Hello, hi, good morning everybody. This is Javier Marín, Head of Investor Relations and IR at MasOrange. Welcome to our fourth quarter 2024 earnings release. As always with us, we have Meinrad Spenger, our CEO, and Ludovic Pech, our CFO. Without further delay, I leave the floor to Meini, without reminding you that you should press star five to put your question on the queue. Thank you very much. Good morning everybody. Thank you, Javier. I'm glad to be with you from Sant Cugat del Vallès and Madrid. As you remember, and we see it in our title page, we have taken off with MasOrange at the end of March in 2024, and this is the first year results presentation of the merged company. Now we can confirm we continue to be a growth company. If we look at our key highlights, we are growing in customers, we are growing in top line, we are growing in bottom line, and we are advancing well in our transformational initiatives. If you look at clients, we have reached over 7.1 million broadband lines, over 25.8 million mobile lines, not including around 6 million machine-to-machine lines, a field where we are a leader. That means that we have grown close to 500,000 services between FTTH and mobile. If you look at our financials, we are growing in revenues fully organically, and both in service revenues as well as in equipment revenues. In every day, we have a double-digit growth and growing the margin by over three percentage points. That is also facilitated by significant advance in the materialization of our synergies. We are above target and reach close to EUR 120 million between OpEx and CapEx. Main measures concern our network, especially our mobile network, and our last mile improvements. In transformation, we have signed early January a binding agreement with Vodafone España in Spain to create the biggest FiberCo in Europe. As mentioned before, we are fully committed to use the funds to better repayment and therefore to reduce our leverage. We are happy to announce that post-closing of the NetCo, we are committed to tighten our leverage targets to 2.75x EBITDA. We are the first in Europe to sign an Open RAN agreement with Ericsson to create Europe's most modern, open, and programmable 5G mobile network. If we look at the details of our growth in customers, we've been growing in FTTH clients as well as in mobile postpaid clients. You see that we had a very good fourth quarter. We have been accelerating our growth versus Q3. Overall, we have been reaching almost 500,000 additional services between fiber and mobile postpaid. At the same time, we have been able to grow converged ARPU by around EUR 0.5 year on year. We have been able to reduce churn by 0.7 percentage points year on year. I'm especially happy to announce also a positive evolution in our B2B and public administration field. We've been winning important clients in the public administration area, for instance, the city of Madrid, where we implement Spain's first 5G emergency network, as well as in the region of Madrid, where we will manage a cybersecurity SOC. In private clients, we have also won important contracts, for instance, with Endesa or with the Lidl Group, where we assume also telco services. This field is for us an important growth opportunity thanks to our continuous investments and innovation initiatives. One evidence for that is that MasOrange is the only one, the only operator in Spain to participate in all four lots of the core agenda of the Spanish national government. If you go to infrastructure, I'm proud to say that we win with our fiber network most relevant network tests. We are number one in nPerf or in OpenSignal, for instance. That is a very good base to create Europe's largest fiber core. As mentioned, MasOrange and Vodafone have signed a binding agreement early January, and we are planning to become long-term anchor tenants of a fiber core that has a huge scale and also a very relevant penetration. 4.5 million customers over a footprint of around 12 million homes means that the market share of the tenants is above 50%. Considering the continuous churn reduction that we have been able to achieve, we have a very solid base for a long-term positive business plan of the fiber core. As mentioned, the proceeds will be fully devoted to debt repayment, accelerating in consequence our deleveraging plan and preparing us to be fit for a potential IPO. If we look at our mobile network, it's fair to say that we lead the rankings of the network tests like Umlaut or, again, OpenSignal. Also, the Spanish regulator, CNMC, publishes in its report MasOrange as a leader in 5G nodes implemented by year-end 2024, which gives us a population coverage of close to 90%. Of course, we are very proud that our clients and partners can benefit from our Open RAN networks that we are already implementing. Open RAN means improved customer experience, great innovation, increased flexibility, and faster time to market. We do not want only to be the best company in Spain and the world. We want also to be the best company for the world. Positive impact is part of our vision. Therefore, I'm proud to confirm that we have closed an alliance with UNICEF. Jointly, we want to be ambassadors for the safe and adequate use of our digital devices by our kids. We want to protect children in the digital space. One concrete application of this mission is that we have been able to launch the first most comprehensive mobile service with Tuyo to ensure that our kids are safe and monitored when using their first mobile phones. By the way, we have experienced also demands not only from the kids, but also from our senior clients who want to take advantage of some functionalities of this