All participants' lines listen only. Good morning, ladies and gentlemen. Thank you for joining the Swisscom Q3 2026 results hosted by Christoph Aeschlimann, Eugen Stermetz, and Louis Schmid. I'm now handing over to Louis Schmid. The floor is yours. Good morning, ladies and gentlemen, and welcome to Swisscom's Q3 2026 results presentation. My name is Louis Schmid, Head of Investor Relations, and with me are our CEO Christoph Aeschlimann and Eugen Stermetz, our Chief Financial Officer. Let's now move to page 2 with the agenda of today. As you can see, our CEO starts the presentation with chapter 1 and a quick overview on Q3 highlights and the financial performances of Q3. Then in chapter 2, Christoph presents the business update for Switzerland and Italy. In the second part of today's results presentation, Eugen runs you through chapter 3 with our financials, including the confirmation of our full-year guidance. With that, I would like to hand over to Christoph to start his part. Christoph. Thank you, Louis, and welcome from my side to this Q3 2026 call where I'm delighted to report another positive quarter in which we are advancing our strategic priorities. I move on directly to page number 4, group overview. We are making good progress and are successfully executing our value strategy both in Switzerland and in Italy. And we have been able to reduce the service revenue decline in both countries, which allow us also to confirm the 2026 guidance with a growing EBITDA and a growing operating free cash flow as expected and announced in February this year. We also were able to win all Connect Tests in Switzerland, showing that we are number one in service excellence. Winning the Hotline Connect Test, the Shop Test, Network Test, and the Best App Test with a record and unique 1,000 out of 1,000. Points. We have also made big steps in shaping the future of B2B. We are carving out and creating a digital transformation champion for Switzerland. at focusing the Swisscom B2B unit on trusted connectivity and trusted IT infrastructure in cloud, cyber, and AI, and strengthening at the same time the leadership team which will allow us to accelerate growth and profitability in both topics going forward. Also in Italy, we continue innovating and the integration is fully on track, and we have a strong Synergy delivery in 2026, as already previously announced. Moving to slide number 5, you can see that we are delivering good financial results. I will not go into the details on the Q3 numbers as Eugen will do this in his section, but on the right-hand side you can see that we have higher operating free cash flow year to date. Coming out of Switzerland and out of Italy on the back of the synergies in Italy, bringing us to €1.79 billion of operating free cash flow, up 184 million Swiss francs for the first 9 months, and Eugen will go into the details of all the numbers both for the quarter and the year-to-date for Italy and Switzerland. With this, I will move on directly to the business update for Switzerland, and we will go to page number 7. Before we go into the details of Switzerland, maybe Just one recap of our priorities to grow free cash flow this year, but also valid for next year. We want to achieve stable free cash flows from Switzerland. And growing free cash flows from Italy. In order to achieve this, we are focusing in Switzerland on managing the telco top line, managing the telco service revenue decline. Working very hard on efficiencies, delivering cost savings, and bringing or delivering profitable IT growth in Switzerland. In Italy, It's similar but a bit different. We are driving the integration to capture the synergy potential. We are about halfway through, end of this year delivering at least 300 out of the 600 million that we plan. We're also working on the telco service revenue turnaround, as you know, and as in Switzerland, we are scaling in IT and also in energy in Italy. Now moving forward to the update of Switzerland on page number 8, we dive into the B2C business where we continue our quality leadership and portfolio initiatives to drive our growth and value generation. And you can see that after the price increase we have executed on the main brand in April, the churn has now further normalized both on mobile and broadband. And we have positive net adds again on the mobile side with +18,000, which is very much in line with what we have seen last year in Q3. And also the broadband side, we were able to stabilize at -7,000, and we are still working on further improving the broadband trends. But at the moment, at least the RGU development is stable. On the ARPU front, we were able to stabilize largely both the mobile and the broadband ARPUs. Sort of the second brand shift offsetting the price increase on the main brand that we have executed overall, both together lead to stable ARPU both on mobile and on the broadband side. We have been able to win all the Connectests. We already talked about this. This is a demonstration of our quality leadership in Switzerland across all customer touchpoints. Sorry. And we also launched a new product proposition for the younger segment, so people under the age of 28, which we called the Young Benefit. And this has actually delivered very encouraging inflow. We have more than doubled our RGU inflow in this segment post-launching this proposition, and we will continue to push it going forward in the coming months. We also see very strong interest on the security portfolio side. We've netted that also up more than 50% quarter over quarter. So this also shows that consumers are more and more aware of security problems and that they need protection on the security side. And we will continue to reinforce our portfolio and the security proposition. As well as complementing it with our MyAI proposition, which now has over 100,000 users. Also an encouraging sign that we might be able to monetize the AI side going forward in the coming years. We are executing also the price increase on the second brands, plus 1 Swiss franc. on Wingo and Migros Mobile, which is roughly going as expected in our case. Also important, I think, for the B2B is the expansion of our retail presence. We did an agreement with MediaMarkt to enter 10 MediaMarkt stores with a dedicated Swisscom and Vingo presence, which allows