Good morning, everyone. Welcome to MasOrange H1 2025 results presentation. I am Juan José Gaitán, Director of Investor Relations, and I'm here today joined by our CEO, Meini, our CFO, Ludovic Pech, and our Director of Capital Markets, Guillermo Bárcena. They will go through our briefing remarks, then we will open the line for your questions. As a reminder, please press Star, five if you wish to ask a question. Without further ado, I'll let us go to Meini. Thank you, Juanjo. Good morning, everybody, from sunny Paris. We have provided you with a quite comprehensive presentation package, which has two parts. On one hand, we do a business review, and then we look at the numbers at our results. As you can see in the title page of our presentation, this is the skyline of Madrid, and we see an airplane getting started. I can say that our airplane is getting up to speed. You will see it in our results. If you start on page number three on the highlights of our business evolution, overall, we can say that we are focusing on the transition from telco to techco, bringing more value to our clients beyond just best-in-class connectivity. The first point is we have been able to close a strategic insurance partnership with Surne. That means that we will have the biggest retail insurance distribution deal in Spain during the last 10 years, and we will create a sustainable business line also in this area. I think the important thing here is that we will not just resell insurance; we will improve the insurance product via advanced analytics and artificial intelligence. We will be able to personalize the services. We are, thanks to our ID, data, talent, and assets, also accelerating the transition from telco to techco. For instance, we are becoming a universal retailer. We will not only sell devices, but with our, let's say, mobile phones, with our device-as-a-service model, we will be able to offer a lease-like scheme for all consumer electronics. We are also becoming successful in new businesses such as energy, commercialization, green energy, as well as retail advertising. In B2B, we have a great momentum. We are growing year on year, almost 20%. We have increased success with enterprises, large accounts, SMEs, as well as public administrations with quite innovative services. Beyond connectivity, where we are successful, for instance, with 5G private networks, we are also becoming increasingly successful in areas like cybersecurity, IoT, or cloud solutions. We are also proud to offer an improved television experience. We have renewed the Orange television offering with the native integration of all OTTs and improving significantly the customer experience. We believe we are now best in class in Europe. In ESG, positive impact, last year we reached almost EUR 19 billion of positive impact, and this year we are committed to continue this way. We have just achieved the Sustainable Fitch ESG rating of 79 points, which means we are best in class in the European TMT sector. In regards to the fiber core that we are working on, we have closed the debt financing. We are very much advanced with equity financing, and we are pending now to reach final agreements with our strategic partner, Vodafone Spain. If we go ahead on page number four, some details on our strategic alliance with Surne. Surne was already our partner in handset financing or handset insurance for the last few years in our Orange brand, and it will become our partner for the full MasOrange group now. It's a 10-year contract, and we will be serving 32 million customers, both in insurance as well as in telco services. It will be a relevant contract in terms of volume, with expected more than EUR 7.5 million premiums or EUR 1.5 billion of premium revenues. We are very much focused on offering best user experience and will have personalized services based on artificial intelligence and advanced analytics. Besides device insurances, we are offering already home insurance as well as payment protection insurances, and we are planning to extend the portfolio of insurance products. In general, we can see that we are working not only in best-in-class connectivity, where we are very proud to be number one in a lot of quality rankings, both in mobile as well as in fixed. We are also best in class in entertainment. We have now a top customer experience with our television service. We have multiple content partnerships with all leading OTTs, which are fully integrated in our personalized television offering. We have all the sports content, including soccer in Spain, which is super important. We are growing in television as well. We are reaching around 2.5 million users already at this stage. Beyond telco and content, we are offering insurance, which we commented with, where we have close to 900,000 users or clients. We are offering device financing. We are offering energy or home securities. In all these areas, we are growing significantly. Especially important, and that's on page six, is the device-as-a-service model. Basically, we are changing the device ownership model to a usership model. Basically, we are offering, together with our partners, ZLM in consumer financing and Surne in insurance, continuous experience for our clients so that they can continue using high-quality products, also insured products, and have an offer portfolio to select that will be increased from 300 SKUs, so products, to around 1,000 SKUs by September. What is the special thing on that? First, we are offering long-term interest-free financing. That's