Ladies and gentlemen, thank you for standing by. Welcome, and thanks for joining the SFR Q4 and full year 2021 results call invitation for debt investors. Throughout today's recorded presentation, all participants will be in a listen-only mode. Press the star key followed by zero for operator assistance. I would now like to turn the conference over to Sam Wood, Head of Investor Relations. Please go ahead. Hello, everyone. This is Sam. Welcome to the SFR fourth quarter and full year 2021 earnings call for debt investors and analysts. On the line to take you through the presentation today, we have Dennis Okhuijsen, Malo Corbin, and Gerrit Jan Bakker. As the presentation may contain forward-looking statements, please read the legal disclaimer on slide two. With that, I'll hand over to Malo. Thank you, Sam, and hello, everyone. Starting on slide four, I'll take you through the fourth quarter results to begin, and after we'll provide a wider update on our business in France, including our mid-term financial objective. Residential service revenue, the largest revenue contributor to the group, grew consistently throughout 2021. For the full year, this segment grew by 3.3% year-over-year, and in the fourth quarter by 2.2%. For the full year 2021, total EBITDA grew by 4.5%. The EBITDA decline of 4.5% in Q4 was mainly driven by the loss of the EIT MVNO contract with full margin revenues and a lower contribution from construction compared to last year. Overall, in 2021, we grew revenue, EBITDA, and operating free cash flow consistent with our announced guidance. SFR maintained a solid financial position at the end of the fourth quarter with EUR 1.3 billion of liquidity pro forma for the Covage acquisition, which we expect to close in the second quarter of 2022. Turning over to slide five, you can see the revenue trends by segment for the fourth quarter and for the full year. Total revenue in the fourth quarter was stable year-over-year, with service revenue growth offset by lower construction revenue. For the full year, total revenue grew by 1.5% year-over-year. In 2021, all segments contributed to the positive revenue growth except for the construction activity. Residential service revenue growth of 2.2% in Q4 was supported by subs growth of both the residential fixed and residential mobile post paid base. Performance has benefited from the ongoing extension of fiber footprint in France with almost 26 million homes passed at the end of 2021. In the detail, mobile service revenue growth in the fourth quarter accelerated while fixed service revenue growth slowed given a tough year-over-year comparison. We believe we are very well positioned to continue to grow service revenue in 2022, and this view is supported by the solid KPI trends we have seen so far this year. Roaming revenue for the full year 2021 was approximately 40% below the levels of 2019. There is still an opportunity here for 2022 and in the midterm. Business services revenue declined slightly in the fourth quarter, mainly due to lower construction. As we had previously indicated, it will be the case. SFR built approximately 240,000 homes in Q4 compared to 360,000 homes built in the fourth quarter of 2020. Otherwise, keep in mind that construction revenues are realized upon percentage of completion, and so the reported revenue in any given quarter does not tie out precisely with a simple calculation by number of homes built in the quarter. If you exclude construction revenue, you will see that the business services segment grew in both the fourth quarter of the year and for full year 2021. Finally, total media revenue grew by 6% in Q4, supporting growth for the full year also. Moving to slide six, you can see the SFR summary financials for Q4 and for the full year 2021. These summary financials are presented pro forma for the Hivory transaction, which we closed in Q4 2021. Total revenue decreased by 0.3% in the fourth quarter, and EBITDA declined by 4.5%. For the full year, total revenue grew by 1.5% and EBITDA by 0.5%. Telecom revenue decreased by 0.5% in the fourth quarter, while EBITDA declined by 4.2%, impacted by the loss of the EIT MVNO contract, which represented approximately EUR 25 million of revenue with full margin in the fourth quarter of 2020. Note that this contract also contributed in the first quarter of 2021 and the second quarter, meaning the year-over-year drag will be there in the first half of 2022 also. As explained earlier, lower construction year over year also weighed on the fourth quarter performance, and we expect this impact will also remain in the first quarter of 2022. CapEx for the full year was stable, meaning overall for the full year 2021, we grew revenue, EBITDA, and operating free cash flow. Now I will hand over to Gerrit Jan Bakker, who will take you through the next few slides. Thanks, Malo. Hello, everyone. Moving on to slide seven, you can see the free cash flow