us to further increase our assisted channel footprint. Now moving on to B2B on page number 9. The operational trends are broadly consistent compared to the last quarters, with continued ARGU pressure both on mobile and on broadband. Slightly or partly offset by a higher ARPU, especially driven by SME actions that we did on price adjustments and better pricing discipline in this segment. So you can see that the ARPU is slightly up. to 36 Swiss francs. Compared to the last quarter of 35 Swiss francs. We also have quite good traction on the Beam side, Beam delivering a couple of millions of revenues this year. Also helping us offset some of the ARPU pressure and also showing that the integrated connectivity and security offering is attractive to our customers. And we will continue to invest and push this offer going forward, in particular next year. Next to telco, we continue to focus on the IT side, and we were able to deliver 8 million revenue growth quarter on quarter. We have quite good momentum in cloud, workplace, and security services on the IT side. We are further expanding our AI offering. We're able to win quite a number of new customers. And profitability at the same time is also up 5 million, which is 14%, which is quite— or which I am very happy about. That we are able to grow and at the same time further improve profitability. And we do expect profitability to continue to increase in the next quarter. To help doing this, we have taken some measures on the B2B side of structural nature. So as we already announced, we are carving out and bundling together all digital transformation software and data capabilities in one unit called Swisscom Digital Technologies, which allows us to position Swisscom in as a national champion in this area and accelerate the growth coming out of this segment. And at the same time, we can simplify our existing B2B offering and focus on our core offering, delivering trusted connectivity and IT infrastructure, in particular security cloud and AI infrastructure for industries in Switzerland. And I am convinced that these changes will help us drive further growth and profitability going forward, in particular when we look into 2027 and 2028. Now moving on to network and wholesale on page number 10, we were able to further increase 5G+ coverage to 90%, up 2% year on year. And building out more FTTH connections, we now stand at 59% FTTH coverage, which is up 4.6% year on year. And then we had the excellent news in the FTT rollout decision where the Federal Administrative Court overturned the ComCo's decision supporting our approach to build the network in a point-to-multipoint approach. Unfortunately, this ruling is not yet in force. The appeal period is still going on. We will know probably end of next week if Comco appeals the decision to the Supreme Court, and depending on the outcome, we will then decide how to proceed on the rollout side, and we will update you with the Q4 results or the full year results 2026 in February on our revised rollout strategy depending on the final or not final point in this saga. So we will unfortunately not be able to give you much more details today in the call as the outcome is not yet clear. So we are still in the analyzing mode of how to proceed on this topic. As you know, the Swiss spectrum auction process has also been launched. The auction is now expected in Q2 2027, and we need to apply to the auction in early December, which we are currently preparing. So not much news on that front either. We have good momentum on the wholesale side, managed to realize 12,000 net adds in the 3rd quarter, roughly in line with the similar net add speed we had in the previous quarters. Adding 4 million or plus 8% to our wholesale access service revenues, and with now 50— more than 56% of this revenue coming from FTTH connections. Also showing that the shift from copper to fiber is ongoing and in full swing, and we are executing well on this strategy to capture or upsell connections with our ongoing FTTH rollout. Now on the cost savings side, page number 11, I'm very happy to report that we have achieved our cost saving target for the full year after 9 months. We have delivered €61 million of cost savings, which largely exceeds our full-year target of €50 million. We don't expect much more to come in Q4. But happy to report that we have delivered on our full-year target. You can see some examples of where these savings come from on the top right side. Contact center workload hours down by 7% due to quality initiatives, IT automation, offloading to chatbots. We have quite strong productivity gains in software development with introduction of AI. tools, and we continue to invest in this topic. We have some examples on the left-hand side. We advance— we continue to advance AI in the shops with an LLM-based AI host. Using AI-based retail analytics, we continue to drive self-service automation and IT, which is in particular important to continue to deliver cost savings also in as we look or start looking into 2027. by year-end. That was it from Switzerland. I will now move on to Italy. As a first slide, number 12, you can see a quick update on the integration process, which is proceeding as anticipated. Especially on the people and culture integration, we are progressing as planned. And also the synergy ramp-up is ahead of plan. We have delivered 99 million of synergies, bringing us to a total of 265 million of synergies, which makes it clear that we will exceed the 300 million target as expected. Another important decision that we took in the last quarter is the brand consolidation. We decided to consolidate the Vodafone brand and Fastweb brand onto the Fastweb brand over the next years. This will be executed with great care in order to make sure that we realize all the brand equity. And we maintain net adds over the brands while we are transitioning the brands onto the Fastweb brand. And to strengthen or further strengthen the Fastweb brand, we will also execute a brand relaunch. Early— or not early, in the first half of 2027, to revitalize the brand and make sure that everything goes On the cost-saving side, we were able to optimize some of the cost phasing and deliver the synergies we have reported with less cost as we were able to push back some of the planned IT spend