a major distinction via traditional retail. We are offering very comprehensive insurance products in a dropshipping model, without having risk of stock. What does it help us, this model that you see on page seven? First of all, we have a one-stop shop for any consumer electronics products. Not only devices, we are offering hair dryers, we are offering, obviously, television sets, etc. The important thing for us here is that we have first-quality devices on one hand, and on the other hand, the impact and benefit for our client base. We have been able to increase the share of clients with a device-as-a-service model by 6 percentage points between March last year and June this year, 6 percentage point ups. Why is this important? It helps us to reduce the churn. People or clients that use our device-as-a-service model have 11 percentage points lower churn than the ones that don't use our model. That creates a lot of value for the company, and by the way, a lot of value for the clients. It enables us, for instance, to not compete only on price in FMC or in mobile only services, but to create value in a more comprehensive way. The savings that we are offering in devices over the lifetime of 48 months is very significant. This gives us a very good competitive position. On page eight, we are talking about the B2B market. As mentioned before, year on year, we are growing close to 20%. Why are we growing that much? First of all, because we are betting on innovation. Second, because we have limited legacy in technology. That means we can offer best technology with the best partners without cannibalizing our past revenues based on eventually obsolete technology. We have also a strong tailwind from public funding in areas close to communications, like data centers, cybersecurity, or cloud services. We have a strong track record. We have been just last week formally awarded the biggest contract of Spanish public administration of the Spanish government, where we manage both fixed and mobile communications, cybersecurity services, as well as connectivity of data centers. We have won a lot of prestigious contracts. I mentioned here KPMG, ONCE, which is the prestigious organization for blind persons in Spain, Macro, Schneider, etc. We have been able to extend and renew also very important contracts, meaning B2B is a growth motor for MasOrange. On the next page, we see some details on our new TV experience, where we have launched Orange TV with a native integration of all relevant OTTs, meaning we are becoming the most modern and custom-orientated platform in the Spanish market. Maybe a few things on that. We have personalization of profiles. We have an advanced Infinity Home Box, meaning a great experience, almost home cinema-like experience at home. We have multi-device experience, so mobile, television, laptop, etc. We have super low latency services and enriched navigation functionalities. On page 10, just a summary on our ESG rating by Sustainable Fitch. We are number one in TMT in Europe with a score of 79 points. There are a lot of reasoning that you can see on this page. Maybe a few of them I will mention. FTTH coverage, we have the broadest FTTH coverage in Spain. We have been able to continuously improve customer satisfaction. We are number one in NPS in Spain. We have been able to reduce also strikers, meaning non-adequate services for our clients. We are refurbishing 1 million installed devices. We are focusing especially on child protection, the digital space. We have an alliance with UNICEF. We have worked on a report together with Save the Children. We have our own solution, a very comprehensive child protection solution for the first mobile phone with a limitation of content, with a limitation of time usage, and with geofencing and localization functionality. We are positioned very well in this topic, which is of utmost importance. We are also working hard with artificial intelligence in a lot of areas. We have 150 use cases already implemented. One of them is the one that you see here. Basically, we distribute our client base along a customer experience index per site, so per antenna, if you wish, and to identify where we have to invest to improve customer experience. This targeted investment helps us a lot to improve customer satisfaction. Here you can see that in the 2% or in the category one, zero, one, and two, where we have not a lot of clients, but we have clients, we see that the churn ratios are 2.5x higher than the average churn of our company. That means if you invest there, the client has a direct benefit, and we can target our investments where we have tangible value creation. Overall, we can say that we have a solid foundation for future growth. We have the opportunity to unlock impressive growth potential based on the largest client base in Spain, so more than 30 million clients. Nobody in no sector has more clients than us. We have best-in-class technology. For instance, we have our core IT stack is on development with our over 300 engineers working on that. We have advanced analytics and AI capabilities. As mentioned, more than 150 use cases implemented, more than 1,000 processes automated. We have a unified data lake. In less than a year after the closing of the joint venture, we had already a unified data lake. Together with Open Gateway, we can offer new business models that are very interesting. In Open Gateway, we have already four APIs implemented: number verification, SIM swap, device swap, or know your customer. We are already