service, such as the geofencing functionality. We are committed also to our environment and especially to clean air. We do a fleet audit in terms of emissions, real-time and real-world emissions of our car fleet. We have been able to establish a great benchmark with an emissions score almost half of the Spanish population. If you look at our financial results, we are growing in revenues despite the headwind of regulation, especially in mobile termination rates, which have been reduced. We have a solid growth in built revenues. We grow also in our equipment sales to an overall revenue growth of 1.5% year on year. In every day, our growth is double-digit. We are growing an adjusted EBITDA by 10.8%. That means a three percentage point improvement versus last year to almost 38% EBITDA margin. Also, the reported EBITDA, so without adjustment for restructuring and integration costs, is growing by close to 5%. After the EBITDA improvement, we look at net CapEx. In net CapEx, we have also efficiency. We have been able to reduce net CapEx by over 7%, resulting in a CapEx to sales ratio of below 15%. If you consider that we are coming to the end of the cycle of our fiber investments and we are well advanced in our 5G deployment, we can be optimistic also for further improvements in the future. In terms of synergies, very important after the merger, we are completely on track to implement and materialize EUR 500 million of total synergies by 2027. In nine months, we have been able also already to materialize EUR 120 million run rate, well above our target of around EUR 100 million. Important to say also that almost 70% of the synergies refer to OpEx improvements. This ratio will also continue to apply in our future materializations. If you look at operating free cash flow, so EBITDA minus recurring net CapEx, we have a very significant improvement of around 26%. We're talking about over EUR 1.7 billion in 2024. In the reported figures, it's also a double-digit improvement. What does that mean for cash flow? We have a positive free cash flow of EUR 176 million despite relevant interest payments, restructuring, and integration costs. We have an adjusted cash flow of EUR 463 million and, as mentioned, a free cash flow of EUR 176 million in 2024. If you look at our debt position, the evolution is positive. We have a total debt leverage of 4.5x. If you look at senior secured of 3.7x. We are happy to announce that we plan to tighten our leverage targets to 2.75x post-fiber co. A brief outlook for this year, 2025. In revenues, we continue to grow. In terms of synergies, we are confident to materialize more than EUR 300 million run rate by the end of this year. Meaning in less than two years, more than 50% of the synergies, the expected synergies should be materialized. In bottom line, in operating free cash flow, we expect also, again, a double-digit growth. That is all for now. Thank you very much for your attention. Thank you, Meini. We open now the Q&A session. Let me remind you that you need to press star five to put your question on the line. We will pause for a minute while you get your question from the queue. Okay. We do have our first question. It is coming from Mark Watts from Citi. Mark, your line should be open now. Hi there, guys. Thanks for the call. A couple of questions, just housekeeping ones. I think your new revised net leverage target, just so I'm on the same page, that's a net debt to EBITDA. Is that relative to the three and a half multiple you outlined, I think, last year? That's the first question. Second of all, obviously, I guess you can't comment too much on the fiber co partners. I think on the 3Q call, you said you expected discussions to sort of ramp up in January. Is that broadly on track? Do you have kind of any more updates on expected timeline? The third is just more on generic trends. I see some fairly decent growth on the mobile and fiber side. Would you mind just talking about the competitive environment, how the promotional activity was in December, what you expect for, I guess, Q1? That would be great. Thanks. To the living speaking, Mark, for your first questions on the revised target, that's the same metric that substitutes the 3.5x a multiple that we used in the past. It's referring to EBITDA, yes. Regarding the fiber co, as mentioned, we have signed early January the binding agreements with Vodafone España. The process is on track. We would expect closing by the end of H1. Regarding the generic trends in the market, I mean, Spain, we all know that this is a very competitive market. We have a lot of players. We have a lot of, let's say, low-cost initiatives. We have to also reflect. First of all, we have learned to cope with such a complex situation. We can demonstrate it by growing fiber, growing mobile, growing ARPU, reducing churn. I think we have the tools to cope with a complex competitive situation on the first hand. On the other hand, we are in an improved situation if we continue to materialize our synergies because our, let's say, top bottom line will continue to improve. That gives us more flexibility to compete. Okay. On the ARPU as well, I mean, you guys give the FMC ARPU. Is there any way of kind of breaking out, even just qualitatively, what the split is between mobile and FTTH? Is one contributing more towards that slight ARPU growth? How do you see the evolution there? Mark, we offer a package. We do not separate the services. FMC is clearly the dominant factor in our revenues. Mobile-only revenues are quite reduced, to say that. It is the relevant KPI to measure whether or not we are able to increase revenues. Okay. Got it. Just so I'm 100% on the same page on your