Good morning, everyone, and welcome to MasOrange Q3 2025 first half presentation. I'm Juan Gaitán, Director of Investor Relations, and I'm here today to join my CEO, Meinrad, our CFO, Ludovic Pech, and our Director of Capital Markets, Guillermo Bárcena. The team will go through our prepared remarks, and then we will open the line for your questions. As a reminder, if you wish to ask a question, please press star five. And without further ado, Meinrad, the floor is yours. Thank you, Juan Pablo. Good morning, everybody. Who said elephants cannot dance? This is a title of a famous book of Lou Gerstner, the legendary CEO of IBM, and here in MasOrange, we want to dance. We have already a relevant size, but we strive to become bigger and especially to create value, and we believe we are on a good track for that, so as you see in our title page, the sun is shining over the skyline of Madrid. We have had in Q3 a very high activity level, and also the results show a high growth dynamics, so we are maintained to be one of the fastest growing telcos in Europe. If we go on our page three, we have a summary on our business developments in Q3. We have had a very significant milestone. We have signed the FiberCo with Vodafone and GIC, and we call it premium fiber. We are maintaining the track from transforming from a pure telco to a TechC o with, let's say, quite successful initiatives in new businesses and in the commercialization of consumer electronics. We have closed a very important partnership in the energy sector with Endesa, one of the leaders in the Spanish market. And we maintain high growth in our B2B segment with especially innovative projects, for instance, around 5G private networks. And in ESG, we have achieved an additional rating with Clarity AI. And in addition to our ESG rating, we can confirm our leadership position in sustainability. If we proceed to page four, an update on our NetCo transaction. As mentioned, we call it premium fiber. It's premium in a lot of aspects. We are the largest FiberCo in terms of clients in Europe. We are the largest FiberCo in terms of number of homes in Spain. We have a very high penetration with clients, as mentioned. We have the best quality of service, and we have an outstanding financial profile. We have achieved investment grade rating, and just to add, the proceeds that we achieve as MasOrange from this deal will be 100% used to deliver, and MasOrange will not consolidate the net debt. We continue on page five. We see MasOrange has achieved to create an ecosystem of alliances with top partners in adjacencies. Why are we doing that? We want to create recurrent business and profitable business, but also extend loyalty of our clients and open up new telco channels. We have achieved that in device financing with Cetelem, in insurance with Zurich, in energy with Endesa, and currently with ADT in home security. As you can see, we have a broad field of adjacencies, and here we are focusing basically on a commercialization of services and products of tier one partners. On the next page, some details on our strategic alliance with Endesa. Endesa is a leading energy company in Spain with around 10 million clients and a market share in electricity of one third and in gas of around 20% in Spain. Why did we close this alliance? Because we create a lot of value and we avoid price volatility risk for MasOrange. We are not an expert in energy acquisition or trading, and at the same time, we are preserving the benefits of this adjacency for us. We improve customer loyalty, we generate margin, and we get a new partner for the commercialization of telco services. We expect antitrust approval in Q4. We have received first positive feedback, so we can be expecting a deal approval within this quarter. Besides the commercialization of services and products of our partners, we are also creating own businesses within MasOrange, especially data-driven businesses. The first one is our advertising platform. We are not a marketing agency, but we offer to advertisers real segmented and qualified audiences. The real audience becomes increasingly important in the world of bots and artificial intelligence, and we know our clients. We know that they are real, and with this, let's say, segmented approach supported by a tech platform of own development, we can match advertisers with real audiences and achieve much higher campaign effectivenesses. Just to give you an example, with our proprietary tech processes, we achieve analytics that are incredibly fast. We can do 24 billion of geolocation data within two seconds, and I'm especially proud because we are in a sector that we manage a lot of data, and until now, we have not used that to improve the services for third parties. This is a first step, fully GDPR compliant, so we are not selling or seeding any client data, and we are doing that with our internal talented team. The second initiative around data is the Open Gateway monetization. Basically, we combine network intelligence with client data or client information, and with that, we can achieve to fight fraud, improve risk models, and strengthen digital identity. We have launched these initiatives only a few months ago and in November. Within a few weeks, we will already launch the first pilots, the first box with top-tier clients. In B2B, we also see or continue to see strong growth. We have won important new clients, and we have been able to extend and renew other important contracts. New clients include