commercializing and selling those services. Now let's come to the financial performance. I am especially proud to say that we are growing basically in clients, in top line, and also in bottom line. If we look at our client base, we have been growing by over 100,000 FTTH lines and almost 300,000 mobile contracts, bringing churn down. It's very important. Churn reduction is a great value driver and keeping ARPU stable. This is very good news. Especially relevant, we are growing by 4.7% year- on- year in total revenues. That means we are best in class in Europe, the fastest relevant operator in Europe. We are outperforming our competition, also in service revenues, where we grow by 2.7%. Synergies, if you look at the cost base, we are on track, completely on track. We have materialized in H1 already EUR 163 million of synergies. One very important milestone was the decommissioning of the former MásMóvil network. That went not only well, it went very well because we had no negative customer impact, and we have a great mobile network experience. Overall, we have been accelerating savings in this period, multiplying by three the synergies that we had in H1 2024. Adjusted EBITDA, we are growing. We are growing in margin by around 4 percentage points, and double-digit reported adjusted EBITDA grows by 17% versus H1 2024. Also, in operating free cash flow, we are growing by 3 percentage points to a 25.1% ratio over revenues. In absolute terms, the amount of operating free cash flow grows by 20%. Also, cash flow conversion, cash conversion, is best in class by 64% over adjusted EBITDA. The next page, 15, you see the client growth. As mentioned, more than 100,000 FTTH lines growth per year, and also 275,000 mobile contracts growth. You see last quarter we grew by almost 100,000 contract lines and 30,000 FTTH lines. That is reflected in this growth in clients. Having ARPU stable is reflected here in page 16 in the revenue growth. Basically, we are growing 4.7%. In practice, we are the fastest growing operator in Europe. We are growing in all revenue segments, in retail, wholesale, and equipment. Total growth, as mentioned, is 4.7%. In adjusted EBITDA, we have also double-digit growth in all KPIs, adjusted and reported EBITDA in the first half. We are growing in margins 3 to 4 percentage points. That reflects our, let's say, cost consciousness and the advance in synergy materialization. If we look on page 18 and we look at the evolution of EBITDA on a quarterly basis, in the second quarter, we are 6% above the average of the last 12 months and improve EBITDA margin by 200 basis points from 37% to 39.5%. Synergies on page 19, you see the evolution in 2024 as well as the evolution in 2025 first half. As mentioned, we multiply the amount of synergies by three in the first semester. We are on a very good track to meet our guidance run rate of EUR 300 million by the end of the year. Just basically staying the same, if you multiply EUR 163 million by two, we are already above the EUR 300 million target. Detail maybe on this in this area. Very important, we have been decommissioning the mobile network of MásMóvil with more than 4,600 sites shut down. That is quite easy to shut something off. It's quite easy, but we have to assure that the service quality is maintained and improved. We have been managing that very well. I am proud to say that we have achieved the best network performance results in history. Here you see a few examples on the right with Madox and Umlaut positioning us as the number one operator in Spain. Our investment strategy is very clear. We want to be effective and efficient. We are doing run sharing with Vodafone in around two-thirds of the country. We are looking also to crystallize value in our fiber assets by maximizing its usage. One way to do so would be the fiber core with Vodafone. We will see if we can find final agreements with our strategic partner. We have best-in-class networks. We have the broadest coverage on fiber. We are rolling out 5G. More than 90% of the population can already enjoy our 5G services. We are number one in 5G advanced. We are putting a lot of effort to evolve in a credible way to a technology company. We are incorporating talent in software and data. We have increased since GB closing by 65% our workforce. In that, we are rolling out our own development in IT, our stack to all our brands. We are starting new ventures like retail advertising. We are democratizing. We are putting at our, let's say, disposition all the data access to our unique data lake to all the company. Basically, everybody can serve himself or herself in using and accessing data. We are implementing AI across business and network. In our CapEx, we have around one-third of our network CapEx is already IT CapEx. Here we see the evolution of the net CapEx. We have a ratio in recurring net CapEx of below 14%. We have to say that this includes elements, like extraordinary elements like the Funico 5G, the publicly funded 5G development in rural areas. We see, like for like, a clear downward trend to be a more efficient company also in CapEx. You can see it if you are on page number 23 comparing the CapEx of the second quarter with the average of the last 12 months, we are 9% below that. In operating free cash flow, so adjusted EBITDA minus net CapEx, we have an impressive growth of 20% and 21% in reported operating free cash flow. Also, the margin of operating free cash flow over revenues grows by around 3 percentage points to 25% in the adjusted one and