into the outer years, and we now expect about 10% of the integration cost to be backloaded into 2028. However, the total target of €700 million integration costs remains unchanged. What we change is the phasing, so slightly less cost in 2026 than '27, and about the remaining 10% coming in 2028. Okay, now moving on to B2C in Italy on page number 13. We are keeping our focus on realizing or executing our telco value strategy. And enhanced convergence with Energy. So you can see that on the wireless side, we have achieved ARPU stabilization year on year. ARPU now stands at €8.40, which is pretty much flat throughout the full last year, thanks to the completed back-to-front book price alignment and much better pricing discipline. This affects some of the inflow. But at the same time, it improves inflow quality, which I think is important going forward. And you can see that we had negative €165,000 net adds last quarter. I would highlight that about 60,000 or 65,000 of these net adds were losses, were linked to a technical cleanup. So the market-driven RGU loss is minus €100,000, which is largely in line with the previous quarter, Q2. And the underlying churn is stable quarter on quarter. On the broadband side, we are still in the back-to-front book price alignment. This is impacting our net adds in Q3. You can see we've minus 49,000, slightly more than in Q2. But this will help us obviously on the ARPU and service revenue side going forward in the next quarters, also going into 2026, and churn going down slightly to 15.9%. On the energy side, we were able to win 38,000 new net adds in Q3, bringing us to 179,000 net adds. Confirming the demand for bundled services in, in the market. On the B2B side, slide number 14, we have largely stabilized the telco service revenue. Over the past month and were able to also stabilize the net add development. You can see that on the mobile side, we were able to report plus 13,000 net adds. We were also able to win the higher value Concept Mobile Framework TM2900, which replaces the TM9 framework that we previously had. This will help us drive mobile revenue on the B2B side in the coming quarters. And on the broadband side, our geo development was roughly stable with minus 2,000, but much better than in the previous 4 quarters. Here we are focusing very much on the SME SOHO side to further improve churn and ARPU inflow. We also have good momentum on the IT and energy side and the B2B space. We are strengthening our positioning with new higher value-added services, for example, in the AWS space. And we continue to drive the energy offering, and we're able to win 7,000 new RGUs in Q3. On the network side, page number 15, we successfully expanded also the mobile network in Italy to 91% 5G coverage, which is up 4% year on year. FTTH coverage is up 9% to 63%, equally split between our own and wholesale fiber access. And Also in Italy, spectrum renewal is ongoing. We replied to the first AGCOM proposal and are in discussion with the authorities. Unfortunately, there is not much we can say on this as the final decision is only expected early next year and discussions are still ongoing. So it's a bit uncertain how this ends, but We are doing— are in good discussions with the authorities on this topic. Now, on the wholesale side, the Leica migration was completed in Q3 with the RGU and revenue impact as expected. And next to this offboarding of Leica, the other customers are further ramping up. So we have especially Sky and Enel as MVNOs ramping up and contributing to net adds in the, in the following quarters. And we are further growing also on the broadband side. You see we added 40,000 new lines in Q3, which is roughly in line with the run rate we have seen in the previous quarters. On page number 16, you can see an update on our infrastructure initiatives, which are progressing as expected. So on the one side, we are still in regulatory approval with the RAN sharing with TIM, which is going as expected. We are expecting the conclusion of this regulatory process in Q2 next year. And at the same time, we have been working hard on the MSA situation and tower situation in Italy. So on the one side, we have won the second stage of the appeal of Inwit as well on the preliminary measures. So the Court of Milan rejected Inwit's request for interim measures. So this confirms the first ruling that we have seen on this topic, and we are now focusing on the on the merit investigation that has started. And on the other side, we have been working on the migration concept where we have a clear plan in place now how to migrate the full network of the Inwit grid onto another grid. So we will buy existing sites from alternative tower codes. We will buy new sites from alternative tower codes, and we have the make option with the JV that we announced with Telecom Italia. Where we are proceeding also on the final contracts so that we can soon announce this joint venture to the market. So now we have a multi-source migration plan in place from 2028. Going forward, we are also open to selectively buy towers from Inwit, of course, subject to attractive commercial conditions. This brings me to the end of the Italian overview, and I now hand over to Eugen for the financial results. Good, thank you, Christoph. Good morning, everybody. I'll start as usual with the group overview. On page 18, with revenue. Revenue is down €240 million year-to-date, mostly driven by Q1 and Q2. In Q3, revenue was down just €14 million, with €9 million from Switzerland and Italy, essentially stable in both countries, as Christoph already mentioned. Only moderate service, telco service revenue decline in this quarter contributing to this more stable situation. On the EBITDA side, EBITDA was up 56% million in the first 9 months, down in the 3rd quarter by €26 million because of adjustments. I'll cover this when I talk about Switzerland. On an adjusted basis, EBITDA was up €21 million in the group in the 3rd quarter, with Switzerland contributing €21 million on the back of strong cost savings, wholesale year-on-year benefit, and also contribution from the IT business. And Italy was essentially flat with plus 1 million in Swiss francs in the 3rd quarter after a very strong Q1 and Q2. In Q3, wholesale in Italy turned negative year over year as