that we lose on churn from one side. On the Other side, as we said, will work on convergence and this will further reduce churn and this will have another positive impact on the service revenue. Thank you, Walter, and thank you, Josh. Let's move to the next question coming from Luigi Minerva. Hi, Luigi. Hello, Louis. Good afternoon, everybody. I have, if I may, two questions on Switzerland and two questions on Italy. So, starting from the Switzerland one, I was wondering if you can, you know, having in mind, you know, ideally you would like to stabilize better the retail competitive environment. I was wondering if you have any room to flex your muscle on the Wholesale side. So, for example, charging more for Wholesale fiber access to your competitors so that it creates a sort of, you know, higher support for you and a higher unit cost for them when they think about retail pricing. Secondly, on copper switch-off, if you can perhaps give us an update on the potential benefits both in terms of OpEx but also in terms of one-off monetization opportunities, whether it's real estate or the copper itself. And then moving to Italy, I was intrigued by the comments about the INWIT MSA. So obviously you assume renewal but you hinted that you know you are going to look into it. And I was wondering, yeah, if you can elaborate a bit more and to what extent the MSA has scope for renegotiation and for savings for your operations. And then finally I was wondering why do you need three brands in Italy? So I understand the junior brand because everybody else has but Vodafone and Fastweb if I may, are kind of similarly positioned. I think Fastweb is a higher value brand. Why do you need two brands in a similar segment? Isn't there a risk of confusion? Cannibalization? Right. Thank you Luigi. The first question will be answered by Christoph. So, excellent question, Luigi, and would be a very good strategy, but unfortunately there is no room to increase the wholesale prices for fiber connectivity. There is the price regulator that is watching closely over those prices. And so on that side, unfortunately we cannot monetize in a better way or increase unit costs for users on that side. So I think we cannot use the wholesale avenue to sort of influence the retail structure of the market. I will continue on the copper switch off. So there are many potential benefits on copper switch off. The obvious one is higher NPS of customers using fiber connectivity. It's new, it's more stable, it's higher quality. There are less incidents, so you have less truck rolls, less call center calls. We have, once the copper is switched off, you have less maintenance costs, less electricity. There are numerous different benefits that we will realize over the coming years and they are included in our long-term CHF 50 million cost improvement guidance. The part of this 50 million ambition is always linked to the fiber copper switchover. Obviously in the next one or two years this portion is still very small as the numbers are still small and most of the benefits will more kick in the early 30s rather than the next one or two years. There are also some one-off potential benefits like selling the extracted copper, but we don't expect huge revenues from that side as the extraction costs are also and recycling costs are quite high. But it will generate sort of a slight net positive delta in the coming years. Thank you. Christoph and Eugen. Yes, on the INWIT agreement. So obviously I do not want to elaborate too much. I don't want to create the impression that we negotiate over the air, so to speak. But let me state a couple of facts. So one fact is this is a very important agreement. The INWIT agreement is one of the most important agreements associated with a high cost, one of the most important agreements of Vodafone Italia. And INWIT is a very important partner for us because obviously the towers are a very important asset for a mobile operator. But it's also obvious, and I would even say in effect that when the agreement was done originally, it was done with Vodafone basically on both sides of the table. Given the valuation of infrastructure assets, it seems obvious to me to make sure in such a negotiation or in such a construction of an agreement to have as much EBITDA on the infrastructure side and as little on the ServCo side as possible. Quite simply, we probably pay too much. What we will do is we will benchmark this agreement very thoroughly, on the one hand to Cellnex prices in Italy, on the other hand, to the other customers that INWIT has. There is not only TIM and us, there is also other customers and we'll benchmark these prices to international comparables what other companies pay in other countries and then we'll have a friendly and frank discussion with our commercial partner on the topic. Thank you. Yeah, so thanks, Luigi. It's a good question, and by the