then to 23.5% in the reported one. What does it mean in cash flow? In cash flow, we are generating unlevered free cash flow of EUR 500 million. Then we have quite high interest expenses still that will be reduced over time. Here in this first half, we have to include also we did a repricing effort during this year. We generate a free cash flow of EUR 36 million with a positive tendency expected for the second half of the year. In terms of debt leverage, we can say that we are on a good track. We are at total debt at 4.3x adjusted EBITDA. If we take out the leases, it's 3.8x. On senior secured, it's 3.3x. As mentioned, if NetC o fiber core happens, we are committed to tighten our leverage targets to 2.75x. At the end, just to confirm our guidance, the Outlook 2025 in all dimensions, with the revenue growth, you see the phrase "slight growth." Probably we should say it's accelerated growth. We are materializing, will materialize more than EUR 300 million in synergies, and we confirm also the double-digit growth in operating free cash flow. Thank you very much, and we are happy to respond to your questions. Thank you so much, Meini. First question comes from Akhil Dattani from J.P. Morgan.. Please go ahead. Hi, morning. Thanks for taking the questions. I've got a few, please. Firstly, Meini, you mentioned obviously very strong results in Q2, but there's a lot of initiatives that you've talked us through that sound like they could help shape an acceleration further into H2 and beyond. I wonder if you can just give us a bit of color on how you're thinking about the shape of the next few quarters in terms of revenue growth and EBITDA, just to help us better understand how these initiatives will help the numbers. That's the first one. The second one on the data lake and churn, mostly very interesting in terms of what that could do. Could you just help us quantify how you think about the financial benefits? I guess it'd be helpful to understand where your churn is on a blended basis and how you think about your aspirations for future churn. Finally, you also mentioned the NetCo. Any updates on where you are with that process would also be interesting. Thanks. Thank you, Akhil. Wow, this is quite a comprehensive question list, but I will try to answer it the best I can. Maybe I start with churn and data lake. It's very clear. We are in FMC in 15%-16% churn area. It depends on the brand, obviously, but on average, you can calculate around 15%. Each point of churn reduction brings us around $70 million of cash flow improvement. It's a super relevant KPI, and we are obsessed in improving that. We're improving that We're improving that by improving customer experience continuously, where we are already number one. We are trying to broaden additional services to increase the stickiness of the clients. One key measure here is, besides content services, which are also reducing churn quite significantly, our device-as-a-service model. We believe that we can bring churn down over the next few years to a level similar to Telefónica, which is below 11%. It's super important that we can do that because we have unified, good quality, high-quality information. That helps us also, as I said, for targeted investments. In terms of new services, we have already the first tangible results. We did the insurance deal, where we have very distinctive economic conditions with a high participation in terms of margin in the revenue that we generate. It's a very sustainable business that will create continuous revenues. We have another deal that will come hopefully quite soon, which is our energy business, where we have more than one company interested in joining us. We hopefully will materialize also during this quarter a comprehensive alliance agreement that helps us not only sell energy but also to cross-sell telco services to our energy partner. We are materializing already concrete results. We have new business areas like retail advertising, where we help, based on our understanding of our clients and the detailed segmentation, to increase the effectiveness of marketing campaigns. We have already ongoing a few pilots with prestigious partners. The first results are that we are improving effectiveness of marketing campaigns by a factor of two or three. It's very powerful, and we believe that this will be a major success, and there's a potential to become a very great value creation for MasOrange. In terms of NetCo as mentioned, we have done all the necessary steps in financing. We have been closing debt financing. We have been more successful than expected in this area in terms of size and conditions. We have also, for equity investors on the table, various binding offers, which we have to select. We have to come to final agreements with our strategic partner, Vodafone, which some points are still open. We hope we will be able to clarify them in the coming weeks. Thank you. I guess the first question comes from Maurice Patrick from Barclays. Yeah. Hi guys. Thank you for the opportunity and for the call. Just from my side, just a couple of questions. I mean, Meini, in your prepared remarks, you make a big deal around the MasS tack concept that you have and how that's allowing you to have better customer insights, reduced churn. I'm curious as to how much we are already seeing in terms of the impact on your financials on that, as opposed to it being more kind of what it can do in the future. Curious to understand how much benefits we are already seeing. On the churn reduction, the second