Good morning, everyone. Welcome to MasOrange's first quarter 2025 results presentation. I am Guillermo Bárcena, Capital Markets and Investor Relations Director. I am here today with Meini, our CEO, and Ludovic Pech, our CFO, that will run you through our presentation and will be available for Q&A after it. Please remember to press the star five if you have any questions to raise at the end of it. Without further ado, I leave the floor to Meini and Ludovic. Thank you, Guillermo. Good morning, everybody. We shared the presentation with you, and I would briefly go through it. On the title page, you see a yellow sun, the orange sky from Madrid, and in the middle, the El Pirulí, a very prestigious telecom tower in Madrid. That means we can start now with the information, the key highlights on page number two. The main message is we are growing. We are growing in clients, and we are growing in revenues. In clients, we have been able to grow by 52,000 FTTH lines and 80,000 mobile postpaid lines versus the fourth quarter 2024. In revenues, year on year, so Q1 versus Q1 2024, we are growing by 2.6%, and we are growing in all revenue segments. In EBITDA, we reached EUR 705 million, which is around 8% above the quarterly average of 2024. It means an EBITDA margin of 38%. It's up, so higher than in Q4 2024. In terms of synergies, we have realized or materialized in Q1 already EUR 77 million, which means that we are on a very good track to reach our target of EUR 300 million for the full year of 2025. In regards to the FiberCo project with Vodafone, we are on a good track. We have reached investment-grade rating for the FiberCo, and we have achieved a fully underwritten for our debt financing, which is a relevant part of this transaction. In terms of commercial KPIs, positive news. We are slightly up in ARPU, in convergent ARPU, and we are slightly down in churn. We have also launched various commercial activities. Amongst others, we have extended our premium TV offering to various brands, including the MásMóvil, Yoigo, and Pepephone brand. On the other hand, we have been able, for the first time, to win a major contract with the Spanish government. If we continue on page number three, in terms of clients, we see a year-on-year growth of around 128,000 fiber lines and 261,000 mobile postpaid lines. This is the mobile numbers without machine-to-machine, and it does not include either our prepaid lines. You see, in terms of growth, that we have accelerated growth, especially in fiber. On page number four, some details to the contract that we won with the Spanish government called CORA. Basically, we have won more than 50% of the total contract volume regarding the fixed and mobile communication service on one hand, and regarding cybersecurity and data center connectivity on the other. It's a five-year contract, and it's the first time in history that MasOrange, as well as the former MásMóvil and the former Orange company, have won such a relevant contract with the Spanish public administration. On page five, a quick overview on our ESG initiatives. We want to be the best company in the world, but also for the world, and we have especially focused ourselves on the protection of our kids in the digital environment. We have closed an alliance regarding this topic with UNICEF, and we have also launched a very comprehensive product for the first mobile phone for our kids, which is very easy to use and limits the content. It is a parental control function. It limits the time the kid can use the mobile phone every day, and it has also a location-based service included. We have also this year a major initiative, which is training in digital capabilities for seniors and for segments at risk of exclusion. We will invest almost EUR 10 million to form around 50,000 persons in Spain this year. We have measured the positive impact that we have achieved during 2024 based on a methodology developed in Harvard University, and we reached almost EUR 19 billion of positive economic and social impact as a company in Spain in 2024. If we go to the financials on page six, first revenues, basically, we are growing by 2.6% total revenues, and we are growing in all the revenue segments, in built revenues, wholesale revenues, and equipment revenues. If we continue to EBITDA on page seven, we have reached EUR 705 million of EBITDA, or a margin of around 38% on revenues. That implies that over the average of 2024, which was EUR 655 million, we are growing at 8%, and versus the average of H1 2024, we are growing even 13%. We see the figure in Q1 2024 a bit higher because this figure is somewhat distorted due to the pre-closing entries. Please remember the JV between Orange and MásMóvil Spain was closed at the end of March 2024. If we continue on page eight, some details on EBITDA, adjusted EBITDA, and reported EBITDA. You see the difference is quite small already, so that means that integration, basically integration-related costs, have been reduced. The message here is, even though here you see formally a decrease in EBITDA, we will definitely grow in H1 2025 versus H1 2024. In terms of net capex, on page nine, we had a net capex of EUR 295 million in Q1, or close to 16% over revenues. That is slightly below the average of 2024. If we normalize, meaning we take out the integration costs and we take out the so-called UNICO 5G project, which is financed by the Spanish government, the Spanish state, then basically we would go down with the capex almost to levels of Q1 2024. Next page, we just have a brief overview on the synergies. We have materialized already EUR 77 million out of the EUR 300 million target for this