expected. And also had some in-year phasing of indirect costs that I already alluded to in the previous quarters. If we move on to page 19, CapEx is down €128 million year-to-date. Also here, mostly related to Q1 and Q2. In Q3, CapEx was actually flat in the group. In Switzerland, down €9 million, essentially in line with prior year after a strong appreciation the first 2 quarters. And in Italy, CapEx up €12 million, where CapEx is doing some catch-up after very low CapEx levels in the first 2 quarters, all as expected. And by implication, operating free cash flow in the group is up €184 million year-to-date with a strong contribution from Switzerland and Italy. On an adjusted basis, the quarter is up €21 million, mostly driven by Switzerland, as the contribution from Italy is lower due to the CapEx catch-up that I mentioned. Let's move on to page 20 on Switzerland. Switzerland revenue is down €36 million year-to-date, in the quarter just minus €9 million. If you look at the individual segments, B2C is actually up €4 million in the quarter. Service revenue decline was quite moderate, similar to Q2, and hardware revenues were up. B2B was down €24 million, also driven by hardware, just the other way around. Otherwise, the typical lower service revenue, and in this quarter we also had higher IT revenues that compensated for that. Then wholesale up €7 million in the quarters on the back of the higher access revenues that Christoph already mentioned and then there's some further effects from roaming and termination which increased the effect even further. On the EBITDA side, year-to-date in the group down €4 million, in the quarter €46 million. This is entirely driven by adjustments in the 3rd quarter on the Swiss side. We booked a restructuring charge in connection with the new B2B setup that we announced today or a couple of days ago. And the more important effect is actually that in the prior year we had a strong release of provisions that now shows up as a negative effect. Year over year. So net of all of this, on an adjusted basis, EBITDA in the quarter in Switzerland was up. €21 million with B2C positively contributing. Service revenue decline quite small and compensated by cost savings. B2B down €6 million in the quarter, service revenue partially compensated by positive contribution from the IT business, and wholesale up €13 million. That's both the impact of the access business that is growing and some profitability catch-up on the roaming side. And finally, infrastructure and support functions. Up €10 million, very steady development over the course of the year, thanks to our delivery of the cost savings. Page 21, CapEx in Switzerland down €79 million, as mentioned, driven by Q1 and Q2 where in the prior year we had very high Fiber CapEx, now in the 3rd quarter, CapEx is almost fully in line with prior year and by implication operating free cash flow year-to-date Up in Switzerland, not only in Italy, the minus 37 reported in the 3rd quarter are due to the restructuring charges and other adjustments. That I mentioned. So on an adjustment— on an adjusted basis, very nice development in Q3 with plus €30 million operating free cash flow back. by higher EBITDA and stable CapEx in Switzerland. Deep dive Switzerland on page 22. I'll start on top left. Most importantly, service revenue development with minus €18 million in Q3. Very similar to Q2, and both quarters are significantly better than Q1, obviously impacted by the price increase. You can see this in the B2C line immediately. low after minus €16 million in Q1, minus €3 million in Q2, and now minus €6 million in Q3. That's very much in line with Q2, slightly worse, but closer to Q2 actually than we expected. People traveled a lot, so the roaming downside that we expected did actually not fully materialize. So Q3 is very close to what we already saw in Q2 and obviously a positive surprise. B2B, also service revenue decline smaller in the 3rd quarter with minus €12 million, slightly better than Q2. The result of some of the measures that Christoph mentioned that sustain ARPU on the B2B side in the SME segment and our showing their positive effect. So all in all, with service revenue, we stand now— sorry, we stand now at minus €71 million year-to-date. So we are clearly on track to give and take minus €100 million for the full year rather than minus €120 million that we expected at the beginning of the year. Final remark on this page, top right, the telco P&L. You see most importantly the €61 million in cost savings as Christoph mentioned. Not much more to come, but obviously very happy with the achievement so far. With that, I move on to Italy on page 23, starting with revenue, which year-to-date is down €121 million, but actually stable in Q3. B2C up €11 million with energy sales compensating the small service revenue decline and also some hardware revenues. B2B essentially flat with telco service revenues stabilized. Wholesale now down €10 million in the quarter. That's obviously due to the loss of Poste and partly Leica, and we also had higher EU revenues in the prior year. On the other hand, our UVB business is nicely up, so the mix gives you the minus €10 million. in revenue year over year in the quarter. On the EBITDA side, year-to-date up €125 million. In the quarter, €21 million, and on an adjusted basis, just €2 million. So I'll walk you through the individual effects. B2C up. €31 million moderate service revenue decline, overcompensated obviously by the synergies. The synergies become a bit weaker from quarter to quarter because the MVNO migration happened in the second half of last year. So this synergy is now going to phase out over the quarters. B2B, minus €7 million, the impact of the revenue. Wholesale, minus €19 million. So that's obviously the impact of the revenue drivers that I mentioned, but also the mix of the revenues as mobile revenues drop out and UVB revenues come in. With a different margin profile. And also the EUs obviously play a role here. And finally, indirect costs in the quarter, costs were higher by €7 million. There is an impact of higher energy costs on the one hand. And also some in-year phasing across the quarters that is different this year from last year. Page 24, CapEx down €37 million. year-to-date, but up €15 million in Q3. So essentially