question, the churn reduction, I see in terms of your net add, you continue to show solid fiber and mobile contract net add still. I'm curious as to whether that's an increasing share of gross additions or if it's mainly the churn point you highlighted, i.e., it's lower churn that's driving that improvement rather than just taking more gross additions. Thank you. Thank you. Just to introduce the concept of MasS tack. MasS tack is our internal development IT stack, and it's a cloud-native open-source solution with application and with microservices. Basically, it's a modular service IT stack that we used originally in the MásMóvil brand, and we are rolling out different services already to the full group. We don't need, let's say, a full migration at a determined moment. We can migrate silently and sequentially all the group brands to this solution. Why is this important? First, it's more efficient. We have more control on the development. We are quicker. We are more agile. It enables us not only to do telco business, but also additional services. All the new adjacencies that we are selling are based on the MasS tack. This is important in terms of efficiency and new service delivery. In the efficiency, we are probably, let's say, halfway. We have still a lot of potential in IT cost improvements. On the other hand, in terms of service enabling, we are starting with the former Orange Group brands right now. We will not find a major impact yet in the P&L. In terms of revenues and, let's say, in terms of client growth, it's a mixture between good growth at performance and churn reduction. Our focus is churn reduction, to simplify very much. We have a big opportunity in the Spanish market because it's a growing market in broadband lines. In the last 12 months, the market was growing by over 700,000 services. We expect the growth to continue, maybe not in this magnitude, but 500,000 broadband lines, pretty sure for years. The internet penetration in Spain is, interestingly enough, much lower than the European average. We are at around 61%, 63% last year, so end of 2024, whereas the average in Europe was 20 percentage points higher. Only to get the catch-up, it's around 4 million services in addition to what we have right now in the market. What do we mean with that? We are quite confident in slightly growing our client base without disrupting the market with very aggressive price offering. We are focused on value creation, and that we will continue to do. Thank you. Thank you. Hi. Good morning. Can you hear me okay? Yes, yes. Please go ahead. Thank you very much. Thanks for the presentation. Listen, I just have a couple of questions on your fiber core JV. I guess the first one is you've consistently said that you expect EBITDA at the JV to be $480 million in T plus three years. Can you just give us a number as to what that number was in 2024 or on an LTM basis, and give us some indication as to what's going to drive the EBITDA growth over the interim period? That's my first question. I have a follow-up on financing, which I could ask later or now, as you wish. On the churn numbers? Yeah, no, on the fiber core. The fiber core was not in place in 2024, so there's no number for 2024. The 483 is depending on the bit stream fees that we pay and the number of clients, so the evolution of clients. In our, let's say, business plan that we shared with the financial community, we have shared, let's say, the agreed bit stream price between the parties, which is a top secret, which I cannot communicate, as well as a reasonable evolution of the client base. It doesn't suppose a major super, super growth in the client base, if you want to ask or to know that. Okay. It obviously includes some client base increase. Fantastic. Thank you. Just one more question on financing. Congratulations. I think you've announced a EUR 4.7 billion financing. Just out of here, just to understand, when there's closure of the JV, how much of that financing will be drawn at inception and how much do you intend to potentially distribute to shareholders? Linked to that, you mentioned you've got an ID rating, which is clearly very attractive. Could you give us a sense to what the overall cost of debt would be and if there are any restrictions for shareholder distributions as part of the financing? On your first point, what we are clearly communicating is that 100% of the proceeds from the NetCo will go to deleveraging. I think that's the first element we can communicate. We have not communicated it still on the number, but that will be a material number. Regarding the cost of financing, Guillermo, if you could give some color. I think it's in the range of the infrastructure financing for this kind of asset investment grade. You would be looking at a spread over between 2% and 2.5% over mid-shelf. Thank you very much. For the distributions, also a pretty standard regime with some headroom for lockup of distribution of dividends. Excellent. Thank you. It's very clear. Thank you so much. Next question comes from Fernando Cordero from Santander. Please go ahead. Hello. Good morning. First of all, many thanks for the detailed presentation. Two questions from my side. The first one is we have already seen that in the first quarter, but the trend has been reappearing in the second quarter regarding the wholesale business. During 2024, you have been suffering a declining trend in this revenue segment. There are already two consecutive quarters of, let's say, high single-digit growth year on year. In that