Grupo Prisa, TotalEnergies, or Merlin. We have been extending agreements with clients like Mercadona or Correos, and we have renewed contracts with Carrefour or Securitas Direct. On page 10, you see that we also reinforce our ESG leadership. We had achieved best practice in Europe ratings in the past, like the Sustainable Fitch rating, and we also achieved it recently with Clarity AI with 82 points, meaning best practice in Europe in European telecoms. This effort in ESG is not only an expression of our social and environmental commitment. It shows also a culture oriented towards value creation, towards impact. To cite again Lou Gerstner, culture is not just an aspect of the game, i t is the game. Therefore, we put a lot of effort in strengthening our common company culture. If you go to financial performance, our results, financial and commercial results, we are a growing company in number of clients and also in revenues. We have been able year on year to add around 100,000 FTTH lines and almost 400,000 mobile postpaid lines with churn and ARPU basically flat. In total revenues, with 3.7% year- on- year growth, we are one of the fastest growing telcos in Europe. We are outperforming the telecom sector in service revenue in Spain. On the cost side, we have advanced materially in the materialization of the synergies. We are around at EUR 259 million at the end of Q3, and we are on a very good track to achieve our guidance of above EUR 300 million in the full year 2025. EBITDA is increasing double-digit, and also the EBITDA margin is up to 38%. In cash generation, we are on a good track. Operating free cash flow constitutes 25% of revenues, growth of 11% in the first nine months. The recurring net CapEx is below 14% of revenues, and that despite some extraordinary effects like the UNICO 5G, which is a publicly funded program with significant impact in CapEx, but it's funded via subsidies, and also cash conversion is at a high level of 64% of adjusted EBITDA. If you look at the customer in detail, so we are growing in around 500,000 services in broadband and in mobile postpaid year- on-y ear. We are basically stable in the last quarter in Q3 in broadband and have a strong growth in mobile postpaid. If you look at the revenues on page 14, total revenues grow by close to 4%. We are growing basically in all categories. In service revenues, post-RFS, 1.5%. Pre-RFS, it's a bit higher. It's 1.7%. And we have a strong growth, especially in equipment revenues. EBITDA year- to- date, basically we are growing double-digit, 13% reported EBITDA, and we are improving also the margin around 3 percentage points in reported and around 1.5 percentage points in adjusted EBITDA. If you look at the reported EBITDA performance with a broader view on the performance last year, basically Q3 EBITDA is in line with the last 12 months average or last four-quarter average, if you wish, so 38% margin, it's a satisfactory performance. In synergies, fully on track, page 17 to meet our target for the full year 2025, which is synergy level of above EUR 300 million. So first nine months, we have materialized EUR 259 million, and we don't see any relevant risks to not achieve our full year target. In terms of network quality, on page 18, we have results of the most recent rankings or quality surveys in the Spanish market. One is conducted by MedUX and the other one by Opensignal. In both, we are clear leaders. And in terms of network performance and network speed, maybe just we have added on Opensignal also a reference on satellites. Here you see that the average speed performance, not the maximum speed performance, the average speed performance is around 3x or more than 3x higher in download from our network versus satellite performance, and it's much higher in upload, which becomes increasingly important and obviously also in latency. So these good results that we can contribute also to premium fiber to the NetCo is a result of our capacity to invest and to innovate. On page 19, we see the net CapEx. We see a slight increase in net CapEx. However, if we normalize for the publicly funded project, the UNICO 5G project for rural areas, we are actually down in recurrent net CapEx by 5%. On page 20, we see we get again a more global view on the net CapEx in comparison with the last quarters. Basically, we are below the average of the last year, around EUR 16 million below or 6% below total, so CapEx is under full control. Operating free cash flow on page 21, EBITDA minus net CapEx. Basically we see a double-digit growth, both supported by EBITDA increase and control of net CapEx. On page 22, we come to the free cash flow, so we have over EUR 800 million of unlevered free cash flow, and we have still relevant interest payments of around EUR 600 million, but we have free cash flow generation of EUR 100 million in the first nine months, and we see that this will increase significantly in Q4, and by the way, net interest paid will be optimized post-NetCo. We improve our credit profile and also financial costs. If you go on page 23, our debt position, so basically we are stable in leverage, both in total as well as in senior secured net debt, and we have a slight decrease in total debt of around EUR 70 million versus our June 2025 situation, and we confirm the leverage target of 2.75x post-closing of the NetCo. If we again, the outlook or guidance 2025, we fully confirm in all three KPIs the guidance that we have communicated earlier this year. Thank you so much