we are catching up on infrastructure and IT investments that were quite low in the first 2 quarters, and operating free cash flow is up €162 million in, in the year with higher EBITDA. And lower CapEx and slightly up in Q3 with plus €6 million, given the lower EBITDA contribution in this quarter compared to the previous ones and the now enough mentioned CapEx catch-up that we are seeing in the third quarter. Move on to page 25. Very important here, the B2C turnaround that Christoph mentioned is materializing in the numbers. So you see the telco service revenue overall, B2C and B2B, just minus €24 million after minus €55 and minus €35 in the first and second quarter. So things are gradually stabilizing as we have been guiding for over a couple of quarters already. You also see it in B2C with minus €20 million in Q3. You see the development over the quarter split into A2 and APU. And basically, the APU effect turns from quite negative in the first quarter now to basically neutral in the third quarter year over year. And then B2B, minus €3 million in the quarter, so telco service revenue almost stable. There is lower churn in SME and successful retention of large customers in corporate, which helps us on the wireless side. So that's obviously a very positive result. So with minus €114 million year-to-date and one quarter to go, we are clearly on track to the roughly minus €150 million that we guided maybe a bit better. I'll move on to page 26. I'll be very brief because Christoph mentioned most of this already. The synergy run rate is already standing at 90%. 9 per quarter. So we're clearly on track to more than €300 million for the full year. Synergy integration costs minus €100 million year-to-date. We still expect a lot more to come in the year, but not as much as originally planned. And Christoph already mentioned the replanning we did of our integration costs where we move about 10% of total integration costs into 2028. So this year we're not going to need as much as originally planned, but we are going to need it In the end, total €700 million confirmed, and also the total €600 million synergies is confirmed. Page 27, free cash flow, €1.445 billion in the first 9 months, up significantly versus prior year. Only part of this is driven by the increase in operating free cash flow of €184 million. The rest is driven by different phasing of net working capital year-to-date. This year, not much movement, as you can see, plus €69 million, fairly stable. But in the prior year, net working capital was quite negative. On the 30th of September, this is stuff that typically evens out over time, and we also had a higher tax payment this year, which I already mentioned, in Q2. I'll move on to page 28. Net income, plus €23 million compared to prior year. In line with EBITDA. And with that, I move on to page 29. We confirm the guidance for 2026 with a couple of comments. Number one, revenue, we are trending towards the lower end of the range, mainly due to Italy. Number 2, on EBITDA, however, we are trending towards the upper end of the range and on CapEx towards the lower end of the guidance. So by implication, on operating free cash flow, we now expect to come out above €2.0 billion. So far, the guidance was approximately €2.0 billion. So a marginal adjustment here on the guidance. And finally, in Q3, we issued a hybrid bond. So our leverage guidance is now also below 2.3x rather than so far approximately 2.3x. And with that, I hand back to the operator. Yeah, thank you. To ask questions, we are now starting the question and answer round, and to ask questions, please press star 1-4. I repeat, star 1-4. And if you wish to withdraw your request to speak, please press star 1-5. I will now open the lines one by one. As soon as your line is open, you will hear a corresponding text on your line. Please introduce yourself by name and company before asking your question. And since there are already questions are there, I will open the line for the first question. Hi, it's Polo Tang from UBS. Just have 3 quick questions. The first one is just on Swiss competitive dynamics. So as we head into the Black Friday sales period, What are you seeing in terms of promotional activity and where is front book pricing compared to last year? Second question is just on Swiss fiber rollout. What is the difference? Can you remind us what the difference in cost is in terms of cost per home passed between point-to-point versus point-to-multipoint? Now, I appreciate you said you're waiting to hear whether there will be an appeal. But if there is no appeal, you have a choice of either lowering your CapEx envelope or building faster. So which approach are you more likely to take, and is there enough construction capacity if you did want to build faster? My third question is really just about Swiss B2B. Can you talk about legacy products in the unit? Will all the legacy products have been phased out by the end of 2026? Meaning that Swiss B2B revenue trends should improve in 2027, and how should we think about the growth dynamics and margins from the new digital technology unit that you're carving out? Thanks. Okay. Thank you, Polo. Christoph, so on the Swiss competitive dynamics, we are expecting and seeing pretty similar dynamic than we've seen in the previous years for Black Friday. So we don't expect any big change on that front in terms of pricing and aggressiveness. in the market, and we will see now over the next weeks how the different market participants will execute the year-end. Okay, Polo, on the difference, um, of cost between point-to-point and point-to-multipoint, I would rather like not to say too much today because obviously the implication will be what is the potential CapEx saving, etc., etc., and we are simply not there yet. Obviously, both routes that you mentioned are in theory open to build more with the same CapEx or to build with lower CapEx the same amount that intended. to build. It's simply too early to give you an answer on that topic, and so I would rather like not to throw numbers around because they will be just interpreted in a way that might be wrong. So please bear with us, a bit of patience. Beginning of February, we will give an update on, on the situation. On the B2B side, so we are fine. So I assume that with legacy products