sense, what are the reasons for that improvement? Not only that, when do you expect the new wholesale client now to start contributing to your wholesale revenues? The second question is on the CapEx side. You are already running the business at a 14% CapEx over sales. Considering that you are in the midst of the synergies production process, I would like to understand what is your outlook in terms of what should be the long-term CapEx intensity of the business once the synergies are fully materialized? Maybe on wholesale first, Fernando, I think what we've been doing in 2024 was to make sure that the low margin contributing wholesale business would be progressively taken out from the P&L. We are now, I would say, starting from a lower base at the beginning of 2025 and just building up on more value-creative wholesale deals. That's what explains, at the end of the day, the move in 2024 and now the move in 2025. The Avatel business is already partially there and w e believe the full materialization of the Avatel mobile business will become in Q1 2026. Regarding the long-term CapEx intensity, as well you've understood, we are now at the end of the cycle of investment in fiber and in 4G, which means that we have additional, I would say, leeway to invest in what is more related to innovation and B2B growth. That's roughly to explain how capital will be allocated across the different lines. The reduction of the churn that Meini has been mentioning will also play positively on the part of the customer acquisition costs that are being capitalized. You could obviously expect a continuous decrease over the following years by a couple of more points. Okay. Many thanks, Meini. Thank you, Fernando. Thank you. Next question comes from Joshua Mill from Nexam BP. Please go ahead, Joshua. Hi guys. Hopefully, you can hear me. A couple of questions from my side. Firstly, given that there's going to be so much focus on these new business areas going forward, could you just let us know whether you're including things like insurance and some of the other energy businesses within service revenue? If so, what percentage of service revenue those are today? That would be helpful. Secondly, I think in the slide deck, you talk about 2.7% service revenue growth. Is that purely related to the telco business, or do you also include some of these new elements in there as well? Finally, I think it touches on an earlier question. It'd be great to understand what kind of margins you think you can get to on some of these techco services going forward. Do you expect them to be lower than the telco business initially and then rising, or do you actually think you can bring on customers at a relatively high margin, certainly relative to some of your other telco peers? That'd be helpful. Thanks. Thank you for the question. The new services are included in the retail revenues. When you look at our retail revenue for the first half, a bit lower than $3 billion, that's roughly still over 95% on telco and, let's say, below 5% on new services. That's still not the relevant share of the total retail revenue. Just for retail, if you put retail plus wholesale, obviously, the share is even lower. Regarding the margins, some of those are accounted for on gross revenues because we are the principal. Some others are accounted as net revenue because we are an agent. Let's put it this way. When we are an agent, which is the model in which we are increasingly going, margins are roughly in the round of 60%. Interestingly enough, on those services, there is no CapEx attached to it. That's a pure, I would say, P&L business. It's quite contributive in terms of direct value contribution and direct margin. Not to say that, obviously, the customers which obviously take more than one service have, I would say, a better deal, including energy, insurance, and device, than the ones that don't. As Meini was mentioning, this is clearly impacting churn very positively. There are also insurer benefits to this bundling strategy, which do not directly reflect in the direct margin of the business. Just to add a bit to this argument, the value creation that we offer for our clients that take more than one service is very significant. That is a big advantage for us because we are, for instance, consumer financing without interest, energy that gives us discounts in the telco bill, insurance at preferred conditions enables us to offer a value to a client that they don't have if they go to a low-cost competitor. That means we don't have to compete only on price per gigabyte or price per minute or internal connectivity because we have a more comprehensive offering. That enables us to look on value, on value creation, and not just on, let's say, price-based competition. Thanks very much. Maybe just one other follow-up. I don't know if you've given an indication on working capital, but it's running about EUR 230 million negative in the first half. I know last year you were broadly flat. Should we expect that to recover in the second half, or is there a reason for us to expect working capital outflows for year 2025 overall? Thanks. The first half of the year is always a bit worse than the second half. I mean, basically, the change in networking capital that you see here would be relatively comparable for the full year from what you see in the first half. Great. Thank you. Thank you. Next question comes from Ottavio Adorisio from Bernstein.. Please go ahead. Right. Did you say Ottavio? Ottavio, yes, please. Yeah, yeah, it's me. I can't