net leverage metric, that all makes sense. The number you report in the presentation, that's the 4.5 and 3.7 senior secured net leverage. That's EBITDA rather than EBITDA, right? Yeah. That's correct. Okay. Yeah. Cool. All right. Thanks. Okay. Our next question is coming from Oba Agboola from UBS. Oba, please, your line should be open now. Hey, thanks for taking my question. A couple for me. First one, you've kind of recently implemented price rises on the Yoigo brand. Does this mean there's room for the lower end of the market to become more rational? Will you consider shutting down more of your fighter brands like you did with Virgin and Llamaya? Secondly, can you update us on the potential for the EUR 100 million of new commercial synergies, which Orange Management flagged mid-2024? How confident are you that these will come through? Thank you. Yes. Hello. Look, we have been able to adjust our prices also in the last year and the year before. We have implemented price adjustments in basically all our brands currently. We think it is a natural evolution if we consider, let's say, the inflationary environment we have been in the last few years. Our clients accept such adjustments. We do not see incremental churn for the moment. In terms of, let's say, fighter brands, as you call them, we have been phasing out already the Virgin brand. We have no concrete plan to enter the ultra low-cost segment. We have to focus on value management in our client base. You have always to remember that in our case, this ultra low-cost segment composes less than 10% of the revenue pool in the market. We rather focus on the 90%. Regarding your second question on the commercial synergies, part of it are revenue synergies. Therefore, are not in the bucket of the EUR 500 million cost synergies. Part of them are in the cost as well, mostly on the commercial acquisition cost and retention cost, and also on the commercial CapEx. Okay. Thank you. Thank you very much. Let me remind you that you should press star five to put your questions on the queue. Our next question is coming from Patricia González from BBVA. Patricia, your line should be open now. Hello. Thank you for the presentation. One question on my side. You are referring to 2.75x as a new target level. My question is, in which timeframe are you expecting to reach that point, more or less, post the net code closing? If you can repeat this, when you are expecting to close the fiber code so that we can extrapolate at which point you are expecting to reach that level target. Thank you so much. Okay. Patricia, as to your questions, the titan leverage target is a midterm target. We are not more specific at this stage on this one. The reason for the revision of this target, aside from the good trends in the business, is the fact that post-net core, as we communicated, we committed to devote the proceeds of the fiber code to the leveraging. This is what explained that this indicator has been revised. Thank you. Our next question is coming from Russell Waller from New Street Research. Russell, your line should be open now. Yeah. Thank you, everyone. Thanks for taking the call. Question. I had a question on your relationship with the new fiber JV. What I'm sort of wondering is whether or not you'll be locked in under long-term agreements. If, say, after, I don't know, whatever the number is, one year, two years, five years, ten years, you'll be able to consider moving your wholesale access to another fiber vehicle. For instance, I mean, there's a lot of fiber in Spain. Therefore, it may be in a few years' time, you can get a cheaper price by moving to a different vehicle or a different company. Is that the way to think about it? Are you going to sign long-term IRUs that lock you in for 25 years with no break clause? How should we think about your relationship with fiber co and wholesale cost going forward? Thank you. Yes. Thank you. We are not disclosing at this time the exact terms of the vehicle. But a fiber co is aimed to be a long-term relationship. It has to be creating value for our financial investors. That is the spirit that will be the spirit of the contracts that we sign also with our financial investors. Got it. Okay. Thank you. Just to follow up, if I may, just on the kind of terms of the deal, in terms of EV and leverage, say, fiber co and that kind of thing, can you give us any kind of early indication? Do we have to wait until closing for that? You will have to wait a bit more, Russell. I'm sorry for that. But we are in the middle of the process, too early to say. But we have received a lot of interest that we can confirm. I bet. Okay. Thank you very much. Okay. Apparently, there are no more questions. Before I leave the floor to Meini for the final remarks, let me say goodbye. Goodbye because I'm really glad that my professional life has come to an end. I'm retiring as of the end of March. You know that life in banking is measured in quarters. And this is more than 130 quarterly earnings on my back. It is time to go sailing. Thank you very much for all these years. Thank you to Masmobile and now MasOrange. I'm really glad to be leaving with such a fantastic final quarterly results. And God bless you. Thank you very much. Bye-bye. Thank you, Javier. Javier was with us almost 10 years. It is fair to say that his haircut was the same when he arrived. He did not suffer too much with us. We had a very positive time. Thank you very much for your great contributions. Thank you also for participating in this call. As you see, we walk the talk. We continue to deliver. We are confident to continue growing during 2025 and to continue to transform our company. Thank you very much.