waterfall for the fourth quarter. Here we're showing SFR generated operating free cash flow of EUR 381 million, which is pro forma for Hivory. Interest costs amounted to EUR 261 million, which consists of both Altice France and Altice France Holding interest. Run rate annual interest rate costs following the financings we did last year are approximately EUR 1 billion per year. Cash taxes amounted to thirty-nine million, and change in working capital and other was a EUR 6 million outflow. As a result, free cash flow totaled EUR 126 million in the fourth quarter. As always, and as you can see on the slide, remember that our free cash flow as shown excludes spectrum, IRUs, and any significant litigation paid and received. For the full year 2021, free cash flow totaled more than EUR 300 million, which is a major improvement compared to recent years. We expect to build on this free cash flow generation materially in the coming years, with operating free cash flow expansion driven by a combination of midterm organic EBITDA growth, as well as midterm CapEx reduction. We'll address these points in more detail later on in the presentation. Moving to slide eight. Here we show the usual capital structure of SFR and debt maturity profile. This includes both the secured Altice France and the unsecured Altice France holding. Total net debt amounted to EUR 23 billion, which we show pro forma for the acquisition of Covage, as we did in the third quarter. SFR had a blended weighted average life of 5.5 years and a blended weighted average cost of debt of 4.4% at the end of the fourth quarter. First material maturity is in 2025. At the end of the fourth quarter, total pro forma net leverage was 5.4x on an LQA basis, and we maintained a strong liquidity position, which is in excess of EUR 1.3 billion. As you can see here, we currently have one turn of unsecured debt. Our target is to keep this between 0.75 and 1.5 turns, depending on market conditions. As you're probably aware, we're always evaluating our capital structure, and given where secured and unsecured spreads are today, we may well go to the bottom end of that range this year when we refinance the unsecured bonds that become callable. With that, I'll hand it over back to Malo for the broader update, including setting out our midterm financial objectives. Thanks, Gerrit. I'm now on slide 10, where we set out the operational improvements that we said were our focus from the end of 2017 following management changes at the time. The operational turnaround was focused on improving the customer experience and technical services operations, as well as continuing to invest in high quality infrastructure. Four years later, we see a clear positive impact at SFR. The performance has benefited from subs growth across products on a consistent basis in 2019, 2020 and 2021. Churn has reduced significantly with a 30% reduction in churn for both fixed and mobile. For our digital brand, Red, mobile churn has been halved compared to 2017, supported by the quality of our offering to consumers. As we explained in the past, fewer calls and incidents supports lower churn. Lower levels of churn will allow for lower levels of cost additions going forward. This drives lower costs in areas such as marketing and sales and customer service costs. Going forward, we expect to see further benefits of lower churn, which will drop through to better EBITDA and cash flow. Ongoing investment into infrastructure has resulted in our addressable fiber footprint more than doubling since 2017. In turn, this has resulted in much higher fiber penetration of our fixed subs base of almost 60% at the end of 2021, and by definition, a lower number of DSL subs. More fiber drives improved ARPU and higher levels of convergence, which further supports lower churn. As well as improvements in our fixed network, we have continued to invest in our mobile network. SFR has offered 5G for over one year now, after being the first operator to launch 5G at the end of 2020. We anticipate future upside as we embrace 5G and its opportunities both in residential and the business services segment. Turning to slide 11, we provide you with an update on a high value infrastructure portfolio in France. Starting with our fixed network, we maintain a 60.01% stake in XpFibre. At the end of 2021, this consisted of 4.7 million FTTH homes passed, and this will grow to approximately 7.2 million FTTH homes passed in the medium term. I'll give a few words on XpFibre later on in the presentation. Second, we maintain a fully modernized FTTB network, as well as approximately 1 million FTTH homes in the very dense areas. The majority of the footprint covered by our FTTB network is equipped to provide FTTH to customers and will be able to offer FTTH within the entire footprint in the coming years. Third, we still have mobile towers sitting outside of Hivory. We own approximately 3,100 mobile