way, you are right, I mean Vodafone and Fastweb brands are positioned on the high end of the market, so probably in the future makes no sense to have two brands on the same space, but for this year we cannot create confusion in our customers, so we will continue with the three brands and we will assess all the options that we have and take a decision that can only impact from 2026 onwards. Thank you, Walter. Thank you, Luigi. Thank you. Next question comes from Steve. Hi Steve. Hi there. Thank you, Louis. Thanks for taking the questions. Three and a half if I may, please. First, just coming back to the Italian leasing situation. Clearly there is, you know, I'm sure there is plenty of room for discussion and negotiation. But just to sort of be clear on the net debt impact, I think back in March you suggested that, you know, on a kind of mark to market basis, you might add EUR 2 billion to the debt when you renew the leases. Just to be clear, as things stand today, I think you're capitalizing Vodafone's lease costs at about two times. And obviously there's a lot of things in there, a lot of different lease costs and you're talking about capitalizing at four times. What are the moving parts there, what are the different outturns? Maybe just quickly, how long are you able to stay above 2.4 times per your legal position with the Swiss government? That'd be good to know. Then just coming back to the pro forma numbers you gave us for 2024 in Italy, it doesn't sort of feel like losing 200 of service revenue compensated with 100 million of IT revenue and 100 million of OpEx is flat EBITDA. I mean you've told us that in absolute terms. Is that the case in percentage terms? I mean that could be an 8% decline, obviously it could be 1,040 to 960 million. Can you give us a sense what the sort of percentage year- on -year movement in that Italian EBITDA line was? That'd be great. Thank you very much. And then just finally going back to Switzerland, IT Solutions. I mean you talked about growth, but I think if you strip out Axept IT solutions and B2B will be down about 2%-3% in 2024. Is that right? And if so, do you think you can restore growth? I think they declined a couple of percent in Q4, but can you restore growth in 2025 and beyond to compensate for slightly higher service revenue declines? That'd be great. Thank you. Thank you very much, Steve. So I think the first two questions definitely go to Eugen. The third one, either Eugen or Christoph. Yes. So, hi Steve, and many thanks for your questions. I'll start on the net debt one. So, yes, you're right. We flagged about a CHF 2 billion increase of lease liabilities once we renew, and if we renew the INWIT agreement in 2020 and we still stick roughly to that number. However, it's important to understand there is still a lot of unknowns in this number. So our best estimate at the moment is CHF 2 billion, but obviously it depends always on the terms of the renewal of that agreement, which we don't know yet, then in general, on the lease liabilities side, Vodafone Italia, our new Fastweb, Fastweb or Vodafone, there is in the lease liabilities two or three different items. So first of all there is wireless infrastructure that is INWIT, but not only so there is also other tower leases. For example, there is real estate in there and there is subscriber lines in there, so Fastweb Italia accounts for the cost of subscriber lines as lease and so these generate lease liabilities, and by the way, one of the accounting restatements we had to do is we had to choose between a policy of everything lease on the Vodafone side and nothing lease on the Fastweb side. We went for the lease version of Vodafone. It represented a smaller change, but this leasing of subscriber lines gives you a very odd lease multiplier. Why? Because you have the lease expense, the cost of the subscriber lines, and IFRS forces you to recognize a lease liabilities, a lease liability that is consistent with the contract duration. Now, if you have a contract duration, a minimum contract duration of 24 months, so you've got a lease of 24 months. If you got with your end customer a contract duration of just one month, you've got at least liability of one month. So you get a very odd relation between lease expense and lease liability. And this explains the top level figure that you see a lease multiplier that is quite low and it would go too far to get into all the details here, but these are the main components of wireless infrastructure, real estate and subscriber lines. On the second part of the question we are allowed to stay above 2, stay above 2.4 temporarily. There is no exact rule what temporarily means. But as I said out before, we have the clear ambition by 2027 to reach our target leverage which is below 2.0, below 2.4x and then to deliver, to deliver further. So the deleveraging path, the deleveraging path that we presented on