year. If you multiply EUR 77 by 4, you will see that it seems to be quite feasible that we reach our objective, and we are confident that we will do so. A major part of the synergies relates to OPEX, 77%, and we can announce that by this week we have also closed our social plan called ERE successfully, and we have been supported by a judgment, a labor judgment, that the company has managed correctly this process. On next page, page 11, we find the breakdown of the cash flow from operations. For Q1, we have a slightly negative free cash flow in this quarter due to seasonality, especially high financing costs, and also refinancing costs because we did some refinancing in March, as well as obviously the integration costs and post-financing integration costs will have a downward trend. That is why we are confident that from Q2 onwards we will have a positive free cash flow result. On the nominal debt position on page 12, the overview basically we are stable on leverage. As mentioned, we have also been able to reprice the DLP in March, extending also the maturity to 2031, so that is very positive news. We have a total leverage of 4.7 times and senior secured leverage of 3.8 times. Just to remind you, once NetCo is implemented, shareholders of MasOrange agreed to tighten the leverage target to 2.75 times EBITDA. On the last page, on page 13, just to fully reconfirm our outlook for 2025, we will grow in revenues, we will achieve synergies of above EUR 300 million in operating free cash flow, meaning EBITDA minus recurrent net capex. Here we foresee a double-digit growth. Thank you for your attention, and we are happy to respond to your questions. Thank you very much, Meini. I think the first question comes from Luigi Minerva from HSBC. Please go ahead. Yes, good morning. Thank you, Meini, for the presentation. Yeah, hello, everybody. I have a few questions. The first one is really if you can give us your view on the current status of competitive dynamics in the market. From our point of view, we seem to observe a more intense promotional and discount activity. I think this week O2 lowered their prices in a more or less change. I think Vodafone and Segona did the same. We'd be interested to hear your perspective. Secondly, on the public administration contracts, I'm intrigued to understand what made the difference this time and on what criteria were the contracts awarded, whether it was discounted pricing or quality of service or perhaps a combination of factors. Finally, on the 2.75 times targeted leverage ratio once FiberCo is completed, is that the kind of target that you would need to achieve to aim for an IPO, or is that a different level? Thank you. Thank you, Luigi. On the market, the Spanish market is always very competitive. We have a lot of players, and we have a lot of low-cost players. As you might remember, in MasOrange, we are not focusing on the ultra-low-cost segment in the market. We believe that this has a relatively small share in terms of revenues and value. We are focusing on the mid and high end. As I mentioned also before, we have launched premium TV offerings also in the former MásMóvil brands now, and that should give us opportunities not only to increase ARPU, but also to increase loyalty or reduce churn. That is our focus. New offers of low-cost operators and brands are common. We are used to it. As you see in your numbers in terms of growth of ARPU, growth of revenues, and growth of clients, I think we demonstrated that we can handle this situation. Yes, we have no break, no competitive break right now in Spain, unfortunately. In terms of public administration, we have a great team. We are building a MasOrange digital unit, which is comparable to Telefónica Tech. We have one big advantage. We have no legacy, meaning we can always offer our clients the best solutions. We are especially, let's say, active in IoT, in cybersecurity, cloud services, and artificial intelligence, besides also, let's say, the next-gen services closer to connectivity, which is 5G private networks or SD-WAN solutions. We see a big opportunity here for us. The criteria have been multiple criteria, decision criteria. There were technical criteria, which was the main part, also obviously pricing criteria, but discounts in such contracts are limited. The difference between the pricing offering between the different players has not been very significant. In terms of the 2.75 target, this is a midterm target. It is a target basically that limits the distribution of dividends to our shareholders. It is not necessarily aligned or preconditioned for an IPO, but I mean that it depends on the details of our shareholder agreement, which I cannot reveal right now. Thank you very much. Very helpful. Just a follow-up on the public administration contract. What kind of phasing can we model for those contracts over the years? Yes. Basically, we would think that from December onwards, you can model proportionate revenues. It's a five-year contract, so proportionate revenues you could model from December this year onwards. Thank you. Next question comes from Davina Drummond from Spain Capital. Apologies for the name. Also remember to press star five if you have any questions. Hi. Thank you for taking my question. I have three. The first, can you please provide a little bit more color on the EBITDA margin decline and the EBITDA decline year on year? Secondly, on the net working capital outflow this quarter, will this be unwound in the following quarters, and what was the main driver behind this? Finally, can you just provide more detail on what is included in the other line in your capital structure