call because I couldn't hear it. Thank you very much for the questions. I have a couple of questions on my side. The first one is on fiber core. During the call, you said that you're engaging with equity and debt holders, and you already have clear what the EBITDA will be on going forward. My question is, could you talk on the MasOrange side? What will be the cost that MasOrange will bear to effectively use the fiber core going forward? What will be the Vodafone and second one cost? The second one is related to your gearing. I think that the gearing has improved. It's all to do with the growth on EBITDA, while the gross debt has remained unchanged. I appreciate that working capital has consumed some of the cash, but even if I take the net debt as of nine months, net debt is going up. It's not going down. It looks that your growth on EBITDA is not really feeding into free cash flow. I've seen on top of working capital, you had an increase this quarter of license and others by $80 million. It was almost nothing last quarter. I've seen also leases increase significantly. If you can talk about all these costs that below the EBITDA line that consume the cash and effectively mean that your free cash flow is relatively hovering around zero. Thank you. Ottavio, just regarding the cost of the fiber core. I mean, for us, it's quite simple. Obviously, if you create an infrastructure company that you contract with, you increase your OpEx. In our case, we almost can compensate the OpEx increase by a decrease in financial costs. Plus, please remind that we have a 50% or even at least 50% share in the fiber core. That means we will also receive dividend because this is cash flow positive and dividend generative from day one onwards. That's the first point regarding growth in EBITDA and cash flow. Maybe just a highlight before I pass to Ludovic. You have to understand that we are in a phase where we have still integration costs that are going down significantly, but this is relevant still this year and much less relevant next year. Ludo? Yes. Now, if you look at the different set of slides, you'll effectively see that the difference between the adjusted metrics and the reported metrics is declining through time. If we just look at the difference between the adjusted EBITDA and the reported EBITDA for the first half of 2024, the difference was $63 million, and it's now $18 million. Putting that in other words, as times go, I would say, restructuring and integration costs are getting down, which makes that the other captions that you mentioned would be reduced through time. The same for CapEx, with the exception that this year we had a couple of integration CapEx still related to the dismantling of the networks that we were mentioning. For your questions regarding the other captions, this would reduce, obviously, through time. On the other elements, on the lease liability, there has been a slight increase during this half, which would be reduced. Basically, we would be below for a full year 2025 than the figure that we had in 2024. I mean, through time, that would come to a progressive decrease of the lease liabilities. There is one caption which continued to grow slightly, as we mentioned. It's on the interest, just to remind you that the JV was established in the second quarter of 2024 with an increase in debt between Q1 and Q2, basically doubling. You globally add three quarters with full debt and one quarter with half of the debt in 2024. You obviously will have four quarters of the full debt for 2025. This explains also why the net interest debt, including also some elements on the renegotiation of the debt, will negatively impact this line. Perfect. I have a follow-up on this, on the fiber core. You're effectively guiding for the gearing to reduce towards 2.75 after the transaction. That, of course, depends on the valuation and how much equity you plan to sell. Do you have an idea how you do want to retain control of the fiber core and how much equity at the max, at the very top, you're prepared to sell? Do you sell the entirety? We'll communicate that in due time, but the idea is to remain in control with core control over the JV. Okay. Thank you. Thank you, Ottavio. Next question comes from Karl Mordekeschmidt from Citi. Please go ahead. That's great. Thanks very much for the question. I just wanted to ask about B2B revenue. You talk about strong growth in the B2B market. In your lender presentation just over a year ago, I think you talked about enterprise being 8% of revenue. I was just wondering, kind of what percentage of revenue is that now? What rate of growth is your B2B revenues growing at? What could be the kind of medium-term aspirations for how large that division could become? Thank you. At a high level, it depends how you define B2B. In our definition, if you include SOHO for the small enterprises, SME, and large accounts and public administrations, we have revenues of around 20%, a bit less than 20% of the total revenues, or EUR 1.4 billion- EUR 1.5 billion revenues. That's the total segment. If you take out SOHO, it's a bit more than 50% of that. If we focus on large accounts and public administrations, we have around EUR 400 million of business. In this segment, we are clearly growing at a rate of around 20%. That's great. Thanks very much. Thank you. Next question comes from Andrei Kavaisek from UBS. Please go ahead. Hi. Many thanks for the presentations and for the opportunity to ask questions. I just wanted to clarify, Meini, you said a 1% reduction