March 15 is exactly the same today. Even if, as you might have noticed, the absolute numbers have changed a bit since our presentation back then. Then, the second question I will unfortunately not go into. Even if I know that might be frustrating at this point in time, I will not go into single digit percentage comparisons between 2024 and 2023. There is a reason why we put these rough numbers in there. It's not because we want to hide anything, but because 2023 were not our numbers at all. And 2024, we are still in the process of aligning all the accounting and reporting policy and also consolidation. And we don't want to put out a precise number today that we might have to already change in six weeks from now on March 21st. I would ask you for your patience. On March 21st we will send our 2024 pro forma combined numbers to a single million and then all these questions will be able to be answered. Thank you. And then on IT. I can take the IT question. So you're right that part of the growth you've seen in IT is coming from inorganic steps with the acquisition of Axept. But there is still some organic growth left, I would say lower than we expected in 2024. We had some growth issues on the workplace side with lower than expected sales. And I think I also mentioned during the presentation we were also impacted by the UBS Credit Suisse merger which was an important IT customer where we needed to absorb the lack of revenue or let's say that they were moving services that we were providing to their own UBS delivery center. And this compensation was quite needs to be done first. This has been achieved in 2024 but it impacted the organic growth rate that you see in the top line. We expect 2025 to go back to you know what we expect to grow in line with market. Thank you Christoph. Thank you Steve. Thank you. Next question comes from Christian. Hi Christian. Hi, good afternoon gentlemen. It's Christian Bader from ZKB. And first of all I have to say thank you for this comprehensive presentation and I have three questions. First of all, I think you mentioned the aim to grow the Italian Wholesale business again this year. Can you give us some evidence that the momentum can be achieved this year like you have shown it in 2024. Secondly, I remember when you presented the merger with Vodafone Italia the first time, there was some information about the benefit for you from tax loss carried forwards that would keep your overall tax charge relatively low. Can I maybe repeat some of these statements? And ultimately I'm interested to get some sort of guidance for the corporate tax rate at least in the near term, please. And my third question is a very simple one. You had a very good interest income in the last quarter in 2024 for the reasons that you mentioned. And yeah. Can you give us some sort of guidance what you expect for this year in terms of absolute numbers or even interest rate? That's it for me. Thank you, Christian. First question will be answered by Walter, second and third by Eugen. Yeah, so thank you very much for your question. On Wholesale business basically will continue along the line of 2024. Especially on wireline, we see a growing trend. So we would like to really exploit the momentum there. With our customers growing very well. On mobile, we have Coop ramping up. So we are, you know, several customers growing in our Wholesale business. Good. On the second question, so I can confirm that there are significant tax loss carryforwards on the level of Vodafone Italia, which we obviously intend to maintain, and so on your question on the tax rate. So the expected tax rate is given in the annual presentation of 18%-19%, but that's for the IFRS financials. The thing that is probably really more important for you is how much tax are we actually going to pay? And on that we confirmed what we said a couple of months ago, that we do not expect to pay a significant amount of income taxes on any earnings from Vodafone Italia going forward. So for tax payments you can pretty much take the 2024 numbers if you look for a 2025 guidance, at least that's our view today. And with tax payments, obviously there's always some payment schedules, etc., involved. That might vary. But as a rough starting point, I think the 2024 number is good enough. Then on interest expense, we have it in the presentation somewhere. We expect interest expense of up to CHF 250 million in 2025. And we talked about the incremental interest expense being not more than CHF 200 million. And that is confirmed. Thank you, Eugen. Thank you, Christian. Next question comes from Maurice. Hi, Maurice. Yeah, hi guys. Hope you can hear me. Okay. It's Maurice Patrick from Barclays. Just a couple from my side, please. In the presentation you gave a change in the penetration of the second and third brand in Switzerland. I think it showed a 2-3 percentage point shift in the penetration