you refer to the MPLS wireline products and the migration to SD-WAN-enabled wireline products. So this will be to a large extent finalized by the end of this year. We have some remaining migrations that will go on in Q1 next year, but latest by the end of Q1 2027, the migration of MPLS to SD-WAN will be terminated. But in terms of revenue effects, I mean, you will still see a lot of these effects in '27 on the year-on-year comparison as some of the the effects of the migration which have been done Q2, Q3, or Q4 this year, and some of the line losses and switches to lower value connectivity, you will only see the revenue impact next year. So on the wireline B2B side, we expect, let's say, a stabilization more coming in 2028 rather than next year. And in terms of revenue growth and marginality on the carved-out unit, so we are looking at an entity with about 1,000 FTEs and approximately €300 million of revenues. So it's about 10% of our existing B2B business. And in terms of revenue dynamics, we expect single-digit percentage points in growth rate. And profitability-wise, you can expect something sort of standard for professional services. So on an EBIT basis, it's like high single-digit percentage points in the coming years. We will try to get it obviously up in the lower double-digit spots. But it will not materially impact, let's say, the full EBIT of Swisscom as we talk about €300 million of revenues. So it doesn't change, let's say, the materially the EBITDA of Swisscom going forward. Thanks. So I will open up the line for the next question. Go ahead, your line is open. Hi there, it's Joshua Mills here at BNP Paribas. I'd just like to dig into a bit more detail on the cost-cutting in Switzerland. Clearly, you're running ahead of schedule. You've beaten the €60 million— sorry, the €50 million guidance for this year already. What's driving that? And how sustainable do you think these cost-cutting efforts are as you head into 2027? Could they accelerate further with things like AI, or are you pulling forward some savings that you might have made next year anyway? And then secondly, If I could maybe just come back to the comment on competitive environment and future price increases. I think at the end of last year, you were saying we're not looking to do as many backbook price increases going forwards, but the results today and the lower churn suggest that price increases have landed a bit better with customers than expected. And I think the message from Sunrise around their own price increase in August has been more positive too. So what do you look at, or what would it take for you to consider backbook price increases as more of a structural element to ARPU growth in the Swiss market? And what's holding you back from moving towards a kind of annual price increase mechanism? as we see in other countries. Thanks very much. I can take the first question, Josh. So Christoph mentioned some of the most important drivers for the cost savings this year, and it's actually not just this year, but also last and probably next. So the major drivers are reducing the cost in customer care and also nearshoring and efficiencies in software development. I think Christoph covered the main drivers. Did we pull forward anything that would otherwise come in 2027? No, we did not. What potential do we see going forward? We still think that fundamentally you can increase the efficiency of this business for many years. We still think that about 50 million in terms of gross measures is a number that is achievable. At the same time, I already highlighted in February that there is a compensating effect going forward. Some of things that used to be CapEx in the past are becoming OpEx now. So the topic is software as a service. And so some of the savings in the future years will be compensated by CapEx becoming OpEx. Obviously, at the same time, we will cut the CapEx. So the net effect on operating free cash flow is the same. But you should not expect, you know, net 50 million to coming out of the P&L in the coming years on a regular basis due to that effect. And on the competitive dynamics, so yes, it's true that churn has normalized now after half a year after the price increase on the main brand, but we did see quite an uptick on churn, as we discussed. So customers are reacting to price increases on the main brand. We have also now executed the second price increase in a row on the second brand. And we, contrary to last year, this year we have seen some churn also on second brand now, people reacting to the, let's say, the second increase within 12 months. So I would say what is holding us back is, I think we need to be 2 things. One, we do have a substantial ARPU differential already today compared to the other brands. And even more so to the lower end of the market with all the discount MVNO brands. So I think that's one aspect that we need to be carefully monitoring. And on the other side, Yes, many customers accept price increase, but there is also churn. And so we need to be— I think it would be a dangerous assumption to just assume that all the customers accept annual price increases without reacting to it, as there are many other offers in the market which are substantially lower priced. So I think overall we did it now, it was successful, but I am not fully convinced that this is something that we can do on an annual basis. I'm sure there is more room to work on price going forward, especially on the second brand, but maybe not on an annual basis. I think that might be stretching it a bit too. Too much, but we will see in '27 and '28 how we will continue to work on price, as this obviously remains a very important topic to sustain service revenue. Great, thank you. So I'm opening the line for the next question. Go ahead, please. Good morning, everyone. It's Andrew from Goldman Sachs here. Just a couple of questions. Firstly, on the restructuring charges you took this quarter, could you just give us a bit more insight into exactly what they were, whether we should continue to expect restructuring charges in the 4th quarter and going into full year '27. Just be useful to know kind of the outlook for that and the cost of your restructuring. Secondly, lots of digging into the Swiss competitive environment. Could you just give us a bit more of