sites as part of a joint venture. Fourth, we hold a nationwide portfolio of active mobile antennas complemented by a complete mobile spectrum portfolio of more than 240 MHz. This portfolio was expanded most recently in 2020 with the acquisition of 80 MHz of spectrum as part of the 5G auction. We also own a portfolio of data centers across the country. Finally, we have a nationwide fiber backbone with more than 80,000 km of fiber optic cable. In summary, you can see that SFR retains a number of high value, high quality infra assets today. As we've said in the past, we have invested significantly over a long period of time in order to expand and improve the infrastructure we have. We continue to invest here, which we expect will continue to position us very well in the long term. Moving on to the next page, we show you the development of our fiber footprint and how we plan to achieve nationwide coverage in the midterm. On the left-hand side of the page, you can see our fixed coverage at the end of 2018 in France. XpFibre covered approximately one million FTTH homes. Our fully FTTB network covered approximately nine million homes, of which a minority had an FTTH solution, and we're renting approximately two million FTTH homes. Rest of the country was covered with DSL technology. At the end of 2021, we have increased our addressable FTTH footprint significantly. As I mentioned, XpFibre now covers 4.7 million homes following a successful network deployment, which has been supported by our in-house construction capabilities as well as the highly complementary coverage acquisition. In addition, the majority of our fully modernized FTTB network is equipped to provide FTTH to customers with 3.6 million FTTB homes to be upgraded in the coming years. We also own approximately one million FTTH homes in the very dense areas as we explained in the past. Finally, we have increased the number of FTTH homes we rent. As you can see on the slide, we own the vast majority of our infrastructure footprint today. This means that we have an attractive infrastructure on our economics on the majority of our footprints. In the midterm, we'll increase our addressable footprint further. XpFibre will cover more than seven million homes passed. In addition, we expect to address a further nine million homes with our own network, where we'll offer FTTH. These results of the massive expansion of our footprints for very high-speed internet will help us to grow, retain, and migrate more DSL customers, increase our pool and getting more fiber additions. We'll also be able to reduce the wholesale fee we pay to Orange and allow us to take a larger share of the fast-growing fiber wholesale market through XpFibre. From 2018 to 2021, the extension of the addressable FTTH footprint has been significant and will continue to progress further in the year to come. We are fully committed to support the government's ambition and consumer demand for a nationwide very high speed broadband coverage. Now moving to slide 13. We are pleased to share today an update on XpFibre. Remember that XpFibre financials are not consolidated today. We own a 50.01% stake and retain the path to control through a call option on a small incremental equity stake. Following the exercise of the call option, we'll be able to get control over the asset and consolidate in our books. XpFibre is the largest alternative passive FTTH infrastructure wholesaler in France, which will comprise of more than seven million FTTH homes in the medium and low dense areas. As you can see on the left of the slide, the majority of this network is already deployed today. SFR is a wholesale customer of XpFibre on the same terms and conditions as all the other retail operators. In addition, SFR is a technical services supplier to XpFibre for the rollout and maintenance of its infrastructure. As you can see in the middle of the slide, the penetration of XpFibre overall has already increased significantly in line with our original expectations. In the midterm, we expect very high penetration due to the fact that there is no case for overbuild of this network in the medium and low dense areas in France. The midterm financial profile of XpFibre is extremely attractive. We expect in the midterm revenue of almost EUR 1 billion at an infrastructure margin, resulting in an EBITDA in excess of EUR 600 million. Remember that infra assets like Hivory in France or FastFiber in Portugal are valued at EBITDA multiples in excess of 20x. We expect XpFibre will be cash flow breakeven in 2023, with peak net debt not significantly above EUR 2 billion compared to EUR 1.8 billion at the end of 2021. When you run the math, you can clearly see that there is significant equity value behind our stake in XpFibre. Moving on to page 14. I will address here some of the key ESG highlights of 2021. These issues are core to our strategy in France and globally. Like last year, we'll