of second and third brands. I suspect it's that that's driven a lot of the ARPU downswing. So, curious to understand your thoughts in terms of the next 12 months. Should we expect a similar growth or substitution of main brand to sub brand? The second question, I saw you restated the Vodafone fixed wireless access base as broadband in Italy. Curious to your thoughts as to how important you see the balance of fixed wireless access compared to the use of copper and fiber in Italy as you look forward to broadband in the next 12-18 months. Thank you. Thank you, Maurice. The first question will be answered by Christoph and the second one by Walter. Okay, on your question, yes, the driver of the ARPU downspin that we have seen of -CHF 1 on mobile was driven by the switch from first brand to the second brand, and we expect a similar evolution also this year. What is important to note is that we are also working on measures to increase the inflow on the main brand and actually tilt the balance more towards the main brand going forward, so for example, one week ago we launched the We Are Family mobile offering, which is a household convergence offering for mobile, so you get bundling benefits if you have multiple mobiles in the same household, and this only exists on the main brand with the intention to divert more traffic onto the main brand versus the second brand. But I would say overall it is safe to assume that in 2025 we will see, broadly speaking, a similar trend of second third brand slightly increasing in the penetration. Walter? Yeah, so FWA is very important because our strategy on ultra broadband relies on FTTH, of course, but also on FWA, which is extremely important to cover areas where fiber is not present today and will arrive very later in the years. And this coverage today is roughly 5 million FWA coverage and is growing together with our 5G network. Thank you, Walter, and thank you, Maurice. Next question is coming from Nuno. Hi Nuno. Hi, good afternoon. This is Nuno Vaz from Bernstein and thank you for the opportunity to ask questions. So three on Italy, I think, very quick ones, and then one on Switzerland, if I may. So on Italy, if I understood correctly, you've mentioned that you don't expect much cost savings in 2025, excluding some synergies. But like, what I was wondering is I remember that, for example, the brand royalty of Vodafone was included in the price tag. Is that something that is already a cost saving in 25? Could I just get an update on that? And then the 10% of synergies in 25, are those factored into the outlook? And then some cost initiatives that Vodafone had done. So for example the restructuring in employees, lower energy costs, have none of these contributed to a lower cost base? So that's my first question. Second question on CapEx because considering the decline in the high margin top line, one might expect that you might be looking to reduce a bit to CapEx rather than keep it flat, including integration costs. So just wondering, especially on 5G investments, when might those peak? If we might see at some point some declining CapEx just to understand at what point in the investment cycle it might be at. And I also understand you're investing in the fixed network as well. But I'm sorry, focus on 5G. Very quick question: last on Italy, is the EBITDA what we might call a cash EBITDA or is there some cash impacts that we should be aware that will come in the free cash flow at the group level? Things like severance payments, for example, any working capital movements of Vodafone in Italy might have had that we should be aware of. And last question just on Switzerland, very very quick one as well. The guidance used to usually was for gross savings of CHF 100 million offset by higher energy expenses, higher labor costs, gross OpEx. I just heard the CHF 50 million this year so I was just curious if there's any impacts here and considering the fact that we are sort of peak service revenue loss, why the cost savings have not come in a bit more. Thank you. Nuno for the four questions which will all go to you again. All go to me. I try to keep up. I try to keep up. On the cost savings in Italy, 2025, the brand, the brand royalty. We are not going to pay for the brand. Vodafone Italia obviously paid for the brand to the group. But we excluded all costs related to services that Vodafone Italia procured from the group and that we will not need from January 1st. We excluded already from 2024 numbers. Year -over -year you will not see a benefit out of stuff that Vodafone Italia needed and used and we don't need as of January 1st. What you will see in the numbers over time is as we change the sources of these services or the costs of these services decline or we discontinue services. These you will see over time but in 2025 the impact of these is probably not massive. So that's the first one. Are the synergies