Hi, good evening, everybody. This is Javier Marín. I'm Head of Investor Relations and ESG. Welcome to our nine months twenty twenty-four earnings conference call. We have the pleasure to have here with us to run the conference, both our CEO, Meinrad Spenger, and our CFO, Ludovic Pech. Without further delay, I'll pass the floor to Meinrad. Thank you very much, Javier, good afternoon, everybody. Welcome to our results call for the first nine months of 2024. We are now into the joint venture since the end of March, so around six months, and I'm happy to confirm that we have very positive results achieved in this period. We have a growth in revenues, a growth in EBITDA, a growth in cash flow, and a reduction in debt for which we will provide you with more detail in this call. So if we go briefly through the presentation, and start with the key highlights. We are a company with more than 7.1 million broadband lines and 25.8 million mobile lines, excluding machine-to-machine, which are more than 5 million lines as well. We have seen in these first nine months of twenty twenty-four, a growth both in FTTH, in fiber, as well as in mobile contracts, and in general, in mobile lines. We see a growth in fixed service revenues. Basically, this is service revenues minus the wholesale revenues of more than 1%, and we are growing also in total revenues. We have a very positive evolution in EBITDA. In here we see the Adjusted EBITDA with a growth of more than 7% yea- on- year, and an increase of the EBITDA margin of more than two percentage points to over 37% in the first nine months. In terms of integration and the materialization of synergies, we are on a good track. We have implemented and materialized already 77% of the foreseen synergies in 2024, and we are confident to achieve our targets of more than EUR 100 million already impact in 2024. We've also announced in reordering all the wholesale agreements that the two companies, MásMóvil and Orange, had in place, as well as the renewal of key content agreements, especially with Telefónica and DAZN, but also with other content players. We have assured also the football rights for the Spanish League and the Champions League for this current season. We have also initiated a redundancy plan, as well, a social plan, for up to 650 employees of MasOrange. The good news is we have previously reached an agreement with the majority of the unions so that we can implement the plan before year ends in 2024. On Page five, we see the evolution of our mobile client base. We see here more than 25 million lines. More than 21 million are postpaid plans, and the rest is prepaid plans. We have grown in both segments, in more than 300,000 lines during this year. On the next page, very important to say also, our mobile clients enjoy, in its big majority, already 5G coverage. We are covering 86% of the Spanish population already with our 5G high-speed network. On the next page, in page number six, we are looking at our fixed broadband client base, where we see also a growth in the FTTH, so in the premium technology segment of 142,000 lines in the first nine months of this year. We are growing, next page, also on large accounts, on enterprises and the public administration segment. Here, we included two examples. One is the one of the regional television channel of Madrid, the region of Madrid, and the other one is the Tribunal de Cuentas. In both clients, we have implemented very innovative and comprehensive solution in Telemadrid, unified communication platform, where we have implemented, guaranteed, and a very secure connectivity services. We have also included an Orange CyberSOC, so, Supervision and Operation model for cybersecurity. At the Tribunal de Cuentas, we have also implemented a cybersecurity solution, as well as secure VPNs or virtual private networks, because for us, security is key, and our clients increasingly value our innovative and solid solutions. Our growth in clients has translated on the next page, also in the growth of revenues. The fixed revenues have been growing year on year by over 1%, and also total revenues have increased. They are affected a little bit by the regulatory, mainly regulatory impact of the call termination rates, which have been reduced, but still overall, we are also growing in total revenues. We are growing also, next page, on page nine, in EBITDA. On the Adjusted EBITDA more than 7%, and on the reported EBITDA side more than 3%. Or translated into EBITDA margin, we have been increasing it by 2.4 percentage points from 34.7 to 37.1. Mainly this EBITDA improvement is also due to the retail revenue increase and lower costs to acquire and retain, which is also related to churn reduction and intra-group migration optimizations. On the next page, if you look at CapEx, also good news. We have been able, on adjusted basis, to reduce CapEx by almost 10%, or translated in absolute figures, by EUR 76 million in the first nine months, meaning that we have decreased the rate, the CapEx to sales ratio by more than one percentage point. Mainly, we have these reductions are related to commercial topics as well to network and license or synergy, reduct- synergy materializations. So, EBITDA up, CapEx down, means EBITDA minus CapEx goes up. Here we see on adjusted basis by more than 20%, on the reported basis by close to 13%, which is good news. So operating cash flow is up, and that gives us a result on the next page or contributes to a positive free cash flow generation by almost EUR 300 million or EUR 100 million, more than EUR 100 million more than in Q2. Here we have, obviously this year especially relevant, the interest payments which we have foreseen to be close to EUR 800 million for the full year. And, obviously, we have already paid a significant amount, so over EUR 560 million in the