publish a dedicated SFR corporate social responsibility report to be made available in the coming weeks. Firstly, I'll start with our 2021 achievements. SFR continues to focus on enabling employees to develop their skills through training, evidenced by nearly 1.6 million of training hours in 2021. The SFR Foundation has continued to invest through donations and sponsorship of local actions. From an environmental perspective, progress continues to be made in the areas of energy transition, ecosystem pollution, with one example being that we have seen almost 30% reduction in energy consumption in 2021. Secondly, we are committed to mobilizing employees and customers for equal opportunities. We continue to promote digital inclusion with the use of our telecommunication services playing a major role in social and professional integration. Finally, we remain committed to further reduce greenhouse gas emissions. As you can see on the right-hand side of the slide, we have many ambitious targets in place. We are focused on developing responsible and sustainable business practices with explicit targets on energy consumption reduction, waste management, and CO2 emissions. Finally, the ongoing expansion of our proprietary infrastructure will continue to support a number of non-financial benefits, as well as ensuring a best-in-class customer experience and high quality service. On slide 15, we present here our midterm CapEx objectives for SFR. We believe we are currently at peak CapEx level, which will continue in 2022 and 2023. After this, we see a EUR 500 million reduction in CapEx in the midterm compared to the current run rate. As you can see on the slide, there are three main mechanical drivers we see for the reduction in CapEx. One, as we complete the migration of fixed customers to fiber, we expect lower churn and lower customer CapEx, with less spend on fiber installation and customer premise equipment. Second, we expect to see a rationalization in mobile CapEx as we complete our vendor upgrade and 5G investment cycle. Third, the group has been focused on identifying major IT cost savings as a result of IT simplification and increased digitalization. As a result of this, we see a midterm reduction in CapEx of half a billion EUR, which will be a major driver of higher operating free cash flow in the years to come. Turning to our last page, slide 16, we present our midterm financial objective for SFR. First, we expect to continue to grow revenues. This will be underpinned by service revenue growth as a function of ongoing subs growth and ARPU growth. We also expect to have organic B2B revenue growth, excluding the contribution of construction activity, which will continue to benefit us in 2023 and to a lower extent in 2024. Secondly, we expect to see the benefit of operating leverage in the business with revenue growth driving organic EBITDA growth. We believe there is a number of areas where we can further rationalize our operating expenses. For example, those cost buckets related to churn and also such areas such as IT OpEx. As a result, we expect to increase organic EBITDA by EUR 500 million in the midterm compared to current levels. Organic growth excludes the contribution of construction activity related to the construction of the fiber for XpFibre. The decline in the construction activity contribution will be offset by the contribution of SFR stake in XpFibre, which is not consolidated today. Over the coming years, the wholesale EBITDA and cash flow of XpFibre will exceed the temporary reduction of the construction activity, for which we see the benefit today. Thirdly, I just explained a minute ago, we expect a midterm reduction of CapEx by EUR 500 million. As a result of all of this, we see a midterm expansion in organic operating free cash flow of EUR 1 billion. Finally, our leverage target of 4.5x net debt to EBITDA remains unchanged. With that, Dennis, Gerrit Jan, myself are more than happy to take any of your questions. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their telephone keypad. If you wish to remove yourself from the question queue, you may press star followed by a two. If you are using speaker equipment today, please lift the handset before making your selection. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. First question comes from the line of Vivek Khanna with Deutsche Bank, London. Please go ahead. Hi. Good afternoon, everyone. Thanks for the presentation and especially thanks for the update on XpFibre. I have three questions, if I may. Some are pretty housekeeping, some a little bit more detailed. I guess the first one, could you just provide an update on your headcount reorganization process in France? I guess that's the first question. The second question is with regards to midterm. Obviously, you don't want to give us, you know, a specific year, but, you know, are we talking about three years, four years, between three to five years or something less or more than that? Because if you recognize, you know, your mid-term guidance for leverage, you know, has been 4.5x for a while, and we are not quite there yet. Those are the first two questions if I may, and then I do have a follow-up, but I'll make it a question later if that's easier for you. I guess I'll take the first question, and Dennis may want to take the second one. On the reduction program in France, at the end of 2021, we are finalizing discussion with the unions and the employer representative. The plan will really kick off in 2022. You will start to see the benefit, you know, by the end of this year, and at the same time, you know, you will start to see a restructuring cash outs in 2022. You know, same as, you know, for the plan we implemented in 2016, the cash out related to the restructuring will be spread over time as the people leave the company. Today, as it's a voluntary plan, we don't have a clear and final view yet on what will be the schedule for this cash out. For sure, restructuring cash out will start in 2022. Thank you, Malo. Yeah. Maybe feedback on midterm. It certainly usually defined as three to five years. I think, you know, it certainly another five-year guidance, you know, from our perspective, you know. I think we wanna make that clear. Also, you know, the leverage target that we have is also a leverage policy. We clearly have the ambition to be inside the 4.5x. If we get there earlier, then clearly we stay at that level, you know. I think with the guidance that we have given today, which we think is conservative, you know, in nature, because remember some of the upside on roaming, for instance, we were not qualifying into this guidance. If people do start to travel more, I think there's further upside. I think, you know, we are, you know, solid that this is a midterm, not a five-year guidance. Thank you very much, sir. Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star followed by one. The next question comes from the line of Nick MacDonald with Bank of America. Please go ahead. Hi, good afternoon. Thanks for taking the question. A couple of quick ones, please. Just on the EBITDA margin, I think perhaps disappointed at least my expectations a little bit in Q4, and you commented about the MVNO drag there. Can you just comment on the other moving parts and what's happening to the margin in underlying terms and when that MVNO dropout should annualize in 2022? Secondly, I may have missed it, apologies, I was late onto this call, but just in terms of guidance for 2022, I didn't see that in the press release or the presentation. Is there any guidance that you could give for 2022? I may have missed this comment, but at the beginning of the call, did you make a comment about unsecured into secured financing? Could you just reiterate that or clarify that for me? Thank you. Okay. Again, I'll take the first part, and my colleague will take the rest. On the EBITDA margin, indeed, you know, EBITDA is going down 4.5% in Q4 2021 compared to 2020. You know, there are a few key item in that performance. 1, the EIT contract. As I mentioned, effectively, you know, this contract was around EUR 100 million per year, almost full margin, so effectively EUR 25 million a quarter. You know, last year in Q4, we had that full benefit in the EBITDA of EUR 25 million, which we don't have anymore, EUR 0 in Q4 2021. Effectively, you know, it doesn't help for the comparison. We benefited from the EIT MVNO wholesale agreement until end of Q2 2021, early Q3 2021. You will continue to see that negative drag for the year-over-year comparison for the first half of 2022. That's the first item. Second item on the construction activity. In terms of number of homes we have deployed, if you look at you know what we reported in Q4 2020, we disclosed that we had built 359,000 homes, while in Q4 2021, we have effectively built 236,000 homes. It's a 35% drop in the volume year-over-year. Effectively, even though, you know, the price per home has increased compared to 2020, you know, there is effectively material drop in the revenue related to that activity with obviously some EBITDA impact. If you put these two together, and also in 2020, you know, on the OpEx side, you know, we still have some benefit of the COVID, you know, help from government or on the OpEx side, which obviously we don't have in Q4 2021. You know, when you put these three together, you know, this explain the negative performance year-over-year of the EBITDA. On guidance 2022, we don't give today a precise guidance for 2022. We wanted more to focus on the midterm target. Now, you know, when you look at the trends, you've seen in 2021, you know that should continue in 2022. You know, you've seen now for a couple of quarters that the residential business is doing well with positive growth. You know, we expect this to continue in the years to