an update into the Italian competitive environment? The operational trends look a bit better. Are you seeing sustained improvement in the environment there? Thank you. Hi, Andrew. So I'll take the first question. The restructuring charges simply refer to reductions in personnel in the context of the new B2B setup and some of the FTE reduction that we did over the course of this year. In principle, you should, as we had in the past years always, you should expect some restructuring charges to recur. personnel reductions happen from time to time. So this can also happen in Q4 and in 2027. However, the number we charged this quarter, probably on the high end because of this reorganization on the B2B side, which is kind of a one-off event. And on top of our usual annual restructuring that we execute for our customers. So I will take the question on competitive environment in Italy. I would say that the competitive environment is pretty stable and similar to the previous quarters. So I think that's good news that things have not worsened further, although there are new brands entering the market. So you have NL that entered the market, Sky entered the market, and this will of course to some extent impact also the Vodafone Fastweb net adds going forward, but we can compensate this on the wholesale side with corresponding gains. But overall, we expect a pretty similar competitive environment in Italy going forward and going into 2027. And I think what we can say is that unfortunately, I mean, we are executing this value strategy, but some of the competitors are still very much focused on volume. Which prevents, I think, the full market from recovering and actually improving. And that's why we're also expecting competitive dynamics to remain similar, as we do expect these competitors to continue to focus on the volume strategy versus focusing on realizing the value. Thank you very much. So next question, your line is open, go ahead. Good morning. Thank you very much for the questions. Just 2, please. Firstly, just on the Switzerland spectrum auction next year. If I understand correctly, any bidders have to register in early December. I'm just wondering if that's correct. And the auction clearly is potentially open to a new entrant. So just wanted to get your thoughts around what may happen in terms of the number of bidders once we see that list in December. And whether you think that SpaceX could potentially be a bidder in the auction. And then just secondly, on the Italian brand consolidation in H1 2027. Is it right to just think that you'll just consolidate the brand under the Fastweb name? And what are you planning in terms of the relaunch around that rebranding. Thank you. Thank you for your question. So it's correct, Swiss spectrum auction, all bidders have to register latest early December. Obviously we don't know who else will register next to Swisscom. I assume obviously Salt and Sunrise will register, but if there will be additional bidders, we don't know. We will see. Technically, it's possible that there are 4th bidders or 5th bidders like Starlink. The requirements are quite tough. You need to build out a terrestrial network covering at least 50% of population within 5 years using the spectrum that you acquire. So I think that makes it quite hard for a new entrant, or less likely that there will be a new bidder. But we will know once the registration period is closed. Now on the IT brand consolidation, so yes, we will consolidate the Vodafone brand onto the Fastweb brand and going forward only use the Fastweb brand. This will be done over a couple of years going forward, as we are quite careful in, you know, on the B2C side to make sure that all the customers are really aware of the Fastweb brand and that we can execute this in the best possible manner. And for this, I think the Fastweb brand is— the last time we revamped the brand is many years ago. So we will give a facelift to the Fastweb brand. I don't want to say too much about it because we will unveil this a bit later. Going forward, but you can expect sort of a more modernized look and feel and overall, let's say, updated brand refresh for the Fastweb brand. understand that's ridiculously low, but That's great, thank you. Can I just have a quick follow-up? I mean, just taking a step back, I mean, your mobile ARPUs in Italy at €8, I mean, I think we all Is there any plans over the next couple of years coinciding with the rebrand to really try and get pricing up and use that as an excuse to try and increase your back book and front book prices? I mean, working on pricing in Italy is one of our prime priorities because, as you point out, €8.40 is is obviously, um, I mean, you said ridiculous, so it's like a— but I, I wouldn't contradict the, the price is really low and, um, in order to make sure that we also have more money to invest in networks in Italy and actually improve coverage capacity and deliver a better network experience to customers. We need to work on pricing going forward. Actually, the whole industry, I think, needs to think about pricing. In order to improve and deliver the network experience that Italy needs for the future digitalization of the country. So I think this will be a big topic for not only next year but the coming years. Thank you, really appreciate the comments. Next question, please. Your line is open. Hi, guys. Thanks for the question. I've got 2. The first is around your Italian telco service revenues, just referring to slide 25. I can see the ARPU trends have obviously got better this year and the RGUs still remain a drag. So do you see that continuing into 2027 or can you turn around that RGU drag, and what will the levers be there? And the second question is again based around Italy, which is, You're getting a decent amount of FT cuts in Switzerland. I think you're down 4%. Italian FTs were slightly higher. I think they're around 1% higher. So what's driving this higher FT base within Italy specifically? Do you feel like you need to invest in the company having acquired Vodafone? Thank you. So going forward on the Italian side, we expect a further improvement on service revenue decline in 2027. So we managed to decrease it quite substantially this year, and we expect a further decrease of the decline next year. But we still expect a decline, and we will guide on the specifics in February. 