first nine months. If you look at our net debt position, so we are, in terms of leverage, at 3.7 times EBITDA or structuring EBITDA. And in the, on a total net basis, net debt basis in 4.6 times. What does it mean in terms of evolution? We are delevering in Q3 by almost EUR 200 million, so in total net debt, sorry, by EUR 177 million. In terms of debt maturity, the next page, there's no relevant change to the Q2 numbers. Basically, we have quite a comfortable schedule after our successful refinancing earlier this year. And on the last page, overview on the synergies. So we can confirm that we are confident on reaching above EUR 500 million of total run rate synergies by 2027, and we have materialized over EUR 80 million already this year, and are confident also to achieve more than 100 million year, EUR 100 million by the end of the year. And just to remind you that more than three quarters of our synergies are OpEx synergies, and we are fully on track. That's all for the moment, but we are happy to respond to your questions. Thank you very much, Meini. Please, let me remind you that you should press star five if you wanna put your question on the queue. We'll pause for a couple minutes while you register your questions. Yes, we do have our first question. It's coming from Arnaud Bourgoin, from Amundi Asset Management. Arnaud, your line should be open by now. Yes, thank you. Good afternoon. Can you give us some more indication about the NetCo you're creating with in Spain and in terms of leverage, EBITDA, and when do you expect to give us some indication on this NetCo, please? As you understood, Arnaud, thank you for the question. As you've understood, we entered into an agreement- end of July for the creation of this NetCo. We have not been public so far on the different terms and impact. The only thing that we've made clearly public is that the proceeds from the NetCo transaction would be transferred to and used, the proceeds on the NetCo side will be used for the deleveraging of MasOrange. So but we have not given any more sense or information on that respect for the time being. Okay, and when do you expect to give us some more indication in terms of timing? By the end of the year, we should be launching the- End of the year. By the equity search and the financing of the operation, so I guess that, let's say, end of Q1, you would get a good sense of the impact on the deleveraging. Okay. Thank you very much. Thank you. Our next question is coming from Rashid Riyat from Muzinich & Co. Rasheed, your line should be open by now. Hi, guys. Thanks for the presentation. Just follow up on the FiberCo. I know you can't give a lot of details, but just to understand the thinking behind the JV. So I'm... Is it correct to assume that the thinking behind is that MasOrange is going to be contributing most of the fiber footprint, and then Vodafone Spain will migrate their customers from their cable network onto the fiber JV? Is that the correct way to think about the rationale behind the JV? What we communicated, actually, that we will not contribute most, but around 11 million of Building Units to the FiberCo. Just to give you a sense, we currently cover through our own fiber or indirect agreement 30 million of Building Units, so that would be roughly one-third of the fiber to which we have access currently. To answer your second question, yes, the idea is that Vodafone would make some contribution, minor contribution, because they have less assets, are mostly HFC based for fixed broadband. But they will contribute their full customers and our full customers on that footprint. So that's, but just to make it clear, that's roughly one third of the footprint on which we have access. Got it. So eleven, eleven million out of the eleven and a half million will be coming from you. Is that, is that correct? No. Or- No, no. I said that all together, this will be around €11.5 million- Got it. Okay. Contributed mostly from MasOrange and to a minor extent from Vodafone. Got it. Okay. And just second question on the redundancy plan. What's the expected cost savings coming out of the redundancy plan that you have announced? And, how much is it gonna cost you? Yes. This is too early to say, because we have launched a plan that has an aim that in its majority would be voluntary. We have in the first one and a half days already an adherence of more than hundred persons. So we will see how this evolves, and then when we know the final number, we can answer you about the costs and the for the savings, the related savings. But right now it's too early to say. Got it. Okay, thank you. Hi, the next question is coming from Fernando Cordero from Banco Santander. Fernando, your line should be open now. Okay. Thank you. Thank you very much for taking my three questions, and good afternoon. My first question is regarding the current competitive landscape in the Spanish market. And also, I would like to understand how the promotional effort that you have made during the back-to-school campaign, as we know, it's reflected into the numbers of the quarter, particularly in terms of revenue, not much in terms of volumes. So in that sense, I want to understand how has been this promotional effort in the back-to-school campaign? The second question is, synergies-wise, you have, and thank you for that, with us, and what has been the progress of your synergies plan. I would like to understand a little bit better, how are you managing the costs related with your tower providers? In that sense, particularly, probably with Cellnex and American Tower, which are your two key tower providers, and in that sense, also following the recent news that we have seen here in the Spanish market, with your partner in the mobile network is also trying to renegotiate the contract with what you