come. You know, over the years, this will flow through EBITDA with the operating leverage. The activity which is slowing down, of course, year after year will be the construction activities, as I mentioned during the presentation. I guess, Gerrit Jan or Dennis, you will say a word on the refinancing activity. Yeah, sure. I can take that. So hi, Nick. I guess, you know, on the capital structure slide, when we're going through that, I mentioned that currently we have a turn of unsecured. You know, we'd like to have a layer of unsecured. It's currently a turn, but, you know, we try to keep that between three-quarters of a turn and a turn and a half, depending on the market, I guess predominantly, you know, secured to unsecured spreads, et cetera. I was just mentioning that, you know, given where markets are today, if they stay like this, when we come to refinance the unsecureds that become callable later in the year, that we might go down to three-quarters of a turn on secured, which I guess implies, you know, we might refinance parts of those existing unsecured bonds in the secured markets. Okay. Thanks, Dennis. Could I just follow up on the 2022 guidance? If I'm piecing things together myself and looking at, you know, some of the drags that you mentioned from Q4 that are gonna be in H1, and some of the construction revenue, you know, coming down, it doesn't seem to me that EBITDA is gonna grow meaningfully in 2022 or possibly would decline year-on-year. If I look at the free cash flow and think, okay, if I put in all the refinancing costs, some possible restructuring costs and so on, then probably there's not gonna be meaningful deleveraging in terms of free cash flow either. Would you think it'd be fair to reach the conclusion that 2022 would be a year where you don't see any deleveraging for the business? Yeah, you know, if you add those pieces, you know, I think a big component is, I guess, the drag of the MVNO contract of last year, you know, that we've lost. I think the other item is the phasing of construction. As we're slowing down, I guess, the construction as we have less homes to build, and we are probably gonna build them in the next two years, you can see that the average volume of build will go down. You know, so that has an impact on EBITDA. I think in your sum of the parts, what you are missing is that at XpFibre, though, we continue to grow that business meaningfully in terms of cash flow generation and also in terms of EBITDA, and in terms of value of that business. As you've seen, you know, the penetration is already in excess of 40%, while some of the homes are just being marketed for a very short period of time. The pickup that we will have, you know, next year in XpFibre in terms of number of customers and run rate cash flow that we're generating in that business is certainly providing for deleveraging, you know. As in effect, the only thing is you don't see it in the consolidated numbers, and that's why we've also shown you for the first time today the XpFibre numbers, and we will regularly provide you with that update. As the construction revenue and EBITDA associated with that is phasing out of the financials, you will have some drag, you know, in the SFR financials with respect to that element. We think this is more than compensated with the financial performance increase at XpFibre. I think that is, you know, you also have to take that into the mix. Okay, fine. Thank you for that color. It was very helpful on XpFibre. I just think the final thing I would just say is just you know, when I think about you know, joining the dots, I guess, between the KPIs being removed that we discussed for too long before, and then you know, annual guidance not being provided, you know, some. You could reach the conclusion that the disclosure was getting worse, which is sort of contrary to what- Well, although remember, you know, we are guiding for continuous service revenue growth in 2022. Okay. We're saying that CapEx remains at the same level as last year, more or less, and will continue to do so for this year and following year. We're only less clear on what the final EBITDA number is because a big variation sits in the construction, you know. We have said that the service revenue that we're adding, that we're scaling that, you know, into EBITDA. Remember, we are not sure yet, you know, how many homes will be constructed, and I think that is a big factor that drives EBITDA. You know, so that's why we're not giving you a precise number, you know, on EBITDA. That's why we've set out, I guess, the roadmap, you know, that we have. One of the variables that will go down is this construction revenue and EBITDA. We've given you where, you know, our end station is, I guess. The timing, you know, of this construction phasing out, you know, is just a variable that we're not guiding on. Okay. All right. Thank you for your answers. I'll leave it to someone