and why this increased quarter on quarter? Thank you for your questions. I think as we mentioned, you refer, I guess, to the decline or comparison between Q1 2024, which was the pre-merger figures, and the Q1 that year. I think what we tried to explain is that Q1 2024 was the last quarter before actually the transaction was closed. As you can appreciate, the second quarter of 2024 was somehow showing a significant reduction. This is basically to make things clear that you should rather take the average between Q1 and Q2 than just fix on the Q1 figures by themselves, because Q2 is neither very representative of the performance over this period. If you take the average between Q1 2024 and Q2 2024, which is probably more indicative of the performance, you would find a figure of EUR 622 million. If you compare that, you can appreciate that it is a sequential improvement quarter after quarter, moving from EUR 622 million to EUR 680 million, then to EUR 695 million, and to EUR 705 million. We appreciate that this could be a bit blurring the appreciation of the performance, but this is fully explained by those closing entries in Q1, which at the end of the day for some parts were reversed in the second quarter of 2024. Your second question, on networking capital, there was a payment in the first quarter of 2024, which were related to some IRU contracts which were signed, which negatively impacted the networking capital position. For the rest, the figures are relatively comparable or would be relatively comparable to previous quarters. This taking account of the seasonality as well. When you have higher capex, in particular in the second half of the year, you always have a weaker Q1 than the other quarters. This explains the figures on networking capital. On your other question, which was related to the net debt position, nominal debt position, let's make it as follows. The company has been generating EUR 176 million free cash flow before debt repayment last year, but we had obviously to amortize part of the TLA, which has been not completely met through the generation of free cash flow, considering that last year we had significant integration costs that we had to expense. Part of it is finally found in the other caption of the capital table. Okay. Next question comes from Vivek Shankar from Deutsche Bank. Hi. Good morning, everyone. Listen, thank you very much for the presentation. Quick question, really related to FiberCo. And clearly, it's also a main driver towards your leverage target. With regard to FiberCo itself, you said that investment-grade rating has been achieved, and the debt financing has been fully underwritten. Could you give us some understanding or some direction as to the quantum of the debt that's being raised and the cost of debt that's being raised, please? Actually, thank you, Vivek, for your question. We actually not disclose those figures because that's also dependent on the equity part of the deal. We have not provided any indication on those figures. That's a significant amount. And higher than expected. Can I just ask you another follow-up question? Should we expect, broadly speaking, considering the free cash flow dynamics of FiberCo, that FiberCo would be around five times levered? Actually, this will be done under a project financing. So we'll more look at the PLCR driver than the average debt ratio that you mentioned. Sorry, how should I look? Going forward, that will be higher than the figure that you mentioned for the FiberCo, just because that's not the metric that we will be using. That will be project-based metric, PLCR, and not debt ratio here. The PLCR is the one that has been inducing the investment-grade rating that I was mentioning. Okay. Wonderful. Thank you. Thank you. No more questions at the moment. We'll give it 10 seconds for anyone to manifest state. Otherwise, please remember star five if you want to ask any questions. I believe there is a question from Laura Homsy. Please go ahead. Hi. Thanks so much for taking my question. Yeah. Hi. Can you hear me? Yes. Yes. Great. Sorry if this has been mentioned, but in terms of the leverage target, is there a timeframe in mind by which you want to achieve this below 2.75 leverage? That would be as soon as possible following the inception of the NetCo hour. We do not give more indication than this one. Fair. Maybe just one other question in terms of cash flow. For the full year, would you still expect working capital to be an overall outflow? For the full year, we expect cash flow, which would be higher than the cash flows of last year. With an improvement of the cash flows, yes. No. Yeah. That is for the overall free cash flow. I meant just regarding working capital movements. Because obviously, you have the EUR 140 million outflow in Q1 for the full year. Assuming some of this will be reversed, but would the overall working capital for the full year still be a negative? Yeah. Yeah. No. Perfectly correct. I mean, the figures will reverse for the rest of the year, as I was mentioning. The particular high change in working capital for Q1 was due to integration expenses, IRU payment, and the capex of the H2 of last year. That is behind us. Okay. Great. Thank you. Thank you. I think there are no more questions, so we end our call now. Thank you very much. Thank you. This time, definitely, we say goodbye to Javier Marin, who has supervised that we do not do any stupid things this time. Thank you very much, Javier. Akhil, we have also taken note of your rebranding suggestion from MasOrange to Orange Mass. We will transfer this suggestion to our marketing department. Thank you very much. Take care.