for your attention, and we are happy to respond to your questions. Thank you so much, Meinrad. Now we are starting the Q&A session. First question comes from Akhil Dattani from JP Morgan. Please go ahead. Hi, morning. Thanks for taking the questions. I've got a few plays on different topics. The first is on consolidation in the market. You've probably seen there's been a lot of speculation in the last few months around broader Spanish telco consolidation. I see that you might be potentially involved in a smaller acquisition that's potentially ongoing at the moment, but equally, there are rumors around bigger consolidation across the market, potentially involving Telefónica and Vodafone. So I'd love to get your thoughts around both smaller and bigger deals and just how you see the landscape evolve from here. So that's the first one. The second one is, mind you, you mentioned a lot about these propositions and initiatives that you've put through in the business and that are progressively going to filter through the company. I guess the challenge for us on the outside is having visibility on the delivery of those. How do you think about the way you can help the market better understand the financial merits of these? Could it be about giving midterm guidance? Could there be other sort of measures? So how do you think about providing more visibility? And then the last one is just a very quick one on, I guess, the inevitable question around all the speculation around the conversations between your two partners around the ownership situation. I'm sure there are limits in terms of what you can say, but I guess I'd love to understand, do you think there is a firm timeline here? And at that point, you have to move to IPO, or is this a very long and open process? Thanks a lot. Yes, Akhil, you're the first one in all the calls, so you are the early bird. It's a pleasure to answer your question regarding consolidations. What we are concerned, I mean, we are very prudent with our financial policy, so we are not planning any major deal for this moment. As we know, we are on a delivery path. We have done the NetCo, and we are doing our, let's say, internal business initiatives are not CapEx intensive, so you don't have to worry about our financial profile. We are open to look at opportunities, but we have no major transaction under analysis at this stage. In terms of consolidation of other players in the market, I mean, we have a quite fragmented market, not only in Europe, but also in Spain. So I believe we have eight operators with above EUR 100 million in convergent offering in Spain. We have more than hundreds of small operators in rural areas, so consolidation might happen in operators and might happen also in other, let's say, related sectors. We, as MasOrange, in principle, are positive towards consolidation. We see that it creates positive impact for the society and for the clients. In our case, MasOrange, we have the most satisfied clients in the market, and we have been able to improve significantly service quality. We saw the rankings in fiber and similar in mobile. We also frequently number one. So in that sense, I think it creates a lot of positive aspects for the market, and we believe in general, we are supportive to that. Whether or not relevant transaction will happen in the market, I mean, it's not depending on us. So I see probably it's a question for other parties, and I don't dare to comment too much on that. Regarding the new services, so yes, we are consciously making your work harder because MasOrange is more than our pool of clients. And we know that you are not used to that in the traditional telco world, but that's why we are putting emphasis that we are not a traditional telco anymore. We are evolving towards a TechCo with, let's say, internal tech and IT and data and AI capabilities. And that helps us not only to grow, that helps us to be more productive, and it helps us also to offer better service quality. We are now trying to educate you on our capabilities. We are showing first results in advertising. We have included some results. You see also the evolution of our, let's say, adjacencies. We are growing basically in all of them. We are growing in devices, more than 20% this year. We are growing in energy year on year around 200,000 clients. We are growing in insurance around 150,000 clients. Similarly, in television. So we're growing in all these aspects, and in case, and that's the, let's say, transition to your third question, in case of, let's say, an IPO process, we would certainly include additional KPIs and information use so that you can value these new initiatives more precisely. We will also think in general if we include some operational financial KPIs regarding the services. It's a good suggestion. Right now, we are not prepared for that, but we will take note of your suggestion. Thank you. Thanks so much. Next question comes from Joshua Mills from Exane BNP. Please go ahead. Hi, guys. Thanks for the questions. Maybe just a follow-up on Akhil's one. Could you give us some detail on perhaps what percentage of your service revenue at the moment is coming from these new areas versus the traditional telco business? That would be very helpful to allow us to understand what's happening to the underlying telco service revenue growth this quarter if we exclude the business areas. So that's the first question. Second question on the EBITDA development. I know there's been a bit of volatility here. I