2028, but you can expect another substantial improvement in the trend. And you will see the B2B is largely already stabilized, so we continue to work on the B2C side. In particular on the, the RGU side, but this will require some more work going forward. Now on the FTE side in Italy, we are On the one side, we are realizing synergies leading to less positions in Italy. On the other side, some of the synergies that we are realizing are linked to the insourcing of activities that have previously been bought from the Vodafone Group through transitional service agreements which we have in place. And on the back of this insourcing of activities, we are also building up new positions in Italy. And that's why you see sort of a flat or slightly increasing FTE count in Italy overall. Despite the synergy realization. Okay, great. That makes sense. Thank you. Okay, before, before opening the line for the next question, please introduce yourself by name and company before asking your question. And I will now open up the line for the next question. Hi, Rohit Modi from Citi Research. Thank you so much for taking my questions. I have 2, please. Firstly, a follow-up on Switzerland. As you mentioned, the one-off restructuring that you saw in 3Q was kind of exceptional and you don't see this kind of magnitude. So I'm just trying to understand, and if I look at your guidance of $3.3 billion, you have a bit of, you know, decline, slightly higher decline in 4Q in Swiss market. I'm just— so segment, I'm just trying to understand what's driving that. I mean, if you look at the magnitude, it's way higher than what you did in first 9 months. I understand there's a cost-saving element in first 9 months, but still it's way higher. So I've been more cautious on Swiss side because you raised your operating free cash flow guidance in terms of around $2 billion to more than $2 billion, but not the Swiss, which is like $3.3 billion. So that's the first question. Second question is the brand dilution. If you can share, I mean, Um, or what was the brand dilution impact you had on your service revenue and, and Swiss telco service revenue? Um, you have B2C, but sorry, you have the wireless in, in the presentation but not the wireline. So you can share the total impact on brand dilution, that would be great. Thank you. Okay, so I'll take the first question. I'll try to answer as good as I can. So Q4 on the Swiss side compared to the previous quarters, what you will see is that the spread between service revenue decline on the one hand and cost savings on the other hand is expected to be bigger than in the previous quarters, given that we had quite strong cost savings in the previous quarters. In Q3, service revenue decline was almost covered by the cost savings. So this is something we don't expect for the third quarter— point number 4, fourth quarter, sorry. Not to add to the confusion. Second point, Q4 is expected to be a very CapEx-heavy quarter, and that also contributes to the overall operating free cash flow evolution and builds the bridge from year-to-date to the full year as guided. So on your second question, brand dilution, I assume this refers to the shifting of main brand to second brand in Switzerland. Is that correct? Okay. So that effect, we don't disclose it separately. What we can say is now the second brand penetration on mobile stands at 39%, and we continue to expect this to slightly rise. And as I've said, the brand dilution roughly offset— or brand dilution, the brand shift to second brand roughly offset the price increases that we executed. on the, on the mobile side. So I will now take the line for the last question. So please go ahead, your line is open. Yeah, hi guys, it's Maurice Patrick from Barclays. Thanks for taking the questions. Apologies if you addressed it, I was slightly late dialing into the call. But if I could take you to slide 16, and the tower strategy or network strategy in Italy. You've got a slide there that shows a clear, albeit illustrative, migration plan of sites from Inwit to multi-source. Could I just ask, are you actually in active negotiations with Inwit at the moment, or is it stuck in the courts for now? First question. Second question, when you talk about multi-source, you know, you've spoken about the 6,000 sites, of course, in the JV with TI. Just curious as to where you see other sourcing coming from. I think Cellnex has indicated not a huge amount of sites that would be available to you. I guess just thirdly, and all linked together, Is it your assumption that post-2028 and the termination of the MSA that you wouldn't be subject to the all-or-nothing clause? And that you would be able to secure access until 2040, which is the end of your migration plan? I think Inwit suggests otherwise. Thank you. Thank you. So on the So we are not in active negotiations with Inwit. We are discussing the migration plan with Inwit, which we have shared with them, to finalize and work on the details so that we can start migrating off their network in 2028. We expect this to last 12 years, as explicitly detailed on the slide, until roughly 2040. The contract that we have in place foresees operational continuity and power access during the migration phase. So, this is one of the foreseen in the contract and part of the migration phase discussions with Inwit. And as the contract is terminated per 2028, there is no more all-or-nothing clause. So, what is in place is the migration period that needs to be defined. And at the same time, we are negotiating with other tower companies in Italy. So, you see some of the logos on the slide, Telenex or Phoenix, which have over 30,000 towers in Italy. And actually, many of those towers are available and have space on the towers, which makes it quite easy to offload a huge part of the grid into alternative sources without building out new towers. Thank you very much indeed. Thank you very much. And with that, I would like to conclude today's conference call. If you have any additional questions, please feel free to reach out to the investor relations team. We look forward to speaking with you and wish you a pleasant day. Bye-bye. Dear participant, the conference call has come to an end. Thank you for your participation. Goodbye.