else. Thank you. As a reminder, that's star followed by one to ask a question. The next question is from the line of Antonio Barranco with BlackRock. Please go ahead. Hi, guys. Thank you for the presentation, and thank you for the additional color on XpFibre. Some of my questions have been answered, but I still have a couple. I guess on the construction revenues, this year you have finally the contribution from Covage. You guys have flagged in the past that XpFibre was gonna slow down in France, but the contribution from Covage is not enough to compensate for that slowdown in the XpFibre. The second question is about that exercise of the call option. You guys say that you have 50.01% of XpFibre, but you have to exercise the call option. Until you exercise that call option, it is not consolidated. I guess the question is, okay, we're gonna see that decline of the phasing. You said it will all be offset because you're gonna be providing more XpFibre information. But I don't know if you can provide some visibility on when are you planning to exercise that call option that I assume is entirely at your discretion. Thank you, guys. Hi, Antonio. On the construction, you know, as you've seen, you know, last year we built 1,090,000 homes. This year, just below 800, you know, with a revenue per home, which is slightly north of 1,000 EUR. Indeed, you know, with Covage, we have increased the number of homes we have to build over the years. Now remember, as part of the acquisition of Covage, we had to dispose of part of Covage, effectively to Altitude. Effectively the remaining perimeter of Covage, which we have acquired net of the disposal, is overall one million, of which a bit more than 500,000 have been deployed so far. You see that, you know, what is still to be built for Covage is around 400,000 homes, which, you know, won't be deployed in one single year. You see that, yes, that will fuel the construction activity. But I guess to a lower extent compared to what was planned initially, consequently to the disposal. On the second question on the call option, you know what we always told you, which is still the case, is that the plan is to exercise the call option once the deployment has been done. I guess, you know, it's more a 2024, 2025 event. As we know, we are at 4.7 million today, we still have to go to 7 million, so another 2.3 million, and you have some, always some densification. That's a bit the horizon. Again, you know, that call option is only on 2%-3% of the equity of the company. You know, the cash outs associated with that exercise will remain limited. In any case, as you increase even slightly your stake, it will increase your share of the economics of the subsidiary. I think that should answer your question. Thank you. Thank you, Malo. That's very clear. In terms of how you're gonna be presenting the information going forward, because I guess we probably all agree that, I mean, as much transparency as you can provide is helpful. I mean, is it gonna be just having a slide on every quarter like you have done today on ex-fiber? Or are you gonna do any type of proportioning to EBITDA? Or how are you thinking about presenting that information? Yeah. No, you know, today, you know, as per accounting, it's either we do full consolidation or we don't consolidate today. We do not consolidate. In our revenue, EBITDA, and CapEx, you see nothing from ex-fiber. Even though as we do it today, we believe, you know, there is a lot of equity behind the stake. That's why, you know, from today we want to provide regular updates on, you know, on ex-fiber. You can assess the value behind the stake because we believe it's relevant for the credit. Now, you know, on the way it's gonna be reported in the future or post exercise of the call option, I guess, we'll see at the time. I think for us today, it was more relevant to give you a flavor of that asset, which we created, I guess, in March 2019, two, you know, almost three years ago. Okay. Thank you, guys. The final question comes from the line of Vivek Khanna with Deutsche Bank, London. Please go ahead. Hi, good afternoon. Sorry, just two quick questions for me. First of all, can you remind me exactly when from what period was EIT deconsolidated? Then the second question, just to clarify, it sounds like even from your footnote four on your guidance that the construction activity is actually gonna go down again in 2022 versus 2021. Could you just confirm whether that's the direction of travel? I appreciate you may not want to give us a number. The reason why I ask is 'cause I guess there were some expectations, even post the disposal of some of the Covage assets, that we'd get somewhat of a ramp up again in 2022 versus 2021. If that's not the case, if you could just provide some color as to why that's happening. Thank you. I think on EIT, effectively, we started to see declining revenues from the second half of 2021. You