think if you look at the increase in synergies quarter on quarter and then consider the EBITDA growth, it looks like there's a bit of softness this quarter. Could you explain whether that's just seasonality or there's anything else going on in the EBITDA growth underlying? And then finally, just coming back to the core telco business, it does look like there's been a pickup in competition this quarter with a lot of broadband subscribers. Could you give us a bit of a steer on what's happening in the Spanish market, where that competition is coming from, and how we should think about it into year end? Thanks very much. Okay. Thank you very much for your question. Regarding, let's say, the split of service revenues, we don't split it up publicly right now in our reporting. Obviously, it's a growing segment in the new business areas. We might include it in the future, as mentioned before to Akhil, but for the moment, we don't give this split. In terms of EBITDA evolution, well, obviously, I mean, on a very high level, you have to see our results broadly, and we are growing double-digit in EBITDA and close to 4% in revenues, also in service revenues, so we have a long-term orientation as a company. We are looking at value and prioritize value over volume. We have assumed this year and also in Q3 costs to assure future growth, and we are implementing measures, for instance, devices as a service, the shielding of the clients, or extending the loyalty periods. We don't reflect immediately in EBITDA or revenue growth, but create value for the future. Ludovic, do you want to add something? No, just as a follow-up to your question. I think if you look at the adjusted EBITDA performance in Q3 compared to the nine months, I mean, you'll find that the EBITDA of Q3 is exactly one-third of the EBITDA of the nine months, right? And if you look at reported EBITDA, you will find the same metrics. So all quarters are not alike, but let's say that the performance in Q3 is just one-third of the performance of nine months. And one additional add up to that, if you look at the evolution of the difference between the reported EBITDA and the adjusted EBITDA, you also see that there has been in nine months EUR 79 million of reduction in integration and restructuring cost, which shows that obviously as time goes and obviously the synergies propagate into the base, there is less and less difference between those two metrics, which also makes that we are progressing on this front. Regarding the market, the situation, so we are number one in clients, and we have to be responsible with, let's say, our initiatives in the market. We are prudent. We are not aggressive in acquisition, and we see that there is some rationalization ongoing, so it seems that also other competitors are becoming more rational, and we have seen, for instance, that the back-to-school campaign, September, October, is this year probably less aggressive than in the last years, so I think we are giving a good example that value creation is super important. It's more important than capturing some clients more or less during the quarter. Great. Thank you. Thank you. Next question comes from David Wright from Bank of America. Please go ahead. Okay. Thank you, guys. A couple of questions. Yeah, I'm interested too in these new service offerings. I guess just to understand the evolution of this industry, this cross-sell, are your deals exclusive with these providers? Or as more and more telcos maybe follow your lead, could you just find the opportunity diluted? Is it your data analytics and knowing your customers best that gives you the advantage? That's question one. Question two, please, is just to what extent at the moment regarding the talks of your shareholders, mind you, you've been very successful with MasOrange as a listed telco and the agility that that gave you. To what extent would you like to be listed? Do you think a stock market helping could help your business or whether it just gets, and I say this respectfully, swallowed into the wider group? My final question, just on all the data analytics, my understanding for some time is that that was very much active around the MasOrange original customer base. Is all of that analytics now fully applied and doing its work on the full Orange base? Is it now across the fully integrated customer base, or is that part of the synergy that you guys are crystallizing? I know there's three questions there. Thank you if you could answer those. Thank you very much. First question regarding our adjacencies or alliances with our partners. Here, in principle, we have exclusivity with the partners, but obviously not with the sector. So our competitor could partner up with somebody else of the sector. I think we have selected very well our partners, hopefully the best ones in each sector. So in that sense, we have an advantage. We have been able to demonstrate that we are able to grow adjacencies, which is not obvious in the telco sector because of prioritization. Frequently, if you start something from zero, it doesn't get the right priority within the commercial channels, etc. I think we have found a good mix. We have a great team with, our COO, and Victor Del Pozo, the director for new businesses. And the mixture, I think, is the success factor. We have to have the right balance in giving space to these new initiatives so that they can grow and become relevant. In terms of the potential IPO process, look, this is in the hands of our