factored into the outlook? Yes. So there is synergies on the mobile side which should start. I talked about the migration of mobile customers onto the Vodafone network. Now that will happen over the course of the year, so there will not be a massive impact. The full impact will be in 2026, but there will be some impact and I think we flagged about EUR 40 million or so in direct costs. But please note that on the mobile COGS, the mobile COGS in the first instance, on the Fastweb brand, customers will still go up because we are still on the MVNO agreement and as we increase customers, the COGS will go up and as data consumption increases, the COGS will go up and the synergies will go against that. Year -over -year, in 2025 you won't see a huge impact. Finally, energy was a significant driver of EBITDA, or rather of OpEx and EBITDA in 2024. In Vodafone Italy, energy costs came down significantly, but we do not expect much of an effect going into 2025. So that's on the cost savings. Then CapEx might be 5G CapEx. I would defer to Walter, if I may. The third one was, is there any significant non-cash elements in EBITDA? There might be some. For example, you have costs associated with the tower agreement that are booked according to IFRS 16. So there are some non-cash components in there that will then show up in the free cash flow statement. Off the top of my head, I would not have a significant item to flag here that you would need to factor into the model to get from EBITDA. There are, via CapEx, to operating free cash flow and then in the end to free cash flow. Obviously working capital variations there will be, but that has nothing to do with the definition of EBITDA per se. Finally, on the Swiss side, energy costs in 2024 actually increased again. Unfortunately we were quite well hedged against the energy cost spike in 2022 or whenever it was. But hedging means also that you always pay an average price over a couple of years. So for a while our energy costs increased also in 2024. It should be a bit of a tailwind in 2025, but not really much. It's all factored into the guidance. Anyway, on the personnel side, we assume we will have an increase of personnel costs due to the negotiations that are going on or about to be completed in 2024. We had about CHF 20 million and that's probably a rough number also to take into account in 2025 and it's factoring into the guidance and into the CHF 50 million number that we gave you on cost savings. Sorry Walter, the 5G CapEx big. Yeah, I mean, no, I mean, as you've seen, the coverage today is 75% of population, so this coverage will go up to 90%, so you're seeing the profile of the coverage growth. Therefore, we see CapEx spending on 5G there. Let me also highlight that in 2025 we will have also some CapEx for capacity to host the Fastweb customer on the mobile network. That will be a one-off effect that later we will not get in the future. Thank you. Thank you, Nuno. Now we are coming to the last question for today before closing the meeting. This question is coming from Ajay. Hi guys, thanks for taking my question. This is Ajay Soni from JP Morgan. Just a couple on Swiss fiber. The first one was your Swiss fiber CapEx. Are you seeing any pressure on the rollout costs from maybe wage inflation? Some other European players have highlighted this recently. So that was the first one. The second one is just regarding a follow up actually to the wholesale pricing on fiber. Does your wholesale pricing contract have any inflation linked pricing within it and if not when are these prices next up for review? Thank you, thank you very much. Both questions will be answered by Christoph. So actually we, I mean, of course there are elements of costs where there is inflation pressure in the fiber construction side, but also we are working on efficiency measures and to improve the processes, rollout strategy, materials used in the rollout, and overall the ambition is to keep cost stable or actually even decrease cost per line built, which is a very big ambition. But for the moment we see that we can keep the cost of rollout for an equivalent socket stable despite inflationary pressures on some of the elements on the second side. No, there is no inflation clause on the wholesale pricing. The prices are actually publicly available and agreed with the regulator. Any, let's say, inflation adjustment would need to be discussed with the regulator and we do this on an annual basis but so far inflation in Switzerland as you know is quite low and I don't, you know at the moment probably difficult to increase prices based on inflationary arguments. Thank you, Christoph. Thank you, guys. At this point, it is from our side, and in case of any follow-up questions, please do not hesitate to ask the IR team. Thank you for your participation, and have a nice evening. Thank you. Thank you. Thank you. Thank you. Cheers.