said, American Tower. The third question is, we have already seen in the press that you are starting to prepare a new business plan for the integrated company, just on qualitative basis, because obviously quantitatively, it makes no sense, but, on a qualitative basis, which are the major opportunities and risks that you are, willing to include in that, updated business plan? Thank you. Thank you very much, Fernando. I would urgently recommend to change your line to MasOrange, to increase the quality of your communication. But anyhow, I hope I understood correctly your questions. Yes. The first related to the competition, let's see, I mean, give you the high level numbers, no? Between 2010 and 2023, the Spanish economy could grew by 36%, and the Spanish telco retail revenues or service revenues decreased by 38%. Do we see a fundamental change of the dynamics in terms of price reduction, aggressive promotions? No, probably not. The thing is that we have the secret sauce to increase ARPU, even in such a scenario, or at least it seems like that. We have a situation in the market where all players, Vodafone, Telefónica, Digi, are really quite aggressive on pricing. Now we have in the Spanish market, FTTH for EUR 10 a month, VAT included. So that doesn't help. It's not very helpful in terms of value creation, but we are very much focused on managing well our client base, increasing services, increasing quality, increasing, let's say, device penetration. So we have achieved an ARPU growth, ARPU FMC growth, also year on year, which is quite relevant, and I think a great achievement of our team. The conclusion, competition is tough, and price-based competition continues in the Spanish market. We have, in terms of synergies, I understood that. I'm sorry, you wanted to know also on football something, no? Basically, we have the full rights agreed with DAZN and also with Telefónica, and we are growing in number of, let's say, football users, viewers via us. We have more than 2.3 million clients that use television service via our brands, and we are growing overall, but also with football clients, at least during the last few months. Any more question on football? No, just for the comment. My point on synergy was also on the tower provider side, no? Yes. In that sense, we have seen Vodafone Spain trying to update their, let's say, the relationship with the core tower providers. But I would say, or I would like to understand to which extent do you have flexibility in your contracts in order also to extract synergies from that side of the network? Okay. Yeah. Look, before we leave the football, just to explain you that, we are also now the telco partner of Real Madrid, so, very successful collaboration so far. They continue to win, and even wear the orange shirts in the game. So very, very good, we are very happy with this collaboration. In terms of towers, I mean, we have trusted partnerships with most of the towercos in the Spanish market, and I think we have the flexibility and the possibility to reach win-win agreements with those who are proactive in this phase to find agreements with us. We are optimistic on that, and we will keep you posted, but we don't make public the current negotiation process. In terms of business plan, well, we are working now on the first joint budget, full year budget, at least for next year, and then also on the strategic plan going forward. Well, we have seen now in the presentation, we have great skills to serve the B2B and the public administration segment. This will be one of our major growth opportunities. We have also a new business unit that is evolving very well, so we are growing in all our main additional services, content, obviously, consumer finance, insurance, alarms, energy. This will also be an interesting growth area for us, and then we have to focus very much. We are the leader in terms of clients, with more than 40% market share. So we have to focus very much on managing well our own client base, to continue to reduce churn and to increase satisfaction, and let's say cross-sell products, because we have a portfolio that is very interesting and innovative. Okay. Very clear. Many thanks. And in terms of risks, maybe just to mention, but we have a revision in the Spanish market of the regulation in terms of the, let's say, tax, public assets tax and poles usage. If the regulation changes, there might be risk. Obviously, the pricing aggressive, and it doesn't help, but until now, we have been able to cope quite well with it. Great. Thanks. Many thanks. O ur next question is coming from Mathieu Robillard, from, Barclays. Mathieu, your line is open now. Yes, good afternoon. Thank you for taking the question. If I could follow up kind of on the competitive scenario, but also on how you're managing your portfolio of brands, 'cause obviously you have quite a number of brands with different segments. Have you announced, or is there any plan to rationalize some of these brands? I may have missed some announcements yet, but it would be helpful to understand how you think about the many different brands. And then I had a question about the cost to deliver the synergies. You flagged some in the slide pack. I was wondering if you had given kind of a total cost, which are the synergies over the period of the plan? Thank you. Well, in terms of brand management, just to say, I'm very happy that you did not realize that we already phased out one of our brands. That means that we did it very well. So, basically, yes, we discontinued the Virgin brand, Virgin Telco brand, so we are not selling this brand anymore. We keep the brand for another year for the current client base, but we will phase it out. We will continue with a multi-brand strategy, but we will focus on certain brands and others less. We are doing that because