shareholders. They have to take a decision. We have time to take it, so there is no hurry. From our side, from the management side, we have to make sure that we are prepared for it if the decision is taken. In terms of deleveraging, we are stepping ahead with NetCo and with positive cash generation in business. Internally, the procedures are quite up to date to be a listed company. But having said that, it's the decision of the shareholders. From management side, we can live with any situation. I personally have been having frequent shareholder changes throughout the last 20 years. I started as a 50% owner of MasOrange. Unfortunately, I was a bit diluted over time, and we had venture capital, we had stock exchange, we had private equities. So we are flexible, and we will adapt to the situation. We can live with any outcome. As far as I know, no concrete decision has been taken. Regarding analytics, a very, very important point. So we believe data is a bit the gold of the future or of the present already. We have fully integrated the data lakes of both former companies, Orange and MasOrange. So we have one unique data lake, and we can base all our initiatives of new businesses, also of artificial intelligence on a homogeneous data lake. Very interesting. Thank you. Next question comes from Mathieu Robilliard from Barclays. Please go ahead. Yes, good morning. Thank you for the presentation. I had a few questions. Thank you for the increased disclosure on the service revenues. But as you find out by now, we always want a bit more. So following up on one of the previous questions from Josh, I think, can you give us a sense of what kind of margins you get on these new service revenues? I would imagine they're lower than telcos because it's resell. But I assume they should be positive. And separately, I guess they also have an impact on churn and maybe gross ads market share. So if you could comment a bit on early indications of what is the impact of these new service revenues? The second question was about OpEx. And yes, I guess as you flagged, the EBITDA has been a bit volatile, so there are underlying elements below. As I understand your previous answer, you're basically investing for the future by securing or capturing customers for the longer term. But if I take a step back and if I look at the EBITDA that we should expect for 2025, is it fair to assume that that's definitely going to be a growing EBITDA? Lastly, on CapEx, obviously, you're delivering on the synergies. Your capital intensity is around 15%, which is, I guess, broadly in line with the sector. But do you see scope for that capital intensity to decline over time? I mean, obviously, we all have in mind that Telefónica is pointing to 10%. Now, I realize the denominator may be different. But still, if you could give us any color on how you see the capital intensity going in the midterm, that would be very helpful. Thank you. Thank you Mathieu. Look, with the new businesses that we are currently doing, you have to consider one thing. They have low CapEx intensity. That's very different to the traditional telco business, as you know. The margins are different because we have different schemes with different partners. But the margins are quite relevant in a few of them. In addition, we have a, let's say, basically in all the areas, we have a revenue-sharing model, and we have the possibility to discount in the telco bill for clients that use all the services. That's a huge value-generation opportunity. I explain myself to be more clear. A client that pays EUR 50 to us, let's say EUR 52 or EUR 53 is our ARPU, and another client that pays EUR 35 with the competition, obviously not with less quality of service, obviously. But in terms of value generation, has the opportunity with us to be in a much better position. Why? Because a client that contracts energy with us gets a discount of EUR 5 on the telco bill. A client that contracts gas with us gets another discount of EUR 3 on telco. A client that uses alarms gets a discount. If a client uses our consumer finance, which is orientated on no financing costs versus, let's say, typically retail financing costs of 20% or plus interest rate, then we have a clearly more beneficial offering for this client without the need to reduce tariffs or telco tariffs. We have to position our telco services as a high-value premium service but can offer economic advantages for clients that use us for all their, let's say, commodities or, let's say, consumer services. That's a bit the secret. Regarding CapEx intensity, we have included in the presentation that our current, let's say, CapEx over sales ratio is below 14%, yes. That includes EUR 68 million until September, so in the first nine months. If you exclude this, you will see that we have been able to significantly reduce CapEx intensity already. Considering that we are basically fully invested in fiber, we have some smaller pieces to do, but not really material investments, and that we are quite advanced at the 5G deployment, we have more than 50%, sorry, more than 90% of the population covered with 5G, you can imagine there is opportunity to optimize over the next years. I cannot give you a clear guidance at this stage, but the tendency is quite clear that we see some upside here. Thank you. And on the EBITDA trajectory, I mean, the question I had for the full year because obviously there's volatility between quarters, it's fair to assume that it's definitely growing this