will have the negative comparison until at least Q2 2022, and maybe a bit in Q3 2022. After that, it will be a clean like for like. On the construction, as I told Antonio a minute ago, indeed, Covage, because there are still 400,000 homes to be built for the Covage perimeter, that will help fueling the activity. Even though, we won't do this 400,000 homes in one single year, it will be over two to three years. That helps, but not to the magnitude, you know, we had in mind before. Now, coming to the construction activity in 2022 versus 2021. I think here today we don't provide detailed guidance on the, you know, for each of the revenue line. In terms of number of homes, you know, we expect to be not that far from, you know, what we've built in 2021. The drop you've seen between 2020 and 2021, you know, should be much lower between 2021 and 2022. Thank you. We have a question from Jean-Yves Guibert with BlueBay. Please go ahead. Yes. Good afternoon. Thank you very much. A quick question related to slide 16. If I understand correctly, the indicated EUR 0.3 billion of XpFibre free cash flow is not accounted for in the incremental midterm free cash increase of EUR 1 billion. If I refer to the EBITDA growth of EUR 0.5 billion excluding impact relating to XpFibre. That said, does your 4.5x net debt to EBITDA target include the reconciliation of XpFibre? I think, you know, on your first question. Indeed, you know, what we explain here is that, you know, you will have revenue growth thanks to the service revenues. You've seen the performance over the recent quarters and years. We believe, you know, that performance will continue in the years to come, which will translate with the operating leverage into EBITDA growth. What we are seeing today is that, you know, the EUR half a billion increase in EBITDA compared to current level should be seen excluding the construction activities. At the same time, not including XpFibre consolidation. At the same time, what we explain is that, you know, what we lose with the construction EBITDA would be more than offset with the EBITDA we'll get from XpFibre at the time we consolidate or XpFibre or even if we don't consolidate, you know, if we take the proportionate EBITDA of XpFibre. Okay. The incremental EUR 1 billion free cash flow does in fact include the net, I mean, the consolidation of the XpFibre free cash flow net of any dividend paid to your partner. Is that a fair assumption? Look at it that way. You take current EBITDA, you know, you take out from that, you know, what is the construction activity EBITDA, okay? This EBITDA, like for like, should increase by EUR half a billion, okay? Without XpFibre contribution. Okay. Okay. Okay? In addition to that, what we're saying is, you know, don't worry about the construction EBITDA you're gonna lose because, you know, what you can get from XpFibre is much higher. Okay? Okay. That's on the EBITDA question and on your leverage question. I think, you know, coming back to what Dennis said, I think 4.5x is not only a target, it's a policy for the management team. You know, every action, corporate action, which we take is consistent with our target and that policy. It remains priority one, two, and three for the management to get there. Okay. We won't see any more of the type of Hivory transaction. I mean, with similar impacts as Hivory. No. Okay. No. That has certainly been certainly a one-off, and that's why I think also today, we still wanted to highlight all the infrastructure assets that we still have, because I think we are still vastly differentiated with our portfolio of infrastructure assets vis-a-vis our older competitors in France. And we like that, you know, portfolio of assets. And hence, you know, we're gonna just organically now go down to the 4.5x times as we set out. Maybe just to clarify on XpFibre, I think we have now given guidance that this unit is cash break-even in 2023. It will have a debt at that point in time, you know, of around EUR 2 billion. You see that there is, you know, EUR 600 million of EBITDA, you know, and it's more when do we consolidate this activity or not. You know, the value of this asset sits within SFR. Not necessarily if you would consolidate it's de-leveraging day one, but it has EUR 600 million of EBITDA with no CapEx associated with it in the medium term. They will be able to amortize this debt quickly if you were to model. It will be de-leveraging the group and will provide for additional cash flows, you know, on top of the EUR 1 billion that we're guiding today. Okay. Thank you very much for the clarification. Yeah. Okay. Thank you for the questions, everyone. That concludes today's call, and as always, feel free to reach out if you have any follow-ups. Thank you and bye. Thank you. Bye-bye. Bye-bye. Ladies and gentlemen, this concludes today's conference call. Thank you very much for joining, and have a pleasant day. Goodbye.