we think we are quite efficient in managing different brands without necessarily increasing unnecessary costs. So we have a lean back office, basically. There might be some additional reduction, especially in our prepaid segment, where we have a lot of, let's say, international brands. We have Llamaya, Lebara, Lyca, and probably there is some potential to be more efficient there. But overall, we will stick to the multi-brand strategy. In terms of integration costs, maybe Ludovic, you might respond. Sure. So the integration costs directly related with the merger of Orange and MásMóvil account roughly for EUR 18 million for the nine months. Well, actually, for six months, because that's since April. That's mostly EUR 16 million in OpEx and EUR 20 million in CapEx. W ell, EUR 50 million are directly related to the realization of the synergy, the EUR 80 million euro synergy that Meinrad was mentioning. The rest are either related to the integration of the two companies and, or the M&A transaction. But roughly, that's the figures we can share with you at this stage. So pretty much in line with what we announced at the time of the transaction indeed. Thank you very much. Okay, fine. Let me remind you that you should press star five if you wanna put your question on the queue. We do have a further question from Samrat Sethi, from HPS. Samrat, your line is open now. Hi, good afternoon. I just had a question on the net adds, but in Q3 in isolation. So, for example, in fiber, plus 142 for the nine months, if I look, when I was backing it out, it looks like 7K net adds compared to 44 K in Q2, so sequential slowdown, and also Mobile Postpaid looks like plus 3 in this quarter compared to plus 85 last quarter. So I'm sure the competitive environment is pretty tough, but could you perhaps talk to the sequential slowdown of net adds, please? Yes. No, the numbers are roughly right, that you mentioned. We continue to grow in prepaid on a higher rate. But overall, it's true that July and August, and also mid-September, was a very tough moment in terms of promotional activity. We have been acting rational. We are prioritizing value over volume. That's very clear. And I think that's also successful and smart what we did so far, and we stick to this strategy. There must be a balance between value and volume. And what I can say is that in this early start of Q4, in terms of volume, we will also have some positive evolutions. So we are not in a situation where we believe that we will continue, let's say, a negative trend in terms of net adds. The situation is that we have to be very responsible as a market leader in managing our portfolio, because the destruction of value with price adjustment is very easily achieved and implemented. To get it upwards, it's more challenging. So we are very prudent on this point, and we might not react to every promotion of our competitors. But yes, so overall, in context, we are growing by around 300,000 lines in mobile and around 115,000 lines in FTTH. But it's true that the Q3 numbers, in terms of net adds, are lower than the average. Maybe Samrat, as a follow-up to what Meinrad was mentioning, just keep in mind that the RPU for Fixed-Mobile Convergence would be growing by 1%, which basically on a year-on-year basis is EUR 0.5. And if you look at the figures of the service revenue growth, you will see that the service revenue growth is actually accelerating in Q3. It's 1.4%, Q3 versus Q3 of last year, where we actually passed 1.2% year to date. So again, this gives you a sense of what Manny was mentioning on striking the right balance between volume and value, and not overreacting on market circumstances. Yeah, that's helpful. Thank you. Hi, our next question is coming from Aissa El-Ali from AB CarVal. Aissa, please, your line is open now. Hi, good afternoon. Thank you for taking my question. Just a question on language, just a clarification, maybe. When you talk about the crystallized synergies, is that the run rate number, or that's the actual cash number that's in the nine months or in the six months really post-deal close? And similarly for the OpEx CapEx split, is that the cash number that's in OpEx and CapEx? Yes. Yeah. Yes, it's the cash number. I'm sorry that my English is not so precise, but. No, that's quite clarifying. But it's the cash number, yes. Okay, perfect. Thank you. Thank you. We do have next question coming from Alexandre Pietrzyk from Candriam. Alexandre, your line is open now. Yes. Hi, quick question on the capital structure. Would you, are you fine with the current capital structure, or would you, at some point, consider reducing the amount of loans? Maybe to switch loans to maybe secured or unsecured debt to reduce the average interest bill? Actually, you've understood that we've already went through a liability management transaction, which has proven to be successful. As you can see on the debt maturity, we pushed part of the debt maturity to twenty thirty-one, and we also reduced the cost of debt by doing so. So we are pretty fine now with the capital structure. As a follow-up after this question, you've understood that through the NetCo, we will obviously revise this position, but there is currently no plan to affect the debt maturity or capital structure on an ongoing basis. All right. Thank you. Okay, there are no further questions on the queue, so let me pass it to Meinrad Spenger, our CEO, for the final remarks. Thank you. Thank you very much for your participation, your questions, your interest. We are quite happy with the evolution of MasOrange. We are working well as a team. The organization is starting to work very well. We are united as a team, and that's a good thing on the United Nations Day, which is today. We wish you a great remaining day, and looking forward to see you very soon.