year, right? Yes, that's correct. Yes, Mathieu. Okay. Next question comes from Nick Lyle. Thank you, Mathieu. Next question comes from Nick Lyle from Berenberg. Please go ahead. Hi, there you go. Sorry, can you hear me? Sorry about that delay. Yes, yes. Please go ahead. We can hear you. All right. Great. Yeah, just a couple of quick ones. Firstly, if you disclosed how much cash you're going to receive or funds you're going to receive from the premium fiber deal, apologies if I should know that, but I haven't seen a number. And then secondly, just going back to the potential M&A for Spain, given you were the last to do a deal, or at least Orange and MasOrange were the last to do a deal and find a remedy taker, what do you think are the prospects today of others being able to find remedy takers for the market of structural remedies that are required? You talked about eight operators. Obviously, we know quite a few of them, but some smaller operators with over EUR 100 million of revenues. Were they interested in being remedy takers? Was there interest from foreign operators 18 months ago when you did it? Could you just talk about how easy or hard it was to find remedy takers, please? Thank you. So to be very clear, premium fiber will generate us EUR 3.2 billion-EUR 3.25 billion in cash, and we will fully use it to deleverage MasOrange. So basically, we will deliver a bit more than one time every day post-FiberCo, which, by the way, we expect to close before year-end 2025. There's one more on consolidation. I mean, it's difficult for me to comment rumors or hypotheses on remedies. I believe we had a process two years ago or one and a half years ago that was successfully closed in Europe with the European Commission. We defined remedies that until the day of today have not been used. So I mean, probably that shows the importance that is relative, the relative importance of remedies in our sector. We have a very competitive sector, and we have a lot of players. So it depends, let's say, on the policy, on the new regulation on competition antitrust. But in our opinion, we have to look twice at the transaction and to monitor the necessity or not of remedies. But without having a clear deal on the table, I don't dare to comment. No, understood. Okay. Thanks very much. Thank you. Next question comes from Fernando Cordero from Banco Santander. Please go ahead. Hello. Good afternoon. Good morning already. Thanks for taking my two questions. The first one is, again, on the services ecosystem that you are building. And I would like to understand basically two elements. When defining the deals, who are you prioritizing more? That is the upfront payments like the EUR 90 million that you are getting, for example, in the deal with Endesa, or are you getting or are you prioritizing the, let's say, the revenue sharing or the revenue modeling in these JVs? And also the second question on that, on the services ecosystem is, after seeing the deals that you have already done, which would be the next? In which other services do you see potential to expand the ecosystem? And the third question is, given that you have already completed or you are very close to complete, let's say, the deal on premium fiber, just willing to understand which could be the next steps in infrastructure rationalization in the sector in Spain? And I'm talking particularly on a potential RanCo with potential partners in Spain. How are your current views on setting up a RANCo in the coming future? Thank you. Thank you, Fernando. On the service ecosystem, what we prioritize, upfront payments or not, we are long-term orientated in everything what we are doing. So basically, our focus is to have recurrent, sustainable business in the long term. That's our focus because we are not one-time orientated. We are orientated to create a business platform that creates value in the long term. So that's the first question. Obviously, if we get also some upfront payment, that always helps. But basically, our priorities are very clear. In terms of, let's say, premium fiber and potential other deals, it's too early to comment. We are open to collaborate, and we have always been open to collaborate with other partners and operators in the market. Our first priority is quality. We have to make sure in each deal that we are in a position to assure high quality of service to our clients. That's basically part of our ADN, and part of our vision is to be number one in client satisfaction in Spain, so we will not jeopardize this objective in any deals, but having said that, obviously, we are of the opinion that probably two networks, fixed and mobile, are, let's say, the ideal scenario from an efficiency and service quality perspective, and if we can participate in any additional deal, we will clearly evaluate and analyze it, but we have not taken any decision right now. Very clear. I agree on the second point, and as a follow-up on the first question, what would be or are there any other potential services or joint ventures to be added to the ecosystem? Our priority right now is to grow the ecosystem that we have defined so far. Basically, device financing, insurance, energy, and home security. We see a lot of growth potential. On the other hand, help also our partners to cross-sell telco services. I think it's also quite important for us to open up alternative channels with trustful partners. I think that can create a lot of potential for us in MasOrange and for our partners. Great. Many thanks, Meinrad. Thank