in churn leads to a 70, 70 benefit to free cash flow. Did I hear that correctly? Yes. Okay. So Okay. That is 70. Can I just clarify? Because the ambition, as you said, is to go from 15 to 11. That would mean a saving of close to EUR 300 million per year, roughly. How does that tie into the synergy targets, right? You guys had something like EUR 500 million over run rate. Then Orange SA, as a group, said that there would be an option of another, say, EUR 100 million over run rate from so-called commercial synergies that they clarified would have to do with things like lower churn. I'm just wondering if there is an upside of close to EUR 300 million from churn reductions that you are targeting. What part of this is in the guidance? What part of this is in the option from the commercial synergies? What part of it upsides to the total of EUR 600 million? That would be one question. The second question is on the tension in Spain recently around the wholesale fees, around access to ducts and networks of the incumbent, where I believe you are part of the group that is challenging the outcome of this, legally speaking. I was just wondering what your view is around the situation because on the one hand, the higher cost of access to networks maybe limits your profitability. On the other hand, it also limits the incentive to overbuild, where I believe the argument around Digi expanding their fiber network further has been one of the things that will depress or has potentially depressed the fiber core joint venture valuations from the initial, say, EUR 10 billion kind of targets to around EUR 7.5 billion now. Where's the balance from your perspective? Thank you very much. Okay. Churn. Incremental churn reduction is not in our guidance. It would be incremental, basically. It depends on the division of commercial synergies, but commercial synergies are more focused on revenues. We have never officially communicated any target for revenue synergies. The 500 are cost-oriented, and then we might have incremental churn. From our synergies, we can add the churn upside, the churn reduction upside, which is incremental. In churn, you can think of two-thirds of the impact as OpEx and 1/3 as CapEx. In terms of DACT, that was your second question. Yes, we have had a revision of the regulator, the CNMC in Spain, that has increased the cost to access the public or semi-public infrastructure on DACT, on POS, etc. This is for us an impact and yearly impact of around EUR 5-million EUR 6 million. It's true that we are not happy with that. The initially proposed increase was higher, but we have been able to convince the regulator that this was not adequate. We still believe there's limited justification for this price increase because it's profitable for the incumbent, this offering of the passive infrastructure. The impact is quite limited. In terms of impact for future fiber development, it makes it less profitable. We think also in Spain, having two major networks, the one of MasOrange and of Telefónica, there's limited need for additional networks, especially because there are not more tenants. Networks make sense if you get more than one tenant. The major networks are ours and from the incumbent. That's the logic. It's less profitable to deploy additional networks, for sure. Thank you for that. Meini, if I can follow up on your first answer. It's clear that the, you know, 4% points times 70 million, that is upside. That being the target, what do you think is kind of realistic? What would be the base case for you as an upside for that 500? We believe that within two to three years, we should come close to this target. It's quite mechanical. If you think that the churn of our clients with device-as-a-service model is two to three times lower than the average churn, or, sorry, the rest of the churn, meaning the ones that don't have this service, it's quite clear that we have a lever that could be very effective. We are obviously committed to implement that as soon as we can. In two to three years, we should have the full impact. Okay. If I challenge you a bit, then why not raise the guidance? If this is mechanical and if it's a two-year timeline, which is in line with the original synergies, why are you not raising the guidance for synergies? No, we don't. Sorry, we have here the alarm machine, the alarm clock working. I mute you for a second. It's noon. We know all now that it's noon. We did not give any guidance to the market apart from the guidance on synergies. These are not synergies. They have nothing to do with the integration effort of the two companies. It has to do only in the sense that we are transferring best practices from the companies, especially, let's say, the Orange brand was very, very good in devices in general. In a stricter sense, this is not a synergy. That's why we're not upgrading it. That's very clear. Thank you. Perfect. We have no more. No, there was also a question regarding CapEx. I'm not sure if we responded. Yes, we did. The bottom points operation are the next year's. Yes. We will continue to improve the CAPEX. We have been in 17% over revenues in 2024, and we will go down to around 12% within three years. Perfect. We have no more questions. We've appreciated enough the session. Thank you so much for your time. Thank you, Janko. Thank you all for joining us. Thank you for your questions. We just want to reiterate our high confidence to meet our guidance for this year, 2025. We are happy to say goodbye and wish you all a nice summer. Thank you.