you, Fernando. Next question comes from Vivek Khanna from Deutsche Bank. Please go ahead. Hi. Good morning, everyone. I had a couple of questions, if I may, and maybe I'm getting things wrong. The first thing is, when I look at sort of reference EBITDA, which is used to calculate your leverage calculations in the third quarter relative to the second quarter, it looks like there seems to be a decline. I was wondering, is that truly the case, and what is the driver of that, if I may ask? And I have two other questions. The first one is on what would be the EBITDA impact on the group once the fiberCo is up and running and closed. And then finally, it seems that you have a negative FTTH development in the third quarter. I was wondering if you could give us a little bit of color on that development, please. Thank you. Hi, Vivek. Well, thank you for the question. Yes, indeed, it is correct that the reference EBITDA is EUR 63 million below the one we communicated in June 2025, which basically comes from, I would say, a difference between the run rate synergies and the capture synergies. So putting that in other words, we've been a bit more advanced in the capture synergies than we were expecting. But basically, the difference is not very material, as you've seen. We are going on quite good progress into the crystallization of the synergies. And as you were, yes, go on. Gotcha. Thank you. And on the EBITDA impact on the group, we have not communicated still those data. I think we'll first want to make sure we close the NetCo, and then when we'll provide forward-looking statements, we'll be more detailed on that front. But just to comment on that, the beauty of this deal for us is also that the EBITDA impact, which is obvious because we're paying to the NetCo, will be to a big part compensated by a reduction of financial costs and the participation in the dividends of the NetCo. Please recall, we maintain a 58% stake within the NetCo. So it's not the sale of assets. We participate in the value creation of a joint asset with GIC and with Vodafone. Thank you. Next question comes from Fernando Abril-Martorell from Alantra. Please go ahead. Hi. Hello, team. Thank you very much for taking my questions. I have just a couple of follow-ups. First, on competition, but this time, I would like to focus on B2B. So we are seeing increased intensity from Vodafone. Also, Telefónica has also gained back one of the lots of the Spanish government of the CORA. So I would like to know from your views on the B2B competition dynamics and also if you can give us some color on the tender pipeline. And then second, again, a follow-up on consolidation. And you may not answer this question, but based on your experience when dealing with the European Commission and so on, particularly with EM, big merger, MasOrange and Orange, not a long time ago, do you think Telefónica-Vodafone deal is regulatory feasible? Yeah, I would like to know your views on this. Thank you. Yes. So B2B is, for us, a significant growth opportunity. So our share, to simplify, and it depends on how you define B2B because we have large accounts, we have SMEs. But simplified, it's around half in B2B than in B2C. So obviously, that is not our objective to remain like that. And what we are doing right now goes into the right direction. We are growing overall, and we are growing in telco, and we are growing in non-telco or, let's say, adjacencies, basically in enterprise solutions, which include advanced connectivity solutions, 5G private networks. It includes IoT. It includes cloud and cybersecurity solutions. So we are broadening our product portfolio. One and a half years ago, at closing of the joint venture in the B2B area, non-connectivity-related revenues were very low, so between 1% and 2% of the total B2B revenues. So we have a huge opportunity to grow in this area. And we're doing it. We're doing it in large accounts. For instance, we are growing at around 20% year on year. We are growing basically because we are winning in the technical area, so due to our technical capabilities. You had reference to be one, the biggest lot in the CORA, so with the Spanish public administration, the fixed and voice communication lot. We won initially also the cybersecurity lot. We won it on a technical level. We won it on the pricing level. It seems that one of our partners has had a formality issue on their gender equality plan, which was repaired. Usually, we were not expecting to be excluded, to be honest. We will recur this decision because we believe it's against the European doctrine or policy that formal mistakes that have been repaired on time should not be a cause for exclusion from public tenders. We will see. We are patient on that. We also are fair losers if necessary. But the good news is that we are winning a lot of the most innovative and most interesting projects currently in Spain, both with private enterprises as well as with public administrations. Regarding consolidation, again, I cannot give any judgments currently. We had a lot of patience and persistency in our deal. Patience will probably also be necessary in any other major deal in Europe. But as mentioned before, in principle, we are supportive to consolidation in our sector. Okay. Thank you. Perfect. And thank you so much. I believe that was the last question. So thank you so much for your time. And for any follow-up, we remain at your disposal via the usual channels. Thanks a lot. Thank you. Have a nice day.